The Miami office market remains in flux as the local economy struggles from the housing downturn. In 2009 and Q1 2010, 2.3 million square feet of new office space was added to the market, with a total vacancy rate of 56.5%, well above the county average of 16.5%. Two new buildings delivered in Q1 2010 contributed to increased vacancy. The three new buildings in the CBD are pre-certified LEED but have high vacancy rates, reflecting reluctance of companies to commit during economic uncertainty. Landlords are pursuing LEED certification and renovations to distinguish properties.

1. CB RICHARD ELLIS
Miami Office
www.cbre.com/research First Quarter 2010
The Miami office market, in short, remains 50% of the project pre-leased. 1450
in a state of flux as the local economy Brickell Ave. completed construction in the
continues to struggle alongside the Brickell submarket bringing 570,000 SF of
housing downturn. Last year, companies new inventory to the market. The project is
were reluctant to make real estate 70% vacant with only one major tenant
decisions, echoing the uncertainty being committed to the building. This is the first
realized in the financial markets. As of first of three major buildings to come to market
Quick Stats
quarter, real estate professionals in Miami in the Central Business District (CBD). Met
are noticing companies are now taking II is anticipated to deliver later this year
Change from last
action by renewing their current leases or and is currently 71% available. Brickell
Current Yr. Qtr.
offering space to the sublease market. Financial Centre is currently planning on
Total Vacancy Rate 16.5% delivering sometime in 2011 and is 100%
Vacancy rate increases have been reported
Direct Asking Lease Rates $30.12
available.
across the entire Miami-Dade market,
Net Absorption (25) K most noticeably Biscayne Blvd. Corridor, The three new buildings in the CBD are all
North Miami, Airport West and Brickell. pre-certified with LEED ratings. This is also
Under Construction 1.5 M
These submarkets have had large a new trend with existing buildings well as
Completions 730 K increases due to vacant space in new they try to keep pace with new product.
buildings. In total, there was 2.3 million Wachovia Financial Center and 355
*The arrows indicate a trend and do not
represent a positive or negative value for the square feet (SF) of new inventory added to Alhambra Circle recently announced they
underlying statistic (e.g. Net Absorption could
be negative, but still represent a positive trend the market in 2009 and first quarter 2010. received LEED Gold Certification for
over the time period).
These buildings have a total vacancy rate Existing Buildings. The increase in market
of 56.5%, well above the county average vacancy is causing landlords to look at
Hot Topics of 16.5%. Two buildings completed ways to allow their property to stand out
construction in first quarter of 2010 that from the inventory. Renovations, energy
• The commercial property sector contributed to the increase in total efficiencies, and LEED certifications are
continues to focus on energy efficiency vacancy. Causeway Square, a 160,000 SF attractive to tenants who are looking for
and LEED certification. Miami ranks 19th mixed-use project in the North Miami lower operating costs and higher image
in the US for Energy Star buildings and submarket completed construction with and sustainability profiles.
two existing office buildings are LEED
certified Gold.
Vacancy Rate 16.5%
Total Vacancy vs. Average Asking Lease Rate (FSG) Asking Lease Rate $30.12
• Miami is one of the affordable big cities
to do business according to a study
done by KPMG. 20% $35
$30
• Unemployment levels in Miami-Dade 16%
County continue to increase to the $25
current rate of 11.2%. 12% $20
8% $15
$10
4%
$5
0% $0
2004 2005 2006 2007 2008 2009 2010 YTD
© 2010, CB Richard Ellis, Inc.

2. MarketView Miami Office
Market Statistics
Avg Asking Dir
Total Total Lse Rate ($/SF/Yr) YTD Net Construction Under
Submarket Building SF Absorption
Availability % Vacancy % Full Service Gross Completions Construction
Airport West 9,913,271 22.6% 18.8% $23.96 (95,673) 0 150,000
Aventura 1,269,746 22.4% 14.6% $31.03 (7,473) 0 0
Biscayne Blvd. 1,214,469 39.2% 37.2% $28.09 (22,039) 0 0
Brickell* 5,963,596 27.9% 20.4% $38.33 134,997 570,000 605,886
Coconut Grove 1,073,406 21.8% 14.9% $31.57 13,041 0 0
Coral Gables 6,111,150 21.3% 12.6% $34.60 (48,318) 0 0
Downtown 6,905,092 22.4% 15.3% $30.90 (109,580) 0 700,000
Kendall 3,330,817 19.6% 13.4% $26.38 29,404 0 0
Miami Beach 1,903,532 16.5% 10.2% $32.69 16,533 0 0
Miami Lakes 1,363,551 27.8% 24.1% $25.16 2,022 0 0
North Miami* 1,337,635 25.1% 16.1% $23.97 79,540 160,000 0
Residual 1,542,668 17.1% 11.7% $23.45 (17,615) 0 0
South Dade 539,756 21.4% 8.0% $26.01 0 0 0
Miami—CBD t 13,438,688 23.9% 16.9% $34.60 25,417 570,000 1,305,886
Non-CBD 29,560,001 22.3% 16.4% $27.65 (50,578) 160,000 150,000
Total 42,998,689 22.8% 16.5% $30.12 (25,161) 730,000 1,455,886
Class A Total 18,895,111 22.6% 17.1% $36.87 51,606 730,000 1,455,886
Class B Total 17,765,996 23.2% 16.6% $26.97 (54,824) 0 0
Class C Total 6,337,582 22.4% 14.8% $22.88 (21,943) 0 0
* Represents a quarterly change in inventory due to construction completion. t The Miami Central Business District is a combination of the Brickell and Downtown Miami submarkets.
Miami-Dade 11.2% The national unemployment rate now stands at 10.4%, an
Florida 12.2%
Unemployment Rate United States 10.4%
increase of 100 basis points from this time last quarter. The
state of Florida continues to demonstrate the effects of the
economic downturn with a higher than the national average
for unemployment of 12.2%. Miami-Dade County has
14% reported an 11.2% unemployment rate, an increase of 70
12% basis points. Broward County has an unemployment rate of
10.8%. Palm Beach County currently has the highest
10% unemployment rate in South Florida at 12.4%. Construction
layoffs continue to be the source of much of the
8% unemployment increases. 22,400 construction jobs were lost
in South Florida from January 2009 to January 2010
6% according to the Associated General Contractors Association.
4%
With unemployment continuing to rise, consumer confidence
2% and spending remain low. The US average for consumer
spending (excluding mortgage and rent) was $37,782, but
0% Florida came in at $36,455, 27th in the nation. Other grants
First Quarter 2009
2004 2005 2006 2007 2008 2009 2010 have been awarded to the state, including funding to build a
YTD high speed transit line in central Florida.
Page 2
© 2010, CB Richard Ellis, Inc.

3. MarketView Miami Office
Class A $36.87
Class B $26.97
Direct Asking Lease Rates (FSG) Class C $22.88
The overall average asking direct lease rate declined by $0.55 per SF
$40 from first quarter 2009 to $30.19 per SF full service gross (FSG). The
$35
decline was most significant in Class C products, which experienced an
average decline of $2.41 per SF from the previous year. The Biscayne
$30
Boulevard Corridor, Airport West, and Brickell submarkets saw the
$25 largest declines in Class C average rental rates. The Class B average saw
$20 a decline of $1.17 per SF from the previous year. Submarkets such as
$15 Downtown Miami, Brickell and Airport West have seen asking rates
decline between $1.25 to $2.50 in the Class B rates. Biscayne Blvd
$10
Corridor saw an increase in asking rates in the past year with the
$5 addition of Class B space at the Omni coming to the market when the
$0 building completed construction. Class A rates remain unchanged from
2004 2005 2006 2007 2008 2009 2010 first quarter of last year due to new high end space coming to the market
YTD in recently delivered product asking higher asking rates.
Net Absorption 2010 YTD (25,161) SF
During first quarter the Miami office market has experienced 25,161 SF
1,600
of negative absorption. Smaller businesses, which primarily occupy Class
B and C product types, have been hit hard by the economic downturn and
1,100
are giving back space. A handful of submarkets did experience positive
absorption this quarter. Kendall saw 29,404 SF of positive absorption
SF in Thousands
600 due to the sale of Town and Country Corporate Center to Baptist Health
South, a tenant in the building, who plans to occupy the remainder of the
100 34,465 SF. The North Miami submarket had 79,540 SF of positive
absorption as a result of the delivery of Causeway Square, which had
-400 80,000 SF preleased. Brickell saw 150,778 SF of positive absorption due
to the completion of 1450 Brickell Ave. The Downtown Miami submarket
-900 experienced 109,580 SF of negative absorption in large part to large
blocks of space becoming vacant as Bank of America consolidates their
2004 2005 2006 2007 2008 2009 2010 YTD operations into their current location in the Brickell submarket.
Under Construction 1.5 M
Construction and Deliveries YTD Delivered 730 K
Notable Under Construction Projects
4,000
Building Submarket Square Footage
3,500 Met II Downtown 750,000
3,000 Brickell Financial Centre Phase I Brickell 605,886
SF in Thousands
2,500 Miami Lakes Business Center Miami Lakes 144,000
Downtown Doral Airport West 150,000
2,000
1,500
Notable Planned Projects
1,000
Building Submarket Square Footage
500
One Bayfront Downtown 2,000,000 SF
0 396 Alhambra Circle Phase II Coral Gables 185,000 SF
2004 2005 2006 2007 2008 2009 2010
First Quarter 2009
YTD
Page 3
© 2010, CB Richard Ellis, Inc.

4. MarketView Miami Office
Top Lease Transactions
Size (Sq. Ft.) Tenant Address
Average Asking Lease Rate
75,000* Vitas 100 S Biscayne Blvd. Rate determined by multiplying the asking net
65,000* Hunton & Williams 1111 Brickell Ave. lease rate for each building by its available
space, summing the products, then dividing by
24,369* General Electric 7600 Corporate Center Drive the sum of the available space with net leases
*Denotes renewal
for all buildings in the summary.
Net Leases
Miami Submarket Map Includes all lease types whereby the tenant pays
an agreed rent plus most, or all, of the operating
expenses and taxes for the property, including
utilities, insurance and/or maintenance
expenses.
Market Coverage
Includes all competitive office buildings 30,000
sq. ft. and greater, non-medical, non-
government.
Net Absorption
The change in occupied square feet from one
period to the next.
Net Rentable Area
The gross building square footage minus the
elevator core, flues, pipe shafts, vertical ducts,
balconies, and stairwell areas.
Occupied Square Feet
Building area not considered vacant.
Under Construction
Buildings which have begun construction as
evidenced by site excavation or foundation work.
Available Square Feet
Available Building Area which is either physically
vacant or occupied.
Availability Rate
Available Square Feet divided by the Net
Rentable Area.
Vacant Square Feet
Existing Building Area which is physically vacant
or immediately available.
Vacancy Rate
Vacant Building Feet divided by the Net Rentable
Area.
Normalization
Due to a reclassification of the market, the base,
number and square footage of buildings of
previous quarters have been adjusted to match
the current base. Availability and Vacancy
MIAMI-DOWNTOWN BROWARD BOCA RATON NORTH PALM BEACH figures for those buildings have been adjusted in
777 Brickell Avenue 200 E. Las Olas Boulevard 5355 Town Center Road 4400 PGA Boulevard previous quarters.
Suite 900 Suite 1620 Suite 701 Suite 102
Miami, FL 33131 Ft. Lauderdale, FL 33301 Boca Raton, FL 33486 Palm Beach Gardens, FL 33410
Tel 305.374.1000 954.462.5655 Tel 561.394.2100 Tel 561.227.1800
For more information regarding the
MarketView, please contact:
© Copyright 2010 CB Richard Ellis (CBRE) Statistics contained herein may represent a different data set than that used to
generate National Vacancy and Availability Index statistics published by CB Richard Ellis’ Corporate Communications Suzanne McDonough, Research Coordinator
Department or CB Richard Ellis’ research and Econometric Forecasting unit, Torto Wheaton Research. Information herein CB Richard Ellis
has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make
no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and
777 Brickell Ave, #900
completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the T. 305.381.6432
current or future performance of the market. This information is designed exclusively for use by CB Richard Ellis clients,
and cannot be reproduced without prior written permission of CB Richard Ellis.
suzanne.mcdonough@cbre.com