Office Cross Market Report Usa Q2 2009

Colliers International Cross Market Report - Office Second Quarter 2009 New Supply (1000s SF)

Vacancy

Absorption (1000s SF)

CBD  Suburban  Q2 2009 Q2 2009 0.0 0.0 0.0 145.0 0.0 35.0 195.0 350.0 0.0 0.0 0.0 0.0 ‐14.0 224.0 0.0 0.0 0.0 0.0 0.0 391.0

Direct  Sublet  Total  Vacancy  Vacancy  Vacancy  Rate Q2  Rate Q2  Rate Q2  2009 2009 2009 16.2% 2.4% 18.7% 19.4% 1.4% 20.8% 11.7% 0.5% 12.2% 14.1% 1.3% 15.4% 17.3% 0.7% 18.0% 19.3% 0.7% 19.9% 16.9% 1.4% 18.2% 17.0% 0.5% 17.5% 17.4% 2.1% 19.5% 11.6% 0.5% 12.1%

Suburban

Absorption  Absorption    Absorption  Q2 2009 Last 12 mos. Q2 2009 ‐823.7 ‐2,638.3 ‐1,285.4 ‐0.2 ‐81.2 ‐60.8 ‐50.5 150.5 ‐192.6 ‐81.7 ‐107.9 ‐75.2 ‐83.1 ‐189.6 4.1 ‐83.0 ‐237.8 ‐164.0 ‐68.0 ‐30.0 ‐84.0 ‐47.0 ‐618.2 ‐28.0 ‐241.7 157.4 ‐334.9 ‐24.0 76.0 52.0

Absorption  Last 12  mos. ‐2,519.8 159.9 79.4 231.6 ‐283.9 ‐129.1 ‐474.0 ‐252.5 ‐1,116.1 495.0

Baltimore, MD Boston, MA Hartford, CT New Jersey ‐ Central New Jersey ‐ Northern New York ‐ Fairfield County, CT New York ‐ Westchester County, NY New York, NY ‐ Downtown Manhattan New York, NY ‐ Midtown Manhattan New York, NY ‐ Midtown South Manhattan Philadelphia, PA Washington, DC Washington, DC ‐ N. Virginia  Washington, DC ‐ Suburban, MD

68,768.2 158,351.6 24,417.8 104,024.1 159,000.8 57,370.9 44,228.7 89,743.7 257,411.8 98,339.5 150,982.1 115,753.5 150,396.9 74,101.3

1,183.3 2,008.1 0.0 463.0 158.0 975.0 0.0 4,600.0 1,438.0 315.0 1,261.0 6,927.5 1,542.0 1,245.0

1.7% 1.3% 0.0% 0.4% 0.1% 1.7% 0.0% 5.1% 0.6% 0.3% 0.8% 6.0% 1.0% 1.7%

0.0 205.6 0.0 n/a n/a n/a n/a 0.0 0.0 0.0 0.0 1,593.1 n/a n/a

654.0 427.0 0.0 59.0 283.3 0.0 0.0 n/a n/a n/a 214.7 n/a 0.0 346.7

16.9% 14.0% 17.6% 15.5% 9.5% 14.5% 13.8% 7.5% 9.2% 10.8% 12.7% 8.3% 8.3% 10.0%

1.6% 2.9% 0.9% 1.7% 1.7% 4.0% 2.7% 3.1% 4.5% 3.0% 1.7% 1.3% 2.3% 1.6%

18.6% 16.9% 18.5% 17.2% 11.2% 18.5% 16.4% 10.6% 13.7% 13.8% 14.4% 9.6% 10.6% 11.6%

‐251.4 ‐580.7 ‐256.1 n/a n/a n/a n/a ‐345.5 ‐3,174.5 ‐747.0 ‐240.9 ‐230.9 n/a n/a

‐161.5 ‐1,747.4 ‐466.8 n/a n/a n/a n/a ‐1,806.9 ‐11,734.1 ‐3,747.3 ‐357.0 204.3 n/a n/a

459.1 ‐948.6 130.9 ‐1,984.4 206.4 ‐496.5 227.0 n/a n/a n/a ‐547.5 n/a 664.6 147.8

189.6 ‐2,738.8 9.5 ‐1,456.0 706.6 ‐1,896.5 95.2 n/a n/a n/a ‐746.7 n/a 102.1 ‐688.0

Atlanta, GA Charleston, SC Charlotte, NC Columbia, SC Dallas/Fort Worth, TX , Ft. Lauderdale/Broward County, FL Greenville, SC Houston, TX Jacksonville, FL Little Rock, AR Louisville, KY Memphis, TN Miami/Dade County, FL Nashville, TN Orlando, FL Raleigh/Durham/Chapel Hill, NC Tampa, FL West Palm Beach/Palm Beach County, FL

238,436.5 10,049.3 73,347.5 9,516.9 291,265.7 , 54,431.9 7,566.4 193,747.8 39,216.6 14,907.4 19,310.1 35,866.4 77,261.6 32,620.8 63,858.9 44,796.8 80,313.1 38,177.7

3,226.0 0.0 2,676.4 190.0 3,210.0 , 326.0 0.0 4,326.2 0.0 67.0 0.0 152.0 3,465.6 604.0 827.0 766.0 267.0 81.0

1.4% 0.0% 3.6% 2.0% 1.1% 0.6% 0.0% 2.2% 0.0% 0.4% 0.0% 0.4% 4.5% 1.9% 1.3% 1.7% 0.3% 0.2%

541.3 0.0 390.0 171.0 0.0 0.0 54.5 0.0 0.0 0.0 140.0 0.0 0.0 0.0 0.0 13.5 0.0 0.0

343.6 82.7 38.4 69.6 561.3 95.0 0.0 1,292.9 0.0 0.0 0.0 6.7 289.2 300.2 458.6 345.0 250.0 135.1

14.4% 17.3% 12.2% 17.1% 16.2% 12.5% 17.8% 14.4% 13.4% 9.4% 11.0% 12.7% 13.4% 11.6% 14.3% 18.5% 13.9% 18.8%

1.5% 1.6% 0.7% 1.3% 0.9% 1.0% 5.3% 1.3% 0.9% 0.7% 1.3% 0.7% 1.1% 2.8% 1.5% 1.6% 0.9% 1.2%

15.9% 19.0% 12.8% 18.4% 17.2% 13.5% 23.1% 15.6% 14.3% 10.1% 12.3% 13.5% 14.5% 14.4% 15.8% 20.1% 14.8% 20.1%

‐26.4 ‐29.1 ‐96.9 ‐76.7 ‐147.6 2.8 ‐5.8 ‐61.2 0.0 106.8 82.8 ‐42.5 ‐197.7 ‐120.0 ‐74.6 ‐33.7 ‐51.9 86.5

312.1 ‐56.0 ‐393.6 ‐123.3 ‐285.1 ‐117.0 53.2 ‐88.8 ‐25.8 118.1 ‐87.3 105.9 ‐300.1 ‐476.1 ‐169.5 176.9 ‐171.0 79.0

‐566.8 ‐51.6 ‐105.1 ‐213.9 ‐377.8 ‐335.5 ‐80.2 ‐446.6 0.0 ‐106.8 ‐10.5 18.4 ‐767.5 ‐112.9 ‐411.8 ‐455.7 ‐651.9 ‐202.5

‐796.6 ‐669.9 53.7 ‐178.6 3,150.5 , ‐355.5 ‐48.0 973.2 ‐699.1 ‐116.1 ‐8.1 425.3 ‐835.1 245.6 ‐284.4 84.3 ‐1,633.5 205.2

Bakersfield, CA 8,853.9 48.0 0.5% 0.0 12.5 8.9% 0.8% 9.7% ‐28.9 Boise, ID 13,691.2 318.0 2.3% 0.0 0.0 16.5% 1.0% 17.5% ‐25.3 Denver, CO 152,080.5 496.4 0.3% 0.0 232.5 13.2% 1.2% 14.3% ‐22.4 Fresno, CA 20,903.1 11.0 0.1% 0.0 106.4 12.5% 0.8% 13.3% 6.9 Honolulu, HI 15,706.1 0.0 0.0% 0.0 0.0 9.5% 0.6% 10.1% ‐39.3 Las Vegas, NV 40,966.4 324.0 0.8% 0.0 143.5 22.0% 1.6% 23.6% ‐13.2 Los Angeles ‐ Inland Empire, CA 22,913.0 455.0 2.0% n/a 0.0 22.7% 0.8% 23.5% n/a Los Angeles, CA 197,269.5 1,667.0 0.8% 0.0 1,205.6 13.5% 1.9% 15.4% 126.9 Oakland, CA 32,899.5 62.0 0.2% 110.0 0.0 13.1% 1.5% 14.6% ‐92.8 Orange County, CA 77,207.4 81.0 0.1% n/a 0.0 18.7% 1.6% 20.2% n/a Phoenix, AZ 127,438.4 2,393.0 1.9% 0.0 0.0 20.0% 1.4% 21.4% ‐418.0 Pleasanton/Walnut Creek, CA 40,207.0 0.0 0.0% 0.0 0.0 15.8% 1.8% 17.7% ‐958.7 Portland, OR 120,870.1 921.6 0.8% 349.9 326.6 10.1% 1.0% 11.1% ‐144.1 Reno, NV 6,725.6 0.0 0.0% 0.0 0.0 18.3% 2.8% 21.2% 8.4 Sacramento, CA 88,065.8 737.0 0.8% 433.5 579.4 15.1% 0.6% 15.6% 113.5 San Diego County, CA 76,956.3 782.0 1.0% 0.0 329.9 16.4% 1.4% 17.9% 15.1 San Francisco Peninsula, CA 33,478.1 0.0 0.0% n/a 160.7 14.3% 5.6% 19.9% n/a San Francisco, CA 82,894.7 417.9 0.5% 0.0 n/a 12.4% 1.6% 14.1% ‐688.5 San Jose/Silicon Valley, CA 60,263.9 1,736.0 2.9% 318.4 102.4 17.6% 2.2% 19.8% ‐19.9 Seattle/Puget Sound, WA 141,455.3 5,043.2 3.6% 492.0 993.3 9.8% 1.3% 11.2% ‐678.9 Stockton/San Joaquin County, CA 8,475.8 30.0 0.4% 0.0 n/a 18.1% 0.7% 18.8% ‐23.5 *Sum of Markets/U.S. 4,999,581.7 65,251.1 1.3% 4,993.8 11,590.8 13.7% 1.7% 15.4% ‐10,898.0 Data Bars: Length of bars is meant to provide a quick way to visually assess relative size of statistic, but is not exact. Heat Values: The more negative the value the darker the shade of red. The closer values are to zero, the more yellow. The higher the positive value, the darker the green.

‐46.2 ‐85.9 ‐598.9 165.8 ‐74.0 ‐125.2 n/a ‐450.7 3.2 n/a ‐605.0 ‐2,707.6 ‐45.8 ‐9.5 787.4 ‐48.3 n/a ‐2,117.9 ‐336.1 ‐1,112.8 89.4 ‐32,102.4

62.2 ‐255.0 187.2 91.8 ‐43.6 ‐284.5 ‐54.5 ‐1,077.1 ‐9.7 ‐612.7 ‐630.0 ‐894.0 ‐90.3 ‐4.7 18.7 69.9 ‐407.8 n/a ‐1,538.7 387.0 n/a ‐14,274.2

65.6 ‐505.3 5.2 24.0 ‐148.6 ‐910.0 ‐256.6 ‐4,510.4 25.5 ‐1,928.3 ‐2,379.5 ‐2,191.6 ‐332.4 ‐67.5 ‐1,039.4 ‐982.8 ‐2,572.2 n/a ‐3,517.8 806.9 n/a ‐31,134.9

West

Northeast

Market Chicago, IL Cincinnati, OH Cleveland, OH Columbus, OH Detroit, MI Indianapolis, IN Kansas City MO‐KS Milwaukee, WI Minneapolis/St. Paul, MN St. Louis, MO

Existing  Under Inventory  Under Const.   Const. as  (1000s SF) % of Inv. (1000s SF) Q2 2009 Q2 2009 Q2 2009 235,827.4 2,692.9 1.1% 32,128.7 1,562.0 4.9% 102,406.1 223.0 0.2% 26,262.6 337.0 1.3% 129,038.1 197.0 0.2% 31,438.0 301.0 1.0% 47,226.0 521.0 1.1% 28,429.3 0.0 0.0% 69,767.3 430.0 0.6% 50,155.0 1,164.0 2.3%

South

Central

Region

CBD

KEY:

This report and other research materials may be found on our website at www.colliers.com. Questions related to information herein should be directed to the Research Department at  the number indicated above. This document has been prepared by Colliers International for advertising  general information only. Colliers International makes no guarantees, representations or warranties of any kind, express or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own  inquiries as to the accuracy of the information. Colliers International excludes inequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. Colliers International is a worldwide affiliation  of independently owned and operated companies.

Sources: Colliers International, Bureau of Labor Statistics.

Report prepared by Jeff Simonson, email: [email protected]

© Copyright 2009 Colliers International. All rights reserved.

Colliers International Cross Market Report - Office Second Quarter 2009

West

South

Northeast

Central

Region

CBD Class A Office

KEY:

Suburban Class A Office

Cap Rates

Market Chicago, IL Cincinnati, OH Cleveland, OH Columbus, OH Detroit, MI Indianapolis, IN Kansas City MO‐KS Milwaukee, WI Minneapolis/St. Paul, MN St. Louis, MO

Qtr  YOY  Qtr  YOY  Avg Annual  Growth in  Avg Annual  Growth in  Avg Annual  Growth in  Avg Annual  Growth in  Quoted  Asking  Quoted  Asking  Quoted  Asking  Quoted  Asking  Rent Q2  Rents (vs.  Rent Q2  Rents Rent Q2  Rents (vs.  Rent Q2  Rents 2009 Q1 2009) 2008 (Q2 2008) 2009 Q1 2009) 2008 (Q2 2008) $      35.50 0.0% $      42.00 ‐15.5% $      27.81 0.0% $      28.00 ‐0.7% $      23.47 ‐0.1% $      23.50 ‐0.1% $      21.13 0.1% $      20.50 3.1% $      20.97 ‐0.1% $      19.80 5.9% $      21.24 0.2% $      21.00 1.1% $      23.08 ‐0.1% $      20.00 15.4% $      19.45 ‐0.3% $      19.30 0.8% $      22.63 0.1% $      23.00 ‐1.6% $      23.28 ‐0.1% $      24.00 ‐3.0% $      20.25 ‐0.2% $      19.60 3.3% $      19.53 0.2% $      19.60 ‐0.4% $      20.16 ‐0.2% $      20.60 ‐2.1% $      22.26 ‐0.2% $      22.50 ‐1.1% $      22.00 0.0% $      22.00 0.0% $      21.00 0.0% $      21.00 0.0% $      16.53 0.2% $      26.40 ‐37.4% $      27.50 0.0% $      27.50 0.0% $      20.58 ‐0.1% $      20.60 ‐0.1% $      25.00 0.0% $      26.00 ‐3.8%

Baltimore, MD Boston, MA Hartford, CT New Jersey ‐ Central New Jersey ‐ Northern New York ‐ Fairfield County, CT New York ‐ Westchester County, NY New York, NY ‐ Downtown Manhattan New York, NY ‐ Midtown Manhattan New York, NY ‐ Midtown South Manhattan Philadelphia, PA Washington, DC Washington, DC ‐ N. Virginia  Washington, DC ‐ Suburban, MD

$      25.04 $      50.07 $      23.47 n/a n/a n/a n/a $      48.60 $      69.65 $      51.25 $      25.72 $      49.64 n/a n/a

0.2% ‐0.1% ‐0.1% n/a n/a n/a n/a 0.0% ‐0.1% ‐0.1% 0.1% ‐1.1% n/a n/a

$      24.00 $      62.30 $      23.80 n/a n/a n/a n/a $      59.70 $      97.00 $      62.10 $      25.90 $      51.10 n/a n/a

4.3% ‐19.6% ‐1.4% n/a n/a n/a n/a ‐18.6% ‐28.2% ‐17.5% ‐0.7% ‐2.9% n/a n/a

$      26.35 $      30.10 $      20.99 $      26.41 $      28.41 $      31.82 $      26.97 n/a n/a n/a $      24.96 n/a $      29.70 $      30.24

‐0.2% 0.0% 0.0% 0.0% 0.0% 0.1% ‐0.1% n/a n/a n/a ‐0.2% n/a ‐0.3% 1.8%

$      26.30 $      30.70 $      21.10 $      26.90 $      28.70 $      32.80 $      29.50 n/a n/a n/a $      24.90 n/a $      32.90 $      29.30

0.2% ‐2.0% ‐0.5% ‐1.8% ‐1.0% ‐3.0% ‐8.6% n/a n/a n/a 0.2% n/a ‐9.7% 3.2%

Atlanta, GA Charleston, SC Charlotte, NC Columbia, SC Dallas/Fort Worth, TX , Ft. Lauderdale/Broward County, FL Greenville, SC Houston, TX Jacksonville, FL Little Rock, AR Louisville, KY Memphis, TN Miami/Dade County, FL Nashville, TN Orlando, FL Raleigh/Durham/Chapel Hill, NC Tampa, FL West Palm Beach/Palm Beach County, FL

$      21.92 $      29.00 $      30.34 $      19.78 $      25.50 $      32.00 $      21.54 $      38.78 $      21.00 $      16.35 $      21.05 $      16.86 $      43.47 $      22.28 $      37.67 $      22.65 $      21.24 $      38.39

0.1% 0.0% 0.1% ‐0.1% 0.0% 0.0% 0.2% ‐0.1% 0.0% ‐0.3% ‐0.2% ‐0.2% ‐0.1% ‐0.1% ‐0.1% ‐0.2% ‐9.2% ‐3.3%

$      22.30 $      28.10 $      33.10 $      20.20 $      26.00 $      31.80 $      20.50 $      38.20 $      20.00 $      15.80 $      19.50 $      17.00 $      43.00 $      20.10 $      28.50 $      21.50 $      23.60 $      39.50

‐1.7% 3.2% ‐8.3% ‐2.1% ‐1.9% 0.6% 5.1% 1.5% 5.0% 3.5% 7.9% ‐0.8% 1.1% 10.8% 32.2% 5.3% ‐10.0% ‐2.8%

$      22.41 $      26.50 $      19.94 $      17.95 $      25.50 $      28.00 $      18.63 $      27.59 $      21.00 $      18.25 $      17.63 $      21.72 $      33.11 $      21.68 $      23.62 $      22.19 $      25.06 $      31.00

0.0% 0.0% 0.2% ‐0.3% 0.0% 0.0% 0.2% 0.0% 0.0% ‐0.3% 0.2% 0.1% 0.0% ‐0.1% 0.1% 0.0% 1.0% ‐1.6%

$      23.60 $      26.00 $      20.20 $      17.70 $      26.80 $      31.20 $      19.10 $      27.80 $      20.50 $      18.30 $      20.00 $      21.40 $      34.50 $      21.60 $      24.30 $      22.70 $      24.70 $      33.40

‐5.0% 1.9% ‐1.3% 1.4% ‐4.9% ‐10.3% ‐2.5% ‐0.8% 2.4% ‐0.3% ‐11.9% 1.5% ‐4.0% 0.4% ‐2.8% ‐2.2% 1.5% ‐7.2%

Bakersfield, CA Boise, ID Denver, CO Fresno, CA Honolulu, HI Las Vegas, NV Los Angeles ‐ Inland Empire, CA Los Angeles, CA Oakland, CA Orange County, CA Phoenix, AZ Pleasanton/Walnut Creek, CA Portland, OR Reno, NV Sacramento, CA San Diego County, CA San Francisco Peninsula, CA San Francisco, CA San Jose/Silicon Valley, CA Seattle/Puget Sound, WA Stockton/San Joaquin County, CA *Sum of Markets/U.S.

$      17.40 $      20.50 $      28.00 $      25.20 $      36.45 $      39.27 n/a $      39.84 $      34.20 n/a $      28.79 $      27.12 $      25.10 $      22.20 $      34.20 $      33.48 n/a $      34.20 $      37.56 $      32.09 $      19.56 $      41.06

0.0% 0.0% 0.0% 0.0% ‐0.1% ‐0.1% n/a 0.1% 0.0% n/a 0.0% 0.1% 0.0% 0.0% 0.0% ‐0.1% n/a 0.0% ‐0.1% ‐7.0% ‐3.2% ‐5.4%

$      17.40 $      19.90 $      34.00 $      27.00 $      36.80 $      39.60 n/a $      39.60 $      33.60 n/a $      31.80 $      27.80 $      25.50 $      22.90 $      34.90 $      35.60 n/a $      54.00 $      40.90 $      36.20 $      19.80 $      50.15

0.0% 3.0% ‐17.6% ‐6.7% ‐1.0% ‐0.8% n/a 0.6% 1.8% n/a ‐9.5% ‐2.4% ‐1.6% ‐3.1% ‐2.0% ‐6.0% n/a ‐36.7% ‐8.2% ‐11.4% ‐1.2% ‐18.1%

$      24.00 $      18.29 $      22.00 $      25.80 n/a $      35.50 $      27.36 $      36.12 $      31.80 $      31.20 $      26.84 $      23.16 $      23.67 $      21.60 $      25.80 $      36.36 $      34.80 n/a $      38.28 $      28.00 n/a $      27.37

0.0% ‐0.1% 0.0% 0.0% n/a 0.0% ‐0.1% 0.1% 0.0% 0.0% 0.1% ‐0.2% ‐0.1% 0.0% 0.0% ‐0.1% 0.0% n/a ‐0.1% 3.7% n/a ‐1.2%

$      24.00 $      19.20 $      25.00 $      27.00 n/a $      37.40 n/a $      39.60 $      30.60 $      36.70 $      28.60 $      26.30 $      23.80 $      24.00 $      25.70 $      39.20 $      43.90 n/a $      42.40 $      27.70 n/a $      28.72

0.0% ‐4.7% ‐12.0% ‐4.4% n/a ‐5.1% n/a ‐8.8% 3.9% ‐15.0% ‐6.2% ‐11.9% ‐0.5% ‐10.0% 0.4% ‐7.2% ‐20.7% n/a ‐9.7% 1.1% n/a ‐4.7%

CBD Q2  Suburban  2009 Q2 2009 7.5% 8.2% 10.0%

9.5%

9.0% 8.0% 8.5%

10.0% 8.0% 8.5% 10.5%

8.5%

9.0%

8.5% 8.0% 8.0% 8.0% 8.0% 7.0% 8.0% 8.9% 7.0% 7.2% 7.2%

8.1% 7.9%

7.4% 8.5% 8.0%

8.1% 10.0% 9.0%

8.9%

9.0%

8.0% 9.0% 9.0%

9.0% 9.0% 9.0%

8.5% 9.4%

7.8% 7.3% 9.5% 9.8% 9.0% 7.5%

7.6% 9.3% 8.5%

7.6% 9.5% 8.0%

8.3% 8.5%

4.9% 8.0%

9.1% 9.0% 8.0%

7.8% 7.1% 6.1% 8.0% 6.5% 9.0% 6.5% 7.5% 8.3% 7.5%

7.5%

8.8% 8.2%

8.4%

YOY*  Change in  Non‐Farm  Payrolls ‐3.9% ‐3.5% ‐4.9% ‐1.3% ‐5.3% ‐2.4% ‐1.1% ‐4.3% ‐2.5% ‐1.5% ‐1.8% ‐2.0% ‐2.3% n/a ‐1.8% ‐2.1% n/a ‐1.8% ‐1.8% ‐1.8% ‐2.1% ‐1.3% ‐1.3% ‐1.3% ‐4.6% ‐2.4% ‐3.7% ‐1.6% ‐1.1% n/a ‐1.6% ‐2.0% ‐3.1% ‐0.6% ‐2.7% ‐1.8% ‐2.7% n/a ‐4.3% ‐2.3% ‐3.6% n/a ‐0.2% ‐6.6% ‐3.6% ‐1.6% ‐0.2% ‐5.3% ‐4.3% ‐3.3% ‐3.9% ‐3.3% ‐6.7% n/a ‐4.8% ‐7.5% ‐4.1% ‐3.1% n/a ‐3.9% ‐4.0% ‐3.4% ‐2.0% ‐3.2%

Heat Values: The more negative the value the darker the shade of red. The closer values are to zero, the more yellow. The higher the positive value, the darker the green.

This report and other research materials may be found on our website at www.colliers.com. Questions related to information herein should be directed to the Research Department at  the number indicated above. This document has been prepared by Colliers International for  advertising general information only. Colliers International makes no guarantees, representations or warranties of any kind, express or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake  their own inquiries as to the accuracy of the information. Colliers International excludes inequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. Colliers International is a  worldwide affiliation of independently owned and operated companies.

Sources: Colliers International, Bureau of Labor Statistics. Report prepared by Jeff Simonson, email: [email protected] * 7‐1‐09 Non‐Farm Payroll data unavailable at report time. YOY change in Non‐Farm Payrolls includes the period from 7‐1‐08 to 6‐1‐09.

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