MARKET INSIGHTS AND RUMORS

• Office Leasing: As you will see below, the Third Quarter had very good leasing velocity with sizable transactions completed.

• We Stand Corrected: For months, we've maintained that investor appetite for Class B office in Birmingham had completely evaporated. Recent transaction activity proves otherwise, and the market is more active than we anticipated.

• Market Lease Rates: Average full-service office lease rates in Birmingham have changed very little since the first of the year, with Midtown submarket rates increasing the most and the Southern submarket rates decreasing the most.