2. P LEASE IDENTIFY YOUR PRIMARY MARKET AFFILIATION . Primary Market - PowerPoint PPT Presentation

G AZARIAN CENTER REAL ESTATE SENTIMENT INDEX REPORT SPRING 2013 J. Andrew Hansz, Ph.D. CFA, MAI Director, Gazarian Real Estate Center Professor, Department of Finance and Business Law University Business Center / Craig School of Business 5245 North Backer Avenue M/S PB7 Fresno, California 93740-8001 559-325-4732 hansz@gazarian.info www.gazarian.info

1. P LEASE IDENTIFY YOUR PRIMARY F RESNO REAL ESTATE ACTIVITY . (P LEASE SELECT ONE ) Primary Fresno Real Estate Activity Spring 2013 n=168 Professional - broker / sales Professional - appraiser Consumer - homeowner Lending None of the above. Please explain below. Professional - property management Professional - law Investing Entrepreneurial (Developing) Consumer - commercial property Consumer - agriculture property Professional - consultant Professional - architect Governing Consumer - industrial property Successor entrepreneurial Professional - civil engineer 0% 5% 10% 15% 20% 25%

2. P LEASE IDENTIFY YOUR PRIMARY MARKET AFFILIATION . Primary Market Affiliation Spring 2013 n=168 Single-family residential Agricultural Office Multi-family residential Land Industrial Retail 0% 5% 10% 15% 20% 25% 30% 35% 40% 45%

3 & 4. P LEASE INDICATE YOUR ESTIMATE OF THE CURRENT AND 6 MONTH PROJECTED CYCLE STAGES FOR THE FOLLOWING F RESNO REAL ESTATE MARKET SEGMENTS . Present and 6 Month Projected Cycle Stages Spring 2013 n=168 Overall Agricultural Industrial Land Present 6 Month Projection Multi-family residential Office Retail Single-family residential Decline Mild Decline Stable Mild Growth Growth

5 & 6. P LEASE RATE YOUR CURRENT AND 6 MONTH PROJECTED SENTIMENT LEVELS FOR THE FOLLOWING F RESNO REAL ESTATE MARKET SEGMENTS . Present and 6 Month Projected Sentiment Indices Spring 2013 n=168 Overall Agricultural Industrial Land Present Multi-family residential 6 Month Projection Office Retail Single-family residential Negative Mild Negative Neutral Mild Positive Positive

7. O VER THE NEXT 6 MONTHS , WHICH F RESNO REAL ESTATE PROPERTY TYPE HAS THE BEST INVESTMENT POTENTIAL ? Best Investment Potential Spring 2013 n=168 Agricultural Single-family residential Multi-family residential Land Series1 Retail Industrial Office 0% 5% 10% 15% 20% 25% 30%

8 A . P LEASE INDICATE IF YOU LEASE OR OWN YOUR SPACE Lease or Own Space Spring 2013 n=168 Single-family residential Retail Office % Own Multi-family residential % Lease Land Industrial Agricultural 0% 20% 40% 60% 80% 100% 120%

8 B . I NDICATE IF YOU PLAN TO EXPAND OR CONTRACT YOUR REAL ESTATE SPACE Real Estate Space Usage Changes Spring 2013 n=168 Single-family residential Retail Office % Expand Multi-family residential % Contract % No Change Land Industrial Agricultural 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

9. O VER THE NEXT SIX MONTHS , WHAT IS YOUR EXPECTATION FOR THE CHANGE IN SINGLE - FAMILY RESIDENTIAL MORTGAGE INTEREST RATES ? Expectation of Residential Mortgage Interest Rates n=168 Increasing No Change Decreasing 0% 10% 20% 30% 40% 50% 60%