Commercial real estate roundtable: SouthFloridaCEO magazine assembled leading real estate industry executives for a frank discussion about the state of the commercial real estate market in South Florida

South Florida CEO, Sept, 2004

Mid-Year Office Market Report
Miami-Dade County

                     Existing       Total       Total
Submarket            Rentable      Vacancy  Availability
                   Area (sq. ft.)    Rate       Rate*

Downtown Miami      6,790,990        13.4%      17.1%
Brickell            5,646,125        16.5%      21.9%
Coral Gables        5,212,297        11.4%      13.6%
Airport-West Dade   9,471,370        17.0%      19.5%
Miami Beach         1,849,179        19.6%      24.1%
Coconut Grove       1,041,202        16.5%      18.5%
Kendall             2,686,245         4.4%       6.1%
Miami Lakes         1,223,916        18.1%      19.3%
Overall            38,719,080        14.7%      17.7%

                        Average         Year-To-Date
                      Asking Rent        Absorption
Submarket          (per square foot)  (per square foot)

Downtown Miami          $23.85             9,719
Brickell                $28.97           221,443
Coral Gables            $26.13           144,778
Airport-West Dade       $20.17            90,334
Miami Beach             $25.40            33,851
Coconut Grove           $27.83            21,323
Kendall                 $20.47            10,989
Miami Lakes             $19.13           (54,292)
Overall                 $23.98           712,218

*Includes available sublease space / Source: CB Richard Ellis Office
Market Outlook Mid-Year 2004

Mid-Year Office Market Report
Broward County

                      Existing        Total      Total
Submarket             Rentable       Vacancy  Availability
                     Area (sq. ft.)   Rate       Rate*

Downtown Fort Laud.   4,874,711       19.6%      20.9%
Cypress Creek         3,694,414       19.6%      22.5%
Plantation            2,952,570       17.7%      19.3%
Commercial Blvd       2,049,974       13.9%      14.9%
Hollywood             2,143,447       11.2%      12.0%
South West Broward    2,009,418        7.6%      13.7%
Sawgrass Park         1,566,558       24.2%      25.3%
North West Broward    1,170,974        5.7%       6.5%
Overall              24,185,674       15.8%      17.5%

                       Average           Year-To-Date
Submarket            Asking Rent         Absorption
                     (per square foot)  (per square foot)

Downtown Fort Laud.       $26.19             2,667
Cypress Creek             $21.72             9,811
Plantation                $18.18           (14,660)
Commercial Blvd           $17.21            23,336
Hollywood                 $23.16            (3,325)
South West Broward        $22.85           (27,002)
Sawgrass Park             $21.32            22,931
North West Broward        $20.76            23,452
Overall                   $21.77            28,388

*Includes available sublease space / Source: CB Richard Ellis Office
Market Outlook Mid-Year 2004

Mid-Year Office Market Report
Palm Beach County

                  Existing        Total    Total         Average
Submarket         Rentable        Vacancy  Availability  Asking Rent
                  Area (sq. ft.)  Rate     Rate*         (per square
                                                         foot)

Boca Raton        10,455,196      14.2%    15.8%         $16.21
West Palm Beach    5,171,875      14.5%    15.6%         $17.23
North Palm Beach   2,393,358      14.9%    17.0%         $19.27
Delray Beach       1,035,262      14.7%    14.7%         $13.92
Palm Beach           541,306       7.3%     7.3%         $22.81
Lake Worth           570,029      10.7%    10.7%         $11.47
Jupiter              475,996       4.5%     4.5%         $15.83
Boynton Beach        366,063      15.1%    16.2%         $18.93
Overall           21,201,921      13.7%    15.1%         $16.81

                  Year-To-Date
Submarket         Absorption
                  (per square foot)

Boca Raton         31,517
West Palm Beach    97,825
North Palm Beach   17,018
Delray Beach      (10,429)
Palm Beach         20,502
Lake Worth          1,500
Jupiter             5,032
Boynton Beach      12,142
Overall           175,107

*Includes available sublease space/Source: CB Richard Ellis Office
Market Outlook Mid-Year 2004

Significant Sales Transactions

                                                              Price
Submarket           Building                    Sale Price    Per Sq.
                                                              Ft.

Airport-West Dade   Ryder Office Building       $39 million    $98
Coral Gables        550 Biltmore                $34 million   $209
Miami Beach         605 Lincoln Road            $18 million   $254
South West Broward  Miramar Center I            $18 million   $187
South West Broward  Delta Airlines Building     $11 million   $221
Deerfield Beach     Hillsboro Executive Center  $16 million    $85
West Palm Beach     Waterfront Clematis         $50 million   $342
Boca Raton          1200 Corporate Center       $21 million   $159
West Palm Beach     The Forum Business Center   $15 million    $54

Source: CB Richard Ellis Office Market Outlook Mid-Year 2004

Year-to-Date Leasing and New Construction

            Year-to-Date Leasing  Currently Under         Year-to-Date
County      Activity (sq. ft.)    Construction (sq. ft.)  Completions
                                                          (sq. ft.)

Miami-Dade  1,513,171             301,539                 510,781
Broward     1,573,194             152,000                  40,828
Palm Beach  1,337,456               8,000                  30,000

Source: Custman & Wakefield of Florida Marketbeat Mid-Year 2004