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2004 MARKET OVERVIEW
<br /> CURRENT PERCENT TOTAL ANNUAL NET
<br /> MARKET AREA UNIVERSE OF TOTAL VACANT PERCENT ABSORPTION
<br /> YEAR (Sq.FL) MARKET (Sq.Ft.) VACANT (Sq.Ft.)
<br /> Northwest 2004 28,130,865 25.4% 3,036,507 10.8% 1,090,527
<br /> 2003 29,341,241 25.8% 4,274,892 14.6% 266,271
<br /> Minneapolis,North 2004 21,347,960 19.2% 1,798,340 8.4% 313,637
<br /> 2003 20,707,961 18.2% 1,769,623 8.5% 1,009,438
<br /> St. Paul,East 2004 19,779,163 17.8% 1,995,313 10.1% 136,781
<br /> 2003 21,162,694 18.6% 1,679,668 7.9% 1,207,957
<br /> Airport, South 2004 17,318,060 15.7% 2,797,055 16.2% (621,003)
<br /> 2003 20,100,185 17.7% 2,810,390 14.0% 232,044
<br /> Southwest 2004 24,346,349 21.9% 3,263,479 13.4% (41,774)
<br /> 2003 22,433,610 19.7% 2,832,786 12.6% 324,781
<br /> TOTAL MARKET 2004 110,922,397 100.0% 12,890,694 11.6% 878,198
<br /> 2003 113,745,691 100.0% 13,367,359 11.8% 3,040,491
<br /> 2004 NET ABSORPTION BY MARKET AREA
<br /> 1500000
<br /> 1,090,527
<br /> 1000000Y
<br /> q tat
<br /> u
<br /> w 500000' 4 313,637
<br /> 'ifii, 136,781
<br /> ci
<br /> /"h 35 gla4'v fii'`vir;e
<br /> 1 0 i ' i : F "5P'�: 1
<br /> "M,M,' (41,744)
<br /> 7�Y
<br /> Y1Y
<br /> -S00000--/ �.
<br /> 'M J Ira:.:
<br /> (621,003)
<br /> -1000000 / 1
<br /> se t o o cost S°Jtb lieSt
<br /> ..ea- ``,' aa, oa, Sotth
<br /> et st.tie
<br /> 11
<br /> NAIOP 2004 ANNUAL INDUSTRIAL MARKET UPDATE
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