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SOUTHWEST - OFFICE SHOWROOM <br /> le <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 6,443,320 5,813,076 630,244 9.8% 204,861 <br /> New Projects 0 0 0 0.0% 0 <br /> Current Universe 6,443,320 5,813,076 630,244 9.8% 204,861 <br /> FUTURE PROJECTS FUTURE PROJECTS <br /> Total Number Of <br /> (Sq.Ft) Projects Under Construction <br /> Under Construction 0 0 • None <br /> Planned Projects 377,680 4 <br /> Planned Projects <br /> Future Projects 377,680 4 • Arboretum Business Park V, <br /> Chaska—30,000 Sq. Ft. <br /> NET ABSORPTION(Years Ended April 30) • Dean Lakes Project, Shakopee— <br /> Annual Net Percent of 100,000 Sq. Ft. <br /> Absorption Occupied <br /> • Starring Lake Business Center, <br /> Year (Sq.Ft) Square Feet Eden Prairie- 169,680 sq. ft. <br /> 2000 198,825 3.5 <br /> • West Bloomington Technology <br /> 2001 143,303 2.5 Park Phase III,Bloomington_ <br /> III 2002 (250,747) (4.5) 78,000 sq. ft. <br /> 2003 (58,205) (1.1) <br /> 2004 204,861 3.5 <br /> Five Year Average 47,607 <br /> LARGEST CONTIGUOUS SPACE BREAKDOWN <br /> Vacancy Size Number of <br /> Square Feet Projects Square Feet <br /> 0 50 0 <br /> 1—9,999 18 98,224 <br /> 10,000—24,999 16 246,880 <br /> 25,000—49,999 4 124,998 <br /> 50,000—99,999 1 82,312 <br /> 100,000+ 0 0 <br /> Total* 89 552,414 <br /> RENT SUMMARY <br /> Average Low - High <br /> Office Rent $8.79 $6.50 - $10.50 <br /> Warehouse Rent $4.40 $3.50 - $5.50 <br /> Blended Net Rent(Assuming 50%Office) $6.60 <br /> Taxes&Op.Exp. $3.56 $0.75 - $5.65 <br /> 5 "One block of space per project,may not reflect total vacancy.Not all projects reporting I argest Contiguous Space figures. <br /> NAIOP 2004 ANNUAL INDUSTRIAL MARKET UPDATE 29 <br />