Real estate quarterly--L.A. County.

Los Angeles County Office Market, 2nd Quarter 2006

                                           Vacant
                               Total     (square
Market/Submarket           Inventory    Space ft.)

Downtown L.A.              33,465,129    4,682,291
Wilshire Center            33,465,129    4,682,291
Miracle/Park Mile           7,515,704      513,991
Wilshire Corridor          40,980,833    5,196,282
San Gabriel Valley         13,938,706    1,271,622
Burbank                     5,304,792      313,296
Glendale                    6,169,499      892,224
Pasadena                    7,012,071      326,284
Tri-Cities                 18,486,362    1,531,804
Hollywood/WeHo              3,861,590      292,593
Beverly Hills               6,187,863      302,734
Brentwood                   3,520,978      220,538
Century City                9,424,838      993,485
Marina/Culver City          5,542,830      400,879
Santa Monica                7,650,764      437,086
West Los Angeles            5,887,543      413,483
Westwood                    3,112,243      258,132
West Los Angeles           41,327,059    3,026,337
North County                1,985,875      175,433
Central Valley              7,993,644      377,322
Conejo Valley *             6,482,769      408,938
East Valley                 2,845,575      137,337
West Valley                 7,973,107      617,801
San Fernando Valley        25,295,095    1,541,398
190th Street Corridor       3,321,852      623,009
Carson                      1,118,668      194,116
El Segundo/Beach Cities    10,950,182    1,742,977
LAX/Century Blvd.           3,913,487    1,300,893
Long Beach Downtown         4,067,138      466,104
Long Beach Suburban         4,627,665      373,594
Torrance Central            3,153,356      287,022
South Bay                  31,152,348    4,987,715
Los Angeles County        182,908,790   18,656,977

                                  Vacancy Rate
                                                              Under
                          2nd Qtr.   1st Qtr.   2nd Qtr.   Construction
Market/Submarket            2006       2006       2005     (square ft.)

Downtown L.A.              14.0%      15.0%      15.9%          0
Wilshire Center            14.0%       8.6%       9.7%          0
Miracle/Park Mile           6.8%       9.1%      11.8%          0
Wilshire Corridor          12.7%       8.8%      10.6%          0
San Gabriel Valley          9.1%      10.0%      10.2%          0
Burbank                     5.9%       7.3%       8.4%          0
Glendale                   14.5%      14.7%      14.4%          0
Pasadena                    4.7%       5.4%       5.6%          0
Tri-Cities                  8.3%       9.1%       9.4%          0
Hollywood/WeHo              7.6%      11.3%      10.4%       115,000
Beverly Hills               4.9%       6.1%      11.8%          0
Brentwood                   6.3%       6.5%      11.4%          0
Century City               10.5%      11.2%      13.8%       790,121
Marina/Culver City          7.2%       7.3%      11.9%          0
Santa Monica                5.7%       6.3%       7.8%        25,000
West Los Angeles            7.0%       7.8%      10.0%          0
Westwood                    8.3%       9.4%      16.4%          0
West Los Angeles            7.3%       9.4%      16.4%       815,121
North County                8.8%      11.0%       3.4%       230,343
Central Valley              4.7%       5.3%       5.1%          0
Conejo Valley *             6.3%       7.2%       6.8%       347,219
East Valley                 4.8%       5.0%       7.3%          0
West Valley                 7.7%       9.2%      12.4%          0
San Fernando Valley         6.1%       7.0%       8.1%       347,219
190th Street Corridor      18.8%      20.8%      23.7%          0
Carson                     17.4%      13.5%      10.1%          0
El Segundo/Beach Cities    15.9%      15.1%      21.6%          0
LAX/Century Blvd.          33.2%      33.3%      32.4%          0
Long Beach Downtown        11.5%      12.3%      16.1%          0
Long Beach Suburban         8.1%      10.5%      13.8%          0
Torrance Central            9.1%       7.5%      13.6%          0
South Bay                  16.0%      16.1%      20.1%          0
Los Angeles County         10.2%      11.0%      12.9%      1,507,683

                             Net Absorption (square ft.) (1)

                           2nd Qtr.      1st Qtr.     2nd Qtr.
Market/Submarket               2006          2005         2005

Downtown L.A.                325,588       28,202      509,277
Wilshire Center              325,588       11,406       30,122
Miracle/Park Mile            134,751       62,397      111,860
Wilshire Corridor            460,339       73,803      141,982
San Gabriel Valley           128,303     (91,859)       18,416
Burbank                      284,818      (5,367)      305,598
Glendale                      17,087     (53,091)       21,342
Pasadena                      54,941       36,138       33,841
Tri-Cities                   356,846     (22,320)      360,781
Hollywood/WeHo               145,269     (14,462)     (79,891)
Beverly Hills                123,183      144,919       95,024
Brentwood                     30,605       69,349       60,875
Century City                  66,873        6,370      241,685
Marina/Culver City             6,165       64,503      138,247
Santa Monica                  62,444       29,559      315,623
West Los Angeles              44,636       65,837       71,523
Westwood                      35,701       20,302       95,723
West Los Angeles             369,607      400,839    1,018,700
North County                  81,941       37,250       61,519
Central Valley                48,039      (3,421)      102,444
Conejo Valley *               82,987     (23,459)     (11,175)
East Valley                    3,962      (1,521)       13,281
West Valley                  113,626       32,586    (138,135)
San Fernando Valley          248,614        4,185     (33,585)
190th Street Corridor         46,120        6,466        (985)
Carson                      (43,634)     (14,384)        3,607
El Segundo/Beach Cities     (84,155)      297,337     (70,612)
LAX/Century Blvd.              2,341     (10,740)       19,530
Long Beach Downtown           32,230       35,130     (32,943)
Long Beach Suburban          112,704     (23,632)       26,733
Torrance Central            (52,084)       46,601       88,527
South Bay                     13,522      336,778       33,857
Los Angeles County         1,703,430      752,416    2,031,056

                             Class-A Asking Rent (2)

                          2nd Qtr.   1st Qtr.   2nd Qtr.
Market/Submarket            2006       2006       2005

Downtown L.A.              $2.80      $2.83      $2.61
Wilshire Center            $2.80      $1.44      $1.46
Miracle/Park Mile          $1.58      $2.69      $2.33
Wilshire Corridor          $2.28      $2.17      $2.02
San Gabriel Valley         $2.37      $2.21      $2.16
Burbank                    $2.68      $2.74      $2.65
Glendale                   $2.53      $2.49      $2.43
Pasadena                   $2.79      $2.62      $2.53
Tri-Cities                 $2.64      $2.59      $2.52
Hollywood/WeHo             $2.99      $2.89      $2.46
Beverly Hills              $3.33      $3.20      $2.80
Brentwood                  $2.89      $2.88      $2.72
Century City               $3.21      $3.13      $3.09
Marina/Culver City         $2.70      $2.60      $2.34
Santa Monica               $4.11      $3.94      $3.37
West Los Angeles           $2.68      $2.34      $2.42
Westwood                   $3.29      $3.21      $2.80
West Los Angeles           $3.18      $3.05      $2.80
North County               $2.73      $2.44      $2.32
Central Valley             $2.33      $2.23      $2.15
Conejo Valley *            $2:42      $2.33      $2.27
East Valley                $2.81      $2.59      $2.55
West Valley                $2.31-     $2.32      $2.10
San Fernando Valley        $2.31      $2.33      $2.19
190th Street Corridor      $2.14      $2.14      $2.01
Carson                     $2.08      $2.08      $2.08
El Segundo/Beach Cities    $2.18      $2.20      $2.15
LAX/Century Blvd.          $1.56      $1.55      $1.56
Long Beach Downtown        $2.23      $2.16      $2.15
Long Beach Suburban        $2.33      $2.26      $2.18
Torrance Central           $2.28      $2.27      $2.16
South Bay                  $2.09      $2.08      $2.04
Los Angeles County         $2.70      $2.63      $2.48

Los Angeles County Industrial Market, 2nd Quarter 2006

                               Total       Vacant
                           Inventory        Space
Market                    (square ft.)  (square ft.)

Central L.A.              294,789,841    3,731,889
Mid-Cities                116,541,185    2,756,517
North Los Angeles *       172,924,048    3,586,126
San Gabriel Valley        179,092,440    2,654,884
South Bay                 219,606,042    4,932,674
L.A. County Total         982,953,556   17,662,090

                                     Vacancy Rate
                                                              Under
                          2nd Qtr.   1st Qtr.   2nd Qtr.   Construction
Market                      2006       2006       2005     (square ft.)

Central L.A.                1.3%       1.4%       1.0%       363,413
Mid-Cities                  2.4%       2.5%       4.3%       254,454
North Los Angeles *         2.1%       2.4%       3.2%      1,839,037
San Gabriel Valley          1.5%       1.9%       1.2%       188,580
South Bay                   2.2%       2.5%       2.2%       735,766
L.A. County Total           1.8%       2.1%       2.1%      3,381,250

                                Sold & Leased (square ft.)

                            2nd Qtr.     1st Qtr.     2nd Qtr.
Market                          2006         2006         2005

Central L.A.               2,743,764    2,545,627    4,725,885
Mid-Cities                 1,508,574    2,327,999    1,991,222
North Los Angeles *        2,879,010    1,880,157    1,987,838
San Gabriel Valley         1,107,864      665,814    2,968,065
South Bay                  3,293,856    3,234,519    3,227,542
L.A. County Total         11,533,068   10,654,116   14,900,552

                                 Asking Rent (3)

                          2nd Qtr.   1st Qtr.   2nd Qtr.
Market                      2006       2006       2005

Central L.A.               $0.52      $0.51      $0.49
Mid-Cities                 $0.55      $0.53      $0.48
North Los Angeles *        $0.71      $0.69      $0.63
San Gabriel Valley         $0.52      $0.53      $0.47
South Bay                  $0.65      $0.65      $0.59
L.A. County Total          $0.60      $0.59      $0.54

* Includes parts of Ventura County

(1) Net Absorption is the change in occupied space for a given period
of time, excluding sublet space and renewals.

(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 vacancy rates and net
absorption.

Source: Grubb & Ellis Co.