3Q2015 Economic Metrics (002)

Lee & Associates
Real Estate Economics Metrics Tracker
Third Quarter 2015

I
Section One
Unemployment and Jobs Data

National
• 142,371,000: Total Nonfarm Payroll Employment, Sep. 2015 (SA)-(Preliminary)
• 65,217: 10-Year Average number of jobs added per month
• 142,000: Number of jobs added September 2015 (Preliminary)
• 5.1%: September 2015 Unemployment Rate (SA)
• 7.0%: 10-Year Unemployment Rate Average
Bureau of Labor Statistics
National unemployment rate decreased to 5.1% September 2015. Unemployment dropped 20
basis points quarter-to-quarter. The lowest it's been since April 2008 at 5%. We're gradually
edging downwards to pre-recession rates which are below 5%. Employers added 142,000 jobs in
September (preliminary figure). Collectively, Q3 added 501,000 jobs.
7.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Oct-05
May-06
Dec-06
Jul-07
Feb-08
Sep-08
Apr-09
Nov-09
Jun-10
Jan-11
Aug-11
Mar-12
Oct-12
May-13
Dec-13
Jul-14
Feb-15
Sep-15
National Unemployment Rate
Unemployment Rate (SA) 10-Year Avg.
(1,000,000)
(800,000)
(600,000)
(400,000)
(200,000)
0
200,000
400,000
600,000
Oct-05
Feb-06
Jun-06
Oct-06
Feb-07
Jun-07
Oct-07
Feb-08
Jun-08
Oct-08
Feb-09
Jun-09
Oct-09
Feb-10
Jun-10
Oct-10
Feb-11
Jun-11
Oct-11
Feb-12
Jun-12
Oct-12
Feb-13
Jun-13
Oct-13
Feb-14
Jun-14
Oct-14
Feb-15
Jun-15
National Nonfarm Jobs Added (October 2005 - September 2015)

New York City
• 4,202,400: Total Nonfarm Jobs as of September 2015 (SA)
• 3,597: 20-Year Average number of jobs added monthly (SA)
• 4,950: 10-Year Average number of jobs added montly (SA)
• 8,000: Number of jobs gained in September 2015 (SA)
• -4,400: Number of jobs gained in 3Q 2015 (SA)
• 5.2%: September 2015 Unemployment Rate (SA)
• 7.5%: 10-Year Unemployment Rate Average
New York Department of Labor
Q3 had a net gain of -4,400 in jobs added in NYC. September saw an addition of
8,000 jobs, but it wasn't enough due to August's bad month in losing 13,400 jobs.
Unemployment in the city continues to strengthen leading to a quarter closing of a
low rate of 5.2%. This is the lowest since March 2008 (5.1%).
7.5%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Oct-05
Apr-06
Oct-06
Apr-07
Oct-07
Apr-08
Oct-08
Apr-09
Oct-09
Apr-10
Oct-10
Apr-11
Oct-11
Apr-12
Oct-12
Apr-13
Oct-13
Apr-14
Oct-14
Apr-15
New York City Unemployment Rate
Unemployment Rate (SA) 10 Year Average
(40)
(30)
(20)
(10)
-
10
20
30
Oct-05
Jan-06
Apr-06
Jul-06
Oct-06
Jan-07
Apr-07
Jul-07
Oct-07
Jan-08
Apr-08
Jul-08
Oct-08
Jan-09
Apr-09
Jul-09
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
Apr-15
Jul-15
Thousands
New York City Nonfarm Jobs Added

Unemployment Rate Comparison
Seasonally Adjusted
September 2015 Unemployment Rate 10-Year Unemployment Rate Average
United States 5.1% 7.0%
New York City 5.2% 7.5%
Bureau of Labor Statistics and New York Department of Labor
United States 10-year unemployment rate average decreased by 20 basis points since last quarter, bringing it within 10 basis points of NYC's unemployment rate. The U.S.
unemployment rate decreased to 5.1%, as low as it has been since 2008. Similarly NYC's unemployment rate dropped by 1.5 percentage points since Sept. 2015 (6.7%).
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Oct-05
Jan-06
Apr-06
Jul-06
Oct-06
Jan-07
Apr-07
Jul-07
Oct-07
Jan-08
Apr-08
Jul-08
Oct-08
Jan-09
Apr-09
Jul-09
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
Apr-15
Jul-15
United States vs. New York City Unemployment Rate
U.S. N.Y.C. 10-Year U.S. Avg. 10-Year N.Y.C. Avg.

Unemployment and Jobs Added Overview
Start of 2007 Recession End of Recession: 2009
Unemployment Peak:
2009
September
2015
20-Year
Average
10-Year
Average
United States 5.0% 9.5% 10.0% 5.1% 6.0% 7.0%
New York State 4.9% 8.6% 8.9% 4.8% 6.2% 6.7%
New York City 5.2% 9.6% 10.2% 5.2% 7.5% 7.5%
Start of 2007 Recession End of Recession: 2009
Lowest Job Numbers
2010
September
2015
20-Year
Average
10-Year
Average
United States 138,350,000 130,944,000 129,649,000 142,371,000 131,952,000 135,429,000
New York State 8,774,000 8,522,600 8,496,900 9,261,000 8,566,700 8,778,900
New York City 3,776,500 3,683,600 3,678,400 4,202,400 3,698,700 3,842,400
Start of 2007 Recession: December 2007
End of Recession: June 2009
Bureau of Labor Statistics and New York Department of Labor
Unemployment
Time Period
Non-Farm
Jobs
Time Period
Employment increased across the United States and New York State. New York City lost 1,100 jobs since last quarter. All three markets are performing better compared to their 20 and 10 year averages. New
York State finally lowered its unemployment rate to pre-recession levels at 4.8%. New York City also cut its unemployment rate to 5.2%, to what it was at the beginning of the 2007 recession.

September 2015 New York City Industry Composition of Nonfarm Jobs
Not Seasonally Adjusted. Data is preliminary and can be adjusted.
• The Leisure and Hospitality sector has grown 102% in 20 years.
• The Goods Producing sector lost 32% of its labor force in 20 years.
• Vice versa, the Service Producting sector grew by 32% in 20 years.
• In a 20-Year growth, the following sectors grew by 50-60%: Professional and
Business Services; Education and Health Services; & Other Services.
• Financial Activities had the weakest 10-Year growth at 2.6%.
• Government lost 0.6% of its workforce in 10 years.
Goods Producing,
2.8%
Service Producing,
52.8%
Information, 2.4%
Financial Activities,
6.1%
Professional &
Business Services,
9.1%
Education & Health
Services, 11.5%
Leisure &
Hospitality, 5.7%
Other Services,
2.5%
Government, 7.2%
2015
Goods
Producing,
3.6%
Service
Producing,
52.5%
Information,
2.6%
Financial
Activities,
7.0%
Professional
& Business
Services, 8.7%
Education &
Health
Services,
10.5%
Leisure &
Hospitality,
4.4%
Other
Services, 2.4%
Government,
8.5%
2005
Goods
Producing,
5.3%
Service
Producing,
51.9%
Information,
2.7%
Financial
Activities, 8.1%
Professional &
Business
Services, 7.7%
Education &
Health
Services, 9.4%
Leisure &
Hospitality,
3.6%
Other Services,
2.1%
Government,
9.2%
1995

September 2015 New York City Industry Snapshot
Industry Sectors are sorted by September 2015 results.
Industry
September
2015
August
2015
September
2014
Net
Month
Percent
Month
Net
Year
Percent
Year
Total Nonfarm 4,191,500 4,191,900 4,119,600 (400) 0.0% 71,900 1.7%
Total Private 3,648,900 3,644,100 3,579,100 4,800 0.1% 69,800 2.0%
Service Providing 3,982,200 3,980,000 3,909,500 2,200 0.1% 72,700 1.9%
Education & Health Services 866,100 852,900 845,300 13,200 1.5% 20,800 2.5%
Professional & Business Services 686,500 692,800 672,400 (6,300) -0.9% 14,100 2.1%
Government 542,600 547,800 540,500 (5,200) -0.9% 2,100 0.4%
Financial Activities 458,900 464,200 450,400 (5,300) -1.1% 8,500 1.9%
Leisure & Hospitality 426,800 426,100 413,600 700 0.2% 13,200 3.2%
Goods Producing 209,300 211,900 210,100 (2,600) -1.2% (800) -0.4%
Other Services 187,200 188,700 179,800 (1,500) -0.8% 7,400 4.1%
Information 183,200 185,500 185,100 (2,300) -1.2% (1,900) -1.0%

September 2015 New York City Industry Snapshot: Yearly Percentage Change
Industry Sectors are sorted by Percentage by Year.
Industry
September
2015
August
2015
September
2014
Net
Month
Percent
Month
Net
Year
Percent
Year
Total Nonfarm 4,191,500 4,191,900 4,119,600 (400) 0.0% 71,900 1.7%
Total Private 3,648,900 3,644,100 3,579,100 4,800 0.1% 69,800 2.0%
Goods Producing 187,200 188,700 179,800 (1,500) -0.8% 7,400 4.1%
Information 426,800 426,100 413,600 700 0.2% 13,200 3.2%
Professional & Business Services 866,100 852,900 845,300 13,200 1.5% 20,800 2.5%
Education & Health Services 686,500 692,800 672,400 (6,300) -0.9% 14,100 2.1%
Other Services 3,982,200 3,980,000 3,909,500 2,200 0.1% 72,700 1.9%
Service Providing 458,900 464,200 450,400 (5,300) -1.1% 8,500 1.9%
Leisure & Hospitality 542,600 547,800 540,500 (5,200) -0.9% 2,100 0.4%
Financial Activities 209,300 211,900 210,100 (2,600) -1.2% (800) -0.4%
Government 183,200 185,500 185,100 (2,300) -1.2% (1,900) -1.0%

New York City Historical Industry Snapshot
Not Seasonally Adjusted
Industry
September
2015
September
2010
September
2005
Net
5 Year
Percent
5 Year
Net
10 Year
Percent
10 Year
Total Nonfarm 4,191,500 3,704,100 3,610,000 487,400 13.2% 581,500 16.1%
Total Private 3,648,900 3,157,800 3,064,100 491,100 15.6% 584,800 19.1%
Service Providing 3,982,200 3,512,900 3,377,600 469,300 13.4% 604,600 17.9%
Education & Health Services 866,100 744,500 673,300 121,600 16.3% 192,800 28.6%
Professional & Business Services 686,500 575,000 558,700 111,500 19.4% 127,800 22.9%
Government 542,600 546,300 545,900 -3,700 -0.7% -3,300 -0.6%
Financial Activities 458,900 430,800 447,300 28,100 6.5% 11,600 2.6%
Leisure & Hospitality 426,800 327,900 282,100 98,900 30.2% 144,700 51.3%
Goods Producing 209,300 191,200 232,400 18,100 9.5% -23,100 -9.9%
Other Services 187,200 159,900 153,400 27,300 17.1% 33,800 22.0%
Information 183,200 167,900 164,500 15,300 9.1% 18,700 11.4%

2015 New York City Wages
Data is preliminary. Annual salaries are projected by quarterly surveys. Since 2015 is not complete, salaries are subject to revisions.
Sorted by Total Wages ($ Millions) in ascending order.
$105,344
$111,880
$511,440
$129,812
$62,784
$46,388
$153,196
$251,060
$38,160
$60,680
$85,616
$63,536
$31,796
$84,404
$69,196
$46,720
$54,048
$62,016
$55,840
$38,740
$69,216
$222,216
$421,587
$388,128
$163,481
$48,513
$33,459
$29,646
$26,507
$17,187
$13,078
$12,545
$11,458
$11,128
$10,310
$9,555
$8,570
$7,661
$5,971
$4,855
$4,244
$840
$16
$13
$-$100,000$200,000$300,000$400,000$500,000
$0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000
All Industries
All Private
Finance & Insurance
Professional, Scientific & Technical Services
Government
Health Care & Social Assistance
Information
Management of Companies & Enterprises
Retail Trade
Administrative, Support, Waste Management & Remediation
Wholesale Trade
Educational Services
Accomodation & Food Services
Real Estate
Construction
Other Services (Except Public Administration)
Transportation & Warehousing
Arts, Entertainment & Recreation
Manufacturing
Unclassified
Agriculture, Forestry, Fishing & Hunting
Mining, Quarrying, and Oil/Gas Extraction
Millions
Average Wage Total Wages

New York City Wages: Time Comparison
Average Salaries
2015
Estimated
2010
% Change
5 Year
2005
% Change
10 Year
Recession
2007-2009
% Change
Since Recession
All Industries $105,344 $77,997 35.1% $67,858 55.2% $78,129 34.8%
All Private $111,880 $81,786 36.8% $70,834 57.9% $82,295 35.9%
Accommodation & Food Services $31,796 $28,585 11.2% $25,941 22.6% $28,384 12.0%
Administrative, Support, Waste Management & Remediation $60,680 $50,383 20.4% $40,332 50.5% $47,449 27.9%
Agriculture, Forestry, Fishing & Hunting $69,216 $56,385 22.8% $32,292 114.3% $51,892 33.4%
Arts, Entertainment & Recreation $62,016 $63,986 -3.1% $55,939 10.9% $61,730 0.5%
Construction $69,196 $69,650 -0.7% $58,314 18.7% $67,522 2.5%
Educational Services $63,536 $52,569 20.9% $44,094 44.1% $49,996 27.1%
Finance & Insurance $511,440 $260,986 96.0% $208,907 144.8% $266,084 92.2%
Government $62,784 $56,960 10.2% $51,730 21.4% $54,688 14.8%
Health Care & Social Assistance $46,388 $47,226 -1.8% $41,759 11.1% $45,712 1.5%
Information $153,196 $107,815 42.1% $93,002 64.7% $103,569 47.9%
Management of Companies & Enterprises $251,060 $186,681 34.5% $157,398 59.5% $173,013 45.1%
Manufacturing $55,840 $53,449 4.5% $48,316 15.6% $52,490 6.4%
Mining, Quarrying & Oil/Gas Extraction $222,216 $150,855 47.3% $115,834 91.8% $134,840 64.8%
Professional, Scientific & Technical Services $129,812 $109,512 18.5% $94,057 38.0% $105,108 23.5%
Real Estate $84,404 $60,650 39.2% $53,159 58.8% $60,752 38.9%
Retail Trade $38,160 $34,673 10.1% $32,715 16.6% $34,961 9.2%
Transportation & Warehousing $54,048 $48,341 11.8% $42,754 26.4% $46,914 15.2%
Wholesale Trade $85,616 $78,069 9.7% $68,428 25.1% $75,306 13.7%
Other Services (Except Public Administration) $46,720 $44,311 5.4% $36,593 27.7% $41,952 11.4%
Unclassified $38,740 $41,408 -6.4% $32,861 17.9% $35,017 10.6%
Industries
Time Period

Historical Monthly Consumer Price Index (CPI) in New York-Northern New Jersey-Long Island
• 261.887: CPI in September 2015
• 213.363: 20-Year (1995 to 2015) average monthly CPI
• 242.771: 10-Year (2005 to 2015) average monthly CPI
• 0.5%: 10-Year (2005 to 2015) average monthly change in CPI
Bureau of Labor Statistics
Consumer Price Index is at a current level of 261.89, up from 261.35 last month and up from
261.07 one year ago. This is a change of 0.21% from last month and 0.31% from one year ago.
-4.0%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
0
50
100
150
200
250
300
Oct-05
Feb-06
Jun-06
Oct-06
Feb-07
Jun-07
Oct-07
Feb-08
Jun-08
Oct-08
Feb-09
Jun-09
Oct-09
Feb-10
Jun-10
Oct-10
Feb-11
Jun-11
Oct-11
Feb-12
Jun-12
Oct-12
Feb-13
Jun-13
Oct-13
Feb-14
Jun-14
Oct-14
Feb-15
Jun-15
Consumer Price Index | New York-Northern New Jersey-Long Island
CPI Quarterly % Change

II
Section Two
Economic Activity

National Gross Domestic Product (Real GDP)
Adjusted For Inflation: Chained (2009) Dollars
GDP figures for the third quarter were not released while compiling this report.
• $16,333.6 Billion: Q2 Gross Domestric Product
• $13,680.1 Billion: 20-Year National GDP Quarterly Average
• $15,102.8 Billion: 10-Year National GDP Quarterly Average
• 3.9%: Q2 Real Gross Domestic Product Percent Change
• 2.5%: 20-Year Average Quarterly Change in Real National GDP
• 1.5%: 10-Year Average Quarterly Change in Real National GDP
Bureau of Economic Analysis
US Monthly Real GDP is at a current level of 16.35T (August 2015), down from 16.38T the prior
month. This represents a monthly annualized growth rate of -1.83%, compared to a long term
average annualized growth rate of 2.49%. The increase in real GDP in the second quarter primarily
reflected positive contributions from PCE, exports, nonresidential fixed investment, state and local
government spending, and residential fixed investment. Imports, which are a subtraction in the
calculation of GDP, increased. Real GDP increased 3.9 percent in the second quarter, after
increasing 0.6 percent in the first.
-10.0
-8.0
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
13,000.0
13,500.0
14,000.0
14,500.0
15,000.0
15,500.0
16,000.0
16,500.0
2005q3
2005q4
2006q1
2006q2
2006q3
2006q4
2007q1
2007q2
2007q3
2007q4
2008q1
2008q2
2008q3
2008q4
2009q1
2009q2
2009q3
2009q4
2010q1
2010q2
2010q3
2010q4
2011q1
2011q2
2011q3
2011q4
2012q1
2012q2
2012q3
2012q4
2013q1
2013q2
2013q3
2013q4
2014q1
2014q2
2014q3
2014q4
2015q1
2015q2
$(Billions)
National Gross Domestic Product
GDP % Change in GDP

New York City Coincident Economic Indicators (CEI)
• 209.71: CEI in September 2015
• 169.44: Ten Year Average
• 42.36%: Ten Year Growth
• 31.04%: Five Year Growth
Federal Reserve Bank of New York
A coindicent index is a single summary statistic that tracks the current state of the economy. The index is computed from a number of data series that move systematically with overall economic
conditions. A rise in the index indicates an expansion of economic activity and a decline in the index indicates a contraction in economic activity. Index is computed using data on employment, real
earnings, the unemployment rate and average weekly hours worked in manufacturing.
In September, the New York City Index of Coincident Economic Indicators (CEI) increased at an
annual rate of 4.2%, following a 4.7% increase in August. The index has risen 5.6% over the past
12 months.
169.44 (NYC-CEI) 10-Year
Average
0
50
100
150
200
250
10/1/2005
2/1/2006
6/1/2006
10/1/2006
2/1/2007
6/1/2007
10/1/2007
2/1/2008
6/1/2008
10/1/2008
2/1/2009
6/1/2009
10/1/2009
2/1/2010
6/1/2010
10/1/2010
2/1/2011
6/1/2011
10/1/2011
2/1/2012
6/1/2012
10/1/2012
2/1/2013
6/1/2013
10/1/2013
2/1/2014
6/1/2014
10/1/2014
2/1/2015
New York City Coincident Economic Indicator
New York City 10-Year Average New York New Jersey

Monthly National Housing Starts
• 1,206,000: September 2015 Seasonally Adjusted Annual Rate of Housing Starts
• 1,333,000: 20-Year Average
• 986,000: 10-Year Average
U.S. Census Bureau
Housing starts reflect a seasonally adjusted annual rate. Seasonal adjustment is the process of estimating and removing seasonal effects from a time series to better reveal certain non-seasonal
features such as underlying trends and business cycles. The seasonally adjusted annual rate is the seasonally adjusted monthly value multiplied by 12. The benefit of the annual rate is that not only
can one monthly estimate be compared with another, monthly data can also be compared with an annual total. The seasonally adjusted annual rate is neither a forecast nor a projection; rather, it is
a description of the rate of housing starts in the particular month for which they are calculated.
US Housing Starts is at a current level of 1.206M, up from 1.132M last
month and up from 1.026M one year ago. This is a change of 6.54% from
last month and 17.54% from one year ago.
986
0
500
1,000
1,500
2,000
2,500
Oct2005
Feb2006
Jun2006
Oct2006
Feb2007
Jun2007
Oct2007
Feb2008
Jun2008
Oct2008
Feb2009
Jun2009
Oct2009
Feb2010
Jun2010
Oct2010
Feb2011
Jun2011
Oct2011
Feb2012
Jun2012
Oct2012
Feb2013
Jun2013
Oct2013
Feb2014
Jun2014
Oct2014
Feb2015
Jun2015
Thousands
National Housing Starts
Housing Starts 10-Year Average

National Auto Sales
Light Vehicle Total - Seasonally Adjusted at Annual Rates (Millions)
• 18.1 Million: September 2015 U.S. Auto Sales
• 15.4 Million: 20-Year average monthly auto sales
• 14.4 Million: 10-Year average monthly auto sales
14.4 - 10-Year Average
0.0
5.0
10.0
15.0
20.0
25.0
Jul-05
Nov-05
Mar-06
Jul-06
Nov-06
Mar-07
Jul-07
Nov-07
Mar-08
Jul-08
Nov-08
Mar-09
Jul-09
Nov-09
Mar-10
Jul-10
Nov-10
Mar-11
Jul-11
Nov-11
Mar-12
Jul-12
Nov-12
Mar-13
Jul-13
Nov-13
Mar-14
Jul-14
Nov-14
Mar-15
Jul-15
Millions
National Auto Sales
Sales 10-Year Avg.

National Corporate Profits
Profits From Current Production
Third Quarter Numbers Currently Not Released
• $2,083 Billion: Second Quarter 2015 corporate profits from production
• $1,731.2 Billion: 10-Year quarterly average corporate profits from production
Profits from current production and capital consumption adjustment increased $70.4 billion in the second quarter, in contrast to a decrease of $123.0 billion in the first.
$1,731.2 Billion
0.00
500.00
1,000.00
1,500.00
2,000.00
2,500.00
3Q05
4Q05
1Q06
2Q06
3Q06
4Q06
1Q07
2Q07
3Q07
4Q07
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
Billions
National Corporate Profits
Profit 10-Year Average

Thomson Reuters University of Michigan Index of Consumer Sentiment
• 87.2: September 2015 Consumer Sentiment Index
• 90.8: Third Quarter 2015 Consumer Sentiment Index
• 77.3: 10-Year Average Consumer Sentiment Index
University of Michigan
The Survey of Consumers is a rotating panel survey based on a nationally representative sample that gives each household in the coterminous U.S. an
equal probability of being selected. Interviews are conducted throughout the month by telephone. The survey assesses near-time consumer attitudes on
the business climate, personal finance, and spending, promotes an understanding of, and to forecast changes in, the national economy, provides a means
of incorporating empirical measures of consumer expectations into models of spending and saving behavior, gauges the economic expectations and
probable future spending behavior of the consumer, judges the consumer's level of optimism/pessimism.
The CSI is a key indicator that gauges the average US consumer's confidence level. This is an important indicator
for retailers, economists, and investors. The Sentiment Index was 87.2 in the September 2015 survey, down from
91.9 in August, but above last September’s 84.6. Stronger CSI also indicates improving incomes and positive
prospects for the economy, stimulating a strengthening US dollar, and in turn makes gold less attractive.
77.3 ICS 10-Year Average
0.0
20.0
40.0
60.0
80.0
100.0
120.0
4Q05
1Q06
2Q06
3Q06
4Q06
1Q07
2Q07
3Q07
4Q07
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
Thomson Reuters University of Michigan Index of Consumer Sentiment
Index 10-Year Average

New York Focused REIT Stock Prices
Year-Over-Year
Close price adjusted for dividends and splits.
New York Stock Exchange and Yahoo! Finance
• SL Green Realty increased 99% in stock value over a ten year span. September's adjusted closing was $108.95.
• Boston Properties increased 156% in stock value over a ten year span. September's adjusted closing was $117.47.
• Equity Residential increased 187% in stock value over a ten year span. September's adjusted closing was $73.55.
• Vornado Realty Trust increased 70% in stock value over a ten year span. September's adjusted closing was $90.63.
• AvalonBay Communities increased 194% in stock value over a ten year span. September's adjusted closing was $172.81
$-
$20.00
$40.00
$60.00
$80.00
$100.00
$120.00
$140.00
$160.00
$180.00
$200.00
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Real Estate Investment Trusts | Year-Over-Year (September)
SL Green Realty Boston Properties Equity Residential Vornado Realty Trust AvalonBay

Interest Rates
Daily Treasury Yield Curve Rates
• Rate on Sept. 30, 2015: 0.33% • Rate on Sept. 30, 2015: 1.37% • Rate on Sept. 30, 2015: 2.06% • Rate on Sept. 30, 2015: 2.87%
• 10-Year Average: 1.39% • 10-Year Average: 2.34% • 10-Year Average: 3.17% • 10-Year Average: 3.91%
U.S. Department of Treasury
One-Year Treasury Five-Year Treasury Ten-Year Treasury Thirty-Year Treasury
30-Year Treasury constant maturity series was discontinued on February 18, 2002 and reintroduced on February 9, 2006. From February 18, 2002 to February 8, 2006, Treasury published alternatives
to a 30-year rate. Historical trend reflects discontinued time frame as an estimation.
0
1
2
3
4
5
6
10/3/2005 10/3/2006 10/3/2007 10/3/2008 10/3/2009 10/3/2010 10/3/2011 10/3/2012 10/3/2013 10/3/2014
Treasury Rates
One-Year Treasury Five-Year Treasury Ten-Year Treasury Thirty-Year Treasury

III
Section Three
Office Market Indicators

Availability and Vacancy Overview
3Q 2015
3Q15 2Q15
Q-to-Q
Trend
3Q14
Yr-to-Yr
Trend
Availability by Market
Manhattan 10.6% 10.7% 10.6%
Midtown 11.0% 11.0% 11.2%
Midtown South 8.7% 8.9% 9.2%
Downtown 12.1% 12.8% 12.3%
Sublease Overall 1.5% 1.6% 1.7%
Vacancy by Market
Manhattan 8.0% 8.0% 8.4%
Midtown 7.8% 7.8% 8.2%
Midtown South 5.9% 6.0% 6.3%
Downtown 11.0% 11.3% 11.6%
Sublease Overall 0.7% 0.7% 0.8%
Strengthening Market Flat Market
Lee & Associates
Weakening Market

Asking Rent Overview (Average)
Overall: Direct and Sublease
3Q15 2Q15
% Change
Q-to-Q
Q-to-Q
Trend
3Q14
% Change
Y-to-Y
Y-to-Y
Trend
Overall Asking Rent
Manhattan $61.27 $59.78 2.5% $57.13 7.2%
Midtown $67.34 $66.14 1.8% $64.27 4.8%
Midtown South $65.27 $63.11 3.4% $60.07 8.7%
Downtown $49.15 $49.54 -0.8% $45.96 6.9%
Asking Rent by Class (Manhattan)
Class A $61.22 $60.35 1.4% $59.32 3.2%
Class B $62.52 $60.34 3.6% $54.13 4.0%
Class C $57.55 $54.85 4.9% $50.70 13.5%
Strengthening Market Flat Market Weakening Market
For historical purposes, data was based on figures provided by CoStar. Figures were based on office buildings with an RBA equal
to or over 100,000 square feet. Figures may change due to post-quarter adjustments and corrections. The objective of this page
is to provide a quick snapshot of the Office Market according to outside sources. Lee & Associates Office Metrics were
implemented Q1 2015. Statistics on this page will reflect full Lee & Associates metrics in Q1 2016. Please reference the latest Lee
& Associates NYC Manhattan Office Report for a detailed explanation of the Manhattan Office market.

Historical Manhattan Vacancy and Availability
3Q15: Vacancy Availability
8.0% 10.6%
Figures were based on office buildings with an RBA equal to or over 100,000 square feet.
8.2%
11.8%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
Manhattan Vacancy and Availability
Vacancy Availability 5-Year Vacancy Avg. 5-Year Availability Avg.

Historical Availability: Market Comparison II
2Q15: Midtown Midtown South Downtown
11.0% 8.7% 12.1%
12.1%
9.7%
14.1%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
Historical Availability
Midtown Midtown South Downtown 5Y Midtown Avg. 5Y Midtown South Avg. 5Y Downtown Avg.

Historical Vacancy: Market Comparison
3Q15: Midtown Midtown South Downtown
7.8% 5.9% 11.0%
8.4%
6.5%
10.2%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
Historical Vacancy
Midtown Midtown South Downtown
5-Year Midtown Avg. 5-Year Mid. South Avg. 5-Year Downtown Avg.

Historical Class Availability Comparison
2Q15: Class A Class B Class C
11.2% 9.7% 7.8%
12.8%
10.4%
7.6%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
Historical Property Class Availability
Class A Class B Class C 5Y Class A Avg. 5Y Class B Avg. 5Y Class C Avg.

Yearly Historical Available Supply: Direct vs Sublease
30.89 28.34
33.55
43.52 46.00 47.84 47.39 48.48
43.76 43.60
8.31
7.66
8.88
15.09 12.11 9.67 10.24 9.18
7.90 7.12
-
10.00
20.00
30.00
40.00
50.00
60.00
70.00
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 to Date
MillionsSF
Direct vs Sublease | Yearly Historical
Direct Sublease

Historical Manhattan Asking Rents
3Q Direct Sublease Overall
2015 61.44$ 50.54$ 61.27$
For historical purposes, data was based on figures provided by CoStar. Figures were based on office buildings with an RBA equal to or over
100,000 square feet. Figures may change due to post-quarter adjustments and corrections. The objective of this page is to provide a quick
snapshot of the Office Market according to outside sources. Lee & Associates Office Metrics were implemented Q1 2015. Please reference
the latest Lee & Associates NYC Manhattan Office Report for a detailed explanation of the Manhattan Office market.
$53.56
$47.49
$52.92
$-
$10.00
$20.00
$30.00
$40.00
$50.00
$60.00
$70.00
$80.00
4Q2005 3Q2006 2Q2007 1Q2008 4Q2008 3Q2009 2Q2010 1Q2011 4Q2011 3Q2012 2Q2013 1Q2014 4Q2014 3Q2015
Historical Manhattan Asking Rents
Direct Sublet Overall 10-Year Direct Avg. 10-Year Sublet Avg. 10-Year Overall Avg.

Historical Overall Asking Rents: Market Comparison
3Q Midtown Midtown South Downtown
2015 $67.34 $65.27 $49.15
$66.11
$46.61
$43.34
$-
$10.00
$20.00
$30.00
$40.00
$50.00
$60.00
$70.00
$80.00
$90.00
4Q2005
1Q2006
2Q2006
3Q2006
4Q2006
1Q2007
2Q2007
3Q2007
4Q2007
1Q2008
2Q2008
3Q2008
4Q2008
1Q2009
2Q2009
3Q2009
4Q2009
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013
3Q2013
4Q2013
1Q2014
2Q2014
3Q2014
4Q2014
1Q2015
2Q2015
3Q2015
Historical Overall Asking Rents | Market Comparison
Midtown Midtown South Downtown
10-Year Midtown Avg. 10-Year Mid. South Avg. 10-Year Downtown Avg.

Historical Overall Asking Rents: Class Comparison
3Q Class A Class B Class C
2015 $61.22 $62.52 $57.55
$59.03
$45.63
$38.80
$-
$10.00
$20.00
$30.00
$40.00
$50.00
$60.00
$70.00
$80.00
4Q2005
1Q2006
2Q2006
3Q2006
4Q2006
1Q2007
2Q2007
3Q2007
4Q2007
1Q2008
2Q2008
3Q2008
4Q2008
1Q2009
2Q2009
3Q2009
4Q2009
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013
3Q2013
4Q2013
1Q2014
2Q2014
3Q2014
4Q2014
1Q2015
2Q2015
3Q2015
Historical Overall Asking Rents | Class Comparison
Class A Class B Class C 10-Year Class A Avg. 10-Year Class B Avg. 10-Year Class C Avg.

Manhattan 10-Year Quarterly Net Absorption
(4,000,000)
(3,000,000)
(2,000,000)
(1,000,000)
0
1,000,000
2,000,000
3,000,000
4,000,000
4Q2005
1Q2006
2Q2006
3Q2006
4Q2006
1Q2007
2Q2007
3Q2007
4Q2007
1Q2008
2Q2008
3Q2008
4Q2008
1Q2009
2Q2009
3Q2009
4Q2009
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013
3Q2013
4Q2013
1Q2014
2Q2014
3Q2014
4Q2014
1Q2015
2Q2015
3Q2015
Manhattan Net Absorption
Net Absorption 10-Year Average
352,306
Ten Year Average

Manhattan 10-Year Quarterly Leasing Activity
8,813,144 Ten-Year Average
-
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
14,000,000
16,000,000
18,000,000
4Q2005
1Q2006
2Q2006
3Q2006
4Q2006
1Q2007
2Q2007
3Q2007
4Q2007
1Q2008
2Q2008
3Q2008
4Q2008
1Q2009
2Q2009
3Q2009
4Q2009
1Q2010
2Q2010
3Q2010
4Q2010
1Q2011
2Q2011
3Q2011
4Q2011
1Q2012
2Q2012
3Q2012
4Q2012
1Q2013
2Q2013
3Q2013
4Q2013
1Q2014
2Q2014
3Q2014
4Q2014
1Q2015
2Q2015
3Q2015
SquareFeet
Quarterly Leasing Activity
Leasing Activity 10-Year Average

CoStar and Lee & Associates
Lee & Associates (New York) | JLL (National)
$73.28
$66.80
$41.68
$36.53
$35.27
$33.98
$33.70
$33.17
$32.59
$31.80
$30.83
$29.91
$29.82
$29.52
$29.28
$28.59
$28.21
$26.33
$25.63
$25.21
$25.16
$24.27
$24.08
$23.93
$23.75
$22.94
$22.63
$22.49
$22.43
$22.42
$22.32
$22.26
$22.03
$21.01
$20.62
$20.52
$20.36
$19.68
$- $10.00 $20.00 $30.00 $40.00 $50.00 $60.00 $70.00 $80.00
New York
San Francisco
Silicon Valley
Washington D.C.
Los Angeles
Miami
Seattle
Boston
Austin
Fairfield County (CT)
Oakland
Chicago
West Palm Beach
San Diego
Houston
Orange County (CA)
Ft. Lauderdale
Long Island
Minneapolis
Denver
New Jersey
Westchester County (NY)
Portland
Dallas
Philadelphia
Charlotte
San Antonio
Phoenix
Sacramento
Baltimore
Atlanta
Pittsburgh
Tampa Bay
Nashville
Raleigh-Durham
Orlando
Salt Lake City
St. Louis
Q3 2015 Class A Average Office Rates

Lee & Associates NYC
600 Madison Avenue, Third Floor
New York, NY 10022
www.leeassociatesnyc.com
James Wacht
President
212.776.1202
jwacht@lee-associates.com
Henry Abramov
Research Manager
212.776.1273
habramov@lee-associates.com
Lee & Associates NYC | Real Estate Economics Metrics Tracker | Third Quarter 2015

3Q2015 Economic Metrics (002)

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