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

Rent Analysis

Average Asking Rental Rates as of December 31, 2009

District Q4 2009 Q2 2009 % Change

CBD $35.83 $36.14 -0.9%

CBD Class A $38.33 $38.57 -0.6%

SOMA (CBD) $36.88 $36.91 -0.1%

SOMA (CBD) Class A $38.36 $38.40 -0.1%

SOMA (M/M Gulch) $30.97 $31.24 -0.9%

SOMA (M/M Gulch) Class A $30.35 $34.45 -0.3%

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

Overall Vacancy Rates (Direct and Sublease space)

District Q4 2009 Q3 2009 % Change

CBD 12.9% 13.5% -0.6%

Non CBD 18.7% 19.0% -0.3%

Direct Vacancy Rates (Direct space only)

District	Q4 2009	Q3 2009	% Change
CBD	10.5%	10.5%	0.0%
CBD Class A	10.3%	10.3%	0.0%
SOMA (CBD)	8.8%	9.0%	-0.2%
SOMA (CBD) Class A	8.8%	9.0%	-0.2%
SOMA (M/M Gulch)	26.0%	27.5%	-0.6%
SOMA (M/M Gulch) Class A	32.0%	33.3%	-1.3%

Michael J. Tobin

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