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NORTHWEST - OFFICE 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 13,257,323 11,359,304 1,898,019 14.3% (44,367) <br /> New Projects 0 0 0 0.0% 0 <br /> Current Universe 13,257,323 11,359,304 1,898,019 14.3% (44,367) <br /> FUTURE PROJECTS FUTURE PROJECTS <br /> Total Number Of <br /> (Sq.Ft.) Projects Under Construction <br /> Under Construction 0 0 • None <br /> Planned Projects 440,000 3 <br /> Future Projects 440,000 3 Planned Projects <br /> • 610 Business Center I, <br /> NET ABSORPTION (Years Ended April 30) Brooklyn Park— 100,000 Sq. Ft. <br /> • 610 Business Park, <br /> Annual Net Percent of Brooklyn Park—200,000 Sq. Ft. <br /> Absorption Occupied • Crosstown North Business <br /> Year (Sq.Ft.) Square Feet Center X, Brooklyn Park— <br /> 2000 57,643 0.8 140,000 Sq. Ft. <br /> 2001 61,743 0.8 <br /> 2002 221,945 1.5 <br /> 2003 (51,759) (0.3) <br /> 2004 (44,367) (0.4) <br /> Five Year Average 49,041 <br /> LARGEST CONTIGUOUS SPACE BREAKDOWN <br /> Vacancy Size Number of <br /> Square Feet Projects Square Feet <br /> 0 123 0 <br /> 1—9,999 20 93,666 <br /> 10,000—24,999 17 293,462 <br /> 25,000—49,999 11 382,834 <br /> 50,000—99,999 6 452,544 <br /> 100,000+ 3 433,645 <br /> Total* 180 1,656,151 <br /> RENT SUMMARY <br /> Average Low - High <br /> Office Rent 58.45 $5.85 - $10.00 <br /> Warehouse Rent $4.17 $3.25 - $5.15 <br /> Blended Net Rent(Assuming 20%Office) $5.03 <br /> Taxes & Op.Exp. $2.43 $0.80 - $4.56 <br /> •One block of space per project,may not reflect total vacancy. Not all projects reporting Largest Contiguous Space figmres. <br /> 40 NAIOP 2004 ANNUAL INDUSTRIAL MARKET UPDATE <br />