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Cushman & Wakefield of Florida, Inc.

Second Quarter 2008 MarketBeat Package

MIAMI OFFICE REPORT

2Q08

MIAMI OFFICE REPORT 2Q08 1

ECONOMY The Manhattan office market continued to tighten during the first half of 2007, extending strengths exhibited during the second half of 2006. Steady employment growth contributed to positive absorption of available space and rapidly escalating asking rents.

The New York City economy expanded at a healthy pace during the first six months of the year, led by strong gains in office-using employment. Data available through the end of May show that the City has added nearly 16,800 jobs in industries that are key to the commercial office market, with financial services and professional business services adding 7,400 and 5,500 jobs, respectively. This resulted in increased demand for office

space in a market that was already the tightest it had been since the first quarter of 2001.

The year began with 26.1 million square feet) available throughout Manhattan. By the end of June, available space had fallen precipitously to 20.8 a decline of 20.5%. This diminishing availability of space has been the story of the market; April 2007 was the only month in the past year that did not record a month-to-month decline of at least 122,000 square. As a result, Manhattan’s overall vacancy rate has tumbled to a six-year low, closing the mid-year at 5.3%. For the third consecutive quarter, the vacancy rate closed below equilibrium, defined as a vacancy rate range of 7.0% - 9.0%.

OVERVIEW In this environment, it is no surprise that asking rates have skyrocketed. Up 36.2% from a year ago, Manhattan’s overall total average asking rent closed the first half of 2007 at another record-high: $59.17 per square foot. Thus far this year, rents have increased by an average of $1.44 each month since January, breaking the old record set back during the second and third quarters of 2000. The rapid pace of rental rate growth has extended throughout Manhattan. In every submarket but one, overall rents have registered double-digit percentage increases from a year ago. Chelsea, up 4.2%, was the only exception.

On a cautionary note, however, leasing activity throughout Manhattan was slower during the first two quarters, partially attributable to both significantly higher rents and lack of available space. With 11.8 leased year-to-date, 2007 activity trails last year’s total through June by 5.4%, with Midtown trailing by nearly 20.0%. This suggests that tenants are possibly beginning to search for lower-priced space in response to landlords hiking up rents throughout the market.

OUTLOOK This year’s leasing has been dominated by Manhattan’s leading industries. Financial services firms (36.4%) and legal services firms (11.7%) accounted for nearly one of every two square feet leased from January through June. In April, Lehman Brothers Holdings, Inc. signed Manhattan’s largest new lease in 2007, a 414,575-sf sublease at 1271 Avenue of the Americas. The frequency of transactions with taking rents starting at or above $125.00 continued to climb: 18 such transactions year-to-date versus 21 signed in the four previous years combined.

ECONOMY Florida is experiencing some of the same economic woes that are afflicting the rest of the nation. Unemployment in the state jumped from 3.9% to 5.5% in the twelve months between May 2007 and May 2008, according to the most recent information available from the U.S. Bureau of Labor Statistics. Job losses in the construction industry had a significant influence on the rise in unemployment. Miami, although not immune to the troubled credit market and rising energy prices is faring better than the state at large. Foreign tourism, trade and Miami's strategic location as an access point to the Latin American/Caribbean region continues to positively differentiate this market from the rest of the state and country. Two cases in point are California-based Molina Healthcare, Inc. and Italy’s United Colors of Benetton’s decision to establish a presence in Miami. During the second quarter, each company leased a full floor in the Airport West and Miami Beach submarkets, respectively.

OVERVIEW As previously predicted, the strength of the Euro has encouraged European firms to invest in American assets. Two high profile Miami office buildings were purchased by European investment firms in the second quarter. The Colonnade, one of the premier office buildings in Coral Gables was acquired by a group of European investors led by ING Clarion, LLC with the majority of the ownership managed by Deka Immobilien GmbH. Spanish-owned Santander Global Property recently acquired the building that bears the name of its parent company, the Banco Santander Center at 1401 Brickell Avenue, at a purchase price of over $600.00 per square foot (psf). Unconfirmed reports suggest that the existing structure will be demolished in the coming years to make way for a new high rise, class A office tower with Banco Santander as the anchor space occupier.

Early in the second quarter, Miami based law firm Bilzin Sumberg Baena Price & Axelrod LLP, signed a 115,000-square foot (sf) lease at Brickell Financial Center. This lease was the first major preleasing transaction to take place at any of the three marquee office towers currently under construction in the Miami Central Business District (CBD).

The Omni, a 1.5-million square foot (msf) mixed-use complex featuring office, retail and hospitality space that is being redeveloped on 12.4 acres along Biscayne Boulevard immediately north of the Arsht Performing Arts Center is slated for completion in early 2009. The Omni offices will encompass approximately 400,000 sf (32.4% preleased), offering large floor plates with more than 80,000 sf of contiguous space available.

FORECAST There is significant new construction underway in Miami’s CBD, the largest office submarket in the region, leading tenants to expect market fundamentals to shift in their favor. Tenants who have the ability to take a wait-and-see approach are hoping to capitalize on favorable lease terms once the new office space is delivered. These buildings however will be completed in late 2009-2010 in what we expect to be a recovering economy. Notwithstanding this, currently the office market’s supply/ demand fundamentals remain strong in Miami-Dade with increased face rates holding steady and low vacancy for class A product throughout the major office submarkets.

BEAT ON THE STREET “Although I anticipate the supply/demand fundamentals to remain in relative alignment through the first quarter 2010, I am witnessing landlords becoming more aggressive to secure tenants in an effort to stabilize their respective projects prior to the significant supply that will be delivered in Miami’s CBD and Airport West commencing in late 2009 and 2010. This is particularly the case for landlords with a low basis comparative to recently traded assets.”

–Alan R. Kleber, MCR, Senior Director of Office Brokerage Services

MARKET FORECAST LEASING ACTIVITY is down 9.9% when compaired to the first half of 2007 and is not expected to recover before the end of the year.

DIRECT ABSORPTION, although better than first quarter was again negative. The trend is expected to continue as firms put excess space on the market.

CONSTRUCTION: The large amount of construction currently underway will likely limit the amount of space that breaks ground for the remainder 2008.

OVERALL RENTAL VS. VACANCY RATES

ENTE

$22.00

$24.00

$26.00

$28.00

$30.00

$32.00

2003 2004 2005 2006 2007 2Q08

psf/y

r

4.0%6.0%8.0%10.0%12.0%14.0%16.0%18.0%

Rental Rate Vacancy Rate

ECONOMIC INDICATORS National 2006 2007 2008F GDP Growth 2.9% 2.2% 1.6%

CPI Growth 3.2% 2.9% 3.6% Regional Unemployment 3.8% 3.8% 4.8%

Employment Growth

1.8% 1.1% -0.1%

Source: Moody’s | Economy.com

MIAMI OFFICE REPORT 2Q08

*Market terms & definitions based on BOMA and NAIOP standards. This report contains information available to the public and has been relied upon by Cushman & Wakefield on the basis that it is accurate and complete. Cushman & Wakefield accepts no responsibility if this should prove not to be the case. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. ©2008 Cushman & Wakefield, Inc. All rights reserved.

For industry-leading intelligence to support your real estate and business decisions, go to Cushman & Wakefield’s Knowledge Center at www.cushmanwakefield.com/knowledge Cushman & Wakefield of Florida, Inc. 200 S. Biscayne Blvd., Suite 2800 Miami, FL 33131 (305) 371-4411

MARKET/SUBMARKET STATISTICS

ARKET HIGHLIGHTS

OVERALL DIRECT YTD YTD YTD DIRECT WTD. AVG.NO. OF VACANCY VACANCY LEASING UNDER CONSTRUCTION OVERALL CLASS A GROSS

MARKET/ SUBMARKET INVENTORY BLDGS. RATE RATE ACTIVITY CONSTRUCTION COMPLETIONS ABSORPTION RENTAL RATE*

Brickell Avenue 5,812,646 30 11.8% 10.9% 278,613 1,389,208 0 (148,417) $47.20Downtown 6,101,685 26 14.1% 11.4% 260,401 880,000 20,400 (214,246) $42.32CBD 11,914,331 56 13.0% 11.1% 539,014 2,269,208 20,400 (362,663) $45.49Coral Gables 5,218,662 54 11.0% 9.5% 125,682 628,474 85,500 (153,123) $40.78Airport West 11,440,836 122 12.8% 12.0% 426,226 629,900 164,746 (11,571) $31.44Coral Way 648,678 16 0.8% 0.8% 18,316 0 0 15,760 N/ASouth Dade 4,313,260 58 12.5% 11.8% 97,743 170,388 112,000 (148,011) $35.60Northeast Dade 2,281,472 38 10.1% 9.9% 104,038 150,000 0 73,517 $44.32Biscayne 1,935,489 32 22.2% 22.1% 114,746 0 0 (58,726) $42.89Miami Lakes 1,739,439 41 12.8% 10.9% 56,195 63,794 0 (64,178) $30.15Coconut Grove 1,008,996 11 18.1% 17.5% 26,053 0 0 (3,101) $44.81S. Gables/ S. Miami 1,209,224 20 3.5% 2.7% 23,534 49,003 0 (13,140) N/AEast Airport/ Central Dad 817,109 11 5.9% 5.9% 6,476 0 0 2,156 N/AMiami Beach 1,841,633 28 10.6% 10.2% 57,766 0 0 (56,918) $38.05NON-CBD 32,454,798 431 12.1% 11.3% 1,056,775 1,691,559 362,246 (417,335) $36.83TOTAL 44,369,129 487 12.4% 11.3% 1,595,789 3,960,767 382,646 (779,998) $38.76

* Rental rates reflect $psf/year M

MIAMI OFFICE REPORT 2Q08

BUILDING SUBMARKET TENANT SQUARE FEET BLDG CLASS

Brickell Financial Centre Brickell Avenue Bilzin Sumberg 115,000 AMiami Center Downtown Shook, Hardy & Bacon L.L.P 85,000 AWestside Plaza II Airport West Molina Healthcare 27,500 A

BUILDING SUBMARKET Buyer SQUARE FEET PURCHASE PRICE

The Colonnade Coral Gables ING Clarion, LLC/ Deka Immobilien GmbH 218,170 $82,900,000

Banco Santander Center Brickell Avenue Santander Global Property 188,000 $114,000,000 Lincoln Building Miami Beach MCJC, Inc. 58,000 $14,000,000

BUILDING SUBMARKET MAJOR TENANT SQUARE FEET COMPLETION DATE

Ten Museum Park Downtown Speculative 20,400 4/08


Met 2 Downtown Greenberg Traurig, LLP 750,000 5/101450 Brickell Brickell Avenue Speculative 000 /09Brickell Financial Center Brickell Avenue Bilzin Sumberg 208 1/10The Omni (redevelopment) Biscayne Speculative 400,000 1/091000 Waterford Airport West Sandler,Travis & Rosenberg, P.A. 274,000 7/09One Park Square at Doral Airport West Speculative 231,500 12/08

SIGNIFICANT 2Q08 NEW LEASE TRANSACTIONS

SIGNIFICANT 2Q08 SALE TRANSACTIONS

SIGNIFICANT 2Q08 CONSTRUCTION COMPLETIONS

SIGNIFICANT PROJECTS UNDER CONSTRUCTION/RENOVATION

585, 12554,

BROWARD COUNTY OFFICE REPORT

2Q08

BROWARD COUNTY OFFICE REPORT 2Q08 1

BEAT ON THE STREET “The combination of falling home prices and stabilizing rental rates should positively impact the the region attracting outside users as indicated by the leasing of more than 140,000 square feet from companies new to South Florida during second quarter.”

–Jim Cahlin, Senior Director, Office Brokerage


The New York City economy expanded at a healthy pace during the first six months of the year, led by strong gains in office-using employment. Data available through the end of May show that the City has added nearly 16,800 jobs in industries that are key to the commercial office market, with financial services and professional business services adding 7,400 and 5,500 jobs, respectively. This resulted in increased demand for office space in a market that was already the tightest it had been since the first quarter of 2001.





ECONOMY The local economy and its strong professional services tenant base continue to adjust to the overall national market trends. South Florida’s declining residential housing industry is still a driving force behind the rise in unemployment. The U.S. Bureau of Labor Statistics reported that the Florida unemployment rate rose from 5.0% to 5.5% between April and May of this year. Despite the sustained slowdowns in the financial services and residential housing sectors in the first half of 2008, businesses in the technology, legal services and healthcare industries have sustained modest growth throughout the region.

OVERVIEW The west Broward submarket experienced healthy leasing activity accounting for 44.0% of the countywide total of 811,812 square feet (sf) leased during the second quarter. Three firms entered the Broward market to open new operations. Two of the largest deals included Research in Motion leasing 60,000 sf at Sawgrass Pointe II and FoxConn signing 40,094 sf at Sawgrass Corporate Center I. However, even with the absorption of significant blocks of space, overall vacancy for the second quarter experienced a marginal rise of 0.3 percentage point to 14.3% from first quarter 2008.

Overall asking rental rates for the county declined slightly from a direct asking average rental rate of $28.50 per square foot (psf) posted first quarter of this year to $28.24 psf currently. The current direct availability of over 4.0 million square feet (msf) throughout Broward has motivated landlords to be more flexible when negotiating lease terms. Additionally, sales activity has declined by 68.0% from the first quarter of 2008 due in part by the lending industries cautionary stance when underwriting new loans. Additionally, the State of Florida has closed a loophole concerning “corporate entity transfers” which will now call for stricter reporting requirements on the sale of commercial buildings to the property appraiser’s office hence affecting adjustments to real estate taxes and true doc stamp fees.

The leveling off of rental rates and constraints to underwrite financing for new projects will result in a slow down of new development projects. However, there is currently a healthy pipeline in new projects of about 500,000 sf with the Miramar submarket accounting for 34.6% of the total as of mid-year. One significant project in this submarket is the 110,000-sf Liberty Center at Monarch Lakes building in which United Healthcare pre-leased 50,000 sf during the second quarter. The south Broward County office market accounts for 72.0%, of all current projects under construction.

FORECAST Broward County’s office market is sluggish responding to the national economic slowdown. Concessions, such as free rent and increased tenant improvement allowances are common. Several large consolidations witnessed during 2007 have created opportunities to attract new tenants. Reductions in home values and rent stabilization will position Broward to successfully attract new business.

MARKET FORECAST LEASING ACTIVITY is projected to remain flat for the second half of 2008 as tenants evaluate their presence in select markets.

DIRECT ABSORPTION will continue to post negative levels until the end of this year.

CONSTRUCTION: Until favorable market levels return, large construction projects will wait to break ground in particular submarkets.




Employment Growth

2.1% 0.5% -0.7%


$5.00

$12.00

$19.00

$26.00

$33.00

2Q05 2Q06 2Q07 2Q08

psf/y

r

5.0%

7.0%

9.0%

11.0%

13.0%

15.0%

Rent Vacancy

BROWARD COUNTY OFFICE REPORT 2Q08


For industry-leading intelligence to support your real estate and business decisions, go to Cushman & Wakefield’s Knowledge Center at www.cushmanwakefield.com/knowledge Cushman & Wakefield of Florida, Inc. 800 Corporate Drive, Suite 700 Ft. Lauderdale, FL 33334 (954) 771-0800


ARKET HIGHLIGHTS



CBD Total 5,032,942 41 19.1% 18.3% 206,724 0 66,917 24,138 $34.80Non-CBD Total 24,349,778 373 13.4% 12.8% 1,101,437 459,060 303,587 (379,668) $31.74Southeast Broward Total 2,739,689 47 9.5% 9.2% 105,607 140,000 60,000 12,528 $32.59Sunrise 2,892,774 39 14.3% 13.2% 293,173 130,000 128,163 88,174 $31.23Plantation 3,126,814 46 13.9% 13.3% 99,737 0 52,424 (55,244) $33.00Weston 856,199 14 26.2% 22.9% 85,414 0 0 (46,209) $33.32West Broward Total 6,875,787 99 15.6% 14.5% 478,324 130,000 180,587 (13,279) $32.19Cypress Creek/Commercial 6,866,204 83 14.6% 13.9% 292,645 0 0 (255,612) $29.95

Central Broward Total 1,410,164 30 12.7% 12.7% 27,807 0 0 (28,891) N/APompano Beach 977,417 23 13.7% 13.7% 22,122 0 0 (49,820) N/ADeerfield Beach 1,184,327 19 15.5% 14.7% 36,673 0 0 (18,908) $32.00Northeast Broward Total 2,161,744 42 14.7% 14.3% 58,795 0 0 (68,728) $32.00Pembroke Pines/Cooper City 738,823 17 6.9% 6.9% 13,151 30,000 0 (12,229) $31.00

Miramar 1,655,718 16 7.1% 7.1% 63,130 159,060 63,000 6,393 $32.90Southwest Broward Total 2,394,541 33 7.0% 7.0% 76,281 189,060 63,000 (5,836) $32.84Coral Springs 1,380,862 28 14.1% 13.9% 59,003 0 0 (13,985) $29.88Tamarac/ Margate 520,787 11 11.5% 11.5% 2,975 0 0 (5,865) N/ANorthwest Broward Total 1,901,649 39 13.4% 13.2% 61,978 0 0 (19,850) $29.88

TOTAL 29,382,720 414 14.3% 13.7% 1,308,161 459,060 370,504 (355,530) $32.93* Rental rates reflect $psf/year M


789 International Parkway Sunrise Comcast 63,850 BSawgrass Pointe II Sunrise Research In Motion 60,000 ALiberty Center at Monarch Lakes Miramar United Healthcare 50,000 ASawgrass Corporate Center I Sunrise FoxConn 40,094 ACrown Center Cypress Creek Parkson Corp. 35,000 CCypress Executive Center Cypress Creek Liberty Power 30,000 B


950 North Federal Highway Pompano Beach D&D Management & Inv. LLC 26,000 $2,750,000


Lake Shore Plaza II Sunrise Speculative 128,163 6/08


Executive Pavillion (Renovation) Plantation Speculative 114,000 12/08Liberty Center at Monarch Lakes Miramar United Healthcare 110,000 7/08Sawgrass Pointe II Sunrise Research In Motion 90,000 10/08





PALM BEACH COUNTY OFFICE REPORT

2Q08

PALM BEACH COUNTY OFFICE REPORT 2Q08 1

BEAT ON THE STREET “We expect leasing activity to be relatively slow for the remaining portion of the year as tenants look to renew short term instead of making long-term occupancy and staffing decisions in this uncertain economic environment.”

–John Criddle, Associate, Office Brokerage

ECONOMY ECONOMYThe Manhattan office market continued to tighten during the first half of 2007, extending strengths exhibited during the second half of 2006. Steady employment growth contributed to positive absorption of available space and rapidly escalating asking rents.






Palm Beach County’s economy continues to slowly correct itself amidst the wake of the national economic downturn. Downsizing of the construction and financial services companies contributed to the gradual rise of unemployment for the entire State of Florida. According to the U.S. Bureaus of Labor Statistics, the state’s unemployment rate has risen from 5.0% to 5.5% between April and May of this year. Moody’s | Economy.com also reports net migration declined to negative levels for the first time on record during 2007. Positive improvements in the residential housing market or employment trends will be factors to a prompt recovery.

OVERVIEW Overall vacancy increased 0.7 percentage point to 16.2%, the highest rate recorded in Palm Beach since third quarter 2004. However, select submarkets remain tight posting single digit vacancy levels for the second quarter. Palm Beach Gardens, with an inventory level of 2.1 million square feet (msf), reported a direct vacancy rate of 5.1% and has remained under 10% since first quarter 2004. Newer buildings, generally lower rental rates and proximity to higher-end residential communities in the northern portions of the County contribute to Palm Beach Gardens’ low vacancy levels.

However, second quarter overall leasing activity declined 21.0% from first quarter of this year bringing the year-to-date total to 758,301 square feet (sf). FP&L leased the largest amount of space this quarter for 20,000 sf in the Innovation Business Park located in Jupiter. While sales activity was down 33.0% from the previous quarter recording 195,606 sf of transactions, institutional interest in Palm Beach County is still active. There are three class A properties totaling 336,136 sf in West Palm Beach currently under contract to an institutional investor for an estimated $70 to $85 million. Additionally, the State of Florida has closed a loophole concerning “corporate entity transfers” which will now call for stricter reporting requirements on the sale of commercial buildings to the property appraiser’s office hence affecting adjustments to real estate taxes and true doc stamp fees.

The one construction project completed second quarter was the 296,000-sf class A speculative CityPlace Tower in the Central Business District (CBD) with 67.8% of pre-leasing activity. Currently, under construction projects total 1.0 msf, with Office Depot’s 624,230-sf build-to-suit development in the Northwest Boca Raton submarket accounting for 59.2% of this activity. Boca Colonnade II and EcoPlex at Centrepark will be completed during third quarter adding 195,787 sf of new inventory to the Palm Beach County office market.

FORECAST The growing biotech, or “life science” industry, will help facilitate and encourage new growth within Palm Beach’s northern submarkets and the Business Development Board of Palm Beach County is assisting numerous aviation and medical firms with relocations or expansions. Additionally, the healthcare, legal services and wealth management industries are expected to continue their growth patterns.



Employment Growth

2.2% -0.2% -0.6%


MARKET FORECAST LEASING ACTIVITY will continue to feel the downturn in general economic conditions until new growth opportunities arise.

DIRECT ABSORPTION, while moderately negative, will continue to adjust to current market trends.

CONSTRUCTION activity has slowed throughout the region. Office Depot’s build-to-suit of 624,230 sf comprises 59.2% of all current construction activity.

OVERALL VACANCY VS. RENTAL RATES


$20.00

$22.00

$24.00

$26.00

$28.00

$30.00

$32.00

2003 2004 2005 2006 2007 2Q08

psf/y

r

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

PALM BEACH COUNTY OFFICE REPORT 2Q08




KET HIGHLIGHTS



CBD-West Palm Beach Total 2,944,142 23 16.2% 15.7% 88,439 0 296,000 129,692 $46.65Palm Beach Lakes Blvd. 2,235,485 41 16.7% 16.6% 73,048 0 0 (24,159) $28.77Palm Beach International Airport 771,373 12 14.1% 13.8% 12,704 100,526 0 (78,517) $26.05Palm Beach 566,105 14 5.0% 3.5% 6,076 0 0 (14,293) $68.15Suburban W. Palm Beach Total 3,572,963 67 14.3% 13.9% 91,828 100,526 0 (116,969) $30.80Riviera Beach 257,126 6 14.8% 14.8% 0 0 0 (2,266) N/APalm Beach Gardens 2,148,943 38 5.5% 5.1% 60,245 0 0 16,402 $38.39North Palm Beach/Juno Beach 718,313 18 15.9% 15.9% 13,062 0 0 (24,265) $34.75Jupiter/Tequesta 654,837 16 24.6% 23.9% 39,227 0 0 (19,121) $40.20North Palm Beach Total 3,779,219 78 11.4% 11.1% 112,534 0 0 (29,250) $37.21Lake Worth 515,321 11 9.1% 9.1% 2,950 0 0 (17,894) N/ABoynton Beach 579,302 15 16.5% 16.5% 30,667 0 0 6,173 $33.71Delray Beach 1,000,033 21 15.5% 15.5% 56,980 0 0 4,307 N/ASouth Palm Beach Total 2,094,656 47 14.2% 14.2% 90,597 0 0 (7,414) $33.71Glades Road 2,836,239 34 16.0% 15.8% 80,463 133,550 210,000 (21,615) $38.76Federal Highway Corridor 1,420,867 20 20.0% 18.0% 77,573 0 0 (80,154) $33.05Northwest Boca Raton 5,531,060 43 22.6% 22.1% 126,847 819,491 0 (57,301) $29.31Southwest Boca Raton 914,070 13 9.9% 9.9% 15,484 0 0 (2,161) $35.01Downtown Boca Raton 987,567 15 10.9% 10.9% 74,536 0 0 2,112 $34.41Boca Raton Total 11,689,803 125 18.7% 18.2% 374,903 953,041 210,000 (159,119) $34.64Non-CBD Total 21,136,641 317 16.2% 15.8% 669,862 1,053,567 210,000 (312,752) $33.75

PALM BEACH TOTAL 24,080,783 340 16.2% 15.8% 758,301 1,053,567 506,000 (183,060) $36.69* Rental rates reflect $psf/year MAR


Innovation Business Park - Bldg. 3 Jupiter FP&L 20,000 BBoca Corporate Centre Boca Raton Craig A. Smith Associates 9,670 AOne Boca Place Boca Raton HQ Executive Suites 9,230 ASabre Centre II Boca Raton Apercent 7,986 B433 Plaza Real Boca Raton Innovation Ads, Inc. 7,616 A


8051 Congress Avenue Boca Raton Flagler Development Group 170,000 $42,250,000 5841 Corporate Way West Palm Beach 5841 Corporate Way LLC 25,606 $3,350,000


CityPlace Tower CBD - Palm Beach INTECH 296,000 5/08


6600 Military Trail Northwest Boca Raton Office Depot 624,203 9/08Lynn Financial Center - Phase II A&B Glades Road Speculative 133,550 2/09EcoPlex at Centrepark West Palm Beach Int'l Airport Speculative 100,526 7/08Boca Village Corporate Center I Northwest Boca Raton Falcone Group 100,000 7/08





MIAMI INDUSTRIAL REPORT

2Q08

MIAMI INDUSTRIAL REPORT 2Q08 1

BEAT ON THE STREET “A majority of the activity we are seeing in the market place is driven by international trade with South America. Freight forwarders and logistics businesses are very active. “

-Brian Smith, Senior Director Industrial Brokerage


The New York City economy expanded at a healthy pace during the first six months of the year, led by strong gains in office-using employment. Data available through the end of May show that the City has added nearly 16,800 jobs in industries that are key to the commercial office market, with financial services and professional business services adding 7,400 and 5,500 jobs, respectively. This resulted in increased demand for office space in a market that was already the tightest it had been since the first quarter of 2001. ECONOMIC INDICATORS

National 2006 2007 2008F GDP Growth 2.9% 2.2% 1.6%


Employment Growth

1.8% 1.1% -0.1%


The year began with 26.1 million square feet available throughout Manhattan. By the end of June, available space had fallen precipitously to 20.8, a decline of 20.5%. This diminishing availability of space has been the story of the market; April 2007 was the only month in the past year that did not record a month-to-month decline of at least 122,000 square feet. As a result, Manhattan’s overall vacancy rate has tumbled to a six-year low, closing the mid-year at 5.3%.

OVERVIEW MARKET FORECAST LEASING ACTIVITY has stabilized from first quarter, potentially increasing by year-end.

DIRECT ABSORPTION is expected to remain stable through most of 2008. CONSTRUCTION: Rising overall construction costs and the current supply of available space may limit the amount of projects that break ground in 2008.

In this environment, it is no surprise that asking rates have skyrocketed. Up 36.2% from a year ago, Manhattan’s overall total average asking rent closed the first half of 2007 at another record-high: $59.17 per square foot. Thus far this year, rents have increased by an average of $1.44 each month since January, breaking the old record set back during the second and third quarters of 2000. The rapid pace of rental rate growth has extended throughout Manhattan. In every submarket but one, overall rents have registered double-digit percentage increases from a year ago. Chelsea, up 4.2%, was the only exception.



$2.00

$4.00

$6.00

$8.00

$10.00

1Q06

2Q063Q

064Q06

1Q07

2Q07

3Q074Q

071Q08

2Q08

psf/y

r

0.0%

2.0%

4.0%

6.0%

8.0% Rental Rate Vacancy Rate


ECONOMY Miami’s geographic location and strong trade infrastructure has proven to be a vital asset in offsetting the broader economic downturn. While Florida’s economy has slowed over the past year (unemployment in the state rose from 3.9% to 5.5% between May 2007 and May 2008 according to the most recent data available from the U.S. Bureau of Labor Statistics), Miami is fairing considerably better, due in part to the strength of its import/export industry. Approximately 80% of trade with Latin America travels through Miami International Airport and the Port of Miami, which diversifies Miami’s economy and acts as a hedge against domestic market conditions. The Port of Miami announced plans to dredge to a depth of 50 feet, making way for the worlds’ largest cargo vessels. This project will help ensure Miami maintains its stature as an international trade hub for years to come. Over the past five years, many Miamians have tapped into their home equity, which has skyrocketed in the past decade as a result of property appreciation. This alternative source of income was often used for home improvements and discretionary buying. In light of falling home prices and stricter lending practices, a majority of this income stream has dried up. This decline in available capital has resulted in limited growth among industrial businesses, thus impacting their square footage requirements.

OVERVIEW Trade activity continues to drive demand for industrial space. Many of the goods that enter Miami’s ports are driven directly to warehouses, where they are then sorted and stored until driven back to one of the ports to begin the journey to their final destination. The devaluation of the U.S. Dollar has created an opportunity to export American-made goods that were previously too expensive on the international market. User sales climbed from last quarter in part due to the 265,000-square foot (sf) transaction at 1000 SE 8th Street. Leasing activity remained constant from first to second quarter and the overall vacancy rate held steady at 6.2%, well below the national average of 7.7%. New construction starts will be limited, due to a significant amount of space currently under construction as well as delays in attaining construction financing. These indicators will limit the amount of projects that break ground during the remainder of 2008.

FORECAST Miami is in the process of returning to market equilibrium after recently being tilted in landlords’ favor. Over the past year, hesitancy to adjust pricing downward among building owners has resulted in discrepancies between asking rental/sale prices and the figures tenants/buyers were willing to pay. Gradually, these pricing gaps have narrowed and will continue this trend through 2008. Lease concessions may become more aggressive as landlords attempt to make their property more attractive to tenants that now have multiple viable alternatives. Many markets across the nation reported an increase in sale-lease backs, a trend that may extend to Miami in upcoming quarters as firms try to add liquidity to their balance sheets.

For industry-leading intelligence to support your real estate and business decisions, go to Cushman & Wakefield’s Knowledge Center at www.cushmanwakefield.com/knowledge Cushman & Wakefield of Florida, Inc. 200 S. Biscayne Boulevard, Suite 2800 Miami , FL 33131 (305) 371-4411 www.cushmanwakefield.com

*Market terms & definitions based on BOMA and NAIOP standards. This report contains information available to the public and has been relied upon by Cushman & Wakefield on the basis that it is accurate and complete. Cushman & Wakefield accepts no responsibility if this should prove not to be the case. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals.

©2008 Cushman & Wakefield, Inc. All rights reserved.

MIAMI INDUSTRIAL REPORT 2Q08


OVERALL YTD YTD YTDNO. OF VACANCY LEASING UNDER CONSTRUCTION OVERALL

MARKET/SUBMARKET INVENTORY BLDGS. RATE ACTIVITY CONSTRUCTION COMPLETIONS ABSORPTION MF OS W/DAirport West 34,082,303 612 5.4% 879,719 0 81,000 (348,347) N/A $12.66 $9.13Milam Dairy 15,472,959 271 6.1% 462,933 0 0 250,958 $4.44 $11.95 $7.36Airport West 49,555,262 883 5.6% 1,342,652 0 81,000 (97,389) $4.44 $12.35 $8.52Airport North 8,401,110 175 1.9% 62,242 0 0 43,798 N/A N/A $6.13Medley 18,384,822 242 8.0% 585,007 669,350 0 (828,079) N/A $9.25 $7.15Airport North/Medley 26,785,932 417 6.1% 647,249 669,350 0 (784,281) N/A $9.25 $7.11Palmetto Lakes 5,531,234 110 10.8% 29,630 151,017 0 (236,956) $7.59 N/A $6.70Seaboard/ Miami-Dade/Opa Locka 13,242,246 205 5.4% 346,320 0 0 (440,190) N/A N/A $5.65Sunshine State/ Golden Glades 5,834,533 106 5.2% 109,777 0 0 (150,416) N/A $13.67 $8.19North Central Dade 24,608,013 421 6.6% 485,727 151,017 0 (827,562) $7.59 $13.67 $6.31Miami Gardens/ Ives Dairy 6,665,707 88 9.5% 131,452 0 0 22,008 N/A $7.36 $5.73North Miami 1,601,715 35 1.1% 0 0 0 (11,900) N/A N/A $6.95Northeast Dade 8,267,422 123 7.8% 131,727 0 0 10,108 N/A $7.36 $5.78Miami Lakes 5,444,087 71 3.6% 98,473 0 36,000 57,084 N/A $10.22 $8.39Hialeah West 8,467,141 323 3.8% 33,000 0 0 (7,770) $6.74 N/A $5.67Hialeah Gardens 2,721,496 67 4.4% 26,000 0 0 (24,843) N/A N/A $5.51Hialeah 11,188,637 390 3.9% 59,000 0 0 (32,613) $6.74 N/A $5.62CBD, Civic Center, Biscayne 8,457,658 308 3.3% 10,000 0 0 226,934 $8.00 $11.00 $8.61HialeahEast/ Liberty City 22,985,595 455 11.1% 438,622 0 0 (169,631) $5.83 $9.98 $6.74Hialeah East / Downtown 31,443,254 763 9.0% 448,622 0 0 57,303 $5.92 $10.20 $6.85Bird Road/ U.S. 1/Gables 2,660,955 68 0.6% 6,855 0 0 (4,201) N/A $23.00 $13.51Falls/South Dixie 2,061,719 43 0.2% 0 0 0 2,002 N/A N/A N/ATamiami Airport/ South 3,818,951 91 5.2% 14,705 0 0 (50,752) N/A $9.55 $10.32Extreme SW Dade 297,619 7 0.0% 0 0 0 0 N/A N/A N/ASouth Dade 8,839,244 209 2.5% 21,560 0 0 (52,951) N/A $14.39 $10.79Total 166,131,851 3,277 6.2% 3,234,735 820,367 117,000 (1,670,301) $5.73 $10.12 $7.15

DIRECT WEIGHTED AVERAGENET RENTAL RATE*

*Rental rates reflect $psf/year MF = Manufacturing OS = Office Service W/D = Warehouse/Distribution MARKET HIGHLIGHTS

BUILDING SUBMARKET TENANT SQUARE FEET PROPERTY TYPE

Flagler Station Bldg #26 Medley PriceSmart 127,000 Warehouse/ DistributionCentergate at Gratigny Hialeah East/ Liberty City Miami Intl Freight Solutions, LLC 75,000 Warehouse/ DistributionMiami Lakes Business Park- East Miami Lakes Heartware, Inc. 60,000 Warehouse/ Distribution

BUILDING SUBMARKET BUYER SQUARE FEET PURCHASE PRICE

1000 SE 8th Street Hialeah East/Liberty City Meuchadim Of Florida Lp 265,000 $13,500,00011450 NW 34th Street Airport West 11450 LLC 102,000 $8,125,0002201 NW 110th Ave Airport West Janaina Properties LLC 48,000 $6,200,000


N/A


Lincoln Logistics park #200 Medley Speculative 342,750 12/08Lincoln Logistics park #300 Medley Speculative 163,500 12/08Lincoln Logistics park #100 Medley Speculative 163,100 12/0814201 NW 57 Ave Palmetto Lakes Speculative 151,017 1/09

SIGNIFICANT PROJECTS UNDER CONSTRUCTION




BROWARD COUNTY INDUSTRIAL REPORT 2Q08 1




OVERVIEW In this environment, it is no surprise that asking rates have skyrocketed. Up 36.2% from a

year ago, Manhattan’s overall total average asking rent closed the first half of 2007 at another record-high: $59.17 per square foot. Thus far this year, rents have increased by an average of $1.44 each month since January, breaking the old record set back during the second and third quarters of 2000. The rapid pace of rental rate growth has extended throughout Manhattan. In every submarket but one, overall rents have registered double-digit percentage increases from a year ago. Chelsea, up 4.2%, was the only exception.



BEAT ON THE STREET “Broward County activity remains weak, but signs of increased demand are on the horizon. With the recent price reduction in Miramar, tenants that were sitting on the fence are pulling the trigger. Once the "fire sale" sublease space is mostly absorbed, leasing activity should increase.”

-Richard F. Etner, Jr.,SIOR Executive Director, Industrial Brokerage



Employment Growth

2.1% 0.5% -0.7%

Source: Moody’s/ Ecconomy.com

MARKET FORECAST LEASING ACTIVITY increased by 23.5% from first quarter. This trend will likely continue at a moderate rate.

DIRECT ABSORPTION is expected to remain stable through most of 2008, potentially increasing by year end.

CONSTRUCTION: rising overall construction costs and the current supply of available space may limit the amount of projects that break ground in 2008.

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OVERALL VACANCY VS. RENTAL RATES

BROWARD COUNTY INDUSTRIAL REPORT

2Q08

ECONOMY Broward’s economy is undergoing a market correction, due to a struggling housing market and the rising costs of living. These market drivers have inversely put excess weight on three main market fundamentals, according to Moody’s | Economy.com. First, they are triggering workforce cuts in housing-related industries. Secondly, mortgage equity withdrawal – which accounted for 17.0% of income at the height of the housing boom – will not contribute to income this year. Finally, the housing slowdown is slowing down discretionary spending, in turn impacting the broader economy. However, these market losses are sparking some gains. Due to the weakening U.S. Dollar, international trade has been brought to the forefront as Broward County is positioned to become a major player for foreign trade and shipping.

OVERVIEW Broward’s industrial market was driven by strong user sales, which increased 81.3% from the first quarter. Best Roofing will occupy 47.3% of the 95,000 square foot (sf) warehouse/distribution facility it purchased from Mattress Giant at 1500 NE 12th Terrace. Investor sales reported a 23.0% increase from a year ago as well. Seagis Property Group purchased 89,290 sf of manufacturing space for nearly $8.1 million from Doormark, Inc., who will remain in the building as the tenant, in a sale-leaseback transaction. Given volatility in the stock market, industrial real estate investments provide a more secure asset and return for buyers. The overall vacancy rate rose by 0.5 percentage point to 5.9% in the second quarter, but remains lower than Florida’s statewide average of 6.6%. Leasing activity, while relatively consistent with first quarter, still exhibited signs of life and enhanced activity is on the horizon. Two of the larger deals this quarter included Titan’s lease of 30,143 sf at Center Port in the Pompano Beach submarket and Blue Bell Creameries’ 29,318 sf deal in the Miramar Park of Commerce. Landlords have begun lowering rental rates within certain submarkets, such as Miramar, in an effort to enhance growth. The overall asking rental rate for the County decreased to $8.87 per square foot (psf) from $9.24 psf in the first quarter. The rates for office service and warehouse/distribution space fell by 2.5% and 3.2%, respectively. Product under construction totaled 2.3 million square feet (msf) of speculative space with 77.2% of this activity located in the north Broward submarket. The two largest projects include ProLogis Park Sawgrass I & II with a combined total of 936,316 sf of speculative space in the Coral Springs/Margate submarket.

FORECAST A return to market fundamentals of supply and demand will take shape. The current market has experienced large pricing gaps, which now look to be narrowing. The market has begun to shift in the tenant’s favor, which will bring about more leasing concessions. Outside financing continues to become less ascertainable, as lending institutions tighten their practices. As a result, additional sale-leasebacks may occur as users try to free up additional capital to operate their businesses.




BROWARD COUNTY INDUSTRIAL REPORT 2Q08


*Rental rates reflect $psf/year HT = High Tech MF = Manufacturing OS = Office Service W/D = Warehouse/Distribution

MARKET HIGHLIGHTS

NO. OF VACANCY LEASING UNDER CONSTRUCTION OVERALLMARKET/SUBMARKET INVENTORY BLDGS. RATE ACTIVITY CONSTRUCTION COMPLETIONS ABSORPTION HT MF OSFt. Lauderdale - Central 7,874,316 194 5.9% 143,570 0 0 (138,982) N/A $12.00 $12.64Ft. Lauderdale - East/Central 9,748,213 427 3.6% 127,822 0 0 6,035 N/A $3.98 $8.56Ft. Lauderdale - Airport/Dania 6,404,159 179 5.4% 50,395 180,000 0 (66,457) N/A $13.05 $13.99Central Broward Total 24,026,688 800 4.9% 321,787 180,000 0 (199,404) N/A $10.94 $11.18Pompano Beach 24,040,859 665 6.8% 283,254 650,836 228,961 (474,158) N/A $9.50 $9.63Deerfield Beach 8,152,519 161 4.0% 137,950 240,000 48,000 (67,108) N/A N/A $11.40Coral Springs/Margate 5,121,486 126 2.5% 33,107 936,316 0 (45,927) N/A N/A $12.20North Broward Total 37,314,864 952 5.6% 454,311 1,827,152 276,961 (587,193) N/A $9.50 $10.68Plantation/Sunrise 9,244,026 160 4.3% 73,493 120,988 0 (74,091) $12.95 $10.00 $9.86Davie/Pembroke Pines/Miramar 13,584,011 190 7.0% 468,042 236,663 188,114 222,829 N/A N/A $10.98Southwest Broward Total 22,828,037 350 5.9% 541,535 357,651 188,114 148,738 $12.95 $10.00 $10.66Hollywood/Hallandale 9,695,421 187 9.9% 121,135 0 527,291 8,563 N/A $10.39 N/ASoutheast Broward Total 9,695,421 187 9.9% 121,135 0 527,291 8,563 N/A $10.39 N/ATOTAL 93,865,010 2,289 5.9% 1,438,768 2,364,803 992,366 (629,296) $12.95 $9.94 $10.83

NET RENTAL RATE*


Center Port Bldg #200 Pompano Beach Titan 30,143 Warehouse/Distribution10467 North Commerce Parkway Davie/Pembroke Pines/Miramar Blue Bell Creameries 29,318 Warehouse/DistributionSample 95 Business Park Bldg #4 Pompano Beach Thomasville Retail 25,280 Warehouse/Distribution


1201 NE 38th Street Fort Lauderdale - East/Central Oakland Park Industrial 181,817 $7,580,0001500 NE 12th Terrace Fort Lauderdale - East/Central Best Roofing 95,000 $5,070,000400 Goolsby Boulevard Deerfield Beach SPG Goolsby LLC 89,290 $8,050,000


Seneca Bldg J & K Hollywood/Hallandale Speculative 261,303 4/08Seneca Bldg M Hollywood/Hallandale Speculative 168,755 4/08Miramar Centre Business Park C Davie/Pembroke Pines/Miramar Speculative 125,104 4/08


ProLogis Park Sawgrass I Coral Springs/Margate Speculative 605,504 12/08ProLogis Park Sawgrass II Coral Springs/Margate Speculative 330,812 6/09740 South Powerline Road Deerfield Beach Speculative 150,000 8/08





PALM BEACH COUNTY INDUSTRIAL REPORT 2Q08 1


The New York City economy expanded at a healthy pace during the first six months of the year, led by strong gains in office-using employment. Data available through the end of May show that the City has added nearly 16,800 jobs in industries that are key to the commercial office market, with financial services and professional business services adding 7,400 and 5,500 jobs, respectively. This resulted in increased demand for office space in a market that

was already the tightest it had been since the first quarter of 2001.





BEAT ON THE STREET “A lot of the tenants are currently on the sidelines working short term renewals. We are anticipating a surge of activity in leasing at the beginning of 2009.”

-Christopher Thomson, Associate Director, Industrial Brokerage



Employment Growth

2.2% -0.2% -0.6%


MARKET FORECAST LEASING ACTIVITY is expected to remain stable through most of 2008, potentially increasing by year-end.

DIRECT ABSORPTION is forecasted to decrease through the second half of 2008 as demand staggers.

CONSTRUCTION:Due to a low vacancy rate, the need for quality warehouse/ distribution product remains healthy. Rising construction costs will limit the amount of new product delivered.

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PALM BEACH COUNTY INDUSTRIAL REPORT

2Q08

ECONOMY Palm Beach County’s industrial market is undergoing minor market corrections driven by supply and demand. The market, which has recently been dominated by landlords, is starting to shift in the tenants favor. Much of the core corrections are a result of the laboring housing market and the region’s increasing cost of living. These drivers have inversely put excess weight on market fundamentals, such as job growth and disposable income. Approximately 30.0% of all mortage originations in Palm Beach County during 2006 are considered to have been subprime in nature, well above the national average, according to Moody’s | Economy.com. This volatile environment has led to tighter lending practices, making it more difficult for potential buyers to receive the necessary financing for acquisitions. Despite these figures, the Palm Beach industrial market continued to outperform the rest of South Florida during the second quarter with an overall vacancy of 4.2%, the lowest in the state. The region’s industrial trade sector is well positioned for future growth, as South American economies show no signs of slowing down.

OVERVIEW The Palm Beach industrial market was a strong area for investment as the value of stocks and other investments fell off steadily in the second quarter. Well capitalized investors who can afford lower loan-to-value ratios are attracted to the area’s low vacancy rates. The number of both investor and user sale transactions more than doubled from first to second quarter, pointing to elasticity in the current market. Leasing activity declined by half from the first to second quarter as companies remained hesitant to relocate. The majority of second quarter deals were for smaller spaces signed by firms in office/service center spaces, representing a transition from a first quarter dominated by activity in the warehouse/distribution property market. Two buildings totaling 115,500 sf were delivered in the second quarter, both located in Jupiter’s Florida Research Park. The new industrial completions are likely to create more concession opportunities for tenants, which will inversely drive leasing activity. Developers began construction when the market was tightening and now face the credit crunch, lack of capital, and scarcity of tenants in 2008. Rising construction costs will limit the number of projects that break ground during the remainder of the year.

FORECAST Institutional interest has reached historically high levels as a result of improved demand and declines in quality vacant industrial space. Going forward, heavily financed institutional players will become involved in the Palm Beach industrial market. However, securing outside financing continues to be difficult as lending institutions tighten their practices. As a result, more sale-lease backs will occur as users try to free up additional capital to operate their businesses during this economic slowdown. With the presence of Scripps Research Institute in Palm Beach, biotech companies will gravitate to the Palm Beach area.




PALM BEACH COUNTY INDUSTRIAL REPORT 2Q08


*Rental rates reflect $psf/year HT = High Tech MF = Manufacturing OS = Office Service W/D = Warehouse/Distribution

MARKET HIGHLIGHTS

OVERALL YTD YTD YTDNO. OF VACANCY LEASING UNDER CONSTRUCTION OVERALL

MARKET/SUBMARKET INVENTORY BLDGS. RATE ACTIVITY CONSTRUCTION COMPLETIONS ABSORPTION HT MF OS W/D

Boca Raton 8,396,938 193 2.4% 132,845 0 0 (47,031) $16.00 N/A $12.79 $10.58

Jupiter 1,613,175 40 15.7% 0 364,000 175,500 (1,953) N/A N/A $10.38 N/A

Delray Beach 2,808,074 76 6.8% 6,208 0 0 (17,204) N/A N/A $11.22 $9.35

Boynton Beach 3,813,788 88 4.2% 80,855 0 0 (7,502) N/A N/A $13.00 $8.48

Lake Worth 1,943,631 72 5.0% 45,358 0 0 34,378 N/A N/A $11.24 $9.48

West Palm Beach 17,234,671 394 3.1% 99,012 859,766 133,592 3,633 N/A $4.29 $13.42 $7.95

Riviera Beach 8,941,220 233 5.0% 37,940 63,018 0 (38,646) N/A $6.57 $9.00 $7.47

TOTAL 44,751,497 1,096 4.2% 402,218 1,286,784 309,092 (74,325) $16.00 $5.85 $11.40 $8.30

DIRECT WEIGHTED AVERAGENET RENTAL RATE*


6796 Lantana Road Lantana R & S Export & Import 31,178 Office ServicesPremier Gateway Commerce Center Bldg #4 Boynton Beach Lawson 30,489 Warehouse/DistributionPremier Gateway Commerce Center Bldg #5 Boynton Beach HGI Industries 30,278 Warehouse/Distribution


1500 Avenue R- Lewis Terminals Industrial Park Riviera Beach Realty Associates Fund VIII L.P. 52,961 $3,800,00010455 Riverside Dr- Gardens Commerce Center Palm Beach Gardens D&C Properties LLC 39,916 $9,050,0008365 Garden Road- Central Industrial Park Riviera Beach Olive Tree Investments Inc. 28,860 $2,175,000

BUILDING SUBMARKET MAJOR T ENANT SQUARE FEET COMPLETION DATE

Pike Road & Southern Boulevard West Palm Beach Speculative 96,000 7/0814924 Park of Commerce Boulevard Jupiter Speculative 60,500 5/0814703 Park of Commerce Boulevard Jupiter Speculative 55,000 5/08

BUILDING SUBMARKET MAJOR T ENANT SQUARE FEET COMPLETION DATE

ProLogis Park of West Palm Beach Phase I West Palm Beach Speculative 180,000 12/08Premier Park of Commerce - Bldg #3 West Palm Beach Speculative 95,000 9/08Premier Park of Commerce - Bldg #2 West Palm Beach Speculative 50,000 9/08





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