2017 PHOENIX INDUSTRIAL REPORT. Building. Lincoln Logistics 40 Ownership. LPC / GS Construction Start.. November 2017 Construction End.

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1 Q PHOENIX INDUSTRIAL REPORT Building. Lincoln Logistics 40 Ownership. LPC / GS Construction Start.. November 2017 Construction End.August 2018

2 T he Industrial Sector has been one of the top performing sectors in real estate and this quarter was no different. During the fourth quarter the Phoenix Industrial Market continued to see an influx of users from out of state looking to establish operations in Phoenix. As companies continue to move into Phoenix, several major projects broke ground in order to keep pace with the growing requirements for space. The Phoenix Industrial Market finished 2017 strong, with market fundamentals continuing to trend in the right direction. Vacancy rates dropped to 7.91% representing the lowest vacancy since 2005.* Rental rates ended 2017 at $0.59 marking the 9th consecutive year of positive rental growth. * There was over 2.4M SF of positive space absorption this quarter bringing YTD absorption to over 8M SF. Largest lease signing of 2017 was UPS at PV/303 Building for 618,350 SF Largest delivery of 2017 was Conair in Glendale for 1,000,000 SF There was over 6.7 M SF of industrial product delivered in 2017 with many big box projects being pre-leased or becoming fully occupied quickly after delivery. Some notable examples include Conair and PV/303, both of which are now 100% occupied. Arizona s business friendly regulations, cost efficiencies, skilled labor force and centralized location in the region are all key reasons why we can expect to see high net absorption and construction activity this year as more businesses choose to relocate to the Phoenix market and existing firms choose to expand. DAVID R. KRUMWIEDE EXECUTIVE VICE PRESIDENT JOHN H. ORSAK DIRECTOR OF REAL ESTATE JUSTIN M. ARNITZ ASSOCIATE LINCOLN PROPERTY COMPANY / Q4 PHOENIX INDUSTRIAL / 1

3 MARKET FUNDAMENTALS ANNUAL COMPARISON Q 4 VACANCY VACANCY 7.91% 9.47% Q RENTAL RATES $0.59 RENTAL RATES $0.57 SF UNDER CONSTRUCTION 5.6 M SF UNDER CONSTRUCTION 3.8 M YTD NET ABSORPTION 8.2 M YTD NET ABSORPTION 6.6 M LINCOLN PROPERTY COMPANY / Q4 PHOENIX INDUSTRIAL / 2

4 LEASING & SALES ACTIVITY LPC s Broadway 101 LINCOLN PROPERTY COMPANY / Q4 PHOENIX INDUSTRIAL / 3

5 Leasing and sales activity maintained positive momentum through the conclusion of the Fourth Quarter. Vacancy rates now at 7.91% are 156 basis points lower from this period last year. Rental rates ended 2017 at $0.59 and have continued to improve, growing 3.5% this year. This quarter also saw several major leases being signed over a wide range of submarkets indicating strong activity across the Phoenix Industrial Sector. The largest sale of the quarter was Aligned Data Center that traded for $106 PSF. PHOENIX VACANCY LARGEST LEASES California Closets (302,640 SF) Tolleson Palo Verde Dis. Center Mercury Systems, Inc. (116,078 SF) Phoenix 3601 E University Dr. Footprint Manufacturing (131,796 SF) Gilbert Park Lucero Benchmark Electronics (121,731 SF) Phoenix S. Bank Business Park LARGEST SALES Aligned Data Center (Phoenix) 550,000 SF / $106 SF Buyer: Blue Mountain Capital / Seller: LBA Realty 7200 W Buckeye (Buckeye) 400,000 SF / $78 SF Buyer: Cohen Asset MGMT / Seller: UBS Realty Investors Av-Air HQ (Chandler) 162,714 SF / $163 Buyer: Rich Uncles Real Estate / Seller: Av-Air Inc 319,500, ,000, ,500, ,000, ,500, ,000, ,500,000 71,000,000 35,500, % Average Vacancy 16' Q1 16' Q2 16' Q3 16' Q4 17' Q1 17' Q2 17' Q3 17' Q4 Total Existing SF Total Available SF Vacancy % 11.00% 10.00% 9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% PHOENIX ASKING RATES $0.60 $0.59 $0.59 $0.59 $0.58 $0.58 $0.57 $0.57 $0.57 $0.57 $0.56 $0.56 $0.54 $0.55 $0.54 $0.53 $0.52 $ ' Q1 16' Q2 16' Q3 16' Q4 17' Q1 17' Q2 17' Q3 17' Q4 8 quarter trend 8 quarter trend LINCOLN PROPERTY COMPANY / Q4 PHOENIX INDUSTRIAL / 4

6 CONSTRUCTION ACTIVITY LPC s Lincoln Logistics 40 Site LINCOLN PROPERTY COMPANY / Q4 PHOENIX INDUSTRIAL / 5

7 As more users continue to recognize the economic benefits of Phoenix, construction activity has continued to pick up this quarter with over 5.4 M SF of product in the pipeline. We are pleased to announce that Lincoln Logistics 40 broke ground and will be delivered in the second quarter of this year. As users requirements continue to evolve it is imperative that buildings can adapt to meet these changing needs. Lincoln Logistics 40 was designed for this purpose and features 40 clear heights, energy efficient clear-story windows, and increased parking capacities. 2,500,000 2,000,000 1,500,000 1,000,000 NET ABSORPTION VS DELIVERIES 1,881,716 SF Average Net Absorption 1,464,489 SF Average Deliveries There was also over 2.4M SF of positive space absorption this quarter making this the fourth year of net absorption being greater than 6 M SF, something that has not occurred since ** 500, ' Q1 16' Q2 16' Q3 16' Q4 17' Q1 17' Q2 17' Q3 17' Q4 UNDER CONSTRUCTION Net Absorption Deliveries LPC s Lincoln Logistics 40 (901,700 SF) Goodyear Chewy.com - BTS - (918,000 SF) Goodyear 2017 NET ABSORPTION DELIVERIES PV/303 (640,000 SF) Goodyear Prologis Riverside (472,082 SF) Buckeye 2,401,659 8,150,770 SF YTD 1,959,765 50% Pre Leased (Amazon) Liberty Logistics Center II (437,105 SF) Phoenix 2,368,049 1,421,297 60% Pre Leased (Essendant Co) Opus Goodyear Crossing (540,349 SF) Goodyear Q1 Q2 Q3 Q4 LINCOLN PROPERTY COMPANY / Q4 PHOENIX INDUSTRIAL / 6

8 FOURTH QUARTER DATA DATA SOURCE TOTAL EXISTING SF TOTAL AVAILABLE SF VACANCY % NET ABSORPTION Q4 CBRE 309,208,881 21,143, % 2,409,667 Colliers 293,957,056 23,517, % 2,146,386 Costar 321,104,905 25,002, % 2,684,912 Cushman & Wakefield 310,643,801 24,556, % 2,600,022 JLL 266,611,862 28,260, % 2,931,981 Lee & Associates 300,495,997 23,698, % 1,930,399 NGKF 284,226,488 26,433, % 2,108,243 LPC Averages 298,035,570 24,658, % 2,401,659 DATA SOURCE UNDER CONSTRUCTION COMPLETED Q4 COMPLETED YTD ASKING RATES CBRE 6,559,152 1,554,955 7,387,786 $0.64 Colliers 5,236,191 1,230,496 5,638,819 $0.57 Costar 6,888,332 1,344,577 6,201,592 $0.60 Cushman & Wakefield 5,170,539 1,460,000 N/A $0.58 JLL 4,973,875 1,820,115 6,633,039 $0.52 Lee & Associates 5,196,802 2,205,541 7,108,502 $0.59 NGKF 5,466,985 1,675,412 7,532,828 $0.61 LPC Averages 5,641,697 1,613,014 6,750,428 $0.59 Lincoln Property Company reflects market data averaged from across the market s major brokerage houses. *Lee & Associates **JLL LINCOLN PROPERTY COMPANY / Q4 PHOENIX INDUSTRIAL / 7

9 Lincoln Property Company s Desert West Region provides a full spectrum of real estate services in Arizona, Nevada, Utah and New Mexico. Based in Phoenix, Arizona, the Desert West office specializes in office, industrial, and retail investment, development, and property management. Together, our team of experts manage nearly 6 million square feet, has acquired approximately 4 million square feet and developed nearly 3 million square feet of commercial product. LET S TALK David R. Krumwiede Executive Vice President dkrumwiede@lpc.com John H. Orsak Director of Real Estate jorsak@lpc.com Justin M. Arnitz Associate jarnitz@lpc.com / LPCPHX.COM LINCOLN PROPERTY COMPANY / Q4 PHOENIX INDUSTRIAL / 8

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