The document discusses 10 office markets with the highest annual rent gains in the United States. It provides details on average rental prices per square foot and vacancy rates for each market. The markets mentioned are Oakland, Dallas-Fort Worth, Nashville, Austin, Detroit, San Jose, Cambridge, Fort Lauderdale, Oakland suburbs, and Salt Lake City. Average rents in these markets ranged from $20.38 per square foot in Detroit to $65.26 in Cambridge. Many of the markets saw increasing rental prices and decreasing vacancy rates from the previous year.

1. The 10 Office Markets with the
Highest Annual Rent Gains

2. Oakland
Oakland’s office market is now fuller than San Francisco. We are seeing many of San Francisco’s tenants migrate to Oakland and
understandably so. The rents on average in Oakland are $52.56 per square foot at the end of 4th quarter 2016, while San Francisco rents on
average were around $66.64. Both Oakland’s downtown and suburbs ranked in the top 10 markets in the country. Oakland is HOT right now!

3. Dallas-Fort Worth
Dallas-Fort Worth continues to outpace other Texas cities in multiple sectors – job growth, office market, construction. At the end
of 2016, the city of Dallas-Fort Worth had 11.4 million square feet of office space under construction. Average rents in the office
market at the end of last quarter were ranging at $25.97 psf. The year before that rents were at $21.98 per square foot.

4. Nashville
If we are comparing vacancy across the country, Nashville remains the lowest vacancy rate in the country. Although rents have
increased since last quarter from $19.78 per square foot to $22.99 psf, the costs are lower than the similar markets like Austin and
Portland. New construction is also underway with most of the 3.7 million square feet already preleased.

5. AustinThe office market in Austin finished the year of 2016 with a bang and had a promising future looking into the new year. Some
notable transactions that added to the successful year end included Amazon claiming 136,584 square feet of office space and
Facebook signing for another 102,438 square feet. Rents averaged $47.67 per square foot as of year end 2016.

6. Detroit
Detroit office vacancy has dipped to a new low that has not been seen in at least a decade. The office vacancy rate fell to 13.3
percent for the last three months of 2016. That’s just merely below the 13.7 percent rate at the start of 2016 but it’s a major
adjustment from just five years ago when one in every four office spaces were vacant. Rents were averaging $20.38 per square
foot at the end of 2016. The market is strong and looking good for this year.

7. San Jose
San Jose is seeing much growth as companies are migrating from Silicon Valley and boosting rents to $43.68 per square foot.
There is a lot of new demand from tech companies and businesses hoping to get out of the Valley. With the recent residential and
retail developments, it is sure to continue to drive more tenants that way.

8. Cambridge
Cambridge has the lowest vacancy rate in the office market in the country according to CBRE and the markets that they track. And, that is
saying a lot because they track almost all of the markets. Cambridge’s vacancy rate as of quarter four of 2016 was 3.8 percent. There is just
about no space available to rent. Rents continue to rise and tenants continue to look for space. As of the 4th quarter, the asking rents were
averaging $65.26 per square foot.

9. Fort Lauderdale
Vacancies dipped to 11.7 percent during last year and rents climbed s high as $33.91 per square foot. We are seeing new construction in the
area but more focused on the multifamily market so no new office space is causing a tightening of the market. Last quarter rents were
averaging $39.59 per square foot.

10. Oakland (suburbs)
They may be low on our list, but they are high on the vacancy list. Rents averaged at $33.96 per square foot last quarter and we
are seeing multiple tech companies venturing out this way as they leave the busier parts of the city.

11. Salt Lake City
Salt Lake City had a new building hit the market last quarter which caused rents to rise last quarter to an average of $23.86 per
square foot. 111 Main is seeing the highest prices in the market and they are just about fully leased up.