Los Angeles County office market, 2nd quarter 2007.

Los Angeles County Office Market, 2nd Quarter 2007

                                                      Vacancy Rate

                            Total       Vacant Space    2nd Qtr.
Market/Submarket          Inventory     (square ft.)      2007

Downtown L.A.             33,151,830     4,475,270        13.5%
  Wilshire Center          7,645,187       408,064         5.3%
  Miracle/Park Mile        5,910,612       586,395         9.9%
Wilshire Corridor         13,555,799       994,459         7.3%
San Gabriel Valley        14,028,401       929,874         6.6%
  Burbank                  5,356,562       213,230         4.0%
  Glendale                 6,155,911       824,486        13.4%
  Pasadena                 7,066,018       378,938         5.4%
Tri-Cities                18,578,491     1,416,654         7.6%
Hollywood/WeHo             3,900,838       211,279         5.4%
  Beverly Hills            6,197,490       271,541         4.4%
  Brentwood                3,520,978       114,832         3.3%
  Century City            10,282,379     1,526,955        14.9%
  Marina/Culver City       5,609,938       451,759         8.1%
  Santa Monica             7,695,951       485,054         6.3%
  West Los Angeles         5,864,543       506,432         8.6%
  Westwood                 3,112,243       297,214         9.5%
  Westside                42,283,522     3,653,787         8.6%
Santa Clarita Valley       2,298,063       247,434        10.8%
  Central Valley           7,920,619       395,212         5.0%
  Conejo Valley **         6,623,046       379,555         5.7%
  East Valley              2,845,575        69,863         2.5%
  West Valley              9,283,584       759,725         8.2%
San Fernando Valley       26,672,824     1,604,355         6.0%
  190th Street Corridor    3,321,852       605,788        18.2%
  Carson                   1,118,668        47,616         4.3%
  El Seg./Beach Cities    10,863,782     1,269,075        11.7%
  LAX/Century Blvd.        3,913,487     1,210,786        30.9%
  Long Beach Downtown      4,067,138       382,175         9.4%
  Long Beach Suburban      4,627,665       391,816         8.5%
  Torrance Central         3,115,540       197,358         6.3%
South Bay                 31,028,132     4,104,614        13.2%
LA. County Total         185,497,900    17,637,726         9.5%

                                 Vacancy Rate
                                                            Under
                           1st Qtr.       2nd Qtr.      Construction
Market/Submarket             2007           2006        (square ft.)

Downtown L.A.               14.0%          14.0%                0
  Wilshire Center            6.6%           6.8%                0
  Miracle/Park Mile         10.0%          10.8%                0
Wilshire Corridor            8.1%           8.6%                0
San Gabriel Valley           7.6%           9.1%                0
  Burbank                    3.0%           5.9%                0
  Glendale                  14.7%          14.5%                0
  Pasadena                   5.3%           4.7%                0
Tri-Cities                   7.7%           8.3%                0
Hollywood/WeHo               5.0%           7.6%          400,000
  Beverly Hills              5.3%           4.9%                0
  Brentwood                  2.8%           6.3%                0
  Century City              14.3%          10.5%                0
  Marina/Culver City         8.1%           7.2%          250,000
  Santa Monica               5.9%           5.7%          221,292
  West Los Angeles           8.6%           7.0%                0
  Westwood                   8.2%           8.3%                0
  Westside                   8.4%           7.3%          471,292
Santa Clarita Valley         7.6%           9.1%           60,000
  Central Valley             4.3%           4.8%                0
  Conejo Valley **           6.0%           6.4%          707,846
  East Valley                2.3%           4.8%                0
  West Valley                7.6%           7.7%          690,384
San Fernando Valley          5.6%           6.1%        1,398,230
  190th Street Corridor     18.8%          18.8%                0
  Carson                     6.3%          17.4%                0
  El Seg./Beach Cities      10.3%          15.9%                0
  LAX/Century Blvd.         32.0%          33.2%                0
  Long Beach Downtown        8.5%          11.5%                0
  Long Beach Suburban        8.3%           8.1%                0
  Torrance Central           5.5%           9.1%                0
South Bay                   12.8%          16.0%                0
LA. County Total             9.5%          10.2%        2,329,522

                                Net Absorption (square ft.) (1)

                           2nd Qtr.       1st Qtr.       2nd Qtr.
Market/Submarket             2007           2007           2006

Downtown L.A.               147,648          35,578         325,588
  Wilshire Center            98,519         (23,218)        134,751
  Miracle/Park Mile           5,589          (7,515)       (101,011)
Wilshire Corridor           104,108         (30,733)         33,740
San Gabriel Valley          135,190         102,773         128,303
  Burbank                   (54,522)         31,218         284,818
  Glendale                   78,894          43,223          17,087
  Pasadena                   (7,875)        (19,390)         54,941
Tri-Cities                   16,497          55,051         356,846
Hollywood/WeHo              (16,937)         (3,474)        145,269
  Beverly Hills              57,209         (28,029)        123,183
  Brentwood                 (16,168)         41,438          30,605
  Century City              (55,923)         29,427          66,873
  Marina/Culver City            411         (76,622)          6,165
  Santa Monica               10,696         (31,342)         62,444
  West Los Angeles              351         (31,467)         44,636
  Westwood                  (43,304)        (47,247)         35,701
  Westside                  (46,728)       (143,842)        369,607
Santa Clarita Valley         40,202          88,191          61,283
  Central Valley            (66,148)         98,510          44,329
  Conejo Valley **           19,211         (16,422)         77,751
  East Valley                (3,435)         15,734           3,962
  West Valley               (82,849)        (29,566)        113,626
San Fernando Valley        (133,221)         68,256         239,668
  190th Street Corridor      18,732          82,754          46,120
  Carson                     23,148          29,545         (43,634)
  El Seg./Beach Cities     (151,405)        310,093         (84,155)
  LAX/Century Blvd.          43,418         (26,708)          2,341
  Long Beach Downtown       (37,422)         34,933          32,230
  Long Beach Suburban        (7,868)        (27,453)        112,704
  Torrance Central          (25,401)         44,817         (52,084)
South Bay                  (136,798)        447,981          13,522
LA. County Total            109,961         619,781       1,673,826

                                 Class A Asking Rent (2)

                           2nd Qtr.       1st Qtr.       2nd Qtr.
Market/Submarket             2007           2007           2006

Downtown L.A.                $2.90          $2.89          $2.80
  Wilshire Center            $1.71          $1.74          $1.58
  Miracle/Park Mile          $3.09          $2.94          $2.72
Wilshire Corridor            $2.52          $2.47          $2.28
San Gabriel Valley           $2.65          $2.54          $2.37
  Burbank                    $3.13          $3.10          $2.68
  Glendale                   $2.80          $2.71          $2.53
  Pasadena                   $3.54          $3.18          $2.79
Tri-Cities                   $3.07          $2.92          $2.64
Hollywood/WeHo               $3.55          $3.23          $2.99
  Beverly Hills              $3.87          $3.81          $3.33
  Brentwood                  $3.82          $3.58          $2.89
  Century City               $3.68          $3.62          $3.21
  Marina/Culver City         $3.40          $3.29          $2.70
  Santa Monica               $5.76          $5.17          $4.11
  West Los Angeles           $3.19          $3.18          $2.68
  Westwood                   $4.51          $4.09          $3.29
  Westside                   $3.96          $3.74          $3.18
Santa Clarita Valley         $2.77          $2.78          $2.73
  Central Valley             $2.73          $2.65          $2.33
  Conejo Valley **           $2.70          $2.59          $2.42
  East Valley                $3.38          $3.46          $2.81
  West Valley                $2.49          $2.48          $2.31
San Fernando Valley          $2.70          $2.65          $2.39
  190th Street Corridor      $2.40          $2.31          $2.14
  Carson                     $1.90          $1.91          $2.08
  El Seg./Beach Cities       $2.47          $2.36          $2.18
  LAX/Century Blvd.          $1.55          $1.56          $1.56
  Long Beach Downtown        $2.42          $2.37          $2.23
  Long Beach Suburban        $2.60          $2.54          $2.33
  Torrance Central           $2.04          $2.10          $2.28
South Bay                    $2.26          $2.20          $2.09
LA. County Total             $3.10          $3.00          $2.70