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SOUTHWEST <br /> S <br /> NET ABSORPTION TRENDS <br /> 1,500,000 <br /> ,003,828 <br /> . .r <br /> 1,000,00L <br /> 0 <br /> v <br /> a, <br /> • 500,000 360,163 315,927 <br /> 324,781 <br /> c <br /> -500,000 <br /> MMMIIIMMIMINMNIMIMMIMIM <br /> 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 <br /> HISTORICAL VACANCY RATES <br /> 20°%°J <br /> • <br /> 14.4% 13.4% <br /> C 15%, <br /> cs <br /> u <br /> O 10%, 7. % 9.1% 11.9% 12.6% <br /> u <br /> i. ®\ R 1% <br /> 04 a 5% 7.0% <br /> 4.1% 5.0% / / / <br /> 0% / ( / ( f f � / ( f <br /> 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 <br /> NEW PROJECTS <br /> 1,200,000 © <br /> 00 <br /> °S. <br /> 1,000,000 0 0; <br /> 800,000 <br /> u <br /> a <br /> M <br /> w 600,000 cii <br /> cr <br /> 400,000 ®® 0 00 0 <br /> III ':. tel �V M V N ?��as TOM <br /> O N M ry <br /> iM N N <br /> 200,000 <br /> 0 ' — , <br /> 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 <br /> 26 ■Bulk Warehouse 0 Office Warehouse 0 Office Showroom UPDATE <br />