Bigger Port, Bigger Industrial Buildings In. South Carolina SOUTH CAROLINA INDUSTRIAL Q Research & Forecast Report.

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1 Research & Forecast Report SOUTH CAROLINA INDUSTRIAL Q Bigger Port, Bigger Industrial Buildings In South Carolina Bryana Mistretta Research Coordinator South Carolina Key Takeaways > > The market is maturing to a point that is sustainable for the development of larger speculative buildings. > > Growing demand for two-day delivery is causing a shift from West Coast to East Coast shipping. Maturing Market Means Bigger Spec Market Indicators Relative to prior period Q Q1 2017* VACANCY NET ABSORPTION CONSTRUCTION RENTAL RATE The South Carolina industrial market is seeing demand for larger warehouse and distribution facilities between 200,000 and 700,000 square feet. Driving the demand is expansion of the e-commerce market, expansion of major manufacturers and low vacancy in the region. To capitalize on this, investors and developers are expanding their portfolios across the state. To meet the demand of the e-commerce market, retailers need larger distribution centers capable of holding a larger supply of product to fulfill customer orders quickly. Many of the distribution centers need 36- to 40-foot clearance heights and cross-docked loading to allow products to be stored and moved through the facility more efficiently. Access to a deep-water port, an inland port and five major interstates attract these types of companies to the state. South Carolina has access to more than 78% of the nation s population within a 16-hour truck drive of Columbia, the geographic center of the state, providing a strong opportunity to e-commerce platforms and other distributors to fulfill customer orders and provide last-mile delivery in a much shorter time frame. The recent announcements and expansions of manufacturers such as Volvo, Daimler, Boeing, Michelin, BMW and five major tire manufacturing companies are creating a wave of demand for industrial buildings in the region from automotive and aerospace suppliers and distributors. This demand, coupled with low vacancy, has increased the need for new and larger developments. Vacancy rates below 10% are an indication of a strong, tight market. The overall vacancy rate for the South Carolina industrial market was 7.1% at the end of the fourth quarter, down from 7.9% a year ago. Availability of large buildings, 200,000 square feet or larger, Note: Construction is the change in Under Construction. *Projected South Carolina Industrial Inventory I-77 Corridor 33.8 million SF South Carolina 358 million SF Source: Colliers International, CoStar Midlands 83.5 million SF Charleston 35.5 million SF Upstate million SF

2 provides companies moving to the region an advanced speed to market. Such options are limited in markets like Charleston and Greenville, whereas the Midlands has six quality second-generation buildings, including the former Little Tykes, Bose, Urban Outfitters and Mac Truck buildings. Collectively, these buildings offer 1,845,000 square feet of available product to the market. The Midlands is also the only South Carolina industrial market with certified mega sites available: I-95 Mega Site in Clarendon County, I-26 Mega Site in Newberry County, Central South Carolina Mega Site in Kershaw County and the White Hawk Commerce Park in Florence County. Mega sites have a minimum of 1,000 contiguous acres of developable land with access to utilities, a network of transportation infrastructure and the workforce to support a major employer. These sites are attractive to major employers because they have the infrastructure to support manufacturing or distribution campuses over 1 million square feet with a readily available workforce. The markets in Charleston and the Upstate are now maturing to a point sustainable for development of speculative buildings over 200,000 square feet. Proximity to I-85, I-26 and I-95, which lead to major markets like Atlanta, Charlotte and Richmond and offer direct connection to the Port of Charleston and Inland Port Greer, have spurred growth over the last three years. In Charleston, institutional developers and investors like Clarius Partners, Rockefeller Group, CenterPoint Properties, SunCap, Exeter and Gramercy Property Trust are most active. Clarius is developing a speculative building in Omni Industrial Campus, and SunCap Property Group and WestRock recently completed a speculative building in the North Pointe Business Campus. These investors are also acquiring well-positioned, fully-leased assets with in-place yields. By expanding their portfolios, they are attracting new institutional developers and regional investors, a trend that is expected to continue through In the past, the Upstate s largest buildings were build-to-suits for companies like BMW, Dollar Tree, Michelin and Amazon. Over the last three years, nine speculative buildings over 200,000 square feet were constructed. Six of them were built in 2016 alone, including buildings in the Flatwood, Wingo and White Horse industrial parks. Other buildings are starting to fill the development pipeline, such as the recently announced 332,000-square-foot building in Augusta Grove. These larger buildings are valued by users supplying larger manufacturers or distributing large amounts of products throughout the region. The rapidly growing demand for products just-in-time and the boom of e-commerce will continue to drive the need for larger buildings in the Upstate due to its efficient logistics system. In today s e-commerce-centric market, next-day and two-day delivery is an expected convenience for retailers, customers and manufacturers. Consumer goods manufacturers and distributers are under more pressure to meet this demand, making speed to market an even more valuable site selection factor. South Carolina s unique position and strong logistics network, coupled with the available labor force, will drive new investments from new and existing companies. Access to some of the country s primary markets and more than 235 million people is a unique advantage for distributers and manufacturers of consumer goods that require next day or two-day delivery of their supplies or products. This access, coupled with the availability of large buildings and megasites, provides these companies a speed to market that their customers are demanding. West Coast to East Coast Shift The expansion of the Panama Canal has shifted attention to the nation s East Coast ports. Supporting the shift is the large population on the East Coast and a growing e-commerce market. The East Coast is home to 55.4% of the nation s 324 million people. South Carolina is centrally located along the East Coast between New York and Miami and has an estimated population of 4.9 million people. Over the next five years, it is expected to grow to 5.2 million people. Additionally, within 500 miles of the Port of Charleston are major markets like Miami, Atlanta, Nashville, Charlotte, Richmond, Cincinnati and Pittsburgh. This is valuable to companies with e-commerce platforms or manufacturing suppliers that must deliver their products just-in-time to larger manufacturers. The Panama Canal Expansion opened in June 2016, allowing for larger and heavier post-panamax ships to travel through the locks. Prior to the expansion, only Panamax ships, which can hold up to 5,000 Twenty-foot Equivalent Units (TEUs), could use the canal. Today, new Panamax and post-panamax ships, with a capacity to hold 12,000 TEUs and 16,000 TEUs, respectively, can access East coast ports. To prepare for this change, ports along the East coast have started planning deeper port channels and new infrastructure in a race to capture this business. Charleston is competitive with other East Coast ports because of its central location, and has already begun several major capital improvements. At 48 feet deep, it is one of the nation s deepest ports. In December 2016, the Water Resources Development Act was enacted, allowing the Charleston Harbor Deepening Project to move forward. Once deepened in 2020, the entrance to the harbor will be 54 feet deep and the harbor will be 52 feet deep. The project will allow larger ships to access the port at any time, making Charleston the only East Coast port able to accept calls from post- Panamax ships at full capacity (16,000 TEUs) at any tide. Additionally the South Carolina Ports Authority (SCPA) will invest $600 million to install heavier cranes and stronger infrastructure at the Wando Welch Terminal to accommodate the larger capacity vessels. Construction of the Hugh K. Leatherman, Sr. Terminal is underway, which according to the SCPA, will increase the container capacity of the Port of Charleston by 50%. The $700 million terminal has been funded and is the only permitted container terminal under construction on the East or Gulf coast. The Navy Base Intermodal Facility is also underway on 118 acres of the former Charleston Naval Complex. The facility will connect to CSX and Norfolk Southern rail lines and have a drayage road connecting 2 South Carolina Research & Forecast Report Q South Carolina Industrial Colliers International

3 Statewide Construction Project Name / Address County Market Size (SF) Construction Status Delivery Date Toray - Phase I Spartanburg Greenville 750,000 Delivered Q Husqvarna Orangeburg Columbia 513,000 Delivered Q The Boeing Company Paint Hangar Charleston Charleston 360,000 Delivered Q Paragon Way York I ,000 Delivered Q Draxlmaier Expansion Spartanburg Greenville 184,000 Delivered Q Magna International Greenville Greenville 161,600 Delivered Q Google Data Center Berkeley Charleston 82,500 Delivered Q Old Highway 14 South Greenville Greenville 70,000 Delivered Q Protective Packaging Expansion Kershaw Columbia 60,000 Delivered Q Carolina Place York I-77 50,400 Delivered Q Proper Polymers Greenville Greenville 50,000 Delivered Q Daimler Charleston Charleston 1,100,000 Under Construction Q Continental Tires - Phase II Sumter Columbia 720,000 Under Construction Q Omni Industrial Campus - Clarius Spec Berkeley Charleston 587,000 Under Construction - Volvo Cars of North America Berkeley Charleston 500,000 Under Construction Q Legacy Park - West York I ,000 Under Construction - Palmetto Commerce Park - Crosspoint Building 5 Charleston Charleston 273,000 Under Construction Q Omni Industrial Campus - Thorne Nutracentials Berkeley Charleston 270,000 Under Construction - Lakemont Business Park York I ,000 Under Construction - Midway Logistics 2 Lexington Columbia 200,000 Under Construction Q Greenco Beverage Company Greenville Greenville 130,000 Under Construction Q the facility to the Hugh K. Leatherman, Sr. Terminal. Additionally, there will be a port access road and an overpass for Cosgrove Avenue to minimize truck traffic in surrounding neighborhoods and providing direct access to I-26. Another component of the Port of Charleston is the Inland Port Greer, which opened its gates in October of Since then, it has experienced three consecutive record years, ending 2016 with a total of 103,644 rail lifts, a 38.0% increase over the 75,111 rail lifts in The SCPA is also building a second Inland Port off Interstate 95 in Dillon County, 160 miles North of the Port of Charleston near the North Carolina border. The new port will ease traffic as well as accommodate the growing volume at the Port of Charleston by way of a Class 1 CSX rail line. The facility has broken ground and is expected to be completed in early The expansion of the e-commerce market across the country has created a demand for consumer products on a faster timeline. Distributors are searching for larger distribution centers along the East Coast to fill consumer orders within two-three days. The Port of Charleston provides companies an efficient logistics system by train, truck or container ship that can deliver products on time. Market Conditions The South Carolina industrial market continues to tighten as 10.5 million square feet were absorbed this year, ending 2016 with a vacancy rate of 7.1%. The average asking rental rate for industrial space is $3.51 per square foot per year triple net (PSF/YR NNN). Charleston During 2016, more than 2.5 million square feet were absorbed, bringing the market vacancy rate to 4.2%. The Charleston industrial market has the highest average asking rental rate for industrial space in South Carolina, at $4.77 PSF/YR NNN. In only two years, the average asking rental rate has increased by 14.7%. I-77 Corridor The I-77 corridor ended the fourth quarter with a vacancy rate of 10.2%, down from 11.7% at the end of last quarter. The average asking rental rate was $3.42 PSF/YR NNN, up from $3.12 PSF/YR NNN at the start of Midlands The annual absorption for 2016 was 1.7 million square feet, bringing the vacancy rate to 7.4% at the end of the fourth quarter. The average asking rental rate for industrial space remained steady at $3.23 PSF/YR NNN during Over the last two years, the average asking rental rate for industrial space has increased 2.5%. Upstate At the close of the fourth quarter, the overall market absorption was 1.3 million square feet, bringing the overall vacancy rate to 6.9%. The average asking rental rate was $3.44 PSF/YR NNN, relatively unchanged from $3.41 PSF/YR NNN at the start of South Carolina Research & Forecast Report Q South Carolina Industrial Colliers International

4 Q Industrial Market Summary Statistics South Carolina COUNTY CHARLESTON COUNTIES Source: Colliers International, CoStar BUILDINGS INVENTORY (SF) DIRECT VACANT (SF) SUBLEASE VACANT (SF) TOTAL VACANT (SF) TOTAL VACANCY RATE (%) NET ABSORPTION (SF) RENTAL RATE (PSF/YR) Berkeley County ,220, , , % 459,465 $4.77 Charleston County ,039, , , % -35,681 $5.11 Dorchester County 51 4,281, ,022 - Charleston Total ,542,070 1,509,506-1,509, % 573,806 $4.91 MIDLANDS COUNTIES Aiken County 64 10,429, , , % 135,204 $2.94 Calhoun County 9 562,737 30,000-30, % - $3.60 Clarendon County 9 695, ,600 - Darlington County 21 3,565, , , % 17,500 $3.83 Fairfield County 15 2,342, , , % - $2.38 Florence County 110 8,608, , , % 15,544 $1.83 Kershaw County 46 7,921, , , % - $2.92 Lee County 8 823,968 39,598-39, % - $3.50 Lexington County ,396, , , % 140,176 $3.83 Newberry County 17 2,485, Orangeburg County 73 7,972, , , % 528,000 $2.70 Richland County ,174,565 2,750,449-2,750, % -163,682 $3.72 Saluda County 3 400, , , % - $2.30 Sumter County 56 5,165, , , % - $2.44 Midlands Total 1,015 83,544,153 6,152,894-6,152, % 744,342 $3.31 UPSTATE COUNTIES Anderson County ,432,269 1,198,442-1,198, % -80,050 $3.44 Cherokee County 67 7,451,902 1,156,675-1,156, % 135,300 $2.68 Greenville County 1,332 74,454,354 4,729,645-4,729, % 216,121 $4.13 Laurens County 82 11,071, , , % -107,406 $2.55 Oconee County 53 4,349, , , % - $2.21 Pickens County 88 5,393, , , % -244,100 $2.67 Spartanburg County ,050,101 6,021,219-6,021, % 1,324,092 $3.43 Union County 27 3,890,010 35,020-35, % 60,000 $3.23 Upstate Total 2, ,093,129 14,142,191-14,142, % 1,303,957 $3.45 I-77 CORRIDOR Chester County 44 6,022,494 1,696, ,210 1,933, % 60,408 $2.37 Lancaster County 65 5,230, , , % 140,560 $3.65 York County ,610, ,566 6, , % 240,935 $5.27 I-77 Corridor Total ,863,477 3,224, ,210 3,466, % 441,903 $3.56 MARKET TOTALS 4, ,042,829 25,028, ,210 25,270, % 3,064,008 $3.51 Inland Port Greer Monthly Rail Moves November ,076 January ,457 March ,821 May ,620 July ,303 September ,521 November ,465 Sources: South Carolina Ports Authority, Colliers International 4 South Carolina Research & Forecast Report Q South Carolina Industrial Colliers International

5 1,000 Miles 16 Hours Cleveland Philadelphia Des Moines Springfield Indianapolis Columbus Pittsburgh Washington Topeka Kansas City 500 Miles 8 Hours Louisville Cincinnati Richmond Nashville 250 Miles 4 Hours Charlotte Raleigh Greenville Oklahoma City Little Rock Memphis Birmingham Atlanta Columbia Charleston Dallas Montgomery Savannah Jackson Jacksonville Austin Houston New Orleans Efficient Logistics South Carolina s efficient logistics provide companies quick access to suppliers and customers through its ports, rail lines and interstates. South Carolina ports play a vital role in the continued success of the companies investing in the Midland s industrial market by expediting delivery of imports and exports, as well as reducing the cost on the transportation of goods. Total volume for the Port of Charleston at the fiscal year to date shows a 3.4% increase over the 2015 fiscal year to date. The Port of Charleston continues to grow with no signs of slowing down, as it undergoes the construction of a new terminal in North Charleston and a recently funded deepening of its harbor to 52 feet by The location of the inland port extends the reach of the Port of Charleston and its customers beyond South Carolina s borders. The Inland Port in Greer, South Carolina adds to the connectivity of the state by providing a direct route via a Norfolk Southern rail line to the Port of Charleston. The Inland Port recorded 9,392 rail lifts Tampa Miami in August 2016, a 28.3% increase from a year ago. The combined success of the Inland Port and increased demand within South Carolina markets has led the South Carolina Ports Authority (SCPA) to announce plans for a second inland port facility in Dillion County. South Carolina is crossed by five interstates, I-95, I-85, I-26, I-20 and I-77, creating heavy traffic that impacts the quality of the road infrastructure. A recent legislative bill signed by the government will commit $4 billion to fix the most heavily trafficked sections of South Carolina s interstates, including the intersection of I-26 and I-20 in Columbia. The completion of the improvements along these interstates will be key in the expansion of companies reliant on these routes for distribution of goods. 5 South Carolina Research & Forecast Report Q Columbia Industrial Colliers International

6 Statewide Sales Transactions NAME ADDRESS COUNTY SIZE (SF) PRICE PRICE PSF BUYER DATE Rockefeller Group MeadWestvaco FTZ 1334 Drop Off Drive Berkeley 1,100,000 $63,000,000 $57.27 Gramercy Property Trust Dec-16 Charleston Gateway Distribution Center 1125 Newton Way Berkeley 615,000 $41,000,000 $66.60 Centerpoint Properties Nov-16 Wingo Commerce Park 5675 North Blackstock Road Spartanburg 572,000 $20,400,000 $35.62 STAG Industrial Nov-16 Montague Commerce Park 4500 Goer Drive Berkeley 346,000 $8,500,000 $25.54 GF Partners Dec-16 Charleston Regional Business Center IV 2310 Charleston Regional Parkway Berkeley 278,000 $16,000,000 $57.41 Exeter Property Group Dec-16 Midway Logistics 1 Lexington 176,400 $11,900,000 $67.18 STAG Industrial Dec Arco Lane Charleston 135,200 $5,900,000 $ Arco Lane, LLC Oct-16 Saxe Gotha Industrial Park 222 Old Wire Road Lexington 120,000 $5,700,000 $47.71 STAG Industrial Dec Haywood Road Greenville 100,000 $3,700,000 $37.00 Haywood 17, LLC Oct Palmetto Commerce Parkway Berkeley 75,000 $6,800,000 $90.27 Mercedez-Benz Vans Dec-16 Brookfield South 48 Brookfield Oaks Drive Greenville 66,000 $5,600,000 $85.61 NAI Earle Furman, LLC Oct-16 Statewide Lease Transactions NAME ADDRESS COUNTY SIZE (SF) TENANT DATE Omni Industrial Campus 259 Drop Off Berkeley 270,000 Thorne Research Nov Old Griffin Road Greenville 210,900 PL Development Dec-16 North Pointe Industrial Park 1023 Northpointe Industrial Boulevard Berkeley 145,800 AmerCare Dec Commerce Circle Berkeley 105,000 Premier Logistics Nov-16 Building E Springdale Road York 126,000 Elite Logistics Oct-16 Saxe Gotha Speculative Building 222 Old Wire Lexington 120,000 Amazon Dec Deming Way Dorchester 94,500 North American Wholesale Logistics Dec-16 Hillside Enterprise Park 1171 Howell Road Spartanburg 77,800 AFL Telecommunications Nov-16 Hillside Enterprise Park 1181 Howell Road Spartanburg 77,100 Brose North America Nov-16 Notable Transactions Strong activity from institutional investors in the Charleston market at the end of 2016 is expected to continue throughout Sale activity slowed in the Upstate market in the fourth quarter compared to the third quarter of Similar to the Charleston market, most sales were to investors rather than users. STAG Industrial expanded their South Carolina portfolio this quarter with two buildings in the Midlands market and one in the Upstate market. Sales in the I-77 corridor were limited to two small buildings purchased by a user. North Pointe Spec North Pointe Business Campus Strong leasing velocity this quarter, dominated by companies in the logistics, automotive, plastics and aerospace industries, led to the net absorption of nearly 4 million square feet of industrial and flex space across the state. Transaction velocity is expected to continue through the remainder of the year. Saxe Gotha Building 2 Lexington County Source: SunCap Property Group Source: LCK, LLC 6 South Carolina Research & Forecast Report Q South Carolina Industrial Colliers International

7 Recent Investments and Expansions The combination of location, strong workforce, efficient logistics and low cost of doing business encourages companies to stay and attracts new companies to the state. The market is growing quickly, with interest from companies outside of the market intensifying. Not only are external companies looking to enter the market, but existing companies are expanding. In 2016, there were 59 industrial projects announced, totaling $1.8 billion of investment and the creation of more than 3,862 new jobs in the Upstate. Additionally, $1.6 billion in capital investment and nearly 2,050 new jobs were announced in the Charleston market, and $1.4 billion in capital investments and 2,170 new jobs were announced in the Midlands market. The I-77 Corridor saw two projects totaling $95.8 million in capital investment and 350 new jobs. Strong Industrial Employment Total non-farm employment was approximately 2.1 million people in South Carolina in December of 2016, according to the Bureau of Labor Statistics. Industrial employment, those jobs related to the manufacturing and whole sale trade sectors, is strengthening and accounted for 15.4% of total employment in South Carolina, rising to 317,000 jobs. In December 2015, 309,100 people were employed by industrial sectors, 2.6% less than today. The Upstate Region, consisting of the combined Greenville- Anderson-Mauldin and Spartanburg, SC metropolitan statistical areas (MSA), accounts for 35.9% of total industrial employment in South Carolina. The Charleston - North Charleston MSA makes up 11.3% of South Carolina s total industrial employment, with 35,700 industrial employees, a 3.2% increase over the last 12 months. With 47,500 industrial employees, the Columbia MSA accounts for 15.0% of total industrial employment in South Carolina. Industrial employment is expected to continue an upward trend. Market Outlook A growing port system and road improvements will continue to strengthen the South Carolina industrial market. Continued growth from foreign direct investment can be expected in the coming quarters. Over the last few years, undeveloped industrial land has been acquired by developers and investors, who will likely begin to capitalize on the demand for Class A tilt wall space within the market. Additionally, developers will begin to develop speculative buildings larger than the market has seen historically. The recent capital investment seen from companies in the advanced materials manufacturing, automotive and logistics sectors will continue and promote rapid absorption of new space coming to the market. Market indicators will remain agreeable to investors and landlords as rents and lease terms strengthen and occupancy increases across the market. For more statewide commercial real estate news check out our market reports at: Q Highlighted Capital Investments COMPANY INVESTMENT JOBS COUNTY TYPE Teijin Ltd. $600,000, Greenwood New Adger Solar $200,000,000 5 Clarendon New Robert Bosch $175,000, Dorchester Expansion Evonik $120,000, Berkeley New NARENCO $89,100,000 0 Orangeburg New Sealed Air $78,400, Greenville Expansion TTI $75,000, Anderson Expansion Husqvarna $45,400,000 0 Orangeburg Expansion ProBass Inc $40,000, Clarendon New Thorne Research $35,000, Berkeley New Change in Industrial Employment South Carolina Number of Industrial Jobs Added (Thousands) Nov-11 Mar-12 Jul-12 Nov-12 Source: St. Louis Federal Reserve, Bureau of Labor Statistics, Colliers International Commercial Real Estate Growth Cycle: Where the market stands and where it is going. NEW CONSTRUCTION RENTAL RATE EMPLOYMENT OCCUPANCY PHASE 4: RECESSION Mar-13 Jul-13 PHASE 1: RECOVERY Nov-13 Mar-14 Total Industrial Employment Jul-14 Nov-14 COMMERCIAL REAL ESTATE GROWTH CYCLE Mar-15 Jul-15 PHASE 2: EXPANSION PHASE 3: HYPERSUPPLY Nov-15 Mar-16 Total Non-Farm Employment Jul-16 Nov-16 2,100 2,050 2,000 1,950 1,900 1,850 1,800 1,750 1,700 Total Industrial Employment (Thousands) 7 South Carolina Research & Forecast Report Q South Carolina Industrial Colliers International

8 554 offices in 68 countries on 6 continents United States: 153 Canada: 34 Latin America: 24 Asia Pacific: 231 EMEA: 112 $2.6 billion in annual revenue 2 billion square feet under management 15,000 professionals and staff FOR MORE INFORMATION: Liz H. McCary Director of Marketing South Carolina Liz.McCary@colliers.com Bryana Mistretta Research Coordinator South Carolina bryana.mistretta@colliers.com CHARLESTON INDUSTRIAL PROFESSIONALS: Peter Fennelly, MCR. SIOR, SLCR Hagood Morrison, MBA, SIOR Simons Johnson, CCIM, MCR, SIOR Colliers International Charleston 25 Calhoun Street, Suite 220 Charleston, South Carolina USA COLUMBIA INDUSTRIAL PROFESSIONALS: Chuck Salley, SIOR Dave Mathews, SIOR Colliers International Columbia 1301 Gervais Street, Suite 600 Columbia, South Carolina USA Givens Stewart, SIOR Garrett Scott Richard Jackson Thomas Beard GREENVILLE INDUSTRIAL PROFESSIONALS: Colliers International Greenville 55 E. Camperdown Way, Suite 200 Greenville, South Carolina USA John Beam Tim Raber Will Crowell Brockton Hall, MRED Richard Barrett Brannan Hudson About Colliers International Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) is a global leader in commercial real estate services with more than 15,000 professionals operating from 554 offices in 66 countries. With an enterprising culture and significant insider ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include brokerage, global corporate solutions, investment sales and capital markets, project management and workplace solutions, property and asset management, consulting, valuation and appraisal services, and customized research and thought leadership. Colliers International has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals Global Outsourcing for 10 consecutive years, more than any other real estate services firm. For the latest news from Colliers International, visit Colliers.com or follow us on Twitter (@ColliersIntl) and LinkedIn. colliers.com Copyright 2016 Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.