• Vacancy sits at 12.1%, a slight decline of 40 basis points year-over-year. Class A vacancy
is even lower at 11.6%.

• Tenants took occupancy of over 40,200 sq. ft. of space this quarter, which is in-line with
the markets 3-year average for quarterly absorption.

• Boca Raton continued to be active among smaller tenants. While activity is down from
recent quarters, the 15 transactions recorded in Class A space below 5,000 sq. ft. is a good sign that bread-and-butter demand remains.

• Investment activity was limited in Q1 2020, with the most significant transaction being
the portfolio sale of 440/450 Royal Palm Way for $38.5 million, or $505 per sq. ft. to Armata Holdings.