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2000 - 2004 HISTORICAL OVERVIEW**
<br /> 5 Year
<br /> Market Area 2000 2001 2002 2003 2004 Average
<br /> Northwest
<br /> Current Universe: 19,668,811 20,479,078 29,814,384 29,341,241 28,130,865
<br /> Total Vacant: 1,830,407 2,418,071 4,432,886 4,274,892 3,036,507
<br /> Percent Vacant: 9.3% 11.8% 14.5% 14.6% 10.8%
<br /> Net Absorption: 1,486,356 1,184 230,415 266,271 1,090,527 614,951
<br /> Minneapolis,North
<br /> Current Universe: 15,375,651 15,655,384 22,364,581 20,707,961 21,347,960
<br /> Total Vacant: 1,782,573 1,203,210 2,748,167 1,769,623 1,798,340
<br /> Percent Vacant: 11.6% 7.7% 12.0% 8.5% 8.4%
<br /> Net Absorption: 165,166 939,256 270,608 1,009,438 313,637 539,621
<br /> St.Paul,East
<br /> Current Universe: 13,880,786 14,768,786 20,306,597 21,162,694 19,455,913
<br /> Total Vacant: 710,469 1,131,816 2,655,184 1,679,668 1,995,313
<br /> Percent Vacant: 5.1% 7.7% 13.0% 7.9% 10.1%
<br /> Net Absorption: 799,499 465,126 (412,246) 1,207,957 136,781 439,423
<br /> Airport,South
<br /> Current Universe: 11,911,405 12,125,074 21,042,793 20,100,185 17,318,060
<br /> Total Vacant: 1,534,844 1,824,459 2,700,538 2,810,390 2,797,055
<br /> Percent Vacant: 12.9% 15.0% 12.8% 14.0% 16.2%
<br /> Net Absorption: 754,077 (181,658) 665,408 232,044 (621,003) 169,774
<br /> Southwest
<br /> Current Universe: 17,585,838 18,949,420 22,882,210 22,433,610 24,346,349
<br /> Total Vacant: 1,420,225 2,251,067 3,332,574 2,832,786 3,263,479
<br /> Percent Vacant: 8.1% 11.9% 14.4% 12.6% 13.4%
<br /> Net Absorption: 931,948 315,927 (359,687) 324,781 (41,744) 234,245
<br /> TOTAL MARKET
<br /> Current Universe: 78,034,568 81,977,742 117,956,040 113,745,691 110,922,397
<br /> Total Vacant: 7,278,518 8,828,623 15,869,349 13,367,359 12,890,694
<br /> Percent Vacant: 9.3% 10.8% 13.5% 11.8% 11.6%
<br /> Net Absorption: 4,137,046 1,539,835 394,498 3,040,491 878,198 1,998,014
<br /> **During 2002,the Minnesota Chapter of the NAIOP formed an alliance with the Minnesota Commercial Association of Realtors
<br /> (MNCAR)for the purpose of gathering current market data. MNCAR operates a data exchange network that is widely used in the
<br /> Twin Cities marketplace. The greater participation in the MNCAR data exchange network has resulted in additional properties
<br /> being added to NAIOP's overall database,or"Current Universe",for 2002. NAIOP has invested considerable care in analyzing
<br /> the data underlying the report to insure that the results are indicative of the conditions of the marketplace. When comparing 2002
<br /> figures to prior years the majority of the increase in square feet for a particular market is the result of capturing more of the existing
<br /> buildings in the database used for analysis.
<br /> •
<br /> 12 NAIOP 2004 ANNUAL INDUSTRIAL MARKET UPDATE
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