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EXHIBIT I-5BMACRO MARKET METRICS - OCCUPANCY AND RENTSORANGE COUNTY2000 THROUGH THIRD QUARTER 20173Q14 3Q14 0ValuesHistoricalAnnual Average1-Yearin 000s2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 5-Yr 10-Yr 15-Yr 3Q16 3Q17Job GrowthOrange County3.2% 1.8% -0.7% 1.9% 2.0% 2.4% 1.9% -0.2% -2.0% -7.1% -1.2% 1.2% 2.7% 2.7% 2.3% 3.2% 2.3%Asking Rent ($)Santa Ana 974 1,034 1,055 1,070 1,0921,142 1,235 1,315 1,336 1,282 1,246 1,267 1,307 1,376 1,450 1,544 1,6291,653 1,700Gr/Yr6.1% 2.0% 1.4% 2.1% 4.6% 8.2% 6.4% 1.6% -4.1% -2.8% 1.7% 3.2% 5.2% 5.4% 6.4% 12.4% 5.2% 2.8% 3.1% Y/Y: 2.8%CMA1,114 1,168 1,184 1,200 1,234 1,3021,424 1,518 1,562 1,502 1,466 1,475 1,519 1,585 1,667 1,773 1,8701,895 1,957Gr/Yr4.8% 1.4% 1.4% 2.9% 5.5% 9.3% 6.7% 2.9% -3.8% -2.4% 0.7% 2.9% 4.3% 5.2% 6.4% 12.2% 4.9% 2.8% 3.2% Y/Y: 3.3%Orange County 1,104 1,168 1,190 1,2071,241 1,309 1,399 1,484 1,520 1,457 1,430 1,451 1,502 1,569 1,651 1,751 1,8441,865 1,923Gr/Yr5.8% 1.9% 1.4% 2.8% 5.5% 6.9% 6.1% 2.4% -4.1% -1.9% 1.5% 3.5% 4.5% 5.2% 6.1% 11.7% 4.9% 2.8% 3.1% Y/Y: 3.1%Asking Rent (PSF)Santa Ana $1.20 $1.27 $1.29 $1.31 $1.34 $1.40$1.50 $1.58 $1.61 $1.54 $1.50 $1.53 $1.57 $1.64 $1.74 $1.84 $1.945.0% 2.6% 2.9% $1.97 $2.03CMA $1.28 $1.34 $1.36 $1.37 $1.41$1.49 $1.62 $1.71 $1.76 $1.69 $1.65 $1.66 $1.70 $1.78 $1.87 $1.98 $2.09 4.8% 2.6% 3.0% $2.12 $2.19Orange County $1.29 $1.36 $1.39 $1.41 $1.45$1.53 $1.63 $1.73 $1.76 $1.69 $1.66 $1.68 $1.74 $1.81 $1.90 $2.01 $2.12 4.7% 2.7% 3.0% $2.14 $2.21OccupancySanta Ana97% 97% 96% 96% 96% 96% 96% 96% 95% 94% 95% 95% 95% 96% 95% 96% 96% 96% 95% 96% 96% 97%CMA97% 96% 96% 96% 96% 96% 95% 95% 94% 93% 94% 95% 95% 96% 95% 96% 96% 95% 95% 95% 96% 96%Orange County97% 96% 95% 95% 95% 95% 96% 95% 94% 93% 94% 94% 94% 95% 95% 95% 96% 95% 95% 95% 96% 95%Source: Jobs - BLS; Apartment - CoStar (for all market rate projects of 10-units or more)-8%-4%0%4%8%12%16%2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 3Q17Rent Growth (bar) and Job Growth (line)Orange County (left axis)CMASanta AnaOrange County Job GrowthThe CMA has seen strong rent growth in recent years as the economy strengthens. In 2016 rental rates in the CMA increased by over 12% ($97). Additionally, 2016 nominal and per square foot rents exceed prior 2008 peak's rents.17590.00 Macro: RentThe Concord Group2-262
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