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NORTHWEST - 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 9,548,530 8,919,015 629,515 6.6% 873,360 <br /> New Projects 0 0 0 0% 0 <br /> Current Universe 9,548,530 8,919,015 629,515 6.6% 873,360 <br /> FUTURE PROJECTS FUTURE PROJECTS <br /> Total Number Of <br /> (Sq.Ft.) Projects Under Construction <br /> Under Construction 0 0 • None <br /> Planned Projects 518,000 2 <br /> Future Projects 518,000 2 Planned Projects <br /> • Diamond Lake Industrial Center 2, <br /> NET ABSORPTION (Years Ended April 30) Rogers—259,000 Sq. Ft. <br /> • Diamond Lake Industrial Center 3, <br /> Annual Net Percent of Rogers—259,000 Sq. Ft. <br /> Absorption Occupied <br /> Year (Sq.Ft.) Square Feet <br /> 2000 677,359 10.4 <br /> 2001 54,617 0.8 <br /> 2002 (136,270) (1.9) <br /> 2003 308,138 4.2 <br /> 2004 873,360 9.8 <br /> Five Year Average 355,441 <br /> LARGEST CONTIGUOUS SPACE BREAKDOWN <br /> Vacancy Size Number of <br /> Square Feet Projects Square Feet <br /> 0 62 0 <br /> 1 —9,999 2 12,913 <br /> 10,000—24,999 8 112,982 <br /> 25,000—49,999 6 178,904 <br /> 50,000—99,999 4 301,692 <br /> 100,000+ 0 0 <br /> Total* 82 606,491 <br /> RENT SUMMARY <br /> Average Low - High <br /> Office Rent $8.42 $6.50 - $10.25 <br /> Warehouse Rent $4.13 $3.00 - $5.00 <br /> Blended Net Rent(Assuming 6% Office) $4.50 <br /> Taxes & Op.Exp. $2.56 $1.36 - $5.05 <br /> One Neck of space per project,may not reflect total vacancy. Not all projects reporting Largest Contiguous Space figures <br /> 42 NAIOP 2004 ANNUAL INDUSTRIAL MARKET UPDATE <br />