Costar Denver Retail Report

The CoStar
Retail Report
Y E A R - E N D 2 0 0 9
Denver Retail Market

YEAR-END 2009 – DENVER
Table of Contents
Table of Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A
Methodology. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B
Terms & Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C
Market Highlights & Overview. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
CoStar Markets & Submarkets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Inventory & Development Analysis
Select Top Deliveries
Select Top Under Construction Properties
Figures at a Glance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Figures at a Glance by Building Type & Market
Figures at a Glance by Building Type & Submarket
Historical Figures at a Glance
Leasing Activity Analysis
Select Top Lease Transactions
Sales Activity Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Sales Activity Analysis
Select Top Sales Transactions
Select Land Sales
Select Same Building Sales
Analysis of Individual CoStar Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Aurora Market
Boulder Market
Broomfield Market
Central Business District Market
Clear Creek County Market
Colorado Blvd/Glendale Market
Elbert County Market
Fort Collins/Loveland Market
Gilpin County Market
Longmont Market
Midtown Market
North Denver Market
Northeast Denver Market
Northwest Denver Market
Park County Market
Parker/Castle Rock Market
Southeast Denver Market
Southwest Denver Market
Weld County Market
West Denver Market
©2010 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT A

DENVER – YEAR-END 2009
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 69.1 billion square feet of coverage in 2.8 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 2010 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.

2 Bethesda Metro Center • Bethesda, MD USA 20814 • (800) 204-5960 • www.costar.com • NASDAQ: CSGP
B THE COSTAR RETAIL REPORT ©2010 COSTAR GROUP, INC.

Terms & Definitions

Anchor Tenant: A large national or regional retailer that serves as action between an owner/landlord and tenant, the broker that
a primary draw for a shopping center; a store strategically located represents the interests of the owner/landlord is referred to as the
in a retail property in order to enhance, bring attention to, or Landlord Rep.
increase traffic at the property. Sometimes called a “destination” Leased Space: All the space that has a financial lease obligation.
tenant, usually these tenants lease at least 25,000 SF. It includes all leased space, regardless of whether the space is
Availability Rate: The ratio of available space to total rentable currently occupied by a tenant. Leased space also includes space
space, calculated by dividing the total available square feet by the being offered for sublease.
total rentable square feet. Leasing Activity: The volume of square footage that is commit-
Available Space: The total amount of space that is currently ted to and signed under a lease obligation for a specific building
being marketed as available for lease in a given time period. It or market in a given period of time. It includes direct leases,
includes any space that is available, regardless of whether the subleases and renewals of existing leases. It also includes any
space is vacant, occupied, available for sublease, or available at pre-leasing activity in planned, under construction, or under
a future date. renovation buildings.
Buyer: The individual, group, company, or entity that has pur- Lifestyle Center: An upscale, specialty retail, main street concept
chased a commercial real estate asset. shopping center. An open center, usually without anchors, about
300,000 SF GLA or larger, located near affluent neighborhoods,
Cap Rate: Short for capitalization rate. The Cap Rate is a calcula-
includes upscale retail, trendy restaurants and entertainment
tion that reflects the relationship between one year’s net operating
retail. Nicely landscaped with convenient parking located close
income and the current market value of a particular property.
to the stores.
The Cap Rate is calculated by dividing the annual net operating
income by the sales price (or asking sales price). Mall: The combined retail center types of Lifestyle Center,
Regional Mall and Super Regional Mall.
Community Center: A shopping center development that has a
total square footage between 100,000 – 350,000 SF. Generally Market: Geographic boundaries that serve to delineate core areas
will have 2-3 large anchored tenants, but not department store that are competitive with each other and constitute a generally
anchors. Community Center typically offers a wider range of accepted primary competitive set of areas. Markets are building-
apparel and other soft goods than the Neighborhood Center. type specific, and are non-overlapping contiguous geographic
Among the more common anchors are supermarkets and super designations having a cumulative sum that matches the boundar-
drugstores. Community Center tenants sometime contain retail- ies of the entire Region (See also: Region). Markets can be further
ers selling such items as apparel, home improvement/furnishings, subdivided into Submarkets. (See also: Submarkets)
toys, electronics or sporting goods. The center is usually config- Multi-Tenant: Buildings that house more than one tenant at a
ured as a strip, in a straight line, or an “L” or “U” shape. given time. Usually, multi-tenant buildings were designed and
Construction Starts: Buildings that began construction during a built to accommodate many different floor plans and designs for
specific period of time. (See also: Deliveries) different tenant needs. (See also: Tenancy).
Deliveries: Buildings that complete construction during a specified Neighborhood Center: Provides for the sales of convenience
period of time. In order for space to be considered delivered, a goods (food, drugs, etc.) and personal services (laundry, dry
certificate of occupancy must have been issued for the property. cleaning, etc.) for day-to-day living needs of the immediate neigh-
borhood with a supermarket being the principal tenant. In theory,
Delivery Date: The date a building completes construction and
the typical GLA is 50,000 square feet. In practice, the GLA may
receives a certificate of occupancy.
range from 30,000 to 100,000 square feet.
Developer: The company, entity or individual that transforms raw
Net Absorption: The net change in occupied space over a given
land to improved property by use of labor, capital and entrepre-
period of time. Unless otherwise noted Net Absorption includes
neurial efforts.
direct and sublease space.
Direct Space: Space that is being offered for lease directly from
New Space: Sometimes called first generation space, refers to
the landlord or owner of a building, as opposed to space being
space that has never been occupied and/or leased by a tenant.
offered in a building by another tenant (or broker of a tenant)
trying to sublet a space that has already been leased. Occupied Space: Space that is physically occupied by a tenant.
It does not include leased space that is not currently occupied
Existing Inventory: The square footage of buildings that have
by a tenant.
received a certificate of occupancy and are able to be occupied
by tenants. It does not include space in buildings that are either Outlet Center: Usually located in a rural or occasionally in a tour-
planned, under construction or under renovation. ist location, an Outlet Center consists of manufacturer’s outlet
stores selling their own brands at a discount. 50,000 – 500,000
Freestanding Retail: Single tenant building with a retail tenant.
SF. An Outlet Center does not have to be anchored. A strip con-
Examples include video stores, fast food restaurant, etc.
figuration is most common, although some are enclosed malls
Full Service Rental Rate: Rental rates that include all operating and others can be arranged in a village cluster.
expenses such as utilities, electricity, janitorial services, taxes and
Owner: The company, entity, or individual that holds title on a
insurance.
given building or property.
General Retail: Typically are single tenant freestanding general-
Planned/Proposed: The status of a building that has been
purpose commercial buildings with parking. Many single retail
announced for future development but not yet started
buildings fall into this use code, especially when they don’t meet
construction.
any of the more detailed use code descriptions.
Power Center: The center typically consists of several freestand-
Growth in Inventory: The change in size of the existing square
ing (unconnected) anchors and only a minimum amount of small
footage in a given area over a given period of time, generally due
specialty tenants. 250,000 – 600,000 SF. A Power Center is dom-
to the construction of new buildings.
inated by several large anchors, including discount department
Landlord Rep: (Landlord Representative) In a typical lease trans- stores, off-price stores, warehouse clubs, or "category killers," i.e.,
©2010 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT C

stores that offer tremendous selection in a particular merchandise a straight line, or have an "L" or "U" shape.
category at low prices. Sublease Space: Space that has been leased by a tenant and is
Preleased Space: The amount of space in a building that has been being offered for lease back to the market by the tenant with
leased prior to its construction completion date, or certificate of the lease obligation. Sublease space is sometimes referred to as
occupancy date. sublet space.
Price/SF: Calculated by dividing the price of a building (either Submarkets: Specific geographic boundaries that serve to delin-
sales price or asking sales price) by the Rentable Building Area eate a core group of buildings that are competitive with each
(RBA). other and constitute a generally accepted primary competitive
set, or peer group. Submarkets are building type specific (office,
Quoted Rental Rate: The asking rate per square foot for a par-
industrial, retail, etc.), with distinct boundaries dependent on
ticular building or unit of space by a broker or property owner.
different factors relevant to each building type. Submarkets are
Quoted rental rates may differ from the actual rates paid by
non-overlapping, contiguous geographic designations having a
tenants following the negotiation of all terms and conditions in
cumulative sum that matches the boundaries of the Market they
a specific lease.
are located within (See also: Market).
RBA: Abbreviation for Rentable Building Area. (See also:
Super Regional Mall: Similar to a regional mall, but because of its
Rentable Building Area)
larger size, a super regional mall has more anchors, a deeper selec-
Region: Core areas containing a large population nucleus, that tion of merchandise, and draws from a larger population base.
together with adjacent communities have a high degree of eco- As with regional malls, the typical configuration is as an enclosed
nomic and social integration. Regions are further divided into mall, frequently with multiple levels (See also: Regional Mall).
market areas, called Markets. (See also: Markets)
Tenancy: A term used to indicate whether or not a building is
Regional Mall: Provides shopping goods, general merchandise, occupied by multiple tenants (See also: Multi-tenant) or a single
apparel, and furniture, and home furnishings in full depth and tenant. (See also: Single-tenant)
variety. It is built around the full-line department store with a
Tenant Rep: Tenant Rep stands for Tenant Representative. In a
minimum GLA of 100,000 square feet, as the major drawing
typical lease transaction between an owner/landlord and tenant,
power. For even greater comparative shopping, two, three, or
the broker that represents the interests of the tenant is referred to
more department stores may be included. In theory a regional
as a Tenant Rep.
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 Theme/Festival Center: These centers typically employ a unify-
excess of 750,000 square feet GLA with three or more depart- ing theme that is carried out by the individual shops in their
ment stores are considered Super Regional. (See also: Super architectural design and, to an extent, in their merchandise.
Regional Mall). Sometimes the biggest appeal of these centers is to tourists; they
can be anchored by restaurants and entertainment facilities. These
Relet Space: Sometimes called second generation or direct space,
centers, generally located in urban areas, tend to be adapted from
refers to existing space that has previously been occupied by
older, sometimes historic, buildings, and can be part of mixed-use
another tenant.
projects. 80,000 – 250,000 SF.
Rentable Building Area: (RBA) The total square footage of a
Under Construction: The status of a building that is in the process
building that can be occupied by, or assigned to a tenant for the
of being developed, assembled, built or constructed. A building is
purpose of determining a tenant’s rental obligation. Generally
considered to be under construction after it has begun construc-
RBA includes a percentage of common areas including all hall-
tion and until it receives a certificate of occupancy.
ways, main lobbies, bathrooms, and telephone closets.
Vacancy Rate: A measurement expressed as a percentage of the
Rental Rates: The annual costs of occupancy for a particular
total amount of physically vacant space divided by the total
space quoted on a per square foot basis.
amount of existing inventory. Under construction space generally
Sales Price: The total dollar amount paid for a particular property is not included in vacancy calculations.
at a particular point in time.
Vacant Space: Space that is not currently occupied by a tenant,
Sales Volume: The sum of sales prices for a given group of build- regardless of any lease obligation that may be on the space.
ings in a given time period. Vacant space could be space that is either available or not avail-
Seller: The individual, group, company, or entity that sells a par- able. For example, sublease space that is currently being paid for
ticular commercial real estate asset. by a tenant but not occupied by that tenant, would be considered
vacant space. Likewise, space that has been leased but not yet
SF: Abbreviation for Square Feet. occupied because of finish work being done, would also be con-
Shopping Center: The combined retail center types of Community sidered vacant space.
Center, Neighborhood Center and Strip Center. Weighted Average Rental Rate: Rental rates that are calculated by
Single-Tenant: Buildings that are occupied, or intended to be factoring in, or weighting, the square footage associated with each
occupied by a single tenant. (See also: Build-to-suit and Tenancy) particular rental rate. This has the effect of causing rental rates
on larger spaces to affect the average more than that of smaller
Specialty Center: The combined retail center types of Airport spaces. The weighted average rental rate is calculated by taking
Retail, Outlet Center and Theme/Festival Center. the ratio of the square footage associated with the rental rate on
Sports & Entertainment: A facility suited for recreational activi- each individual available space to the square footage associated
ties, including: Amusement Facility, Aquatic Facility/Swimming with rental rates on all available spaces, multiplying the rental rate
Pool, Bowling Alley, Casino/Gaming Facility, Equestrian Center/ by that ratio, and then adding together all the resulting numbers.
Stable, Fitness, Court and Spa Facility, Golf Related, Racetrack, Unless specifically specified otherwise, rental rate averages include
Skating Rink, Ski Resort, Sports Arena/Stadium, and Theatre/ both Direct and Sublet available spaces.
Performing Art Facility. Year Built: The year in which a building completed construction
Strip Center: A strip center is an attached row of stores or service and was issued a certificate of occupancy.
outlets managed as a coherent retail entity, with on-site parking YTD: Abbreviation for Year-to-Date. Describes statistics that are
usually located in front of the stores. Open canopies may con- cumulative from the beginning of a calendar year through what-
nect the storefronts, but a strip center does not have enclosed ever time period is being studied.
walkways linking the stores. A strip center may be configured in
D THE COSTAR RETAIL REPORT ©2010 COSTAR GROUP, INC.


OVERVIEW
Denver’s Vacancy Remains Unchanged at 9.1%

Net Absorption Positive 197,423 SF in the Quarter
T
he Denver retail market did not experience much change the market has seen an overall increase in the vacancy rate, with
in market conditions in the fourth quarter 2009. The the rate going from 8.9% in the first quarter 2009, to 9.0% at
vacancy rate went from 9.1% in the previous quarter the end of the second quarter 2009, 9.1% at the end of the third
to 9.1% in the current quarter. Net absorption was positive quarter 2009, to 9.1% in the current quarter.
197,423 square feet, and vacant sublease space increased by The amount of vacant sublease space in the Denver market
12,627 square feet. Quoted rental rates decreased from third has trended down over the past four quarters. At the end of
quarter 2009 levels, ending at $15.94 per square foot per year. A the first quarter 2009, there were 906,818 square feet of vacant
total of nine retail buildings with 51,228 square feet of retail space sublease space. Currently, there are 747,173 square feet vacant
were delivered to the market in the quarter, with 699,925 square in the market.
feet still under construction at the end of the quarter.
Largest Lease Signings
Net Absorption The largest lease signings occurring in 2009 included: the
Retail net absorption was slightly positive in Denver fourth 99,844-square-foot-lease signed by King Soopers at Shops at
quarter 2009, with positive 197,423 square feet absorbed in Quail Creek; the 70,000-square-foot-deal signed by Lowe’s at
the quarter. In third quarter 2009, net absorption was positive Alameda Square Shopping Center; and the 39,564-square-foot-
292,773 square feet, while in second quarter 2009, absorption lease signed by Nordstrom Rack at 1505 S Colorado Blvd.
came in at positive 266,546 square feet. In first quarter 2009,
Rental Rates
negative (288,095) square feet was absorbed in the market.
Average quoted asking rental rates in the Denver retail mar-
Tenants moving out of large blocks of space in 2009 include:
ket are down over previous quarter levels, and down from their
Macy’s moving out of 180,000 square feet at Westminster Mall;
levels four quarters ago. Quoted rents ended the fourth quarter
and Toyota moving out of 131,290 square feet at Mountain
2009 at $15.94 per square foot per year. That compares to
States Toyota.
$16.13 per square foot in the third quarter 2009, and $16.39 per
Tenants moving into large blocks of space in 2009 include:
square foot at the end of the first quarter 2009. This represents a
Target moving into 175,000 square feet at River Point at
1.2% decrease in rental rates in the current quarter, and a 2.82%
Sheridan; King Soopers moving into 99,844 square feet at Shops
decrease from four quarters ago.
at Quail Creek; and JC Penney moving into 97,990 square feet at
955 S. Hoover St. Inventory & Construction
During the fourth quarter 2009, nine buildings totaling
Vacancy
51,228 square feet were completed in the Denver retail market.
Denver’s retail vacancy rate changed in the fourth quarter
Over the past four quarters, a total of 1,945,907 square feet of
2009, ending the quarter at 9.1%. Over the past four quarters,
retail space has been built in Denver. In addition to the current
Vacancy Rates by Building Type 2006-2009
Power Center Specialty Center General Retail Shopping Center Mall Total Market
14%
12%
10%
8%
6%
4%
2%
0%
2006 1q 2006 2q 2006 3q 2006 4q 2007 1q 2007 2q 2007 3q 2007 4q 2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q
Source: CoStar Property®
Absorption & Deliveries

©2010 COSTAR GROUP, INC.
U.S. Vacancy Comparison
THE COSTAR RETAIL REPORT 1
Past 10 Quarters Past 10 Quarters


OVERVIEW
quarter, 28 buildings with 717,306 square feet were completed (232,402) square feet over the past four quarters. In addition
in third quarter 2009, 12 buildings totaling 379,161 square feet to the positive 54,853 square feet absorbed this quarter, negative
completed in second quarter 2009, and 798,212 square feet in 34 (205,790) square feet was absorbed in the third quarter 2009,
buildings completed in first quarter 2009. positive 91,715 square feet was absorbed in the second quarter
There were 699,925 square feet of retail space under con- 2009, and negative (173,180) square feet was absorbed in the
struction at the end of the fourth quarter 2009. first quarter 2009.
Some of the notable 2009 deliveries include: River Point
Power Centers
at Sheridan, a 233,057-square-foot facility that delivered in first
The Power Center average vacancy rate was 13.2% in the
quarter 2009 and is now 75% occupied, and Southglenn Block 8,
fourth quarter 2009. With negative (85,200) square feet of net
a 121,461-square-foot building that delivered in second quarter
absorption and 8,412 square feet in new deliveries, the vacancy
2009 and is now 100% occupied.
rate went from 12.7% at the end of last quarter to 13.2% at the
Total retail inventory in the Denver market area amounted
end of the fourth quarter.
to 174,988,129 square feet in 9,818 buildings and 1359 centers
In the third quarter 2009, Power Centers absorbed positive
as of the end of the fourth quarter 2009.
91,765 square feet, delivered 84,715 square feet, and the vacancy
Shopping Center rate went from 12.8% to 12.7% over the course of the quarter.
The Shopping Center market in Denver currently consists Rental started the quarter at $23.34 per square foot and ended the
006-2009 of 1289 projects with 67,317,412 square feet of retail space in quarter at $22.77 per square foot.
2,443 buildings. In this report the Shopping Center market is A year ago, in fourth quarter 2008, the vacancy rate
comprisedShopping
General Retail
of all Center
Community Center,Total
Mall
Neighborhood
Market
Center, and was 12.0%. Over the past four quarters, Power Centers have
Strip Centers. absorbed a cumulative 258,761 square feet of space and delivered
After absorbing 54,853 square feet and delivering 1,411 cumulative 550,309 square feet of space. Vacant sublease space
square feet in the current quarter, the Shopping Center sector saw has gone from 101,014 square feet to 79,317 square feet over that
the vacancy rate go from 11.0% at the end of the third quarter time period, and rental rates have gone from $24.24 to $22.83.
2009 to 10.9% this quarter. At the end of the fourth quarter 2009, there was no space
Over the past four quarters, the Shopping Center vacancy under construction in the Denver market. The total stock of
rate has gone from 10.7% at the end of the first quarter 2009, Power Center space in Denver currently sits at 17,816,299 square
to 10.7% at the end of the second quarter 2009, to 11.0% at the feet in 42 centers comprised of 350 buildings.
end of the third quarter 2009, and finally to 10.9% at the end of No space was under construction at the end of the fourth
the current quarter. quarter 2009.
Rental rates ended the fourth quarter 2009 at $15.05 per
General Retail Properties
square foot, down from the $15.43 they were at the end of third
The General Retail sector of the market, which includes all
quarter 2009. Rental rates have trended down over the past year,
2007 4q 2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q freestanding retail buildings, except those contained within a cen-
going from $15.87 per square foot a year ago to their current
ter, reported a vacancy rate of 7.2% at the end of fourth quarter
levels.
2009. There was a total of 5,015,763 square feet vacant at that
Net absorption in the Shopping Center sector has totaled
time. The General Retail sector in Denver currently has average
U.S. Vacancy Comparison rental rates of $14.06 per square foot per year. There are 479,753
Past 10 Quarters square feet of space under construction in this sector, with 34,449
Average Rental Rate Vacancy Rate
square feet having been completed in the fourth quarter. In all,
there are a total of 6,832 buildings with 69,529,628 square feet
$17 10.0% of General Retail space in Denver.
$17 9.0%
Specialty Centers
Vacancy Rate Percentage
Price in Dollars per Unit
$17 8.0%
$16
7.0% There are currently seven Specialty Centers in the Denver
6.0% market, making up 1,645,164 square feet of retail space. In this
$16
5.0%
$16
4.0%
report the Specialty Center market is comprised of Outlet Center,
$16
3.0% Airport Retail and Theme/Festival Centers.
$16 2.0% Specialty Centers in the Denver market have experienced
$15 1.0% negative (13,536) square feet of net absorption in 2009. The
$15 0.0% vacancy rate currently stands at 7.5%, and rental rates average
2007 2007 2008 2008 2008 2008 2009 2009 2009 2009
$28.49 per square foot.
3q 4q 1q 2q 3q 4q 1q 2q 3q 4q
Source: CoStar Property•
2 THE COSTAR RETAIL REPORT ©2010 COSTAR GROUP, INC.

4%
2%
0%
Denver Retail Market 2006 1q 2006 2q 2006 3q 2006 4q 2007 1q 2007 2q 2007 3q 2007 4q
OVERVIEW Source: CoStar Property®
Malls Absorption & Deliveries

Malls recorded net absorption of positive 58,100 square Past 10 Quarters
feet in the fourth quarter 2009. This net absorption number,
Net Absorption Deliveries
combined with the 6,956 square feet that was built in the quarter, 2.0 1.84
caused the vacancy rate to go from 5.7% a quarter ago to 5.4%

at the end of the fourth quarter 2009. Rental rates went from 1.5
$24.76 per square foot to $23.88 per square foot during that 0.91
0.85
0.97 0.99
1.0 0.84 0.80
time. In this report the Mall market is comprised of 21 Lifestyle 0.72
Millions SF
0.58
Center, Regional Mall and Super Regional Malls. 0.5 0.37
0.30
0.41 0.38
0.27 0.29
0.20
0.05
Sales Activity 0.0
Tallying retail building sales of 15,000 square feet or larger,
Denver retail sales figures rose during the third quarter 2009 in (0.5) (0.38) (0.42)
(0.29)
terms of dollar volume compared to the second quarter of 2009.

(1.0)
In the third quarter, four retail transactions closed with a 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009
total volume of $32,850,000. The four buildings totaled 275,990 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q
square feet and the average price per square foot equated to Source: CoStar Property•
$119.03 per square foot. That compares to nine transactions Cap rates have been higher in 2009, averaging 7.94% com-
totaling $32,565,000 in the second quarter 2009. The total pared to the same period in 2008 when they averaged 7.60%.
square footage in the second quarter was 421,244 square feet for One of the largest transactions that has occurred within the
an average price per square foot of $77.31. last four quarters in the Denver market is the sale of Market at
Total retail center sales activity in 2009 was down compared Southpark in Littleton. This 190,095 square foot retail center sold
to 2008. In the first nine months of 2009, the market saw 18 retail for $22,000,000, or $115.73 per square foot. The property sold
sales transactions with a total volume of $74,740,000. The price on 8/11/2009.
per square foot averaged $89.57. In the same first nine months of
2008, the market posted 50 transactions with a total volume of
Reports compiled by: Ethan Reed and Krystal Thomas CoStar Research
$342,102,700. The price per square foot averaged $152.06.
Manager.
©2010 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 3


MARKETS
CoStar Markets & Submarkets

In analyzing metropolitan areas in the U.S., CoStar has developed geographic designations to help group properties together, called
Regions, Markets and Submarkets. Regions 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. Regions are then divided into
Markets, 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.
Markets Submarkets
Aurora Aurora
Boulder Boulder Boulder County
Central Business District Central Business District LoDo
Colorado Blvd/Glendale Cherry Creek Colorado Blvd/I-25 Glendale
Fort Collins/Loveland Fort Collins/Loveland
Longmont Longmont
Midtown Capitol Hill Platte River South Midtown
Broomfield Broomfield County
Parker/Castle Rock Parker/Castle Rock
Weld County Weld County
North Denver North Denver
Northeast Denver East I-70/Montbello Northeast Denver
Northwest Denver Northwest Denver
Southeast Denver Arapahoe Rd Centennial Denver Tech Center East Hampden
Greenwood Village Highlands Ranch Inverness Meridian
Panorama/Highland Park
Southwest Denver Southwest Denver
Clear Creek County Clear Creek County
West Denver West Denver
Elbert County Elbert County
Gilpin County Gilpin County
Park County Park County


INVENTORY & DEVELOPMENT
Historical Deliveries 1982 - 2009

Deliveries Average Delivered SF
8.0
6.9
7.0
6.1 6.2 6.1
6.0 5.5
5.0
4.8
5.0 4.6 4.6
Millions of SF
4.2
3.7 3.7 3.8 3.8
4.0 3.5 3.5 3.4
3.4
2.9 2.9
3.0 2.5 2.5 2.5
2.1
1.9 1.9
2.0
1.3
1.0 0.7
0.0
1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Source: CoStar Property® * Future deliveries based on current under construction buildings.
Construction Activity Markets Ranked by Under Construction Square Footage

Under Construction Inventory Average Bldg Size
Market # Bldgs Total GLA Preleased SF Preleased % All Existing U/C
Broomfield 1 208,752 208,752 100.0% 23,490 208,752
Parker/Castle Rock 4 159,412 50,166 31.5% 20,995 39,853
Fort Collins/Loveland 4 142,139 124,624 87.7% 19,388 35,535
Southwest Denver 1 75,000 0 0.0% 20,607 75,000
Southeast Denver 2 58,278 58,278 100.0% 24,548 29,139
Aurora 2 30,324 30,324 100.0% 19,456 15,162
North Denver 1 11,420 0 0.0% 21,589 11,420
Boulder 1 8,100 0 0.0% 18,218 8,100
Weld County 1 6,500 0 0.0% 13,862 6,500
Colorado Blvd/Glendale 0 0 0 0.0% 13,019 0
All Other 0 0 0 0.0% 15,299 0
Totals 17 699,925 472,144 67.5% 17,823 41,172
Recent Deliveries Future Deliveries

Leased & Un-Leased SF in Deliveries Since 2005 Preleased & Un-Leased SF in Properties Scheduled to Deliver
Leased Un-Leased Preleased Un-Leased
7.0 600
6.0
500
5.0
400 T
Thousands of SF
Millions of SF
4.0
300
3.0
200
2.0
100
1.0
0.0 0
2005 2006 2007 2008 2009 2010 1q 2010 2q 2011 2q
Source: CoStar Property® Source: CoStar Property®


Historical Construction Starts & Deliveries

Square Footage Per Quarter Starting and Completing Construction
Construction Starts Deliveries
2.0
1.84
1.8
1.6 1.53
1.41
1.4
1.25
1.20
Millions of SF
1.2 1.06
1.04
0.99
1.0 0.89 0.88 0.85
0.84 0.80
0.74
0.72 0.70 0.72
0.8 0.65
0.55 0.58
0.6 0.53
0.48
0.37 0.38 0.38
0.4 0.33 0.33
0.22 0.23
0.17
0.2 0.05
0.00
0.0
Recent Deliveries by Project Size of Year-to-Date Development

Building Size # Bldgs GLA SF Leased % Leased Avg Rate Single-Tenant Multi-Tenant
< 50,000 SF 69 753,649 494,813 65.7% $25.54 55,051 698,598
50,000 SF - 99,999 SF 11 730,791 634,800 86.9% $25.09 142,304 588,487
100,000 SF - 249,999 SF 3 461,467 403,203 87.4% $0.00 0 461,467
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
Recent Development by Tenancy Existing Inventory Comparison

Based on GLA Developed for Single & Multi Tenant Use Based on Total GLA
2009 Deliveries Currently Under Construction
General Retail
Shopping Center
10%
46% Mall
54%
90% Power Center
Specialty Center
Multi Single Multi Single Millions of Square0 Feet 10 20 30 40 50 60 70 80


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FIGURES AT A GLANCE
General Retail Market Statistics Year-End 2009

Existing Inventory Vacancy YTD Net YTD Under Quoted
Market # Blds Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates
Aurora 530 6,088,184 237,989 278,329 4.6% (51,504) 0 30,324 $12.54
Boulder 333 4,063,431 211,786 224,671 5.5% 19,694 9,112 8,100 $17.83
Broomfield 112 823,132 11,296 11,296 1.4% 13,008 0 0 $11.74
Central Business District 84 1,785,668 100,677 100,677 5.6% 49,498 63,332 0 $26.11
Clear Creek County 26 246,226 11,215 11,215 4.6% (11,215) 0 0 $19.23
Colorado Blvd/Glendale 581 4,421,179 268,778 308,342 7.0% 485 79,237 0 $18.49
Elbert County 14 246,043 7,000 7,000 2.8% (7,000) 0 0 $0.00
Fort Collins/Loveland 585 6,709,034 500,628 532,323 7.9% (92,948) 6,535 142,139 $11.81
Gilpin County 4 12,611 0 0 0.0% 0 0 0 $0.00
Longmont 238 2,485,840 196,198 197,423 7.9% 10,315 0 0 $11.88
Midtown 559 4,447,537 339,430 339,430 7.6% (41,509) 19,100 0 $15.17
North Denver 266 3,546,928 220,254 220,254 6.2% 22,346 12,476 0 $11.59
Northeast Denver 402 3,189,880 152,684 152,684 4.8% 56,823 22,270 0 $14.70
Northwest Denver 672 6,187,964 418,950 551,177 8.9% 72 17,136 0 $10.57
Park County 22 85,238 6,184 6,184 7.3% (6,184) 0 0 $0.00
Parker/Castle Rock 212 2,704,128 188,701 191,687 7.1% (8,223) 9,130 159,412 $23.19
Southeast Denver 468 7,202,386 433,185 438,238 6.1% 56,647 130,027 58,278 $14.28
Southwest Denver 612 5,740,730 241,965 293,026 5.1% (65,953) 15,876 75,000 $14.42
Weld County 513 4,819,954 505,756 672,209 13.9% 21,283 144,834 6,500 $10.60
West Denver 599 4,723,535 466,098 479,598 10.2% (149,112) 5,602 0 $12.97
Totals 6,832 69,529,628 4,518,774 5,015,763 7.2% (183,477) 534,667 479,753 $14.06
Mall Market Statistics Year-End 2009

Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates
Aurora 1 1,084,483 0 0 0.0% 0 0 0 $0.00
Boulder 1 792,007 35,579 35,579 4.5% (2,794) 0 0 $31.93
Broomfield 2 1,830,117 48,005 48,005 2.6% 207,580 0 0 $28.00
Central Business District 0 0 0 0 0.0% 0 0 0 $0.00
Clear Creek County 0 0 0 0 0.0% 0 0 0 $0.00
Colorado Blvd/Glendale 3 1,327,532 8,831 8,831 0.7% (6,410) 0 0 $0.00
Elbert County 0 0 0 0 0.0% 0 0 0 $0.00
Fort Collins/Loveland 3 2,881,890 121,792 121,792 4.2% 58,965 36,166 0 $20.25
Gilpin County 0 0 0 0 0.0% 0 0 0 $0.00
Longmont 1 462,653 81,886 81,886 17.7% 0 0 0 $0.00
Midtown 0 0 0 0 0.0% 0 0 0 $0.00
North Denver 1 656,084 122,650 122,650 18.7% 35,750 27,000 0 $0.00
Northeast Denver 0 0 0 0 0.0% 0 0 0 $0.00
Northwest Denver 2 2,105,538 374,311 374,311 17.8% (139,605) 0 0 $17.00
Park County 0 0 0 0 0.0% 0 0 0 $0.00
Parker/Castle Rock 1 202,683 5,688 5,688 2.8% 5,113 0 0 $19.58
Southeast Denver 2 2,781,659 128,527 128,527 4.6% 480,702 577,033 0 $32.00
Southwest Denver 2 2,814,816 75,994 75,994 2.7% 0 0 0 $11.00
Weld County 1 637,172 0 0 0.0% 0 0 0 $0.00
West Denver 1 1,102,992 12,500 12,500 1.1% 0 0 0 $0.00
Totals 21 18,679,626 1,015,763 1,015,763 5.4% 639,301 640,199 0 $23.88


FIGURES AT A GLANCE
Power Center Market Statistics Year-End 2009

Aurora 3 927,533 185,489 191,639 20.7% 76,501 254,320 0 $19.37
Boulder 1 532,922 29,104 29,104 5.5% (10,022) 0 0 $0.00
Broomfield 1 390,598 71,923 76,037 19.5% (10,203) 0 0 $15.27
Colorado Blvd/Glendale 1 85,431 0 0 0.0% 0 0 0 $0.00
Elbert County 0 0 0 0 0.0% 0 0 0 $0.00
Fort Collins/Loveland 4 1,405,703 57,052 57,052 4.1% (12,723) 0 0 $23.92
Gilpin County 0 0 0 0 0.0% 0 0 0 $0.00
Longmont 1 656,999 68,252 68,252 10.4% 6,955 8,412 0 $27.02
Midtown 0 0 0 0 0.0% 0 0 0 $0.00
North Denver 5 2,007,371 205,234 207,824 10.4% (19,985) 0 0 $16.23
Northeast Denver 4 3,646,234 967,333 967,333 26.5% (28,865) 0 0 $28.91
Park County 0 0 0 0 0.0% 0 0 0 $0.00
Parker/Castle Rock 3 700,563 58,096 58,096 8.3% (1,716) 0 0 $16.01
Southeast Denver 3 1,280,736 143,516 175,198 13.7% (16,263) 0 0 $21.76
Southwest Denver 7 3,124,347 261,777 296,558 9.5% 267,032 287,577 0 $17.11
Weld County 3 610,383 17,025 17,025 2.8% 21,191 0 0 $18.00
West Denver 3 1,106,384 36,109 36,109 3.3% (3,623) 0 0 $15.69
Totals 42 17,816,299 2,275,990 2,355,307 13.2% 258,761 550,309 0 $22.83
Shopping Center Market Statistics Year-End 2009

Aurora 138 8,340,474 1,223,475 1,245,468 14.9% 20,778 6,387 0 $12.69
Boulder 67 3,038,049 248,847 281,976 9.3% (15,011) 0 0 $16.26
Broomfield 21 1,983,045 175,131 182,631 9.2% 58,992 104,791 208,752 $18.27
Central Business District 9 604,496 136,911 136,911 22.6% (21,275) 0 0 $22.45
Colorado Blvd/Glendale 89 3,773,924 288,821 288,821 7.7% 22,532 0 0 $23.63
Elbert County 2 135,394 11,335 11,335 8.4% (11,335) 0 0 $11.28
Gilpin County 0 0 0 0 0.0% 0 0 0 $0.00
Longmont 45 1,952,067 146,717 146,717 7.5% 7,223 0 0 $14.93
Midtown 35 449,201 52,482 52,482 11.7% 31 0 0 $16.82
North Denver 72 3,936,338 390,876 395,572 10.0% (15,398) 0 11,420 $12.12
Northeast Denver 56 2,174,781 266,286 271,188 12.5% (30,357) 0 0 $16.65
Northwest Denver 149 7,877,391 888,587 905,874 11.5% (26,367) 19,154 0 $13.51
Park County 0 0 0 0 0.0% 0 0 0 $0.00
Parker/Castle Rock 72 4,345,219 372,834 377,574 8.7% 1,341 34,632 0 $17.91
Southeast Denver 107 7,289,978 816,441 841,242 11.5% (69,340) 0 0 $16.64
Southwest Denver 152 7,962,772 807,359 823,395 10.3% 42,296 0 0 $14.24
Weld County 59 2,665,727 261,028 261,028 9.8% (40,957) 3,768 0 $13.64
West Denver 123 6,176,888 642,191 647,564 10.5% (79,223) 52,000 0 $15.56
Totals 1,289 67,317,412 7,202,454 7,342,911 10.9% (232,402) 220,732 220,172 $15.05


FIGURES AT A GLANCE
Specialty Center Market Statistics Year-End 2009

Aurora 0 0 0 0 0.0% 0 0 0 $0.00
Boulder 1 81,559 27,161 52,981 65.0% (110) 0 0 $23.58
Broomfield 0 0 0 0 0.0% 0 0 0 $0.00
Central Business District 1 421,877 40,913 40,913 9.7% 10,549 0 0 $39.81
Colorado Blvd/Glendale 0 0 0 0 0.0% 0 0 0 $0.00
Elbert County 0 0 0 0 0.0% 0 0 0 $0.00
Fort Collins/Loveland 1 328,824 5,500 5,500 1.7% 0 0 0 $15.00
Gilpin County 0 0 0 0 0.0% 0 0 0 $0.00
Longmont 1 12,550 0 0 0.0% 0 0 0 $0.00
Midtown 0 0 0 0 0.0% 0 0 0 $0.00
North Denver 0 0 0 0 0.0% 0 0 0 $0.00
Northwest Denver 0 0 0 0 0.0% 0 0 0 $0.00
Park County 0 0 0 0 0.0% 0 0 0 $0.00
Southeast Denver 1 28,325 10,000 14,590 51.5% (14,590) 0 0 $21.00
Southwest Denver 1 284,666 0 0 0.0% 615 0 0 $12.00
Weld County 0 0 0 0 0.0% 0 0 0 $0.00
West Denver 0 0 0 0 0.0% 0 0 0 $0.00
Totals 7 1,645,164 93,574 123,984 7.5% (13,536) 0 0 $28.49
Total Retail Market Statistics Year-End 2009

Aurora 845 16,440,674 1,646,953 1,715,436 10.4% 45,775 260,707 30,324 $13.36
Boulder 467 8,507,968 552,477 624,311 7.3% (8,243) 9,112 8,100 $17.35
Broomfield 214 5,026,892 306,355 317,969 6.3% 269,377 104,791 208,752 $17.58
Colorado Blvd/Glendale 738 9,608,066 566,430 605,994 6.3% 16,607 79,237 0 $20.60
Elbert County 16 381,437 18,335 18,335 4.8% (18,335) 0 0 $11.28
Fort Collins/Loveland 822 15,937,119 1,158,105 1,189,800 7.5% (123,038) 42,701 142,139 $14.00
Gilpin County 4 12,611 0 0 0.0% 0 0 0 $0.00
Longmont 327 5,570,109 493,053 494,278 8.9% 24,493 8,412 0 $14.36
Midtown 597 4,896,738 391,912 391,912 8.0% (41,478) 19,100 0 $15.50
North Denver 470 10,146,721 939,014 946,300 9.3% 22,713 39,476 11,420 $12.48
Northeast Denver 569 9,010,895 1,386,303 1,391,205 15.4% (2,399) 22,270 0 $24.43
Northwest Denver 1,001 17,511,988 1,856,928 2,006,442 11.5% (175,418) 36,290 0 $12.75
Park County 22 85,238 6,184 6,184 7.3% (6,184) 0 0 $0.00
Southeast Denver 757 18,583,084 1,531,669 1,597,795 8.6% 437,156 707,060 58,278 $17.19
Southwest Denver 967 19,927,331 1,387,095 1,488,973 7.5% 243,990 303,453 75,000 $14.66
Weld County 630 8,733,236 783,809 950,262 10.9% 1,517 148,602 6,500 $11.92
West Denver 847 13,109,799 1,156,898 1,175,771 9.0% (231,958) 57,602 0 $14.55
Totals 9,818 174,988,129 15,106,555 15,853,728 9.1% 468,647 1,945,907 699,925 $15.94


FIGURES AT A GLANCE
General Retail Submarket Statistics Year-End 2009

Arapahoe Rd 79 1,064,422 100,704 100,704 9.5% (85,379) 4,125 0 $9.95
Aurora 530 6,088,184 237,989 278,329 4.6% (51,504) 0 30,324 $12.54
Boulder 245 2,638,813 138,807 144,807 5.5% 17,264 9,112 8,100 $19.42
Boulder County 88 1,424,618 72,979 79,864 5.6% 2,430 0 0 $12.60
Broomfield County 112 823,132 11,296 11,296 1.4% 13,008 0 0 $11.74
Capitol Hill 166 1,398,966 131,272 131,272 9.4% (40,924) 0 0 $15.63
Centennial 29 460,289 48,523 48,523 10.5% (15,555) 0 12,778 $20.90
Cherry Creek 129 878,184 84,373 84,373 9.6% (2,882) 19,000 0 $25.87
Colorado Blvd/I-25 316 2,155,523 68,574 108,138 5.0% 14,218 21,469 0 $17.05
Denver Tech Center 54 1,130,278 52,407 52,407 4.6% 8,955 24,715 0 $19.00
East Hampden 102 1,018,676 46,336 46,336 4.5% 32,847 9,547 0 $12.33
East I-70/Montbello 179 1,423,460 55,545 55,545 3.9% 56,231 12,700 0 $15.02
Elbert County 14 246,043 7,000 7,000 2.8% (7,000) 0 0 $0.00
Fort Collins/Loveland 585 6,709,034 500,628 532,323 7.9% (92,948) 6,535 142,139 $11.81
Gilpin County 4 12,611 0 0 0.0% 0 0 0 $0.00
Glendale 136 1,387,472 115,831 115,831 8.3% (10,851) 38,768 0 $14.27
Greenwood Village 36 382,278 3,100 3,100 0.8% 1,800 0 0 $10.00
Highlands Ranch 102 1,854,670 68,877 73,930 4.0% (19,620) 0 45,500 $17.06
Inverness 6 81,224 21,427 21,427 26.4% 4,484 0 0 $20.50
LoDo 28 605,470 0 0 0.0% 8,500 0 0 $17.18
Longmont 238 2,485,840 196,198 197,423 7.9% 10,315 0 0 $11.88
Meridian 44 808,660 12,400 12,400 1.5% 87,815 91,640 0 $20.59
North Denver 266 3,546,928 220,254 220,254 6.2% 22,346 12,476 0 $11.59
Northeast Denver 223 1,766,420 97,139 97,139 5.5% 592 9,570 0 $13.56
Northwest Denver 672 6,187,964 418,950 551,177 8.9% 72 17,136 0 $10.57
Panorama/Highland Park 16 401,889 79,411 79,411 19.8% 41,300 0 0 $10.38
Park County 22 85,238 6,184 6,184 7.3% (6,184) 0 0 $0.00
Platte River 130 863,356 74,515 74,515 8.6% 13,901 19,100 0 $16.22
South Midtown 263 2,185,215 133,643 133,643 6.1% (14,486) 0 0 $14.26
Southwest Denver 612 5,740,730 241,965 293,026 5.1% (65,953) 15,876 75,000 $14.42
Weld County 513 4,819,954 505,756 672,209 13.9% 21,283 144,834 6,500 $10.60
West Denver 599 4,723,535 466,098 479,598 10.2% (149,112) 5,602 0 $12.97
Totals 6,832 69,529,628 4,518,774 5,015,763 7.2% (183,477) 534,667 479,753 $14.06


FIGURES AT A GLANCE
Mall Submarket Statistics Year-End 2009

Arapahoe Rd 1 1,149,451 80,248 80,248 7.0% 496,785 577,033 0 $32.00
Aurora 1 1,084,483 0 0 0.0% 0 0 0 $0.00
Boulder 1 792,007 35,579 35,579 4.5% (2,794) 0 0 $31.93
Boulder County 0 0 0 0 0.0% 0 0 0 $0.00
Broomfield County 2 1,830,117 48,005 48,005 2.6% 207,580 0 0 $28.00
Capitol Hill 0 0 0 0 0.0% 0 0 0 $0.00
Centennial 0 0 0 0 0.0% 0 0 0 $0.00
Cherry Creek 3 1,327,532 8,831 8,831 0.7% (6,410) 0 0 $0.00
Colorado Blvd/I-25 0 0 0 0 0.0% 0 0 0 $0.00
Denver Tech Center 0 0 0 0 0.0% 0 0 0 $0.00
East Hampden 0 0 0 0 0.0% 0 0 0 $0.00
East I-70/Montbello 0 0 0 0 0.0% 0 0 0 $0.00
Elbert County 0 0 0 0 0.0% 0 0 0 $0.00
Fort Collins/Loveland 3 2,881,890 121,792 121,792 4.2% 58,965 36,166 0 $20.25
Gilpin County 0 0 0 0 0.0% 0 0 0 $0.00
Glendale 0 0 0 0 0.0% 0 0 0 $0.00
Greenwood Village 0 0 0 0 0.0% 0 0 0 $0.00
Highlands Ranch 1 1,632,208 48,279 48,279 3.0% (16,083) 0 0 $0.00
Inverness 0 0 0 0 0.0% 0 0 0 $0.00
LoDo 0 0 0 0 0.0% 0 0 0 $0.00
Longmont 1 462,653 81,886 81,886 17.7% 0 0 0 $0.00
Meridian 0 0 0 0 0.0% 0 0 0 $0.00
North Denver 1 656,084 122,650 122,650 18.7% 35,750 27,000 0 $0.00
Panorama/Highland Park 0 0 0 0 0.0% 0 0 0 $0.00
Park County 0 0 0 0 0.0% 0 0 0 $0.00
Parker/Castle Rock 1 202,683 5,688 5,688 2.8% 5,113 0 0 $19.58
Platte River 0 0 0 0 0.0% 0 0 0 $0.00
South Midtown 0 0 0 0 0.0% 0 0 0 $0.00
Southwest Denver 2 2,814,816 75,994 75,994 2.7% 0 0 0 $11.00
Weld County 1 637,172 0 0 0.0% 0 0 0 $0.00
West Denver 1 1,102,992 12,500 12,500 1.1% 0 0 0 $0.00
Totals 21 18,679,626 1,015,763 1,015,763 5.4% 639,301 640,199 0 $23.88



FIGURES AT A GLANCE
Power Center Submarket Statistics Year-End 2009

Arapahoe Rd 0 0 0 0 0.0% 0 0 0 $0.00
Aurora 3 927,533 185,489 191,639 20.7% 76,501 254,320 0 $19.37
Boulder 0 0 0 0 0.0% 0 0 0 $0.00
Boulder County 1 532,922 29,104 29,104 5.5% (10,022) 0 0 $0.00
Broomfield County 1 390,598 71,923 76,037 19.5% (10,203) 0 0 $15.27
Capitol Hill 0 0 0 0 0.0% 0 0 0 $0.00
Centennial 0 0 0 0 0.0% 0 0 0 $0.00
Cherry Creek 0 0 0 0 0.0% 0 0 0 $0.00
Colorado Blvd/I-25 1 85,431 0 0 0.0% 0 0 0 $0.00
East Hampden 0 36,220 0 0 0.0% 0 0 0 $0.00
East I-70/Montbello 3 2,325,354 217,333 217,333 9.3% (34,165) 0 0 $22.24
Elbert County 0 0 0 0 0.0% 0 0 0 $0.00
Gilpin County 0 0 0 0 0.0% 0 0 0 $0.00
Glendale 0 0 0 0 0.0% 0 0 0 $0.00
Greenwood Village 1 209,210 24,216 24,216 11.6% (1,200) 0 0 $29.50
Highlands Ranch 1 363,560 71,363 71,363 19.6% 13,500 0 0 $17.93
Inverness 0 0 0 0 0.0% 0 0 0 $0.00
LoDo 0 0 0 0 0.0% 0 0 0 $0.00
Longmont 1 656,999 68,252 68,252 10.4% 6,955 8,412 0 $27.02
Meridian 0 0 0 0 0.0% 0 0 0 $0.00
North Denver 5 2,007,371 205,234 207,824 10.4% (19,985) 0 0 $16.23
Northeast Denver 1 1,320,880 750,000 750,000 56.8% 5,300 0 0 $30.00
Panorama/Highland Park 1 671,746 47,937 79,619 11.9% (28,563) 0 0 $23.29
Park County 0 0 0 0 0.0% 0 0 0 $0.00
Platte River 0 0 0 0 0.0% 0 0 0 $0.00
South Midtown 0 0 0 0 0.0% 0 0 0 $0.00
Southwest Denver 7 3,124,347 261,777 296,558 9.5% 267,032 287,577 0 $17.11
Weld County 3 610,383 17,025 17,025 2.8% 21,191 0 0 $18.00
West Denver 3 1,106,384 36,109 36,109 3.3% (3,623) 0 0 $15.69
Totals 42 17,816,299 2,275,990 2,355,307 13.2% 258,761 550,309 0 $22.83



FIGURES AT A GLANCE
Shopping Center Submarket Statistics Year-End 2009

Arapahoe Rd 22 1,973,691 208,170 208,170 10.5% (20,807) 0 0 $16.75
Aurora 138 8,340,474 1,223,475 1,245,468 14.9% 20,778 6,387 0 $12.69
Boulder 55 2,670,556 219,824 252,953 9.5% (30,166) 0 0 $15.98
Boulder County 12 367,493 29,023 29,023 7.9% 15,155 0 0 $18.61
Broomfield County 21 1,983,045 175,131 182,631 9.2% 58,992 104,791 208,752 $18.27
Capitol Hill 19 208,107 14,312 14,312 6.9% 3,000 0 0 $16.02
Centennial 3 67,350 32,518 32,518 48.3% 0 0 0 $29.07
Central Business District 7 292,659 136,911 136,911 46.8% (21,275) 0 0 $22.45
Cherry Creek 15 378,540 48,249 48,249 12.7% (8,165) 0 0 $28.10
Colorado Blvd/I-25 37 1,748,305 161,614 161,614 9.2% 33,956 0 0 $23.39
Denver Tech Center 16 873,756 160,005 160,005 18.3% 8,896 0 0 $12.44
East Hampden 22 1,381,999 133,176 157,977 11.4% (45,784) 0 0 $11.35
East I-70/Montbello 32 1,315,015 157,774 161,269 12.3% (24,590) 0 0 $18.23
Elbert County 2 135,394 11,335 11,335 8.4% (11,335) 0 0 $11.28
Gilpin County 0 0 0 0 0.0% 0 0 0 $0.00
Glendale 37 1,647,079 78,958 78,958 4.8% (3,259) 0 0 $19.11
Highlands Ranch 22 1,775,821 92,809 92,809 5.2% 27,834 0 0 $15.67
Inverness 1 256,504 68,548 68,548 26.7% (15,711) 0 0 $17.00
LoDo 2 311,837 0 0 0.0% 0 0 0 $0.00
Longmont 45 1,952,067 146,717 146,717 7.5% 7,223 0 0 $14.93
Meridian 10 202,561 20,123 20,123 9.9% (9,412) 0 0 $25.67
North Denver 72 3,936,338 390,876 395,572 10.0% (15,398) 0 11,420 $12.12
Northeast Denver 24 859,766 108,512 109,919 12.8% (5,767) 0 0 $13.61
Northwest Denver 149 7,877,391 888,587 905,874 11.5% (26,367) 19,154 0 $13.51
Panorama/Highland Park 5 396,117 22,873 22,873 5.8% (9,480) 0 0 $16.54
Park County 0 0 0 0 0.0% 0 0 0 $0.00
Parker/Castle Rock 72 4,345,219 372,834 377,574 8.7% 1,341 34,632 0 $17.91
Platte River 7 99,371 13,088 13,088 13.2% (4,192) 0 0 $17.91
South Midtown 9 141,723 25,082 25,082 17.7% 1,223 0 0 $16.96
Southwest Denver 152 7,962,772 807,359 823,395 10.3% 42,296 0 0 $14.24
Weld County 59 2,665,727 261,028 261,028 9.8% (40,957) 3,768 0 $13.64
West Denver 123 6,176,888 642,191 647,564 10.5% (79,223) 52,000 0 $15.56
Totals 1,289 67,317,412 7,202,454 7,342,911 10.9% (232,402) 220,732 220,172 $15.05


FIGURES AT A GLANCE
Specialty Center Submarket Statistics Year-End 2009

Arapahoe Rd 0 0 0 0 0.0% 0 0 0 $0.00
Aurora 0 0 0 0 0.0% 0 0 0 $0.00
Boulder 1 81,559 27,161 52,981 65.0% (110) 0 0 $23.58
Boulder County 0 0 0 0 0.0% 0 0 0 $0.00
Broomfield County 0 0 0 0 0.0% 0 0 0 $0.00
Capitol Hill 0 0 0 0 0.0% 0 0 0 $0.00
Centennial 0 0 0 0 0.0% 0 0 0 $0.00
Central Business District 1 421,877 40,913 40,913 9.7% 10,549 0 0 $39.81
Cherry Creek 0 0 0 0 0.0% 0 0 0 $0.00
Colorado Blvd/I-25 0 0 0 0 0.0% 0 0 0 $0.00
East Hampden 0 0 0 0 0.0% 0 0 0 $0.00
East I-70/Montbello 0 0 0 0 0.0% 0 0 0 $0.00
Elbert County 0 0 0 0 0.0% 0 0 0 $0.00
Fort Collins/Loveland 1 328,824 5,500 5,500 1.7% 0 0 0 $15.00
Gilpin County 0 0 0 0 0.0% 0 0 0 $0.00
Glendale 0 0 0 0 0.0% 0 0 0 $0.00
Greenwood Village 0 0 0 0 0.0% 0 0 0 $0.00
Highlands Ranch 0 0 0 0 0.0% 0 0 0 $0.00
Inverness 0 0 0 0 0.0% 0 0 0 $0.00
LoDo 0 0 0 0 0.0% 0 0 0 $0.00
Longmont 1 12,550 0 0 0.0% 0 0 0 $0.00
Meridian 1 28,325 10,000 14,590 51.5% (14,590) 0 0 $21.00
North Denver 0 0 0 0 0.0% 0 0 0 $0.00
Northwest Denver 0 0 0 0 0.0% 0 0 0 $0.00
Panorama/Highland Park 0 0 0 0 0.0% 0 0 0 $0.00
Park County 0 0 0 0 0.0% 0 0 0 $0.00
Platte River 0 0 0 0 0.0% 0 0 0 $0.00
South Midtown 0 0 0 0 0.0% 0 0 0 $0.00
Southwest Denver 1 284,666 0 0 0.0% 615 0 0 $12.00
Weld County 0 0 0 0 0.0% 0 0 0 $0.00
West Denver 0 0 0 0 0.0% 0 0 0 $0.00
Totals 7 1,645,164 93,574 123,984 7.5% (13,536) 0 0 $28.49



FIGURES AT A GLANCE
Total Retail Submarket Statistics Year-End 2009

Arapahoe Rd 152 4,187,564 389,122 389,122 9.3% 390,599 581,158 0 $18.13
Aurora 845 16,440,674 1,646,953 1,715,436 10.4% 45,775 260,707 30,324 $13.36
Boulder 343 6,182,935 421,371 486,320 7.9% (15,806) 9,112 8,100 $17.73
Boulder County 124 2,325,033 131,106 137,991 5.9% 7,563 0 0 $15.14
Broomfield County 214 5,026,892 306,355 317,969 6.3% 269,377 104,791 208,752 $17.58
Capitol Hill 185 1,607,073 145,584 145,584 9.1% (37,924) 0 0 $15.72
Centennial 33 527,639 81,041 81,041 15.4% (15,555) 0 12,778 $25.41
Cherry Creek 157 2,584,256 141,453 141,453 5.5% (17,457) 19,000 0 $26.89
Colorado Blvd/I-25 384 3,989,259 230,188 269,752 6.8% 48,174 21,469 0 $19.48
Denver Tech Center 77 2,004,034 212,412 212,412 10.6% 17,851 24,715 0 $13.51
East Hampden 144 2,436,895 179,512 204,313 8.4% (12,937) 9,547 0 $11.58
East I-70/Montbello 297 5,063,829 430,652 434,147 8.6% (2,524) 12,700 0 $18.49
Elbert County 16 381,437 18,335 18,335 4.8% (18,335) 0 0 $11.28
Fort Collins/Loveland 822 15,937,119 1,158,105 1,189,800 7.5% (123,038) 42,701 142,139 $14.00
Gilpin County 4 12,611 0 0 0.0% 0 0 0 $0.00
Glendale 197 3,034,551 194,789 194,789 6.4% (14,110) 38,768 0 $16.28
Highlands Ranch 177 5,626,259 281,328 286,381 5.1% 5,631 0 45,500 $16.66
Inverness 14 337,728 89,975 89,975 26.6% (11,227) 0 0 $18.32
LoDo 30 917,307 0 0 0.0% 8,500 0 0 $17.18
Longmont 327 5,570,109 493,053 494,278 8.9% 24,493 8,412 0 $14.36
Meridian 57 1,039,546 42,523 47,113 4.5% 63,813 91,640 0 $22.50
North Denver 470 10,146,721 939,014 946,300 9.3% 22,713 39,476 11,420 $12.48
Northeast Denver 272 3,947,066 955,651 957,058 24.2% 125 9,570 0 $27.41
Northwest Denver 1,001 17,511,988 1,856,928 2,006,442 11.5% (175,418) 36,290 0 $12.75
Panorama/Highland Park 40 1,469,752 150,221 181,903 12.4% 3,257 0 0 $15.44
Park County 22 85,238 6,184 6,184 7.3% (6,184) 0 0 $0.00
Platte River 139 962,727 87,603 87,603 9.1% 9,709 19,100 0 $16.59
South Midtown 273 2,326,938 158,725 158,725 6.8% (13,263) 0 0 $14.73
Southwest Denver 967 19,927,331 1,387,095 1,488,973 7.5% 243,990 303,453 75,000 $14.66
Weld County 630 8,733,236 783,809 950,262 10.9% 1,517 148,602 6,500 $11.92
West Denver 847 13,109,799 1,156,898 1,175,771 9.0% (231,958) 57,602 0 $14.55
Totals 9,818 174,988,129 15,106,555 15,853,728 9.1% 468,647 1,945,907 699,925 $15.94


FIGURES AT A GLANCE
General Retail Market Statistics Year-End 2009

Existing Inventory Vacancy Net Deliveries UC Inventory Quoted
Period # Blds Total GLA Direct SF Total SF Vac % Absorption # Blds Total GLA # Blds Total GLA Rates
2009 4q 6,832 69,529,628 4,518,774 5,015,763 7.2% 175,112 5 34,449 15 479,753 $14.06
2009 3q 6,828 69,495,691 4,627,584 5,156,938 7.4% 100,495 12 255,944 13 341,000 $14.25
2009 2q 6,817 69,248,695 4,413,636 5,010,437 7.2% (236,812) 4 26,978 21 446,913 $14.17
2009 1q 6,813 69,221,717 4,143,090 4,746,647 6.9% (222,272) 17 217,296 17 292,922 $13.98
2008 4q 6,796 69,004,421 3,918,311 4,307,079 6.2% 91,968 24 464,011 28 470,693 $14.56
2008 3q 6,774 68,553,715 3,585,413 3,948,341 5.8% (43,110) 20 245,870 43 763,427 $14.41
2008 2q 6,756 68,318,943 3,492,973 3,670,459 5.4% 360,630 17 275,328 54 911,984 $15.10
2008 1q 6,739 68,043,615 3,616,722 3,755,761 5.5% 191,256 17 206,742 54 1,045,050 $14.92
2007 4q 6,727 68,551,075 4,306,454 4,454,477 6.5% (465,043) 12 340,402 47 774,260 $15.09
2007 3q 6,718 68,253,976 3,545,410 3,692,335 5.4% 645,983 24 612,702 42 876,165 $15.46
2007 2q 6,697 67,757,475 3,677,194 3,841,817 5.7% 464,204 14 229,443 51 1,243,827 $15.65
2007 1q 6,684 67,531,644 3,914,512 4,080,190 6.0% 814,507 29 625,127 49 1,220,574 $16.07
2006 4q 6,659 66,967,294 4,162,046 4,330,347 6.5% 742,884 25 602,568 47 1,234,117 $16.11
2006 3q 6,636 66,398,526 4,345,800 4,504,463 6.8% 430,569 24 505,403 61 1,400,207 $15.85
2006 2q 6,613 65,894,414 4,276,979 4,430,920 6.7% 395,784 15 279,987 59 1,534,530 $15.29
2006 1q 6,599 65,624,994 4,409,518 4,557,284 6.9% 430,228 31 681,282 47 1,151,934 $14.67
Mall Market Statistics Year-End 2009

Period # Ctrs Total GLA Direct SF Total SF Vac % Absorption # Blds Total GLA # Blds Total GLA Rates
2009 4q 21 18,679,626 1,015,763 1,015,763 5.4% 58,100 1 6,956 0 0 $23.88
2009 3q 21 18,672,670 1,066,907 1,066,907 5.7% 318,593 12 372,879 1 6,956 $24.76
2009 2q 21 18,299,791 1,008,288 1,012,621 5.5% 379,925 2 204,154 12 372,879 $25.12
2009 1q 21 18,095,637 1,181,923 1,188,392 6.6% (117,317) 2 56,210 12 563,092 $25.24
2008 4q 21 18,039,427 1,011,195 1,014,865 5.6% (12,382) 1 14,331 9 509,559 $24.66
2008 3q 21 18,025,096 986,016 988,152 5.5% 339,796 8 480,349 10 523,890 $27.12
2008 2q 20 17,544,747 845,463 847,599 4.8% 386,146 19 489,533 11 534,777 $24.71
2008 1q 20 17,055,214 744,212 744,212 4.4% 19,526 1 2,689 29 997,310 $24.50
2007 4q 20 17,052,525 761,049 761,049 4.5% (52,826) 1 15,000 24 853,431 $24.50
2007 3q 20 17,037,525 693,223 693,223 4.1% 51,949 0 0 11 367,695 $26.89
2007 2q 20 17,037,525 733,788 745,172 4.4% 33,362 3 129,098 7 116,647 $26.19
2007 1q 20 16,908,427 644,778 649,436 3.8% 110,290 2 61,470 6 168,985 $25.37
2006 4q 20 16,846,957 693,598 698,256 4.1% 68,948 4 227,922 8 230,455 $26.53
2006 3q 20 16,619,035 534,624 539,282 3.2% 17,760 1 4,907 8 359,959 $27.66
2006 2q 20 16,614,128 548,270 552,135 3.3% 62,690 3 171,756 7 296,173 $27.56
2006 1q 20 16,442,372 439,204 443,069 2.7% (19,846) 1 243,976 7 396,490 $27.99
Power Center Market Statistics Year-End 2009

2009 4q 42 17,816,299 2,275,990 2,355,307 13.2% (85,200) 2 8,412 0 0 $22.83
2009 3q 42 17,807,887 2,216,652 2,261,695 12.7% 91,765 3 84,715 2 8,412 $22.77
2009 2q 42 17,723,172 2,227,261 2,268,745 12.8% 22,901 3 27,793 5 93,127 $23.34
2009 1q 42 17,695,379 2,192,218 2,263,853 12.8% 229,295 9 429,389 6 90,725 $23.56
2008 4q 42 17,265,990 1,962,745 2,063,759 12.0% (303,746) 3 25,289 12 457,182 $24.24
2008 3q 42 17,240,701 1,664,363 1,734,724 10.1% 217,290 7 188,249 12 454,678 $24.60
2008 2q 42 17,052,452 1,645,263 1,763,765 10.3% 126,335 3 919,874 13 588,899 $24.28
2008 1q 42 16,132,578 854,974 970,226 6.0% (3,370) 0 0 12 1,433,295 $19.71
2007 4q 42 16,132,578 866,974 966,856 6.0% 154,552 2 96,462 4 1,071,874 $19.64
2007 3q 42 16,036,116 924,902 1,024,946 6.4% 341,953 4 152,842 3 996,462 $20.03
2007 2q 42 15,883,274 1,110,690 1,214,057 7.6% 224,627 1 20,390 7 1,149,304 $19.93
2007 1q 42 15,862,884 1,316,075 1,418,294 8.9% 222,812 2 282,470 7 1,161,232 $20.52
2006 4q 42 15,580,414 1,279,094 1,358,636 8.7% 497,851 8 327,394 7 1,352,902 $20.16
2006 3q 42 15,253,020 1,445,555 1,529,093 10.0% (223,254) 1 1,794 11 1,509,864 $20.20
2006 2q 42 15,251,226 1,221,947 1,304,045 8.6% 17,735 2 66,680 10 1,484,076 $20.13
2006 1q 42 15,184,546 1,176,502 1,255,100 8.3% 89,451 8 290,534 6 1,149,442 $19.14


FIGURES AT A GLANCE
Shopping Center Market Statistics Year-End 2009

2009 4q 1,289 67,317,412 7,202,454 7,342,911 10.9% 54,853 1 1,411 2 220,172 $15.05
2009 3q 1,289 67,316,001 7,267,229 7,396,353 11.0% (205,790) 1 3,768 3 221,583 $15.43
2009 2q 1,289 67,312,233 7,069,753 7,186,795 10.7% 91,715 3 120,236 2 5,179 $15.52
2009 1q 1,288 67,191,997 6,985,114 7,158,274 10.7% (173,180) 6 95,317 5 125,415 $15.61
2008 4q 1,286 67,096,680 6,698,451 6,889,777 10.3% (173,004) 10 72,728 10 216,964 $15.87
2008 3q 1,285 67,023,952 6,497,294 6,644,045 9.9% (56,548) 12 78,987 16 157,502 $15.86
2008 2q 1,281 66,944,965 6,370,025 6,508,510 9.7% 96,984 7 158,287 24 155,596 $15.73
2008 1q 1,277 66,786,678 6,309,398 6,447,207 9.7% 94,541 14 161,801 19 232,461 $15.60
2007 4q 1,271 66,624,877 6,244,335 6,379,947 9.6% (15,266) 12 398,229 22 317,999 $15.48
2007 3q 1,266 66,226,648 5,833,512 5,966,452 9.0% (125,668) 7 73,339 29 590,534 $15.61
2007 2q 1,264 66,153,309 5,672,580 5,767,445 8.7% 349,349 9 151,556 28 607,531 $15.72
2007 1q 1,261 66,001,753 5,804,462 5,965,238 9.0% (52,260) 13 234,024 27 621,661 $15.53
2006 4q 1,258 65,767,729 5,523,093 5,678,954 8.6% 267,758 11 88,842 33 679,993 $14.96
2006 3q 1,254 65,678,887 5,758,196 5,857,870 8.9% 110,725 8 231,033 37 587,794 $14.90
2006 2q 1,251 65,447,854 5,650,752 5,737,562 8.8% (98,338) 13 133,100 27 564,306 $14.76
2006 1q 1,247 65,314,754 5,446,225 5,506,124 8.4% (121,022) 23 309,822 25 418,287 $14.56
Specialty Center Market Statistics Year-End 2009

2009 4q 7 1,645,164 93,574 123,984 7.5% (5,442) 0 0 0 0 $28.49
2009 3q 7 1,645,164 87,517 118,542 7.2% (12,290) 0 0 0 0 $20.03
2009 2q 7 1,645,164 79,817 106,252 6.5% 8,817 0 0 0 0 $20.01
2009 1q 7 1,645,164 63,072 115,069 7.0% (4,621) 0 0 0 0 $18.90
2008 4q 7 1,645,164 57,462 110,448 6.7% (24,051) 0 0 0 0 $18.91
2008 3q 7 1,645,164 51,462 86,397 5.3% (45,967) 0 0 0 0 $18.17
2008 2q 7 1,645,164 6,110 40,430 2.5% 118 0 0 0 0 $18.21
2008 1q 7 1,645,164 9,228 40,548 2.5% (3,118) 0 0 0 0 $18.21
2007 4q 7 1,645,164 6,110 37,430 2.3% 1,695 0 0 0 0 $18.21
2007 3q 7 1,645,164 7,805 39,125 2.4% 0 0 0 0 0 $18.21
2007 2q 7 1,645,164 7,805 39,125 2.4% (10) 0 0 0 0 $18.21
2007 1q 7 1,645,164 7,795 39,115 2.4% (10,869) 0 0 0 0 $17.20
2006 4q 7 1,645,164 22,746 28,246 1.7% 0 0 0 0 0 $17.20
2006 3q 7 1,645,164 22,746 28,246 1.7% (17,021) 0 0 0 0 $17.20
2006 2q 7 1,645,164 1,695 11,225 0.7% 1,005 0 0 0 0 $17.20
2006 1q 7 1,645,164 2,700 12,230 0.7% (1,005) 0 0 0 0 $16.35
Total Retail Market Statistics Year-End 2009

Period # Blds Total GLA Direct SF Total SF Vac % Absorption # Blds Total GLA # Blds Total GLA Rates
2009 4q 9,818 174,988,129 15,106,555 15,853,728 9.1% 197,423 9 51,228 17 699,925 $15.94
2009 3q 9,810 174,937,413 15,265,889 16,000,435 9.1% 292,773 28 717,306 19 577,951 $16.13
2009 2q 9,783 174,229,055 14,798,755 15,584,850 8.9% 266,546 12 379,161 40 918,098 $16.35
2009 1q 9,771 173,849,894 14,565,417 15,472,235 8.9% (288,095) 34 798,212 40 1,072,154 $16.39
2008 4q 9,737 173,051,682 13,648,164 14,385,928 8.3% (421,215) 38 576,359 59 1,654,398 $16.80
2008 3q 9,701 172,488,628 12,784,548 13,401,659 7.8% 411,461 47 993,455 81 1,899,497 $16.75
2008 2q 9,656 171,506,271 12,359,834 12,830,763 7.5% 970,213 46 1,843,022 102 2,191,256 $16.80
2008 1q 9,610 169,663,249 11,534,534 11,957,954 7.0% 298,835 32 371,232 114 3,708,116 $15.81
2007 4q 9,583 170,006,219 12,184,922 12,599,759 7.4% (376,888) 27 850,093 97 3,017,564 $15.75
2007 3q 9,559 169,199,429 11,004,852 11,416,081 6.7% 914,217 35 838,883 85 2,830,856 $15.96
2007 2q 9,527 168,476,747 11,202,057 11,607,616 6.9% 1,071,532 27 530,487 93 3,117,309 $16.08
2007 1q 9,501 167,949,872 11,687,622 12,152,273 7.2% 1,084,480 46 1,203,091 89 3,172,452 $16.14
2006 4q 9,459 166,807,558 11,680,577 12,094,439 7.3% 1,577,441 48 1,246,726 95 3,497,467 $15.78
2006 3q 9,413 165,594,632 12,106,921 12,458,954 7.5% 318,779 34 743,137 117 3,857,824 $15.70
2006 2q 9,380 164,852,786 11,699,643 12,035,887 7.3% 378,876 33 651,523 103 3,879,085 $15.47
2006 1q 9,348 164,211,830 11,474,149 11,773,807 7.2% 377,806 63 1,525,614 85 3,116,153 $15.10


LEASING ACTIVITY
Historical Rental Rates

Based on NNN Rental Rates
Power Center Specialty Center General Retail Shopping Center Mall Total Market
$29.00
$27.00
$25.00
Dollars/SF/Year
$23.00
$21.00
$19.00
$17.00
$15.00
$13.00
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
5%
Shopping Center
General Retail
Power Center
Mall
95% Specialty Center
Direct Sublet 0% 10% 20% 30% 40% 50%
GLA By Building Type Future Space Available

Ratio of Total GLA by Building Type Space Scheduled to be Available for Occupancy*
0.2
0.18
General Retail
0.2
0.2 0.15
Shopping Center 0.1
0.1
Millions
Mall 0.1
0.1
Power Center 0.1
0.0 0.03
Specialty Center 0.0

0.00 0.00 0.00
0.0
Millions of Square0 Feet 10 20 30 40 50 60 70 80 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q 2011 2q
Source: CoStar Property® * Includes Under Construction Spaces Source: CoStar Property®


LEASING ACTIVITY
Select Top Retail Leases Based on Leased Square Footage For Deals Signed in 2009
Building Submarket SF Qtr Tenant Name Tenant Rep Company Landlord Rep Company
1 Shops at Quail Creek Broomfield County 99,844 1st King Soopers N/A Regency Centers
2 Alameda Square Shopping Center Southwest Denver 70,000 2nd Lowe’s Direct Deal Brighton Corporation
3 1505 S Colorado Blvd Colorado Blvd/I-25 39,564 3rd Nordstrom Rack David Hicks & Lampert Brokerage Inc KP Properties of Colorado LLC
4 Lord & Taylor (former) Broomfield County 30,391 2nd Ultimate Electronics N/A The Macerich Company
5 Belmar Southwest Denver 29,026 1st N/A N/A Continuum Partners LLC
6 Centennial Promenade Panorama/Highland Park 28,123 4th N/A Direct Deal SullivanHayes Brokerage
7 Sprouts Farmers Market Aurora 26,000 4th Sprouts Farmers Market N/A Miller Weingarten Realty, LLC
8 Havana Plaza Aurora 25,593 4th Addis Ababa Restaurant Direct Deal N/A
9 Belleview Shores Shopping Center Southwest Denver 25,216 1st American Furniture Warehouse Direct Deal Jordon Perlmutter & Co.
10 Sprouts Parker/Castle Rock 25,158 3rd Parker Payless Wine & Spirits Fuller Real Estate Fuller Real Estate
11 Huron Plaza Bldgs A-C Northwest Denver 24,928 2nd Savage Elite Sportsplex Direct Deal Summit Real Estate Management
12 Williams Village Shopping Center Boulder 23,837 2nd Sprouts Farmers Market SullivanHayes Brokerage Gibbons-White, Inc.
13 Bowles Crossing Southwest Denver 22,000 1st Sports Authority N/A CB Richard Ellis
14 5816 S College Ave Fort Collins/Loveland 18,000 1st N/A N/A Realtec Commercial Real Estate Serv
15 Dollar Tree East I-70/Montbello 17,500 1st Dollar Tree Stores Inc N/A Shames-Makovsky Realty Company
16 Brittany Hill North Denver 17,241 2nd Brittany Hill, LLC Direct Deal Leino & Company LLC
17 Ultimate Electronics Fort Collins/Loveland 16,200 3rd Spotlight Music N/A SullivanHayes Brokerage
18 Gardens on Havana B1-B2 Aurora 15,000 3rd PETCO Legend Retail Group Miller Weingarten Realty, LLC
19 Walgreen’s Southwest Denver 14,820 1st Walgreens N/A N/A
20 Harmony School Shops Fort Collins/Loveland 14,000 1st Direct Buy N/A SullivanHayes Brokerage
21 ACE Hardware Boulder 13,989 4th N/A N/A Gibbons-White, Inc.
22 Fiesta Plaza Southwest Denver 12,911 1st Family Dollar Stores of Colorado N/A Fuller Real Estate
23 Aurora Mall Plaza West* Aurora 11,500 4th Winner’s Bingo Direct Deal Dunton Commercial Real Estate Co.
24 1401 Ogden St Capitol Hill 11,000 1st Celebrationworks N/A Emerson Block, LLC
25 1230 Park St Parker/Castle Rock 10,800 1st N/A N/A Larry W Davidson & George A Evans
26 Dry Creek Center Arapahoe Rd 10,800 4th Dollar Tree N/A J&B Building Company
27 Pier One Imports Parker/Castle Rock 10,800 4th Vitamin Shoppe Legend Retail Group Legend Retail Group
28 7171 W Alaska Dr Southwest Denver 10,171 2nd N/A N/A Cushman & Wakefield of Colorado
29 Cherry Creek Shopping Center Cherry Creek 9,200 2nd Brio Tuscan Grille N/A Cherry Creek Shopping Center
30 5816 S College Ave Fort Collins/Loveland 9,068 1st N/A N/A Realtec Commercial Real Estate Serv
31 Villa South Southwest Denver 9,042 4th N/A N/A Sperry Properties, Inc.
32 Chambers Point Aurora 8,900 1st N/A N/A Western Centers, Inc.
33 3550 Arapahoe Ave Boulder 8,897 2nd Napa Auto Parts Gibbons-White, Inc. Gibbons-White, Inc.
34 Sherman Station Longmont 8,500 3rd N/A N/A Nova Realty & Investments Inc.
35 Chambers Square Aurora 8,500 1st House of Rentals Direct Deal Freund & Company
36 3120 Vista Village Dr East I-70/Montbello 8,400 4th Super Dollar Store Mitchlen Properties LLC Mitchlen Properties LLC
37 9230 Sheridan Blvd Northwest Denver 8,397 2nd Musicians Superstore N/A Centro Properties Group
38 Fairways Plaza - Bldg B Arapahoe Rd 8,385 3rd Colorado Casual Direct Deal Fuller Real Estate
39 Tabor Center - Retail Central Business District 8,314 3rd Tilted Kilt N/A CB Richard Ellis
40 227 S College Ave Fort Collins/Loveland 8,288 3rd N/A N/A Realtec Commercial Real Estate Serv

* Renewal


SALES ACTIVITY
The Optimist Sales Index Average of Two Highest Price/SF's and Two Lowest Cap Rates
Cap Rate Price/SF

12.0% $500
$450
10.0%
$400
Cap Rate Percentage
$350
8.0%
Dollars/SF
$300
6.0% $250
$200
4.0%
$150
$100
2.0%
$50
0.0% $0
2006 4q 2007 1q 2007 2q 2007 3q 2007 4q 2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q
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 Oct. 2008 - Sept. 2009
Sales Volume Price/SF Bldg Size # RBA $ Volume Price/SF Cap Rate
$450 $250
$400
< 25,000 SF 164 1,103,987 $ 215,101,299 $ 194.84 8.05%
Millions of Sales Volume Dollars
$200
$350
$300
$150
Price/SF
$250 25K-99K SF 14 625,745 $ 51,889,850 $ 82.92 7.81%
$200
$100
$150
$100 100K-249K SF 3 451,362 $ 37,100,000 $ 82.20 8.33%

$50
$50
$0 $0
2004 2005 2005 2006 2006 2007 2007 2008 2008 2009 >250K SF - - - $ - -
4q 2q 4q 2q 4q 2q 4q 2q 4q 2q
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
Denver US Denver US
$210 11.0%
$190 10.0%
$170 9.0%
Cap Rate Percentage
$150
8.0%
Dollars per SF
$130
7.0%
$110
6.0%
$90
5.0%
$70
$50 4.0%
$30 3.0%
2004 2005 2005 2006 2006 2007 2007 2008 2008 2009 2004 2005 2005 2006 2006 2007 2007 2008 2008 2009
4q 2q 4q 2q 4q 2q 4q 2q 4q 2q 4q 2q 4q 2q 4q 2q 4q 2q 4q 2q
Source: CoStar COMPS® Source: CoStar COMPS®


SALES ACTIVITY
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Select Land Sales Based on Commercially Zoned Land Sales Occurring From Oct. 2008 - Dec. 2009
7950 S Dayton St, Centennial 1265 Opie Dr, Littleton 2870 28th St, Boulder
Sale Price: $10,250,000 Sale Price: $6,185,000 Sale Price: $3,999,805
Acres: 13.65 Acres: 14.21 Acres: 0.64
Price/SF: $17.24 Price/SF: $9.99 Price/SF: $142.85
Closing Date: 12/23/2008 Closing Date: 10/21/2008 Closing Date: 08/14/2009
Zoning: PUD Zoning: TC Zoning: Unknown
Intended Use: General Freestanding Intended Use: General Freestanding Intended Use: Hold for Development
Buyer: Ikea Property Inc Buyer: Target Corporation Buyer: Walgreens Co.
Seller: Miller Global Properties LLC Seller: Denver Technological Center Seller: Pedersen Development Company LLC
9200 W Colfax Ave, Lakewood S Lima St, Centennial 24400 E Smoky Hill Rd, Aurora
Sale Price: $3,150,000 Sale Price: $1,500,000 Sale Price: $1,436,700
Acres: 4.44 Acres: 3.40 Acres: 1.13
Price/SF: $16.29 Price/SF: $10.13 Price/SF: $29.19
Closing Date: 03/18/2009 Closing Date: 05/27/2009 Closing Date: 07/28/2009
Zoning: C-2, Denver Zoning: PD Zoning: PD, Aurora
Intended Use: Bank Intended Use: Retail Intended Use: Fast Food
Buyer: Garrison Station Development Buyer: CEBFA Storage I LLC Buyer: Gaube Albrecht
Seller: Mickelson Properties LLC Seller: Asset Realty Advisors Seller: ServiceStar Development Company, LL
Source: CoStar COMPS®


A U R O R A M A R K E T
MARKET HIGHLIGHTS – CLASS “A, B & C”
Deliveries, Absorption & Vacancy Historical Analysis, All Classes

Delivered SF Absorption SF Vacancy
0.400 16.0%
14.0%
0.200
12.0%
0.000
Percent Vacant
10.0%
Millions SF
(0.200) 8.0%
6.0%
(0.400)
4.0%
(0.600)
2.0%
(0.800) 0.0%
Vacant Space Quoted Rental Rates

Historical Analysis, All Classes Historical Analysis, All Classes
Direct SF Sublet SF $14.40

1.75
$14.20
1.70
$14.00
1.65
$13.80
1.60
Dollars/SF/Year
$13.60
Millions SF
1.55
$13.40
1.50 $13.20
1.45 $13.00
1.40 $12.80
1.35 $12.60
1.30 $12.40
1.25 $12.20
Existing Inventory Vacancy Net Delivered Inventory UC Inventory Quoted

Period # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates
2009 4q 845 16,440,674 1,715,436 10.4% (29,539) 2 5,606 2 30,324 $13.36
2009 3q 843 16,435,068 1,680,291 10.2% 35,191 1 26,000 3 27,606 $13.93
2009 2q 842 16,409,068 1,689,482 10.3% 930 3 27,793 3 31,606 $14.14
2009 1q 839 16,381,275 1,662,619 10.1% 39,193 9 201,308 4 29,204 $13.05
2008 4q 830 16,179,967 1,500,504 9.3% 96,749 3 18,567 13 230,512 $13.13
2008 3q 827 16,161,400 1,578,686 9.8% 37,141 2 9,418 13 221,286 $12.94
2008 2q 825 16,151,982 1,606,409 9.9% (93,585) 0 0 8 171,700 $13.34
2008 1q 825 16,151,982 1,512,824 9.4% 124,127 5 49,291 5 112,944 $12.92
2007 4q 823 16,806,647 2,291,616 13.6% (741,397) 1 7,000 6 50,702 $12.34
2007 3q 822 16,799,647 1,543,219 9.2% (102,743) 3 23,500 7 57,702 $12.57
2007 2q 819 16,776,147 1,416,976 8.4% (18,945) 2 13,499 8 71,844 $12.69
2007 1q 817 16,762,648 1,384,532 8.3% 8,693 1 2,448 9 78,343 $12.67
2006 4q 816 16,760,200 1,390,777 8.3% 86,330 0 0 7 31,858 $12.19
2006 3q 816 16,760,200 1,477,107 8.8% 156,366 1 14,000 5 18,359 $12.27
2006 2q 815 16,746,200 1,619,473 9.7% (34,864) 1 1,629 3 18,711 $11.98
2006 1q 814 16,744,571 1,582,980 9.5% (111,440) 4 27,105 4 20,340 $11.56


B O U L D E R M A R K E T

0.250 9.0%
8.0%
0.200
7.0%
0.150
6.0%
Percent Vacant
Millions SF
0.100 5.0%
0.050 4.0%
3.0%
0.000
2.0%
(0.050)
1.0%
(0.100) 0.0%


0.80
0.70
$20.00
0.60
Dollars/SF/Year
$15.00
Millions SF
0.50
0.40
$10.00
0.30
0.20
$5.00
0.10
0.00 $0.00

2009 4q 467 8,507,968 624,311 7.3% 87,490 0 0 1 8,100 $17.35
2009 3q 467 8,507,968 711,801 8.4% 18,698 1 9,112 0 0 $17.79
2009 2q 466 8,498,856 721,387 8.5% (65,779) 0 0 1 9,112 $18.41
2009 1q 466 8,498,856 655,608 7.7% (48,652) 0 0 1 9,112 $18.80
2008 4q 466 8,498,856 606,956 7.1% (75,394) 0 0 1 9,112 $19.20
2008 3q 466 8,498,856 531,562 6.3% 78,849 1 25,830 0 0 $19.71
2008 2q 466 8,482,326 593,881 7.0% (43,235) 3 36,185 1 25,830 $20.41
2008 1q 463 8,446,141 514,461 6.1% (50,795) 0 0 4 62,015 $20.95
2007 4q 463 8,446,141 463,666 5.5% 77,707 0 0 3 51,515 $20.84
2007 3q 464 8,451,141 546,373 6.5% 46,517 1 13,956 2 45,830 $21.16
2007 2q 464 8,445,722 587,471 7.0% 32,827 3 20,984 2 33,956 $21.40
2007 1q 461 8,424,738 599,314 7.1% 32,478 1 5,145 5 54,940 $21.03
2006 4q 460 8,419,593 626,647 7.4% (31,588) 4 133,520 5 46,129 $21.36
2006 3q 456 8,286,073 461,539 5.6% 212,011 1 224,173 7 166,165 $22.02
2006 2q 455 8,061,900 449,377 5.6% (1,633) 1 14,909 6 377,693 $21.50
2006 1q 454 8,046,991 432,835 5.4% 199,782 2 220,766 3 348,412 $22.01


B R O O M F I E L D M A R K E T

0.300 12.0%
0.250
10.0%
0.200
0.150 8.0%
Percent Vacant
Millions SF
0.100
6.0%
0.050
0.000 4.0%
(0.050)
2.0%
(0.100)
(0.150) 0.0%


0.60
$19.50
0.50
$19.00
Dollars/SF/Year
0.40
Millions SF
$18.50
0.30
$18.00
0.20
$17.50
0.10 $17.00
0.00 $16.50

2009 4q 214 5,026,892 317,969 6.3% 31,582 0 0 1 208,752 $17.58
2009 3q 214 5,026,892 349,551 7.0% (5,614) 0 0 1 208,752 $17.66
2009 2q 214 5,026,892 343,937 6.8% 273,144 1 99,844 0 0 $18.86
2009 1q 213 4,927,048 517,237 10.5% (29,735) 2 4,947 1 99,844 $19.15
2008 4q 211 4,922,101 482,555 9.8% 77,541 8 62,661 3 104,791 $19.31
2008 3q 203 4,859,440 497,435 10.2% (124,713) 2 10,162 10 67,608 $19.44
2008 2q 201 4,849,278 362,560 7.5% 38,125 2 56,260 11 75,293 $19.17
2008 1q 199 4,793,018 344,425 7.2% 37,277 2 15,060 3 66,305 $18.60
2007 4q 197 4,777,958 366,642 7.7% 22,257 0 0 4 71,320 $19.35
2007 3q 197 4,777,958 388,899 8.1% 46,976 0 0 4 71,320 $19.30
2007 2q 197 4,777,958 435,875 9.1% 27,489 0 0 3 64,820 $17.86
2007 1q 197 4,777,958 463,364 9.7% 3,060 0 0 1 8,560 $16.97
2006 4q 197 4,777,958 466,424 9.8% 20,583 1 6,380 1 8,560 $16.80
2006 3q 196 4,771,578 480,627 10.1% 5,706 1 17,252 2 14,940 $17.45
2006 2q 195 4,754,326 469,081 9.9% (5,527) 1 6,824 3 32,192 $17.70
2006 1q 194 4,747,502 456,730 9.6% (43,182) 2 248,306 3 32,636 $18.02


C E N T R A L B U S I N E S S D I S T R I C T M A R K E T

0.080 14.0%
0.060 12.0%
0.040
10.0%
Percent Vacant
0.020
Millions SF
8.0%
0.000
6.0%
(0.020)
4.0%
(0.040)
(0.060) 2.0%
(0.080) 0.0%


0.30
$26.50
0.25 $26.00
$25.50
Dollars/SF/Year
0.20 $25.00
Millions SF
$24.50
0.15 $24.00
$23.50
0.10
$23.00
$22.50
0.05
$22.00
0.00 $21.50

2009 4q 97 2,812,041 278,501 9.9% (2,272) 0 0 0 0 $26.29
2009 3q 97 2,812,041 276,229 9.8% 44,320 1 63,332 0 0 $24.41
2009 2q 96 2,748,709 257,217 9.4% (6,729) 0 0 1 63,332 $23.37
2009 1q 96 2,748,709 250,488 9.1% 3,453 0 0 1 63,332 $24.05
2008 4q 96 2,748,709 253,941 9.2% (41,933) 0 0 1 63,332 $23.29
2008 3q 96 2,748,709 212,008 7.7% (63,851) 0 0 1 63,332 $23.24
2008 2q 96 2,748,709 148,157 5.4% 844 0 0 1 63,332 $23.53
2008 1q 96 2,748,709 149,001 5.4% (25,130) 0 0 1 63,332 $23.44
2007 4q 96 2,748,709 123,871 4.5% 54,564 1 22,132 1 63,332 $24.97
2007 3q 96 2,761,580 191,306 6.9% (14,052) 0 0 2 85,464 $27.02
2007 2q 96 2,761,580 177,254 6.4% 33,156 0 0 2 85,464 $27.98
2007 1q 96 2,761,580 210,410 7.6% 58,049 0 0 0 0 $23.05
2006 4q 96 2,761,580 268,459 9.7% 30,050 0 0 0 0 $22.47
2006 3q 96 2,761,580 298,509 10.8% 51,703 0 0 0 0 $22.66
2006 2q 96 2,761,580 350,212 12.7% (12,072) 0 0 0 0 $24.22
2006 1q 96 2,761,580 338,140 12.2% 19,409 2 31,000 0 0 $24.09


C L E A R C R E E K C O U N T Y M A R K E T

0.006 5.0%
0.004 4.5%
0.002 4.0%
3.5%
0.000
Percent Vacant
Millions SF
3.0%
(0.002)
2.5%
(0.004)
2.0%
(0.006)
1.5%
(0.008) 1.0%
(0.010) 0.5%
(0.012) 0.0%


0.01
0.01 $20.00
Dollars/SF/Year
0.01
$15.00
Millions SF
0.01
$10.00
0.00
$5.00
0.00
0.00 $0.00

2009 4q 26 246,226 11,215 4.6% (11,215) 0 0 0 0 $19.23
2009 3q 26 246,226 0 0.0% 0 0 0 0 0 $0.00
2009 2q 26 246,226 0 0.0% 0 0 0 0 0 $0.00
2009 1q 26 246,226 0 0.0% 0 0 0 0 0 $0.00
2008 4q 26 246,226 0 0.0% 0 0 0 0 0 $0.00
2008 3q 26 246,226 0 0.0% 0 0 0 0 0 $0.00
2008 2q 26 246,226 0 0.0% 0 0 0 0 0 $0.00
2008 1q 26 246,226 0 0.0% 0 0 0 0 0 $0.00
2007 4q 26 246,226 0 0.0% 0 0 0 0 0 $0.00
2007 3q 26 246,226 0 0.0% 0 0 0 0 0 $0.00
2007 2q 26 246,226 0 0.0% 0 0 0 0 0 $0.00
2007 1q 26 246,226 0 0.0% 0 0 0 0 0 $0.00
2006 4q 26 246,226 0 0.0% 0 0 0 0 0 $0.00
2006 3q 26 246,226 0 0.0% 4,118 1 4,118 0 0 $0.00
2006 2q 25 242,108 0 0.0% 0 0 0 1 4,118 $0.00
2006 1q 25 242,108 0 0.0% 0 0 0 1 4,118 $0.00


C O L O R A D O B LV D / G L E N D A L E M A R K E T

0.200 8.0%
7.0%
0.150
6.0%
0.100
Percent Vacant
5.0%
Millions SF
0.050 4.0%
3.0%
0.000
2.0%
(0.050)
1.0%
(0.100) 0.0%


0.70
$21.00
0.60 $20.80
0.50 $20.60
Dollars/SF/Year
$20.40
Millions SF
0.40
$20.20
0.30 $20.00
$19.80
0.20
$19.60
0.10
$19.40
0.00 $19.20

2009 4q 738 9,608,066 605,994 6.3% 66,299 1 6,124 0 0 $20.60
2009 3q 737 9,601,942 666,169 6.9% 3,575 2 17,500 1 6,124 $20.41
2009 2q 735 9,584,442 652,244 6.8% (27,973) 0 0 3 23,624 $20.56
2009 1q 735 9,584,442 624,271 6.5% (25,294) 3 55,613 2 17,500 $20.77
2008 4q 732 9,528,829 543,364 5.7% (72,436) 3 27,749 5 73,113 $21.05
2008 3q 729 9,501,080 443,179 4.7% 69,216 1 12,459 6 83,362 $20.59
2008 2q 728 9,488,621 499,936 5.3% (16,267) 0 0 6 76,821 $20.57
2008 1q 728 9,488,621 483,669 5.1% (27,722) 1 41,567 4 57,381 $19.95
2007 4q 727 9,447,054 414,380 4.4% 41,686 1 20,000 5 98,948 $20.19
2007 3q 726 9,427,054 436,066 4.6% (4,616) 0 0 5 97,680 $19.43
2007 2q 726 9,427,054 431,450 4.6% 140,064 1 3,000 5 97,680 $18.93
2007 1q 725 9,424,054 568,514 6.0% 42,821 0 0 4 71,357 $18.98
2006 4q 726 9,462,035 649,316 6.9% (17,077) 1 5,710 3 29,790 $19.06
2006 3q 725 9,456,325 626,529 6.6% (88,094) 0 0 2 8,710 $19.16
2006 2q 725 9,456,325 538,435 5.7% 53,649 0 0 2 8,710 $19.71
2006 1q 726 9,466,892 602,651 6.4% (45,477) 2 9,029 1 3,000 $17.34


E L B E R T C O U N T Y M A R K E T

0.000 6.0%
(0.002)
5.0%
(0.004)
(0.006)
4.0%
Percent Vacant
Millions SF
(0.008)
(0.010) 3.0%
(0.012)
2.0%
(0.014)
(0.016)
1.0%
(0.018)
(0.020) 0.0%


0.02
0.02
$10.00
0.02
0.01 $8.00
Dollars/SF/Year
Millions SF
0.01
$6.00
0.01
0.01
$4.00
0.01
0.00 $2.00
0.00
0.00 $0.00

2009 4q 16 381,437 18,335 4.8% (18,335) 0 0 0 0 $11.28
2009 3q 16 381,437 0 0.0% 0 0 0 0 0 $0.00
2009 2q 16 381,437 0 0.0% 0 0 0 0 0 $0.00
2009 1q 16 381,437 0 0.0% 0 0 0 0 0 $0.00
2008 4q 16 381,437 0 0.0% 0 0 0 0 0 $0.00
2008 3q 16 381,437 0 0.0% 0 0 0 0 0 $0.00
2008 2q 16 381,437 0 0.0% 0 0 0 0 0 $0.00
2008 1q 16 381,437 0 0.0% 0 0 0 0 0 $0.00
2007 4q 16 381,437 0 0.0% 0 0 0 0 0 $0.00
2007 3q 16 381,437 0 0.0% 0 0 0 0 0 $0.00
2007 2q 16 381,437 0 0.0% 0 0 0 0 0 $0.00
2007 1q 16 381,437 0 0.0% 0 0 0 0 0 $0.00
2006 4q 16 381,437 0 0.0% 0 0 0 0 0 $0.00
2006 3q 16 381,437 0 0.0% 0 0 0 0 0 $0.00
2006 2q 16 381,437 0 0.0% 0 0 0 0 0 $0.00
2006 1q 16 381,437 0 0.0% 0 0 0 0 0 $0.00


F O R T C O L L I N S / L O V E L A N D M A R K E T

0.600 8.0%
0.500 7.0%
0.400 6.0%
Percent Vacant
0.300 5.0%
Millions SF
0.200 4.0%
0.100 3.0%
0.000 2.0%
(0.100) 1.0%
(0.200) 0.0%


1.40
$14.60
1.20
$14.40
1.00
Dollars/SF/Year
Millions SF
$14.20
0.80
$14.00
0.60
0.40 $13.80
0.20 $13.60
0.00 $13.40

2009 4q 822 15,937,119 1,189,800 7.5% (32,361) 1 6,956 4 142,139 $14.00
2009 3q 821 15,930,163 1,150,483 7.2% (60,418) 0 0 2 11,595 $14.18
2009 2q 821 15,930,163 1,090,065 6.8% 43,035 1 6,535 1 4,639 $14.39
2009 1q 820 15,923,628 1,126,565 7.1% (73,294) 1 29,210 1 6,535 $14.28
2008 4q 819 15,894,418 1,024,061 6.4% (19,257) 0 0 2 35,745 $14.39
2008 3q 819 15,894,418 1,004,804 6.3% 277,739 6 401,397 1 29,210 $13.95
2008 2q 813 15,493,021 881,146 5.7% 100,966 4 66,671 6 401,397 $14.69
2008 1q 809 15,426,350 915,441 5.9% 10,553 1 11,000 9 454,961 $14.59
2007 4q 808 15,415,350 914,994 5.9% 239,560 7 164,323 8 452,961 $14.31
2007 3q 801 15,251,027 990,231 6.5% (15,859) 4 70,142 9 233,863 $14.45
2007 2q 797 15,180,885 904,230 6.0% 216,463 6 146,816 11 234,465 $14.38
2007 1q 791 15,034,069 973,877 6.5% 475,606 7 448,298 11 302,958 $14.40
2006 4q 784 14,585,771 1,001,185 6.9% 85,668 5 41,634 14 645,446 $14.50
2006 3q 779 14,544,137 1,045,219 7.2% 31,046 6 97,743 14 571,402 $14.53
2006 2q 773 14,446,394 978,522 6.8% 22,040 5 110,443 16 570,954 $14.31
2006 1q 768 14,335,951 890,119 6.2% (96,961) 4 62,478 13 235,243 $13.75


G I L P I N C O U N T Y M A R K E T

0.000 100.0%
0.000 90.0%
0.000 80.0%
0.000 70.0%
Percent Vacant
Millions SF
0.000 60.0%
0.000 50.0%
0.000 40.0%
0.000 30.0%
0.000 20.0%
0.000 10.0%
0.000 0.0%


0.00
$0.90
0.00
$0.80
0.00
$0.70
0.00
Dollars/SF/Year
$0.60
Millions SF
0.00
$0.50
0.00
0.00 $0.40
0.00 $0.30
0.00 $0.20
0.00 $0.10
0.00 $0.00

2009 4q 4 12,611 0 0.0% 0 0 0 0 0 $0.00
2009 3q 4 12,611 0 0.0% 0 0 0 0 0 $0.00
2009 2q 4 12,611 0 0.0% 0 0 0 0 0 $0.00
2009 1q 4 12,611 0 0.0% 0 0 0 0 0 $0.00
2008 4q 4 12,611 0 0.0% 0 0 0 0 0 $0.00
2008 3q 4 12,611 0 0.0% 0 0 0 0 0 $0.00
2008 2q 4 12,611 0 0.0% 0 0 0 0 0 $0.00
2008 1q 4 12,611 0 0.0% 0 0 0 0 0 $0.00
2007 4q 4 12,611 0 0.0% 0 0 0 0 0 $0.00
2007 3q 4 12,611 0 0.0% 0 0 0 0 0 $0.00
2007 2q 4 12,611 0 0.0% 0 0 0 0 0 $0.00
2007 1q 4 12,611 0 0.0% 0 0 0 0 0 $0.00
2006 4q 4 12,611 0 0.0% 0 0 0 0 0 $0.00
2006 3q 4 12,611 0 0.0% 0 0 0 0 0 $0.00
2006 2q 4 12,611 0 0.0% 0 0 0 0 0 $0.00
2006 1q 4 12,611 0 0.0% 0 0 0 0 0 $0.00


L O N G M O N T M A R K E T

0.350 12.0%
0.300
10.0%
0.250
0.200 8.0%
Percent Vacant
Millions SF
0.150
6.0%
0.100
0.050 4.0%
0.000
2.0%
(0.050)
(0.100) 0.0%


0.58
$15.00
0.56
$14.80
0.54
Dollars/SF/Year
$14.60
Millions SF
0.52
$14.40
0.50
0.48 $14.20
0.46 $14.00
0.44 $13.80
0.42 $13.60

2009 4q 327 5,570,109 494,278 8.9% 832 1 4,217 0 0 $14.36
2009 3q 326 5,565,892 490,893 8.8% 14,849 1 4,195 1 4,217 $14.28
2009 2q 325 5,561,697 501,547 9.0% 5,072 0 0 2 8,412 $14.23
2009 1q 325 5,561,697 506,619 9.1% 3,740 0 0 2 8,412 $14.39
2008 4q 325 5,561,697 510,359 9.2% (15,958) 1 13,650 0 0 $14.95
2008 3q 324 5,548,047 480,751 8.7% 77,684 0 0 1 13,650 $15.12
2008 2q 324 5,548,047 558,435 10.1% 7,927 0 0 1 13,650 $14.89
2008 1q 324 5,548,047 566,362 10.2% 8,999 0 0 0 0 $14.91
2007 4q 324 5,548,047 575,361 10.4% (41,352) 0 0 0 0 $14.09
2007 3q 324 5,548,047 534,009 9.6% (53,200) 1 2,250 0 0 $14.69
2007 2q 323 5,545,797 478,559 8.6% 18,612 0 0 1 2,250 $15.21
2007 1q 323 5,545,797 497,171 9.0% 172,896 3 292,766 1 2,250 $15.59
2006 4q 320 5,253,031 377,301 7.2% 39,132 3 22,404 3 292,766 $15.73
2006 3q 317 5,230,627 394,029 7.5% (4,519) 1 1,794 6 315,170 $15.34
2006 2q 316 5,228,833 387,716 7.4% 28,973 1 64,667 5 304,198 $15.23
2006 1q 315 5,164,166 352,022 6.8% 209,880 3 254,620 2 66,461 $15.02


M I D T O W N M A R K E T

0.300 14.0%
0.250
12.0%
0.200
10.0%
0.150
Percent Vacant
Millions SF
0.100 8.0%
0.050 6.0%
0.000
4.0%
(0.050)
2.0%
(0.100)
(0.150) 0.0%


0.40
0.39 $15.80
0.38 $15.60
0.37
$15.40
Dollars/SF/Year
0.36
Millions SF
$15.20
0.35
0.34 $15.00
0.33 $14.80
0.32
$14.60
0.31
$14.40
0.30
0.29 $14.20

2009 4q 597 4,896,738 391,912 8.0% (13,982) 0 0 0 0 $15.50
2009 3q 597 4,896,738 377,930 7.7% (25,562) 0 0 0 0 $14.90
2009 2q 597 4,896,738 352,368 7.2% 19,937 0 0 0 0 $15.17
2009 1q 597 4,896,738 372,305 7.6% (21,871) 2 19,100 0 0 $15.60
2008 4q 595 4,877,638 331,334 6.8% 44,611 3 16,254 2 19,100 $15.92
2008 3q 593 4,873,105 371,412 7.6% (42,087) 0 0 5 35,354 $15.83
2008 2q 593 4,873,105 329,325 6.8% 8,132 0 0 3 16,254 $15.82
2008 1q 593 4,873,105 337,457 6.9% 22,733 1 50,000 2 10,054 $15.47
2007 4q 592 4,823,105 310,190 6.4% 46,391 0 0 3 60,054 $15.75
2007 3q 592 4,823,105 356,581 7.4% 201,102 1 241,219 2 55,554 $15.05
2007 2q 591 4,581,886 316,464 6.9% 66,041 0 0 3 296,773 $14.99
2007 1q 591 4,581,886 382,505 8.3% 7,698 1 3,000 2 246,773 $14.65
2006 4q 590 4,578,886 387,203 8.5% 97,468 0 0 2 244,219 $14.50
2006 3q 590 4,578,886 484,671 10.6% 94,969 0 0 1 3,000 $14.24
2006 2q 590 4,578,886 579,640 12.7% (15,720) 1 1,100 0 0 $13.02
2006 1q 589 4,577,786 562,820 12.3% (113,276) 4 37,075 1 1,100 $12.69


N O R T H D E N V E R M A R K E T

0.700 14.0%
0.600
12.0%
0.500
0.400 10.0%
Percent Vacant
Millions SF
0.300
8.0%
0.200
6.0%
0.100
0.000 4.0%
(0.100)
2.0%
(0.200)
(0.300) 0.0%


1.20
$14.00
1.00
$12.00
Dollars/SF/Year
0.80 $10.00
Millions SF
$8.00
0.60
$6.00
0.40
$4.00
0.20
$2.00
0.00 $0.00

2009 4q 470 10,146,721 946,300 9.3% 5,121 1 7,481 1 11,420 $12.48
2009 3q 469 10,139,240 943,940 9.3% 14,450 0 0 2 18,901 $13.48
2009 2q 469 10,139,240 958,390 9.5% 25,443 0 0 1 7,481 $13.85
2009 1q 469 10,139,240 983,833 9.7% (22,301) 2 31,995 0 0 $13.91
2008 4q 467 10,107,245 929,537 9.2% (60,927) 4 97,727 2 31,995 $15.01
2008 3q 463 10,009,518 770,883 7.7% 115,219 9 138,911 6 129,722 $14.65
2008 2q 454 9,870,607 747,191 7.6% 572,518 20 459,816 14 263,638 $14.66
2008 1q 434 9,410,791 859,893 9.1% 57,495 3 7,403 32 685,327 $14.54
2007 4q 431 9,403,388 909,985 9.7% 7,652 3 204,405 22 420,251 $14.14
2007 3q 428 9,198,983 713,232 7.8% 218,266 1 30,074 11 427,670 $14.05
2007 2q 427 9,168,909 901,424 9.8% (17,169) 2 34,463 8 262,340 $13.89
2007 1q 425 9,134,446 849,792 9.3% 293,163 2 12,830 7 271,116 $13.93
2006 4q 425 9,132,823 1,141,332 12.5% 179,900 6 307,470 7 252,054 $13.53
2006 3q 419 8,825,353 1,013,762 11.5% (231,202) 1 3,267 10 393,946 $13.29
2006 2q 419 8,823,377 780,584 8.8% 200,924 2 12,338 9 384,383 $13.02
2006 1q 417 8,811,039 969,170 11.0% 57,384 9 88,972 5 290,005 $13.78


N O R T H E A S T D E N V E R M A R K E T

1.000 18.0%
16.0%
0.800
14.0%
0.600 12.0%
Percent Vacant
Millions SF
10.0%
0.400
8.0%
0.200 6.0%
4.0%
0.000
2.0%
(0.200) 0.0%


1.60
1.40 $25.00
1.20
$20.00
Dollars/SF/Year
Millions SF
1.00
$15.00
0.80
0.60 $10.00
0.40
$5.00
0.20
0.00 $0.00

2009 4q 569 9,010,895 1,391,205 15.4% 31,027 0 0 0 0 $24.43
2009 3q 569 9,010,895 1,422,232 15.8% (21,402) 3 22,270 0 0 $23.63
2009 2q 566 8,988,625 1,378,560 15.3% 30,050 0 0 3 22,270 $23.98
2009 1q 566 8,988,625 1,408,610 15.7% (42,074) 0 0 3 22,270 $23.82
2008 4q 566 8,988,625 1,366,536 15.2% (29,779) 0 0 0 0 $24.26
2008 3q 566 8,988,625 1,336,757 14.9% (25,315) 4 52,870 0 0 $24.19
2008 2q 562 8,935,755 1,258,572 14.1% 231,405 4 932,894 4 52,870 $23.90
2008 1q 558 8,002,861 557,083 7.0% (18,611) 1 16,000 8 985,764 $18.78
2007 4q 557 7,986,861 522,472 6.5% 9,348 2 90,234 5 948,894 $18.92
2007 3q 555 7,896,627 441,586 5.6% 43,667 5 71,221 4 1,006,234 $20.33
2007 2q 550 7,825,406 414,032 5.3% 25,969 1 6,358 8 1,061,455 $20.04
2007 1q 549 7,819,048 433,643 5.5% 26,693 5 36,208 8 1,065,579 $20.07
2006 4q 544 7,782,840 424,128 5.4% 534,529 8 443,970 7 942,566 $18.86
2006 3q 536 7,338,870 514,687 7.0% (4,269) 3 24,981 14 1,380,178 $19.16
2006 2q 533 7,313,889 485,437 6.6% (4,155) 2 5,089 11 1,343,839 $19.82
2006 1q 531 7,308,800 476,193 6.5% 326,640 9 285,673 9 1,243,103 $19.88


N O R T H W E S T D E N V E R M A R K E T

0.250 14.0%
0.200
12.0%
0.150
0.100 10.0%
Percent Vacant
Millions SF
0.050
8.0%
0.000
6.0%
(0.050)
(0.100) 4.0%
(0.150)
2.0%
(0.200)
(0.250) 0.0%


2.50
$14.00
2.00
$13.50
Dollars/SF/Year
Millions SF
1.50
$13.00
1.00
$12.50
0.50 $12.00
0.00 $11.50

2009 4q 1,001 17,511,988 2,006,442 11.5% (13,890) 1 5,865 0 0 $12.75
2009 3q 1,000 17,506,123 1,986,687 11.3% (1,963) 0 0 1 5,865 $13.70
2009 2q 1,001 17,515,071 1,993,672 11.4% (27,990) 2 18,471 0 0 $13.84
2009 1q 999 17,496,600 1,947,211 11.1% (131,575) 1 11,954 2 18,471 $13.76
2008 4q 998 17,484,646 1,803,682 10.3% (196,230) 1 36,000 3 30,425 $13.77
2008 3q 997 17,448,646 1,571,452 9.0% 73,426 1 7,000 1 36,000 $13.88
2008 2q 996 17,441,646 1,637,878 9.4% 112,715 5 119,435 2 43,000 $14.27
2008 1q 991 17,322,211 1,631,158 9.4% 126,866 5 40,552 7 162,435 $14.16
2007 4q 987 17,289,355 1,725,168 10.0% (114,663) 3 38,023 10 159,987 $14.41
2007 3q 985 17,254,632 1,575,782 9.1% 84,461 1 10,100 9 100,668 $14.42
2007 2q 984 17,244,532 1,650,143 9.6% 14,716 2 20,898 7 98,383 $15.57
2007 1q 983 17,227,246 1,647,573 9.6% (70,750) 4 72,223 6 81,258 $14.61
2006 4q 979 17,155,023 1,504,600 8.8% 14,558 3 32,645 9 131,388 $13.92
2006 3q 977 17,133,978 1,498,113 8.7% 4,621 3 19,110 10 143,135 $14.05
2006 2q 974 17,114,868 1,483,624 8.7% 138,851 6 183,312 7 102,002 $13.10
2006 1q 968 16,931,556 1,439,163 8.5% (15,625) 5 25,317 9 202,422 $13.23


P A R K C O U N T Y M A R K E T

0.000 8.0%
(0.001) 7.0%
6.0%
(0.002)
Percent Vacant
5.0%
Millions SF
(0.003)
4.0%
(0.004)
3.0%
(0.005)
2.0%
(0.006) 1.0%
(0.007) 0.0%


0.01
$0.90
0.01 $0.80
0.01 $0.70
Dollars/SF/Year
$0.60
Millions SF
0.00
$0.50
0.00 $0.40
$0.30
0.00
$0.20
0.00
$0.10
0.00 $0.00

2009 4q 22 85,238 6,184 7.3% (6,184) 0 0 0 0 $0.00
2009 3q 22 85,238 0 0.0% 0 0 0 0 0 $0.00
2009 2q 22 85,238 0 0.0% 0 0 0 0 0 $0.00
2009 1q 22 85,238 0 0.0% 0 0 0 0 0 $0.00
2008 4q 22 85,238 0 0.0% 0 0 0 0 0 $0.00
2008 3q 22 85,238 0 0.0% 0 0 0 0 0 $0.00
2008 2q 22 85,238 0 0.0% 0 0 0 0 0 $0.00
2008 1q 22 85,238 0 0.0% 0 0 0 0 0 $0.00
2007 4q 22 85,238 0 0.0% 0 0 0 0 0 $0.00
2007 3q 22 85,238 0 0.0% 0 0 0 0 0 $0.00
2007 2q 22 85,238 0 0.0% 0 0 0 0 0 $0.00
2007 1q 22 85,238 0 0.0% 0 0 0 0 0 $0.00
2006 4q 22 85,238 0 0.0% 0 0 0 0 0 $0.00
2006 3q 22 85,238 0 0.0% 0 0 0 0 0 $0.00
2006 2q 22 85,238 0 0.0% 0 0 0 0 0 $0.00
2006 1q 22 85,238 0 0.0% 0 0 0 0 0 $0.00


P A R K E R / C A S T L E R O C K M A R K E T

0.350 9.0%
0.300 8.0%
0.250 7.0%
0.200
6.0%
Percent Vacant
Millions SF
0.150
5.0%
0.100
4.0%
0.050
3.0%
0.000
(0.050) 2.0%
(0.100) 1.0%
(0.150) 0.0%


0.80
$21.00
0.70 $20.50
0.60 $20.00
Dollars/SF/Year
$19.50
Millions SF
0.50
$19.00
0.40 $18.50
0.30 $18.00
$17.50
0.20
$17.00
0.10 $16.50
0.00 $16.00

2009 4q 402 8,439,956 643,045 7.6% 26,387 0 0 4 159,412 $19.73
2009 3q 402 8,439,956 669,432 7.9% (47,169) 1 9,130 4 159,412 $19.80
2009 2q 401 8,430,826 613,133 7.3% 11,687 1 13,192 3 46,376 $18.14
2009 1q 400 8,417,634 611,628 7.3% (4,390) 1 21,440 2 22,322 $17.94
2008 4q 399 8,396,194 585,798 7.0% (86,569) 2 57,943 2 34,632 $19.91
2008 3q 397 8,338,251 441,286 5.3% (50,870) 3 33,695 3 79,383 $20.58
2008 2q 394 8,304,556 356,721 4.3% (28,202) 4 37,088 5 91,638 $21.03
2008 1q 390 8,267,468 291,431 3.5% 15,281 5 35,718 9 128,726 $20.50
2007 4q 385 8,231,750 270,994 3.3% 143,314 2 151,807 11 130,749 $21.48
2007 3q 383 8,079,943 262,501 3.2% 169,333 5 126,227 8 212,525 $20.40
2007 2q 378 7,953,716 305,607 3.8% 121,564 1 99,440 8 289,669 $20.37
2007 1q 377 7,854,276 327,731 4.2% 22,753 5 105,539 6 371,681 $20.36
2006 4q 372 7,748,737 244,945 3.2% 165,033 3 92,189 7 309,979 $20.46
2006 3q 369 7,656,548 317,789 4.2% 282,595 3 192,414 9 297,168 $19.64
2006 2q 366 7,464,134 407,970 5.5% 11,197 4 39,175 8 353,613 $18.63
2006 1q 362 7,424,959 379,992 5.1% 77,562 5 42,975 8 246,409 $18.22


S O U T H E A S T D E N V E R M A R K E T

0.400 10.0%
9.0%
0.300
8.0%
7.0%
0.200
Percent Vacant
Millions SF
6.0%
0.100 5.0%
4.0%
0.000
3.0%
2.0%
(0.100)
1.0%
(0.200) 0.0%


2.00
1.80
$20.00
1.60
1.40
Dollars/SF/Year
$15.00
Millions SF
1.20
1.00
0.80 $10.00
0.60
0.40 $5.00
0.20
0.00 $0.00

2009 4q 757 18,583,084 1,597,795 8.6% 170,074 1 10,000 2 58,278 $17.19
2009 3q 756 18,573,084 1,757,869 9.5% 151,715 12 372,879 2 55,500 $17.57
2009 2q 744 18,200,205 1,536,705 8.4% 36,868 4 213,326 14 428,379 $19.64
2009 1q 740 17,986,879 1,360,247 7.6% 78,499 7 110,855 15 582,264 $20.55
2008 4q 733 17,876,024 1,327,891 7.4% (38,787) 4 50,993 16 579,251 $20.46
2008 3q 730 17,826,615 1,239,695 7.0% (46,709) 5 25,404 19 625,197 $21.31
2008 2q 726 17,803,009 1,169,380 6.6% (21,113) 1 15,000 16 179,376 $19.26
2008 1q 725 17,788,009 1,133,267 6.4% (76,380) 3 56,445 12 148,061 $19.09
2007 4q 722 17,731,564 1,000,442 5.6% 467 2 15,040 9 136,182 $19.94
2007 3q 720 17,716,524 985,869 5.6% (97,727) 3 33,615 11 151,222 $19.74
2007 2q 717 17,682,909 854,527 4.8% 192,569 0 0 11 156,392 $20.10
2007 1q 717 17,682,909 1,047,096 5.9% 25,587 5 75,812 9 141,352 $19.65
2006 4q 713 17,618,686 1,008,460 5.7% 77,145 7 103,801 8 120,295 $17.52
2006 3q 706 17,514,885 981,804 5.6% (61,204) 2 18,937 15 224,096 $16.26
2006 2q 704 17,495,948 901,663 5.2% (73,599) 1 50,000 12 167,221 $16.50
2006 1q 703 17,445,948 778,064 4.5% 78,178 1 4,055 7 136,252 $16.91


S O U T H W E S T D E N V E R M A R K E T

0.300 9.0%
8.0%
0.200
7.0%
0.100 6.0%
Percent Vacant
Millions SF
5.0%
0.000
4.0%
(0.100) 3.0%
2.0%
(0.200)
1.0%
(0.300) 0.0%


1.60
1.40 $14.80
1.20 $14.60
Dollars/SF/Year
Millions SF
1.00
$14.40
0.80
$14.20
0.60
$14.00
0.40
$13.80
0.20
0.00 $13.60

2009 4q 967 19,927,331 1,488,973 7.5% (5,798) 0 0 1 75,000 $14.66
2009 3q 968 19,927,843 1,483,687 7.4% 104,108 2 66,796 1 75,000 $14.51
2009 2q 966 19,861,047 1,520,999 7.7% (872) 0 0 3 141,796 $14.42
2009 1q 966 19,861,047 1,520,127 7.7% 146,552 2 236,657 2 66,796 $14.30
2008 4q 964 19,624,390 1,430,022 7.3% (59,266) 3 26,459 3 248,933 $14.26
2008 3q 961 19,597,931 1,344,297 6.9% 164,597 7 188,249 6 275,392 $14.55
2008 2q 954 19,409,682 1,320,645 6.8% 79,562 2 105,673 12 460,041 $14.84
2008 1q 952 19,304,009 1,294,534 6.7% 33,261 3 29,040 10 526,979 $14.04
2007 4q 950 19,277,519 1,301,305 6.8% (65,450) 1 74,677 6 286,713 $14.35
2007 3q 949 19,202,842 1,161,178 6.0% 231,842 3 134,506 5 203,516 $14.34
2007 2q 947 19,175,208 1,365,386 7.1% (14,986) 1 21,600 4 209,183 $13.91
2007 1q 946 19,153,608 1,328,800 6.9% (69,036) 6 54,520 5 230,783 $15.19
2006 4q 940 19,099,088 1,205,244 6.3% 85,569 2 17,294 8 184,686 $15.09
2006 3q 938 19,081,794 1,273,519 6.7% 46,487 3 18,745 9 93,414 $13.63
2006 2q 935 19,063,049 1,301,261 6.8% 8,441 4 26,289 6 57,639 $13.76
2006 1q 931 19,036,760 1,283,413 6.7% (222,359) 4 46,081 8 56,301 $14.19


W E L D C O U N T Y M A R K E T

0.200 12.0%
0.150
10.0%
0.100
8.0%
Percent Vacant
0.050
Millions SF
0.000 6.0%
(0.050)
4.0%
(0.100)
2.0%
(0.150)
(0.200) 0.0%


1.00
0.90
$13.00
0.80
0.70 $12.50
Dollars/SF/Year
Millions SF
0.60
$12.00
0.50
0.40
$11.50
0.30
0.20 $11.00
0.10
0.00 $10.50

2009 4q 630 8,733,236 950,262 10.9% (87,225) 0 0 1 6,500 $11.92
2009 3q 630 8,733,236 863,037 9.9% 131,141 4 126,092 0 0 $11.47
2009 2q 626 8,607,144 868,086 10.1% (37,941) 0 0 4 126,092 $12.07
2009 1q 626 8,607,144 830,145 9.6% (4,458) 2 22,510 4 126,092 $12.08
2008 4q 624 8,584,634 803,177 9.4% 34,081 5 160,856 4 140,834 $11.85
2008 3q 619 8,423,778 676,402 8.0% (148,207) 5 80,060 6 179,878 $11.62
2008 2q 614 8,343,718 448,135 5.4% 8,601 0 0 10 240,916 $12.30
2008 1q 614 8,343,718 456,736 5.5% 24,425 2 19,156 6 221,832 $13.14
2007 4q 612 8,324,562 462,005 5.5% 35,658 1 9,500 3 71,956 $13.24
2007 3q 611 8,315,062 488,163 5.9% 75,502 2 19,014 3 28,656 $13.47
2007 2q 609 8,296,048 544,651 6.6% 62,629 3 37,929 4 36,624 $13.56
2007 1q 606 8,258,119 569,351 6.9% 157,876 3 63,856 5 56,943 $13.92
2006 4q 603 8,194,263 663,371 8.1% 13,361 3 20,911 6 101,785 $13.76
2006 3q 600 8,173,352 655,821 8.0% 63,380 2 51,185 7 100,082 $13.81
2006 2q 598 8,122,167 668,016 8.2% (13,668) 2 30,370 5 72,096 $13.99
2006 1q 596 8,091,797 623,978 7.7% (72,105) 2 14,580 4 81,555 $14.00


W E S T D E N V E R M A R K E T

0.250 10.0%
0.200 9.0%
0.150 8.0%
0.100
7.0%
Percent Vacant
0.050
Millions SF
6.0%
0.000
5.0%
(0.050)
4.0%
(0.100)
3.0%
(0.150)
(0.200) 2.0%
(0.250) 1.0%
(0.300) 0.0%


1.40
$16.50
1.20
$16.00
1.00
Dollars/SF/Year
Millions SF
$15.50
0.80
$15.00
0.60
0.40 $14.50
0.20 $14.00
0.00 $13.50

2009 4q 847 13,109,799 1,175,771 9.0% (588) 1 4,979 0 0 $14.55
2009 3q 846 13,104,820 1,170,204 8.9% (63,146) 0 0 1 4,979 $14.92
2009 2q 846 13,104,820 1,107,058 8.4% (12,336) 0 0 1 4,979 $14.79
2009 1q 846 13,104,820 1,094,722 8.4% (155,888) 2 52,623 0 0 $14.99
2008 4q 844 13,052,197 886,211 6.8% 22,339 1 7,500 2 52,623 $16.41
2008 3q 843 13,044,697 901,050 6.9% 19,342 1 8,000 3 60,123 $15.84
2008 2q 842 13,036,697 912,392 7.0% 11,820 1 14,000 2 15,500 $15.96
2008 1q 841 13,022,697 910,212 7.0% 36,456 0 0 2 22,000 $16.18
2007 4q 841 13,022,697 946,668 7.3% (92,630) 3 52,952 1 14,000 $15.36
2007 3q 838 12,969,745 801,086 6.2% 84,748 5 63,059 3 52,952 $14.99
2007 2q 834 12,907,478 823,567 6.4% 170,533 5 125,500 8 116,011 $15.27
2007 1q 829 12,781,978 868,600 6.8% (103,107) 3 30,446 10 188,559 $16.68
2006 4q 826 12,751,532 735,047 5.8% 196,780 2 18,798 8 155,946 $15.87
2006 3q 825 12,754,934 935,229 7.3% (244,935) 6 55,418 6 128,059 $17.12
2006 2q 819 12,699,516 634,876 5.0% 76,039 2 105,378 9 81,716 $16.97
2006 1q 817 12,594,138 605,537 4.8% 129,396 5 127,582 7 148,796 $13.65

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The CoStar

Denver Retail Market

Denver Retail Market

©2010 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT A

Denver Retail Market

CoStar Group, Inc.

B THE COSTAR RETAIL REPORT ©2010 COSTAR GROUP, INC.

Denver Retail Market

Terms & Definitions

©2010 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT C

Denver Retail Market

D THE COSTAR RETAIL REPORT ©2010 COSTAR GROUP, INC.

Denver Retail Market

Denver’s Vacancy Remains Unchanged at 9.1%

Source: CoStar Property®

Absorption & Deliveries

Past 10 Quarters Past 10 Quarters

Denver Retail Market

Source: CoStar Property•

2 THE COSTAR RETAIL REPORT ©2010 COSTAR GROUP, INC.

OVERVIEW Source: CoStar Property®

Malls Absorption & Deliveries

caused the vacancy rate to go from 5.7% a quarter ago to 5.4%

terms of dollar volume compared to the second quarter of 2009.

©2010 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 3

Denver Retail Market

CoStar Markets & Submarkets

4 THE COSTAR RETAIL REPORT ©2010 COSTAR GROUP, INC.

Denver Retail Market

Historical Deliveries 1982 - 2009

Construction Activity Markets Ranked by Under Construction Square Footage

Source: CoStar Property®

Recent Deliveries Future Deliveries

Source: CoStar Property® Source: CoStar Property®

©2010 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 5

Denver Retail Market

Historical Construction Starts & Deliveries

Source: CoStar Property®

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

< 50,000 SF 69 753,649 494,813 65.7% $25.54 55,051 698,598

50,000 SF - 99,999 SF 11 730,791 634,800 86.9% $25.09 142,304 588,487

100,000 SF - 249,999 SF 3 461,467 403,203 87.4% $0.00 0 461,467

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

Source: CoStar Property®

Recent Development by Tenancy Existing Inventory Comparison

90% Power Center

Multi Single Multi Single Millions of Square0 Feet 10 20 30 40 50 60 70 80

Source: CoStar Property® Source: CoStar Property®

6 THE COSTAR RETAIL REPORT ©2010 COSTAR GROUP, INC.

Denver Retail Market

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Denver Retail Market

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8 THE COSTAR RETAIL REPORT ©2010 COSTAR GROUP, INC.

Denver Retail Market

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