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AIRPORT, SOUTH <br /> S <br /> SIGNIFICANT EVENTS AND TRENDS <br /> • Office/Showroom vacancy rate drops to 10%, spec projects under <br /> construction <br /> • Renewal expansions and small users drive the Office/Showroom recovery <br /> • Office/Warehouse and Bulk vacancy rates have peaked, recovery is underway <br /> • New Industrial Condos are seeing strong activity <br /> • Concessions are attracting tenants from other sub-markets, activity is picking <br /> up <br /> s <br /> S <br /> 13 <br /> NAIOP 2004 ANNUAL INDUSTRIAL MARKET UPDATE <br />