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ST. PAUL, EAST - BULK WAREHOUSE <br /> • <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 6,810,158 6,244,080 566,078 8.3% (391,300) <br /> New Projects 0 0 0 0% 0 <br /> Current Universe 6,810,158 6,244,080 566,078 8.3% (391,300) <br /> FUTURE PROJECTS FUTURE PROJECTS <br /> Total Number Of <br /> (Sq.Ft) Projects Under Construction <br /> Under Construction 0 0 • None <br /> Planned Projects 0 0 <br /> Future Projects 0 0 Planned Projects <br /> • None <br /> NET ABSORPTION(Years Ended April 30) <br /> Annual Net Percent of <br /> Absorption Occupied <br /> Year (Sq.Ft) Square Feet <br /> 2000 453,347 8.6 <br /> 2001 232,920 4.3 <br /> • 2002 (327,473) (4.0) <br /> 2003 305,636 3.9 <br /> 2004 (391,300) 6.3 <br /> Five Year Average 54,626 <br /> LARGEST CONTIGUOUS SPACE BREAKDOWN <br /> Vacancy Size Number of <br /> Square Feet Projects Square Feet <br /> 0 30 0 <br /> 1—9,999 2 9,110 <br /> 10,000—24,999 2 40,797 <br /> 25,000—49,999 3 94,443 <br /> 50,000—99,999 2 188,728 <br /> 100,000+ 1 207,000 <br /> Total* 40 540,078 <br /> RENT SUMMARY <br /> Average Low - High <br /> Office Rent $8.42 $7.75 - $9.50 <br /> Warehouse Rent $3.32 $2.25 - $4.70 <br /> Blended Net Rent(Assuming 6%Office) $3.63 <br /> Taxes&Op.Exp. $2.06 $0.78 - $4.45 <br /> . *One block of space per project,may not reflect total vacancy.Not all projects reporting I argest Contiguous Space figures <br /> 24 NAIOP 2004 ANNUAL INDUSTRIAL MARKET UPDATE <br />