Commercial RE Data For WDC Metro - 4Q11

Fourth Quarter 2011 Report
Washington Region
7901 Jones Branch Drive, Suite 130

McLean, Virginia 22102
8300 Greensboro Drive, Suite 975

McLean, Virginia 22102
1201 15th Street NW, Suite 510

Washington, D.C. 20005
T 703.288.2700 F 703.288.2719
T 703.760.9050 F 703.760.9065
T 202.266.8760 F 202.266.8766
Table of Contents
Washington Region Composite Statistics
Washington, D.C.
Space Statistics
C
Contiguous
Blocks
l k
Construction
Northern Virginia
Space Statistics
Contiguous Blocks
14
Construction
16
Suburban Maryland
Space Statistics
17
Contiguous Blocks
22
Construction
23
partnership. performance.
Washington3FHJPO$PNQPTJUF4UBUJTUJDT
Washington Region Market Analysis

Fourth Quarter 2011
Net Absorption
Supply
2010
2011
Inventory
YE2011
Vacancy
YE2010
Vacancy
YE2011
2010
Deliveries
2011
Deliveries
2012
Deliveries
Washington, DC
3,881,046
1,632,001
127,804,409
8.3%
8.1%
3,377,675
1,023,075
1,392,266
Northern Virginia
Suburban Maryland
1,015,420
-118,493
163,372,505
13.3%
13.7%
1,439,877
853,317
923,993
944,531
144,500
72,243,532
15.4%
15.4%
215,000
238,144
1,129,631
Suburban Subtotal
1,959,951
26,007
235,616,037
13.9%
14.2%
1,654,877
1,091,461
2,053,624
Washington Region Total
5,840,997
1,658,008
363,420,446
11.9%
12.1%
5,032,552
2,114,536
3,445,890
The information contained herein was obtained from sources deemed reliable and is believed to be true; it has not been verified and as such, cannot be warranted nor form any part of any future contract.
Page 1
Washington, D.C. Space Statistics

Net Absorption
Year-End 2010
Vacancy (%)
Current Quarter
Vacancy
End of Quarter
Inventory
Year-To-Date
Avg. Advertised Rates (FS)
End of Quarter
Vacancy
End of Quarter
Vacancy (%)
Year-End 2010
Current Quarter
Construction Pipeline
Year-To-Date %
Change
Current Quarter
Deliveries
Total 2011
Scheduled
Completions
Year-To-Date
Deliveries
Total 2012
Scheduled
Completions
Capitol Hill Markets*

Class A
10.6%
64,206
994,583
22,868,320
1,871,989
8.19%
$52.05
$50.85
-2.31%
390,749
390,749
661,818
Class B
4.8%
8,602
74,873
6,050,599
391,379
6.47%
$41.57
$40.68
-2.14%
Class C
8.8%
-8
-29,289
1,016,045
118,843
11.70%
$41.76
$40.19
-3.76%
Total
9.3%
72,800
1,040,167
29,934,964
2,382,211
7.96%
$50.27
$49.24
-2.05%
390,749
390,749
661,818
Class A
11.6%
174,154
597,971
19,330,276
1,963,838
10.16%
$54.18
$56.22
3.77%
28,255
461,155
461,155
494,285
Class B
5.8%
44,738
-172,571
22,218,768
1,432,666
6.45%
$43.64
$45.28
3.76%
Class C
4.0%
25,618
6,335
1,393,780
42,768
3.07%
$35.81
$38.85
8.49%
Total
8.3%
244,510
431,735
42,942,824
3,439,272
8.01%
$49.91
$50.76
1.70%
28,255
461,155
461,155
494,285
Class A
7.1%
127,402
309,499
29,663,610
2,306,859
7.78%
$60.80
$58.75
-3.37%
171,171
171,171
171,171
96,056
Class B
8.0%
48,250
6,568
11,193,361
958,122
8.56%
$43.22
$43.16
-0.14%
Class C
1.3%
16,265
-11,930
1,012,785
16,485
1.63%
$40.18
$41.61
3.56%
Total
7.2%
191,917
304,137
41,869,756
3,281,466
7.84%
$55.22
$53.75
-2.66%
171,171
171,171
171,171
96,056
Class A
15.0%
-10,414
-11,190
706,657
117,493
16.63%
$53.31
$52.79
-0.98%
Class B
11.1%
2,935
-37,342
2,016,842
244,466
12.12%
$41.11
$40.84
-0.66%
Class C
5.5%
-5,834
109,596
7,334
6.69%
$35.93
$34.14
-4.98%
Total
11.9%
-7,479
-54,366
2,833,095
369,293
13.03%
$44.02
$43.21
-1.84%
Central Business District
East End
Georgetown
Uptown
Class A
8.4%
7,902
-16,278
1,664,456
189,436
11.38%
$40.92
$44.16
7.92%
140,107
Class B
8.9%
55,114
-24,604
4,321,079
379,760
8.79%
$33.84
$35.98
6.32%
Class C
9.5%
4,216
10,644
828,709
68,105
8.22%
$24.21
$25.65
5.95%
Total
8.8%
67,232
-30,238
6,814,244
637,301
9.35%
$35.76
$36.28
1.45%
140,107
Class A
5.8%
1,109
-105,400
2,242,297
266,112
11.87%
$43.84
$43.83
-0.02%
Class B
8.0%
-396
45,966
655,729
6,213
0.95%
$38.19
$35.58
-6.83%
Class C
0.0%
511,500
0.00%
$40.00
$40.00
0.00%
Total
5.4%
713
-59,434
3,409,526
272,325
7.99%
$42.30
$42.03
-0.64%
West End
Washington, D.C. Market

Class A
9.3%
364,359
1,769,185
76,475,616
6,715,727
8.78%
$54.82
$54.57
-0.46%
199,426
1,023,075
1,023,075
1,392,266
Class B
6.9%
159,243
-107,110
46,456,378
3,412,606
7.35%
$42.10
$42.86
1.81%
Class C
5.0%
46,091
-30,074
4,872,415
253,535
5.20%
$33.90
$36.23
6.87%
Total
8.2%
569,693
1,632,001
127,804,409
10,381,868
8.12%
$50.41
$50.03
-0.75%
199,426
1,023,075
1,023,075
1,392,266
Page 2
Washington, D.C. Space Statistics

Net Absorption
Year-End 2010
Vacancy (%)
Current Quarter
Vacancy
End of Quarter
Inventory
Year-To-Date
End of Quarter
Vacancy
End of Quarter
Vacancy (%)
Year-End 2010
Current Quarter
Year-To-Date %
Change
Current Quarter
Deliveries
Total 2011
Scheduled
Completions
Year-To-Date
Deliveries
Total 2012
Scheduled
Completions
*Capitol Hill Markets Detail

Capitol Hill
Class A
8.6%
19,798
84,706
1,937,934
69,144
3.57%
$69.33
$71.04
2.47%
Class B
9.9%
-7,697
108,291
1,644,146
141,228
8.59%
$47.85
$48.67
1.71%
211,818
0
Class C
0.0%
3,105
-21,480
246,058
21,480
8.73%
$46.00
$46.00
0.00%
Total
8.6%
15,206
171,517
3,828,138
231,852
6.06%
$56.32
$56.87
0.98%
211,818
Class A
12.6%
-45,241
373,058
8,399,942
742,361
8.84%
$50.03
$49.45
-1.16%
450,000
Class B
16.6%
9,428
1,193,859
189,283
15.85%
$33.51
$32.07
-4.30%
Class C
0.0%
-5,073
-5,073
128,218
5,073
3.96%
$36.61
$35.20
-3.85%
Total
12.9%
-50,314
377,413
9,722,019
936,717
9.64%
$47.52
$46.68
-1.77%
450,000
Class A
7.4%
-14,305
-16,064
3,446,519
630,670
18.30%
$47.45
$47.13
-0.67%
390,749
390,749
Class B
0.0%
607,736
0.00%
$41.00
$41.00
0.00%
Class C
17.5%
1,960
-2,736
512,562
92,290
18.01%
$33.00
$39.17
18.70%
Total
7.6%
-12,345
-18,800
4,566,817
722,960
15.83%
$47.28
$45.11
-4.59%
390,749
390,749
Class A
9.8%
103,954
552,883
9,083,925
429,814
4.73%
$52.27
$51.23
-1.99%
Class B
0.9%
16,299
-42,846
2,604,858
60,868
2.34%
$41.68
$45.74
9.74%
Class C
0.0%
129,207
0.00%
$34.22
$34.22
0.00%
Total
7.7%
120,253
510,037
11,817,990
490,682
4.15%
$51.85
$50.87
-1.89%
NoMa
Capitol Riverfront
Southwest/Southeast
Page 3
Washington, D.C. Contiguous Blocks

Submarket
Building Address
Capitol Hill
601 New Jersey Avenue NW
258,685
258,685
Direct
440 1st Street NW
104,746
104,746
New
Capitol Riverfront
East End
NoMa
Southeast/Southwest
Class
Building NRA
Contiguous Space
Lease Type
1015 Half Street SE
390,749
373,446
New
100 M Street SE
243,221
104,495
Direct
1800 M Street NW
585,545
217,083
Direct
2001 M Street NW
229,234
208,875
Direct
1801 K Street NW
569,769
198,092
Direct
1050 Connecticut Avenue NW
708,753
188,501
Direct
2099 Pennsylvania Avenue NW
225,729
177,745
Direct
394,145
132,284
New
1030 15th Street NW
332,022
100,052
Direct
202,514
103,935
Direct
1900 K Street NW
339,060
103,157
Direct
281,624
103,120
Direct
1255 22nd Street NW
104,815
101,783
Direct
800 17th Street NW
365,000
107,422
Direct
602,471
293,537
Direct
850 10th Street NW
249,200
249,172
New
800 10th Street NW
246,424
246,419
New
600 13th Street NW
236,940
193,015
Direct
216,900
122,500
Direct
425,000
113,437
Direct
901 K Street NW
260,843
100,248
Direct
165 N Street NE
400,000
345,000
New
64 New York Avenue NE
356,135
196,133
Direct
899 North Capitol Street NE
311,713
153,655
Direct
51 N Street NE
136,741
136,741
Direct
250 E Street SW
330,815
323,567
Direct
400 6th Street SW
133,679
133,679
Direct
Based on: Advertised blocks 100,000 square feet or greater in existing buildings or under construction, available within the next two years.
Page 4
Washington, D.C. Construction

2011 Completions
Market
Building
Class
NRA
Status
Delivery Date Avg. Asking Rent* Developer
Owner
Major Tenants
% Committed
Douglas Wilson Companies
0%
Boston Properties
HSC Foundation
Boston Properties
2013 Holdings (HSC)
Hunton; Danaher; Vinsen & Elkins

Natl. Youth Transitions Ctr.
94%
55%
Skanska USA
Skanska USA
Natl Assn of Manufacturers
84%
Owner
Major Tenants
NPR
McDermott Will & Emery
Capitol Hill Markets

1015 Half Street, SE
390,749
390,749
Del.
3Q2011
Negotiable
2200 Pennsylvania Avenue, NW

2013 H Street
A
A
432,900
28,255
461,155
Del.
Del.
1Q2011
4Q2011
Negotiable
$65.00
733 10th Street, NW
171,171
171,171
1,023,075
Del.
4Q2011
$65.00
Douglas Wilson Companies
East End
Washington, D.C. 2011 Total
Construction in Progress
Market
Building
Class
NRA
Status
% Committed
1111 North Capitol Street, NE

500 North Capitol Street, NW
165 N Street, NE/Const. Sq. 3
440 1st Street, NW
A
A
A
A
2012
2013
Total
450,000
211,818
400,000
104,746
661,818
504,746
1,166,564
UC
UR
UC
UR
4Q2012
4Q2012
4Q2013
2Q2013
NA
Negotiable
Negotiable
$50.00
Boston Properties
Boston Properties/Clark
Clark Construction
Lenkin Company Management
National Public Radio

Boston Properties/Clark
StonebridgeCarras LLC
First Potomac
2055 L Street, NW
1000 Connecticut Avenue, NW
1616 Rhode Island Avenue
B
A
A
2012
2013
Total
100,140
394,145
135,000
494,285
135,000
629,285
UR
UC
UC
1Q2012
2Q2012
3Q2013
$46.50
Negotiable
NA
Monument Realty
Potomac Investment
Hitt Contracting, Inc.
Monument Realty/Angelo Gordon National Restaurant Association

Potomac Investment
Arent Fox, LLP
CSIS
CSIS
801 7th Street, NW

1000 Massachusetts Avenue
City Center D.C. North Tower
City Center D.C. South Tower
B
A
A
A
2012
2013
Total
54,777
41,279
249,200
246,424
96,056
495,624
591,680
UR
UR
UC
UC
1Q2012
1Q2012
3Q2013
3Q2013
Negotiable
Jemal of McCaffery Rudden LLC
Jemal of McCaffery Rudden LLC
Riverdale International
61%
NA
Negotiable
Negotiable
CATO Institute
Hines
Hines
CATO Institute
Hines
Hines
CATO Institute
100%
0%
0%
4619 41st Street, NW

1805 7th Street, NW
A
A
2012
Total
40,107
100,000
140,107
140,107
UC
UC
1Q2012
3Q2012
NA
$45.00
Capitol Engineering Group LLC

Broadcast Center Partners LLC
4619 41st Street LLC

Broadcast Center Partners LLC
100%
73%
0%
0%

33%
62%
100%
East End
Uptown
Under Construction/Renovation 2012

Total Under Construction/Renovation
United Negro College Fund
89%
52%
1,392,266
1,135,370
2,527,636
Page 5
Washington, D.C. Construction
Select Proposed Properties

Market
Building
Class
NRA
Status
Ground Break Avg. Asking Rent* Developer
Owner
Tenants/Comments
% Committed

1201 Half St, SE-Akridge@Half Street
25 M St, SE - Akridge@Half Street
250 M St, SE - 250 M@Canal Park
A
A
A
128,252
274,256
227,950
630,458
PC
PC
PC
2Q2012
2Q2012
2Q2012
Negotiable
Negotiable
$48.00
Akridge
Akridge
William C. Smith
Akridge
Akridge
William C. Smith
0%
0%
0%
1200 17th Street, NW

1700 New York Avenue, NW
A
A
170,000
121,937
291,937
PC
PC
4Q2012
1Q2012
Negotiable
Negotiable
First Potomac/Akridge
Carr Properties
First Potomac/Akridge
Carr Properties
Redevelopment of Natl Rest Assn

Del. 2013
0%
0%
624 9th Street, NW

City Center D.C. (Phase 3)
635 Massachusetts Avenue NW
A
A
A
110,000
0
480,000
590,000
PC
PC
PC
TBD
TBD
TBD
Negotiable
NA
NA
MRP
Gould
Boston Properties
MRP
OCC Master Developer, LLC
Boston Properties
Del. 2013-2014 Former WYCA
0%
0%
0%
East End
Proposed Construction Total
Del. 2015
1,512,395
Page 6
Northern Virginia Space Statistics

Net Absorption
Year-End 2010
Vacancy (%)
Current Quarter
Vacancy
End of Quarter
Inventory
Year-To-Date
End of Quarter
Vacancy
End of Quarter
Vacancy (%)
Year-End 2010
Current Quarter
Year-To-Date %
Change
Current Quarter
Deliveries
Total 2012
Scheduled
Completions
Total 2011
Scheduled
Completions
Year-To-Date
Deliveries
Arlington County
Ballston
Class A
3.5%
-14,487
-294,209
6,512,160
510,357
7.84%
$40.69
$42.59
4.67%
352,740
352,740
352,740
301,895
Class B
16.4%
8,895
47,300
519,427
30,776
5.92%
$29.42
$35.46
20.53%
Class C
0.0%
150,000
0.00%
$25.00
$25.00
0.00%
Total
4.4%
-5,592
-246,909
7,181,587
541,133
7.54%
$38.78
$40.61
4.72%
352,740
352,740
352,740
301,895
Clarendon/Courthouse
Class A
16.0%
7,614
361,191
3,582,923
257,623
7.19%
$42.04
$42.65
1.45%
Class B
1.1%
-8,470
-215,002
1,728,043
328,819
19.03%
$39.32
$42.07
6.99%
Class C
4.7%
-5,099
136,076
11,486
8.44%
$18.08
$18.08
0.00%
Total
11.0%
-856
141,090
5,447,042
597,928
10.98%
$41.45
$42.14
1.66%
Class A
5.1%
-78,173
-358,701
4,550,281
506,455
11.13%
$44.40
$44.16
-0.54%
137,660
Class B
5.1%
45,416
-321,843
3,730,544
510,355
13.68%
$39.79
$40.38
1.48%
Class C
33.7%
8,534
19,410
200,283
48,092
24.01%
$19.00
$31.12
63.79%
Total
5.8%
-24,223
-661,134
8,481,108
1,064,902
12.56%
$40.34
$41.09
1.86%
137,660
Class A
3.6%
6,500
-26,073
616,618
48,069
7.80%
$44.74
$44.03
-1.59%
Class B
1.2%
984
1262
357,819
3,166
0.88%
$35.66
$39.47
10.68%
Total
2.7%
7,484
-24,811
974,437
51,235
5.26%
$44.34
$43.83
-1.15%
Class A
7.0%
-78,546
-317,792
15,261,982
1,322,504
8.67%
$43.61
$44.22
1.40%
352,740
352,740
352,740
439,555
Class B
4.9%
46,825
-488,283
6,335,833
873,116
13.78%
$37.80
$40.04
5.93%
Class C
15.2%
8,534
14,311
486,359
59,578
12.25%
$18.79
$28.70
52.74%
Total
6.6%
-23,187
-791,764
22,084,174
2,255,198
10.21%
$41.81
$42.24
1.03%
352,740
352,740
352,740
439,555
Class A
14.1%
-18,958
-6,055
4,682,894
677,668
14.47%
$40.77
$41.91
2.80%
Class B
6.8%
-1,574
-7,088
6,601,475
445,301
6.75%
$33.49
$39.05
16.60%
Class C
0.0%
490,712
0.00%
$25.56
$25.57
0.04%
Total
9.4%
-20,532
-13,143
11,775,081
1,122,969
9.54%
$38.81
$40.57
4.53%
Rosslyn
Virginia Square
Subtotal Rosslyn/Ballston Corridor
Crystal City
North Arlington/East Falls Church

Class B
0.0%
20,933
0.00%
$20.00
$20.00
0.00%
Class C
48.0%
87,584
42,000
47.95%
$33.05
$32.94
-0.33%
Total
38.7%
108,517
42,000
38.70%
$33.05
$32.94
-0.33%
0
0
I-395 Corridor
Class A
1.2%
556,030
1,280
0.23%
$34.50
$36.00
4.35%
Class B
8.8%
-2,369
-4,689
145,653
17,478
12.00%
$26.81
$30.03
12.01%
Class C
0.0%
448,084
0.00%
$20.00
$20.00
0.00%
Total
1.7%
-2,369
-4,689
1,149,767
18,758
1.63%
$27.45
$30.37
10.64%
Pentagon City
Class A
2.5%
692,333
17,546
2.53%
$35.00
$35.00
0.00%
Class B
0.0%
775,983
0.00%
$32.00
$32.00
0.00%
Total
1.2%
1,468,316
17,546
1.20%
$33.50
$33.50
0.00%
Class A
8.3%
-97,504
-323,847
21,193,239
2,018,998
9.53%
$41.58
$42.58
2.41%
352,740
352,740
352,740
439,555
Class B
5.5%
42,882
-500,060
13,879,877
1,335,895
9.62%
$36.01
$39.50
9.69%
Class C
7.7%
8,534
14,311
1,512,739
101,578
6.71%
$27.00
$30.42
12.67%
Total
7.2%
-46,088
-809,596
36,585,855
3,456,471
9.45%
$39.66
$40.97
3.30%
352,740
352,740
352,740
439,555
Arlington County Total
Page 7

Net Absorption
Year-End 2010
Vacancy (%)
Current Quarter
Vacancy
End of Quarter
Inventory
Year-To-Date
End of Quarter
Vacancy
End of Quarter
Vacancy (%)
Year-End 2010
Current Quarter
Year-To-Date %
Change
Current Quarter
Deliveries
Total 2012
Scheduled
Completions
Total 2011
Scheduled
Completions
Year-To-Date
Deliveries
Alexandria
Eisenhower Avenue Corridor
Class A
7.0%
2,238
67,168
3,350,148
195,741
5.84%
$38.29
$38.05
-0.63%
Class B
15.6%
-30,545
-67,952
1,644,308
317,729
19.32%
$26.42
$24.72
-6.43%
Total
9.8%
-28,307
-784
4,994,456
513,470
10.28%
$33.89
$30.23
-10.80%
Class A
31.3%
-19,330
-151,444
2,496,832
910,892
36.48%
$30.86
$31.39
1.72%
Class B
7.8%
-7,790
-78,413
1,066,933
161,880
15.17%
$30.93
$29.69
-4.01%
Class C
1.9%
1,501
2,949
143,500
1,540
1.07%
$18.42
$19.00
3.15%
Total
23.4%
-25,619
-226,908
3,707,265
1,074,312
28.98%
$30.65
$30.79
0.46%
Class A
16.4%
-21,342
-178,665
4,040,582
819,564
20.28%
$35.10
$35.62
1.48%
Class B
8.5%
5,268
27,250
2,684,301
213,275
7.95%
$28.44
$27.95
-1.72%
I-395 Corridor
Old Town Alexandria
Class C
0.0%
208,143
0.00%
$28.48
$28.48
0.00%
Total
12.8%
-16,074
-151,415
6,933,026
1,032,839
14.90%
$32.68
$33.90
3.73%
Class A
17.0%
-38,434
-262,941
9,887,562
1,926,197
19.48%
$34.89
$34.41
-1.38%
Class B
10.5%
-33,067
-119,115
5,395,542
692,884
12.84%
$28.45
$27.33
-3.94%
Class C
0.8%
1,501
2,949
351,643
1,540
0.44%
$18.42
$19.00
3.15%
Total
14.4%
-70,000
-379,107
15,634,747
2,620,621
16.76%
$32.53
$32.00
-1.63%
Alexandria Total
Page 8

Net Absorption
Year-End 2010
Vacancy (%)
Current Quarter
Vacancy
End of Quarter
Inventory
Year-To-Date
End of Quarter
Vacancy
End of Quarter
Vacancy (%)
Year-End 2010
Current Quarter
Year-To-Date %
Change
Current Quarter
Deliveries
Total 2012
Scheduled
Completions
Total 2011
Scheduled
Completions
Year-To-Date
Deliveries
Fairfax County
Herndon
Class A
14.5%
197,510
513,354
9,143,272
963,863
10.54%
$30.78
$30.77
-0.03%
Class B
18.8%
38,856
19,288
1,518,172
258,502
17.03%
$22.80
$22.17
-2.76%
Total
15.1%
236,366
532,642
10,661,444
1,222,365
11.47%
$29.48
$28.58
-3.05%
Class A
17.2%
-346,212
-30,583
13,746,544
2,426,732
17.65%
$28.47
$29.34
3.06%
Class B
15.2%
39,550
-110,654
3,527,175
571,466
16.20%
$23.16
$23.11
-0.22%
Class C
4.1%
-1,701
-5,400
351,334
19,800
5.64%
$21.67
$20.67
-4.61%
Total
16.5%
-308,363
-146,637
17,625,053
3,017,998
17.12%
$27.28
$27.60
1.17%
Class A
16.1%
-148,702
482,771
22,889,816
3,390,595
14.81%
$29.64
$29.92
0.94%
Class B
16.3%
78,406
-91,366
5,045,347
829,968
16.45%
$23.01
$22.75
-1.13%
Reston
Subtotal Reston/Herndon
Class C
4.1%
-1,701
-5,400
351,334
19,800
5.64%
$21.67
$20.67
-4.61%
Total
16.0%
-71,997
386,005
28,286,497
4,240,363
14.99%
$28.36
$27.99
-1.30%
Class A
19.1%
-19,278
-39,728
422,100
59,285
14.05%
$27.81
$27.76
-0.18%
Class B
26.3%
10,967
40,090
626,339
118,953
18.99%
$22.59
$24.36
7.84%
Total
23.4%
-8,311
362
1,048,439
178,238
17.00%
$24.45
$25.71
5.15%
Class A
17.8%
11,593
196,154
4,862,538
855,051
17.58%
$29.05
$28.79
-0.90%
Class B
8.6%
6,687
-477
1,386,866
135,196
9.75%
$23.89
$23.34
-2.30%
Annandale
Fairfax Center
Class C
4.4%
-927
21,041
1,854
8.81%
$29.67
$22.39
-24.54%
Total
15.7%
18,280
194,750
6,270,445
992,101
15.82%
$28.14
$27.72
-1.49%
Fairfax City
Class A
5.6%
-6,018
6,155
834,107
40,248
4.83%
$27.71
$27.33
-1.37%
Class B
14.0%
-1,169
-20,826
1,874,446
291,189
15.53%
$20.85
$21.08
1.10%
Class C
0.0%
171,232
0.00%
$20.00
$20.00
0.00%
Total
10.7%
-7,187
-14,671
2,879,785
331,437
11.51%
$22.33
$22.23
-0.45%
Falls Church
Class A
1.0%
6,442
181,502
1,864
1.03%
$27.72
$27.03
-2.49%
Class B
14.0%
-55,202
-17,345
1,110,731
198,216
17.85%
$23.84
$24.11
1.13%
Class C
5.0%
-853
-4,706
146,593
12,089
8.25%
$18.03
$20.17
11.87%
Total
11.4%
-56,055
-15,609
1,438,826
212,169
14.75%
$23.73
$25.19
6.15%
Huntington/Mt. Vernon
Class A
20.9%
6,551
190,351
30,360
15.95%
$24.73
$24.78
0.20%
Class B
15.5%
-14,580
-10,355
380,151
69,330
18.24%
$23.11
$22.95
-0.69%
Class C
0.0%
1,825
-1,450
28,048
1,450
5.17%
$16.09
$15.94
-0.93%
Total
16.5%
-12,755
-5,254
598,550
101,140
16.90%
$23.82
$23.31
-2.14%
Class A
6.5%
-45,416
-476,499
2,433,993
664,333
27.29%
$36.00
$36.32
0.89%
Class B
2.8%
-3,885
-21,570
759,964
41,443
5.45%
$36.50
$36.50
0.00%
Class C
0.0%
66,552
0.00%
$15.00
$15.00
0.00%
Total
5.5%
-49,301
-498,069
3,260,509
705,776
21.65%
$36.00
$36.34
0.94%
I-395 Corridor
McLean
Class B
8.9%
-9,377
9,592
857,416
62,829
7.33%
$29.02
$30.41
4.79%
Total
8.9%
-9,377
9,592
857,416
62,829
7.33%
$29.02
$30.41
4.79%
Page 9

Net Absorption
Year-End 2010
Vacancy (%)
Current Quarter
Vacancy
End of Quarter
Inventory
Year-To-Date
End of Quarter
Vacancy
End of Quarter
Vacancy (%)
Year-End 2010
Current Quarter
Year-To-Date %
Change
Current Quarter
Deliveries
Total 2012
Scheduled
Completions
Total 2011
Scheduled
Completions
Year-To-Date
Deliveries
Fairfax County Continued

Merrifield
Class A
14.7%
121,925
670,822
6,162,992
598,080
9.70%
$34.89
$32.93
-5.62%
94,873
Class B
9.3%
18,685
-28,862
1,914,660
177,394
9.27%
$27.48
$26.03
-5.28%
Class C
0.0%
23,800
0.00%
$20.00
$20.00
0.00%
Total
13.4%
140,610
641,960
8,101,452
775,474
9.57%
$34.15
$31.17
-8.73%
94,873
Class A
20.3%
-17,097
-33,999
1,357,811
261,045
19.23%
$27.20
$28.14
3.46%
Class B
4.0%
859
124,137
4,149
3.34%
$29.07
$23.34
-19.71%
Total
18.9%
-17,097
-33,140
1,481,948
265,194
17.89%
$27.49
$28.08
2.15%
Class A
15.0%
-90,214
54,678
9,399,765
1,077,929
11.47%
$28.63
$28.54
-0.31%
104,000
Class B
18.3%
-13,260
-1,939
1,766,702
316,965
17.94%
$23.79
$23.98
0.80%
Class C
88.3%
4,262
36,752
28,179
76.67%
$19.00
$19.00
0.00%
Total
15.8%
-103,474
57,001
11,203,219
1,423,073
12.70%
$27.79
$27.69
-0.36%
104,000
Oakton
Rte. 28 Corridor South
Springfield/Burke
Class A
2.1%
5,430
2,899
1,739,495
259,516
14.92%
$39.27
$40.17
2.29%
330,582
330,582
330,582
240,565
Class B
17.3%
-31,498
-13,938
2,448,377
419,339
17.13%
$27.40
$26.93
-1.72%
Class C
5.1%
-1,662
193,574
11,609
6.00%
$15.91
$17.05
7.17%
Total
11.7%
-26,068
-12,701
4,381,446
690,464
15.76%
$30.04
$29.45
-1.96%
330,582
330,582
330,582
240,565
Tysons Corner
Class A
13.1%
-48,185
193,282
17,674,958
1,975,057
11.17%
$34.39
$34.90
1.48%
Class B
19.2%
183,344
-31,007
9,536,923
1,929,575
20.23%
$25.99
$26.73
2.85%
Class C
89.2%
186,000
165,999
89.25%
$20.00
$20.00
0.00%
Total
15.7%
135,159
162,275
27,397,881
4,070,631
14.86%
$30.06
$30.52
1.53%
Vienna
Class A
0.0%
400,000
0.00%
$21.00
$21.00
0.00%
Class B
2.4%
1,126
-166,775
554,787
181,879
32.78%
$19.25
$20.74
7.74%
Class C
13.0%
400
-367
81,000
10,875
13.43%
$24.00
$24.00
0.00%
Total
2.3%
1,526
-167,142
1,035,787
192,754
18.61%
$20.03
$21.41
6.89%
Class A
14.4%
-235,962
1,069,528
68,549,428
9,213,363
13.44%
$31.14
$31.39
0.80%
330,582
330,582
330,582
439,438
Class B
15.6%
170,244
-353,919
28,386,846
4,776,425
16.83%
$25.09
$25.54
1.79%
Class C
18.5%
-329
-10,250
1,305,926
251,855
19.29%
$19.07
$19.47
2.10%
Total
14.8%
-66,047
705,359
98,242,200
14,241,643
14.50%
$29.06
$29.13
0.24%
330,582
330,582
330,582
Fairfax County Total
0
439,438
Page 10

Net Absorption
Year-End 2010
Vacancy (%)
Current Quarter
Vacancy
End of Quarter
Inventory
Year-To-Date
End of Quarter
Vacancy
End of Quarter
Vacancy (%)
Year-End 2010
Current Quarter
Year-To-Date %
Change
Current Quarter
Deliveries
Total 2012
Scheduled
Completions
Total 2011
Scheduled
Completions
Year-To-Date
Deliveries
Loudoun County
Leesburg/West Loudoun
Class A
52.5%
25,335
133,834
420,479
125,087
29.75%
$26.56
$26.92
1.36%
Class B
9.3%
-14,890
-3,536
429,554
41,945
9.76%
$22.11
$22.40
1.31%
Total
30.6%
10,445
130,298
850,033
167,032
19.65%
$25.95
$25.97
0.08%
Class A
14.2%
-104,654
146,422
5,288,455
674,031
12.75%
$25.37
$24.98
-1.54%
120,000
Class B
21.5%
-14,187
-46,506
1,466,042
367,908
25.10%
$22.67
$21.83
-3.71%
Total
15.8%
-118,841
99,916
6,754,497
1,041,939
15.43%
$24.59
$23.91
-2.77%
120,000
Rte. 28 Corridor North
Rte. 7 Corridor
Class A
27.2%
4,618
1,167,462
312,763
26.79%
$26.52
$26.52
0.00%
Class B
7.7%
-586
5,012
847,088
60,368
7.13%
$24.36
$23.70
-2.71%
Total
19.0%
-586
9,630
2,014,550
373,131
18.52%
$23.24
$26.30
13.17%
Class A
18.8%
-79,319
284,874
6,876,396
1,111,881
16.17%
$25.91
$25.66
-0.96%
120,000
120,000
120,000
Class B
15.3%
-29,663
-45,030
2,742,684
470,221
17.14%
$22.81
$22.00
-3.55%
Total
17.8%
-108,982
239,844
9,619,080
1,582,102
16.45%
$25.21
$24.67
-2.14%
120,000
120,000
120,000
Loudoun County Total
Prince William County

Manassas
Class A
48.4%
128,000
62,000
48.44%
$26.50
$26.50
0.00%
Class B
14.9%
15,803
15,621
607,301
75,100
12.37%
$22.12
$22.99
3.93%
Class C
0.0%
900
101,246
0.00%
$13.80
$13.80
0.00%
Total
18.3%
15,803
16,521
836,547
137,100
16.39%
$23.93
$24.41
2.01%
0
45,000
Route 29/I-66
Class A
8.6%
3,359
473,825
40,772
8.60%
$24.73
$25.34
2.47%
Class B
14.6%
8,227
-5,691
1,005,476
152,166
15.13%
$18.80
$18.35
-2.39%
Total
12.7%
8,227
-2,332
1,479,301
192,938
13.04%
$20.13
$20.14
0.05%
45,000
Woodbridge/I-95 Corridor
Class A
17.8%
-40
72,010
367,172
45,035
12.27%
$26.39
$27.03
2.43%
Class B
24.7%
-9,305
38,808
607,603
142,965
23.53%
$24.01
$22.35
-6.91%
49,995
49,995
Total
21.9%
-9,345
110,818
974,775
188,000
19.29%
$24.51
$22.85
-6.77%
49,995
49,995
Prince William County Total

Class A
17.3%
-40
75,369
968,997
147,807
15.25%
$25.92
$26.10
0.69%
45,000
Class B
17.3%
14,725
48,738
2,220,380
370,231
16.67%
$21.55
$20.84
-3.29%
49,995
49,995
Class C
0.0%
900
101,246
0.00%
$13.80
$13.80
0.00%
Total
16.7%
14,685
125,007
3,290,623
518,038
15.74%
$22.72
$22.19
-2.33%
49,995
49,995
45,000
Class A
13.7%
-451,259
842,983
107,475,622
14,418,246
13.42%
$32.42
$33.34
2.84%
803,322
803,322
803,322
923,993
Class B
12.5%
165,121
-969,386
52,625,329
7,645,656
14.53%
$26.25
$28.70
9.33%
49,995
49,995
Class C
11.0%
9,706
7,910
3,271,554
354,973
10.85%
$22.74
$25.48
12.05%
Total
13.3%
-276,432
-118,493
163,372,505
22,418,875
13.72%
$30.30
$31.47
3.86%
803,322
853,317
853,317
923,993
Northern Virginia Total
Page 11
Northern Virginia Contiguous Blocks

Submarket
Building Address
Class
Building NRA
Contiguous Space
Lease Type
Arlington County
800 North Glebe Road
301,895
174,551
New
4040 North Fairfax Drive
171,195
156,451
Direct
1320 North Courthouse Road
365,000
243,150
Direct
Crystal City
251 18th Street South
324,261
299,130
Direct
1411 Jefferson Davis Highway
278,332
278,332
Direct
3500 South Clark Drive
208,608
208,608
Direct
3550 South Clark Drive
201,136
197,510
Direct
1421 Jefferson Davis Highway
271,285
110,596
Direct
1812 North Moore Street
580,000
502,726
New
1777 North Kent Street
280,360
280,358
Direct
1500 Wilson Boulevard
247,726
247,726
Direct
137,660
111,346
New
Virginia Square
179,158
172,837
Direct
Eisenhower Avenue
2200 Mill Road
148,000
148,000
Direct
I-395 Corridor
5001 Eisenhower Avenue
605,998
605,998
Direct
4501 Ford Avenue
235,000
228,604
Direct
4825 Mark Center Drive
216,482
160,902
Sublease
Fairfax Center
12902 Federal Systems Park Drive
220,045
220,045
Direct
Herndon
12900 Worldgate Drive
230,067
230,067
Direct
13825 Sunrise Valley Drive
103,967
103,967
Direct
I-395 Corridor
5275 Leesburg Pike
426,742
426,742
Direct
Merrifield
8111 Gatehouse Road
281,730
199,634
Direct
Ballston
Rosslyn
Fairfax County
Page 12
Second Quarter Report
Northern Virginia Contiguous Blocks

Submarket
Building Address
Reston
Rte. 28 South Corridor
Springfield/Burke
Tysons Corner
Vienna
Class
Building NRA
Contiguous Space
Lease Type
11720 Plaza America Drive
300,040
266,505
Sublease
10740 Parkridge Boulevard
215,716
212,382
Direct
182,424
156,615
Direct
2002 Edmund Halley Drive
147,387
147,387
Direct
143,458
143,458
Direct
11710 Plaza America Drive
280,504
132,348
Direct
123,546
121,638
Direct
175,619
121,524
Sublease
109,506
109,506
Direct
3975 Virginia Mallory Drive
130,265
130,265
Direct
14291 Park Meadow Drive
123,426
123,426
Direct
14685 Avion Parkway
166,046
122,279
Direct
14501 George Carter Way
262,982
108,409
New
14399 Penrose Place
104,000
104,000
New
21345 Ridgetop Circle
101,875
101,875
Direct
7770 Backlick Road
240,565
137,509
New
6361 Walker Lane
337,688
135,262
New
5680 King Centre Drive
110,047
104,678
New
8281 Greensboro Drive
257,685
257,685
Direct
166,732
153,295
Direct
7915 Jones Branch Drive
125,903
125,541
Direct
259,467
117,312
Direct
7901 Jones Branch Drive
197,939
113,657
Direct
1595 Spring Hill Road
171,351
101,281
Direct
1041 Electric Avenue
120,952
120,952
Direct
20135 Lakeview Center Place
102,100
101,396
Direct
Loudoun County
Rte. 7 Corridor
Page 13
Northern Virginia Construction

2011 Completions
Market
Building
Class
NRA
Status
Owner
Major Tenants
% Committed
The Shooshan Company LLC
Ashton Park Associates I, LLC
GSA / DARPA
100%
Clarion Partners
Clarion Partners
Booz Allen, Tauri Group & CADD
56%
Arlington County
Ballston
675 North Randolph Street
352,740
Del.
4Q2011
NA
Del.
4Q2011
Negotiable
Del.
3Q2011
NA
Del.
Del.
1Q2011
3Q2011
$28.00
$29.50
352,740
352,740
Springfield/Burke
6361 Walker Lane
330,582
330,582
Fairfax County Totals
330,582
Loudoun County
Rte. 28 North Corridor
20701 Cooperative Way
120,000
120,000
Nat'l Rural Utilities Cooperative Fin Nat'l Rural Utilities Cooperative Finance
100%
120,000
Loudoun County Totals

Woodbridge/I-95
14605 Potomac Branch Drive

12731 Marblestone Drive
Construction Completed Total
B
B
26,495
23,500
49,995
49,995
Town Center Properties LLC

Bayview Group LLC
70%
82%
853,317
Page 14

Market
Building
Class
NRA
Status
Owner
Major Tenants
800 North Glebe Road
A
2012
301,895
301,895
UC
1Q2012
$54.50

1812 North Moore Street
A
A
2012
2013
Total
137,660
580,000
137,660
580,000
717,660
UC
UC
3Q2012
3Q2013
Negotiable
Negotiable
Skanska USA Commercial Dev., Inc Skanska USA Commercial

Monday Properties
Monday Properties
% Committed
The JBG Companies
Accenture
33%
Nat'l Assn of Chain Drug Stores
19%
0%
Arlington County
Ballston
The JBG Companies
Rosslyn
1,019,555
Fairfax County
Merrifield
2905 District Avenue
A
2012
94,873
94,873
UC
2Q2012
Negotiable
Edens & Avant
Eskridge LLC
Penrose Place
14725 Lee Road
A
A
2012
2013
Total
104,000
460,000
104,000
460,000
564,000
UC
UC
4Q2012
4Q2013
$29.50
Negotiable
Zumot Real Estate Mgmt

Duke Realty
Zumot Real Estate Mgmt

The Aerospace Corporation
7770 Backlick Road

5680 King Centre Drive
A
A
2012
2013
Total
240,565
110,000
240,565
110,000
350,565
UC
UC
1Q2012
1Q2013
Negotiable
Negotiable
COPT
Halle Enterprises
COPT Patriot Ridge LLC

Halle Enterprises
1775 Tysons Boulevard
A
2013
476,000
476,000
UC
4Q2013
$57.50
Lerner Enterprises
Lerner Enterprises
UC
1Q2012
Negotiable
30%
Rte. 28 South Corridor

The Aerospace Corporation
0%
50%
Springfield/Burke
General Dynamics
43%
0%
Tysons Corner
Fairfax County Total
0%
1,485,438

Rte. 29/I-66 Corridor
9355 Discovery Boulevard
A
2012
45,000
45,000
45,000

923,993
1,166,000
2,089,993
Rinker Design Associates
75%
Page 15

Select Proposed Properties
Market
Building
Class
NRA
Status
Ground Break Avg. Asking Rent* Developer
A
2014
418,508
418,508
PC
2014
$54.67
3001 Washington Boulevard
A
2015
300,000
300,000
PC
2015
A
2015
535,187
535,187
PC
A
2013
206,500
206,500
Owner
Tenants/Comments
% Committed
Arlington County
Ballston
Shooshan
Shooshan
0%
Negotiable
Penzance Companies
First Virginia Bank
2015
Negotiable
JBG
JBG
0%
PC
2013
Negotiable
Crimson Partners
Crimson Partners/Bernstein
0%
Negotiable
Negotiable
Negotiable
Negotiable
Negotiable
Negotiable
COPT
Monument Realty
Boston Properties
Scannell
Scannell
Rubenstein-Broad Street Equities
COPT
Monument Realty
Boston Properties
Scannell
Scannell
Rubenstein-Broad Street Equities
0%
0%
0%
0%
0%
0%
BB&T
3%
Rosslyn
Virginia Square
Arlington County Totals
1,460,195
Fairfax County
Springfield/Burke
7750-7800 Backlick Road
6900 Beulah Street
Joe Alexander Drive
Loisdale Drive
8989-8997 Belvoir View Place
Backlick Road
A
A
A
A
A
A
TBD
540,000
758,000
532,544
138,000
296,400
200,000
2,464,944
2,464,944
PC
PC
PC
PC
PC
PC
TBD
TBD
TBD
TBD
TBD
TBD
A
2012
45,000
45,000
PC
2Q2012
Fairfax County Totals

Rte. 29/I-66 Corridor
9365 Discovery Boulevard

Proposed Construction Total
$18.00
0%
45,000
3,970,139
Page 16
Suburban Maryland Space Statistics

Net Absorption
Year-End 2010
Vacancy (%)
Current Quarter
Vacancy
Year-To-Date
End of Quarter
Inventory
End of Quarter
Vacancy
End of Quarter
Vacancy (%)
Year-End 2010
Current Quarter
Year-To-Date %
Change
Current Quarter
Deliveries
Total 2011
Scheduled
Completions
Year-To-Date
Deliveries
Total 2012
Scheduled
Completions
Montgomery County
Gaithersburg
Class A
23.8%
-1,177
14,301
1,237,881
301,765
24.38%
$24.79
$24.74
-0.20%
Class B
9.0%
-31,159
-47,529
2,730,893
291,384
10.67%
$22.38
$22.28
-0.45%
0
0
Class C
6.9%
-1,116
-1,686
440,333
30,089
6.83%
$21.95
$23.11
5.28%
Total
13.0%
-33,452
-34,914
4,409,107
623,238
14.14%
$23.30
$23.22
-0.34%
Germantown
Class A
21.8%
-9,636
86,717
992,199
134,048
13.51%
$29.54
$26.98
-8.67%
Class B
10.1%
-21,487
-53,259
1,061,891
162,799
15.33%
$21.29
$20.03
-5.92%
Total
15.8%
-31,123
33,458
2,054,090
296,847
14.45%
$26.39
$23.44
-11.18%
Class A
15.3%
-94,178
29,651
6,495,480
1,033,936
15.92%
$32.85
$32.73
-0.37%
358,440
Class B
8.1%
-1,784
-11,070
2,590,961
219,919
8.49%
$26.50
$28.21
6.45%
Class C
15.8%
20,621
27,817
653,424
70,443
10.78%
$22.26
$19.55
-12.17%
Total
13.6%
-75,341
46,398
9,739,865
1,324,298
13.60%
$29.87
$30.53
2.21%
358,440
Class A
18.7%
-26,978
75,175
6,866,378
992,107
14.45%
$30.51
$30.66
0.49%
Class B
12.6%
39,775
45,171
3,733,538
446,888
11.97%
$24.82
$24.83
0.04%
Class C
3.6%
6,000
6,000
241,709
2,597
1.07%
$19.94
$19.94
0.00%
Total
16.2%
18,797
126,346
10,841,625
1,441,592
13.30%
$28.53
$28.44
-0.32%
Class A
17.8%
-71,424
-64,093
3,626,435
651,168
17.96%
$34.13
$34.40
0.79%
197,720
Class B
10.4%
-55,580
-32,837
3,290,049
400,936
12.19%
$23.50
$23.33
-0.72%
Class C
6.6%
559
-1,924
575,667
45,091
7.83%
$23.99
$23.87
-0.50%
Total
13.7%
-126,445
-98,854
7,492,151
1,097,195
14.64%
$30.14
$30.04
-0.33%
197,720
Class A
0.0%
115,000
365,000
0.00%
$28.00
$28.00
0.00%
115,000
115,000
Class B
94.7%
-1,990
567,785
539,774
95.07%
$28.00
$28.00
0.00%
Total
65.8%
113,010
932,785
539,774
57.87%
$28.00
$28.00
0.00%
115,000
115,000
Class A
17.6%
-203,393
256,751
19,583,373
3,113,024
15.90%
$31.37
$31.50
0.41%
115,000
115,000
556,160
Class B
13.7%
-70,235
-101,514
13,975,117
2,061,700
14.75%
$24.13
$24.34
0.87%
Class C
9.4%
26,064
30,207
1,911,133
148,220
7.76%
$22.39
$21.63
-3.39%
Total
15.6%
-247,564
185,444
35,469,623
5,322,944
15.01%
$28.44
$28.39
-0.18%
115,000
115,000
556,160
Class A
8.5%
100,984
36,281
4,722,723
380,165
8.05%
$39.92
$39.77
-0.38%
304,709
Class B
8.6%
37,910
30,012
4,427,494
385,597
8.71%
$31.87
$34.09
6.97%
Class C
3.1%
-2,147
-13,514
299,895
22,840
7.62%
$24.39
$27.13
11.23%
Total
8.4%
136,747
52,779
9,450,112
788,602
8.34%
$35.23
$36.09
2.44%
304,709
Class A
11.2%
35,561
505
4,056,513
450,952
11.12%
$32.08
$31.92
-0.50%
Class B
13.4%
-3,292
15,109
1,434,938
168,973
11.78%
$25.52
$25.54
0.08%
Class C
27.4%
4,121
-3,773
438,365
111,890
25.52%
$21.17
$20.76
-1.94%
Total
13.0%
36,390
11,841
5,929,816
731,815
12.34%
$28.60
$29.02
1.47%
North Bethesda/Potomac
North Rockville
Rockville
II-270
270 North *
Subtotal I-270 Corridor
Bethesda/Chevy Chase
Silver Spring
Kensington/Wheaton
Class B
38.7%
9,234
-9,679
896,029
356,473
39.78%
$21.31
$21.56
1.17%
Class C
20.7%
-1,242
182,336
38,922
21.35%
$21.68
$20.76
-4.24%
Total
35.7%
9,234
-10,921
1,078,365
395,395
36.67%
$21.41
$21.25
-0.75%
Page 17

Net Absorption
Year-End 2010
Vacancy (%)
Current Quarter
Vacancy
End of Quarter
Inventory
Year-To-Date
End of Quarter
Vacancy
End of Quarter
Vacancy (%)
Year-End 2010
Current Quarter
Year-To-Date %
Change
Current Quarter
Deliveries
Total 2011
Scheduled
Completions
Year-To-Date
Deliveries
Total 2012
Scheduled
Completions
North Silver Spring/Rte. 29

Class A
0.7%
-4,946
-513
1,399,928
10,691
0.76%
$25.17
$24.34
-3.30%
Class B
11.0%
8,707
2,309
1,329,608
139,227
10.47%
$22.77
$24.74
8.65%
Class C
0.0%
30,000
0.00%
$15.00
$15.00
0.00%
Total
5.7%
3,761
1,796
2,759,536
149,918
5.43%
$23.26
$24.71
6.23%
0
0
Outlying Montgomery County East

Class B
0.0%
21,955
0.00%
$20.24
$20.24
0.00%
Class C
12.2%
3,337
76,261
5,994
7.86%
$24.84
$24.78
-0.24%
Total
9.5%
3,337
98,216
5,994
6.10%
$24.84
$24.78
-0.24%
Class A
14.6%
-71,794
293,024
29,762,537
3,954,832
13.29%
$32.14
$32.21
0.22%
115,000
115,000
860,869
Class B
13.5%
-17,676
-63,763
22,085,141
3,111,970
14.09%
$25.38
$26.00
2.44%
Class C
12.1%
28,038
15,015
2,937,990
327,866
11.16%
$22.32
$21.91
-1.84%
Total
14.0%
-61,432
244,276
54,785,668
7,394,668
13.50%
$29.01
$29.09
0.28%
115,000
115,000
860,869
Class A
33.9%
28,098
45,704
751,902
209,129
27.81%
$23.85
$21.56
-9.60%
123,144
123,144
Class B
25.4%
13,343
-35,270
398,732
136,497
34.23%
$19.38
$18.61
-3.97%
Class C
1.7%
163,000
2,800
1.72%
$17.50
$16.98
-2.97%
Total
27.3%
41,441
10,434
1,313,634
348,426
26.52%
$21.90
$18.64
-14.89%
123,144
123,144
Class A
34.1%
2,081
2,081
542,992
179,538
33.06%
$26.50
$26.50
0.00%
Class B
11.8%
9,150
12,008
393,647
34,605
8.79%
$22.91
$23.92
4.41%
Total
24.8%
11,231
14,089
936,639
214,143
22.86%
$24.70
$25.40
2.83%
Montgomery County Total
Prince George's County

Beltsville/Calverton
Bowie
Branch Avenue Corridor

Class B
12 8%
12.8%
18 969
18,969
15 547
15,547
758 164
758,164
81 527
81,527
10 75%
10.75%
$19 35
$19.35
$19 14
$19.14
-1
1.09%
09%
Class C
15.1%
275
1,500
375,610
55,200
14.70%
$17.43
$17.11
-1.84%
Total
13.6%
19,244
17,047
1,133,774
136,727
12.06%
$18.76
$19.08
1.71%
College Park
Class A
1.5%
1,580,611
24,318
1.54%
$30.00
$30.00
0.00%
268,762
Class B
28.4%
-1,076
-2,478
1,478,452
454,129
30.72%
$21.28
$31.67
48.83%
Class C
11.7%
3,378
-1,561
626,768
74,693
11.92%
$19.72
$18.69
-5.22%
Total
14.1%
2,302
-4,039
3,685,831
553,140
15.01%
$21.36
$21.64
1.31%
268,762
Class A
27.2%
-38,204
-64,217
2,098,473
643,987
30.69%
$21.76
$21.65
-0.51%
Class B
22.5%
3,957
-34,537
777,069
217,384
27.97%
$18.83
$19.31
2.55%
Greenbelt
Class C
0.0%
65,234
0.00%
$17.00
$17.00
0.00%
Total
25.3%
-34,247
-98,754
2,940,776
861,335
29.29%
$20.58
$20.69
0.53%
Class A
37.7%
5,734
37,265
1,139,735
400,858
35.17%
$19.35
$19.48
0.67%
Class B
18.5%
9,700
-8,890
1,681,590
337,186
20.05%
$20.92
$20.90
-0.10%
Class C
1.4%
-16,599
274,568
20,362
7.42%
$27.11
$16.75
-38.21%
Total
24.0%
15,434
11,776
3,095,893
758,406
24.50%
$20.10
$19.99
-0.55%
0
0
Landover/Largo/Capitol Heights
Lanham
Class A
5.7%
1,623
8,203
447,000
17,098
3.83%
$20.00
$20.00
0.00%
Class B
20.1%
-22,700
-54,132
861,068
235,420
27.34%
$19.76
$20.71
4.81%
Class C
0.0%
28,000
0.00%
$15.00
$15.00
0.00%
Total
14.9%
-21,077
-45,929
1,336,068
252,518
18.90%
$19.76
$20.71
4.81%
Page 18

Net Absorption
Year-End 2010
Vacancy (%)
Current Quarter
Vacancy
End of Quarter
Inventory
Year-To-Date
End of Quarter
Vacancy
End of Quarter
Vacancy (%)
Year-End 2010
Current Quarter
Year-To-Date %
Change
Current Quarter
Deliveries
Total 2011
Scheduled
Completions
Year-To-Date
Deliveries
Total 2012
Scheduled
Completions
Laurel
Class A
8.4%
1,830
-6,152
840,547
78,633
9.35%
$20.77
$21.42
3.13%
Class B
17.8%
-18,496
-21,420
759,196
148,745
19.59%
$18.54
$18.94
2.16%
Total
12.9%
-16,666
-27,572
1,599,743
227,378
14.21%
$19.25
$19.72
2.44%
Class A
14.5%
-10,918
9,529
464,458
86,680
18.66%
$25.74
$29.32
13.91%
Class B
28.3%
46
8,171
287,711
81,403
28.29%
$26.12
$26.58
1.76%
Class C
12.2%
2,900
88,000
7,850
8.92%
$18.33
$18.24
-0.49%
Total
19.0%
-10,872
20,600
840,169
175,933
20.94%
$24.52
$27.37
11.62%
National Harbor/Oxon Hill/Ft. Wash
Pennsylvania Avenue Corridor

Class A
52.7%
328,679
173,156
52.68%
$22.50
$22.50
0.00%
Class B
8.9%
1,242
2,572
125,658
8,639
6.88%
$18.50
$18.50
0.00%
Class C
8.1%
2,279
67,000
5,402
8.06%
$15.00
$15.00
0.00%
Total
36.4%
3,521
2,572
521,337
187,197
35.91%
$22.29
$22.07
-0.99%
Greater Upper Marlboro

Class A
0.0%
54,000
0.00%
$20.00
$20.00
0.00%
Total
0.0%
54,000
0.00%
$20.00
$20.00
0.00%
Prince George's County Total

Class A
21.8%
-9,756
32,413
8,248,397
1,813,397
21.98%
$21.87
$21.83
-0.18%
123,144
123,144
268,762
Class B
20.6%
14,135
-118,429
7,521,287
1,735,535
23.07%
$20.41
$20.74
1.62%
Class C
9.0%
5,932
-13,760
1,688,180
166,307
9.85%
$18.84
$17.75
-5.79%
Total
20.1%
10,311
-99,776
17,457,864
3,715,239
21.28%
$20.93
$20.98
0.24%
123,144
123,144
268,762
Class A
16.1%
-81,550
325,437
38,010,934
5,768,229
15.18%
$29.21
$29.74
1.81%
238,144
238,144
1,129,631
Class B
15.3%
-3,541
-182,192
29,606,428
4,847,505
16.37%
$23.25
$23.89
2.75%
Class C
11 0%
11.0%
33 970
33,970
1 255
1,255
4 626 170
4,626,170
494 173
494,173
10 68%
10.68%
$21 15
$21.15
$20 76
$20.76
-1
1.84%
84%
Total
15.4%
-51,121
144,500
72,243,532
11,109,907
15.38%
$26.19
$26.53
1.30%
238,144
238,144
1,129,631
Suburban Maryland Total
1.I-270 North encompasses part of Frederick County.

2. Vacancy Rate includes sublease space.
3. Full Service rental rates are for direct space only.
4. If no advertised rental rates were available, notional rental rates were used. Notional rents excluded from overall averages.
Page 19
Suburban Maryland Contiguous Blocks

As of January 2012
Submarket
Building Address
Class
Building NRA
Contiguous Space
Lease Type
7700 Old Georgetown Road
185,470
156,853
Direct
7550 Wisconsin Avenue
119,239
119,239
Direct
Gaithersburg
820 West Diamond Avenue
131,084
102,611
Direct
Germantown
20250 Century Boulevard
106,794
106,794
Direct
I-270 Corridor North
22300 Comsat Drive
537,785
537,784
Direct
Kensington/Wheaton
13900 Connecticut Avenue
262,923
262,923
Direct
North Bethesda
6560 Rock Spring Drive
180,394
180,393
Direct
6720 Rockledge Drive
239,499
118,694
Direct
North Rockville
9711 Washingtonian Boulevard
193,199
107,094
Direct
Rockville
2000 Tower Oaks Boulevard
200,405
129,140
Direct
Bowie
16901 Melford Boulevard
151,892
109,210
Direct
College Park
6525 Belcrest Road
488,502
121,404
Direct
Greenbelt
6406 Ivy Lane
178,542
167,063
Direct
Landover/Largo/Capital Heights
6400 Sheriff Road
192,000
192,000
Direct
Pennsylvania Avenue Corridor
8903 Presidential Parkway
112,189
173,156
Direct
8905 Presidential Parkway
96,490
173,156
Direct
Montgomery County
Based on: Advertised blocks 100,000 square feet or greater in existing buildings or under construction, available within the next two years.
Page 20
Suburban Maryland Construction

2011 Completions
Market
Building
Class
NRA
Status
Delivery Date
Avg. Asking Rent* Developer
Owner
Major Tenants
% Committed
Carrollton Enterprises
Merritt Properties
Atkins North America
42%
Akridge
Natelli Communities
Banner Life
100%
Owner
Major Tenants
% Committed
Garden Plaza, LLC

Rockridge 7550 LLC
Alliant Staffing

Beltsville/Calverton
3901 Calverton Boulevard
123,144
123,144
123,144
Del.
1Q2011
Negotiable
115,000
115,000
115,000
Del.
2Q2011
NA
Status
Delivery Date
Frederick County
I-270 North
3275 Bennett Creek Avenue
Frederick County Total
Construction Completed Total
238,144
Market
Building
Class
NRA
Avg. Asking Rent* Developer
7700 Old Georgetown Road

7550 Wisconsin Avenue
A
B
2012
185,470
119,239
304,709
UR
UR
1Q2012
4Q2012
Negotiable
Negotiable
12409 Milestone Center Court
A
2013
194,400
194,400
UC
1Q2013
Negotiable
North Bethesda Center - 1
A
2012
358,440
358,440
UC
4Q2012
NA
121 Rockville Pike
A
2012
197,720
197,720
1,055,269
UC
4Q2012
A
2012
268,762
268,762
UC
1Q2012
Montgomery County
Manor Investment Co.
Akridge
15%
0%
Germantown
Milestone Industrial, L.C. Digital Receiver Technology
83%
LCOR
LCOR-USAA JV
Nuclear Regulatory Commission
100%
44.50 Foulger-Pratt
Foulger-Pratt
Choice Hotels International
69%
COPT
NOAA
100%
North Bethesda
Rockville
Montgomery County Total

College Park
5830 University Research Court

NA
COPT
268,762
1,129,631
194,400
1,324,031
Page 21

Commercial RE Data For WDC Metro - 4Q11

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Commercial RE Data For WDC Metro - 4Q11

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Fourth Quarter 2011 Report

7901 Jones Branch Drive, Suite 130

8300 Greensboro Drive, Suite 975

1201 15th Street NW, Suite 510

Fourth Quarter 2011 Report

Washington Region Market Analysis

Washington Region Total

Fourth Quarter 2011 Report

Washington, D.C. Space Statistics

Avg. Advertised Rates (FS)

Capitol Hill Markets*

Central Business District

Washington, D.C. Market

Fourth Quarter 2011 Report

Washington, D.C. Space Statistics

Avg. Advertised Rates (FS)

*Capitol Hill Markets Detail

Fourth Quarter 2011 Report

Washington, D.C. Contiguous Blocks

601 New Jersey Avenue NW

440 1st Street NW

Central Business District

1015 Half Street SE

1050 Connecticut Avenue NW

2099 Pennsylvania Avenue NW

1000 Connecticut Avenue NW

1030 15th Street NW

815 Connecticut Avenue NW

1750 Pennsylvania Avenue NW

1255 22nd Street NW

800 17th Street NW

1299 Pennsylvania Avenue NW

850 10th Street NW

800 10th Street NW

600 13th Street NW

1275 Pennsylvania Avenue NW

1201 Pennsylvania Avenue NW

64 New York Avenue NE

899 North Capitol Street NE

400 6th Street SW

Fourth Quarter 2011 Report

Washington, D.C. Construction

Delivery Date Avg. Asking Rent* Developer

Douglas Wilson Companies

Hunton; Danaher; Vinsen & Elkins

Natl Assn of Manufacturers

Capitol Hill Markets

2200 Pennsylvania Avenue, NW

733 10th Street, NW

Douglas Wilson Companies

Central Business District

Washington, D.C. 2011 Total

Delivery Date Avg. Asking Rent* Developer

1111 North Capitol Street, NE

National Public Radio

Monument Realty/Angelo Gordon National Restaurant Association

801 7th Street, NW

Jemal of McCaffery Rudden LLC

Jemal of McCaffery Rudden LLC

4619 41st Street, NW

Capitol Engineering Group LLC

4619 41st Street LLC