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2004 MARKET OVERVIEW
<br /> CURRENT PERCENT TOTAL ANNUAL NET
<br /> MARKET AREA UNIVERSE OF TOTAL VACANT PERCENT ABSORPTION
<br /> YEAR (Sq.Ft.) MARKET (Sq.Ft.) VACANT (Sq.Ft.)
<br /> Northwest 2004 28,130,865 25.4% 3,036,507 10.8% 1,090,527
<br /> 2003 29,341,241 25.8% 4,274,892 14.6% 266,271
<br /> Minneapolis,North 2004 21,347,960 19.2% 1,798,340 8.4% 313,637
<br /> 2003 20,707,961 18.2% 1,769,623 8.5% 1,009,438
<br /> St.Paul,East 2004 19,779,163 17.8% 1,995,313 10.1% 136,781
<br /> 2003 21,162,694 18.6% 1,679,668 7.9% 1,207,957
<br /> Airport,South 2004 17,318,060 15.7% 2,797,055 16.2% (621,003)
<br /> 2003 20,100,185 17.7% 2,810,390 14.0% 232,044
<br /> Southwest 2004 24,346,349 21.9% 3,263,479 13.4% (41,774)
<br /> 2003 22,433,610 19.7% 2,832,786 12.6% 324,781
<br /> TOTAL MARKET 2004 110,922,397 100.0% 12,890,694 11.6% 878,198
<br /> 2003 113,745,691 100.0% 13,367,359 11.8% 3,040,491
<br /> •
<br /> 2004 JNTET ABSORPTION BY MARKET AREA
<br /> 1500000
<br /> 1,090,527
<br /> 1000000 "
<br /> w 500000
<br /> 313,637
<br /> 136,781
<br /> (41,744)
<br /> -500000
<br /> (621,003) /
<br /> -1000000
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<br /> •
<br /> NAIOP 2004 ANNUAL INDUSTRIAL MARKET UPDATE 11
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