Manulife US REIT - Annual Report 2021

MANULIFE US REIT 70 CBD Class A cap rates by market Suburban Class A cap rates by market Seattle 3.75 - 6.00% Seattle 4.00 - 6.75% Portland 5.00 - 6.50% Portland 5.50 - 7.50% Sacramento 6.50 - 8.00% Sacramento 6.00 - 8.00% Las Vegas 6.75 - 8.00% Las Vegas 6.50 - 8.50% Kansas City 6.50 - 7.50% Kansas City 6.50 - 9.00% St Louis 6.75 - 9.25% St Louis 6.00 - 9.50% San Francisco 3.75 - 5.75% San Francisco 4.50 - 7.00% Oakland-East Bay 4.75 - 6.00% Oakland-East Bay 5.00 - 7.00% Washington, D.C. 4.75 - 6.50% Silicon Valley 5.00 - 6.50% Silicon Valley 4.50 - 7.00% Los Angeles 4.20 - 6.70% Los Angeles 4.50 - 7.50% San Diego 5.50 - 6.50% San Diego 4.50 - 7.50% Orange County 5.00 - 6.50% Orange County 4.75 - 8.00% Phoenix 5.25 - 7.00% Phoenix 5.50 - 8.00% San Antonio 6.50 - 7.50% San Antonio 6.00 - 8.00% Houston 5.25 - 8.00% Houston 5.50 - 8.75% Salt Lake City 6.50 - 7.50% Salt Lake City 6.00 - 7.50% Denver 4.75 - 6.75% Denver 4.75 - 7.50% Dallas 4.50 - 6.75% Dallas 4.75 - 8.00% Austin 4.50 - 6.50% Austin 4.75 - 7.00% Miami 4.75 - 6.50% Miami 4.50 - 6.50% Minneapolis 4.75 - 6.25% Minneapolis 5.50 - 8.00% Milwaukee 6.00 - 8.00% Milwaukee 7.00 - 9.50% Orlando 6.50 - 8.00% Orlando 6.00 - 8.00% Indianapolis 7.50 - 9.00% Indianapolis 7.00 - 9.50% Baltimore 6.50 - 8.50% Baltimore 5.75 - 9.00% Chicago 4.00 - 6.50% Chicago 5.00 - 8.75% Nashville 5.00 - 6.25% Nashville 5.50 - 8.00% Atlanta 4.50 - 6.75% Atlanta 5.00 - 7.50% Raleigh-Durham 4.00 - 6.00% Raleigh-Durham 4.50 - 7.50% Pittsburgh 5.50 - 7.50% Pittsburgh 6.00 - 8.00% Boston 3.50 - 5.50% Boston 4.25 - 7.50% Charlotte 3.75 - 6.00% Charlotte 4.75 - 7.00% New York 3.75 - 5.50% New Jersey 5.50 - 7.50% New Jersey 5.50 - 9.00% Philadelphia 5.75 - 7.00% Philadelphia 5.50 - 9.00% Detroit 7.50 - 9.50% Detroit 6.00 - 8.50% Cleveland 7.50 - 9.50% Cleveland 8.00 - 9.50% Columbus 6.00 - 8.25% Columbus 6.00 - 9.00% Cincinnati 7.50 - 8.50% Cincinnati 6.50 - 9.50% Louisville 6.75 - 8.00% Louisville 6.75 - 9.00% Charleston 5.75 - 8.50% Tampa 5.50 - 7.00% Tampa 5.75 - 7.00% Richmond 6.00 - 8.00% Washington, D.C. 5.00 - 7.50% Independent Market Report By JLL as at 31 December 2021