2. PCSR 07-13-2004 - Laserfiche WebLink

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GROUND RULES & DEFINITIONS GROUND RULES • Multi-tenant office warehouse, office showroom, and bulk warehouse buildings in excess of 25,000 square feet. Single tenant leased properties that were developed on a build-to-suit basis, and that would not function well as multi-tenant properties, are not included in this report. Owner occupied properties are also not included in this report. • Rental rates are based on quoted net rates exclusive of transaction costs. Actual effective rates will vary. • Expenses are quoted as an estimate for the 2004 calendar year. DEFINITIONS • Existing Projects—Building shell construction completed prior to May 1,2003. • New Projects—Building shell construction completed between May 1,2003 and May 1, 2004. • Current Universe—combined Existing Projects and New Projects as of May 1, 2004. • Under Construction—Projects under construction as of May 1, 2004. • Planned Projects—Projects with a greater than 50%probability of construction commencement prior to December 31,2004. PROFILE OF PROJECT TYPES Typical Clear Ceiling Office or Project Type Tenant Size Height Bay Depth Showroom Office Warehouse 7,000 S.. Ft. + 16—24 Ft. 120— 160 Ft. 10% -40% Office Showroom 3,000 S I. Ft.+ 12— 16 Ft. 80— 120 Ft. 25% - 75% Bulk Warehouse 20,000 S I. Ft.+ 20+Ft. 160—200 Ft. 0% - 10% 2 NAIOP 2004 ANNUAL INDUSTRIAL MARKET UPDATE