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NORTHWEST - OFFICE SHOWROOM <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 5,325,012 4,816,039 508,973 9.6% 261,534 <br /> New Projects 0 0 0 0.0% 0 <br /> Current Universe 5,325,012 4,816,039 508,973 9.6% 261,534 <br /> FUTURE PROJECTS FUTURE PROJECTS <br /> Total Number Of <br /> (Sq.Ft.) Projects Under Construction <br /> Under Construction 0 0 • None <br /> Planned Projects 105,000 1 <br /> Future Projects 105,000 1 Planned Projects <br /> • Schmidt Lake Business Center, <br /> Plymouth— 105,000 Sq. Ft. <br /> NET ABSORPTION (Years Ended April 30) <br /> Annual Net Percent of <br /> Absorption Occupied <br /> Year (Sq.Ft.) Square Feet <br /> 2000 751,384 18.7 <br /> 2001 (115,176) (3.0) — <br /> 2002 144,740 3.0 <br /> 2003 9,892 0.2 <br /> 2004 261,534 5.4 <br /> Five Year Average 210,475 <br /> LARGEST CONTIGUOUS SPACE BREAKDOWN <br /> Vacancy Size Number of <br /> Square Feet Projects Square Feet <br /> 0 52 0 <br /> 1 —9,999 15 95,486 <br /> 10,000—24,999 10 155,937 <br /> 25,000—49,999 1 40,239 <br /> 50,000—99,999 1 63,412 <br /> 100,000+ 1 104,262 <br /> Total* 80 459,336 <br /> RENT SUMMARY <br /> Average Low - High <br /> Office Rent $9.59 $7.00 - $12.00 <br /> Warehouse Rent $4.66 $4.25 - $6.00 <br /> Blended Net Rent(Assuming 50% Office) $7.13 <br /> Taxes & Op.Exp. $3.87 $2.22 - $5.24 <br /> "One block of space per project,may not reflect total vacancy.Not all projects reporting Largest Contiguous Space figures. <br /> 41 <br /> NAIOP 2004 ANNUAL INDUSTRIAL MARKET UPDATE <br />