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TOTAL MARKET - 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 57,523,942 50,763,907 6,760,035 11.8% 706,840
<br /> New Projects 100,000 0 100,000 100.0% 0
<br /> Current Universe 57,623,942 50,763,907 6,860,035 11.9% 706,840
<br /> FUTURE PROJECTS
<br /> Total Number Of HISTORICAL
<br /> (Sq.Ft.) Projects NET ABSORPTION
<br /> Under Construction 0 0 4,000,000
<br /> Planned Projects 900,000 9
<br /> Future Projects 900,000 9
<br /> 3,000,000 O
<br /> a a,
<br /> NET ABSORPTION (Years Ended April 30) $rr,. —
<br /> ,c r
<br /> Annual Net Percent of E 2,000,000 -
<br /> Absorption Occupied P "
<br /> Year (Sq.Ft.) Square Feet n
<br /> ' . rt 2000 1,607,699 4.5 030,000
<br /> 2001 1,120,736 3.0 4
<br /> 2002 605,572 1.1
<br /> 2003 1,678,694 2.9 0 Al . c a "J :I
<br /> 2004 706,840 1.4 2000 2001 2002 2003 2009
<br /> Five Year Average 1,143,908
<br /> LARGEST CONTIGUOUS SPACE BREAKDOWN
<br /> Vacancy Size Number of
<br /> Square Feet Projects Square Feet
<br /> 0 546 0
<br /> 1 —9,999 92 476,219
<br /> 10,000—24,999 72 1,140,809
<br /> 25,000—49,999 44 1,508,305
<br /> 50,000—99,999 20 1,364,128
<br /> 100,000+ 7 964,174
<br /> Total* 781 5,453,635
<br /> RENT SUMMARY
<br /> Average Low - High
<br /> Office Rent $8.63 $5.00 - $14.00
<br /> Warehouse Rent $4.22 $2.00 - $6.00
<br /> Blended Net Rent(Assuming 20% Office) $5.10
<br /> Taxes & Op.Exp. $2.70 $1.13 - $7.90
<br /> "One block of space per project,may not reflect total vacancy.Not all projects reporting Largest Contiguous Space figures.
<br /> 8 NAIOP 2004 ANNUAL INDUSTRIAL MARKET UPDATE
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