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MINNEAPOLIS, NORTH - BULK 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 4,873,830 4,620,245 253,585 5.2% 302,637 <br /> New Projects 0 0 0 0% 0 <br /> Current Universe 4,873,830 4,620,245 253,585 5.2% 302,637 <br /> FUTURE PROJECTS FUTURE PROJECTS <br /> Total Number Of <br /> (Sq.Ft.) Projects Under Construction <br /> Under Construction 0 0 • None <br /> Planned Projects 0 0 <br /> Future Projects 0 0 Planned Projects <br /> • None <br /> NET ABSORPTION(Years Ended April 30) <br /> Annual Net Percent of <br /> Absorption Occupied <br /> Year (Sq.Ft) Square Feet <br /> 2000 17,098 0.6 <br /> 2001 183,633 6.2 <br /> • 2002 68,064 1.7 <br /> 2003 90,281 2.7 <br /> 2004 302,637 7.0 <br /> Five Year Average 132,343 <br /> LARGEST CONTIGUOUS SPACE BREAKDOWN <br /> Vacancy Size Number of <br /> Square Feet Projects Square Feet <br /> 0 32 0 <br /> 1—9,999 1 967 <br /> 10,000—24,999 3 45,552 <br /> 25,000—49,999 2 70,984 <br /> 50,000—99,999 2 120,825 <br /> 100,000+ 0 0 <br /> Total* 40 238,328 <br /> RENT SUMMARY <br /> Average Low - High <br /> Office Rent $8.25 $6.50 - $10.00 <br /> Warehouse Rent $3.62 $2.50 - $4.75 <br /> Blended Net Rent(Assuming 6%Office) $3.90 <br /> Taxes&Op.Exp. $2.20 $1.25 - $2.55 <br /> 0 *One block of space per project,may not reflect total vacancy.Not all projects reporting Largest Contiguous Space figures <br /> 36 NAIOP 2004 ANNUAL INDUSTRIAL MARKET UPDATE <br />