1. CBIA/CERC/Data Core Partners: Commercial Real Estate Survey Jason J. Giulietti 1 March 2011 Sponsored by:

2. About the survey Partnership formed in 2010 ◦Connecticut Economic Resource Center (CERC), Data Core Partners and Connecticut Business & Industry Association (CBIA) ◦Sponsors: Farmington Bank and O’Connor, Davies Munns and Dobbins, LLP Commercial real estate index Market trends (current and future)

3. About the respondents Brokers – 62% Developers – 9% Economic development professional – 9% Banker – 2% Appraiser – 1% Other – 17%

4. Market conditions Primary geography Excellent Good Fair Poor Office 1% 12% 45% 43% Industrial 3% 10% 43% 43% Retail 1% 17% 42% 41% Investment 1% 22% 43% 33% Residential 1% 14% 52% 33% Overall economy 0% 7% 51% 41%

5. Market conditions Connecticut - current Excellent Good Fair Poor Office 0% 7% 52% 41% Industrial 1% 9% 47% 43% Retail 0% 7% 48% 46% Investment 1% 14% 46% 38% Residential 1% 11% 53% 35% Overall economy 0% 5% 48% 47%

6. Market conditions Connecticut – next 3 months Excellent Good Fair Poor Office 0% 11% 49% 40% Industrial 1% 11% 48% 41% Retail 0% 13% 48% 39% Investment 2% 17% 50% 30% Residential 1% 14% 47% 39% Overall economy 1% 8% 53% 39%

7. Expectations for transactions

8. Expectations for sale prices

9. Expectations for lease prices

10. Commercial RE Index 3Q 20104Q 2010 Current Conditions Index 7.5 9.8 Future Expectations Index 9.3 13.7 Total Commercial RE Index 8.3 11.8