Metro Denver/Boulder Retail Market Report 1st Quarter 2017

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 9 2 3 3 P a r k M e a d o w s D r i v e • S u i t e 1 5 5 • L o n e Tr e e , C O 8 0 1 2 4

First Quarter 2017 – Denver

Denver Retail Market Table of Contents Table of Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B Terms & Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C Market Highlights & Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 CoStar Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Inventory & Development Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Inventory & Development Analysis Select Top Deliveries Select Top Under Construction Properties Figures at a Glance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Figures at a Glance by Building Type & Market Historical Figures at a Glance Leasing Activity Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Select Top Lease Transactions Sales Activity Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Sales Activity Analysis Select Top Sales Transactions Analysis of Individual CoStar Submarket Clusters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Aurora Market Boulder Market Central Market Colorado Bl/Cherry Ck Market Downtown Market Longmont Market North Outlying Market Northeast Market Northern Colorado Market Northwest Market South Market Southeast Outlying Market Southeast Market Southwest Outlying Market Southwest Market West Market

©2017 CoStar Group, Inc.

CoStar Retail Statistics

A

Denver – First Quarter 2017

Denver Retail Market Methodology The CoStar Retail Report calculates Retail statistics using CoStar Group's base of existing, under construction and under renovation Retail buildings in each given metropolitan area. All Retail building types are included, including Community Center, Freestanding Retail, Neighborhood Center, Power Center, Regional Mall, Specialty Center and Unanchored Strip Center, in both single-tenant and multi-tenant buildings, including owner-occupied buildings. CoStar Group's national database includes approximately 80.7 billion square feet of coverage in 3.5 million properties. All rental rates reported in the CoStar Retail Report are calculated using Triple Net (NNN) rental rates.

For information on subscribing to CoStar’s other products and services, please contact us at 1-877-7COSTAR, or visit our web site at www.costar.com

© Copyright 2016 CoStar Group, Inc. All Rights Reserved. Although CoStar makes efforts to ensure the accuracy and reliability of the information contained herein, CoStar makes no guarantee, representation or warranty regarding the quality, accuracy, timeliness or completeness of the information. The publication is provided ‘as is’ and CoStar expressly disclaims any guarantees, representations or warranties of any kind, including those of MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. CoStar Group, Inc. 1331 L ST NW • Washington, DC 20005• (800) 204-5960 • www.costar.com • NASDAQ: CSGP B

CoStar Retail Statistics

©2017 CoStar Group, Inc.

First Quarter 2017 – Denver

Denver Retail Market Terms & Definitions Anchor Tenant: A large national or regional retailer that serves as a primary draw for a shopping center; a store strategically located in a retail property in order to enhance, bring attention to, or increase traffic at the property. Sometimes called a “destination” tenant, usually these tenants lease at least 25,000 SF. Availability Rate: The ratio of available space to total rentable space, calculated by dividing the total available square feet by the total rentable square feet. Available Space: The total amount of space that is currently being marketed as available for lease in a given time period. It includes any space that is available, regardless of whether the space is vacant, occupied, available for sublease, or available at a future date. Buyer: The individual, group, company, or entity that has purchased a commercial real estate asset. Cap Rate: Short for capitalization rate.The Cap Rate is a calculation that reflects the relationship between one year’s net operating income and the current market value of a particular property. The Cap Rate is calculated by dividing the annual net operating income by the sales price (or asking sales price). Community Center: A shopping center development that has a total square footage between 100,000 – 350,000 SF. Generally will have 2-3 large anchored tenants, but not department store anchors. Community Center typically offers a wider range of apparel and other soft goods than the Neighborhood Center. Among the more common anchors are supermarkets and super drugstores. Community Center tenants sometime contain retailers selling such items as apparel, home improvement/furnishings, toys, electronics or sporting goods. The center is usually configured as a strip, in a straight line, or an “L” or “U” shape. Construction Starts: Buildings that began construction during a specific period of time. (See also: Deliveries) Deliveries: Buildings that complete construction during a specified period of time. In order for space to be considered delivered, a certificate of occupancy must have been issued for the property. Delivery Date: The date a building completes construction and receives a certificate of occupancy. Developer: The company, entity or individual that transforms raw land to improved property by use of labor, capital and entrepreneurial efforts. Direct Space: Space that is being offered for lease directly from the landlord or owner of a building, as opposed to space being offered in a building by another tenant (or broker of a tenant) trying to sublet a space that has already been leased. Existing Inventory: The square footage of buildings that have received a certificate of occupancy and are able to be occupied by tenants. It does not include space in buildings that are either planned, under construction or under renovation. Freestanding Retail: Single tenant building with a retail tenant. Examples include video stores, fast food restaurant, etc. Full Service Rental Rate: Rental rates that include all operating expenses such as utilities, electricity, janitorial services, taxes and insurance. General Retail: Typically are single tenant freestanding generalpurpose commercial buildings with parking. Many single retail buildings fall into this use code, especially when they don’t meet any of the more detailed use code descriptions. Growth in Inventory: The change in size of the existing square footage in a given area over a given period of time,generally due to the construction of new buildings. Landlord Rep: (Landlord Representative) In a typical lease transaction between an owner/landlord and tenant, the broker that ©2017 CoStar Group, Inc.

represents the interests of the owner/landlord is referred to as the Landlord Rep. Leased Space: All the space that has a financial lease obligation. It includes all leased space, regardless of whether the space is currently occupied by a tenant. Leased space also includes space being offered for sublease. Leasing Activity: The volume of square footage that is committed to and signed under a lease obligation for a specific building or market in a given period of time. It includes direct leases, subleases and renewals of existing leases. It also includes any pre-leasing activity in planned, under construction, or under renovation buildings. Lifestyle Center: An upscale, specialty retail, main street concept shopping center. An open center, usually without anchors, about 300,000 SF GLA or larger, located near affluent neighborhoods, includes upscale retail, trendy restaurants and entertainment retail. Nicely landscaped with convenient parking located close to the stores. Mall: The combined retail center types of Lifestyle Center, Regional Mall and Super Regional Mall. Market: Geographic boundaries that serve to delineate core areas that are competitive with each other and constitute a generally accepted primary competitive set of areas. Markets are building-type specific, and are non-overlapping contiguous geographic designations having a cumulative sum that matches the boundaries of the entire Region (See also: Region). Markets can be further subdivided into Submarkets. (See also: Submarkets) Multi-Tenant: Buildings that house more than one tenant at a given time. Usually, multi-tenant buildings were designed and built to accommodate many different floor plans and designs for different tenant needs. (See also: Tenancy). Neighborhood Center: Provides for the sales of convenience goods (food, drugs, etc.) and personal services (laundry, dry cleaning, etc.) for day-to-day living needs of the immediate neighborhood with a supermarket being the principal tenant. In theory, the typical GLA is 50,000 square feet. In practice, the GLA may range from 30,000 to 100,000 square feet. Net Absorption: The net change in occupied space over a given period of time. Unless otherwise noted Net Absorption includes direct and sublease space. New Space: Sometimes called first generation space, refers to space that has never been occupied and/or leased by a tenant. Occupied Space: Space that is physically occupied by a tenant. It does not include leased space that is not currently occupied by a tenant. Outlet Center: Usually located in a rural or occasionally in a tourist location, an Outlet Center consists of manufacturer’s outlet stores selling their own brands at a discount. 50,000 – 500,000 SF. An Outlet Center does not have to be anchored. A strip configuration is most common, although some are enclosed malls and others can be arranged in a village cluster. Owner: The company, entity, or individual that holds title on a given building or property. Planned/Proposed: The status of a building that has been announced for future development but not yet started construction. Power Center: The center typically consists of several freestanding (unconnected) anchors and only a minimum amount of small specialty tenants. 250,000–600,000 SF. A Power Center is dominated by several large anchors, including discount department stores, offprice stores, warehouse clubs, or "category killers," i.e., stores that offer tremendous selection in a particular merchandise category at low prices. Preleased Space: The amount of space in a building that has been leased prior to its construction completion date, or certificate

CoStar Retail Statistics

C

Denver – First Quarter 2017

Denver Retail Market of occupancy date. Price/SF: Calculated by dividing the price of a building (either sales price or asking sales price) by the Rentable Building Area (RBA). Quoted Rental Rate: The asking rate per square foot for a particular building or unit of space by a broker or property owner. Quoted rental rates may differ from the actual rates paid by tenants following the negotiation of all terms and conditions in a specific lease. RBA: Abbreviation for Rentable Building Area. (See also: Rentable Building Area) Region: Core areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Regions are further divided into market areas, called Markets. (See also: Markets) Regional Mall: Provides shopping goods, general merchandise, apparel, and furniture, and home furnishings in full depth and variety. It is built around the full-line department store with a minimum GLA of 100,000 square feet, as the major drawing power. For even greater comparative shopping, two, three, or more department stores may be included. In theory a regional center has a GLA of 400,000 square feet, and may range from 300,000 to more than 1,000,000 square feet. Regional centers in excess of 750,000 square feet GLA with three or more department stores are considered Super Regional. (See also: Super Regional Mall). Relet Space: Sometimes called second generation or direct space, refers to existing space that has previously been occupied by another tenant. Rentable Building Area: (RBA) The total square footage of a building that can be occupied by, or assigned to a tenant for the purpose of determining a tenant’s rental obligation. Generally RBA includes a percentage of common areas including all hallways, main lobbies, bathrooms, and telephone closets. Rental Rates: The annual costs of occupancy for a particular space quoted on a per square foot basis. Sales Price: The total dollar amount paid for a particular property at a particular point in time. Sales Volume: The sum of sales prices for a given group of buildings in a given time period. Seller: The individual, group, company, or entity that sells a particular commercial real estate asset. SF: Abbreviation for Square Feet. Shopping Center: The combined retail center types of Community Center, Neighborhood Center and Strip Center. Single-Tenant: Buildings that are occupied, or intended to be occupied by a single tenant. (See also: Build-to-suit and Tenancy) Specialty Center: The combined retail center types of Airport Retail, Outlet Center and Theme/Festival Center. Sports & Entertainment: A facility suited for recreational activities, including: Amusement Facility, Aquatic Facility/Swimming Pool, Bowling Alley, Casino/Gaming Facility, Equestrian Center/Stable, Fitness,Court and Spa Facility,Golf Related,Racetrack,Skating Rink,Ski Resort, Sports Arena/Stadium, and Theatre/Performing Art Facility. Strip Center: A strip center is an attached row of stores or service outlets managed as a coherent retail entity, with on-site parking usually located in front of the stores. Open canopies may connect the storefronts, but a strip center does not have enclosed walkways linking the stores. A strip center may be configured in a straight line, or have an "L" or "U" shape.

and constitute a generally accepted primary competitive set, or peer group. Submarkets are building type specific (office, industrial, retail, etc.), with distinct boundaries dependent on different factors relevant to each building type. Submarkets are non-overlapping, contiguous geographic designations having a cumulative sum that matches the boundaries of the Market they are located within (See also: Market). Super Regional Mall: Similar to a regional mall, but because of its larger size, a super regional mall has more anchors, a deeper selection of merchandise, and draws from a larger population base. As with regional malls, the typical configuration is as an enclosed mall, frequently with multiple levels (See also: Regional Mall). Tenancy: A term used to indicate whether or not a building is occupied by multiple tenants (See also: Multi-tenant) or a single tenant. (See also: Single-tenant) Tenant Rep: Tenant Rep stands for Tenant Representative. In a typical lease transaction between an owner/landlord and tenant, the broker that represents the interests of the tenant is referred to as a Tenant Rep. Theme/Festival Center: These centers typically employ a unifying theme that is carried out by the individual shops in their architectural design and, to an extent, in their merchandise. Sometimes the biggest appeal of these centers is to tourists; they can be anchored by restaurants and entertainment facilities. These centers, generally located in urban areas, tend to be adapted from older, sometimes historic, buildings, and can be part of mixed-use projects. 80,000 –250,000 SF. Under Construction: Buildings in a state of construction, up until they receive their certificate of occupancy. In order for CoStar to consider a building under construction, the site must have a concrete foundation in place. Abbreviated UC. Vacancy Rate: A measurement expressed as a percentage of the total amount of physically vacant space divided by the total amount of existing inventory. Under construction space generally is not included in vacancy calculations. Vacant Space: Space that is not currently occupied by a tenant, regardless of any lease obligation that may be on the space. Vacant space could be space that is either available or not available. For example, sublease space that is currently being paid for by a tenant but not occupied by that tenant, would be considered vacant space. Likewise, space that has been leased but not yet occupied because of finish work being done, would also be considered vacant space. Weighted Average Rental Rate: Rental rates that are calculated by factoring in, or weighting, the square footage associated with each particular rental rate. This has the effect of causing rental rates on larger spaces to affect the average more than that of smaller spaces. The weighted average rental rate is calculated by taking the ratio of the square footage associated with the rental rate on each individual available space to the square footage associated with rental rates on all available spaces, multiplying the rental rate by that ratio, and then adding together all the resulting numbers. Unless specifically specified otherwise,rental rate averages include both Direct and Sublet available spaces. Year Built: The year in which a building completed construction and was issued a certificate of occupancy. YTD: Abbreviation for Year-to-Date. Describes statistics that are cumulative from the beginning of a calendar year through whatever time period is being studied.

Sublease Space: Space that has been leased by a tenant and is being offered for lease back to the market by the tenant with the lease obligation. Sublease space is sometimes referred to as sublet space. Submarkets: Specific geographic boundaries that serve to delineate a core group of buildings that are competitive with each other

D

CoStar Retail Statistics

©2017 CoStar Group, Inc.

First Quarter 2017 – Denver

Denver Retail Market Overview

Denver’s Vacancy Stays at 4.6% Net Absorption Positive 589,135 SF in the Quarter

T

he Denver retail market did not experience much change in market conditions in the first quarter 2017. The vacancy rate remained at 4.6%; the same vacancy as the end of fourth quarter 2016. Net absorption was positive 589,135 square feet, and vacant sublease space increased by 53,024 square feet. Quoted rental rates increased from fourth quarter 2016 levels, ending at $16.84 per square foot per year. A total of 23 retail buildings with 578,283 square feet of retail space were delivered to the market in the quarter, with 1,971,265 square feet still under construction at the end of the quarter. Net Absorption Retail net absorption was strong in Denver first quarter 2017, with positive 589,135 square feet absorbed in the quarter. In fourth quarter 2016, net absorption was positive 746,102 square feet, while in third quarter 2016, absorption came in at positive 194,523 square feet. In second quarter 2016, positive 500,745 square feet was absorbed in the market. Tenants moving out of large blocks of space in 2017 include: Savers moving out of 26,450 square feet at 1400 W Littleton Rd; Brooks Furniture & Design moving out of 20,068 square feet at 8130 S University Blvd; and Total Hockey moving out of 19,500 square feet at 8351 E Belleview Ave. Tenants moving into large blocks of space in 2017 include: King Soopers moving into 123,419 square feet at 5544 Promenade Pky; Colorado Casual moving into 90,000 square feet at 9697 E County Line Rd; and Chuze Fitness moving into 45,000 square feet at 650 E 102nd Ave. Vacancy Denver’s retail vacancy rate changed in the first quarter 2017, ending the quarter at 4.6%. Over the past four quarters,

the market has seen an overall decrease in the vacancy rate, with the rate going from 4.7% in the second quarter 2016, to 4.7% at the end of the third quarter 2016, 4.6% at the end of the fourth quarter 2016, to 4.6% in the current quarter. The amount of vacant sublease space in the Denver market has trended up over the past four quarters. At the end of the second quarter 2016, there were 392,640 square feet of vacant sublease space. Currently, there are 627,351 square feet vacant in the market. Largest Lease Signings The largest lease signings occurring in 2017 included: the 29,958-square-foot-lease signed by 2nd & Charles at 8500 W Crestline Ave; the 28,765-square-foot-deal signed by Affordable Moving & Storage Inc. at 2737 W Belleview Ave; and the 25,130-square-foot-lease signed by Guiry’s Paint 6735 W 88th Ave. Rental Rates Average quoted asking rental rates in the Denver retail market are up over previous quarter levels, and up from their levels four quarters ago. Quoted rents ended the first quarter 2017 at $16.84 per square foot per year. That compares to $16.08 per square foot in the fourth quarter 2016, and $15.85 per square foot at the end of the second quarter 2016. This represents a 4.7% increase in rental rates in the current quarter, and a 5.88% increase from four quarters ago. Inventory & Construction During the first quarter 2017, 23 buildings totaling 578,283 square feet were completed in the Denver retail market. Over the past four quarters, a total of 1,837,718 square feet of retail

Vacancy Rates by Building Type Power Center

Specialty Center

2006-2017

General Retail

Shopping Center

Mall

Total Market

12%

10%

8%

6%

4%

2%

0% 2006 1q

2007 1q

2008 1q

2009 1q

2010 1q

2011 1q

2012 1q

2013 1q

2014 1q

2015 1q

2016 1q

20171q

Source: CoStar Property®

©2017 CoStar Group, Inc.

Absorption & Deliveries

Past 7 Quarters

CoStar Retail Statistics

Vacancy & Rent

Past 7 Quarters

1

Denver � First Quarter 2017

Denver Retail Market Overview

space has been built in Denver. In addition to the current quarter, 33 buildings with 539,112 square feet were completed in fourth quarter 2016, 29 buildings totaling 401,574 square feet completed in third quarter 2016, and 318,749 square feet in 17 buildings completed in second quarter 2016. There were 1,971,265 square feet of retail space under construction at the end of the first quarter 2017. Some of the notable 2017 deliveries include: 5940 Promenade Pky, a 136,400-square-foot facility that delivered in first quarter 2017 and is now 100% occupied, and 5544 Promenade Pky, a 123,419-square-foot building that delivered in first quarter 2017 and is now 100% occupied. Total retail inventory in the Denver market area amounted to 198,238,497 square feet in 14,746 buildings and 1505 centers as of the end of the first quarter 2017.

011 1q

Vacancy & Rent Past 7 Quarters Average Rental Rate

Vacancy Rate

Price in Dollars per Unit

$17

5.4%

$17

5.2%

$16

5.0%

$16

4.8%

$15

4.6%

$15

4.4% 4.2%

$14 2015 3q

2016 1q

2016 3q

2017 1q

Vacancy Rate Percentage

Retail

Shopping Center The Shopping Center market in Denver currently consists 2006-2017 of 1432 projects with 74,332,195 square feet of retail space in Shopping Center Total Market 3,601 buildings. InMall this report the Shopping Center market is comprised of all Community Center, Neighborhood Center, and Strip Centers. After absorbing 105,677 square feet and delivering 59,227 square feet in the current quarter, the Shopping Center sector saw the vacancy rate go from 6.6% at the end of the fourth quarter 2016 to 6.5% this quarter. Over the past four quarters, the Shopping Center vacancy rate has gone from 7.1% at the end of the second quarter 2016, to 7.0% at the end of the third quarter 2016, to 6.6% at the end of the fourth quarter 2016, and finally to 6.5% at the end of the current quarter. Rental rates ended the first quarter 2017 at $15.50 per square foot, up from the $14.96 they were at the end of fourth 2012 1q 2013 1q 2014 1q 2015 1q 2016 1q 20171q quarter 2016. Rental rates have trended up over the past year, going from $14.75 per square foot a year ago to their current levels.

Net absorption in the Shopping Center sector has totaled 795,580 square feet over the past four quarters. In addition to the positive 105,677 square feet absorbed this quarter, positive 368,207 square feet was absorbed in the fourth quarter 2016, positive 176,849 square feet was absorbed in the third quarter 2016, and positive 144,847 square feet was absorbed in the second quarter 2016. Power Centers The Power Center average vacancy rate was 5.7% in the first quarter 2017. With negative (91,064) square feet of net absorption and 24,300 square feet in new deliveries, the vacancy rate went from 5.1% at the end of last quarter to 5.7% at the end of the first quarter. In the fourth quarter 2016, Power Centers absorbed negative (1,731) square feet, delivered 5,545 square feet, and the vacancy rate went from 5.1% to 5.1% over the course of the quarter. Rental started the quarter at $19.01 per square foot and ended the quarter at $17.88 per square foot. A year ago, in first quarter 2016, the vacancy rate was 3.1%. Over the past four quarters, Power Centers have absorbed a cumulative (487,369) square feet of space and delivered cumulative 37,745 square feet of space. Vacant sublease space has gone from 19,600 square feet to 29,000 square feet over that time period, and rental rates have gone from $17.19 to $18.83. At the end of the first quarter 2017, there were 581,000 square feet under construction in the Denver market. The total stock of Power Center space in Denver currently sits at 20,235,465 square feet in 46 centers comprised of 565 buildings. General Retail Properties The General Retail sector of the market, which includes all freestanding retail buildings, except those contained within a center, reported a vacancy rate of 2.2% at the end of first quarter 2017. There was a total of 1,813,920 square feet vacant at that time. The General Retail sector in Denver currently has average rental rates of $18.68 per square foot per year. There are 1,091,170 square feet of space under construction in this sector, with 223,742 square feet having been completed in the first quarter. In all, there are a total of 10,225 buildings with 82,561,409 square feet of General Retail space in Denver. Specialty Centers There are currently 4 Specialty Centers in the Denver market, making up 996,857 square feet of retail space. In this report the Specialty Center market is comprised of Outlet Center, Airport Retail and Theme/Festival Centers. Specialty Centers in the Denver market have experienced positive 1,249 square feet of net absorption in 2017. The vacancy rate currently stands at 0.0%, and rental rates average $19.09 per square foot.

Source: CoStar Property®

2

CoStar Retail Statistics

©2017 CoStar Group, Inc.

2% First Quarter 2017 – Denver

Denver Retail Market 0%

2006 1q

Overview

Sales Activity Tallying retail building sales of 15,000 square feet or larger, Denver retail sales figures fell during the fourth quarter 2016 in terms of dollar volume compared to the third quarter of 2016. In the fourth quarter, 12 retail transactions closed with a total volume of $125,950,600. The 12 buildings totaled 675,067 square feet and the average price per square foot equated to $186.57 per square foot. That compares to 21 transactions totaling $165,876,562 in the third quarter 2016. The total square footage in the third quarter was 856,406 square feet for an average price per square foot of $193.69. Total retail center sales activity in 2016 was down compared to 2015. In the twelve months of 2016, the market saw 85 retail sales transactions with a total volume of $748,420,062. The price per square foot averaged $200.18. In the same twelve months of 2015, the market posted 105 transactions with a total volume of $976,571,280. The price per square foot averaged $161.69.

©2017 CoStar Group, Inc.

2008 1q

2009 1q

2010 1q

2011 1q

Absorption & Deliveries Past 7 Quarters Net Absorption

Deliveries

1.2 0.98 0.94

1.0

Millions SF

Malls Malls recorded net absorption of positive 249,595 square feet in the first quarter 2017. This net absorption number, combined with the 271,014 square feet that was built in the quarter, caused the vacancy rate to go from 6.2% a quarter ago to 6.3% at the end of the first quarter 2017. Rental rates went from $20.74 per square foot to $26.84 per square foot during that time. In this report the Mall market is comprised of 23 Lifestyle Center, Regional Mall and Super Regional Malls.

2007 1q

Source: CoStar Property®

0.75

0.8 0.60

0.6

0.590.58

0.40

0.39

0.4

0.32 0.23

0.2

0.54

0.50

0.19

0.11

0.0 2015 3q

2016 1q

2016 3q

2017 1q

Source: CoStar Property®

Cap rates have been lower in 2016, averaging 7.11% compared to the same period in 2015 when they averaged 7.13%. One of the largest transactions that occurred within the last four quarters in the Denver market is the sale of Aspen Grove in Littleton. This 267,477 square foot, nine-building retail center featuring tenants like the Alamo Drafthouse Cinema, Ted’s Montana Grill, and an Apple Store sold for $82,000,000, or $306.57 per square foot. The property sold on 10/27/2016 at a 6.20 cap rate. Reports compiled by: Jeff Miles, Research Manager.

CoStar Retail Statistics

3

Denver � First Quarter 2017

Denver Retail Market Markets

CoStar Submarkets In analyzing metropolitan areas, CoStar has developed geographic designations to help group properties together, called Markets, Submarket Clusters and Submarkets. Markets are the equivalent of metropolitan areas, or areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Markets are then divided into Submarket Clusters, which are core areas within a metropolitan area that are known to be competitive with each other in terms of attracting and keeping tenants. Markets are then further subdivided into smaller units called Submarkets, which serve to delineate a core group of buildings that are competitive with each other and constitute a generally accepted competitive set, or peer group. Submarket Clusters Aurora Ret Boulder Ret Central Ret Colorado Bl/Cherry Ck Ret Downtown Ret Longmont Ret North Outlying Ret Northeast Ret Northern Colorado Ret Northwest Ret South Ret Southeast Outlying Ret Southeast Ret Southwest Outlying Ret Southwest Ret West Ret

4

CoStar Retail Statistics

©2017 CoStar Group, Inc.

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First Quarter 2017 – Denver

Denver Retail Market Inventory & development

Historical Deliveries

1982 - 2017

Deliveries

8.0

Average Delivered SF 7.4 6.9

7.0

6.5

6.3

6.4

6.6

Millions of SF

6.0 4.7

5.0 3.8

4.0 3.0

5.0

5.0

4.8

4.5 3.5

2.6

2.3 1.8

2.0

4.7 4.7

4.0

3.7 3.6

3.2

3.0

2.9

4.9

1.3

2.1

0.9

1.0

1.6

1.6 0.7

1.3

1.8 1.7 1.9

0.8

0.0 1982 Source: CoStar Property®

1986

1990

1994

1998

2002

2006

2010

2014

* Future deliveries based on current under construction buildings.

Construction Activity Markets Ranked by Under Construction Square Footage Under Construction Inventory # Bldgs

Market

Total GLA

Average Bldg Size

Preleased SF

Preleased %

All Existing

U/C

16

696,829

557,023

79.9%

12,381

43,552

8

348,180

108,540

31.2%

8,997

43,522

14

248,299

204,607

82.4%

16,061

17,736

8

167,765

130,615

77.9%

10,323

20,971

16

165,349

133,357

80.7%

13,346

10,334

Downtown Ret

4

103,758

96,231

92.7%

16,305

25,939

Boulder Ret

2

87,588

37,706

43.0%

14,564

43,794

Aurora Ret

4

61,490

21,490

34.9%

17,246

15,372

Southeast Outlying Ret

2

46,277

40,000

86.4%

11,610

23,138

Southeast Ret

3

23,235

19,612

84.4%

18,588

7,745

All Other

3

22,495

14,995

66.7%

16,559

7,498

13,444

24,641

Northern Colorado Ret Central Ret Northwest Ret West Ret Northeast Ret

Totals

1,971,265

80

1,364,176

69.2%

Source: CoStar Property®

Recent Deliveries

Future Deliveries

Leased & Un-Leased SF in Deliveries Since 2013

Preleased & Un-Leased SF in Properties Scheduled to Deliver

Leased

Un-Leased

2.0 1.8

Un-Leased

700

1.6

600 Thousands of SF

1.4 1.2 1.0 0.8 0.6

500

T

Millions of SF

Preleased

800

400 300 200

0.4

100

0.2 0.0

0 2013

Source: CoStar Property®

©2017 CoStar Group, Inc.

2015

2017

2017 2q

2017 4q

Source: CoStar Property®

CoStar Retail Statistics

5

Denver � First Quarter 2017

Denver Retail Market Inventory & development

Historical Construction Starts & Deliveries Square Footage Per Quarter Starting and Completing Construction Construction Starts

1.4

Deliveries 1.21

1.2 0.94

Millions of SF

1.0 0.8 0.6

0.26 0.2

0.25 0.17

0.46

0.45

0.40 0.4

0.420.40

0.39

0.36

0.280.31

0.29

0.58 0.55

0.54

0.490.49

0.42

0.32 0.28

0.19

0.13

0.11

0.0 2014 1q

2014 2q

2014 3q

2014 4q

2015 1q

2015 2q

2015 3q

2015 4q

2016 1q

2016 2q

2016 3q

2016 4q

2017 1q

Source: CoStar Property®

Recent Deliveries by Project Size of Year-to-Date Development Building Size

# Bldgs

< 50,000 SF

GLA

SF Leased

% Leased

Avg Rate

Single-Tenant

Multi-Tenant

20

246,589

192,794

78.2%

$31.55

92,834

153,755

50,000 SF - 99,999 SF

1

71,875

71,875

100.0%

$0.00

71,875

100,000 SF - 249,999 SF

2

259,819

259,819

100.0%

$0.00

0

250,000 SF - 499,999 SF

0

0

0

0.0%

$0.00

0

0

>= 500,000 SF

0

0

0

0.0%

$0.00

0

0

0 259,819

Source: CoStar Property®

Recent Development by Tenancy

Existing Inventory Comparison

Based on GLA Developed for Single & Multi Tenant Use

Based on Total GLA

2017 Deliveries

Currently Under Construction General Retail

Shopping Center

28% 38%

Power Center 62%

72%

Mall

Specialty Center Multi

Single

Multi

Single

Millions of SF

Source: CoStar Property®

6

0

20

40

60

80

100

Source: CoStar Property®

CoStar Retail Statistics

©2017 CoStar Group, Inc.

First Quarter 2017 – Denver

Denver Retail Market Inventory & development

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����� ������������������ �������������������������� ����������� ������ ������ ����� ��� ���������� ���������� ������������� ��������������� ������������������� ������������������ ������������ ���������������������� ������������ ������������� ��� ����������� �

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����� ���������� ������������� ��������������� ������������ ������������ ����������� �

���� �������������� ����������� ����� ���������� ������������� ��������������� ������������ ������������ ����������� �

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����������������������� ������ ���� ��� ������������������� ������������������ ��� ���

������������������������

©2017 CoStar Group, Inc.

CoStar Retail Statistics

7

Denver � First Quarter 2017

Denver Retail Market Inventory & development

����������������������������������������

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�������������������� ������������������ ����������� ������ ����� �� ����������� ���������� ������������� ��������������� ������������������ ������������������� ������������ ������������������ ������������ �������������������������� ����������� ������� �

����� ����������������� ������������������ ����������� ������ ����� ���� ����������� ��� ������������� ��������������� ������������������ ������������������� ������������ ��� ������������ �������������������� ����������� �

��������������������� ������ ��� ���������� ������������������� ������������������� ��������������������� ���������������������

������������������������

8

CoStar Retail Statistics

©2017 CoStar Group, Inc.

First Quarter 2017 – Denver

Denver Retail Market Figures at a Glance

General Retail Market Statistics Existing Inventory Market

# Blds

First Quarter 2017 Vacancy

Total GLA

Direct SF

Total SF

YTD Net

YTD

Under

Vac %

Absorption

Deliveries

Const SF

Quoted Rates

Aurora Ret

366

3,427,707

136,054

139,354

4.1%

41,413

0

61,490

$26.49

Boulder Ret

352

3,352,938

54,506

79,304

2.4%

(17,808)

0

87,588

$29.45

Central Ret

1,921

12,802,795

384,654

386,204

3.0%

(54,343)

3,000

290,180

$20.32

Colorado Bl/Cherry Ck Ret

223

1,985,029

44,809

44,809

2.3%

77,478

71,875

Downtown Ret

216

3,032,367

98,370

100,164

3.3%

18,977

0

Longmont Ret

359

2,390,047

52,643

71,327

3.0%

5,910

0

0

$13.47

North Outlying Ret

169

1,094,517

14,752

14,752

1.3%

74

0

0

$13.01

Northeast Ret

814

5,908,358

68,371

68,371

1.2%

27,031

1,621

12,653,005

317,166

375,084

3.0%

(52)

Northwest Ret

933

8,897,461

74,710

74,710

0.8%

39,337

South Ret

485

6,795,608

84,028

84,028

1.2%

80,228

Southeast Outlying Ret

223

1,413,057

41,953

41,953

3.0%

30,162

Southeast Ret

389

4,778,199

75,109

75,109

1.6%

(10,052)

0

Southwest Outlying Ret

162

760,439

16,669

16,669

2.2%

(2,912)

0

Southwest Ret

221

2,734,568

44,800

44,800

1.6%

9,138

0

1,771

10,535,314

197,282

197,282

1.9%

79,097

58,768

167,765

10,225

82,561,409

1,705,876

1,813,920

2.2%

323,678

223,742

1,091,170

YTD Net

YTD

Under

Quoted

Absorption

Deliveries

Const SF

Rates

0

0

$0.00

0

0

$26.00

0

0

$0.00

Northern Colorado Ret

West Ret Totals

22,666 0 20,700 0

0 103,758

$32.65 $25.10

43,832

$14.70

132,829

$12.94

169,200

$17.12

8,083

46,733

0 19,533 0 6,912

$20.35 $17.75 $19.78 $13.85 $13.78 $17.09 $18.68

Source: CoStar Property®

Mall Market Statistics

First Quarter 2017

Existing Inventory Market

# Ctrs

Vacancy

Total GLA

Direct SF

Total SF

Vac %

Aurora Ret

1

1,226,778

45,777

45,777

3.7%

Boulder Ret

1

707,247

12,157

14,881

2.1%

Central Ret

0

Colorado Bl/Cherry Ck Ret

1

1,229,400

1,944

1,944

0.2%

0

0

0

$0.00

Downtown Ret

1

411,528

10,854

10,854

2.6%

0

0

0

$0.00

Longmont Ret

1

91,698

91,698

19.7%

0

0

$0.00

North Outlying Ret

0

Northeast Ret

2

1,325,451

66,401

Northern Colorado Ret

4

2,700,715

Northwest Ret

3

South Ret

0

465,600 0

0

0

4,842 0

0

0

$0.00

66,401

5.0%

0

0

0

$0.00

226,500

226,500

8.4%

2,642,120

440,785

440,785

16.7%

3

2,613,499

32,721

32,721

1.3%

1,306

Southeast Outlying Ret

2

735,407

62,103

62,103

8.4%

275,012

Southeast Ret

1

1,514,320

167,476

167,476

11.1%

(6,627)

Southwest Outlying Ret

0

Southwest Ret

1

1,470,002

West Ret

2

3,070,504

Totals

23

20,112,571

0 69,461 30,357 1,258,234

0

0.0%

(14,881)

0.0%

0

0

0

0

0 69,461 30,357 1,260,958

0.0% 4.7% 1.0% 6.3%

1,134 0

0 (11,191) 0 249,595

0

14,000

$28.43

0

0

$0.00

0

0

$32.00

271,014

46,277

$25.00

0

0

$26.80

0

0

$0.00

0

0

$0.00

0

$30.00

0 271,014

60,277

$26.84

Source: CoStar Property®

©2017 CoStar Group, Inc.

CoStar Retail Statistics

9

Denver � First Quarter 2017

Denver Retail Market Figures at a Glance

Power Center Market Statistics

First Quarter 2017

Existing Inventory Market

# Ctrs

Vacancy

Total GLA

Direct SF

Total SF

Vac %

YTD Net

YTD

Under

Absorption

Deliveries

Const SF

Quoted Rates

Aurora Ret

2

1,071,424

80,262

80,262

7.5%

1,704

0

0

$27.81

Boulder Ret

1

622,366

57,244

57,244

9.2%

3,138

0

0

$19.23

Central Ret

3

1,427,803

18,725

28,125

2.0%

1,150

0

0

$22.33

Colorado Bl/Cherry Ck Ret

1

356,898

44,997

44,997

12.6%

0

0

0

$35.00

Downtown Ret

0

0.0%

0

0

0

$0.00

Longmont Ret

1

0

0

$6.45

North Outlying Ret

0

0

0

$0.00

Northeast Ret

6

3,231,703

185,899

185,899

5.8%

(61,136)

Northern Colorado Ret

9

3,357,413

102,285

102,285

3.0%

(7,876)

Northwest Ret

7

3,235,722

375,909

395,509

12.2%

(15,435)

South Ret

4

1,150,234

17,847

17,847

Southeast Outlying Ret

0

Southeast Ret

4

Southwest Outlying Ret

0

Southwest Ret

5

2,073,124

129,417

129,417

6.2%

West Ret

3

926,224

39,819

39,819

Totals

46

1,153,954

0 505,436 0

0 2,277,118 0

20,235,465

0

0

3,766

3,766

0

0

0

0

68,784

68,784

0

0

1,124,954

0.7% 0.0%

6,432 0

0 24,300

40,000

$22.92

541,000

$21.35

0

0

$14.75

1.6%

(167)

0

0

$24.00

0.0%

0

0

0

$0.00

0

0

$0.00

0

0

$0.00

(29,958)

0

0

$0.00

4.3%

1,373

0

0

$20.56

5.7%

(91,064)

3.0% 0.0%

9,711 0

24,300

581,000

$18.83

Source: CoStar Property®

Shopping Center Market Statistics Existing Inventory Market

# Ctrs

Total GLA

First Quarter 2017

Vacancy Direct SF

Total SF

Vac %

YTD Net

YTD

Under

Quoted

Absorption

Deliveries

Const SF

Rates

0

0

$12.70

0

0

$20.50

Aurora Ret

98

6,398,090

499,855

536,359

8.4%

Boulder Ret

60

2,861,457

72,538

75,918

2.7%

9,612

Central Ret

165

6,189,741

238,869

352,322

5.7%

49,095

Colorado Bl/Cherry Ck Ret

(44,091)

22,425

58,000

$17.82

42

1,906,702

62,680

64,021

3.4%

1,282

0

0

$23.41

Downtown Ret

11

306,321

42,575

42,575

13.9%

(6,788)

0

0

$0.00

Longmont Ret

58

2,979,437

347,065

347,065

11.6%

16,653

0

0

$13.44

North Outlying Ret

13

305,816

5,870

5,870

1.9%

0

0

$13.79

Northeast Ret

114

5,669,959

417,000

418,981

7.4%

57,565

2,000

81,517

$17.63

Northern Colorado Ret

153

8,080,899

449,181

510,495

6.3%

(28,171)

25,778

9,000

$16.11

Northwest Ret

199

11,629,254

654,046

763,339

6.6%

17,478

9,024

79,099

$13.25

South Ret

93

7,452,743

428,505

487,085

6.5%

(3,599)

0

7,500

$17.52

Southeast Outlying Ret

18

856,547

34,156

34,156

4.0%

1,280

0

0

$20.72

Southeast Ret

99

6,046,848

286,310

292,275

4.8%

(6,053)

0

0

$19.10

9

402,301

65,325

65,325

16.2%

17,651

0

0

$12.65

59

4,086,474

205,387

301,159

7.4%

(12,258)

0

0

$13.78

0

$13.66

Southwest Outlying Ret Southwest Ret West Ret Totals

0

241

9,159,606

542,436

542,436

5.9%

36,021

1,432

74,332,195

4,351,798

4,839,381

6.5%

105,677

0 59,227

235,116

$15.50

Source: CoStar Property®

10

CoStar Retail Statistics

©2017 CoStar Group, Inc.

First Quarter 2017 – Denver

Denver Retail Market Figures at a Glance

Specialty Center Market Statistics Existing Inventory Market

# Ctrs

First Quarter 2017

Vacancy

Total GLA

Direct SF

Total SF

Vac %

YTD Net

YTD

Under

Absorption

Deliveries

Const SF

Quoted Rates

Aurora Ret

0

0

0

0

0.0%

0

0

0

$0.00

Boulder Ret

0

0

0

0

0.0%

0

0

0

$0.00

Central Ret

1

289,887

0

0

0.0%

0

0

0

$0.00

Colorado Bl/Cherry Ck Ret

1

30,960

0

0

0.0%

0

0

0

$0.00

Downtown Ret

0

0

0

0

0.0%

0

0

0

$0.00

Longmont Ret

0

0

0

0

0.0%

0

0

0

$0.00

North Outlying Ret

0

0

0

0

0.0%

0

0

0

$0.00

Northeast Ret

0

0

0

0

0.0%

0

0

0

$0.00

Northern Colorado Ret

0

0

0

0

0.0%

0

0

0

$0.00

Northwest Ret

0

0

0

0

0.0%

0

0

0

$0.00

South Ret

0

0

0

0

0.0%

0

0

0

$0.00

Southeast Outlying Ret

1

477,998

0

0

0.0%

0

0

0

$0.00

Southeast Ret

1

198,012

0

0

0.0%

Southwest Outlying Ret

0

0

0

0

0.0%

0

0

0

$0.00

Southwest Ret

0

0

0

0

0.0%

0

0

0

$0.00

West Ret

0

0

0

0

0.0%

0

0

0

$0.00

Totals

4

996,857

0

0

0.0%

1,249

0

1,249

0

3,702

3,702

$19.09

$19.09

Source: CoStar Property®

Total Retail Market Statistics

First Quarter 2017

Existing Inventory Market

# Blds

Total GLA

Vacancy Direct SF

Total SF

Vac %

YTD Net

YTD

Under

Quoted

Absorption

Deliveries

Const SF

Rates

Aurora Ret

703

12,123,999

761,948

801,752

6.6%

(974)

0

61,490

$15.23

Boulder Ret

518

7,544,008

196,445

227,347

3.0%

(19,939)

0

87,588

$23.97

Central Ret

2,302

20,710,226

642,248

766,651

3.7%

(4,098)

25,425

348,180

$19.67

71,875

Colorado Bl/Cherry Ck Ret

321

5,508,989

154,430

155,771

2.8%

78,760

Downtown Ret

230

3,750,216

151,799

153,593

4.1%

12,189

0

0

Longmont Ret

520

6,340,520

495,172

513,856

8.1%

33,837

0

0

$13.23

North Outlying Ret

196

1,400,333

20,622

20,622

1.5%

74

0

0

$13.47

103,758

$27.03 $25.10

Northeast Ret

1,209

16,135,471

737,671

739,652

4.6%

23,460

24,666

165,349

$17.45

Northern Colorado Ret

2,164

26,792,032

1,095,132

1,214,364

4.5%

(34,965)

50,078

696,829

$15.42

Northwest Ret

1,644

26,404,557

1,545,450

1,674,343

6.3%

41,380

29,724

248,299

$14.10

South Ret

897

18,012,084

563,101

621,681

3.5%

77,768

15,583

$17.87

Southeast Outlying Ret

300

3,483,009

138,212

138,212

4.0%

306,454

46,277

$20.55

Southeast Ret

797

14,814,497

597,679

603,644

4.1%

(11,772)

0

23,235

$19.53

Southwest Outlying Ret

181

1,162,740

81,994

81,994

7.1%

14,739

0

469

10,364,168

449,065

544,837

5.3%

(44,269)

0

Southwest Ret

0 317,747

0 6,912

West Ret

2,295

23,691,648

809,894

809,894

3.4%

116,491

58,768

167,765

Totals

14,746

198,238,497

8,440,862

9,068,213

4.6%

589,135

578,283

1,971,265

$12.82 $13.78 $15.36 $16.84

Source: CoStar Property®

©2017 CoStar Group, Inc.

CoStar Retail Statistics

11

Denver � First Quarter 2017

Denver Retail Market Figures at a Glance

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12

CoStar Retail Statistics

©2017 CoStar Group, Inc.

First Quarter 2017 – Denver

Denver Retail Market Figures at a Glance

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©2017 CoStar Group, Inc.

CoStar Retail Statistics

13

Denver � First Quarter 2017

Denver Retail Market Leasing Activity

Historical Rental Rates Based on NNN Rental Rates Power Center

Specialty Center

General Retail

Shopping Center

Mall

Total Market

Dollars/SF/Year

$25.00 $20.00 $15.00 $10.00 $5.00 $0.00 2006 1q

2007 1q

2008 1q

2009 1q

2010 1q

2011 1q

2012 1q

2013 1q

2014 1q

2015 1q

2016 1q

2017 1q

Source: CoStar Property®

Vacancy by Available Space Type

Vacancy by Building Type

Percent of All Vacant Space in Direct vs. Sublet

Percent of All Vacant Space by Building Type

7%

Shopping Center

General Retail

Mall

Power Center

Specialty Center

93% Direct

0%

Sublet

Source: CoStar Property®

10%

20%

30%

40%

50%

60%

Source: CoStar Property®

GLA By Building Type

Future Space Available

Ratio of Total GLA by Building Type

Space Scheduled to be Available for Occupancy* 0.5

General Retail

0.46

0.5 0.4

Shopping Center

0.4 Millions

0.3

Power Center

0.3 0.2

Mall

0.2

0.10

0.1

0.06

0.08

0.1

Specialty Center

0.02

0.00

0.0

Millions of SF 0 Source: CoStar Property®

14

20

40

60

80

2017 2q

100

* Includes Under Construction Spaces

CoStar Retail Statistics

2018 2q Source: CoStar Property®

©2017 CoStar Group, Inc.

First Quarter 2017 – Denver

Denver Retail Market Leasing Activity

Select Top Retail Leases

Based on Leased Square Footage For Deals Signed in 2017

Building

Submarket

SF

Qtr

Tenant Name

Tenant Rep Company

Landlord Rep Company

1

3795 Wadsworth Blvd

West Ret

35,000

1st

N/A

N/A

Quadrant Properties

2

8500 W Crestline Ave

Southwest Ret

29,958

1st

2nd & Charles

N/A

Crosbie Real Estate Group

3

2737-2777 W Belleview Ave

Southwest Ret

28,765

1st

A�ordable Moving & Storage Inc.

N/A

N/A

4

6200 S Main St

Southeast Ret

27,799

1st

N/A

N/A

Transwestern

5

6735-6795 W 88th Ave

Northwest Ret

25,130

1st

Guiry’s Paint at Brookhill Town Center

N/A

SRS Real Estate Partners LLC

6

16557-16575 Washington St

Northeast Ret

20,015

1st

N/A

N/A

Jordon Perlmutter & Co.

7

7211 E Evans Ave

Central Ret

19,650

1st

Planet Fitness

N/A

Streamline Commercial Properties

8

7370-7450 W 52nd Ave

Northwest Ret

17,363

1st

You�t Health Clubs

N/A

Legend Partners

9

9420-9440 N Sheridan Blvd

Northwest Ret

17,233

1st

Golf Galaxy

N/A

Legend Partners

10

9046 W Bowles Ave*

Southwest Ret

16,114

1st

Guiry’s

N/A

N/A

11

7041-7071 N Pecos St*

Northwest Ret

11,345

1st

Turn II Bingo

N/A

SRS Real Estate Partners LLC

12

19185 E Lincoln Ave

Southeast Ret

11,000

1st

Appliance Factory Sales Outlet & Service

N/A

N/A

13

1840-2050 Greeley Mall

Northern Colorado Ret

9,153

1st

N/A

N/A

Moonbeam Management and Leasing

14

8657-8785 Sheridan Blvd

Northwest Ret

9,135

1st

Yak & Yeti Restaurant & Events

N/A

Colliers International

15

181 E Foothills Pky

Northern Colorado Ret

8,757

1st

N/A

N/A

Alberta Development Partners, LLC

16

796 S Abilene St

Aurora Ret

8,217

1st

N/A

N/A

Newmark Grubb Knight Frank

17

104th Ave

Northwest Ret

7,800

1st

Chuy’s

N/A

David Hicks & Lampert Brokerage

18

23890 E Smoky Hill Rd

Southeast Ret

6,876

1st

N/A

N/A

Legend Partners

19

9355 Crown Crest Blvd

Southeast Ret

6,442

1st

N/A

N/A

SullivanHayes Brokerage

20

8000 E Quincy Ave

Central Ret

6,394

1st

The Modern Salon Studios

N/A

Gart Properties

21

4235 S College Ave

Northern Colorado Ret

6,031

1st

Oreganos

N/A

SRS Real Estate Partners LLC

22

135 W Oak St*

Northern Colorado Ret

5,930

1st

Jay’s Bistro Ft. Collins LLC

N/A

N/A

23

1033-1055 Broadway*

Central Ret

5,807

1st

Altitude Digital Partners

Direct Deal

Apogee Real Estate

24

1033-1055 Broadway

Central Ret

5,803

1st

MKTG

N/A

Apogee Real Estate

25

3581 E Harmony & Lady Moon Dr

Northern Colorado Ret

5,638

1st

DC Oakes Brewhouse and Eatery

N/A

Waypoint Real Estate, LLC

26

600 S Broadway

Central Ret

5,400

1st

The Premier Group Inc

Space Commercial Real Estate

RE/MAX Leaders

27

21 S 1st Ave

Northeast Ret

5,327

1st

Big Choice Brewery

N/A

Broad Street Realty

28

2223-2253 S Monaco Pky

Central Ret

5,200

1st

N/A

N/A

Legend Partners

29

1600 Pearl St

Boulder Ret

5,170

1st

N/A

N/A

Unico Properties LLC

30

1350 Ken Pratt Blvd

Longmont Ret

5,115

1st

N/A

N/A

Skyline Builders

31

250 E Harmony Rd

Northern Colorado Ret

5,028

1st

N/A

N/A

AmCap Properties, Inc.

32

3300 S College Ave

Northern Colorado Ret

5,001

1st

N/A

N/A

Alberta Development Partners, LLC

33

3800 Walnut St

Central Ret

4,946

1st

RINO Beer Garden

N/A

David Hicks & Lampert Brokerage

34

10155 E Martin Luther King Blvd

Central Ret

4,875

1st

Los Chingones

N/A

David Hicks & Lampert Brokerage

35

10155 E Martin Luther King Blvd

Central Ret

4,875

1st

Endorphin

N/A

David Hicks & Lampert Brokerage

36

10155 E Martin Luther King Blvd

Central Ret

4,875

1st

The Kitchen

N/A

David Hicks & Lampert Brokerage

37

7370-7450 W 52nd Ave

Northwest Ret

4,780

1st

X�nity

N/A

Legend Partners

38

14415 E Smoky Hill Rd

Southeast Ret

4,672

1st

Elevation Ability Services

Avison Young

John Propp Commercial Group

39

7370-7450 W 52nd Ave

Northwest Ret

4,481

1st

Newks

N/A

Legend Partners

40

Hwy 36 & 104th Ave

Northwest Ret

4,412

1st

Prizm Yoga

N/A

David Hicks & Lampert Brokerage

Source: CoStar Property®

* Renewal

©2017 CoStar Group, Inc.

CoStar Retail Statistics

15

Denver � First Quarter 2017

Denver Retail Market Sales Activity

The Optimist Sales Index

Average of Two Highest Price/SF's and Two Lowest Cap Rates Price/SF $590

7.0%

$540

6.0%

$490

5.0%

$440

4.0%

$390

3.0%

$340

2.0%

$290

Dollars/SF

Cap Rate Percentage

Cap Rate 8.0%

$240

1.0% 2014 1q

2015 1q

2016 1q

Source: CoStar COMPS®

Sales Volume & Price

Sales Analysis by Building Size

Based on Retail Building Sales of 15,000 SF and Larger

Based on Retail Building Sales From Jan. 2016 - Dec. 2016

Sales Volume

Bldg Size

Price/SF

$400

RBA

$ Volume

Price/SF Cap Rate

< 25,000 SF

412

2,941,852

$778,965,339

$ 264.79 6.46%

25K-99K SF

37

1,680,035

$251,053,692

$ 149.43

100K-249K SF

5

681,944

$103,593,690

$ 151.91 7.42%

>250K SF

2

601,427

$251,600,000

$ 418.34 6.20%

$200

$350 $300

$150

$250 $200

$100

$150 $100

Price/SF

Millions of Sales Volume Dollars

#

$250

$450

7.23%

$50

$50 $0

$0

2013 1q

2014 1q

2015 1q

2016 1q

Source: CoStar COMPS®

Source: CoStar COMPS®

U.S. Price/SF Comparison

U.S. Cap Rate Comparison

Based on Retail Building Sales of 15,000 SF and Larger

Based on Retail Building Sales of 15,000 SF and Larger

$250

Denver

US

10.0%

$230 Cap Rate Percentage

Dollars per SF

$190 $170 $150 $130 $110 $90

$50

16

8.0% 7.0% 6.0% 5.0% 4.0% 3.0%

$70

Source: CoStar COMPS®

US

9.0%

$210

2013 1q

Denver

2.0% 2014 1q

2015 1q

2016 1q

2013 1q2013 3q 2014 1q2014 3q 2015 1q2015 3q 2016 1q2016 3q Source: CoStar COMPS®

CoStar Retail Statistics

©2017 CoStar Group, Inc.

First Quarter 2017 – Denver

Denver Retail Market Sales Activity

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©2017 CoStar Group, Inc.

CoStar Retail Statistics

17

Denver – First Quarter 2017

Denver Retail Market A u r o r a

M a r k e t

Market Highlights – Class “A, B & C”

Deliveries, Absorption & Vacancy Delivered SF

Historical Analysis, All Classes Absorption SF

Vacancy

8.0%

0.100

7.0%

0.050

5.0%

(0.050)

4.0% 3.0%

(0.100)

          

     

6.0% 0.000

2.0% (0.150)

1.0%

(0.200)

0.0% 2014 1q

2014 2q

2014 3q

2014 4q

2015 1q

2015 2q

2015 3q

2015 4q

2016 1q

2016 2q

2016 3q

2016 4q

2017 1q

Source: CoStar Property®

Vacant Space

Quoted Rental Rates

Historical Analysis, All Classes

Historical Analysis, All Classes

Direct SF

$15.50

Sublet SF

0.90

$15.00

0.80

Dollars/SF/Year

0.70

     

0.60 0.50 0.40

$14.50 $14.00 $13.50 $13.00

0.30 0.20

$12.50

0.10

$12.00

0.00 2016 1q

2016 2q

2016 3q

2016 4q

2016 1q

2017 1q

Source: CoStar Property®

Period 2017 1q

2016 3q

2017 1q

Source: CoStar Property®

Existing Inventory # Bldgs Total RBA 703 12,123,999

Vacancy Vacant SF Vacancy % 801,752 6.6%

Net Absorption (974)

Delivered Inventory # Bldgs Total RBA 0 0

UC Inventory # Bldgs Total RBA 4 61,490

Quoted Rates $15.23

2016 4q

703

12,123,999

800,778

6.6%

27,357

1

7,000

2

13,490

2016 3q

702

12,116,999

821,135

6.8%

(144,577)

1

17,950

2

15,320

$13.13

2016 2q

702

12,106,449

666,008

5.5%

24,945

1

3,956

3

33,270

$13.63

0

4

37,226

$13.30

2

21,906

$13.33

0

2

19,457

$12.87

2016 1q

708

12,270,329

854,833

7.0%

(31,748)

0

2015 4q

708

12,270,329

823,085

6.7%

22,536

2

2015 3q

708

12,252,951

828,243

6.8%

(43,142)

0

19,457

$13.20

2015 2q

707

12,249,890

782,040

6.4%

(3,393)

0

0

3

22,518

$12.89

2015 1q

707

12,245,693

774,450

6.3%

(53,421)

1

5,400

2

13,930

$12.65

2014 4q

707

12,242,393

717,729

5.9%

0

0

2

16,269

$12.67

2014 3q

707

12,242,393

718,170

5.9%

(43,633)

0

0

0

0

2014 2q

707

12,242,393

674,537

5.5%

40,924

0

0

0

0

$12.11

2014 1q

707

12,242,393

715,461

5.8%

76,997

1

2,900

0

0

$12.35

0

1

2,900

$12.22

1

2,900

$11.87

3

67,121

$11.44

441

2013 4q

706

12,239,493

789,558

6.5%

140,390

0

2013 3q

706

12,239,493

929,948

7.6%

123,784

3

2013 2q

703

12,172,372

986,611

8.1%

25,735

0

67,121 0

$12.76

Source: CoStar Property®

18

CoStar Retail Statistics

©2017 CoStar Group, Inc.

First Quarter 2017 – Denver

Denver Retail Market B o u l d e r

M a r k e t

Market Highlights – Class “A, B & C”

Deliveries, Absorption & Vacancy Delivered SF

Historical Analysis, All Classes Absorption SF

Vacancy

0.060

4.5%

0.050

4.0%

0.040

3.5%

     

3.0%

0.020 0.010

2.5%

0.000

2.0%

(0.010)

1.5%

(0.020)

          

0.030

1.0%

(0.030)

0.5%

(0.040) (0.050)

0.0% 2014 1q

2014 2q

2014 3q

2014 4q

2015 1q

2015 2q

2015 3q

2015 4q

2016 1q

2016 2q

2016 3q

2016 4q

2017 1q

Source: CoStar Property®

Vacant Space

Quoted Rental Rates

Historical Analysis, All Classes

Historical Analysis, All Classes

Direct SF

$25.00

Sublet SF

0.25

$24.50 $24.00 Dollars/SF/Year

0.20

     

0.15

0.10

$23.50 $23.00 $22.50 $22.00 $21.50

0.05

$21.00 $20.50

0.00 2016 1q

2016 2q

2016 3q

2016 4q

2016 1q

2017 1q

Source: CoStar Property®

Period 2017 1q

2016 3q

2017 1q

Source: CoStar Property®

Existing Inventory # Bldgs Total RBA 518 7,544,008

Vacancy Vacant SF Vacancy % 227,347 3.0%

Net Absorption (19,939)

Delivered Inventory # Bldgs Total RBA 0 0

UC Inventory # Bldgs Total RBA 2 87,588

Quoted Rates $23.97

2016 4q

518

7,544,008

207,408

2.7%

(41,829)

0

0

1

25,236

$21.80

2016 3q

518

7,544,008

165,579

2.2%

12,830

1

5,500

1

25,236

$23.06

2016 2q

517

7,538,508

172,909

2.3%

12,438

0

0

2

30,736

$23.49

2016 1q

517

7,538,508

185,347

2.5%

4,991

0

0

2

30,736

$24.39

2015 4q

517

7,538,508

190,338

2.5%

48,752

1

21,252

1

5,500

$24.16

2015 3q

519

7,549,020

249,602

3.3%

12,333

1

5,796

1

21,252

$23.87

2015 2q

519

7,547,724

260,639

3.5%

12,452

0

0

2

27,048

$22.91

2015 1q

519

7,547,724

273,091

3.6%

(9,283)

0

0

1

21,252

$22.60

2014 4q

519

7,547,724

263,808

3.5%

14,859

0

0

1

21,252

$21.95

2014 3q

519

7,547,724

278,667

3.7%

44,560

1

1

21,252

$20.81

2

35,252

$20.89

2

35,252

$20.88

14,000

2014 2q

518

7,533,724

309,227

4.1%

3,544

0

2014 1q

518

7,533,724

312,771

4.2%

4,542

1

0

2013 4q

519

7,553,784

337,373

4.5%

(5,540)

0

0

3

38,408

$20.36

2013 3q

519

7,553,784

331,833

4.4%

3,610

0

0

3

38,408

$19.65

2013 2q

519

7,553,784

335,443

4.4%

(10,877)

0

0

2

24,408

$19.45

3,156

Source: CoStar Property®

©2017 CoStar Group, Inc.

CoStar Retail Statistics

19

Denver – First Quarter 2017

Denver Retail Market C e n t r a l

M a r k e t

Market Highlights – Class “A, B & C”

Deliveries, Absorption & Vacancy Delivered SF

Historical Analysis, All Classes Absorption SF

Vacancy

0.140

6.0%

0.120 5.0%

0.100      

4.0%

0.060 3.0%

0.040 0.020

2.0%

0.000 (0.020)

          

0.080

1.0%

(0.040) (0.060)

0.0% 2014 1q

2014 2q

2014 3q

2014 4q

2015 1q

2015 2q

2015 3q

2015 4q

2016 1q

2016 2q

2016 3q

2016 4q

2017 1q

Source: CoStar Property®

Vacant Space

Quoted Rental Rates

Historical Analysis, All Classes

Historical Analysis, All Classes

Direct SF

$20.00

Sublet SF

1.00

$19.50

0.90

$19.00 Dollars/SF/Year

0.80 0.70

     

0.60 0.50 0.40 0.30

$17.50 $17.00 $16.50 $16.00

0.20

$15.50

0.10

$15.00

0.00 2016 1q

2016 2q

2016 3q

2016 4q

2016 1q

2017 1q

Source: CoStar Property®

Period 2017 1q

$18.50 $18.00

2016 3q

2017 1q

Source: CoStar Property®

Existing Inventory # Bldgs Total RBA 2,302 20,710,226

Vacancy Vacant SF Vacancy % 766,651 3.7%

Net Absorption (4,098)

Delivered Inventory # Bldgs Total RBA 3 25,425

UC Inventory # Bldgs Total RBA 8 348,180

Quoted Rates $19.67

2016 4q

2,300

20,688,913

741,240

3.6%

86,192

3

15,900

11

373,605

$19.41

2016 3q

2,301

20,691,650

830,169

4.0%

22,051

2

11,500

8

108,905

$17.99

2016 2q

2,299

20,680,150

840,720

4.1%

101,549

0

7

102,825

$17.23

2016 1q

2,298

20,679,154

941,273

4.6%

(36,270)

5

5

28,621

$16.86

0 22,636

2015 4q

2,294

20,657,039

882,888

4.3%

(41,405)

0

8

35,132

$16.93

2015 3q

2,296

20,667,664

852,108

4.1%

116,118

3

37,750

6

28,136

$16.54

2015 2q

2,292

20,617,775

918,337

4.5%

10,655

1

3,000

6

65,457

$16.63

2015 1q

2,292

20,616,775

927,992

4.5%

65,486

0

0

6

66,007

$16.68 $16.47

2014 4q

2,292

20,616,775

993,478

4.8%

(8,435)

0

2014 3q

2,293

20,641,173

1,009,441

4.9%

27,795

3

2014 2q

2,290

20,625,173

1,021,236

5.0%

(45,088)

0

0

0 16,000 0

3

16,800

4

21,852

$16.11

6

29,552

$16.60

2014 1q

2,292

20,763,082

1,114,057

5.4%

86,476

4

33,680

5

26,500

$16.11

2013 4q

2,288

20,729,402

1,166,853

5.6%

5,479

2

12,600

8

54,180

$15.89

2013 3q

2,286

20,717,968

1,160,898

5.6%

20,304

3

34,588

9

63,236

$16.37

2013 2q

2,284

20,686,953

1,150,187

5.6%

(4,033)

7

142,908

11

93,424

$16.12

Source: CoStar Property®

20

CoStar Retail Statistics

©2017 CoStar Group, Inc.

First Quarter 2017 – Denver

Denver Retail Market C o l o r a d o

B l / C h e r r y

Deliveries, Absorption & Vacancy Delivered SF

M a r k e t

Historical Analysis, All Classes Absorption SF

Vacancy

0.100

3.5%

0.080

3.0%

0.060

2.5%

0.040

2.0%

0.020

1.5%

0.000

1.0%

(0.020)

0.5%

(0.040)

          

     

C k

Market Highlights – Class “A, B & C”

0.0% 2014 1q

2014 2q

2014 3q

2014 4q

2015 1q

2015 2q

2015 3q

2015 4q

2016 1q

2016 2q

2016 3q

2016 4q

2017 1q

Source: CoStar Property®

Vacant Space

Quoted Rental Rates

Historical Analysis, All Classes

Historical Analysis, All Classes

Direct SF

$28.50

Sublet SF

$28.00

0.16

$27.50

0.14

$27.00

Dollars/SF/Year

0.18

     

0.12 0.10 0.08 0.06

$26.50 $26.00 $25.50 $25.00

0.04

$24.50

0.02

$24.00 $23.50

0.00 2016 1q

2016 2q

2016 3q

2016 4q

2016 1q

2017 1q

Source: CoStar Property®

Period 2017 1q

2016 3q

2017 1q

Source: CoStar Property®

Existing Inventory # Bldgs Total RBA 321 5,508,989

Vacancy Vacant SF Vacancy % 155,771 2.8%

2016 4q

320

5,437,114

2016 3q

319

5,377,921

162,656

2016 2q

323

5,390,015

102,868

2016 1q

323

5,390,015

89,960

2015 4q

321

5,364,542

2015 3q

319

5,292,542

2015 2q

320

5,297,242

114,122

Net Absorption 78,760

Delivered Inventory # Bldgs Total RBA 1 71,875

UC Inventory # Bldgs Total RBA 0 0

Quoted Rates $27.03

3.0%

10,659

2

61,007

1

71,875

2.1%

(23,348)

1

15,840

3

132,882

$27.15

1.9%

(12,908)

0

4

148,722

$25.25

0

$27.44

1.7%

11,670

2

25,473

3

144,222

$27.87

1.4%

74,397

2

72,000

4

113,188

$26.63

78,554

1.5%

20,503

0

5

169,348

$24.62

103,757

2.0%

(1,236)

1

1

14,673

$26.69

17,973

76,157

0 3,300

2015 1q

320

5,300,992

106,271

2.0%

3,528

0

0

2

2014 4q

320

5,300,992

109,799

2.1%

4,350

0

0

0

2014 3q

320

5,300,992

114,149

2.2%

22,217

1

2014 2q

320

5,302,704

138,078

2.6%

9,875

0

0

1

5,210

2014 1q

320

5,302,704

147,953

2.8%

(4,958)

1

2,600

1

5,210

$26.81

2013 4q

319

5,300,104

140,395

2.6%

23,744

1

8,183

2

7,810

$22.03

2013 3q

318

5,291,921

155,956

2.9%

1,539

2

32,055

3

15,993

$24.00

2013 2q

317

5,261,873

127,447

2.4%

46,931

2

16,900

3

40,238

$23.51

5,210

0

$26.31

0

$32.05

0

$32.09 $28.32

Source: CoStar Property®

©2017 CoStar Group, Inc.

CoStar Retail Statistics

21

Denver – First Quarter 2017

Denver Retail Market D o w n t o w n

M a r k e t

Market Highlights – Class “A, B & C”

Deliveries, Absorption & Vacancy Delivered SF

Historical Analysis, All Classes Absorption SF

Vacancy

0.030

6.0%

0.020

5.0%

     

4.0%

0.000 3.0% (0.010) 2.0%

(0.020)

          

0.010

1.0%

(0.030) (0.040)

0.0% 2014 1q

2014 2q

2014 3q

2014 4q

2015 1q

2015 2q

2015 3q

2015 4q

2016 1q

2016 2q

2016 3q

2016 4q

2017 1q

Source: CoStar Property®

Vacant Space

Quoted Rental Rates

Historical Analysis, All Classes

Historical Analysis, All Classes

Direct SF

$25.60

Sublet SF

0.18

$25.40

0.16

$25.20 Dollars/SF/Year

0.14

     

0.12 0.10 0.08 0.06

$25.00 $24.80 $24.60 $24.40

0.04

$24.20 0.02

$24.00

0.00 2016 1q

2016 2q

2016 3q

2016 4q

2016 1q

2017 1q

Source: CoStar Property®

Period 2017 1q

2016 3q

2017 1q

Source: CoStar Property®

Existing Inventory # Bldgs Total RBA 230 3,750,216

Vacancy Vacant SF Vacancy % 153,593 4.1%

Net Absorption 12,189

Delivered Inventory # Bldgs Total RBA 0 0

UC Inventory # Bldgs Total RBA 4 103,758

Quoted Rates $25.10

2016 4q

230

3,750,216

165,782

4.4%

(30,311)

0

0

3

87,305

2016 3q

230

3,750,216

135,471

3.6%

6,868

0

0

3

87,305

$25.45 $25.07

2016 2q

231

3,751,842

143,965

3.8%

13,116

0

0

1

68,000

$24.50

2016 1q

232

3,757,842

163,081

4.3%

(16,975)

0

0

1

68,000

$24.91

2015 4q

232

3,757,842

146,106

3.9%

5,626

0

0

1

68,000

$25.26

2015 3q

232

3,757,842

151,732

4.0%

(3,790)

0

0

1

68,000

$26.93

2015 2q

232

3,757,842

147,942

3.9%

(14,971)

0

0

1

68,000

2015 1q

232

3,757,842

132,971

3.5%

5,554

0

0

0

$29.31

0

$29.29 $28.00

2014 4q

232

3,757,842

138,525

3.7%

(12,892)

0

0

0

0

2014 3q

232

3,757,842

125,633

3.3%

23,801

0

0

0

0

$25.04

2014 2q

232

3,757,842

149,434

4.0%

(6,700)

0

0

0

0

$25.06

2014 1q

233

3,815,767

200,659

5.3%

1,950

0

0

0

0

$21.00

2013 4q

233

3,815,767

202,609

5.3%

6,915

0

0

0

0

$20.03

2013 3q

233

3,815,767

209,524

5.5%

(16,059)

0

0

0

0

$20.45

2013 2q

233

3,815,767

193,465

5.1%

(12,798)

0

0

0

0

$19.26

Source: CoStar Property®

22

CoStar Retail Statistics

©2017 CoStar Group, Inc.

First Quarter 2017 – Denver

Denver Retail Market L o n g m o n t

M a r k e t

Market Highlights – Class “A, B & C”

Deliveries, Absorption & Vacancy

Absorption SF

Vacancy

0.300

10.0%

0.250

9.0%

0.200

8.0% 7.0%

0.150

6.0%

0.100

5.0% 0.050

4.0%

0.000

          

     

Delivered SF

Historical Analysis, All Classes

3.0%

(0.050)

2.0%

(0.100)

1.0%

(0.150)

0.0% 2014 1q

2014 2q

2014 3q

2014 4q

2015 1q

2015 2q

2015 3q

2015 4q

2016 1q

2016 2q

2016 3q

2016 4q

2017 1q

Source: CoStar Property®

Vacant Space

Quoted Rental Rates

Historical Analysis, All Classes

Historical Analysis, All Classes

Direct SF

$15.00

Sublet SF

0.57 0.56

$14.50 Dollars/SF/Year

0.55 0.54

     

0.53 0.52 0.51 0.50 0.49

$14.00

$13.50

$13.00

0.48 0.47

$12.50

0.46 2016 1q

2016 2q

2016 3q

2016 4q

2016 1q

2017 1q

Source: CoStar Property®

Period 2017 1q

2016 3q

2017 1q

Source: CoStar Property®

Existing Inventory # Bldgs Total RBA 520 6,340,520

Vacancy Vacant SF Vacancy % 513,856 8.1%

Net Absorption 33,837

Delivered Inventory # Bldgs Total RBA 0 0

2016 4q

520

6,340,520

547,693

8.6%

9,456

0

2016 3q

520

6,340,520

557,149

8.8%

(22,221)

1

2,200

0

UC Inventory # Bldgs Total RBA 0 0

Quoted Rates $13.23

0

0

$13.65

0

0

$14.06

2016 2q

518

6,329,170

523,578

8.3%

160,819

1

136,444

2

11,350

2016 1q

518

6,196,758

551,985

8.9%

40,716

2

47,500

2

145,594

$14.05 $14.55

2015 4q

517

6,150,060

546,003

8.9%

156,871

13

276,246

3

183,944

$14.69 $14.43

2015 3q

504

5,873,814

426,628

7.3%

(18,583)

0

0

16

460,190

2015 2q

504

5,873,814

408,045

6.9%

10,300

0

0

15

420,190

$14.18

2015 1q

504

5,873,814

418,345

7.1%

21,532

0

0

15

420,190

$14.22

2,545

$14.33

2014 4q

507

5,878,408

444,471

7.6%

0

0

15

420,190

2014 3q

506

5,874,238

442,846

7.5%

(30,595)

0

0

15

287,916

$14.77

2014 2q

506

5,874,238

412,251

7.0%

18,741

0

0

15

287,916

$14.77

2014 1q

507

5,967,838

524,592

8.8%

(85,481)

2

14,034

14

283,746

$14.01

2013 4q

505

5,953,804

425,077

7.1%

31,430

1

4,114

16

297,780

$13.54

2013 3q

504

5,949,690

452,393

7.6%

10,536

0

0

16

293,213

$14.22

2013 2q

504

5,949,690

462,929

7.8%

(3,908)

0

0

2

11,119

$14.51

Source: CoStar Property®

©2017 CoStar Group, Inc.

CoStar Retail Statistics

23

Denver – First Quarter 2017

Denver Retail Market N o r t h

O u t l y i n g

M a r k e t

Market Highlights – Class “A, B & C”

Deliveries, Absorption & Vacancy

Absorption SF

Vacancy

0.030

7.0%

0.020

6.0%

0.010

5.0%

0.000

4.0%

(0.010)

3.0%

(0.020)

2.0%

(0.030)

1.0%

(0.040)

          

     

Delivered SF

Historical Analysis, All Classes

0.0% 2014 1q

2014 2q

2014 3q

2014 4q

2015 1q

2015 2q

2015 3q

2015 4q

2016 1q

2016 2q

2016 3q

2016 4q

2017 1q

Source: CoStar Property®

Vacant Space

Quoted Rental Rates

Historical Analysis, All Classes

Historical Analysis, All Classes

Direct SF

$13.60

Sublet SF

0.04

$13.40

0.04

$13.20 Dollars/SF/Year

0.03

     

0.03 0.02 0.02

$12.80 $12.60 $12.40

0.01

$12.20

0.01

$12.00

0.00 2016 1q

2016 2q

2016 3q

2016 4q

2016 1q

2017 1q

Source: CoStar Property®

Period 2017 1q

$13.00

2016 3q

2017 1q

Source: CoStar Property®

Existing Inventory # Bldgs Total RBA 196 1,400,333

Vacancy Vacant SF Vacancy % 20,622 1.5%

Net Absorption 74

Delivered Inventory # Bldgs Total RBA 0 0

UC Inventory # Bldgs Total RBA 0 0

Quoted Rates $13.47

2016 4q

195

1,390,839

20,696

1.5%

9,242

0

0

0

0

$12.84

2016 3q

195

1,390,839

29,938

2.2%

1,344

0

0

0

0

$12.84

2016 2q

195

1,390,839

31,282

2.2%

5,369

0

0

0

0

$12.72

2016 1q

195

1,390,839

36,651

2.6%

8,579

0

0

0

0

$12.58

2015 4q

195

1,390,839

45,230

3.3%

21,419

2015 3q

195

1,390,839

66,649

4.8%

2015 2q

195

1,390,839

67,242

4.8%

2015 1q

195

1,390,839

45,442

2014 4q

195

1,390,839

2014 3q

195

0

0

0

0

$12.58

0

0

0

0

$12.23

(21,800)

0

0

0

0

$11.24

3.3%

11,108

0

0

0

0

$9.64

56,550

4.1%

23,453

0

0

0

0

$9.95

1,390,839

80,003

5.8%

6,852

0

0

0

0

$16.74 $16.78

593

2014 2q

195

1,390,839

86,855

6.2%

(657)

0

0

0

0

2014 1q

195

1,390,839

86,198

6.2%

(29,658)

1

3,600

0

0

$17.10

2013 4q

194

1,387,239

52,940

3.8%

(10,914)

0

0

1

3,600

$16.20

2013 3q

194

1,387,239

42,026

3.0%

2013 2q

194

1,387,239

41,784

3.0%

(242) 4,094

0

0

1

3,600

$15.91

0

0

1

3,600

$15.59

Source: CoStar Property®

24

CoStar Retail Statistics

©2017 CoStar Group, Inc.

First Quarter 2017 – Denver

Denver Retail Market N o r t h e a s t

M a r k e t

Market Highlights – Class “A, B & C”

Deliveries, Absorption & Vacancy Delivered SF

Historical Analysis, All Classes Absorption SF

Vacancy

0.300

7.0%

0.250

6.0% 5.0%

0.150

4.0%

0.100 3.0%

0.050

          

     

0.200

2.0%

0.000

1.0%

(0.050) (0.100)

0.0% 2014 1q

2014 2q

2014 3q

2014 4q

2015 1q

2015 2q

2015 3q

2015 4q

2016 1q

2016 2q

2016 3q

2016 4q

2017 1q

Source: CoStar Property®

Vacant Space

Quoted Rental Rates

Historical Analysis, All Classes

Historical Analysis, All Classes

Direct SF

$18.00

Sublet SF

1.00

$17.50

0.90

Dollars/SF/Year

0.80 0.70

     

0.60 0.50 0.40

$17.00 $16.50 $16.00

0.30

$15.50

0.20 0.10

$15.00

0.00 2016 1q

2016 2q

2016 3q

2016 4q

2016 1q

2017 1q

Source: CoStar Property®

Period 2017 1q

2016 3q

2017 1q

Source: CoStar Property®

Existing Inventory # Bldgs Total RBA 1,209 16,135,471

2016 4q

1,208

2016 3q

1,204

16,089,692

16,133,192

Vacancy Vacant SF Vacancy % 739,652 4.6%

Net Absorption 23,460

Delivered Inventory # Bldgs Total RBA 2 24,666

UC Inventory # Bldgs Total RBA 16 165,349

Quoted Rates $17.45

760,833

4.7%

109,854

4

43,500

6

63,848

$16.17

827,187

5.1%

71,036

1

3,000

8

92,166

$15.87 $16.82

2016 2q

1,203

16,086,692

895,223

5.6%

(55,392)

0

7

71,166

2016 1q

1,202

16,077,807

830,946

5.2%

102,329

6

39,442

0

3

43,885

$16.07

2015 4q

1,200

16,075,789

931,257

5.8%

(33,068)

3

27,426

7

48,327

$15.90 $15.39

2015 3q

1,197

16,048,363

870,763

5.4%

42,190

1

14,048

8

63,624

2015 2q

1,195

16,030,179

894,769

5.6%

(38,625)

2

11,400

6

58,110

$15.14

2015 1q

1,193

16,018,779

844,744

5.3%

242,840

7

201,655

3

15,536

$14.48

2014 4q

1,186

15,817,124

885,929

5.6%

68,023

4

8

206,655

$14.11

2014 3q

1,181

15,768,110

904,938

5.7%

82,151

2

46,000

12

250,669

$14.56

2014 2q

1,177

15,710,456

929,435

5.9%

61,515

4

92,661

13

253,447

$13.60

2014 1q

1,172

15,605,483

885,977

5.7%

91,342

9

79,061

11

220,147

$13.83

2013 4q

1,163

15,526,422

898,258

5.8%

161,933

9

199,497

16

241,554

$14.06

2013 3q

1,153

15,322,235

856,004

5.6%

147,688

1

90,000

22

400,310

$14.12

2013 2q

1,151

15,231,284

6.0%

352

0

13

233,816

$13.99

912,741

46,115

0

Source: CoStar Property®

©2017 CoStar Group, Inc.

CoStar Retail Statistics

25

Denver – First Quarter 2017

Denver Retail Market N o r t h e r n

C o l o r a d o

Market Highlights – Class “A, B & C”

Deliveries, Absorption & Vacancy Delivered SF

M a r k e t

Historical Analysis, All Classes Absorption SF

Vacancy

0.300

6.0%

0.250 5.0% 0.150

4.0%

0.100 3.0% 0.050 0.000

2.0%

          

     

0.200

(0.050) 1.0% (0.100) (0.150)

0.0% 2014 1q

2014 2q

2014 3q

2014 4q

2015 1q

2015 2q

2015 3q

2015 4q

2016 1q

2016 2q

2016 3q

2016 4q

2017 1q

Source: CoStar Property®

Vacant Space

Quoted Rental Rates

Historical Analysis, All Classes

Historical Analysis, All Classes

Direct SF

$18.00

Sublet SF

1.40

$16.00

1.20

Dollars/SF/Year

$14.00

     

1.00 0.80 0.60

$12.00 $10.00 $8.00 $6.00

0.40

$4.00

0.20

$2.00 $0.00

0.00 2016 1q

2016 2q

2016 3q

2016 4q

2016 1q

2017 1q

Source: CoStar Property®

Period 2017 1q

2016 3q

2017 1q

Source: CoStar Property®

Existing Inventory # Bldgs Total RBA 2,164 26,792,032

Vacancy Vacant SF Vacancy % 1,214,364 4.5%

Net Absorption (34,965)

Delivered Inventory # Bldgs Total RBA 3 50,078

UC Inventory # Bldgs Total RBA 16 696,829

Quoted Rates $15.42

2016 4q

2,161

26,741,954

1,129,321

4.2%

92,170

4

38,772

17

546,707

2016 3q

2,157

26,703,182

1,182,719

4.4%

10,979

7

75,091

18

518,379

$13.54

2016 2q

2,150

26,628,091

1,118,607

4.2%

(86,374)

3

31,817

20

540,363

$12.96

2016 1q

2,147

26,606,527

1,010,669

3.8%

120,168

7

46,462

17

477,162

$12.67

2015 4q

2,142

26,575,779

1,100,089

4.1%

258,911

8

191,518

19

179,924

$12.78

2015 3q

2,137

26,444,290

1,227,511

4.6%

9,631

0

2015 2q

2,137

26,444,290

1,237,142

4.7%

39,826

1

2015 1q

2,136

26,393,539

1,226,217

4.6%

128,635

2014 4q

2,135

26,316,300

1,277,613

4.9%

276,534

2014 3q

2,133

26,166,315

1,404,162

5.4%

74,763

1

0

$14.00

19

300,478

$12.85

55,000

17

272,067

$13.04

3

87,757

11

227,411

$12.79

4

162,588

7

221,988

$13.01

8,300

9

345,755

$12.70

2014 2q

2,128

26,091,551

1,404,161

5.4%

24,802

1

5,650

11

349,342

$12.88

2014 1q

2,126

26,077,177

1,414,589

5.4%

117,802

5

29,229

9

276,128

$12.63

2013 4q

2,122

26,123,285

1,578,499

6.0%

(63,348)

2

9,500

8

80,593

$12.43

2013 3q

2,121

26,114,090

1,505,956

5.8%

75,865

0

0

9

49,337

$12.38

2013 2q

2,121

26,114,090

1,581,821

6.1%

137,426

4

2

7,572

$12.46

28,830

Source: CoStar Property®

26

CoStar Retail Statistics

©2017 CoStar Group, Inc.

First Quarter 2017 – Denver

Denver Retail Market N o r t h w e s t

M a r k e t

Market Highlights – Class “A, B & C”

Deliveries, Absorption & Vacancy Delivered SF

Historical Analysis, All Classes Absorption SF

Vacancy

10.0%

0.200

9.0% 8.0% 7.0%

0.100

6.0% 0.050

5.0% 4.0%

0.000

          

     

0.150

3.0% 2.0%

(0.050)

1.0% (0.100)

0.0% 2014 1q

2014 2q

2014 3q

2014 4q

2015 1q

2015 2q

2015 3q

2015 4q

2016 1q

2016 2q

2016 3q

2016 4q

2017 1q

Source: CoStar Property®

Vacant Space

Quoted Rental Rates

Historical Analysis, All Classes

Historical Analysis, All Classes

Direct SF

$14.20

Sublet SF

1.80

$14.00 1.75

Dollars/SF/Year

1.70

     

1.65 1.60 1.55

$13.80 $13.60 $13.40 $13.20

1.50

$13.00 1.45

$12.80

1.40 2016 1q

2016 2q

2016 3q

2016 4q

2016 1q

2017 1q

Source: CoStar Property®

Period 2017 1q

2016 3q

2017 1q

Source: CoStar Property®

Existing Inventory # Bldgs Total RBA 1,644 26,404,557

Vacancy Vacant SF Vacancy % 1,674,343 6.3%

Net Absorption 41,380

Delivered Inventory # Bldgs Total RBA 4 29,724

UC Inventory # Bldgs Total RBA 14 248,299

Quoted Rates $14.10

2016 4q

1,640

26,374,833

1,685,999

6.4%

179,765

3

144,341

9

210,724

$13.56

2016 3q

1,638

26,231,505

1,722,436

6.6%

(79,945)

3

30,554

10

320,665

$13.70

2016 2q

1,635

26,200,951

1,611,937

6.2%

179,019

4

33,850

10

211,019

$13.31

2016 1q

1,631

26,170,771

1,760,776

6.7%

98,335

5

76,804

9

191,609

$13.26

2015 4q

1,626

26,093,967

1,782,307

6.8%

137,241

2

11,000

12

130,759

$13.13

2015 3q

1,633

26,270,534

2,096,115

8.0%

(43,182)

1

31,600

9

89,654

$13.07

2015 2q

1,633

26,244,214

2,026,613

7.7%

54,880

2

18,000

7

82,650

$12.79

2015 1q

1,631

26,226,214

2,063,493

7.9%

(9,034)

5

29,273

4

56,550

$12.66

2014 4q

1,626

26,196,941

2,025,186

7.7%

107,873

3

22,291

8

78,873

$12.19

2014 3q

1,626

26,199,120

2,135,238

8.2%

152,043

4

36,363

9

78,916

$12.27

2,245,773

8.6%

61,254

0

0

11

80,524

$13.12

2,227,460

8.5%

54,414

1

4,450

12

146,091

$12.85

2014 2q

1,621

2014 1q

1,618

26,157,612

2013 4q

1,617

26,073,595

2,277,424

8.7%

171,506

0

0

5

88,380

$12.74

2013 3q

1,617

26,073,595

2,448,930

9.4%

(10,675)

0

0

3

48,617

$12.80

2013 2q

1,617

26,073,595

2,438,255

9.4%

57,277

0

0

1

2,258

$12.76

26,078,045

Source: CoStar Property®

©2017 CoStar Group, Inc.

CoStar Retail Statistics

27

Denver – First Quarter 2017

Denver Retail Market S o u t h

M a r k e t

Market Highlights – Class “A, B & C”

Deliveries, Absorption & Vacancy Delivered SF

Historical Analysis, All Classes Absorption SF

Vacancy

5.0%

0.200

4.5%

0.150

4.0%      

3.5% 3.0%

0.050

2.5% 0.000

2.0%

          

0.100

1.5%

(0.050)

1.0% (0.100)

0.5%

(0.150)

0.0% 2014 1q

2014 2q

2014 3q

2014 4q

2015 1q

2015 2q

2015 3q

2015 4q

2016 1q

2016 2q

2016 3q

2016 4q

2017 1q

Source: CoStar Property®

Vacant Space

Quoted Rental Rates

Historical Analysis, All Classes

Historical Analysis, All Classes

Direct SF

$19.00

Sublet SF

0.80

$18.50

0.70

Dollars/SF/Year

0.60

     

0.50 0.40 0.30 0.20

$18.00

$17.50

$17.00

0.10

$16.50

0.00 2016 1q

2016 2q

2016 3q

2016 4q

2016 1q

2017 1q

Source: CoStar Property®

Period 2017 1q

2016 3q

2017 1q

Source: CoStar Property®

Existing Inventory # Bldgs Total RBA 897 18,012,084

2016 4q

897

18,012,084

2016 3q

896

18,011,876

2016 2q

894

17,951,876

2016 1q

893

17,902,197

2015 4q

890

17,830,977

2015 3q

888

2015 2q

Vacancy Vacant SF Vacancy % 621,681 3.5% 699,449

Net Absorption 77,768

Delivered Inventory # Bldgs Total RBA 0 0

UC Inventory # Bldgs Total RBA 2 15,583

Quoted Rates $17.87

3.9%

58,478

2

7,108

2

15,583

$17.74

4.2%

29,421

2

60,000

3

15,191

$17.34

727,140

4.1%

(28,167)

2

55,048

4

67,108

$18.83

649,294

3.6%

99,051

3

71,220

4

115,048

$18.52

677,125

3.8%

22,250

2

7,323

6

181,268

$18.23

17,823,654

692,052

3.9%

40,508

0

0

8

188,591

$17.42

888

17,823,654

732,560

4.1%

(133,914)

0

0

7

174,371

$18.28

2015 1q

888

17,823,654

598,646

3.4%

147,753

2

92,348

4

112,048

$18.25

2014 4q

888

17,738,532

661,277

3.7%

80,490

1

28,068

4

105,848

$18.12

2014 3q

887

17,710,464

713,699

4.0%

25,230

2

16,581

4

125,416

$18.35 $18.85

757,719

2014 2q

884

17,755,795

784,260

4.4%

32,405

1

27,000

7

75,022

2014 1q

883

17,728,795

789,665

4.5%

(24,647)

2

12,075

5

60,373

$18.38

2013 4q

881

17,716,720

752,943

4.2%

95,803

1

7,996

4

47,075

$19.36

2013 3q

880

17,708,724

840,750

4.7%

91,118

1

110,000

2

16,071

$19.23

2013 2q

879

17,598,724

821,868

4.7%

239,625

3

209,791

2

117,996

$19.49

Source: CoStar Property®

28

CoStar Retail Statistics

©2017 CoStar Group, Inc.

First Quarter 2017 – Denver

Denver Retail Market S o u t h e a s t

O u t l y i n g

Market Highlights – Class “A, B & C”

Deliveries, Absorption & Vacancy Delivered SF

M a r k e t

Historical Analysis, All Classes Absorption SF

Vacancy

0.350

4.5%

0.300

4.0% 3.5% 3.0%

0.200

2.5% 0.150 2.0% 0.100

1.5%

0.050

          

     

0.250

1.0%

0.000

0.5%

(0.050)

0.0% 2014 1q

2014 2q

2014 3q

2014 4q

2015 1q

2015 2q

2015 3q

2015 4q

2016 1q

2016 2q

2016 3q

2016 4q

2017 1q

Source: CoStar Property®

Vacant Space

Quoted Rental Rates

Historical Analysis, All Classes

Historical Analysis, All Classes

Direct SF

$21.00

Sublet SF

0.16

$20.50

0.14

$20.00 Dollars/SF/Year

0.12

     

0.10 0.08 0.06

$19.50 $19.00 $18.50 $18.00

0.04

$17.50

0.02

$17.00 $16.50

0.00 2016 1q

2016 2q

2016 3q

2016 4q

2016 1q

2017 1q

Source: CoStar Property®

Period 2017 1q

2016 3q

2017 1q

Source: CoStar Property®

Existing Inventory # Bldgs Total RBA 300 3,483,009

Vacancy Vacant SF Vacancy % 138,212 4.0%

Net Absorption 306,454

Delivered Inventory # Bldgs Total RBA 5 317,747

UC Inventory # Bldgs Total RBA 2 46,277

Quoted Rates $20.55

2016 4q

295

3,165,262

126,919

4.0%

77,953

2

119,125

7

364,024

$18.83

2016 3q

293

3,046,137

85,747

2.8%

5,403

1

10,113

8

476,872

$18.06

2016 2q

292

3,036,024

81,037

2.7%

13,509

0

0

8

446,985

$18.77

2016 1q

292

3,036,024

94,546

3.1%

(12,225)

1

5,803

8

446,985

2015 4q

291

3,030,221

76,518

2.5%

33,055

3

24,751

3

131,786

2015 3q

288

3,005,470

84,822

2.8%

9,701

1

4,000

4

30,554

$17.73

2015 2q

287

3,001,470

90,523

3.0%

(14,108)

0

0

4

28,751

$17.43

7,560

2015 1q

287

3,001,470

76,415

2.5%

(5,862)

0

0

1

2014 4q

287

3,001,470

70,553

2.4%

6,603

0

0

0

$19.19 $17.62

$17.19

0

$16.95 $16.54

2014 3q

287

3,001,470

77,156

2.6%

(18,046)

0

0

0

0

2014 2q

287

3,001,470

59,110

2.0%

(1,659)

0

0

0

0

$16.51

2014 1q

287

3,001,470

57,451

1.9%

51,148

1

4,945

0

0

$15.92

7,306

0

0

$15.99

2013 4q

286

2,996,525

103,654

3.5%

1

4,945

2013 3q

286

2,996,525

110,960

3.7%

(129)

2

14,572

1

4,945

$15.92

2013 2q

284

2,981,953

96,259

3.2%

29,717

1

4,171

2

14,572

$16.03

Source: CoStar Property®

©2017 CoStar Group, Inc.

CoStar Retail Statistics

29

Denver – First Quarter 2017

Denver Retail Market S o u t h e a s t

M a r k e t

Market Highlights – Class “A, B & C”

Deliveries, Absorption & Vacancy

Absorption SF

Vacancy

0.250

6.0%

0.200

5.0%

0.150

4.0%

0.100

3.0%

0.050

2.0%

0.000

1.0%

(0.050)

          

     

Delivered SF

Historical Analysis, All Classes

0.0% 2014 1q

2014 2q

2014 3q

2014 4q

2015 1q

2015 2q

2015 3q

2015 4q

2016 1q

2016 2q

2016 3q

2016 4q

2017 1q

Source: CoStar Property®

Vacant Space

Quoted Rental Rates

Historical Analysis, All Classes

Historical Analysis, All Classes

Direct SF

$19.80

Sublet SF

0.70

$19.60

0.60

Dollars/SF/Year

$19.40

     

0.50 0.40 0.30

$19.20 $19.00 $18.80 $18.60

0.20

$18.40

0.10

$18.20 $18.00

0.00 2016 1q

2016 2q

2016 3q

2016 4q

2016 1q

2017 1q

Source: CoStar Property®

Period 2017 1q

2016 3q

2017 1q

Source: CoStar Property®

Existing Inventory # Bldgs Total RBA 797 14,814,497

Vacancy Vacant SF Vacancy % 603,644 4.1%

Net Absorption (11,772)

Delivered Inventory # Bldgs Total RBA 0 0

UC Inventory # Bldgs Total RBA 3 23,235

Quoted Rates $19.53

2016 4q

797

14,814,497

591,872

4.0%

96,220

9

88,628

1

10,000

$18.74

2016 3q

788

14,725,869

599,464

4.1%

39,834

7

113,076

10

98,628

$18.64

2016 2q

782

14,626,052

539,481

3.7%

(27,863)

3

34,901

15

197,323

$18.82

2016 1q

780

14,594,815

480,381

3.3%

36,674

3

13,432

17

222,224

$18.65

2015 4q

777

14,581,383

503,623

3.5%

186,734

5

200,174

7

103,609

$18.59

2015 3q

772

14,381,209

490,183

3.4%

71,997

1

4,925

8

217,805

$18.64

2015 2q

771

14,376,284

557,255

3.9%

82,443

3

62,285

7

214,412

$18.74

2015 1q

767

14,302,902

566,316

4.0%

30,050

1

847

7

266,382

$18.24

2014 4q

766

14,302,055

595,519

4.2%

89,259

2

4,243

6

84,229

$17.72

2014 3q

765

14,316,275

698,998

4.9%

189,160

1

6,612

6

69,745

$17.52

2014 2q

763

14,187,886

759,769

5.4%

36,560

2

26,409

6

143,479

$17.19

2014 1q

761

14,161,477

769,920

5.4%

31,138

2

48,916

5

155,243

$17.22

2013 4q

760

14,118,853

758,434

5.4%

(28,492)

1

4,945

6

203,714

$17.39

2013 3q

759

14,113,908

724,997

5.1%

49,872

0

0

6

86,882

$17.44

2013 2q

759

14,113,908

774,869

5.5%

55,535

0

0

2

9,069

$17.56

Source: CoStar Property®

30

CoStar Retail Statistics

©2017 CoStar Group, Inc.

First Quarter 2017 – Denver

Denver Retail Market S o u t h w e s t

O u t l y i n g

M a r k e t

Market Highlights – Class “A, B & C”

Deliveries, Absorption & Vacancy Delivered SF

Historical Analysis, All Classes Absorption SF

Vacancy

0.025

14.0%

0.020

12.0%

0.015      

0.005

8.0%

0.000 6.0%

(0.005) (0.010)

          

10.0%

0.010

4.0%

(0.015) 2.0%

(0.020) (0.025)

0.0% 2014 1q

2014 2q

2014 3q

2014 4q

2015 1q

2015 2q

2015 3q

2015 4q

2016 1q

2016 2q

2016 3q

2016 4q

2017 1q

Source: CoStar Property®

Vacant Space

Quoted Rental Rates

Historical Analysis, All Classes

Historical Analysis, All Classes

Direct SF

$12.90

Sublet SF

$12.80

0.12

$12.70 Dollars/SF/Year

0.14

     

0.10 0.08 0.06 0.04

$12.50 $12.40 $12.30 $12.20 $12.10

0.02

$12.00 $11.90

0.00 2016 1q

2016 2q

2016 3q

2016 4q

2016 1q

2017 1q

Source: CoStar Property®

Period 2017 1q

$12.60

2016 3q

2017 1q

Source: CoStar Property®

Existing Inventory # Bldgs Total RBA 181 1,162,740

Vacancy Vacant SF Vacancy % 81,994 7.1%

Net Absorption 14,739

Delivered Inventory # Bldgs Total RBA 0 0

UC Inventory # Bldgs Total RBA 0 0

Quoted Rates $12.82

2016 4q

180

1,159,096

96,733

8.3%

2,183

0

0

0

0

$12.26

2016 3q

180

1,159,096

98,916

8.5%

1,904

0

0

0

0

$12.28 $12.44

2016 2q

180

1,159,096

100,820

8.7%

17,273

0

0

0

0

2016 1q

180

1,159,096

118,093

10.2%

11,562

0

0

0

0

$12.23

2015 4q

180

1,159,096

129,655

11.2%

(2,803)

0

0

0

0

$12.95

2015 3q

180

1,159,096

126,852

10.9%

6,430

0

0

0

0

$12.17

2015 2q

180

1,159,096

133,282

11.5%

8,544

0

0

0

0

$12.91

2015 1q

180

1,159,096

141,826

12.2%

(20,707)

0

0

0

0

$12.97

2014 4q

180

1,159,096

121,119

10.4%

11,451

0

0

0

0

$12.14

2014 3q

180

1,159,096

132,570

11.4%

3,240

0

0

0

0

$11.99

2014 2q

180

1,159,096

135,810

11.7%

18,420

0

0

0

0

$12.36

2014 1q

180

1,159,096

154,230

13.3%

(11,807)

1

8,240

0

0

$12.45

2013 4q

179

1,150,856

134,183

11.7%

3,903

0

0

1

8,240

$12.60

2013 3q

179

1,150,856

138,086

12.0%

(31,778)

0

0

1

8,240

$12.90

2013 2q

179

1,150,856

106,308

9.2%

(3,172)

0

0

0

0

$13.03

Source: CoStar Property®

©2017 CoStar Group, Inc.

CoStar Retail Statistics

31

Denver – First Quarter 2017

Denver Retail Market S o u t h w e s t

M a r k e t

Market Highlights – Class “A, B & C”

Deliveries, Absorption & Vacancy Delivered SF

Historical Analysis, All Classes Absorption SF

Vacancy

9.0%

0.250

8.0%

0.200

7.0%      

6.0%

0.100

5.0%

0.050

4.0% 3.0%

0.000

          

0.150

2.0% (0.050)

1.0%

(0.100)

0.0% 2014 1q

2014 2q

2014 3q

2014 4q

2015 1q

2015 2q

2015 3q

2015 4q

2016 1q

2016 2q

2016 3q

2016 4q

2017 1q

Source: CoStar Property®

Vacant Space

Quoted Rental Rates

Historical Analysis, All Classes

Historical Analysis, All Classes

Direct SF

$14.60

Sublet SF

0.90

$14.40

0.80

Dollars/SF/Year

0.70

     

0.60 0.50 0.40

$14.20 $14.00 $13.80 $13.60

0.30 0.20

$13.40

0.10

$13.20

0.00 2016 1q

2016 2q

2016 3q

2016 4q

2016 1q

2017 1q

Source: CoStar Property®

Period 2017 1q

2016 3q

2017 1q

Source: CoStar Property®

Existing Inventory # Bldgs Total RBA 469 10,364,168

Vacancy Vacant SF Vacancy % 544,837 5.3%

Net Absorption (44,269)

Delivered Inventory # Bldgs Total RBA 0 0

2016 4q

469

10,364,168

500,568

4.8%

54,487

2

2016 3q

467

10,353,703

544,590

5.3%

206,963

0

2016 2q

467

10,353,703

751,553

7.3%

39,950

3

2016 1q

463

10,325,570

763,370

7.4%

17,174

0

2015 4q

463

10,325,570

780,544

7.6%

37,081

1

10,465 0 22,733 0 15,000

UC Inventory # Bldgs Total RBA 1 6,912

Quoted Rates $13.78

1

6,912

2

10,465

$13.86 $14.15

2

10,465

$14.42

6

38,598

$13.72

5

33,678

$13.53

2015 3q

462

10,310,570

802,625

7.8%

(40,816)

0

0

2

20,000

$12.90

2015 2q

462

10,310,570

761,809

7.4%

2,290

0

0

1

15,000

$15.06

2015 1q

463

10,344,994

798,523

7.7%

2014 4q

462

10,326,680

761,223

7.4%

1,879

0

2014 3q

462

10,326,680

763,102

7.4%

98,459

3

(18,986)

2

2014 2q

458

10,182,784

717,665

7.0%

(41,513)

1

2014 1q

458

10,181,366

674,734

6.6%

(4,238)

0

19,399 0

0

0

$15.07

2

19,399

$15.91

136,396

2

19,399

$15.68

7,700

4

143,896

$15.53

0

5

151,596

$14.55

2013 4q

458

10,181,366

670,496

6.6%

(59,829)

0

0

3

139,096

$14.75

2013 3q

457

10,179,165

608,466

6.0%

57,853

1

3,606

1

2,201

$14.79

2013 2q

455

10,161,515

648,669

6.4%

105,157

1

74,378

3

19,851

$14.92

Source: CoStar Property®

32

CoStar Retail Statistics

©2017 CoStar Group, Inc.

First Quarter 2017 – Denver

Denver Retail Market W e s t

M a r k e t

Market Highlights – Class “A, B & C”

Deliveries, Absorption & Vacancy Delivered SF

Historical Analysis, All Classes Absorption SF

Vacancy

0.180

7.0%

0.160

6.0%

0.140      

0.100

4.0%

0.080 3.0%

0.060 0.040

          

5.0%

0.120

2.0%

0.020 1.0%

0.000 (0.020)

0.0% 2014 1q

2014 2q

2014 3q

2014 4q

2015 1q

2015 2q

2015 3q

2015 4q

2016 1q

2016 2q

2016 3q

2016 4q

2017 1q

Source: CoStar Property®

Vacant Space

Quoted Rental Rates

Historical Analysis, All Classes

Historical Analysis, All Classes

Direct SF

$15.60

Sublet SF

1.20

$15.40

Dollars/SF/Year

1.00

     

0.80

0.60

$15.20 $15.00 $14.80

0.40

$14.60

0.20

$14.40 $14.20

0.00 2016 1q

2016 2q

2016 3q

2016 4q

2016 1q

2017 1q

Source: CoStar Property®

Period 2017 1q

2016 3q

2017 1q

Source: CoStar Property®

Existing Inventory # Bldgs Total RBA 2,295 23,691,648

Vacancy Vacant SF Vacancy % 809,894 3.4%

Net Absorption 116,491

Delivered Inventory # Bldgs Total RBA 5 58,768

UC Inventory # Bldgs Total RBA 8 167,765

Quoted Rates $15.36

2016 4q

2,290

23,632,880

867,617

3.7%

4,226

1

3,266

12

211,833

$15.37

2016 3q

2,290

23,646,801

885,764

3.7%

55,981

2

56,750

13

215,099

$15.02

2016 2q

2,288

23,590,051

884,995

3.8%

143,462

0

2016 1q

2,290

23,597,911

1,036,317

4.4%

150,300

5

0 39,692

10

158,491

$15.13

9

148,491

$14.68

2015 4q

2,287

23,581,781

1,170,487

5.0%

56,369

5

71,216

8

82,915

$14.54

2015 3q

2,283

23,512,773

1,157,848

4.9%

44,606

4

14,825

11

115,463

$14.60

2015 2q

2,279

23,497,948

1,187,629

5.1%

160,229

3

37,732

9

86,041

$14.72

2015 1q

2,278

23,466,516

1,316,426

5.6%

15,768

4

51,801

8

60,660

$14.69 $14.15

2014 4q

2,277

23,428,601

1,294,279

5.5%

9,408

4

41,716

9

97,348

2014 3q

2,274

23,421,377

1,296,463

5.5%

(6,395)

1

2,993

9

95,332

$14.17

2014 2q

2,274

23,445,427

5.6%

124,746

2

8,356

8

72,384

$14.17

2014 1q

2,278

23,493,054

1,486,491

6.3%

110,145

4

13,892

6

29,248

$14.00

2013 4q

2,274

23,479,162

1,582,744

6.7%

(11,894)

4

46,444

7

30,664

$14.09

2013 3q

2,270

23,569,341

1,661,029

7.0%

66,043

2

10

74,277

$12.75

2013 2q

2,268

23,552,301

1,710,032

7.3%

(11,505)

3

11

89,236

$12.72

1,314,118

11,207 34,048

Source: CoStar Property®

©2017 CoStar Group, Inc.

CoStar Retail Statistics

33

Personal Profile William A. Gary, MBA, MIM Principal & Managing Tenant/Buyer Representative Having successfully negotiated over 400 transactions during 29+ years in the industry, William Gary is a very, very experienced commercial estate professional. Described by his clients and peers as "direct, creative, organized and professional," Will has earned the wisdom that comes from having a diverse business background. Christopher P. Gallo of KPMG Peat Marwick noted that Will has "that rare quality of both detail and 'big picture' real estate expertise." With world-class learning experiences at Cushman & Wakefield, Frederick Ross Company (now Newmark Grubb Knight Frank), Iliff, Thorn & Company (now CBRE) and CoRE Partners, Will has pushed himself to learn his craft in the rough and tough arena of commercial real estate. Prior to entering commercial real estate, Will worked in Metro New York City in national brand advertising at Benton & Bowles (now Publicis) and in consumer goods marketing with Richardson-Vicks (now Procter & Gamble). Will has done a lot in the world of big-time, corporate business. A patient and detailed professional, Will prides himself in finding creative and effective solutions to problems. "He has a reputation of getting the job done, and done right," says Phil Dunne, Executive Director of the Texas Medical Foundation. With decades at the table as Tenant Rep, Will has honed his craft and become a very sharp, master negotiator. Superior negotiators are hard to find and Will has earned his stripes in this department. Will has received many honors in advertising and real estate. He received "Creative Deal of the Year" while at Cushman & Wakefield for a lease with Pet Expo, a pet superstore. The Flick Report named him to their "All-Star Line-Up" for transactions totaling 236,345 square feet. He has been a Commercial Broker in Austin, Texas, and in Metro Denver/Boulder, Colorado. Teresa Krieger, CFO of Applegate Group, a regional water resources engineering firm, said, “I have been working with William for over the past 10 years. He has been instrumental in finding us great new office space. He is an excellent negotiator and has very creative ideas when it comes to initial leases and lease renewals. William was also able to find a subtenant for some extra office space we had so that we could reduce our rental expenses until we relocated. He has so much knowledge in this area and is so effective, I will continue to use him and recommend him for commercial real estate transactions.” Performing at high levels for his clients is not new to Will. He won academic scholarships to attend Southern Methodist University ("SMU") in Dallas, Texas, and graduated with honors in Economics and an MBA in Marketing. Will also earned an MIM (Master of International Management) with highest honors at the highly renowned Thunderbird School of Global Management in Phoenix/Glendale, Arizona. ITRA MacLaurin Williams strongly believes in giving back to the community and has completed pro bono Tenant Representation projects for Colorado Preservation, Inc., a Montessori charter school, Al-Anon Service Center, Family Resource Center Association and Bicycle Colorado. In his leisure time, Will enjoys road cycling and ITRA MacLaurin Williams has proudly sponsored two amateur cycling teams, Rocky Mountain Road Club ("RMRC") in conjunction with Turin Bicycles and also COBRAS.

Be Represented. Not brokered.™ 9233 Park Meadows Drive • Suite 155 • Lone Tree, CO USA 80124-5426 • office 303.294.0277 • cell 303.901.1108 [email protected] • www.MacLW.com

ITRA MacLW-1stQ 2017 Denver Retail Mkt Report.pdf

CoStar Group, Inc. 1331 L ST NW • Washington, DC 20005• (800) 204-5960 • www.costar.com • NASDAQ: CSGP. For information on subscribing to CoStar's ...

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