NORTHERN VIRGINIA OFFICE MARKET

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1 REAL ESTATE OUTLOOK NORTHERN VIRGINIA OFFICE MARKET Office market strengthens during Q4 Demand driven by handful of mid-sized deals The Northern Virginia office market experienced healthy conditions during the fourth quarter of 2015, as the direct vacancy rate edged down 20 basis points to 16.0% and net absorption was positive 429,000 SF driven by leasing activity in the Class B/C market. Asking rents stabilized during the fourth quarter, but declined 1.1% since year-end We project demand will gradually rise over the next several years, driven by the tech sector and interest surrounding the recently opened Silver Line. However, progress will be sluggish compared to past recovery cycles. OFFICE TRENDS 10-YEAR TREND OVERALL 16.0% Vacancy rate ticks down ECONOMY Growth in professional/business services fueled by the tech sector Payroll employment increased 31,900 during the 12 months ending October 2015 in Northern Virginia, which is above the 20-year annual average of 24,900. The professional/business services sector grew 9,300 of these jobs during the past 12 months, with the computer systems design sub-sector accounting for 53% of these jobs. After job cuts during 2013 and 2014, the professional/ business services sector is gaining steam, particularly in the tech sector. The leisure/hospitality sector followed with 8,000 new jobs, with the food services sub-sector accounting for 81% of these jobs. RENTAL RATES 464,000 SF Demand picking up, but below 10-yr average $31.02 PSF Down 1.1% during 2015 The Northern Virginia unemployment rate is the lowest in the Washington metro area at 3.4% at October 2015, down from 3.9% one year ago. The unemployment rate is below the 10-year average of 3.9%. This compares to the Washington metro area unemployment rate of 4.3% and the national rate of 5.0% at October. UNDER CONSTRUCTION 3.6 Million SF Construction pipeline controlled We expect conditions to pick up during 2016 and 2017, as consumer and business confidence strengthens to fuel the Northern Virginia economy. Through 2019, we expect job growth to average 21,000, with the strongest job growth occurring during 2016 and We expect the health, technology, construction, and food services industries to fuel job growth in the period ahead. JOB GROWTH 31,900 Jobs During 12-months ending October 2015

2 NORTHERN VIRGINIA OFFICE MARKET UNEMPLOYMENT RATE UNITED STATES WASHINGTON METRO AREA NORTHERN VIRGINIA 12% 10% 8% OFFICE AND DEMAND Class A sets tone for healthy year Northern Virginia s direct vacancy rate was 16.0% at December 2015, down 20 basis points from three months prior. This is still well above the 10-year average of 11.8%. 6% 4% 2% 0% * *At October 2015 SOURCE: Bureau of Labor Statistics, Transwestern The Class A direct vacancy rate increased slightly to 13.2% at December 2015, from 13.1% at September Despite this, the rate is down 70 basis points from year-end The Class B/C direct vacancy rate decreased to 17.5% at December 2015, down 30 basis points from three months prior. PAYROLL JOB GROWTH 5% 4% 3% 2% 1% 0% -1% -2% -3% -4% -5% UNITED STATES WASHINGTON METRO AREA NORTHERN VIRGINIA NORTHERN VIRGINIA OFFICE NET AND * *12 months ending October 2015 SOURCE: Bureau of Labor Statistics, Transwestern NET IN MILLIONS DIRECT RATE * 18% 16% 14% 12% 10% 8% 6% 4% *At fourth quarter 2015 Net absorption totaled positive 429,000 SF during the fourth quarter of 2015, compared to a revised negative 199,000 SF during the third quarter. Of note, the third quarter data was revised given the termination of the 625,000 SF Transportation Security Administration deal, which occurred during the fourth quarter. During 2015, net absorption totaled 464,000 SF. This compares to the 10-year annual average of positive 1.0 million SF. Class A accounted for 680,000 SF, compared to negative 216,000 SF for Class B/C space. The Tysons Corner submarket was the leader in net absorption during the past three months due to several mid-size deals including Kettler Management Corporation taking 34,200 SF at 8255 Greensboro Drive and TD Bank leasing 22,300 SF at 1919 Gallows Road. Other notable deals for the quarter include Fairfax County School Board taking 129,000 SF at 8270 Willow Oaks Corporate Drive in Merrifield and Tetra Tech AMT taking 60,000 SF at 1515 Wilson Boulevard in the RCB Corridor. The gain for the Northern Virginia office market was offset slightly by a handful of notable move-outs. For example, BAE Systems vacated 157,000 SF at 2525 Network Place in Herndon and General Dynamics vacated 47,000 SF at 8270 Willow Oaks Corporate Drive in Merrifield. During 2015, the tech sector represented the largest share of leasing activity at 23% of total leasing for new or relet deals. This was due to several midsized deals such as DLT Solutions inking 40,000 SF in Herndon earlier this year. Following was the professional and business services sector and financial sector, both representing 19% of total activity. OFFICE SUPPLY AND DEVELOPMENT Construction pipeline expands and is well pre-leased There were three office deliveries during the fourth quarter of Merritt Properties delivered 32,700 SF at Ashbrook Place in Loudon County for Geico s Claims Training Center. HCA Holdings completed 95,000 SF at Gum Springs Road in Aldie that was delivered vacant. Lastly, a 20,700 SF office 2 REAL ESTATE OUTLOOK NORTHERN VIRGINIA OFFICE MARKET Q4 2015

3 condo building was built at 4290 Chain Bridge Road in the Oakton/Fairfax City submarket. A total of 755,000 SF delivered during 2015 at 8% leased upon delivery. There is 3.6 million SF of office space under construction or renovation in Northern Virginia at December The pipeline is currently 82% pre-leased, well above the 10-year average pre-lease rate of 47%. The pipeline has expanded since year-end 2014 when 2.0 million SF was underway at 50% pre-leased. Tysons Corner has the greatest amount of space under construction at December 2015, totaling 1.8 million SF at 80% pre-leased. This is highlighted by 975,000 SF at Capital One Drive N, which will deliver in 2018 and be Capital One s new headquarters. Also notable is MITRE s build-to-suit of 340,000 SF at 7598 Colshire Drive. This project is due to delivery by fall NORTHERN VIRGINIA OFFICE ASKING RENTAL RATES $40 $35 $30 $25 $20 $15 CLASS A CLASS B/C * *At fourth quarter 2015 We project demand will gradually rise over the next several years, driven by the tech sector and interest surrounding the recently opened Silver Line. However, progress will be sluggish compared to past recovery cycles. OFFICE PROJECTED SUPPLY VS. DEMAND Overall vacancy rate to decline We project the overall Northern Virginia vacancy rate to edge down to the high-15% range by year-end 2017, from 16.8% today. We expect the overall vacancy rate to decline on average 40 basis points per year through year-end This compares to a 150 basis point decline per year during the past two recovery periods. NORTHERN VIRGINIA OFFICE DEVELOPMENT PIPELINE IN MILLIONS COMPLETED UNDER CONSTRUCTION PRE-LEASED UNDER CONSTRUCTION AVAILABLE * *Completed YTD The decline in vacancy is sluggish compared to past recovery periods due to several factors. The first is tenant uncertainty. Although the federal government has signed a budget deal that will alleviate some of the sequestration pressure, the deal is a short-term solution to a longer term problem as the looming deficit remains an issue. We expect tenants to gain greater certainty about the economy over the next two years and therefore be more apt to lease office space. The second factor is densification. Tenants that are leasing office space are typically reducing the amount of square feet leased per employee by approximately 15% to 20%. REAL ESTATE OUTLOOK NORTHERN VIRGINIA OFFICE MARKET Q

4 NORTHERN VIRGINIA OFFICE MARKET OFFICE RENTAL RATES Asking rents flat during Q4 The Northern Virginia average asking rental rate was $31.02 PSF at December 2015, remaining flat compared to three months prior. Class A office rents averaged $33.66 PSF, while Class B/C rents averaged $28.49 PSF. Asking rents decreased 1.1% during all of We expect asking rents will stabilize during 2016, possibly edging up 0.5% to 1.5%. Landlords continue to offer generous concession packages in order to compete for tenants. For a typical 10-year term for a new lease, tenant improvement allowances averaged around $68.00 PSF with 11.9 months of free rent for deals inked since the start of Concessions are on par with 2014 levels which averaged $68.00 in tenant improvement allowances and 10.5 months in free rent. Effective rents will remain under pressure in the near term due to elevated concession packages. OFFICE INVESTMENT MARKET Investment activity surpasses 2014 The investment sales volume totaled $2.4 billion or $233 PSF in Northern Virginia during 2015, compared to $2.0 billion at $282 PSF during Notably, Tamares Group and Ilmarinen Mutual Pension Insurance Company purchased the Gannett buildings at 7950 Jones Branch Drive in the Tysons Corner submarket for $270 million or $343 PSF during the fourth quarter of In addition, American Real Estate Partners bought Loudoun County Parkway and 4409 Waxpool Road in Loudoun County for $212.5 million or $118 PSF. Verizon sold these assets in a sale-leaseback. Investors focused slightly more capital on Class A assets, as this class represented 60% of the total sales volume in This is in line with 2014 and 2013, when capital invested in Class A product represented 62% and 52% of the total volume, respectively. 40% of the capital invested in 2015 was focused on assets located in highly walkable neighborhoods with access to transportation, retail, and other amenities while 41% of the total sales volume was allocated to car dependent locations. We expect investment sales in Northern Virginia to pick up during 2016, with a focus on product that is well-located, particularly with proximity to the Silver line and along the Dulles Toll Road. Interest in Class B value-add assets are gaining traction, which suggests the lowered post-recession pricing on suburban assets will start to rise. OFFICE MARKET OUTLOOK Office market to strengthen during 2016 We expect the Northern Virginia office market to gradually recover over the next two years. Select tenants are taking advantage of depressed rates and elevated concession packages. Although the Class B/C market picked up during the past three months, net absorption remained negative for We expect the Class B/C market to remain sluggish during 2016, as tenants continue the flight to quality. Although developers have kept construction levels in-check, we expect construction will continue to grow surrounding the Silver Line and owners will look to renovate older assets to Class A product. Overall, the Northern Virginia office market will remain challenged in the short run and take time to recover. Select submarkets with a relatively low vacancy rate, controlled pipeline and no significant move-outs on the horizon are poised to recover first. 4 REAL ESTATE OUTLOOK NORTHERN VIRGINIA OFFICE MARKET Q4 2015

5 Northern Virginia Office Market Indicators PROPERTY CLASS INVENTORY UNDER CONSTRUCTION Q4 NET 2015 NET DIRECT SUBLEASE SPACE OVERALL AVERAGE RATE PSF Class A 66,607,606 3,615,461 17, , % 1.2% 14.4% $33.66 Class B/C 125,455,339 20, ,000 (216,000) 17.5% 0.7% 18.1% $28.49 Total 192,062,945 3,635, , , % 0.9% 16.8% $31.02 Northern Virginia Office Market Notable Lease Transactions TENANT DEAL TYPE ADDRESS SUBMARKET SQUARE FEET GSA - Department of Defense Renewal 2530 Crystal Drive / 2521 S. Clark Street Crystal/Pentagon City 912,000 Fairfax County School Board New Lease 8270 Willow Oaks Corporate Drive Merrifield 129,000 GSA - Patent and Trademark Office Renewal 2051 Jamieson Avenue Old Town 54,000 Distil Networks, Inc. New Lease 4501 N. Fairfax Drive RCB Corridor 31,000 Your Recruiting Co. New Lease 3975 Fair Ridge Drive Fairfax Center 27,000 SRI New Lease 1875 Explorer Street Reston 26,000 TD Bank New Lease 1919 Gallows Road Tysons Corner 22,000 SOURCE: CoStar, County Newsletters, Washington Business Journal, Washington Post, Transwestern Northern Virginia Office Market Construction Activity SUBMARKET SQUARE FEET UNDER CONSTRUCTION/RENOVATION PERCENT PRE-LEASED RCB Corridor 719,548 65% Eisenhower Ave Corridor 700,000 97% Tysons Corner 1,791,913 80% Rt. 28 South/Chantilly 160, % Loudoun County 264,500 92% Total 3,635,961 82% REAL ESTATE OUTLOOK NORTHERN VIRGINIA OFFICE MARKET Q

6 NORTHERN VIRGINIA OFFICE MARKET Northern Virginia Office Market Indicators SUBMARKET INVENTORY UNDER CONSTRUCTION Q4 NET 2015 NET DIRECT SUBLEASE SPACE TOTAL AVERAGE RATE PSF RCB Corridor 23,984, ,548 72,000 (288,000) 20.7% 0.9% 21.6% $40.57 Crystal/Pentagon City 14,337, , , % 0.3% 17.0% $36.61 Old Town 8,389, , % 0.9% 11.1% $32.19 Eisenhower Ave Corridor 9,202, ,000 37,000 (4,000) 21.6% 2.0% 23.6% $32.78 Springfield/Huntington/I-95 8,030, ,000 80, % 1.6% 20.4% $28.53 Bailey's/Falls Church/Annandale 7,382,823 0 (15,000) (185,000) 26.0% 0.6% 26.6% $28.56 Merrifield 9,247, ,000 46, % 1.1% 12.7% $31.54 Reston 18,797, , , % 0.9% 12.4% $27.59 Herndon 12,253,982 0 (159,000) (319,000) 13.2% 1.6% 14.8% $27.08 Tysons Corner 28,814,092 1,791, ,000 67, % 1.0% 16.0% $32.58 McLean/Vienna 2,370, ,000 33, % 0.0% 12.7% $31.73 Oakton/Fairfax City 5,840, ,000 53, % 0.4% 14.6% $23.74 Fairfax Center 7,248,110 0 (36,000) (65,000) 15.3% 0.9% 16.2% $26.24 Rt. 28 South/Chantilly 13,857, ,000 55, , % 0.4% 17.4% $25.18 Loudoun County 15,843, ,500 28, , % 0.3% 16.6% $23.46 Prince William County 6,462, ,000 97, % 0.3% 11.2% $22.41 Total 192,062,945 3,635, , , % 0.9% 16.8% $31.02 CONTACT Elizabeth Norton Managing Research Director Mid-Atlantic elizabeth.norton@transwestern.com METHODOLOGY The information in this report is the result of a compilation of information on office properties located in the Northern Virginia area. This report includes single-tenant, multitenant and owner-user office properties 15,000 SF and larger, excluding properties owned by a government agency Tysons One Place, Suite 600 McLean, Virginia T Copyright 2016 Transwestern. All rights reserved. No part of this work may be reproduced or distributed to third parties without written permission of the copyright owner. The information contained in this report was gathered by Transwestern from CoStar and other primary and secondary sources believed to be reliable. Transwestern, however, makes no representation concerning the accuracy or completeness of such information and expressly disclaims any responsibility for any inaccuracy contained herein.

7 REAL ESTATE OUTLOOK NORTHERN VIRGINIA FLEX/INDUSTRIAL MARKET Flex/industrial market steady during Q4 Demand driven by mid-sized deals The Northern Virginia flex/industrial was steady during the fourth quarter of 2015, as the direct vacancy rate declined 20 basis points to 7.5% and net absorption was positive 191,000 SF. Net absorption totaled 1.2 million SF during 2015, just above the 10-year average of 1.1 million SF. Landlords increased asking rents by 0.6% during the fourth quarter of 2015 and 2.0% for all of 2015, as the vacancy rate is low enough to warrant this rise. The pipeline expanded during 2015 and is well pre-leased, which will further boost net absorption as these projects deliver. FLEX/INDUSTRIAL TRENDS 10-YEAR TREND OVERALL 7.5% Vacancy rate declines ECONOMY Growth in professional/business services fueled by the tech sector Payroll employment increased 31,900 during the 12 months ending October 2015 in Northern Virginia, which is above the 20-year annual average of 24,900. The professional/business services sector grew 9,300 of these jobs during the past 12 months, with the computer systems design sub-sector accounting for 53% of these jobs. After job cuts during 2013 and 2014, the professional/ business services sector is gaining steam, particularly in the tech sector. The leisure/hospitality sector followed with 8,000 new jobs, with the food services sub-sector accounting for 81% of these jobs. RENTAL RATES 1.2 Million SF Strong demand YTD $9.06 PSF Asking rents up 2.0% YTD The Northern Virginia unemployment rate is the lowest in the Washington metro area at 3.4% at October 2015, down from 3.9% one year ago. The unemployment rate is below the 10-year average of 3.9%. This compares to the Washington metro area unemployment rate of 4.3% and the national rate of 5.0% at October. We expect conditions to pick up during 2016 and 2017, as consumer and business confidence strengthens to fuel the Northern Virginia economy. Through 2019, we expect job growth to average 21,000, with the strongest job growth occurring during 2016 and We expect the health, technology, construction, and food services industries to fuel job growth in the period ahead. UNDER CONSTRUCTION JOB GROWTH 1.5 Million SF Construction pipeline expands 31,900 Jobs During 12-months ending October 2015

8 NORTHERN VIRGINIA FLEX/INDUSTRIAL MARKET NORTHERN VIRGINIA FLEX/INDUSTRIAL NET AND NET IN MILLIONS DIRECT RATE * *At fourth quarter 2015 NORTHERN VIRGINIA FLEX/INDUSTRIAL ASKING RENTAL RATES 13% 12% 11% 10% 9% 8% 7% 6% 5% 4% FLEX/INDUSTRIAL AND DEMAND Another strong year The Northern Virginia direct vacancy rate edged down to 7.5% at year-end 2015, from 7.7% three months prior. The vacancy rate has been declining steadily since The vacancy rate is well below the 10-year average of 9.3%. Bulk Warehouse has the lowest direct vacancy rate among the three product types at 5.9% at December Net absorption totaled positive 191,000 SF during the fourth quarter of 2015, which is below the 10-year average quarterly absorption of positive 321,000 SF. Of the three property types, flex/warehouse contributed the strongest positive net absorption with positive 123,000 SF during the past three months. During 2015, net absorption totaled 1.2 million SF, just above the 10-year average of 1.1 million SF. $15 $14 $13 $12 BULK WAREHOUSE FLEX/WAREHOUSE FLEX/R&D We expect asking rents to rise 2.5% to 3.0% during 2016, as the vacancy rate is low enough to justify rent increases. $11 $10 $9 $8 $7 $ * NORTHERN VIRGINIA FLEX/INDUSTRIAL DEVELOPMENT PIPELINE IN MILLIONS *At fourth quarter 2015 The I-95 Corridor was the leader in net absorption during the past three months, totaling 155,000 SF. The Dulles Corridor contributed the second strongest quarter in the last three months, contributing positive 34,000 SF of net absorption with Mike s Flooring Companies taking 41,200 SF at Sullyfield Circle. Prince William County suffered the weakest quarter with negative 19,000 SF in net absorption due in large part to the move-out of several mid-size tenants, such as Curry s Auto Service vacating space at 5611 Wellington Road COMPLETED UNDER CONSTRUCTION PRE-LEASED UNDER CONSTRUCTION AVAILABLE FLEX/INDUSTRIAL SUPPLY AND DEVELOPMENT Pipeline expands with a high pre-lease rate There were no deliveries in the Northern Virginia flex/ industrial market during the fourth quarter of A total of 650,000 SF delivered at 76% pre-leased during all of The majority of product came on-line in the Dulles Corridor * *Completed YTD Projects under construction or renovation total 1.5 million SF at 70% pre-leased at December The Dulles Corridor amounts for 80% of the total pipeline while the other 20% is in Prince William County. Notably, 8 REAL ESTATE OUTLOOK NORTHERN VIRGINIA FLEX/INDUSTRIAL MARKET Q4 2015

9 Northwestern Mutual Life Insurance Company has four bulk warehouse buildings under construction at Northwoods in the Dulles Corridor, totaling 410,000 SF at 38% pre-leased. COPT has two flex/warehouse buildings at 7086 Wellington Road totaling 142,500 and 150,000 SF respectively in Prince William County. These projects are 100% leased. FLEX/INDUSTRIAL PROJECTED SUPPLY VS. DEMAND Overall vacancy rate to decline We project the overall vacancy rate will decline in Northern Virginia from 7.7% today to the mid-6% range by December We anticipate demand will outpace new supply during this period. The decline during the next year will be driven in part by the demand for retail distribution and housing construction supply. FLEX/INDUSTRIAL RENTAL RATES Rents increase 2.0% during 2015 Flex/industrial asking rents increased 0.6% during the fourth quarter of 2015 and 2.0% during all of Flex/R&D and flex/warehouse rents increased by 1.0% and 0.7%, respectively during the past three months. Bulk warehouse rents edged down 0.1% during this period. We expect asking rents to rise 2.5% to 3.0% during 2016, as the vacancy rate is low enough to justify rent increases. FLEX/INDUSTRIAL INVESTMENT MARKET Investment volume more than doubles the 2014 level Northern Virginia investment activity was robust in 2015, as $408 million or $114 PSF closed. The I-95 Corridor accounted for 61% of the total sales volume. In addition, investors focused capital on flex/warehouse assets, representing 60% of the total investment sales volume. During all of 2014, volume totaled $156 million or $152 PSF. The most notable deal during the fourth quarter was MRP Realty and JP Morgan Asset Management purchasing the Northern Virginia Industrial Park in the I-95 Corridor for $86.5 million, or $106 PSF. We expect the investment market to pick up pace during 2016, as investors take advantage of healthy market conditions and rising demand. FLEX/INDUSTRIAL MARKET OUTLOOK Market fundamentals to remain strong We expect the Northern Virginia flex/industrial market to remain strong during 2016, as demand rises to push the vacancy rate down to the mid-6% range by year-end As demand rises, we expect asking rents to rise 2.5% to 3.0% during 2016 as the vacancy rate is low enough to justify rent increases. The pipeline expanded during 2015 and holds a healthy pre-lease rate which will boost net absorption when the product delivers during We expect the pipeline to remain at current levels as tenants are in the market for upgraded space with a focus on efficient building design and site layout, which includes better trailer loading, clear heights, column spacing, and parking. REAL ESTATE OUTLOOK NORTHERN VIRGINIA FLEX/INDUSTRIAL MARKET Q

10 NORTHERN VIRGINIA FLEX/INDUSTRIAL MARKET Northern Virginia Flex/Industrial Market Indicators PROPERTY TYPE INVENTORY UNDER CONSTRUCTION Q4 NET 2015 NET DIRECT SUBLEASE SPACE OVERALL AVERAGE RATE PSF Bulk Warehouse 20,968, , , , % 0.1% 6.0% $7.34 Flex/Warehouse 59,399,550 1,054, , , % 0.3% 7.9% $9.30 Flex/R&D 4,684,206 0 (35,000) (39,000) 11.8% 0.4% 12.2% $13.68 Total 85,052,324 1,464, ,000 1,222, % 0.3% 7.7% $9.06 Northern Virginia Flex/Industrial Market Notable Lease Transactions TENANT DEAL TYPE ADDRESS SUBMARKET SQUARE FEET Arlington Iron Works Renewal 9127-A Euclid Avenue Prince William County 57,000 Iron Bow Technologies New Lease 3635 Concorde Parkway Dulles Corridor 14,000 Iomaxis, Inc. New Lease 1050 Furnance Road I-95 Corridor 13,000 ABM Building Services New Lease 5701 General Washington Drive I-95 Corridor 12,000 Heritage Contracting Renewal Willard Road Dulles Corridor 12,000 Double Eagle Vending Renewal 9115 Digital Drive Prince William County 8,000 Safelite Autoglass New Lease 2800 Dorr Avenue Beltway (I-495) 7,000 SOURCE: CoStar, County Newsletters, Washington Business Journal, Washington Post, Transwestern Northern Virginia Flex/Industrial Market Construction Activity SUBMARKET SQUARE FEET UNDER CONSTRUCTION/RENOVATION PERCENT PRE-LEASED Dulles Corridor 1,172,497 62% Prince William County 292, % Total 1,464,997 70% 10 REAL ESTATE OUTLOOK NORTHERN VIRGINIA FLEX/INDUSTRIAL MARKET Q4 2015

11 NORTHERN VIRGINIA FLEX/INDUSTRIAL MARKET Northern Virginia Flex/Industrial Market Indicators SUBMARKET INVENTORY UNDER CONSTRUCTION Q4 NET 2015 NET DIRECT SUBLEASE SPACE TOTAL AVERAGE RATE PSF Bulk Warehouse 304, ,000 29, % 0.0% 1.7% N/A Flex/Warehouse 3,180, ,000 32, % 0.1% 3.9% $13.52 Flex/R&D 366, ,000 12, % 0.0% 10.1% $14.18 Beltway (I-495) 3,851, ,000 73, % 0.1% 4.3% $13.59 Bulk Warehouse 5,384, , , % 0.0% 10.7% $7.57 Flex/Warehouse 19,240, , , % 0.5% 8.1% $8.93 Flex/R&D 1,210,412 0 (4,000) 6, % 0.0% 15.4% $15.72 I-95 Corridor 25,836, , , % 0.4% 9.0% $8.97 Bulk Warehouse 70, % 0.0% 0.0% N/A Flex/Warehouse 1,575, ,000 99, % 0.0% 8.8% $12.91 Flex/R&D 592,480 0 (30,000) (70,000) 16.7% 0.0% 16.7% $13.20 Reston/Herndon 2,238,596 0 (2,000) 29, % 0.0% 10.6% $12.99 Bulk Warehouse 10,372, ,400 10,000 96, % 0.0% 4.4% $7.52 Flex/Warehouse 21,844, ,097 26, , % 0.2% 10.1% $10.23 Flex/R&D 2,181,789 0 (2,000) 9, % 0.9% 10.1% $13.16 Dulles Corridor 34,398,018 1,172,497 34, , % 0.2% 8.4% $9.60 Bulk Warehouse 4,835, , , % 0.6% 4.6% $6.69 Flex/Warehouse 13,559, ,500 (24,000) (20,000) 5.0% 0.1% 5.0% $6.89 Flex/R&D 333, , % 0.0% 9.0% $10.04 Prince William County 18,727, ,500 (19,000) 162, % 0.2% 5.0% $6.90 Bulk Warehouse 20,968, , , , % 0.1% 6.0% $7.34 Flex/Warehouse 59,399,550 1,054, , , % 0.3% 7.9% $9.30 Flex/R&D 4,684,206 0 (35,000) (39,000) 11.8% 0.4% 12.2% $13.68 Northern Virginia Total 85,052,324 1,464, ,000 1,222, % 0.3% 7.7% $9.06 CONTACT Elizabeth Norton Managing Research Director Mid-Atlantic elizabeth.norton@transwestern.com METHODOLOGY The information in this report is the result of a compilation of information on office properties located in the Northern Virginia area. This report includes single-tenant, multitenant and owner-user office properties 15,000 SF and larger, excluding properties owned by a government agency Tysons One Place, Suite 600 McLean, Virginia T Copyright 2016 Transwestern. All rights reserved. No part of this work may be reproduced or distributed to third parties without written permission of the copyright owner. The information contained in this report was gathered by Transwestern from CoStar and other primary and secondary sources believed to be reliable. Transwestern, however, makes no representation concerning the accuracy or completeness of such information and expressly disclaims any responsibility for any inaccuracy contained herein.