2022-10-17; Economic Development Subcommittee; ; Economic Development Strategic Plan Update — Economic Development Subcommittee, October 17, 2022 (part 2 of 2)

84 2016
-Son Macros
........
2016
South Beach
Encinrfos
,,
✓
- - Industrial Corridor
2020
- Visto
2020
--

THE CONCORD GROUP
DRAFT
EXHIBIT V-2
0 fl OFFICE MARKET PERFORMANCE Medical
-~ SELECT SUBMARKETS
§ 2008 THROUGH 2021
Annual I Quarterly I Averages
MaricetFaclo,(S F) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 : 2021 Q2 2021 Q3 2021 Q4 202 2 Ql : 5-Y, 10-Y, ra,p, ---------- ---------- --- - ----- - . -- . Inventory SF (RBA, OOOs) 94 94 94 94 94 94 94 94 94 99 99 99 99 99 I 99 99 99 99 I 99 96 Net Dei;,,.,,ies O O O O O O O O O 5 0 0 0 0 : 0 0 0 : 1 1 Net Absorption -2 2 1 0 -1 0 0 -6 6 4 3 -2 -2 1 I O -1 0 I 1 0 Total Vacancy Rote 4.5% 2.8% 1.5% 1.5% 2.6% 2.9% 2.8% 8.8% 2.1% 3.5% 0.0% 2.3% 4.6% 3.6% I 2.1% 2.1% 3.6% 3.6% I 2.8% 3.3% Vacant SF 4 3 1 1 2 3 3 8 2 3 0 2 5 4 : 2 2 4 4 : 3 3
Gross Rent Direct ($/SF) $25.94 $23.62 $22.22 S25.00 S22.07 $23.05 $21.36 $26.39 S35.00 $38.79 $33.52 $28.52 •.. I $33.52 I $33.61 $28.59 %Change -10.7% -8.9% -5.9% 12.5% -11.7% 4.4% -7.3% 23.5% 32.6% 10.8% -13.6 % ____ ---- I -- ""s-,,+a( --------
Inventory SF (RBA, OOOs) 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 Net DelMtries O O O O O O O O O O O O O O O O 0
Net Absorption O 6 5 4 6 -5 0 4 3 -1 -1 0 2 0 0 0 0
Total Vacancy Rate 44.7% 33.5% 22.8% 15.1% 4.0% 13.1% 13.0% 5.4% 0.0% 2.0% 4.7% 4.8% 0.0% 0.9% 0.0% 0.9% 0.9% 0.9% i 2.5% 4.8% Vacant SF 22 17 11 8 2 7 7 3 0 1 2 2 0 0 0 0 0 0 : I 2
Gross Rent Direct (S/SF) $41.01 $41.82 $40.37 $41.65 $27.12 $21.00 $37.05 S4 l.14 $33.76 $43.30 $47.30 S50.30 $52.77 $50.30 $50.30 $50.30 I $46.97 537.62 %Change -- 2.0% -3.5% 3.2% -34.9% -22.6 % 76.4% 11.0% -17.9% -- 9.2% 6.3% -4.7% 0.0% 0.0% ! 8.,J'X, 1.9% Sovlhs.ach
Inventory SF (RBA, OOOs) 63 63 63 63 63 63 63 63 63 63 63 63 63 63 63 63 63 63 63 63 Net Delive,ies O O O O O O O O O O O O O O O O O O 0
Net Absorption -11 6 1 1 3 -2 2 0 0 0 0 0 0 -4 0 -3 1 -1 0 Total Vacancy Rate 18.1% 8.3% 6.0% 5.0% 0.0% 3.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 5.8% 1.8% 1.8% 5.8% 4.0% 1.2% 0.9% Vacant SF 11 5 4 3 0 2 0 0 0 0 0 0 0 4 1 1 4 3 1 1
Gross Rent Direct (S/SF) $27.60 $27.60 $27.60 $26.04 $26.04 $26.04 $26.04 $32.05 $30.00 $30.00 $32.05 $33.00 $32.05 $27.5 4 % Change 0.0% 0.0% 0.0% -5.7% 0.0% 0.0% 0.0% -- - - -- -- -- -- 0.0% 6.8% 3.0% 2. 1% SF (RBA, OOOs) 9 9 9 9 9 9 9 9 9 9 9 9 9 9 I 9 9 9 9 9 9 Net Deliveries O O O O O O O O O O O O O O I O O O O 0
Net Abso,ption O O -4 0 -1 4 0 0 1 0 0 -4 3 1 : 0 0 0 0 0 Totol VoconcyRote 0.0% 0.0% 43.7% 43.7% 59.7% 16.0% 16.0% 16.0% 0.0% 0.0% 0.0% 43.4% 14.6% 0.0% I 0.0% 0.0% 0.0% 0.0% 11.6% 16.6% Vacant SF O O 4 4 5 1 1 1 0 0 0 4 1 0 I O O O O 1 1
Gross Rent Direct ($/Sf) $41.97 $41.97 $29.37 •·· : $29.37 S29.37 $29.37 529.37 % Change 0.0% ··· I 0.0%
100 ----------------------- -------- Net Deliveries
-c- 80
.ll
- 60 ~
J:
~ 40
g
~ 20
0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 South Beach • Industrial Corridor ■ Olde Carlsbad ■ Village 15 ---------- --- ----------------- Net Absorption
10 ;[ 5
~ 0
~ -5
~ g ·10 I;
-1 5
!l, 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 8 South Beach ■ Industrial Corridor ■ Olde Carlsbad ■ Village 21091.00 Office Trends. Medical: Performance (Sub) Poge8S of 4 THE CONCORD GROUP DRAFT
EXH IBITV.2

OFFICE MARKET PERFORMANCE
SELECT SUBMARKETS Madicol
200B TH ROUGH 2021
Annual
Mal'Ut Foc10, IS!:J 2008 2009
Quort•!!z ........ ruset
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 j 2021 Q2 2021 Q3 2021 Q.C 2022 QI j 5-Yr 10-Yr BIB
Inventory SF (RBA. ()O(n) 5,832 I I 6,013 6 , 11-4 6,169 6,290 6,405 6,422 6,439 6,Al 4 6,661 6,736 6,736 6,893 6,931 1 6,886 6,946 6,931 6,931 6,791 6 ,593 N.i Oeliv«ies 191 91
Nel Absorption 29 117
T otol Vaconcy Roi• 12.1, 14,.C" 13 6"
Voe.an t Sf 706 867 832
Cx011 Rlfftt Dir.O fS/Sf) S33.63 $31 .52 $32 .20
" Cho• •6311 2.2'1
Inventory Sf (RSA. OOOi.l 486 531 531
Net o.liYe,iNc 69 '5 0
N.i Ahl<>fpfion 46 47 -1
Totol Voconcy Rote 16.5% l A.6" lA.8"
Voc.QntSF 80 77 79
Gron R~ Direct (S/SF) $37,31 $36 .20 $36.96
" Change -2.5" .J ,o,i, 2. J"
lrwe,nlOfY SF (RSA, 000s1 636 662 742
N.t o.liv erin 175 26 80
Net Al:»orpion 8 1 ., 91
Total: Voconcy Rotti 25.0.. 28 '" 23 6"
Vocont SF 159 186 175
Gron Rent Direct ($/Sf) $33 7 6 $30 36 $30.82
'4 Change ·'-~ -10.1% 15"
--
lnvvnlory SF (RSA,, 000,) 729 786 786
Neit o.liveries 75 57 0
Net Absorption 30 -22 19
lotol Voconcy Rot• 9 7" 19,l"- 16.7"-
Vacant SF 71 150 131
Gross Rent Direct jS/Sf) $33 20 S29.92 $29.99
1'Chono- 32.3'1. .9.9% 0 .2'1
-
ln¥11nfo,y Sf {RSA. OOOsj
N• Oeliv.,in
Net~,on
Toto! Vacancy Rote
Voconl SF
Grou Refit Oirlk.1 (S/SFI
1' Cho"Q•
-
ln.,ento,y SF (UA.. 000s) 586 650 658
NetD.i iver.-s 82 63 9
Net~;on 5 -4 31
T04ol Voconq Rote 16.91' 25.6" 2 1.7'1.

Vocont SF 99 166 143
Gron R.ec,t 01,-ct IS/SF) S3• 25 $33.31 $33.56
%C"°""' 2351' -2.,,. 0 ""
100
150
I ■ 1 100
!
s
,K 50
-50
-100
2008 2009 2010
Vi.to
450
400
;[
350
1 300
!
s
,K
250
200
150
100
50 2008 2009 2010
• Vi, to
Source: CoSto,
2 1091 00 OfflC• Trends • Medical: Performonu (Cilyj
Oc:1. 17, 2022
55 13
""" 864
S3L64
.l.7li
531
0 18

11.5"
61 S37.79

2.2"
753
II
26 21.2"
160
$26.37
.,, ...
786
0 _,,
20 1%
158
$29 .46
-18"
658
0 II

20.0%
132
$30.26
-9 ,S,,
2011
2011
111 115 17 17 -25
167 100 34 108 67

13.0'% 13.01' 12.7" 9.7'1 8.,,.
818 833 816 625 531
$29 .2 5 $27 .68 $29 .70 $29,7-4 $30.06
.1.6" ... 7li 6.5" 0.1~ 1.1"
531 531 531 531 531
0 0 0 0 0
15 -55 10 46 13

8.7% 19.0% 17.1" 8.4" 6.0ll
<6 IOI 91 45 32
$25.81 528.94 $37 . 71 $37. 49 $38.87
-31.7% 12. J" 30.311 -0.6" 3.7"
753 810 832 836 836
0 57 22 4 0
56 57 13 18 0

13.8" 12.9% 13 6% 11.8% 11.8'4
10, 105 113 99 99
S29 47 $23 23 $2-4 .46 $16 .30 $26. 67
118" -21 2% 5311 7 5%
'·'"
857 857 857 857 857
71 0 0
69 12 17 3 43

18.7Yt 17.3% 15 "' 15.0% lOOll
160 \ 48 131 129 86
$27.32 S27.96 S29.-'1 $29.39 $30.00
.,.~ 2.311 5.2'1 -0.l'lfi 2.11'
658 658 658 658 658
0 0 0 0 0
-15 7 5 79 -7

22.3% 21.2% 20.5% 8.5" 9 .6%
147 140 135 56 63
$28.81 $27.92 $28. lA $25.36 $26.35
"'·""
.J. 11,11, 0.8" -9,9" 3.9"
N.t Absorp tion
2012 2013 201•
focinl1os Son Mi:xr os
N.t D•lliverift
2012 2013 201•
Endnilcn ■ Son Morcos
..
2'6 75 0 157 38 I 60 -15 0 103 76
226 116 7A .53 35 : 13 35 0 80 97
. "' 7.6" 6.5" 9.d, 9 ... , , 9.s, 10.1, 9 .4" 9 4" 8.2" 98" 553 511 438 648
$3/;: !
654 702 652 652 560 642
$31.89 $32.10 $32 .27 $33.20 $33,47 $34 ,31 $32.54 $33.27 $31. '40 $30.80

6.1" 0.7li 0.5" 2.9" -2.0'I I
I

2.51' -52'1 2.2" 16% 0.311
566 566 566 566 566 I 566 566 566 566 566 548
36 0 0 0 0 1 0 0 0 • 33 3 5 ·22 2 : 12 -6 ... 4 5

6.1% 5 .5'4 4.6" 8.A% 8.°" I 9 2" 7.0ll 8 .0ll 105" 6.S" 9.2" 35 31 26 48 .45: 52 40 45 59 37 50
$39,AS $37 .41 $37 .85 U3.66 SAl.47 I S-43.95 543.38 U l.47 $42.77 $39.97 536.87 I 5" -5.2'1 1.2" 15.4" .s.~ I -1.~
.. '" J, J" I J.311 0.9"
,-..

I
836 836 836 921 914 I 914 914 91' 868 841
0 0 0 85 -6 : 0 0 16 16
38 ·16 18 53 30 I 27 -15 _,, 25 27

7.2" 9. 1'4 7.0ll 9.8" 5.~: 7.2" 4"' 5.9" . "' 7.8" 10"' 60 76 58 90 54 I 66 39 54 76 68 86
$26 65 $27.69 $28 41 $32.90 $31.80 I $32 .33 $32.02 $31.80 $30.77 $29,49 $27. 76 .QI% 3.9" 2.6'4 15.~ .J.311i l . J.0% .Q.7'1 -3.2" 3,6,. 1.9" I
I
9 17 917 917 9 17 917 I 917 917 917 917 91 7 887
60 0 0 0 0 : 0 0 12 13
39 21 31 - 14 -21 I 2 7 15 22
11 .61' 9.,,. 5.8" 7.3"- 1.s"' 1 7.8" 7.11' 7.5"- 6. 11' 8.,,. 11.81' 106 8> 53 67 69 I 72 71 69 61 76 103
$27.95 $28.77 $31.33 $30.81 $26.-'l : $31.03 $31. ,.. $26.41 $28.03 $29.05 $28.9-' -6.8% 2.9" 8.9" -1.7% -14 .3'1, I 0.49' -152" 6. 1'9i. -2.51' .J.1 ,.

I
I I ... .
··· I
... I
I ... , ... ,
I
··· ,
-· I I
I
658 658 658 658 658 : 658 658 658 658 658 658
0 0 0 0 0 I 0 0 0 0
4 13 2 -21 -3 1 .7 -9 -5 .1 6 I 9.0ll 7.1" 68" 10.0% 10.-41'- I 7.9 .. 9"" 10., ,. 11.2Yt 8.7% 12.5% 59 4 7 45 66 68 : 52 59 68 74 57 83
S27.07 S2 7.22 $28.88 S31 85 S33.90 1 S33.16 S35.09 S33.90 $32.99 $29.78 528 55 27" 0.6" 6. 1. 10.~ 6."' ! 5.8" .J.'" -2"' 5.2" ,.,.
2015 2016 2017 2018 2019 2020 2021
■ Ocaon5id~ ■ Corl,bod
2015 2016 2017 2018 2019 2020 2021
• Ocean s+de ■ Catllbod

THE CONCORD GROUP
tt•m #2 P11• ll2 of 173
DRAFT
0 ll
.... ...
~
EXHIBIT V-2

OFFICE MARKET PERFORMANCE - RENT TRENDS

SELECT SUBMARKETS
2008 THROUGH 202 1
Annual
Market Factor 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 North County
Gross Rent Direct IS/SF) $33.6
Y/Y %Change
Carlsbad
Gross Rent Direct IS/SF)
Y/Y%Change
~ ,
Gross Rent Direct IS/SF)
Y/Y% Change
SanMan::os
Gross Rent Direct IS/SF)
Y/Y% Change
~ -
Gross Rent Direct IS/SF)
Y/Y% Change
Viliii'
$37.3
$33.8
$33.2
$31.5 $32.2 $31.6 $29.3 S27.9 S29.7 $29 .7 $30.1 $31.9 S32.1 $32.3 S33.2 $32.5 -6.3% 2.2% -1.7% -7.6% -4.7% 6.5% 0.1% 1.1% 6.1% 0.7% 0.5% 2.9% -2.0% $36.2 $37.0 $37.8 $25.8 $28.9 $37.7 $37.5 538.9 $39.5 $37.4 S37.9 $43.7 $41 .5 -3.0% 2.1% 2.2% -31.7% 12.1% 30.3% -0.6% 3.7% 1.5% -5.2% 1.2% 15.4% -5.0% $30.4 S30.8 S26.4 $29.5 $23.2 $24.5 $26.3 $26.7 $26.7 $27.7 $28.4 $32.9 $31.8 -10.1% 1.5% -14.4% 11.8% -21.2 % 5.3% 7.5% 1.4% .0.1% 3.9% 2.6% 15.8% -3.3% $29.9 $30.0 $29.5 $27.3 $28.0 $29.4 S29.4 $30.0 $28.0 $28.8 S31.3 $30.8 $26.4 -9.9% 0.2% -1.8% -7.3% 2.3% 5.2% -0.1% 2.1% -6.8% 2.9% 8.9% -1.7% -14.3 % Gross Rent Direct (S/SF) $34.3 $33.3 $33.6 $30.3 S28.8 $27.9 $28.1 $25.4 $26.4 $27.1 $27.2 $28.9 $31.9 $33.9 Y/Y % Change -· -2.7% 0.8% -9.8% -4.8% -3.1% 0.8% -9.9% 3.9% 2.7% 0.6% 6. 1% 10.3% 6.4% Village
Gross Rent Direct ($/SF)
Y/Y%Change
~
Gross Rent Direct IS/SF)
Y/Y%Cha nge
Sovth Bt1ach
Gross Rent Direct IS/SF)
Y/Y%Change
Gross Rent Direct IS/SF)
Y/Y% Change
!!~ ~
.,,-$4 0 -
$ $35
~ $30
~ $25
i5 $20
$25.9 $23.6
-8.9%
$41.0 $4 1.8

2.0%
$27.6 $27.6

0.0%
$22.2 S25.0 $22.1 $23.1
-5.9% 12.5% -11.7% 4.4%
$40.4 $4 1.7 $27.1 $2 1.0
-3.5% 3.2% -34. 9% -22.6%
$27.6 $26.0 $26.0 $26.0

0.0% -5.7% 0.0% 0 .0%
$42.0 $42.0

0.0%
::::» - ~
$21.4 $26.4 $35.0 $38.8 $33.5 $28.5
-7.3% 23.5% 32. 6% 10.8% -13.6%
$3 7.1 $41.1 $33 .8 $43 .3 $47.3 $50.3 j

76.4% 11.0% -17.9% 9.2% 6.3% :

I
526.0

0.0%
$32.1 I
I
... I
I
I
$29.4 ... !
Historical Gross Direct Rent ($/ SF)
Medical
Quartertr_
2021 Q2 2021 Q3 2021 Q4 2022 Ql
$33.5 $34.3 $32.5 $33.3

2.5% -5.2% 2.2%
S44.0 $43.4 $41.5 $42.8
-1.3% -4.4% 3.1%
$32.3 $32.0 $31.8 $30.8
-1.0% .0.7% -3.2%
$31.0 $31.1 $26.4 $28.0

0.4% -15.2% 6.1%
$33 .2 $35.1 S33.9 S33.0

5.8% -3.4% -2.7%
$33.5
$52.8 $50.3 $50.3 $50.3 j
-4.7% 0.0% 0.0% :

I
$30.0 $30.0 $32.1 $33.0 :

0.0% 6.8% 3.0% I
I
I
$29.4 S29.4 ·-- ~

0.0%
Annual Average
5-Yr 10-Yr
$32.4 $30.9

1.6% 0.6%
$40.0 $36.9

1.3% 1.9%
$29.5 $27.8

3.6% 3.8%
$29.1 $28.9
-2.5% -2.2%
$29.8 $28.6

5.2% 2.3%
$33.6 $28.6
$47.0 $37.6
8 .3% 3.8%
$32.1 $27.5

4.2%
$29.4 $29.4
il $15 +-----~--- - -~- ---~----~----- ~----~- ---~-----~-- --~----~ -----~- --- ~------, c:; 2008 ;;
3 ~
Ji
~ ... ....
'" Q.
.... ... '"
2012
- North County - Carlsbad Oceanside
2016
- San Marcos
$50 Historical Gross Direct Rent IS/ SF)
$45 -
-$40 --------- J-.--------..., , ---- ......
~ I " ' , -;; $35 ~ -...- - r-
-... I \ ' ,,
------ ........
~ $30 --t \ ~ ;::-- -,,- , i / - --- - - .--. - _, ·'= $25 - - - - _ _ _ - - - - - _ -- - ,,. _ - - C - - 1- - - - - \ - - - - - - ..,:-r - - - - _ -il $20 / \ "' $15
ij 2008 2012
- - Village - - Olde Carlsbad
::,ource: \..OSTor
'
2016
South Beach
' \
\
21091.00 Office Trends . Medical: Rents Page 3 af 4
87 Encinitas
\
\
' ' ' ' ),.
, -~
r
J.

I
- Industrial Corridor
2020
Vista
..,.--------
\,
\
2020

THE CONCORD GROUP
DRAFT
~ ....
·" "' 0
"' "'
;;'
3 .. "'
":I .. .. ....
~
g, ....
" ...,
EXHIBIT V-2

OFFICE MARKET PERFORMANCE - VACANCY TRENDS

SELECT SUBMARKETS
200B THROUGH 2021
Med ical
Annual Quarterly Annual Average
Market Factor 2008 2009 2010 2011 2012 2013 2014 2015 2016 201 7 201 8 2019 2020 2021 2021 Q2 2021 Q3 202 1Q42022 Ql 5-Yr 10-Yr North County
Vaca-ncy
Y/Y% Change
Carlsbad
Vacancy
Y/Y % Change

12.1% 14.4% 13.6% 14.0% 13.0% 13.0% 12.7% 9.7% 8.3%

19.0% -5.6% 2.9% -7.1% 0.0% -2.3% -23.6% -14.4%

16.5% 14.6% 14.8% 11.5% 8.7% 19.0% 17.1% 8.4% 6.0%
-11.5% 1.4% -22.3% -24.3% 118.4% -10.0% -50.9% -28.6%

8.3%

0.0%

6.1%

1.7%
t I

7.6% 6.5% 9.4% 9.4% : 9.5% 10.1% 9.4% 9.4% :
-8.4% -14.5% 44.6% 0.0% : 6.3% -6.9% 0.0% :

I t

5.5% 4.6% 8.4% 8.0% : 9.2% 7.0% 8.0% 10.5% :
-9.8% -16.4% 82.6% -4.8% I -23.9% 14.3% 31.3% !
I

8.2%

2.5%

6.5%

5.9%

9.8%
-7.7%

9.2%
-7.0%
Vacancy 25.0% 28.1% 23.6% 21.2% 13.8% 12.9% 13.6% 11.8%

5.4% -13.2%

11.8% 7.2% 9.1 % 7.0% 9.8% 5.9% 1.2% 4.3% 5 .9% 8.3% l 1.8% 10.3% Y/Y % Change 12.4% -16.0% -10.2% -34.9% -6.5% 0.0% -39.0% 26.4% -23.1% 40.0% -39.8% -40.3% 37.2% 40.7% I -12.9% -22.6% SanMan:as
Vacancy
Y/Y% Change
p,aqltm
Vacancy
Y/Y% Change
Vl#a
Vacancy
Y/Y % Change
Village
Vacancy
Y/Y % Change
J;;iij/jAJJ"Ci...

Vacancy
Y/Y% Change
South Beach
Vacancy
Y/Y % Change
Vacancy
Y/Y% Change

9.7% 19.1% 16.7% 20.1% 18.7% 17.3% 15.3% 15.0% 10.0% 11.6% 9.3% 5.8% 7.3%

96.9% -12.6% 20.4% -7.0% -7.5% -11.6% -2.0% -33.3% 16.0% -19.8 % -37.6% 25.9%

16.9% 25.6% 21.7% 20.0% 22.3% 21.2% 20.5% 8.5% 9.6% 9.0% 7.1% 6.8% 10.0%

51.5% -15.2% -7.8% 11.5% -4.9% -3.3% -58.5% 12.9% -6.3% -21.1% -4.2% 47.1%

4.5% 2.8% 1.5% 1.5% 2.6% 2.9% 2.8% 8.8% 2.1% 3.5% 0.0% 2.3% 4.6% -37.8% -46.4% 0.0% 73.3% 11 .5% -3.4% 214.3% -76.1% 66.7% -100.0% 100.0%

44.7% 33.5% 22.8% 15.1% 4.0% 13. 1% 13.0% 5.4% 0.0% 2.0% 4.7% 4.8% 0.0% -25.1% -31.9% -33.8% -73.5% 227.5 % -0.8% -58.5% -100.0% 135.0% 2.1% -100.0%

18.1% 8.3% 6.0% 5.0% 0.0% 3.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -54.1% -27.7% -16.7% -100.0% -100.0%

0.0% 0.0% 43.7% 43.7% 59.7% 16.0% 16.0% 16.0% 0.0% 0.0% 0.0% 43.4% 14.6%

0.0% 36.6% -73.2% 0.0% 0.0% -100.0% -66.4%

30.0% ---------- - --------------- Historical Vacancy (%) l
" ~
~
C
8 ~
l
£
~
>-V
C
8 ~
---- - ---...,__ 25.0% - ------=--- :;;-:-... ""- -

20.0% ~---- - - - ------.::::;;::: 15.0%

10.0%

5.0%

0.0%
200 8

70.0%

60.0%

50.0%

40.0%

30.0%

20.0%

10.0%

0.0%
2008
- North County - Codsbad
----------... -- ,,
-..___ ✓
2012
' ',:
' '
Oceanside
Historical Vacancy (%)
2016
- SanMocros
.., _
-: : ~ J~--::. =- : :: :. ~ ~ :_:_-_-:.,.._-_-_ .. _-_-_-=---;-~-::~=-=_:._:.:__-_::_-:::_-::._._ '
'
2012
_ - Village - Old Codsbod
2016
South Beach

7.5%

2.7%

7.8% 7.7% 7.5% 6.7%

10.4% 7.9%

4.0%

3.6% 2.1%
-21.7 %

0.9% 0.0%

5.8% 1.8%

0.0% 0.0%
-100.0%
- Encinitas
-1.3% -2.6% -10.7%

9.0% 10.4%

13.9% 15.6%

2.1% 3.6%

0.0% 71.4%

0.9% 0.9%
0 .0%

1.8% 5.8%

0.0% 222.2%

0.0% 0 .0%
,,._ ., ' .,, ....

11.2%

7.7%

3.6%

0.0%

0.9%

0.0%

4.0%
-31.0%

0.0%
2020
V,sto
., ....

T '-

8.3% 11.8%
-5.6% -17.9%

8.7% 12.5%

1.6% -1 2.3%

2.8% 3.3%

11.4% 19.1%

2.5% 4.8%
-43.1 %

1.2% 0.9%

3.0%

11.6% 16.6%
-100.0%
_, ...
- - ~✓- - - - ~ - ~ - - - _ .... = ........ ---:-~
2020
- - Industrial Corridor
2109 1.00 Office Trends - Medical: Vacancy Page 4 of 4
88 THE CONCORD GROUP
DRAFT
EXHIBIT V-2
0 fl O FFICE MARKET PERFORMANCE Industri al
" SELECT SUBMARKETS
~ 2008 THRO UGH 202 1
Annual I Quarterty I Averages
MarketFactor(SF} 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 : 2021 Q2 2021 Q3 2021 Q4 2022Ql : 5-Yr 10.Yr ... -- ------- - ---------- --c,----,-- ,: --- __,j: _-_-_-__ Inventory SF (RSA, 000s) 78 78 78 78 78 78 78 71 71 71 71 68 68 68 I 68 68 68 68 I 69 72 Not Doliver;es O O O O O O O .7 0 0 0 .3 0 0 : -· 0 0 0 : -1 -1 Net Abso,ption O O O O -7 0 0 0 0 0 .3 0 0 0 I O O O I -1 -1 Total Vacancy Raio 0.0% 0.0% 0.0% 0.0% 9.2% 9.2% 9.2% 0.0% 0.0% 0.0% 4.8% 0.0% 0.0% 0.0% I 0.0% 0.0% 0.0% 0.0% I 1.0% 3.2% Vacant SF O O O O 7 7 7 0 0 0 3 0 0 0 : 0 0 0 0 : 1 3
Gross Rent Direct ($/SF) -· $9.96 -- ••. I •·· I $9.96
% Chango
Cldo. c-liii,/
Inventory SF (RSA, OOOs) 6 6 6 6 6 6 6 6 6 6 6 6 6 6 j 6 6 6 6 i ---6~-- 6 Not Deliveries O O O O O O O O O O O O O O I O O O : 0 0 Nol Absorption O O O O O O O O O O O O O O : 0 0 0 I O 0 Totol Vacancy Role 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% I 0.0% 0.0% 0.0% 0.0% I 0.0% 0.0% Vacant SF O O O O O O O O O O O O O O : 0 0 0 0 : 0 0
Gross Rent Direct ($/SF) -- I •·· I
% Change
Souths.och
-c-
Inventory SF (RSA, OOOs) 532 532 532 532 532 532 378 378 378 378 378 378 378 378 j 378 378 378 378 378 408 Net Doliver;e, 0 0 0 0 0 0 -154 0 0 0 0 0 0 0 I O O O O -15 NetAbsorption 6 •6 4 -4 6 5 -158 -6 9 0 -3 1 -8 · 4 : 8 0 0 -1 -15 Total Vacancy Role 0.9% 2.1% 1.4% 2.1% 1.0% 0.0% 0.9% 2.4% 0.0% 0.0% 0.9% 0.6% 2.6% 1.6% I 3.8% 1.6% 1.6% 1.6% 1.1% 1.0% Vacant SF 5 11 7 11 5 0 3 9 0 0 3 2 10 6 : 14 6 6 6 4 4 Gross Rent Direct ($/SF) $18.00 $14.40 $15.09 $15.44 $15.22 $16.52 $17.88 $20.97 $13.93 $19.80 $17.54 $22.20 $17.43 $22.54 I 520.39 $12.74 $22.5 4 522.54 $19.90 $18.40 % Change 1.9% -20.0% 4.8% 2.3% -1.4% 8.5% 8.2% 17.3% -33.6% 42.1 % -11.4% 26.6% -21.5% 29.3% I -37.5% 76.9% 0.0% 10.1% 3.9% I
"Qi..,'"'»iiti°'" .----------------~-------------------------------------, i Inventory SF [RSA, OOOs) 2,856 2,856 2,856 2,856 2,856 2,856 2,856 2,856 2,856 2,856 2,856 2,856 2,856 2,915 I 2,915 2,915 2,915 2,915 2,868 2,862 Net Deliveries O O O O O O O O O O O O O 59 I O O O 12 6 NetAbso rption -177 -3 71 54 -17 29 60 -46 -26 -9 -214 169 -11 283 : 20 192 3 44 · 22 Total Vacancy Rate 11.8% 11.9% 9.4% 7.5% 8.1% 7.1% 5.0% 6.6% 7.5% 7.8% 15.3% 9.4% 9.8% 1.9% I 9.2% 8.5% 1.9% 1.8% 8.8% 7.9% Vacant SF 337 340 268 214 231 203 143 188 214 223 437 268 280 55 I 268 248 55 52 253 224 GrossRentDirect(S/SF) $12.29 $11.32 $11.17 $10.92 Sl0.29 $10.27 $9.82 $12.38 $12.76 $12.58 $13.16 $13.65 $14.59 $1 4.77 : $14.74 $14.77 $14.77 $16.33 1 $13.75 $1 2.43 %Chang e -5.0% -7.9% -1.3% -2.2% -5.8% -0.2% -4.4% 26. 1% 3.1% -1.4% 4.6% 3.7% 6.9% 1.2% I - · 0.2% 0.0% 10.6% I 3.0% 3.1% 100 ~----- - ------ ------------ ----- Net Deliveries
50 l o
1 -50
~ -100 ,
CT
v, • 150
-200
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 South Beach ■ Industrial Corridor ■ Olde Carlsbad ■ Village 400 Net Absorption
300
;g 200
~ i 100
~ ~ 0
g -100
-0 CT
~ v, -200
~ -300

2. 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 202 1 ;:;:! South Beoch ■ lndustrk)I Corridor ■ Olde Carlsbad ■ Village 21091.00 Office Trends· Industrial, Performance (Sub) Pag•ah ol 4 THE CONCORD GROUP DRAFT
Morbl Fodor [SF)
Mti◄,
lnvenl«y Sf (RBA., OOOs)
Net Deliveries
Ne!Abtorption
Total Vacancy Rote
Voconl SF
Orott: R.nt Dir.cl (S/Sf)
"Ch~
ln..,entoey SF jR8"- OCI05j
N.tDelr<'eriM
N•Alnofption
Total Vocc,nq, Rot•
Voconl SF
Gron Rent Direct IS/Sf)
"Change
lrwenloey SF IRBA. 000.1
N-, OelW•iM
N• Ab.o,plion
Total Vacancy RoMI
Voconi SF
Gr01s Rent Dir.ct ($/Sf)
"Ct,ong. ...,_
ln ... ...-.tort SF (RBA, 000s)
NIii Oel!'lleriM
N., Absorption
Totol Voconcy Rot.

Vocont Sf
Grot,1 Rent DirKI ($/SF)
"Chor,oti
ln..,entory Sf IRBA. 000s1
N• Oeli..,.,.iu
N• Ab.orption
T otol VocOf'IC)' Rote
Voconl SF
Gron Rent Oir•ct jS/SF)
1' Ch~
-Inventory SF jlUlA, 000IJ
Neto.&,, • iel
NeitAbsorption
TotolVocon<yRote
Vocont SF
GroH Rent Oired ($/Sf)
" ChCJnQti
2008
5 4,170
53,978
.C9,969

7.-4"
4,009
$10.50
7,287
30 -176

10.4"
7S6
$11 82
-11"
7,909
-12
171
10,71'
8'6
$9.52
o.5"
8,227
0 ·263

9.0!1
7'0
$9 73

0.5%
176
-16
-16

0.0!1
0 2009
54,382
212
.J,000
9,6,.
5,221
S9.39
-10.61,
7,287
0 .s,

11.l"
809
$10.76
-9.0%
8,130
??2
-249

16.21'
1,317
$8 47
-11.0'I

9.61'
792
176
0 -13
13 $15.00
2010
54,596
21S
,1 2

9.2"
5,0'13
$9 23 _,,,.
7,287
0 146

9.1"
663
$10.62
., :a

8.184
S4
4 16.7"
1,367
$7.89
-6.R
8,200
...
1 9 I"
7'6
$8 92
-60%
2011
54,550 _.,
67 9.0!1
-4,909
$693
..3.3"
7,287
0 -160
11,~
623
$10.01
-5.i"l,
8,18-4
0 166

14.4"
1,179
$7.91

0.3"
8, 12:6 _,.
-108

9.6"
760
SB 69
-2.6"
2012
54,67'
12S
SSl

8.2 ..
,, .. 83
S8.97

0.4'4
7,287
0 S8

10.5"
76S
$9.39
-6,2"
S,18-4
0 106

13.11'
1,072
$7.7-4
-2.J "
8,126
0 9.5"
772
$8.98
J.3"

0.0!1
0 $22.08
2013
S-4,862
187
'46

7.71,
4,22'
$9.19
,.,.
7,324
37 143
90,0
659
$9.70
J.3"
e.1e4
0 49

12.5%
1,023
S7.97

3.0%
8,126
0 S7
.....
71S
$9.27
J 2"

0.0,0
0 EXHIBIT V-2

OFFICE MARKET PERFORMANCE

SELECT SUBMARKETS
2008 THROUGH 2021
Annual
20U 20 15
54,945 55,004
63 S9
1,01 1 771

6.0% A 7'4
3,297 2,585
$9,65 $10 . 0◄
SO% 4.0%
7,169
-154
-76
• 1"
S81
$9 79

0.9"
8,157
-27
213
9 .6%
763
$8,35
, ....
8,126
0 136

7. 1%
sn

1.9"
7,244
,. ...

9.7 ..
703
Sl0.93

11.6%
8,214
S7
467
A.3"
3S3
S8.43

1.0%
7,981
-145
2S
<07
S9.72

2.9"
176
0 0

0.0!1
2016
55,590
586
892
"" '1,179
$10.72

6.8'1
7,101
,143
27 7.5"
533
$12 .31

12.6"
8,9S7
743
661
21S
$9,23
9,5"
7,971
-10
. 113
6-""' SIO
$9. 16
-5.8"
176
0 0,0,0
2017
55,86-4
27'
9S
, ... "
2,4 58
S11.09

3.5"
7,313
212
20,

7.4%
S41
Sll.86
..37'1
8,957
0 -81

3.3"
296
$10.42
12,9'1,
7,961
-10
.,s

6.6"
S2S
$10 30
176
0 0

0.0!1
0 2018
57,613
1,7.49
808

5.9"
3,399
$11.90

7.3"
8,407
1,094
26S

16.3"
1,370
$12 .68

6.9"
9,082
1?S
39 361
$10 89

4.5"
8,183
?22
166

7. 1 ..

S81
S1 L57

12.3"
176
0 0
0,0,0
0 201 9
.58,256
6'3
8 1

6.8'1
3,96 1
$12.17

2.3"
8,611
20,
463
1,111
Sl2.90
I,,,.
9,360
?78
27S
,. '" 38'
$10.98
08'1
8,183
0 -96

8.3"
679
$11.84

2.3"
176
0 0

0.0!1
0 2020
S9,000
"' 1,461
,.,.
3,245
$12 .77
, ....
8,661
so
29S
866
9,360
0 112

2.,.
"' SI 1.73

6.8'1
8,201
19 -16
6 7"
714
$12.0 1

1.4%.
176
0 0
0,0!1
0 2021 j 2021 Q2
I 59,056 I 59,068
SSI
1,706 :

2.7" I 4.7"
1,595 : 2,116
$12.97 I $12 .72

1.6'4 I
I
8,720 I
S9 I
74d

2. 1" 1
183 :
$14 23 I
,.~:

I
9,360 I
0:
8 A I

2.0% :
187 I
$12 .33 I

5. 1 .. :

I
I
8,203 1
1: 272 I

5.4" :
-443 I
$ 12.24 :

1.9'i 1
I I
176 :
0 I
o I
o.°" j
0 I
I
···,
-· I
8,720

10.0%
872
$ 14 62
9,360
3 ' " 316
$1 1.98
8,211

5.5"
'52
$11.96
176

0.0!1
0 2021 QJ 2021 a ..
59,060
-6
266
4 2"
2,-481
S12. 7-4

0.2"
8,720
0 ?01
7 7"
671
SU.35
·'·"
9,360
0 7S
243
$12 .08

0.,.
8,203
-8
-40
S.9"
Sl2.06

0.8'1
176
0 0
0,0,0
59,056
-S
681
"" 1,595
$12 .97

1.8'1
8 , 720
0 466

2., ..
183
$14.23 _,,_.,.
9,360
0 S6

2.0,0
187
S 12.33

2.1"
8,203
0 ,1

5.4'1
4'3
$12 2'

1.5'1
176
0 0

0.0!1
0 Industrial
2022 Ql j
I 59,056 I
0 I
0 I

2. 7% :
,//;2s !

1.9" :
8,720 I
o I
0 :

2.1" I
183 I
$14 52 :

2.0'I :

I
9 ,360 I
0 :
.9 I

2.1" I
197 I
$ 12.59 I

2. 1" :

I
I
8,203 I
0 :
-6 ,.,.
451
$12 83
4,8'1
176
0 0

0.0!1

57.958 56,-466
693 "451
830 782

5.1" 5 6"
2,932 3, 153
$12 .18 $ 10.95

3.~ 3.ft
8,343
324
39,
9,7"
614
S13. 14

2.9"
9,224
80 66

3.3"
304
Sl 1.27

6.0%
8 , 1-46
A6
60 7.2"
S88
SI 1.59

6.0%
176
0 0
0,0,0
0 7,78"
143
207

9.4"
731
Sl 1.78
36"
8,782
118
217
S.6"
497
$9 81
·~
8,106
• " 7 3"
.. ,
S10 45
.. ,.
176
0 0

0.0!1
0 $2208
--~~---------------------- !::::::========:::::::::: ... , ... , ---:
··· I
···I
··· 1
_ 1
!
... , ... ,
I ••• 1
••• I I
I
·•• I I
!
1,200 ~---- ---- - ----- - --------- ~tAbaorption _ __________ _ _____________ _________ _, 1,000
i 800
.! 600
!
1 400
200
-200
-400
-600 .J..._ ___________________________ _____________ _ _____________________ __, 2006 ?009 2010 2011 2012 2013 201 4 2015 2016 2017 2018 2019 2020 2021 Encinitas Son Mo<r o.s • Corl.bod
1,600 ~------------------- ------NetO.IIW.rie1 _ ________________________________ ~ f 1.200
11,000
! X eoo
600
400
?00
So..otce· Co&or
?008 2009
2 1091.00 Offic• Tr-,,ds · Industrial Perfonnonc• (Crty) Oct.17,20:U
2010 2011 2012
Vista • Encinito1
2013
Son Morcos
Pag.2of4
..
2015 2016 2017 2018 2019 2020 202 1
• Corl.bod

THE CONCORD GROUP
DRAFT
0 fl
:"
"' §
i;
3 "' "'
'Zl .. .. .... .... ....

2. .... .... w
Market Factor
North Covnly
Gross Rent Direct ($/SF)
Y/Y% Change
Carlsbad
Gross Rent Direct (S/SFJ
Y/Y% Change
Gross Rent Direct ($/SF)
Y/Y % Change
SanMarr:<n
Gross Rent Direct ($/SF)
Y/Y %Change
Gross Rent Direct ($/SF)
Y/Y %Change
y-,...,_
Gross Rent Direct ($/SF)
Y/Y %Change
Village
Gross Rent Direct ($/SF)
Y/Y%Change
~
Gross Rent Direct ($/SF)
Y!Y%Change
Savlh Beach
Gross Rent Direct ($/SF)
Y!Y%Change
fcmtcw'-----:J Gross Rent Direct ($/SF)
Y!Y %Change
EXHIBIT V-2

OFFICE MARKET PERFORMANCE - RENT TRENDS

SELECT SUBMARKETS
2008 THROUGH 2021
Annual
2008 2009 201 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 $10.5 $9.4 $9.2 $8.9
-10.6% -1.7% -3.3%
$11.8 $10.8 $10.6 $10.0
-9.0% -1.3% -5.7%
$9.5 $8.5 S7.9 $7.9
-11.0% -6.8% 0.3%
$9.7 $9.5 $8.9 $8.7
-2.5% -6.0% -2.6 %
$15.0 $14.0
-6.4%
$18.0 $14.4 $15.1 $15.4
-20.0% 4.8% 2.3%
$12.3 S 11.3 $11.2 $10.9
-7.9% -1.3% -2.2%
$9.0

0.4%
$9,4
-6.2%
$7.7
-2.1%
$9.0

3.3%
$22.l
$10.0
$15.2
-1.4%
$10.3
-5.8%
$9.2

2.5%
$9.7

3.3%
$8.0

3.0%
S9.3

3.2%
$16.5

8.5%
$10.3
-0.2%
$9.7

5.0%
$9.8

0.9%
$8.4

4.8%
$9.5

1.9%
$17.9

8.2%
$9.8
-4.4 %
$10.0 $10.7 $11.1 $11.9 $12.2

4.0% 6.8% 3.5% 7.3% 2.3%
$10.9 $12.3 S 11.9 $12.7 $12.9

11.6% 12.6% -3.7 % 6.9% 1.7%
$8.4 $9.2 $10.4 $10.9 $11.0

1.0% 9.5% 12.9% 4.5% 0.8%
$9.7 $9.2 $10.3 $11.6 $11.8

2.9% -5.8% 12.4% 12.3% 2.3%
$21.0 $13.9 $19.8 $17.5 $22.2

17.3% -33.6% 42.1% -11.4% 26.6%
$12.4 $12. 8 $1 2.6 $13.2 $13.7

26. 1% 3.1% -1.4% 4.6% 3.7%
$50 ~-------------------- ---- Historical Gross Direct Rent ($/ SF) $45
-c- $40
S $35
~ $30
°li $25
i:5 $20
~ $15
"' 2008
=
$50
$45
-c- $40
>-
:g $35
~ $30
_j $25
C
c $20
0 ':; $15
2008 s
~urce: 1....0Stor
- North County
--r- -
- - Village
2012
- Carlsbad
2012
- - Olde Carlsbad
Oceanside
1016
-Son Morcos
Historical Gross Direct Rent ($/ SF)
2016
South Beach
21091 .00 Office Trends - Industrial: Rents Page 3 ol 4 91 2020 2021
$12.8 $13.0

4.9% 1.6%
$14.1 $14.2

8.9% 1.3%
S11.7 $12.3

6.8% 5.1%
$12.0 $12.2

1.4% 1.9%
$17.4 s22.5 I
-21.5% 29.3 % I
I
t
$14.6 $14.8 :

6.9% 1.2% I
Industrial
Qua rterl_r
202 1 Q2 2021 Q3 2021 Q4 2022 Q l --- --- --- ---
$12.7 $12.7 $13.0

0.2% 1.8%
$14.6 $14.4 $14.2
-1.8% -0.8%
$12.0 $12.1 $12.3

0.8% 2.1%
$12.0 $12.1 $12.2

0.8% 1.5%
$20.4 $12.7 $22.5
-37.5% 76.9%
$14.7 $14.8 $ 14.8

0.2% 0.0%
Encinitas
- - Industrial Corridor
$13.2

1.9%
$14.5

2.0%
$12.6

2.1%
$12.8

4.8%
--- I
--- t I
!
s22.5 I

0.0% I
I
I
$16.3 :

10.6% I
2020
Vista
2020
Annual Average
5-Yr 10-Yr
$12.2 $10.9

3.9% 7.8%
$13.1 $11.8

2.9% 7.3%
$11.3 $9.8

6.0% 9.3%
$11.6 $10.5

6.0% 7.1%
$22.1
$10.0
$19.9 $18.4

10.1% 7.9%
$13 .8 $12.4

3.0% 6.2%

THE CONCORD GROUP
DRAFT
~ ....
:,.J
::,:
~
I.
3 " "'
.,, ..
~ .... ....
00 a .... ....
"'
EXHIBIT V-2

OFFICE MARKET PERFORMANCE - VACANCY TRENDS

SELECT SUBMARKETS
2008 THROUGH 2021
Annual
Industri al
Quarterly_
Market Fedor . ----· 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2021 Q2 2021 Q3 2021 Q4 2022 Ql Annual Average
5-Yr 10-Yr
North Covnly
Vacancy
Y/Y% Change
Carlsbad
Vacancy
Y/Y%Change
~
Vacancy
Y/Y%Change
--- --- --- --- --- ---- --- --- --- - - - - - -

7.4% 9.6% 9.2% 9.0% 8.2% 7.7% 6.0% 4.7% 4.1% 4.4% 5.9% 6.8% 5.5% 2.7% 4.7% 4.2% 2.7%

29.7% -4.2% -2.2% -8.9% -6.1% -22.1% -21.7% -12.8% 7.3% 34.1% 15.3% -19.1% -50.9% -10.6% -35. 7%

10.4% 11.1% 9.1% 11.3% 10.5% 9.0% 8.1% 9.7% 7.5% 7.4% 16.3% 12.9% 10.0% 2.1% 10.0% 7.7% 2.1%

6.7% -18.0% 24.2% -7.1% -1 4.3% -10.0% 19.8% -22.7% -1.3% 120.3% -20.9% -22.5% -79.0% -23.0% -72.7%

10.7% 16.2% 16.7% 14.4% 13.1% 12.5% 9.6% 4.3% 2.4% 3.3% 4.2% 4.1% 2.9% 2.0% 3.4% 2.6% 2.0%

51.4% 3.1% -13.8% -9.0% -4.6% -23.2% -55.2% -44.2% 37.5% 27.3% -2.4% -29.3% -31.0% -23.5% -23.1 % San Marcos
Vacancy
Y/Y % Change

9.0% 9.6%

6.7%

9.1%
-5.2%

9.6% 9.5%

5.5% -1.0%

8.8% 7.1% 5.1%
-7.4% -19.3% -28.2%

6.4%

25.5%

6.6%

3.1%

7.1%

7.6%

8.3%

16.9%

8.7% 5.4% : 5.5%

4.8% -37.9%

5.9% 5.4%

7.3% -8.5%
,cinit~
Vacancy
Y/Y % Change
J,'ida
Vacancy
Y/Y% Change
Village
Vacancy
Y/Y % Change
~
Vacancy
Y/Y % Change
Sovth & ach
Vacancy
Y/Y % Change
fii,/iiit, 'ii,/Comj
Vacancy
Y/Y% Change

0.0% 7.5% 0.0%
-100.0%

0.0% 0.0% 0.0%

0.9% 2.1% 1.4%
133.3% -33.3%

11.8% 11 .9% 9.4%

0.8% -21.0%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

0.0% 9.2% 9.2% 9.2% 0.0% 0.0%

0.0% 0 .0% -100.0%

0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

2.1% 1.0% 0.0% 0.9% 2.4% 0.0%

50.0% -52.4% -100.0 % 166.7% -100.0%

7.5% 8.1% 7.1% 5.0% 6.6% 7.5%
-20.2% 8.0% -12.3% -29.6% 32.0% 13.6%

20.0% .----- --------------------- Historical Vacancy(%) ~
.!!
~
~ C
8 ~

15.0%

10.0%

5.0%

0.0% -l"l,......~ ---
200a
- North County
2012
- Cod,bod Oceanside

20.0% Historical Vacancy (%)

15.0%

0.0%

7.8%

4.0%

0.0% 0.0%

4.8% 0.0%
-100.0%

0.0% 0.0%

0.9% 0.6%
-33.3%

15.3% 9.4%

96.2% -38.6%
2016
-Son Macros

0.0%

2.6%
333.3%

9.8%

4.3%

0.0% 0.0% 0.0% 0.0%

0.0% : 0.0% 0.0% 0.0%

0.0% 0.0% 0.0% 0.0%

1.6% 3.8% 1.6% 1.6%
-38.5% -57.9% 0.0%

1.9% 9.2% 8.5% 1.9%
-80.6% -7.6% -77.6%
- Encinitas
, ....

2.7%

0.0%

5.1% 5.6%
-8.0% -2 1.4%

2. 1% 1 9.7% 9.4%

0.0% ! -22.5% -28.6%

2.1%

5.0%
5 .5%

1.9%

0.0%

0.0% :

0.0%

1.6%

0.0%

1.8%
-5.3%
2020
Vista

3.3% 5.8%
-3.6% -32.6%

7.2% 7.3%
-3.3% -10.9%

0.0% 0 .0%

1.0% 3.2%

0.0% 0.0%

1.1% 1.0%
-5.3%

8.8% 7.9%
-24.0% -24.0%
~
0 ~
~

10.0%

5.0%
------ ----- ----.. - - --,,, ------_:. : : : : _-- ... ... - - - - ----- - -- - - ., -- ., , ~ - - - --- ,,, - - - ·- ~"1r-
... ...

C
a
V
~
~
- -o~ r - -------------~ ~ - ' . ~ - 7 - -= -~- ~ -- --- --2008 I :a • _,.. ____ -,._ ---1 I ""f l 2012
- - Village - Old Corl.bod
2016
- - South Beach - - Industrial Corridor
2020
21091.00 Office Trends - Industrial: Vacancy Page 4 of 4 92 THE CONCORD GROUP
DRAFT
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EXHIBIT 11-2

O FFICE DEMAND

SAN DIEGO COUNTY
2020 THROUGH 2029
I Demond f1om Net New Jobs. (Key Indus.try Segrnent<,)
Key Industry Segments
Office Area Per Job (Net} I-')
Annual New Jobs (OOOs] jl} % Office Perm. Pre- Post- Potential Net New Office Demond - Square Feet (OOOs) 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 ~ %WFH P)COV1D-19 COVID-19 2020 2021 2022 2023 20 24 2025 2026 2027 2028 2029 Corporate
Finance and inwrance -0.6 -1 .8 0.3 0.2 -0.3 -0.1 0.4 0.9 1.0 1.0 90.0% 225 248 -96 -283 •3 32 .39 -20 69 139 152 161 Real estate and rental and leasing -1.7 0.7 1.2 0.2 0.0 -0.l 0.1 0.3 0.3 0.3 89.0% 250 275 -289 112 207 33 .7 -12 21 50 52 50 Management of companiei and enterprises -0.3 0.6 0.7 -0.2 -0.2 -0.2 -0.2 -0.l -0.1 -0. l 92.0% 305 336 .73 121 144 .35 .50 -44 .35 -24 -24 -25 Legal services -0.3 0.1 .0. 1 -0.5 -0. 4 -0.3 -0.2 -0.2 -0.2 -0.2 88.0% 335 369 -71 33 -16 - 114 -88 -68 .55 -48 -42 -40 Acd, tax prep, and payroll services -1.2 0.2 0.2 -0.2 -0.2 -0.1 .0.1 .0.1 0.0 0.0 88.0% 255 28 1 -21" 30 27 -40 -28 -19 -U -11 -8 -8 Administrative and wppot1 '81'Vioes -5.3 0.6 0.7 -0.1 0.8 1.8 1.7 l.4 1.4 1.4 92.0% 285 31" -1,060 113 133 -26 153 368 339 276 278 274 Mgmt, scienlific, and technical conwlting urvice -0.3 -0.2 0.6 -0.1 0.0 0.2 0.2 0.3 0.3 0.3 90.0% 305 336 .73 .45 121 -23 9 36 52 58 M 60 ~ -9.9 0. 1 3.5 -0.7 -0 .3 1 .. 2 2.0 2.5 2.6 2.7 89.9'11, 15.0% 280 10.0% -1,877 8 1 659 -173 -5 1 2• 1 378 44 1 47 1 473 Technology
Architectural; engineering; and r.,joted services 0.3 2.2 0.7 -0.6 -0.4 -0.3 .Q.2 -0.1 -0.1 -0.1 83.0'II, 175 193 34 229 75 -67 -46 -28 -18 -13 -8 .9 Computer systems design ond related services 0.1 -0.2 0.6 -0.2 0.0 0.2 0.3 0.3 0.3 0.3 88.0% 155 171 12 -16 54 -15 2 17 25 28 31 29 Software publi~en 0.3 0.0 0.2 0.1 0.1 0.1 0.0 0.0 0.0 0.0 87.0% 165 182 29 -4 21 15 10 6 3 3 2 0 Doto processing; hosting and rela ted setVices 0.1 0.6 0.3 0.1 0.1 0.1 0.1 0.1 0.1 0.1 86.0% 205 226 9 72 36 18 15 12 11 12 11 11 $pedolized design services .0.2 0 .0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 88.0% 300 330 .34 5 9 -8 .5 .3 -1 -1 0 0 Other professional; scientific; and technical MM -0.9 -0.2 0.1 -0 .1 -0.1 0.0 0.0 0 .0 0.0 0.0 87.0% 300 330 -171 -45 17 -20 -10 -3 2 4 6 5 Other information se<Vices -0.2 0 .2 0.3 0.2 0.2 0.2 0.2 0 .2 0.2 0.2 86.0% 300 330 -34 46 56 36 35 34 34 35 35 35 Totals: -0.5 2.6 2.2 -0.5 -0.1 0.2 0 .4 0.5 0.6 0.5 86.4 '11, 20.0% 229 10.0% -156 286 269 •• 1 2 35 56 68 77 71 Media
Advertising; public relations; and related servicer .0.8 -0 .3 0.1 -0.1 -0.1 -0.1 -0.1 0.0 0 .0 0.0 83.0% 315 347 -147 -50 14 -23 -17 -13 -10 -9 -8 -7 Newspaper; periodical; book; ond directory pub 0.0 .0.1 .0.1 -0.1 -0.1 -0.1 -0.1 -0 .1 -0.1 -0.1 88.0% 365 402 -10 -25 -21 -34 -32 -30 -27 -23 -21 -18 Motion pidure and sound recording indudries -1.0 -0.2 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8 7.0% 375 41 3 -230 -39 39 3 2 0 -1 0 0 -1 Broodcosting (except inlet""nei) -0.2 0.0 0.1 0.0 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 86.0'II, 325 358 -36 1 12 -10 -12 -14 -14 -13 -12 -12 T elecommunicctions .Q.4 .0.2 0.0 -0.2 -0.2 -0.2 -0.2 .0.2 -0.2 -0.2 88.0% 365 402 -101 -50 -6 -40 -45 -49 ,48 -43 -40 -39 Promoters of performing ar1s; 'P0f1 1; ond &imilar .Q.1 0 .0 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 87.0% 375 413 -24 4 36 24 21 16 10 7 6 5 AgenlsandmgrsfOfortists;athletes;entertainen 0.0 0.1 0.1 0 . 1 0.0 0.0 0 .0 0.0 0 .0 0.0 86.0% 325 358 6 11 15 11 10 8 6 Tolal,c -2.• -0.7 0.4 -0.3 -0.3 -0.4 -0.• -0.3 -0.3 -0.3 86.4'11, 18.0% 349 10.0% -5•1 -U7 88 -69 -H -83 -8• -78 .72 -69 Flex
Scientific research and devdopmenl seMces
Worehou&ing and doroge
Religious; gronlmaking; civic; prof; and similar c
Totol1:
(I) Sau«e, Moody', Economy pnsnon)
(2)13) Pee TCG p,aj«"an

0.7 3.7 1.6 -0.7 -0.4 -0.1 0.0 0.1 0.1 0 .1 50.0% 275 303 80 431 183 -81 -46 -18 -1 7 13 11 .0.2 0.1 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 50.0% 400 440 .34 18 37 22 16 16 17 17 16 16 -3.3 0.6 1.5 0.5 0.3 0.4 -0.1 -0.2 -0.2 -0.2 50.0% 225 248 .314 58 147 49 32 40 -1 4 -20 -17 -15 -2.8 • .• 3.3 -0. 1 0.0 0.4 0.0 -0.1 0.0 0.0 50.0'II, 5.0% 300 10.0% -268 508 367 -10 2 39 3 3 12 12 TotalNetN ew OfficeOem and: ~ 727 1,383 -293 -122 232 353 434 486 488 (4) Pre-COVIDl 9 office area per job based on studies from Gensler Worl<place Slandords Benchmark. Ull, and Cushman & Wakefield ; pod-COVlD19 office o reo per job assumed to be 10% larger due to tNI effed1 oi de-den&ification and social distancing 21690.00 Office Demond: OfficeDemond.Model THE CONCORD GROUP 93 DRAFT
0 ~
I-' _...., II Demand from Turnove1 Ob5ooleHence and Redeve lopmenl EXHIBIT 11-2

OFFICE DEMAND

SAN DIEGO COUNTY
2020 THROUGH 2029
Percent Office Current Annual
Office Obsol.

N
0 N
N K!( lndust!}: S!iments
Total Empl~ent (OOOsl !1! Office Area (Net) Potential Office Demand ~ S9ua re Feet (000,,} 2020 2021 2022 2023 2024 2025 2026 2027 202 8 2029 ~p., Job Pl Pool (thsJ Raio 2020 2021 2022 2023 202 4 2025 2026 2027 2028 2029 Finance and insurance 45 .8 43.9 44.2 44.4 44.2 44.0 44.5 ,45..4 46.4 47 .A 90.()'l(, 248 10,195 76 74 77 77 76 76 77 78 78 78 Real estate and r&ntol and leosing 28.5 29.1 30.3 30.5 30.5 30.4 30.5 30.8 31.l 31.4 89.()'l(, 275 6,968 so SJ 54 SJ 52 S2 52 SJ SJ 53 Monogement of companies and enterprises 23.S 24, l 24.7 24.6 24.3 24. l 24.0 23.9 23.7 23.6 92.()'l(, 336 7,254 S4 ss ss 54 S4 54 54 54 S4 S4 legal services 12.8 12.9 12.9 12.4 12.0 11.7 11.-4 11.2 11.0 10.9 88.()'l(, 369 4,148 31 31 31 30 30 31 31 31 31 31 Ac.oovnting; tax preparation; bookkeeping; and I 8.1 8.3 8.5 8.2 8.1 8.0 7.9 7.8 7.8 7.7 88.()'l(, 281 2,010 13 15 lS 15 15 15 15 15 15 lS Administrolive and wpport seNices 77.7 78.3 78.9 78.8 79.6 au 83.l 84.S 85.8 87.2 92.()'l(, 314 22,411 160 169 169 168 169 171 171 170 170 170 Management; scientific; and ledmicol conwlting 22.7 22.5 23. l 23.0 23.0 23.2 23.4 23.7 24.0 24 .3 90.()'l(, 336 6,861 SI 51 52 51 S2 S2 52 52 52 52 Architedurol; engineering; and related seMces 24.2 26.4 27.1 26.4 26.0 25.7 25.6 25.4 25.A 25.3 83.()'l(, 193 3,863 29 31 30 28 29 29 29 29 29 29 Compute,- sydems de-sign and r9'ated services 2S.6 25.4 26.0 2S.8 25.8 26.0 26.3 26.S 26.9 27.2 88.()'l(, 171 3,837 29 29 29 29 29 29 29 29 29 29 Software publishers 5.5 5.4 S.6 5.8 5.9 5.9 6.0 6.0 6.0 6.0 87.()'l(, 182 866 7 6 7 7 7 7 7 7 7 Doto processing; hosting and related services 2.8 3.4 3.6 3.8 3.9 4.0 4.1 4.2 4.3 4.4 86.()'l(, 226 542 4 5 4 4 4 4 4 4 4 Specialized design services 2.0 2.0 2.0 2.0 2.0 1.9 1.9 1.9 1.9 1.9 88.()'l(, 330 S66 4 4 4 4 4 4 4 4 4 4 Other profeuionol; scientific; and technicol , ervi 7.2 7.0 7.1 6.9 6 .9 6.9 6.9 6.9 6.9 7.0 87.()'l(, 330 2,067 14 15 16 15 15 15 16 16 16 16 Othef" information services 1.8 2.1 2.4 2.6 2.8 3.0 3.1 3.3 3.5 3.7 86.()'l(, 330 521 4 4 4 4 4 4 Advertising; public rdotion s; ond r~ated service! 3.4 3.2 3.3 3.1 3.1 3.0 2.9 2.9 2.8 2.8 83.()'l(, 347 991 6 7 8 7 7 7 Newspaper; penodicol; book; ond directory pub 1.7 1.6 1.5 1.4 1.2 I.I 1.0 0.9 0.8 0 .7 88.()'l(, 402 607 4 4 4 4 4 4 4 4 4 Motion pidure ond sound re(O(ding industries 1.2 1.0 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 87.()'l(, 413 428 I 3 4 3 3 3 3 3 3 Broadcasting (except internet) 2.7 2.7 2.7 2.7 2.6 2.5 2.S 2.4 2.4 2.3 86.()'l(, 358 817 6 6 6 6 6 6 6 6 6 6 T ~ecommun ications 6.4 6.2 6.2 6.0 5.8 5.6 5.4 5.2 5.1 4.9 88.0'W, 402 2,267 16 17 17 17 17 17 17 17 17 17 Promofen of performing arts; sports; and simila r o.s 0.6 0.7 0.8 0.9 1.0 1.0 1.0 I.I I.I 87.()'l(, 413 194 I I 2 2 2 2 2 2 I 1 Agents ond monogers for or1ists; othle!es; enler1< 0.2 0.3 0.3 0.4 0.4 o.s 0.5 0.5 o.s 0.5 86.0'W> 3S8 62 I 1 I 1 I 1 I 0 0 0 Scientific reseord, ond development U:Mces 36.3 40.0 41.5 40.8 40.5 40.3 40.3 40.4 40.5 40.6 50.()'l(, 303 S,493 42 44 43 41 41 41 41 41 4 1 41 Warehou sing ond slOl'"oge 2.2 2.3 2.5 2.6 2.7 2.8 2.9 3.0 3.1 3.2 50.()'l(, 440 47S 3 4 • 4 4 4 4 4 4 4 R:~iaious; aranlmok ina; civic; e!:ofessionolt ond 18.9 19.5 21.l 21.6 21.9 22.3 22.2 22.0 21.8 21.6 SO.()')(, 248 ---2d£_ _ __ 15 18 19 18 18 18 17 17 17 17 Totol Key lndudriu 362 368 377 376 375 377 379 381 384 387 ;::.

Cl)
3 =II:

N
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(1) Soo,co, Moody's Economy (1/25/2022)
(2H3) P..- TCG p,aiedion
I
I
I

83.1% 316 85,787 0.75%
Projected SD Coun~ Demo nd [OOOs):

Carlsbad Capture: 17%
OMA. Dema nd (OOOs):
1 OY Cumulative County Dema nd:
1 OY Averaa• Annual Coun~ Dem and :

Cor~ te S!:Sment
IOY CumulatNe Demond:

I OY Average Annual Demond:

Technol~l
1 OY Cumulom'e Demond:

JOYAve-rogeAnnual Demond:

Medi a
1 OY Cumulative Demond:

JOY A~rage Annual Demond:

Rex S!Smen t
JOY Cumulative Demond:

JOY A~roge Annual CAmand:
622 649 65 4 641 642 645 646
I ~If••, -ml· '. im- :Mi•'--· -·g .. ~ .. ~ ~ I!'; •• 'm -377 23 4 346 59 88 149 170
7,~;~i
-1,.u2 531 1,113 274 397 692 830
5,136
514 70')(,
-65 380 363 51 94 127 149
1,591
159 22'1>
-505 -108 129 -29 -35 ... . ..
-73 4
-73 . J()'l(,
-208 574 432 52 64 101 65
1,296
130 1811,
(4) Pre-COVIDl9 office area per job based on studies from Gensler Workplace Standards Benchmark, ULI, and Cushman & Wokefi~d; post-COVID19 office areo per job assumed lo be 10% larger due ta the effects of de-den&ification ond social distancing 21690.00 Office Demond: OfficeDemond.Model
94 647 647 647
.·J,j!!I · !,IB• · ·1,m 1
184 193 193
893 923 925j
161 169 164
-38 -32 -29
66 75 75j

THE CONCORD GROUP
DRAFT
0 n ......
~ uts a nd Assumptions:
,~rage Annual Net Office Demond (lOY): I 728,998 SF
N
0 I II ~ ture Metrics: GaW.I Vista
II
Current Households ('21) 44,107 37,935
Shore of North County 10.5% 9.1%
Projected HH Growth ('21-'26) 216 269
Shore of North County 8.8% 10.9%
Closs A Office Inventory RBA (000,) 2,244 55
Shore of North County I - -- 20.3% 0.5%
Recent Housing Growth (2011- '2 1) 2,321 2,190
Shore of North County 9.3% 8.8%
Employment r21)
--
80,858 - 46,01 4
Shore of North County i -- 17.0%
~
9 .7%
Future Apartment Supply - CoStor 132 400
Shore of North County 0.5% 1.6%
Future Office Supply - CoStor 50,000 0
Share of North County 0.3% 0.0%
Imputed Captu re
Maximum Implied 20.3% 10.9%
Average 9.5% 5.8%
I
TCG Concluded Capture 17.0%1 6.0%
Annual Net SF Demanded 123 ,930 43 ,740
ijurces: ESRI, US Census (American Foctfinder & Center for Economic Studies ), CoStor 3 # N
""O
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21690.00 Office Demond: Office-Capture
EXHIBIT 11-3

OFFICE DEMAND - SUBMARKET CAPTURE SCENARIOS

NORTH COUNTY
202 1 THROUGH 2030
Solano Beach
II
SanMarcos
1- 1
Om■■ .... II Escondido l~ I DelMs
5,549 34,046 16,368 65,981 57,587 20,619 5,805 4 19,160

1.3% 8.1% 3 .9% 15.7% 13.7% 4 .9% 1.4% 100.0%
11 310 24 339 264 69 7 2,465

0.4% 12.6% 1.0% 13.8% 10.7% 2.8% 0.3% 100.0%
2 12 432 163 256 274 0 0 11,068 -· 1.9% - 3.9% - 1.5% 2.3% 2.5% 0 .0% 0.0% 100.0% -· - . - 10 1 3,999 150 3,110 1,779 733 56 24,862

0.4% 16.1% 0.6% 12.5% 7.2% 2.9% 0.2% 100.0%
-- 9,543 35,599 28,091 4 7,933 - 67,748 -- 27,162 8,651 475,097

2.0% . - 7.5 % - 5.9% 10.1% 14.3% 5 .7% - 1.8% 100.0%
0 184 265 577 684 140 0 24,655

0.0% 0.7% 1.1% 2.3% 2.8% 0.6% 0.0% 100. 0%
54,845 1,451 ,062 0 250,749 116,614 20,177 0 15,656 ,351

0.4% 9.3% 0.0% 1.6% 0.7% - 0 .1% 0.0% 100.0% -

2.0% 16.1% 5.9% 15.7% 14.3% 5 .7% 1.8% 100.0%
0 .9% 8.3% 2.0% 8.3% 7.4% 2.4% 0.5% 100.0%

1.0% 14.0% 4.0% 13.0% 12.0% 4.0% 1.0% I 100 .0%1 7,29 0 102,060 29 ,160 94,770 8 7,480 29,160 7,290 728 ,998 :

THE CONCORD GROUP
95 Q.8h£I _,Offlteaa:»p.nq,-c!Ati.orpcio11dKrffYII la l020, l .ClM,s A Offb cornplfltions pe.-t «i .a 2006 & 2007
). CMll.bd OV.,,;al Office l'laoob • it row., thfft North Coullty ,__..,.

C.Orhta.d"-t.ihfib-601'hich«rUMCI IM1WRf•r«.lll,enblll Non hCoun ty lS-Y~) 0 ~ -~•llE!_
Ojioo
tt.ntory (Sf,OOOs)
~hCounty
O ort.bod
N "NorlnU>Unl),
f:W Comp8tiom
Norih County
Cott.bod
" NotthCount y
Occupancy Rote
North County
Cort,bod
Net Ab6orphon !SF, OOOsl
North County
Cari.bod
% NorthCOW1ty

0.-.roll Renb (NN N)
North County
Carlsbod
vs. North County
Office Ckiu A
fn..,.ntory(SF,OOOs)
North County
Corisbod
" Nonh County
NetCompk,tiom
North County
Carlsbad
" North Coun ty
Occupancy Role
North County
Cortsbod
Net Ab&orpt ion ISf, OOOs)
Norlh County
Cort,bod
"NorlhCwnty
Overa ll Rents (NNN)
North County
Corb.bod
vs.N Ofth COWlty
~ I
'!!I"."'°" iSF,000.)
::tt,.North County
r,..r orlabod
" Nori/, U>Unl),
Net ComPetion,s
North C°'"'ty
-lf••hbod
QI " Nori/, U>Unl),
O:cupancy Rote
(t)North C oul\ty
>-tort.bod
~ Abtorption (SF, OOOsJ
"i.aonh County
Q,:o,hbod
~~1~:~~~
VJ.bih County
Carls.bod
vs. NorlnCwnty
Sourc. : CoStor
QTO
2022
33,929
7,681

22.6"

88.7%

86. 6%
110'1)
77 (15 5"1
$37.9
$32.7
( 13,T"l
11,068
2,244

20.3"

87.2%

83.6%
l"'I 1•1

3. 1'1
$44.3
$3 4. l
(23 I")
5 1,123
5,703

11.2%
?9
6 19.~
9 4.2"
9 1.-4"
167
?

1.3"
$25.0
S,U .3

16.1"
Annual A,,..!!!i!,.
5-Vr 10-Yr 15-Yr
33,360
7,5 35

22.6"
268
102

37.~

88.8"

84., %
238
150

29.8"
$ 35. 4
$31,2
( 119")
10,66 4
2 ,11 7

19.99'
201
8 1

43.8%

87. 1%

83.3"
187
91 16.7%
5'2.2
$32.8
(22.3"/
50828
5623
JI. I"
139
.,

26.4"

95.3"

95.3"
1131
126)

32.5"
$23
$36

59.~
32,726
7, 189

22.0..
?21
98 33.51'

88.1"

83.8%
304
1?1

32. 6"
$32.5
$29. 1
( IO '"I
10,259
1,930

16.8%
147
58 34.4"

88.0%

80.3"
151
66 24.2%
$39.S
$31.S
(20 '"J
50370
5447

10.M.

IA8
69 58.1'i

95.1"
96 .2"
16'
37 311"
sn
$33
S1.2"
32,078
6 ,982
2 1.7%
m
151 i;:-

28.~ e

81.3"
81 .6%
'18
139

52.0%
$3 1.8
$28.7
(9.6")
9,855
1,825

16.5%
301
~
68 ...

27.6% !!!.
.:I

86.2% '"'

76. 1%
2n
67 2 1.3"
$38 ...
$3 1.4
111 .... ,
49943
5263

10.5"
216
.,

46.4"
[
...... .:I

96.5% ..:
13,
, o

18.3"
sn
$32

46.""
21690.00 Submor lc.i Hist0f9'01 P•f0fmonc.: Cor-hbod
EXHIBIT ll -,C
HISTORICAL PERFORMANCE • COMMERCIAL. OFFICE & RETAIL

CARLSBAD
1999 THROUGH 2022
1,=~---
700 I - -
500
,oo
300 I
= -- ,_ / .... , ________ _
"-
. - --- ------------~--------···-------. _________________ .-· .,,.
""" .,,.
80%
100
I ■ ' M -... ,/ ■ ■ ■ E ■ ■ - · ________ .,,..... ■ ■ ■ ■ ■ ■ ■ ■ W w ■ I 75" ~00 •
-200 -L-- - ----- -='-------------- ----- --- ----------------------------------'- 70% 1999 2000 2001 100? 1003 1004 2005 ?006 200 7 2008 1009 1010 2011 '20 12 1013 101-4 1015 20 16 1017 20 18 10 19 2020 2021 7022 ,oo ~--- ---------- - ------- --- - --Office (CkiuA) --------------- ----- ---- ------, IOOl' .,,. 350
300
250
200
150
100
50 .50
____ / __ .. _________________________ _ ____ .7,:· ········, . ...,\ \
\
.. ,_ .... ..,, ........ ·
"""
85"
80%
""
70%
----- --- - ------t 65"
.Joo~------------------------------------ ---------- - - - - ------- ---~ 6"" 1999 2000 2001 7001 1003 200A 2005 1006 2007 2008 100'1 1010 2011 2012 2013 201 -4 '2015 2016 201 7 2018 101 • 1020 202 1 101'2 250 11:•kJil 100%
.... :. ....... :: +I-----_--_--_--___ ~·---------!
100 -
.,,.
50 - Ab.o,plion
Deliveries
----·°""""""
- Abiotption
Delivenft
-·- - - • Ckcuponcy
90% - Ah5orpfton
. 50
- 100
-150
-200
85"
- O.iverie,
---- ·O«upon<y
-250 ~---- --- - --------------- - --------------------- ----- - ------ ---~ 80% 2006 2001 2000 2009 2010 2011 2011 2013 201, 2015 2016 2017 '2018 2019 2020 20'11 20'12 ... 95"9 THE CONCORD GROUP
DRAFT EXHIBIT ll-4C
l Oter111 0ffiu , °'5.s A Office and lti,t,I~~ ill OtrHmide llrt io-t.llM UII! Non.ti COUii.,_ Affl'IC._ HISTORICAL PERFORMANCE· COMMERCIAL· OFFICE & RETAIL

OCEANSIDE
1999 THROUGH 2022
0 Q TO Annual Aw~
..JJi U.. TIE! 2022 5 -Yr 10-Yr 15-Yr
0,- 300 Offko
"""' tt.4'i:nk>ry fSF ,000.)
~County 33,929 33,360 32,726 32,078 250
.... 1,961 1,855 1,805 1,718
----------N '3'Northux,,nty , .... 5.6" 5.5% 5.3'< 200 I 9s" fW Complt,lions 150 ---- ----- ---------------·- -- - - ................. ·------- North C01,1nty 0 268 227 .,,
Oceanaide 0 36 27 •8 0:- 100
-" North County - 3.2'1 8.4" 11.51' ~
~
Occupancy Rate ~ so
Nonh County 88.7% 88.8% 88.7"' 87.3" .: ,., - ..
0 85"
Oc.onJide 93. 7% 92.4% 89.7" 87.-'" pon<y
Net Ab&o,ption (SF, 000.) .50 ---·--
Nortn County (1021 238 30• '18 ·100 - - -
____ .,..
f= Oceont.ide 120, 52 ,s •• - -
" North Covn,y 19.3" AS.~ 11. '" 91 .1" .,so
O...ran Renh jNNN)
Notth County 537 .9 $35.4 $32.5 S31.8 ·200 75"
Oceon,ide $26.8 $25.3 $2.4.0 $25 .1 , ... 2000 2001 2002 2003 200< 2005 2006 2007 2006 2009 2010 20 11 1017 2013 201' 2015 7016 1017 2018 20 19 2020 2021 2022 vs. Norlh County /29.3'<} /286"1 [25.9"/ (20.5o/,)
Office Clou A
ln ..... ntory (SF,OOOst 1'0 Office {CkmAJ 100%
North County 11,068 10,664 10,259 9,855 120 ,----~---- ----------ex-,..., 256 205 188 164 95" % NotthC01.#'1ty 2. 31< 1.9" 1.811 1.6% 100 - -- -- -- - -- - -11
- .. -- ~-
Net Completiom
/ ,,,,.---·\\\ . ,,/ : ··--·--...... ,:;; ... /--- -NMh County 0 207 1'7 301 80 ---- r- - --- Oceon.;de 0 17 9 17 0:- 85%
" NOtfh County 4 .l'o/, 2.31< 5.9" ,e. 6()
~
- 1\btorption
Occu pancy Rak ~ 80%
North County 87.2% 87.1'4 88.0% 86.2% 1111: 40 '----------~---....... _/.:- Del1Yerin °"""'"'"'

97.2" 90.5% 86.1" 20
,So/, · ··•·O«vpooq
Net Abl.orption (SF. OOOl)
NOfth County (l,U) 187 151 292 0 70%
°'""""'"'
0 25
"
16 "' Norlh County 0.0% 3.0% 6. 1" , .... -20 65%
Ove rall Rents (NNN)
Noc-th County $.4'.3 U2.2 SJ9.5 $38.A -<0
""" Oceans.de S32.2 $29.8 $28.9 $30,0 , ... ,ooo 2001 2002 2003 1004 2005 2006 2007 2008 2009 2010 ,011 201' 1013 20U 1015 2016 2017 2018 ,019 7020 2021 ,02, w.. North County /27 2"/ /29.3"} (26.6"J f2l.2"/
R~I 250 Reta.I 100%
'!ll'°"'°" (Sf,000.1
$ orthCounty 51 ,123 50828 50370 -499'3 200 eonsidti 2,396 2385 2379 2365 " North UXA"lty ,.,,. ,.,,. .. ,,. 4 .7" ,so I f 95" Ne t Compl,ations Nor1h County 29 139 1'8 216
-&'-""'"' 2 5 3 7
~I -=~~;,,. ~ .. --· ·····••'•ii'·········-·-..... ________ .......• -•·''~~, -·-······=··-·········· ...::= ___________ I:
o, '- Norlh Cotrity 5.4" 3.3" 0.2'1 3.0%
[:;]
b cuponcy Ito~

94.2% 95.3"'
[
l'DNorth County 9S. 11', 9 . .... ~
.
~eonJid. 8-4.7% 88.7% 89.0% 88.8% .,_
I WWW ■
·•·········~
O«vpooq
~bwrl)flOn (SF, 000.)
hC-1y 167 1131 , .. 13' 4 ----
~ .... (7/ 12•1 (61 1•1 -100
j-j " NorthC~ ,. "'' 0.8% , .... r2,,;1
Qw:roll Rents (NNN) -150
-
tJ.>.h-th County $25.0 $23 $22 $22
Oceanside s2,.s $21 $20 $21 2006 2007 2008 2009 2010 2011 2012 2013 201' 2015 2016 2017 2018 2019 2020 2021 2022 vs. North UM"lty (0.91i} (6.511/ rs '"l (J.7'!11
Source: CoSfor
21690 .00 ~kef HtftOficol P•fOfmonce: Oc.eonticl• ... rfr' 9 THE CONCORD GROUI' DRAFT
EXHIBIT 11-4C
l,Off'a.-dlletMIOcolP111Y.,.t~!l.i.duq111e,.,,.,,_.:
) ,Ol,,erllMd~AOffiuMldAetallrfll h.welllah ~th.,.tlr•• NOttb.COunt-, HISTORICAL PERFORMANCE - COMMERCIAL - OFFICE & RETAIL A..«,aplffllli ENCINITAS
0 1999 THROUGH 2022
~ QID AnnuolA~roqe
~ Us• Type 2022 5-Yr 10-Yr 15-Yr
Offida to,yjSF ,OCIOl) 150 ~----------------------------- Off'••------------- -----------------~ 1oo,; k!.~~h County 33,929 33,360 32,726 32,078
s::itcn l,768 1,711 1,687 1,668 100 1 - --.•• __ - - ■ ~ 98" N " Nooh County S.3 5. 1" 5.2% S.~ -
Net Compe tM>ns 50
North County O 268 227 -471 96"
Encinilos O 17 13 14 tL"
"North Cow,ty - 33.5% 25.8" 17.S" !!?. O ,/ 1- Ab.ofption Occu pancy Rote ~ ,/ 9'"
NorthCounty 88.7" 88.8% 88.7% 87.3% °' -50 ,/ - Del,,ve,,ei Enrinitas 94.4" 95.5" 95.7" 94.7% ,/ n•••Occupoocy
Ne t Al»orption jSf , OOOs) .·100 ,/ 92'%
North County (102) 238 304 -4 18 /
Encinitas (51 7 12 16 '. ____ .... •• I 90%
" NonhC:-ly 5.2'< (l 8"J (6.5") ('2.,%) -150 - - - •· - Overall Rents INNNJ
North County S37 .9 $35.4 $32 .5 SJl.8 ·200 -'-- - ---------- - -----------------------------------------------...J 88" Encinitas $42.3 $40.5 $37 .2 $35.5 1999 2000 2001 100'1 2003 200-4 2005 1006 1007 1008 2009 1010 2011 2012 2013 201-t 20 15 2016 2017 ?018 2019 2020 2071 '2022 vs. Norin Cou,,ty 11 61' 1'.~ 14.5% J 1.8%
Offic• Cbls 8 (Clon A Offic• Hot AYOiloble)
lnYenlory (SF.OOOs) 1AO ~--------------------------- Offic:e(C1ouB) -----------------------------~ 1oo,; Ho,th C01Jnty 18,2A8 18,065 17,802 17,SlJ 120
•-;:,:::;.._ I::' ;,::- ;;:, ;:: •• 1-- t l ~ Nel CornpJetions 80 °':~f ~;._,,, ~ .,_J
2 .. E ,._] I : -----f:] .1 \ \ _ __ •• ,,..·-------------····--..• _______________ •.. • ____________ ... -----------------,_______ ____ ______ ::: .... -- .... ._.. .,.. -~ - ,, . .... 1i ~/ _ 11 \ n ~ [! • 1/ 1 ■ .!I • L ■ 11 --- E E:". Ne::::-;;,..,n (Sf, 000.J 9'.2" 94.9" 95.3" 9,.2" 0 > .- ' il7 \ ■ / - ■- ■ 92" I= ;;:::.;::.,,, North County 18 59 142 133 -20
Encinitos O 8 11 15 -lO i - ■ - I 90%
"Norin County 0.0% JS.a% 16.6" 15.~ -60
Owroll R•nK (NNN)
North County SJA.6 $3 1.9 SJ0.1 $29 .6 -80 -'---- -------------------------------------------------------- - - -'- 88" Enanito$ $l2 5 $40,A $37.2 $35.6 1999 2000 ?001 1002 2000 200A 2005 2006 ?007 2008 1009 :N)IO '1011 1012 1013 '1014 2015 2010 2017 ?018 2019 2010 1011 2002 ;:::; vs. Norlh uwn1y 22.6% 26.8" 23.7'5 20.0%
(1)
R,! nlo1Y(Sf,OOOs) 250 Retail 1()0%
~ County 51,1 23 50828 50370 l 9943
~ na nilos 5,A18 541 9 5462 553 4 150 ---- • \ •••• .--- ---- Net c~:;:~;;;vr I0.6" 10.~ 10.8% I 1. 1" - --·· - \, -- ---·· ------ --. ______ ••• -- · · - --- · · ·······-- --·----------. ·--------·--- ~ 98" ~ Coonty 29 139 148 216 50 '\ ·---··--·-··--·
a,tncinilos 2 o (34J (151 '- ___ _,..._..--J ...1.---~~ - '--~ -..--- - mr -..--~•L-.-,- -----~ -.r--,.....- -----f 96" O'Q " Notffl Cow,ty 5.'1i 0.6" 13. 1'4 18.S" - Ab.or'pti011 &cu poncy Rate ; •50 - Oe,ivenet
~ il;;'"ty :/::: :;·!: :~.!: ::·:: = -150 ---- - ------- - -•••• - - - --- 94" --·- -C>ccupon,cy ~ Ab.orption (SF, 000.1
~ County 167 1)3) 164 134
~ ncinitos 7 j6) ( 16) I 18) -250 92%
"'-I "Norlh C°""f ' · '" (6. Ill/ (l.O'l) 1.2'<
O.rull Rents (NNN)
North Coonty S25.0 S23 S22 $22 -350 90%
EnOl'litos $39.7 $30 S30 $29 2006 2007 2008 2009 2010 2011 2012 2013 201' 2015 2016 2017 20 18 2019 2020 202 1 2022 vs. North COl.ln,Y 58.S" 32.2" 39.2" 31.1"
Souru, ; C~or
21690 .00Submarlc • H1stoocof P«fcwrnonu. Encinitos Poge 3 of 9 THE COl'JCORD GROUP 98 DRAFT
I. S.,. t.l«co, Offb Md lleul lfftl are ~ llwoll tM North County ""'efillll
0 Qlt) AnnuolA,..~
~ lh•ln?_! 2022 ~----1.Q:!!_ ~
Otu-
hoil,jtntory (Sf,OO(x►
~hC~nty 33,929 33,360 32,726 32,078
,..,,,,. 1,727 1,723 1,678 1,61 •
N " NorthCounty S. I" S.1% S. I"
'·"" 1W Co"'f>Mtiom
North County 0 268 227 .,,
San Morc01 0 IS 18 29 o::-
% North County 13.8" 20.3" 15.2% ~
Occupancy RaM :.

North County 88.7'1 888" 88.7" 8 7.3% .:

San MorCOI 91 .8% 92 .5" 90.1" 88.•'-
Net Ablorption (Sf, OOOs)
Norlh County 11021 238 304 418
Son MorCOJ ,. 8 17 24
" No<1hC-., (13.6 .. ) (14.7 .. ) 118.2%) 17. 1"
O..roll Rents jNNN)
North County $37.9 SJS .-4 $32.S $31.8
Son Mor(OI. S27.S S.27.4 $26.9 $27.A
vs. NonhCouoty (27.S") 122.6") ( 16.6") ( 13.1")
Offic:e ClonA
ln-..ntory {Sf,OOOs)
Nonh County 11,068 10,664 10,259 9,855
Son Moree. 432 '32 '32 402
" Norlh County 3 9"
··'"
•. ?% -U "
Net Comp£etions
North County 0 207 147 301
San Marco. 0 0 7 11
~ " NorthC<>my o."" 8."" 6 .""
Occupancy Rote i
North County 87.2"' 87. 1% 88."" 86.2% ..:

Son Mora. 92. 1% 91.8% 91 2" 86.8%
Net Abwrption (SF, 000&)
North County jl-44 ) 18 7 ISi 292
Son Mora» 0 121 13 10
% North County o.°" (0 8") 10, '" 7.1%
C>.-eroll Rents. (NNN)
Nonh County $.t4.3 $42.2 $39.5 $38.4
Son Morcc;M. $33.5 $33 .3 $32.2 $32.A
~I
vs. North Covnty (2' 3") (21.1%) (181") (IS. I")
~ nlo,y iSF,000.)
~ Nortt!Coonty 51,123 50828 50370 49943
n Wiorcos A,676 4670 4638 464 7
% NorlhC01.1n1y 9.1% 9.1% 9.1% 9.3"
Net Completion ,
No,d, County 29 139 148 216
,:;§anMot Cc;M. 2 9 JI 10
a, % Not1h uwrlry 6.1% 4.8" (2."") (14 9'.J
b.cuponcy Rote "' l't)North Coi.inry 94.2% 953% 95.1% 94.9% ~ I---ISon Morcc;M. 90.1% 92.1% 92.7% 93.0% ot.
~orpt ion (SF, OOOs)
County 167 113) 164 134
~ nMora. 39 1'21 1•1 113)
~ 9' Not1hCovnty 23.3" (IS.8") (3.5'1) 43.6%
~roll Rents (NNN)
W-lorth County $25.0 $23 $22 $22
Sot'IMorco. $20.0 $16 $17 $19
vs. North County 120. I") (30 4") (21 ""J 113 S"J
Sour.:.: CoSfar
21690 .00 Submork• Hi..tOficol P...-formonce: Son Mofeo5 250
:,00
150
100
50 0
• 50
.,oo
-150
.:,oo
120
100
80 60
,0
20 0
· 20
•40
250
200
150
100
50 0
.50
.,oo
·150
EXHIBIT )l.4C
HISTORICAL PERFORMANCE. COMMERCIAL. OFFICE & RETAIL

SAN MARCOS
1999 THROUGH 2022
.------ ------------------------Dffi< •-------- ----------------- --- ---, 100% ....
96 ..
94" ···--·----------.=:::::..~~-·---·--········-·····
\
.....
- ·• ........... - - -_ - -·
=~ -b;;;
_.,_, ____________ . __ .. --·--··-······
1m 2000 1001 2002 1000 200A 1oos 2006 1001 2oos 1009 2010 1011 2012 2013 20 1, 2015 2016 2011 1018 2019 2010 2021 1022 ~------,----- ------- ---- - --- - - Olfi<o{ClouA)-----------------------------, \\_/- -- __ /\ ... ····-·-·· ........ -/····-····--·-· .. . --... ·-... ______ ~-------·--········· ··--...
.. ,. .. ,. .,,.
8""
100%
95"
-
85"
8""
75"
-'-------------------- ------- - ------------------------- ---------'- 7°" 1999 2000 2001 200'2 1003 1004 1005 2006 2007 2008 1009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 20?0 2021 201? Retoil JOO%
98"
---------
··-·-·--·--...•.•. _ ....•. -----------.......... .
96"
- 194"
·-.......... -··-······-. ___ ·--.,. 91%
~ - -
- .-.~plion
DeHveties
· ··· •O<a,ponq
~
~
.200 -'-------- ------ - - ----- -------------------------------- ------ ---'- 88" 2006 1007 2008 2009 2010 20JJ 2012 2013 2014 2015 2016 2017 2018 2019 2020 202 1 2022 Pogmf' 9 THE CONCORD GROUP
Q8Af .J ....... _ .... __ , .. ,_,

2. 0...-.. Md OniA OffQ 111d mill RMIU .,. io.,er th•n th• wet"·• ~b 1ft Non.ti c...,.,
0 ~ UseT.il?!..

Otll,,o
rw.n tory (Sf,000.)
',.t'<-'hc-ntv
i::Y"'o N " Nortl,c_,,.,
..- comp&etiom
North County
Vido
" Nonh Coun,Y
Occupancy Rote
North County
Vista
Net Ablo,plion jSf , OOOs)
No,tt,County
Vista
" Norlh County
C>Yeroll Rentl {NNN)
North County
Voto
vs. North County
Office Closs A
Inventory (Sf,000.)
North Cwnty
Vista
" North County
Net Completions
North County
Voto
1' NOrlhC ounty
Occupancy Rate
NonhCounty
v .. o
Net Abt.orption (SF, 000.1
North County
v. ..
" North County

0..ro ll Renk (NNNJ
North County
Volo
YS. Notth Coun,y
~I
~"'°"' (Sf,000.)
~ orth County
iv"'" "NonhCounly
Net Competioni
North CO\.lnty
-;ff"'~ Noni, Counly
SAcupc:mcy Rote
ll>No,tn County
!-¾"mo
~ At.orption !Sf, 000s)
U Norfh County
~ sto
t;.r!,7.:~
l.l.North County
Vista
YS. North C-ounty
Source: CoSlo,
QTD Annual A,..roge
2022 ~---1.2..:!!....~
33,929
1,773

5.2"

88.7%

83.0%
(102)
0 O.°"
$37.9
S27.2
(28.2',)
11,068
55 0.51'

87.2%

87.6"
(14')
0 o.°"
SA-4.3
$38 .1
(13.9!<)
51,123
5,256

10.3%
29 6

21.-"'
9•.2%

92.8%
167
(10)
{6."")
$25.0
SIS.9
{2'-6")
33,360
1,773
53"
268
2 25"

88.8%

85. 4%
238
(121
112.,,.,
$35.4
S23.2
'"' 5")
10,664
55 0.5%
207
0 ··""

87.1%
82_9%
187
0 1. 1"
$42.2
$36. 4
(13.8")
50828
5240

10.3%
139
(3)
fl.9")

95.3%

94.7%
113)
{ IA)
(2 .... )
$23
SIB
(20.9"')
32,726
1,765
s.,"
227
2 1.4%

88.7"

84.8%
30A
(0)

1.6"
$31.5
S'21.7
(291")
10,259
55 05"
w
0 o.""

88.""

83.8%
151
101

0.1"
$39 .5
$34.5
( 121")
50370
52-'6
,o.,"
1•8
10)

0.9"

95.1%

93.8"
164
1 0.8"
$22
$ 17
(20 8")
32,078
1,7,'7
S.S ..
"' 12 c

2.~ e
:I

87.J" ac

84.9%
, 18
12)
(43.3")
$31 .8
$23.6
(25.2")
9,855
55 0.6%
301
0 C
o.~ ~

86.2%

85.5%
292
IOI
(0."")
$38.4
S34.4
{10 .... }
.C9943
5219

10.5%
216
16 4.5"'
:
[
::.~ i
13'
9 65.6"
$22
SIB
(20"")
21690 .00 Submatli:.t Hisloocal Pwformonao: Vista
EXHIBIT 11-•C

HISTORICAL PERFORMANCE - COMMERCIAL - OFFICE & RETAIL
VISTA
1999 THROUGH 2022
200 Office ______________________________ _
'°""
' -
150
100
50 "•·--... ;
·•-.,•···/" ...... __ i ·--.... __
\ -
\ -\ =
:: - . ::::.______ /// "• . ···cc::::: --- . ~
82"
8""
-50
-100
1999 2000 2001 2002 1003 2004 '2005 2006 2007 2006 2009 2010 2011 2011 2013 201 , 1015 2016 2017 2018 2019 2020 2011 201'1 10 ~------- ----------- ---~----- Offi«i(CkinA) lOO'!r. .2
_,
.,,.
1---------... I LI . ■ □ li 185" \ ti .... r, M :· & •,. H ~"" N >' I ,, . • • . · - 8""
-6 +-- ---- - 75"
-8
-10 .,_ _____ _______________________________________________________ _,_ '°" 1"99 2000 2001 2002 2003 200, 2005 2006 2007 2008 '1009 2010 ?011 2012 2013 701' 201S 7016 2017 '21)18 7019 7020 2021 7021 = - '°""
200
150
100
50 -50
-100
98"
.. ----······1
96"
I l- g -.. • - • !d:-- u ---... I .... • I 1 • __ .... • • • ·::C1 w =
-150 90%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 C;]
.
""'
- Ab5orpti0fl
[)e,fteriet
----· Occupancy
~
fl
0<a,pon<y
P""1'M 9 TI-iE CONCORD GROUP
DRAFT
l . No mail u d d.Ki A off a CMtiYtflfs in 1¥.t 10 rn.

Z.tf1&h-.al.wi~lqffQOWlpM<y
0 n ,..

Loi:f Use Type
Dito
Y/'\""'°'l' {SF,000.)
cforhbod
;;::))Ide Corls.bod
N " Corl:Jbod
Net Completiom
North County
OtdeCarhbod
"North County
Occuponcy Rote
North County
OtdeCorh.bad
Ne ! Ahlorption (SF. 000.)
Corkbod
Olde Carlsbad
"Carlsbad
Overoll Renh !NNN)
Corhbod
Olde Corhbod
vs. Corlsbod
QTD
2022
7,681
160

2.11'

86.6%

96.5"
77 • S.8"
$32.7
$32.5
!06")
Annuol A.,.roge
~ ---1.Q:!!,_ ~
7,535 7,189 6,982
160 160 160

2. "' 2.2" 2.3"
102 98 151
0 0 2 c;;:--

0.0,. 0.0% 0.3" !!!..

SA.4% 83.8% 81,6% =

97.6" 95.A" 9 1.2"
1~ 127 139
( 1) 1 1

9.1% 6.4". 8.0%
$31.2 $29.1 $28.7
$34 .7 $29.0 $29.8
" ·" " (16"'} 3.4%
Office Ckns 8 (Clou A Office Not Available)
lnwinlory (Sf,OOOs)
Corl.bod 5,080
Cloe Corhbod 81
" Carlsbad 1.6%
Net Comp&efiom
North County
Okie Carlsbad
" Norlh County
Occupancy Ro~
North County
0$de Carlsbod
Net Abiorptio n (SF, 000s )
Corl,bod
Okie Carlsbad
" Corlsbod
C>Yerall Rents jNNN)
Carlsbad
Old.Corl.bod
;::; YS. Co,-/sbod
R ct)il
, ... ntory (Sf.000.J
:111:orl,bod
""oioeccuiJbod
" Carlsbad
Net Completioru
~c:~~
OQ " NorthCoc.tty
& cuponq, lot.

HJorthCounty
"btd. combod
Ne\ A baorption (SF, 00()$1
Qfcukbod
..,Plde Corishod
-..J " Carlsbad

0...rall l•nts (NNN)
Corl.bod
Olde Corkbod
vs.Corlsbod
Source: CoStor
0 0

87.6%

95.7%
66 ' 6.6"
$32.2
$30.5
(S. 1"1
5,703
1,629

28.6%
6 0

0.0%

91.-4%

89.°"-
2 0
o.""
$ 44.3
5,0A9
81 L6"
2 1
0 0.0%
SA.3%

97.6%
59 fl )
''°·""'
$30.A
$30.5

1.4"
S623
1629

29.0%
" 0

0.0%

95.3'ti
95 1%
[26)
(3')
II. I"
$36
$39
J.,4"
A,896
81 L7%
" 0

0.0%
8-4.5%

93.6%
62 0
!16.8")
$28.0
$26.l
!'8"1
5A-47
1629

30.°"
69 0
OJ)"

96.2'%

97. 1%
37 (15)

15.8"
$33
$27
112., .. ,
21690 .00 Submorlcet HiUoncol Perforr,-,c.e : Olde Corl.bod -4,791
81 1.7%
83 2 ..

0.5,_,
" ~

82.6" «

86.6%
1S
1 ( 111%)
$27 .5
$28.5
6,1"
5263
1629

31.1%
6 1
0 00%
iii"

96.5% i
97 .7" at
,o
1111
!16")
$32
$27
'" ... ,
EXHIBIT ll-4C

HISTORICAL PERFORMANCE - COMMERCIAL - OFFICE & RETAIL

OLDE CARLSBAD
1999 THROUGH 2022
2S j ~-~ • .......... - - /-•. /• ft . -. /----•--•-._./·---------•----· "'••v·••--•· •-9S" -S
-10
.,s
-20
,/
·---------··-········-·--·-~-
-
8S"
-
_,. '-------------------------------------------------- ---- ----- --~ 7S" I ... 7000 2001 2()()7 2003 7004 700> 7000 2007 1008 '2009 2010 101 l 2012 2013 201-1 2015 2016 2017 2018 2019 2020 2011 2022 30 ~------------------------- - - Office (Clau.8 ) I~
2S
20 1S
10 .... ..
-------·------. ---=---:-----~------.:_-------~ \\-. -
\\
1_...---_,..__..,. .. :::::7'··· ............ // ----
--~- .~
~~ .. _ ..... -· .... - 1 ....
-....
80%
,.,,
'°" al • ■ ■ - ■ •~ • l■ ■ ■ ■ • ■ ■ ■ • ■ 165%
-S
"""
-10 '-------------------------------------------- ----------- -------' .... 1999 7000 2001 2002 2003 200< 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 201'1 1020 202 1 2022 200~ letaa 1Cl0%
1 SO ~------ -- - ------------- - ---- --
····--···-·--··· ,.----·------------------------------------- ---·-_·----~------------ - - 98"
100
so '\
\
96"
.-~---~-----t ....
-so 92"
-100
.,so -
-200 '--------------------------------------------------- -------- - ----' ~" 2006 2007 2000 2009 2010 2011 2012 2013 20 1A 2015 2016 201 7 2018 2019 2020 2021 2022 ~ ..
poncy
- A~plion
DeliYoriet
--- -·Occupancy
[:;]
.

O«uponcy
Poge 6 ol 9 THE CONCORD GROUP
101
DRAFT

1. 0ffbr.nb1~1,iipt'-ltifMtlNIICNabid-fiP Retalrent 11r.Wllf com,p,tre to '-'kb.Ml -•e.

J. NO Ciftl A Offia AvilUtN la th& M«ut.
l. H(Ch oMc.t Oa;7.ipay --t•
R QTO Annual A,..rope
LCW'li lh• Type 2022 5-Yr 10-Yr 15-Yr
0,-
!'N.enlo ry (Sf,000.)
~~ rv " C-orlsbod
-.. completiom
North County
Soolh8-"
" North Cof.#'dy
Occupancy Rote
North County
-·-
Net Abso rption {SF, OCX>..)
Corhbod
Sooth·-
" Cot-Jsbod
Overall Rents (NNN)
Corhbod
South 8.och
"'· Cor/sbod
Office Clan B
ln...nk>ry (SF,000. )
Corlsbod
Sooth 8,od,
% Corfsbod
Net Complefions
North County
South B.ad.
" North COl.lf'lly
Oc:cupancy Rote
North County
Sooth ·-Net A1-orption (SF, 000s}
Cort,bod
Sooth 8-"
" Carlsbad
Overall Rents (NNN)
Corh bod
South Beach
'IS. Carlsbad
R.ijl
~ nlo'Y (Sf,000.)
:tif~'!'bod f",,.J'-":"h Beod,
" Co,lsbad
Net Comple tions
NorlhCounty
t°':N":::: C-.,,,
IRcupa ncy Rote
rt>Nortt, County
-8,od,
~ At.orpfion {SF, 000s)
~ offl.bod
~ 8,od,
~,:;/;=NN)
I.J.t:orkbod
Sou,h 8,od,
vs. Corlsbod
Source: Cc&ar
7,681
uo ,. ...

86.61'

98.2%
77 l

1.5%
$31.7
$33.0

0.9"
5,080
1'0
2 ....

87.6"

98.2%
66 l

1.7%
$32.2
$33.0

2.6%
5,703
327

5.7%
6 0
o.""

91.4%

97. 1%
2 13)
( 131.3'1;)
S-U.3
7,535 7,189 6,982
140 1'0 131
I.~ 2.0% J.~
102 98 151
0 0 5 r.:--

0. 0% 0.0% 4.6" !:'.?.

B•.A% 83.8% 81.6% :

90.1% 90.0% 88.9%
150 1'27 139
2 2 5
/16.0!l/ t•.9"J fl ' "I
$3\.2 $29.1 $28.7
Ul.1 SJ2. I $29.7

26.6~ 11.~ 5.0,.
5,049 4,896 4,791
l ,40 UO 131

2.8% 2.9% 2.7"'
21 Al 83
0 0 5 ~
o.°" o.O'JI. s.7'% !!?...
~

84.3% 84.5% 82.8" °'

90.1% 90.0"lii 88.9%
59 62 75
2 2 5

22.1" 14.2" 14.7'%
$30.4 $28.0 $27 .5
$4.1.1 $32.1 $29.7

29. 1% 16.6% 10.2%
5623 5-'47 5263
302 278 271
s., .. 5. 1% s.,"
.. 69 6• ,. 7 5

16."' 8. 1% 8.7%
s.

95.3" 96.2" 96 , ,. .i
96 7% 97. 7" 97.7% a.::
126) 37 ,o
13 7 5

12.9% (6.5"1 6.7%
$36 $33 $32
$29 $32 $32
(19.3'1;) (0.6"1 {l.""J
2 1690.00 Submork« Hi'10fiwl Perfarmonce : South Beoctt EXHIBIT ll-4C
HISTORICAL PERFORMANCE • COMMERCIAL - OFFICE & RETAIL

SOUTH BEACH
1999 THROUGH 2022
100 .,. , OffKe ____ _______________ ___________ _
= I /_/ \\ -----------------------------\
\\ ,.,.,·· \
40 \,,,,.,.. \
20 \
-20
_..,
_.,,
...,
\ ____________ _,/✓--,...-~--_"?
., .. ::_·-----, ... , __
··----------... ---------7""":,, ______ J
/ -
-100 ~ =-=:---::--:-:-- :-----:--- --------------- ----- ------ ----- ----------- ------1 ,... 1000 200\ 100'2 2003 100◄ 2005 2006 2007 1008 '2009 1010 1011 2012 20 13 201 4 2015 2010 2017 W18 X>19 2010 202 \ 2022 80 .. , Offiot (Oan 8) - - ------------ ------- --------- : 1 -------· \..... .----------------------/---- \
50 - \\,/ ... /_,·· \
40 \
30 \
20 I
10 -~---· .... ,, .........
,./ ___ .. , .. --
!
------------------------·-... ___________ ------------------.__ .. 1' -.. _,.f-------l
-10
, ____ _______________ •• "?
-20 .L..---:---:-:-:----- ------- --------- ----------- ------ ------ ---------- -----1 1999 1000 2001 2007 2003 20CM 1005 200o 2007 2008 ~ 1010 1011 2011 2:0 13 201~ 2:015 2016 2017 1018 7019 1010 101 1 2:017 1ooi.
98%
96%
9,,.
.,,.
90%
88%
86%
....
82"
"""
1ooi.
9""
96"
9,,.
92"
90%
88"
86%
84%
82"
"""
80 Retoil 1Cl0%
70 60
50 ,o
30 ___ / ____ __,.---... _______ , _____________ ,,.-----------------------------------., _____________________ _ ·--------------.\
\\ __
~ .. --------!
---------- ___ ... -------·------- 9""
....
....
20 10 .,,.
0 -10
2006 2007 2006 2009 ~ ------------------ --------- --------- ------- -----------1 90% 2010 2011 2012 1013 201' 2015 2016 2017 2018 2019 2020 20'21 20'22 _....,_,
Del,.,.,-les
----· Occupancy
- Abforption
Qel jyeriti
- --· C>a:upancy
- Abtcwptton
Delrleri6s
---·Occvponcy
'""1'0219 THE CONCORD GROUP
o R f1 i::r EXHIBIT ll-4C

1. A(ou!:;},L ol s A office ,_tor, ¥t loaled 11'1 lftMm.l COJI' !::ic:=-~~=i:::edm::a~.lld(l(\llocx,,, HISTORJCAL PERFORMANCE - COM.MERCIAL - OFFICE & RETAIL ...., INDUSTRIAL CORE/KELLY RANCH
1999 THROUGH 2022
~ QTO Annual A,...mq•
laM UH Type 2022 5-Yr 10-Yr 15-Yr
~ntory jSf,OOOs) 400 ,------ ----------- ----------- --Offi<•------------ ------------- ----- ~· '°"" J oNbod 7.681 7,535 7,189 6,982
ac 3, .. ,s 3,-466 3 ... ,6 3, .. 21 300 - ---- - - - -- 95" N "C.rl>bod 45.2" 46.°" 48. ' " 49.2" n A.l Co~etions 200 90% North County O 102 98 151
IC O 10 5 27 L lOO ~k~... 85%
" Norlh CocK,ty 5."" 3.5" 18.6" e r.:

Occu pancy Rote ;:!j O , 8()%
Nortn County 86.6% 84.-4"- 83.8'1. 81.6" 111: ... , M
IC 83.9" 79.2% BO.A% 79.3% -100 \ 75" pancy
Net Ab.orption (SF, 000.) \~
Carlsbad 77 150 127 139 -200 - - \ - 70%
IC 73 19 17 25
"Co,hbod 95.0% 46.6" 56. 1% (32.3") -300 65"
0-..roll 1!:enb !NHN)
Carlsbad S-32.7 S3 1.2 S:29.1 S28.7 -400 °°" IC $32.9 $31.1 $29.3 $28.9 1999 2000 ?001 2002 7003 2004 ?005 1006 2007 2008 '1009 7010 1011 2011 2013 201-4 1015 2016 1017 1018 1019 1010 2021 ?022 "'· C01lsbod 0.6" !0-~) 0.9"' 0.8"
Office Clou A
ln.,..nlory(Sf,000,) 300 Offlc.(ClonA) 100%
Caflsbod 2,244 2,117 1,930 1,825
IC 1,306 1,296 1,277 1,25-4 250 95,r,
"Carlsbad 58.2% 61.~ 67.0% 69.6"
Net C<,mpl,etians 200 . ~ ---- •••, .. ---- · -·• 90%
North County O 81 58 68 ',,, , ...... -- \
IC O 10 5 2-4 Ci:" 150 ',, •••• --:. - ~.-- - 85%
" NorthCoc.inry 10.6'-" 7.1" 37.~ ~ , •• -- \ r. .,_ · Occupancy Rate ~ 100 \ ____ .... -....... • .... ---·-· - 80% - phon North County 83.6" SJ.3,r, 80.3% 76.1% • --.. . ..... · ···--···· ~iv erie-s IC 80.0% 78.7~ 77.9% 75.~ 50 - --- 75" · · ·Occuponc.y
Net Ab5orption !SF, OOOsl
Carlsbad {A) 97 66 67 0 70%
IC {A) 21 10 22
"Carlsbod 87.3% 68.~ (2.0'\} 6.S" -50 65"
Overall kenb (NNN)
Carl1bod $3-4. 1 S32.8 S31.5 S31 -4 -100 60%
IC $34.A S32.9 $31.9 $31.9 1999 1000 2001 100'2 1000 2004 2005 2006 '1007 2008 2009 1010 2011 201'2 2013 2014 2015 2016 1017 7018 ?019 2010 202 1 2027 vs. Catl5bod 1.0% 0.5" 1.5" 1.7%
~ -~ ntory ISf,OOOs) 20 100%
:tt:..arlsbad 5,703 5623 5""7 5263
N .... 789 789 787 11, Is n .-------------·--
" Corls.bacf 13.8" "·°" 1".544 1".711, · ____ ..... ·-- ----.. ~ 98" Net Carnpfetions 10 •••• ---··-·· ·-···---- -·-···-·· ···--··· ·•· ···-- -·-·••-.•· -~- 6 « H ~
~ c "NonhCounty o.O: o.~ 2.1~ 13.5; 5
96 " r.:

D cuponcy Rate ~
l't>Nortn County 91 4" 95.3" 96.2% 96.5" i O 9 -4" .

J,,---k: 97.2% 97.9% 97.2% 96.9" • Occvpancy
~ Abtorptian jSF, C>005) .5
"to,~bod 1 11•1 31 ,o I • I Q\C ill IOI 3 ' -lo ..,,.
~ " Corlsbod f.CS.3"} S.l'rt 43.8" 45.5"
~ roll Renh INNN)
t.>-Carfsbac:f $-U.3 $36 $33 $32 •15 90%
K" $42.0 $-43 $35 $34 2006 2007 2008 "2009 2010 2011 1012 2013 201-4 2015 2016 2017 201 8 '2019 '2020 2021 2022 vs. Corl.bod (S. 1%) 18.°" 6. 7% 3. ~
Soufc.: CoStof
21690.00 Submcwkt11 Hi1t0ftwl P.-fcwmonc•: IC '""f03'9 THE CONCORD GR.Olli' DRAFT
l. HflhOWr.11 itlld~tA DffluoctpMl<.'f,-1!1
l..Hoe\HJA.Oft.c.'°'1a.t,f,f
0 n QlO Annual A,,.~ .... \$ U.o Tl!!! 2022 ~___..!,Q::!!... _____ll:!t.

Of!;d,
E~·CXX>,' 7,681 7,535
A()A 396
N "Corl,l,od 5.3" 5.3"
Net Completions
NotthCounty 0 102
v.uo .. 0 A
"N0<1h~ 28.5"
Occupancy Rate
North County 86.6 ... 84 . .4%
v.uo .. 97 .6% 96.7"
Net Al.orption (Sf, 000.)
Cati.bad 71 150
v.uo .. 3 5
" C.Ornbod 3.7% (13.2")
Overall R•nb (NNN)
Corl.bod S32.7 $31.2
v.uo .. $33.7 $31.6
~ Carl,bod 3.l'J(, 1.6"
Office Clan B (CDU A Office Not Availobl.J
Inventory (SF ,000.)
Corl.bod 5,080 5,049
V&gt, 2-43 235
"Carlsbad ,.8% 4.6%
Net Completion,
North County
Villoge
"-NorthCou,ty
Occu pancy Rate
North County
Vdto ..

Net At-orption (Sf, OOOI)
Corlsbod
v.uo ..
" Co,l,bod
Overall Renh INNN)
Carhbod
-.. ;:; vs. Corlsbod
R roil
, .. ntory (Sf,000.)
~';:"
"c.arnbod
Net Completions
_.t,k,tth County
w1/llago
0Q "North Cow,ty
& cuponcy Rate
......,.onh County
w,,._
fit, Aboo,ption (SF, CXXk)
~orl,bod
>-1''"--..J " Corlsbod
CM.roll Re nb iNNN)
Cort.bod
Vollago
w Carl,bod
Source! CoStor
0 21
0 A

38.0%

87.6% 8-4.3%

97.5" 97.0%
66 59
2 A

2.6% (269.2")
S32.2 S30.4
S35.9 $30.8

11.6" 1.8"
5,703 5623
737 716

12.9" l2. 7'i
6 ..
6 ' 100.0% A0.2"

91.4" 95.3"'

95.2% 95.9"'
J26)
16 131
7 18.7% (6.05)
S44.3 $36
$42.0 $35
(5 '"I (2.4"1
21690.00 Svbmork« Hi:lloncol P_,ormanc.e : Vilog•
7,189 6,982
395 397

5.5" 5.7%
98 151
I 0 ...

18.J" 10.9% ~

83.8%
~

81.6" at

95.8" 95.8%
127 139
0 I
(IA.3") (2.7"j
$29.1 $28.7
$28.5 $26]
(2.1") (7.4'4)
4,896 4,791
229 226
A.7% A.)'%
"
83 2 1 ...

23.6" 14.7% ~
~

84.5" 82.8" ai:

95.9" 96.2%
62 75
2 2
(138.8"/ (94.Al</
S28 .0 S27.5
S28 .2 526 .8

0.8" (2.5"1
54A7 5263
708 699

13.°" 13.Jti
69 64
A
' 22.4" 15.6"
~

96.'r.4 96.5" i

97.2"' 97.4" ai:
37 AO
I 3
,, "'l 16.2%
$33 $32
$30 $27
(98'</ (IS 6"J
EXHIBIT 11-,c
HISTORICAL PERFORMANCE - COMMERCIAL. OFFICE & RETAIL
VlLIAGE
1999 THROUGH 2022
20 ~ -------- --------------------- Off~------------------------------~ """' 15 10
-5
-10
-15
....
. ...
..,.
92"
-20 ~------------ ------------- -----------------------------------~ 905 1999 2000 2001 2000 2003 2004 2005 2006 2007 2008 2009 2010 2011 2011 2013 1014 20 15 2016 2017 ?OHS 201? 2020 2021 2022 15 ~----- -------------- --------OfficejOc., 8)----- ----------------- --------. 100" 10 .5
_____ ....... ~ ... \
'\.
.....
\
\
\
~ .\
17/
_//,,/ '
·-..........• _____ .
.,. ..... --·•' ·-··-----...
... ..
,- \\
96"
.. ,.
9,,.
92"
905
-10 ~------------- ------ ---------------------------------- -------~ 88" 19'99 2000 2001
""" 2003
2004 2005 '2006 2007 2008 2009 2010 2011 2011 2013 2014 2015 2016 201 7 2018 1019 2070 2021 2022 AO R•toil 100%
30 20
10 0
______ ... --········· ····--··-----···--··-····~·-···· . .. .. - ··----------.. \ · ...
98"
96"
-10 .,,.
-20
92"
-30
-AO ~------- -------- --------------------- --- - -------- -------------'-905 2006 2001 2008 2009 2010 2011 2012 2013 201 ... 2015 2016 2017 2018 2019 2020 2021 2022 - Abs«plion
Oet;verin
-· --•Occ.uponcy
- Abwrption
Ocliv9'"ia
-···"'°""'""'
- Abtorplion
~iveries
----"'°""'""'
Pog•9 of9 THE CONCORD GROUP
104
DRAFT
t.H.ho,,e,-.a--.dCb$$Aotfkeoc:c:Pll'l(Yrala
l . HoelffsAOffict>..,1illble
0 n ,... AnnuolAVII~
LD~Us• Type
QTO
_2021 ~~___!!:!!...,_
~ (Not Aviloble)
~nto,y ISf.000.1
cforhbod
f'J,vio<o
N " Corfsbod
Net Completiom
North County
Avioro
" Nooh County
Occupancy Rote
Norih County
AYKll"o
Net Absorption (SF, OOOs)
Corkbod
A-.ioco
" Corlsbod
Overall Renh !NNNJ
Carls.bad
Aviaro
vs. Corltbod
Retoil
l11"'9ntory {SF-,OOOs)
Corl.bod
Avioto
% Corlsbod
Net Complefion,
Noo1h COVT'lty
Avioro
% North County
Occupancy Rokt
Norlh County
Avioro
Net Ab.orption (SF, 000s)
Cort.bod
AYM>fa
" Co,j,bod
0-V.roll Rents (NNN)
Carlsbad
A'AOro
;::; \IS. Corlsbod
(I)
~CoS/a ,
:ii:

N
-0
QJ
°" (I)
,..,
w ,..,
0 ..... ,..,
--.J
w

7.681 7,535
102

86.6" 84.4%
77 150
S32.7 $31.2
5,703 5623
"'
1'7

2.6% 2.6"
6 .,
0 0

0.0ll O.Oll

91.4" 95.3"

98.0ll 95.7"
2 12•1
101 1
[168"/ (2.4%}
u,.J $36
S47

33.5"
21690.00 SubtnoA• H1s.toricol P..fo,mar\ai . Aviora
7,189 6,982
98 151
~

83.s-4
~
81 .6" °'
127 139
S29. l $28.7
5447 5263
"' "' 2.7" 28"
•• •• 0 0

0.0.. 0.0..

96.2' 96.5% ~
9A.r4 95.7%
~
37 ,o
0 0
,,, .,.) ( 12.S"I
$33 $32
... $44

37.~ 39. '"
EXHIBIT ll-4C

HISTORICAL PERFORMANCE - COMMERCIAL - OFFICE & RETAIL
AVIARA
1999 THROUGH 2022
20 ~----------- ----------- ------- Offioo-------- ----- -------- --------- , 100% 15 .. ,.
10 s 96"
~
0 H
-5 - .,,.
pan<y
-10 .,,.
-15
-20 90'll
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 20 10 2011 20 12 2013 201' 701~ 1016 2017 20 18 2019 2020 2021 2022 10 letoil 100%
~--,,---------- ',
s .. ~~ .. _,, ... / _____ ■ .. ---···········-·------------.---.. -.~ 98" 6 ---
·, - · --- -
4 ',
',
2 ............ 96"
0 --- ,- Am«-Detr'f'ene,
·2 - .. ,. ···•-O«vpo_n<y
.. #·:.,_ .... ##,.
.. _____ ,,,: ______ /
- - .,,.
.. - ---- \:71 .. L -
-10
-2006 2007 2006 2009 '2010 '2011 '201'2 2013 201' 2015 2016 2017 2018 2019 2020 202 1 2022 P~ l oll THE CONCORD GROUP
I
LL
<(
a::
0 Oct. 17, 2022
(/)
·-(/)
>-.. -0
C
<(
>-.. +-
·-C ::, IO
t
0 ....
0 a. a.
0 -·-0 +-Q)
~
Item #2 Page 132 of 173
DRAFT
EXHIBIT 111-1

RETAIL MARKET PERFORMANCE - SUMMARY
0 PRIMARY MARKET AREA
~
JANUARY 2022
....,
_-...J
N
0 I J •?2if·'l
lndu.irial
N Geography
--
South Bead, Core/Kelly Ranch Aviora -.. , 1111-=fltt:ttllll Oceon,ide Vista San Morcos '
Encinilaa N
Demographies
Populotion ('21) 3,961 8,938 4,332 2,588 7,657 12,135 112,930 188,686 120,731 102, 484 51,396 1,215, 352 Households f2 l) 1,925 3,569 1,779 1,014 3,116 4,739 44,107 65,981 37,935 34,046 20,619 419,160 %Co,l sbod 4.4% 8.1% 4.0% 2.3% 7. 1% 10.7% 149.6% 86.0% 77.2% 46.7% % Norlh County 0.5% 0.9% 0.4% 0.2% 0.7% 1.1% 10.5% 15.7% 9.1% 8.1% 4.9% Ann. Growth f#, '21-'26) 139 34 15 5 106 28 1,081 1,697 1,345 1,552 345 12,326 % Carlsbad 12.9% 3.1% 1.4% 0.5% 9.8% 2.6%
% North County 1. 1% 0.3% 0.1% 0. 0% 0.9% 0.2% 8.8% 13.8% 10.9% 12.6% 2.8% Ove, S 100K HH G<owth 11 28 14 (39) 22 27 517 2,020 1,01 6 546 87 7,950 Unde, S 100K HH G,owth 128 6 1 44 84 1 564 (323) 329 1,006 258 4,376 Ann. G<owth (%, '2 l-'26) 6.4% 0.9% 0.8% 0.5% 3.2% 0.6% 2.3% 2.4% 3.3% 4.2% 1.6% 2.8% Household Size ('21) 2.06 2.50 2.44 2.55 2.46 2.56 2.56 2.86 3.18 3.01 2.49 2.90 Consumer Spending Patterns ('20)
Consvmer Expenditures {SOOO} $66,040 S 177,425 $109,885 $68,015 $238,762 $294,469 $2,592,205 $2,551,752 $ 1,370,582 Sl,315,929 S 1,323,438 $21,328,924 Per Capito S 16,672 $19,851 $25,366 $26,281 $31,182 $24,266 $22,954 S 13,524 $11,352 $12,840 $25, 750 $17,550 Retail Sales ($000) $ 139,407 $205,781 $187,487 $853,136 $60,017 $343,5 48 $2,513,665 $1,784,936 S 1,648,225 S 1,488,395 S 1,037,859 S 15,707,699 Per Occupied Square Foot $20 1 $142 $591 S 1,112 $4 12 $740 $482 $878 $337 $354 $197 $326 Spending Inflow/ (Leakage) $73,367 $28.356 $77,603 $785,121 ($178 ,744) $49,079 ($78,541) ($766.815) $2 77,643 S 172,466 ($285 ,578) fSS,621 ,224 ) Retail Market Performanc e (2021 Q4)
R:entoble Building Areo {SF) 736,616 1,629,415 326,7 40 788,973 146,616 Annual Deliveries (SF)
475,283 5,703,192 2,396,334 5,255,683 4,676,042 5,418,108 51,123,475 lost Four Quart ers 22,000 0 0 0 0 0 22,000 6,200 0 3 ,500 3,100 105,320 Five- Year Average 6,117 0 14, 323 0 0 0 46,1 13 4,895 8,529 13,603 1,625 178,626 Tel"l6Year Average 5,595 0 7,161 582 0 20,064 70,303 2,862 7,343 11,598 3,349 241,299 Annual Net Absorption (SF)
lost Four Oucrters 74,82 1 3,795 6,410 (6,052) (974) (1,880) (24,896) 3,203 (49,015) (1 48,200) 55,671 (157,029) Five-Year Average (383) (34,416) 13,681 907 434 (1,003) (25,901) (23,183) (17,573) (38,254) 5,069 (2,272) ;::;- T •~ Year Average 1,665 (15,381) 6,925 2,851 181 18,782 36,694 (6,566) 244 (8, 124) (18,056) 156,44 7 (D Vacancy Rate 5.7% 11.0'll, 2.9% 2.8% 0.8% 2.3% 8.6% 15.2% 6 .9% 10.2% 2.8% 5.7% 3 Vocont Stock (SF) 41,709 179,398 9,437 22,077 1,100 10,767 491,146 364,288 361,854 475,823 154,148 2,914,097 :it Asking Rent (NNN) $42.00 $39.00 $24.00 $42.00 $39.59 $28.00 $20.03 $20.46 $35.69 $25.35 N Rent G rowth Five-Y eor Average 9.5% -10.6% 9.9% 3.3% 5.0% 4.0% 11.2% 1.7% 3.7% Ten-YeorAveroge 14.0% 9. 1% 2.5% 3.5% 7.4% 3.3% -0.6% 8.3% 3.3% " "' OQ
Cl> Source: ESRI; US Census; CoStar ....,
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21690.00 Retail T,end,c MktPerl Page 1 of 4 THE CONCORD GROUP DRAFT
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~ urrent Inventory
New Deliveries Since 2008
% of Current Inventory
South Beach
736,616 1,629,415 326,740
67,806 0 71,614

9.21% 0.00% 21.92 %
EXHIBIT 111-1

RETAIL MARKET PERFORMANCE - INVENTORY

PRIMARY MARKET AREA
2008 THROUGH 2021
Core/Kelly
C:--uw I Aili Ranch Aviara
788,973 146,616 475,283 5,703 ,192
48,203 0 193,585 873,169

6.11% 0.00% 40.73% 15.31%
Oceanside Vista San Marcos Encinitas ;;;;au
2,396,334 5,255,683 4,676,042 5,418,108 51,123,475
74,995 191,914 -27,868 -231,860 2,360,530

3.13% 3.65% -0.60% -4.28% 4.62%
250,000 ,---------------- - ------------R etail• Net New Inventory Growth since 2008 ---------------- --------------- - ----- -, "-
!!!.
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150,000
100,000
I
50,000
0 o' 1,oo'I>
Source : CoStar
21690 .00 Retail Trends: Inv
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o'
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DRAFT
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EXHIBIT 111-1

RETAIL MARKET PERFORMANCE - OCCUPANCY TRENDS

PRIMARY MARKET AREA
2009 THROUGH 2021
Niorket Fodor
Annual Annual Averoae : Qtr.
2009 2010 2011 2012 2013 201 4 2015 2016 2Q!Z_ ~ ~ ~ ~ ~ ~: ~ North County
0cc. Rate (Total)
Y/Y% Change
Carlsbad
0cc. Rate (Total)
Y/Y % Change
Oceanside
0cc. Rate (T otaQ
Y/Y%Change
Visto
0cc. Rote (Total)
Y/Y%Change
San Marcos
0cc. Rate (Total)
Y/Y%Ch ange
.Inc!!>ilai_
0cc. Rate {Total)
Y/Y%Change
0cc. Rate (T otaij
Y/Y %Change
0cc. Rate. (Total)
Y/Y%Change
South Beach
0cc. Rate (Total)
Y/Y % Change
Industrial Care/kelly Ranch
O cc~ Rate (Total)
Y/Y % Change
Avioro
0cc. Rate (Total)
Y/Y % Change
~--tti!.,- ----~-~--
0cc. Rate (Total)
Y/Y%Change

93.5% 93.00(,
-0.5%
95 .9% 96.6%

0.7%

85.0% 86.8%

1.8%

94. 7% 9 1.7%
-3.00(,

92.6% 9 1.00(,
-1.6%

93.8% 93.7%
-0.1%

96.3% 98.6%
2 .3%

98.8% 98. 4%
-0.4%

95.8% 98.9%
3 .1%

96.6% 96.6%
0 .0%
100.0% 100.0%

0.0%

93.6% 94.2% 94.5% 95.1% 95.2%

0.6% 0.6% 0.3% 0.6% 0.1%

96.7% 96.7% 97.0'l(, 95.9% 96.9%

0.1% 0.0'l(, 0.3% -1.1% 1.0'l(,

89.4% 89.5% 91.0'l(, 87.3% 87. 4%

2.6% 0.1% 1.5% -3.7% 0.1%

93.0% 92.6% 91.8% 92.7% 92.9%

1.3% -0 .4% -0.8% 0.9% 0.2%

92.8% 93.9% 91.2% 92.4% 93.5%

1.8% 1.1% -2.7% 1.2% 1.1%

94.8% 96.8% 97.6% 98.4% 98.1%

1.1% 2.0'l(, 0.8% 0.8% -0.3%

98.3% 97.7% 99.1% 98.8% 99.9%
-0.3% -0.6% 1.4% -0.3% 1.1%

98.4% 98.5% 99.4% 99.3% 99.1%

0.0% 0. 1% 0.9% -0. 1% -0.2%

98.9% 97.4% 98.0% 98.6% 99.1%

0.0% - 1.5% 0.6% 0.6% 0.5%

98.9% 97.4% 98.0% 98.6% 99.1%

0.0% -1.5 % 0.6% 0.6% 0 .5%

94.5% 95.0% 95.6% 97.0% 97.4%
-2. 1% 0.5% 0.6% 1.4% 0.4%
100.0% 100.0'l(, 94.3% 100.0'l(, 100.0%

0.0% 0 .0'l(, -5.7% 5.7% 0.0%
100% ~-------- --------- ----- ----- Re tail Occupancy

95.3% 96.2% 95.9% 95.9% 94.5% 94 _00(, 95.3% 95.1%:

0.1% 0.9% -0.3% 0.0'l(, -1.4% -1.9%

97.8% 97.6% 97 .5% 97.1% 92.3% 91.5% 95.2% 96.0% ~

0.9% -0.2% -0.1% -0.4% -5.2% -5.6%

91.3% 91 .1% 90.5% 88.8% 85.7% 85.6%: 88.3% 88.8%:

3.9% -0.2% -0.6% -1.7% -4.8% -3.2%

94.5% 95.5% 96.0'l(, 95.3% 94.1% 93.1% 94. 8% 93.9%:

1.6% 1.0% 0 .5% -0.7% -1.9% -2.2%
'

94.3% 96.4% 91.7% 90.9% 92.3% 89.2% 92.1% 92.6%:

0.8% 2.1% -4.7% -0.8% 0.6% - 1.7%

96.9% 98.5% 97 .6% 97.8% 96.5% 97.5% 97.6% 97.6%!
-1.2% 1.6% -0.9% 0 .2% -1.1% -0.3%

98.5% 98.5% 98.9% 97.2% 86.6% 94.2% 95.1% 96.9%:
-1.4% 0.0% 0.4% -1.7% -12.3% -3.0%

99.6% 99.3% 99.4% 98.9% 88.8% 89.0% 95.1% 97. 1%:

0.5% -0.3% 0 .1% -0.5% - 10.6% -9.9%

99.2% 98.2% 92.4% 96.1% 96.4% 98. 4% 96.3% 97.4%:

0.1% - 1.0% -5 .8% 3.7% 4.0% 2.3%

99.2% 98.2% 92. 4% 96. 1% 96.4% 98.4% 96.3% 97. 4%:

0.1% - 1.0% -5 .8% 3.7% 4.0% 2.3%

96.8% 97.3% 98.1% 98.7% 98.1% 97. 4% 97.9% 97.1%;
-0.6% 0.5% 0 .8% 0.6% 0.0% -1.3%

99.8% 100.0% 100.0% 100.0% 99.2% 98.8% 99.6% 99.2%!
-0.2% 0.2% 0.0'l(, 0 .0% -0.8% -1.2%
j
::===-- ..._
95% ~ - <.rv--~~ . --~- ~ ~ . ~ --- " /---,.,. - -
~~ -~_ ,,,e> -~
-=-~
C
g_
§
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l
.
~
!:-C
g_ ,
90% - ~- - --- ---=---""" .....
85% +-~~~~~~-
2008 Q l 2009 Q l 2010 Q l 2011 QI
- NorthCountv
201201
- Carlsbad
2013 Ql 2014 Q I
Oceanside
2015Q1 2016Ql
Vista
201701 201801
Son Morcos
201901 2020 0 1 2021 Ql
- Encinaos
I 00% _ ,,., Retail Occupancy _ _ .., _ _ _
- - 4',..,,..-.:::-.,: - - ,.~..__;:-r--.,::,~ .. --,~~-·-~~~,s,..--·-;------ - , - 7ff: = = - ----=-=-" . _-.,,..,.'".,-,... -_- -----4,.-.... ~-;. 95% ___j__ --- - ::. = ✓- - , ,f '/ ' - ., ,.. ;:, ~ - -'""-..... - - - - , \., ;,_- - T~ ~ -,, \ \ __ ,,,
90% I I /
- -,"'7 - - - -

94.0'l(,
9 1.5%

85.6%

93. 1%

89.2%

97.5%
94 .2%

89.0'l(,

98.4%

97.4%

98.8%
8 0 85% +-~~~~~~~--~~~~~~~~~---~~~~~~~~---~~~~~~-~--~~~~~~~~---~~~------1 0 l
2009Ql 2008QI 201001 ?011 Q1 ?Ol?Dl ?011Ql ?OUQl ?OJ.SDI ?011,QJ ?01701 - - Village - - Olde Carlsbad South Beach - - Industrial Core/Ke lly R.onch Aviora ?OlRDl
- - Poinsettia
?019Ql 202001 2021 Ql
Source: CoStar

Page 3 ends

DRAFT
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21690.00 R.ioil Trends: Rent,
EXHIBIT 111-1

RETAIL MARKET PERFORMANCE - RENT TRENDS

PRIMARY MARKET AREA
2009 THROUGH 2021
Annual
Marke t fadOI"
Annual Avera&• Qt,.
2009 2010 2011 2012 2013 20 14 201 5 2016 2017 2018 2019 2020 202 1 5-Y, 10-Y, 4Q2 1 HtMINMB
Rental Rote (NNN) $23.77
Y/Yll,Chonge
l!!l!mc
Ron!al Rate (NNN) $28.1 2
Y/Y'!t,Chonge
Oceans.de ----Rental Rot• (NNN) $21.58
Y/Y'!(, Change
v ..... ---Ron1,;ni;;i',jNN) $19.59
Y/Y%Chonge
Son Morcos
Rental Rate (NNN) $25.41
Y/Y %Chonge ·-
&Ki,-
Rental Rate (NNN) $25.83
Y/Yll, Change
lliii
Rental Raio (NNN) $20.77
Y/Y '!t,Chonge --
Rental Rote {NNN) $25.41
Y/Y'!t,Change
South lloach
Rental Raio (NNN) $18.00
Y/Y%Chonge
l~ustri al C_o,o/Kol!r_ Ronch -
Rental Rate (NNN) - $25.04
Y/Y%Chonge ·-Aviora
Rental Rote (NNNJ $42.00
Y/Y%Chonge ·-i~-·-- ---
Rental Rate (NNN) $33.00
Y/Y %Chonge ·-
$55
$45
t $35
~
j $25
i
~ $15
$5
2008QI 2009 QI 2010QI
- NOfthCountv
$22 .42
-5.71'
$33A8

19.1'1(,
$20.72
.4_()'1(,
$17 .32
-11.6 '1(,
$23.06
-9.2'1(,
$23.12
-10.5'1(,
$20.5 4
-I. Ill,
$25.23
-0,7'1(,
$39.29

56.9'1(,
$42.00

0.()'I(,
$36.86

11.7%
2011 QI
$22.12 $20.85 $20.40
-1.Jll, -5.7')1, -2.2')1,
$31.68 $26.45 $25.08
-5.4'1(, -16.5'1(, -5.2'!(,
$20.76 $19.10 $18.73

0.2% -8,()'I(, -1.9'1(,
$16,44 $16.33 $15.88
-5,1'!(, -0,7'1(, -2.8'1(,
$20.37 $20.12 $19 .98
-11.7'1(, .J.2'1(, -0.7%
$29.36 $28.89 $29.28

27.()'I(, -1.6'!(, 1.3'1(,
$22.59 $22 .16 $19,80
10,()'I(, -l.9% -10.6'1(,
$2 1.96 $21.75 $21.73
-13.()'I(, . ).()'I(, -0,J'I(,
-· ·-
$37.18 $22.80 $26 .88
-5.4% -38.7'1(, 17.9%
$42 .00 $42.00 ·-0,()'I(, 0,()'I(, ·-
$39 .00 $38.52

5.8%
201201
-Ca~sbad
2013Q1
$21.18 $20.56 $20.63 $22.16 $24.92 $20. 14 $24 .14 $25.39 $23.35 $22.04 $25.39

3.8% -2.9% O.Jll, 7.4'1(, 12.5'1(, -19.2'1(, 19,9'1(, 5.2% $31.33 $33.34 $35.99 $40.29 $41.98 $32.80 $35.47 $37 .63 : $37.63 $34.04 : $3 7,63

24.9'1(, 6.4% 7,9'1(, 11.9'1(, 4,2'1(, -21.9'1(, 8.1'1(, 6.1% $18.92 $20.60 $21.00 $22.89 $20.63 $18.71 $20.38 $29.48 : $22.42 $21.04 ! $29.48 l.()'I(, 8.9% 1.9'1(, 9.0% -9,9'1(, -9.3'1(, 8,9'1(, 44.7% $16.45 $16.64 $16.52 $17.69 $15.98 SI 7.21 $17.21 $20.62 : $17.74 $17.05 : $20.62

3.6'1(, 1.2'1(, -0.71' 7,1'1(, -9.7'1(, 7.7'1(, 0,()'I(, 19.8% $22.08 $12.36 Sl 1.58 $10.79 $21.53 $9,0 1 $21.55 $19.82 : $16.54 $16.88 : $19 .82

10.5'1(, -44.()'I(, -6,Jll, -6.8'1(, 99.5% -58.2'1(, 139.2% -8.()'I(, $28.72 $30.61 $32 .1 5 $25 .44 $28.87 $30.78 $33.30 $34.22 : $30.52 $30.23 : $3 4.22 .J.9'1(, 6,6'1(, 5,()'I(, -20.9'1(, 13.5'1(, 6.6'1(, 8.2% 2.8% $28.98 $24.60 $25.06 $29.62 $33 .87 $33.99 $45 ,64 $42.00 : $37.02 $30.57 : $42.00 46,4'1(, -15.1% 1.9'1(, 18.2'1(, 14.3'1(, 0,4'1(, 34.Jll, -8,()'I(, $22 .18 -- - ·- -· $39.00 $39 .00 ; $39.00 $28.73 $39.00

2. 1% -· -- -- 0,()'I(,
$34.26 $40 .09 $42.00 $35.73 $26 .53 $24.00 $24 ,00 : $27.57 $32. 37 $24 .00

17.0% 4,8'1(, -· -- -25 .71' -9.5'1(, 0,()'I(,
$26 .17 $25.66 $38.32 $40.19 $48.80 $42 .00 $42 .00 $42.00 : $43,00 $35. 48 : $42.00 -2.6'1(, -1.9'1(, 49.3'1(, 4.9'1(, 21.4'1(, -13.9'1(, 0.()'I(, 0.()'I(, $42.22 $41.97 $40 .93 $46 .17 $45,92 $48 .00 $47.55 $48 .15 ! $47.16 $44.77 ! $48.15 - -0,6'1(, -2.5% 12.8'1(, -0.5'1(, 4.5% -0.9% 1.3%
$36.00 $39 ,48 $51.00 : $51.00
Retail Annval l eose Rate (NNN)
- I;:: ~ '--= I~ ~
2014QI 2015QI 2016QI 2017QI 2018QI 2019Q1 2020QI 2021 QI Oc.eonside - Son Morcos Vista Encinitas $55
$50
Ro1a;1 Annual lea,e Rate (NNN) --------------------- ~------- -, :- -- - - - - -_;_:_,: : - - - - - - - - - ' - -i- - - -~ ::~ - -:::--:_~:.:----..,.:'.:-"~::: ~}:"::. ~;_;_':;.;_, $45
~ $40
~
$35
$30
~ $25
~
! $20
~
$15
$10
J ,' - - - - ' ~ --i· T- - - - - - --.... - J.
~ I \ / '- I ------
~-•~":_: -:-:--- --- - --.... ' ... C' (------ :.,1--~- ... ~:::.------ - "" J\. -- - - - - ·- ·- ~-- - , - - - - .,,. . "r--·-----~ =---.,- - - - . i__::__ ..., - ..., I J.
ss +-~~-,--,-~~~~~~~~~~~~~~~-,--,-'--~~~~......,~~~~~~~~-,-~~~~~~~~~~~~~~-,-~~~~~~-.-l 2008Q I •••• - · ·--- •. 2009 QI 2010 QI 2011 QI
- - Olde Carl.bad _ - Village So.Ah8oach - - Industrial Cone/Kelly Ronch - -Avio ra Source: CoStor
Poge 4 of 4 TH E CONCORD GROUP
DRAFT EXHIBIT 111-2

RETAIL - DEMAND - CONSUMER SPENDING
0 n ,-+
I->
,-..J
N
Sp.,:§ing Category Total E-commer ce
(];pend ing
GAFO (l)
Furniture
Sporting Goods/Hobby/Books
Books & Music
Deportment Stores
Office Supplies, Gift Stores
Electronics/Appliances
Cloth ing & Accessories
Other General Merchandise
GAFO Total :

No n-GAFO
Eating & Drinking Places (Restaura nts)
Florist
Used Merch
Other Misc. Stores
Health & Pe rsonal Care
Building/Garden Materials
Food & Beverage !Grocery Stores)
Non-GAFO Total :

Total Exel. Vehicle / Gas/ No n-Store :

Gos/Moto r Vehicle / Non-Store
Gas Stations
Motor Vehicle
~ r Nan-Store Retailers f21
~ / Moto r Vehicle/ Non-Sto re Total :

Tot1n
(1) ~ FO=Genera l Merchandise, Apparel, Furniture and Other $89,706 ,079
$65,261,582
$10,244,367
$234,805,086
$20,228,951
$87,848,467
$173,069,217
$153,68 4,809
$834,848,558
$260,652,74 8
$4,683,957
$9,462,742
$52,879, 105
$159,811,819
$147,014,263
$371,803, 401
$1,006,308,035
$1,84 1,156,593
$198,880,296
$481,999 ,978
$70, 168, 220
$751,048,494
$2,592,205,087
(2) 'ffi:1udes vending machine operators and direct-selling establishments (online sales) (3) ~ E-Commerce spending based on reported national average as ol 4Q21 US census Sou~ : ESRI
-..J
0 -I->
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w
21690 .00 Retail Demond: Ga p
Share (3)
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%

CARLSBAD
JANUARY 2022
Consume r S~ndin,
Ca~ci!r (Demand !
Per Capito Share Actual Sales
Adjust ed Sales
{A) {8)
$78 ,044,289 $691 5% $27,908,245 I
$56 ,777,576 $503 4% $76,484,789
$8,912,599 $79 1% $3,204,326
L $204 ,280,425 $1,809 13% $147 , 154,241
$17,599,187 $156 1% $28,930,570
$76, 428, 166 $677 5% $78,599,006
$150,570,219 $1,333 9% $240,644,876
$133,705,78 4 $1,184 8% $195,571,957
$726 ,318,245 $6,432 45% $798,498,010
$226 ,767,891 $2,008 14% $247,7 17,007
$4,075,0 43 $36 0% $3,991,592
$8,232 ,586 $73 1% $1 ,647,731
$46,004,821 $407 3% $114,669,876
$139,03 6,283 $1,231 9% $226 ,343,901
$1 27,902, 409 $1,133 8% $1 16,17 4,748
$323, 468,959 $2,864 20% $245 ,360,207
$875 ,487,990 $7,752 55% $955,905,062
$1 ,601 ,806,236 $14,184 100% $1,754,403,072
$198,880 ,296 $ 1,761 26% $111,570,095 I
$481,999,978 $4,268 64% $620,704,895
$70,168,220 $621 9% $26,986,471 r
$751,048,494 $6,651 100% $759 ,261,461
$2,352 ,854,730 $20,835 100% $2,513,664,533
Note : Gray c:::J = catego ries with spending gap
Note: Red = inflow of spending from outside the trade area

Page 1 of 24 ends

Ga,
$ --- %
IA· B)
S5o, 136,oTil 64%
$1 9,707,213 (35%)
$5,708,273 64%
S57,12£,l84 28%
($1 1,331,383) (64%)
($2, 170,840) (3%)
($90,07 4,657) (60%)
($61,866, 1 73) 146%)
($72 ,179,765) (1 0%)
$20,949, 11 6 (9%)
$83,451 2%
6 584 855 80%
($68,665,055) (1 49%)
$8 7,307,6 18 (63%)
$11,727,661 9%
$78,108,752 24%
($80,417 ,072) (9%)
($152,596,836) (8%)
s07,3 10,201 44%
($1 38,704,917) (29%)
$43, 181,749 1 62%
($8,212,967) (1%)
($160,809,803) (7%)

THE CONCORD GROUP
DRAFT
0 ~
EXHIBIT 111-2

RETAIL - DEMAND - CURRENT OPPORTUNITY GAPS

CARLSBAD
JANUARY 2022
H , Consumer Spending Opportunity Ga p Demand Potential :-,J
N
0 N
N
Spending Categories
GAFO(l)
Furniture
Sporting Goods/ Hobby/ Books
Books & Music
Deportment Stores
Office Supplies, Gift Stores
Electronics/Appliances
Clothing & Accessories
Other General Merchand ise
GAFOTotal :

Non -GAFO
Eating & Drinking Places (Restaurants)
Florist
Used Merch
Other Misc. Stores
Health & Personal Care
Building/ Gorden Materials
Food & Beverage (Grocery Stares)
Non-GAFO Total:

Exel. Vehicle/ Gos/ Non-Store Total:

Gos/Motor Vehicle/ Non-Stor e
Gas Stations
;:::;: Motor Vehicle
(1) Other Non-Store Retailers (2)
3 Gos/ Motor Vehicle/ Non-Store Total:
# N
All Spending Categorie s:
~ 1) GAFO: Generol Merchandise, Apparel, Furniture and Other Consumer
Demand
$89,706,079
$65,26 1,582
$ 10,244,367
$234,805,086
$20,228,95 1
$87,848,467
$173,069,217
$1 53,684,809
$834,848,558
$260,652 ,748
$4,683,957
$9,462,742
$52,879,105
$159,811,819
$ 147,01 4,263
$371,803,401
$1 ,006,308,035
S 1,841 ,156,593
Consume r Se!;nding
E~commerce Actual Sales/
Share Adjusted Demand Sales Demand
IAI 1B)
13% $78,044,289 $27,908,245 31%
13% $56,777,576 $ 76,484 ,789 117%
13% $8,912,599 $3,204,326 31%
13% S204,280,425 $ 147,154,241 63% I
13% $1 7,599,187 $28,930,570 143%
13% $76,428 ,166 $78,599,006 89%
13% $150,570,219 $240 ,644,876 139%
13% $133,705 ,784 $195 ,571 957 127%
$726 ,318 ,245 $798,498 ,010 96%
Net Inflow/ Outflow
13% $226,767,891 $247,717,007 95%
13% $4,075,043 $3,991 ,592 85%
13% $8,232,586 $1 ,647,731 17%
13% $46,004,821 S 114,669,876 217%
13% $139,036,283 $226,3 43,901 142%
13% $1 27,902,409 $116,174,748 79%
13% $323,468, 959 $245,360 ,207 66%
$875 ,487 ,990 $955 ,905,062 95%
Net Inflow/ Outflow
$1,601 ,806,236 $1 ,754,403 ,072 95%
Net Inflow/ Outflow from GAFO & Non-GAFO spending :

Inflow/ Outflow
From Outside the
Market
IA· Bl
S57~126, 1
($ 11,331,383)
($2,170, 840)
($90,07 4,657)
($61,866,173 )
($72 ,179,765)
($72 ,179,765)
Existing
Retail
Space (SF) (3)
1,836,777
Current
Retail Sale s
.e!_r SF
$435
Target
Retail Sales
_E!r SF
$475
Net Inflow/ Outflow
Inflow/ Outflow
Unfulfilled
Retail Space
O utflow (SF)
@ $483 / SF
05,550
'.41,489:
12';oi7~
120,26~
(23,856}
(4,570)
(189,631)
(1 30,2 45)
(151,957)
(151 ,957)
$20~1 ~16 (44,103
s83,451 I 176
M,584,855 13,~:}.
($68,6 65,055) (144,558}
$87,307, 618 (183,8 06}
Sll ,727,66 1 I 2( 690]
$78, 108,752 -----~ - --~.,.- ----,-~ 164439 '
($80 ,417 ,072) 2,214 ,010 S432 $475 (169,299}
($80,417 ,072) Net Inflow/ Outflow (169 ,299)
($152 ,596,836) 4,050,787 S433 $475 (321 ,256)
($152 ,596,836) Net Inflow/ Outflow (321 ,256)
$ 198,880,296 $198 ,880,296 $ 111,570,095 56% ■ it9' ,1,y,QL!J $481,999,978 $481 ,999,978 $620,704,895 129% $138,70 4,917 $70,168,220 - ---- $70,168 ,220 $2698 6,47 1 38% $43181 749 ----- ---- ---- --,--- , $751 ,048,494 $751 ,048,494 $759 ,261 ,461 101 % ($8,212 ,967) 1,652,405 $459 $500 ... ·- ..

Net Inflow/ O utflow ($8,212,967) Net Inflow/ Outfl ow (16,426) $2 ,592,205,087 $2,352 ,854,730 s 2,513.664.s 33 I 97%1 ($160 ,809,803 ) 5,703,192 $441 $483 (337,682) Net Inflow/ Outflow Net Inflow/ Outflow
O"Q(2) lndudes vending machin e operators and direct.se lling es.toblis.hmenls (online soles) ~ 3) Estimoted by% shore of consumer demand spending total (JJOOrces: ESRt; CoStor
(S 160,809,803} (337 ,682 )
Note: Gray £=i = categories with spending gop
00 0
-.....
-..J
w
21690.00 Retail Demand: CurrentDemand
N ote: Red = inRow of spending from outside the trode area

Page 2 of 24 ends

DRAFT EXHIBIT 111-2

RETAIL - DEMAND - TOTAL RETAIL SPACE
0 CARLSBAD n !"' JANUARY 2022 t-->
,-..J
N
0 Projected 2021 -N
N Condition s 2021 2022 2023 2024 2025 2026 2026
I. Projected Retail Spending and Supportable Demand
Population and Income Growth :

Households - Baseline 44,107 44,321 44,536 44,752 44,970 45,188 1,081 % Growth 0.5% 0.5% 0.5% 0.5% 0.5%
Population - Baseline 112,930 11 3,532 114,136 114,744 115,356 115,970 3,040 % Growth 0.5% 0.5% 0.5% 0.5% 0.5%
Persons/HH 2.56 2.56 2.56 2.56 2.57 2.57
Households - Uplift (1 ) 44,107 44,360 44,615 44,871 45,129 45,388 1,28 1 % Growth 0.6% 0.6% 0.6% 0.6% 0.6% 0.6%
Population - Uplift 112,930 113,632 114,338 115,049 115,764 116,483 # Growth 702 706 711 715 719 3,553
% Growth 0.6% 0.6% 0.6% 0.6% 0.6%
Median Household Income $120,203 $122,674 $125,197 $127 ,771 $130,398 $133,079 Growth 2.1% 2.1% 2.1% 2.1% 2.1%
;:::;: Total Spending (Excluding Vehicle/Gas/Non-Store) :
(l) Per Capita $14, 184 $14,476 $14,773 $15,077 $15,387 $15,703 3 =1:1: Per HH $36,316 $37,080 $37 ,861 $38,657 $39,471 $40,301 N
New HH Added Spending Capacity (MM) $10.2 $10.4 $10.7 $11 .0 $11.3 "'ti
Sales/ Square Foot (1 ) $483 $483 $483 $483 $483 QJ
OQ
(l)
Additional Supportable GLA from New HH Spend 21,021 21 ,587 22, 167 23,376 1 110,9151 t--> 22,764 w
I.O
Additional Supportable GLA from Current Gaps -9,638 -9,638 -9,638 -9,638 -9,638 1 -48, 1881 0 ...... 15% Penetration of Current Spending Gaps t--> -..J w Annual SF I 12,5451
(1 ) Household Uplift from COVID-19 migration and anticipated developments 21690 .00 Retail Demand: FutureDemand Page 3 of 24 THE CONCORD GROUP DRAFT EXHIBIT 111-2

RETAIL - DEMAND - CONSUMER SPENDING
0 n .....
~
_-.J
N
Sp;§ing Category Total E-commerce
[]; pendin_[
GAFO (l)
Furniture
Sporting Goods/Hobby/ Bocks
Books & Music
Department Stores
Office Supplies, Gift Stores
Electranics/Appliances
Clothing & Accessories
Other General Merchan dise
GAFO Total:

Non-GAFO
Eating & Drinking Places (Restaurants)
Florist
Used Merch
Other Misc. Stores
Health & Personal Care
Building/Gorden Materia ls
Food & Beverage [Grocery Stores)
Non-GAFO Total:

Total Exel. Vehicle/ Gas / Non-Store :

Gas /Motor Vehicle/ Non-Store
Gos Stations
Motor Vehicle
~ Non-Store Retailers 121
~ /Motor Vehicle/ Non-Store Total:

TotWi
(l) ~ FO=General Merchandise, Apparel, Furnilure and Other $2,359,612
$1,733,427
$273,877
$6,199,065
$531 ,5 18
$2,358,808
$4,653,298
$4,005,801
$22,115,406
$6,905,068
$121,922
$252,073
$1,390,2 19
$4, 198,696
$3,792,731
$9,768,235
$26,428,944
$48,544,350
$5,163,4 93
$12,436, 1 70
$1,871,1 41
$19,470,804
$68,015,154
(2) lffl,1udes vending machine operators and direct-selling establishments (online sales) (3) ~ E-Commerce spending based on reported notional average as of 4021 US census Sou.-!1,: ESRI
0 0
-~
-.J
w
21690.00 Retai l Demand: GoplC
Share j3)
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%

INDUSTRIAL CORE/ KELLY RANCH
JANUARY 2022
Consumer Se!:ndin,
Caea ci!l'. jDemand)
Per Caeita Share Actual Sales
Adjusted Sales
IA) iB)
$2,052,862 $793 5% $5,668,355
$1,508,081 $583 4% $47,035,454
$238,273 $92 1% $0
$5,393,187 $2,08 4 13% $3,128,530
$462,421 $179 1% $1,163,376
$2,052,163 $793 5% $30,538,019
$4,048,369 $1,56 4 10% $74,799,511
$3,485,047 $1,3 47 8% $2, 488,899
' $19,240,403 $7,434 46% $164,822 ,1 44
$6,007,409 $2,321 14% $30,520,538
$106,072 $4 1 0% $758,542
$219,30 4 $85 1% $0 I
$1,209,491 $467 3% $95,402,13 5
$3,65 2,866 $ 1,411 9% $9,361,197
$3,299, 676 $1,275 8% $8,857,80 6
$8,498,3 64 $3,2 84 20% $4,865,047 I
$22,993,1 81 $8,885 54% $1 49,765,265
$42,233,585 $16,319 100% $314,587,409
$5,163, 493 $1,995 27% $4,497,813 I
$12, 436, 1 70 $4,805 64% $524,814,868
$1,871,1 4 1 $723 10% $9,235,759
$19,470,804 $7,523 100% $538 ,548,440
$61 ,704,389 $23,842 100% $853 , 135,849
Note: Gray CJ = categories with spending gap
Note: Red = inflow of spending from outside the trade area

Page 4 of 24 ends

Ga
$ %
IA · B)
($3,615,493) (176%)
$45,527,3 ~ (3019%)
$238 ,273 100%
$2,264,657 42%
($700,955) (152%)
($28, 485,856) (1388%)
!$70,751, 142) (1748%)
$996 ,148 29%
($145,581 ,741) (75 7%)
($24,5 13, 129) (408%)
!$652, ~ (615%)
$219,304 : 100%
($94,192,6 44) (7788%)
($5,708,3 31 ) (156%)
($5,558, l 30j (168%)
$31633 131 7j 43%
(S 126,772,084) (551%)
($272 ,353,825 ) (56 1%)
S665 ,6aj 13%
($512 ,378,698) (4120%)
($7,36 4,618) (394%)
($519,077 ,636) (2666 %)
($791 ,431 ,461) (1283 %)

THE CONCORD GROUP
DRAFT
0 n ,-+
...,i. Consumer Spen ding Opportunity Gap Demand Potential ,-...J
l'J
0 l'J
l'J
Spending Categories
GAFO (1)
Furniture
Sporting Goods/Hobby/Books
Books & Music
Deportment Stores
Office Supplies, Gift Stores
Electronics/Applionces
Clothing & Accessories
Other General Merchandise
GAFOTotal :

Non-GAFO
Eating & Drinking Places (Restaurants)
Florist
Used Merch
Other Misc. Stores
Health & Personal Core
Building/Gorden Mate rials
Food & Beverage (Grocery Stores)
Non-GAFO Total:

Exel. Vehicle/ Gos/ Non -Store Tota l:

Gos/ Motor Vehicle/Non-S tore
Gos Stations
;::. Motor Vehicle
ro Other Non-Store Retailers (2)
3 Gos/ Motor Vehicle/ Non-Store Total:
#
l'J
All Spending Categories :
~ l ) GAFO=Ge neral Merchandise, Appare,, Furniture and Other Consumer
Demand
$2,359 ,612
Sl,733,4 27
S273,877
56,199,065
$531, 5 18
$2,35 8,808
$4,653,298
$4,005,80 1
$22,115,406
$6,905,068
$121,922
$252,073
$1,390,219
$4,198,696
$3,792,731
$9,768,235
$26,428 ,944
$48,544,350
$5,163,493
$12,436,170
$1,871,141
$ 19,470,804
$68,015 , 154
o:9{ 2) Includes vending mochine operators and direct-selling e$1o~ishments (online sol&&) ~ p l Estimated by% shore of consumer demand spending total #°"rces: ESRI; CoStar
t->
0 -t->
-...J
w
21690.00 Retail Demond: CurrentDemondlC
EXHIBIT 111-2

RETAIL - DEMAND - CURRENT OPPORTUNITY GAPS

INDUSTRIAL CORE/ KELLY RANCH
JANUARY 2022
Consumer Spen ding: tnAow/ Outflow
E-corrlmer ce Actual Soles/ From Outside the
Shore Adjusted Demond Sales Demand Market
(A) (B) , .... 8)
13% $2,052,862 $5,668,355 240% ($3,615,493)
13% Sl ,508,081 $47,035,454 2713% ($45,527,373)
13% $238,273 $0 0% - W S238,273.
13% $5,393,187 $3,128,530 50% ...12,W,ill.
13% $462,42 1 $1,163,376 219% ($700 ,955)
13% $2,052,163 $30,538,019 1295% ($28,485 ,856)
13% $4,048,369 $74,799,511 1607% 1$70,751 , 142)
13% $3,485,047 $2,488 899 62% ' $996 1481
S 19,240,40 3 $164,822,14 4 745% (S145 ,581 ,741 )
Net Inflow/ Outflow (S145,581 ,741 )
13% $6,007, 409 $30,520,538 442% ($24,513 ,129)
13% $106,072 $758,5 42 622% !S652,47fJ:
13% $219,304 $0 o% I p 19;30,f
13% $1,209,491 $95, 402,135 6862% ($94,192,644)
13% $3,652,866 $9,361,1 97 223% ($5,708,331 )
13% $3,299,676 $8,857,806 234% !S5,558 , 130!
13% $8,498,364 $4,865,0 47 50% r s 3;633;311 l
$22,993,181 $149 ,765,265 567% ($126,772 ,084)
Net Inflow/ Outflow ($126,772,084)
$42 ,233,585 $314 ,587,409 648 % ($272 ,353,825 )
Net lnAow/ Outflow from GAFO & Non-GAFO spending: ($272,353,825) $5,163, 493 $4,497,813 87% $665,BSQl
$12,436,170 $524,81 4,868 4220% ($512,378,698)
$1,871,141 $9,235,759 494% ($7,364,618)
$19, 470,804 $538 ,548,440 2766 % ($519 ,077,636)
Net Inflow/ Outflow ($519 ,077,636)
$61 ,704,389 ss53 , 135,849 I 1254%1 ($79 1,431 ,46 1)
Net Inflow/ Outflow ($79 1,431 ,46 1)
Note: Gray c:J = categories with spending gap
Note: Red = inRow of spending from outside the trade area

Page 5 of 24 ends

In/low/ Outflow
Unfulfilled
Existing Current Target Retail Spoce
Retail Retail Sales Retail Soles Out/low (SF)
S~ce (S!:J (3) eer SF eer SF ~ 5_HSF
(1 8,077)
I
(227,637
l,1 9~
] ],32
(3,505)
(1 42,429)
'
!353,756)
4,981
947,811 $174 $200 (727,909)
Net lnAow/ Outflow (727,909)
(153,207)
(588,704)
(35,677)
!
!34,738 )
22;toa 1
1,132 ,679 $132 $160 (792,326)
Net Inflow/ Outflow (792 ,326)
2 ,080,490 $151 $180 (1,520,234 )
Net Inflow/ Outflow (1,520,234)
(__ ·95 1
(731 ,9 70)
po.s21 1
834,470 $645 $700 (741,539)
Net Inflow/ Out/low (741 ,539)
2,914 ,960 $293 $353 (2,261 ,77 4)
Net Inflow/ Outflow (2,261 , 774)

THE CONCORD GROUP
DRAFT EXHIBIT 111-2

RETAIL - DEMAND - TOTAL RETAIL SPACE
0 INDUSTRIAL CORE/ KELLY RANCH n
~
JANUARY 2022 ~
,-.J
N
0 Projected 2021 -N
N Conditions 2021 2022 2023 2024 2025 2026 2026
I. Projected Retail Spending and Supportable Demand
Population and Income Growth:

Households - Baseline 1,014 1,015 1,016 1,017 1,018 1,019 5 % Growth 0.1% 0.1% 0.1% 0.1% 0.1%
Population - Baseline 2,588 2,593 2,597 2,602 2,606 2,61 1 23 % Growth 0.2% 0.2% 0.2% 0.2% 0.2%
Persons/ HH 2.55 2.55 2.56 2.56 2.56 2.56
Households - Uplift (1) 1,014 1,052 1,092 1,132 1,175 1,219 205 % Growth 3.8% 3.8% 3.8% 3.8% 3.8% 3.8%
Population - Uplift 2,588 2,687 2,7~0 2,897 3,008 3,123 # Growt h 99 103 107 111 115 535
% Growth 3.8% 3.8% 3.8% 3.8% 3.8%
Median Household Income $120,5 48 $123,160 $125,828 $128,554 $131 ,339 $134, 185 Growth 2.2% 2.2% 2.2% 2.2% 2.2%
;::::; Total Spending (Excluding Vehicle/ Gas/ Non-Store ):
(1) Per Capita $16,319 $16,673 $17,034 $17,403 $17,780 $18,165 3 :ti: Per HH $41,650 $42,586 $43,543 $44,522 $45,522 $46,545 N
New HH Added Spending Capacity (MM) $1.7 $1.8 $1.9 $2.0 $2.1 -0
Sales/ Square Foot (1) $353 $353 $353 $35 3 $353 Ill
O'Q
(1)
Additional Supportable GLA from New HH Spend 4,681 5,921 1 26,4281 ~ 4,965 5,267 5,588 .j::,
N Additional Supportable GLA from Current Gaps -45,607 -45,607 -45,607 -45,607 -45,601 1 -228,0351 0 ....., 15% Penetration of Current Spending Gaps ~ -.J
(40,321 )1 w Annual SF I
(1) Household Uplift from COVID-19 migration and anticipated developments 21690.00 Retail Demand: FutureDemandlC Page 6 of 24 THE CONCORD GROUP DRAFT
0 n ,-+
I-'
,-..J
N
Sp,iing Categ ory
O;~_r,din_l!_
GAFO (l)
Furniture
Sporting Goods/Hobby/Books
Books & Music
Deportment Stores
Office Supplies, Gift Stores
Electronics/ Appliances
Clothing & Accessories
Other General Merchandise
GAFO Total:

Non-GAFO
Eating & Drinking Places (Restaurants)
Florist
Used March
Other Misc. Stores
Health & Personal Care
Building/ Garden Materials
Food & Beverag e (Grocery Stores)
Non -GAFO Total:

Tota l Exel. Vehicle/Gas/ Non-Store :

Gos/ Motor Vehicle/ Non-Store
Gos Stations
Motor Vehicle
~ Non-Store Retailers 121
~ / Motor Vehicle/ Non-Store Total :

Tot~
(l) e)(FO: General Merchandise, Apparel, Furniture and Other Total
$10,176,481
$7,39 4,623
$1,160,772
$26,666,924
$2,298,237
$9,829,436
$19,599,502
$ 17,519,37 9
$94,645,354
$29,698,947
$540,6 22
$1,069,B41
$5,978,43 2
$17,966,875
$16,619,577
$42,286,7 41
$114,161 ,035
$208 ,806,389
$22,632,754
$55,110,413
$7,918,966
$85,662 ,1 33
$294 ,468 ,522
(2) 'ffi:1udes vending machine operators and direct-selling eslablishments (online sales) (3) µ_% E-Cammerce spending based on reported nalional average as of 4Q2 l US census Soutil, : ESRI w
0 ......

I-'
-..J
w
21690.00 Retail Demond: GopPoi
EXHIBIT 111-2

RETAIL - DEMAND - CONSUMER SPENDING

POINSETTIA
JANUARY 2022
Consumer See ndin
Coea ci!r (Demand ) Go
E•commerce Per Cae ita Share Actual Soles $ %
Shore (3) Adjusted Sales
(Al (8) IA· Bi
13% $8,853,538 $730 5% $2,796,364 $6,057 , 174 68%
13% $6,433,322 $530 4% $3,095, 477 $3,337,845 52%
13% $1,009,872 $83 1% $0 $1,009,872 100%
13% $23,200,22 4 $f,912 13% $0 $23 ,200,224 100%
13% $1,999, 466 $165 1% $1,105,850 $893 16 45%
13% $8,551,609 $705 5% $16,265,088 jS7,713, ~ (90%)
13% $17,051, 567 $1,405 9% $8,089,364 I 18,962,203 53%
13% $15,24 1,860 $1,256 8% $187,910,368 ($172,668,508) (1133%) $82,341,458 $6,785 45% $219,262,511 ($136,921,053) (1 66%) 13% $25,838,08 4 $2,129 14% $20,5 42,483 I - s5,295,6o] 20% 13% $470,3 41 $39 0% $688, 772 $218,431 (46%)
13% $930,762 $77 1% $0 $930,762 100%
13% $5,201,236 $429 3% $2,922,682 Z 278,554 44%
13% $15,6 31,181 $1,288 9% $1 6,040,454 ($409, 273) (3%) 13% $1 4,459,03 2 $1,192 8% $45,32 1,686 !$30,862,65 41 (213%) 13% $36,789 ,465 $3,032 20% $10, 410,984 I $26 378,481 72% $99,320,100 $8,185 55% $95,927,061 $3,393 ,039 3%
$181 ,661 ,558 $14,970 100% $315 ,189,572 (S 133,528,0 14) (64%) $22,632,754 $1,865 26% $15,803,2 41 $6,829,513 30%
$55, 11 0,413 $4,54 1 64% $6,862,101 $48,248,312 88%
$7,9 18,966 $653 9% $5,692,628 $2,226,33 8 28%
$85,662, 133 $7,059 100% $28 ,357,970 $57, 30 4,163 67% $267 ,323,691 $22 ,029 100% $343 ,547,542 ($76,223,851) (29%) Note: Gray CJ= categor ies with spending gap
Note: Red : inflow of spending from outside the trade area

Page 7 of 24 ends

DRAFT
0 r, ,..
t-,J. Consumer Spending Opportunity Gap Demand Potent ial ,-.J
N
0 N
N
Spending Categories
GAFO(l)
Furniture
Sporting Goods / Hobby / Books
Books & Music
Department Stores
Office Supplies , Gift Stores
Electronics/Appliances
Clothing & Accessories
Other General Merchandise
GAFOTota l:

Non-GAFO
Eating & Drinking Places (Restaurants)
Florist
Used Merch
Oth er Misc. Stores
Health & Personal Care
Building/Gorden Materials
Food & Beverage (Grocery Stores)
Non-GAFO Tota l:

Exel. Vehi cle / Gos/ Non-Store Tota l:

Gos/Motor Vehicle/Non-Store
Gos Stations
;:::;: Motor Vehicle
C'D Other Non-Store Retailers (2)
3 Gas/ Motor Vehicle/ Non -Store Tota l:
#
N
All Spending Categories:
~ 1) GAFO =Generol Merchandise, Apparel, Furniture and Other Consumer
Demand
$10,176,481
$7,394,623
$1,160,772
$26,666,924
$2,298,237
$9,829,436
$19,599,50 2
$17,519,379
$94,645 ,354
$29,698,947
$540,622
$ 1,069,8 41
$5,978,432
$17,966,875
$16,619,577
$42,286 ,741
$ 114,161,035
$208 ,806,389
$22,632 ,754
$55,110, 413
$7,918,966
$85,662,133
$294 ,468 ,522
O"QJ2) lndvdes ve nding machi ne operol ors a nd dired -selling establishments (online soles} ~ 3 ) Estimated by % shore of consume r demand spending total #°°rces: ESRI; CoStor
.j::,,
0 ...... ....
-.J
w
21690 .00 Retail Demand: CurrentDemandPo i
EXHIBIT 111-2

RETAIL - DEMAND - CURRENT OPPORTUNITY GAPS

POINSETTIA
JANUARY 2022
Consumer Seendina Inflow / Outflow
E•commerce Actual Sales / From Outside the
Share Adjusted Demand Sales Demand Market
IA) 1B) (A· B)
13% $8,853 ,538 $2,796 ,364 27% $6,057 ;174
13% $6, 433,322 $3,095,477 42% $3,337,845
13% Sl,009,872 so 0% $1,009,872
13% $23,200,224 $0 0% $23,200,224
13% S 1,999, 466 $1,105,850 48% 6 6
13% $8,551,609 $16,265,088 165% ($7,713,£?)
13% $17,051,567 $8,089,364 4 1% C: s (§2,201
13% $15,241,860 $187,9 10,368 1073% (S 1 72,668 ,508)
$82,341 ,458 $219 ,262 ,5 11 232 % ($136 ,921 ,053)
Net Inflow/ Outflow ($136 ,921 ,053 )
13% $25,838,084 $20,542,483 69% j ss;29s:60JJ
13% $470,341 $688,772 127% $2 18,431
13% $930,762 $0 0% $930;762
13% $5,201,236 $2,922,682 49% S 2 B 5
13% $15,631,181 $16,0 40,45 4 89% ($409,273)
13% $ 14,459,032 $45,321,686 273% !S30,86 2,654)
13% $36,789,465 $10,410,984 25% ! $26;378~81 ]
$99,320 ,100 $95 ,927,061 84% $3,393,039
Net Inflow/ Outflow L S3,393.,23~
$181,6 61 ,558 $315 ,189,572 151 % ($133,528,014)
Net Inflow/ Outflow from GAFO & Non-GAFO spen d ing: ($133,528,014) $22,632,754 $15,803,241 70% n 6.829 ,513i
$55,1 10,413 $6,862 ,101 12% $48,248,312
$7,918,966 $5,692 ,628 72% $2,226 , 338'
$85,662 ,133 $28,357,970 33% $57,304,163
Net Inflow / Outflow I 157, 304,1~
$26 7,3 23,691 S343 ,547,542 ! 11 7%! ($76,223 ,85 1)
Net Inflow/ Outflow ($76,223,85 1)
Nol e: Gray c:J = categor ies with spen ding gap
Note: Red = inflow of spending from o utside the trade a rea

Page 8 of 24 ends

Inflow/ Outflo w
Unfulfilled
Existing Current Target Retai l Space
Retail Reta ii Sales Retail Sales Outflow (Sf)
S~ce (S~ (3) e!r Sf eer SF _____@. $757 /SF
~ l
2,27 1
687
15,782
608.

I
(5,247)
6:Q£2,
(117 ,462)
152 ,761 $1,435 $1,470 (93,144)
Net Inflow/ Outflow (93, 1-44)
c::::: 9~
j390)
L
1,662

4.069l
(73 1)
55,112
4710 4
184,260 S521 $560 6059,
Net Inflow/ Outflow 6,059
337,02 1 $935 $1 ,015 (87,085 )
Net Inflow/ Outflow (87,085 )
138,262 S205 S240
Net Inflow/ Outflow 238,767
475,2 83 $723 $757 151 ,~§3)
Net Inflow/ Outflow 151,683

THE CONCORD GRO UP
DRAFT EXHIBIT 111-2

RETAIL - DEMAND - TOTAL RETAIL SPACE
0 POINSETTIA n
;T
JANUARY 2022 I-'
_--..i
N
0 Projected 2021 -N
N Conditions 2021 2022 2023 2024 2025 2026 2026
I. Projected Retail Spending and Supportable Demand
Population and Income Growth :

Households - Baseline 4,739 4,745 4,750 4,756 4,761 4,767 28 % Growth 0.1 % 0.1 % 0.1 % 0.1 % 0.1%
Population - Baseline 12,135 12,155 12, 176 12,196 12 ,217 12,237 102 % Growth 0.2% 0.2 % 0.2% 0.2% 0.2%
Persons/ HH 2.56 2.56 2.56 2.56 2.57 2.57
Households - Uplift ( l ) 4,739 4,784 4,829 4,875 4,921 4,967 228 % Growth 0 .9% 0.9% 0.9% 0.9% 0.9% 0.9%
Population - Uplift 12,135 12,256 12,378 12,501 12,625 12,750 # Growth 12 1 122 123 124 126 615
% Growth 1.0% 1.0% 1.0% 1.0% 1.0%
Median Household Income $118,990 $121, 169 $123 ,387 $125,646 $127,946 $130 ,289 Growth 1.8% 1.8% 1.8% 1.8% 1.8%
;:::;: Total Spending (Excluding Vehicle/Gas/Non-Store):
(1) Per Capita $14,970 $15 ,244 $15,523 $15,807 $16 ,097 $ 16,392 3 :i:t Per HH $38,333 $39,055 $39,789 $40 ,538 $41 ,301 $42 ,078 N
New HH Added Spending Capacity (MM) $1.8 $1.9 $1.9 $2 .0 $2.1 "'O
Sales/ Square Foot ( 1) $75 7 $757 $757 $757 $757 OJ
OQ
(1)
Additional Supportable GLA from New HH Spend 2,n9 1 12,8651 I-' 2,431 2,500 2,571 2,644 ~
V,
Additional Supportable GLA from Current Gaps -2, 6 7 3 -2,673 -2,6 7 3 -2, 6 7 3 -2,613 1 -13,0631 0 - 7 5% Penetration of Current Spending Gaps I-'
--.J
w Annual SF I (39)1
(1) Household Uplift from COVID-19 migration and anticipated development s 21690.00 Retail Demand: FutureDemandPoi Page 9 of 24 THE CONCORD GROUP DRAFT EXHIBIT 111-2

RETAIL - DEMAND - CONSUMER SPENDING
0 n
!"'"
I-"
,-..J
N
Sp~ing Category Total E-commerce
CJ;pendin_g_
GAFO (l)
Furniture
Sporting Goods/Hobby/Books
Books & Music
Deportment Stores
Office Supplies, Gift Stores
Electronics/Appliances
Clothing & Accessories
Other General Merchandise
GAFO Total:

Non-GAFO
Eating & Drinking Places (Restaurants)
Florist
Used March
Other Misc. Stores
Health & Personal Care
Building/Gorden Materials
Food & Beverage (Grocery Stores)
Non-GAFO Total:

Total Exel. Vehicle/Gos/Non-Store:

Gos/ Motor Vehicle/Non-Store
Gos Stations
Motor Vehicle
~ r Non-Store Retailers 121
~ /Motor Vehicle/Non-Store Total :

To~
11) ~ FO=Generol Merchandise, Apparel, Furniture and Other $6,021,924
$4,390,234
$711,385
$16,043,993
$1,376,808
$5,971, 479
$1 1,916,7 65
$10,592,408
$57 ,024 ,996
$17,814,308
$338,8 40
$642,173
$3,577,677
$10,985,992
$9,885,552
$25,745,101
$68,9B9,643
$126 ,014 ,639
$13,704,490
$32,762,202
$4,943,501
$51 ,410 ,1 93
Sl 77,424 ,832
(2) 'ffi:1udes vending machine operators and direct.selling establishments (online soles) (3) j1.% E•Commerce spending based on reported national average as of 4Q2 1 US census Sou.4llt: ESRI
O'l
0 -I-"
-..J
w
21690.00 Retail Demond: Gopcar
Shore (3)
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%

OLDE CARLSBAD
JANUARY 2022
Consumer Seendini
Caeo ci!}'. (Demand) Go
Per Caeita Shore Actual Soles $ %
Adjusted Soles
(Al 1B) IA· B)
$5,239,07 4 $5B6 5% $1 ,819,05 4
L
$3,420,0201 65%
$3,819,504 $427 3% $3,067,647 $.~ l.~ 20%
$618,905 $69 1% $1 ,903,178 ($1,284,273) 1208%)
$13,958,274 $1,562 13% $77,974,045 ($64,015,771) 1459%) $1,197,823 $134 1% $2,736,167 ($1,538,344 ) (128%)
$5,195,187 $581 5% $4,736,484 L 1458,703, 9%
$10,367,586 $1,160 9% $74,133,310 ($63,765,724) (615%)
$9,215,395 $1,031 8% $2,259,370 I $6,956,0251 75%
$49,611 ,7 47 $5,551 45% $168,629,255 (Sl 19,0 17,508) (240%) $15, 498,448 $1,734 14% $20,095,739 $4,597,291 (30%)
$294,79 1 $33 0% $0
I
$294,791 100%
$558,691 $63 1% $148,072 $410,619 73%
$3,112,579 $348 3% $135,452 $2,977,127 96%
$9,557,813 $1,069 9% SB,300,626 $1 ,257,187 13%
$8,600,430 $962 8% $1,700,537 $6,899,893 80%
$22,398,238 $2,506 20% $1 ,480,820 S20 917,418 93%
$60,020 ,989 $6,715 55% $31 ,861 ,246 $28,1 59,743 47%
$109,632,736 $12,266 100% $200,490,501 ($90,857 ,765) (72%) $13,704, 490 $1,533 27% $3,598, 420 $10,106,070 74%
$32,762,202 $3,665 64% $1,380,810 $31,381,3921 96%
$4,943,501 $553 10% $310,886 $4,632,615 94%
$51 ,410,193 $5,752 100% $5,290,116 $46,120,0 77 90%
$161 ,042,929 $18,018 100% $205 ,780,617 (S44,737 ,688) (28%) Note: Groy C:J = categories with spend ing gap
Note: Red = inflow al spending from outside the trade area

Page 10 of 24 ends

DRAFT
0 n ......
t--1- Consumer Spending Opportunity Gap Demand Potential ,--..I
N
0 N
N
Spending Categories
GAFO (1)
Furniture
Sporting Good s/Hobby/ Books
Books & Music
Depart ment Stores
Office Supplies, Gift Stores
Electronics/Appliances
Clothing & Accessories
Othe r General Merchandise
GAFO Tota l:

Non -GAFO
Eating & Drinking Places (Res!aurants)
Florist
Used Merch
Other Misc. Stores
Health & Personal Core
Building/Garden Materials
Food & Beverage (Grocery Stores)
Non-GAFO Total:

Exel. Vehicle/Gas/Non-Store Total:

Gos/ Motor Vehicle/Non-Store
Gas Stations
;::::; Motor Vehicle
11) Other Non-Store Retailers (2)
3 Gos/ Motor Vehicle/ Non-Store Total:
# N
All Spending Categories :
~ 1) GAFO= Generol Merchandise, Apparel, Fumiture ond Othe r Consumer
Demand
$6,021 ,924
$4,390,234
$71 1,385
$16,043,993
$1,376,808
$5,971 ,479
$1 1,916, 765
$10,592,408
$57,024,996
$1 7,814,308
$338,840
$642,173
$3,577,677
$10 ,985,992
$9,885,552
$25 ,745,101
$68,989 ,643
$126,01 4,639
$ 13,704,490
$32,762,202
$4,943,501
$51, 41 0,193
$177,424,832
0"0(2) lndudes vending machine operotC)(s and dired.sl!llling establishmen ts (online soles) ~ 3) Estimated by% share of consume r demand spending total ~ rces : ESRI; CoStar
--.J
0 -.....
--.J
l,J.J
2 1690.00 Retail Demand : CurrentDemandca r
EXHIBIT 111-2

RETAIL - DEMAND - CURRENT OPPORTUNITY GAPS

OLDE CARLSBAD
JANUARY 2022
Consumer Seending Inflow/ Outflow
E•commerce Adual Sales/ From Outs ide the
Share Adjusted Demand Sales Demand Marice!
!Al (B) (A· B)
13% $5,239 ,074 $1,819,054 30% $3,420,0~
13% 53,819,504 $3,067,647 70% , $751 85
13% $618,905 $ 1,903, 178 268% (S 1,284,273)
13% $13,958,274 $77,974,045 486% ($6 4,015,771)
13% $ 1,197,823 $2,736, 167 199% (S 1,538,3 44)
13% S5, 195,187 $4,736 ,484 79% I s~.703
13% $10,367,586 $74,133,310 622% (563,765,72 4)
13% $9,215 ,395 $2 ,259 ,370 21% ! s6:956;02s!
$49,611 ,747 $168 ,629 ,255 296% ($119,017,508)
Net Inflow/ Outflow ($119,017,508)
13% S 15,498 ,448 $20,095 ,739 113% $4,597,291
13% $294 ,79 1 $0 0% S294,791
13% $558 ,691 $148,072 23% $410,619
13% $3,1 12,579 $135,452 4% $2,977, 127
13% $9,557,813 $8,300,626 76% $1,257,187
13% $8,600, 430 $1,700,537 17% $6,899 ,893
13% $22,398 ,238 $1480820 6% $20 917 418
$60,020,989 $3 1,861 ,2 46 46% $28 ,159,743
Net Inflow/ Outflow I ___j;!!1.~J,743J
$109,632 ,736 $200,490,501 159% ($90,857,765 )
Net Inflow/ Outflow from GAFO & Non-GAFO spending : ($90,857,765) $13,704,490 $3,598,420 26% $10,106;070
$32,762,202 $ 1,380,81 0 4% $31,381 ,392
$4,943,501 $310 ,886 6% $4 632 61
$51 ,410,193 $5,290,116 10% $46,120,077
Net Inflow/ Outflow i S46J 20,07.Z.
$161 ,042 ,929 s2os .1ao,617 I 11 6%! ($44,737,688 )
Net Inflow/ Outflow ($44,737, 688 )
Note: Gray CJ= categories w;fh spend ing gap
Note: R:ed = inflow of spending from o utside the trode a rea

Page 11 ends

Inflow/ Outflow
Unfulfilled
Existing Curren t Target Retail Space
Retail Retail Sales Retail Sales Outflow (SF)
S~ce (S~ (3) ~rSF eer SF ~ $147 /SF
I
9,771
2,)§.
(3,669)
(182,902)
t
(4,395!
1,3 1.l
!
(182,188)
19;8741
523,700 $322 $350 (340,050)
Net Inflow/ Outflow (3 40,050)
65,676
4,211 '
5,866i
42,5301
17,9601
98,5701
298,820-
633,580 $50 $70 l_ 402,282
Net Inflow/ Outflow 402,282
1,157,280 $173 $210 62,232
Net Inflow/ Outflow 62,232
472 ,135 $ 11 $20
Net Inflow/ Outflow
1,629,4 15 $1 26 $147 L 2,3.6s.m
Net Inflow/ Outflow I $2,368,236;

THE CONCO RD GROUP
DRAFT EXHIBIT 111-2

RETAIL - DEMAND - TOTAL RETAIL SPACE
0 OLDE CARLSBAD n
~
JANUARY 2022 I-'
~-..J
N
0 Projected 2021 -N
N Conditions 2021 2022 2023 2024 2025 2026 2026
I. Projected Retail Spending and Supportable Demand
Population and Income Growth:

Households - Baseline 3,569 3,576 3,583 3,589 3,596 3,603 34 % Growth 0.2% 0.2% 0.2% 0.2% 0. 2%
Population - Baseline 8,938 8,957 8,977 8,996 9,016 9,035 97 % Growth 0.2% 0.2% 0.2% 0.2% 0.2%
Persons/ HH 2.50 2.5 1 2.51 2.51 2.51 2.51
Households - Uplift ( l ) 3,569 3,615 3,661 3,708 3,755 3,803 234 % Growth 1.3% 1.3% 1.3% 1.3% 1.3% 1.3%
Population - Uplift 8,938 9,055 9,173 9,292 9,414 9,537 # Growth 117 118 120 121 123 599
% Growth 1.3% 1.3% 1.3% 1.3% 1.3%
Median Household Income $99 ,106 $100,823 $102,569 $104,346 $106,153 $107,992 Growth 1.7% 1.7% 1.7% 1.7% 1.7%
;:. Total Spending (Excluding Vehicle/ Gas/Non-Store) :
(l) Per Capita $ 12,266 $12 ,478 $ 12,695 $12,914 $ 13, 138 $13,366 3 :i;: Per HH $30,718 $31 ,258 $31 ,808 $32,368 $32,937 $33,516 N
New HH Added Spending Capacity (MM) $1.5 $1.5 $1.5 $1 .6 $1. 6 "'t:J
Sales/ Square Foot (1) $1 47 $1 47 $147 $14 7 $147 Ql
OQ
(!)
Add itional Supportab le GLA from New HH Spend 9, 922 11, 193 1 52,7411 I-' 10,226 10,539 10,861 +'" CXl Additional Supportable GLA from Current Gaps 1,867 1,867 1,867 1,867 1,a61 1 9,3351 0 - 15% Penetration of Current Spending Gaps I-'
-..J
w Annual SF I 12,4151
(1) Household Uplift from COVID-19 migrati on and anticipated developments 2 1690.00 Retail Demand : FutureDemandcar Page 12 of 24 THE CONCORD GROUP DRAFT EXHIBIT 111-2

RETAIL - DEMAND - CONSUMER SPENDING
0 n ,.....

I-'
,-..J
N
Sp,;j§ ing Categ ory Total E-commerce
IJ;pendin_!l_
GAFO (l)
Furniture
Sporting Goods/Hobby/Books
Books & Music
Deportment Stores
Office Supplies, Gift Stores
Electronics/ Applio nces
Clothing & Accessories
Other General Merchandise
GAFO Total:

Non-GA FO
Eating & Drinking Places (Restaurants)
Florist
Used Merch
Other Misc. Stores
Health & Personal Core
Building/Gorden Material s
Food & Beverage (Grocery Stores)
No n-GAFO Total :

Tota l Exel. Veh icle/ Gos/ Non -Store:

Gos/Motor Ve hicle / Non -Store
Gos Stations
Motor Vehicle
~ Non-Store Retailers 121
~ / Motor Vehicle/ Non-St ore Tota l:

Tot~
(1) ~ FO= General Merchandise, Apparel, Furniture and 01her $2,118,616
$1,628,258
$274,124
$6,072,209
$515,889
$2,1 47,893
$4,388,28 4
$4,129, 402
$21,274,675
$6,664,379
$94,329
$241,631
$1,393,497
$4,221,833
$3,100, 465
$10,115,377
$25,831 ,511
$47,106,186
$5,28 1,535
$11,881,259
$1,770,703
$18,933 ,497
$66,039,683
(2) ~ ludes vending machine operalors a nd dired•selling eslablishments lonline soles) 13) µ!.% E•Commerce spending based on reported national average as of 4Q21 US census Sou~ : ESRI u,
0 -I-'
-..J w
21690.00 Retail Demand: Gopv il
Sho re (3)
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%

VILLAGE
JANUARY 2022
Consumer S~ndin!
Copo ci!J'.: (Demand )
Per Capita
Adjusted Sales
(A)
$1,843,196 $465
$1,416,584 $358
$238,488 $60
$5,282,822 $1,33 4
$448,823 $113
$1,868,667 $472
$3,817,807 $964
$3,592,580 $907
$18,508 ,967 $4,673
$5,798,010 $1,464
$82,066 $2 1
$210,219 $53
$1,212,3 42 $306
$3,672,99 5 $927
$2,697, 405 $68 1
$8,800, 378 $2,222
$22,473 ,415 $5,67 4
$40,982 ,382 $10,3 46
$5,281,535 $1,333
$11 ,881,259 $3,000
$1 ,770,703 $447
$18,933,49 7 $4,780
$59,915,879 $15,126

Page 13 of 24 ends

Sha re Actual Sales
(8)
4% $711 ,139
3% $2,612,457
1% $0
13% $0
1% $2,154,786
5% $2,741,717
9% $15,355,863
9% $695,737
45% $24,271,699
14% $56,663,659
0% $206,875
1% $962, 468
3% $2,8 41,224
9% $5,774,680
7% $8,077,676
21% $20,125,930
55% $94,652,512
100% $118 ,924,211
28% $8,687,418
63% $11 ,795,077
9% $0
100% $20,482,495
100% $139,406,706
Note : Gray c:::J = categories with spending gap
Go
$ %
61%
(84%)
100%
-=-=·. 100%
($1 ,705,963) (380%)
($873 ,050) (47%)
($11,538,056) (302%)
I S2,896,8 43j 81%
($5,762,732) (31%)
($50,865 ,649) (877%)
($124,809 ) (1 52%)
($752,249) (358%)
($1,628 ,882) (134%)
($2,101 ,685) (57%)
($5,380,271 ) (1 99%)
($11 ,325,552) (129%)
($72,179,097) (321 %)
($77,941,829) (165%)
(64%)
1%
100%
(8%)
($79,490,827) (1 33%)
Note: Red = inflow of spending from outside the trade area

THE CONCORD GROUP
DRAFT
0 n
;'"
1--t Consumer Spending Opportunity Gap Demand Potential ,-..J
N
0 N
N
Spending Categories
GAFO (1)
Furniture
Sporting Goods/Hobby/Books
Books & Music
Department Stores
Office Supplies, Gift Stores
Electronics/ Appliances
Clothing & Accessories
Other General Merchandise
GAFO Total:

Non-GAFO
Eating & Drinking Places (Restaurants)
Florist
Used Merch
Other Misc. Stores
Health & Personal Core
Building/Gorden Materials
Food & Beverage !Grocery Stores}
Non-GAFO Total:

Exel. Vehicle/Gas/Non -Store Total:

Gas/Motor Vehicle/Non-Store
Gos Stations
;:::; Motor Vehicle
rD Other Non-Store Retailers j2)
3 Gos/ Motor Vehicle/ Non-Store Total:
:i:;
N
All Spending Categories :
~ l ) GAFO = Gen erol Merchandise, Apparel, Fumiture ond Other Consumer
Demond
$2,118 ,616
$1,628,258
$274 ,12 4
$6,072 ,209
$515,889
$2,147,893
$4,388,284
$4,129,402
$21,274,675
$6,664,379
$94,329
$241,631
S1,393,497
$4,221 ,833
$3,100,465
S 10,115,377
$25,831,511
$47,106, 186
$5,281 ,535
$11,881,259
$1,770,703
$18,933 ,49 7
$66,039,683
09{2) lndude s vending mod,ine operators ond dir&et-selling establishmen ts (online sales) ~!3) Eslimated by % shore of con,:umer demond spendi ng total LJi<>Urces: ESRI; CoStor
0 0 ....

I-'
-..J
w
21690.00 Retail Demand: CurrentDemandvil
EXHIBIT 111-2

RETAIL - DEMAND - CURRENT OPPORTUNITY GAPS

VILLAGE
JANUARY 2022
Consumer Seending Inflow/ Outflow
E•commerce Actual Sales/ From Outside the
Share Adjusted Demand Sales Demand Market
!Al (8) IA-Bl
13% $1 ,843,196 $711,139 34% s:i:w:o~
13% $1,416,584 $2,612,457 160% Sl, 195,873
13% $238,488 $0 0% S238,488
13% $5,282,822 so 0% $5,282!1~
13% $448,823 $2,154,786 418% ($1,705,963)
13% $1,868,667 $2,741,717 128% ($873,050)
13% $3,817,807 $15,355,863 350% is 11,s38,056J
13% $3,592,580 $695 ,737 17% ! s2;896;843 ,
SlB ,508 ,967 $24 ,271,699 114% ($5,762,732)
Net Inflow/ Outflow ($5,762,732)
13% $5,798,010 $56,663,659 850% ($50,865,6 49)
13% $82,066 $206,875 219% ($124,809)
13% $210,219 $962,468 398% ($752, 249)
13% $1,212,342 $2,841,224 204% ($1,6 28,882)
13% $3,672,995 $5,774,680 137% ($2,101,685)
13% $2,697,405 $8,077,676 261% ($5,380,271)
13% $8,800,378 $20,125,930 199% jS 11,325,5 52)
$22,473 ,415 $94,652 ,512 366% ($72 ,179,097)
Net Inflow/ Outflow ($72 ,179,097)
$40,982 ,382 $118,9 24,211 252 % ($77,941 ,829)
Net Inflow/ Outflow from GAFO & Non-GAFO spending : ($77,941,829) $5,281 ,535 $8,687,418 164% $3,405,883
$11 ,881, 259 $11 ,795,077 99% $86,182
$1,770,703 so 0% $1770703
S 18,933,497 $20,482 ,495 108% ($1 ,548,998)
Net Inflow/ Outflow ($1,548,998)
$59,915 ,879 s 139 ,406,706 I 211%! ($79,490,827)
Net Inflow/ Outflow ($79,490,827)
Note: Gray [=1 = categories with spending gap
Note: Red = inflow of spending from outside the trade areo

Page 14 of 24 ends

Inflow/ Outflow
Unfulfilled
Existing Current Target Retail Spoce
Retail Retail Sales Retail Sales Outflow (SF)
S~ce jS~ j3} eer SF e!r SF ~ S 198/SF
I 2:0.5.6'
~ 67)
1 1,908
_ 42,263
(13,648)
(6,984)
[
!92,304)
23;'i751
237,301 $102 $125 (46,102)
Net Inflow/ Outflow (46,102)
(145,330)
(357)
(2,149)
(4,654)
(6,005)
(15,372)
!32,359)
288 ,128 $329 $350 (206,226)
Net Inflow/ Outflow (206,226)
525 ,429 $226 $238 (252,328)
Net Inflow/ Outflow (252,328)
I
!28,382)
14 ~! ~
211 ,187 $97 $12 0 (12,908)
Net Inflow/ Outflow (12,908)
736,616 $189 $198 (265,236)
Net Inflow/ Outflow (265,236)

T HE CONCORD GROUP
DRAFT EXHIBIT 111-2

RETAIL - DEMAND - TOTAL RETAIL SPACE
0 VILLAGE n
!"'T
JANUARY 2022 I-'
,-..J
N
0 Projected 202 1 -N
N Conditions 2021 2022 2023 2024 2025 2026 2026
I. Projected Retail Spending and Supportable Demand
Population and Income Growth:

Households - Baseline 1,925 1,952 1,979 2,007 2,035 2,064 139 % Growth 1.4% 1.4% 1.4% 1.4% 1.4%
Population - Baseline 3,96 1 4,0 11 4,061 4,11 2 4,164 4,216 255 % Growth 1.3% 1.3% 1.3% 1.3% 1.3%
Persons/ HH 2.06 2.05 2.05 2.05 2.05 2.04
Households - Uplift ( l ) 1,925 1,988 2,054 2,122 2,192 2,264 339 % Growth 3.3% 3.3% 3.3% 3.3% 3.3% 3.3%
Population - Uplift 3,961 4,086 4,214 4,347 4,483 4,625 # Growth 125 129 133 137 141 664
% Growth 3.1% 3. 1% 3.1% 3.1% 3.1%
Median Household Income $78,661 $79, 402 $80, 151 $80,906 $8 1,668 $82 ,438 Growth 0.9% 0.9% 0.9% 0.9% 0.9%
;::; Total Spending (Excluding Vehicle/ Gas/ Non -Store):
(l) Per Capita $10,346 $10,444 $10,542 $10,642 $10,742 $10,843 3 :i:t Per HH $21 ,290 $2 1,459 $21,629 $21 ,801 $2 1,974 $22,149 N
New HH Added Spending Capacity (MM) $1.3 $1.4 $1.4 $1.5 $1.5 -0
Sales/ Square Foot (1) $198 $198 $198 $198 $198 OJ
OQ
11)
Additional Supportable GLA from New HH Spend 1,n2 1 35,6261 I-' 6,562 6,832 7, 114 7,407 V,
I-'
Additional Supportable GLA from Current Gaps -7,570 -7,570 -7,570 -7,570 -1,510 1 -37,8491 0 ..... 15% Penetration of Current Spending Gaps I-' -..J w Annual SF I (445)1
(1) Household Uplift from COVID- 19 migration and anticipated developments 21690.00 Retail Demand: FutureDemandvil Page 15 of 24 THE CON CORD GROUP DRAFT EXHIBIT 111-2

RETAIL - DEMAND - CONSUMER SPENDING
0 n
;'"
I->
,-....I
N
Sp~ing Catego ry Total E-comm e rce
~~ndin-9_
GAFO (l)
Furniture
Sporting Goods/Hobby/Books
Books & Music
Department Stores
Office Supplies, Gift Stores
Electronics/Appliances
Clothing & Accessories
Other General Merchandise
GAFO Total :

Nan-GAFO
Eating & Drinking Places (Restaurants)
Florist
Used March
Other Misc. Stores
Health & Personal Care
Building/ Garden Materials
Food & Beverage (Grocery Stores)
Non-GAFO Total :

Total Exel. Vehicle/ Gas/ Non-Store:

Gas/ Motor Vehicle/ No n-Stor e
Gas Stations
Motor Vehicle
~ Non-Store Retailers 121
~ / Motor Vehicle / Non-St o re Tota l:

Tot1n
(1) ~ FO=General Merchandise, Apparel, Furniture ond Other $3,837,146
$2,769,876
$431,330
$9,914,122
$859,171
$3,804,690
$7,352,220
$6,444,582
$35,413,1 37
$10,997,877
$201,048
$403,0 38
$2,269,096
$6,9 21,107
$6,360,6 47
$15,659,105
$42,811 ,9 18
$78,225,055
$8,343,499
$20,304,909
$3,011,247
$3 1,659,655
$109,884,71 0
(2) ffl:1udes vending machine operators and direct-selling establishments (online sales) (3) ~ E-Commerce spending based on reported national average as of 402 1 US census Soula: ESRI
N
0 .....

I->
-....I w
21690 .00 Retail Demand : Gapsou
Sha re (3)
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%

SOUTH BEACH
JANUARY 2022
Consumer Seendin1
Ca~ci!l:'. (De mand )
Per Cap ita Share Actual Sales
Adjusted Sales
(A) 18)
$3,338,317 $771 5% $0
$2,409,792 $556 4% $798 ,109
$37 5,257 $87 1% $0
$8,62 5,286 $1,991 13% $0
$747,479 $173 1% $0
$3,310,080 $764 5% $2,078,244
$6,396,431 $1 ,477 9% $7,481,542
$5,606,786 $1,294 8% $695 ,737 r
$30,809 ,429 $7,112 45% $11,053,632
$9,568,153 $2,209 14% $42,4 43, 143
$174,912 $40 0% $1,032,752
$350,6 43 $81 1% $0
t $1 ,974,114 $456 3% $1 ,263 ,945
$6,02 1,363 $1,390 9% $12,3 71,381
$5,533,763 $1,277 8% $7,095, 156
$13,623,421 $3,1 45 20% $20,189,791
$37 ,246,369 $8,598 55% $84 ,396,168
$68 ,055,798 $15 ,710 100% $95,449 ,800
$8,343,499 $1 ,926 26 % $29,683,349
$20,304,909 $4,687 64 % $54,032,121
$3,01 1,247 $695 10% $8,322, 111
$31 ,659 ,655 $7,308 100% $92,037,58 1
$99,715,453 $23,018 100% $18 7,487,38 1
Note: Gray [=1 = categories with spending gap
Note: Red = inflow of spending from outside the trade oreo

Page 16 of 24 ends

Ga
$ %
IA · B}
S3,338,317 100%
S1,61 1,683 67%
$375,257 100%
SB,625,286 100%
$747,479 100%
1 231 836 37%
!$1 ,085, 111! (17%)
$4,911,049 j 88%
$19,755,79 7 64%
($32,87 4,990) (344%)
$85 7,840 (490%)
$350,643 100%
S710, 169 36%
($6,350,018) (1 05 %)
($1,561,393) (28%)
($6,566,370) (48%)
($47,149,799) (127%)
($27,394,002) (35%)
($21,339,850) (256%)
($33,727,212) (166 %)
($5,310,86 4) (176%)
($60,377,926) (1 91 %)
($87,771,928) (88%)

THE CONCORD GROUP
DRAFT
0 n .....
!-1. Consumer Spending Opportunity Gap Demand Potential ~-..J
N
0 N
N
Spending Categories
GAFO (1)
Furniture
Sporting Goods/Hobby/Books
Books & Music
Deportment Stores
Office Supplies, Gifi Stores
Electronics/Appliances
Clothing & Accessories
Other General Merchandise
GAFOTota l:

Non-GAFO
Eating & Drinking Places !Restaurants)
Florist
Used Merch
Other Misc. Stores
Heolth & Personal Core
Building/Gorden Materials
Consumer
De mand
$3,837,146
$2,769,876
$431,330
$9,914,122
$859,171
$3,804 ,690
$7,352,220
$6,444,582
$35,413 ,137
$ 10,997,877
$201,048
$403,038
$2,269,096
$6,921 ,107
$6,360,647
EXHIBIT 111-2

RETAIL - DEMAND - CURRENT OPPORTUNITY GAPS

SOUTH BEACH
JANUARY 2022
Consumer Seendin9 Inflow/ Outflow
E•commerce Actual Sales/ From Outs ide the
Share Adjusted Demand Sales Demand Market
!Al {8) !A · Bf
13% $3,338 ,317 $0
2: I
$3,338,31 7i
13% $2,409,792 $798,109 $1 ,611,683 ,
13% $375,257 $0 0% $375,25 71
13% $8,625 ,286 so 0% SB,625,286
1 13% $747,479 $0 0% $747,479 1
13% $3,310,080 $2,0 78,244 ss% l $1,231,83~
13% $6,396,431 $7,481,542 102% is 1,08s, 1111
13% $5,606,786 $695,737 11% ' $4911 049
$30,809 ,429 $11 ,053,632 31 %
Net Inflow/ Outflow
13% $9,568,153 $42,443,143 386% 1$32,874,990)
13% $17 4,912 $1,032,7 52 514% $857,8 40
13% $350,643 $0 0% $350,643
13% S 1,974,114 $1,263 ,945 56% s, 0 169
13% $6,021,363 $12,371,381 179% ($6,3 50,018)
13% $5,533 ,763 $7,095,156 112% 1s 1,561,393)
Food & Beverage (Grocery Stores) 13% S15,659, 105 ,v .. S 13,623, 42 1 $20,189,791 129% !$6,566 ,370) Non-GAFO Total:

Exel. Vehicle/ Gas/No n-Sto re Total:

Gas/Motor Vehicle/ Non-Store
Gos Stations
;:::;: Motor Vehicle
ro Other Non-Store Retailers (2)
3 Gas/ Motor Vehicle/ Non-Store Total:
# N
All Spending Categories :
~ I) GAFO= Generol Merchandise, Apparel, Fumilure ond Other $42,811,918
$78,225 ,055
$8,343,499
$20,304 ,909
$3,011, 247
$31,659,655
$109 ,884,710
~ 2} lndude s vending machine operators ond direct-selling estat>,is.hments (online sales) ~ 3 ) Estimated by % shore of consumer demand spending tolol [riou rce s: ESRI; CoStor
w
0 -......
-..J
w
21690.00 Retail Demand: CurrenlDemandsou
$37,246 ,369 $84,396 , 168 197% 1$47, 149,799)
Net Inflow/ Outflow ($47,149,799)
$68,055, 798 $95,449,800 122% 1$27,394,002 )
Net Inflow/ Outflow from GAFO & Non-GAFO spending: 1$2 7,39 4,002) $8,3 43,499 $29,683,349 356% 1$21,339,850)
$20,304,909 $54,032,121 266% 1$33,727,212)
$3 011 ,247 $8 322,111 276% ($5,310,864 )
$31 ,659,655 $92 ,037,581 291% 1$60,377,926)
Net Inflow/ Outflow 1$60,377,926)
$99,715,453 s187 ,487 ,301 I 171% ! 1$8 7,771,9 28)
Net Inflow/ Outflow ($8 7,771,9 28)
Note: Gray c:::J= categories wi1h spending gap
Note : R:ed = inflow of spending from outside the trode oreo

Page 17 ends

Existing
Retail
Space (SF) (3)
105,300
127,300
232 ,601
94,139
326 ,740
Current
Retail Sales
.e_er SF
Target
Retail Sales
.e_er SF
Inflow/ Outflow
Unfulfilled
Reta il Space
Outflow !SF)
@ $603 / SF
$105 s 125 -l - ·--. --- ,
Net Inflow/ Outflow
$663 $685
Net Inflow/ Outflow
$410 $405
Net Inflow/ Outflow
$978 $1,000
Net Inflow/ Outflow
$574 $603
Net Inflow/ Outflow
.. ~ ....... ~
147,993)
1,252)_
m;
J,~Zi
19,270)
12,279)
(9,586)
168,832)
168,832 )
89,215
89,215
121,340)
133,727)
~
160,378)
160, 378)
28,m
28,837

THE CONCORD GROUP
DRAFT EXHIBIT 111-2

RETAIL - DEMAND - TOTAL RETAIL SPACE
0 SOUTH BEACH n
;'" JANUARY 2022 1--'
,-....1
N
0 Projected 2021 -
N
N Conditions 2021 2022 2023 2024 2025 2026 2026
I. Projected Retail Spending and Supportable Demand
Population and Income Growth:

Households - Baseline 1,779 1,782 1,785 1,788 1,791 1,794 15 % Growth 0.2% 0.2 % 0 .2% 0.2% 0.2%
Population - Baseline 4,332 4,346 4,361 4,375 4,390 4,404 72 % Growth 0.3% 0 .3% 0.3 % 0.3 % 0.3%
Persons/ HH 2.44 2.44 2.44 2.45 2.45 2.45
Households - Uplift (l) 1,779 1,820 1,862 1,905 1,949 1,994 215 % Growth 2.3 % 2.3 % 2.3% 2.3% 2.3% 2.3%
Population - Uplift 4,332 4,439 4,549 4,661 4,777 4,895 # Growth 107 110 113 115 118 563
% Growth 2.5 % 2.5% 2.5% 2.5% 2.5%
Median Household Income $117 ,248 $119,965 $122 ,745 $125 ,590 $128,500 $131,4 78 Growth 2.3% 2.3% 2.3% 2.3% 2.3%
;::;: Total Spending (Excluding Vehicle/ Gas/Non -Store) :

Cl) Per Capita $15,710 $16 ,074 $16,447 $16,828 $17 ,218 $17 ,617 3 :ii: Per HH $38,255 $39,205 $40, 178 $4 1,176 $42 ,199 $43,246 N
New HH Added Spending Capacity (MM) $1.7 $1 .8 $1.9 $2.0 $2. l " Sales/ Square Foot ( l) $603 $603 $603 $603 $603 QI
OQ
Cl)
Additional Supportable GI.A from New HH Spend 3,4so 1 15,7281 1--' 2,855 2,993 3, 139 3,29 1 l.n
.i:,.

Additional Supportable GI.A from Current Gaps 2,676 2,676 2,676 2,676 2,616 1 13,3821 0 - 15% Penetrat ion of Current Spending Gaps 1--'
-...J
w Annual SF I 5,8221
(1) Household Uplift from COVID-19 migration and anticipated developments 21690.00 Retail Demand : FutureDemandsou Page 18 of 24 THE CONCORD GROUP DRAFT EXHIBIT 111-2

RETAIL - DEMAND - CONSUMER SPENDING
0 8-
1-'
~-..J
N
Sp,iing Category Total E-commerce
lJ; pending
GAFO (1)
Furniture
Sporting Goods/Hobby / Books
Books & Music
Deportment Stores
Office Supplies, Gift Stores
Electronics/ Appliances
Clothing & Accessories
Other General Merchandise
GAFO Tota l:

Non-GAFO
Eating & Drinking Places (Restaurants)
Florist
Used Merch
Other Misc. Stores
Health & Personal Care
Building/Garden Materials
Food & Beverage (Grocery Stores)
Non-GAFO Total:

Total Exel. Vehicle/Gos/Non -Store :

Gas /Motor Vehicle/ Non-Store
Gas Stations
Motor Vehicle
~ Non-Store Retailers (21
~ /Motor Vehicle/Non-Store Total:

Tot~
ill ~ FO=General Merchandise, Apparel, Furniture and Other $16,845,030
$12,094,149
$1,880,044
$43,508,654
$3,782,133
$16,356,829
$32,016,852
$28,495,216
$154,978,907
$48,121,662
$945,422
$1,754,217
$9,884,521
$30,438,925
$28,511,289
$69,034,855
$188 ,690,891
$343 ,669 ,798
$36,629,877
$90,016,810
$13,244,870
$139 ,891 ,557
$483,561 ,355
(2) 'ffl:iudes vending machine operators and direct-selling eslablishmenls (online soles) (3) µ,% E-Commerce spending bosed on reported national overage os of 4021 US census Soula: ESRI
V,
0 .....,
I-'
-..J
w
21690.00 Retail Demand: GopRL
Shore (3)
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%

RANCHO LA COSTA
JANUARY 2022
Consumer S~nding
Ca~ci!}'. (Demond)
Per Capita Shore Actual Sales
Adjusted Sales
!Al IBI
$14,655 ,17 6 $827 5% $9,204,393 I
$10,521,910 $594 4% $12,714,080
$1,635,638 $92 1% $0 I
$37,B52,529 $2,136 13% $69,674,000
$3,290,456 $186 1% $2,775,9 46
$14,230 ,441 $803 5% $10,399,049
$27,854,661 $1 ,572 9% $57,1 48,056
$24,790,838 $1,399 8% $0 I
$134 ,831 ,649 $7,609 45% $ 161 ,915,524
$41,865,846 $2,362 14% $25,490,501
$822,517 $46 0% $757,730
$1,526,169 $86 1% $148,072
$8,599,533 $485 3% $0
$26,481,865 $1,494 9% $14,151,855
$24,804,821 $1,400 8% $3,815, 257
$60,060,324 $3,389 20% $27,277,204
$164,161 ,075 $9,264 55% $71,640,619
$298 ,992 ,72 4 $ 16,872 100% $233 ,556 ,1 43
$36,629,877 $2,067 26% $14,391,978
$90,016,810 $5,080 64% $0
$13,2 44,870 $747 9% $89,769
Sl 39,891 ,557 $7,894 100% $14 ,481,747
$438 ,884 ,281 $24,766 100% $248,037,890
Note: Gray c::::J = categories with spending gap
Note: Red = inflow of spending from outside the trade area

Page 19 of 24 ends

Go1
$ %
IA · Bi
15,450,@ 37%
1s2, 192, 17ol (21%)
i l ,635,§38 100%
$31,82 1,4 71 (84%)
$514,510 · 16%
$3 831 39.2 27%
($29,293,395) (105%)
$24,790,838 l 100%
($27,083,875) (20%)
S l 6,375,345j 39%
$64,787 8%
Sl ,378,097 90%
$8,599,533 100%
$12,330,010 47%
$20,989,564 85%
$32 783 120 55%
$92,520,4 56 56%
$65,436,581 19%
$22 ,237,899 61 %
$90,016,810 100%
$ 13,155,101 99%
$125,409,8 10 90%
$190 ,846 ,391 43%

THE CONCORD GROUP
DRAFT
0 n ......
1--1- Cons umer Spending Opportunity Gap Dema nd Pote ntial ,-...J
N
0 N
N
Spendi ng Categories
GAFO (l )
Furniture
Sporting Goods/Hobby/Books
Books & Music
Deportment Stores
Office Supplies, Gift Stores
Electronics/Appliances
Clothing & Accessories
Other Genera l Merchandise
GAFO Total:

Non-GAFO
Eating & Drinking Places (Restaurants)
Florist
Used Merch
Other Misc. Stores
Health & Personal Care
Building/Garden Materials
Food & Bevera ge (Groce ry Stores)
Non-GAFO Tot~[
Exel. Vehicle/ Gos/ Non-Store Total:

Gas/ Motor Vehicle/ Non-Store
Gas Stations
;::. Motor Vehicle
(!) Other Non-Store Retailers (2)
3 Gas/ Motor Vehicle/ Non-Sto re Total:
# N
All Spen ding Categories :
~ l ) GAFO=Generof Merchandi se, Apparel, Fvmiture and Other Consumer
Demand
$16,845,030
$12,09 4,1 49
$1,880,0 44
S43,508,65 4
$3,782,133
$16,356,829
$32,01 6 ,852
$28,495, 2 16
$15 4,978,907
$48, 12 1,662
S945,422
$ 1,754,2 17
$9,884,521
$30,438,925
$28,511,28 9
$69,034 ,855
$1 SB,690,891
$343 ,669, 798
$36,629,877
$90,016,810
$13,244 ,870
$139,891 ,557
$483 ,561 ,355
O'Q(2) Includes vending mach ine operoto,s ond direct.selling estobliahments (ooline soles) ~ 3) Estimated by % shore of consumer demand spending lotal [riou rces: ESRI; CoStor
O'l
0 -I-'
-...J
w
2 1690.00 Retail Demond: CurrentDemandRL
EXHIBIT 111-2

RETAIL- DEMAND - CURRENT OPPORTUNITY GAPS

RANCHO LA COSTA
JANUARY 2022
Consumer S~nding lnRow/ Outflow
E•comme rce Actua l Sales/ From Outs ide the
Sha re Adjusted Demand Sales Deman d Market
!Al f81 IA · Bl
13% S 14,655, 176 $9,204,3 93 55% ■ $5,450,783
13% $10,521,910 $12,71 4,080 105% is2, 1n, 1101
13% $1,635,63 8 $0 0% j 1 1:635:63~
13% $37,852, 5 29 $69,674,000 160% $31,821,471
13% $3,290,456 $2,775,946 73% $5 14,510
13% $1 4,230 ,44 1 $10,399,0 49 64% $3,831,392
13% $27,8 54,661 $57,1 48,056 178% j S29,293,395 )
13% $24,790,838 $0 0% I S24,790,838,
$1 34,831,649 $161,915,524 104% ($27,083 ,875)
Net lnRow/ OutRow ($27,083 ,875 )
13% $4 1,865,8 46 $25,490,501 53% S 16,375,345
13% $822,517 $757,730 80% $64,781.
13% $ 1,526, 169 $1 48,072 8% $1,378,097.
13% $8,599,533 $0 0% $8,599,533
13% $26,481,865 $ 14,1 51,855 46% $12,330,010
13% $24,804,8 21 $3,815,2 57 13% $20,989,564
13% $60,060 ,3 24 $27,277,20 4 40% $32 783 120
$164,161,075 $71 ,640,619 38% $92,520,456
Net lnRow/ OutRow I $92,520,i~
$298,992,724 $233,556,1 43 68% $65,436 ,58 1
Net Inflow/ Outflow from GAFO & Non-GAFO spending: L l 65..Q6,s!!JJ $36,6 29,877 $1 4,391,978 39% S22,237,899
$90,016,810 so 0% $90,016, 8 10
$1 3,244,870 $89 769 1% $13 155 10 1
$139,89 1,557 $1 4,48 1,747 10%
Net lnRow/ OutRow i $12~,4!!:Y,iral
$438,884,281 su8 ,o31.a90 I 51%! $1 90,846,391
Net Inflow/ OutRow I !190, 8-46,391
Note: Gray c::::J = categories with spending gop
Note: R:ed = inflow of spending from outside the trode oreo

Page 20 ends

lnRow/ OutRa w
Unfulfilled
Existing Current Target Retail Spoce
Retail Reta il Sa les Retail Sales OutRow (SF)
Sf!!ce (S~ (3) eer SF eer SF ~ $4 13/ SF
j 4,644'
p s ,507 )
30 0501
204 ,877 $790 $825 (32,829)
Net lnRow/ OutRow (32,829)
249 ,443 $287 $3 15
Net lnRow/ OutRow 293, 716
454,319 $514 $570 260,887
Net Inflow/ OutRow 260,887
222,3791
900, l~
131,551
184,932 $78 $100 i 1,2~8'
Net Inflow/ OutRow 1,254,098
639,251 $388 $413 I l,~~Jl~i
Net Inflow/ OutRow 1,514,985

THE CONCORD GROUP
DRAFT EXHIBIT 111-2

RETAIL - DEMAND - TOTAL RETAIL SPACE
0 RANCHO LA COST A n ;'"
JANUARY 2022 .....
,-..J
N
0 Projected 2021 -N
N Conditions 2021 2022 2023 2024 2025 2026 2026
- -I. Projected Retail Spending and Supportable Demand
Population and Income Growth :

Households - Baseline 7,035 7,070 7,106 7,141 7,177 7,213 178 % Growth 0.5% 0.5% 0.5% 0.5% 0.5%
Population - Baseline 17,721 17,808 17,895 17,983 18,071 18,160 439 % Growth 0.5% 0.5% 0.5% 0.5% 0.5%
Persons/ HH 2.52 2.52 2.52 2.52 2.52 2.52
Households - Uplift (1 ) 7,035 7,109 7,184 7,259 7,336 7,413 378 % Growth 1.1% 1.1% 1.1% 1.1% 1.1 % 1.1%
Population - Uplift 17,721 17,906 18,092 18,281 18,471 18,664 # Growth 185 187 188 190 192 943
% Growth 1.0% 1.0% 1.0% 1.0% 1.0%
Median Household Income $141 ,373 $142,907 $144,458 $146 ,026 $147,611 $149 ,213 Growth 1.1% 1.1% 1.1% 1.1% 1.1%
;:::; Total Spending (Excluding Vehicle/ Gas/ Non-Store) :
(t) Per Capita $16,872 $17,055 $17,240 $17,428 $17,617 $17,808 3 # Per HH $42,501 $42,958 $43,4 19 $43,886 $44,358 $44,835 N
New HH Added Spending Capacity (MM) $3.1 $3.2 $3.3 $3.4 $3.4 -0
Sales/ Square Foot (l ) $413 $413 $413 $413 $41 3 Ill
Otl
(t)
Additional Supportable GLA from New HH Spend 7,6 18 7,781 7,947 8, 117 a,291 1 39,7541 .....

V,
-..J
Additi onal Supportable GLA from Current Gaps 7,827 7,827 7,827 7,827 1,a21 1 39, 1331 0 - 15% Penetration of Current Spending Gaps .....
-..J
(JJ
Annual SF I 15,7771
(1) Household Uplift from COVID- 19 migration and anticipated developments 21690.00 Retail Demand : FutureDemandRL Page 21 of 24 THE CONCORD GROUP DRAFT EXHIBIT 111-2

RETAIL - DEMAND - CONSUMER SPENDING
0 n
;T
r-'
,-..J
N
Sp..$ling Category Total E•comme rce
rtpending
GAFO (l)
Furniture
Sporting Goods /Habby/ Books
Books & Music
Deportment Stares
Office Supplies, Gift Stores
Electronics/ Appliances
Clothing & Accessories
Olhe r General Merchandise
GAFO Total:

Non-GAFO
Eating & Drinking Places (Restaurants)
Florist
Used Merch
Olher Misc. Stores
Health & Personal Care
Building/ Garden Materia ls
Food & Beverage (Grocery Stores)
Non-GAFO Total :

Total Exel. Vehicle/ Gas / Non-Store:

Gas/Motor Vehicle/ Non-Store
Gas Stations
Motor Vehicle
~ Non-Store Retailers 121
Ggj/ Motor Vehicle/ Non-Store Total:

Tot1u
(11 ~ FO=General Merchandise, Apparel, Furniture and Other $3,443,617
$2,456,298
$373,165
$8,852,380
$775,2 41
$3,309 , 184
$6,304,875
$5,902,906
$3 1,417 ,666
$9,738,844
$171 ,294
$353, 464
$2,05 4,333
$6,223,045
$5,840,1 60
$14,104,097
$38 ,485,237
$69,902 ,903
$7,759,6 41
$ 18,779,194
$2,585,510
$29,124,345
$99,027 ,248
(2) 'ffl:1udes vending machine operators and direct-selling esloblishments (online soles) (3) jl.% E-Commerce spending based on reported notional overage as of 4Q21 US census Sou~ : ESRI
00 0
-r-'
-..J
OJ
21690.00 Retail Demond: GapRR
Share (3)
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%
13%

ROBERTSON/ RANCHO CARLSBAD
JANUARY 2022
Ca~ci!}'. !Demand )
Consumer Spend in!
Per Capita Share Actual Sales
Adjusted Sales
!Al (BJ
$2,995,94 7 $474 5% $6,476,953
$2,136,979 $338 4% $7,538,493
$324,65 4 $51 1% $944 ,258
$7,701 ,571 $1,217 13% $0 I
$674, 460 $10 7 1% $22,779, 159
$2,87B,990 $455 5% $4,388,661
$5, 485,241 $867 9% $12,339 ,975
$5, 135,528 $812 B% $521,803 I
$2 7,333,369 $4,321 45% $54,989,302
$8,472,79 4 $1,339 14% $7,710,202 I
$1 49,026 $24 0% $275,833
$307,514 $49 1% $296,14 4 [
$1 ,787,270 $283 3% $2, 135,406
$5, 414,049 $856 9% $161,967,560
$5,080,939 $803 8% $28, 103,996
$12,270,564 $1,940 20% $1,995,757
'
$33,482,156 $5,293 55% $202 ,484,898
$60,815,526 $9,614 100% $257 ,474,200
$7,759,641 $1 ,227 27% $7,195,989
$1 8,779,1 94 $2,969 64% $1,989,512
$2,585 ,510 $409 9% $0
$29 ,124,345 $4,604 100% $9,1 85,501
$89 ,939 ,871 $14,217 100% $26 6,659 ,701
Note: Gray c:J = categories with spending gap
Note: Red = inflow of spending from outside the trade area.

Page 22 of 24 ends

Ga
$ %
(A - 8)
($3,481 ,006) (116%)
($5,401,514 ) (253 %)
!$619,604 ) (1 91%)
$7,701,57 ~ 100%
($22, 104,699) (3277 %)
(S 1,509,671 ) (52%)
($6,B54, 734) (125%)
$4,613,725 ! 90%
($27,655,933) (1 01%)
s 162,si1I 9%
(S 126,8i (85%)
$11 ,370 4%
($348,136 ) (19%)
($156,553,511 ) (2892%)
\$23,023,057 ! (453%)
$10,2 74 ,807! 84%
($169,002,742) (50 5%)
($1 96,658,67 4) (281%)
$563,652 7%
$16,789,682 89%
$2,585,510. 100%
$19 ,938 ,844 68%
($1 76,719,830) (196%)

THE CONCORD GROUP
DRAFT
0 n ,-+
t,-l . Consumer Spending Opportunity Gap Demond Potentiol ,-..J
N
0 N
N
Spending Categories
GAFO(l)
Furniture
Sporting Goods/Hobby / Books
Books & Music
Deportment Stores
Office Supplies, Gift Stores
Electronics/Appliances
Clothing & Accessories
Other General Merchandise
GAFOTotal:

Non-GAFO
Eating & Drinking Places (Restaurants)
Florist
Used Merch
Other Misc. Stores
Health & Personal Core
Building/Gorden Materials
Food & Beverage (Grocery Stores)
Non-GAFO Total:

Exel. Vehicle/ Gos/Non-Store Total:

Gos/Motor Vehicle/Non -Store
Gas Stations
;::;: Motor Vehicle
(l) Other Non-Store Retailers (2) ~ ~
3 Gos/ Motor Vehicle/ Non -Store Total:
:ti: N
All Spending Categor ies:
~ 1) GAFO= Generol Merchondise, Apparel, Furn~ure ond Othar Consumer
Demand
$3,443,617
$2,456,298
$373,165
$8,852 ,380
$775,24 1
$3,309,184
$6,304 ,875
$5,902,906
$31,417,666
$9,738,8 44
$171 ,294
$353,464
$2,054,333
$6,223,045
SS,840, 160
$14,104,097
$38,485 ,237
$69,902 ,903
$7,759,641
$18,779,194
$2,585,5 10
$29,124,345
$99,027,248
OQ(2 ) lndudes \l&nding machine operator s ond dired -selling estobtishmenls (online KIies) 53) Estimated by % shore of con sumer demand spending total ui°° rces: ESRI; CoStor
I.O
0 -h
I->
-..J w
21690.00 Retail Demond: CurrentDemondRR
EXHIBIT 111-2

RETAIL - DEMAND - CURRENT OPPORTUNITY GAPS

ROBERTSON/RANCHO CARLSBAD
JANUARY 2022
Consume r Seending Inflow/ Outflow
E•commerce Actual Sales/ From Outside the
Share Adjusted Demand Sales Demand Market
IA) (81 IA · BJ
13% $2,995,947 $6,476 ,953 188% ($3,481,006)
13% $2,136,979 $7,538,493 307% ($5,401,51 4)
13% $324 ,654 $944,258 253% !s619,6fru 13% $7,701,571 so 0% [ ~Z,701:571 13% $674,460 $22,779,159 2938% ($22,10 4,699)
13% $2,878 ,990 $4,388,661 133% ($1,509,671)
13% $5,485,241 $12,339 ,975 196% ($6,854,734)
13% $5, 135,528 $521 803 9% ! s(613 ;12sl
$27 ,333,369 $54 ,989 ,302 175% ($27,655 ,933)
Net Inflow/ Outflow ($27,655,933 )
13% $8,472,794 $7,710,202 79% L s::w:mJ
13% $149,026 $275 ,833 161% (Sl 26,8@
13% $307 ,514 $296,1 44 84% I s11,370
13% S 1,787,270 $2,135 ,406 104% ($348,136)
13% $5,4 14,049 $161,967 ,560 2603% (S 156,553,5 11)
13% $5,080,939 $28,103 ,996 481% 1s23,023,0 57J
13% $ 12,270,564 $1,995 ,757 14% ! S Hl,274;aoj_J
$33,482,156 $202,484,898 526% ($169 ,002 , 742 )
Net Inflow/ Outflow ($169 ,002 ,742 )
$60,815,526 $257 ,474,200 368% ($196 ,658,674 )
Net Inflow/ Outflow from GAFO & Non-GAFO spending: ($196 ,658,674) $7,759,641 $7,195,989 93% $563 ,65~
$18,779, 194 $1,989,512 11% $16,789,682 .
$2,585,510 $0 0% $2 585 510
S29, 124,345 $9,185,501 32% $19,938,844
Net Inflow/ Outflow i ! 19,2,38,8~
$89,939,871 s266 ,659,701 I 269%! ($1 76,719,830)
Net Inflow/ Outflow ($1 76,719,830)
Note: Gray CJ= categories with spending gcp
Note: Red = inflow of spending from outside the trade oreo

Page 23 ends

Inflow/ Outflow
Unfulfilled
Existing Current Target Retail Spoce
Retail Retail Sales Retail Sales Outflow (SF)
S~ce (S~ (3) ee r SF eer SF !!i1 $1333 / SF
(3,607)
(5,597)
I
t 42]
~
(22,906)
(1,56 4)
I

17. 103J
4 '.7811
58,474 S940 $965 (28,659)
Net Inflow/ Outflow (28 ,659)
I 268~
c-::
144
1 (1 22)
(54,931)
!
(8,0 78!
3:605
71,628 $2 ,82 7 $2 ,850 (59,299)
Net Inflow/ Outflow (59,299)
130,102 $1 ,979 $1,908 (87,958)
Net Inflow/ Outflow (87,958)
---
54,206 $169 ---$ 185
Net Inflow/ Outflow
184,308 $1,447 s 1,333 i Jf ,819.

Net Inflow/ Outflow 19,819

T HE CONCO RD GROUP
DRAFT EXHIBIT 111-2

RETAIL - DEMAND - TOTAL RETAIL SPACE
0 ROBERTSON/ RANCHO CARLSBAD n
~
JANUARY 2022 .....
~-..J
N
0 Projected 202 1 -N
N Conditions 2021 2022 2023 2024 2025 2026 2026
- -
I. Projected Retail Spending and Supportable Demand
Population and Income Growth:

Households - Baseline 2,397 2,441 2,486 2,532 2,579 2,62 7 230 % Growth 1.8% 1.8% 1.8% 1.8% 1.8%
Population - Baseline 6,326 6,453 6,583 6,715 6,850 6,988 662 % Growth 2.0% 2.0% 2.0% 2.0% 2.0%
Persons/ HH 2.64 2.64 2.65 2.65 2.66 2.66
Households - Uplift ( 1) 2,397 2,477 2,561 2,646 2,735 2,827 430 % Growth 3 .4% 3.4% 3.4% 3.4% 3.4% 3 .4%
Population - Uplift 6,326 6,549 6,779 7,018 7,264 7,520 # Growth 223 230 239 247 256 l , 194
% Growth 3.5% 3.5% 3.5% 3.5% 3.5 %
Median Household Income $ 115,867 $1 19,036 $ 122,292 $125,63 7 $129,073 $132,603 Growth 2.7% 2.7% 2.7% 2.7% 2.7%
;::::. Total Spending (Excluding Vehicle/ Gas/ Non-S tore):
(I) Per Capita $9,6 14 $9,877 $ 10,147 $ 10,424 $ 10,709 $11,002 3 =1:1: Per HH $25,372 $26, l 07 $26,863 $27,641 $28,442 $29 ,267 N
New HH Added Spending Capacity (MM) $2 .2 $2.3 $2.5 $2.6 $2.8 ""Cl
Sales/ Square Foot (l ) $1,333 $1 ,333 $1 ,333 $1,333 $1 ,333 Q) (IQ
(I)
Additional Supportable GLA from New HH Spend 1,649 1,865 2, 109 1 9,3591 ..... 1,753 1,983 O'l
0 Additional Supportable GLA from Current Gaps -2,639 -2,639 -2,639 -2,639 -2,639 1 -13 ,1941 0 - 15% Penetration of Current Spending Gaps .....
-..J
(767 )1 w Annual SF I
(1 ) Household Uplift from COVID-19 migration and anticipated developments 21690 .00 Retail Demand: FutureDemandRR Page 24 of 24 THE CONCORD GROUP DRAFT
0 ~
~
~-...J
N
0 N
N
;::.
(D
3 #
N
"'C
Q)
(JQ
(D
~
en
~
0 -~
-...J
w
Newport Beach
369 San Miguel Dr, #265
Newport Beach , CA 92660
(949) 717-6450
Atlanta
Los Angeles
10000 Wa shingt o n Blvd, #7113
Culver City, CA 90232
(949) 717-6450
Austin
San Francisco
251 Kearn y Sr, 6th Floo r
Sa n Fra ncisco, CA 94108
(415 ) 397-5490
725 Ponce De Leon Ave, #315
Atlanta , GA 30306
201 W 5th St, 11th Floo r #21
Austin , TX 78701
(404) 879-5000 (512) 287-4530
122
GUIDE
Oct. 17, 2022

ECONOMIC DEVELOPMENT

STRATEGIC ACTION PLAN
Attachmen t C
2022
C cityof
Carlsbad
Item #2 Page 162 of 173
,,,,
The Economic Development Strategic Plan is a roadmap that will guide the City's economic development activities for the next five years. The Strategy comes at a critical time for the City and the community. Given the pandemic, subsequent recovery, market pressures, and international conflict, it is more important than ever to Identify Carlsbad's economic development strategies and to prepare for future challenges. The Strategic Plan provides flexible and agile guidance for Carlsbad to address City Council's goal of economic vitality: fostering a vibrant community.

This Economic Developmen t Act ion Plan accompa nies the Strategic Plan as a guide for the tact ical act ions that will bui ld toward achiev ing t he ove rarchi ng goa ls and objectives in the Strategic Plan. The Action Plan wil l allow the City to strateg ically repr ioriti ze or realign strategies if priorities shift t hroughout the tenure of the Strategic Plan.

While the Innovation and Economic Development Department (l&ED) is the lead on these efforts, economic development is co llaborative, and is not limi ted to one department, group, or organization. The Strategy and Action Plan thoughtfully involves multip le City departments, loca l and regional partners, workforce and talent, residents, and the broad and diverse businesses that support the community.

As such , the Action Plan is intended to assist the City in aligning its program prior iti es to match the market opportunities identified in the Strategic Plan. While the Act ion Plan assigns t imeframes to each tactica l action, it does not make staffing recommendat ions regarding the impleme ntation of these programs. l&ED is a small, but mighty department, however, with its limited economic development staff, it may not be possible to implement all of the proposed actions without additional staff and resources.

The Action Plan assumes that new act ivities and programs would be phased in over severa l years and acknowledges that many of the proposed tactics involve act ivities that the City is already undertaking .

The City of Carlsbad believes in transparency and accountabi lit y, and as such, staff will regular ly update the Economic Developme nt Subcommittee on the progress made on the goals and objectives in the Strategic and Act ion Plans.

I 2 I ciR-%Ft7Al~o ECONOMIC DEVELOPMENT STRATEG IC ACTION PLAN Item #2 Page 163 of 173 City of Carlsbad Economic Development
Strategic Plan Goals
GOAL 1: Support Small Businesses,
Startups & Entrepreneurs
Support Small Businesses, Startups &
Entrepreneurs in partnership with loca l and
regional collaborators, supporting the long-term
viability of entrepreneurs and sma ll businesses in
Carlsbad.

GOAL 2: Develop Workforce
and Attract Talent
Develop and attract workers and talent by
providing skills, resources, and support for
current and future jobs.

GOAL 3: Grow and Support
Key Industries
Grow and support key industries by providing
and creating resources for these industries to
thrive in Carlsbad's economy.

GOAL 4: Encourage Placemaking
and Engagement
Enco urage a sense of connection in our
commun ity by bui ldi ng upon our successes and
promoting access to economic development
resources and opportunities.

Oct. 17, 2022 CITY OF CARLSBAD ECONOMIC DEV EL18i!¾tf~ T STR£~c1-§t-R6J ~AN I 3 I Goal 1: Support Small Businesses , Startups & Entrepreneurs in partnership with local and regional collaborators, supporting the long-term viability of entrepreneurs and small businesses in Carlsbad.

Objective Strategic Action Priority Year Cost Lead Deliverable KPI Objective 1.1: Strategic Action 1.1.1: Celebrate staffs role High Year1 $ l&ED Everyone is Percentage Educate the public in economic development of Carlsbad and Economic increase in on the permitting and continue to educate on how their work can Development customers rating entitlement process lead to success and economic health in training service as good and provide City staff the City. or excellent
with the knowledge
and resources they Strategic Action 1.1.2: Continually High Ongoing $ CD Audit of Percentage need to provide such review the planning application and procedures increase in information permitting procedures to identify process customers rating improvements. service as good
or excellent
Objective 1.2: Strategic Action 1.2.1: Evaluate creation of Medium Year 3 $$ CD Consolidate Percentage of Provide a positive a one stop shop permit center that allows digital participants that customer service customers to access resources related to resources; rate programs as experience during the the permitting process in one location. Conduct good or excellent permitting process. assessment of
physical space
Strategic Action 1.2.2: Continue the High Year 1 $$ CD Number of Percentage implementation of the Customer Self online permits increase Service program within the permitting available in online application system, Energov, to increase applications
the number of applications available online.

Strategic Action 1.2.3: Increase ability High Year3 $$ CD Number of Percentage for customers to track the status of their online permits increase projects online. available in online
applications
Strategic Action 1.2.4: Promote the High Year1 $ CD Pre-app Percentage pre-application program to help identify information on increase in pre- major issues early in the entitlement website and application process. bulletin
Strategic Action 1.2.5: Enhance the Medium Year2 $ l&ED Create bulletins Percentage Welcome to Carlsbad Program for new with resource increase in businesses by providing information information customers rating and resources on the pre-application service as good
program, permitting process, and business or excellent
resources.

Strategic Action 1.2.6: Create an option Medium Year4 $ CD Creation Number of for applicants to request project resolution of project applicants that issue meetings to resolve high priority, resolution team rate service as time-sensitive issues with senior level good or excellent Development Services staff.

Strategic Action 1.2. 7: Evaluate a potential Low Year 5 $ CD Identify priority Percent economic development priority project projects; decrease in designation for planning and permitting Identify options permitting review review that could included expedited to expedite process review, enhanced communication and/or
other allowances.

I 4 I Cl,q,c6Fl7A~~D ECONOMIC DEVELOPMENT STRATEGIC ACTION PLAN Item #2 Page 165 of 173 Objective Strategic Action Priority Year Cost Lead Deliverable KPI Objective 1.2: StrategicAction 1.2.8: Create a program Low Year4 $ l&ED Creation Percentage Continued to give planning and building staff better of training increase in insight into operations in key industries, program customers rating thereby giving a better understanding of service as good development need. or excellent
Strategic Action 1.2.9: Evaluate potential Medium Year4 $$ CD Identify Percentage solutions to give a clearer understanding of and create increase in zoning prior to submittal. (Open Counter) educational customers rating resrouces service as good
or excellent
Strategic Action 1.2.10: Utilizing Energov, Medium Year1 $ CD Establish Percentage track turnaround times for planning current decrease in turn applications and permits to identify areas to turnaround around times increase efficiency. times; Identify
targets
Objective 1.3: Strategic Action 1.3.1: Create Small Medium Year 2 $ l&ED Partner with Percentage of Empower small Business and Entrepreneur Symposium on business participants that businesses and basic and critical issues for small business organizations rate event as entrepreneurs with owners. Topics could include marketing, to create good or great resources they need social media, finance, human resources, Symposium to be successful in access to capital, technology, and more.

Carlsbad
Strategic Action 1.3.2: Partner with Low Mid $ l&ED Create shop Number of business organizations to develop a shop local program participants local initiative to encourage patronage at
Carlsbad businesses.

StrategicAction 1.3.3: Expand partnerships Medium Year2 $ l&ED Identify Percentage with entrepreneur support organizations entrepreneur increase in and regional business partners to connect support number of entrepreneurs with resources, networks, organizations entrepreneurs and capital.

Strategic Action 1.3.4: In partnership with Medium Year2 $ l&ED Hold Open Percentage of the local business organizations, hold House event participants that a Carlsbad Employer Open House to rate event as
showcase local businesses and connect good or great
them with potential employees.

Strategic Action 1.3.5: Develop a Small Medium Year 3 $ l&ED Identify / add Percentage of Business Liaison Program that includes staff person small businesses a dedicated liaison to resolve issues with to manage rating program the small business and entrepreneur program as good or
community. excellent
Oct. 17, 2022 CITY OF CARLSBAD ECONOMIC DEVEL1c~ t~ srnR~c1§e-Rl,lt>2AN I 5 I Objective Strategic Action Priority Year Cost Lead Deliverable KPI Objective 1.4: Strategic Action 1.4.1: Through a data Low Year4 $ CD Identify Percentage Embrace the driven approach, consider additional outdated increase in changing nature of flexibility in the development code to allow planning customers rating work and what that for more agility as business trends change. practices and service as good may look like for codes or excellent
Carlsbad businesses
Strategic Action 1.4.2: Evaluate sign age Low Year 3 $ CD Identify Percentage requirements for businesses. potential decrease in
outdated number of
signage complaints
practices and
codes
Objective 1.5: Strategic Action 1.5.1: Partner with the Medium Year2 $ l&ED Create Percentage Increase engagement Employer Assistance and Resource partnership increase in and support for Network on Disability Inclusion (EARN) number of women, minority, to create resources for disabled-owned disabled-owned veteran, disabled- businesses. businesses
owned businesses assisted
Strategic Action 1.5.2: In conjunction with Medium Year2 $ l&ED Creation of Percentage regional partners such as SBA. SCORE, additional increase in and SBDC, offer trainings specifically trainings attendance; geared towards supporting women, percentage of
minority, veteran, and disabled-owned participants that businesses. rate programs as
good or excellent
Strategic Action 1.5.3: Celebrate women, High Year1 $ l&ED Creation Percentage minority, veteran, and disabled-owned of events increase in businesses by acknowledging and creating promoting number of events around: Women's Small Business inclusivity minority owned Month, Veterans Small Business Week, businesses
Small Business Week, Black Business celebrated
Month, Hispanic Heritage Month, etc. publicly
I 6 1 c1,q,c61=1c?'.t1.l~o ECO NOMIC DEVELOPMENT STRATEGIC ACTION PLA N Item #2 Page 167 of 173 Goal 2: Develop and attract workers and talent by providing skills, resources, and support for current and future jobs.

Objective Strategic Action Priority Year Cost Lead Deliverable KPI Objective 2.1: Strategic Action 2.1.1: Enhance Life In High Year1 $ l&ED Identify Percentage Enhance workforce Action to incorporate partnerships with additional increase in training and talent hospitality, tourism, and entertainment companies participation of attraction resources sectors. from key key sectors
to support Carlsbad's sectors to
key industries incorporate
by partnering
with K-12 school Strategic Action 2.1.2: Collaborate with Medium Year 2 $$ l&ED Number of Percentage districts, regional regional partners such as SOCAL, Mira regional increase in higher educational Costa College, TCI, and local businesses partners; local students institutions, and for workforce training for middle school, Number of employed in regional cities high school, post-secondary students, and students local jobs to support talent transitioning adults.
development and
linkages with key Strategic Action 2.1.3: Enhance and Medium Year1 $ LIB Number of Percentage industries promote educational workshops provided P&R educational increase in by the Library, Parks and Recreation workshops number of and other resources that provide skill participants in
development to Carlsbad's workforce. City programs
Strategic Action 2.1.4: Partner with K-12, High Year3 $ l&ED Number of Percentage school districts, and higher education K-12 schools increase in institutions to enhance their existing partnered with local students programs that provide technical and soft employed in
skills to entry level employees. local jobs
Strategic Action 2.1.5: Facilitate High Year3 $ l&ED Number of Percentage partnerships between Carlsbad's partnerships increase in businesses and education partners local students
to identify skills necessary to obtain employed in
employment in high wage industries. local jobs
Objective 2.2: Create Strategic Action 2.2.1: Conduct initial study Medium Year 1 $$ IT lniital study Percentage a more connected for outdoor Wi-Fi at City facilities and other completed increase of City and capitalize on critical areas for the public. available outdoor existing digital tools to wi-fi locations
promote digital equity
Strategic Action 2.2.2: Promote the City's High Year 1 $$ COM Number of Percentage existing digital tools to connect residents, promotions increase of businesses, and tourists to resources the residents and City offers. businesses with
access to high
speed internet
Oct. 17, 2022 CITY OF CARLSBAD ECONOMIC DEvE L\,P1ltU~ srn.!'~c1§~i96J~ AN I 7 1 Objective Strategic Action Priority Year Cost Lead Deliverable KPI Objective 2.3: Through Strategic Action 2.3.1 Evaluate Medium Year 1 $$$ HOUSE Number of Percentage the implementation of partnership with local businesses to businesses increase in the Housing Element enhance the current Down Payment participating; down payment programs, address Assistance Program. Number of assistance housing issues while residents provided
promoting economic participating in
vitality by providing the Down Payment
workforce additional Assistance
housing opportunities to Program
be able to both live and
work in Carlsbad
Objective 2.4: Through Strategic Action 2.4.1: Evaluate High Year 1 $$$ ES Conduct Percentage the implementation of micro-mobility options to make feasibility increase in the Sustainable Mobility Carlsbad more connected and studies of public transit Plan programs, mindfully accessible. micro-mobility riders create opportunities to options
promote economic vitality
by providing the Carlsbad
workforce additional
mobility options
1 s I c 1tfCbi=l7.a.~~ D ECONOM IC DEVELOPMENT STRATEGIC ACTION PLAN Item #2 Page 169 of 173 Goal 3: Grow and support key industries by providing and creating resources for the se industries to thrive in Carlsbad's economy .

Objective Strategic Action Priority Year Cost Lead Deliverable KPI Objective 3.1: Strategic Action 3.1. 1: Evaluate micro- High Year1 $$$ ES Identify and Percentage Evaluate opportunities mobility options in the Village and coastline evaluate micro- increase in to improve mobility for to make Carlsbad more connected and mobility options number of visitors, residents, and accessible. people utilizing
the workforce. public transit
Strategic Action 3.1.2: Use data to identify High Year3 $$$ l&ED Identify and Percentage specific mobility issues and select projects ES evaluate micro- increase in from the City's Sustainable Mobility Plan mobility options number of that will result in a higher quality of life for people utilizing Carlsbad residents. public transit
Objective 3.2: Strategic Action 3.2.1: Use business data Medium Year 1 $ l&ED Continue Number of Connect businesses and recent business survey to assess and to survey businesses that in key sectors with engage with industry clusters to develop businesses have expanded data and resources support for their expansion, attraction, and bi-annually or relocated they need to thrive in retention.

Carlsbad.

Strategic Action 3.2.2: Utilize partnership Medium Year2 $ l&ED Continue Number of with Innovate 78 to connect Carlsbad Innovate 78 businesses businesses with regional resources. Partnership connected to regional
resources
Objective 3.3: Assist Strategic Action 3.3.1: Promote the City's Medium Year1 $ l&ED Creation of Percentage businesses in growing business locator website to businesses promotional increase in industries or sectors, looking to move to Carlsbad, developers, materials number of such as health care, brokers, and investors. businesses life sciences, and the utilizing locator.
innovation economy,
which are looking to Strategic Action 3.3.2: Host industry Medium Year3 $ !&ED Host events Percentage relocate or expand in advisory groups with leaders in key of participants Carlsbad. business clusters, with a specific emphasis rating program on the innovation economy. as good or
excellent.

Strategic Action 3.3.3: Host commercial Medium Year3 $ !&ED Host events Percentage real estate forums to create connections of participants with resources. rating program
as good or
excellent.

Objective 3.4: Strategic Action 3.4.1: Continue to support High Year1 $ !&ED Continue Percentage Support the needs of Carlsbad business organizations that regular increase in our residents while maintain the tourism economy in Carlsbad. meetings tourism revenue balancing the needs with business
of our businesses in organizations
tourism, hospitality,
and entertainment. Strategic Action 3.4.2: Partner with High Year4 $ !&ED Develop Number of local universities and colleges to create partnerships connections workforce development opportunities in that result in
the hospitality, tourism, and entertainment employment
sectors.

Oct. 17, 2022 CITY OF CARLSBAD ECONOMIC DEVE Llo~U~T srn.f~c:1-Ze-RliJ~AN I 9 I Goal 4: Encourage a sense of connection in our community by building upon our successes and promot- ing access to economic development resources and opportunities .

Objective Strategic Action Priority Year Cost Lead Deliverable KPI Objective 4.1: Build Strategic Action 4.1.1: Develop a Medium Year3 $ l&ED Develop Comm Percentage upon the successes communications plan specific towards COM Plan increase in of the communication economic development efforts and businesses efforts in the City celebrating the business community with reached to promote the consistent and cohesive messaging.

City's economic
development Strategic Action 4.1.2: Incorporate business High Year 1 $ l&ED Incorporate Percentage programs. and economic development activities into COM business increase in the weekly City Manager newsletter, City activities into businesses calendar, and social media to foster a newsletter reached sense of pride in local businesses.

Strategic Action 4.1.3: Consider developing Low Year 3 $ l&ED Creation of ED Percentage a separate economic development COM newsletter increase in newsletter focused on business and businesses
workforce development resources. reached
Strategic Action: 4.1.4: Update Economic High Year 1 $ l&ED Update Percentage Development website and Doing Business websites increase in in Carlsbad website to include links to businesses
programs and regional partners and reached
resources.

Strategic Action 4.1.5: Expand the opt-in Low Year4 $ IT Evaluate Percentage text messaging system related to economic feasibility of increase in development and other City activities. expanding participants system
Strategic Action 4.1.6: Develop a business Medium Year2 $ l&ED Develop Number of spotlight program to highlight local spotlight businesses businesses. program highlighted
Strategic Action 4.1. 7: Develop and High Year2 $ CD Develop Percentage promote bulletins and flow charts for bulletins and increase in common permitting application types. flow charts rating permitting experience ad
good or excellent
Strategic Action 4.1.8: Develop and High Year3 $ COM Creation of Decrease in promote 'how to' videos for select CD videos number of
permitting processes. complaints
Strategic Action 4.1.9: Create a digital Medium Year 3 $ l&ED Creation of Percentage library of free business resources. COM digital library increase in numberof users
accessing
information
Strategic Action 4.1.10: Create a How to do High Year 2 $ l&ED Creation of Percentage Business Guide to assist small businesses Guide increase in and entrepreneurs in opening a business in rating permitting Carlsbad. experience ad
good or excellent
I 10 I c1<?f ti~t¼i Q~~AD ECONOMIC DEVELOPMENT STRATEGIC ACTION PLAN Item #2 Page 171 of 173 Objective Strategic Action Priority Year Cost Lead Deliverable KPI Objective 4.2: Strategic Action 4.2.1: Partner with local Medium Years $ COM Increase Percentage Enhance placemaking businesses to participate in and promote awareness of businesses opportunities to the City's volunteer program to activate of volunteer participating strengthen the public spaces and foster a sense of program connection between connection.
people and the places
they share. Strategic Action 4.2.2: Provide a digital Low Year4 $ COM Creation of Percentage platform for local businesses to promote platform of businesses their volunteer opportunities, such as beach participating cleanups.

Strategic Action 4.2.3: Utilize the City's High Year1 $ COM Increase Percentage social media platforms to showcase engagement increase in Carlsbad's sense of place and community. on social media the number of platforms Carlsbad tags in
social media
Strategic Action 4.2.4: Consider expanding Medium Year2 $ COM Evaluate Percentage the City's social media footprint into additional increase in additional platforms, such as TikTok, to social media social media target different segments of the Carlsbad platforms engagement population.

Objective 4.3: Strategic Action 4.3.1: Continue to Medium Year2 $$ LIB Evaluate Percentage Leverage city-owned celebrate local artists by enhancing the options to increase of assets and right of City's Public Art Collection. enhance number of artists way to create a sense program celebrated
of place
Strategic ~ction 4.3.2: Expand the City's Medium Year3 $$$ PW Evaluate Percentage parklet program to create additional options increase in green space and community gathering to create square footage opportunities. additional of parklet sapce
green space
Strategic Action 4.3.3: Partner with local Medium Year2 $$ l&ED Determine Percentage business organizations to implement locations and increase in placemaking strategies such as holiday options number of lighting and a banner program to enhance visitors to
the sense of place and community. identified areas
Oct. 17, 2022
I 12 I c1<?f16~t1A~Q~~ AD ECO NOMIC DEVELOPME NT STRATEGIC ACTION PLA N C cityof
Carlsbad
Item #2 Page 173 of 173

ECONOMIC DEVELOPMENT STRATEGIC PLAN
UPDATE
Recommendation: Receive an informational report regarding the Economic Development Strategic Plan, discuss and provide a recommendation to adopt the strategic plan.

Item 2

Economic
Development Strategic
Plan
Economic Development
Subcommittee
October 17, 2022

Methodology Market Study
Findings
Strategic Plan
Goals & Objectives
Action Plan
Highlights
Next Steps
Agenda
Methodology
Resident &
Workforce
Outreach
Business
Engagement Market Study SWOT Analysis
Identify Goals
and Strategic
Objectives
City Staff
Feedback
Subcommittee
Feedback
Create and
Adopt Strategic
Plan

Market Study
Key Findings
• High Paying Industries: Life Sciences, Technology,
Cleantech
• Inflow of Residents from LA and SF
• Outflow to Riverside County
• Key Industries - Pandemic Employment Decline
• High Share of Class A Office Space in North County
• Downtown SD: Threat to Attract Talent and Companies
• High Job to Labor Ratio
• Relatively Affordable Office and Flex Spaces Rents

Strategic Plan Overview
Economic Development Strategic Plan
• Methodology
• Market Study
• Community Engagement
• City Profile
• Goals
• Where We Excel
• Challenges We Face
• Opportunities for Growth
• Objectives
Strategic Action Plan
• Objectives
• Strategic Actions
• Priority
• Year
• Cost
• Lead
• Deliverable
• KPI

City of Carlsbad Econom 1ic Developm 1ent
Strategic Plan Goals
G
1 0AL 1: Support Small Businesses,
Startups & Entrepreneurs
Support Small Businesses, Startups &
Entrepreneurs in partnership with local and
regional collaborators, supporting the long-term
viability of entrepreneurs and small businesses in
Carlsbad.

GOAL 2: Develop Workforce
and Attract Talent
Develop and attract workers and talent by
providing skills, resources, and support for
current and future jobs.
-
G
1 0AL 3: Grow and Support
Key !Industries
Grow and support key industries by providing
and creating resources for these industries to
thrive in Carlsbad's economy.

G
1 0AL 4: Encourage IPlacemaking
and Engagement
Encourage a sense of connection in our
community by building upon our successes and
promoting access to economic development
resources and opportunities.

Goal 1: Support
Small Businesses,
Startups, &
Entrepreneurs
Support small businesses, startups &
entrepreneurs in partnership with local
and regional collaborators, supporting the
long-term viability of entrepreneurs and
small businesses in Carlsbad.

Goa 1 Objectives
1I.l: Educate the public on the permitting and
entitlement process and provide City staff
with knowledge and resources to work with
businesses and provide such information

11.2: Improve customer service experience during
the penmitting process

1.3: Empower s1mall businesses and entrepreneurs
with resources they need to be successful in
Carlsbad

11.4: Embrace the changing nature of work and what
that may look like for Carlsbad businesses
1I.S: Increase engagement and support for women,
minority, veteran, and disabled-own businesses
-----------=
Goal 1 Strategic Action Highlights
Economic
Development
Training
Carlsbad
Employer
Open House
Small Business
Liaison
Program
Celebrate
Diversity in
Businesses
Promote Pre-
Application
Program
Increase
Online Access
for Permit
Center
One Stop
Permit Center
Audit Planning
& Permitting
Procedures
Project Issue
Resolution
Meetings
Small Business
&
Entrepreneur
Symposium
Goal 2: Develop
and Attract
Workers & Talent
Develop and attract workers and talent
by providing skills, resources, and
support for current and future jobs.

Goa ll 2 ,Qlbjectives
.2.1: Enhance workforce training and talent
attraction resources to support Carlsbad's
key industries by partnering with K-12
school districts, regional higher educational
institutions, and other cities in the region to
support talent development and linkages with
key industries
.2.2: Create a more connected City and capitalize on
existing digital tools to promote digital equity

2.3: Through the imple 1mentation of the Housing
Element programs, address housing issues
while pro 1moting economic vitality by providing
the workforce additional housing opportunities
to be able to both live and work in Carlsbad

2.4:Through the imple 1mentation of the Sustainable
Mobility Plan programs, mindfully create
opportunities to promote economic vitality by
providing the Carlsbad workforce additional
mobility options
---
--------=
Goal 2 Strategic Action Highlights
Life In Action
Workforce
Training
Opportunities
Micro-
Mobility
Promote City
Digital Tools
Partner with
Higher
Education
Goal 3: Grow &
Support Our Key
Industries
Grow and support key industries by
providing and creating resources for
these industries to thrive in Carlsbad’s
economy.

Goal 3 Olbjective ,s

3.1: Evaluate opportunities to i1mprove 1mobility for
visitors, residents, and workers

3.2: Connect businesses in key sectors with data
and resources they need to thrive in Carlsbad

3.3: Assist businesses in growing industries such as
tech, life sciences, cleantech, sports inno,vatio ,n
& design, and ho,spitality & tourism, a1mo,ng
others, which are lo,oking to, relo ,cate or expand
in Carlsbad

3.4: Balance support between the needs of
residents and businesses in ho,spitality &
touris 1m, and entertainment
.......,,,,.
--------=
Goal 3 Strategic Action Highlights
Micro-Mobility
Support
Business
Organizations
Advisory
Groups and
Forums
Innovate 78
Data Driven
Business
Attraction &
Retention
Goal 4:

Encourage
Placemaking &
Engagement
Encourage a sense of connection in our
community by building upon our
successes and promoting access to
economic development resources and
opportunities.

Goal 4 Obje,ctives

4.·1: Build upon the successes o,f the communication
efforts in the City to pro1mote the CityJs
econo ,mic development programs

4.,2:: Enhance physical 1placemaking opportunities to,
strengthen the co,nnection between 1people and
the 1places they share

4.3 :: Leverage City-o ,wned assets and right of way to create a sense of place
.......,,,,.
--------=
Goal 4 Strategic Action Highlights
City Manager
Newsletter
How To Videos
How to Do
Business
Guide
Social Media
and Sense of
Place
Update Econ
Dev Website
Next Steps
Feedback City Council
Review
Finalize
Plan
Feedback &
Discussion

Economic Development SubcommitteeOctober 17, 2022

Economic Development Subcommittee
October 17, 2022