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AIRPORT, SOUTH - OFFICE WAREHOUSE <br /> i <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 7,637,709 6,408,821 1,228,888 16.1% (246,342) <br /> New Projects 100,000 0 100,000 100.0% 0 <br /> Current Universe 7,737,709 6,408,821 1,328,888 17.2% (246,342) <br /> FUTURE PROJECTS FUTURE PROJECTS <br /> Total Number Of <br /> (Sq.Ft) Projects Under Construction <br /> Under Construction 0 0 • None <br /> Planned Projects 70,000 1 <br /> Future Projects 70,000 1 Planned Projects <br /> • Southcross Commerce Center III, <br /> NET ABSORPTION(Years Ended April 30) Burnsville- 70,000 Sq. Ft. <br /> Annual Net Percent of <br /> Absorption Occupied <br /> Year (Sq.Ft.) Square Feet <br /> 2000 606214 11.4 <br /> 2001 (11,653) (0.2) <br /> • 2002 359,974 3.5 <br /> 2003 31,392 0.3 <br /> 2004 (246,342) 3.8 <br /> Five Year Average 147,917 <br /> LARGEST CONTIGUOUS SPACE BREAKDOWN <br /> Vacancy Size Number of <br /> Square Feet Projects Square Feet <br /> 0 71 0 <br /> 1—9,999 10 50,088 <br /> 10,000—24,999 10 156,566 <br /> 25,000—49,999 7 244,660 <br /> 50,000—99,999 2 131,751 <br /> 100,000+ 0 0 <br /> Total* 100 583,065 <br /> RENT SUMMARY <br /> Average Low - High <br /> Office Rent $8.73 $7.00 - $13.00 <br /> Warehouse Rent $4.31 $2.95 - $5.50 <br /> Blended Net Rent(Assuming 20%Office) $5.19 <br /> Taxes&Op.Exp. $2.91 $1.75 - $7.90 <br /> . *One block of space per project,may not reflect total vacancy.Not all projects reporting Largest Contiguous Space figures. <br /> 16 NAIOP 2004 ANNUAL INDUSTRIAL MARKET UPDATE <br />