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AIRPORT, SOUTH - BULK WAREHOUSE <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 5,731,423 4,647,506 1,083,917 18.9% (539,362) <br /> New Projects 0 0 0 0.0% 0 <br /> Current Universe 5,731,423 4,647,506 1,083,917 18.9% (539,362) <br /> FUTURE PROJECTS FUTURE PROJECTS <br /> Total Number Of <br /> (Sq.Ft) Projects Under Construction <br /> Under Construction 0 0 • None <br /> Planned Projects 296,500 2 <br /> Future Projects 296,500 2 Planned Projects <br /> • Cedar Bluffs Business Center, <br /> NET ABSORPTION(Years Ended April 30) Burnsville— 168,500 Sq. Ft. <br /> • JBT Building, Burnsville— <br /> Annual Net Percent of 128,000 Sq. Ft. <br /> Absorption Occupied <br /> Year (Sq.Ft) Square Feet <br /> 2000 (64,494) (3.5) <br /> • 2001 (204,610) <br /> 13,698 (14.2) <br /> 2002 0.2 <br /> 2003 154,924 3.6 <br /> 2004 (539,362) 11.5 <br /> Five Year Average (127,969) <br /> LARGEST CONTIGUOUS SPACE BREAKDOWN <br /> Vacancy Size Number of <br /> Square Feet Projects Square Feet <br /> 0 38 0 <br /> 1—9,999 3 17,817 <br /> 10,000—24,999 1 10,570 <br /> 25,000—49,999 6 194,652 <br /> 50,000—99,999 4 276,141 <br /> 100,000+ 2 417,265 <br /> Total* 54 916,445 <br /> RENT SUMMARY <br /> Average Low - High <br /> Office Rent $8.45 $7.50 - $9.50 <br /> Warehouse Rent $4.06 $3.00 - $4.50 <br /> Blended Net Rent(Assuming 6%Office) $4.32 <br /> Taxes&Op.Exp. $1.88 $1.01 - $2.45 <br /> . *One block of space per project,may not reflect total vacancy.Not all projects reporting Largest Contiguous Space figures <br /> 18 NAIOP 2004 ANNUAL INDUSTRIAL MARKET UPDATE <br />