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PS Business Parks Inc/CA – ‘10-Q’ for 9/30/16 – ‘EX-101.LAB’

On:  Friday, 10/28/16, at 3:34pm ET   ·   For:  9/30/16   ·   Accession #:  866368-16-51   ·   File #:  1-10709

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  As Of               Filer                 Filing    For·On·As Docs:Size

10/28/16  PS Business Parks Inc/CA          10-Q        9/30/16   59:7.1M

Quarterly Report   —   Form 10-Q   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    948K 
 2: EX-10.1     Material Contract                                   HTML     92K 
 3: EX-12       Statement re: Computation of Ratios                 HTML    114K 
 4: EX-31.1     Certification -- §302 - SOA'02                      HTML     26K 
 5: EX-31.2     Certification -- §302 - SOA'02                      HTML     27K 
 6: EX-32.1     Certification -- §906 - SOA'02                      HTML     22K 
13: R1          Document And Entity Information                     HTML     36K 
14: R2          Consolidated Balance Sheets                         HTML    102K 
15: R3          Consolidated Balance Sheets (Parenthetical)         HTML     36K 
16: R4          Consolidated Statements Of Income                   HTML     88K 
17: R5          Consolidated Statement Of Equity                    HTML     68K 
18: R6          Consolidated Statements Of Cash Flows               HTML    105K 
19: R7          Organization And Description Of Business            HTML     24K 
20: R8          Summary Of Significant Accounting Policies          HTML    187K 
21: R9          Real Estate Facilities                              HTML     77K 
22: R10         Investment In And Advances To Unconsolidated Joint  HTML     28K 
                Venture                                                          
23: R11         Leasing Activity                                    HTML     35K 
24: R12         Bank Loans                                          HTML     24K 
25: R13         Mortgage Note Payable                               HTML     21K 
26: R14         Noncontrolling Interests                            HTML     26K 
27: R15         Related Party Transactions                          HTML     33K 
28: R16         Shareholders' Equity                                HTML     79K 
29: R17         Commitments And Contingencies                       HTML     21K 
30: R18         Stock Compensation                                  HTML    104K 
31: R19         Summary Of Significant Accounting Policies          HTML    239K 
                (Policy)                                                         
32: R20         Summary Of Significant Accounting Policies          HTML    129K 
                (Tables)                                                         
33: R21         Real Estate Facilities (Tables)                     HTML     70K 
34: R22         Leasing Activity (Tables)                           HTML     29K 
35: R23         Shareholders' Equity (Tables)                       HTML     59K 
36: R24         Stock Compensation (Tables)                         HTML     80K 
37: R25         Organization And Description Of Business            HTML     30K 
                (Narrative) (Details)                                            
38: R26         Summary Of Significant Accounting Policies          HTML     73K 
                (Narrative) (Details)                                            
39: R27         Summary Of Significant Accounting Policies (Net     HTML     41K 
                Income Allocation) (Details)                                     
40: R28         Summary Of Significant Accounting Policies          HTML     36K 
                (Calculation Of Earnings Per Share) (Details)                    
41: R29         Real Estate Facilities (Narrative) (Details)        HTML     35K 
42: R30         Real Estate Facilities (Activity In Real Estate     HTML     45K 
                Facilities) (Details)                                            
43: R31         Real Estate Facilities (Summary Of Real Estate      HTML     32K 
                Assets Acquired And Liabilities Assumed) (Details)               
44: R32         Investment In And Advances To Unconsolidated Joint  HTML     54K 
                Venture (Narrative) (Details)                                    
45: R33         Leasing Activity (Narrative) (Details)              HTML     30K 
46: R34         Leasing Activity (Summary Of Future Minimum Rental  HTML     32K 
                Revenues Excluding Recovery Of Operating Expenses)               
                (Details)                                                        
47: R35         Bank Loans (Details)                                HTML     49K 
48: R36         Mortgage Note Payable (Narrative) (Details)         HTML     26K 
49: R37         Noncontrolling Interests (Narrative) (Details)      HTML     28K 
50: R38         Related Party Transactions (Narrative) (Details)    HTML     42K 
51: R39         Shareholders' Equity (Narrative) (Details)          HTML     55K 
52: R40         Shareholders' Equity (Common And Equity Stock)      HTML     28K 
                (Details)                                                        
53: R41         Shareholders' Equity (Schedule Of Preferred Stock   HTML     42K 
                Outstanding) (Details)                                           
54: R42         Stock Compensation (Narrative) (Details)            HTML    117K 
55: R43         Stock Compensation (Summary Of Stock Options        HTML     55K 
                Activity) (Details)                                              
56: R44         Stock Compensation (Nonvested Restricted Stock      HTML     41K 
                Units) (Details)                                                 
58: XML         IDEA XML File -- Filing Summary                      XML    101K 
57: EXCEL       IDEA Workbook of Financial Reports                  XLSX     65K 
 7: EX-101.INS  XBRL Instance -- psb-20160930                        XML   1.35M 
 9: EX-101.CAL  XBRL Calculations -- psb-20160930_cal                XML    127K 
10: EX-101.DEF  XBRL Definitions -- psb-20160930_def                 XML    367K 
11: EX-101.LAB  XBRL Labels -- psb-20160930_lab                      XML    942K 
12: EX-101.PRE  XBRL Presentations -- psb-20160930_pre               XML    700K 
 8: EX-101.SCH  XBRL Schema -- psb-20160930                          XSD    144K 
59: ZIP         XBRL Zipped Folder -- 0000866368-16-000051-xbrl      Zip    124K

‘EX-101.LAB’   —   XBRL Labels — psb-20160930_lab

This Exhibit is an XBRL XML File.

                                                                                                                                                                                
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<labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_DocumentAndEntityInformationAbstract_lbl" xml:lang="en-US"> Document And Entity Information [Abstract] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_DocumentAndEntityInformationAbstract_lbl" xml:lang="en-US"> Document And Entity Information [Abstract] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable"/>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementTable_lbl" xml:lang="en-US"> Statement [Table] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementLineItems_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementLineItems_lbl" xml:lang="en-US"> Statement [Line Items] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentType" xlink:label="dei_DocumentType"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US"> Document Type </label>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US"> Document Period End Date </label>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US"> Document Fiscal Year Focus </label>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US"> Document Fiscal Period Focus </label>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US"> Amendment Flag </label>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US"> Entity Registrant Name </label>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US"> Entity Central Index Key </label>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US"> Current Fiscal Year End Date </label>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US"> Entity Filer Category </label>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US"> Entity Common Stock, Shares Outstanding </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="us-gaap_StatementOfFinancialPositionAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfFinancialPositionAbstract" xlink:to="us-gaap_StatementOfFinancialPositionAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US"> Consolidated Balance Sheets [Abstract] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="us-gaap_AssetsAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsAbstract" xlink:to="us-gaap_AssetsAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsAbstract_lbl" xml:lang="en-US"> ASSETS </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US"> Cash and cash equivalents </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US"> Cash and cash equivalents at the end of the period </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US"> Cash and cash equivalents at the beginning of the period </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateInvestmentPropertyAtCostAbstract" xlink:label="us-gaap_RealEstateInvestmentPropertyAtCostAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateInvestmentPropertyAtCostAbstract" xlink:to="us-gaap_RealEstateInvestmentPropertyAtCostAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateInvestmentPropertyAtCostAbstract_lbl" xml:lang="en-US"> Real estate facilities, at cost: </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Land" xlink:label="us-gaap_Land"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Land" xlink:to="us-gaap_Land_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Land_lbl" xml:lang="en-US"> Land </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BuildingsAndImprovementsGross" xlink:label="us-gaap_BuildingsAndImprovementsGross"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BuildingsAndImprovementsGross" xlink:to="us-gaap_BuildingsAndImprovementsGross_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BuildingsAndImprovementsGross_lbl" xml:lang="en-US"> Buildings and Improvements, Gross </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_BuildingsAndImprovementsGross_lbl" xml:lang="en-US"> Buildings and improvements </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateInvestmentPropertyAtCost" xlink:label="us-gaap_RealEstateInvestmentPropertyAtCost"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateInvestmentPropertyAtCost" xlink:to="us-gaap_RealEstateInvestmentPropertyAtCost_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateInvestmentPropertyAtCost_lbl" xml:lang="en-US"> Real Estate Investment Property, at Cost </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_RealEstateInvestmentPropertyAtCost_lbl" xml:lang="en-US"> Gross real estate investment property </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:to="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl" xml:lang="en-US"> Accumulated depreciation </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl" xml:lang="en-US"> Accumulated depreciation </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl" xml:lang="en-US"> Accumulated Depreciation, Balances </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl" xml:lang="en-US"> Accumulated Depreciation, Balances </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_RealEstateInvestmentPropertyExcludingPropertyHeldForDispositionAndLandHeldForDevelopment" xlink:label="psb_RealEstateInvestmentPropertyExcludingPropertyHeldForDispositionAndLandHeldForDevelopment"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_RealEstateInvestmentPropertyExcludingPropertyHeldForDispositionAndLandHeldForDevelopment" xlink:to="psb_RealEstateInvestmentPropertyExcludingPropertyHeldForDispositionAndLandHeldForDevelopment_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_RealEstateInvestmentPropertyExcludingPropertyHeldForDispositionAndLandHeldForDevelopment_lbl" xml:lang="en-US"> The net book value of real estate property held for investment purposes. Excludes (1) property held for disposition and (2) land held for development </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_RealEstateInvestmentPropertyExcludingPropertyHeldForDispositionAndLandHeldForDevelopment_lbl" xml:lang="en-US"> Real Estate Investment Property Excluding Property Held For Disposition And Land Held For Development </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="psb_RealEstateInvestmentPropertyExcludingPropertyHeldForDispositionAndLandHeldForDevelopment_lbl" xml:lang="en-US"> Balances </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="psb_RealEstateInvestmentPropertyExcludingPropertyHeldForDispositionAndLandHeldForDevelopment_lbl" xml:lang="en-US"> Balances </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="psb_RealEstateInvestmentPropertyExcludingPropertyHeldForDispositionAndLandHeldForDevelopment_lbl" xml:lang="en-US"> Net real estate investment property </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LandAvailableForDevelopment" xlink:label="us-gaap_LandAvailableForDevelopment"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LandAvailableForDevelopment" xlink:to="us-gaap_LandAvailableForDevelopment_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LandAvailableForDevelopment_lbl" xml:lang="en-US"> Land Available For Development </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LandAvailableForDevelopment_lbl" xml:lang="en-US"> Land held for future development </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateInvestmentPropertyNet" xlink:label="us-gaap_RealEstateInvestmentPropertyNet"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateInvestmentPropertyNet" xlink:to="us-gaap_RealEstateInvestmentPropertyNet_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateInvestmentPropertyNet_lbl" xml:lang="en-US"> Real Estate Investments, Total </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_RealEstateInvestmentPropertyNet_lbl" xml:lang="en-US"> Total real estate investments </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvestments" xlink:label="us-gaap_EquityMethodInvestments"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestments" xlink:to="us-gaap_EquityMethodInvestments_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestments_lbl" xml:lang="en-US"> Equity Method Investments </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EquityMethodInvestments_lbl" xml:lang="en-US"> Investment in and advances to unconsolidated joint venture </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableNet" xlink:label="us-gaap_AccountsReceivableNet"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableNet" xlink:to="us-gaap_AccountsReceivableNet_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsReceivableNet_lbl" xml:lang="en-US"> Rent receivable, net </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredRentReceivablesNet" xlink:label="us-gaap_DeferredRentReceivablesNet"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRentReceivablesNet" xlink:to="us-gaap_DeferredRentReceivablesNet_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredRentReceivablesNet_lbl" xml:lang="en-US"> Deferred rent receivable, net </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherAssets" xlink:label="us-gaap_OtherAssets"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssets" xlink:to="us-gaap_OtherAssets_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssets_lbl" xml:lang="en-US"> Other assets </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US"> Total assets </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US"> Total assets </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xml:lang="en-US"> LIABILITIES AND EQUITY </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent" xlink:to="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_lbl" xml:lang="en-US"> Accrued and other liabilities </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_lbl" xml:lang="en-US"> Accrued and other liabilities </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LineOfCredit" xlink:label="us-gaap_LineOfCredit"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCredit" xlink:to="us-gaap_LineOfCredit_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCredit_lbl" xml:lang="en-US"> Credit facility </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LineOfCredit_lbl" xml:lang="en-US"> Credit Facility, amount outstanding </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SecuredDebt" xlink:label="us-gaap_SecuredDebt"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SecuredDebt" xlink:to="us-gaap_SecuredDebt_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SecuredDebt_lbl" xml:lang="en-US"> Secured Debt </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SecuredDebt_lbl" xml:lang="en-US"> Mortgage note payable </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Liabilities" xlink:label="us-gaap_Liabilities"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Liabilities_lbl" xml:lang="en-US"> Total liabilities </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Liabilities_lbl" xml:lang="en-US"> Total liabilities </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="us-gaap_CommitmentsAndContingencies"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingencies" xlink:to="us-gaap_CommitmentsAndContingencies_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingencies_lbl" xml:lang="en-US"> Commitments And Contingencies 2009 </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommitmentsAndContingencies_lbl" xml:lang="en-US"> Commitments and contingencies </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="us-gaap_StockholdersEquityAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityAbstract" xlink:to="us-gaap_StockholdersEquityAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xml:lang="en-US"> Stockholders Equity Note Abstract </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xml:lang="en-US"> PS Business Parks, Inc.'s shareholders' equity: </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="us-gaap_PreferredStockValue"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockValue" xlink:to="us-gaap_PreferredStockValue_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockValue_lbl" xml:lang="en-US"> Preferred stock, $0.01 par value, 50,000,000 shares authorized, 22,877 and 25,042 shares issued and outstanding at September 30, 2010 and December 31, 2009, respectively </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockValue_lbl" xml:lang="en-US"> Preferred stock, $0.01 par value, 50,000,000 shares authorized, 36,800 shares issued and outstanding at September 30, 2016 and December 31, 2015 </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_PreferredStockValue_lbl" xml:lang="en-US"> Shares issued value </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockValue" xlink:to="us-gaap_CommonStockValue_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US"> Common stock, $0.01 par value, 100,000,000 shares authorized, 24,619,482 and 24,399,509 shares issued and outstanding at September 30, 2010 and December 31, 2009, respectively </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US"> Common stock, $0.01 par value, 100,000,000 shares authorized, 27,120,001 and 27,034,073 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="us-gaap_AdditionalPaidInCapital"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapital" xlink:to="us-gaap_AdditionalPaidInCapital_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xml:lang="en-US"> Additional Paid in Capital </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xml:lang="en-US"> Paid-in capital </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CumulativeEarningsDeficit" xlink:label="us-gaap_CumulativeEarningsDeficit"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CumulativeEarningsDeficit" xlink:to="us-gaap_CumulativeEarningsDeficit_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CumulativeEarningsDeficit_lbl" xml:lang="en-US"> Retained Earnings Accumulated Deficit </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CumulativeEarningsDeficit_lbl" xml:lang="en-US"> Cumulative net income </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CumulativeDividends" xlink:label="us-gaap_CumulativeDividends"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CumulativeDividends" xlink:to="us-gaap_CumulativeDividends_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CumulativeDividends_lbl" xml:lang="en-US"> Total Cumulative distributions </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_CumulativeDividends_lbl" xml:lang="en-US"> Cumulative distributions </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="us-gaap_StockholdersEquity"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US"> Stockholders' equity PS </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US"> Total PS Business Parks, Inc.'s shareholders' equity </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NoncontrollingInterestItemsAbstract" xlink:label="us-gaap_NoncontrollingInterestItemsAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoncontrollingInterestItemsAbstract" xlink:to="us-gaap_NoncontrollingInterestItemsAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NoncontrollingInterestItemsAbstract_lbl" xml:lang="en-US"> Noncontrolling interests: </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinorityInterestInOperatingPartnerships" xlink:label="us-gaap_MinorityInterestInOperatingPartnerships"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestInOperatingPartnerships" xlink:to="us-gaap_MinorityInterestInOperatingPartnerships_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterestInOperatingPartnerships_lbl" xml:lang="en-US"> Common units </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinorityInterest" xlink:label="us-gaap_MinorityInterest"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterest" xlink:to="us-gaap_MinorityInterest_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterest_lbl" xml:lang="en-US"> Total noncontrolling interests </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_MinorityInterest_lbl" xml:lang="en-US"> Total noncontrolling interests </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US"> Total equity </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US"> Balances, value </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US"> Balances, value </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US"> Total equity </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US"> Total liabilities and equity </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US"> Total liabilities and equity </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockParOrStatedValuePerShare" xlink:to="us-gaap_PreferredStockParOrStatedValuePerShare_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xml:lang="en-US"> Preferred stock, par value </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="us-gaap_PreferredStockSharesAuthorized"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesAuthorized" xlink:to="us-gaap_PreferredStockSharesAuthorized_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesAuthorized_lbl" xml:lang="en-US"> Preferred stock, shares authorized </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="us-gaap_PreferredStockSharesIssued"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesIssued" xlink:to="us-gaap_PreferredStockSharesIssued_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesIssued_lbl" xml:lang="en-US"> Preferred stock, shares issued </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="us-gaap_PreferredStockSharesOutstanding"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesOutstanding" xlink:to="us-gaap_PreferredStockSharesOutstanding_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesOutstanding_lbl" xml:lang="en-US"> Preferred stock, shares outstanding </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockSharesOutstanding_lbl" xml:lang="en-US"> Shares Outstanding </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="us-gaap_CommonStockParOrStatedValuePerShare_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xml:lang="en-US"> Common stock, par value </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="us-gaap_CommonStockSharesAuthorized"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesAuthorized" xlink:to="us-gaap_CommonStockSharesAuthorized_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xml:lang="en-US"> Common stock, shares authorized </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="us-gaap_CommonStockSharesIssued"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US"> Common stock, shares issued </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US"> Common stock, shares issued </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="us-gaap_CommonStockSharesOutstanding"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US"> Common stock, shares outstanding </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="us-gaap_IncomeStatementAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementAbstract" xlink:to="us-gaap_IncomeStatementAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeStatementAbstract_lbl" xml:lang="en-US"> Consolidated Statements Of Income [Abstract] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RevenuesAbstract" xlink:label="us-gaap_RevenuesAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RevenuesAbstract" xlink:to="us-gaap_RevenuesAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RevenuesAbstract_lbl" xml:lang="en-US"> Revenues: </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateRevenueNet" xlink:label="us-gaap_RealEstateRevenueNet"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateRevenueNet" xlink:to="us-gaap_RealEstateRevenueNet_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateRevenueNet_lbl" xml:lang="en-US"> Rental income </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RealEstateRevenueNet_lbl" xml:lang="en-US"> Rental income </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ManagementFeesRevenue" xlink:label="us-gaap_ManagementFeesRevenue"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ManagementFeesRevenue" xlink:to="us-gaap_ManagementFeesRevenue_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ManagementFeesRevenue_lbl" xml:lang="en-US"> Facility management fees </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ManagementFeesRevenue_lbl" xml:lang="en-US"> Management fee revenues </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Revenues" xlink:label="us-gaap_Revenues"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Revenues" xlink:to="us-gaap_Revenues_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Revenues_lbl" xml:lang="en-US"> Total operating revenues </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Revenues_lbl" xml:lang="en-US"> Total operating revenues </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CostOfRevenueAbstract" xlink:label="us-gaap_CostOfRevenueAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfRevenueAbstract" xlink:to="us-gaap_CostOfRevenueAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostOfRevenueAbstract_lbl" xml:lang="en-US"> Cost of Revenue [Abstract] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CostOfRevenueAbstract_lbl" xml:lang="en-US"> Expenses: </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment" xlink:label="us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment" xlink:to="us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment_lbl" xml:lang="en-US"> Cost of operations </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DepreciationAndAmortization" xlink:label="us-gaap_DepreciationAndAmortization"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationAndAmortization" xlink:to="us-gaap_DepreciationAndAmortization_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DepreciationAndAmortization_lbl" xml:lang="en-US"> Depreciation and amortization </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DepreciationAndAmortization_lbl" xml:lang="en-US"> Depreciation and amortization </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="us-gaap_GeneralAndAdministrativeExpense"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GeneralAndAdministrativeExpense" xlink:to="us-gaap_GeneralAndAdministrativeExpense_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xml:lang="en-US"> General and administrative </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingExpenses" xlink:label="us-gaap_OperatingExpenses"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingExpenses" xlink:to="us-gaap_OperatingExpenses_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingExpenses_lbl" xml:lang="en-US"> Total Operating Expenses </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OperatingExpenses_lbl" xml:lang="en-US"> Total operating expenses </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NonoperatingIncomeExpenseAbstract" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonoperatingIncomeExpenseAbstract" xlink:to="us-gaap_NonoperatingIncomeExpenseAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract_lbl" xml:lang="en-US"> Other income and (expense): </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherNonoperatingIncome" xlink:label="us-gaap_OtherNonoperatingIncome"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNonoperatingIncome" xlink:to="us-gaap_OtherNonoperatingIncome_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherNonoperatingIncome_lbl" xml:lang="en-US"> OtherNonoperatingIncome </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherNonoperatingIncome_lbl" xml:lang="en-US"> Interest and other income </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherNonoperatingExpense" xlink:label="us-gaap_OtherNonoperatingExpense"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNonoperatingExpense" xlink:to="us-gaap_OtherNonoperatingExpense_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherNonoperatingExpense_lbl" xml:lang="en-US"> Interest expense </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_OtherNonoperatingExpense_lbl" xml:lang="en-US"> Interest and other expense </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NonoperatingIncomeExpense" xlink:label="us-gaap_NonoperatingIncomeExpense"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonoperatingIncomeExpense" xlink:to="us-gaap_NonoperatingIncomeExpense_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NonoperatingIncomeExpense_lbl" xml:lang="en-US"> Total other income and expenses </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NonoperatingIncomeExpense_lbl" xml:lang="en-US"> Total other income and (expense) </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GainLossOnSaleOfPropertiesNetOfApplicableIncomeTaxes" xlink:label="us-gaap_GainLossOnSaleOfPropertiesNetOfApplicableIncomeTaxes"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnSaleOfPropertiesNetOfApplicableIncomeTaxes" xlink:to="us-gaap_GainLossOnSaleOfPropertiesNetOfApplicableIncomeTaxes_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainLossOnSaleOfPropertiesNetOfApplicableIncomeTaxes_lbl" xml:lang="en-US"> Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_GainLossOnSaleOfPropertiesNetOfApplicableIncomeTaxes_lbl" xml:lang="en-US"> Gain on sale of real estate facilities </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProfitLoss" xlink:label="us-gaap_ProfitLoss"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProfitLoss" xlink:to="us-gaap_ProfitLoss_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProfitLoss_lbl" xml:lang="en-US"> Net income </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProfitLoss_lbl" xml:lang="en-US"> Net income </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_ProfitLoss_lbl" xml:lang="en-US"> Net income </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinorityInterestInNetIncomeLossOfConsolidatedEntitiesAbstract" xlink:label="us-gaap_MinorityInterestInNetIncomeLossOfConsolidatedEntitiesAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestInNetIncomeLossOfConsolidatedEntitiesAbstract" xlink:to="us-gaap_MinorityInterestInNetIncomeLossOfConsolidatedEntitiesAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterestInNetIncomeLossOfConsolidatedEntitiesAbstract_lbl" xml:lang="en-US"> Net income allocable to noncontrolling interests: </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable" xlink:label="us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable" xlink:to="us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable_lbl" xml:lang="en-US"> Noncontrolling interests - common units </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable_lbl" xml:lang="en-US"> Noncontrolling interests - common units </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsRedeemable_lbl" xml:lang="en-US"> Net income, noncontrolling interests </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:to="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" xml:lang="en-US"> Total net income allocable to noncontrolling interests </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" xml:lang="en-US"> Total net income allocable to noncontrolling interests </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAbstract" xlink:label="us-gaap_NetIncomeLossAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAbstract" xlink:to="us-gaap_NetIncomeLossAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLossAbstract_lbl" xml:lang="en-US"> Net income allocable to PS Business Parks, Inc.: </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_NetIncomeAllocableToPreferredShareholders" xlink:label="psb_NetIncomeAllocableToPreferredShareholders"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_NetIncomeAllocableToPreferredShareholders" xlink:to="psb_NetIncomeAllocableToPreferredShareholders_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_NetIncomeAllocableToPreferredShareholders_lbl" xml:lang="en-US"> Net Income Allocable To Preferred Shareholders </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_NetIncomeAllocableToPreferredShareholders_lbl" xml:lang="en-US"> Net Income Allocable To Preferred Shareholders </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="psb_NetIncomeAllocableToPreferredShareholders_lbl" xml:lang="en-US"> Total net income allocable to preferred shareholders </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="psb_NetIncomeAllocableToPreferredShareholders_lbl" xml:lang="en-US"> Preferred shareholders </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_NetIncomeAllocableToRestrictedStockUnitHolders" xlink:label="psb_NetIncomeAllocableToRestrictedStockUnitHolders"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_NetIncomeAllocableToRestrictedStockUnitHolders" xlink:to="psb_NetIncomeAllocableToRestrictedStockUnitHolders_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_NetIncomeAllocableToRestrictedStockUnitHolders_lbl" xml:lang="en-US"> Net Income Allocable To Restricted Stock Unit Holders </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_NetIncomeAllocableToRestrictedStockUnitHolders_lbl" xml:lang="en-US"> Net Income Allocable To Restricted Stock Unit Holders </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_NetIncomeAllocableToRestrictedStockUnitHolders_lbl" xml:lang="en-US"> Restricted stock unit holders </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xml:lang="en-US"> Common Shareholders </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xml:lang="en-US"> Common shareholders </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xml:lang="en-US"> Net income allocable to common shareholders </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US"> Total net income allocable to PS Business Parks, Inc </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US"> Total net income allocable to PS Business Parks, Inc. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US"> Net income allocable to PS Business Parks, Inc </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareBasicAndDilutedAbstract" xlink:label="us-gaap_EarningsPerShareBasicAndDilutedAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasicAndDilutedAbstract" xlink:to="us-gaap_EarningsPerShareBasicAndDilutedAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasicAndDilutedAbstract_lbl" xml:lang="en-US"> Net income per common share: </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="us-gaap_EarningsPerShareBasic"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasic" xlink:to="us-gaap_EarningsPerShareBasic_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasic_lbl" xml:lang="en-US"> Net income per share: Basic </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EarningsPerShareBasic_lbl" xml:lang="en-US"> Net income per common share - Basic </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_EarningsPerShareBasic_lbl" xml:lang="en-US"> Basic </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="us-gaap_EarningsPerShareDiluted"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareDiluted" xlink:to="us-gaap_EarningsPerShareDiluted_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareDiluted_lbl" xml:lang="en-US"> Net income per share: Diluted </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EarningsPerShareDiluted_lbl" xml:lang="en-US"> Net income per common share - Diluted </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_EarningsPerShareDiluted_lbl" xml:lang="en-US"> Diluted </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:to="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl" xml:lang="en-US"> Weighted Average Number of Shares Outstanding, Diluted [Abstract] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_lbl" xml:lang="en-US"> Weighted average common shares outstanding: </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xml:lang="en-US"> Basic </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xml:lang="en-US"> Basic weighted average common shares outstanding </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xml:lang="en-US"> Diluted </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xml:lang="en-US"> Diluted weighted average common shares outstanding </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockDividendsPerShareDeclared" xlink:label="us-gaap_CommonStockDividendsPerShareDeclared"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockDividendsPerShareDeclared" xlink:to="us-gaap_CommonStockDividendsPerShareDeclared_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockDividendsPerShareDeclared_lbl" xml:lang="en-US"> Common Stock, Dividends, Per Share, Declared </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockDividendsPerShareDeclared_lbl" xml:lang="en-US"> Dividends declared per common share </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfStockholdersEquityAbstract" xlink:to="us-gaap_StatementOfStockholdersEquityAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract_lbl" xml:lang="en-US"> Consolidated Statement Of Equity [Abstract] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="us-gaap_StatementEquityComponentsAxis"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementEquityComponentsAxis" xlink:to="us-gaap_StatementEquityComponentsAxis_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementEquityComponentsAxis_lbl" xml:lang="en-US"> Statement, Equity Components [Axis] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="us-gaap_EquityComponentDomain"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityComponentDomain" xlink:to="us-gaap_EquityComponentDomain_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityComponentDomain_lbl" xml:lang="en-US"> Equity Component [Domain] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EquityComponentDomain_lbl" xml:lang="en-US"> Equity Component [Domain] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockMember" xlink:label="us-gaap_PreferredStockMember"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockMember" xlink:to="us-gaap_PreferredStockMember_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockMember_lbl" xml:lang="en-US"> Preferred Stock [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockMember_lbl" xml:lang="en-US"> Preferred Stock [Member] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockMember" xlink:label="us-gaap_CommonStockMember"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockMember" xlink:to="us-gaap_CommonStockMember_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockMember_lbl" xml:lang="en-US"> Common Stock [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockMember_lbl" xml:lang="en-US"> Common Stock [Member] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="us-gaap_AdditionalPaidInCapitalMember"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapitalMember" xlink:to="us-gaap_AdditionalPaidInCapitalMember_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl" xml:lang="en-US"> Additional Paid In Capital [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl" xml:lang="en-US"> Paid-In Capital [Member] </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_CumulativeNetIncomeMember" xlink:label="psb_CumulativeNetIncomeMember"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_CumulativeNetIncomeMember" xlink:to="psb_CumulativeNetIncomeMember_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_CumulativeNetIncomeMember_lbl" xml:lang="en-US"> Cumulative Net Income [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_CumulativeNetIncomeMember_lbl" xml:lang="en-US"> Cumulative Net Income [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_CumulativeNetIncomeMember_lbl" xml:lang="en-US"> Cumulative Net Income [Member] </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_CumulativeDistributionsMember" xlink:label="psb_CumulativeDistributionsMember"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_CumulativeDistributionsMember" xlink:to="psb_CumulativeDistributionsMember_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_CumulativeDistributionsMember_lbl" xml:lang="en-US"> Cumulative Distributions [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_CumulativeDistributionsMember_lbl" xml:lang="en-US"> Cumulative Distributions [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_CumulativeDistributionsMember_lbl" xml:lang="en-US"> Cumulative Distributions [Member] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ParentMember" xlink:label="us-gaap_ParentMember"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ParentMember" xlink:to="us-gaap_ParentMember_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ParentMember_lbl" xml:lang="en-US"> Parent [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ParentMember_lbl" xml:lang="en-US"> Total PS Business Parks, Inc.'s Shareholders' Equity [Member] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NoncontrollingInterestMember" xlink:label="us-gaap_NoncontrollingInterestMember"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoncontrollingInterestMember" xlink:to="us-gaap_NoncontrollingInterestMember_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NoncontrollingInterestMember_lbl" xml:lang="en-US"> Noncontrolling Interest [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NoncontrollingInterestMember_lbl" xml:lang="en-US"> Noncontrolling Interests [Member] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharesOutstanding" xlink:label="us-gaap_SharesOutstanding"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesOutstanding" xlink:to="us-gaap_SharesOutstanding_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharesOutstanding_lbl" xml:lang="en-US"> Shares, Issued </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_SharesOutstanding_lbl" xml:lang="en-US"> Balances, shares </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_SharesOutstanding_lbl" xml:lang="en-US"> Balances, shares </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:label="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:to="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised_lbl" xml:lang="en-US"> Exercise of stock options, value </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:to="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl" xml:lang="en-US"> Exercise of stock options, shares </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl" xml:lang="en-US"> Number of Options, Exercised </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:label="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:to="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl" xml:lang="en-US"> Stock Compensation, Net, Value </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl" xml:lang="en-US"> Stock compensation, net, value </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:label="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:to="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_lbl" xml:lang="en-US"> Stock compensation, net, shares </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_lbl" xml:lang="en-US"> Number of units issued </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendsAbstract" xlink:label="us-gaap_DividendsAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsAbstract" xlink:to="us-gaap_DividendsAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DividendsAbstract_lbl" xml:lang="en-US"> Distributions: </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendsPreferredStockCash" xlink:label="us-gaap_DividendsPreferredStockCash"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsPreferredStockCash" xlink:to="us-gaap_DividendsPreferredStockCash_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DividendsPreferredStockCash_lbl" xml:lang="en-US"> Dividends, Preferred Stock, Cash </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DividendsPreferredStockCash_lbl" xml:lang="en-US"> Preferred stock </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendsCommonStockCash" xlink:label="us-gaap_DividendsCommonStockCash"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsCommonStockCash" xlink:to="us-gaap_DividendsCommonStockCash_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DividendsCommonStockCash_lbl" xml:lang="en-US"> Dividends, Common Stock, Cash </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DividendsCommonStockCash_lbl" xml:lang="en-US"> Common stock </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:label="us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:to="us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_lbl" xml:lang="en-US"> Distributions paid to noncontrolling interests </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_lbl" xml:lang="en-US"> Noncontrolling interests </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_AdjustmentToNoncontrollingInterestsEquityInterest" xlink:label="psb_AdjustmentToNoncontrollingInterestsEquityInterest"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_AdjustmentToNoncontrollingInterestsEquityInterest" xlink:to="psb_AdjustmentToNoncontrollingInterestsEquityInterest_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_AdjustmentToNoncontrollingInterestsEquityInterest_lbl" xml:lang="en-US"> Adjustment to reflect the noncontrolling interests' equity interest in the Company. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_AdjustmentToNoncontrollingInterestsEquityInterest_lbl" xml:lang="en-US"> Adjustment To Noncontrolling Interests' Equity Interest </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_AdjustmentToNoncontrollingInterestsEquityInterest_lbl" xml:lang="en-US"> Adjustment to noncontrolling interests in underlying operating partnership </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="us-gaap_StatementOfCashFlowsAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfCashFlowsAbstract" xlink:to="us-gaap_StatementOfCashFlowsAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US"> Consolidated Statements Of Cash Flows [Abstract] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US"> Cash flows from operating activities: </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US"> Adjustments to reconcile net income to net cash provided by operating activities: </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_DepreciationAndAmortizationIncludingAmountsInDiscontinuedOperations" xlink:label="psb_DepreciationAndAmortizationIncludingAmountsInDiscontinuedOperations"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_DepreciationAndAmortizationIncludingAmountsInDiscontinuedOperations" xlink:to="psb_DepreciationAndAmortizationIncludingAmountsInDiscontinuedOperations_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_DepreciationAndAmortizationIncludingAmountsInDiscontinuedOperations_lbl" xml:lang="en-US"> The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Includes amounts in discontinued operations. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_DepreciationAndAmortizationIncludingAmountsInDiscontinuedOperations_lbl" xml:lang="en-US"> Depreciation And Amortization, Including Amounts In Discontinued Operations </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_DepreciationAndAmortizationIncludingAmountsInDiscontinuedOperations_lbl" xml:lang="en-US"> Depreciation and amortization expense </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_InPlaceLeaseAdjustment" xlink:label="psb_InPlaceLeaseAdjustment"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_InPlaceLeaseAdjustment" xlink:to="psb_InPlaceLeaseAdjustment_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_InPlaceLeaseAdjustment_lbl" xml:lang="en-US"> The net amortization of above-market and below-market in-place lease value </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_InPlaceLeaseAdjustment_lbl" xml:lang="en-US"> In-place lease adjustment </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="psb_InPlaceLeaseAdjustment_lbl" xml:lang="en-US"> In-place lease adjustment </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="psb_InPlaceLeaseAdjustment_lbl" xml:lang="en-US"> Increase (decrease) in rental income due to amortization of net intangible assets or liabilities </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_LeaseIncentivesNetOfTenantImprovementReimbursements" xlink:label="psb_LeaseIncentivesNetOfTenantImprovementReimbursements"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_LeaseIncentivesNetOfTenantImprovementReimbursements" xlink:to="psb_LeaseIncentivesNetOfTenantImprovementReimbursements_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_LeaseIncentivesNetOfTenantImprovementReimbursements_lbl" xml:lang="en-US"> The net amortization of lease incentives and tenant improvement reimbursements </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_LeaseIncentivesNetOfTenantImprovementReimbursements_lbl" xml:lang="en-US"> Lease incentives net of tenant improvement reimbursements </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_LeaseIncentivesNetOfTenantImprovementReimbursements_lbl" xml:lang="en-US"> Tenant improvement reimbursements, net of lease incentives </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GainLossOnDispositionOfAssets1" xlink:label="us-gaap_GainLossOnDispositionOfAssets1"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnDispositionOfAssets1" xlink:to="us-gaap_GainLossOnDispositionOfAssets1_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainLossOnDispositionOfAssets1_lbl" xml:lang="en-US"> Gain (Loss) on Disposition of Assets </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_GainLossOnDispositionOfAssets1_lbl" xml:lang="en-US"> Gain on sale of real estate facilities </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="us-gaap_ShareBasedCompensation"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensation" xlink:to="us-gaap_ShareBasedCompensation_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensation_lbl" xml:lang="en-US"> Share Based Compensation </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensation_lbl" xml:lang="en-US"> Stock compensation </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingAssets" xlink:label="us-gaap_IncreaseDecreaseInOperatingAssets"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOperatingAssets" xlink:to="us-gaap_IncreaseDecreaseInOperatingAssets_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOperatingAssets_lbl" xml:lang="en-US"> Decrease in receivables and other assets </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInOperatingAssets_lbl" xml:lang="en-US"> Increase in receivables and other assets </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingLiabilities" xlink:label="us-gaap_IncreaseDecreaseInOperatingLiabilities"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOperatingLiabilities" xlink:to="us-gaap_IncreaseDecreaseInOperatingLiabilities_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOperatingLiabilities_lbl" xml:lang="en-US"> Increase in accrued and other liabilities </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncreaseDecreaseInOperatingLiabilities_lbl" xml:lang="en-US"> Increase in accrued and other liabilities </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US"> Total adjustments </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US"> Total adjustments </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_lbl" xml:lang="en-US"> Net cash provided by operating activities </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_lbl" xml:lang="en-US"> Net cash provided by operating activities </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US"> Cash flows from investing activities: </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsForCapitalImprovements" xlink:label="us-gaap_PaymentsForCapitalImprovements"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForCapitalImprovements" xlink:to="us-gaap_PaymentsForCapitalImprovements_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsForCapitalImprovements_lbl" xml:lang="en-US"> Capital improvements to real estate facilities </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsForCapitalImprovements_lbl" xml:lang="en-US"> Capital expenditures to real estate facilities </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_PaymentsForCapitalImprovementsForLandAndBuildingsAvailableForDevelopment" xlink:label="psb_PaymentsForCapitalImprovementsForLandAndBuildingsAvailableForDevelopment"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_PaymentsForCapitalImprovementsForLandAndBuildingsAvailableForDevelopment" xlink:to="psb_PaymentsForCapitalImprovementsForLandAndBuildingsAvailableForDevelopment_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_PaymentsForCapitalImprovementsForLandAndBuildingsAvailableForDevelopment_lbl" xml:lang="en-US"> Payments For Capital Improvements For Land Available For Development </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_PaymentsForCapitalImprovementsForLandAndBuildingsAvailableForDevelopment_lbl" xml:lang="en-US"> Payments For Capital Improvements For Land Available For Development </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="psb_PaymentsForCapitalImprovementsForLandAndBuildingsAvailableForDevelopment_lbl" xml:lang="en-US"> Capital expenditures to land held for development </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireInterestInJointVenture" xlink:label="us-gaap_PaymentsToAcquireInterestInJointVenture"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireInterestInJointVenture" xlink:to="us-gaap_PaymentsToAcquireInterestInJointVenture_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireInterestInJointVenture_lbl" xml:lang="en-US"> Payments to Acquire Interest in Joint Venture </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquireInterestInJointVenture_lbl" xml:lang="en-US"> Investment in and advances to unconsolidated joint venture </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireRealEstate" xlink:label="us-gaap_PaymentsToAcquireRealEstate"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireRealEstate" xlink:to="us-gaap_PaymentsToAcquireRealEstate_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireRealEstate_lbl" xml:lang="en-US"> Payments To Acquire Real Estate </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquireRealEstate_lbl" xml:lang="en-US"> Acquisition of real estate facilities </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_PaymentsToAcquireRealEstate_lbl" xml:lang="en-US"> Total cash paid </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_ProceedsFromSaleOfRealEstateAndOtherRealEstateInvestment" xlink:label="psb_ProceedsFromSaleOfRealEstateAndOtherRealEstateInvestment"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_ProceedsFromSaleOfRealEstateAndOtherRealEstateInvestment" xlink:to="psb_ProceedsFromSaleOfRealEstateAndOtherRealEstateInvestment_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_ProceedsFromSaleOfRealEstateAndOtherRealEstateInvestment_lbl" xml:lang="en-US"> Proceeds from the sale of real estate and other real estate investment </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_ProceedsFromSaleOfRealEstateAndOtherRealEstateInvestment_lbl" xml:lang="en-US"> Proceeds from the sale of real estate and other real estate investment </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_ProceedsFromSaleOfRealEstateAndOtherRealEstateInvestment_lbl" xml:lang="en-US"> Proceeds from sale of real estate facilities </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_lbl" xml:lang="en-US"> Net cash used in investing activities </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_lbl" xml:lang="en-US"> Net cash (used in) provided by investing activities </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US"> Cash flows from financing activities: </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromLongTermLinesOfCredit" xlink:label="us-gaap_ProceedsFromLongTermLinesOfCredit"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromLongTermLinesOfCredit" xlink:to="us-gaap_ProceedsFromLongTermLinesOfCredit_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromLongTermLinesOfCredit_lbl" xml:lang="en-US"> Proceeds from Long-term Lines of Credit </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromLongTermLinesOfCredit_lbl" xml:lang="en-US"> Borrowings on credit facility </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RepaymentsOfLongTermLinesOfCredit" xlink:label="us-gaap_RepaymentsOfLongTermLinesOfCredit"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfLongTermLinesOfCredit" xlink:to="us-gaap_RepaymentsOfLongTermLinesOfCredit_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RepaymentsOfLongTermLinesOfCredit_lbl" xml:lang="en-US"> Repayment Of Borrowings On Credit Facility </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_RepaymentsOfLongTermLinesOfCredit_lbl" xml:lang="en-US"> Repayment of borrowings on credit facility </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_RepaymentsOfLongTermLinesOfCredit_lbl" xml:lang="en-US"> Credit Facility - repaid amount </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RepaymentsOfSecuredDebt" xlink:label="us-gaap_RepaymentsOfSecuredDebt"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfSecuredDebt" xlink:to="us-gaap_RepaymentsOfSecuredDebt_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RepaymentsOfSecuredDebt_lbl" xml:lang="en-US"> Repayment of mortgage note payable </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_RepaymentsOfSecuredDebt_lbl" xml:lang="en-US"> Repayment of mortgage note payable </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_RepaymentsOfSecuredDebt_lbl" xml:lang="en-US"> Mortgage note repayment amount </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromStockOptionsExercised" xlink:label="us-gaap_ProceedsFromStockOptionsExercised"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromStockOptionsExercised" xlink:to="us-gaap_ProceedsFromStockOptionsExercised_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromStockOptionsExercised_lbl" xml:lang="en-US"> Proceeds from the exercise of stock options </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsForRepurchaseOfPreferredStockAndPreferenceStock" xlink:label="us-gaap_PaymentsForRepurchaseOfPreferredStockAndPreferenceStock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForRepurchaseOfPreferredStockAndPreferenceStock" xlink:to="us-gaap_PaymentsForRepurchaseOfPreferredStockAndPreferenceStock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsForRepurchaseOfPreferredStockAndPreferenceStock_lbl" xml:lang="en-US"> Payments for repurchase of preferred and preference stock </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsForRepurchaseOfPreferredStockAndPreferenceStock_lbl" xml:lang="en-US"> Redemption of preferred stock </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_PaymentsForRepurchaseOfPreferredStockAndPreferenceStock_lbl" xml:lang="en-US"> Redemption of preferred stock </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_DistributionsPaidToPreferredShareholders" xlink:label="psb_DistributionsPaidToPreferredShareholders"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_DistributionsPaidToPreferredShareholders" xlink:to="psb_DistributionsPaidToPreferredShareholders_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_DistributionsPaidToPreferredShareholders_lbl" xml:lang="en-US"> Distributions paid to preferred shareholders </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_DistributionsPaidToPreferredShareholders_lbl" xml:lang="en-US"> Distributions paid to preferred shareholders </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="psb_DistributionsPaidToPreferredShareholders_lbl" xml:lang="en-US"> Distributions paid to preferred shareholders </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="psb_DistributionsPaidToPreferredShareholders_lbl" xml:lang="en-US"> Distributions to preferred shareholders </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_DistributionsPaidToNoncontrollingInterestsCommonUnits" xlink:label="psb_DistributionsPaidToNoncontrollingInterestsCommonUnits"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_DistributionsPaidToNoncontrollingInterestsCommonUnits" xlink:to="psb_DistributionsPaidToNoncontrollingInterestsCommonUnits_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_DistributionsPaidToNoncontrollingInterestsCommonUnits_lbl" xml:lang="en-US"> Distributions paid to noncontrolling interests - common units </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_DistributionsPaidToNoncontrollingInterestsCommonUnits_lbl" xml:lang="en-US"> Distributions paid to noncontrolling interests - common units </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="psb_DistributionsPaidToNoncontrollingInterestsCommonUnits_lbl" xml:lang="en-US"> Distributions paid to noncontrolling interests </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsOfDividendsCommonStock" xlink:label="us-gaap_PaymentsOfDividendsCommonStock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDividendsCommonStock" xlink:to="us-gaap_PaymentsOfDividendsCommonStock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsOfDividendsCommonStock_lbl" xml:lang="en-US"> Distributions paid to common shareholders </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsOfDividendsCommonStock_lbl" xml:lang="en-US"> Distributions paid to common shareholders </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PaymentsOfDividendsCommonStock_lbl" xml:lang="en-US"> Distributions paid to common shareholders </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_lbl" xml:lang="en-US"> Net cash used in financing activities </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_lbl" xml:lang="en-US"> Net cash used in financing activities </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xml:lang="en-US"> Net decrease in cash and cash equivalents </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xml:lang="en-US"> Net (decrease) increase in cash and cash equivalents </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="us-gaap_SupplementalCashFlowInformationAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xml:lang="en-US"> Supplemental Cash Flow Information [Abstract] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xml:lang="en-US"> Supplemental disclosures: </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_AdjustmentToNoncontrollingInterestsInUnderlyingOperatingPartnershipAbstract" xlink:label="psb_AdjustmentToNoncontrollingInterestsInUnderlyingOperatingPartnershipAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_AdjustmentToNoncontrollingInterestsInUnderlyingOperatingPartnershipAbstract" xlink:to="psb_AdjustmentToNoncontrollingInterestsInUnderlyingOperatingPartnershipAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_AdjustmentToNoncontrollingInterestsInUnderlyingOperatingPartnershipAbstract_lbl" xml:lang="en-US"> Adjustment to noncontrolling interests in underlying operating partnership [Abstract] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_AdjustmentToNoncontrollingInterestsInUnderlyingOperatingPartnershipAbstract_lbl" xml:lang="en-US"> Adjustment to noncontrolling interests in underlying operating partnership [Abstract] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_AdjustmentToNoncontrollingInterestsInUnderlyingOperatingPartnershipAbstract_lbl" xml:lang="en-US"> Adjustment to noncontrolling interests in underlying operating partnership: </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_AdjustmentToNoncontrollingInterestsCommonUnits" xlink:label="psb_AdjustmentToNoncontrollingInterestsCommonUnits"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_AdjustmentToNoncontrollingInterestsCommonUnits" xlink:to="psb_AdjustmentToNoncontrollingInterestsCommonUnits_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_AdjustmentToNoncontrollingInterestsCommonUnits_lbl" xml:lang="en-US"> The effect of the adjustment on noncontrolling interests-common units to reflect the noncontrolling interests' equity interest in the Company </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_AdjustmentToNoncontrollingInterestsCommonUnits_lbl" xml:lang="en-US"> Adjustment to Noncontrolling interests - common units </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_AdjustmentToNoncontrollingInterestsCommonUnits_lbl" xml:lang="en-US"> Noncontrolling interests - common units </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_AdjustmentToNoncontrollingInterestsPaidInCapital" xlink:label="psb_AdjustmentToNoncontrollingInterestsPaidInCapital"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_AdjustmentToNoncontrollingInterestsPaidInCapital" xlink:to="psb_AdjustmentToNoncontrollingInterestsPaidInCapital_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_AdjustmentToNoncontrollingInterestsPaidInCapital_lbl" xml:lang="en-US"> The effect of the adjustment on paid-in capital to reflect the noncontrolling interests' equity interest in the Company </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_AdjustmentToNoncontrollingInterestsPaidInCapital_lbl" xml:lang="en-US"> Adjustment To Noncontrolling Interests Paid In Capital </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_AdjustmentToNoncontrollingInterestsPaidInCapital_lbl" xml:lang="en-US"> Paid-in capital </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_EffectOfRedemptionRepurchaseOfPreferredEquityAbstract" xlink:label="psb_EffectOfRedemptionRepurchaseOfPreferredEquityAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_EffectOfRedemptionRepurchaseOfPreferredEquityAbstract" xlink:to="psb_EffectOfRedemptionRepurchaseOfPreferredEquityAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_EffectOfRedemptionRepurchaseOfPreferredEquityAbstract_lbl" xml:lang="en-US"> Effect Of Redemption Repurchase Of Preferred Equity [Abstract] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_EffectOfRedemptionRepurchaseOfPreferredEquityAbstract_lbl" xml:lang="en-US"> Effect Of Redemption Repurchase Of Preferred Equity [Abstract] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_EffectOfRedemptionRepurchaseOfPreferredEquityAbstract_lbl" xml:lang="en-US"> Non-cash distributions related to the redemption of preferred stock: </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_EffectOfRedemptionRepurchaseOfPreferredEquityOnPaidInCapital" xlink:label="psb_EffectOfRedemptionRepurchaseOfPreferredEquityOnPaidInCapital"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_EffectOfRedemptionRepurchaseOfPreferredEquityOnPaidInCapital" xlink:to="psb_EffectOfRedemptionRepurchaseOfPreferredEquityOnPaidInCapital_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_EffectOfRedemptionRepurchaseOfPreferredEquityOnPaidInCapital_lbl" xml:lang="en-US"> The effect on paid-in capital from the recognition of issuance costs related to the redemption/repurchase of preferred equity </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_EffectOfRedemptionRepurchaseOfPreferredEquityOnPaidInCapital_lbl" xml:lang="en-US"> Effect Of Redemption Repurchase Of Preferred Equity On Paid In Capital </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_EffectOfRedemptionRepurchaseOfPreferredEquityOnPaidInCapital_lbl" xml:lang="en-US"> Paid-in capital </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_EffectOfRedemptionRepurchaseOfPreferredEquityOnCumulativeDistributions" xlink:label="psb_EffectOfRedemptionRepurchaseOfPreferredEquityOnCumulativeDistributions"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_EffectOfRedemptionRepurchaseOfPreferredEquityOnCumulativeDistributions" xlink:to="psb_EffectOfRedemptionRepurchaseOfPreferredEquityOnCumulativeDistributions_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_EffectOfRedemptionRepurchaseOfPreferredEquityOnCumulativeDistributions_lbl" xml:lang="en-US"> The effect on cumulative distributions from the recognition of issuance costs related to the redemption/repurchase of preferred stock </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_EffectOfRedemptionRepurchaseOfPreferredEquityOnCumulativeDistributions_lbl" xml:lang="en-US"> Effect Of Redemption Repurchase Of Preferred Equity On Cumulative Distributions </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_EffectOfRedemptionRepurchaseOfPreferredEquityOnCumulativeDistributions_lbl" xml:lang="en-US"> Cumulative distributions </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_PreferredStockCalledForRedemptionAbstract" xlink:label="psb_PreferredStockCalledForRedemptionAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_PreferredStockCalledForRedemptionAbstract" xlink:to="psb_PreferredStockCalledForRedemptionAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_PreferredStockCalledForRedemptionAbstract_lbl" xml:lang="en-US"> Preferred Stock Called For Redemption [Abstract] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_PreferredStockCalledForRedemptionAbstract_lbl" xml:lang="en-US"> Preferred Stock Called For Redemption [Abstract] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_PreferredStockCalledForRedemptionAbstract_lbl" xml:lang="en-US"> Preferred stock called for redemption: </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_PreferredStockCalledForRedemptionAmount" xlink:label="psb_PreferredStockCalledForRedemptionAmount"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_PreferredStockCalledForRedemptionAmount" xlink:to="psb_PreferredStockCalledForRedemptionAmount_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_PreferredStockCalledForRedemptionAmount_lbl" xml:lang="en-US"> Preferred Stock Called For Redemption Amount </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_PreferredStockCalledForRedemptionAmount_lbl" xml:lang="en-US"> Preferred Stock Called For Redemption Amount </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_PreferredStockCalledForRedemptionAmount_lbl" xml:lang="en-US"> Preferred stock called for redemption and reclassified to liabilities </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_PreferredStockAssociatedWithRedemption" xlink:label="psb_PreferredStockAssociatedWithRedemption"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_PreferredStockAssociatedWithRedemption" xlink:to="psb_PreferredStockAssociatedWithRedemption_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_PreferredStockAssociatedWithRedemption_lbl" xml:lang="en-US"> Preferred Stock Associated With Redemption </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_PreferredStockAssociatedWithRedemption_lbl" xml:lang="en-US"> Preferred Stock Associated With Redemption </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="psb_PreferredStockAssociatedWithRedemption_lbl" xml:lang="en-US"> Preferred stock called for redemption and reclassified from equity </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:to="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl" xml:lang="en-US"> Organization And Description Of Business [Abstract] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NatureOfOperations" xlink:label="us-gaap_NatureOfOperations"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NatureOfOperations" xlink:to="us-gaap_NatureOfOperations_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NatureOfOperations_lbl" xml:lang="en-US"> NatureOfOperations </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_NatureOfOperations_lbl" xml:lang="en-US"> Organization And Description Of Business </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="us-gaap_AccountingPoliciesAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="us-gaap_AccountingPoliciesAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountingPoliciesAbstract_lbl" xml:lang="en-US"> Summary Of Significant Accounting Policies [Abstract] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="us-gaap_SignificantAccountingPoliciesTextBlock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xml:lang="en-US"> SignificantAccountingPoliciesTextBlock </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xml:lang="en-US"> Summary Of Significant Accounting Policies </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateAbstract" xlink:label="us-gaap_RealEstateAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateAbstract" xlink:to="us-gaap_RealEstateAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateAbstract_lbl" xml:lang="en-US"> Real Estate Facilities [Abstract] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateDisclosureTextBlock" xlink:label="us-gaap_RealEstateDisclosureTextBlock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateDisclosureTextBlock" xlink:to="us-gaap_RealEstateDisclosureTextBlock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateDisclosureTextBlock_lbl" xml:lang="en-US"> RealEstateDisclosureTextBlock </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RealEstateDisclosureTextBlock_lbl" xml:lang="en-US"> Real Estate Facilities </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract" xlink:label="us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract" xlink:to="us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract_lbl" xml:lang="en-US"> Investment In And Advances To Unconsolidated Joint Venture [Abstract] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvestmentsDisclosureTextBlock" xlink:label="us-gaap_EquityMethodInvestmentsDisclosureTextBlock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentsDisclosureTextBlock" xlink:to="us-gaap_EquityMethodInvestmentsDisclosureTextBlock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentsDisclosureTextBlock_lbl" xml:lang="en-US"> Equity Method Investments and Joint Ventures Disclosure [Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_EquityMethodInvestmentsDisclosureTextBlock_lbl" xml:lang="en-US"> Investment In And Advances To Unconsolidated Joint Venture </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LeasesAbstract" xlink:label="us-gaap_LeasesAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LeasesAbstract" xlink:to="us-gaap_LeasesAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LeasesAbstract_lbl" xml:lang="en-US"> Leasing Activity [Abstract] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesOfLessorDisclosureTextBlock" xlink:label="us-gaap_OperatingLeasesOfLessorDisclosureTextBlock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesOfLessorDisclosureTextBlock" xlink:to="us-gaap_OperatingLeasesOfLessorDisclosureTextBlock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeasesOfLessorDisclosureTextBlock_lbl" xml:lang="en-US"> Operating Leases of Lessor Disclosure [Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OperatingLeasesOfLessorDisclosureTextBlock_lbl" xml:lang="en-US"> Leasing Activity </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_BankLoansAbstract" xlink:label="psb_BankLoansAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_BankLoansAbstract" xlink:to="psb_BankLoansAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_BankLoansAbstract_lbl" xml:lang="en-US"> Bank Loans [Abstract] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_BankLoansAbstract_lbl" xml:lang="en-US"> Bank Loans [Abstract] </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_BankLoansDisclosureTextBlock" xlink:label="psb_BankLoansDisclosureTextBlock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_BankLoansDisclosureTextBlock" xlink:to="psb_BankLoansDisclosureTextBlock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_BankLoansDisclosureTextBlock_lbl" xml:lang="en-US"> Bank Loans Disclosure [Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_BankLoansDisclosureTextBlock_lbl" xml:lang="en-US"> Bank Loans Disclosure [Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_BankLoansDisclosureTextBlock_lbl" xml:lang="en-US"> Bank Loans </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="us-gaap_DebtDisclosureAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtDisclosureAbstract" xlink:to="us-gaap_DebtDisclosureAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtDisclosureAbstract_lbl" xml:lang="en-US"> Mortgage Note Payable [Abstract] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtDisclosureTextBlock" xlink:label="us-gaap_DebtDisclosureTextBlock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtDisclosureTextBlock" xlink:to="us-gaap_DebtDisclosureTextBlock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtDisclosureTextBlock_lbl" xml:lang="en-US"> Debt Disclosure Text Block </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtDisclosureTextBlock_lbl" xml:lang="en-US"> Mortgage Note Payable </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinorityInterestAbstract" xlink:label="us-gaap_MinorityInterestAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestAbstract" xlink:to="us-gaap_MinorityInterestAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterestAbstract_lbl" xml:lang="en-US"> Noncontrolling Interests [Abstract] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinorityInterestDisclosureTextBlock" xlink:label="us-gaap_MinorityInterestDisclosureTextBlock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestDisclosureTextBlock" xlink:to="us-gaap_MinorityInterestDisclosureTextBlock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterestDisclosureTextBlock_lbl" xml:lang="en-US"> Noncontrolling interests disclosure </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MinorityInterestDisclosureTextBlock_lbl" xml:lang="en-US"> Noncontrolling Interests </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="us-gaap_RelatedPartyTransactionsAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsAbstract" xlink:to="us-gaap_RelatedPartyTransactionsAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsAbstract_lbl" xml:lang="en-US"> Related Party Transactions [Abstract] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xml:lang="en-US"> Related Party Transactions Disclosure Text Block </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xml:lang="en-US"> Related Party Transactions </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityNoteAbstract" xlink:label="us-gaap_StockholdersEquityNoteAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityNoteAbstract" xlink:to="us-gaap_StockholdersEquityNoteAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityNoteAbstract_lbl" xml:lang="en-US"> Shareholders' Equity [Abstract] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityNoteDisclosureTextBlock" xlink:to="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xml:lang="en-US"> Stockholders Equity Note Disclosure Text block </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockholdersEquityNoteDisclosureTextBlock_lbl" xml:lang="en-US"> Shareholders' Equity </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" xml:lang="en-US"> Commitments And Contingencies [Abstract] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xml:lang="en-US"> Commitments and contingencies disclosure text block </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xml:lang="en-US"> Commitments And Contingencies </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:label="us-gaap_CompensationAndRetirementDisclosureAbstract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:to="us-gaap_CompensationAndRetirementDisclosureAbstract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CompensationAndRetirementDisclosureAbstract_lbl" xml:lang="en-US"> Stock Compensation [Abstract] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CompensationAndEmployeeBenefitPlansTextBlock" xlink:label="us-gaap_CompensationAndEmployeeBenefitPlansTextBlock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CompensationAndEmployeeBenefitPlansTextBlock" xlink:to="us-gaap_CompensationAndEmployeeBenefitPlansTextBlock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CompensationAndEmployeeBenefitPlansTextBlock_lbl" xml:lang="en-US"> Compensation and Employee Benefit Plans [Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CompensationAndEmployeeBenefitPlansTextBlock_lbl" xml:lang="en-US"> Stock Compensation </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:label="us-gaap_BasisOfAccountingPolicyPolicyTextBlock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:to="us-gaap_BasisOfAccountingPolicyPolicyTextBlock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BasisOfAccountingPolicyPolicyTextBlock_lbl" xml:lang="en-US"> Basis of Accounting, Policy [Policy Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_BasisOfAccountingPolicyPolicyTextBlock_lbl" xml:lang="en-US"> Basis Of Presentation </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConsolidationPolicyTextBlock" xlink:label="us-gaap_ConsolidationPolicyTextBlock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConsolidationPolicyTextBlock" xlink:to="us-gaap_ConsolidationPolicyTextBlock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConsolidationPolicyTextBlock_lbl" xml:lang="en-US"> Consolidation, Policy [Policy Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ConsolidationPolicyTextBlock_lbl" xml:lang="en-US"> Consolidation And Equity Method Of Accounting </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConsolidationSubsidiariesOrOtherInvestmentsConsolidatedEntitiesPolicy" xlink:label="us-gaap_ConsolidationSubsidiariesOrOtherInvestmentsConsolidatedEntitiesPolicy"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConsolidationSubsidiariesOrOtherInvestmentsConsolidatedEntitiesPolicy" xlink:to="us-gaap_ConsolidationSubsidiariesOrOtherInvestmentsConsolidatedEntitiesPolicy_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConsolidationSubsidiariesOrOtherInvestmentsConsolidatedEntitiesPolicy_lbl" xml:lang="en-US"> Noncontrolling Interests [Policy Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ConsolidationSubsidiariesOrOtherInvestmentsConsolidatedEntitiesPolicy_lbl" xml:lang="en-US"> Noncontrolling Interests </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UseOfEstimates" xlink:label="us-gaap_UseOfEstimates"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UseOfEstimates" xlink:to="us-gaap_UseOfEstimates_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UseOfEstimates_lbl" xml:lang="en-US"> Use of Estimates, Policy [Policy Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_UseOfEstimates_lbl" xml:lang="en-US"> Use Of Estimates </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy" xlink:label="us-gaap_ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy" xlink:to="us-gaap_ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy_lbl" xml:lang="en-US"> Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy_lbl" xml:lang="en-US"> Allowance For Doubtful Accounts </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:label="us-gaap_FairValueMeasurementPolicyPolicyTextBlock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:to="us-gaap_FairValueMeasurementPolicyPolicyTextBlock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueMeasurementPolicyPolicyTextBlock_lbl" xml:lang="en-US"> Fair Value of Financial Instruments, Policy [Policy Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueMeasurementPolicyPolicyTextBlock_lbl" xml:lang="en-US"> Financial Instruments </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_RealEstateFacilitiesPolicyTextBlock" xlink:label="psb_RealEstateFacilitiesPolicyTextBlock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_RealEstateFacilitiesPolicyTextBlock" xlink:to="psb_RealEstateFacilitiesPolicyTextBlock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_RealEstateFacilitiesPolicyTextBlock_lbl" xml:lang="en-US"> Describes the company's policies for real estate facilities. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_RealEstateFacilitiesPolicyTextBlock_lbl" xml:lang="en-US"> Real Estate Facilities [Policy Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_RealEstateFacilitiesPolicyTextBlock_lbl" xml:lang="en-US"> Real Estate Facilities </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateHeldForDevelopmentAndSalePolicy" xlink:label="us-gaap_RealEstateHeldForDevelopmentAndSalePolicy"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateHeldForDevelopmentAndSalePolicy" xlink:to="us-gaap_RealEstateHeldForDevelopmentAndSalePolicy_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateHeldForDevelopmentAndSalePolicy_lbl" xml:lang="en-US"> Real Estate Held for Development and Sale, Policy [Policy Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RealEstateHeldForDevelopmentAndSalePolicy_lbl" xml:lang="en-US"> Land Held For Future Development </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DiscontinuedOperationsPolicyTextBlock" xlink:label="us-gaap_DiscontinuedOperationsPolicyTextBlock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DiscontinuedOperationsPolicyTextBlock" xlink:to="us-gaap_DiscontinuedOperationsPolicyTextBlock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DiscontinuedOperationsPolicyTextBlock_lbl" xml:lang="en-US"> Discontinued Operations, Policy [Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DiscontinuedOperationsPolicyTextBlock_lbl" xml:lang="en-US"> Properties Held For Disposition </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GoodwillAndIntangibleAssetsIntangibleAssetsPolicy" xlink:label="us-gaap_GoodwillAndIntangibleAssetsIntangibleAssetsPolicy"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillAndIntangibleAssetsIntangibleAssetsPolicy" xlink:to="us-gaap_GoodwillAndIntangibleAssetsIntangibleAssetsPolicy_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GoodwillAndIntangibleAssetsIntangibleAssetsPolicy_lbl" xml:lang="en-US"> Intangible Assets And liabilities [Policy Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_GoodwillAndIntangibleAssetsIntangibleAssetsPolicy_lbl" xml:lang="en-US"> Intangible Assets/Liabilities </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock" xlink:label="us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock" xlink:to="us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_lbl" xml:lang="en-US"> Impairment or Disposal of Long-Lived Assets, Policy [Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_lbl" xml:lang="en-US"> Evaluation Of Asset Impairment </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CompensationRelatedCostsPolicyTextBlock" xlink:label="us-gaap_CompensationRelatedCostsPolicyTextBlock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CompensationRelatedCostsPolicyTextBlock" xlink:to="us-gaap_CompensationRelatedCostsPolicyTextBlock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CompensationRelatedCostsPolicyTextBlock_lbl" xml:lang="en-US"> Compensation Related Costs, Policy [Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CompensationRelatedCostsPolicyTextBlock_lbl" xml:lang="en-US"> Stock Compensation </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_RevenueAndExpenseRecognitionPolicyTextBlock" xlink:label="psb_RevenueAndExpenseRecognitionPolicyTextBlock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_RevenueAndExpenseRecognitionPolicyTextBlock" xlink:to="psb_RevenueAndExpenseRecognitionPolicyTextBlock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_RevenueAndExpenseRecognitionPolicyTextBlock_lbl" xml:lang="en-US"> Describes the company's policies for revenue and expenses recognition. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_RevenueAndExpenseRecognitionPolicyTextBlock_lbl" xml:lang="en-US"> Revenue and Expense Recognition [Policy Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_RevenueAndExpenseRecognitionPolicyTextBlock_lbl" xml:lang="en-US"> Revenue And Expense Recognition </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_GainsFromSalesOfRealEstateFacilitiesPolicyTextBlock" xlink:label="psb_GainsFromSalesOfRealEstateFacilitiesPolicyTextBlock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_GainsFromSalesOfRealEstateFacilitiesPolicyTextBlock" xlink:to="psb_GainsFromSalesOfRealEstateFacilitiesPolicyTextBlock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_GainsFromSalesOfRealEstateFacilitiesPolicyTextBlock_lbl" xml:lang="en-US"> Describes the company's policies for gains from sale of real estate facilities. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_GainsFromSalesOfRealEstateFacilitiesPolicyTextBlock_lbl" xml:lang="en-US"> Gains From Sales Of Real Estate Facilities [Policy Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_GainsFromSalesOfRealEstateFacilitiesPolicyTextBlock_lbl" xml:lang="en-US"> Gains From Sales Of Real Estate Facilities </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SellingGeneralAndAdministrativeExpensesPolicyTextBlock" xlink:label="us-gaap_SellingGeneralAndAdministrativeExpensesPolicyTextBlock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SellingGeneralAndAdministrativeExpensesPolicyTextBlock" xlink:to="us-gaap_SellingGeneralAndAdministrativeExpensesPolicyTextBlock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SellingGeneralAndAdministrativeExpensesPolicyTextBlock_lbl" xml:lang="en-US"> Selling, General and Administrative Expenses, Policy [Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SellingGeneralAndAdministrativeExpensesPolicyTextBlock_lbl" xml:lang="en-US"> General And Administrative Expenses </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxPolicyTextBlock" xlink:label="us-gaap_IncomeTaxPolicyTextBlock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxPolicyTextBlock" xlink:to="us-gaap_IncomeTaxPolicyTextBlock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxPolicyTextBlock_lbl" xml:lang="en-US"> Income Tax, Policy [Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeTaxPolicyTextBlock_lbl" xml:lang="en-US"> Income Taxes </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_PreferredEquityIssuanceCostsPolicyTextBlock" xlink:label="psb_PreferredEquityIssuanceCostsPolicyTextBlock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_PreferredEquityIssuanceCostsPolicyTextBlock" xlink:to="psb_PreferredEquityIssuanceCostsPolicyTextBlock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_PreferredEquityIssuanceCostsPolicyTextBlock_lbl" xml:lang="en-US"> Describes the company's policies for preferred equity issuance costs. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_PreferredEquityIssuanceCostsPolicyTextBlock_lbl" xml:lang="en-US"> Preferred Equity Issuance Costs [Policy Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_PreferredEquityIssuanceCostsPolicyTextBlock_lbl" xml:lang="en-US"> Accounting For Preferred Equity Issuance Costs </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_NetIncomeAllocationPolicyTextBlock" xlink:label="psb_NetIncomeAllocationPolicyTextBlock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_NetIncomeAllocationPolicyTextBlock" xlink:to="psb_NetIncomeAllocationPolicyTextBlock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_NetIncomeAllocationPolicyTextBlock_lbl" xml:lang="en-US"> Net Income Allocation [Policy Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_NetIncomeAllocationPolicyTextBlock_lbl" xml:lang="en-US"> Net Income Allocation [Policy Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_NetIncomeAllocationPolicyTextBlock_lbl" xml:lang="en-US"> Net Income Allocation </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerSharePolicyTextBlock" xlink:label="us-gaap_EarningsPerSharePolicyTextBlock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerSharePolicyTextBlock" xlink:to="us-gaap_EarningsPerSharePolicyTextBlock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerSharePolicyTextBlock_lbl" xml:lang="en-US"> Earnings Per Share, Policy [Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EarningsPerSharePolicyTextBlock_lbl" xml:lang="en-US"> Net Income Per Common Share </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SegmentReportingPolicyPolicyTextBlock" xlink:label="us-gaap_SegmentReportingPolicyPolicyTextBlock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentReportingPolicyPolicyTextBlock" xlink:to="us-gaap_SegmentReportingPolicyPolicyTextBlock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SegmentReportingPolicyPolicyTextBlock_lbl" xml:lang="en-US"> Segment Reporting, Policy [Policy Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SegmentReportingPolicyPolicyTextBlock_lbl" xml:lang="en-US"> Segment Reporting </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PriorPeriodReclassificationAdjustmentDescription" xlink:label="us-gaap_PriorPeriodReclassificationAdjustmentDescription"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PriorPeriodReclassificationAdjustmentDescription" xlink:to="us-gaap_PriorPeriodReclassificationAdjustmentDescription_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PriorPeriodReclassificationAdjustmentDescription_lbl" xml:lang="en-US"> Reclassification, Policy [Policy Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PriorPeriodReclassificationAdjustmentDescription_lbl" xml:lang="en-US"> Reclassifications </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:to="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl" xml:lang="en-US"> New Accounting Pronouncements, Policy [Policy Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl" xml:lang="en-US"> Recently Issued Accounting Standards </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_NetIncomeAllocationTableTextBlock" xlink:label="psb_NetIncomeAllocationTableTextBlock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_NetIncomeAllocationTableTextBlock" xlink:to="psb_NetIncomeAllocationTableTextBlock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_NetIncomeAllocationTableTextBlock_lbl" xml:lang="en-US"> Net Income Allocation [Table Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_NetIncomeAllocationTableTextBlock_lbl" xml:lang="en-US"> Net Income Allocation [Table Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_NetIncomeAllocationTableTextBlock_lbl" xml:lang="en-US"> Net Income Allocation </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:label="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:to="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_lbl" xml:lang="en-US"> Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_lbl" xml:lang="en-US"> Calculation Of Earnings Per Share </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfRealEstatePropertiesTable" xlink:label="us-gaap_ScheduleOfRealEstatePropertiesTable"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfRealEstatePropertiesTable" xlink:to="us-gaap_ScheduleOfRealEstatePropertiesTable_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfRealEstatePropertiesTable_lbl" xml:lang="en-US"> Schedule of Real Estate Properties [Table] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstatePropertiesLineItems" xlink:label="us-gaap_RealEstatePropertiesLineItems"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstatePropertiesLineItems" xlink:to="us-gaap_RealEstatePropertiesLineItems_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstatePropertiesLineItems_lbl" xml:lang="en-US"> Real Estate Properties [Line Items] </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_ScheduleOfRealEstateActivitiesTableTextBlock" xlink:label="psb_ScheduleOfRealEstateActivitiesTableTextBlock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_ScheduleOfRealEstateActivitiesTableTextBlock" xlink:to="psb_ScheduleOfRealEstateActivitiesTableTextBlock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_ScheduleOfRealEstateActivitiesTableTextBlock_lbl" xml:lang="en-US"> Schedule Of Real Estate Activities [Table Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_ScheduleOfRealEstateActivitiesTableTextBlock_lbl" xml:lang="en-US"> Schedule Of Real Estate Activities [Table Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_ScheduleOfRealEstateActivitiesTableTextBlock_lbl" xml:lang="en-US"> Activity In Real Estate Facilities </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock" xlink:label="us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock" xlink:to="us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_lbl" xml:lang="en-US"> Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_lbl" xml:lang="en-US"> Summary Of Real Estate Assets Acquired And Liabilities Assumed </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock" xlink:label="us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock" xlink:to="us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock_lbl" xml:lang="en-US"> Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock_lbl" xml:lang="en-US"> Summary Of Future Minimum Rental Revenues Excluding Recovery Of Operating Expenses </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_ScheduleOfPreferredStockByClassTableTextBlock" xlink:label="psb_ScheduleOfPreferredStockByClassTableTextBlock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_ScheduleOfPreferredStockByClassTableTextBlock" xlink:to="psb_ScheduleOfPreferredStockByClassTableTextBlock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_ScheduleOfPreferredStockByClassTableTextBlock_lbl" xml:lang="en-US"> Schedule of Preferred Stock by Class [Table Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_ScheduleOfPreferredStockByClassTableTextBlock_lbl" xml:lang="en-US"> Schedule of Preferred Stock by Class [Table Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_ScheduleOfPreferredStockByClassTableTextBlock_lbl" xml:lang="en-US"> Schedule Of Preferred Stock Outstanding </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock" xlink:label="us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock" xlink:to="us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_lbl" xml:lang="en-US"> Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_lbl" xml:lang="en-US"> Summary Of Stock Options Activity </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock" xlink:label="us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock" xlink:to="us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock_lbl" xml:lang="en-US"> Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock_lbl" xml:lang="en-US"> Nonvested Restricted Stock Units </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable" xlink:label="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable" xlink:to="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable_lbl" xml:lang="en-US"> Disposal Groups, Including Discontinued Operations [Table] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems" xlink:label="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems" xlink:to="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems_lbl" xml:lang="en-US"> Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems_lbl" xml:lang="en-US"> Organization And Description Of Business [Line Items] </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_CompanySOwnershipPercentageOfLimitedPartnership" xlink:label="psb_CompanySOwnershipPercentageOfLimitedPartnership"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_CompanySOwnershipPercentageOfLimitedPartnership" xlink:to="psb_CompanySOwnershipPercentageOfLimitedPartnership_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_CompanySOwnershipPercentageOfLimitedPartnership_lbl" xml:lang="en-US"> The Company's Ownership Percentage of the Limited Partnership. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_CompanySOwnershipPercentageOfLimitedPartnership_lbl" xml:lang="en-US"> The Company's Ownership Percentage of the Limited Partnership </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_CompanySOwnershipPercentageOfLimitedPartnership_lbl" xml:lang="en-US"> The Company's ownership percentage of the limited partnership </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:label="us-gaap_EquityMethodInvestmentOwnershipPercentage"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:to="us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl" xml:lang="en-US"> Equity Method Investment, Ownership Percentage </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl" xml:lang="en-US"> Affiliate's percent ownership of the Company's common equity </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_SharesOwnedByThirdParty" xlink:label="psb_SharesOwnedByThirdParty"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_SharesOwnedByThirdParty" xlink:to="psb_SharesOwnedByThirdParty_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_SharesOwnedByThirdParty_lbl" xml:lang="en-US"> Shares Owned By Third Party </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_SharesOwnedByThirdParty_lbl" xml:lang="en-US"> Shares Owned By Third Party </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_SharesOwnedByThirdParty_lbl" xml:lang="en-US"> Shares owned by Public Storage </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_TotalSquareFootageOfRealEstateProperty" xlink:label="psb_TotalSquareFootageOfRealEstateProperty"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_TotalSquareFootageOfRealEstateProperty" xlink:to="psb_TotalSquareFootageOfRealEstateProperty_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_TotalSquareFootageOfRealEstateProperty_lbl" xml:lang="en-US"> The amount of square footage related to real estate property owned and operated by the Company. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_TotalSquareFootageOfRealEstateProperty_lbl" xml:lang="en-US"> Total Square Footage Of Real Estate Property </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_TotalSquareFootageOfRealEstateProperty_lbl" xml:lang="en-US"> Owned and operated properties (in rentable square feet) </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_NumberOfStatesWithRentableCommercialSpace" xlink:label="psb_NumberOfStatesWithRentableCommercialSpace"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_NumberOfStatesWithRentableCommercialSpace" xlink:to="psb_NumberOfStatesWithRentableCommercialSpace_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_NumberOfStatesWithRentableCommercialSpace_lbl" xml:lang="en-US"> Number of states with rentable commercial space </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_NumberOfStatesWithRentableCommercialSpace_lbl" xml:lang="en-US"> Number of states with rentable commercial space </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_SquareFootageOfManagedRealEstateProperty" xlink:label="psb_SquareFootageOfManagedRealEstateProperty"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_SquareFootageOfManagedRealEstateProperty" xlink:to="psb_SquareFootageOfManagedRealEstateProperty_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_SquareFootageOfManagedRealEstateProperty_lbl" xml:lang="en-US"> The amount of square footage related to managed real estate property. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_SquareFootageOfManagedRealEstateProperty_lbl" xml:lang="en-US"> Square Footage Of Managed Real Estate Property </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_SquareFootageOfManagedRealEstateProperty_lbl" xml:lang="en-US"> Managed properties (in rentable square feet) </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:label="us-gaap_ScheduleOfPropertyPlantAndEquipmentTable"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:to="us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_lbl" xml:lang="en-US"> Schedule of Property, Plant and Equipment [Table] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeAxis" xlink:label="us-gaap_RangeAxis"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RangeAxis" xlink:to="us-gaap_RangeAxis_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RangeAxis_lbl" xml:lang="en-US"> Range [Axis] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeMember" xlink:label="us-gaap_RangeMember"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RangeMember" xlink:to="us-gaap_RangeMember_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RangeMember_lbl" xml:lang="en-US"> Range [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RangeMember_lbl" xml:lang="en-US"> Range [Domain] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MaximumMember" xlink:label="us-gaap_MaximumMember"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MaximumMember" xlink:to="us-gaap_MaximumMember_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MaximumMember_lbl" xml:lang="en-US"> Maximum [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MaximumMember_lbl" xml:lang="en-US"> Maximum [Member] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinimumMember" xlink:label="us-gaap_MinimumMember"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinimumMember" xlink:to="us-gaap_MinimumMember_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinimumMember_lbl" xml:lang="en-US"> Minimum [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MinimumMember_lbl" xml:lang="en-US"> Minimum [Member] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentLineItems" xlink:label="us-gaap_PropertyPlantAndEquipmentLineItems"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentLineItems" xlink:to="us-gaap_PropertyPlantAndEquipmentLineItems_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentLineItems_lbl" xml:lang="en-US"> Property, Plant and Equipment [Line Items] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivable"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:to="us-gaap_AllowanceForDoubtfulAccountsReceivable_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivable_lbl" xml:lang="en-US"> Allowance for uncollectible accounts </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_StraightLineRentsReceivableAllowance" xlink:label="psb_StraightLineRentsReceivableAllowance"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_StraightLineRentsReceivableAllowance" xlink:to="psb_StraightLineRentsReceivableAllowance_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_StraightLineRentsReceivableAllowance_lbl" xml:lang="en-US"> Allowance to deferred rent receivables attributable to, for instance, credit risk associated with a lessee. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_StraightLineRentsReceivableAllowance_lbl" xml:lang="en-US"> Straight Line Rents Receivable Allowance </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_StraightLineRentsReceivableAllowance_lbl" xml:lang="en-US"> Allowance for uncollectable deferred rent receivables </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_CashAndCashEquivalentsMaximumBenchmarkInMonths" xlink:label="psb_CashAndCashEquivalentsMaximumBenchmarkInMonths"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_CashAndCashEquivalentsMaximumBenchmarkInMonths" xlink:to="psb_CashAndCashEquivalentsMaximumBenchmarkInMonths_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_CashAndCashEquivalentsMaximumBenchmarkInMonths_lbl" xml:lang="en-US"> Cash and cash equivalents maximum benchmark </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_CashAndCashEquivalentsMaximumBenchmarkInMonths_lbl" xml:lang="en-US"> Cash And Cash Equivalents Maximum Benchmark (in months) </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_CashAndCashEquivalentsMaximumBenchmarkInMonths_lbl" xml:lang="en-US"> Cash and cash equivalents maximum benchmark (in months) </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_MinimumExpenditureCostsSubjectToCapitalizationAndDepreciation" xlink:label="psb_MinimumExpenditureCostsSubjectToCapitalizationAndDepreciation"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_MinimumExpenditureCostsSubjectToCapitalizationAndDepreciation" xlink:to="psb_MinimumExpenditureCostsSubjectToCapitalizationAndDepreciation_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_MinimumExpenditureCostsSubjectToCapitalizationAndDepreciation_lbl" xml:lang="en-US"> Expenditures subject to depreciation. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_MinimumExpenditureCostsSubjectToCapitalizationAndDepreciation_lbl" xml:lang="en-US"> Minimum Expenditure Costs Subject To Capitalization And Depreciation </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="psb_MinimumExpenditureCostsSubjectToCapitalizationAndDepreciation_lbl" xml:lang="en-US"> Minimum expenditure costs subject to capitalization and depreciation </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_CapitalExpenditureExpectedFutureBenefitPeriod" xlink:label="psb_CapitalExpenditureExpectedFutureBenefitPeriod"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_CapitalExpenditureExpectedFutureBenefitPeriod" xlink:to="psb_CapitalExpenditureExpectedFutureBenefitPeriod_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_CapitalExpenditureExpectedFutureBenefitPeriod_lbl" xml:lang="en-US"> Expenditures expected future benefit period. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_CapitalExpenditureExpectedFutureBenefitPeriod_lbl" xml:lang="en-US"> Capital Expenditure Expected Future Benefit Period </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_CapitalExpenditureExpectedFutureBenefitPeriod_lbl" xml:lang="en-US"> Minimum expected future benefit period on expenditures cost to be capitalized and depreciated (in years) </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:label="us-gaap_PropertyPlantAndEquipmentUsefulLife"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:to="us-gaap_PropertyPlantAndEquipmentUsefulLife_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentUsefulLife_lbl" xml:lang="en-US"> Property, Plant and Equipment, Useful Life </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentUsefulLife_lbl" xml:lang="en-US"> Estimated useful life (in years) </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_TransactionCostForLeaseSubjectToCapitalizationAndDepreciation" xlink:label="psb_TransactionCostForLeaseSubjectToCapitalizationAndDepreciation"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_TransactionCostForLeaseSubjectToCapitalizationAndDepreciation" xlink:to="psb_TransactionCostForLeaseSubjectToCapitalizationAndDepreciation_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_TransactionCostForLeaseSubjectToCapitalizationAndDepreciation_lbl" xml:lang="en-US"> Transaction Cost for Lease Subject to Deprecation </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_TransactionCostForLeaseSubjectToCapitalizationAndDepreciation_lbl" xml:lang="en-US"> Transaction Cost for Lease Subject to Capitalization and Depreciation </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_TransactionCostForLeaseSubjectToCapitalizationAndDepreciation_lbl" xml:lang="en-US"> Minimum transaction cost subject to capitalization and depreciation </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_TransactionCostExpectedFutureBenefitPeriod" xlink:label="psb_TransactionCostExpectedFutureBenefitPeriod"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_TransactionCostExpectedFutureBenefitPeriod" xlink:to="psb_TransactionCostExpectedFutureBenefitPeriod_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_TransactionCostExpectedFutureBenefitPeriod_lbl" xml:lang="en-US"> Transaction cost Expected Future Benefit Period </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_TransactionCostExpectedFutureBenefitPeriod_lbl" xml:lang="en-US"> Transaction cost Expected Future Benefit Period </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_TransactionCostExpectedFutureBenefitPeriod_lbl" xml:lang="en-US"> Minimum expected future benefit period on transaction cost to be capitalized and depreciated (in years) </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_TransactionCostsOfCurrentLeasesSubjectToRecognitionAsExpense" xlink:label="psb_TransactionCostsOfCurrentLeasesSubjectToRecognitionAsExpense"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_TransactionCostsOfCurrentLeasesSubjectToRecognitionAsExpense" xlink:to="psb_TransactionCostsOfCurrentLeasesSubjectToRecognitionAsExpense_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_TransactionCostsOfCurrentLeasesSubjectToRecognitionAsExpense_lbl" xml:lang="en-US"> Transaction Costs Of Leases, Subject To Recognition As Expense </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_TransactionCostsOfCurrentLeasesSubjectToRecognitionAsExpense_lbl" xml:lang="en-US"> Transaction Costs Of Current Leases, Subject To Recognition As Expense </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_TransactionCostsOfCurrentLeasesSubjectToRecognitionAsExpense_lbl" xml:lang="en-US"> Maximum transaction costs subject to being expensed as incurred </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_TransactionCostsOfLeasesSubjectToRecognitionAsExpenseMaximumPeriod" xlink:label="psb_TransactionCostsOfLeasesSubjectToRecognitionAsExpenseMaximumPeriod"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_TransactionCostsOfLeasesSubjectToRecognitionAsExpenseMaximumPeriod" xlink:to="psb_TransactionCostsOfLeasesSubjectToRecognitionAsExpenseMaximumPeriod_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_TransactionCostsOfLeasesSubjectToRecognitionAsExpenseMaximumPeriod_lbl" xml:lang="en-US"> Transaction Costs Of Leases, Subject To Recognition As Expense, Maximum Period </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_TransactionCostsOfLeasesSubjectToRecognitionAsExpenseMaximumPeriod_lbl" xml:lang="en-US"> Transaction Costs Of Leases, Subject To Recognition As Expense, Maximum Period </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_TransactionCostsOfLeasesSubjectToRecognitionAsExpenseMaximumPeriod_lbl" xml:lang="en-US"> Maximum length of lease period for transaction costs to be expensed as incurred </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_LengthOfTimeCriteriaForExpectedSaleOfAssetsToBeClassifiedAsPropertiesHeldForDisposition" xlink:label="psb_LengthOfTimeCriteriaForExpectedSaleOfAssetsToBeClassifiedAsPropertiesHeldForDisposition"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_LengthOfTimeCriteriaForExpectedSaleOfAssetsToBeClassifiedAsPropertiesHeldForDisposition" xlink:to="psb_LengthOfTimeCriteriaForExpectedSaleOfAssetsToBeClassifiedAsPropertiesHeldForDisposition_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_LengthOfTimeCriteriaForExpectedSaleOfAssetsToBeClassifiedAsPropertiesHeldForDisposition_lbl" xml:lang="en-US"> Length of time criteria for expected sale of assets to be classified as properties held for disposition. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_LengthOfTimeCriteriaForExpectedSaleOfAssetsToBeClassifiedAsPropertiesHeldForDisposition_lbl" xml:lang="en-US"> Length of time criteria for expected sale of assets to be classified as properties held for disposition </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_LengthOfTimeCriteriaForExpectedSaleOfAssetsToBeClassifiedAsPropertiesHeldForDisposition_lbl" xml:lang="en-US"> Length of time criteria for expected sale of assets to be classified as properties held for disposition </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_NetIntangibleAssetsAtBalanceSheetDate" xlink:label="psb_NetIntangibleAssetsAtBalanceSheetDate"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_NetIntangibleAssetsAtBalanceSheetDate" xlink:to="psb_NetIntangibleAssetsAtBalanceSheetDate_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_NetIntangibleAssetsAtBalanceSheetDate_lbl" xml:lang="en-US"> This element represents the identifiable intangible asset at balance sheet date established upon acquisition based on a favorable difference between the terms of an acquired lease and the current market terms for that lease at the acquisition date. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_NetIntangibleAssetsAtBalanceSheetDate_lbl" xml:lang="en-US"> Net Intangible Assets at Balance Sheet Date </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="psb_NetIntangibleAssetsAtBalanceSheetDate_lbl" xml:lang="en-US"> Value of in-place leases resulting in a net intangible asset </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:to="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_lbl" xml:lang="en-US"> Finite-Lived Intangible Assets, Accumulated Amortization </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_lbl" xml:lang="en-US"> Accumulated amortization - intangible assets </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_IntangibleAssetWeightedAverageAmortizationPeriod" xlink:label="psb_IntangibleAssetWeightedAverageAmortizationPeriod"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_IntangibleAssetWeightedAverageAmortizationPeriod" xlink:to="psb_IntangibleAssetWeightedAverageAmortizationPeriod_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_IntangibleAssetWeightedAverageAmortizationPeriod_lbl" xml:lang="en-US"> Intangible Asset Weighted Average Amortization Period </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_IntangibleAssetWeightedAverageAmortizationPeriod_lbl" xml:lang="en-US"> Intangible Asset Weighted Average Amortization Period </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_IntangibleAssetWeightedAverageAmortizationPeriod_lbl" xml:lang="en-US"> Intangible assets, weighted average amortization period (in years) </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_NetIntangibleLiabilityAtBalanceSheetDate" xlink:label="psb_NetIntangibleLiabilityAtBalanceSheetDate"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_NetIntangibleLiabilityAtBalanceSheetDate" xlink:to="psb_NetIntangibleLiabilityAtBalanceSheetDate_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_NetIntangibleLiabilityAtBalanceSheetDate_lbl" xml:lang="en-US"> This element represents the identifiable intangible liability at balance sheet date established upon acquisition based on an unfavorable difference between the terms of an acquired lease and the current market terms for that lease at the acquisition date. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_NetIntangibleLiabilityAtBalanceSheetDate_lbl" xml:lang="en-US"> Net Intangible Liability At Balance Sheet Date </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_NetIntangibleLiabilityAtBalanceSheetDate_lbl" xml:lang="en-US"> Value of in-place leases resulting in a net intangible liability </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_FiniteLivedIntangibleLiabilityAccumulatedAmortization" xlink:label="psb_FiniteLivedIntangibleLiabilityAccumulatedAmortization"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_FiniteLivedIntangibleLiabilityAccumulatedAmortization" xlink:to="psb_FiniteLivedIntangibleLiabilityAccumulatedAmortization_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_FiniteLivedIntangibleLiabilityAccumulatedAmortization_lbl" xml:lang="en-US"> The accumulated amount of amortization of a major finite-lived intangible liability class. A major class is composed of intangible liabilities that can be grouped together because they are similar, either by their nature or by their use in the operations of a company. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_FiniteLivedIntangibleLiabilityAccumulatedAmortization_lbl" xml:lang="en-US"> Finite Lived Intangible Liability Accumulated Amortization </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_FiniteLivedIntangibleLiabilityAccumulatedAmortization_lbl" xml:lang="en-US"> Accumulated amortization - intangible liabilities </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_IntangibleLiabilityWeightedAverageAmortizationPeriod" xlink:label="psb_IntangibleLiabilityWeightedAverageAmortizationPeriod"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_IntangibleLiabilityWeightedAverageAmortizationPeriod" xlink:to="psb_IntangibleLiabilityWeightedAverageAmortizationPeriod_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_IntangibleLiabilityWeightedAverageAmortizationPeriod_lbl" xml:lang="en-US"> Intangible Liability Weighted Average Amortization Period </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_IntangibleLiabilityWeightedAverageAmortizationPeriod_lbl" xml:lang="en-US"> Intangible Liability Weighted Average Amortization Period </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="psb_IntangibleLiabilityWeightedAverageAmortizationPeriod_lbl" xml:lang="en-US"> Intangible liability, weighted average amortization period (in years) </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_DistributionOfTaxableIncomeRequirement" xlink:label="psb_DistributionOfTaxableIncomeRequirement"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_DistributionOfTaxableIncomeRequirement" xlink:to="psb_DistributionOfTaxableIncomeRequirement_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_DistributionOfTaxableIncomeRequirement_lbl" xml:lang="en-US"> Minimum distribution percentage of taxable income requirement. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_DistributionOfTaxableIncomeRequirement_lbl" xml:lang="en-US"> Distribution Of Taxable Income Requirement </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="psb_DistributionOfTaxableIncomeRequirement_lbl" xml:lang="en-US"> Distribution of taxable income requirement </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="us-gaap_IncomeTaxExpenseBenefit"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxExpenseBenefit" xlink:to="us-gaap_IncomeTaxExpenseBenefit_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxExpenseBenefit_lbl" xml:lang="en-US"> Income Tax Expense (Benefit) </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeTaxExpenseBenefit_lbl" xml:lang="en-US"> Income tax provision </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_PercentageOfRecognizedSettlement" xlink:label="psb_PercentageOfRecognizedSettlement"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_PercentageOfRecognizedSettlement" xlink:to="psb_PercentageOfRecognizedSettlement_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_PercentageOfRecognizedSettlement_lbl" xml:lang="en-US"> Odds of a particular tax position will be sustained upon examination or audit. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_PercentageOfRecognizedSettlement_lbl" xml:lang="en-US"> Percentage of recognized settlement </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_PercentageOfRecognizedSettlement_lbl" xml:lang="en-US"> Odds of a particular tax position will be sustained upon examination or audit </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:to="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_lbl" xml:lang="en-US"> Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_lbl" xml:lang="en-US"> Anti-dilutive share options to purchase </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NumberOfOperatingSegments" xlink:label="us-gaap_NumberOfOperatingSegments"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NumberOfOperatingSegments" xlink:to="us-gaap_NumberOfOperatingSegments_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NumberOfOperatingSegments_lbl" xml:lang="en-US"> Number of Operating Segments </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NumberOfOperatingSegments_lbl" xml:lang="en-US"> Number of operating segments </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_PaymentsForIssuanceOfRedeemablePreferredStock" xlink:label="psb_PaymentsForIssuanceOfRedeemablePreferredStock"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_PaymentsForIssuanceOfRedeemablePreferredStock" xlink:to="psb_PaymentsForIssuanceOfRedeemablePreferredStock_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_PaymentsForIssuanceOfRedeemablePreferredStock_lbl" xml:lang="en-US"> Payments for issuance of redeemable preferred stock reported as a reduction of net income allocable to common shareholders upon redemption. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_PaymentsForIssuanceOfRedeemablePreferredStock_lbl" xml:lang="en-US"> Payments for Issuance of Redeemable Preferred Stock </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="psb_PaymentsForIssuanceOfRedeemablePreferredStock_lbl" xml:lang="en-US"> Non-cash distributions related to the redemption of preferred stock </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment" xlink:label="us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment" xlink:to="us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment_lbl" xml:lang="en-US"> Weighted Average Number Diluted Shares Outstanding Adjustment </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment_lbl" xml:lang="en-US"> Net effect of dilutive stock compensation - based on treasury stock method using average market price </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_RealEstateFacilitiesTable" xlink:label="psb_RealEstateFacilitiesTable"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_RealEstateFacilitiesTable" xlink:to="psb_RealEstateFacilitiesTable_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_RealEstateFacilitiesTable_lbl" xml:lang="en-US"> Real Estate Facilities [Table] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_RealEstateFacilitiesTable_lbl" xml:lang="en-US"> Real Estate Facilities [Table] </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_RealEstateFacilitiesLineItems" xlink:label="psb_RealEstateFacilitiesLineItems"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_RealEstateFacilitiesLineItems" xlink:to="psb_RealEstateFacilitiesLineItems_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_RealEstateFacilitiesLineItems_lbl" xml:lang="en-US"> Real Estate Facilities [Line Items] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_RealEstateFacilitiesLineItems_lbl" xml:lang="en-US"> Real Estate Facilities [Line Items] </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_NumberOfBuildingsAcquired" xlink:label="psb_NumberOfBuildingsAcquired"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_NumberOfBuildingsAcquired" xlink:to="psb_NumberOfBuildingsAcquired_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_NumberOfBuildingsAcquired_lbl" xml:lang="en-US"> Number Of Buildings Acquired </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_NumberOfBuildingsAcquired_lbl" xml:lang="en-US"> Number Of Buildings Acquired </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_NumberOfBuildingsAcquired_lbl" xml:lang="en-US"> Number of buildings acquired </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets" xlink:to="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets_lbl" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets_lbl" xml:lang="en-US"> Total purchase price </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets_lbl" xml:lang="en-US"> Purchase price </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_NumberOfSquareFootAcquired" xlink:label="psb_NumberOfSquareFootAcquired"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_NumberOfSquareFootAcquired" xlink:to="psb_NumberOfSquareFootAcquired_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_NumberOfSquareFootAcquired_lbl" xml:lang="en-US"> Number of square foot acquired </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_NumberOfSquareFootAcquired_lbl" xml:lang="en-US"> Number of square foot acquired </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_NumberOfBuildingsOwned" xlink:label="psb_NumberOfBuildingsOwned"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_NumberOfBuildingsOwned" xlink:to="psb_NumberOfBuildingsOwned_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_NumberOfBuildingsOwned_lbl" xml:lang="en-US"> Number of buildings owned </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_NumberOfBuildingsOwned_lbl" xml:lang="en-US"> Number of buildings owned </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AreaOfRealEstateProperty" xlink:label="us-gaap_AreaOfRealEstateProperty"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AreaOfRealEstateProperty" xlink:to="us-gaap_AreaOfRealEstateProperty_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AreaOfRealEstateProperty_lbl" xml:lang="en-US"> Square Footage of Real Estate Property </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="us-gaap_PropertyPlantAndEquipmentByTypeAxis"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:to="us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl" xml:lang="en-US"> Property, Plant and Equipment by Type [Axis] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="us-gaap_PropertyPlantAndEquipmentTypeDomain"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:to="us-gaap_PropertyPlantAndEquipmentTypeDomain_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentTypeDomain_lbl" xml:lang="en-US"> Property Plant And Equipment Type [Domain] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentTypeDomain_lbl" xml:lang="en-US"> Property, Plant and Equipment, Type [Domain] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LandMember" xlink:label="us-gaap_LandMember"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LandMember" xlink:to="us-gaap_LandMember_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LandMember_lbl" xml:lang="en-US"> Land [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LandMember_lbl" xml:lang="en-US"> Land [Member] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateOtherAcquisitions" xlink:label="us-gaap_RealEstateOtherAcquisitions"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateOtherAcquisitions" xlink:to="us-gaap_RealEstateOtherAcquisitions_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateOtherAcquisitions_lbl" xml:lang="en-US"> Real Estate, Other Acquisitions </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RealEstateOtherAcquisitions_lbl" xml:lang="en-US"> Acquisition of real estate facilities </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateImprovements" xlink:label="us-gaap_RealEstateImprovements"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateImprovements" xlink:to="us-gaap_RealEstateImprovements_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateImprovements_lbl" xml:lang="en-US"> Real Estate, Improvements </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RealEstateImprovements_lbl" xml:lang="en-US"> Capital expenditures, net </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_WriteOffOfFullyAmortizedTransactionCosts" xlink:label="psb_WriteOffOfFullyAmortizedTransactionCosts"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_WriteOffOfFullyAmortizedTransactionCosts" xlink:to="psb_WriteOffOfFullyAmortizedTransactionCosts_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_WriteOffOfFullyAmortizedTransactionCosts_lbl" xml:lang="en-US"> Write off of fully amortized transaction costs. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_WriteOffOfFullyAmortizedTransactionCosts_lbl" xml:lang="en-US"> Write off of fully amortized transaction costs </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="psb_WriteOffOfFullyAmortizedTransactionCosts_lbl" xml:lang="en-US"> Disposals </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccumulatedDepreciationDepletionAndAmortizationSaleOfPropertyPlantAndEquipment1" xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationSaleOfPropertyPlantAndEquipment1"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedDepreciationDepletionAndAmortizationSaleOfPropertyPlantAndEquipment1" xlink:to="us-gaap_AccumulatedDepreciationDepletionAndAmortizationSaleOfPropertyPlantAndEquipment1_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationSaleOfPropertyPlantAndEquipment1_lbl" xml:lang="en-US"> Accumulated Depreciation, Depletion and Amortization, Sale or Disposal of Property, Plant and Equipment </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationSaleOfPropertyPlantAndEquipment1_lbl" xml:lang="en-US"> Accumulated Depreciation, Disposals </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:label="us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:to="us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable_lbl" xml:lang="en-US"> Schedule of Business Acquisitions, by Acquisition [Table] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessAcquisitionLineItems" xlink:label="us-gaap_BusinessAcquisitionLineItems"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionLineItems" xlink:to="us-gaap_BusinessAcquisitionLineItems_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessAcquisitionLineItems_lbl" xml:lang="en-US"> Business Acquisition [Line Items] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLand" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLand"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLand" xlink:to="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLand_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLand_lbl" xml:lang="en-US"> Business Acquisition, Purchase Price Allocation, Land </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLand_lbl" xml:lang="en-US"> Land </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildingsAndImprovements" xlink:label="psb_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildingsAndImprovements"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildingsAndImprovements" xlink:to="psb_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildingsAndImprovements_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildingsAndImprovements_lbl" xml:lang="en-US"> Business combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Buildings And Improvements </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildingsAndImprovements_lbl" xml:lang="en-US"> Business combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Buildings And Improvements </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildingsAndImprovements_lbl" xml:lang="en-US"> Buildings and improvements </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_FiniteLivedIntangibleLiabilityOffMarketLeaseUnfavorableGross" xlink:label="psb_FiniteLivedIntangibleLiabilityOffMarketLeaseUnfavorableGross"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_FiniteLivedIntangibleLiabilityOffMarketLeaseUnfavorableGross" xlink:to="psb_FiniteLivedIntangibleLiabilityOffMarketLeaseUnfavorableGross_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_FiniteLivedIntangibleLiabilityOffMarketLeaseUnfavorableGross_lbl" xml:lang="en-US"> This element represents the identifiable liability established upon acquisition based on an unfavorable difference between the terms of an acquired lease and the current market terms for the lease at the acquisition date. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_FiniteLivedIntangibleLiabilityOffMarketLeaseUnfavorableGross_lbl" xml:lang="en-US"> Finite-lived Intangible Liability, Off-Market Lease, Unfavorable, Gross </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="psb_FiniteLivedIntangibleLiabilityOffMarketLeaseUnfavorableGross_lbl" xml:lang="en-US"> Below-market in-place lease value </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities" xlink:to="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities_lbl" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities_lbl" xml:lang="en-US"> Net operating assets acquired and liabilities assumed </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfEquityMethodInvestmentsTable" xlink:label="us-gaap_ScheduleOfEquityMethodInvestmentsTable"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfEquityMethodInvestmentsTable" xlink:to="us-gaap_ScheduleOfEquityMethodInvestmentsTable_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfEquityMethodInvestmentsTable_lbl" xml:lang="en-US"> Schedule of Equity Method Investments [Table] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstatePropertiesAxis" xlink:label="us-gaap_RealEstatePropertiesAxis"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstatePropertiesAxis" xlink:to="us-gaap_RealEstatePropertiesAxis_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstatePropertiesAxis_lbl" xml:lang="en-US"> Real Estate Properties [Axis] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstatePropertiesDomain" xlink:label="us-gaap_RealEstatePropertiesDomain"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstatePropertiesDomain" xlink:to="us-gaap_RealEstatePropertiesDomain_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstatePropertiesDomain_lbl" xml:lang="en-US"> Real Estate Properties [Domain] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RealEstatePropertiesDomain_lbl" xml:lang="en-US"> Real Estate Properties [Domain] </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_NorthernVirginiaRedevelopedLandMember" xlink:label="psb_NorthernVirginiaRedevelopedLandMember"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_NorthernVirginiaRedevelopedLandMember" xlink:to="psb_NorthernVirginiaRedevelopedLandMember_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_NorthernVirginiaRedevelopedLandMember_lbl" xml:lang="en-US"> Northern Virginia Redeveloped Land [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_NorthernVirginiaRedevelopedLandMember_lbl" xml:lang="en-US"> Northern Virginia Redeveloped Land [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_NorthernVirginiaRedevelopedLandMember_lbl" xml:lang="en-US"> Northern Virginia Redeveloped Land [Member] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfEquityMethodInvestmentsLineItems" xlink:label="us-gaap_ScheduleOfEquityMethodInvestmentsLineItems"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfEquityMethodInvestmentsLineItems" xlink:to="us-gaap_ScheduleOfEquityMethodInvestmentsLineItems_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfEquityMethodInvestmentsLineItems_lbl" xml:lang="en-US"> Schedule of Equity Method Investments [Line Items] </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_ConsolidatedEntityOwnershipPercentage" xlink:label="psb_ConsolidatedEntityOwnershipPercentage"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_ConsolidatedEntityOwnershipPercentage" xlink:to="psb_ConsolidatedEntityOwnershipPercentage_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_ConsolidatedEntityOwnershipPercentage_lbl" xml:lang="en-US"> Economic interest in joint venture, expressed as a percentage </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_ConsolidatedEntityOwnershipPercentage_lbl" xml:lang="en-US"> Consolidated Entity Ownership Percentage </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_ConsolidatedEntityOwnershipPercentage_lbl" xml:lang="en-US"> Economic interest in joint venture, percentage </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_NumberOfUnitsToBeDeveloped" xlink:label="psb_NumberOfUnitsToBeDeveloped"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_NumberOfUnitsToBeDeveloped" xlink:to="psb_NumberOfUnitsToBeDeveloped_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_NumberOfUnitsToBeDeveloped_lbl" xml:lang="en-US"> Number of units to be developed. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_NumberOfUnitsToBeDeveloped_lbl" xml:lang="en-US"> Number of units to be developed </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_NumberOfUnitsToBeDeveloped_lbl" xml:lang="en-US"> Number of units to be developed </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AreaOfLand" xlink:label="us-gaap_AreaOfLand"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AreaOfLand" xlink:to="us-gaap_AreaOfLand_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AreaOfLand_lbl" xml:lang="en-US"> Area of Land </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AreaOfLand_lbl" xml:lang="en-US"> Area of land </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_ContributionDate" xlink:label="psb_ContributionDate"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_ContributionDate" xlink:to="psb_ContributionDate_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_ContributionDate_lbl" xml:lang="en-US"> Date of transfer of site, along with the capitalized improvements to the joint venture. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_ContributionDate_lbl" xml:lang="en-US"> Contribution Date </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_ContributionDate_lbl" xml:lang="en-US"> Contribution date </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_MaximumLendingCapacity" xlink:label="psb_MaximumLendingCapacity"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_MaximumLendingCapacity" xlink:to="psb_MaximumLendingCapacity_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_MaximumLendingCapacity_lbl" xml:lang="en-US"> Maximum Borrowing Capacity Under Construction Loan </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_MaximumLendingCapacity_lbl" xml:lang="en-US"> Maximum Lending Capacity </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_MaximumLendingCapacity_lbl" xml:lang="en-US"> Construction Loan Capacity </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:label="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:to="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_lbl" xml:lang="en-US"> Debt Instrument, Basis Spread on Variable Rate </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_lbl" xml:lang="en-US"> Spread over LIBOR </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_InvestmentInAndAdvancesToAffiliatesLoanMaturityDate" xlink:label="psb_InvestmentInAndAdvancesToAffiliatesLoanMaturityDate"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_InvestmentInAndAdvancesToAffiliatesLoanMaturityDate" xlink:to="psb_InvestmentInAndAdvancesToAffiliatesLoanMaturityDate_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_InvestmentInAndAdvancesToAffiliatesLoanMaturityDate_lbl" xml:lang="en-US"> Maturity date of contruction loan made to affiliate </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_InvestmentInAndAdvancesToAffiliatesLoanMaturityDate_lbl" xml:lang="en-US"> Investment In And Advances To Affiliates, Loan Maturity Date </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="psb_InvestmentInAndAdvancesToAffiliatesLoanMaturityDate_lbl" xml:lang="en-US"> Construction loan maturity date </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_EquityAndCapitalContributions" xlink:label="psb_EquityAndCapitalContributions"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_EquityAndCapitalContributions" xlink:to="psb_EquityAndCapitalContributions_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_EquityAndCapitalContributions_lbl" xml:lang="en-US"> The Company's equity and capital contributions to the joint venture. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_EquityAndCapitalContributions_lbl" xml:lang="en-US"> Equity and capital contributions </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_CumulativeEquityAndCapitalContributions" xlink:label="psb_CumulativeEquityAndCapitalContributions"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_CumulativeEquityAndCapitalContributions" xlink:to="psb_CumulativeEquityAndCapitalContributions_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_CumulativeEquityAndCapitalContributions_lbl" xml:lang="en-US"> The Company's cumulative equity and capital contributions to the joint venture. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_CumulativeEquityAndCapitalContributions_lbl" xml:lang="en-US"> Cumulative Equity And Capital Contributions </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="psb_CumulativeEquityAndCapitalContributions_lbl" xml:lang="en-US"> Cumulative equity and capital contributions </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdvancesToAffiliate" xlink:label="us-gaap_AdvancesToAffiliate"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdvancesToAffiliate" xlink:to="us-gaap_AdvancesToAffiliate_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdvancesToAffiliate_lbl" xml:lang="en-US"> Advances to Affiliate </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AdvancesToAffiliate_lbl" xml:lang="en-US"> Loan advances </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_PropertyDevelopmentCapitalizedCost" xlink:label="psb_PropertyDevelopmentCapitalizedCost"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_PropertyDevelopmentCapitalizedCost" xlink:to="psb_PropertyDevelopmentCapitalizedCost_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_PropertyDevelopmentCapitalizedCost_lbl" xml:lang="en-US"> Property Development, Capitalized Cost </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_PropertyDevelopmentCapitalizedCost_lbl" xml:lang="en-US"> Property Development, Capitalized Cost </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_PropertyDevelopmentCapitalizedCost_lbl" xml:lang="en-US"> Capitalized cost </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_PropertyDevelopmentCapitalizedInterest" xlink:label="psb_PropertyDevelopmentCapitalizedInterest"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_PropertyDevelopmentCapitalizedInterest" xlink:to="psb_PropertyDevelopmentCapitalizedInterest_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_PropertyDevelopmentCapitalizedInterest_lbl" xml:lang="en-US"> Property Development Capitalized Interest </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_PropertyDevelopmentCapitalizedInterest_lbl" xml:lang="en-US"> Property Development Capitalized Interest </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="psb_PropertyDevelopmentCapitalizedInterest_lbl" xml:lang="en-US"> Capitalized interest </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_EstimatedTotalDevelopmentCosts" xlink:label="psb_EstimatedTotalDevelopmentCosts"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_EstimatedTotalDevelopmentCosts" xlink:to="psb_EstimatedTotalDevelopmentCosts_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_EstimatedTotalDevelopmentCosts_lbl" xml:lang="en-US"> Estimated Total Development Costs </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_EstimatedTotalDevelopmentCosts_lbl" xml:lang="en-US"> Estimated Total Development Costs </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_EstimatedTotalDevelopmentCosts_lbl" xml:lang="en-US"> Estimated total development costs </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfOperatingLeasedAssetsTable" xlink:label="us-gaap_ScheduleOfOperatingLeasedAssetsTable"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfOperatingLeasedAssetsTable" xlink:to="us-gaap_ScheduleOfOperatingLeasedAssetsTable_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfOperatingLeasedAssetsTable_lbl" xml:lang="en-US"> Schedule of Operating Leased Assets [Table] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasedAssetsLineItems" xlink:label="us-gaap_OperatingLeasedAssetsLineItems"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasedAssetsLineItems" xlink:to="us-gaap_OperatingLeasedAssetsLineItems_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeasedAssetsLineItems_lbl" xml:lang="en-US"> Operating Leased Assets [Line Items] </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_NonCancelableLeasesTerm" xlink:label="psb_NonCancelableLeasesTerm"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_NonCancelableLeasesTerm" xlink:to="psb_NonCancelableLeasesTerm_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_NonCancelableLeasesTerm_lbl" xml:lang="en-US"> Non Cancelable Leases Term </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_NonCancelableLeasesTerm_lbl" xml:lang="en-US"> Non Cancelable Leases Term </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_NonCancelableLeasesTerm_lbl" xml:lang="en-US"> Non-cancelable leases term (in years) </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TenantReimbursements" xlink:label="us-gaap_TenantReimbursements"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TenantReimbursements" xlink:to="us-gaap_TenantReimbursements_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TenantReimbursements_lbl" xml:lang="en-US"> Tenant reimbursements </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_PercentageOfLeasedAssetSubjectedToTerminationOptions" xlink:label="psb_PercentageOfLeasedAssetSubjectedToTerminationOptions"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_PercentageOfLeasedAssetSubjectedToTerminationOptions" xlink:to="psb_PercentageOfLeasedAssetSubjectedToTerminationOptions_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_PercentageOfLeasedAssetSubjectedToTerminationOptions_lbl" xml:lang="en-US"> Percentage Of The Leased Asset Subjected To Termination Options. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_PercentageOfLeasedAssetSubjectedToTerminationOptions_lbl" xml:lang="en-US"> Percentage of leased asset subjected to termination options </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_PercentageOfLeasedAssetExercisableInCurrentFiscalPeriod" xlink:label="psb_PercentageOfLeasedAssetExercisableInCurrentFiscalPeriod"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_PercentageOfLeasedAssetExercisableInCurrentFiscalPeriod" xlink:to="psb_PercentageOfLeasedAssetExercisableInCurrentFiscalPeriod_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_PercentageOfLeasedAssetExercisableInCurrentFiscalPeriod_lbl" xml:lang="en-US"> Percentage Of Leased Asset Exercisable In Current Fiscal Period </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_PercentageOfLeasedAssetExercisableInCurrentFiscalPeriod_lbl" xml:lang="en-US"> Percentage Of Leased Asset Exercisable In Current Fiscal Period </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_PercentageOfLeasedAssetExercisableInCurrentFiscalPeriod_lbl" xml:lang="en-US"> Percentage of leased asset exercisable in period </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent_lbl" xml:lang="en-US"> Operating Leases, Future Minimum Payments Receivable, Current </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent_lbl" xml:lang="en-US"> 2016 </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears_lbl" xml:lang="en-US"> Operating Leases, Future Minimum Payments Receivable, in Two Years </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears_lbl" xml:lang="en-US"> 2017 </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears_lbl" xml:lang="en-US"> Operating Leases, Future Minimum Payments Receivable, in Three Years </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears_lbl" xml:lang="en-US"> 2018 </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears_lbl" xml:lang="en-US"> Operating Leases, Future Minimum Payments Receivable, in Four Years </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFourYears_lbl" xml:lang="en-US"> 2019 </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears_lbl" xml:lang="en-US"> Operating Leases, Future Minimum Payments Receivable, in Five Years </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears_lbl" xml:lang="en-US"> 2020 </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableThereafter" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableThereafter"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableThereafter" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableThereafter_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableThereafter_lbl" xml:lang="en-US"> Operating Leases, Future Minimum Payments Receivable, Thereafter </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableThereafter_lbl" xml:lang="en-US"> Thereafter </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable_lbl" xml:lang="en-US"> Operating Leases, Future Minimum Payments Receivable </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable_lbl" xml:lang="en-US"> Total </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LineOfCreditFacilityTable" xlink:label="us-gaap_LineOfCreditFacilityTable"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityTable" xlink:to="us-gaap_LineOfCreditFacilityTable_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityTable_lbl" xml:lang="en-US"> Line of Credit Facility [Table] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LineOfCreditFacilityLineItems" xlink:label="us-gaap_LineOfCreditFacilityLineItems"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityLineItems" xlink:to="us-gaap_LineOfCreditFacilityLineItems_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityLineItems_lbl" xml:lang="en-US"> Line of Credit Facility [Line Items] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LineOfCreditFacilityExpirationDate1" xlink:label="us-gaap_LineOfCreditFacilityExpirationDate1"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityExpirationDate1" xlink:to="us-gaap_LineOfCreditFacilityExpirationDate1_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityExpirationDate1_lbl" xml:lang="en-US"> Line of Credit Facility, Expiration Date </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LineOfCreditFacilityExpirationDate1_lbl" xml:lang="en-US"> Line of credit, expiration date </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:to="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xml:lang="en-US"> Line of Credit Facility, Maximum Borrowing Capacity </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xml:lang="en-US"> Credit Facility, borrowing limit </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LineOfCreditFacilityFrequencyOfPayments" xlink:label="us-gaap_LineOfCreditFacilityFrequencyOfPayments"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityFrequencyOfPayments" xlink:to="us-gaap_LineOfCreditFacilityFrequencyOfPayments_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityFrequencyOfPayments_lbl" xml:lang="en-US"> Line of Credit Facility, Frequency of Payments </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LineOfCreditFacilityFrequencyOfPayments_lbl" xml:lang="en-US"> Credit Facility, frequency of interest payment </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LineOfCreditFacilityCommitmentFeePercentage" xlink:label="us-gaap_LineOfCreditFacilityCommitmentFeePercentage"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityCommitmentFeePercentage" xlink:to="us-gaap_LineOfCreditFacilityCommitmentFeePercentage_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityCommitmentFeePercentage_lbl" xml:lang="en-US"> Line of Credit Facility, Commitment Fee Percentage ## </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LineOfCreditFacilityCommitmentFeePercentage_lbl" xml:lang="en-US"> Credit Facility, percentage of commitment fees </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LineOfCreditFacilityInterestRateDuringPeriod" xlink:label="us-gaap_LineOfCreditFacilityInterestRateDuringPeriod"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityInterestRateDuringPeriod" xlink:to="us-gaap_LineOfCreditFacilityInterestRateDuringPeriod_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityInterestRateDuringPeriod_lbl" xml:lang="en-US"> Line of Credit Facility, Interest Rate During Period </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LineOfCreditFacilityInterestRateDuringPeriod_lbl" xml:lang="en-US"> Credit Facility, interest rate </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_UnamortizedCommitmentsFees" xlink:label="psb_UnamortizedCommitmentsFees"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_UnamortizedCommitmentsFees" xlink:to="psb_UnamortizedCommitmentsFees_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_UnamortizedCommitmentsFees_lbl" xml:lang="en-US"> Unamortized commitments fees </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_UnamortizedCommitmentsFees_lbl" xml:lang="en-US"> Unamortized Commitments Fees </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_UnamortizedCommitmentsFees_lbl" xml:lang="en-US"> Unamortized commitment fees </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_DebtInstrumentRepaymentDate" xlink:label="psb_DebtInstrumentRepaymentDate"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_DebtInstrumentRepaymentDate" xlink:to="psb_DebtInstrumentRepaymentDate_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_DebtInstrumentRepaymentDate_lbl" xml:lang="en-US"> Debt Instrument, Repayment Date </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_DebtInstrumentRepaymentDate_lbl" xml:lang="en-US"> Debt Instrument, Repayment Date </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_DebtInstrumentRepaymentDate_lbl" xml:lang="en-US"> Debt instrument, repayment date </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="psb_DebtInstrumentRepaymentDate_lbl" xml:lang="en-US"> Repayment date </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentTable" xlink:label="us-gaap_DebtInstrumentTable"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentTable" xlink:to="us-gaap_DebtInstrumentTable_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentTable_lbl" xml:lang="en-US"> Schedule of Long-term Debt Instruments [Table] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="us-gaap_DebtInstrumentAxis"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentAxis" xlink:to="us-gaap_DebtInstrumentAxis_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentAxis_lbl" xml:lang="en-US"> Debt Instrument [Axis] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="us-gaap_DebtInstrumentNameDomain"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentNameDomain" xlink:to="us-gaap_DebtInstrumentNameDomain_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentNameDomain_lbl" xml:lang="en-US"> Debt Instrument Name [Domain] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtInstrumentNameDomain_lbl" xml:lang="en-US"> Debt Instrument, Name [Domain] </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_FivePointFourFivePercentMortgageNotesMember" xlink:label="psb_FivePointFourFivePercentMortgageNotesMember"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_FivePointFourFivePercentMortgageNotesMember" xlink:to="psb_FivePointFourFivePercentMortgageNotesMember_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_FivePointFourFivePercentMortgageNotesMember_lbl" xml:lang="en-US"> Five Point Four Five Percent Mortgage Notes [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_FivePointFourFivePercentMortgageNotesMember_lbl" xml:lang="en-US"> Five Point Four Five Percent Mortgage Notes [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_FivePointFourFivePercentMortgageNotesMember_lbl" xml:lang="en-US"> 5.45% Mortgage Note [Member] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="us-gaap_DebtInstrumentLineItems"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentLineItems" xlink:to="us-gaap_DebtInstrumentLineItems_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentLineItems_lbl" xml:lang="en-US"> Debt Instrument [Line Items] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentInterestRateEffectivePercentage" xlink:label="us-gaap_DebtInstrumentInterestRateEffectivePercentage"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentInterestRateEffectivePercentage" xlink:to="us-gaap_DebtInstrumentInterestRateEffectivePercentage_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentInterestRateEffectivePercentage_lbl" xml:lang="en-US"> Debt Instrument, Interest Rate, Effective Percentage </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtInstrumentInterestRateEffectivePercentage_lbl" xml:lang="en-US"> Interest rate </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_NoncontrollingInterestsTable" xlink:label="psb_NoncontrollingInterestsTable"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_NoncontrollingInterestsTable" xlink:to="psb_NoncontrollingInterestsTable_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_NoncontrollingInterestsTable_lbl" xml:lang="en-US"> Noncontrolling Interests [Table] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_NoncontrollingInterestsTable_lbl" xml:lang="en-US"> Noncontrolling Interests [Table] </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_NoncontrollingInterestsLineItems" xlink:label="psb_NoncontrollingInterestsLineItems"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_NoncontrollingInterestsLineItems" xlink:to="psb_NoncontrollingInterestsLineItems_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_NoncontrollingInterestsLineItems_lbl" xml:lang="en-US"> Noncontrolling Interests [Line Items] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_NoncontrollingInterestsLineItems_lbl" xml:lang="en-US"> Noncontrolling Interests [Line Items] </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_WaitingPeriodInYearsForRedemptionOfPartnershipInterest" xlink:label="psb_WaitingPeriodInYearsForRedemptionOfPartnershipInterest"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_WaitingPeriodInYearsForRedemptionOfPartnershipInterest" xlink:to="psb_WaitingPeriodInYearsForRedemptionOfPartnershipInterest_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_WaitingPeriodInYearsForRedemptionOfPartnershipInterest_lbl" xml:lang="en-US"> The waiting period from the date of admission as a limited partner that each limited partner has to be able to exercise the right to redemption of its partnership interest. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_WaitingPeriodInYearsForRedemptionOfPartnershipInterest_lbl" xml:lang="en-US"> Waiting Period In Years For Redemption Of Partnership Interest </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_WaitingPeriodInYearsForRedemptionOfPartnershipInterest_lbl" xml:lang="en-US"> Number of years from date of admission as a limited partner for redemption of partnership interest </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_NumberOfCommonStockPerUnitOfLimitedPartnershipInterestRedeemed" xlink:label="psb_NumberOfCommonStockPerUnitOfLimitedPartnershipInterestRedeemed"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_NumberOfCommonStockPerUnitOfLimitedPartnershipInterestRedeemed" xlink:to="psb_NumberOfCommonStockPerUnitOfLimitedPartnershipInterestRedeemed_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_NumberOfCommonStockPerUnitOfLimitedPartnershipInterestRedeemed_lbl" xml:lang="en-US"> Number of shares of common stock for each unit of limited partnership interest redeemed. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_NumberOfCommonStockPerUnitOfLimitedPartnershipInterestRedeemed_lbl" xml:lang="en-US"> Number Of Common Stock Per Unit Of Limited Partnership Interest Redeemed </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_NumberOfCommonStockPerUnitOfLimitedPartnershipInterestRedeemed_lbl" xml:lang="en-US"> Number of common stock per unit of limited partnership interest redeemed </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_MinorityInterestUnitsInOperatingPartnerships" xlink:label="psb_MinorityInterestUnitsInOperatingPartnerships"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_MinorityInterestUnitsInOperatingPartnerships" xlink:to="psb_MinorityInterestUnitsInOperatingPartnerships_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_MinorityInterestUnitsInOperatingPartnerships_lbl" xml:lang="en-US"> Units owned by noncontrolling partners in an operating partnership . </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_MinorityInterestUnitsInOperatingPartnerships_lbl" xml:lang="en-US"> Minority Interest Units In Operating Partnerships </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_MinorityInterestUnitsInOperatingPartnerships_lbl" xml:lang="en-US"> Common units owned by affiliate </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:label="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:to="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_lbl" xml:lang="en-US"> Schedule of Related Party Transactions, by Related Party [Table] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionLineItems" xlink:label="us-gaap_RelatedPartyTransactionLineItems"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionLineItems" xlink:to="us-gaap_RelatedPartyTransactionLineItems_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionLineItems_lbl" xml:lang="en-US"> Related Party Transaction [Line Items] </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_RoyaltyFreeLicenseAgreementTerminationMinimumNotice" xlink:label="psb_RoyaltyFreeLicenseAgreementTerminationMinimumNotice"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_RoyaltyFreeLicenseAgreementTerminationMinimumNotice" xlink:to="psb_RoyaltyFreeLicenseAgreementTerminationMinimumNotice_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_RoyaltyFreeLicenseAgreementTerminationMinimumNotice_lbl" xml:lang="en-US"> Royalty-free license agreement written notice of termination period minimum. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_RoyaltyFreeLicenseAgreementTerminationMinimumNotice_lbl" xml:lang="en-US"> Royalty Free License Agreement Termination Minimum Notice </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_RoyaltyFreeLicenseAgreementTerminationMinimumNotice_lbl" xml:lang="en-US"> Royalty-free license agreement written notice of termination period minimum (in months) </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_PropertyManagementContractTerm" xlink:label="psb_PropertyManagementContractTerm"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_PropertyManagementContractTerm" xlink:to="psb_PropertyManagementContractTerm_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_PropertyManagementContractTerm_lbl" xml:lang="en-US"> Property management contract written notice of termination period minimum </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_PropertyManagementContractTerm_lbl" xml:lang="en-US"> Property Management Contract Term </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_PropertyManagementContractTerm_lbl" xml:lang="en-US"> Property management contract term (in years) </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_ExtendedPropertyManagementContractPeriod" xlink:label="psb_ExtendedPropertyManagementContractPeriod"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_ExtendedPropertyManagementContractPeriod" xlink:to="psb_ExtendedPropertyManagementContractPeriod_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_ExtendedPropertyManagementContractPeriod_lbl" xml:lang="en-US"> Extended property management contract period to manage related party properties. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_ExtendedPropertyManagementContractPeriod_lbl" xml:lang="en-US"> Extended Property Management Contract period </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_ExtendedPropertyManagementContractPeriod_lbl" xml:lang="en-US"> Extended property management contract period (in years) </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_NumberOfAssetsOwnedThatAreManagedByAffiliate" xlink:label="psb_NumberOfAssetsOwnedThatAreManagedByAffiliate"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_NumberOfAssetsOwnedThatAreManagedByAffiliate" xlink:to="psb_NumberOfAssetsOwnedThatAreManagedByAffiliate_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_NumberOfAssetsOwnedThatAreManagedByAffiliate_lbl" xml:lang="en-US"> Number of assets owned that are managed by affiliate. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_NumberOfAssetsOwnedThatAreManagedByAffiliate_lbl" xml:lang="en-US"> Number Of Assets Owned That Are Managed By Affiliate </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_NumberOfAssetsOwnedThatAreManagedByAffiliate_lbl" xml:lang="en-US"> Number of assets owned that are maintained by Public Storage </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_NoticePeriodOfPropertyManagementContract" xlink:label="psb_NoticePeriodOfPropertyManagementContract"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_NoticePeriodOfPropertyManagementContract" xlink:to="psb_NoticePeriodOfPropertyManagementContract_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_NoticePeriodOfPropertyManagementContract_lbl" xml:lang="en-US"> Notice period of property management contract to manage PSB's mini storages. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_NoticePeriodOfPropertyManagementContract_lbl" xml:lang="en-US"> Notice Period of Property Management Contract </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="psb_NoticePeriodOfPropertyManagementContract_lbl" xml:lang="en-US"> Property management contract written notice of termination period minimum (in days) </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ServiceManagementCosts" xlink:label="us-gaap_ServiceManagementCosts"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ServiceManagementCosts" xlink:to="us-gaap_ServiceManagementCosts_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ServiceManagementCosts_lbl" xml:lang="en-US"> Management fee expenses </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" xlink:label="us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" xlink:to="us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty_lbl" xml:lang="en-US"> Related Party Transaction, Expenses from Transactions with Related Party </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty_lbl" xml:lang="en-US"> Administrative services costs </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DueToRelatedPartiesCurrentAndNoncurrent" xlink:label="us-gaap_DueToRelatedPartiesCurrentAndNoncurrent"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DueToRelatedPartiesCurrentAndNoncurrent" xlink:to="us-gaap_DueToRelatedPartiesCurrentAndNoncurrent_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DueToRelatedPartiesCurrentAndNoncurrent_lbl" xml:lang="en-US"> Due to related parties </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DueToRelatedPartiesCurrentAndNoncurrent_lbl" xml:lang="en-US"> Due to related parties </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DueFromRelatedParties" xlink:label="us-gaap_DueFromRelatedParties"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DueFromRelatedParties" xlink:to="us-gaap_DueFromRelatedParties_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DueFromRelatedParties_lbl" xml:lang="en-US"> Due from Related Parties </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DueFromRelatedParties_lbl" xml:lang="en-US"> Due from related parties </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfStockByClassTable" xlink:label="us-gaap_ScheduleOfStockByClassTable"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfStockByClassTable" xlink:to="us-gaap_ScheduleOfStockByClassTable_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfStockByClassTable_lbl" xml:lang="en-US"> Schedule of Stock by Class [Table] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockLineItems" xlink:label="us-gaap_ClassOfStockLineItems"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfStockLineItems" xlink:to="us-gaap_ClassOfStockLineItems_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ClassOfStockLineItems_lbl" xml:lang="en-US"> Class of Stock [Line Items] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction" xlink:label="us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction" xlink:to="us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction_lbl" xml:lang="en-US"> Sale of Stock, Number of Shares Issued in Transaction </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction_lbl" xml:lang="en-US"> Number of stock issued in sale </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_PortionOfShareOfCumulativePreferredShares" xlink:label="psb_PortionOfShareOfCumulativePreferredShares"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_PortionOfShareOfCumulativePreferredShares" xlink:to="psb_PortionOfShareOfCumulativePreferredShares_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_PortionOfShareOfCumulativePreferredShares_lbl" xml:lang="en-US"> Portion of Share of Cumulative Preferred Shares </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_PortionOfShareOfCumulativePreferredShares_lbl" xml:lang="en-US"> Portion of Share of Cumulative Preferred Shares </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="psb_PortionOfShareOfCumulativePreferredShares_lbl" xml:lang="en-US"> Portion of share of cummulative preferred shares </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_PreferredStockIssuancePricePerShare" xlink:label="psb_PreferredStockIssuancePricePerShare"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_PreferredStockIssuancePricePerShare" xlink:to="psb_PreferredStockIssuancePricePerShare_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_PreferredStockIssuancePricePerShare_lbl" xml:lang="en-US"> Preferred Stock, Issuance Price Per Share </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_PreferredStockIssuancePricePerShare_lbl" xml:lang="en-US"> Preferred Stock, Issuance Price Per Share </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="psb_PreferredStockIssuancePricePerShare_lbl" xml:lang="en-US"> Preferred stock, issuance price per share </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockDividendRatePercentage" xlink:label="us-gaap_PreferredStockDividendRatePercentage"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockDividendRatePercentage" xlink:to="us-gaap_PreferredStockDividendRatePercentage_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockDividendRatePercentage_lbl" xml:lang="en-US"> Preferred Stock, Dividend Rate, Percentage or Per-Dollar-Amount </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:label="us-gaap_PreferredStockDividendRatePercentage_lbl" xml:lang="en-US"> Cumulative preferred stock, dividend rate </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockDividendRatePercentage_lbl" xml:lang="en-US"> Dividend Rate </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_NonCallablePeriodForPreferredUnits" xlink:label="psb_NonCallablePeriodForPreferredUnits"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_NonCallablePeriodForPreferredUnits" xlink:to="psb_NonCallablePeriodForPreferredUnits_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_NonCallablePeriodForPreferredUnits_lbl" xml:lang="en-US"> Non-callable period for Preferred Units </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_NonCallablePeriodForPreferredUnits_lbl" xml:lang="en-US"> Non-callable period for Preferred Units </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_PreferredEquityIssuanceDate" xlink:label="psb_PreferredEquityIssuanceDate"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_PreferredEquityIssuanceDate" xlink:to="psb_PreferredEquityIssuanceDate_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_PreferredEquityIssuanceDate_lbl" xml:lang="en-US"> Preferred Equity Issuance Date. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_PreferredEquityIssuanceDate_lbl" xml:lang="en-US"> Preferred Equity Issuance Date </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_PreferredEquityIssuanceDate_lbl" xml:lang="en-US"> Issuance Date </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_DistributionsRecordedToPreferredShareholders" xlink:label="psb_DistributionsRecordedToPreferredShareholders"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_DistributionsRecordedToPreferredShareholders" xlink:to="psb_DistributionsRecordedToPreferredShareholders_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_DistributionsRecordedToPreferredShareholders_lbl" xml:lang="en-US"> Cash paid and dividend accrued for preferred distributions. Amount may also include non-cash distributions relating to redemption of preferred stock. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_DistributionsRecordedToPreferredShareholders_lbl" xml:lang="en-US"> Distributions Recorded To Preferred Shareholders </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockRedemptionDate" xlink:label="us-gaap_PreferredStockRedemptionDate"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockRedemptionDate" xlink:to="us-gaap_PreferredStockRedemptionDate_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockRedemptionDate_lbl" xml:lang="en-US"> Redemption date </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockRedemptionDate_lbl" xml:lang="en-US"> Earliest Potential Redemption Date </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_CumulativeArrearageOfQuarterlyDividends" xlink:label="psb_CumulativeArrearageOfQuarterlyDividends"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_CumulativeArrearageOfQuarterlyDividends" xlink:to="psb_CumulativeArrearageOfQuarterlyDividends_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_CumulativeArrearageOfQuarterlyDividends_lbl" xml:lang="en-US"> Number of quarterly dividends in arrearage before preferred shareholders can elect additional board members </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_CumulativeArrearageOfQuarterlyDividends_lbl" xml:lang="en-US"> Cumulative Arrearage Of Quarterly Dividends </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_CumulativeArrearageOfQuarterlyDividends_lbl" xml:lang="en-US"> Number of quarterly dividends in arrearage before preferred shareholders can elect additional board members </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_NumberOfAdditionalMembersRightToElect" xlink:label="psb_NumberOfAdditionalMembersRightToElect"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_NumberOfAdditionalMembersRightToElect" xlink:to="psb_NumberOfAdditionalMembersRightToElect_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_NumberOfAdditionalMembersRightToElect_lbl" xml:lang="en-US"> Number of Additional Members Right To Elect </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_NumberOfAdditionalMembersRightToElect_lbl" xml:lang="en-US"> Number of Additional Members Right To Elect </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_NumberOfAdditionalMembersRightToElect_lbl" xml:lang="en-US"> Number of additional board members the preferred shareholders can elect in the case of an excess arrearage of quarterly dividends </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockAmountOfPreferredDividendsInArrears" xlink:label="us-gaap_PreferredStockAmountOfPreferredDividendsInArrears"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockAmountOfPreferredDividendsInArrears" xlink:to="us-gaap_PreferredStockAmountOfPreferredDividendsInArrears_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockAmountOfPreferredDividendsInArrears_lbl" xml:lang="en-US"> Preferred Stock, Amount of Preferred Dividends in Arrears </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockAmountOfPreferredDividendsInArrears_lbl" xml:lang="en-US"> Dividends in arrears </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockRedemptionPricePerShare" xlink:label="us-gaap_PreferredStockRedemptionPricePerShare"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockRedemptionPricePerShare" xlink:to="us-gaap_PreferredStockRedemptionPricePerShare_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockRedemptionPricePerShare_lbl" xml:lang="en-US"> Preferred Stock, Redemption Price Per Share </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockRedemptionPricePerShare_lbl" xml:lang="en-US"> Redeemable preferred stock, redemption price per share </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_PreferredStockAggregateDeferredIssuanceCostsOutstanding" xlink:label="psb_PreferredStockAggregateDeferredIssuanceCostsOutstanding"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_PreferredStockAggregateDeferredIssuanceCostsOutstanding" xlink:to="psb_PreferredStockAggregateDeferredIssuanceCostsOutstanding_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_PreferredStockAggregateDeferredIssuanceCostsOutstanding_lbl" xml:lang="en-US"> Preferred Stock, Aggregate Deferred Issuance Costs Outstanding </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_PreferredStockAggregateDeferredIssuanceCostsOutstanding_lbl" xml:lang="en-US"> Preferred Stock, Aggregate Deferred Issuance Costs Outstanding </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_PreferredStockAggregateDeferredIssuanceCostsOutstanding_lbl" xml:lang="en-US"> Preferred stock, aggregate deferred issuance costs outstanding </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockRepurchasedDuringPeriodShares" xlink:label="us-gaap_StockRepurchasedDuringPeriodShares"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRepurchasedDuringPeriodShares" xlink:to="us-gaap_StockRepurchasedDuringPeriodShares_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockRepurchasedDuringPeriodShares_lbl" xml:lang="en-US"> Stock Repurchased During Period, Shares </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_StockRepurchasedDuringPeriodShares_lbl" xml:lang="en-US"> Aggregate number of common stock repurchased in the period </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockDividendsPerShareCashPaid" xlink:label="us-gaap_CommonStockDividendsPerShareCashPaid"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockDividendsPerShareCashPaid" xlink:to="us-gaap_CommonStockDividendsPerShareCashPaid_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockDividendsPerShareCashPaid_lbl" xml:lang="en-US"> Common Stock, Dividends, Per Share, Cash Paid </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockDividendsPerShareCashPaid_lbl" xml:lang="en-US"> Dividends declared per common share </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_EquityStockSharesAuthorized" xlink:label="psb_EquityStockSharesAuthorized"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_EquityStockSharesAuthorized" xlink:to="psb_EquityStockSharesAuthorized_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_EquityStockSharesAuthorized_lbl" xml:lang="en-US"> The maximum number of equity stock permitted to be issued by an entity's charter and bylaws. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_EquityStockSharesAuthorized_lbl" xml:lang="en-US"> Equity stock, shares authorized </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="us-gaap_StatementClassOfStockAxis"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_StatementClassOfStockAxis_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementClassOfStockAxis_lbl" xml:lang="en-US"> Class of Stock [Axis] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="us-gaap_ClassOfStockDomain"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfStockDomain" xlink:to="us-gaap_ClassOfStockDomain_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ClassOfStockDomain_lbl" xml:lang="en-US"> Class Of Stock [Domain] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ClassOfStockDomain_lbl" xml:lang="en-US"> Class of Stock [Domain] </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_SeriesSMember" xlink:label="psb_SeriesSMember"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_SeriesSMember" xlink:to="psb_SeriesSMember_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_SeriesSMember_lbl" xml:lang="en-US"> Series S [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_SeriesSMember_lbl" xml:lang="en-US"> Series S [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_SeriesSMember_lbl" xml:lang="en-US"> Series S [Member] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockValueOutstanding" xlink:label="us-gaap_PreferredStockValueOutstanding"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockValueOutstanding" xlink:to="us-gaap_PreferredStockValueOutstanding_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockValueOutstanding_lbl" xml:lang="en-US"> Preferred Stock, Value, Outstanding </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockValueOutstanding_lbl" xml:lang="en-US"> Amount </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:label="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:to="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_lbl" xml:lang="en-US"> Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AwardTypeAxis" xlink:label="us-gaap_AwardTypeAxis"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AwardTypeAxis" xlink:to="us-gaap_AwardTypeAxis_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AwardTypeAxis_lbl" xml:lang="en-US"> Award Type [Axis] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:to="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_lbl" xml:lang="en-US"> Share Based Compensation Arrangements By Share Based Payment Award Award Type And Plan Name [Domain] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_lbl" xml:lang="en-US"> Equity Award [Domain] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RestrictedStockMember" xlink:label="us-gaap_RestrictedStockMember"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedStockMember" xlink:to="us-gaap_RestrictedStockMember_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RestrictedStockMember_lbl" xml:lang="en-US"> Restricted Stock [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RestrictedStockMember_lbl" xml:lang="en-US"> Restricted Stock [Member] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_lbl" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award [Line Items] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_lbl" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_lbl" xml:lang="en-US"> Number of shares covered under Stock Option and Incentive Plan </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US"> Weighted average grant date fair value of options granted </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_lbl" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_lbl" xml:lang="en-US"> Dividend yield </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_lbl" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_lbl" xml:lang="en-US"> Expected volatility </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_lbl" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_lbl" xml:lang="en-US"> Expected life (in years) </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_lbl" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_lbl" xml:lang="en-US"> Risk-free interest rate </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_lbl" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_lbl" xml:lang="en-US"> Number of Units, Granted </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_lbl" xml:lang="en-US"> Restricted stock units granted </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US"> Weighted Average Grant Date Fair Value, Granted </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US"> Weighted average grant date fair value of stock granted </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_lbl" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_lbl" xml:lang="en-US"> Options and restricted stock units authorized to grant </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfDefinedTargets" xlink:label="psb_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfDefinedTargets"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfDefinedTargets" xlink:to="psb_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfDefinedTargets_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfDefinedTargets_lbl" xml:lang="en-US"> The maximum number of defined targets for the Company to achieve for restricted stock units to vest. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfDefinedTargets_lbl" xml:lang="en-US"> Share-Based Compensation Arrangement By Share-Based Payment Award, Number Of Defined Targets </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfDefinedTargets_lbl" xml:lang="en-US"> Number of defined targets to achieve for restricted stock unit awards, maximum </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfDefinedTargetsMinimum" xlink:label="psb_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfDefinedTargetsMinimum"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfDefinedTargetsMinimum" xlink:to="psb_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfDefinedTargetsMinimum_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfDefinedTargetsMinimum_lbl" xml:lang="en-US"> The minimum number of defined targets for the Company to achieve for restricted stock units to vest. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfDefinedTargetsMinimum_lbl" xml:lang="en-US"> Share-Based Compensation Arrangement by Share-Based Payment Award, Number Of Defined Targets, Minimum </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfDefinedTargetsMinimum_lbl" xml:lang="en-US"> Number of defined targets to achieve for restricted stock unit awards, minimum </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardRequisiteServicePeriod1" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardRequisiteServicePeriod1"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardRequisiteServicePeriod1" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardRequisiteServicePeriod1_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardRequisiteServicePeriod1_lbl" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardRequisiteServicePeriod1_lbl" xml:lang="en-US"> Length of Restricted Stock Unit program (in years) </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAnnualInstallments" xlink:label="psb_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAnnualInstallments"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAnnualInstallments" xlink:to="psb_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAnnualInstallments_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAnnualInstallments_lbl" xml:lang="en-US"> Number of annual vesting installments. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAnnualInstallments_lbl" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Number Of Annual Installments </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAnnualInstallments_lbl" xml:lang="en-US"> Number of annual vesting installments </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_ShareBasedCompensationArrangementByShareBasedPaymentAwardRestrictedStockGrantedPerYearMaximum" xlink:label="psb_ShareBasedCompensationArrangementByShareBasedPaymentAwardRestrictedStockGrantedPerYearMaximum"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_ShareBasedCompensationArrangementByShareBasedPaymentAwardRestrictedStockGrantedPerYearMaximum" xlink:to="psb_ShareBasedCompensationArrangementByShareBasedPaymentAwardRestrictedStockGrantedPerYearMaximum_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_ShareBasedCompensationArrangementByShareBasedPaymentAwardRestrictedStockGrantedPerYearMaximum_lbl" xml:lang="en-US"> Share-Based Compensation Arrangement By Share-Based Payment Award, Restricted Stock Granted Per Year, Maximum </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_ShareBasedCompensationArrangementByShareBasedPaymentAwardRestrictedStockGrantedPerYearMaximum_lbl" xml:lang="en-US"> Share-Based Compensation Arrangement By Share-Based Payment Award, Restricted Stock Granted Per Year, Maximum </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_ShareBasedCompensationArrangementByShareBasedPaymentAwardRestrictedStockGrantedPerYearMaximum_lbl" xml:lang="en-US"> Approximate number of restricted stock units granted per year, maximum </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_ShareBasedCompensationArrangementByShareBasedPaymentAwardRestrictedStockGrantedMaximum" xlink:label="psb_ShareBasedCompensationArrangementByShareBasedPaymentAwardRestrictedStockGrantedMaximum"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_ShareBasedCompensationArrangementByShareBasedPaymentAwardRestrictedStockGrantedMaximum" xlink:to="psb_ShareBasedCompensationArrangementByShareBasedPaymentAwardRestrictedStockGrantedMaximum_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_ShareBasedCompensationArrangementByShareBasedPaymentAwardRestrictedStockGrantedMaximum_lbl" xml:lang="en-US"> Share-Based Compensation Arrangement By Share-Based Payment Award, Restricted Stock Granted, Maximum shares for cumulative four-year period. </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_ShareBasedCompensationArrangementByShareBasedPaymentAwardRestrictedStockGrantedMaximum_lbl" xml:lang="en-US"> Share-Based Compensation Arrangement By Share-Based Payment Award, Restricted Stock Granted, Maximum </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_ShareBasedCompensationArrangementByShareBasedPaymentAwardRestrictedStockGrantedMaximum_lbl" xml:lang="en-US"> Maximum shares for cumulative four-year period </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AllocatedShareBasedCompensationExpense" xlink:label="us-gaap_AllocatedShareBasedCompensationExpense"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllocatedShareBasedCompensationExpense" xlink:to="us-gaap_AllocatedShareBasedCompensationExpense_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AllocatedShareBasedCompensationExpense_lbl" xml:lang="en-US"> Allocated Share-based Compensation Expense </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AllocatedShareBasedCompensationExpense_lbl" xml:lang="en-US"> Compensation expense </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockOptionPlanExpense" xlink:label="us-gaap_StockOptionPlanExpense"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockOptionPlanExpense" xlink:to="us-gaap_StockOptionPlanExpense_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockOptionPlanExpense_lbl" xml:lang="en-US"> Stock Option Plan Expense </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_StockOptionPlanExpense_lbl" xml:lang="en-US"> Stock options expense </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RestrictedStockExpense" xlink:label="us-gaap_RestrictedStockExpense"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedStockExpense" xlink:to="us-gaap_RestrictedStockExpense_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RestrictedStockExpense_lbl" xml:lang="en-US"> Restricted Stock Expense </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_RestrictedStockExpense_lbl" xml:lang="en-US"> Restricted stock units expense </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:to="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_lbl" xml:lang="en-US"> Employee Service Share-based Compensation, Unrecognized Compensation Costs on Nonvested Awards </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_lbl" xml:lang="en-US"> Unamortized compensation expense </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:to="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_lbl" xml:lang="en-US"> Employee Service Share-based Compensation, Unrecognized Compensation Costs on Nonvested Awards, Weighted Average Period of Recognition </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_lbl" xml:lang="en-US"> Weighted average recognized period of unamortized compensation expenses (in years) </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue_lbl" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue_lbl" xml:lang="en-US"> Aggregate intrinsic value of the stock options exercised </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_lbl" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_lbl" xml:lang="en-US"> Number of Units, Vested </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_lbl" xml:lang="en-US"> Number of units vested </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue_lbl" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue_lbl" xml:lang="en-US"> Aggregate fair value of the shares vested </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedGoodsAndNonemployeeServicesTransactionSharesApprovedForIssuance" xlink:label="us-gaap_ShareBasedGoodsAndNonemployeeServicesTransactionSharesApprovedForIssuance"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedGoodsAndNonemployeeServicesTransactionSharesApprovedForIssuance" xlink:to="us-gaap_ShareBasedGoodsAndNonemployeeServicesTransactionSharesApprovedForIssuance_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedGoodsAndNonemployeeServicesTransactionSharesApprovedForIssuance_lbl" xml:lang="en-US"> Share-based Goods and Nonemployee Services Transaction, Shares Approved for Issuance </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedGoodsAndNonemployeeServicesTransactionSharesApprovedForIssuance_lbl" xml:lang="en-US"> Shares approved for issuance </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_NumberOfSharesGrantedForEachYearServed" xlink:label="psb_NumberOfSharesGrantedForEachYearServed"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_NumberOfSharesGrantedForEachYearServed" xlink:to="psb_NumberOfSharesGrantedForEachYearServed_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_NumberOfSharesGrantedForEachYearServed_lbl" xml:lang="en-US"> Number of Shares Granted for Each Year Served </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_NumberOfSharesGrantedForEachYearServed_lbl" xml:lang="en-US"> Number of Shares Granted for Each Year Served </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_NumberOfSharesGrantedForEachYearServed_lbl" xml:lang="en-US"> Number of shares granted for each year served </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_MaximumNumberOfSharesIssuedUponRetirement" xlink:label="psb_MaximumNumberOfSharesIssuedUponRetirement"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_MaximumNumberOfSharesIssuedUponRetirement" xlink:to="psb_MaximumNumberOfSharesIssuedUponRetirement_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_MaximumNumberOfSharesIssuedUponRetirement_lbl" xml:lang="en-US"> Maximum Number of Shares Issued Upon Retirement </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_MaximumNumberOfSharesIssuedUponRetirement_lbl" xml:lang="en-US"> Maximum Number of Shares Issued Upon Retirement </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_MaximumNumberOfSharesIssuedUponRetirement_lbl" xml:lang="en-US"> Maximum number of shares issued upon retirement </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued" xlink:label="us-gaap_DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued" xlink:to="us-gaap_DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued_lbl" xml:lang="en-US"> Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued_lbl" xml:lang="en-US"> Aggregate fair value of shares issued </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl" xml:lang="en-US"> Number of Options, Outstanding at September 30, 2016 </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl" xml:lang="en-US"> Number of Options, Outstanding at December 31, 2015 </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_lbl" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_lbl" xml:lang="en-US"> Number of Options, Granted </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_lbl" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_lbl" xml:lang="en-US"> Number of Options, Forfeited </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_lbl" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_lbl" xml:lang="en-US"> Number of Options, Exercisable at September 30, 2016 </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_lbl" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_lbl" xml:lang="en-US"> Weighted Average Exercise Price, Outstanding at September 30, 2016 </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_lbl" xml:lang="en-US"> Weighted Average Exercise Price, Outstanding at December 31, 2015 </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US"> Weighted Average Exercise Price, Granted </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US"> Weighted Average Exercise Price, Exercised </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US"> Weighted Average Exercise Price, Forfeited </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_lbl" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_lbl" xml:lang="en-US"> Weighted Average Exercise Price, Exercisable at September 30, 2016 </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_lbl" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_lbl" xml:lang="en-US"> Weighted Average Remaining Contract Life, Outstanding at September 30, 2016 </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_lbl" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_lbl" xml:lang="en-US"> Weighted Average Remaining Contract Life, Exercisable at September 30, 2016 </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_lbl" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_lbl" xml:lang="en-US"> Aggregate Intrinsic Value, Outstanding at September 30, 2016 </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_lbl" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_lbl" xml:lang="en-US"> Aggregate Intrinsic Value, Exercisable at September 30, 2016 </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl" xml:lang="en-US"> Number of Units, Nonvested at September 30, 2016 </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl" xml:lang="en-US"> Number of Units, Nonvested at December 31, 2015 </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_lbl" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_lbl" xml:lang="en-US"> Number of Units, Forfeited </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US"> Weighted Average Grant Date Fair Value, Nonvested at September 30, 2016 </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US"> Weighted Average Grant Date Fair Value, Nonvested at December 31, 2015 </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US"> Weighted Average Grant Date Fair Value, Vested </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period, Weighted Average Grant Date Fair Value </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US"> Weighted Average Grant Date Fair Value, Forfeited </label>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="dei_LegalEntityAxis"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LegalEntityAxis" xlink:to="dei_LegalEntityAxis_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LegalEntityAxis_lbl" xml:lang="en-US"> Legal Entity [Axis] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="dei_EntityDomain"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityDomain" xlink:to="dei_EntityDomain_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityDomain_lbl" xml:lang="en-US"> Entity [Domain] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityDomain_lbl" xml:lang="en-US"> Entity [Domain] </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_PublicStorageMember" xlink:label="psb_PublicStorageMember"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_PublicStorageMember" xlink:to="psb_PublicStorageMember_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_PublicStorageMember_lbl" xml:lang="en-US"> Public Storage [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_PublicStorageMember_lbl" xml:lang="en-US"> Public Storage [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_PublicStorageMember_lbl" xml:lang="en-US"> PS [Member] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis" xlink:label="us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis" xlink:to="us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateAndAccumulatedDepreciationDescriptionOfPropertyAxis_lbl" xml:lang="en-US"> Name of Property [Axis] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain" xlink:label="us-gaap_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain" xlink:to="us-gaap_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain_lbl" xml:lang="en-US"> Real Estate And Accumulated Depreciation Name Of Property [Domain] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RealEstateAndAccumulatedDepreciationNameOfPropertyDomain_lbl" xml:lang="en-US"> Real Estate and Accumulated Depreciation, Name of Property [Domain] </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_ShadyGroveMember" xlink:label="psb_ShadyGroveMember"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_ShadyGroveMember" xlink:to="psb_ShadyGroveMember_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_ShadyGroveMember_lbl" xml:lang="en-US"> Shady Grove [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_ShadyGroveMember_lbl" xml:lang="en-US"> Shady Grove [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_ShadyGroveMember_lbl" xml:lang="en-US"> Shady Grove [Member] </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_ShadyGroveExecutiveParkMember" xlink:label="psb_ShadyGroveExecutiveParkMember"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_ShadyGroveExecutiveParkMember" xlink:to="psb_ShadyGroveExecutiveParkMember_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_ShadyGroveExecutiveParkMember_lbl" xml:lang="en-US"> Shady Grove Executive Park [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_ShadyGroveExecutiveParkMember_lbl" xml:lang="en-US"> Shady Grove Executive Park [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_ShadyGroveExecutiveParkMember_lbl" xml:lang="en-US"> Shady Grove Executive Park [Member] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BuildingAndBuildingImprovementsMember" xlink:label="us-gaap_BuildingAndBuildingImprovementsMember"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BuildingAndBuildingImprovementsMember" xlink:to="us-gaap_BuildingAndBuildingImprovementsMember_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BuildingAndBuildingImprovementsMember_lbl" xml:lang="en-US"> Building And Building Improvements [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_BuildingAndBuildingImprovementsMember_lbl" xml:lang="en-US"> Buildings And Improvements [Member] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:label="us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:to="us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_lbl" xml:lang="en-US"> Investment, Name [Axis] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvesteeNameDomain" xlink:label="us-gaap_EquityMethodInvesteeNameDomain"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvesteeNameDomain" xlink:to="us-gaap_EquityMethodInvesteeNameDomain_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvesteeNameDomain_lbl" xml:lang="en-US"> Equity Method Investee Name [Domain] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EquityMethodInvesteeNameDomain_lbl" xml:lang="en-US"> Investment, Name [Domain] </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_InvestmentInUnconsolidatedJointVentureMember" xlink:label="psb_InvestmentInUnconsolidatedJointVentureMember"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_InvestmentInUnconsolidatedJointVentureMember" xlink:to="psb_InvestmentInUnconsolidatedJointVentureMember_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_InvestmentInUnconsolidatedJointVentureMember_lbl" xml:lang="en-US"> Investment in Unconsolidated Joint Venture [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_InvestmentInUnconsolidatedJointVentureMember_lbl" xml:lang="en-US"> Investment In Unconsolidated Joint Venture [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_InvestmentInUnconsolidatedJointVentureMember_lbl" xml:lang="en-US"> Investment in Unconsolidated Joint Venture [Member] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_VariableRateAxis" xlink:label="us-gaap_VariableRateAxis"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableRateAxis" xlink:to="us-gaap_VariableRateAxis_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableRateAxis_lbl" xml:lang="en-US"> Variable Rate [Axis] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_VariableRateDomain" xlink:label="us-gaap_VariableRateDomain"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableRateDomain" xlink:to="us-gaap_VariableRateDomain_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableRateDomain_lbl" xml:lang="en-US"> Variable Rate [Domain] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_VariableRateDomain_lbl" xml:lang="en-US"> Variable Rate [Domain] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:label="us-gaap_LondonInterbankOfferedRateLIBORMember"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:to="us-gaap_LondonInterbankOfferedRateLIBORMember_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LondonInterbankOfferedRateLIBORMember_lbl" xml:lang="en-US"> London Interbank Offered Rate L I B O R [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LondonInterbankOfferedRateLIBORMember_lbl" xml:lang="en-US"> London Interbank Offered Rate (LIBOR) [Member] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="us-gaap_SubsequentEventTypeAxis"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventTypeAxis" xlink:to="us-gaap_SubsequentEventTypeAxis_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventTypeAxis_lbl" xml:lang="en-US"> Subsequent Event Type [Axis] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="us-gaap_SubsequentEventTypeDomain"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventTypeDomain" xlink:to="us-gaap_SubsequentEventTypeDomain_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventTypeDomain_lbl" xml:lang="en-US"> Subsequent Event Type [Domain] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SubsequentEventTypeDomain_lbl" xml:lang="en-US"> Subsequent Event Type [Domain] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="us-gaap_SubsequentEventMember"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventMember" xlink:to="us-gaap_SubsequentEventMember_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventMember_lbl" xml:lang="en-US"> Subsequent Event [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SubsequentEventMember_lbl" xml:lang="en-US"> Subsequent Event [Member] </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_WellsFargoCreditFacilityMember" xlink:label="psb_WellsFargoCreditFacilityMember"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_WellsFargoCreditFacilityMember" xlink:to="psb_WellsFargoCreditFacilityMember_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_WellsFargoCreditFacilityMember_lbl" xml:lang="en-US"> Wells Fargo Credit Facility [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_WellsFargoCreditFacilityMember_lbl" xml:lang="en-US"> Wells Fargo Credit Facility [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_WellsFargoCreditFacilityMember_lbl" xml:lang="en-US"> Wells Fargo Credit Facility [Member] </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_SeriesRMember" xlink:label="psb_SeriesRMember"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_SeriesRMember" xlink:to="psb_SeriesRMember_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_SeriesRMember_lbl" xml:lang="en-US"> Series R [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_SeriesRMember_lbl" xml:lang="en-US"> Series R [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_SeriesRMember_lbl" xml:lang="en-US"> Series R [Member] </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_SeriesWMember" xlink:label="psb_SeriesWMember"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_SeriesWMember" xlink:to="psb_SeriesWMember_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_SeriesWMember_lbl" xml:lang="en-US"> Series W [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_SeriesWMember_lbl" xml:lang="en-US"> Series W [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_SeriesWMember_lbl" xml:lang="en-US"> Series W [Member] </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_SeriesTMember" xlink:label="psb_SeriesTMember"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_SeriesTMember" xlink:to="psb_SeriesTMember_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_SeriesTMember_lbl" xml:lang="en-US"> Series T [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_SeriesTMember_lbl" xml:lang="en-US"> Series T [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_SeriesTMember_lbl" xml:lang="en-US"> Series T [Member] </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_SeriesUMember" xlink:label="psb_SeriesUMember"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_SeriesUMember" xlink:to="psb_SeriesUMember_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_SeriesUMember_lbl" xml:lang="en-US"> Series U [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_SeriesUMember_lbl" xml:lang="en-US"> Series U [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_SeriesUMember_lbl" xml:lang="en-US"> Series U [Member] </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_SeriesVMember" xlink:label="psb_SeriesVMember"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_SeriesVMember" xlink:to="psb_SeriesVMember_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_SeriesVMember_lbl" xml:lang="en-US"> Series V [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_SeriesVMember_lbl" xml:lang="en-US"> Series V [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_SeriesVMember_lbl" xml:lang="en-US"> Series V [Member] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PlanNameAxis" xlink:label="us-gaap_PlanNameAxis"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PlanNameAxis" xlink:to="us-gaap_PlanNameAxis_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PlanNameAxis_lbl" xml:lang="en-US"> Plan Name [Axis] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PlanNameDomain" xlink:label="us-gaap_PlanNameDomain"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PlanNameDomain" xlink:to="us-gaap_PlanNameDomain_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PlanNameDomain_lbl" xml:lang="en-US"> Plan Name [Domain] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PlanNameDomain_lbl" xml:lang="en-US"> Plan Name [Domain] </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_TwoThousandThreeStockOptionAndIncentivePlanMember" xlink:label="psb_TwoThousandThreeStockOptionAndIncentivePlanMember"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_TwoThousandThreeStockOptionAndIncentivePlanMember" xlink:to="psb_TwoThousandThreeStockOptionAndIncentivePlanMember_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_TwoThousandThreeStockOptionAndIncentivePlanMember_lbl" xml:lang="en-US"> Two Thousand Three Stock Option and Incentive Plan [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_TwoThousandThreeStockOptionAndIncentivePlanMember_lbl" xml:lang="en-US"> Two Thousand Three Stock Option And Incentive Plan [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_TwoThousandThreeStockOptionAndIncentivePlanMember_lbl" xml:lang="en-US"> 2003 Plan [Member] </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_TwoThousandTwelveEquityAndPerformanceBasedIncentiveCompensationPlanMember" xlink:label="psb_TwoThousandTwelveEquityAndPerformanceBasedIncentiveCompensationPlanMember"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_TwoThousandTwelveEquityAndPerformanceBasedIncentiveCompensationPlanMember" xlink:to="psb_TwoThousandTwelveEquityAndPerformanceBasedIncentiveCompensationPlanMember_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_TwoThousandTwelveEquityAndPerformanceBasedIncentiveCompensationPlanMember_lbl" xml:lang="en-US"> Two Thousand Twelve Equity And Performance-Based Incentive Compensation Plan [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_TwoThousandTwelveEquityAndPerformanceBasedIncentiveCompensationPlanMember_lbl" xml:lang="en-US"> Two Thousand Twelve Equity And Performance Based Incentive Compensation Plan [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_TwoThousandTwelveEquityAndPerformanceBasedIncentiveCompensationPlanMember_lbl" xml:lang="en-US"> 2012 Plan [Member] </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_TwoThousandFourteenPerformanceBasedRestrictedStockUnitProgramMember" xlink:label="psb_TwoThousandFourteenPerformanceBasedRestrictedStockUnitProgramMember"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_TwoThousandFourteenPerformanceBasedRestrictedStockUnitProgramMember" xlink:to="psb_TwoThousandFourteenPerformanceBasedRestrictedStockUnitProgramMember_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_TwoThousandFourteenPerformanceBasedRestrictedStockUnitProgramMember_lbl" xml:lang="en-US"> Two Thousand Fourteen Performance-Based Restricted Stock Unit Program [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_TwoThousandFourteenPerformanceBasedRestrictedStockUnitProgramMember_lbl" xml:lang="en-US"> Two Thousand Fourteen Performance Based Restricted Stock Unit Program [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_TwoThousandFourteenPerformanceBasedRestrictedStockUnitProgramMember_lbl" xml:lang="en-US"> 2014 Performance-Based Restricted Stock Unit Program [Member] </label>
<loc xlink:type="locator" xlink:href="psb-20160930.xsd#psb_RetirementPlanForNonEmployeeDirectorsMember" xlink:label="psb_RetirementPlanForNonEmployeeDirectorsMember"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="psb_RetirementPlanForNonEmployeeDirectorsMember" xlink:to="psb_RetirementPlanForNonEmployeeDirectorsMember_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="psb_RetirementPlanForNonEmployeeDirectorsMember_lbl" xml:lang="en-US"> Retirement Plan for Non-Employee Directors [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="psb_RetirementPlanForNonEmployeeDirectorsMember_lbl" xml:lang="en-US"> Retirement Plan For Non Employee Directors [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="psb_RetirementPlanForNonEmployeeDirectorsMember_lbl" xml:lang="en-US"> Retirement Plan For Non-Employee Directors [Member] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EmployeeStockOptionMember" xlink:label="us-gaap_EmployeeStockOptionMember"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EmployeeStockOptionMember" xlink:to="us-gaap_EmployeeStockOptionMember_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EmployeeStockOptionMember_lbl" xml:lang="en-US"> Employee Stock Option [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EmployeeStockOptionMember_lbl" xml:lang="en-US"> Stock Options [Member] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TitleOfIndividualAxis" xlink:label="us-gaap_TitleOfIndividualAxis"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TitleOfIndividualAxis" xlink:to="us-gaap_TitleOfIndividualAxis_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TitleOfIndividualAxis_lbl" xml:lang="en-US"> Title of Individual [Axis] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" xlink:label="us-gaap_TitleOfIndividualWithRelationshipToEntityDomain"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" xlink:to="us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_lbl" xml:lang="en-US"> Title Of Individual With Relationship To Entity [Domain] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_lbl" xml:lang="en-US"> Relationship to Entity [Domain] </label>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ChiefExecutiveOfficerMember" xlink:label="us-gaap_ChiefExecutiveOfficerMember"/>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ChiefExecutiveOfficerMember" xlink:to="us-gaap_ChiefExecutiveOfficerMember_lbl"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ChiefExecutiveOfficerMember_lbl" xml:lang="en-US"> Chief Executive Officer [Member] </label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ChiefExecutiveOfficerMember_lbl" xml:lang="en-US"> Chief Executive Officer [Member] </label>
</labelLink>
</linkbase>

3 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 5/20/21  PS Business Parks, Inc./MD        POSASR      5/20/21    4:649K                                   Donnelley … Solutions/FA
 3/09/21  PS Business Parks, Inc./MD        S-3ASR      3/09/21    6:1.5M                                   Donnelley … Solutions/FA
 2/23/21  PS Business Parks, Inc./MD        10-K       12/31/20   65:26M
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