Vancouver, WA 98660

Jones Lang LaSalle Americas, Inc.

STABILIZED CREATIVE OFFICE IN GROWING SUBMARKET

Vancouver, WA 98660

This Offering Memorandum has been prepared by Jones Lang LaSalle Americas, Inc. or its state-licensed affiliate (“JLL”) for use by a limited number of recipients. All information contained herein has been obtained from sources other than JLL, and neither Owner nor JLL, nor their respective equity holders, officers, directors, employees and agents makes any representations or warranties, expressed or implied, as to the accuracy or completeness of the information contained herein. Further, the Offering Memorandum does not constitute a representation that no change in the business or affairs of the property or the Owner has occurred since the date of the preparation of the Offering Memorandum. All analysis and verification of the information contained in the Offering Memorandum is solely the responsibility of the recipient. JLL and Owner and their respective officers, directors, employees, equity holders and agents expressly disclaim any and all liability that may be based upon or relate to the use of the information contained in this Offering Memorandum.Additional information and an opportunity to inspect the property may be made available, in Owner’s or JLL’s sole discretion, upon written request by interested and qualified prospective investors.Owner and JLL each expressly reserves the right, in its sole discretion, to reject any or all expressions of interest or offers regarding the property and/or terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligations to any recipient reviewing this Offering Memorandum or making an offer to purchase the property unless and until such offer is approved by Owner, a written agreement for the purchase of the property has been fully executed, delivered and approved by Owner and its legal counsel, and any obligations set by Owner thereunder have been satisfied or waived.

The recipient (“Recipient”) agrees that (a) the Offering Memorandum and its contents are confidential information, except for such information contained in the Offering Memorandum, which is a matter of public record, or is provided from sources available to the public (b) the Recipient, the Recipient’s employees, agents and consultants who have a valid need to know business reason to know such information (collectively, the “need to know parties”) will hold and treat it in the strictest of confidence, and the Recipient and the need to know parties will not, directly or indirectly, disclose or permit anyone else to disclose its contents to any other person, firm, or entity without the prior written authorization of JLL and the Owner, (c) the Recipient and the need to know parties will not use or permit to be used this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Owner or JLL or for any purpose other than use in considering whether to purchase the property, and (d) recipient will notify each of the need to know parties of the terms of this agreement and will be responsible for breach of same by any of the need to know parties. The Recipient and the need to know parties agree to keep this Offering Memorandum and all confidential information contained herein permanently confidential and further agree to use this Offering Memorandum for the purpose set forth above. If the Recipient has no interest in the property, or if in the future the Recipient or owner discontinue such negotiations, the Recipient will return this Offering Memorandum to JLL. ©2021 Jones Lang LaSalle IP, Inc. All rights reserved.

Presented by

Investment sales advisory Adam Taylor Director JLL Capital Markets +1 503 449 4837 [email protected] Licensed in OR

James “Buzz” Ellis, SIOR Managing Director +1 503 680 5100 [email protected] Licensed in OR & WA

Mark Thygesen Director +1 206 607 1737 [email protected] Licensed in WA

Debt and equity placement Zach Kersten Director JLL Capital Markets +1 503 417 5586 [email protected]

Tour scheduling Stephanie Luerken Production Associate JLL Capital Markets +1 503 417 5583 [email protected]

Table of contentsExecutive summary 4Property overview 8Financial overview 16Submarket overview 22Market overview 26

915 BROADWAY | JLL | 3

EXEC

UTI

VE S

UMM

ARY

Once on the Property homepage, click the Deal Room button to sign the Confidentiality Agreement

To access JLL’s Investor Center

and download detailed financials

for the Property

Click here

4 | JLL

https://www.us.jll.com/en/investorcenter/office/a0s08000008HGNtAAO

The offering

Property summary

Address 915 Broadway Street, Vancouver, WA 98660

Parcel 39150000

Zoning CX – City Center

Site size 0.92 acres (40,075 SF)

Building size 33,141 RSF

Occupancy 96%

WALT 1.28 years*

Parking 53 parking stalls (1.6 / 1,000 SF)

Year built / renovated 1975 / 2013

Jones Lang LaSalle (“JLL”), as exclusive advisor, is pleased to present the opportunity to acquire the 100% fee simple interest in 915 Broadway (the “Property”) in Vancouver, Washington. The renovated 33,141 square foot office building is located in thriving Downtown Vancouver, just minutes from the Vancouver Waterfront and directly off of I-5, promoting easy access to Portland to the south. 915 Broadway is 96% occupied by a diverse roster of established tenants, providing investors income stability with near-term value-add upside through lease up of the existing vacancy and marketing expiring rents to market rates.

With 1.9 million square feet of total inventory, the Vancouver office market is robust and averaged sub-8.0% vacancy rates throughout the pandemic. Located within Clark County, Vancouver also maintains distinct tax advantages compared to Portland and the rest of Oregon. 915 Broadway is a rare opportunity to acquire a cash flowing, well-maintained office asset at a value that is significantly below replacement costs in the burgeoning Downtown Vancouver market.

* Does not include CoLab Coworking extension assumptions.915 BROADWAY | JLL | 5

Investment highlightsOpportunity for both investors and potential owner-users915 Broadway presents potential investors with the ability to acquire a cash-flowing, stabilized asset in a rapidly growing real estate market. Prospective owner-users also have the ability to acquire the asset and occupy the 49% of net rentable area currently occupied by CoLab Coworking. The size of the Property and in-place income caters to both office investors and growing companies looking to secure their headquarters office.

Stabilized office asset with near-term upsideAt 96% occupancy, 915 Broadway provides buyers with cash flow with near-term opportunities to increase net operating income through a reduction in operating expenses, leasing management, and marking rents to market, and lease up of the existing vacancy. In-place rents are approximately 8% below market with a WALT of 1.28* years.

BROADWAY STREETBROADWAY STREET

E EV

ERGR

EEN

BLV

D

E EV

ERGR

EEN

BLV

D

W E

VERG

REEN

BLV

D

W E

VERG

REEN

BLV

D

5

COLUMBIA RIVER

One of the main arteries of

Portland’s harbor.

$12.6B annualeconomic Impact

PORT OF VANCOUVER

HERITAGEPLACE

APARTMENTS

PLAZAPRESTIGE

APARTMENTS

FONTANACOURT

APARTMENTS

HEATHENBREWING FERAL PUBLIC HOUSE

INN & SUITES

ESTHER SHORT PARK AND

PLAYGROUND5-Acre

Vancouver Farmers Market

THE GROCERY COCKTAIL &

SOCIALBREWED

CAFE & PUB

COMPASSCOFFEE

ELEMENTS RESTUARANT

JOE BROWN'S

CAFE

SYRUPTRAP

AMARO'S TABLE

VINNIE'S PIZZA VANCOUVER

BIG TOWNHERO

NOM NOM RESTAURANT

AND GRILL

VANCOUVER COMMUNITY

LIBRARYTHE

ACADEMY

VANCOUVER WATERFRONT

$1.5 BILLION MASTER-PLANNED DEVELOPMENT

3,300 housing units10 park acres

1.25 million SF o�ice250K SF retail and hospitality

VANCOUVEROFFICE MARKET

1.9 million sf107K SF under construction

10.5% total vacancy rate$26.46 average asking

rent per SF (FSG)

WATERFRONTGATEWAY

City of Vancouver Development Project

Parking lot development

rendering

* Does not include CoLab Coworking extension assumptions.6 | JLL

Recently renovated915 Broadway was renovated during the current owner’s hold, including buildout and amenitization of the basement, remodel of the elevator lobbies, and new restrooms on most of the tenant floors. Current ownership recently partnered with Clark County PUD to replace all of the vision glazing in 2021, thereby reducing operating expenses. The recent capital required by a new owner and thus limit the downside of the investment.

Desirable location in Downtown VancouverAdjacent to the $38 million Vancouver Community Library in Downtown Vancouver, 915 Broadway anchors an area that is quickly growing and attracting institutional investment. The Property is one block southwest of The Academy, a multi-tenant office complex that has recently broken ground on 140 apartment units and over 13,000 square feet of retail amenities. 915 Broadway is also less than a mile from the Vancouver Waterfront which is undergoing a vast master-planned development led by Gramor Development. Once completed, the Waterfront will create up to 3,300 residential units, 1.25 million square feet of office, and 250,000 square feet of retail and hospitality. The $1.5 billion project will transform the surrounding area and cement Downtown Vancouver as a top Portland submarket.

Highly accessible with proximity to amenitiesSituated just blocks from I-5 and boasting a parking ratio of 1.6/1,000, 915 Broadway is easily accessible from both suburban Vancouver and the City of Portland. The surrounding area features a wide variety of desirable amenities including 500,000 square feet of restaurants, bars, retailers, and hotels. The Property offers beautiful, creative office buildouts with panoramic views of Vancouver and the Columbia River.

Tax advantagesLocated in Washington but proximate to Oregon, Vancouver offers distinct tax advantages. Vancouver is in Clark County which, compared to Portland, does not have the Oregon Corporate Income Tax, State Personal Income Tax, County Business Income Tax, and Transit District Tax. A company based at 915 Broadway maintains clear tax advantages to those based in Portland.

BROADWAY STREETBROADWAY STREET

E EV

ERGR

EEN

BLV

D

E EV

ERGR

EEN

BLV

D

W E

VERG

REEN

BLV

D

W E

VERG

REEN

BLV

D

5

COLUMBIA RIVER

One of the main arteries of

Portland’s harbor.

$12.6B annualeconomic Impact

PORT OF VANCOUVER

HERITAGEPLACE

APARTMENTS

PLAZAPRESTIGE

APARTMENTS

FONTANACOURT

APARTMENTS

HEATHENBREWING FERAL PUBLIC HOUSE

INN & SUITES

ESTHER SHORT PARK AND

PLAYGROUND5-Acre

Vancouver Farmers Market

THE GROCERY COCKTAIL &

SOCIALBREWED

CAFE & PUB

COMPASSCOFFEE

ELEMENTS RESTUARANT

JOE BROWN'S

CAFE

SYRUPTRAP

AMARO'S TABLE

VINNIE'S PIZZA VANCOUVER

BIG TOWNHERO

NOM NOM RESTAURANT

AND GRILL

VANCOUVER COMMUNITY

LIBRARYTHE

ACADEMY

VANCOUVER WATERFRONT

$1.5 BILLION MASTER-PLANNED DEVELOPMENT

3,300 housing units10 park acres

1.25 million SF o�ice250K SF retail and hospitality

VANCOUVEROFFICE MARKET

1.9 million sf107K SF under construction

10.5% total vacancy rate$26.46 average asking

rent per SF (FSG)

WATERFRONTGATEWAY

City of Vancouver Development Project

Parking lot development

rendering


PRO

PERT

Y O

VERV

IEW

8 | JLL

E Evergreen BlvdE Evergreen Blvd

Bro

adw

ay S

tB

road

way

St

C St

C St

Tax parcel: 39150000Tax parcel: 39150000

Property informationAddress 915 Broadway Street

Vancouver, WA 98660Parcel 39150000Zoning CX – City CenterSite size 0.92 acres (40,075 SF)Building size 33,141 RSFParking spaces 53 parking stalls (1.6 / 1,000 SF)Year built / renovated 1975 / 2013Opportunity Zone YesAccess Ingress and egress on Broadway St

and C StFrontage 200' on Broadway St; 200' on E

Evergreen Blvd; 200' on C St – occupies the full city block

Structure Steel, concreteRoof Built upInterior finishes Varies suite by suiteRestrooms One men’s and one women’s

restroom each on floors 1–4Ceilings Drop down acoustical tilesCeiling heights Approximately 20' 1st floor,

10' other floorsFlooring Carpet, LVT, polished concreteElevator Building serviced by two

passenger elevatorsWindows Single pane with recent double

pane insertsHVAC Electric heat via hydronic baseboard

and central heat/ACFire & life safety Fully sprinklered and alarmedElectrical 3000A 120/208 Volts 60 HzUtilities Water and Sewer: City of Vancouver

Electrical: Clark PUDGas: N/A


Floor plans

Lower level

MechMechStairsStairs

Suite 10010,248 RSFExpires 5/31/2027*

CoLab Coworking

*please reference page 17 of the OM for more information on CoLab lease

Expires

2022

2023

2024

2025

2026

2027

VACANT

10 | JLL

Floor plans

1st floor

O�ice

O�ice

O�ice

O�ice O�ice

O�ice

O�ice

O�ice

O�ice

O�ice O�ice

O�ice

O�ice

Reception

O�ice O�ice

Conference

Conference

Coat

Conference

Openo�ice

WaitingStorage

StorageStorage

O�iceO�iceO�iceO�ice

O�iceO�iceO�ice


O�iceO�iceO�ice O�iceO�iceO�ice








ReceptionReceptionReception


ConferenceConferenceConference


CoatCoatCoat


Openo�iceOpeno�iceOpeno�ice

WaitingWaitingWaitingStorageStorageStorage

StorageStorageStorageStorageStorageStorage


StairsStairs

StairsStairs

Suite 10010,248 RSFExpires 5/31/2027

CoLab Coworking Expires

2022

2023

2024

2025

2026

2027

VACANT


Floor plans

2nd floor

RestroomRestroom

RestroomRestroomStairsStairs

StairsStairs

Suite 2503,656 RSF Expires 12/31/2023


CoLab Coworking

Expires

2022

2023

2024

2025

2026

2027

VACANT

12 | JLL

Floor plans

3rd floor

RestroomRestroom RestroomRestroom

StairsStairs

StairsStairs


Suite 3021,260 RSF Vacant


CoLab Coworking

Expires

2022

2023

2024

2025

2026

2027

VACANT


Floor plans

4th floor

StairsStairs

StairsStairs

RestroomRestroomRestroomRestroom

RestroomRestroom



Expires

2022

2023

2024

2025

2026

2027

14 | JLL

FIN

ANCI

AL O

VERV

IEW

16 | JLL

Once on the Property homepage, click the Deal Room button to sign the Confidentiality Agreement

To access JLL’s Investor Center

and download detailed financials

for the Property

Click here

https://www.us.jll.com/en/investorcenter/office/a0s08000008HGNtAAO

915 Broadway is being offered on an “as-is, where is” condition. All investors should base their offer on an “as-is” condition.

All parties will be required to register in order to access the Investor Center by executing a Confidentiality Agreement, which can be completed directly online.

Property toursJLL, as exclusive advisory for 915 Broadway, will schedule all market and property tours with advance appointment while following social-distancing guidelines as applicable.

Colab CoworkingCoLab Coworking, a wholly owned subsidiary of Hurley Development (the owner of 915 Broadway), are willing to sign and guaranty a lease renewal of 60 months at a rate of $28.01 per square foot (gross) for suite 100 beginning 06/01/2022; 24 months at a rate of $25.00 per square foot (gross) for suite 250 beginning 01/01/2022; and 60 months at a rate of $25.00 per square foot (gross) for suite 310 beginning 06/01/2022, subject to negotiation with potential buyers. Alternatively, CoLab Coworking and Hurley Development have the ability to terminate all in-place coworking leases with their members and provide the new owners with 16,126 square feet of office space, delivered in tenant-ready condition, furnished or not. In submitting offers, interested parties should clarify what they have assumed for CoLab’s future tenancy.

Offering termsAll offers should be delivered to the offices of the exclusive advisors, JLL Capital Markets, by email.

We request that interested parties submit a formal Letter of Intent (LOI) outlining the terms by which they intend to purchase the Property, including the following:

• Purchase price

• Source of capital (equity/debt)

• Earnest money deposit

• Detailed schedule of any and all contingency periods

• Company background and financial capability

• Assumption on CoLab Coworking’s tenancy

Conditions of sale


In-place Annualized Month 1

Year 1Ending Nov 2022

Base Rent $868,572 $893,417

Absorption and Turnover Vacancy -$36,540 -$92,692

Free Rent $0 -$15,204

Other Revenue $1,404 $1,050

Vacancy Allowance -$5,136 -$1,707

Effective Gross Revenue $828,300 $784,864

Operating Expenses

Repairs & Maintenance -$86,016 -$88,378

Janitorial -$39,264 -$39,193

Landscaping -$16,752 -$17,215

Administrative -$8,364 -$8,599

Utilities -$78,048 -$61,964

Mgmt. Fee -$24,852 -$23,546

Real Estate Taxes -$54,180 -$55,674

Insurance -$6,060 -$6,225

Total Operating Expenses -$313,536 -$300,794

Net Operating Income $514,764 $484,070

Leasing Costs $0 -$110,849

Capital Reserves -$6,624 -$6,810

Net Cash Flow $508,140 $366,411

Valuation metrics

Asking price $7,500,000 ($226 PSF)

Cap rate 6.86% 6.45%

Investor pro forma

18 | JLL

Pearson Airfield

VANCOUVERVANCOUVER

HOUGHARNADA

HUDSON BAY

ESTHER SHORT

Columbia River

tS

C

tS nia

M

Colu

mbi

a St

tS

notgnihsa

W

E Mill Plain Blvd

Kau�

man

Ave

Fort Vancouver W

ay

D S

t

tS F

tS

E

tS

C

E 5th St

W 8th StG

St

W 11th St

tS nilknarF

Bro

adw

ay S

t

W 16th St

W 13th St

tS nia

M

t

Saib

muloC

SE Columbia Way

tS rehts

E

E 20th St

E McLoughlin Blvd

tS tnar

G

Linc

oln

Ave

O�icers Row

E 19th St

E 22nd St

W 17th St

W 21st St

W 23rd St

Har

ney

St

tS sl ei na

D

evA elkra

M

tS nosreffeJ W Evergreen Blvd

E Evergreen Blvd

N Hayden Island Dr

W McLoughlin Blvd

E Evergreen Blvd

Hayden Island

501

14

5

8

1

2

34

5

67

9

Lease comparablesTenant Property Address Submarket RSF Sign date

Term (mos)

Rent PSF (FSG)

Free rent (mos)

TI (PSF)

1 Jenkon Software Pacific Tower 915 Broadway St CBD/West Vancouver 3,313 9/15/2020 24 $27.00 NA NA

2 MD Structural Engineering Columbia Bank Building 500 Broadway St CBD/West Vancouver 1,439 7/7/2020 39 $29.50 3 $7.00

3 Ambrosia QSR Al Angelo Building 400 E Mill Plain Blvd CBD/West Vancouver 6,563 3/6/2020 60 $31.00 NA NA

4 JD Fulwiler & Co. Angelo Tower 330 E Mill Plain Blvd CBD/West Vancouver 26,400 2/1/2020 60 $35.00 NA NA

5 Dynamic Events Quinn Building 911 Main St CBD/West Vancouver 10,054 2/1/2020 120 $29.00 NA NA

6 Purple Language Services Vancouver Center North Tower 700 Washington St CBD/West

Vancouver 4,487 10/31/2019 63 $30.72 3 $5.00

7 PAE Engineers Vancouver Center North Tower 700 Washington St CBD/West

Vancouver 2,390 6/17/2019 72 $27.00 0 NA

8 Columbia River Economic Development Council 805 Broadway 805 Broadway St CBD/West

Vancouver 6,328 3/15/2019 60 $27.00 NA NA

9 Murray Smith & Associates Al Angelo Building 400 E Mill Plain Blvd CBD/West Vancouver 4,396 2/7/2019 60 $27.00 0 $0.00

TOTAL / AVERAGE 66,616 $31.23


Tenant overview

CoLab CoworkingCoLab Coworking is a shared office concept for anyone looking to join a community of people who love to work. CoLab offers a variety of membership options including private offices for a whole team, glass pods for a hybrid office experience, dedicated desks for members looking for a cost-effective daily office solution, and open desks for those who need a more flexible membership. Memberships range between $175 per month to $2,000 per month based on number of members and type of space.

The PERKS of CoLab Coworking

Month-to-month terms

Large outdoor work patio with wifi access

8 reservable meeting rooms, and 2 additional phone/breakout rooms

Work bar and concession area

Mail and packaging solutions

Secure, indoor bike storage

Keypad storage lockers

Source: heycolab.com/pac-tower

20 | JLL

CoLab Coworking is backed by Hurley Development and maintains 16,126 rentable square feet of coworking office space at 915 Broadway. CoLab Coworking, a wholly owned subsidiary of Hurley Development (the owner of 915 Broadway), are willing to sign and guaranty a lease renewal of 60 months at a rate of $28.01 per square foot (gross) for suite 100 beginning 06/01/2022; 24 months at a rate of $25.00 per square foot (gross) for suite 250 beginning 01/01/2022; and 60 months at a rate of $25.00 per square foot (gross) for suite 310 beginning 06/01/2022, subject to negotiation with potential buyers. Alternatively, CoLab Coworking and Hurley Development have the ability to terminate all in-place coworking leases with their members and provide the new owners with 16,126 square feet of office space, delivered in tenant-ready condition, furnished or not. In submitting offers, interested parties should clarify what they have assumed for CoLab’s future tenancy.


SUBM

ARKE

T O

VERV

IEW

22 | JLL

254.6KTotal population

100.5KTotal households

251.3KTotal employees

#1City in the U.S. Hipster IndexMovehub

#2 Best place to visit during the pandemic Forbes

#12 Best City for Outdoor Activities in the U.S. Niche

Vancouver overviewAs the largest suburb in the Portland metro area, Vancouver is known for its high quality of life with strong employment, great schools, lack of income taxes, and an abundance of retail, recreation, and transportation options available to residents. As a result of these advantages, Vancouver has seen significant investment in many of the city’s business and infrastructure. With the recent implementation of the Innovation Partnership Zone, Vancouver has seen an influx of tech firms opening their doors downtown.

Vancouver is located just north of the Columbia River and is just a 15-minute drive to both Downtown Portland and the Portland International Airport.

Source: City of Vancouver


The City of Vancouver is focused on economic development and supporting small business which make up 95% of the total businesses in the city. Projects include building infrastructure, enhancing business recruitment, retention of existing businesses, and workforce & land development.

95%Of the total businessesin Vancouver are small businesses

Source: City of Vancouver

Economic developmentThe Innovation Partnership Zone (IPZ) is designed to foster growth for Vancouver’s tech companies located within the downtown and East Camas employment centers through cultivating relationships with several private businesses, schools, local governments, and agencies.

The SW Washington STEM network has provided professional development to over 100 teachers across 16 school districts, impacting 12,000 students.

The City of Vancouver has streamlined the permitting process and removed regulatory barriers to encourage growth for both tech firms and complementary business types such as bars, restaurants, breweries, coffee shops, and bike facilities.

Program Goals • Business development

• Human capital and talent growth

• Infrastructure and place-making

• Marketing and administration

300+Tech jobs created

45Tech companies currently based in Vancouver

Key Partners

COLUMBIA RIVER ECONOMIC DEVELOPMENT COUNCIL

24 | JLL

Source: JLL Research, Costar

Vancouver Waterfront Redevelopment

The transformation of Vancouver’s historic waterfront is currently underway. A group of private investors led by Gramor Development are currently constructing a new development on 32 acres along the Columbia River that will bring jobs, retail, recreation, and housing. The $1.5 billion mixed-use development extends Vancouver’s urban core to the Columbia riverfront with ultramodern green spaces and amenities. Once fully built out, the waterfront will become the centerpiece for Vancouver.

Investments made by:

HSP PROPERTIES

Vancouver tax advantagesLocated in Washington, Vancouver maintains clear tax advantages compared to Portland. Vancouver, in Clark County, benefits from a lack of corporate and personal income tax, corporate activity tax, country business income tax, state transit tax, and transit district tax. Residents of Vancouver also enjoy the ability to cross the border into Oregon and enjoy the 0% Oregon sales tax rate.

Vancouver office marketThe Vancouver office market is small with just 1.9 million square feet of office product in the CBD/West Vancouver submarket across 52 properties. As of Q2 2021, direct vacancy rate is 9.8% which is 910 basis points inside of the Portland CBD. Average asking rates are currently $26.16 per square foot (FSG) and have increased 3.24% annually since 2017 on a compound basis.

Portland CBD has a 50% higher vacancyrate than Downtown Vancouver

Despite pandemic headwinds experienced across the globe, the Vancouver office market is rebounding quickly as the workforce returns to the office. Recent research has shown increasing demand in livable, well-connected suburbs and small cities as high-density urban cores that rely on mass transit fall out of favor. 915 Broadway’s transit-oriented location, on-site parking, and urban amenities will separate it from the competition.

Upon completion, this new urban community will bring more than 10,000 jobs, and over $385 million to the region’s economy

�

�

�

�

�

��

��

��

��

��

��

��

��

��

��

��

��

1.25MSquare feet class-A office

10KFuture employees

250KSquare feetretail

3.3K Future residents


MAR

KET

OVE

RVIE

W

Low cost of doing business compared to other West Coast markets

Positive business climate with no state sales tax

Tech wages are lower than competitive markets, supporting low business costs

Nationally ranked for business and career growth potential

More affordable office space than other major tech markets

Favorable demographics, with population momentum, high-growth of Millennials, and excellent access to amenities

Award-winning and efficient public transportation system

Dynamic high-tech real estate market, based on measures of clustering, walkability, and market vibrancy

Urban growth boundary constrains supply

While real estate asset values continue growing, Portland remains a discount compared to other major West Coast cities

Why Portland?

26 | JLL

Best Foodie City in AmericaWalletHub 2020

State for Infrastructure US News 2019

America’s Best AirportTravel & Leisure 2019

Development / Redevelopment OpportunitiesUrban Land Institute’s Annual Emerging Trends 2019

Best Food Truck CityWebstaurant 2020

Best City to Start a Small BusinessGobankingrate.com 2019

#3Moving destination of all statesUnited Van Lines 2020

#4Best city for beer drinkersSmart Asset 2020

#4Healthiest cityWalletHub 2020

#5Best place for business and careersForbes 2020

#6Best work-life balanceSmartAsset 2020


Proven historical market strength

4 6 8 10 12 14 160

5

10

15

20

25

AVER

AGE

TIM

E FR

OM

TRO

UGH

TO

REC

OVE

RY (Q

UAR

TERS

)

AVERAGE TIME FROM PRE-CRISIS PEAK TO TROUGH (QUARTERS)

Boston

Chicago

Dallas

Los Angeles

New York

Seattle

Washington, DC

Atlanta

Austin

Charlotte

Denver

Miami

Philadelphia

Silicon Valley

PORTLAND

San FranciscoHouston

Counter-cyclicalFederal government, contracting, lobbying

DiversifiedConsumer products, professional services

Highly cyclicalFinance, tech, energy

15

17

19

21

23

25

27

29

31

33

$35

20002001

20022003

20042005

20062007

20082009

20102011

20122013

20142015

20162017

20182019

AVER

AGE

ASKI

NG

REN

T ($

P S

F)

Historical rents Recession

Portland has an impressive track record of having relatively minimal exposure to recessions and is continuing to grow and strengthen its economy through the diversified collection of companies that operate throughout the Portland MSA.

Average market performance through prior recessions

Minimal decline in office rents

Pre-crisis rent ($ PSF)

Crisis trough rent ($ PSF)

Rentdecline (%)

Quarters to trough

Quarters to recovery

Pre-crisis low vacancy (%)

Crisis high vacancy (%)

Dot-com and 9/11 $21.21 $18.56 -12.5% 14 13 7.2% 17.8%

Financial crisis $22.19 $20.95 -5.6% 9 10 11.8% 16.7%

Average -9.1% 11.5 11.5

28 | JLL

0

5

10

15

20

25

30

35

40

45

50K

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020Moody’sForecast

2020OxfordEconomicsForecast

PORT

LAN

D M

ETRO

PO

PULA

TIO

N G

ROW

THNet migrationNatural increase

6,178

45%

30,653

60%

25,631

54%

22,550

50%

32,979

65%

37,666

71%

19,062

59%

22,475

14,170

44,915

76%28,240

67%18,535

55%

73%

68%

COS T OF LI V ING BY CIT Y

-4.5% -2.1% -1.5% 1.1% -0.7% -0.5%

2.4% 3.1% 3.3% 6.2% 7.7% 10.5% 10.8% 14.4%20.0%

34.0%41.3%

45.9% 50.1%56.7% 56.8% 59.0%

80.4%

96.6%

137.4%

-10

10

30

50

70

90

110

130

150%

Hou

ston

Char

lott

e

Nas

hvill

e

Phoe

nix

Aust

in

Detr

oit

Atla

nta

Las V

egas

Salt

Lake

City

Min

neap

olis

Dalla

s

Phila

delp

hia

Denv

er

Mia

mi

Chic

ago

Port

land

San

Dieg

o

Los A

ngel

es

Bost

on

Seat

tle

Oak

land

Was

hing

ton

New

Yor

k (B

rook

lyn)

San

Fran

cisc

o

New

Yor

k (M

anha

ttan

)

% D

IFFE

REN

CE T

O U

.S. A

VERA

GE

Continued population growth Coming out of the last recession, Portland’s population growth was primarily driven by in-migration. The area’s high quality of life and low cost of living compared to other West Coast cities, made it attractive destination for highly educated millennials. Portland is uniquely poised to rebound from the effects of the COVID-19 pandemic, as high costs of living in other West Coast markets coupled with employees increasing ability to work from home is likely to drive in-migration in the near-future.

Portland population growth

Cost of living by city


Jones Lang LaSalle Americas, Inc. or its state-licensed affiliate (“JLL”) has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than JLL, and neither Owner nor JLL, nor their respective equity holders, officers, directors, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser. JLL and owner disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those

results. The information contained herein is subject to change. The property may be withdrawn without notice. If the recipient of this information has signed a confidentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2021 Jones Lang LaSalle IP, Inc. All rights reserved.JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

Presented by

Investment sales advisory Adam Taylor Director JLL Capital Markets +1 503 449 4837 [email protected] Licensed in OR

James “Buzz” Ellis, SIOR Managing Director +1 503 680 5100 [email protected] Licensed in OR & WA

Mark Thygesen Director +1 206 607 1737 [email protected] Licensed in WA

Debt and equity placement Zach Kersten Director JLL Capital Markets +1 503 417 5586 [email protected]

Tour scheduling Stephanie Luerken Production Associate JLL Capital Markets +1 503 417 5583 [email protected]

Vancouver, WA 98660

Documents

Transcript of Vancouver, WA 98660