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MINNEAPOLIS, NORTH - 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 13,152,773 11,911,485 1,241,288 9.4% 136,593 <br /> New Projects 0 0 0 0.0% 0 <br /> Current Universe 13,152,773 11,911,485 1,241,288 9.4% 136,593 <br /> FUTURE PROJECTS FUTURE PROJECTS <br /> Total Number Of <br /> (Sq.Ft) Projects Under Construction <br /> Under Construction 0 0 • None <br /> Planned Projects 35,000 1 <br /> Planned Projects <br /> Future Projects 35,000 1 <br /> • Roseville Properties, <br /> NET ABSORPTION(Years Ended April 30) Blaine—35,000 Sq.Ft. <br /> Annual Net Percent of <br /> Absorption Occupied <br /> Year (Sq.Ft) Square Feet <br /> 2000 141,563 1.7 <br /> 2001 256,879 8.2 <br /> III 2002 69,985 0.5 <br /> 2003 813,148 6.0 <br /> 2004 136,593 1.1 <br /> Five Year Average 283,634 <br /> LARGEST CONTIGUOUS SPACE BREAKDOWN <br /> Vacancy Size Number of <br /> Square Feet Projects Square Feet <br /> 0 133 0 <br /> 1—9,999 21 110,487 <br /> 10,000—24,999 17 250,674 <br /> 25,000—49,999 12 420,791 <br /> 50,000—99,999 5 278,700 <br /> 100,000+ 0 0 <br /> Total* 188 1,060,652 <br /> RENT SUMMARY <br /> Average Low - High <br /> Office Rent $8.60 $7.00 - $12.00 <br /> Warehouse Rent $4.14 $2.00 - $5.50 <br /> Blended Net Rent(Assuming 20%Office) $5.03 <br /> Taxes&Op.Exp. $2.45 $1.50 - $5.76 <br /> III *One block of space per project,may not reflect total vacancy.Not all projects reporting Largest Contiguous Space figures. <br /> 34 NAIOP 2004 ANNUAL INDUSTRIAL MARKET UPDATE <br />