Michael J. Tobin - GVA Kidder Mathews Commercial Real Estate Brokerage

Rent Analysis

Average Asking Rental Rates as of June 30, 2010

District Q2 2010 Q1 2010 % Change

CBD $35.80 $35.92 -0.003%

CBD Class A $37.94 $38.04 -0.003%

SOMA (CBD) $37.55 $36.69 +2.3%

SOMA (CBD) Class A $38.78 $37.77 +2.7%

SOMA (M/M Gulch) $22.25 $29.94 -25.7%

SOMA (M/M Gulch) Class A $35.73 $34.43 +3.8%

CBD = Central Business District SOMA = South of Market All Rents "Full Service"

Overall Vacancy Rates (Direct and Sublease space)

District Q2 2010 Q1 2010 % Change

CBD 13.1% 12.6% +0.5%

Non CBD 20.4% 18.2% +2.2%

Direct Vacancy Rates (Direct space only)

District	Q2 2010	Q1 2010	% Change
CBD	11.3%	10.9%	+0.4%
CBD Class A	11.1%	11.0%	+0.1%
SOMA (CBD)	9.6%	10.3%	-0.7%
SOMA (CBD) Class A	9.6%	10.3%	-0.7%
SOMA (M/M Gulch)	23.5%	23.7%	-0.2%
SOMA (M/M Gulch) Class A	32.1%	32.0%	+0.1%

Michael J. Tobin

505 Sansome Street, Suite 300, San Francisco, CA 94111
(415) 229-8974 (415) 229-8987 fax