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SOUTHWEST - OFFICE 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 13,013,986 11,799,454 1,214,532 9.3% 651,360 <br /> New Projects 0 0 0 0.0% 0 <br /> Current Universe 13,013,986 11,799,454 1,214,532 9.3% 651,360 <br /> FUTURE PROJECTS FUTURE PROJECTS <br /> Total Number Of <br /> (Sq.Ft.) Projects Under Construction <br /> Under Construction 0 0 • None <br /> Planned Projects 280,000 3 <br /> Future Projects 280,000 3 Planned Projects <br /> • Arboretum Business Park IV, <br /> NET ABSORPTION(Years Ended April 30) Chanhassen—80,000 Sq. Ft. <br /> • Dean Lakes Project, Shakopee— <br /> Annual Net Percent of 100,000 Sq. Ft. <br /> Absorption Occupied • Eagle Creek Commerce Center III, <br /> Year (Sq.Ft) Square Feet Shakopee— 100,000 Sq. Ft. <br /> 2000 501,058 6.3 <br /> 2001 66,724 0.8 <br /> 11, 2002 108,350 1.0 <br /> 2003 (4,534) (0.04) <br /> 2004 651,360 5.5 <br /> Five Year Average 264,592 <br /> LARGEST CONTIGUOUS SPACE BREAKDOWN <br /> Vacancy Size Number of <br /> Square Feet Projects Square Feet <br /> 0 130 0 <br /> 1—9,999 30 166,988 <br /> 10,000—24,999 21 331,768 <br /> 25,000—49,999 8 270,989 <br /> 50,000—99,999 3 212,418 <br /> 100,000+ 1 133,000 <br /> Total* 193 1,115,163 <br /> RENT SUMMARY <br /> Average Low - High <br /> Office Rent $8.79 $6.95 - $14.00 <br /> Warehouse Rent $4.39 $3.75 - $5.50 <br /> Blended Net Rent(Assuming 20%Office) $5.27 <br /> Taxes&Op.Exp. $3.17 $1.25 - $6.76 <br /> • *One block of space per project,may not reflect total vacancy.Not all projects reporting Largest Contiguous Space figures. <br /> 28 NAIOP 2004 ANNUAL INDUSTRIAL MARKET UPDATE <br />