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MARKET ANALYSIS

The greater Seattle area continues to see growth in most business sectors including international trade, aviation, high technology, bio technology and professional services serving the northwest and Alaska regions. The impact of this growth on commercial real estate equates to increasing values, decreasing supply, and strong rental markets with rental rates increasing as much as ten percent (10%) per quarter. The greater Seattle area experienced a decline in vacancy from 8.14% in December of 2006 to 7.7% in October of 2007. The South Lake Union/University/ Fremont market area experienced a decline in vacancy from 6.55% in December of 2006 to 4.04% in October of 2007. Vacancy rates under 10% equate to very few options for users looking to lease office space. The Fremont area specifically has only one building under construction with a mere 110,000 square feet available and at a gross rental rate of $35.00 per square foot per year triple net (an additional $9.50 per sf).

Comparables
Rising rental rates equate to fewer owner user options. The result is strong building and commercial condominium sales. Below are a few of the recent commercial sales in the area.

> Commercial Condos
> Freestanding Office Buildings

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