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Definitions of key terms in this report Total Rentable Square Feet: Office space in buildings with 25,000 square feet or more of speculative office space, including competitive space in Class A, B and C single -tenant and multi -tenant buildings. Excludes non-competitive owner -occupied buildings, buildings that include 30 percent or greater of medical or retail space, and space that is under construction, under - renovation or off -market. Class A Space: Space that an image -conscious company would lease for its headquarters. Typically, this space has a very high level of finish, an excellent location, and commands the highest rents in the market. Class B Space: Highly functional, attractive space that is less prestigious than Class A Space, and commands lower rental rates. Class C Space: Functional, competitive space with a lower level of finish and/or a less desirable location than Class B Space and commands lower rental rates. Low -Rise: Buildings with four or fewer total floors Mid -Rise: Buildings with five or 13 total floors. High -Rise: Buildings with 14 or more floors. Direct Vacancy: Space in existing buildings that is vacant and immediately available during the quarter for direct lease, plus space that is vacant but not available for direct lease or sublease (for example, being held for a future commitment). Total Vacancy: Space in existing buildings that is vacant and immediately available during the quarter for direct lease or for sublease, plus space that is vacant but not available for direct lease or sublease. Net Absorption: Net change in occupied square feet from one period to the next (including the impact of change in vacant space available for sublease). Leasing Activity: Square feet leased from all known transactions completed during the quarter excluding lease renewals. Weighted Average Asking Rental Rates: Rental rates weighted by the total square feet available for direct (ease and includes all costs associated with occupying the space, including taxes, insurance, maintenance, janitorial service and utilities. Space Added (Net): Total square feet added during the quarter via construction completions, including renovated space returned to market, less total square feet taken off -market due to demolitions or conversions. Under Construction: Includes buildings that are in some phase of construction, beginning with foundation work and ending with the issuance of a Certificate of Occupancy. Technical Note: Colliers International is continuously refining its database. The data shown in the historical tables and graphics in this report have been adjusted to take into account these changes in the database. This report has been prepared by Colliers International for general information only. Information contained herein has been obtained from sources deemed reliable and no representation is made as to the accuracy thereof. Colliers International does not guarantee, warrant or represent that the information contained in this document is correct. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties wising out of this document and excludes all liability for loss and damages arising therefrom. This report and other research materials may be found on our website at www.colliers.com/yreaterlosongetes. 438 offices in 68 countries on 6 continents United States: 155 > $3.3 billion in annual revenue Canada: 48 > 2.0 billion square feet under Latin America: 20 management Asia Pacific: 44 > Over 17,000 professionals EMEA: 119 UNITED STATES: Orange County Office License No. 00813140 TEL: +1 949 474 0707 3 Park Plaza, 12th Floor FAX: +1 949 724 5600 Irvine, CA 92614 CAITLIN MATTESON ROBERT CAUDILL Research Director Regional Director/O.C. Research Services