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DowntownFTL State of the Market

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STATE OF THE MARKET 2019 DowntownFTL On The Rise

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A MESSAGE FROM THE DDA CHAIR AND PRESIDENT CEO The Fort Lauderdale Downtown Development Authority DDA is pleased to present our inaugural State of the Market 2019 report This publication presents a compilation of the development trends and major projects shaping the city s urban core Jim Ellis DDA Board Chair Long planned and anticipated DowntownFTL is changing before our very eyes More than 400 hotel rooms are under construction 500 000 square feet of new Class A office space is on the horizon and 5 000 new residential units are being built with thousands more in the works We are building the city you never want to leave This is Fort Lauderdale Fort Lauderdale is a city on the rise and the geographic center of a booming Southeast Florida region A desirable location for investment commerce relocation and startups Fort Lauderdale was ranked 17 in the Emerging Trends in Real Estate 2019 report published by the Urban Land Institute and PwC Jenni Morejon DDA President CEO Our urban core is surrounded by a world class beach an international airport a cargo and cruise port interstate roadways and now high speed rail connecting our neighboring cities to the north and south Downtown Fort Lauderdale is a walkable livable city with iconic public spaces dynamic cultural and civic institutions and neighborhoods that create community We enjoy a relaxed vibe and at the same time celebrate in a city full of life and excitement The DDA is committed to facilitating investment improving mobility enhancing the public realm and engaging with our stakeholders Our vision looks to the future Our perspective is regional Our foundation is strong and sets the stage for continued growth Downtown Fort Lauderdale a city on the rise and the city you never want to leave 2

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A MESSAGE FROM THE DDA CHAIR AND PRESIDENT CEO The Fort Lauderdale Downtown Development Authority DDA is pleased to present our inaugural State of the Market 2019 report This publication presents a compilation of the development trends and major projects shaping the city s urban core Jim Ellis DDA Board Chair Long planned and anticipated DowntownFTL is changing before our very eyes More than 400 hotel rooms are under construction 500 000 square feet of new Class A office space is on the horizon and 5 000 new residential units are being built with thousands more in the works We are building the city you never want to leave This is Fort Lauderdale Fort Lauderdale is a city on the rise and the geographic center of a booming Southeast Florida region A desirable location for investment commerce relocation and startups Fort Lauderdale was ranked 17 in the Emerging Trends in Real Estate 2019 report published by the Urban Land Institute and PwC Jenni Morejon DDA President CEO Our urban core is surrounded by a world class beach an international airport a cargo and cruise port interstate roadways and now high speed rail connecting our neighboring cities to the north and south Downtown Fort Lauderdale is a walkable livable city with iconic public spaces dynamic cultural and civic institutions and neighborhoods that create community We enjoy a relaxed vibe and at the same time celebrate in a city full of life and excitement The DDA is committed to facilitating investment improving mobility enhancing the public realm and engaging with our stakeholders Our vision looks to the future Our perspective is regional Our foundation is strong and sets the stage for continued growth Downtown Fort Lauderdale a city on the rise and the city you never want to leave 2

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TABLE OF CONTENTS 6 10 12 ABOUT FTL DDA FTL AT A GLANCE DEVELOP 14 20 24 WORK LIVE EXPERIENCE 26 28 31 STAY MOVE SOURCES CREDITS

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TABLE OF CONTENTS 6 10 12 ABOUT FTL DDA FTL AT A GLANCE DEVELOP 14 20 24 WORK LIVE EXPERIENCE 26 28 31 STAY MOVE SOURCES CREDITS

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KEY PROJECTS WORK PROGRAM ABOUT THE ORGANIZATION In 2019 the DDA is focusing on key priorities that involve public and private investments improved mobility enhancements to the public realm and greater community engagement The Fort Lauderdale Downtown Development Authority DDA is an independent taxing district established by the Florida State Legislature in 1965 Led by an appointed board of directors the DDA has spearheaded legacy projects over the past 50 years to stimulate and sustain economic development and livability in Downtown Fort Lauderdale For Fiscal Year 2019 the DDA levied a 0 9335 millage rate on non residential properties in its 350 acre district VISION A vibrant sustainable and inclusive world class downtown Joint City County Governmental Campus The DDA organized support from Broward County and the City of Fort Lauderdale to build a new combined governmental campus The DDA is advocating for a public private partnership structure to deliver a stateof the art government campus signaling a smart and efficient investment in tax payer dollars Federal Courthouse Congress approved 190 million to build a new federal courthouse in DowntownFTL The DDA is working with the Federal General Services Administration GSA to finalize the site selection and development process and ensure this important civic use remains in Downtown Urban Parks and Plazas From the planned Tunnel Top Park to the acquisition of new park land in places like Flagler Village a focus on quality parks and open spaces to accommodate our growing DowntownFTL population is a major priority of the DDA 6 BOARD OF DIRECTORS pictured above from left to right DDA TEAM Board Member Tim Petrillo Treasurer Charlie Ladd Secretary Greg Durden Board Member Steve Hudson Chair Jim Ellis Board Member Alan Hooper Vice Chair John Ropes Housing Affordability DowntownFTL can be an inclusive and diverse community that offers a mix of housing options for a variety of socio economic levels The DDA is advocating for a comprehensive set of solutions to housing affordability including the use of public land public financial contributions and development incentives to support new subsidized housing Downtown Mobility Improved multi modal mobility is critical The DDA is partnering with the Broward Metropolitan Planning Organization MPO Broward County and the City of Fort Lauderdale to evaluate whether Andrews Avenue and 3rd Avenue can be used as one way pairs to improve traffic flow while adding safe and welcoming streetscapes and sidewalks in the urban core Urban Acupuncture This new DDA program seeks to transform the DowntownFTL public realm with high impact quick to implement projects from murals and wayfinding signage to street activations and popup community engagements A key initiative is the rebuilding of SW 2 Avenue between West Broward Boulevard and SW 2 Street transforming the corridor that connects the Brightline Virgin Train USA Station to the Arts and Entertainment A E Historic District and Riverwalk Jenni Morejon President CEO Elizabeth Van Zandt Executive Vice President Alexandra Saiz Planning Program Manager Marti Brown Executive Assistant John Milledge General Counsel 7

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KEY PROJECTS WORK PROGRAM ABOUT THE ORGANIZATION In 2019 the DDA is focusing on key priorities that involve public and private investments improved mobility enhancements to the public realm and greater community engagement The Fort Lauderdale Downtown Development Authority DDA is an independent taxing district established by the Florida State Legislature in 1965 Led by an appointed board of directors the DDA has spearheaded legacy projects over the past 50 years to stimulate and sustain economic development and livability in Downtown Fort Lauderdale For Fiscal Year 2019 the DDA levied a 0 9335 millage rate on non residential properties in its 350 acre district VISION A vibrant sustainable and inclusive world class downtown Joint City County Governmental Campus The DDA organized support from Broward County and the City of Fort Lauderdale to build a new combined governmental campus The DDA is advocating for a public private partnership structure to deliver a stateof the art government campus signaling a smart and efficient investment in tax payer dollars Federal Courthouse Congress approved 190 million to build a new federal courthouse in DowntownFTL The DDA is working with the Federal General Services Administration GSA to finalize the site selection and development process and ensure this important civic use remains in Downtown Urban Parks and Plazas From the planned Tunnel Top Park to the acquisition of new park land in places like Flagler Village a focus on quality parks and open spaces to accommodate our growing DowntownFTL population is a major priority of the DDA 6 BOARD OF DIRECTORS pictured above from left to right DDA TEAM Board Member Tim Petrillo Treasurer Charlie Ladd Secretary Greg Durden Board Member Steve Hudson Chair Jim Ellis Board Member Alan Hooper Vice Chair John Ropes Housing Affordability DowntownFTL can be an inclusive and diverse community that offers a mix of housing options for a variety of socio economic levels The DDA is advocating for a comprehensive set of solutions to housing affordability including the use of public land public financial contributions and development incentives to support new subsidized housing Downtown Mobility Improved multi modal mobility is critical The DDA is partnering with the Broward Metropolitan Planning Organization MPO Broward County and the City of Fort Lauderdale to evaluate whether Andrews Avenue and 3rd Avenue can be used as one way pairs to improve traffic flow while adding safe and welcoming streetscapes and sidewalks in the urban core Urban Acupuncture This new DDA program seeks to transform the DowntownFTL public realm with high impact quick to implement projects from murals and wayfinding signage to street activations and popup community engagements A key initiative is the rebuilding of SW 2 Avenue between West Broward Boulevard and SW 2 Street transforming the corridor that connects the Brightline Virgin Train USA Station to the Arts and Entertainment A E Historic District and Riverwalk Jenni Morejon President CEO Elizabeth Van Zandt Executive Vice President Alexandra Saiz Planning Program Manager Marti Brown Executive Assistant John Milledge General Counsel 7

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DDA TIMELINE 2000s The DDA renovated twelve blocks of South 2nd Street from the Broward Center of the Performing Arts to Federal Highway adding in new landscaping street trees streetlights paving and wide sidewalks arguably the first major streetscape investment in the urban core 1980s The DDA initiated land use and zoning policy for a compact mixeduse Downtown allowing for the development of thousands of residential units to create a live workplay destination 1965 1970s Following a period of suburban flight the DDA purchased more than a dozen acres of blighted and vacant land to stimulate development Destinations like the Broward Center for the Performing Arts the Museum of Discovery and Science the Main Library Museum of Art and Riverwalk all exist due to the vision of early DDA leaders TODAY A focus on major civic and public developments like a new Federal Courthouse and joint City County government campus complements the work of improving the public realm through the DDA s Urban Acupuncture program 1996 The DDA built Huizenga Plaza the prime DowntownFTL urban park at Las Olas Boulevard and Andrews Avenue along the picturesque Riverwalk The park serves as the premier site for the most visible and highlyattended outdoor events in Downtown 2017 THE DDA WAS ESTABLISHED BY SPECIAL ACT OF THE FLORIDA STATE LEGISLATURE 8 Using federal grant funding the DDA completed the missing link of the northern Riverwalk connecting the shops of Las Olas Boulevard to the Downtown core 9

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DDA TIMELINE 2000s The DDA renovated twelve blocks of South 2nd Street from the Broward Center of the Performing Arts to Federal Highway adding in new landscaping street trees streetlights paving and wide sidewalks arguably the first major streetscape investment in the urban core 1980s The DDA initiated land use and zoning policy for a compact mixeduse Downtown allowing for the development of thousands of residential units to create a live workplay destination 1965 1970s Following a period of suburban flight the DDA purchased more than a dozen acres of blighted and vacant land to stimulate development Destinations like the Broward Center for the Performing Arts the Museum of Discovery and Science the Main Library Museum of Art and Riverwalk all exist due to the vision of early DDA leaders TODAY A focus on major civic and public developments like a new Federal Courthouse and joint City County government campus complements the work of improving the public realm through the DDA s Urban Acupuncture program 1996 The DDA built Huizenga Plaza the prime DowntownFTL urban park at Las Olas Boulevard and Andrews Avenue along the picturesque Riverwalk The park serves as the premier site for the most visible and highlyattended outdoor events in Downtown 2017 THE DDA WAS ESTABLISHED BY SPECIAL ACT OF THE FLORIDA STATE LEGISLATURE 8 Using federal grant funding the DDA completed the missing link of the northern Riverwalk connecting the shops of Las Olas Boulevard to the Downtown core 9

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FTL AT A GLANCE 1 6 SQUARE SUNRISE BOULEVARD MILES OF DOWNTOWN 13 200 TOTAL POPULATION BROWARD BOULEVARD US 1 DAVIE BOULEVARD 59 000 TOTAL EMPLOYEES 3 100 TOTAL BUSINESSES STATE ROAD 84 10 Fort Lauderdale Intl Airport Port Everglades 133 BARS RESTAURANTS DEVELOP EXPERIENCE 18 700 residential units built and approved Home to Riverwalk Florida s Most Beautiful Mile Over one million square feet of existing retail space More than one million square feet of retail space 6 8 million square feet of existing office space 1 440 hotel rooms built and approved WORK Supports 59 000 employees Headquarters to Autonation Convey Health Solutions Kemet Corporation SEACOR and Uniform Advatage 68 of all office inventory is Class A space LIVE 13 200 residents 30 growth in population since 2010 1 in city in the nation for relocations VISIT 4 hotels with 817 hotel rooms Another 440 hotel rooms currently under construction 900 million expansion at Greater Fort Lauderdale Convention Center MOVE 32 5 million annual passengers at FLL the 7th fastest growing airport in the U S 300 000 dockless scooter rides in first three months of program 284 boats travel the New River each day Walk Score 89 11

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FTL AT A GLANCE 1 6 SQUARE SUNRISE BOULEVARD MILES OF DOWNTOWN 13 200 TOTAL POPULATION BROWARD BOULEVARD US 1 DAVIE BOULEVARD 59 000 TOTAL EMPLOYEES 3 100 TOTAL BUSINESSES STATE ROAD 84 10 Fort Lauderdale Intl Airport Port Everglades 133 BARS RESTAURANTS DEVELOP EXPERIENCE 18 700 residential units built and approved Home to Riverwalk Florida s Most Beautiful Mile Over one million square feet of existing retail space More than one million square feet of retail space 6 8 million square feet of existing office space 1 440 hotel rooms built and approved WORK Supports 59 000 employees Headquarters to Autonation Convey Health Solutions Kemet Corporation SEACOR and Uniform Advatage 68 of all office inventory is Class A space LIVE 13 200 residents 30 growth in population since 2010 1 in city in the nation for relocations VISIT 4 hotels with 817 hotel rooms Another 440 hotel rooms currently under construction 900 million expansion at Greater Fort Lauderdale Convention Center MOVE 32 5 million annual passengers at FLL the 7th fastest growing airport in the U S 300 000 dockless scooter rides in first three months of program 284 boats travel the New River each day Walk Score 89 11

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DEVELOPMENT VOLUME TRENDS DEVELOP Over the past 18 years close to 6 8 million square feet of office retail multifamily and hotel space has been built in Downtown Fort Lauderdale Today another 6 2 million square feet is under construction DOWNTOWN FORTmaking LAUDERDALE IS THE LATEST REDEVELOPMENT HOTSPOT Downtown Fort Lauderdale the latest redevelopment hotspot DOWNTOWN FORT LAUDERDALE NEW DEVELOPMENT SINCE Y2K IS THE LATEST REDEVELOPMENT HOTSPOT Multifamily DOWNTOWN FORT LAUDERDALE IS THE LATEST REDEVELOPMENT HOTSPOT NEW DEVELOPMENT SINCE Y2K IS DOWNTOWN FORT LAUDERDALE THE LATEST REDEVELOPMENT HOTSPOT Mult ifamily 438K 756K NEW DEVELOPMENT SINCE Y2K 752K NEW DEVELOPMENT SINCE Y2K Mult ifamily 438K 756K Hotel Mult ifamily 438K 756K Hotel 137K Mult ifamily 438K 756K Hotel Hotel Retail Hotel Retail Retail Offi ce Retail Offi ce Offi ce 137K 137K 137K 2 5M 2000 2004 752K 2 5M 752K 315K 752K 2 5M 2 5M 2000 2004 2005 2009 2010 2014 2015 2018 Under Construction 2000 2004 2005 2009 2010 2014 2015 2018 Under Construction 2000 2004 2005 2009 935M Retail119K 315K 315K 119K Office Offi ce 91K 120K 91K 120K 91K 935M 935M 81K 59K 81K 1 1M 303K 1 1M 303K 13K57K 120K 91K 1 1M 1 1M 303K 57K Total Square Feet Built During Each Time Period 2000 2004 2005 2009 2010 2014 12 4 7M 2015 2018 Under Construction 5 Saloon 00 Completed 6 788 East Las Olas Completed WORK 81K 475K 475K 475K 13K T HOTSPOT 475K 475K 303K EXPERIENCE 7 Brightline Station Completed 59K 59K 13K57K 59K 13K57K 1 1M 119K 120K 1 Fairfield Inn Completed 2 Dalmar Completed 3 Tru Home2 Suites by Hilton Under Construction 4 100 Las Olas Under Construction MOVE 4 7M 4 7M 935K 315K 119K 2005 2009 4 7M 2010 2014 2015 2018 Under Construction 2010 2014 2015 2018 Under Construction 4 7M HOSPITALITY 81K 8 550 Building Under Construction 9 The Main Las Olas South Under Construction PUBLIC 10 Broward Courthouse Completed LIVE 11 ID Flagler Village Apts Completed 12 Icon Las Olas Completed 13 ORA Flagler Village Completed 14 The Queue Apartments Completed 15 Amaray Las Olas Completed 16 The Whitney Completed 17 Wisdom Village Completed 18 790 East Broward Under Construction 19 Flagler Townhomes Under Construction 20 The Rise Under Construction 21 ArchCo Metropolitan Under Construction 22 Pearl Flagler Village Under Construction 23 Alta Flagler Village Under Construction 24 Las Olas Walk Under Construction 25 X Las Olas Under Construction 26 The Residences of Las Olas Under Construction 27 The Main Las Olas North Under Construction 28 4 West Las Olas Under Construction 13

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DEVELOPMENT VOLUME TRENDS DEVELOP Over the past 18 years close to 6 8 million square feet of office retail multifamily and hotel space has been built in Downtown Fort Lauderdale Today another 6 2 million square feet is under construction DOWNTOWN FORTmaking LAUDERDALE IS THE LATEST REDEVELOPMENT HOTSPOT Downtown Fort Lauderdale the latest redevelopment hotspot DOWNTOWN FORT LAUDERDALE NEW DEVELOPMENT SINCE Y2K IS THE LATEST REDEVELOPMENT HOTSPOT Multifamily DOWNTOWN FORT LAUDERDALE IS THE LATEST REDEVELOPMENT HOTSPOT NEW DEVELOPMENT SINCE Y2K IS DOWNTOWN FORT LAUDERDALE THE LATEST REDEVELOPMENT HOTSPOT Mult ifamily 438K 756K NEW DEVELOPMENT SINCE Y2K 752K NEW DEVELOPMENT SINCE Y2K Mult ifamily 438K 756K Hotel Mult ifamily 438K 756K Hotel 137K Mult ifamily 438K 756K Hotel Hotel Retail Hotel Retail Retail Offi ce Retail Offi ce Offi ce 137K 137K 137K 2 5M 2000 2004 752K 2 5M 752K 315K 752K 2 5M 2 5M 2000 2004 2005 2009 2010 2014 2015 2018 Under Construction 2000 2004 2005 2009 2010 2014 2015 2018 Under Construction 2000 2004 2005 2009 935M Retail119K 315K 315K 119K Office Offi ce 91K 120K 91K 120K 91K 935M 935M 81K 59K 81K 1 1M 303K 1 1M 303K 13K57K 120K 91K 1 1M 1 1M 303K 57K Total Square Feet Built During Each Time Period 2000 2004 2005 2009 2010 2014 12 4 7M 2015 2018 Under Construction 5 Saloon 00 Completed 6 788 East Las Olas Completed WORK 81K 475K 475K 475K 13K T HOTSPOT 475K 475K 303K EXPERIENCE 7 Brightline Station Completed 59K 59K 13K57K 59K 13K57K 1 1M 119K 120K 1 Fairfield Inn Completed 2 Dalmar Completed 3 Tru Home2 Suites by Hilton Under Construction 4 100 Las Olas Under Construction MOVE 4 7M 4 7M 935K 315K 119K 2005 2009 4 7M 2010 2014 2015 2018 Under Construction 2010 2014 2015 2018 Under Construction 4 7M HOSPITALITY 81K 8 550 Building Under Construction 9 The Main Las Olas South Under Construction PUBLIC 10 Broward Courthouse Completed LIVE 11 ID Flagler Village Apts Completed 12 Icon Las Olas Completed 13 ORA Flagler Village Completed 14 The Queue Apartments Completed 15 Amaray Las Olas Completed 16 The Whitney Completed 17 Wisdom Village Completed 18 790 East Broward Under Construction 19 Flagler Townhomes Under Construction 20 The Rise Under Construction 21 ArchCo Metropolitan Under Construction 22 Pearl Flagler Village Under Construction 23 Alta Flagler Village Under Construction 24 Las Olas Walk Under Construction 25 X Las Olas Under Construction 26 The Residences of Las Olas Under Construction 27 The Main Las Olas North Under Construction 28 4 West Las Olas Under Construction 13

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MAIN LAS OLAS 201 E LAS OLAS WHO S HERE 54 of employees have a Ken Stiles CEO commute time of less than 30 minutes With the Brightline train commuters can travel to Miami or West Palm Beach in just 30 minutes and soon to Orlando in just 2 5 hours 59 179 Employees 447 Employee to Resident Ratio Per 100 residents 14 2011 2012 15 68 4 6 Million square feet is Class A space 12 Fort Lauderdale was named among the Top Job Markets in the US by WalletHub in 2019 18 6 8 Million square feet of office space in DowntownFTL 18 Businesses Downtown Fort Lauderdale Vacancy Rate DOWNTOWN FTL VACANCY RATE OFFICE MARKET 19 3 102 Notable as a public private partnership with Broward College the Main will be a 1 4 million square foot mixed use office residential and retail project in a two tower development spanning 2 7 acres at the corner of SE 3rd Avenue and Las Olas Boulevard Publix s GreenWise Market will take up 28 000 square feet on the ground floor providing a muchdesired amenity for the downtown community 12 vacancy rate compressed from 19 in 2012 33 90 Gross rental rate increased by 70 over the past five years 2010 2013 2014 2015 2016 2017 12 age 25 have a bachelor s degree or higher 11 48 of Downtowners The Main Las Olas project represents the growth and transformation of FTL s CBD 10 Headquarters Regional Offices Developed by the Stiles Corporation visionaries who effectively developed the DowntownFTL central business district and Shorenstein Properties the Main Las Olas project is the first major Class A office tower to be built in the urban core in the past decade 11 DOWNTOWN AT WORK 2018 15

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MAIN LAS OLAS 201 E LAS OLAS WHO S HERE 54 of employees have a Ken Stiles CEO commute time of less than 30 minutes With the Brightline train commuters can travel to Miami or West Palm Beach in just 30 minutes and soon to Orlando in just 2 5 hours 59 179 Employees 447 Employee to Resident Ratio Per 100 residents 14 2011 2012 15 68 4 6 Million square feet is Class A space 12 Fort Lauderdale was named among the Top Job Markets in the US by WalletHub in 2019 18 6 8 Million square feet of office space in DowntownFTL 18 Businesses Downtown Fort Lauderdale Vacancy Rate DOWNTOWN FTL VACANCY RATE OFFICE MARKET 19 3 102 Notable as a public private partnership with Broward College the Main will be a 1 4 million square foot mixed use office residential and retail project in a two tower development spanning 2 7 acres at the corner of SE 3rd Avenue and Las Olas Boulevard Publix s GreenWise Market will take up 28 000 square feet on the ground floor providing a muchdesired amenity for the downtown community 12 vacancy rate compressed from 19 in 2012 33 90 Gross rental rate increased by 70 over the past five years 2010 2013 2014 2015 2016 2017 12 age 25 have a bachelor s degree or higher 11 48 of Downtowners The Main Las Olas project represents the growth and transformation of FTL s CBD 10 Headquarters Regional Offices Developed by the Stiles Corporation visionaries who effectively developed the DowntownFTL central business district and Shorenstein Properties the Main Las Olas project is the first major Class A office tower to be built in the urban core in the past decade 11 DOWNTOWN AT WORK 2018 15

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LEADING SECTORS WORK D O W N T O W N W E S T PA L M B E A C H 4 8 million SF total inventory 0 SF under construction 103 850 SF net absorption NUMBER OF BUSINESSES IN DOWNTOWN FORT LAUDERDALE 11 7 vacancy rate increased 110 bps YOY 30 00 PSF full service rents 52 5 year growth DOWNTOWN FORT LAUDERDALE 6 8 million SF total inventory REAL ESTATE CONSTRUCTION 300 GOVERNMENT 210 MEDICAL 175 475 000 SF under construction FOOD SERVICE HOSPITALITY 155 146 000 SF WPB ARTS ENTERTAINMENT 57 MANUFACTURING WHOLESALE 101 net absorption FTL FINANCIAL INSURANCE 250 RETAIL 199 INFORMATION SERVICES 90 22 million SF MIAMI total inventory 0 SF Downtown Fort Lauderdale has established itself as a world class international business center and one of the most desirable locations for new expanding or relocating businesses This attractive commercial environment is supported by a diverse range of leading industry sectors ranging from legal and financial services to technology and engineering providing jobs to almost 60 000 employees 18 under construction 183 500 SF TRANSPORTATION 50 net absorption HOW LONG HAVE OUR DOWNTOWNERS BEEN WORKING HERE increased 170 bps YOY 34 00 PSF full service rents 70 5 year growth DOWNTOWN MIAMI EDUCATION 54 LEGAL 631 12 2 vacancy rate 14 1 vacancy rate increased 30 bps YOY 40 00 PSF full service rents 17 5 year growth 23 31 27 19 Less than 3 years 3 10 years 10 20 years More than 20 years 19

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LEADING SECTORS WORK D O W N T O W N W E S T PA L M B E A C H 4 8 million SF total inventory 0 SF under construction 103 850 SF net absorption NUMBER OF BUSINESSES IN DOWNTOWN FORT LAUDERDALE 11 7 vacancy rate increased 110 bps YOY 30 00 PSF full service rents 52 5 year growth DOWNTOWN FORT LAUDERDALE 6 8 million SF total inventory REAL ESTATE CONSTRUCTION 300 GOVERNMENT 210 MEDICAL 175 475 000 SF under construction FOOD SERVICE HOSPITALITY 155 146 000 SF WPB ARTS ENTERTAINMENT 57 MANUFACTURING WHOLESALE 101 net absorption FTL FINANCIAL INSURANCE 250 RETAIL 199 INFORMATION SERVICES 90 22 million SF MIAMI total inventory 0 SF Downtown Fort Lauderdale has established itself as a world class international business center and one of the most desirable locations for new expanding or relocating businesses This attractive commercial environment is supported by a diverse range of leading industry sectors ranging from legal and financial services to technology and engineering providing jobs to almost 60 000 employees 18 under construction 183 500 SF TRANSPORTATION 50 net absorption HOW LONG HAVE OUR DOWNTOWNERS BEEN WORKING HERE increased 170 bps YOY 34 00 PSF full service rents 70 5 year growth DOWNTOWN MIAMI EDUCATION 54 LEGAL 631 12 2 vacancy rate 14 1 vacancy rate increased 30 bps YOY 40 00 PSF full service rents 17 5 year growth 23 31 27 19 Less than 3 years 3 10 years 10 20 years More than 20 years 19

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LIVE POPULATION GROWTH Downtown Fort Lauderdale s population has grown by an estimated 30 since 2010 to more than 13 240 residents Meanwhile Broward County s population grew by 9 since 2010 DOWNTOWN FORT LAUDERDALE BROWARD COUNTY 10 178 2010 1 748 066 Restaurant selection Central location and convenience 13 242 30 Growth Rate Arts and cultural events 1 901 425 9 Urban experience Employment opportunities 2018 2010 Top 5 reasons Downtowners choose to live here 2018 Growth Rate DOWNTOWN FORT LAUDERDALE DEMOGRAPHICS Race Ethnicity Fort Lauderdale ranked number 1 most searched location in the nation for relocations MoveBuddha June 2018 20 Income Profile White 57 Per Capita Income 51 715 Black 35 Median HH Income 64 055 Hispanic 17 Average HH Income 97 265 Asian 2 Other 6 Forecasted Annual Median HH Income Growth 3 33 13 37 28 24 Ages 0 19 Ages 20 34 Ages 35 54 Ages 55 21

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LIVE POPULATION GROWTH Downtown Fort Lauderdale s population has grown by an estimated 30 since 2010 to more than 13 240 residents Meanwhile Broward County s population grew by 9 since 2010 DOWNTOWN FORT LAUDERDALE BROWARD COUNTY 10 178 2010 1 748 066 Restaurant selection Central location and convenience 13 242 30 Growth Rate Arts and cultural events 1 901 425 9 Urban experience Employment opportunities 2018 2010 Top 5 reasons Downtowners choose to live here 2018 Growth Rate DOWNTOWN FORT LAUDERDALE DEMOGRAPHICS Race Ethnicity Fort Lauderdale ranked number 1 most searched location in the nation for relocations MoveBuddha June 2018 20 Income Profile White 57 Per Capita Income 51 715 Black 35 Median HH Income 64 055 Hispanic 17 Average HH Income 97 265 Asian 2 Other 6 Forecasted Annual Median HH Income Growth 3 33 13 37 28 24 Ages 0 19 Ages 20 34 Ages 35 54 Ages 55 21

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29 of Our Downtowners Have Children 2 9 O FUnder O U R D O18 WNTOWNERS E F F E C T I V E M O N T H LY R E N TA L R AT E S I N S O U T H F L O R I D A S U R B A N C O R E S H AV E C H I L D R E N U N D E R 1 8 1 675 WPB FTL Yes 29 Have Children 1 954 No 2 095 MIA 62 No children O C C U PA N C Y R AT E S I N S O U T H F L O R I D A S U R B A N C O R E S 94 WPB FTL YET 60 OF OUR DOWNTOWNERS H AV E A P E T 1 954 Yes 96 40 No Pet 60 Have a Pet HOW LONG HAVE OUR DOWNTOWNERS BEEN LIVING HERE 24 37 23 17 Less than 3 years 3 10 years 10 20 years More than 20 years 22 TOTAL POPULATION Yet 60 of Our Downtowners Have A Pet 95 MIA 13 242 AVERAGE RENT No 95 OCCUPANCY 11 PROJECTS UNDER CONSTRUCTION 23

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29 of Our Downtowners Have Children 2 9 O FUnder O U R D O18 WNTOWNERS E F F E C T I V E M O N T H LY R E N TA L R AT E S I N S O U T H F L O R I D A S U R B A N C O R E S H AV E C H I L D R E N U N D E R 1 8 1 675 WPB FTL Yes 29 Have Children 1 954 No 2 095 MIA 62 No children O C C U PA N C Y R AT E S I N S O U T H F L O R I D A S U R B A N C O R E S 94 WPB FTL YET 60 OF OUR DOWNTOWNERS H AV E A P E T 1 954 Yes 96 40 No Pet 60 Have a Pet HOW LONG HAVE OUR DOWNTOWNERS BEEN LIVING HERE 24 37 23 17 Less than 3 years 3 10 years 10 20 years More than 20 years 22 TOTAL POPULATION Yet 60 of Our Downtowners Have A Pet 95 MIA 13 242 AVERAGE RENT No 95 OCCUPANCY 11 PROJECTS UNDER CONSTRUCTION 23

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D O W N T O W N W E S T PA L M B E A C H 2 8 million SF total inventory 34 000 SF 1 1 vacancy rate decreased 30 bps YOY under construction 35 85 PSF 8 300 SF 72 net absorption triple net rent 5 year growth DOWNTOWN FORT LAUDERDALE 1 million SF total inventory 66 500 SF under construction 35 000 SF net absorption WPB FTL ARTS CULTURE ENTERTAINMENT 4 6 vacancy rate decreased 350 bps YOY As the core of Broward County DowntownFTL is home to many arts cultural and entertainment venues all within walking distance of one another From the hip and artsy vibes in FATVillage and the MASS District to the picturesque Riverwalk and charming historic district if you are looking for a new experience Downtown Fort Lauderdale has it WHAT TYPE OF RESTAURANTS ARE OUR DOWNTOWNERS HUNGRY FOR Chef Owned Local Restaurants Healthy Deli Breakfast Focused Barbecue 36 00 PSF triple net rent 170 5 year growth DOWNTOWN MIAMI 4 8 million SF MIAMI total inventory 500 000 SF under construction 143 000 SF net absorption 16 9 vacancy rate increased 910 bps YOY 60 00 PSF triple net rent 118 5 year growth WHAT TYPE OF RETAILERS ARE OUR DOWNTOWNERS INTERESTED IN SEEING Movie Theater Grocery Produce Food Hall Clothes Shoes Fitness Center RETAIL MARKET 53 334 Median Disposable Income 24 468 Million Retail Trade 83 Million Restaurants Bars Trade 25

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D O W N T O W N W E S T PA L M B E A C H 2 8 million SF total inventory 34 000 SF 1 1 vacancy rate decreased 30 bps YOY under construction 35 85 PSF 8 300 SF 72 net absorption triple net rent 5 year growth DOWNTOWN FORT LAUDERDALE 1 million SF total inventory 66 500 SF under construction 35 000 SF net absorption WPB FTL ARTS CULTURE ENTERTAINMENT 4 6 vacancy rate decreased 350 bps YOY As the core of Broward County DowntownFTL is home to many arts cultural and entertainment venues all within walking distance of one another From the hip and artsy vibes in FATVillage and the MASS District to the picturesque Riverwalk and charming historic district if you are looking for a new experience Downtown Fort Lauderdale has it WHAT TYPE OF RESTAURANTS ARE OUR DOWNTOWNERS HUNGRY FOR Chef Owned Local Restaurants Healthy Deli Breakfast Focused Barbecue 36 00 PSF triple net rent 170 5 year growth DOWNTOWN MIAMI 4 8 million SF MIAMI total inventory 500 000 SF under construction 143 000 SF net absorption 16 9 vacancy rate increased 910 bps YOY 60 00 PSF triple net rent 118 5 year growth WHAT TYPE OF RETAILERS ARE OUR DOWNTOWNERS INTERESTED IN SEEING Movie Theater Grocery Produce Food Hall Clothes Shoes Fitness Center RETAIL MARKET 53 334 Median Disposable Income 24 468 Million Retail Trade 83 Million Restaurants Bars Trade 25

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DOWNTOWN FORT LAUDERDALE S HOTEL DEVELOPMENT BOOM STAY Among the surge in development in downtown Fort Lauderdale is the boom in new hotel construction Beyond downtown s proximity to the beaches port and airport Fort Lauderdale hosts a thriving office market a diverse offering of retail and restaurants and a popular arts entertainment and nightlife scene With a limited supply of hotels options hotel developers began to recognize the great demand and significant opportunity that Fort Lauderdale presents In 2018 Fairfield Inn and Dalmar were the first two hotels delivered since 2012 adding 432 rooms to the mix The development boom continues with another 440 rooms under construction and more proposed for the near future 26 Riverside Hotel 620 E Las Olas Blvd 229 rooms Year Built 1936 The Hampton Inn 250 N Andrews Ave 156 rooms Year Built 2002 Fairfield Inn 30 S Federal Hwy 109 rooms Year Built 2018 Dalmar 299 N Federal Hwy 323 rooms Year Built 2018 100 Las Olas Hyatt Centric 100 E Las Olas Blvd 238 rooms Under Construction Tru Home2 Suites by Hilton 315 NW 1st Avenue 202 rooms Under Construction 27

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DOWNTOWN FORT LAUDERDALE S HOTEL DEVELOPMENT BOOM STAY Among the surge in development in downtown Fort Lauderdale is the boom in new hotel construction Beyond downtown s proximity to the beaches port and airport Fort Lauderdale hosts a thriving office market a diverse offering of retail and restaurants and a popular arts entertainment and nightlife scene With a limited supply of hotels options hotel developers began to recognize the great demand and significant opportunity that Fort Lauderdale presents In 2018 Fairfield Inn and Dalmar were the first two hotels delivered since 2012 adding 432 rooms to the mix The development boom continues with another 440 rooms under construction and more proposed for the near future 26 Riverside Hotel 620 E Las Olas Blvd 229 rooms Year Built 1936 The Hampton Inn 250 N Andrews Ave 156 rooms Year Built 2002 Fairfield Inn 30 S Federal Hwy 109 rooms Year Built 2018 Dalmar 299 N Federal Hwy 323 rooms Year Built 2018 100 Las Olas Hyatt Centric 100 E Las Olas Blvd 238 rooms Under Construction Tru Home2 Suites by Hilton 315 NW 1st Avenue 202 rooms Under Construction 27

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MOBILITY INFRASTRUCTURE Downtown Fort Lauderdale is the region s main transportation hub with connections to Brightline Virgin USA Trains the Broward County Transit Terminal the Greyhound Bus Depot the Downtown FXE Helistop the Sun Trolley Water Trolley and the Water Taxi The urban core is also just a few miles from the Fort Lauderdale Hollywood International Airport FLL Port Everglades Tri Rail and Amtrak making accessibility to and from DowntownFTL convenient and seamless Transportation and mobility options continue to evolve as demographic shifts occur proving that getting around DowntownFTL without a car is getting better each day In November 2018 voters approved a one cent increase to the local sales tax to increase mobility and address transportation challenges in Broward County The surtax will generate 16 Billion over a 30 year timeframe providing much needed local funding to reduce congestion enhance traffic light timing develop safe sidewalks and bike paths and expand mass transit Over the next five years the City of Fort Lauderdale s Go Big Go Fast infrastructure program will carry out nearly a half billion dollars of utilities work funded by a 200 million revenue bond and the proceeds from annual water sewer funds each year 4 1 Million Port Everglades Cruisers 28 32 5 Million Ft LauderdaleHollywood Intl Airport FLL Passengers 100 000 Scooter rides each month 89 Walkscore 29

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MOBILITY INFRASTRUCTURE Downtown Fort Lauderdale is the region s main transportation hub with connections to Brightline Virgin USA Trains the Broward County Transit Terminal the Greyhound Bus Depot the Downtown FXE Helistop the Sun Trolley Water Trolley and the Water Taxi The urban core is also just a few miles from the Fort Lauderdale Hollywood International Airport FLL Port Everglades Tri Rail and Amtrak making accessibility to and from DowntownFTL convenient and seamless Transportation and mobility options continue to evolve as demographic shifts occur proving that getting around DowntownFTL without a car is getting better each day In November 2018 voters approved a one cent increase to the local sales tax to increase mobility and address transportation challenges in Broward County The surtax will generate 16 Billion over a 30 year timeframe providing much needed local funding to reduce congestion enhance traffic light timing develop safe sidewalks and bike paths and expand mass transit Over the next five years the City of Fort Lauderdale s Go Big Go Fast infrastructure program will carry out nearly a half billion dollars of utilities work funded by a 200 million revenue bond and the proceeds from annual water sewer funds each year 4 1 Million Port Everglades Cruisers 28 32 5 Million Ft LauderdaleHollywood Intl Airport FLL Passengers 100 000 Scooter rides each month 89 Walkscore 29

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SOURCES CREDITS The following sources were used for this report Axiometrics City of Fort Lauderdale ESRI Fort Lauderdale Downtown Development Authority 2018 Downtown Survey Greater Fort Lauderdale Visitors Convention Bureau Greater Fort Lauderdale Alliance Marine Industries Association of South Florida U S Census Bureau Bureau of Labor Statistics CoStar Group Walk Score Ft Lauderdale Hollywood International Airport Invest Greater Fort Lauderdale Colliers International South Florida Photo credits are listed by page indicated by images left to right Cover Sublime Imagery Page 2 Sublime Imagery Page 4 Sublime Imagery Page 6 7 Fort Lauderdale DDA Page 8 Museum of Discovery Science Page 9 Sublime Imagery Calvin Giordano Associates Page 14 Sublime Imagery Page 15 Stiles Corp Page 18 19 Sublime Imagery Page 21 Sublime Imagery Page 23 Sublime Imagery Page 25 ninanegre Instagram Page 26 Dalmar Hotel Page 29 Kyle Bienkowski Sublime Imagery postcardsfromemma Instagram Sublime Imagery Page 30 Sublime Imagery CONTRIBUTORS Ken Krasnow Vice Chair Institutional Investor Services Florida ken krasnow colliers com Verity Mosquera MBA Research Consulting Manager verity mosquera colliers com Kris Mitchell Marketing Manager kris mitchell colliers com COLLIERS INTERNATIONAL SOUTH FLORIDA LLC 200 EAST BROWARD BOULEVARD SUITE 120 FORT LAUDERDALE FL 33301 1 954 652 4600 colliers com southflorida This document has been prepared by Colliers International FTL DDA for advertising and general information only Colliers International and FTL DDA make no guarantees representations or warranties of any kind expressed or implied regarding the information including but not limited to warranties of content accuracy and reliability Any interested party should undertake their own inquiries as to the accuracy of the information Colliers International and FTL DDA excludes unequivocally all inferred or implied terms conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from This publication is the copyrighted property of Colliers International and FTL DDA and or its licensor s 2019 All rights reserved 30 31

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SOURCES CREDITS The following sources were used for this report Axiometrics City of Fort Lauderdale ESRI Fort Lauderdale Downtown Development Authority 2018 Downtown Survey Greater Fort Lauderdale Visitors Convention Bureau Greater Fort Lauderdale Alliance Marine Industries Association of South Florida U S Census Bureau Bureau of Labor Statistics CoStar Group Walk Score Ft Lauderdale Hollywood International Airport Invest Greater Fort Lauderdale Colliers International South Florida Photo credits are listed by page indicated by images left to right Cover Sublime Imagery Page 2 Sublime Imagery Page 4 Sublime Imagery Page 6 7 Fort Lauderdale DDA Page 8 Museum of Discovery Science Page 9 Sublime Imagery Calvin Giordano Associates Page 14 Sublime Imagery Page 15 Stiles Corp Page 18 19 Sublime Imagery Page 21 Sublime Imagery Page 23 Sublime Imagery Page 25 ninanegre Instagram Page 26 Dalmar Hotel Page 29 Kyle Bienkowski Sublime Imagery postcardsfromemma Instagram Sublime Imagery Page 30 Sublime Imagery CONTRIBUTORS Ken Krasnow Vice Chair Institutional Investor Services Florida ken krasnow colliers com Verity Mosquera MBA Research Consulting Manager verity mosquera colliers com Kris Mitchell Marketing Manager kris mitchell colliers com COLLIERS INTERNATIONAL SOUTH FLORIDA LLC 200 EAST BROWARD BOULEVARD SUITE 120 FORT LAUDERDALE FL 33301 1 954 652 4600 colliers com southflorida This document has been prepared by Colliers International FTL DDA for advertising and general information only Colliers International and FTL DDA make no guarantees representations or warranties of any kind expressed or implied regarding the information including but not limited to warranties of content accuracy and reliability Any interested party should undertake their own inquiries as to the accuracy of the information Colliers International and FTL DDA excludes unequivocally all inferred or implied terms conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from This publication is the copyrighted property of Colliers International and FTL DDA and or its licensor s 2019 All rights reserved 30 31

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STATE OF THE MARKET 2019 DowntownFTL On The Rise ddaftl org 954 463 6574 110 E Broward Boulevard Suite 1610 Fort Lauderdale FL 33301 Follow us ddaftl