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MINNEAPOLIS NORTH OFFICE SHOWROOM <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 3,321,357 3,017,890 303,467 9.1% (125,593) <br /> New Projects 0 0 0 0.0% 0 <br /> Current Universe 3,321,357 3,017,890 303,467 9.1% (125,593) <br /> FUTURE PROJECTS FUTURE PROJECTS <br /> Total Number Of <br /> (Sq.Ft) Projects Under Construction <br /> Under Construction 160,000 2 • Lexington Preserve, <br /> Planned Projects 79,800 1 Blaine—75,000 Sq. Ft. <br /> Future Projects 239,800 3 • Mark of Excellence, <br /> White Bear Lake—85,000 Sq. Ft. <br /> NET ABSORPTION(Years Ended April 30) <br /> Planned Projects <br /> Annual Net Percent of • White Oak Business Center,White <br /> Absorption Occupied Bear Lake—79,800 Sq. Ft. <br /> Year (Sq.Ft) Square FeetIII <br /> 2000 6,505 0.3 <br /> 2001 (1,286) (0.06) <br /> 2002 132,559 5.3 <br /> 2003 106,009 5.1 <br /> 2004 (125,593) (0.04) <br /> Five Year Average 23,639 <br /> LARGEST CONTIGUOUS SPACE BREAKDOWN <br /> Vacancy Size Number of <br /> Square Feet Projects Square Feet <br /> 0 33 0 <br /> 1—9,999 6 32,187 <br /> 10,000—24,999 8 134,776 <br /> 25,000—49,999 1 48,000 <br /> 50,000—99,999 1 69,093 <br /> 100,000+ 0 0 <br /> Total* 49 284,056 <br /> RENT SUMMARY <br /> Average Low - High <br /> Office Rent $9.94 $8.75 - $14.40 <br /> Warehouse Rent $4.94 $4.50 - $6.72 <br /> Blended Net Rent(Assuming 50%Office) $7.44 <br /> 11111 Taxes&Op.Exp. $3.60 $1.75 - $6.79 <br /> *One block of space per project,may not reflect total vacancy.Not all projects reporting Largest Contiguous Space figures. <br /> NAIOP 2004 ANNUAL INDUSTRIAL MARKET UPDATE 35 <br />