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TOTAL MARKET - BULK WAREHOUSE
<br /> CURRENT UNIVERSE
<br /> Annual Net
<br /> Total Occupied Vacant Percent Absorption
<br /> (Sq. Ft.) (Sq. Ft.) (Sq.Ft.) Vacant (Sq.Ft.)
<br /> Existing Projects 31,852,984 27,901,186 3,951,798 12.4% (652,630)
<br /> New Projects 0 0 0 0.0% 0
<br /> Current Universe 31,852,984 27,901,186 3,951,798 12.4% (652,630)
<br /> FUTURE PROJECTS HISTORICAL
<br /> Total Number Of NET ABSORPTION
<br /> (Sq. Ft.) Projects
<br /> Under Construction 0 0 3,000,000
<br /> Planned Projects 1,067,204 6 v a
<br /> Future Projects 1,067,204 6 m
<br /> 2,000,000
<br /> NET ABSORPTION (Years Ended April 30) 4PM
<br /> Annual Net Percent of 1.000,000 e v r e
<br /> Absorption Occupied h I N e
<br /> Year ( Sq.Ft.) Square Feet 0 , f ' l
<br /> 2000 1,315,345 6.9
<br /> 2001 372,490 1.9 4.
<br /> 2002 (599,271) (2.3)
<br /> 2003 1,246,499 4.8 .1.000,000 Sir
<br /> 2003 (652,630) 2.3 2000 2001 2002 2003 2004
<br /> Five Year Average 336,487
<br /> LARGEST CONTIGUOUS SPACE BREAKDOWN
<br /> Vacancy Size Number of
<br /> Square Feet Projects Square Feet
<br /> 0 185 0
<br /> 1—9,999 9 44,668
<br /> 10,000—24,999 19 310,687
<br /> 25,000—49,999 20 683,060
<br /> 50,000—99,999 14 1,034,130
<br /> 100,000+ 8 1,619,617
<br /> Total* 255 3,692,162
<br /> RENT SUMMARY
<br /> Average Low - High
<br /> Office Rent $8.30 $6.50 - $10.25
<br /> Warehouse Rent $3.92 $2.25 - $5.75
<br /> Blended Net Rent(Assuming 6% Office) $4.18
<br /> Taxes & Op. Exp. $2.15 $0.78 - $6.71
<br /> •One block of space per project,may not reflect total vacancy.Not all projects reporting Largest Contiguous Space figures
<br /> 10 NAIOP 2004 ANNUAL INDUSTRIAL MARKET UPDATE
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