CBRE

Midtown Manhattan Snapshot

www.cbre.com/research December 2011

Market Activity
Leasing Activity Absorption Availability Rate Vacancy Rate Average Asking Rent Taking Rent Index Nov 11 1.24 MSF 0.47 MSF 11.6% 7.9% $61.77 PSF 93.3% Oct 11 0.83 MSF (0.26) MSF 11.8% 8.0% $61.49 PSF 92.7% Nov 10 2.37 MSF 0.77 MSF 12.6% 8.3% $55.16 PSF 86.9% YTD 11 15.17 MSF 0.84 MSF YTD 10 15.23 MSF 4.83 MSF

Definitions
Availability Space that is being actively marketed and is available for tenant build-out within 12 months. Includes space available for sublease as well as space in buildings under construction. Asking Rent Asking gross face rents (excluding all concessions and tenant electric). ) Leasing Activity Total amount of square feet leased within a specified period of time, including preleasing and purchases of space for occupancy and excluding renewals. Net Absorption The change in the amount of occupied square feet within a specified period of time. Taking Rent Actual initial base rent in a lease agreement (excluding all concessions and tenant electric). Taking Rent Index Initial taking rents (actual initial base rent excluding all concessions and tenant electric) as a percentage off asking rents; l ti) t ki t index represents a six-month rolling weighted average (for size and month). Vacancy Unoccupied space available for lease.

Hot Topics
Midtown posted 1.24 million sq. ft. of leasing activity in November, topping its five-year monthly average of 1.18 million sq. ft. Year-to-date 2011 leasing of 15.17 million sq. ft. fell just short of the 15.23 million sq. ft. recorded during the same period last year. Strong leasing offset the handful of mid-size new availabilities brought to market, fueling positive absorption of 470,000 sq. ft. for the month, and pushing year-to-date absorption to positive 840,000 sq. ft. With no new availabilities above 50,000 sq. ft. added to the market in November, the overall availability rate fell 0.2 points to 11.6%. The sublease availability rate dropped 0.1 point to 2.6%. Midtowns average asking rent increased $0 28 to $61 77 per sq ft Midtown s $0.28 $61.77 sq. ft.

Top Lease Transactions

Size (Sq. Ft.) 329,900* 198,915* 122,210* 105,803 73,537** Tenant Credit Agricole SA Morgan, Lewis & Bockius LLP B&H Foto & Electronics Corp. Baker & McKenzie Human Rights Watch Address 1301 Avenue of the Americas 101 Park Avenue 440 Ninth Avenue 452 Fifth Avenue 350 Fifth Avenue
* Renewal ** Renewal & Expansion

Major New Availabilities

50,000 50 000 sq. f of M ft. f Macquarie G i Group sublease space at 125 West 55th Street bl W 55 h S 39,000 sq. ft. of Westwood One, Inc. sublease space at 1166 Avenue of the Americas 37,000 sq. ft. of direct space at 1 Penn Plaza 36,000 sq. ft. of JPMorgan Chase & Co. sublease space at 245 Park Avenue 32,000 sq. ft. of Rodale Press, Inc. sublease space at 733 Third Avenue

For more information regarding MarketView, please contact: Kurt Lindsey, Senior Director CBRE, 200 Park Avenue New York, New York 10166 T. 212.984.8216 F. 212.984.8207 kurt.lindsey@cbre.com

This Snapshot reflects market activity through November 30 2011 Unless otherwise agreed to in writing by CBRE this information may not be re 30, 2011. CBRE, redistributed in whole or in part to any third party.
2011 CBRE, Inc. CBRE statistics contained herein may represent a different data set than that used to generate National Vacancy and Availability Index statistics published by CBREs Corporate Communications Department or CBREs research and econometric forecasting unit, CBREEconometric Advisors. Information herein has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the market. This information is designed exclusively for use by CBRE, and cannot be reproduced without prior written permission of CBRE.