The Tampa Bay office market saw negative absorption of 350,754 square feet in Q3 2012, though numerous small and large leases were signed that will impact absorption in the next two quarters. Vacancy rates increased slightly to 16.0% overall and 15.7% for Class A buildings. Several developments are in the planning stages, with SouthGate, a 400,000 square foot LEED building, currently in pre-leasing. The market outlook for 2013 is positive as employment continues to increase in the region.

1. Q3 2012 | OFFICE
TAMPA BAY FLORIDA
OFFICE RESEARCH REPORT Tampa Bay Florida
Mixed Signals: Two steps up, one back
EXECUTIVE SUMMARY
The Tampa Bay Office Market’s absorption slowed in the third quarter; however, there were
numerous small and large leases executed and this absorption will be reflected when the tenants
occupy their office space in the upcoming two quarters. Downtown Tampa office space saw
positive absorption with the Vinik Group occupying a full floor in SunTrust and Granite occupying
48,000 square feet in Tampa City Center. There continues to be optimism by landlords and
developers. Trammell Crow and Colliers continue to work on preleasing SouthGate, a 400,000
square foot LEED Gold Building to be built on the northwest corner of Brorein and Morgan in
MARKET INDICATORS downtown Tampa, just to the east of University of South Florida’s new Center for Advanced
Q3 2012 Q4 2012*
Medical Learning and Simulation (CAMLS). Several Westshore owners are also considering
building as the large blocks of space continue to be absorbed. 2013 should prove to be a positive
VACANCY year for the office market.
NET ABSORPTION
• Overall asking rates remain flat at about • Tampa gained nearly 24,700 jobs in the 12
CONSTRUCTION $19.07 a square foot and concessions are months ending in June, the Tampa
available in what remains as a tenant driven Hillsborough Economic Development
OVERALL
RENTAL RATE market. Class A Westshore rates remain the Corporation reported. That was the highest
CLASS A RENTAL highest in region at an overall $25.85 per gain of any major metropolitan area in
RATE square foot. Rates won’t rise until vacancy Florida. Tampa also fared better than
*Projected drops. Class A rates are believed to have Charlotte, N.C., Indianapolis and Nashville.
reached bottom.
Arrows compare current quarter to the
previous quarter historically adjusted • Vacancy rates remain lower than the same
figures. All data in this report includes quarter in 2010 and 2011.
buildings 10,000 square feet and greater.
COMPLETIONS, ABSORPTION AND VACANCY RATES
OVERALL OFFICE MARKET
SUMMARY STATISTICS, Q3 2012 Completions Net Absorption VACANCY RATES
Overall Vacancy Class A Vacancy
CURRENT VACANCY RATE: 16.0% Tampa Bay’s overall
18% 600 office vacancy rate
PREV. QTR. VACANCY RATE: 15.5% 500 rose to 16.0 percent in
Square Feet (1,000s) - Bar Graph
17%
YEAR AGO VACANCY RATE: 16.1% 400 the third quarter of
Vacancy - Trend Line
16% 2012. Class A vacancy
300
increased slightly from
NET ABSORPTION: -350,754 sf 15% 200 the previous quarter to
14% 100 15.7 percent.
UNDER CONSTRUCTION: 424,199 sf
13% 0
-100
CURRENT AVG. ASKING RATE: $19.07/FS 12%
-200
PREV. QTR. AVG. ASKING RATE: $19.16/FS 11% -300
YEAR AGO AVG. ASKING RATE: $19.63/FS 10% -400
Q3 '11 Q4 '11 Q1' 12 Q2 '12 Q3 '12
SOURCE: COSTAR & COLLIERS INTERNATIONAL

2. RESEARCH REPORT | Q3 2012 | OFFICE | COLLIERS INTERNATIONAL TAMPA BAY FLORIDA
UNEMPLOYMENT TRENDS
There was less investment sale activity as with tenants giving up 152,000 square feet. Two
businesses held on to their wait-and-see of the area’s six submarkets saw positive
Florida Tampa MSA USA
attitude. Uncertainty tied to national politics and absorption. In downtown Tampa, the Central
14 the economy are blamed. Add to that, Business District, absorption was a positive
transactional volume is typically less in the 67,800 square feet. North Pinellas also had
12 summer. positive absorption of nearly 79,000 square feet
In the third quarter, about 16 percent of the Bay in the third quarter. The St. Petersburg Central
10 area’s 80 million square feet was vacant, up Business District saw a decline of nearly 6,900
from 15.5 percent in the prior quarter and slightly square feet. Gateway, also in Pinellas County,
8
less than 16.1 percent in the third quarter of last saw tenants give up about 27,000.
year. Class A buildings in the best locations are
6 INVESTMENT SALE ACTIVITY
still seeing the most activity as the “flight to
4 quality” continues with businesses moving to Distressed sales were commonplace, with more
more efficient space in higher quality buildings. properties expected to be returned to lenders.
2 Looking forward, the outlook isn’t expected to Some special servicers and other lenders
differ greatly in the fourth quarter. The office continue to test the auction platform for
0 sector will improve as employment increases. distressed investment sale as a means of
Aug-07
Aug-08
Aug-09
Aug-10
Aug-11
Aug-12
Feb-08
Feb-09
Feb-10
Feb-11
Feb-12
Until then, businesses will enjoy a tenants’ generating competitive buyer interest. In Tampa,
market and continue to demand rental Sabal Park’s five office buildings were listed for
concessions from landlords. Professional sale on Auction.com. Not all buildings listed for
The Tampa Bay MSA unemployment rate sale, however, are distressed. Some sales are
services, technology and health care were the
posted 9.0 percent in August 2012, which
most active sectors. tied to timing issues with investment funds and
represents a 19.6 percent decrease from
August 2011. The State of Florida rate also CMBS loans. In Tampa’s Central Business
ended August 2012 at 8.8 percent, while the ABSORPTION District, the 22-story Wells Fargo Center is
national rate posted 8.1 percent. under contract and in due diligence. Fifth Third
The area recorded overall negative absorption of Center, 201 E. Kennedy Blvd, was pulled off the
Source: US Bureau of Labor Statistics about 351,000 square feet in the third quarter, market. Also in Hillsborough County, Prudential
with negative year-to-date absorption of has for sale two Rocky Point office buildings,
236,383 square feet. In Westshore, the region’s Island Center and Waterford Plaza. In Pinellas
premier business district, tenants gave up County, TA Realty has placed its three Carillon
162,231 square feet in the third quarter. Nearly Park office buildings on the market for sale.
as much space was vacated in the I-75 Corridor,
TRANSACTION UPDATE
SALES ACTIVITY
PROPERTY NAME CLASS BUYER NAME SIZE SF SALES PRICE SUBMARKET
Bayview Pavilion* A J.S. Karlton Company, Inc 92,225 $9,905,000 ($107.40/sf) Bayside
Fletcher Medical Center B Health Care REIT, Inc 48,000 $8,350,000 ($173.96/sf) Northeast Tampa
Centre at Feather Sound B Centre at Feather Sound LLC 63,605 $3,071,000 ($48.28/sf) Gateway
9385 N 56th St C CSI Equity 29,552 $2,100,000 ($71.06/sf) Temple Terrace
LEASING ACTIVITY
PROPERTY NAME CLASS TENANT NAME SIZE (SF) LEASE TYPE SUBMARKET
Park Place* A (ISC)2 21,059 New Bayside
Urban Centre* A Ideal Image Development Corporation 15,783 Renewal Westshore
Horizon* A Crown Castle 11,073 New Westshore
Two Urban Centre* A Ohio Farmers Insurance Company 6,793 New Westshore
Park Tower* B Gardner Brewer Martinez-Monfort, PA 6,413 Renewal Tampa CBD
Colonial Center Bayside I*
*Colliers International Transaction A United Development Systems, Inc 5,100 New Bayside
Corporate Center II* A Insight Global 5,000 New Westshore
P. 2 | COLLIERS INTERNATIONAL TAMPA BAY FLORIDA

3. RESEARCH REPORT | Q3 2012 | OFFICE | COLLIERS INTERNATIONAL TAMPA BAY FLORIDA
UPDATE SUBMARKET COMPARISONS
SUBMARKET BREAKDOWN
Total Net Absorp. New
Property Total Inventory Direct Vac. Net Absorp. YTD Under Avg. Direct Asking Rate Full
Bldgs. Vac. Current Completions
Class S.F. % S.F. Construc. S.F. Service
% Qtr. S.F. S.F.
TAMPA CBD
A 12 4,791,174 12.7% 14.0% 71,127 63,226 0 0 $23.22/fs
B,C 62 3,653,210 10.7% 11.6% -3,292 28,647 0 0 $18.22/fs
Overall 74 8,444,384 11.8% 12.9% 67,835 91,873 0 0 $21.29/fs
WESTSHORE
A 40 7,611,440 18.0% 18.8% -69,215 17,122 0 250,000 $25.85/fs
B,C 204 7,970,599 12.8% 13.4% -93,016 -85,327 0 36,000 $19.19/fs
Overall 244 15,582,039 15.4% 16.0% -162,231 -68,205 0 286,000 $22.96/fs
I-75 CORRIDOR
A 43 6,734,830 15.9% 16.8% -97,931 -45,453 0 88,000 $21.36/fs
B,C 290 9,472,422 18.2% 18.5% -53,254 33,229 0 19,272 $17.30/fs
Overall 333 16,207,252 17.2% 17.8% -151,185 -12,224 0 107,272 $18.75/fs
NORTH PINELLAS
A 15 1,320,092 14.6% 14.6% 14,523 49,091 0 0 $19.03/fs
B,C 154 3,650,712 15.9% 16.1% 64,411 53,111 0 0 $16.74/fs
Overall 169 4,970,804 15.6% 15.7% 78,934 102,202 0 0 $17.41/fs
GATEWAY
A 24 3,077,170 3.5% 6.0% -9,933 -53,344 0 0 $21.13/fs
B,C 121 4,893,867 16.2% 16.5% -17,112 -51,363 0 0 $16.49/fs
Overall 145 7,971,037 11.3% 12.4% -27,045 -104,707 0 0 $17.66/fs
ST. PETERSBURG CBD
A 9 1,609,161 18.3% 18.7% 8,965 32,671 0 0 $22.36/fs
B,C 53 2,147,307 9.6% 9.6% -15,832 -13,188 0 0 $17.37/fs
Overall 62 3,756,468 13.3% 13.5% -6,867 19,483 0 0 $20.02/fs
TAMPA BAY OVERALL OFFICE MARKET
Total Net Absorp. Net New Overall Avg. Class A Avg.
Total Inventory Direct Vac. Under
Qtr. & Year Bldgs. Vac. Current Absorp. Completions Direct Asking Direct Asking
S.F. % Construc. S.F.
% Qtr. S.F. YTD S.F. S.F. Rate F.S. Rate F.S.
2012 3Q 1,788 80,055,699 15.4% 16.0% -350,754 -236,383 0 424,199 $19.07/fs $23.03/fs
2012 2Q 1,787 80,035,699 15.1% 15.5% 347,286 114,371 15,302 393,272 $19.16/fs $23.04/fs
2012 1Q 1,786 80,020,397 15.5% 15.9% -232,915 -232,915 53,500 389,302 $19.37/fs $23.20/fs
2011 4Q 1,784 79,966,897 15.3% 15.6% 420,544 741,991 0 406,802 $19.60/fs $23.29/fs
2011 3Q 1,784 79,966,897 15.8% 16.1% 474,801 321,447 255,000 120,802 $19.63/fs $23.35/fs
2011 2Q 1,783 79,711,897 16.1% 16.5% -103,969 -153,354 0 360,500 $19.60/fs $23.16/fs
2011 1Q 1,783 79,711,897 15.9% 16.3% -49,385 -49,385 10,492 360,500 $19.74/fs $23.18/fs
2010 4Q 1,782 79,701,405 15.8% 16.2% 158,666 53,191 0 353,492 $19.94/fs $23.44/fs
2010 3Q 1,782 79,701,405 15.9% 16.4% 268,007 -105,475 0 98,492 $19.99/fs $23.61/fs
COLLIERS INTERNATIONAL TAMPA BAY FLORIDA | P. 3

4. RESEARCH REPORT | Q3 2012 | OFFICE | COLLIERS INTERNATIONAL TAMPA BAY FLORIDA
SUBMARKET MAP
522 offices in
62 countries on
6 continents
United States: 147
Canada: 37
Latin America: 19
Asia Pacific: 201
EMEA: 118
• $1.8 billion in annual revenue
• 1.25 billion square feet under
management
• Over 12,300 professionals
TAMPA BAY CITY LEADER:
Ryan Kratz
Executive Vice President
Brokerage | Marketing | Operations
Corporate Office
311 Park Place Boulevard
Suite 600
Alan Feldshue Jeff Tolrud, CCIM John Gerlach, CCIM Clearwater, FL 33759
Managing Director Office Services Managing Director, Office Services Managing Director Investment
alan.feldshue@colliers.com jeff.tolrud@colliers.com Services TEL +1 727 442 7184
www.colliers.com/Alan.Feldshue www.colliers.com/Jeff.Tolrud john.gerlach@colliers.com
www.colliers.com/John.Gerlach
Carol Warren, CCIM Jim Allen Mia Jarrell
Senior Director Managing Director Managing Director, Office Services
Commercial Services Healthcare Services Group mia.jarrell@colliers.com
carol.warren@colliers.com jim.allen@colliers.com www.colliers.com/Mia.Jarrell
www.colliers.com/Carol.Warren www.colliers.com/Jim.Allen
Christopher Leonard, CCIM Ryan Kratz Mary Clare Codd, SIOR
Director, Commercial Sales Executive Vice President Senior Office & Industrial Specialist
christopher.leonard@colliers.com Brokerage | Marketing | Operations maryclare.codd@colliers.com
www.colliers.com/ ryan.kratz@colliers.com www.colliers.com/MaryClare.Codd RESEARCH CONTACT:
Christopher.Leonard www.colliers.com/Ryan.Kratz
Matt Dolan
GIS & Research Administrator
Claire Calzon Jim Parker, CCIM Melanie Jackson
Managing Director Director Commercial Services Senior Associate Office Services
Office Services jim.parker@colliers.com melanie.jackson@colliers.com Market: Tampa Bay
claire.calzon@colliers.com www.colliers.com/Jim.Parker www.colliers.com/Melanie.Jackson
www.colliers.com/Claire.Calzon TEL +1 813 221 2290
FAX +1 813 224 9403
Joanne LeBlanc, CPMC EMAIL matt.dolan@colliers.com
Mackenzie Gerlach Kevin Yeager
Associate, Investment Services Associate, Office Services Senior Associate, Office Services
mackenzie.gerlach@colliers.com joanne.leblanc@colliers.com kevin.yeager@colliers.com
www.colliers.com/ www.colliers.com/ www.colliers.com/Kevin.Yeager
Mackenzie.Gerlach Joanne.LeBlanc
David Irwin
Associate, Office Services
david.irwin@colliers.com
www.colliers.com/David.Irwin
Copyright @ 2012 Colliers International
The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we Tampa Bay Florida
cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the
material contained in this report.
This report includes owner and non-owner occupied space 10,000 sf and greater. Directional arrows compare current quarter to previous quarter numbers. Accelerating success.
Arrows show change when there is a 10 cent or more change in lease rate or 0.5% or more change in vacancy rate. Due to continual updates and refinements in
the historical database, some of the data in this report may not match data published in previous reports. Sources: Costar Property and Colliers International
Tampa Bay Florida.
www.colliers.com/marketname