national report on suburban office markets

1

The Boyd Company, Inc. Location Consultants

Princeton, NJ

Princeton, NJ Prepared by: The Boyd Company, Inc. Marriott Sanibel Island Summary July 28/29, 2015

Estero Named One of Top 50 U.S. Suburban Office Markets

ESTERO RANKED LOWEST COST CITY TO OPERATE A CORPORATE OFFICE IN NEW BOYD STUDY

A recently completed site selection study compares the cost of operating a typical

corporate administrative office in a series of 50 top U.S. and Canadian suburban office

markets, including Estero, FL. Operating costs are scaled to a hypothetical 125,000

sq. ft. administrative or back office facility employing 500 workers.

The analysis covers all major geographically-variable cost factors critical to the

corporate site selection process, including labor, real estate, utilities and taxes. The

report focuses on the top 50 suburban office markets in both the U.S. and Canada

based on current relocation trends identified by the Princeton, NJ-based site selection

firm.

Annual operating costs range from a high of $44.7 million in Redwood City, CA, to a low

of $33.5 in Estero, FL. Estero was named in the report as Best in the East, joining Blue

Ash, OH, as Best in the Central and Minden, NV, as Best in the West.

Suburban Office Markets Alive and Well

The suburban office market is very much alive and well throughout the country. From

Boyds work with HR department heads, recruiters and relocation managers, the

popular notion that most young Americans want to live in downtown urban enclaves is

much more perception than reality. Compared to other age groups, millennials are

more likely to prefer downtown living, but it is only a small share. While millennial

recruits and other young transferees are not necessarily interested in golf courses and

gated communities, they do like jogging trails, parks and open spaces. Millennials deep

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Princeton, NJ

down may be suburbanites after all based on a recent survey of the National

Homebuilders Association which found that 66 percent of millennials want to live in the

suburbs; 24 percent want to live in rural areas; and only 10 percent prefer to live in a

city center.

Atlanta, a growing headquarters mecca, is probably the best example where major

office projects continue to trend to the suburbs. Mercedes-Benz is the latest to choose

a suburban Atlanta site with plans to relocate from Bergen County, NJ, and construct a

headquarters campus on a 12-acre site in Sandy Springs not far from the planned new

headquarters of Cox Media Group. State Farm, Scientific-Atlanta, Home Depot, Pulte

and GEICO have all made similar choices in Atlanta suburbs like Dunwoody,

Buckhead, Central Perimeter and the Northwest.

Its also no surprise that many downtowns are facing serious quality-of-life and public

safety challenges. DuPonts move from its historic headquarters in downtown

Wilmington to the Chestnut Run suburbs came at a time when the city was experiencing

a high profile series of violent crimes. While the downtown lure is real for many

companies, it is a trend prone to overstatement. Indeed, the reports of the death of the

suburban office campus have been greatly exaggerated.

Back Office Moves Booming

Corporate headquarters mobility is at an all-time high. Immune from relocation and re-

structuring programs in the past, the executive suite is now untethered like never

before and is a generating of new wave of back office relocations that spin off from the

companys executive suite move. For every corporate headquarters move, there are

usually two or three related back office relocations of functions like accounting, finance,

HR, I.T. sales and customer service. These spinoffs are trending to smaller, less costly

and more manageable suburban markets.

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Princeton, NJ

Auto Industry Driving Suburban Trends: Hertz, Mercedes, Toyota and Even Tesla

Here in Lee County, Hertzs high profile head office move from Bergen County, NJ, to

Estero provides an insightful window on current corporate headquarters relocation

trends to lower cost suburban communities in states with positive business climates, low

taxes and pro-active governors courting trophy projects like Hertz. Several other recent

high profile relocations by major automakers are also worthy of mention here.

Mercedes headquarters move from Bergen County, NJ, to Atlanta, the huge, 4,000-

employee relocation of Toyotas U.S. headquarters from Torrance, CA, to Plano, TX,

and Porsches U.S. office move to the suburban Aerotropolis mixed-use development

near the Atlanta airport all serve to underscore the continued appeal of the suburban

office campus.

Even electric car maker Tesla is having an impact here. Its decision to locate its $5

billion gigafactory in Reno is raising the profile of suburban office markets in the nearby

Carson Valley/Lake Tahoe area, including Minden, NV, on Boyds Top 50 List. Looking

at the year ahead, it would be no surprise if other automakers make major office

relocation news, like Volvo, BMW or Tata Motors Jaguar and Land Rover brands, most

likely to suburban office markets like Mercedes and Toyota.

Top 50 U.S. and Canadian Suburban Office Market List

What suburban office markets are increasingly on Boyd clients radar screens when it

comes to major corporate office relocations? Regarding Canada, a declining Canadian

dollar and certain tax advantages there are causing a spike in interest by U.S firms.

Here is Boyds Top 50 List.

Quarry Park, AB (Calgary Metro Area) South Henday, AB (Edmonton Metro Area) Scottsdale, AZ (Phoenix Metro Area)

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Princeton, NJ

Burnaby, BC (Vancouver Metro Area) Carlsbad, CA (San Diego Metro Area) Irvine, CA (Orange County) Redwood City, CA (Santa Clara County) Roseville, CA (Sacramento Metro Area) San Rafael, CA (Marin County) Santa Barbara, CA (Santa Barbara County) Santa Cruz, CA (Santa Cruz County) Santa Monica, CA (Las Angeles Metro Area) Sorrento Mesa, CA (San Diego Metro Area) Thousand Oaks, CA (Ventura County) Walnut Creek, CA (Contra Costa County) Briargate, CO (Colorado Springs Metro Area) Lone Tree, CO (Denver Metro Area) Trumbull, CT (Fairfield County) Estero, FL (Fort Myers Metro Area) Miramar, FL (Miami Metro Area) Alpharetta, GA (Atlanta Metro Area) Deerfield, IL (Chicago Metro Area) Carmel, IN (Indianapolis Metro Area) Overland Park, KS (Kansas City Metro Area) Waltham, MA (Boston Metro Area) North Bethesda, MD (Washington, DC, Metro Area) Owings Mills, MD (Baltimore Metro Area) Southfield, MI (Detroit Metro Area) Eden Prairie, MN (Minneapolis/St. Paul Metro Area) Chesterfield, MO (St. Louis Metro Area) SouthPark, NC (Charlotte Metro Area) Cherry Hill, NJ (Camden Metro Area) Plainsboro, NJ (Princeton Metro Area) Minden, NV (Reno/Sparks Metro Area) Brighton, NY (Rochester Metro Area) Orchard Park, NY (Buffalo Metro Area) White Plains, NY (New York Metro Area) Blue Ash, OH (Cincinnati Metro Area) Westerville, OH (Columbus Metro Area) Mississauga, ON (Toronto Metro Area)

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Princeton, NJ

Hillsboro, OR (Portland Metro Area) Canonsburg, PA (Pittsburgh Metro Area) King of Prussia, PA (Philadelphia Metro Area) Laval, QC (Montreal Metro Area) Plano, TX (Dallas Metro Area) Round Rock, TX (Austin Metro Area) The Woodlands, TX (Houston Metro Area) Tysons Corner, VA (Washington, DC, Metro Area) Bellevue, WA (Seattle Metro Area) Camas, WA (Portland Metro Area)

Costs Carry the Day

With the current soft economy and global pressures, comparative economics are driving

the corporate site selection process and trumping more qualitative factors historically

associated with major corporate office relocations. Today, for many companies,

improving the bottom line on the cost side of the ledger is far easier than on the revenue

side. As a result, location decisions at every level of the corporate structure, from off-

shored call centers right up to the corporate head office suite, are all being made with

cost minimization as an overriding concern.

Mercedes USA CEO Stephen Cannon said that the automakers new Atlanta

headquarters will help keep it competitive for the next 50 years. Much of that statement

had to do with Atlantas favorable operating cost profile vis--vis the companys current

headquarters site in pricey Bergen County, NJ. Hertz is also expected to greatly benefit

from significant bottom line savings in Estero versus high-cost Bergen County. With

companies taking a global view of their competitiveness these days, comparative costs

are white hot issues in boardrooms throughout America.

Total Annual Operating Cost Ranking

Below is an overall cost ranking of Boyds Top 50 suburban office markets, including

Estero, FL. Annual costs are based on a hypothetical corporate back office occupying

125,000 sq. ft. of Class-A space and employing 500 workers.

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Princeton, NJ

Suburban Office Market Total Annual Operating Costs

Redwood City (Santa Clara County) $44,786,208 White Plains, NY (New York Metro Area)

$43,216,702

Santa Cruz, CA (Santa Cruz County) $43,032,893 Walnut Creek, CA (Contra Costa County)

$42,630,455

Waltham, MA (Boston Metro Area) $42,156,901 San Rafael, CA (Marin County) $42,118,178 Trumbull, CT (Fairfield County) $42,094,008 Irvine, CA (Orange County) $41,922,840 North Bethesda, MD (Washington, DC, Metro Area)

$41,578,877

Santa Monica, CA (Los Angeles Metro Area)

$41,545,971

Burnaby, BC (Vancouver Metro Area) $40,995,905 Tysons Corner, VA (Washington, DC, Metro Area)

$40,873,500

Plainsboro, NJ (Princeton Metro Area) $40,840,790 Roseville, CA (Sacramento Metro Area)

$40,689,958

Santa Barbara, CA (Santa Barbara County)

$40,314,298

Carlsbad, CA (San Diego Metro Area) $40,227,614 Sorrento Mesa, CA (San Diego Metro Area)

$40,155,820

Bellevue, WA (Seattle Metro Area) $40,102,335 King of Prussia, PA (Philadelphia Metro Area)

$40,035,241

Cherry Hill, NJ (Camden Metro Area) $39,658,903 Mississauga, ON (Toronto Metro Area) $39,433,428 Thousand Oaks, CA (Ventura County) $39,288,729 Deerfield, IL (Chicago Metro Area) $38,615,597 Quarry Park, AB (Calgary Metro Area) $38,606,380 Laval, QC (Montreal Metro Area) $38,288,656 Eden Prairie, MN (Minneapolis/St. Paul Metro Area)

$37,974,988

Camas, WA (Portland Metro Area) $36,469,770 Owings Mills, MD (Baltimore Metro Area)

$36,419,930

Hillsboro, OR (Portland Metro Area) $36,300,361 Lone Tree, CO (Denver Metro Area) $35,986,768

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Princeton, NJ

The Woodlands, TX (Houston Metro Area)

$35,963,368

Plano, TX (Dallas Metro Area) $35,529,449 Southfield, MI (Detroit Metro Area) $35,417,054 Overland Park, KS (Kansas City Metro Area)

$35,397,059

South Henday, AB (Edmonton Metro Area)

$35,296,472

Alpharetta, GA (Atlanta Metro Area) $35,242,799 Brighton, NY (Rochester Metro Area) $35,240,423 Briargate, CO (Colorado Springs Metro Area)

$35,027,774

Westerville, OH (Columbus Metro Area)

$34,942,558

Scottsdale, AZ (Phoenix Metro Area) $34,859,420 Chesterfield, MO (St. Louis Metro Area)

$34,720,844

Round Rock, TX (Austin Metro Area) $34,692,473 Miramar, FL (Miami Metro Area) $34,585,158 Carmel, IN (Indianapolis Metro Area) $34,409,884 Minden, NV (Reno/Sparks Metro Area) $34,358,608 Blue Ash, OH (Cincinnati Metro Area) $34,330,058 SouthPark, NC (Charlotte Metro Area) $34,327,999 Orchard Park, NY (Buffalo Metro Area) $34,325,816 Canonsburg, PA (Pittsburgh Metro Area)

$33,861,327

Estero, FL (Fort Myers Metro Area) $33,568,884

Shown in the following table are itemized office operating costs for Estero and other regional high and low cost U.S office markets.

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Princeton, NJ

What It Costs to Operate a Corporate Office in Estero: The Highs and Lows

White Plains, NY North Bethesda, MD Estero, FL Southfield, MI Blue Ash, OH Redwood City, CA Minden, NV(New York (Washington DC (Fort Myers (Detroit (Cincinnati (Santa Clara County (Reno/Sparks

Metro Area) Metro Area) Metro Area) Metro Area) Metro Area) Metro Area) Metro Area)Nonexempt Labor

Weighted Average Hourly Earnings $56,308 $54,680 $44,593 $47,016 $45,518 $58,747.00 $46,101.00

Annual Base Payroll Costs $28,154,000 $27,340,000 $22,296,500 $23,508,000 $22,759,000 $29,373,500 $23,050,500

Fringe Benefits $10,416,980 $10,115,800 $8,249,705 $8,697,960 $8,420,830 $10,868,195 $8,528,685

Total Annual Labor Costs $38,570,980 $37,455,800 $30,546,205 $32,205,960 $31,179,830 $40,241,695 $31,579,185

Electric Power Costs $607,584 $281,088 $181,596 $215,052 $196,548 $339,996 $180,396

Natural Gas Power Costs $2,352,567 $2,242,680 $1,705,834 $1,769,114 $1,676,151 $2,881,226 $1,585,642

Amortization Costs $1,137,966 $1,005,943 $747,172 $748,880 $773,833 $860,730 $619,379

Property and Sales Tax Costs $407,399 $414,939 $269,360 $320,840 $315,297 $336,003 $261,040

Travel Costs $140,206 $178,427 $118,717 $157,208 $188,399 $126,558 $132,966

Total Annual Geographically-Variable Operating Costs $43,216,702 $41,578,877 $33,568,884 $35,417,054 $34,330,058 $44,786,208 $34,358,608

NOTES: (1) Includes all major geographically-variable operating costs for a 125,000 sq.ft. corporate office employing 500 workers.

Source: The Boyd Company, Inc., Princeton, NJ

Highest Cost City in the East

Highest Cost Central City

Lowest Cost Central City

Highest Cost City in the West

Lowest Cost City in the West

Lowest Cost City in the East

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Princeton, NJ

Top Three U.S. Suburban Office Markets by Region

Best in the East: Estero, FL

Estero, Florida, is the top ranked and lowest cost suburban office market in the East. With a population of 23,000, Estero in Lee County benefits from Floridas positive state business climate no personal income tax, right to work status, generous incentives and low

workers compensation costs. Lee County is also ranked in the top 10 fastest-growing metro areas in the nation- supplying relocating companies in the region with an abundant and expanding workforce. Hertz is currently constructing its new global headquarters campus here in a move from Park Ridge, NJ, raising Esteros national profile as a suburban office location of choice.

Best in the Central: Blue Ash, OH

With the highest concentration of businesses relative to population in the state of Ohio, Blue Ash also ranks as the Best in the Central Region in Boyds suburban office market survey. This Hamilton County community of 13,000

and 15 miles northeast of Cincinnati houses major office operations of Coca-Cola, Procter & Gamble Co., Kroger, Johnson & Johnson and Toyota. Blue Ash is also the headquarters of The J. Peterman Co., the clothier made famous by the TV show Seinfeld. Blue Ash also benefits from an improving state business climate in Ohio under tax-cutting Governor John Kasich.

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Princeton, NJ

Best in the West: Minden, NV

Minden, Nevada, is the top-ranked and lowest cost suburban office market in the West. With a population of 3,000 and situated in northern Nevadas Carson Valley, Minden benefits from Nevadas premier state business climate no personal or corporate income tax, no unitary tax and right to work status.

Teslas high profile $5 billion Gigafactory site search has put Northern Nevadas business climate in the national spotlight. The region is becoming a magnet for workers migrating out of the

costly Bay Area in California. As a result, the Carson Valley area is attracting some of the most exciting commercial and residential real estate developments in North America today.

Mindens current corporate community includes General Electric and the Western roasting plant of Starbucks. Boyd views the livability quotient as another positive for Minden providing executives and key staff access to nearby Lake Tahoe amenities, including northern Nevadas newest resort, The Hard Rock Hotel & Casino Lake Tahoe.

About Boyd

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Princeton, NJ

Founded in 1975, Boyd provides independent location counsel to leading U.S. and

overseas corporations. Devoted exclusively to corporate mobility, The Boyd Company

is recognized as a leading authority in comparative business cost analysis and strategic

corporate site selection. Major corporate office relocation clients of Boyd include the JP

Morgan Chase, Visa International, Pitney Bowes, Progressive Insurance, Philips,

PepsiCo-Canada, Hewlett-Packard and others.

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Princeton, NJ

SUMMARY COST EXHIBITS FOR ALL 50 TOP SUBURBAN OFFICE MARKETS


Princeton, NJ

Quarry Park, ABSouth Henday, AB Scottsdale, AZ Burnaby, BC Carlsbad, CA Irvine, CA Redwood City, CA Roseville, CA(Calgary (Edmonton (Phoenix (Vancouver (San Diego (Orange County (Santa Clara County (Sacramento

Metro Area) Metro Area) Metro Area) Metro Area) Metro Area) Metro Area) Metro Area) Metro Area)Labor Costs

Weighted Average Annual Earnings $57,627 $52,315 $45,655 $58,779 $53,011 $55,194 $58,747 $54,264Annual Base Payroll Costs $28,813,500 $26,157,500 $22,827,500 $29,389,500 $26,505,500 $27,597,000 $29,373,500 $27,132,000Fringe Benefits $6,338,970 $5,754,650 $8,446,175 $6,465,690 $9,807,035 $10,210,890 $10,868,195 $10,038,840

Total Annual Labor Costs $35,152,470 $31,912,150 $31,273,675 $35,855,190 $36,312,535 $37,807,890 $40,241,695 $37,170,840

Electric Power Costs $164,580 $215,292 $215,040 $151,728 $352,344 $314,580 $339,996 $285,768

Amortization Costs $2,123,540 $2,032,198 $1,861,619 $2,503,089 $2,337,907 $2,530,667 $2,881,226 $2,070,106

Property and Sales Tax Costs $718,686 $732,217 $1,074,186 $2,056,351 $770,776 $816,819 $860,730 $718,261

Comparative On-Site Travel Costs $370,240 $333,216 $302,463 $341,120 $315,110 $312,686 $336,003 $303,597

Comparative Air Travel Costs $76,864 $71,399 $132,437 $88,427 $138,942 $140,198 $126,558 $141,386

Total Annual Geographically-Variable Operating Costs $38,606,380 $35,296,472 $34,859,420 $40,995,905 $40,227,614 $41,922,840 $44,786,208 $40,689,958



COMPARATIVE ANNUAL OPERATING COST SIMULATION SUMMARY(1)SERIES I


Princeton, NJ

San Rafael, CA Santa Barbara, CA Santa Cruz, CA Santa Monica, CA Sorrento Mesa, CA Thousand Oaks, CA Walnut Creek, CA(Marin County (Santa Barbara County (Santa Cruz County (Los Angeles (San Diego (Ventura County (Contra Costa CountyMetro Area) Metro Area) Metro Area) Metro Area) Metro Area) Metro Area) Metro Area)

Labor Costs Weighted Average Annual Earnings $55,636 $53,430 $57,447 $54,749 $53,201 $52,024 $56,594Annual Base Payroll Costs $27,818,000 $26,715,000 $28,723,500 $27,374,500 $26,600,500 $26,012,000 $28,297,000Fringe Benefits $10,292,660 $9,884,550 $10,627,695 $10,128,565 $9,842,185 $9,624,440 $10,469,890



Amortization Costs $2,251,734 $2,198,862 $2,145,009 $2,310,799 $2,167,776 $2,108,274 $2,176,592

Property and Sales Tax Costs $794,726 $713,553 $734,132 $852,799 $738,963 $703,041 $772,632

Comparative On-Site Travel Costs $462,446 $359,039 $336,003 $409,687 $315,110 $384,363 $462,446

Comparative Air Travel Costs $158,616 $128,714 $126,558 $155,041 $138,942 $142,031 $111,899




COMPARATIVE ANNUAL OPERATING COST SIMULATION SUMMARY(1)SERIES II


Princeton, NJ

Lone Tree, CO Trumbull, CT Estero, FL Miramar, FL Alpharetta, GA Deerfield, IL Carmel, IN Overland Park, KS(Denver (Fairfield County (Fort Myers (Miami (Atlanta (Chicago (Indianapolis (Kansas City






Property and Sales Tax Costs $1,118,551 $947,834 $747,172 $872,314 $732,561 $1,351,204 $1,269,711 $1,170,903






COMPARATIVE ANNUAL OPERATING COST SIMULATION SUMMARY(1)SERIES III


Princeton, NJ

Waltham, MA North Bethesda, MD Owings Mills, MD Southfield, MI Eden Prairie, MN Chesterfield, MO SouthPark, NC Cherry Hill, NJ(Boston (Washington DC (Baltimore (Detroit (Minneapolis/St.Paul (St. Louis (Charlotte (Camden






Property and Sales Tax Costs $1,836,814 $1,005,943 $661,941 $748,880 $1,446,360 $1,029,449 $610,359 $1,147,570






COMPARATIVE ANNUAL OPERATING COST SIMULATION SUMMARY(1)SERIES IV


Princeton, NJ

Plainsboro, NJ Minden, NV Brighton, NY Orchard Park, NY White Plains, NY Blue Ash, OH Westerville, OH(Princeton (Reno/Sparks (Rochester (Buffalo (New York (Cincinnati (Columbus

Metro Area) Metro Area) Metro Area) Metro Area) Metro Area) Metro Area) Metro Area)Labor Costs

Weighted Average Annual Earnings $53,673 $46,101 $46,432 $45,139 $56,308 $45,518 $46,292Annual Base Payroll Costs $26,836,500 $23,050,500 $23,216,000 $22,569,500 $28,154,000 $22,759,000 $23,146,000Fringe Benefits $9,929,505 $8,528,685 $8,589,920 $8,350,715 $10,416,980 $8,420,830 $8,564,020



Amortization Costs $2,130,020 $1,585,642 $1,735,032 $1,701,647 $2,352,567 $1,676,151 $1,747,181

Property and Sales Tax Costs $1,114,208 $619,379 $1,019,532 $1,058,721 $1,137,966 $773,833 $861,242

Comparative On-Site Travel Costs $359,778 $261,040 $278,054 $298,542 $407,399 $315,297 $287,945

Comparative Air Travel Costs $176,911 $132,966 $136,433 $118,379 $140,206 $188,399 $150,242




COMPARATIVE ANNUAL OPERATING COST SIMULATION SUMMARY(1)SERIES V


Princeton, NJ

Mississauga, ON Hillsboro, OR Canonsburg, PA King of Prussia, PA Laval, QC(Toronto (Portland (Pittsburgh (Philadelphia (Montreal

Metro Area) Metro Area) Metro Area) Metro Area) Metro Area)Labor Costs

Weighted Average Annual Earnings $56,161 $48,675 $44,829 $52,668 $55,369Annual Base Payroll Costs $28,080,500 $24,337,500 $22,414,500 $26,334,000 $27,684,500Fringe Benefits $6,177,710 $9,004,875 $8,293,365 $9,743,580 $6,090,590

Total Annual Labor Costs $34,258,210 $33,342,375 $30,707,865 $36,077,580 $33,775,090

Electric Power Costs $242,472 $179,628 $152,880 $232,776 $168,576

Amortization Costs $2,584,776 $1,979,200 $1,713,334 $2,130,658 $2,044,266

Property and Sales Tax Costs $1,907,461 $331,360 $806,743 $1,086,677 $1,845,697

Comparative On-Site Travel Costs $349,440 $337,334 $333,913 $351,083 $370,240

Comparative Air Travel Costs $91,069 $130,464 $146,592 $156,467 $84,787

Total Annual Geographically-Variable Operating Costs $39,433,428 $36,300,361 $33,861,327 $40,035,241 $38,288,656



COMPARATIVE ANNUAL OPERATING COST SIMULATION SUMMARY(1)SERIES VI


Princeton, NJ

Plano, TX Round Rock, TX The Woodlands, TX Tysons Corner, VA Bellevue, WA Camas, WA(Dallas (Austin (Houston (Washington DC (Seattle (Portland

Metro Area) Metro Area) Metro Area) Metro Area) Metro Area) Metro Area)Labor Costs

Weighted Average Annual Earnings $46,920 $46,041 $47,422 $54,560 $53,112 $48,733Annual Base Payroll Costs $23,460,000 $23,020,500 $23,711,000 $27,280,000 $26,556,000 $24,366,500Fringe Benefits $8,680,200 $8,517,585 $8,773,070 $10,093,600 $9,825,720 $9,015,605

Total Annual Labor Costs $32,140,200 $31,538,085 $32,484,070 $37,373,600 $36,381,720 $33,382,105

Electric Power Costs $165,684 $165,684 $165,684 $162,672 $188,208 $179,940

Amortization Costs $1,748,795 $1,613,574 $1,787,684 $2,069,038 $2,146,359 $1,732,459

Property and Sales Tax Costs $1,004,459 $891,773 $1,006,334 $674,824 $877,891 $704,098

Comparative On-Site Travel Costs $314,028 $341,546 $337,126 $414,939 $370,594 $340,704

Comparative Air Travel Costs $156,283 $141,811 $182,470 $178,427 $137,563 $130,464

Total Annual Geographically-Variable Operating Costs $35,529,449 $34,692,473 $35,963,368 $40,873,500 $40,102,335 $36,469,770



COMPARATIVE ANNUAL OPERATING COST SIMULATION SUMMARY(1)SERIES VII

national report on suburban office markets

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