Los Angeles County office market, first quarter 2004.

Los Angeles County Office Market, First Quarter 2004

                                                          Vacancy Rate

                              Total       Vacant Space      1st Qtr.
Market/Submarket            Inventory     (square ft.)        2004

Downtown Los Angeles        32,192,027       6,366,329       19.8%
Wilshire Center              7,186,440         923,323       12.8%
San Gabriel Valley          14,368,442       1,659,724       11.6%
Burbank                      4,530,131         569,495       12.6%
Glendale                     5,994,122         874,321       14.6%
Pasadena                     6,740,682         630,234        9.3%
Tri-Cities                  17,264,935       2,074,050       12.0%
Beverly Hills                5,931,532         786,848       13.3%
Brentwood                    3,455,134         478,524       13.8%
Century City                 9,286,188       1,616,160       17.4%
Hollywood/WeHo               4,021,492         880,520       21.9%
Marina/Culver City           5,815,816         958,836       16.5%
Miracle/Park Mile            5,855,479         954,212       16.3%
Santa Monica                 7,882,943       1,360,273       17.3%
West Los Angeles             5,678,218         918,800       16.2%
Westwood                     3,002,875         689,072       22.9%
West Los Angeles            50,929,677       8,643,245       17.0%
Central Valley               7,883,813         730,525        9.3%
Conejo Valley **             6,777,757         717,394       10.6%
East Valley                  2,818,998         389,797       13.8%
Santa Clarita Valley         1,593,150         165,325       10.4%
West Valley                  7,815,316       1,090,397       14.0%
North Los Angeles           26,889,034       3,093,438       11.5%
190th Street Corridor        3,125,723         519,776       16.6%
Carson                       1,173,071          84,366        7.2%
El Segundo/Beach Cities     10,458,226       2,629,986       25.1%
LAX/Century Blvd.            3,884,481       1,227,047       31.6%
Long Beach Downtown          4,093,889         589,697       14.4%
Long Beach Suburban          4,687,826         491,659       10.5%
Torrance Central             3,307,808         601,769       18.2%
South Bay                   30,731,024       6,144,300       20.0%
Los Angeles County         179,561,579      28,904,409       16.1%

                               Vacancy Rate
                                                      Under
                           4th Qtr.    1st Qtr.    Construction
Market/Submarket             2003        2003      (square ft.)

Downtown Los Angeles         19.6%       19.4%              0
Wilshire Center              12.4%       12.3%              0
San Gabriel Valley           11.4%       12.3%         55,000
Burbank                      11.7%       17.6%        195,000
Glendale                     13.4%       14.8%              0
Pasadena                     11.0%        9.3%              0
Tri-Cities                   12.0%       13.5%        195,000
Beverly Hills                12.6%       13.2%              0
Brentwood                    14.5%       11.0%              0
Century City                 18.5%       11.8%              0
Hollywood/WeHo               19.3%       18.8%              0
Marina/Culver City           16.8%       18.7%              0
Miracle/Park Mile            15.7%       19.2%              0
Santa Monica                 17.2%       14.9%         42,500
West Los Angeles             16.9%       15.2%              0
Westwood                     24.0%       21.4%              0
West Los Angeles             17.0%       15.5%         42,500
Central Valley               10.5%       11.9%              0
Conejo Valley **             13.1%       17.9%        166,113
East Valley                  14.1%       11.7%              0
Santa Clarita Valley         10.8%       15.4%              0
West Valley                  14.6%       15.8%              0
North Los Angeles            12.8%       14.4%        166,113
190th Street Corridor        16.9%       11.2%              0
Carson                        6.7%        7.4%              0
El Segundo/Beach Cities      24.6%       24.3%              0
LAX/Century Blvd.            29.9%       27.2%              0
Long Beach Downtown          15.8%       12.1%              0
Long Beach Suburban          10.0%       10.4%         39,000
Torrance Central             18.0%       17.5%              0
South Bay                    19.7%       18.3%         39,000
Los Angeles County           16.2%       16.1%        497,613

                             Net Absoprtion (square ft.) (1)

                           1st Qtr.     4th Qtr.     1st Qtr.
Market/Submarket             2004         2003         2003

Downtown Los Angeles        (66,371)     105,753       29,165
Wilshire Center             (34,919)     (12,855)      59,025
San Gabriel Valley          (27,948)      62,619      107,168
Burbank                     (40,057)      19,608      200,859
Glendale                    (69,590)      36,713      (50,436)
Pasadena                    347,025      (46,621)     224,186
Tri-Cities                  237,378        9,700      374,609
Beverly Hills               (32,628)      16,669      106,866
Brentwood                    58,193     (139,985)     (53,135)
Century City                144,529     (287,808)     (10,068)
Hollywood/WeHo               (3,713)      38,997      120,677
Marina/Culver City          (38,534)    (161,923)      87,133
Miracle/Park Mile           (20,768)      46,698      (61,862)
Santa Monica                 36,156     (162,270)     182,046
West Los Angeles             43,577      (89,766)     (52,076)
Westwood                     30,132      (43,560)     (45,149)
West Los Angeles            216,944     (782,948)     274,432
Central Valley              132,410       18,693       (9,561)
Conejo Valley **             83,576       43,161       21,188
East Valley                   6,909      (68,688)      54,730
Santa Clarita Valley          9,361       20,781        1,660
West Valley                 145,572      181,771       38,351
North Los Angeles           377,828      195,718      106,368
190th Street Corridor         2,013     (205,739)       1,990
Carson                       (5,240)      20,368      (16,755)
El Segundo/Beach Cities     (57,778)     130,538     (260,261)
LAX/Century Blvd.           (67,029)     (65,617)      11,649
Long Beach Downtown          57,458       36,566      131,711
Long Beach Suburban         (20,704)       9,145       65,350
Torrance Central             (5,442)     (19,302)      (8,597)
South Bay                   (96,722)     (94,041)     (74,913)
Los Angeles County          609,190     (516,054)     875,854

                               Class-A Asking Rent (2)

                           1st Qtr.    4th Qtr.    1st Qtr.
Market/Submarket             2003        2003        2003

Downtown Los Angeles        $2.56       $2.53       $2.41
Wilshire Center             $1.43       $1.42       $1.36
San Gabriel Valley          $1.96       $1.93       $2.03
Burbank                     $2.59       $2.53       $2.56
Glendale                    $2.43       $2.41       $2.48
Pasadena                    $2.36       $2.35       $2.34
Tri-Cities                  $2.45       $2.43       $2.45
Beverly Hills               $2.84       $2.94       $2.96
Brentwood                   $2.58       $2.63       $2.82
Century City                $3.11       $3.18       $3.23
Hollywood/WeHo              $2.28       $2.35       $2.37
Marina/Culver City          $2.13       $2.39       $2.39
Miracle/Park Mile           $2.09       $2.10       $2.05
Santa Monica                $3.14       $3.11       $3.34
West Los Angeles            $2.41       $2.42       $2.37
Westwood                    $2.82       $2.84       $3.05
West Los Angeles            $2.70       $2.76       $2.84
Central Valley              $2.04       $2.04       $2.08
Conejo Valley **            $2.21       $2.20       $2.27
East Valley                 $2.54       $2.53       $2.53
Santa Clarita Valley        $1.80       $1.80       $1.97
West Valley                 $2.11       $2.18       $2.20
North Los Angeles           $2.13       $2.15       $2.19
190th Street Corridor       $2.06       $2.11       $2.13
Carson                      $1.88       $1.89       $1.89
El Segundo/Beach Cities     $2.22       $2.22       $2.42
LAX/Century Blvd.           $1.51       $1.51       $1.58
Long Beach Downtown         $2.12       $2.18       $2.17
Long Beach Suburban         $2.13       $2.13       $2.17
Torrance Central            $2.05       $2.02       $2.05
South Bay                   $2.03       $2.04       $2.14
Los Angeles County          $2.33       $2.34       $2.42

* Includes parts of Ventura Co.

(1) Net Absoption is the change in occupied space for a given period of
time, excluding space and renewasl

(2) Average monthly, per-square-foot rents

(3) Average monthly, triple-net rents

Due to the transfer of owner/occupied space to competitively leasable
space and/or the delivery of new construction in the market,
discrepancies may occur in the relation between vacany and net
absorption.