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AIRPORT, SOUTH - OFFICE SHOWROOM <br /> S <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 3,848,928 3,464,678 384,250 10.0% 164,701 <br /> New Projects 0 0 0 0.0% 0 <br /> Current Universe 3,848,928 3,464,678 384,250 10.0% 164,701 <br /> FUTURE PROJECTS FUTURE PROJECTS <br /> Total Number Of <br /> (Sq.Ft) Projects Under Construction <br /> Under Construction 144,000 2 • Spectrum Commerce Center, <br /> Planned Projects 90,000 2 Eagan— 100,000 Sq. Ft. <br /> Future Projects 234,000 4 • Waters V, Eagan-44,000 Sq. Ft. <br /> NET ABSORPTION(Years Ended April 30) Planned Projects <br /> • Burr Oak Tech Center, <br /> Annual Net Percent of Eagan—40,000 Sq. Ft. <br /> Absorption Occupied • Northwood Business Park II, <br /> Year (Sq.Ft) Square Feet Eagan -- 50,000 Sq.Ft. <br /> 2000 212,357 6.6 <br /> 2001 34,605 1.1 <br /> • 2002 291,736 8.4 <br /> 2003 45,728 1.5 <br /> 2004 164,701 4.8 <br /> Five Year Average 149,825 <br /> LARGEST CONTIGUOUS SPACE BREAKDOWN <br /> Vacancy Size Number of <br /> Square Feet Projects Square Feet <br /> 0 38 0 <br /> 1—9,999 21 133,729 <br /> 10,000—24,999 6 93,272 <br /> 25,000—49,999 2 74,839 <br /> 50,000—99,999 0 0 <br /> 100,000+ 0 0 <br /> Total* 67 301,840 <br /> RENT SUMMARY <br /> Average Low - High <br /> Office Rent $8.77 $7.50 - $12.00 <br /> Warehouse Rent $4.32 $3.50 - $6.00 <br /> Blended Net Rent(Assuming 50%Office) $6.55 <br /> Taxes&Op.Exp. $3.38 $1.80 - $5.09 <br /> . *One block of space per project,may not reflect total vacancy.Not all projects repotting Largest Contiguous Space figures. <br /> NAIOP 2004 ANNUAL INDUSTRIAL MARKET UPDATE 17 <br />