OFFICE MARKET REPORT...David C Cook Building Northeast 5,470 Q3 19 - - Cameron Butcher Com… NorthCreek Office Complex * Northwest 5,442 Q4 18 Kindred Hospice - - Briargate Business

Q3, 2019

PREPARED BY

RD TrinidadOwner

OUR NETWORK IS YOUR EDGE.

All information is from sources deemed reliable and is subject to errors,omissions, change of price, rental, prior sale, and withdrawal without notice. Prospect should carefully verify each item of information contained herein.

Hoff & Leigh | 1259 Lake Plaza Drive | Colorado Springs, CO 80906 | 719.630.2277 office www.hoffleigh.com/colorado-springs

OFFICE MARKET REPORT

Colorado Springs, CO


Market Key Statistics 2

Leasing 3

Rent 7

Construction 10

Under Construction Properties 12

Sales 13

Sales Past 12 Months 14

Economy 16

Market Submarkets 18

Supply & Demand Trends 20

Rent & Vacancy 22

Sale Trends 24

10/7/2019Copyrighted report licensed to Hoff & Leigh, Inc. - 408800.

Overview

29.4 K 121 K 9.1% 5.8%12 Mo Deliveries in SF 12 Mo Net Absorption in SF Vacancy Rate 12 Mo Rent Growth

The headline numbers in Colorado Springs' office marketcouldn't be much better. Midway through 19Q2, year-over-year rent growth topped the 100 largest officemarkets in the country.

Vacancies are sub-10%, and at the lowest level in atleast a decade. While still only moderate, 12-monthabsorption recently clocked in at its strongest since 2013.Until this upswing in demand, improving fundamentalswere largely due to a virtual absence of newdevelopment: The inventory cumulatively expanded byless than 0.5% between 2013 and 2018.

While a handful of large deals have played a role, muchof this improvement comes down to generally strongerleasing from smaller tenants at existing buildings.

The first 100,000 SF-plus speculative development inover a decade is now underway, and set to deliver thisyear. A 109,000 SF office, and two smaller officescontaining about 15,000 SF each are underway at themixed-use Victory Ridge development. Retailcomponents at the Victory Ridge development, includinga movie theater, are in various stages of completion.

Developers have been wary of testing the waters inColorado Springs throughout this cycle, with regionaldevelopers focusing almost entirely instead on Denverand Boulder. How this delivery fares may act as abarometer on whether or not developers continue withadditional speculative projects over the near-term.

KEY INDICATORS

Market RentVacancy RateRBACurrent Quarter Availability RateNet Absorption

SFDeliveries SF

UnderConstruction

$26.678.0%5,344,9484 & 5 Star 10.4% (5,211) 0 44,961

$22.9311.4%14,925,2753 Star 14.4% (26,911) 0 116,041

$15.195.7%8,728,5311 & 2 Star 7.1% 1,207 0 0

$21.309.1%28,998,754Market 11.5% (30,915) 0 161,002

ForecastAverage

HistoricalAverage

12 MonthAnnual Trends Peak When Trough When

9.4%12.3%-0.6%Vacancy Change (YOY) 16.8% 2009 Q4 8.8% 2019 Q2

36,128203,069121 KNet Absorption SF 704,983 2011 Q2 (310,889) 2009 Q3

86,824185,87029.4 KDeliveries SF 1,318,384 2008 Q2 0 2019 Q1

2.1%1.9%5.8%Rent Growth 9.9% 2018 Q4 -5.3% 2010 Q1

N/A$153.1 M$312 MSales Volume $332.1 M 2014 Q2 $35.4 M 2009 Q3


Page 2

Leasing

Vacancies edged below 10% for the first time this cyclein 2018, while posting their largest annual decline inthree years. Vacancies have continued to trenddownwards in 2019 to-date, reaching new decade-pluslows.

Similarly to what is playing out in the residential andretail sectors, northern Colorado Springs has performedexceptionally well. This portion of the metro boasts closerproximity to Metro Denver's rapidly growing SoutheastCorridor, where a light rail expansion promises longer-term growth. The office vacancy rate in the Northeastsubmarket was at an all-time low of just over 6%approaching the 2019 midpoint. Net absorption has beenpositive in the submarket in 11 out of the past 12quarters.

Improved fundamentals are largely the product ofrenewed leasing activity from smaller tenants (less than10,000 SF).

A handful of larger new leases have closed in the pastyear or two, and are mostly coming from the expansionof existing companies, as opposed to new entrants to themetro. HDR, an engineering and architectural servicesfirm, signed on for 19,000 SF at 5555 Tech Center Drive,

vacating a smaller 12,000 SF space at 2060 BriargateParkway in the process.

Other large spaces have been taken off the market fornon-office uses. In March 2018, New Summit CharterSchools leased 7899 Lexington Dr, a 75,000 officebuilding that had been entirely vacant for about fiveyears (the new tenant operates a K-8 school out of thebuilding which opened in Fall 2018).

In February 2018, defense contractor Vectrus signed onfor 65,000 SF formerly occupied by Verizon, on a leasethat commenced in September 2018. In the process, thefirm vacated its former 104,000 SF headquarters at 655Space Center Drive, located in the metro's southeastoutside of the Colorado Springs Municipal Airport. On aMarch 2018 earnings release, the firm noted that thenew location will help it attract and retain talent, andseparately save about $1 million annually in leasepayments.

Over the course of 2017, Verizon vacated over 300,000SF at the Garden of the Gods office campus, whichcontains just over 700,000 SF spread over severalbuildings. Verizon is retaining just 80,000 SF, or lessthan 20% of its former space at the campus.

NET ABSORPTION, NET DELIVERIES & VACANCY


Page 3

Leasing

VACANCY RATE

AVAILABILITY RATE


Page 4

Leasing

12 MONTH NET ABSORPTION SF IN SELECTED BUILDINGS

3rd QtrBuilding Name/Address Submarket Bldg SF Vacant SF

1st Qtr 2nd Qtr 4th Qtr 12 Month

Net Absorption SF

Northeast 180,218 17,059 23,264 23,995 (3,394) 0 43,865Lexus Nexus

Northwest 184,424 0 0 46,235 0 0 33,443Arrows West

Southeast 38,000 7,821 95 4,432 (285) 8,670 27,614Aerotech Commerce Park

Northeast 47,696 0 27,179 0 0 0 27,179Briargate Business Campus (1)

Northeast 45,425 9,436 0 27,436 0 0 24,093Briargate Business Campus (2)

Greater CBD 22,500 0 0 22,500 0 0 22,500The Next Us ‘Your Flexible Work…

Northwest 752,493 468,160 0 15,280 6,640 0 21,920Garden of the Gods Campus

Southeast 19,500 0 0 19,500 0 0 19,5003675 Citadel Dr S

Southeast 90,766 39,673 4,802 933 0 13,045 18,780Academy Point

CBD 246,241 32,440 13,459 11,960 (13,908) 0 18,208Colorado Square

Northeast 25,000 8,120 0 0 16,880 0 16,88011681 Voyager Pky

CBD 129,743 0 9,496 0 0 0 15,6636 North Tejon

Northeast 46,948 0 0 0 0 0 15,210InterQuest Office Park

CBD 28,369 1,416 0 15,942 (1,416) 0 14,526Cameron Butcher Building

Southeast 113,203 0 0 4,251 6,964 0 13,434One Gateway Plaza

Northwest 79,021 8,554 0 (254) 11,242 0 12,873One Commerce Center

Southeast 25,092 0 12,500 0 0 0 12,5002132 E Bijou St

2,074,639 592,679 90,795 192,210 22,723 21,715 358,188Subtotal Primary Competitors

26,924,115 2,036,333 (43,590) (56,208) (125,204) (52,630) (237,426)Remaining Colorado Springs Market

28,998,754 2,629,012 47,205 136,002 (102,481) (30,915) 120,762Total Colorado Springs Market


Page 5

Leasing

TOP OFFICE LEASES PAST 12 MONTHS

Building Name/Address Submarket Leased SF Tenant Name Tenant Rep Company Leasing Rep CompanyQtr

4615 Foreign Trade Zone Blvd * Southeast 85,176 L3Harris Technologies, Inc - -Q1 19

Northrup Grumman Campus Southeast 64,455 U.S. General Services Ad… - -Q1 19

Real Time Logic * Northeast 60,714 Kratos Defense & Securit… - Olive Real Estate GroupQ1 19

Newport Business Park Southeast 30,654 - - CBREQ4 19

Woodmen Office Campus II Northeast 29,345 - - CBREQ1 19

Palmer Center * CBD 28,374 BombBomb LLC CORE Commercial… Cushman & WakefieldQ3 19

Premier Health Plaza North 24,200 - - Cascade Commercial…Q3 19

Lexus Nexus Northeast 23,995 - - CBREQ1 19

3505 North Stone Street North 18,000 Poliwog - Outreach, Inc.Q1 19

Garden of the Gods Campus Northwest 15,280 CBRE - Cushman & WakefieldQ1 19

Palmer Center * CBD 15,098 Northwestern Mutual - Cushman & WakefieldQ3 19

David C Cook Building Northeast 14,528 - - Cameron Butcher Com…Q2 19

Gateway Business Park (por) Southeast 13,090 Rincon Research Corp. - CORE Commercial Bro…Q3 19

Aerotech Commerce Park Southeast 11,968 - - Cushman & WakefieldQ1 19

Colorado Square CBD 11,315 - - Cushman & WakefieldQ2 19

Briargate Business Campus Northeast 10,807 Skin Cancer and Dermato… - Cushman & WakefieldQ1 19

Centennial Technology Center A Northwest 10,221 - - NAI Highland Commerc…Q2 19

Epic One Northeast 9,778 - - Cushman & WakefieldQ1 19

One Commerce Center Northwest 9,503 - - Newmark Knight FrankQ3 19

North Pointe Centre Northwest 8,760 - - CBREQ1 19

Aerotech Commerce Park Southeast 8,670 Keystone Achievements, Inc Cushman & Wakefield Cushman & WakefieldQ3 19

3370 S Chelton Loop Southeast 8,668 - - NAI Highland Commerc…Q3 19

North Pointe Centre Northwest 8,008 - - CBREQ1 19

1130 N Circle Dr Southeast 7,917 - - Fountain Colony, LLCQ3 19

Aerotech Commerce Park Southeast 7,616 SAIC - Cushman & WakefieldQ2 19

1525-1565 Vapor Trl Southeast 7,541 - - Olive Real Estate GroupQ4 18

Academy Point Southeast 7,333 - - Newmark Knight FrankQ3 19

One Gateway Plaza Southeast 6,964 - - -Q3 19

Newport Business Park Southeast 6,390 All Native Synergies Summit Commercial… CBREQ1 19

The Presidio Northeast 6,238 Galloway & Company, Inc Elevate Commercial… Cushman & WakefieldQ1 19

Timesquare 6 North 6,205 - - MC Commercial Real E…Q1 19

Lexus Nexus Northeast 6,113 - - -Q1 19

Patriot Park Southeast 6,047 SAIC - Cushman & WakefieldQ2 19

3710 Sinton Rd North 5,999 - - Cameron Butcher Com…Q3 19

Colorado Springs Tech Center Park Northwest 5,671 - - Quantum Commercial…Q1 19

2506 Robinson St Southwest 5,628 - - Olive Real Estate GroupQ2 19

David C Cook Building Northeast 5,470 - - Cameron Butcher Com…Q3 19

NorthCreek Office Complex * Northwest 5,442 Kindred Hospice - -Q4 18

Briargate Business Campus Northeast 5,430 Heritage Title - Cushman & WakefieldQ1 19

Briargate Business Campus Northeast 5,374 - - Centum Health PropertiesQ4 18

*Renewal


Page 6

Rent

Following years of subpar rent gains during the earlieryears of the recovery, the tables turned in 2017, whenrents posted by far their strongest gains observed thiscycle at the time, an increase of about 4% year-over-year. Office rent growth in every other Front Rangemetro was below 3% year-over-year in 2017.

As vacancies fell to new lows in 2018, rents gained evenmore traction. Office rents grew at a scorching rate onthe order of 8% in 2018, second only to San Josenationally out of the 100 largest office markets. At theend of 19Q3, year-over-year office rent growth inColorado Springs was in the top five of the 100 largestmetros.

This is a stark contrast to the national trend, where rentgrowth has cooled to about the rate of inflation over thepast few years.

In Colorado Springs itself, rents did not post an annualgain north of 2% until 2015, and only caught up with lastcycle's peak in 2016.

While development has ramped up in Denver andBoulder (which have firmly moved into the late expansionphase), fundamentals in Colorado Springs are moreindicative of a market in the early recovery phase. Thebaseline forecast calls for rent growth in ColoradoSprings to materially outperform the national averageover the next few years.

MARKET RENT GROWTH (YOY)


Page 7

Rent

MARKET RENT PER SQUARE FOOT

4 & 5 STAR EXPENSES PER SF (ANNUAL)

Utilities Cleaning InsuranceMarket / Cluster Taxes Other Total

Colorado Springs $1.04 $0.16$0.58 $2.97 $4.22 $8.97

CBD $1.41 $0.19$0.69 $3.29 $5.40 $10.98

North $1.20 $0.19$0.68 $2.01 $4.21 $8.29

Northeast $0.97 $0.15$0.55 $3.61 $4.01 $9.29

Northwest $1.12 $0.17$0.63 $1.44 $3.99 $7.35

Southeast $0.99 $0.15$0.56 $1.96 $4.34 $8.00

Southwest $0.95 $0.15$0.54 $2.12 $3.80 $7.56

Expenses are estimated using NCREIF, Trepp, IREM, and CoStar data using the narrowest possible geographical definition from Zip Code to region.

3 STAR EXPENSES PER SF (ANNUAL)



CBD $1.04 $0.13$0.47 $2.10 $3.94 $7.68

Greater CBD $0.76 $0.11$0.40 $2.11 $2.84 $6.22

North $0.80 $0.11$0.42 $1.92 $3.29 $6.54

Northeast $0.80 $0.11$0.42 $2.26 $3.32 $6.91

Northwest $0.85 $0.12$0.44 $1.97 $3.04 $6.42

Southeast $0.78 $0.11$0.41 $2.28 $3.31 $6.89

Southwest $0.74 $0.10$0.39 $2.07 $2.80 $6.10

Teller County $0.75 $0.11$0.40 $2.57 $2.88 $6.71



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Rent

1 & 2 STAR EXPENSES PER SF (ANNUAL)



CBD $0.79 $0.12$0.43 $2.15 $3.13 $6.62

Greater CBD $0.63 $0.11$0.39 $1.86 $2.50 $5.49

North $0.63 $0.11$0.39 $1.81 $2.26 $5.20

Northeast $0.63 $0.11$0.39 $1.72 $2.32 $5.17

Northwest $0.63 $0.11$0.39 $1.67 $2.47 $5.27

Southeast $0.63 $0.11$0.39 $1.62 $2.76 $5.51

Southwest $0.61 $0.10$0.38 $1.81 $2.42 $5.32

Teller County $0.62 $0.11$0.39 $2.82 $2.46 $6.40



Page 9

Construction

With fundamentals much improved, a developer hasmoved ahead with the first large speculative officebuilding in the market this cycle. A 109,000-SF buildingis underway at the Victory Ridge mixed-usedevelopment, alongside two smaller 15,000-SF officebuildings. The project has been in various stages ofdevelopment for more than eight years, during a sagathat included the bankruptcy of the original developer.Denver-based Westside Investment Partners purchasedthe property in 2016 and is set to finish up constructionthis year.

Plans for Victory Ridge call for up to 1.6 million SF of

commercial space, along with 500 residential units andother civic uses. In November 2017, In-N-Out Burgerannounced that it was under contract to purchase land atVictory Ridge (its first land acquisition in Colorado),where it plans to build an office building and adistribution facility. This will act as the company's base ofoperations for an expansion into Colorado cities, andlikely into neighboring New Mexico and Wyoming as well.

Since 2013, the inventory has cumulatively expanded byless than 0.5%, representing one of the lowest rates ofconstruction in the country.

DELIVERIES & DEMOLITIONS


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Construction

SUBMARKET CONSTRUCTION

Average Building Size

RankUnder Constr

Under Construction Inventory

All ExistingSF (000) Pre-Leased SF (000)SubmarketNo. RankBldgs Pre-Leased %

1 Northeast 4 158 39,5413.7% 1 27,0906 1

2 North 1 3 2,8400% 2 13,8080 2

3 CBD 0 - -- - 30,567- -

4 Greater CBD 0 - -- - 7,589- -

5 Northwest 0 - -- - 20,580- -

6 Southeast 0 - -- - 15,853- -

7 Southwest 0 - -- - 8,594- -

8 Teller County 0 - -- - 5,288- -

Totals 5 161 32,2003.7% 16,6476


Page 11

Under Construction Properties

5 161,002 0.6% 3.7%Properties Square Feet Percent of Inventory Preleased

UNDER CONSTRUCTION PROPERTIES

UNDER CONSTRUCTION

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner

Oct-201510855 Hidden Pool Heights

Victory Ridge113,201 4 Nov-2020

Westside Investment Partners, Inc.

Westside Investment Partners, Inc.1

Feb-20181808 Spring Water Pt

Victory Ridge16,950 2 Dec-2019



Feb-20181828 Spring Water Pt

Victory Ridge16,950 2 Dec-2019



Jun-20195730 E Woodmen Rd

11,061 3 Apr-2020-

Crosland Southeast4

May-20191817 Austin Bluffs Pky

2,840 1 Nov-2019-

-5


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Sales

Colorado Springs is having another year of active officeinvestment: Dollar sales volume in 19Q1 was the highestof any first quarter this cycle.

In August, TEK Experts closed on of the biggest officedeals in the market so far this year. The locally-basedbuyer acquired 1005 East Woodmen Road fromHouston-based Realm Realty for $16 million ($121million). TEK Experts plan to occupy the 132,000 SFbuilding as their new headquarters.

Last year, sales volume clocked in at its second-highesttotal of this cycle, with over $250 million in sales. Over160 deals closed, about 40 more than any other year onrecord. A massive portfolio sale in 18Q4 representedalmost half of the year's sales volume.

In a robustly positive indicator, the market price-per-SFincreased at its strongest annual rate in seven years in2018.

In November 2018, Fort Worth, TX-based Goff CapitalPartners acquired 13 buildings containing a fraction overone million SF combined from Wayne, PA-based PatriotEquities. Goff paid $125.3 million ($123/SF) for theproperties at an 8.5% pro forma cap rate.

In May 2018, Chicago, IL-based Oak Street Real EstateCapital acquired the 120,000 SF 1650 Telstar Drive for$23.2 million ($193/SF) at a 6.6% cap rate. The sale wasa leaseback; California Casualty will lease 81,500 SFfrom the buyer for ten years at $13/SF triple-net, with2.5% annual escalations. The building was fully leased atthe time of the sale, with Caption Call (32,500 SF) andAir Academy (6,000 SF) claiming the remaining space.The buyer had closed a $1.25 billion fund (Oak StreetReal Estate Capital Fund IV) in October 2017, exceedingits $750 million fundraising target. The investment focusfor the fund was single-tenant triple-net leased officebuildings to institutional-grade tenants.

The Northwest Submarket has seen significantinvestment activity, buoyed several years ago by the saleof the Verizon Campus at Garden of the Gods Road. The770,000 SF campus sold in August 2016 for $31 million($40/SF). Verizon (the seller) was the largest tenant, butset to vacate 450,000 SF (retaining just an 80,000 SFfootprint) at the time of the sale. In February 2018, thenew ownership secured its first lease (for 65,000 SF)since Verizon announced it would not be renewing formost of its space.

SALES VOLUME & MARKET SALE PRICE PER SF


Page 13

Sales Past 12 Months

129 8.4% $116 6.5%Sale Comparables Avg. Cap Rate Avg. Price/SF Avg. Vacancy At Sale

SALE COMPARABLE LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High

Sale Price $100,000 $3,398,896 $1,207,500 $18,715,441

Price Per SF $16 $116 $126 $385

Cap Rate 5.2% 8.4% 8.5% 12.3%

Time Since Sale in Months 0.6 6.9 7.7 11.7

Property Attributes Low Average Median High

Building SF 192 25,851 9,656 145,814

Stories 1 2 2 5

Typical Floor SF 192 12,821 6,176 82,800

Vacancy Rate At Sale 0% 6.5% 0% 100%

Year Built 1890 1976 1983 2010

Star Rating 2.4


Page 14

Sales Past 12 Months

Property Name - Address Rating Yr Built Bldg SF Vacancy Price Price/SF

Property

Sale Date

Sale

Cap Rate

RECENT SIGNIFICANT SALES

-1 Epic One2008 145,814 7.0% $18,715,441 $128

10807 New Allegiance Dr11/15/2018 8.5%

-2 1005 E Woodmen Rd1982 132,079 97.3% $16,000,000 $1218/16/2019 -

-3 ITT (Patriot Park VI)2008 103,970 100% $13,982,798 $134

655 Space Center Dr11/15/2018 8.5%

-4 Northrop Grumman2007 124,305 0% $13,898,655 $112

3535 Northrop Grumman Pt11/15/2018 8.5%

-5 Woodmen Corporate Ce…1983 107,590 18.5% $13,650,000 $127

7150 Campus Dr1/25/2019 7.6%

-6 The Presidio1988 80,801 2.5% $12,297,900 $152

1155 Kelly Johnson Blvd7/31/2019 8.3%

-7 Tech Center VI1986 104,439 10.3% $12,115,000 $116

5575 Tech Center Dr1/8/2019 -

-8 5001-5025 Centennial Blvd1985 82,800 0% $11,690,300 $1411/28/2019 -

-9 Patriot Park I1989 103,183 20.1% $11,577,069 $112

985 Space Center Dr11/15/2018 8.5%

-10 Patriot Park VII2009 89,907 22.3% $11,248,690 $125

565 Space Center Dr11/15/2018 8.5%

-11 Interquest Hybrid I2008 74,005 0% $9,480,007 $128

9945 Federal Dr11/15/2018 8.5%

-12 Patriot Park V2006 51,770 0% $9,150,000 $177

745 Space Center Dr4/16/2019 -

-13 Corporate Center III2001 66,221 0% $8,791,334 $133

9950 Federal Dr11/15/2018 8.5%

-14 Promontory - Building A2007 23,106 0% $8,735,000 $378

2446 Research Pky8/19/2019 -

-15 Newport Centre One1986 67,640 3.7% $7,311,472 $108

1670 N Newport Rd11/15/2018 8.5%

-12 Patriot Park V2006 51,770 0% $6,951,057 $134

745 Space Center Dr11/15/2018 8.5%

-16 Patriot Interquest II2008 53,744 0% $6,565,234 $122

9925 Federal Dr11/15/2018 8.5%

-17 Patriot at Newport2006 59,763 19.0% $6,428,628 $108

1055 N Newport Rd11/15/2018 8.5%

-18 Interquest IV2001 46,948 0% $5,944,323 $127

9960 Federal Dr11/15/2018 8.5%

-19 Pikes Peak Regional Me…2010 62,264 0% $5,900,000 $95

16222-16420 W US Highw…11/27/2018 -


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Economy

Annual revisions to job growth numbers occured inMarch, and painted a much different story in ColoradoSprings over the past year. Per the revised data,employment growth came in at just over 2% in 2018,compared to previously reported numbers in the 4%range. Those revisions notwithstanding, the metrocontinues to produce jobs at a solid rate, and above thenational average for a seventh straight year in 2018.

Population data released in September 2018 reaffirmsstrong demographic trends. The metro's populationincreased by 1.8% in 2017, down just slightly from the2.1% rate in 2016. From 2011-2015, population growthstayed within the 1.2% to 1.5% range.

Counter to the situation in Boulder and Denver,affordability has not been a major concern for much ofthis cycle. Housing prices did not grow at a 5% rate until2015, whereas they were growing at a 10% annual ratein Boulder and Denver by 2013. By year-end 2017

however, according to the Federal Housing FinanceAgency's All-Transactions House Price Index, housingprices were increasing at a 10% annual rate. As of 18Q4,they were growing at an 11.5% annual rate, the highestsince 1994.

Recent acceleration has taken housing prices almost40% above the peak of last cycle as of early 2019. Still,the metro retains substantial relative affordability toDenver, where housing prices have surpassed the peakof last cycle by closer to 70%.

The Colorado Springs economy has long been tied to theUS military—the metro is home to the U.S. Air ForceAcademy, Peterson Air Force Base, Schriever Air ForceBase, and the North American Aerospace DefenseCommand (NORAD), which is housed at Peterson AirForce Base. Fort Carson, an Army base, is also themetro’s largest employer. Together they account for overone-third of Colorado Springs' economic activity.

COLORADO SPRINGS EMPLOYMENT BY INDUSTRY IN THOUSANDS

NAICS Industry Jobs LQ MarketUS USMarketUSMarket

Current Jobs Current Growth 10 Yr Historical 5 Yr Forecast

-0.04%-0.75%1.03%0.28%1.15%0.04%0.512Manufacturing

0.43%0.80%1.25%1.87%0.96%3.39%0.845Trade, Transportation and Utilities

0.35%0.73%0.91%2.10%0.08%3.54%1.134 Retail Trade

0.33%0.09%1.07%1.67%0.88%0.68%1.119Financial Activities

0.75%1.04%0.04%1.28%0.49%1.67%1.253Government

0.16%0.48%2.45%3.41%2.74%3.75%1.219Natural Resources, Mining and Construction

0.53%1.46%2.10%4.28%2.00%5.37%0.942Education and Health Services

0.93%0.34%2.72%1.00%2.18%-0.33%1.146Professional and Business Services

0.56%0.70%0.13%-1.67%-0.70%-1.17%1.06Information

0.57%0.67%2.55%2.65%2.44%-1.33%1.239Leisure and Hospitality

0.26%0.59%1.02%1.97%1.29%1.37%1.618Other Services

Total Employment 298 1.0 1.63% 1.48% 1.95% 1.52% 0.71% 0.52%

Source: Oxford Economics

LQ = Location Quotient


Page 16

Economy


YEAR OVER YEAR JOB GROWTH

DEMOGRAPHIC TRENDS

Current ChangeCurrent Level

Metro U.S.Metro U.S.Demographic Category

10-Year Change

Metro U.S. Metro U.S.

Forecast Change (5 Yrs)

Population 329,563,406749,699 1.4% 0.7% 1.7% 0.7% 1.3% 0.7%

Households 121,338,000276,339 1.2% 0.5% 1.7% 0.6% 1.2% 0.6%

Median Household Income $64,064$69,792 3.5% 3.3% 2.2% 2.4% 4.2% 4.3%

Labor Force 163,664,047356,080 1.2% 1.0% 1.3% 0.6% 0.7% 0.5%

Unemployment 3.6%4.0% -0.2% -0.2% -0.4% -0.6% - -


POPULATION GROWTH


LABOR FORCE GROWTH INCOME GROWTH


Page 17

Submarkets

COLORADO SPRINGS SUBMARKETS


Page 18

Submarkets

SUBMARKET INVENTORY

12 Month Deliveries Under Construction

Bldgs SF (000) Percent Rank

Inventory

Bldgs SF (000) Percent RankBldgs SF (000) % Market RankSubmarketNo.

1 CBD 3,515 12.1% 4 0 - - -115 0 0 0% -

2 Greater CBD 2,489 8.6% 6 0 - - -328 0 0 0% -

3 North 2,637 9.1% 5 1 3 0.1% 2191 0 0 0% -

4 Northeast 8,750 30.2% 1 4 158 1.8% 1323 2 29 0.3% 1

5 Northwest 4,713 16.3% 3 0 - - -229 0 0 0% -

6 Southeast 5,184 17.9% 2 0 - - -327 0 0 0% -

7 Southwest 1,298 4.5% 7 0 - - -151 0 0 0% -

8 Teller County 412 1.4% 8 0 - - -78 0 0 0% -

SUBMARKET RENT

Growth

Market Rent

Per SFSubmarketNo.

12 Month Market Rent QTD Annualized Market Rent

RankRank GrowthRank

1 CBD -7.0%1 5.7% 5$24.67 2

2 Greater CBD -15.8%5 5.4% 7$19.55 7

3 North -12.8%8 5.9% 4$17.86 4

4 Northeast -14.3%2 6.0% 3$24.11 5

5 Northwest -6.1%3 6.2% 2$20.55 1

6 Southeast -11.8%6 5.0% 8$18.46 3

7 Southwest -15.6%7 5.7% 6$17.93 6

8 Teller County -16.4%4 6.2% 1$19.56 8

SUBMARKET VACANCY & NET ABSORPTION

12 Month Net Absorption

Rank Construct. Ratio

Vacancy

SF % of InvSF PercentSubmarketNo. Rank

1 CBD 273,793 7.8% -(18,660) -0.5% 75

2 Greater CBD 71,466 2.9% -31,126 1.3% 31

3 North 356,958 13.5% -(19,415) -0.7% 87

4 Northeast 552,124 6.3% -(5,692) -0.1% 54

5 Northwest 707,559 15.0% -62,232 1.3% 28

6 Southeast 599,521 11.6% -83,930 1.6% 16

7 Southwest 42,781 3.3% -2,571 0.2% 42

8 Teller County 24,810 6.0% -(15,328) -3.7% 63


Page 19

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Supply & Demand Trends

OVERALL SUPPLY & DEMAND

Net AbsorptionInventory

% of Inv Construction RatioSF SF Growth % Growth SFYear

2023 71,954 0.2% 0.1%29,069 2.529,367,180

2022 70,295 0.2% 0.1%28,790 2.429,295,226

2021 57,193 0.2% 0.3%90,225 0.629,224,931

2020 166,930 0.6% 0.1%38,913 4.329,167,738

2019 (44,684) -0.2% 0.2%60,469 -29,000,808

YTD (46,738) -0.2% 0.2%49,811 -28,998,754

2018 5,799 0% 1.0%295,717 029,045,492

2017 4,552 0% 0.2%54,407 0.129,039,693

2016 (8,675) 0% 0.5%140,220 -29,035,141

2015 6,236 0% 1.0%276,450 029,043,816

2014 20,757 0.1% 0%(9,889) -29,037,580

2013 58,168 0.2% 1.4%420,375 0.129,016,823

2012 131,280 0.5% 0.9%261,132 0.528,958,655

2011 10,990 0% 1.4%401,429 028,827,375

2010 25,673 0.1% 1.8%525,615 028,816,385

2009 309,230 1.1% 0.1%24,916 12.428,790,712

2008 958,862 3.5% -0.7%(213,477) -28,481,482

2007 - - 1.0%264,789 -27,522,620

4 & 5 STAR SUPPLY & DEMAND



2023 75,291 1.4% 1.1%63,258 1.25,611,827

2022 73,593 1.3% 1.0%57,147 1.35,536,536

2021 60,566 1.1% 0.8%43,730 1.45,462,943

2020 57,429 1.1% 0.5%24,595 2.35,402,377

2019 25,000 0.5% -0.7%(36,524) -5,344,948

YTD 25,000 0.5% -0.7%(35,798) -5,344,948

2018 0 0% -0.1%(7,058) -5,319,948

2017 0 0% 0.6%31,837 05,319,948

2016 0 0% 1.8%93,599 05,319,948

2015 20,325 0.4% 1.5%81,401 0.25,319,948

2014 0 0% -0.8%(43,229) -5,299,623

2013 0 0% 3.0%158,343 05,299,623

2012 0 0% -0.2%(9,072) -5,299,623

2011 0 0% 7.5%395,387 05,299,623

2010 0 0% -2.0%(105,835) -5,299,623

2009 215,549 4.2% 3.0%159,717 1.35,299,623

2008 415,477 8.9% -1.1%(55,142) -5,084,074

2007 - - 0.6%29,674 -4,668,597


Page 20

Supply & Demand Trends

3 STAR SUPPLY & DEMAND



2023 597 0% -0.1%(16,226) -15,043,056

2022 587 0% -0.1%(9,714) -15,042,459

2021 480 0% 0.4%60,714 015,041,872

2020 113,277 0.8% 0.3%45,069 2.515,041,392

2019 (68,898) -0.5% -0.3%(37,359) -14,928,115

YTD (71,738) -0.5% -0.1%(15,086) -14,925,275

2018 5,799 0% 2.1%317,541 014,997,013

2017 4,552 0% -0.9%(133,675) -14,991,214

2016 28,000 0.2% -0.1%(14,157) -14,986,662

2015 12,600 0.1% 1.0%155,599 0.114,958,662

2014 37,508 0.3% -0.1%(12,121) -14,946,062

2013 70,014 0.5% 1.1%159,865 0.414,908,554

2012 126,000 0.9% 2.3%341,456 0.414,838,540

2011 6,100 0% -0.4%(54,039) -14,712,540

2010 57,399 0.4% 2.7%389,810 0.114,706,440

2009 98,422 0.7% -0.5%(70,506) -14,649,041

2008 578,937 4.1% 0.2%34,954 16.614,550,619

2007 - - 3.3%461,294 -13,971,682

1 & 2 STAR SUPPLY & DEMAND



2023 (3,934) 0% -0.2%(17,963) -8,712,297

2022 (3,885) 0% -0.2%(18,643) -8,716,231

2021 (3,853) 0% -0.2%(14,219) -8,720,116

2020 (3,776) 0% -0.4%(30,751) -8,723,969

2019 (786) 0% 1.5%134,352 -8,727,745

YTD 0 0% 1.2%100,695 08,728,531

2018 0 0% -0.2%(14,766) -8,728,531

2017 0 0% 1.8%156,245 08,728,531

2016 (36,675) -0.4% 0.7%60,778 -8,728,531

2015 (26,689) -0.3% 0.5%39,450 -8,765,206

2014 (16,751) -0.2% 0.5%45,461 -8,791,895

2013 (11,846) -0.1% 1.2%102,167 -8,808,646

2012 5,280 0.1% -0.8%(71,252) -8,820,492

2011 4,890 0.1% 0.7%60,081 0.18,815,212

2010 (31,726) -0.4% 2.7%241,640 -8,810,322

2009 (4,741) -0.1% -0.7%(64,295) -8,842,048

2008 (35,552) -0.4% -2.2%(193,289) -8,846,789

2007 - - -2.5%(226,179) -8,882,341


Page 21

Rent & Vacancy

OVERALL RENT & VACANCY

Market Rent

Per SF Index % Growth Vs Hist PeakYear

Vacancy

SF Percent Ppts Chg

2023 132 0.3% 12.7%$23.21 2,801,250 9.5% 0.1%

2022 132 0.8% 12.4%$23.14 2,757,989 9.4% 0.1%

2021 131 1.8% 11.5%$22.97 2,716,143 9.3% -0.1%

2020 128 4.0% 9.5%$22.56 2,748,867 9.4% 0.4%

2019 123 5.3% 5.3%$21.69 2,620,460 9.0% -0.3%

YTD 121 3.4% 3.4%$21.30 2,629,012 9.1% -0.3%

2018 117 9.9% 0%$20.60 2,724,961 9.4% -1.0%

2017 107 5.0% -9.0%$18.73 3,014,879 10.4% -0.2%

2016 101 2.6% -13.4%$17.84 3,064,734 10.6% -0.5%

2015 99 3.5% -15.6%$17.38 3,213,629 11.1% -0.9%

2014 96 1.1% -18.5%$16.79 3,483,843 12.0% 0.1%

2013 95 1.5% -19.3%$16.62 3,453,197 11.9% -1.3%

2012 93 0.3% -20.5%$16.37 3,815,404 13.2% -0.5%

2011 93 -2.7% -20.8%$16.31 3,945,256 13.7% -1.4%

2010 95 0.5% -18.6%$16.76 4,335,695 15.0% -1.7%

2009 95 -5.1% -19.0%$16.68 4,835,637 16.8% 0.8%

2008 100 1.0% -14.7%$17.58 4,551,323 16.0% 3.7%

2007 99 - -15.5%$17.41 3,378,984 12.3% -

4 & 5 STAR RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2023 131 0.2% 8.8%$28.25 507,496 9.0% 0.1%

2022 130 0.5% 8.6%$28.19 495,540 9.0% 0.2%

2021 130 1.3% 8.0%$28.04 479,177 8.8% 0.2%

2020 128 2.6% 6.7%$27.69 462,426 8.6% 0.5%

2019 125 4.0% 4.0%$26.98 429,637 8.0% 1.1%

YTD 123 2.8% 2.8%$26.67 428,912 8.0% 1.1%

2018 120 7.7% 0%$25.95 368,114 6.9% 0.1%

2017 111 4.4% -7.2%$24.09 361,056 6.8% -0.6%

2016 107 1.5% -11.1%$23.08 392,893 7.4% -1.8%

2015 105 1.8% -12.4%$22.75 486,492 9.1% -1.2%

2014 103 3.8% -13.9%$22.35 547,568 10.3% 0.8%

2013 100 0.4% -17.0%$21.54 504,339 9.5% -3.0%

2012 99 4.9% -17.3%$21.45 662,682 12.5% 0.2%

2011 94 -2.5% -21.2%$20.45 653,610 12.3% -7.5%

2010 97 1.7% -19.2%$20.97 1,048,997 19.8% 2.0%

2009 95 -4.7% -20.5%$20.63 943,162 17.8% 0.3%

2008 100 5.3% -16.6%$21.65 887,330 17.5% 8.5%

2007 95 - -20.8%$20.55 416,711 8.9% -


Page 22

Rent & Vacancy

3 STAR RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2023 136 0.3% 16.7%$25.59 1,758,528 11.7% 0.1%

2022 136 0.9% 16.4%$25.51 1,741,801 11.6% 0.1%

2021 134 2.3% 15.4%$25.29 1,731,593 11.5% -0.4%

2020 131 5.3% 12.8%$24.73 1,791,920 11.9% 0.4%

2019 125 7.2% 7.2%$23.49 1,723,734 11.5% -0.2%

YTD 122 4.6% 4.6%$22.93 1,698,625 11.4% -0.3%

2018 116 13.8% 0%$21.92 1,754,677 11.7% -2.1%

2017 102 4.6% -12.1%$19.26 2,066,419 13.8% 0.9%

2016 98 1.5% -16.0%$18.42 1,928,192 12.9% 0.3%

2015 96 4.0% -17.2%$18.15 1,886,035 12.6% -1.0%

2014 93 -0.6% -20.4%$17.46 2,029,034 13.6% 0.3%

2013 93 2.4% -19.9%$17.57 1,979,405 13.3% -0.7%

2012 91 -2.6% -21.7%$17.15 2,069,256 13.9% -1.6%

2011 94 -2.1% -19.6%$17.62 2,284,712 15.5% 0.4%

2010 96 1.2% -17.9%$18.00 2,224,573 15.1% -2.3%

2009 95 -5.5% -18.8%$17.79 2,556,984 17.5% 1.0%

2008 100 0.9% -14.1%$18.82 2,388,056 16.4% 3.2%

2007 99 - -14.8%$18.66 1,844,073 13.2% -

1 & 2 STAR RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2023 124 0.4% 6.6%$16.00 535,226 6.1% 0.2%

2022 123 0.6% 6.2%$15.94 520,648 6.0% 0.2%

2021 123 1.2% 5.5%$15.84 505,373 5.8% 0.1%

2020 121 2.1% 4.3%$15.66 494,521 5.7% 0.3%

2019 119 2.1% 2.1%$15.33 467,089 5.4% -1.5%

YTD 118 1.2% 1.2%$15.19 501,475 5.7% -1.2%

2018 116 3.4% 0%$15.01 602,170 6.9% 0.2%

2017 112 6.8% -3.2%$14.52 587,404 6.7% -1.8%

2016 105 6.7% -9.4%$13.60 743,649 8.5% -1.1%

2015 99 4.3% -15.1%$12.75 841,102 9.6% -0.7%

2014 95 2.4% -18.6%$12.22 907,241 10.3% -0.7%

2013 92 0.6% -20.5%$11.94 969,453 11.0% -1.3%

2012 92 3.2% -20.9%$11.87 1,083,466 12.3% 0.9%

2011 89 -4.3% -23.4%$11.51 1,006,934 11.4% -0.6%

2010 93 -2.5% -19.9%$12.03 1,062,125 12.1% -3.0%

2009 96 -4.5% -17.8%$12.34 1,335,491 15.1% 0.7%

2008 100 -2.9% -14.0%$12.91 1,275,937 14.4% 1.8%

2007 103 - -11.4%$13.30 1,118,200 12.6% -


Page 23

Sale Trends

OVERALL SALES

Completed Transactions (1)

Turnover Avg Price/SFDeals VolumeYear

Market Pricing Trends (2)

Avg Price Price IndexAvg Cap Rate Price/SF Cap Rate

2023 -- - -- 161- $158.50 8.5%

2022 -- - -- 160- $157.53 8.4%

2021 -- - -- 158- $156.36 8.3%

2020 -- - -- 155- $152.78 8.3%

2019 -- - -- 146- $144.23 8.3%

YTD $164.4 M86 5.0% $130.40$2,372,036 1437.4% $141.26 8.3%

2018 $266.7 M160 10.1% $116.02$2,852,375 1448.0% $141.76 8.2%

2017 $228.1 M117 7.5% $114.12$2,658,137 1347.7% $132.69 8.3%

2016 $153.2 M127 8.1% $75.89$1,750,653 1318.6% $129.26 8.3%

2015 $134.0 M111 7.1% $85.14$1,719,247 1247.8% $122.76 8.5%

2014 $141.1 M110 5.9% $94.57$1,693,457 12410.1% $121.97 8.3%

2013 $298.4 M128 11.6% $93.00$3,244,553 1209.4% $118.81 8.5%

2012 $67.9 M71 3.9% $73.37$1,603,397 1169.1% $114.38 8.7%

2011 $51.1 M68 2.8% $79.83$1,247,681 1159.3% $113.35 8.8%

2010 $64.0 M64 3.0% $81.30$1,767,914 1078.5% $105.49 9.3%

2009 $40.6 M53 2.4% $68.71$1,291,906 889.0% $86.57 10.7%

2008 $128.3 M87 3.9% $125.91$2,583,480 1006.9% $98.70 10.0%

(1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period.

(2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

4 & 5 STAR SALES





2023 -- - -- 138- $184.20 8.6%

2022 -- - -- 138- $183.20 8.5%

2021 -- - -- 137- $182.24 8.4%

2020 -- - -- 134- $179.01 8.3%

2019 -- - -- 129- $171.18 8.3%

YTD $12.3 M1 1.5% $152.20$12,297,900 1278.3% $168.74 8.3%

2018 $89.9 M6 12.3% $137.36$14,988,690 1278.4% $169.48 8.2%

2017 $53.2 M3 7.4% $134.97$17,750,000 121- $160.52 8.3%

2016 $39.1 M6 7.1% $112.19$9,777,190 1288.1% $170.90 7.9%

2015 $10.1 M3 5.6% $46.28$5,070,720 1237.9% $163.92 8.0%

2014 $21.2 M3 5.2% $143.58$10,625,000 12110.2% $161.74 7.9%

2013 $60.5 M6 10.7% $107.06$10,084,518 11913.0% $159.00 8.0%

2012 $7.3 M2 2.6% $90.04$7,275,000 1158.5% $153.54 8.2%

2011 $3.6 M1 1.1% $60.30$3,557,484 1148.5% $151.81 8.3%

2010 $19.8 M2 6.9% $53.68$9,878,723 10710.0% $142.71 8.7%

2009 $17.3 M2 6.6% $49.39$8,642,668 888.9% $117.76 9.9%

2008 $38.1 M2 5.5% $136.73$19,029,246 100- $133.20 9.4%




Page 24

Sale Trends

3 STAR SALES





2023 -- - -- 163- $166.68 8.5%

2022 -- - -- 162- $165.69 8.4%

2021 -- - -- 160- $164.22 8.3%

2020 -- - -- 156- $159.67 8.2%

2019 -- - -- 145- $148.76 8.3%

YTD $102.7 M34 5.7% $141.03$4,152,345 1417.4% $144.76 8.2%

2018 $138.3 M78 11.2% $117.13$3,542,478 1437.9% $146.61 8.1%

2017 $124.6 M49 7.7% $119.95$3,909,485 1347.1% $137.11 8.2%

2016 $72.3 M38 9.3% $61.79$3,146,982 1288.0% $131.68 8.2%

2015 $91.5 M43 8.5% $97.49$3,778,188 1227.2% $125.27 8.4%

2014 $87.5 M46 6.0% $104.29$2,805,076 1239.7% $125.81 8.2%

2013 $203.6 M59 14.1% $101.46$5,115,235 1208.9% $123.04 8.3%

2012 $47.3 M26 4.5% $76.99$3,550,042 11610.0% $118.68 8.5%

2011 $33.2 M39 3.1% $93.42$1,729,000 11610.0% $118.85 8.6%

2010 $33.5 M29 2.2% $127.28$3,369,522 1087.5% $110.65 9.1%

2009 $11.3 M20 0.9% $144.35$1,385,992 888.4% $89.83 10.5%

2008 $73.4 M51 4.0% $145.51$3,894,964 1007.1% $102.57 9.8%



1 & 2 STAR SALES





2023 -- - -- 182- $128.48 8.5%

2022 -- - -- 180- $127.56 8.5%

2021 -- - -- 179- $126.79 8.4%

2020 -- - -- 176- $124.64 8.3%

2019 -- - -- 169- $119.75 8.3%

YTD $49.4 M51 6.1% $109.35$1,160,775 1677.0% $118.24 8.3%

2018 $38.4 M76 7.1% $83.02$789,003 1648.5% $116.23 8.3%

2017 $50.3 M65 7.1% $88.86$976,789 1538.1% $107.87 8.4%

2016 $41.9 M83 6.7% $83.56$685,817 1419.4% $99.37 8.6%

2015 $32.4 M65 5.7% $77.74$638,075 1329.0% $93.01 8.9%

2014 $32.4 M61 6.1% $64.07$649,707 12810.8% $90.77 8.8%

2013 $34.3 M63 8.0% $53.85$752,870 123- $86.67 9.0%

2012 $13.3 M43 3.6% $57.83$486,807 1179.5% $82.77 9.3%

2011 $14.3 M28 3.4% $63.52$695,459 113- $80.09 9.5%

2010 $10.7 M33 1.9% $68.83$375,364 1048.8% $73.58 10.1%

2009 $12.0 M31 2.4% $73.90$564,952 879.6% $61.68 11.5%

2008 $16.8 M34 2.7% $71.19$565,685 1006.4% $70.70 10.8%




Page 25

Q3, 2019

PREPARED BY

RD TrinidadOwner

RECENT OFFICE TRANSACTIONS

COLORADO SPRINGS AGENTS

Chris MyersO: 719.630.2277C: [email protected]

Guy CoxO: 719.630.2277C: [email protected]

Holly TrinidadO: 719.630.2277C: [email protected]

Mike HowardO: 719.630.2277C: 801.319.5976

[email protected]

Mike WattO: 719.630.2277C: [email protected]

RD TrinidadO: 719.630.2277C: 719.337.0287

[email protected]

Joel LongshoreO: 719.630.2277C: 719.354.8725

[email protected]

Steve CoxO: 719.630.2277C: [email protected]

Steve LeighO: 719.630.2277C: [email protected]

Tim LeighO: 719.630.2277C: [email protected]

SIZE

212 S. CHESTNUT ST.

212 South Chestnut Street,Woodland Park, CO 80866

TERMS

$240,000

1,760 SQFT FOR SALE SIZE

2141 N. ACADEMY BLVD.

2141 North Academy Boulevard,Colorado Springs, CO 80909

TERMS

$550 /MONTH (MG)

440 SQFT FOR LEASE SIZE

407 S. TEJON ST.

407 South Tejon Street, Colorado Springs, CO 80903

TERMS

$1,300 /MONTH

1,300 SQFT FOR LEASE

LEASED LEASED

Tony WhiteO: 719.630.2277C: [email protected]

Janelle AllenO: 719.630.2277C: [email protected]

Rick NelsonO: 719.630.2277C: [email protected]

Reese WattO: 719.630.2277C: [email protected]

SOLD

OUR NETWORK IS YOUR EDGE.

All information is from sources deemed reliable and is subject to errors,omissions, change of price, rental, prior sale, and withdrawal without notice. Prospect should carefully verify each item of information contained herein.

Hoff & Leigh | 1259 Lake Plaza Drive | Colorado Springs, CO 80906 | 719.630.2277 office www.hoffleigh.com/colorado-springs


Colorado Springs, CO

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