1. Office Market September 2004 prepared for Presented by James Phillpott Senior Research Associate Cushman & Wakefield

2. Table of Contents The Office Leasing Market – Historical Perspective – Current Market Conditions – Top Deals The Office Investment Sales Market – Sales Activity and Future Pipeline Four Year Market Forecast – Deliveries – Absorption – Occupancy

3. 3 rd Quarter 2004 Office Leasing Market

4. M etro Atlanta Office Map

5. Office Market Cycle

6. A tlanta Office Market Historical Vacancy Rates Source: Cushman & Wakefield Research Services 3% 19.5%

7. Overall Vacancy Rate v. Overall Weighted Average Asking Rent Asking Rent Vacancy Rate A tlanta Office Market Source: Cushman & Wakefield Research Services

8. A tlanta Office Market Direct v. Sublease Available Square Feet (in millions) Source: Cushman & Wakefield Research Services

9. A tlanta Office Leasing Opportunities Number of Spaces Available by Size Source: Cushman & Wakefield Research Services

10. Quarterly Comparison Source: Cushman & Wakefield Research Services A tlanta Office Market Leasing Activity

11. A tlanta Office Market Historical Vacancy Rates by Class Source: Cushman & Wakefield Research Services

12. Current Market Dynamics Summary Leasing Market Vacancy Rates have Stabilized New Supply Pipeline Is In Check…for now Subleases Are Slowly Disappearing Leasing Activity Currently on the Decline – mortgaged against future activity with early renewals Diversified Supply of New and Re-let Space Flight to Quality as Tenants Take Advantage of Market Conditions

13. Investment Sales

14. Office Sales Trend Through Mid-Year 2003 In Millions

15. Office Sales Trend In Millions

16. Current Market Dynamics Summary Office Sales 2004 Sales Total $929 Million YTD Year End 2004 Will Top Atlantas 1998 record of $1.3 Billion

17. Four Year Forecast

18. Office Market Forecast 12.3 Million SF Absorption 19.5 Million SF Absorption 4.7% Increase in Occupancy 9.5% Increase in Occupancy

19. Conclusion Things are finally looking up!