Denver Office Market Real Estate Stats

Denver Office MarketF I R S T Q U A R T E R 2 0 1 1

The CoStarOffice Report

Denver Office Market

©2011 COSTAR GROUP, INC. THE COSTAR OFFICE REPORT A

FIRST QUARTER 2011 – DENVER

Table of ContentsTable of Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A

Methodology. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B

Terms & Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C

Market Highlights & Overview. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

CoStar Markets & Submarkets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Employment & Tenant Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Employment & Unemployment AnalysisTenant Profiles

Inventory & Development Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7Construction Activity MapInventory & Development AnalysisSelect Top Under Construction PropertiesSelect Top Deliveries

Figures at a Glance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11Figures at a Glance by Class & MarketFigures at a Glance by Class & SubmarketFigures at a Glance Grouped by CBD vs SuburbanHistorical Figures at a Glance

Leasing Activity Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19Leasing Activity MapLeasing Activity AnalysisSelect Top Lease Transactions

Sales Activity Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22Sales Activity AnalysisSelect Top Sales TransactionsSelect Same Building SalesSelect Land Sales

Analysis of Individual CoStar Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25Aurora MarketBoulder MarketBroomfield MarketCentral Business District MarketClear Creek County MarketColorado Blvd/Glendale MarketElbert County MarketFort Collins/Loveland MarketGilpin County MarketLongmont MarketMidtown MarketNorth Denver MarketNortheast Denver MarketNorthwest Denver MarketPark County MarketParker/Castle Rock MarketSoutheast Denver MarketSouthwest Denver MarketWeld County MarketWest Denver Market


B THE COSTAR OFFICE REPORT ©2011 COSTAR GROUP, INC.

DENVER – FIRST QUARTER 2011


©2011 COSTAR GROUP, INC. THE COSTAR OFFICE REPORT C


Methodology

The CoStar Office Report, unless specifically stated otherwise, calculates office statistics using CoStar Group’s entire database of existing and under construction office buildings in each metropolitan area. Included are office, office condominium, office loft, office medical, all classes and all sizes, and both multi-tenant and single-tenant buildings, including owner-occupied buildings. CoStar Group's national database includes approximately 71.7 billion square feet of coverage in 3 million properties. All rental rates reported in the CoStar Office Report have been converted to a Full Service equivalent rental rate.

© Copyright 2010 CoStar Group, Inc. All Rights Reserved. Although CoStar makes efforts to ensure the accuracy and reliability of the information contained herein, CoStar makes no guarantee, representation or warranty regarding the quality, accuracy, timeliness or completeness of the information. The publication is provided ‘as is’ and CoStar expressly disclaims any guarantees, representations or warranties of any kind, including those of MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

CoStar Group, Inc.

1331 L ST NW • Washington, DC USA 20005 • (800) 204-5960 • www.costar.com • NASDAQ: CSGP

For information on subscribing to CoStar’s other products and services, please contact us at

1-877-7COSTAR, or visit our web site at www.costar.com


B THE COSTAR OFFICE REPORT ©2011 COSTAR GROUP, INC.



©2011 COSTAR GROUP, INC. THE COSTAR OFFICE REPORT C


Terms & DefinitionsAvailability Rate: The ratio of available space to total rentable space, calculated by dividing the total available square feet by the total rentable square feet.

Available Space: The total amount of space that is currently being marketed as available for lease in a given time period. It includes any space that is available, regardless of whether the space is vacant, occupied, available for sublease, or available at a future date.

Build-to-Suit: A term describing a particular property, developed specifically for a certain tenant to occupy, with structural features, systems, or improvement work designed specifically for the needs of that tenant. A build-to-suit can be leased or owned by the ten-ant. In a leased build-to-suit, a tenant will usually have a long term lease on the space.

Buyer: The individual, group, company, or entity that has pur-chased a commercial real estate asset.

Cap Rate: Short for capitalization rate. The Cap Rate is a calcula-tion that reflects the relationship between one year’s net operating income and the current market value of a particular property. The Cap Rate is calculated by dividing the annual net operating income by the sales price (or asking sales price).

CBD: Abbreviation for Central Business District. (See also: Central Business District)

Central Business District: The designations of Central Business District (CBD) and Suburban refer to a particular geographic area within a metropolitan statistical area (MSA) describing the level of real estate development found there. The CBD is characterized by a high density, well organized core within the largest city of a given MSA.

Class A: A classification used to describe buildings that generally qualify as extremely desirable investment-grade properties and command the highest rents or sale prices compared to other buildings in the same market. Such buildings are well located and provide efficient tenant layouts as well as high quality, and in some buildings, one-of-a-kind floor plans. They can be an archi-tectural or historical landmark designed by prominent architects. These buildings contain a modern mechanical system, and have above-average maintenance and management as well as the best quality materials and workmanship in their trim and interior fit-tings. They are generally the most attractive and eagerly sought by investors willing to pay a premium for quality.

Class B: A classification used to describe buildings that generally qualify as a more speculative investment, and as such, command lower rents or sale prices compared to Class A properties. Such buildings offer utilitarian space without special attractions, and have ordinary design, if new or fairly new; good to excellent design if an older non-landmark building. These buildings typical-ly have average to good maintenance, management and tenants. They are less appealing to tenants than Class A properties, and may be deficient in a number of respects including floor plans, condition and facilities. They lack prestige and must depend chiefly on a lower price to attract tenants and investors.

Class C: A classification used to describe buildings that gener-ally qualify as no-frills, older buildings that offer basic space and command lower rents or sale prices compared to other buildings in the same market. Such buildings typically have below-average maintenance and management, and could have mixed or low tenant prestige, inferior elevators, and/or mechanical/electrical systems. These buildings lack prestige and must depend chiefly on a lower price to attract tenants and investors.

Construction Starts: Buildings that began construction during a specific period of time. (See also: Deliveries)

Contiguous Blocks of Space: Space within a building that is, or is able to be joined together into a single contiguous space.

Deliveries: Buildings that complete construction during a specified period of time. In order for space to be considered delivered, a certificate of occupancy must have been issued for the property.

Delivery Date: The date a building completes construction and receives a certificate of occupancy.

Developer: The company, entity or individual that transforms raw land to improved property by use of labor, capital and entrepre-neurial efforts.

Direct Space: Space that is being offered for lease directly from the landlord or owner of a building, as opposed to space being offered in a building by another tenant (or broker of a tenant) trying to sublet a space that has already been leased.

Existing Inventory: The square footage of buildings that have received a certificate of occupancy and are able to be occupied by tenants. It does not include space in buildings that are either planned, under construction or under renovation.

Flex Building: A type of building designed to be versatile, which may be used in combination with office (corporate headquarters), research and development, quasi-retail sales, and including but not limited to industrial, warehouse, and distribution uses. A typi-cal flex building will be one or two stories with at least half of the rentable area being used as office space, have ceiling heights of 16 feet or less, and have some type of drive-in door, even though the door may be glassed in or sealed off.

Full Service Rental Rate: Rental rates that include all operating expenses such as utilities, electricity, janitorial services, taxes and insurance.

Gross Absorption: The total change in occupied space over a given period of time, counting space that is occupied but not space that is vacated by tenants. Gross absorption differs from leasing Activity, which is the sum of all space leased over a certain period of time. Unless otherwise noted Gross Absorption includes direct and sublease space.

Growth in Inventory: The change in size of the existing square footage in a given area over a given period of time, generally due to the construction of new buildings.

Industrial Building: A type of building adapted for such uses as the assemblage, processing, and/or manufacturing of products from raw materials or fabricated parts. Additional uses include warehousing, distribution, and maintenance facilities. The pri-mary purpose of the space is for storing, producing, assembling, or distributing product.

Landlord Rep: (Landlord Representative) In a typical lease trans-action between an owner/landlord and tenant, the broker that represents the interests of the owner/landlord is referred to as the Landlord Rep.

Leased Space: All the space that has a financial lease obligation. It includes all leased space, regardless of whether the space is currently occupied by a tenant. Leased space also includes space being offered for sublease.

Leasing Activity: The volume of square footage that is commit-ted to and signed under a lease obligation for a specific building or market in a given period of time. It includes direct leases, subleases and renewals of existing leases. It also includes any pre-leasing activity in planned, under construction, or under renovation buildings.

Market: Geographic boundaries that serve to delineate core areas that are competitive with each other and constitute a generally accepted primary competitive set of areas. Markets are building-type specific, and are non-overlapping contiguous geographic designations having a cumulative sum that matches the boundar-ies of the entire Region (See also: Region). Markets can be further subdivided into Submarkets. (See also: Submarkets)


D THE COSTAR OFFICE REPORT ©2011 COSTAR GROUP, INC.

DENVER – FIRST QUARTER 2011 FIRST QUARTER 2011 – DENVER


©2011 COSTAR GROUP, INC. THE COSTAR OFFICE REPORT 1

Multi-Tenant: Buildings that house more than one tenant at a given time. Usually, multi-tenant buildings were designed and built to accommodate many different floor plans and designs for different tenant needs. (See also: Tenancy).

Net Absorption: The net change in occupied space over a given period of time. Unless otherwise noted Net Absorption includes direct and sublease space.

Net Rental Rate: A rental rate that excludes certain expenses that a tenant could incur in occupying office space. Such expenses are expected to be paid directly by the tenant and may include janitorial costs, electricity, utilities, taxes, insurance and other related costs.

New Space: Sometimes called first generation space, refers to space that has never been occupied and/or leased by a tenant.

Occupied Space: Space that is physically occupied by a tenant. It does not include leased space that is not currently occupied by a tenant.

Office Building: A type of commercial building used exclusively or primarily for office use (business), as opposed to manufactur-ing, warehousing, or other uses. Office buildings may sometimes have other associated uses within part of the building, i.e., retail sales, financial, or restaurant, usually on the ground floor.

Owner: The company, entity, or individual that holds title on a given building or property.

Planned/Proposed: The status of a building that has been announced for future development but not yet started construction.

Preleased Space: The amount of space in a building that has been leased prior to its construction completion date, or certificate of occupancy date.

Price/SF: Calculated by dividing the price of a building (either sales price or asking sales price) by the Rentable Building Area (RBA).

Property Manager: The company and/or person responsible for the day-to-day operations of a building, such as cleaning, trash removal, etc. The property manager also makes sure that the vari-ous systems within the building, such as the elevators, HVAC, and electrical systems, are functioning properly.

Quoted Rental Rate: The asking rate per square foot for a par-ticular building or unit of space by a broker or property owner. Quoted rental rates may differ from the actual rates paid by tenants following the negotiation of all terms and conditions in a specific lease.

RBA: Abbreviation for Rentable Building Area. (See also: Rentable Building Area)

Region: Core areas containing a large population nucleus, that together with adjacent communities have a high degree of eco-nomic and social integration. Regions are further divided into market areas, called Markets. (See also: Markets)

Relet Space: Sometimes called second generation or direct space, refers to existing space that has previously been occupied by another tenant.

Rentable Building Area: (RBA) The total square footage of a building that can be occupied by, or assigned to a tenant for the purpose of determining a tenant’s rental obligation. Generally RBA includes a percentage of common areas including all hall-ways, main lobbies, bathrooms, and telephone closets.

Rental Rates: The annual costs of occupancy for a particular space quoted on a per square foot basis.

Sales Price: The total dollar amount paid for a particular property at a particular point in time.

Sales Volume: The sum of sales prices for a given group of build-ings in a given time period.

Seller: The individual, group, company, or entity that sells a par-ticular commercial real estate asset.

SF: Abbreviation for Square Feet.

Single-Tenant: Buildings that are occupied, or intended to be occupied by a single tenant. (See also: Build-to-suit and Tenancy)

Sublease Space: Space that has been leased by a tenant and is being offered for lease back to the market by the tenant with the lease obligation. Sublease space is sometimes referred to as sublet space.

Submarkets: Specific geographic boundaries that serve to delin-eate a core group of buildings that are competitive with each other and constitute a generally accepted primary competitive set, or peer group. Submarkets are building type specific (office, industrial, retail, etc.), with distinct boundaries dependent on different factors relevant to each building type. Submarkets are non-overlapping, contiguous geographic designations having a cumulative sum that matches the boundaries of the Market they are located within (See also: Market).

Suburban: The Suburban and Central Business District (CBD) designations refer to a particular geographic area within a metro-politan statistical area (MSA). Suburban is defined as including all office inventory not located in the CBD. (See also: CBD)

Tenancy: A term used to indicate whether or not a building is occupied by multiple tenants (See also: Multi-tenant) or a single tenant. (See also: Single-tenant)

Tenant Rep: Tenant Rep stands for Tenant Representative. In a typical lease transaction between an owner/landlord and tenant, the broker that represents the interests of the tenant is referred to as a Tenant Rep.

Time On Market: A measure of how long a currently available space has been marketed for lease, regardless of whether it is vacant or occupied.

Under Construction: The status of a building that is in the process of being developed, assembled, built or constructed. A building is considered to be under construction after it has begun construc-tion and until it receives a certificate of occupancy.

Vacancy Rate: A measurement expressed as a percentage of the total amount of physically vacant space divided by the total amount of existing inventory. Under construction space generally is not included in vacancy calculations.

Vacant Space: Space that is not currently occupied by a tenant, regardless of any lease obligation that may be on the space. Vacant space could be space that is either available or not avail-able. For example, sublease space that is currently being paid for by a tenant but not occupied by that tenant, would be considered vacant space. Likewise, space that has been leased but not yet occupied because of finish work being done, would also be con-sidered vacant space.

Weighted Average Rental Rate: Rental rates that are calculated by factoring in, or weighting, the square footage associated with each particular rental rate. This has the effect of causing rental rates on larger spaces to affect the average more than that of smaller spaces. The weighted average rental rate is calculated by taking the ratio of the square footage associated with the rental rate on each individual available space to the square footage associated with rental rates on all available spaces, multiplying the rental rate by that ratio, and then adding together all the resulting numbers. Unless specifically specified otherwise, rental rate averages include both Direct and Sublet available spaces.

Year Built: The year in which a building completed construction and was issued a certificate of occupancy.

YTD: Abbreviation for Year-to-Date. Describes statistics that are cumulative from the beginning of a calendar year through what-ever time period is being studied.


D THE COSTAR OFFICE REPORT ©2011 COSTAR GROUP, INC.

DENVER – FIRST QUARTER 2011 FIRST QUARTER 2011 – DENVER



OVERVIEW

Denver’s Vacancy Decreases to 13.7% Net Absorption Positive 392,167 SF in the Quarter

The Denver Office market ended the first quarter 2011 with a vacancy rate of 13.7%. The vacancy rate was down over the previous quarter, with net absorption

totaling positive 392,167 square feet in the first quarter. Vacant sublease space decreased in the quarter, ending the quarter at 1,105,978 square feet. Rental rates ended the first quarter at $19.79, a decrease over the previous quarter. A total of six buildings delivered to the market in the quarter totaling 400,816 square feet, with 615,403 square feet still under construction at the end of the quarter.

AbsorptionNet absorption for the overall Denver office market was

positive 392,167 square feet in the first quarter 2011. That compares to positive 1,006,778 square feet in the fourth quarter 2010, positive 130,373 square feet in the third quarter 2010, and positive 250,846 square feet in the second quarter 2010.

Tenants moving out of large blocks of space in 2011 include: WildBlue Communications, Inc. moving out of 103,318 square feet at Greenwood Corporate Plaza - Building 1; Pfizer Inc. moving out of 72,596 square feet at Peakview Tower; and Rally Software Development Corporation moving out of 56,938 square feet at Jack MacAllister Center.

Tenants moving into large blocks of space in 2011 include: Childrens Hospital moving into 150,000 square feet at Fitzsimons Village 100; LGS Innovations moving into 133,352 square feet at Westmoor Technology Park - Bldg Nine; and WildBlue Communications, Inc. moving into 98,445 square feet at Parkside Office Plaza at Inverness.

The Class-A office market recorded net absorption of posi-tive 685,809 square feet in the first quarter 2011, compared to

positive 660,920 square feet in the fourth quarter 2010, positive 519,315 in the third quarter 2010, and positive 311,329 in the second quarter 2010.

The Class-B office market recorded net absorption of nega-tive (253,831) square feet in the first quarter 2011, compared to positive 232,261 square feet in the fourth quarter 2010, negative (434,446) in the third quarter 2010, and negative (172,426) in the second quarter 2010.

The Class-C office market recorded net absorption of nega-tive (39,811) square feet in the first quarter 2011 compared to positive 113,597 square feet in the fourth quarter 2010, positive 45,504 in the third quarter 2010, and positive 111,943 in the second quarter 2010.

Net absorption for Denver’s central business district was positive 46,662 square feet in the first quarter 2011. That com-pares to positive 246,088 square feet in the fourth quarter 2010, positive 293,531 in the third quarter 2010, and positive 123,184 in the second quarter 2010.

Net absorption for the suburban markets was positive 345,505 square feet in the first quarter 2011. That compares to positive 760,690 square feet in fourth quarter 2010, negative (163,158) in the third quarter 2010, and positive 127,662 in the second quarter 2010.

VacancyThe office vacancy rate in the Denver market area decreased

to 13.7% at the end of the first quarter 2011. The vacancy rate was 13.8% at the end of the fourth quarter 2010, 14.2% at the end of the third quarter 2010, and 14.1% at the end of the second quarter 2010.

Class-A projects reported a vacancy rate of 13.1% at the

Vacancy Rates by Class 1999-2011

Source: CoStar Property®

Absorption & Deliveries U.S. Vacancy ComparisonPast 7 Quarters Past 7 Quarters

Source: CoStar Property• Source: CoStar Property•

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2 THE COSTAR OFFICE REPORT ©2011 COSTAR GROUP, INC.


Denver Office MarketFIRST QUARTER 2011 – DENVER



OVERVIEW

end of the first quarter 2011, 13.8% at the end of the fourth quarter 2010, 14.8% at the end of the third quarter 2010, and 15.1% at the end of the second quarter 2010.

Class-B projects reported a vacancy rate of 15.2% at the end of the first quarter 2011, 14.9% at the end of the fourth quarter 2010, 15.0% at the end of the third quarter 2010, and 14.6% at the end of the second quarter 2010.

Class-C projects reported a vacancy rate of 8.9% at the end of the first quarter 2011, 8.7% at the end of fourth quarter 2010, 9.3% at the end of the third quarter 2010, and 9.5% at the end of the second quarter 2010.

The overall vacancy rate in Denver’s central business district at the end of the first quarter 2011 decreased to 13.4%. The vacancy rate was 13.5% at the end of the fourth quarter 2010, 14.3% at the end of the third quarter 2010, and 15.2% at the end of the second quarter 2010.

The vacancy rate in the suburban markets changed to 13.8% in the first quarter 2011. The vacancy rate was 13.8% at the end of the fourth quarter 2010, 14.2% at the end of the third quarter 2010, and 13.9% at the end of the second quarter 2010.

Largest Lease SigningsThe largest lease signings occurring in 2011 included: the

151,331-square-foot lease signed by Bridgepoint Education at Park Central in the Central Business District market; the 150,000-square-foot deal signed by Childrens Hospital at Fitzsimons Village 100 in the Aurora market; and the 26,570-square-foot lease signed by ThyssenKrupp Robins, Inc. at Plaza Tower One in the Southeast Denver market.

Sublease VacancyThe amount of vacant sublease space in the Denver market

decreased to 1,105,978 square feet by the end of the first quarter 2011, from 1,329,907 square feet at the end of the fourth quarter 2010. There was 1,377,952 square feet vacant at the end of the third quarter 2010 and 1,457,120 square feet at the end of the second quarter 2010.

Denver’s Class-A projects reported vacant sublease space of 653,714 square feet at the end of first quarter 2011, down from the 828,895 square feet reported at the end of the fourth quarter 2010. There were 860,396 square feet of sublease space vacant at the end of the third quarter 2010, and 792,620 square feet at the end of the second quarter 2010.

Class-B projects reported vacant sublease space of 426,745 square feet at the end of the first quarter 2011, down from the 474,093 square feet reported at the end of the fourth quarter 2010. At the end of the third quarter 2010 there were 501,384 square feet, and at the end of the second quarter 2010 there were 649,025 square feet vacant.

Class-C projects reported decreased vacant sublease space from the fourth quarter 2010 to the first quarter 2011. Sublease vacancy went from 26,919 square feet to 25,519 square feet dur-ing that time. There was 16,172 square feet at the end of the third quarter 2010, and 15,475 square feet at the end of the second quarter 2010.

Sublease vacancy in Denver’s central business district stood at 339,498 square feet at the end of the first quarter 2011. It was 395,699 square feet at the end of the fourth quarter 2010, 376,306 square feet at the end of the third quarter 2010, and 376,331 square feet at the end of the second quarter 2010.

Sublease vacancy in the suburban markets ended the first quarter 2011 at 766,480 square feet. At the end of the fourth quarter 2010 sublease vacancy was 934,208 square feet, was 1,001,646 square feet at the end of the third quarter 2010, and was 1,080,789 square feet at the end of the second quarter 2010.

Rental RatesThe average quoted asking rental rate for available office

space, all classes, was $19.79 per square foot per year at the end of the first quarter 2011 in the Denver market area. This rep-resented a 0.1% decrease in quoted rental rates from the end of the fourth quarter 2010, when rents were reported at $19.81 per square foot.

The average quoted rate within the Class-A sector was $23.65 at the end of the first quarter 2011, while Class-B rates stood at $18.16, and Class-C rates at $14.76. At the end of the fourth quarter 2010, Class-A rates were $23.83 per square foot, Class-B rates were $18.09, and Class-C rates were $14.81.

The average quoted asking rental rate in Denver’s CBD was $24.91 at the end of the first quarter 2011, and $18.68 in the suburban markets. In the fourth quarter 2010, quoted rates were $24.71 in the CBD and $18.72 in the suburbs.

Deliveries and ConstructionDuring the first quarter 2011, six buildings totaling 400,816

square feet were completed in the Denver market area. This com-pares to nine buildings totaling 245,523 square feet that were completed in the fourth quarter 2010, six buildings totaling





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OVERVIEW

428,491 square feet completed in the third quarter 2010, and 521,049 square feet in three buildings completed in the second quarter 2010.

There were 615,403 square feet of office space under con-struction at the end of the first quarter 2011.

Some of the notable 2011 deliveries include: Fitzsimons Village 100, a 168,029-square-foot facility that delivered in first quarter 2011 and is now 90% occupied, and Red Rocks Medical Center, a 118,000-square-foot building that delivered in first quarter 2011 and is now 88% occupied.

The largest projects underway at the end of first quarter 2011 were Davita Headquarters, a 270,000-square-foot building with 100% of its space pre-leased, and 199 12th St, a 100,000-square-foot facility that is 100% pre-leased.

InventoryTotal office inventory in the Denver market area amounted

to 180,722,334 square feet in 6,907 buildings as of the end of the first quarter 2011. The Class-A office sector consisted of 57,509,339 square feet in 304 projects. There were 3,731 Class-B buildings totaling 100,939,911 square feet, and the Class-C sector consisted of 22,273,084 square feet in 2,872 buildings. Within the Office market there were 489 owner-occupied buildings accounting for 18,365,442 square feet of office space.

Sales ActivityTallying office building sales of 15,000 square feet or larger,

Denver office sales figures rose during the fourth quarter 2010 in terms of dollar volume compared to the third quarter of 2010.

In the fourth quarter, 32 office transactions closed with a total volume of $347,710,188. The 32 buildings totaled 2,548,291 square feet and the average price per square foot equated to $136.45 per square foot. That compares to 16 trans-actions totaling $119,375,872 in the third quarter 2010. The total square footage in the third quarter was 1,026,355 square feet for an average price per square foot of $116.31.

Total office building sales activity in 2010 was up compared to 2009. In the twelve months of 2010, the market saw 77 office sales transactions with a total volume of $712,283,134. The price per square foot averaged $132.66. In the same twelve months of 2009, the market posted 31 transactions with a total volume of $260,696,800. The price per square foot averaged $109.40.

Cap rates have been lower in 2010, averaging 9.30% com-pared to the same period in 2009 when they averaged 9.41%.

One of the largest transactions that has occurred within the last four quarters in the Denver market is the sale of 1800 Larimer in Denver. This 495,518-square-foot office building sold for $213,223,000, or $430.30 per square foot. The property sold on 2/15/2011.

Reports compiled by: Ethan Reed, CoStar Sr. Research Manager.





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20064q

20072q

20074q

20082q

20084q

20092q

20094q

20102q

20104q

Vac

ancy

Rat

e

A B C Total Market

(0.20)

0.61

1.10

0.25

0.13

1.01

0.39

0.26

0.46

0.19

0.52

0.43

0.25

0.40

(0.4)

(0.2)

0.0

0.2

0.4

0.6

0.8

1.0

1.2

2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF


0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Vac

ancy

Rat

e







CoStar Markets & Submarkets

In analyzing metropolitan areas in the U.S., CoStar has developed geographic designations to help group properties together, called Regions, Markets and Submarkets. Regions are the equivalent of metropolitan areas, or areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Regions are then divided into Markets, which are core areas within a metropolitan area that are known to be competitive with each other in terms of attracting and keeping tenants. Markets are then further subdivided into smaller units called Submarkets, which serve to delineate a core group of buildings that are competitive with each other and constitute a generally accepted competitive set, or peer group.

MARKETS

Markets Submarkets

Aurora Aurora

Boulder Boulder Boulder County

Broomfield Broomfield County

Central Business District Central Business District* LoDo*

Clear Creek County Clear Creek County

Colorado Blvd/Glendale Cherry Creek Colorado Blvd/I-25 Glendale

Elbert County Elbert County

Fort Collins/Loveland Fort Collins/Loveland

Gilpin County Gilpin County

Longmont Longmont

Midtown Capitol Hill Platte River South Midtown

North Denver North Denver

Northeast Denver East I-70/Montbello Northeast Denver

Northwest Denver Northwest Denver

Park County Park County

Parker/Castle Rock Parker/Castle Rock

Southeast Denver Arapahoe Rd Centennial Denver Tech Center East HampdenGreenwood Village Highlands Ranch Inverness MeridianPanorama/Highland Park

Southwest Denver Southwest Denver

Weld County Weld County

West Denver West Denver

* Submarkets comprising the CBD. For statistics reference the CBD vs Suburban Figures at a Glance Page.






Total Employment by Industry Total Employment GrowthPercent of Total Employment by Industry Total Number of Jobs Added Per Year

Source: Department of Labor, Bureau of Labor Statistics Source: Department of Labor, Bureau of Labor Statistics

Office* Employment Growth Office* Employment GrowthCumulative Growth in Office* Jobs Over the Past 5 Years Number of Office* Jobs Added Per Year

MarketEmployment

GrowthInventory Growth Difference

Atlanta -9.40% 6.10% -15.50%

Boston -4.40% 2.70% -7.10%

Chicago -9.10% 3.60% -12.70%

Dallas/Ft Worth 0.00% 6.50% -6.50%

Denver -4.20% 4.80% -9.00%

Los Angeles -11.20% 2.80% -14.00%

New York City -2.90% 1.50% -4.40%

Seattle/Puget Sound -5.10% 9.30% -14.40%

Tampa/St Petersburg -14.10% 6.70% -20.80%

Washington -1.00% 7.20% -8.20% Source: Department of Labor, Bureau of Labor Statistics

Historical Unemployment Rates

Source: Department of Labor, Bureau of Labor Statistics.

Source: Department of Labor, Bureau of Labor Statistics. * Office employment is defined as jobs in the Information,

Financial Activities, and Professional & Business Services industries

-5.0%

-4.0%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Perc

ent

Gro

wth

Denver U.S. Average

13%

11%

4%

16%

0%

18%

5% 21%

4%

8%

0%

Natural Resources &MiningConstruction

Manufacturing

Trade, Transportation &UtilitiesInformation

Financial Activities

Professional & BusinessServicesEducation & HealthServicesLeisure & Hospitality

Other Services

Government

-8.0%

-7.0%

-6.0%

-5.0%

-4.0%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Perc

ent

Gro

wth

Denver U.S. Average

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

20001q

20003q

20011q

20013q

20021q

20023q

20031q

20033q

20041q

20043q

20051q

20053q

20061q

20063q

20071q

20073q

20081q

20083q

20091q

20093q

20101q

20103q

Perc

ent

Unem

plo

yment

Denver U.S. Average

EMPLOYMENT AND TENANT






EMPLOYMENT AND TENANT

Tenant by Size Range Tenants by Lease ExpirationBased on Total Number of Tenants Based on Total Square Footage of Tenants

Source: CoStar Tenant® Source: CoStar Tenant®

Tenants by Industry SF Per Employee by IndustryBased on Total Square Footage of Tenants Based on All Tenants

Source: CoStar Tenant® Source: CoStar Tenant®

55.3%

19.1%

11.2%

8.8%

3.1%

1.0%

1.6%

0% 10% 20% 30% 40% 50% 60%

Up to 2,499 SF

2,500-4,999 SF

5,000-9,999 SF

10,000-24,999 SF

25,000-49,999 SF

50,000-74,999 SF

75,000 SF & Up

Percentage of Tenants

16.1%

13.8%

11.4%

10.3%

7.7%

6.8%

0% 5% 10% 15% 20%

2012

2013

2014

2015

2016

2017


20.0%

12.4%

9.9%

9.2%

7.3%

7.0%

6.8%

6.0%

6.0%

5.3%

4.9%

3.7%

1.5%

0% 5% 10% 15% 20% 25%

Finance/Ins/RE

Services

Business-Service

Manufacturing

Medical

Agri/Mining/Util

Transportation

Engineers/Archit

Communications

Law Firms

Government

Retailers/Wholes

Accountants


421.4

408.7

376.6

323.6

282.8

278.3

278.1

274.0

259.5

253.7

185.1

180.8

178.6

0 50 100 150 200 250 300 350 400 450

Communications

Law Firms

Agri/Mining/Util

Manufacturing

Services

Medical

Engineers/Archit

Finance/Ins/RE

Business-Service

Accountants

Transportation

Government

Retailers/Wholes

SF Per Employee






Construction Highlights in Select CoStar MarketsColor Coded by Under Construction Square Footage as a Percentage of Existing Inventory

INVENTORY & DEVELOPMENT

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Historical Deliveries 1982 - 2011

Source: CoStar Property® * Future deliveries based on current under construction buildings.

Construction Activity Markets Ranked by Under Construction Square Footage

# Bldgs Preleased SF Preleased % All Existing U/C

Midtown 2 321,000 100.0% 13,086 160,500

West Denver 3 200,000 87.0% 20,258 76,669

Parker/Castle Rock 1 25,125 67.0% 12,431 37,500

Southwest Denver 2 10,800 100.0% 18,366 5,400

Longmont 1 7,500 100.0% 9,965 7,500

Broomfield 1 6,939 100.0% 49,424 6,939

Fort Collins/Loveland 1 0 0.0% 11,644 1,658

Park County 0 0 0.0% 3,319 0

Boulder 0 0 0.0% 16,927 0

Southeast Denver 0 0 0.0% 53,673 0

All Other 0 0 0.0% 31,692 0

Totals 11 571,364 92.8% 26,165 55,946


Recent Deliveries Future Deliveries Leased & Un-Leased SF in Deliveries Since 2007 Preleased & Un-Leased SF in Properties Scheduled to Deliver

Source: CoStar Property® Source: CoStar Property®

0

321,000

615,403

230,006

37,500

10,800

7,500

6,939

1,658

0

0

0

Market

Under Construction Inventory Average Bldg Size

Total RBA

14.7

8.1

9.4

7.6

2.2 2.5

0.41.1 1.1

0.4 0.6 0.6 0.8

1.8 2.0

3.4

4.6

7.3

8.5

7.4

4.0

2.2 2.1 1.82.5 2.2

2.9

1.8 1.40.7

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Millio

ns

of

SF

Deliveries Average Delivered SF

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

2007 2008 2009 2010 2011

Millio

ns

of

SF

Leased Un-Leased

0

50

100

150

200

250

300

2011 2q 2011 4q 2012 3q

T

Thousa

nds

of

SF

Preleased Un-Leased







Historical Construction Starts & DeliveriesSquare Footage Per Quarter Starting and Completing Construction


Recent Deliveries by Project Size Breakdown of Year-to-Date Development Based on RBA of Project

Building Size # Bldgs RBA SF Leased % Leased Avg Rate Single-Tenant Multi-Tenant

< 50,000 SF 4 114,787 114,787 100.0% $26.00 66,000 48,787

50,000 SF - 99,999 SF 0 0 0 0.0% $0.00 0 0

100,000 SF - 249,999 SF 2 286,029 255,066 89.2% $30.76 0 286,029

250,000 SF - 499,999 SF 0 0 0 0.0% $0.00 0 0

>= 500,000 SF 0 0 0 0.0% $0.00 0 0


Recent Development by Tenancy Existing Inventory ComparisonBased on RBA Developed for Single & Multi Tenant Use Based on Total RBA

2011 Deliveries


Currently Under Construction By Class By Space Type

0.20

0.90

0.12 0.11

0.42

0.050.09

0.22 0.220.27

0.080.01

0.480.45

0.57 0.59

1.31

0.59

0.45

0.26

0.46

0.19

0.52

0.43

0.25

0.40

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

of

SF

Construction Starts Deliveries

89%

11%

Multi Single

16%

84%

Multi Single

12%

32%56%

Class A Class B Class C

19%

81%

Multi Single







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Class A Market Statistics First Quarter 2011

YTD Net YTD Under Quoted

Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates

Aurora 10 1,540,801 65,663 72,605 4.7% 231,991 168,029 0 $21.57

Boulder 10 1,030,881 85,277 127,481 12.4% 77,599 0 0 $23.65

Broomfield 18 2,873,747 334,114 420,177 14.6% (46,645) 0 0 $26.54

Central Business District 43 20,442,345 2,154,871 2,470,600 12.1% 92,060 0 0 $26.99

Clear Creek County 0 0 0 0 0.0% 0 0 0 $0.00

Colorado Blvd/Glendale 20 2,873,600 365,862 369,114 12.8% (2,640) 0 0 $21.06

Elbert County 0 0 0 0 0.0% 0 0 0 $0.00

Fort Collins/Loveland 10 582,078 110,233 110,233 18.9% (13,015) 0 0 $24.25

Gilpin County 0 0 0 0 0.0% 0 0 0 $0.00

Longmont 1 106,336 24,141 24,141 22.7% 2,400 0 0 $21.56

Midtown 6 1,447,034 381,742 381,742 26.4% 59,105 0 321,000 $29.54

North Denver 5 321,750 69,040 69,040 21.5% 3,994 0 0 $17.96

Northeast Denver 7 582,092 98,910 102,322 17.6% (5,660) 0 0 $22.11

Northwest Denver 19 2,015,265 250,824 301,984 15.0% 60,600 0 0 $20.82

Park County 0 0 0 0 0.0% 0 0 0 $0.00

Parker/Castle Rock 2 222,959 14,649 22,275 10.0% 2,109 0 0 $30.97

Southeast Denver 129 20,142,337 2,743,104 2,858,176 14.2% 97,912 0 0 $20.98

Southwest Denver 4 975,570 31,688 47,898 4.9% 3,346 0 0 $24.78

Weld County 5 649,664 0 0 0.0% 0 0 0 $0.00

West Denver 15 1,702,880 126,561 132,605 7.8% 122,653 118,000 230,006 $20.72

Totals 304 57,509,339 6,856,679 7,510,393 13.1% 685,809 286,029 551,006 $23.65


Class B Market Statistics First Quarter 2011



Aurora 155 5,569,954 1,070,593 1,078,939 19.4% 1,592 0 0 $16.65

Boulder 445 8,596,545 883,422 919,891 10.7% (87,265) 36,000 0 $20.41

Broomfield 64 2,924,612 317,876 378,509 12.9% 4,348 18,787 6,939 $20.62

Central Business District 168 11,102,829 1,826,126 1,847,595 16.6% (53,398) 0 0 $21.71

Clear Creek County 3 42,193 6,584 6,584 15.6% (419) 0 0 $12.39

Colorado Blvd/Glendale 212 7,849,321 1,215,528 1,225,823 15.6% 102,726 0 0 $17.26

Elbert County 3 7,309 1,600 1,600 21.9% 0 0 0 $0.00

Fort Collins/Loveland 481 6,762,756 804,754 821,742 12.2% 7,818 30,000 1,658 $19.80

Gilpin County 1 7,000 0 0 0.0% 0 0 0 $0.00

Longmont 76 1,009,177 121,136 122,996 12.2% (1,859) 0 7,500 $17.48

Midtown 207 4,264,186 256,376 256,376 6.0% 25,747 30,000 0 $18.15

North Denver 98 2,981,595 458,439 458,439 15.4% (7,785) 0 0 $17.04

Northeast Denver 72 2,489,985 233,860 274,076 11.0% 24,415 0 0 $19.22

Northwest Denver 269 5,601,687 682,328 722,455 12.9% (5,099) 0 0 $17.90

Park County 2 2,258 0 0 0.0% 0 0 0 $0.00

Parker/Castle Rock 91 1,385,289 205,799 215,600 15.6% 27,318 0 37,500 $23.42

Southeast Denver 524 21,646,277 4,230,386 4,340,193 20.1% (128,407) 0 0 $16.56

Southwest Denver 261 6,326,765 977,334 982,201 15.5% (4,159) 0 10,800 $16.75

Weld County 280 3,252,490 307,185 328,004 10.1% (36,991) 0 0 $16.43

West Denver 319 9,117,683 1,322,385 1,367,433 15.0% (122,413) 0 0 $18.26

Totals 3,731 100,939,911 14,921,711 15,348,456 15.2% (253,831) 114,787 64,397 $18.16


Existing Inventory Vacancy


FIGURES AT A GLANCE






Class C Market Statistics First Quarter 2011



Aurora 109 1,228,434 161,922 161,922 13.2% 6,426 0 0 $10.64

Boulder 199 1,442,682 118,383 121,293 8.4% (4,725) 0 0 $19.68

Broomfield 39 181,972 9,205 9,205 5.1% (1,671) 0 0 $12.81

Central Business District 65 1,242,635 66,730 69,030 5.6% 8,000 0 0 $18.40

Clear Creek County 2 23,296 0 0 0.0% 0 0 0 $0.00

Colorado Blvd/Glendale 207 1,891,213 147,478 147,478 7.8% (9,147) 0 0 $16.51

Elbert County 10 22,942 3,744 3,744 16.3% 1,820 0 0 $14.11

Fort Collins/Loveland 258 1,376,759 137,848 141,128 10.3% (5,112) 0 0 $16.02

Gilpin County 0 0 0 0 0.0% 0 0 0 $0.00

Longmont 84 488,843 67,654 67,654 13.8% (205) 0 0 $11.96

Midtown 462 3,121,811 143,082 154,214 4.9% 21,060 0 0 $17.50

North Denver 55 418,239 55,297 55,297 13.2% (1,196) 0 0 $15.25

Northeast Denver 118 1,024,950 82,744 82,744 8.1% (3,754) 0 0 $16.40


Park County 4 17,656 1,180 1,180 6.7% 0 0 0 $15.35

Parker/Castle Rock 60 293,678 21,118 21,118 7.2% (9,450) 0 0 $17.13

Southeast Denver 162 1,954,559 246,803 251,307 12.9% (41,266) 0 0 $12.75

Southwest Denver 251 2,174,499 182,720 182,720 8.4% (6,380) 0 0 $12.42

Weld County 212 1,226,803 56,965 56,965 4.6% 7,557 0 0 $13.09

West Denver 323 2,488,691 278,336 278,336 11.2% (12,164) 0 0 $13.73

Totals 2,872 22,273,084 1,961,183 1,986,702 8.9% (39,811) 0 0 $14.76


Total Office Market Statistics First Quarter 2011



Aurora 274 8,339,189 1,298,178 1,313,466 15.8% 240,009 168,029 0 $16.19

Boulder 654 11,070,108 1,087,082 1,168,665 10.6% (14,391) 36,000 0 $20.65

Broomfield 121 5,980,331 661,195 807,891 13.5% (43,968) 18,787 6,939 $23.70



Colorado Blvd/Glendale 439 12,614,134 1,728,868 1,742,415 13.8% 90,939 0 0 $18.18

Elbert County 13 30,251 5,344 5,344 17.7% 1,820 0 0 $14.11

Fort Collins/Loveland 749 8,721,593 1,052,835 1,073,103 12.3% (10,309) 30,000 1,658 $19.76

Gilpin County 1 7,000 0 0 0.0% 0 0 0 $0.00

Longmont 161 1,604,356 212,931 214,791 13.4% 336 0 7,500 $16.34

Midtown 675 8,833,031 781,200 792,332 9.0% 105,912 30,000 321,000 $22.97

North Denver 158 3,721,584 582,776 582,776 15.7% (4,987) 0 0 $17.00

Northeast Denver 197 4,097,027 415,514 459,142 11.2% 15,001 0 0 $19.33

Northwest Denver 540 9,270,374 1,113,126 1,205,806 13.0% 65,897 0 0 $18.21

Park County 6 19,914 1,180 1,180 5.9% 0 0 0 $15.35


Southeast Denver 815 43,743,173 7,220,293 7,449,676 17.0% (71,761) 0 0 $18.41

Southwest Denver 516 9,476,834 1,191,742 1,212,819 12.8% (7,193) 0 10,800 $16.34

Weld County 497 5,128,957 364,150 384,969 7.5% (29,434) 0 0 $15.73

West Denver 657 13,309,254 1,727,282 1,778,374 13.4% (11,924) 118,000 230,006 $17.98

Totals 6,907 180,722,334 23,739,573 24,845,551 13.7% 392,167 400,816 615,403 $19.79




FIGURES AT A GLANCE






FIGURES AT A GLANCE

Class A Submarket Statistics First Quarter 2011



Arapahoe Rd 1 175,000 40,462 40,462 23.1% 0 0 0 $23.00

Aurora 10 1,540,801 65,663 72,605 4.7% 231,991 168,029 0 $21.57

Boulder 7 746,682 21,362 63,566 8.5% 65,544 0 0 $23.33

Boulder County 3 284,199 63,915 63,915 22.5% 12,055 0 0 $24.02

Broomfield County 18 2,873,747 334,114 420,177 14.6% (46,645) 0 0 $26.54

Capitol Hill 4 874,496 64,167 64,167 7.3% 0 0 0 $21.14

Centennial 3 565,000 7,380 7,380 1.3% 12,110 0 0 $18.06


Cherry Creek 7 794,675 88,998 92,250 11.6% (3,187) 0 0 $25.71

Clear Creek County 0 0 0 0 0.0% 0 0 0 $0.00

Colorado Blvd/I-25 5 840,858 74,182 74,182 8.8% 0 0 0 $22.66

Denver Tech Center 37 7,301,474 1,002,053 1,067,872 14.6% (83,587) 0 0 $21.30

East Hampden 4 512,328 231,700 240,660 47.0% 2,348 0 0 $16.59

East I-70/Montbello 5 506,092 85,582 88,994 17.6% (3,304) 0 0 $22.45

Elbert County 0 0 0 0 0.0% 0 0 0 $0.00

Fort Collins/Loveland 10 582,078 110,233 110,233 18.9% (13,015) 0 0 $24.25

Gilpin County 0 0 0 0 0.0% 0 0 0 $0.00

Glendale 8 1,238,067 202,682 202,682 16.4% 547 0 0 $18.66

Greenwood Village 15 3,104,729 556,054 558,572 18.0% 20,199 0 0 $21.94

Highlands Ranch 11 1,397,444 89,111 114,503 8.2% (1,889) 0 0 $21.48

Inverness 15 1,928,628 204,856 206,556 10.7% 167,782 0 0 $21.05

LoDo 11 2,383,860 272,119 296,754 12.4% 88,102 0 0 $33.86

Longmont 1 106,336 24,141 24,141 22.7% 2,400 0 0 $21.56

Meridian 29 3,413,255 438,387 449,070 13.2% 13,713 0 0 $21.07

North Denver 5 321,750 69,040 69,040 21.5% 3,994 0 0 $17.96



Panorama/Highland Park 14 1,744,479 173,101 173,101 9.9% (32,764) 0 0 $19.68

Park County 0 0 0 0 0.0% 0 0 0 $0.00

Parker/Castle Rock 2 222,959 14,649 22,275 10.0% 2,109 0 0 $30.97

Platte River 1 400,538 317,575 317,575 79.3% 59,105 0 321,000 $32.65

South Midtown 1 172,000 0 0 0.0% 0 0 0 $0.00

Southwest Denver 4 975,570 31,688 47,898 4.9% 3,346 0 0 $24.78

Weld County 5 649,664 0 0 0.0% 0 0 0 $0.00

West Denver 15 1,702,880 126,561 132,605 7.8% 122,653 118,000 230,006 $20.72

Totals 304 57,509,339 6,856,679 7,510,393 13.1% 685,809 286,029 551,006 $23.65








FIGURES AT A GLANCE

Class B Submarket Statistics First Quarter 2011



Arapahoe Rd 36 582,914 76,967 78,327 13.4% 787 0 0 $18.58

Aurora 155 5,569,954 1,070,593 1,078,939 19.4% 1,592 0 0 $16.65

Boulder 379 7,917,042 745,187 781,656 9.9% (78,118) 36,000 0 $20.60

Boulder County 66 679,503 138,235 138,235 20.3% (9,147) 0 0 $18.92

Broomfield County 64 2,924,612 317,876 378,509 12.9% 4,348 18,787 6,939 $20.62

Capitol Hill 128 2,639,949 151,536 151,536 5.7% 4,737 0 0 $17.30

Centennial 64 2,310,755 566,149 579,618 25.1% (42,747) 0 0 $15.91


Cherry Creek 64 1,572,310 158,362 164,578 10.5% 16,306 0 0 $21.33


Colorado Blvd/I-25 97 3,516,163 669,488 673,567 19.2% 45,229 0 0 $15.78

Denver Tech Center 56 3,722,534 712,864 726,027 19.5% (33,028) 0 0 $16.84

East Hampden 72 2,449,143 623,610 623,610 25.5% 66,814 0 0 $13.53

East I-70/Montbello 40 1,922,420 168,589 192,760 10.0% 15,460 0 0 $19.34

Elbert County 3 7,309 1,600 1,600 21.9% 0 0 0 $0.00

Fort Collins/Loveland 481 6,762,756 804,754 821,742 12.2% 7,818 30,000 1,658 $19.80

Gilpin County 1 7,000 0 0 0.0% 0 0 0 $0.00

Glendale 51 2,760,848 387,678 387,678 14.0% 41,191 0 0 $17.95

Greenwood Village 100 5,555,758 1,177,004 1,231,127 22.2% (168,036) 0 0 $16.23

Highlands Ranch 40 1,108,769 182,367 185,996 16.8% (12,692) 0 0 $21.17

Inverness 82 3,178,424 349,755 362,225 11.4% 49,744 0 0 $16.86

LoDo 95 3,535,347 544,808 551,654 15.6% (17,198) 0 0 $23.28

Longmont 76 1,009,177 121,136 122,996 12.2% (1,859) 0 7,500 $17.48

Meridian 40 1,124,910 147,216 158,809 14.1% 1,493 0 0 $22.81

North Denver 98 2,981,595 458,439 458,439 15.4% (7,785) 0 0 $17.04

Northeast Denver 32 567,565 65,271 81,316 14.3% 8,955 0 0 $19.00

Northwest Denver 269 5,601,687 682,328 722,455 12.9% (5,099) 0 0 $17.90

Panorama/Highland Park 34 1,613,070 394,454 394,454 24.5% 9,258 0 0 $16.98

Park County 2 2,258 0 0 0.0% 0 0 0 $0.00


Platte River 28 643,920 39,660 39,660 6.2% 16,348 30,000 0 $21.00

South Midtown 51 980,317 65,180 65,180 6.6% 4,662 0 0 $18.55

Southwest Denver 261 6,326,765 977,334 982,201 15.5% (4,159) 0 10,800 $16.75

Weld County 280 3,252,490 307,185 328,004 10.1% (36,991) 0 0 $16.43

West Denver 319 9,117,683 1,322,385 1,367,433 15.0% (122,413) 0 0 $18.26

Totals 3,731 100,939,911 14,921,711 15,348,456 15.2% (253,831) 114,787 64,397 $18.16








FIGURES AT A GLANCE

Class C Submarket Statistics First Quarter 2011



Arapahoe Rd 41 529,711 61,963 63,927 12.1% (19,657) 0 0 $14.06

Aurora 109 1,228,434 161,922 161,922 13.2% 6,426 0 0 $10.64

Boulder 174 1,282,828 103,011 105,921 8.3% (5,175) 0 0 $20.03

Boulder County 25 159,854 15,372 15,372 9.6% 450 0 0 $15.80

Broomfield County 39 181,972 9,205 9,205 5.1% (1,671) 0 0 $12.81

Capitol Hill 267 1,806,756 105,794 115,126 6.4% 4,876 0 0 $17.15

Centennial 2 38,301 0 0 0.0% 0 0 0 $0.00

Central Business District 34 862,734 48,330 48,330 5.6% 0 0 0 $16.32

Cherry Creek 59 622,584 38,487 38,487 6.2% (3,348) 0 0 $20.01

Clear Creek County 2 23,296 0 0 0.0% 0 0 0 $0.00

Colorado Blvd/I-25 112 938,722 66,604 66,604 7.1% (1,917) 0 0 $15.02

Denver Tech Center 12 188,324 31,484 31,484 16.7% 1,739 0 0 $11.18

East Hampden 63 681,121 114,925 114,925 16.9% (14,541) 0 0 $12.06

East I-70/Montbello 31 458,718 27,043 27,043 5.9% 3,314 0 0 $15.05

Elbert County 10 22,942 3,744 3,744 16.3% 1,820 0 0 $14.11

Fort Collins/Loveland 258 1,376,759 137,848 141,128 10.3% (5,112) 0 0 $16.02

Gilpin County 0 0 0 0 0.0% 0 0 0 $0.00

Glendale 36 329,907 42,387 42,387 12.8% (3,882) 0 0 $15.69

Greenwood Village 22 222,542 16,790 16,790 7.5% (2,272) 0 0 $12.09

Highlands Ranch 2 16,633 0 0 0.0% 0 0 0 $0.00

Inverness 5 68,322 0 0 0.0% 0 0 0 $0.00

LoDo 31 379,901 18,400 20,700 5.4% 8,000 0 0 $20.04

Longmont 84 488,843 67,654 67,654 13.8% (205) 0 0 $11.96

Meridian 1 2,974 0 0 0.0% 0 0 0 $0.00

North Denver 55 418,239 55,297 55,297 13.2% (1,196) 0 0 $15.25



Panorama/Highland Park 14 206,631 21,641 24,181 11.7% (6,535) 0 0 $14.04

Park County 4 17,656 1,180 1,180 6.7% 0 0 0 $15.35

Parker/Castle Rock 60 293,678 21,118 21,118 7.2% (9,450) 0 0 $17.13

Platte River 31 216,914 6,472 6,472 3.0% 4,314 0 0 $14.51

South Midtown 164 1,098,141 30,816 32,616 3.0% 11,870 0 0 $18.48

Southwest Denver 251 2,174,499 182,720 182,720 8.4% (6,380) 0 0 $12.42

Weld County 212 1,226,803 56,965 56,965 4.6% 7,557 0 0 $13.09

West Denver 323 2,488,691 278,336 278,336 11.2% (12,164) 0 0 $13.73

Totals 2,872 22,273,084 1,961,183 1,986,702 8.9% (39,811) 0 0 $14.76








FIGURES AT A GLANCE

Total Office Submarket Statistics First Quarter 2011



Arapahoe Rd 78 1,287,625 179,392 182,716 14.2% (18,870) 0 0 $16.76

Aurora 274 8,339,189 1,298,178 1,313,466 15.8% 240,009 168,029 0 $16.19

Boulder 560 9,946,552 869,560 951,143 9.6% (17,749) 36,000 0 $20.70

Boulder County 94 1,123,556 217,522 217,522 19.4% 3,358 0 0 $20.34

Broomfield County 121 5,980,331 661,195 807,891 13.5% (43,968) 18,787 6,939 $23.70

Capitol Hill 399 5,321,201 321,497 330,829 6.2% 9,613 0 0 $18.31

Centennial 69 2,914,056 573,529 586,998 20.1% (30,637) 0 0 $15.95


Cherry Creek 130 2,989,569 285,847 295,315 9.9% 9,771 0 0 $22.76


Colorado Blvd/I-25 214 5,295,743 810,274 814,353 15.4% 43,312 0 0 $16.51

Denver Tech Center 105 11,212,332 1,746,401 1,825,383 16.3% (114,876) 0 0 $19.35

East Hampden 139 3,642,592 970,235 979,195 26.9% 54,621 0 0 $14.19

East I-70/Montbello 76 2,887,230 281,214 308,797 10.7% 15,470 0 0 $19.67

Elbert County 13 30,251 5,344 5,344 17.7% 1,820 0 0 $14.11

Fort Collins/Loveland 749 8,721,593 1,052,835 1,073,103 12.3% (10,309) 30,000 1,658 $19.76

Gilpin County 1 7,000 0 0 0.0% 0 0 0 $0.00

Glendale 95 4,328,822 632,747 632,747 14.6% 37,856 0 0 $18.08

Greenwood Village 137 8,883,029 1,749,848 1,806,489 20.3% (150,109) 0 0 $18.29

Highlands Ranch 53 2,522,846 271,478 300,499 11.9% (14,581) 0 0 $21.29

Inverness 102 5,175,374 554,611 568,781 11.0% 217,526 0 0 $18.78

LoDo 137 6,299,108 835,327 869,108 13.8% 78,904 0 0 $25.10

Longmont 161 1,604,356 212,931 214,791 13.4% 336 0 7,500 $16.34

Meridian 70 4,541,139 585,603 607,879 13.4% 15,206 0 0 $21.36

North Denver 158 3,721,584 582,776 582,776 15.7% (4,987) 0 0 $17.00

Northeast Denver 121 1,209,797 134,300 150,345 12.4% (469) 0 0 $18.67

Northwest Denver 540 9,270,374 1,113,126 1,205,806 13.0% 65,897 0 0 $18.21

Panorama/Highland Park 62 3,564,180 589,196 591,736 16.6% (30,041) 0 0 $17.98

Park County 6 19,914 1,180 1,180 5.9% 0 0 0 $15.35


Platte River 60 1,261,372 363,707 363,707 28.8% 79,767 30,000 321,000 $30.37

South Midtown 216 2,250,458 95,996 97,796 4.3% 16,532 0 0 $18.51

Southwest Denver 516 9,476,834 1,191,742 1,212,819 12.8% (7,193) 0 10,800 $16.34

Weld County 497 5,128,957 364,150 384,969 7.5% (29,434) 0 0 $15.73

West Denver 657 13,309,254 1,727,282 1,778,374 13.4% (11,924) 118,000 230,006 $17.98

Totals 6,907 180,722,334 23,739,573 24,845,551 13.7% 392,167 400,816 615,403 $19.79








FIGURES AT A GLANCE




CBD 43 20,442,345 2,154,871 2,470,600 12.1% 92,060 0 0 $26.99

Suburban 261 37,066,994 4,701,808 5,039,793 13.6% 593,749 286,029 551,006 $22.08

Totals 304 57,509,339 6,856,679 7,510,393 13.1% 685,809 286,029 551,006 $23.65





CBD 168 11,102,829 1,826,126 1,847,595 16.6% (53,398) 0 0 $21.71

Suburban 3,563 89,837,082 13,095,585 13,500,861 15.0% (200,433) 114,787 64,397 $17.72

Totals 3,731 100,939,911 14,921,711 15,348,456 15.2% (253,831) 114,787 64,397 $18.16


Class C Market Statistics First Quarter 2011



CBD 65 1,242,635 66,730 69,030 5.6% 8,000 0 0 $18.40

Suburban 2,807 21,030,449 1,894,453 1,917,672 9.1% (47,811) 0 0 $14.65

Totals 2,872 22,273,084 1,961,183 1,986,702 8.9% (39,811) 0 0 $14.76


Class A & B Market Statistics First Quarter 2011



CBD 211 31,545,174 3,980,997 4,318,195 13.7% 38,662 0 0 $24.99

Suburban 3,824 126,904,076 17,797,393 18,540,654 14.6% 393,316 400,816 615,403 $19.05

Totals 4,035 158,449,250 21,778,390 22,858,849 14.4% 431,978 400,816 615,403 $20.17





CBD 276 32,787,809 4,047,727 4,387,225 13.4% 46,662 0 0 $24.91

Suburban 6,631 147,934,525 19,691,846 20,458,326 13.8% 345,505 400,816 615,403 $18.68

Totals 6,907 180,722,334 23,739,573 24,845,551 13.7% 392,167 400,816 615,403 $19.79












FIGURES AT A GLANCE


Net Quoted

Period # Blds Total RBA Direct SF Total SF Vac % Absorption # Blds Total RBA # Blds Total RBA Rates

2011 1q 304 57,509,339 6,856,679 7,510,393 13.1% 685,809 2 286,029 5 551,006 $23.65 2010 4q 302 57,223,310 7,081,278 7,910,173 13.8% 660,920 3 127,337 4 367,035 $23.83 2010 3q 299 57,095,973 7,583,360 8,443,756 14.8% 519,315 3 407,940 7 494,372 $24.07 2010 2q 296 56,688,033 7,762,511 8,555,131 15.1% 311,329 2 515,518 8 832,306 $24.06 2010 1q 294 56,172,515 7,540,148 8,350,942 14.9% 649,829 1 175,155 9 1,179,795 $23.92 2009 4q 293 55,997,360 7,767,434 8,825,616 15.8% 173,004 1 400,538 7 1,216,613 $24.00 2009 3q 292 55,596,822 7,445,751 8,598,082 15.5% 67,841 1 175,000 6 1,479,151 $24.79 2009 2q 291 55,421,822 7,243,611 8,490,923 15.3% 161,400 1 200,174 6 1,572,151 $25.02 2009 1q 290 55,221,648 7,256,186 8,452,149 15.3% (245,184) 1 318,088 7 1,772,325 $25.65

2008 289 54,903,560 6,872,806 7,888,877 14.4% (51,598) 18 1,800,092 6 1,764,473 $26.06 2007 271 53,103,468 5,339,880 6,037,187 11.4% 1,974,942 6 626,619 21 2,873,887 $25.17 2006 265 52,476,849 6,586,885 7,385,510 14.1% 1,177,640 5 884,673 9 906,825 $21.84 2005 260 51,592,176 6,792,123 7,678,477 14.9% 1,367,848 0 0 6 1,118,671 $19.76 2004 260 51,592,176 7,572,284 9,046,325 17.5% 1,204,390 6 788,540 2 428,103 $19.26 2003 255 51,219,636 7,900,861 9,878,175 19.3% 833,775 6 919,596 6 788,540 $18.88 2002 249 50,300,040 7,579,084 9,792,354 19.5% 193,741 13 2,186,492 9 1,302,919 $20.87



Net Quoted


2011 1q 3,731 100,939,911 14,921,711 15,348,456 15.2% (253,831) 4 114,787 6 64,397 $18.16 2010 4q 3,727 100,825,124 14,505,745 14,979,838 14.9% 232,261 6 118,186 9 171,684 $18.09 2010 3q 3,723 100,721,926 14,607,517 15,108,901 15.0% (434,446) 3 20,551 13 277,931 $18.20 2010 2q 3,720 100,701,375 14,004,879 14,653,904 14.6% (172,426) 1 5,531 14 291,024 $17.98 2010 1q 3,720 100,701,937 13,887,800 14,482,040 14.4% 355,180 1 13,020 9 191,728 $18.08 2009 4q 3,719 100,688,917 14,236,163 14,824,200 14.7% 422,179 3 58,830 7 119,462 $18.10 2009 3q 3,716 100,630,087 14,588,149 15,187,549 15.1% (114,193) 6 84,600 6 100,303 $18.44 2009 2q 3,710 100,545,487 14,310,669 14,988,756 14.9% 179,874 8 249,732 11 179,372 $18.81 2009 1q 3,703 100,338,259 14,265,066 14,961,402 14.9% (484,732) 14 275,656 16 382,746 $19.00

2008 3,690 100,064,820 13,623,048 14,203,231 14.2% 187,999 78 1,102,976 27 562,988 $19.31 2007 3,613 99,124,013 13,011,927 13,450,423 13.6% 1,754,484 92 1,537,023 68 1,024,934 $18.83 2006 3,522 97,644,504 13,102,663 13,725,398 14.1% 1,961,168 95 1,459,776 68 1,233,570 $17.30 2005 3,428 96,186,184 13,237,471 14,228,246 14.8% 3,089,236 119 1,779,236 78 1,307,340 $16.16 2004 3,312 94,618,297 14,651,998 15,749,595 16.6% 967,945 84 1,306,595 93 1,450,766 $15.58 2003 3,229 93,426,946 14,042,307 15,526,189 16.6% 182,492 75 1,220,505 69 1,233,742 $15.82 2002 3,155 92,240,441 12,706,232 14,522,176 15.7% (2,038,668) 98 1,812,218 66 1,197,310 $17.23



Net Quoted


2011 1q 6,907 180,722,334 23,739,573 24,845,551 13.7% 392,167 6 400,816 11 615,403 $19.79 2010 4q 6,902 180,323,390 23,508,867 24,838,774 13.8% 1,006,778 9 245,523 13 538,719 $19.81 2010 3q 6,895 180,092,855 24,237,065 25,615,017 14.2% 130,373 6 428,491 20 772,303 $19.97 2010 2q 6,889 179,664,364 23,859,779 25,316,899 14.1% 250,846 3 521,049 22 1,123,330 $19.96 2010 1q 6,887 179,149,408 23,606,615 25,052,789 14.0% 1,102,248 2 188,175 18 1,371,523 $19.99 2009 4q 6,885 178,961,233 24,286,573 25,966,862 14.5% 611,519 4 459,368 14 1,336,075 $19.98 2009 3q 6,881 178,501,865 24,330,186 26,119,013 14.6% (202,200) 7 259,600 12 1,579,454 $20.62 2009 2q 6,874 178,242,265 23,693,886 25,657,213 14.4% 299,048 9 449,906 17 1,751,523 $20.99 2009 1q 6,866 177,834,863 23,619,042 25,548,859 14.4% (935,579) 15 593,744 23 2,155,071 $21.11

2008 6,852 177,243,336 22,408,148 24,021,753 13.6% 93,234 97 2,919,786 33 2,327,461 $21.39 2007 6,762 174,598,551 20,317,317 21,470,202 12.3% 3,889,889 101 2,218,764 90 3,915,539 $20.92 2006 6,662 172,437,301 21,705,338 23,198,841 13.5% 3,225,293 105 2,455,147 80 2,195,517 $18.59 2005 6,566 170,127,842 22,203,607 24,114,675 14.2% 4,417,610 120 1,800,236 89 2,536,709 $17.19 2004 6,450 168,555,575 24,350,129 26,960,018 16.0% 2,096,044 96 2,130,869 96 1,899,869 $16.69 2003 6,358 166,962,283 23,937,328 27,462,770 16.4% 1,008,550 85 2,167,553 81 2,058,016 $16.86 2002 6,276 164,836,354 22,237,348 26,345,391 16.0% (2,455,087) 112 4,007,463 79 2,527,681 $18.53


UC Inventory

Existing Inventory Vacancy Deliveries UC Inventory

Existing Inventory Vacancy Deliveries UC Inventory

Existing Inventory Vacancy Deliveries






LEASING ACTIVITY

Leasing Highlights in Select CoStar MarketsColor Coded by Vacancy Rate

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Historical Rental RatesBased on Full-Service Equivalent Rental Rates


Vacancy by Available Space Type Vacancy by ClassPercent of All Vacant Space in Direct vs. Sublet Percent of All Vacant Space by Class


U.S. Rental Rate Comparison Future Space AvailableBased on Full-Service Equivalent Rental Rates Space Scheduled to be Available for Occupancy*

Source: CoStar Property® * Includes Under Construction Spaces Source: CoStar Property®

Denver United States Denver United States

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LEASING ACTIVITY






LEASING ACTIVITY


* Renewal

Building Submarket SF Qtr Tenant Name Tenant Rep Company Landlord Rep Company

1 Park Central Central Business District 151,331 1st Bridgepoint Education CB Richard Ellis Cassidy Turley Fuller Real Estate

2 Fitzsimons Village 100 Aurora 150,000 1st Childrens Hospital N/A N/A

3 One & Two Greenwood Plaza Greenwood Village 66,823 1st DirecTV N/A Grubb & Ellis

4 Cherry Creek Place 3 Aurora 29,351 1st N/A N/A Jones Lang LaSalle Americas, Inc.

5 World Trade Center - Tower I Central Business District 28,008 1st N/A N/A Jones Lang LaSalle Americas, Inc.

6 160 Inverness Dr W Inverness 27,401 1st N/A N/A Inverness Properties, LLC

7 Plaza Tower One Greenwood Village 26,570 1st ThyssenKrupp Robins, Inc. N/A Newmark Knight Frank Frederick Ross

8 Park Central* Central Business District 26,530 1st Consumer Capital Partners LLC Jones Lang LaSalle Cassidy Turley Fuller Real Estate

9 The Summit at Dry Creek - Bldg I Inverness 25,903 1st Datacard N/A CB Richard Ellis

10 AmCap Business Center West Denver 25,348 1st ARC Thrift Stores Commercial Property Advisors Transwestern

11 1900 Sixteenth Street - Tower 1 Platte River 23,767 1st PriceWaterHouseCooper N/A CB Richard Ellis

12 1400 Wewatta St LoDo 21,909 1st N/A Silverbrae Commercial Realty Inc Silverbrae Commercial Realty Inc

13 1001 17th St Central Business District 20,225 1st N/A N/A Cushman & Wakefield of Colorado

14 RE/MAX Plaza Denver Tech Center 20,000 1st Louik Holdings CB Richard Ellis RE/MAX Commercial Alliance

15 PrimeCenter @ NorthRidge Bldg B* North Denver 19,975 1st Polycom, Inc. N/A Grubb & Ellis

16 6899 Winchester Cir Boulder 17,966 1st Sunrise Medical CB Richard Ellis The Colorado Group, Inc.

17 Colorado State Bank Central Business District 17,777 1st N/A N/A Cushman & Wakefield of Colorado

18 Lucent Campus - Bldg 2 Highlands Ranch 17,389 1st 5280 Solutions Cassidy Turley Fuller Real Estate UGL Services

19 Waterpark at Briarwood - Bldg II Centennial 17,000 1st N/A N/A CB Richard Ellis

20 Peakview Office Plaza 1 Greenwood Village 16,743 1st N/A N/A Jones Lang LaSalle Americas, Inc.

21 CirclePoint I Northwest Denver 16,344 1st N/A N/A Vector Property Services LLC

22 Legacy Highlands Aurora 16,195 1st N/A N/A CB Richard Ellis

23 4600 S Syracuse St Denver Tech Center 16,194 1st N/A N/A CB Richard Ellis

24 Harlequin Plaza Greenwood Village 15,300 1st Richfield Hospitality, Inc. Green Realty Advisors CB Richard Ellis

25 Plaza Quebec I Greenwood Village 15,078 1st N/A N/A Grubb & Ellis

26 Regency Plaza Denver Tech Center 14,578 1st McDonald’s Corporation Jones Lang LaSalle Americas, Inc. Transwestern

27 The Views I Broomfield County 14,279 1st N/A N/A Grubb & Ellis

28 3003 Larimer St LoDo 14,200 1st Oz Architecture of Denver N/A Cassidy Turley Fuller Real Estate

29 Highland Place II Panorama/Highland Park 14,013 1st National CineMedia, LLC. N/A Colliers International

30 4600 S Syracuse St Denver Tech Center 13,813 1st N/A N/A CB Richard Ellis

31 High Pointe Tower I Greenwood Village 13,035 1st N/A N/A CB Richard Ellis

32 Tabor Center Central Business District 12,496 1st N/A N/A Jones Lang LaSalle

33 400 Inverness Pky Inverness 12,188 1st N/A N/A CB Richard Ellis

34 Westmoor Technology Park - Bldg Two Northwest Denver 11,911 1st N/A N/A CB Richard Ellis

35 Pavilion Towers - Tower II East Hampden 11,581 1st N/A N/A Boxer Properties, LLC

36 1900 Sixteenth Street - Tower 1 Platte River 11,431 1st N/A N/A CB Richard Ellis

37 44 Cook Cherry Creek 11,409 1st N/A N/A Grubb & Ellis

38 8878 Barrons Blvd Highlands Ranch 11,377 1st N/A N/A CB Richard Ellis

39 1660 Wynkoop Building LoDo 9,144 1st Triangle Petroleum CB Richard Ellis Colliers International

40 1625 Wazee St LoDo 8,031 1st BH Ventures N/A Unique Properties, LLC-TCN Worldwid

Select Top Office Leases Based on Leased Square Footage For Deals Signed in 2011






SALES ACTIVITY

The Optimist Sales Index Average of Two Highest Price/SF's and Two Lowest Cap Rates Per Quarter

Source: CoStar COMPS®

Sales Volume & Price Sales Analysis by Building SizeBased on Office Building Sales of 15,000 SF and Larger Based on Office Building Sales From Jan. 2010 - Dec. 2010

Bldg Size # RBA $ Volume Price/SF Cap Rate

< 50,000 SF 117 1,811,219 194,738,888$ 107.52$ 8.89%

50K-249K SF 32 3,556,592 450,220,716$ 126.59$ 9.55%

250K-499K SF - - - -$ -

>500K SF 1 561,691 149,000,000$ 265.27$ 6.50%

Source: CoStar COMPS® Source: CoStar COMPS®

U.S. Price/SF Comparison U.S. Cap Rate ComparisonBased on Office Building Sales of 15,000 SF and Larger Based on Office Building Sales of 15,000 SF and Larger

Source: CoStar COMPS® Source: CoStar COMPS®

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SALES ACTIVITY

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Denver Office MarketMARKET HIGHLIGHTS – CLASS “A, B & C”

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SALES ACTIVITY

Select Land Sales Based on Commercially Zoned Land Sales Occurring From Jan. 2010 - March 2011

10271-10275 Park Meadows Dr, Littleton 1601 Wynkoop St, Denver 6499 S Fiddlers Green Cir, Greenwood Village

Sale Price: $20,135,795 Sale Price: $1,510,000 Sale Price: $1,329,581Acres: 25.33 Acres: 1.12 Acres: 1.11Price/SF: $18.25 Price/SF: $30.87 Price/SF: $27.50Closing Date: 05/18/2010 Closing Date: 12/15/2010 Closing Date: 01/01/2010Zoning: PDU, County Zoning: PRV Zoning: CommercialIntended Use: Office Intended Use: Office Intended Use: CommercialBuyer: Kaiser Permanente Buyer: East West Partners Buyer: Madden Consolidated Holdings LLCSeller: Westfield Development Company, Inc. Seller: Regional Transportation District Seller: Fiddlers Green Ctr

2250 W 31st Ave, Denver 3520 E 15th St, Loveland

Sale Price: $1,225,000 Sale Price: $576,765Acres: 0.33 Acres: 1.43Price/SF: $84.96 Price/SF: $9.26Closing Date: 12/10/2010 Closing Date: 03/26/2010Zoning: R3 Zoning: CommercialIntended Use: Commercial Intended Use: CommercialBuyer: Matthew D Kinner Buyer: Blv Mob LLCSeller: Canwest Investments LLC Seller: Boyd Lake Village LLC









A U R O R A M A R K E T

Deliveries, Absorption & Vacancy Historical Analysis, All Classes


Vacant Space Quoted Rental RatesHistorical Analysis, All Classes Historical Analysis, All Classes


Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 1q 274 8,339,189 1,313,466 15.8% 240,009 1 168,029 0 0 $16.19

2010 4q 273 8,171,160 1,385,446 17.0% (1,062) 0 0 1 168,029 $16.01

2010 3q 273 8,171,160 1,384,384 16.9% 6,760 1 6,246 1 168,029 $16.28

2010 2q 272 8,164,914 1,384,898 17.0% 22,021 0 0 2 174,275 $16.25

2010 1q 272 8,164,914 1,406,919 17.2% 43,436 0 0 1 6,246 $16.15

2009 4q 272 8,164,914 1,450,355 17.8% 35,248 0 0 1 6,246 $15.96

2009 3q 272 8,164,914 1,485,603 18.2% 51,741 0 0 0 0 $15.91

2009 2q 272 8,164,914 1,537,344 18.8% (32,241) 0 0 0 0 $16.00

2009 1q 272 8,164,914 1,505,103 18.4% (55,845) 0 0 0 0 $16.08

2008 4q 272 8,164,914 1,449,258 17.7% (170,623) 0 0 0 0 $15.92

2008 3q 272 8,164,914 1,278,635 15.7% (9,457) 0 0 0 0 $16.04

2008 2q 272 8,164,914 1,269,178 15.5% 7,520 0 0 0 0 $16.11

2008 1q 272 8,164,914 1,276,698 15.6% (24,543) 0 0 0 0 $16.16

2007 4q 272 8,164,914 1,252,155 15.3% 10,730 0 0 0 0 $16.13

2007 3q 272 8,164,914 1,262,885 15.5% (42,129) 0 0 0 0 $15.78

2007 2q 272 8,164,914 1,220,756 15.0% 47,420 0 0 0 0 $15.37


UC InventoryDelivered InventoryExisting Inventory Vacancy

(0.200)

(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200

0.250

0.300

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

Perce

nt V

acant

Delivered SF Absorption SF Vacancy

$15.85

$15.90

$15.95

$16.00

$16.05

$16.10

$16.15

$16.20

$16.25

$16.30

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

1.24

1.26

1.28

1.30

1.32

1.34

1.36

1.38

1.40

1.42

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







B O U L D E R M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 1q 654 11,070,108 1,168,665 10.6% (14,391) 1 36,000 0 0 $20.65

2010 4q 653 11,034,108 1,118,274 10.1% (59,082) 0 0 1 36,000 $21.00

2010 3q 653 11,034,108 1,059,192 9.6% 12,326 0 0 1 36,000 $21.02

2010 2q 653 11,034,108 1,071,518 9.7% (71,234) 0 0 1 36,000 $20.31

2010 1q 653 11,034,108 1,000,284 9.1% 52,084 0 0 1 36,000 $20.35

2009 4q 653 11,034,108 1,052,368 9.5% 203,362 0 0 0 0 $20.23

2009 3q 653 11,034,108 1,255,730 11.4% (93,774) 0 0 0 0 $20.91

2009 2q 653 11,034,108 1,161,956 10.5% 103,346 0 0 0 0 $25.00

2009 1q 654 11,076,612 1,307,806 11.8% (120,098) 0 0 0 0 $21.11

2008 4q 654 11,076,612 1,187,708 10.7% 45,542 1 60,200 0 0 $21.04

2008 3q 653 11,016,412 1,173,050 10.6% 76,085 0 0 1 60,200 $20.46

2008 2q 653 11,016,412 1,249,135 11.3% (12,713) 0 0 1 60,200 $21.72

2008 1q 653 11,016,412 1,236,422 11.2% (7,300) 2 20,853 1 60,200 $19.67

2007 4q 651 10,995,559 1,208,269 11.0% 3,130 0 0 3 81,053 $19.83

2007 3q 651 10,995,559 1,211,399 11.0% 119,189 2 27,531 2 20,853 $19.83

2007 2q 649 10,968,028 1,303,057 11.9% 244,071 0 0 4 48,384 $19.58



(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200

0.250

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Perce

nt V

acant


$19.80

$20.00

$20.20

$20.40

$20.60

$20.80

$21.00

$21.20

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







B R O O M F I E L D M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 1q 121 5,980,331 807,891 13.5% (43,968) 1 18,787 1 6,939 $23.70

2010 4q 120 5,961,544 745,136 12.5% 279,560 0 0 2 25,726 $23.53

2010 3q 120 5,961,544 1,024,696 17.2% (183,506) 1 297,682 1 18,787 $23.36

2010 2q 119 5,663,862 543,508 9.6% (31,306) 0 0 2 316,469 $23.41

2010 1q 119 5,663,862 512,202 9.0% 21,211 0 0 1 297,682 $24.18

2009 4q 119 5,663,862 533,413 9.4% 165,659 0 0 1 297,682 $24.84

2009 3q 119 5,663,862 699,072 12.3% (30,021) 0 0 1 297,682 $25.47

2009 2q 119 5,663,862 669,051 11.8% 39,458 0 0 1 297,682 $25.31

2009 1q 119 5,663,862 708,509 12.5% 31,363 1 19,374 1 297,682 $24.91

2008 4q 118 5,644,488 720,498 12.8% (16,149) 0 0 1 19,374 $22.22

2008 3q 118 5,644,488 704,349 12.5% 40,879 1 45,966 1 19,374 $22.06

2008 2q 117 5,598,522 699,262 12.5% 115,207 4 158,784 2 65,340 $21.97

2008 1q 113 5,439,738 655,685 12.1% 42,611 0 0 5 204,750 $22.42

2007 4q 113 5,439,738 698,296 12.8% 30,160 0 0 5 204,750 $22.16

2007 3q 113 5,439,738 728,456 13.4% 2,328 0 0 4 158,784 $22.19

2007 2q 113 5,439,738 730,784 13.4% (70,293) 0 0 2 27,416 $20.54



(0.300)

(0.200)

(0.100)

0.000

0.100

0.200

0.300

0.400

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

Perce

nt V

acant


$22.80

$23.00

$23.20

$23.40

$23.60

$23.80

$24.00

$24.20

$24.40

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.00

0.20

0.40

0.60

0.80

1.00

1.20

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







C E N T R A L B U S I N E S S D I S T R I C T M A R K E TMARKET HIGHLIGHTS – CLASS “A, B & C”





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 1q 276 32,787,809 4,387,225 13.4% 46,662 0 0 0 0 $24.91

2010 4q 276 32,787,809 4,433,887 13.5% 246,088 0 0 0 0 $24.71

2010 3q 276 32,787,809 4,679,975 14.3% 293,531 0 0 0 0 $24.91

2010 2q 276 32,787,809 4,973,506 15.2% 123,184 1 495,518 0 0 $25.32

2010 1q 275 32,292,291 4,601,172 14.2% 240,009 0 0 1 495,518 $25.20

2009 4q 275 32,292,291 4,841,181 15.0% 154,758 0 0 1 495,518 $24.80

2009 3q 275 32,292,291 4,995,939 15.5% (92,981) 0 0 1 495,518 $25.86

2009 2q 275 32,292,291 4,902,958 15.2% 41,686 0 0 1 495,518 $26.28

2009 1q 275 32,292,291 4,944,644 15.3% (158,801) 1 318,088 1 495,518 $27.28

2008 4q 274 31,974,203 4,467,755 14.0% (45,792) 3 430,586 2 813,606 $27.44

2008 3q 271 31,543,617 3,991,377 12.7% (383,705) 1 68,000 5 1,244,192 $27.77

2008 2q 270 31,475,617 3,539,672 11.2% (42,323) 0 0 6 1,312,192 $27.81

2008 1q 270 31,475,617 3,497,349 11.1% 55,626 0 0 5 816,674 $26.89

2007 4q 270 31,475,617 3,552,975 11.3% (111,482) 2 29,597 5 816,674 $26.01

2007 3q 268 31,446,020 3,411,896 10.9% 206,988 0 0 7 846,271 $25.21

2007 2q 268 31,446,020 3,618,884 11.5% 402,886 0 0 6 733,547 $24.79



(0.500)

(0.400)

(0.300)

(0.200)

(0.100)

0.000

0.100

0.200

0.300

0.400

0.500

0.600

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

Perce

nt V

acant


$24.40

$24.50

$24.60

$24.70

$24.80

$24.90

$25.00

$25.10

$25.20

$25.30

$25.40

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.00

1.00

2.00

3.00

4.00

5.00

6.00

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







C L E A R C R E E K C O U N T Y M A R K E TMARKET HIGHLIGHTS – CLASS “A, B & C”





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 1q 5 65,489 6,584 10.1% (419) 0 0 0 0 $12.39

2010 4q 5 65,489 6,165 9.4% 0 0 0 0 0 $12.50

2010 3q 5 65,489 6,165 9.4% 11,030 0 0 0 0 $0.00

2010 2q 5 65,489 17,195 26.3% 5,800 0 0 0 0 $0.00

2010 1q 5 65,489 22,995 35.1% 1,400 0 0 0 0 $0.00

2009 4q 5 65,489 24,395 37.3% (24,395) 0 0 0 0 $0.00

2009 3q 5 65,489 0 0.0% 0 0 0 0 0 $0.00

2009 2q 5 65,489 0 0.0% 0 0 0 0 0 $0.00

2009 1q 5 65,489 0 0.0% 0 0 0 0 0 $0.00

2008 4q 5 65,489 0 0.0% 0 0 0 0 0 $0.00

2008 3q 5 65,489 0 0.0% 0 0 0 0 0 $0.00

2008 2q 5 65,489 0 0.0% 0 0 0 0 0 $0.00

2008 1q 5 65,489 0 0.0% 0 0 0 0 0 $0.00

2007 4q 5 65,489 0 0.0% 0 0 0 0 0 $0.00

2007 3q 5 65,489 0 0.0% 0 0 0 0 0 $0.00

2007 2q 5 65,489 0 0.0% 0 0 0 0 0 $0.00



(0.030)

(0.025)

(0.020)

(0.015)

(0.010)

(0.005)

0.000

0.005

0.010

0.015

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

Perce

nt V

acant


$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.00

0.01

0.01

0.02

0.02

0.03

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







C O L O R A D O B L V D / G L E N D A L E M A R K E T






2010 4q 439 12,614,134 1,833,354 14.5% 134,519 1 45,673 0 0 $18.15

2010 3q 438 12,568,461 1,922,200 15.3% (72,504) 0 0 1 45,673 $18.44

2010 2q 438 12,568,461 1,849,696 14.7% 105,896 0 0 1 45,673 $18.33

2010 1q 438 12,568,461 1,955,592 15.6% 44,933 0 0 1 45,673 $18.29

2009 4q 438 12,568,461 2,000,525 15.9% 19,414 0 0 0 0 $18.57

2009 3q 438 12,568,461 2,019,939 16.1% (84,675) 0 0 0 0 $18.87

2009 2q 438 12,568,461 1,935,264 15.4% (30,161) 0 0 0 0 $19.04

2009 1q 438 12,568,461 1,905,103 15.2% (21,063) 0 0 0 0 $18.81

2008 4q 438 12,568,461 1,884,040 15.0% 50,405 0 0 0 0 $19.08

2008 3q 440 12,618,069 1,984,053 15.7% 13,047 1 4,844 0 0 $19.14

2008 2q 439 12,613,225 1,992,256 15.8% 125,656 1 18,910 1 4,844 $19.05

2008 1q 438 12,594,315 2,099,002 16.7% 34,683 1 18,503 2 23,754 $18.77

2007 4q 437 12,575,812 2,115,182 16.8% 99,783 3 52,391 3 42,257 $18.73

2007 3q 434 12,523,421 2,162,574 17.3% 34,514 1 2,055 5 89,804 $18.75

2007 2q 434 12,578,880 2,252,547 17.9% (629) 0 0 5 72,949 $18.14



(0.100)

(0.050)

0.000

0.050

0.100

0.150

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

Perce

nt V

acant


$18.00

$18.05

$18.10

$18.15

$18.20

$18.25

$18.30

$18.35

$18.40

$18.45

$18.50

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

1.60

1.65

1.70

1.75

1.80

1.85

1.90

1.95

2.00

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







E L B E R T C O U N T Y M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 1q 13 30,251 5,344 17.7% 1,820 0 0 0 0 $14.11

2010 4q 13 30,251 7,164 23.7% 256 0 0 0 0 $13.53

2010 3q 13 30,251 7,420 24.5% (4,220) 0 0 0 0 $13.44

2010 2q 13 30,251 3,200 10.6% 0 0 0 0 0 $0.00

2010 1q 13 30,251 3,200 10.6% 0 0 0 0 0 $0.00

2009 4q 13 30,251 3,200 10.6% (3,200) 0 0 0 0 $0.00

2009 3q 13 30,251 0 0.0% 0 0 0 0 0 $0.00

2009 2q 13 30,251 0 0.0% 0 0 0 0 0 $0.00

2009 1q 13 30,251 0 0.0% 0 0 0 0 0 $0.00

2008 4q 13 30,251 0 0.0% 0 0 0 0 0 $0.00

2008 3q 13 30,251 0 0.0% 0 0 0 0 0 $0.00

2008 2q 13 30,251 0 0.0% 0 0 0 0 0 $0.00

2008 1q 13 30,251 0 0.0% 0 0 0 0 0 $0.00

2007 4q 13 30,251 0 0.0% 0 0 0 0 0 $0.00

2007 3q 13 30,251 0 0.0% 0 0 0 0 0 $0.00

2007 2q 13 30,251 0 0.0% 0 0 0 0 0 $0.00



(0.005)

(0.004)

(0.003)

(0.002)

(0.001)

0.000

0.001

0.002

0.003

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

Perce

nt V

acant


$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

$16.00

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.00

0.00

0.00

0.00

0.00

0.01

0.01

0.01

0.01

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







F O R T C O L L I N S / L O V E L A N D M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 1q 749 8,721,593 1,073,103 12.3% (10,309) 1 30,000 1 1,658 $19.76

2010 4q 748 8,691,593 1,032,794 11.9% (40,805) 0 0 2 31,658 $19.99

2010 3q 748 8,691,593 991,989 11.4% 77,971 1 82,000 2 31,658 $20.24

2010 2q 747 8,609,593 987,960 11.5% 69,939 0 0 2 112,000 $20.08

2010 1q 747 8,609,593 1,057,899 12.3% 126,781 0 0 1 82,000 $20.22

2009 4q 747 8,609,593 1,184,680 13.8% (27,910) 2 48,414 1 82,000 $20.34

2009 3q 745 8,561,179 1,108,356 12.9% (33,907) 1 1,728 3 130,414 $20.68

2009 2q 744 8,559,451 1,072,721 12.5% 96,795 2 107,780 3 50,142 $20.88

2009 1q 742 8,451,671 1,061,736 12.6% (44,030) 4 114,294 5 157,922 $21.12

2008 4q 739 8,339,594 905,629 10.9% (36,039) 3 36,880 7 223,802 $21.75

2008 3q 736 8,302,714 832,710 10.0% 46,493 3 36,897 9 258,954 $21.82

2008 2q 734 8,267,793 844,282 10.2% (37,853) 4 80,959 11 245,851 $22.06

2008 1q 730 8,186,834 725,470 8.9% 98,977 5 105,081 9 201,774 $21.66

2007 4q 726 8,084,753 722,366 8.9% 27,662 1 5,500 11 209,830 $21.08

2007 3q 725 8,079,253 744,528 9.2% 99,056 1 14,829 10 191,540 $20.66

2007 2q 724 8,064,424 828,755 10.3% 49,313 4 79,005 7 125,410 $20.41



(0.060)

(0.040)

(0.020)

0.000

0.020

0.040

0.060

0.080

0.100

0.120

0.140

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Perce

nt V

acant


$19.50

$19.60

$19.70

$19.80

$19.90

$20.00

$20.10

$20.20

$20.30

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.88

0.90

0.92

0.94

0.96

0.98

1.00

1.02

1.04

1.06

1.08

1.10

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







G I L P I N C O U N T Y M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 1q 1 7,000 0 0.0% 0 0 0 0 0 $0.00

2010 4q 1 7,000 0 0.0% 0 0 0 0 0 $0.00

2010 3q 1 7,000 0 0.0% 0 0 0 0 0 $0.00

2010 2q 1 7,000 0 0.0% 0 0 0 0 0 $0.00

2010 1q 1 7,000 0 0.0% 0 0 0 0 0 $0.00

2009 4q 1 7,000 0 0.0% 0 0 0 0 0 $0.00

2009 3q 1 7,000 0 0.0% 0 0 0 0 0 $0.00

2009 2q 1 7,000 0 0.0% 0 0 0 0 0 $0.00

2009 1q 1 7,000 0 0.0% 0 0 0 0 0 $0.00

2008 4q 1 7,000 0 0.0% 0 0 0 0 0 $0.00

2008 3q 1 7,000 0 0.0% 0 0 0 0 0 $0.00

2008 2q 1 7,000 0 0.0% 0 0 0 0 0 $0.00

2008 1q 1 7,000 0 0.0% 0 0 0 0 0 $0.00

2007 4q 1 7,000 0 0.0% 0 0 0 0 0 $0.00

2007 3q 1 7,000 0 0.0% 0 0 0 0 0 $0.00

2007 2q 1 7,000 0 0.0% 0 0 0 0 0 $0.00



0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.000

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

Perce

nt V

acant


$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

$0.90

$1.00

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







L O N G M O N T M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 1q 161 1,604,356 214,791 13.4% 336 0 0 1 7,500 $16.34

2010 4q 161 1,604,356 215,127 13.4% 7,195 0 0 0 0 $17.23

2010 3q 161 1,604,356 222,322 13.9% (5,743) 0 0 0 0 $17.42

2010 2q 161 1,604,356 216,579 13.5% (16,305) 0 0 0 0 $16.97

2010 1q 161 1,604,356 200,274 12.5% 208 0 0 0 0 $17.13

2009 4q 161 1,604,356 200,482 12.5% 11,353 0 0 0 0 $17.63

2009 3q 161 1,604,356 211,835 13.2% (6,475) 0 0 0 0 $17.48

2009 2q 161 1,604,356 205,360 12.8% 18,772 0 0 0 0 $18.18

2009 1q 161 1,604,356 224,132 14.0% (1,322) 0 0 0 0 $18.40

2008 4q 161 1,604,356 222,810 13.9% 30,095 0 0 0 0 $18.59

2008 3q 161 1,604,356 252,905 15.8% (36,348) 0 0 0 0 $18.32

2008 2q 161 1,604,356 216,557 13.5% 15,872 0 0 0 0 $18.15

2008 1q 161 1,604,356 232,429 14.5% 26,914 0 0 0 0 $19.35

2007 4q 161 1,604,356 259,343 16.2% 6,492 0 0 0 0 $19.49

2007 3q 161 1,604,356 265,835 16.6% (3,458) 1 13,400 0 0 $18.28

2007 2q 160 1,590,956 248,977 15.6% (54,325) 0 0 1 13,400 $17.93



(0.040)

(0.030)

(0.020)

(0.010)

0.000

0.010

0.020

0.030

0.040

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

Perce

nt V

acant


$15.60

$15.80

$16.00

$16.20

$16.40

$16.60

$16.80

$17.00

$17.20

$17.40

$17.60

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.18

0.19

0.19

0.20

0.20

0.21

0.21

0.22

0.22

0.23

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







M I D T O W N M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 1q 675 8,833,031 792,332 9.0% 105,912 1 30,000 2 321,000 $22.97

2010 4q 674 8,803,031 868,244 9.9% 154,254 1 40,000 2 81,000 $26.04

2010 3q 673 8,763,031 982,498 11.2% (25,666) 0 0 3 121,000 $24.58

2010 2q 673 8,763,031 956,832 10.9% 63,991 0 0 2 81,000 $23.92

2010 1q 674 8,769,124 1,026,916 11.7% 47,980 0 0 1 51,000 $22.67

2009 4q 674 8,769,124 1,074,896 12.3% 24,039 1 400,538 0 0 $22.73

2009 3q 673 8,368,586 698,397 8.3% (12,425) 0 0 1 400,538 $22.57

2009 2q 673 8,368,586 685,972 8.2% (6,348) 1 17,438 1 400,538 $23.04

2009 1q 672 8,351,148 662,186 7.9% (82,525) 0 0 2 417,976 $24.37

2008 4q 672 8,351,148 579,661 6.9% 18,080 1 11,416 2 417,976 $24.78

2008 3q 671 8,339,732 586,325 7.0% 10,195 0 0 3 429,392 $24.80

2008 2q 671 8,339,732 596,520 7.2% (4,102) 1 6,750 3 429,392 $24.97

2008 1q 670 8,332,982 585,668 7.0% (23,889) 0 0 3 418,704 $25.26

2007 4q 671 8,390,130 618,927 7.4% 21,286 0 0 2 407,288 $24.91

2007 3q 671 8,390,130 640,213 7.6% 10,583 0 0 2 407,288 $23.44

2007 2q 671 8,390,130 650,796 7.8% 140,616 1 60,000 0 0 $15.91



(0.200)

(0.100)

0.000

0.100

0.200

0.300

0.400

0.500

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Perce

nt V

acant


$20.00

$21.00

$22.00

$23.00

$24.00

$25.00

$26.00

$27.00

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.00

0.20

0.40

0.60

0.80

1.00

1.20

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







N O R T H D E N V E R M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 1q 158 3,721,584 582,776 15.7% (4,987) 0 0 0 0 $17.00

2010 4q 158 3,721,584 577,789 15.5% (4,658) 1 11,786 0 0 $17.13

2010 3q 157 3,709,798 561,345 15.1% 8,029 0 0 1 11,786 $17.14

2010 2q 157 3,709,798 569,374 15.3% (3,882) 0 0 1 11,786 $16.41

2010 1q 157 3,709,798 565,492 15.2% (6,590) 0 0 1 11,786 $16.76

2009 4q 157 3,709,798 558,902 15.1% (11,708) 1 10,416 0 0 $16.88

2009 3q 156 3,699,382 536,778 14.5% 14,363 0 0 1 10,416 $16.82

2009 2q 156 3,699,382 551,141 14.9% 38,493 0 0 1 10,416 $16.82

2009 1q 156 3,699,382 589,634 15.9% (24,117) 0 0 0 0 $16.66

2008 4q 156 3,699,382 565,517 15.3% 35,407 1 60,372 0 0 $16.94

2008 3q 155 3,639,010 540,552 14.9% 2,366 0 0 1 60,372 $17.00

2008 2q 155 3,639,010 542,918 14.9% 21,045 2 22,680 1 60,372 $16.99

2008 1q 153 3,616,330 541,283 15.0% 57,770 0 0 3 83,052 $17.25

2007 4q 153 3,616,330 599,053 16.6% (14,038) 0 0 3 83,052 $17.07

2007 3q 153 3,616,330 585,015 16.2% (3,601) 0 0 0 0 $16.78

2007 2q 153 3,616,330 581,414 16.1% 22,852 0 0 0 0 $16.61



(0.030)

(0.020)

(0.010)

0.000

0.010

0.020

0.030

0.040

0.050

0.060

0.070

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

13.5%

14.0%

14.5%

15.0%

15.5%

16.0%

16.5%

Perce

nt V

acant


$16.00

$16.20

$16.40

$16.60

$16.80

$17.00

$17.20

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.55

0.56

0.56

0.57

0.57

0.58

0.58

0.59

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







N O R T H E A S T D E N V E R M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 1q 197 4,097,027 459,142 11.2% 15,001 0 0 0 0 $19.33

2010 4q 198 4,098,899 476,015 11.6% 103,673 3 26,040 0 0 $19.31

2010 3q 195 4,072,859 553,648 13.6% 5,462 0 0 3 26,040 $19.89

2010 2q 195 4,072,859 559,110 13.7% 36,931 1 20,000 3 26,040 $19.59

2010 1q 194 4,052,859 576,041 14.2% 155,287 2 188,175 1 20,000 $20.44

2009 4q 192 3,864,684 543,153 14.1% 47,154 0 0 3 208,175 $19.00

2009 3q 192 3,864,684 590,307 15.3% (80,908) 0 0 1 175,155 $31.24

2009 2q 192 3,864,684 509,399 13.2% (302) 0 0 1 175,155 $20.37

2009 1q 192 3,864,684 509,097 13.2% (1,144) 1 4,750 1 175,155 $20.86

2008 4q 191 3,859,934 503,203 13.0% 38,612 2 111,000 2 179,905 $18.69

2008 3q 189 3,748,934 430,815 11.5% (48,198) 0 0 4 290,905 $19.03

2008 2q 189 3,748,934 382,617 10.2% (25,159) 1 13,020 4 290,905 $18.82

2008 1q 188 3,735,914 344,438 9.2% 11,227 1 12,237 2 100,020 $18.98

2007 4q 187 3,723,677 343,428 9.2% 26,855 0 0 3 112,257 $18.50

2007 3q 187 3,723,677 370,283 9.9% 92,114 3 103,768 1 12,237 $19.00

2007 2q 184 3,619,909 358,629 9.9% 69,368 1 45,761 4 116,005 $18.70



(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200

0.250

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

Perce

nt V

acant


$18.60

$18.80

$19.00

$19.20

$19.40

$19.60

$19.80

$20.00

$20.20

$20.40

$20.60

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







N O R T H W E S T D E N V E R M A R K E T






2010 4q 540 9,270,374 1,271,703 13.7% (38,099) 0 0 0 0 $18.10

2010 3q 540 9,270,374 1,233,604 13.3% 67,079 1 4,263 0 0 $18.92

2010 2q 539 9,266,111 1,296,420 14.0% 69,313 0 0 1 4,263 $18.36

2010 1q 539 9,266,111 1,365,733 14.7% 94,365 0 0 1 4,263 $18.63

2009 4q 539 9,266,111 1,460,098 15.8% 58,662 0 0 1 4,263 $18.43

2009 3q 539 9,266,111 1,518,760 16.4% (67,637) 1 14,372 0 0 $18.39

2009 2q 538 9,251,739 1,436,751 15.5% 6,681 0 0 1 14,372 $18.61

2009 1q 538 9,251,739 1,443,432 15.6% (113,732) 2 26,300 1 14,372 $18.85

2008 4q 536 9,225,439 1,303,400 14.1% (95,407) 0 0 3 40,672 $18.52

2008 3q 536 9,225,439 1,207,993 13.1% (103,693) 1 8,104 2 26,300 $18.77

2008 2q 535 9,217,335 1,096,196 11.9% 87,764 2 22,999 2 14,404 $18.80

2008 1q 533 9,194,336 1,160,961 12.6% (39,490) 2 19,251 3 31,103 $18.15

2007 4q 531 9,175,085 1,102,220 12.0% (42,781) 0 0 4 42,250 $17.52

2007 3q 531 9,175,085 1,059,439 11.5% 22,686 0 0 4 42,250 $17.15

2007 2q 531 9,175,085 1,082,125 11.8% 24,308 0 0 3 34,282 $16.56



(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

Perce

nt V

acant


$17.60

$17.80

$18.00

$18.20

$18.40

$18.60

$18.80

$19.00

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







P A R K C O U N T Y M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 1q 6 19,914 1,180 5.9% 0 0 0 0 0 $15.35

2010 4q 6 19,914 1,180 5.9% 0 0 0 0 0 $15.35

2010 3q 6 19,914 1,180 5.9% 0 0 0 0 0 $15.35

2010 2q 6 19,914 1,180 5.9% 0 0 0 0 0 $15.35

2010 1q 6 19,914 1,180 5.9% 0 0 0 0 0 $15.35

2009 4q 6 19,914 1,180 5.9% (1,180) 0 0 0 0 $15.35

2009 3q 6 19,914 0 0.0% 0 0 0 0 0 $0.00

2009 2q 6 19,914 0 0.0% 0 0 0 0 0 $0.00

2009 1q 6 19,914 0 0.0% 0 0 0 0 0 $0.00

2008 4q 6 19,914 0 0.0% 0 0 0 0 0 $0.00

2008 3q 6 19,914 0 0.0% 0 0 0 0 0 $0.00

2008 2q 6 19,914 0 0.0% 0 0 0 0 0 $0.00

2008 1q 6 19,914 0 0.0% 0 0 0 0 0 $0.00

2007 4q 6 19,914 0 0.0% 0 0 0 0 0 $0.00

2007 3q 6 19,914 0 0.0% 0 0 0 0 0 $0.00

2007 2q 6 19,914 0 0.0% 0 0 0 0 0 $0.00



(0.001)

(0.001)

(0.001)

(0.001)

(0.001)

(0.000)

(0.000)

0.000

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

Perce

nt V

acant


$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

$16.00

$18.00

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







P A R K E R / C A S T L E R O C K M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 1q 153 1,901,926 258,993 13.6% 19,977 0 0 1 37,500 $23.36

2010 4q 153 1,901,926 278,970 14.7% (18,476) 1 25,900 1 37,500 $23.78

2010 3q 152 1,876,026 234,594 12.5% (21,057) 0 0 2 63,400 $24.59

2010 2q 152 1,876,026 213,537 11.4% 34,502 0 0 2 63,400 $23.92

2010 1q 152 1,876,026 248,039 13.2% 3,278 0 0 2 63,400 $24.05

2009 4q 152 1,876,026 251,317 13.4% 6,326 0 0 1 25,900 $24.19

2009 3q 152 1,876,026 257,643 13.7% 19,862 3 63,000 1 25,900 $24.61

2009 2q 149 1,813,026 214,505 11.8% 5,984 1 14,898 4 88,900 $24.75

2009 1q 148 1,798,128 205,591 11.4% (45,641) 1 22,600 4 77,898 $24.54

2008 4q 147 1,775,528 137,350 7.7% 127,068 3 140,776 4 53,498 $24.14

2008 3q 144 1,634,752 123,642 7.6% 33,230 3 27,857 6 186,274 $23.65

2008 2q 141 1,606,895 129,015 8.0% 30,920 1 20,358 8 191,531 $24.80

2008 1q 140 1,586,537 139,577 8.8% 11,029 1 15,000 7 176,991 $24.34

2007 4q 139 1,571,537 135,606 8.6% (12,630) 0 0 5 169,554 $24.82

2007 3q 139 1,571,537 122,976 7.8% 25,255 4 53,116 4 158,358 $25.38

2007 2q 135 1,518,421 95,115 6.3% 78,869 5 71,883 5 61,116 $24.95



(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Perce

nt V

acant


$22.60

$22.80

$23.00

$23.20

$23.40

$23.60

$23.80

$24.00

$24.20

$24.40

$24.60

$24.80

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.00

0.05

0.10

0.15

0.20

0.25

0.30

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







S O U T H E A S T D E N V E R M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 1q 815 43,743,173 7,449,676 17.0% (71,761) 0 0 0 0 $18.41

2010 4q 815 43,743,173 7,377,915 16.9% 69,238 0 0 0 0 $18.20

2010 3q 815 43,743,173 7,447,153 17.0% 187,124 0 0 0 0 $18.40

2010 2q 815 43,743,173 7,634,277 17.5% (206,650) 0 0 0 0 $18.49

2010 1q 815 43,743,173 7,427,627 17.0% 188,511 0 0 0 0 $18.43

2009 4q 815 43,743,173 7,616,138 17.4% (5,114) 0 0 0 0 $18.70

2009 3q 815 43,743,173 7,611,024 17.4% 171,403 1 175,000 0 0 $19.32

2009 2q 814 43,568,173 7,607,427 17.5% 39,809 4 297,790 1 175,000 $19.65

2009 1q 810 43,270,383 7,349,446 17.0% (116,925) 4 80,103 5 472,790 $19.98

2008 4q 806 43,190,280 7,152,418 16.6% (118,577) 2 456,202 9 552,893 $20.91

2008 3q 804 42,734,078 6,577,639 15.4% (65,120) 6 345,675 10 924,279 $21.44

2008 2q 798 42,388,403 6,166,844 14.5% (81,013) 2 121,451 14 1,257,154 $21.61

2008 1q 797 42,429,121 6,126,549 14.4% (25,675) 6 139,651 16 1,378,605 $21.38

2007 4q 791 42,289,470 5,961,223 14.1% 25,887 10 150,530 21 1,492,024 $20.92

2007 3q 781 42,138,940 5,836,580 13.9% (14,544) 8 95,757 28 1,178,796 $20.29

2007 2q 773 42,043,183 5,726,279 13.6% 290,488 0 0 35 1,176,108 $20.29



(0.300)

(0.200)

(0.100)

0.000

0.100

0.200

0.300

0.400

0.500

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

Perce

nt V

acant


$18.00

$18.05

$18.10

$18.15

$18.20

$18.25

$18.30

$18.35

$18.40

$18.45

$18.50

$18.55

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

6.70

6.80

6.90

7.00

7.10

7.20

7.30

7.40

7.50

7.60

7.70

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







S O U T H W E S T D E N V E R M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 1q 516 9,476,834 1,212,819 12.8% (7,193) 0 0 2 10,800 $16.34

2010 4q 516 9,476,834 1,205,626 12.7% 11,973 0 0 2 10,800 $16.44

2010 3q 516 9,476,834 1,217,599 12.8% (14,262) 0 0 1 5,800 $16.47

2010 2q 516 9,476,834 1,203,337 12.7% 623 0 0 0 0 $16.40

2010 1q 516 9,476,834 1,203,960 12.7% 10,652 0 0 0 0 $16.26

2009 4q 516 9,476,834 1,214,612 12.8% 954 0 0 0 0 $16.44

2009 3q 516 9,476,834 1,215,566 12.8% (20,505) 1 5,500 0 0 $16.94

2009 2q 515 9,471,334 1,189,561 12.6% 27,804 0 0 1 5,500 $18.54

2009 1q 515 9,471,334 1,217,365 12.9% (53,355) 1 8,235 1 5,500 $17.67

2008 4q 514 9,463,099 1,155,775 12.2% (32,111) 0 0 2 13,735 $18.20

2008 3q 514 9,463,099 1,123,664 11.9% 85,869 5 24,923 1 8,235 $18.31

2008 2q 509 9,438,176 1,184,610 12.6% 14,116 2 13,153 6 33,158 $18.14

2008 1q 507 9,425,023 1,185,573 12.6% (34,954) 6 65,720 8 46,311 $18.55

2007 4q 501 9,359,303 1,084,899 11.6% 12,602 3 40,496 13 107,378 $18.52

2007 3q 498 9,318,807 1,057,005 11.3% 122,998 5 40,722 14 136,451 $18.86

2007 2q 493 9,278,085 1,139,281 12.3% 306,142 7 165,316 18 159,151 $18.73



(0.080)

(0.060)

(0.040)

(0.020)

0.000

0.020

0.040

0.060

0.080

0.100

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

11.2%

11.4%

11.6%

11.8%

12.0%

12.2%

12.4%

12.6%

12.8%

13.0%

Perce

nt V

acant


$16.10

$16.15

$16.20

$16.25

$16.30

$16.35

$16.40

$16.45

$16.50

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

1.10

1.12

1.14

1.16

1.18

1.20

1.22

1.24

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF







W E L D C O U N T Y M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 1q 497 5,128,957 384,969 7.5% (29,434) 0 0 0 0 $15.73

2010 4q 497 5,128,957 355,535 6.9% 100,111 2 96,124 0 0 $15.39

2010 3q 495 5,032,833 359,522 7.1% 20,697 1 10,042 2 96,124 $15.24

2010 2q 494 5,022,791 370,177 7.4% (6,167) 1 5,531 3 106,166 $16.11

2010 1q 493 5,017,260 358,479 7.1% 20,905 0 0 4 111,697 $16.74

2009 4q 493 5,017,260 379,384 7.6% (1,459) 0 0 3 70,033 $16.64

2009 3q 493 5,017,260 377,925 7.5% (4,757) 0 0 2 15,573 $17.16

2009 2q 493 5,017,260 373,168 7.4% (62,708) 0 0 1 10,042 $17.22

2009 1q 493 5,017,260 310,460 6.2% 16,197 0 0 0 0 $17.37

2008 4q 493 5,017,260 326,657 6.5% 38,011 1 2,856 0 0 $17.55

2008 3q 492 5,014,404 361,812 7.2% (49,309) 0 0 1 2,856 $17.49

2008 2q 492 5,014,404 312,503 6.2% 30,772 1 8,400 1 2,856 $17.71

2008 1q 492 5,007,104 335,975 6.7% 7,422 7 50,248 2 11,256 $17.66

2007 4q 485 4,956,856 293,149 5.9% 61,136 4 48,397 8 58,648 $18.00

2007 3q 481 4,908,459 305,888 6.2% 57,654 1 13,000 12 107,045 $17.45

2007 2q 480 4,895,459 350,542 7.2% 46,108 5 66,753 12 111,645 $17.68



(0.080)

(0.060)

(0.040)

(0.020)

0.000

0.020

0.040

0.060

0.080

0.100

0.120

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

Perce

nt V

acant


$14.00

$14.50

$15.00

$15.50

$16.00

$16.50

$17.00

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.30

0.31

0.32

0.33

0.34

0.35

0.36

0.37

0.38

0.39

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF




W E S T D E N V E R M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 1q 657 13,309,254 1,778,374 13.4% (11,924) 1 118,000 3 230,006 $17.98

2010 4q 656 13,191,254 1,648,450 12.5% 62,093 0 0 2 148,006 $18.09

2010 3q 658 13,206,242 1,725,531 13.1% (232,678) 1 28,258 2 148,006 $17.95

2010 2q 657 13,177,984 1,464,595 11.1% 54,190 0 0 2 146,258 $17.85

2010 1q 657 13,177,984 1,518,785 11.5% 57,798 0 0 2 146,258 $17.79

2009 4q 657 13,177,984 1,576,583 12.0% (40,444) 0 0 2 146,258 $18.22

2009 3q 657 13,177,984 1,536,139 11.7% 68,496 0 0 1 28,258 $18.33

2009 2q 657 13,177,984 1,604,635 12.2% 11,980 1 12,000 1 28,258 $18.46

2009 1q 656 13,165,984 1,604,615 12.2% (144,541) 0 0 2 40,258 $18.38

2008 4q 656 13,165,984 1,460,074 11.1% 104,472 1 4,000 1 12,000 $18.72

2008 3q 655 13,161,984 1,560,546 11.9% 7,047 3 28,700 2 16,000 $18.78

2008 2q 652 13,133,284 1,538,893 11.7% 4,629 2 79,600 4 32,700 $18.55

2008 1q 650 13,053,684 1,463,922 11.2% 60,113 1 924 6 112,300 $18.74

2007 4q 649 13,052,760 1,523,111 11.7% 169,646 2 43,100 4 88,524 $18.70

2007 3q 647 13,009,660 1,649,657 12.7% 11,817 2 9,279 4 110,424 $18.09

2007 2q 645 13,000,381 1,652,195 12.7% 221,447 2 198,481 6 119,703 $17.82



(0.300)

(0.250)

(0.200)

(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Perce

nt V

acant


$17.60

$17.65

$17.70

$17.75

$17.80

$17.85

$17.90

$17.95

$18.00

$18.05

$18.10

$18.15

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Dollar

s/SF/Y

ear

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

2.00

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q

Millio

ns

SF

Direct SF Sublet SF

Denver Office Market Real Estate Stats

Business

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