Survey of Ofce Space

Washington, DC Fourth Quarter 2013

Contents

DC Metropolitan Area Overview.......................................................................3 Washington, DC.........................................................................................4-5 East End.....................................................................................................6 CBD...........................................................................................................7 West End/Georgetown....................................................................................8 Capitol Hill/NoMa.........................................................................................9 Southwest/Capitol Riverfront/Southeast...........................................................10 Uptown...........................................................................................................11 Appendix.........................................................................................................12 Tables........................................................................................................13-21 Methodology & Denitions................................................................................22

Cassidy Turley | 2

Washington, DC Metropolitan Area

Some Light in the Darkness
2013what a year! The Washington, DC metro region hit a trifecta weathering the rst year of budget sequestration that took billions out of the federal spend, a 19-day partial federal government shutdown, and a near breach of the nations debt ceiling. Still, somehow, the Washington DC regions ofce market ended the year in positive territory for the most part. Leasing fundamentals for the Washington DC metropolitan region as a whole were positive, albeit modest compared to past averages. Net absorption was 595,000 square feet (sf) for the year, up from the negative 1.7 million square feet (msf) in 2012 with demand coming from private sector activity. The metro region delivered 4.6 msf of ofce space over the course of the year the largest amount of deliveries since 2010. In addition, at years end we were nally witness to some bipartisan compromise in the form of a budget and spending agreement. Thus the regions ofce market is positioned for a great transition into 2014. Compounding this good news is the fact that federal spending a major driver of the regions economy is set to increase in 2014 due to a $40-billion taper to the sequestration cuts that hampered the regions economy in 2013. The recently approved budget and scal clarity that it provides may be sufcient to give the regions businesses enough condence to start hiring again and make more long-term decisions regarding hiring and the acquisition of real estate. Another interesting development is the muchimproved tone of political debate in recent weeks, a factor that could bring increased condence to the region. For example, the debate over raising the next debt ceiling has been more civil than at any point in the past three years. Whats driving the civility? Perhaps its the looming 2014 midterm elections. U.S. lawmakers may have realized that the past years political gridlock and partisan bickering have put Congressional approval ratings in the basement. A recent Gallup.com poll conducted in December 2013 indicated that a mere 12% of the public approves of the job Congress is doing. Perhaps lawmakers sense a change in strategy is needed. But despite the vagaries of policies, politics and electorate perceptions, the Washington region does soldier on. An indication of the overall health of the Washington, DC metro economy is evident in its unemployment rate that ended 2013 at 5.4% among the lowest unemployment rates in the nation for large metropolitan areas. Net job creation in the Washington, DC region during 2013 was approximately 37,000 nonfarm payrolls, according to the Bureau of Labor Statistics (BLS). That surpassed the areas historical average of 30,000 net new jobs per year. Job growth in the region for the next ve years is expected to top 200,000 net new jobs. Of course, it remains to be seen what sort of jobs they are: the high-paying, ofce-using jobs that benetted the regions ofce market in years past, or those non-ofce using jobs in the restaurant, education and health services sectors that have made up most of the job gains in 2013. Another challenge facing the Washington DC metro region going forward is whether the demand generated by future job growth will continue to be offset by the trend towards consistently smaller square feet per worker ratio among the regions largest tenant bases the federal government, law rms and government contractors. Looking forward, ofce supply coming on line for the next four to ve years should hover in the 4 msf per year range down from the 6 msf the region has averaged in the previous 10 years. Vacancy did increase during 2013 to 14.9% - 0.6 percentage points up from 2012 and a third straight year of increases. With vacancy at an all-time high elevated 3 percentage points above the average for the past 10 years the region as a whole is expected to experience continued at rents and gaining occupancy will be the goal for owners in 2014.

Market Indicators 4th Quarter 2013 Change from Q4 2013 Net Absorption Deliveries Vacancy Asking Rates Change from Q4 2012

DC Metro Ofce Market 4th Quarter 2013 Q4 13 Q4 13 151K 897K 14.4% $35.78 432K

DC Metro Ofce Market

Deliveries - Net Absorption - Vacancy, 2013
11 9 7 16% 14% 12% 8% 6% 4% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2% 0%
New Deliveries Net Absorption Vacancy Rate

Net Absorption Deliveries Vacancy Asking Rates

Vacancy

-382K 1.6 M 14.9% $35.78 157K

msf

5 3 1

10%

Groundbreakings

-1 -3

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Washington, DC
Market Activity
Economic conditions in the District of Columbia seem to be improving across the board. However, the areas ofce market still has a way to go before reaching full recovery. Net absorption for the fourth quarter of 2013 registered 60,138 square feet (sf), bringing the 2013 absorption total to 550,900 sf. That is only about one-third of the markets ten-year average yearly absorption of 1.4 million square feet. Modest market activity and two fully vacant deliveries caused the overall vacancy rate to rise 0.4 percentage points over the quarter to 10.6%. Average asking rental rates have remained at throughout 2013, uctuating only a few cents up or down and closing the year at $49.32 per square foot. The fourth quarter of 2013 did see a few large leases signed, and unlike in the third quarter, less than half of the top ten leases were renewals. Although deal volume was about average in the fourth quarter, there was little in the way of net growth. Major transactions inked in the fourth quarter included the 115,300 sf leased at 1099 14th Street, NW by the Washington Design Center, an amalgamation of smaller design and furniture rms. The Design Center will move from 300 D Street, SW which has been purchased by a user and will eventually be converted to a museum. With the former building now owner-occupied, the entirety of the new lease contributed to growth in the leasing market. This however, is offset by CSIS vacating 114,000 sf at 1800 K Street, NW in a move to a newly delivered headquarters which it owns at 1616 Rhode Island Avenue, NW. Another signicant fourth quarter lease was that of PricewaterhouseCoopers. The accounting rm signed for 108,600 sf at 600 13th Street, NW, which will deliver newly renovated in early 2014. Continuing a new trend seen throughout 2013, GSA leasing was very light in the fourth quarter. In one of the only GSA relocations signed in 2013, the National Nuclear Security Administration inked a deal for 87,300 sf at 1201 Maryland Avenue, SW. The agency will be relocating from 955 LEnfant Plaza, SW and expanding by a mere 6,000 sf. While minor, this expansion is a reversal of the recent GSA trend of consolidations and short-term renewals. In keeping with more characteristic GSA activity, both the Department of Housing and Urban Development and the Federal Labor Relations Authority renewed leases for 39,800 sf at 1250 Maryland Avenue, SW and 33,500 sf at 1400 K Street, NW, respectively. While ofce construction in the District of Columbia is still at below-average levels, the fourth quarter did see three new deliveries. In the CBD, Carr Properties building at 1700 New York Avenue, NW completed construction and delivered 78% preleased to architecture rm Smith Group and law rm Sullivan & Cromwell. In the NoMa submarket, two ofce buildings delivered, both fully available as of year end: Trammell Crows Sentinel Square II, a 289,500-sf ofce building located at 1050 First Street, NE and StonebridgeCarras Constitution Square Three, a 363,000-sf ofce building located at 175 N Street, NE. Nine ofce buildings remain under construction in the District of Columbia, and are scheduled to deliver in 2014 and 2015.

Market Outlook Congress has nally agreed on a budget through 2015. With more scal certainty among federal agencies, we may see more robust GSA lease activity a development that is much needed to bring the District of Columbias ofce market back to a position of health. A number of large renewals were close to execution at year-end, suggesting that the beginning of 2014 will see elevated gross leasing gures. The ofce construction pipeline slated to deliver in 2014 is 79% preleased, so large upticks in vacancy due to new deliveries are not expected. This, coupled with improving economic conditions will likely result in declining vacancy rates throughout 2014.

Market Indicators 4th Quarter 2013 Change from Q3 2013 Net Absorption Deliveries Vacancy Asking Rates Change from Q4 2012

DC Ofce Market 4th Quarter 2013 Q4 13 Net Absorption Deliveries Vacancy Asking Rates Groundbreakings 60K 775K 10.6% $49.32 0 Q3 13 121K 139K 10.2% $49.43 30K

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Lease Transactions
Top Ten Nonrenewal Lease Transactions Fourth Quarter 2013
Tenant Washington Design Center PricewaterhouseCoopers GSA- National Nuclear Security Administration Miller & Chevalier Nixon Peabody Teach for America Freshelds Bruckhaus Deringer Chevron National Association of Childrens Hospitals Haynes & Boone
Square Feet Address Submarket

115,200 108,600 87,300 83,600 65,600 35,300 35,000 22,600 22,600 22,600

1099 14th Street, NW 600 13th Street, NW 1201 Maryland Avenue, SW 900 16th Street, NW 799 9th Street, NW 1805 7th Street, NW 700 13th Street, NW 600 13th Street, NW 600 13th Street, NW 800 17th Street, NW

East End East End Southwest CBD East End Uptown East End East End East End CBD

Top Ten Renewal Lease Transactions Fourth Quarter 2013

Tenant CSC Advanced Marine Center Keller & Heckman The Chronicle of Higher Education GSA- U.S. Department of Housing and Urban Development GSA- Federal Aviation Administration Hill & Knowlton Strategies GSA- Federal Labor Relations Authority Greenstein DeLorme & Luchs Compliance Stafng Verizon/ MCIMetro Access
Square Feet Address Submarket

103,600 62,600 52,300 41,400 39,500 36,500 33,500 18,600 17,500 14,200

1201 M Street, SE 1001 G Street, NW 1255 23rd Street, NW 1250 Maryland Avenue, SW 1250 Maryland Avenue, SW 607 14th Street, NW 1400 K Street, NW 1620 L Street, NW 1660 L Street, NW 1120 G Street, NW

Capitol Riverfront/ Southeast East End West End/ Georgetown Southwest Southwest East End East End CBD CBD East End

Washington, DC Ofce Market

Deliveries - Net Absorption - Vacancy, Fourth Quarter 2013

Washington, DC Ofce Market

Inventory and Vacancy by Submarket, Fourth Quarter 2013

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Submarkets
East End
Market Activity The East End experienced below-average transaction volume in the fourth quarter of 2013, registering 63 transactions compared to the 2013 quarterly average of 68 transactions. However, the submarket did experience signicant growth, registering 137,100 square feet (sf) of net absorption for the quarter, bringing the 2013 total to 175,800 sf. Growth in the submarket can largely be attributed to a single transaction, which was also the largest transaction signed in the District of Columbia in the fourth quarter. The Washington Design Center leased approximately 115,300 sf at the Franklin Court building located at 1099 14th Street, NW. Since the Design Centers previous location at 300 D Street, SW was sold to a user, the entirety of the space leased contributed to growth for the East End as well as for the District of Columbia as a whole. Thanks in large part to this deal, vacancy in the submarket ticked down 0.5 percentage points over the fourth quarter to end the year at 9.1%. Vacancy declined 1.3 percentage points since the fourth quarter of 2012 thanks to steady leasing activity and few new deliveries throughout 2013. Currently at $51.72 per square foot (psf) on a full service basis, overall asking rents in the East End increased 1.1% over the last three months of 2013. In keeping with the ight to quality trend, Class A rents increased 1.8%, while Class B and C rents decreased 1.0% and 1.3%, respectively, over the same time period. Other signicant fourth quarter leasing activity in the East End included three transactions at the soon-to-deliver 600 13th Street, NW. Union Investments 256,700-sf ofce building is currently under renovation for delivery in the rst quarter of 2014. PricewaterhouseCoopers signed a lease for 108,600 sf at the building in the last days of 2013. In addition, Chevron and the National Association for Childrens Hospitals each leased 22,600 sffull oorsat the property. While these leases will not contribute to absorption gures until the building delivers, this is positive news for the market and yet another sign of tenants proclivity for new construction. The East End did not have any new deliveries in the fourth quarter, but there are six construction or renovation projects currently underway in the submarket. They include 600 13th Street, NW and the much-anticipated CityCenterDC. The latter, owned by Hines, is a 515,000-sf project comprising two interconnected ofce buildings which will deliver in the rst quarter of 2014 and is 80% preleased. Another renovation project which has seen strong preleasing activity is Brookeld Ofce Properties 799 9th Street, NW. The 204,000-sf ofce building will deliver in the second quarter of 2014 and is 75% preleased to law rms Nixon Peabody and Fulbright & Jaworski.
Market Outlook

Market Indicators 4th Quarter 2013 Change from Q3 2013 Net Absorption Deliveries Vacancy Asking Rates Change from Q4 2012

The East End has 1.9 msf currently under construction of which 81% is preleased, so large upticks in vacancy due to new deliveries are not expected. This, coupled with improving economic conditions should allow the East End vacancy rate to further decline throughout 2014. Throughout 2013, the majority of leasing activity in the District of Columbia was focused in the core submarkets of the Central Business District and East End. Expect increased leasing activity in 2014 to begin in the core submarkets and then trickle down to the peripheral ones.

East End Ofce Market 4th Quarter 2013 Q4 13 Net Absorption Deliveries Vacancy Asking Rates Groundbreakings 137K 0 9.1% $51.72 0 Q3 13 -53K 0 9.6% $51.56 0

East End Ofce Market

Deliveries Net Absorption Vacancy, Fourth Quarter 2013

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Submarkets
Central Business District
Market Activity

After a very solid rst three quarters of 2013, the Central Business District (CBD) experienced a signicant shedding of space in the fourth quarter, registering a negative 112,000 sf of absorption. While there was a strong level of leasing activity in the fourth quarter, there were not many transactions that actually contributed to growth. Those that did so were counteracted by large move-outs. The primary contributor to negative absorption was the Center for Strategic and International Studies (CSIS) relocation to its new headquarters at 1616 Rhode Island Avenue, NW, which it owns. The non-prot leaves vacant 113,500 sf at 1800 K Street, NW. Despite posting a negative gure in the fourth quarter, total 2013 absorption was a healthy 346,800 sf, well above the submarkets 15-year average annual absorption of 220,300 sf. The fourth quarter of 2013 was uncharacteristic for the CBD as the market saw only one of the top ten transactions for the quarter. The largest fourth quarter transaction in the submarket was law rm Miller & Chevaliers prelease of 83,600 sf at 900 16th Street, NW, a redevelopment of the Christian Science complex currently on the site that will break ground in early 2014. Another signicant fourth-quarter transaction was that of Freedom House. The non-prot leased 20,700 sf at 1850 M Street, NW and will relocate from a similar amount of space at 1140 Connecticut Avenue, NW at the end of 2014. Largely due to CSISs move, vacancy in the CBD rose 0.3 percentage points over the last three months of 2013 to end the year at 11.8%. However, this is still 0.5 percentage points lower than the CBDs vacancy rate at the end of 2012. Overall asking rents in the submarket have remained essentially at, decreasing less

than 1% in the past year to the current rate of $50.20 psf. Carr Properties 1700 New York Avenue, NW completed construction in the fourth quarter of 2013 and was 78% leased upon delivery. Sullivan & Cromwell will occupy 58,100 sf in the new building, downsizing slightly from the 74,000 sf at its former location at 1701 Pennsylvania Avenue, NW. The second major tenant in the new building is The Smith Group, which signed for 30,800 sf in 2010 and recently committed to an additional 6,000 sf. The architecture rm will be moving out of approximately 20,000 sf at 901 K Street, NW in the East End. With the delivery of 1700 New York Avenue, NW, only one building remains under construction in the CBD. Akridges 168,000-square-foot project at 1200 17th Street, NW is 63% preleased to law rm Pillsbury Winthrop Shaw Pittman and is scheduled to deliver in the second quarter of 2014.
Market Outlook

Market Indicators 4th Quarter 2013 Change from Q3 2013 Net Absorption Deliveries Vacancy Asking Rates Change from Q4 2012

The CBD was a major contributor to the District of Columbias overall absorption in 2013 and has historically been the leader of all District of Columbia submarkets in leasing volume. This is expected to continue into 2014 and the CBD will likely lead the market to a sustained recovery. Only one project remains under construction in the CBD, and the majority of its space is accounted for, so an uptick in vacancy at delivery is not expected.

CBD Ofce Market 4th Quarter 2013 Q4 13 Net Absorption Deliveries Vacancy Asking Rates Groundbreakings -112K 122K 11.8% $50.20 0 Q3 13 159K 0 11.5% $50.48 0

Central Business District Ofce Market

Deliveries Net Absorption Vacancy, Fourth Quarter 2013

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Submarkets
West End/Georgetown
Market Activity
The West End/Georgetown submarket experienced tepid demand in the fourth quarter of 2013. Net absorption totaled 19,519 sf in the fourth quarter, bringing the submarkets 2013 total absorption to 152,871 sf. With nine deals reported, the submarket saw below-average leasing activity during the quarter. However, no large vacancies hit the market, so the majority of leasing activity that did take place contributed to growth. Only one lease of signicant size was executed during the quarter. The Chronicle of Higher Education renewed its lease for 52,300 sf at 1255 23rd Street, NW. Other leasing activity of note was the American Institutes of Research 8,100 sf expansion at 1025 Thomas Jefferson Street, NW, which brought its total footprint at the building to 50,600 sf. Thanks to steady leasing activity and a lack of large move-outs, market growth was signicantly stronger in 2013 than in 2012 when annual net absorption registered only 5,900 sf. Overall vacancy in the submarket decreased by two percentage points over the last three months of the year to end 2013 at 5.7%. That is the lowest vacancy in the submarket since just prior to the delivery of Harbourside North and South in 2006, when vacancy registered 4.5% at year-end 2005. As a result of continually declining vacancy, overall asking rents in West End/ Georgetown increased 1.0% during 2013 and 1.7% over the fourth quarter of last year to the current rate of $46.75 psf, on a full service basis. Due to a lack of developable land in West End/ Georgetown, there are no construction projects in the pipeline. In fact, the Harbourside buildings were the only deliveries in the submarket in over ten years. These buildings, located at 3000 and 3050 K Street, NW traded earlier this year. Principal Financial Group purchased the properties from MRP/Rockpoint for $373M or about $665 per square foot. The buildings were 96% leased at the time of sale. Other buildings on the market for sale in West End/ Georgetown include Tishman Speyers 2550 M Street, NW and two buildings owned by the Association of American Medical Colleges located at 2450 N Street, NW and 2501 M Street, NW.

Market Outlook
West End/Georgetown has some large block vacancy on the horizon with Pillsbury Winthrop Shaw and Pittmans pending departure to the under-construction 1200 17th Street, NW in the CBD. The law rm will leave approximately 200,000 sf vacant at 2300 N Street, NW when the new building delivers in the second quarter of 2014. Unless the submarket can attract a large tenant to backll the space, expect a 2-4 percentage point spike in vacancy by mid-2014. With the expected increase in vacancy, asking rents across the submarket will likely decrease by 2-3% over the course of 2014.

Market Indicators 4th Quarter 2013 Change from Q3 2013 Net Absorption Deliveries Vacancy Asking Rates Change from Q4 2012

West End/Georgetown Ofce Market 4th Quarter 2013 Q4 13 Q3 13 54K 0 7.7% $45.98 0

West End/Georgetown Ofce Market

Deliveries Net Absorption Vacancy, Fourth Quarter 2013

Net Absorption Deliveries Vacancy Asking Rates Groundbreakings

20K 0 5.7% $46.75 0

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Submarkets
Capitol Hill/NoMa
Market Activity The Capitol Hill/NoMa submarket suffered a decline in the fourth quarter of 2013 due to a lack of signicant leasing activity and two fully available deliveries. StonebridgeCarras completed construction on the 360,000-sf Three Constitution Square, a Class A ofce building at 175 N Street, NE. Also delivered in the fourth quarter was Trammell Crow Companys Sentinel Square II at 1050 1st Street, NE. While owners of both properties have been in conversations with potential tenants, no leases were signed prior to delivery, thus causing a signicant spike in the submarkets vacancy rate. The fourth quarter vacancy rate of 13.1% represents a 4.4 percentage point increase from the previous quarter and a 4.6 percentage point increase from year-end 2012. Demand in Capitol Hill and NoMa bifurcated in the fourth quarter, with vacancy in NoMa increasing and in Capitol Hill declining. With both of the newly delivered buildings located in NoMa, the submarkets vacancy rate registered 16.2%, a 6.6 percentage point increase from the third quarter. Over the same period, Capitol Hills vacancy rate decreased 0.4 percentage points to 6.3%. Absorption in Capitol Hill/NoMa registered a negative 5,000 sf with Capitol Hills 25,500 sf of positive absorption being offset by NoMas negative 30,600 sf. Negative demand was largely due to the District of Columbia government downsizing and giving back 36,300 sf at 899 North Capitol Street, NW. Still, 2013 annual absorption in Capitol Hill/NoMa was positive at 88,400 sf. Leasing activity in Capitol Hill/NoMa was quiet throughout the fourth quarter of 2013. Only ten transactions were signed, only one of which was of signicant size. The largest fourth quarter transaction was Dow Chemicals lease for 9,600 sf of rst-generation space at 500 North Capitol Street, NW. The company will expand slightly from the 8,000 sf it currently occupies in the CBD. As the submarket has a high concentration of government tenants and is generally buoyed by GSA activity, the absence of GSA transactions was a major contributor to deteriorating market conditions in the fourth quarter. Both Class A and B asking rents increased 1.3% during 2013, ending the year $52.41 psf and $31.25 psf, respectively. As the ight-to-quality trend continues, Class C asking rents declined by 12.3% in the same time period. Market Outlook The recent budget deal enacted by Congress will likely bring the GSA more certainty in its long-term decision-making. As Capitol Hill/NoMa is particularly dependent upon government leasing activity, this is a positive omen that could return the submarket to a position of health. New construction in the District of Columbia has performed extremely well in recent years. Although NoMas two new buildings delivered vacant, they are among only a handful of options for large users. With over 15 tenants in the market requiring 200,000 sf or more, the buildings are likely to attract anchor tenants sometime in 2014.
Net Absorption Deliveries Vacancy Asking Rates

Market Indicators 4th Quarter 2013 Change from Q3 2013 Change from Q4 2012

Capitol Hill/NoMa Ofce Market 4th Quarter 2013 Q4 13 Net Absorption Deliveries -5K 653K 13.1% $49.68 0 Q3 13 32K 139K 8.7% $49.91 0

Capitol Hill/NoMa Ofce Market

Deliveries Net Absorption Vacancy, Fourth Quarter 2013
Vacancy Asking Rates Groundbreakings

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Submarkets
Southwest/Capitol Riverfront/Southeast
Market Activity The Southwest/Capitol Riverfront/Southeast submarket witnessed the return of GSA leasing activity in the fourth quarter of 2013, although as has become characteristic for the GSA, it was largely renewal activity and so did not contribute to growth. In fact, various tenant move-outs brought the submarkets fourthquarter absorption total into the red at a negative 62,200 sf. Tenant relocations and downsizing far outpaced tenant growth in the submarket in 2013, and as a result, annual absorption totaled a negative 264,800 sf. CSCs ongoing space reduction had an impact on the submarket in the fourth quarter, as the professional services company vacated 51,700 sf at 1220 12th Street, SE. Despite the negative absorption, Southwest/Capitol Riverfront/ Southeast was home to four of the top ten largest transactions signed in the District of Columbia during the fourth quarter. In one of only three GSA relocation leases signed in 2013, and the largest by far, the National Nuclear Security Administration committed to 87,300 sf at 1201 Maryland Avenue, SW. The agency will be relocating from 955 LEnfant Plaza, SW and expanding by 6,000 sf. In addition, both the Department of Housing and Urban Development and the Federal Aviation Administration renewed leases at 1250 Maryland Avenue, SW for 41,400 sf and 39,500 sf, respectively. Rounding out GSA activity for the quarter, the Federal Labor Relations Authority renewed its lease for 33,500 sf at 1400 K Street, NW. Various tenant move-outs and contractions throughout 2013 caused a slow but steady increase in the submarkets overall vacancy rate. The 12.3% vacancy reached at year-end 2013 represents a 2.2 percentage point increase over the previous 12 months. Landlords hope to attract activity back to the submarket, and thus overall asking rents have declined 1.6% from a year ago to the current rate of $47.92 psf. There are no construction or renovation projects currently underway in Southwest/ Capitol Riverfront/Southeast, although two ofce buildings are expected to break ground in 2014. 400 6th Street, SW, a 342,000-sf, Class B building being developed by Trammell Crow and located in Southwest is slated to commence construction in the rst quarter. Additionally, WC Smiths 250 M Street, SE, a 228,000 sf, Class A building located in Capitol Riverfront/Southeast is scheduled to break ground in the second quarter. Market Outlook The availability rate in Southwest/Capitol Riverfront/Southeast was 13.8% at year-end 2013. This represents space that is currently vacant as well as space being marketed for future availability. The fact that the rate is within two percentage points of the physical vacancy rate means that much of the available space in the submarket is already vacant, and thus signicant increases in vacancy are not expected to continue in 2014. With Congress having worked out a budget deal that will fund the Federal Government through 2015, GSA leasing activity will likely see an increase as agencies gain more scal certainty. This would be especially benecial for the government-centric submarkets, of which Southwest/Capitol Riverfront/Southeast is one.

Market Indicators 4th Quarter 2013 Change from Q3 2013 Net Absorption Deliveries Vacancy Asking Rates Change from Q4 2012

Southwest/Capitol Riverfront/Southeast Ofce Market 4th Quarter 2013 Q4 13 Net Absorption -62K 0 12.3% $47.92 0 Q3 13 -119K 0 11.0% $47.84 0

Southwest/Capitol Riverfront/Southeast Ofce Market

Deliveries Net Absorption Vacancy, Fourth Quarter 2013

Deliveries Vacancy Asking Rates Groundbreakings

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Submarkets
Uptown
Market Activity
The positive streak experienced by the Uptown submarket which began in the third quarter of 2013 continued into the fourth quarter. Net absorption registered a positive 82,700 sf and helped counteract some of the negative absorption seen in the rst two quarters, bringing the 2013 absorption total to 51,900 sf. Leasing activity was about average with a total of nine transactions, although eight of those were smaller than 10,000 sf. The largest lease signed in Uptown in the fourth quarter, in fact in all of 2013, was that of Teach for America. The non-prot committed to 35,300 sf at Progression Place at 1805 7th Street, NW. The Class A ofce condominium building delivered in 2012 and is now fully occupied. Also contributing to positive demand were two smaller leases signed at 5335 Wisconsin Avenue, NW: New York Life committed to 3,900 sf and Metalogix subleased 7,000 sf. With the growth in leasing activity, the overall vacancy rate in Uptown decreased 1.4 percentage points to 7.2%, the lowest vacancy rate since year-end 2009. As in most other submarkets, Class A product, with a vacancy rate of 5.1%, has outperformed Class B product, which is 9.1% vacant. Overall asking rents in Uptown declined 5.2% during 2013. While this seems like a drastic decline that is counter to the submarkets recent success, it is not likely to be indicative of a broader trend. Even modest leasing activity can cause average weighted rents to uctuate drastically in a submarket of only 6.5 msf of inventory; this decrease is likely the result of the remaining new space at Progression Place being taken off the market. Two buildings remain under construction in Uptown. 1728 14th Street, NW, a 30,200 sf, Class B building is slated for delivery in the second quarter of 2014. The building is 29% preleased to a local architecture rm and retail tenants. Furioso Developments 1525 14th Street, NW is a 46,600 sf Class B building which is expected to deliver in the rst quarter of 2014 and is 100% preleased to Whitman Walker Health. Although the same cannot be said of some other noncore submarkets, Uptowns new projects have seen strong leasing activity both preand post-delivery for the past two years. Market Outlook Uptowns availability rate, the combination of vacant space and occupied space that is available for lease, was 18.1% at year end, and more than double its physical vacancy rate. This is partially due to Intelsats pending relocation from Uptown to Tysons Corner. The satellite services provider will leave nearly 500,000 sf vacant at 4000 Connecticut Avenue, NW. Unless the building can attract a tenant to backll the space before Intelsat moves in May 2014, expect a 3-4 percentage point uptick in vacancy by mid-year. With the expected increase in vacancy, asking rents are likely to continue to decline at a rate of 0.5-1% per quarter.
Net Absorption Deliveries Vacancy Asking Rates

Market Indicators 4th Quarter 2013 Change from Q3 2013 Change from Q4 2012

Uptown Ofce Market 4th Quarter 2013 Q4 13 Net Absorption Deliveries Vacancy Asking Rates Groundbreakings 83K 0 7.2% $39.52 0 Q3 13 48K 0 8.6% $39.59 30K

Uptown Ofce Market

Deliveries Net Absorption Vacancy, Fourth Quarter 2013

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Appendix

Metro Washington Ofce Market Summary: 4th Quarter 2013

Table Summaries
Employment Data
12 Washington, DC Northern Virginia Suburban Maryland Regional Totals

Total Inventory 122,183,159 161,686,829 72,684,230 356,554,281

Total Space Available 12,915,422 28,535,111 11,643,188 53,093,721

Vacancy Rate (%) 10.6% 17.6% 16.0% 14.9%

Total Absorption 60,138 (358,300) (84,257) (382,419)

Ofce Availability, Vacancy, and Net Absorption

13

Trailing 12-Month Data

14

Historical Year-End Data

15

Market Statistics by Class

16-17

Metro Washington Employment Data

Labor Force (Jan-Nov 2012) Washington, DC Northern Virginia Suburban Maryland Regional Totals 2,472,036 1,352,573 945,591 4,770,200 Labor Force (Jan-Nov 2013p) 2,493,955 1,369,773 957,691 4,821,419 Jobs Added/ Lost* 21,919 17,200 12,100 51,219 Percent Change 0.9% 1.3% 1.3% 1.1%

Survey of New Ofce Space by Submarket

18-21

Methodology & Denitions

22

SOURCE: U.S. Bureau of Labor Statistics (Not seasonally adjusted) * Average per year to date p - preliminary

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Appendix

Ofce Availability, Vacancy, and Net Absorption, Fourth Quarter 2013p

Relet Space Available 3,936,321 3,128,558 311,930 96,484 801,788 1,163,231 20,927 1,322,618 9.8% 17,791 1,665,401 16.2% 3,604 87,286 25,942 290,521 6.3% 14,589 33,043 344,973 5.7% 0 16,333 21,722 (35,994) (115,398) 267,395 3,520,952 9.1% 632 121,978 422,565 4,609,970 11.8% 98,701 (182,717) (28,013) 14,451 3,186 (10,765) 1,832 10,652 Sublet Space Available Total Space Available Vacancy Rate (%) New Space Absorption Relet Space Absorption Sublet Space Absorption Total Absorption (112,029) 137,061 19,519 25,546 (30,558) (17,460)

Total Inventory

New Space Available

CBD

38,967,167

251,084

East End 0

38,522,051

124,999

West End/ Georgetown

6,019,052

Capitol Hill

4,642,579

168,095

NoMa

10,289,374

845,822

Southwest

13,516,238

138,460

Capitol Riverfront/ Southeast 197,077 17,590 696,605 388,628 10,024,017 832,414 27,161 464,382 12,915,422

3,736,758

481,938

18.6%

(57,624)

12,934

(44,690)

Uptown

6,489,940

48,593

7.2% 10.6%

38,121 242,933

34,145 (197,553)

10,483 14,758

82,749 60,138

TOTAL

122,183,159

2,058,991

p - preliminary

cassidyturley.com | 13

Appendix

Trailing 12-Month Data

Total Inventory Vacancy Rate (%) Total Absorption

1st Qtr 2013 38,845,180 38,522,051 6,019,052 4,642,579 9,636,850 13,907,238 13,516,238 8.2% 8.2% 9.3% 10,289,374 10.3% 9.7% 9.6% 4,642,579 4.7% 4.5% 6.7% 6.3% 16.2% 9.8% 6,019,052 9.5% 8.8% 7.7% 5.7% 43,917 23,614 (36,395) (42,470) 38,522,051 10.2% 9.9% 9.6% 9.1% 23,475 38,967,167 11.9% 11.9% 11.5% 11.8% 283,402 15,969 68,457 35,694 9,505 64,392 (9,637)

2nd Qtr 2013

3rd Qtr 2013

4th Qtr 2013p

1st Qtr 2013

2nd Qtr 2013

3rd Qtr 2013

4th Qtr 2013p

1st Qtr 2013

2nd Qtr 2013

3rd Qtr 2013 159,437 (53,208) 53,741 29,512 2,736 (153,835)

4th Qtr 2013p (112,029) 137,061 19,519 25,546 (30,558) (17,460)

CBD

38,845,180

38,845,180

East End

39,156,600

38,930,138

West End/ Georgetown

6,019,052

6,019,052

Capitol Hill

4,504,027

4,504,027

NoMa

9,636,850

9,636,850

Southwest

13,907,238

13,907,238

Capitol Riverfront/ Southeast 3,736,758 3,736,758 18.1% 18.4% 6,489,940 121,799,648 122,183,159 10.4% 6,489,940 7.9% 9.8% 10.3%

3,736,758

3,736,758

17.2%

18.6%

(19,668)

(12,215)

35,200

(44,690)

Uptown

6,408,307

6,489,940

8.6% 10.2%

7.2% 10.6%

(29,451) 246,424

(48,914) 123,251

47,518 121,101

82,749 60,138

TOTAL

122,155,805

122,214,012

p - preliminary

Cassidy Turley | 14

Appendix

Historical Year-End Data

Total Inventory 2012 38,718,420 39,225,153 6,019,052 4,504,027 9,636,850 13,907,238 13,516,238 7.4% 6.9% 8.1% 10,289,374 14.4% 10.6% 10.0% 16.2% 9.8% 4,642,579 8.4% 5.0% 5.2% 6.3% 6,019,052 9.5% 11.3% 10.2% 5.7% 194,636 244,754 1,100,947 1,953,245 38,522,051 9.2% 9.4% 10.4% 9.1% 311,802 38,967,167 12.7% 12.5% 12.3% 11.8% 124,979 455,842 (181,485) (90,784) 168,864 403,259 14,021 2013p 2010 2011 2012 2013p 2010 2011 2012 221,600 (411,536) 5,912 183,514 39,153 (206,657) Vacancy Rate (%) Total Absorption 2013p 346,779 175,785 152,871 88,177 175 (223,402)

2010

2011

CBD

37,833,572

38,472,912

East End

39,079,778

39,225,153

West End/ Georgetown

6,715,182

6,464,052

Capitol Hill

4,492,325

4,272,688

NoMa

9,636,850

9,636,850

Southwest

13,907,238

13,907,238

Capitol Riverfront/ Southeast 3,736,758 3,736,758 8.1% 17.2% 6,408,307 122,155,805 122,183,159 10.4% 6,489,940 10.2% 9.3% 10.4%

3,322,729

3,736,758

17.6%

18.6%

182,730

39,562

(36,363)

(41,373)

Uptown

6,538,236

6,392,007

7.4% 10.6%

7.2% 10.6%

(239,898) 3,873,195

(10,634) 798,645

109,221 (95,156)

51,902 550,914

TOTAL

121,525,910

122,107,658

p - preliminary

cassidyturley.com | 15

Market Statistics
Washington, DC Market Statistics
Existing Properties Buildings CBD Class A B C TOTAL East End Class A B C TOTAL 110 65 23 198 29,575,263 7,921,789 1,024,999 38,522,051 0.4% 0.0% 0.0% 0.3% 7.0% 12.3% 7.0% 8.1% 0.6% 1.0% 0.1% 0.7% 8.1% 13.3% 7.1% 9.1% 101,554 32,525 2,982 137,061 1,852,719 1,852,719 $55.09 $42.74 $38.53 $51.72 103 130 20 253 22,922,885 15,166,584 877,698 38,967,167 1.1% 0.0% 0.0% 0.6% 11.1% 9.0% 3.5% 10.1% 1.1% 1.1% 0.2% 1.1% 13.3% 10.1% 3.7% 11.8% (94) (108,746) (3,189) (112,029) 168,769 168,769 $53.82 $43.14 $40.05 $50.20 Total Inventory New Vacancy Relet Vacancy Sublet Vacancy Total Vacancy* Net Absorption Current QTR Under Construction Average Rent

West End/Georgetown Class A B C TOTAL Capitol Hill Class A B C TOTAL NoMa Class A B C TOTAL 32 5 2 39 9,497,067 730,545 61,762 10,289,374 8.9% 0.0% 0.0% 8.2% 6.1% 24.3% 65.2% 7.8% 0.2% 0.4% 0.0% 0.2% 15.2% 24.7% 65.2% 16.2% (34,512) 2,454 1,500 (30,558) $49.76 $29.25 $46.53 13 17 14 44 2,865,971 1,364,132 412,476 4,642,579 5.9% 0.0% 0.0% 3.6% 2.1% 2.2% 1.6% 2.1% 0.5% 0.8% 0.0% 0.6% 8.5% 3.0% 1.6% 6.3% 14,739 (3,910) 14,717 25,546 $56.53 $43.50 $43.43 $55.71 23 30 6 59 3,886,159 2,040,680 92,213 6,019,052 0.0% 0.0% 0.0% 0.0% 6.2% 3.4% 0.0% 5.2% 0.6% 0.4% 0.0% 0.5% 6.9% 3.8% 0.0% 5.7% 12,700 5,329 1,490 19,519 $49.83 $40.91 $43.75 $46.75

Cassidy Turley | 16

Market Statistics
Washington, DC Market Statistics
Existing Properties Buildings Southwest Class A B C TOTAL 23 12 35 10,099,177 3,417,061 13,516,238 1.4% 0.0% 1.1% 7.0% 13.3% 9.1% 0.2% 0.0% 0.2% 8.6% 13.3% 10.4% 73,226 (90,686) (17,460) $50.61 $44.03 $49.69 Total Inventory New Vacancy Relet Vacancy Sublet Vacancy Total Vacancy* Net Absorption Current QTR Under Construction Average Rent

Capitol Riverfront/Southeast Class A B C TOTAL Uptown Class A B C TOTAL Washington, DC Class A B C TOTAL 327 313 96 736 84,709,933 34,169,523 3,303,703 122,183,159 1.7% 0.0% 0.0% 1.2% 7.6% 9.7% 5.4% 8.2% 0.7% 0.7% 0.6% 0.7% 10.2% 10.5% 6.0% 10.2% 178,644 (137,383) 18,877 60,138 2,021,488 76,786 2,098,274 $53.23 $41.55 $40.78 $49.32 12 54 31 97 2,126,653 3,528,732 834,555 6,489,940 2.3% 0.0% 0.0% 0.7% 2.6% 8.7% 2.9% 6.0% 0.2% 0.7% 0.0% 0.4% 5.1% 9.4% 2.9% 7.2% 55,721 25,651 1,377 82,749 76,786 76,786 $39.27 $39.27 $30.70 $38.25 11 11 3,736,758 3,736,758 12.9% 12.9% 5.3% 5.3% 0.5% 0.5% 18.6% 18.6% (44,690) (44,690) $44.23 $44.23

* Total Vacancy - the vacancy rate is calculated using the combined total relet, sublet and new vacant space.

cassidyturley.com | 17

Survey of New Office Space by Submarket

RENTAL RATE OWNER/DEVELOPER 231,339 24,466 138,552 112,760 363,000 363,000 289,524 289,524 231,339 24,466 791,076 765,284 2011 2012 2013 DELIVERY DATE 2014 2015

BUILDING ADDRESS

Capitol Hill/NoMa

Capitol Hill/NoMa
Negotiable $48-$52 $30s NNN FS Trammell Crow Company 4Q13 StonebridgeCarras 4Q13 $52-$55 FS 3Q13 N/A Boston Properties 4Q12

500 N Capitol Street, NW First Potomac Realty Trust / The Lenkin Company Management

440 1st Street, NW

Three Constitution Square 175 N Street, NE

Sentinel Square Phase II 1050 1st Street, NE

Total New Office Space as of 4Q13

Total Available Space as of 4Q13

Total Under Construction as of 4Q13

Rental Rate FS N NNN = Net of all Operating Expenses and Taxes = Plus Electric NT = Plus Taxes = Full Service NN = Plus Electric & Char

Operating Expense and Real Estate Tax Base

Delivery Date *Under Construction as of current quarter **Under Renovation as of current quarter

N/A = Not Available

TBD = To Be Determined

Cassidy Turley | 18

Survey of New Office Space by Submarket

RENTAL RATE OWNER/DEVELOPER 2011 2012 2013 DELIVERY DATE 2014 2015

BUILDING ADDRESS

CBD
Negotiable 8,860 385,791 38,216 126,760 0 121,987 27,149 168,769 63,580 432,900 8,860 385,791 38,216 248,747 27,149 63,580 168,769 High $40's-low $50's NNN N/A NNN Carr Properties Akridge 2Q14* 4Q13 NNN Angelo Gordon / Monument Realty / Verizon Communications 1Q13 Potomac Investment Properties 2Q12 For Sale Office Condos $55 $57 N/A Boston Properties 1Q11 432,900

Square 54 2200 Pennsylvania Avenue, NW

1000 Connecticut Avenue, NW

2055 L Street, NW

Central Business District

1700 New York Avenue, NW

1200 17th Street, NW

Total New Office Space as of 4Q13

Total Available Space as of 4Q13

Total Under Construction as of 4Q13

Rental Rate FS N NNN = Net of all Operating Expenses and Taxes = Plus Electric NT = Plus Taxes = Full Service NN = Plus Electric & Char

Operating Expense and Real Estate Tax Base

Delivery Date *Under Construction as of current quarter **Under Renovation as of current quarter

N/A = Not Available

TBD = To Be Determined

cassidyturley.com | 19

East End

Survey of New Office Space by Submarket

RENTAL RATE OWNER/DEVELOPER 2011 2012 2013 DELIVERY DATE 2014 2015

BUILDING ADDRESS

East End
$45-$52 Skanska USA 6,102 42,685 0 256,702 44,546 514,644 18,101 $47-$53 Brookfield Office Properties Hines 1Q15* 4Q15* 169,038 6,102 42,685 172,010 1,262,371 2Q14* 2Q14** Negotiable TBD Withheld Boston Properties NNN 204,025 51,229 287,000 58,134 111,466 111,466 478,882 77,538 189,004 590,348 Douglas Development Corporation 1Q13 1Q14** Union Investments 3Q11 Withheld Withheld NNN 169,038

733 10th Street, NW

Arch Square 801-803 7th Street, NW

600 13th Street, NW

CityCenterDC North and South Towers 800/850 10th Street, NW $50-$57 NNN Hines 1Q14*

799 9th Street, NW

AAMC

655 K Street, NW ASB Real Estate Investments / MRP Realty, Inc

900 G Street, NW

601 Massachusetts Avenue, NW

Total New Office Space as of 4Q13

Total Available Space as of 4Q13

Total Under Construction as of 4Q13

Rental Rate FS N = Plus Electric NT = Plus Taxes = Full Service NN = Plus Electric & Char

Operating Expense and Real Estate Tax Base

Delivery Date *Under Construction as of current quarter **Under Renovation as of current quarter

N/A = Not Available

TBD = To Be Determined

NNN = Net of all Operating Expenses and Taxes

Cassidy Turley | 20

Survey of New Office Space by Submarket

RENTAL RATE OWNER/DEVELOPER 2011 2012 2013 2014 DELIVERY DATE 2015

BUILDING ADDRESS

Southwest/Capitol Riverfront/Southeast
$40s 391,952 391,592 391,952 FS Opus East / Douglas Wilson Companies 3Q11 391,592

1015 Half Street, SE

Total New Office Space as of 4Q13

Total Available Space as of 4Q13

Total Under Construction as of 4Q13

Uptown
For Sale or Lease $46.50 N Broadcast Center Partners, LLC 0 81,633 48,593 46,588 0 30,198 19,788 100,000 0 81,633 48,593 19,788 76,786 4Q12 $42.50 Douglas Development Corporation 2Q13 N 100,000

Offices at Progression Place 1805 7th Street, NW

Wonder Bread Building 641 S Street, NW Withheld Furioso Development Corporation 1Q14*

1525 14th Street, NW

1728 14th Street, NW

$46.50

FS

Perseus Realty

1Q14*

Total New Office Space as of 4Q13

Total Available Space as of 4Q13

Total Under Construction as of 4Q13

Washington, DC Summary
993,530 406,914 717,130 62,682 1,164,141 841,026 255,378 1,507,926 189,004 590,348

Total New Office Space as of 4Q13

Total Available Space as of 4Q13

Total Under Construction as of 4Q13

Rental Rate FS N = Plus Electric NT = Plus Taxes = Full Service

Operating Expense and Real Estate Tax Base NN = Plus Electric & Char

Delivery Date *Under Construction as of current quarter **Under Renovation as of current quarter

N/A = Not Available

TBD = To Be Determined

Southwest/Capitol Riverfront/Southeast/Uptown

NNN = Net of all Operating Expenses and Taxes

cassidyturley.com | 21

Methodology & Denitions

Methodology
Market statistics are calculated from a base building inventory made up of ofce properties deemed to be competitive in the typical Washington, DC ofce market. Generally, owner-occupied and federallyowned buildings are not included. Singletenant buildings and privately-owned buildings in which the federal government leases space are included. Older buildings unt for occupancy or ones that require substantial renovation before tenancy are generally not included in the competitive inventory. Vacant space is dened as space that is available immediately or three months (90 days) after the end of the quarter. Sublet space still occupied by the tenant is not counted as available space. Sublet Space Available: Secondgeneration, unoccupied space being actively marketed by a tenant. (Sublet space that is marketed but still occupied is not counted as available space.) Total Space Available: The sums of new, relet, and sublet space that is unoccupied and being actively marketed. Vacancy Rate: The amount of unoccupied space (new, relet, and sublet) expressed as a percentage of total inventory. (Total Unoccupied Space divided by Total Inventory.) Absorption: The net change in occupied space between two points in time. (Total occupied space in the previous quarter minus total occupied space in the present quarter, quoted on a net, not gross, basis.) New Space Absorption: The net change in occupied new space between two quarters. Relet/Sublet Absorption: The net change in occupied relet and sublet space between two quarters. Total Absorption: The net change in total occupied (new, relet, and sublet) space between two quarters.

Submarket Boundaries
CBD: Bound by P Street to the North, Constitution and Pennsylvania Avenues to the South, 22nd Street, NW to the West, and 15th Street, NW to the East. East End: Bound by P Street to the North, Constitution Avenue to the South, 15th Street, NW to the West, and fourth Street, NW to the East. Capitol Hill: Bound by Massachusetts Avenue to the North, Southeast Freeway to the South, fourth Street, NW to the West, and ninth Street to the East. NoMa: Bound by P and Q Streets to the North, Massachusetts Avenue to the South, fourth Street, NW to the west and fourth Street, NE to the East. Southwest: Bound by Independence Avenue to the North, Anacostia River to the South, Maine Avenue to the West, and South Capitol Street to the East. Capitol Riverfront/Southeast: Bound by Southeast Freeway to the North, Anacostia River to the South and East, and South Capitol Street to the West. West End/Georgetown: Lower-density ofce areas from 22nd Street, NW west to the Potomac River. Uptown: Encompasses the scattered ofce development nodes from the northern edge of downtown to the Maryland border.

Explanation of Terms
Total Inventory: The total amount of ofce space (in buildings greater than 10,000 square feet) that can be rented by a third party. New Space Available: First generation, never-occupied ofce space in newly constructed or substantially renovated buildings, being actively marketed by a landlord. Relet Space Available: Second-generation, unoccupied ofce space being actively marketed by a landlord. (Space that is marketed but largely occupied is not counted as available space.)

Disclaimer This report and other research materials may be found on our website at www.cassidyturley.com. This is a research document of Cassidy Turley in Washington, DC. Questions related to information herein should be directed to the Research Department at 202-463-2100. Information contained herein has been obtained from sources deemed reliable and no representation is made as to the accuracy thereof. About Cassidy Turley Cassidy Turley is a leading commercial real estate services provider with more than 3,800 professionals in more than 60 ofces nationwide. With headquarters in Washington, DC, the company represents a wide range of clientsfrom small businesses to Fortune 500 companies, from local non-prots to major institutions. The rm completed transactions valued at $22 billion in 2012, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 23,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate servicesincluding capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.

Cassidy Turley | 22

Researchers Information
Cassidy Turley Nathan Edwards Director of Research 2101 L Street, NW Suite 700 Washington, DC 20037 Tel: 202-463-2100 Washington, DC Bethany Schneider Research Analyst 2101 L Street, NW Suite 700 Washington, DC 20037 Tel: 202-463-2100 Northern Virginia Philip Brannigan Research Analyst 2101 L Street, NW Suite 700 Washington, DC 20037 Tel: 202-463-2100 Suburban Maryland Urmi Joshi Senior Research Analyst 2101 L Street, NW Suite 700 Washington, DC 20037 Tel: 202-463-2100

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