2017 Sets New Development Record, Finishes Strong

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1 Research & Forecast Report CHICAGO INDUSTRIAL Year-End 7 7 Sets New Development Record, Finishes Strong Craig Hurvitz Vice President Chicago Chicago s industrial market finished 7 with an impressive fourth quarter as several transactions during the final weeks of the year pushed net absorption for the year to 8.9 million square feet. Although vacant speculative development projects totaling.8 million square feet were delivered during the quarter, the vacancy rate improved for the first time in three quarters, decreasing by basis points to 6.8 percent. A total of 88 new construction projects were completed in 7 totaling.8 million square feet, a new record for the market. Speculative development accounted for. million square feet, or percent, of these deliveries. Vacancy & Absorption Market Indicators CHICAGO INDUSTRIAL MARKET 7 6 VACANCY RATE 6.8% 6.7% 7.% NET ABSORPTION (SF) 8,, 6,6,8,97, NEW SUPPLY (SF),8,,,6 6,,9 UNDER CONSTRUCTION (SF) 9,8,6,88,6,,8 NEW LEASING ACTIVITY (SF) 7,8,69 7,, 6,,6 AVG ASKING RENTAL RATE $.66 $.7 $.6 Vacancy Rate & Net Absorption %» The vacancy rate decreased by basis points during the fourth quarter of 7 to 6.8 percent, the first improvement in three quarters.» Despite the improvement, the current rate remains basis points above the 6.7 percent rate recorded one year ago. Vacancy Rate % 9% 6% Net Absorption (millions of SF)» Vacancy rates continue to climb in submarkets where significant speculative development has occurred, particularly in the I- Corridor where the.99 percent vacancy rate is 7 basis points above the 9. percent rate recorded at the end of 6. % 7 Net Absorption by Submarket 6 YTD 7 -» At the same time, vacancy rates reached new record lows in other submarkets, led by the popular O Hare submarket, where the vacancy rate dipped to a record-low.8 percent during the fourth quarter of 7.» Net absorption totaled. million square feet during the fourth quarter, bringing the tally for 7 to 8.9 million square feet.» While this is below the record 6.6-million-square-foot net absorption tally recorded in 6, it is the third highest annual total since. Net Absorption (millions of SF) I-8/Joliet Corridor.9 South Suburbs. Far South Suburbs.9 Southeastern Wisconsin. I-88 Corridor. Lake County.7 I- North. Central DuPage County.8 I- Corridor.8 North Suburbs.68 Elgin I- Corridor. McHenry County.7 O'Hare. Fox Valley -. Rockford Area -. DeKalb County -.9 I-9 Corridor -. I- South -.6 Chicago North -.7 Northwest Indiana -.7 Northwest Suburbs -. Chicago South Research & Forecast Report Year-End 7 Chicago/Industrial al Colliers International

2 New Construction» Developers delivered 88 projects totaling.8 million square feet during 7, a new record surpassing the. million square feet delivered in 6.» Construction starts dropped off dramatically, totaling. million square feet in 7 compared to 8.8 million square feet in 6.» At the end of 7, 6 buildings totaling 8.9 million square feet were under construction, the smallest amount of space under construction since the end of.» The current total is only percent of the.9 million square feet under construction at the end of 6. Leasing & Sale Activity» New leasing activity, which includes new leases and lease expansions, totaled 7. million square feet among 6 leases during 7.» Average new lease size decreased in 7, the largest new lease of the year was smaller than the 8 largest leases signed in 6.» The largest new lease of the year involved Kenco Logistics Services, LLC leasing 99,7 square feet in Monee at the end of the fourth quarter.» The largest user sale of the year involved Supervalu purchasing Central Grocers 99,-square-foot former distribution warehouse facility in Joliet. What to Expect in 8» Fewer construction starts over the past few quarters will result in less deliveries during 8, though a new wave of development may begin during the warm season.» The vacancy rate is expected to stabilize during 8 as new supply will likely closely match demand for space.» Positive net absorption will continue through 8, though likely below 6 and 7 levels.» Infill development will continue to be in high demand due the growth of e-commerce and the need for these companies to be in close proximity to their end customers through last mile delivery service. Chicago Industrial Market Largest 7 New Lease Transactions TENANT SIZE (SF) ADDRESS TYPE QTR Kenco Logistic Services, LLC 99,7 8 W Industrial Drive, Monee New lease Q CTDI, Inc.,7 Brandon Road, Joliet New lease Q The Central American Group,6 8 Bluff Road, Romeoville New lease Q Undisclosed e-commerce tenant 8, 68 Enterprise Boulevard, Crest Hill New lease Q Richwill Enterprises, Inc. 88,6 7 W 8th Street, Alsip Sublease Q Samsung,8 E Crossroads way, Bolingbrook New lease Q Chicago Industrial Market Largest 7 Sale Transactions BUYER SIZE (SF) ADDRESS TYPE QTR Plymouth Industrial REIT,8, (locally) Chicago-area properties Part of a regional investment portfolio sale Q Westmount Realty Capital LLC,, Chicago-area properties Local investment portfolio sale Q DRA Advisors,99,8 (locally) 7 Chicago-area properties Part of a national investment portfolio sale Q Glen Una Management Company Inc,7,9 Chicago-area properties Local investment portfolio sale Q Gramercy Property Trust, Inc.,88,8 (locally) 9 Chicago-area properties Part of a national investment portfolio sale Q CBRE Global Investors Ltd,, 6 Chicago-area properties Local investment portfolio sale Q Historical New Supply Millions of Square Feet YTD 7 Active Spec,67,886,,8 7,88,97,87,,8,9,8,878 BTS,69, 6,,9 8,8,9 8,76,,,,898,8 Demo -,,6 -,,67 -,,79 -,66,7 -,,7 Chicago Industrial Market Largest Active Construction Projects* TYPE SIZE (SF) ADDRESS DEVELOPER Build-to-suit,,8 Laraway Crossings Business, Joliet Ryan Companies Speculative,, Rock Creek Logistics Center, Joliet The Opus Group Speculative,, Crossroads, Channahon Venture One Real Estate Build-to-suit 8, Antioch Corporate Center, Antioch IDI Logistics Build-to-suit, Reed Road, Coal City Hoffman Transportation Speculative,696 7 Seymour Avenue, Franklin CenterPoint Properties Build-to-suit 6, Brewster Creek Business, Bartlett Rana USA, Inc. Speculative, S th Avenue, Cicero Bridge Development Partners Speculative 7,8 Meridian Drive, Mount Pleasant Land and Lakes Development Co *Partial list, 9 additional projects not included on list

3 Chicago Industrial Market Map East Troy Milton JOHN H BATTEN MEMORIAL AIRPORT Rochester Union Grove Mount Pleasant SYLVANIA AIRPORT 9 BURLINGTON MUNICIPAL AIRPORT Janesville Racine Burlington Delavan Kenosha Regional Kenosha 9 Beloit Pleasant Prairie Westosha WISCONSIN Zion Waukegan Regional Fox Lake Waukegan Rockford Grayslake McHenry 9 Belvidere Mundelein Crystal Lake Cherry Valley Vernon Hills Lake Forest Lake Zurich Highland Buffalo Grove Hampshire 7 Elgin 9 Sycamore Glencoe Northbrook Palatine Dundee South Elgin 9 Chicago Executive Arlington Heights 9 Evanston Des Plaines Schaumburg Chicago North Chicago South O Hare North Suburbs Lake County Central DuPage Northwest Suburbs I- North I- South South Suburbs Elgin I- McHenry County Fox Valley I-88 Corridor I- Corridor DeKalb County Far South Suburbs Northwest Indiana Southeast Wisconsin I-8/Joliet Corridor I-9 Corridor Rockford Area Skokie Streamwood DeKalb Bensenville chelle Dupage 88 St Charles 6 9 Elmhurst West Chicago Stream Chicago Batavia 9 North Aurora Sugar Grove 88 Naperville Aurora Montgomery Downers HinsdaleLa Grange Chicago Midway Grove Burr Bedford Ridge Woodridge Willow Springs Oak Lawn Oswego 9 Palos Heights Yorkville Plainfield East Chicago Porter Gary/Chicago Crest Hill Gary Lockport Mokena Joliet Hammond Hazel Crest Tinley Munster Matteson New Lenox Channahon Elwood La Salle 7 Morris Ottawa INDIANA University Monee ILLINOIS 8 Forest Minooka Schererville Merrillville 8 Valparaiso Peotone Seneca Table of Contents Submarket Overviews Central DuPage Chicago Elgin I- Corridor Fox Valley I- North 6 8 I- South I- Corridor I-8 Joliet Corridor I-88 Corridor Lake County 6 8 Research & Forecast Report Year-End 7 Chicago/Industrial Colliers International North Suburbs Northwest Suburbs O Hare South Suburbs Southeast Wisconsin 6 8

4 Central DuPage Year in Review» The Central DuPage vacancy rate improved every quarter in 7, decreasing by basis points during the year to.86 percent. This represents the lowest rate recorded in the submarket since records have been kept and is now 8 basis points below the peak rate of.9 percent recorded in.» Net absorption totaled. million square feet during 7, the fifth consecutive year of positive net absorption in the submarket. During those five years, the net absorption tally was. million square feet, or an average of just over. million square feet per year.» Total vacant space decreased by nearly. million square feet over the course of the year, ending 7 with only.6 million square feet of vacant space. Tenants looking for at least, square feet of space only have two vacant options in the submarket.» Only one construction project was delivered during 7, a 8,6-square-foot speculative facility developed by Dermody Properties at 6 E North Avenue in Carol Stream. The building remains vacant, and is the largest available space in the submarket and the only option for tenants looking for, square feet or larger.» New leasing activity picked up during the second half of 7, with more than 8, square feet in new leases and lease expansions completed bringing the tally for the year to.6 million square feet. This represents a 6.8 percent increase when compared to the new leasing volume of.7 million square feet recorded in 6.» The largest new lease of the year occurred during the first quarter, when OEM restaurant kitchen parts supplier Parts Town leased the 86,6-square-foot building at Greenbriar Drive in Addison. During the fourth quarter, innovative storage product producer Really Useful Products, Ltd. leased 97, square feet in Bloomingdale. Forecast The record low vacancy rate in the Central DuPage submarket continues to attract developers. Two speculative development projects totaling 7, square feet are expected to begin construction during the first half of 8. With few large vacant spaces in the submarket, changes in the area's vacancy rate are expected to be limited over the coming quarters. Submarket Indicators CENTRAL DUPAGE 7 6 VACANCY RATE.86% 6.9% 6.% NET ABSORPTION (SF),, 79, ,6 NEW SUPPLY (SF) 8,6 97,,9 UNDER CONSTRUCTION (SF) 8,6 6,68 NEW LEASING ACTIVITY (SF),,,7,9,,78 AVG ASKING RENTAL RATE $.67 $. $.6 Vacancy Rate & Net Absorption Vacancy Rate % % % 8% 6% % % Available Space for Lease Profile,-99,999 SF,-99,999 SF,-99,999 SF,-99,999 SF,+ SF Vacant Occupied Under Construction Largest Available Spaces for Lease MAP SIZE (SF) ADDRESS 8,6 6 North Avenue, Carol Stream 7,97 N Mitchell Court, Addison 78,96 6 Muirfield Court, Hanover 6, 6-6 Muirfield Court, Hanover, 7 Madsen Drive, Bloomingdale 6 YTD Net Absorption (millions of SF)

5 Skokie Streamwood Elk Grove Village Wood Dale Ohare Int'l 9 Bloomingdale 6 Addison Bensenville Franklin West Chicago Carol Stream Elmhurst Northlake Melrose Oak Lease transaction Sale transaction Active construction project Large available block of space Downers Grove Central DuPage Significant 7 Lease Transactions Hinsdale 9 Westchester Cicero McCook Chicago omid Midway MAP TENANT SIZE (SF) ADDRESS TYPE QTR Parts Town 86,6 Greenbriar Drive, Addison New lease Q Really Useful Products, Ltd. 97, -9 Longview Drive, Bloomingdale New lease Q Prinova USA 78,79 6 Muirfield Court, Hanover New lease Q Startex Industries 77,6 8 Exchange Boulevard, Hanover New lease Q Cargo Partners, 7-78 Center Avenue, Carol Stream New lease Q 6 Convenience Valet,6 Regency Drive, Glendale Heights New lease Q Central DuPage Significant 7 Sale Transactions MAP BUYER SIZE (SF) ADDRESS TYPE QTR Exeter Property Group,9 7 Mercedes Drive, Carol Stream Investment sale Q IPT Stockton Industrial Center LP 6,8 8 Meadow Road, Addison Investment sale Q The Blackstone Group LP 9, 77 W Belden Avenue, Addison Part of a national investment portfolio sale Q The Blackstone Group LP 6,66 Regency Drive, Glendale Heights Part of a national investment portfolio sale Q Barings Real Estate Advisers LLC, 7 Madsen Drive, Bloomingdale Part of a local investment portfolio sale Q Historical New Supply,, 8, 6, Central DuPage Active Construction Projects MAP TYPE SIZE (SF) ADDRESS DEVELOPER None to report Square Feet,, -, -, 6 YTD 7 Active Spec 9,8,9 6, 8,6 BTS 88,,7 Demo -,77-9, Research & Forecast Report Year-End 7 Chicago/Industrial Colliers International

6 Chicago Year in Review» The vacancy rate in both the Chicago North and Chicago South submarkets increased in 7 when compared to the rates recorded at the end of 6.» In the Chicago South submarket, the vacancy rate ended the year at 9.6 percent, an increase of 7 basis points year-over-year. In the Chicago North submarket, the vacancy rate increased by basis points year-over-year to.8 percent. Despite these increases, both rates remain well below the peak rates recorded in.» Net absorption in both submarkets was negative in 7 due to new vacancies being brought to the market as a result of tenants downsizing or moving out.» Four development projects totaling,9 square feet were delivered in 7. Three of these projects were built in the Chicago South submarket, the largest being a 7,-square-foot build-tosuit facility for Preferred Freezer at 7 S Wood Street. Submarket Indicators CHICAGO NORTH 7 6 VACANCY RATE.8%.98%.% NET ABSORPTION (SF) -6,,9 7, NEW SUPPLY (SF),7 UNDER CONSTRUCTION (SF),7 NEW LEASING ACTIVITY (SF),,6 99,89 AVG ASKING RENTAL RATE $7.9 $8.9 $8. Submarket Indicators CHICAGO SOUTH 7 6 VACANCY RATE 9.6% 9.%.% NET ABSORPTION (SF) -896,787 7,9 -,8 NEW SUPPLY (SF) 9,9 7,6 78,68 UNDER CONSTRUCTION (SF), 69, 6,88 NEW LEASING ACTIVITY (SF),,8,,89,9,7 AVG ASKING RENTAL RATE $. $.8 $.» Two projects were nearing completion at the end of 7. Whole Foods is expected to take occupancy of its new,-squarefoot distribution facility in Chicago's Pullman neighborhood in January 8. A 7,-square-foot build-to-suit project for Banner Wholesale Grocers was recently enclosed at 69 S Damen Avenue.» New leases and lease expansions totaled. million square feet in 7, the least amount since. The largest lease of the year involved liquor distributor Lakeshore Beverage renewing its lease at - S Halsted Street and expanding by an additional, square feet to occupy a total of 8,8 square feet.» The largest sale of the year was an investment portfolio sale and involved San Francisco-based Glen Una Management Company Inc acquiring the -building business park known as Calumet Business Center from Ashley Capital for $ million. Vacancy Rate & Net Absorption Vacancy Rate 8% % % 9% 6% % % 6 YTD 7 Chicago North Net Absorption Chicago South Net Absorption Chicago North Vacancy Chicago South Vacancy Available Space for Lease Profile,-99,999 SF Net Absorption (millions of SF) Forecast Several speculative development projects are expected to break ground in 8, as developers look to attract e-commerce and distribution companies looking to locate within close proximity to customers. As these facilities are completed, vacancy rates will increase, but will recover once space is leased.,-99,999 SF,-99,999 SF,-99,999 SF,+ SF 6 8 Vacant Occupied Under Construction 6

7 Bloomingdale Carol Stream Addison Downers Grove Woodridge Elk Grove Village Wood Dale Elmhurst 88 Bolingbrook Lease transaction Sale transaction Active construction project Ohare Int'l 9 Northlake Franklin Melrose Westchester Niles Oak McCook Cicero Bedford Palos Skokie Chicago Midway 9 9 Alsip Chicago North Blue 9 6 Chicago South 7 Chicago 9 Chicago Significant 7 Lease Transactions MAP TENANT SIZE (SF) ADDRESS TYPE QTR Lakeshore Beverage 8,8 - S Halsted Street, Chicago Lease expansion/renewal Q Chicago Scenic Studios 67, 9 W Cermak Road, Chicago Sublease Q Nealey Foods, Inc. 6,78 8 S Pulaski Road, Chicago New lease Q Aryzta Foods 9, S Kostner Avenue, Chicago New lease Q 86 Foodservice 86, - S rd Street, Chicago New lease Q 6 Griffith Foods 8,67 S Morgan Street, Chicago New lease Q Chicago Significant 7 Sale Transactions MAP BUYER SIZE (SF) ADDRESS TYPE QTR Glen Una Management Company Inc,7,9 Calumet Business Center, Chicago -property investment portfolio sale Q High Street Realty Company,77 W Ann Lurie Place, Chicago Investment sale Q Investcorp International, Inc. 8, 6 S Western Avenue, Chicago Part of a -property local investment portfolio sale Q Farpoint Development, 8 S Lafayette Avenue, Chicago Redevelopment investment sale Q Gramercy Property Trust, Inc. 7, 7 S Wood Street, Chicago Investment sale Q Historical New Supply Millions of Square Feet Chicago Active Construction Projects MAP TYPE SIZE (SF) ADDRESS DEVELOPER Build-to-Suit, 7 S Doty Avenue, Chicago Whole Foods Build-to-Suit 7, 69 S Damen Avenue, Chicago Banner Wholesale Grocers -. 6 YTD 7 Active Spec 6,68 6,9 BTS 66,66 6, 7,6 7,, Demo -7, -767, -89,67 8,89 -,6, 7 Research & Forecast Report Year-End 7 Chicago/Industrial Colliers International

8 Elgin I- Corridor Year in Review» The Elgin I- Corridor vacancy rate witnessed a basis point improvement during the fourth quarter of 7, decreasing to 8.76 percent. This is the lowest vacancy rate reported in this submarket since 7. Year-over-year, vacancy improved by 87 basis points.» By the end of 7, total vacant supply decreased to.8 million square feet, the least amount of vacant space available in the submarket since the first quarter of. Only four vacant options are available for users seeking, square feet or more of space and are all located in the city of Elgin.» Despite the significant drop in the vacancy rate, net absorption totaled 68,8 square feet in 7, a little more than half of 6's total of. million square feet.» Construction completions decreased significantly in 7 following several years of significant new development. Only three construction projects were delivered during the first quarter of the year totaling 8, square feet. 6 and delivered significantly more space, at. million square feet and. million square feet, respectively.» Following three quarters of no active construction projects, two buildings totaling,6 square feet were started during the fourth quarter of 7. Both are build-to-suit projects.» New leasing activity totaled 87, square feet in 7, down slightly from 9, square feet in 6. The largest lease of the year involved Sub-Zero Group expanding by,8 square feet in Gilberts and renegotiating its existing lease to occupy the entire 7,6-square-foot building.» In the largest Elgin I- Corridor sale of 7, three Elgin buildings totaling 8,78 square were acquired as part of a 7-property national investment portfolio purchased by New York-based Brookfield Office Properties, Inc. Forecast Three speculative projects are expected to break ground during the first half of 8. Until these projects are delivered toward the end of the year or in early 9, positive demand will result in a declining vacancy rate due to limited construction activity. Submarket Indicators ELGIN I- CORRIDOR 7 6 VACANCY RATE 8.76%.6%.6% NET ABSORPTION (SF) 68,8,7,96,6,8 NEW SUPPLY (SF) 8,,9,7,7, UNDER CONSTRUCTION (SF),6 8,,6 NEW LEASING ACTIVITY (SF) 87, 9,,, AVG ASKING RENTAL RATE $. $.8 $. Vacancy Rate & Net Absorption Vacancy Rate 6% % 8% % Available Space for Lease Profile,-99,999 SF,-99,999 SF,-99,999 SF,-99,999 SF,+ SF Largest Available Spaces for Lease MAP SIZE (SF) ADDRESS 8,7 6 Galvin Drive, Elgin 7, 6 Auto Mall Drive, Elgin 6,6 77 Alft Court, Elgin,7 8 Alft Lane, Elgin,9-8 Northwest way, Elgin Vacant Occupied Under Construction 6 YTD 7 - Net Absorption (millions of SF) 8

9 Lake Zurich Hampshire Huntley Gilberts Dundee 6 Elgin Arlington Heights Schaumburg South Elgin Streamwood Lease transaction Sale transaction Active construction project Large available block of space Dupage Bloomingdale Addison Carol Elgin I- Corridor Significant 7 Lease Transactions MAP TENANT SIZE (SF) ADDRESS TYPE QTR Sub-Zero Group Midwest LLC 7,6 - Burnet Drive, Gilberts Lease expansion/renegotiation Q Colony Display 6,8-8 Galvin Drive, Elgin Lease renewal Q Weber-Stephens Products Company 6, Alft Lane, Elgin Lease renewal Q LDI Industries, Jim Dhamer Drive, Huntley Sale-leaseback Q Central Garden & Pet 6,66 8 Madeline Lane, Elgin New lease Q 6 Concenience Concepts, Inc. 7, Galvin Drive, Elgin New lease Q Elgin I- Corridor Significant 7 Sale Transactions MAP BUYER SIZE (SF) ADDRESS TYPE QTR Cratos LLC, -9 & 6-9 Prairie way, Gilberts -property investment portfolio sale Q Brookfield Office Properties 7,8 6 Madeline Lane, Elgin Part of a national investment portfolio sale Q High Street Realty Company, LLC 8,86 9 Holmes Road, Elgin Investment sale Q Brookfield Office Properties 6,96 8 Madeline Lane, Elgin Part of a national investment portfolio sale Q Brookfield Office Properties,7-7 Wesemann Drive, West Dundee Part of a national investment portfolio sale Q Historical New Supply Millions of Square Feet Elgin I- Corridor Active Construction Projects MAP TYPE SIZE (SF) ADDRESS DEVELOPER Build-to-Suit 7, Wesemann Drive, West Dundee The Opus Group Build-to-Suit,6 7 Joseph Drive, South Elgin Haumiller Engineering.. 6 YTD 7 Active Spec 6,7, 6,6,,69,8 BTS,8 6, 8,678 8,6 8,,6 Demo 9 Research & Forecast Report Year-End 7 Chicago/Industrial Colliers International

10 Fox Valley Year in Review» The vacancy rate improved during the fourth quarter, falling 8 basis points to 7.8 percent. Year over year, the rate has witnessed a 68 basis point increase from. percent at the end 6, largely due to a new speculative construction completion and large tenants moving out of the submarket. Submarket Indicators FOX VALLEY 7 6 VACANCY RATE 7.8%.%.8% NET ABSORPTION (SF) 96,79,8 97,7 NEW SUPPLY (SF) 697,8 79,6, UNDER CONSTRUCTION (SF) 697,8 NEW LEASING ACTIVITY (SF) 997,7 7, 7, AVG ASKING RENTAL RATE $.8 $.7 $.6» Large new vacancies introduced during the year included General Mills moving out of its two-building campus in West Chicago for a new. million-square-foot facility in Wilmington and Partylite Worldwide closing its doors and selling its 88,7-square-foot building in Batavia.» Despite the vacancy rate increase, net absorption was positive during 7, totaling 97,79 square feet. Significant new leasing activity and the completion of two additions to existing buildings counteracted the effects of new vacancies, pushing net absorption positive for the year.» New leases and lease expansions totaled 997,7 square feet in 7, more than triple the 6 tally, and the greatest new leasing volume since. Vacancy Rate & Net Absorption Vacancy Rate 6% % % % 8% 6% % % Available Space for Lease Profile 6 YTD 7,, 8, 6,,, -, Net Absorption (SF)» The largest new lease of 7 involved aerosol packaging provider DS Containers Inc expanding its facility in West Chicago by,7 square feet. The expansion was completed during the first quarter of the year, and the tenant now occupies a total of,9 square feet.,-99,999 SF,-99,999 SF,-99,999 SF,-99,999 SF» In the most significant sale transaction of 7, WHI Real Estate Partners purchased the 88,7-square-foot facility formerly operated by Partylite Worldwide. The buyer purchased the building from Partylite in September and plans to invest significant capital to improve the facility. Forecast The Fox Valley vacancy rate is expected to remain relatively steady through 8 as long as no sizable spaces are vacated in the coming quarters. Due to the submarket's comparatively small size, the rate may see a sharp decline if one or two new tenants commit to one of the four vacant options over, square feet available in this submarket.,+ SF 6 8 Vacant Occupied Under Construction Largest Available Spaces for Lease MAP SIZE (SF) ADDRESS, 7 W Washington Street, West Chicago 88,7 6-6 Kingsland Drive, Batavia 8,7 77 W Harvester Road, West Chicago,99 Harvester Road, West Chicago, 7 Harvester Road, West Chicago

11 Elgin Schaumburg South Elgin Streamwood Bloomingdale St. Charles Geneva 6 Batavia Dupage West Chicago Carol Stream Lease transaction Sale transaction Active construction project Large available block of space Aurora Municipal i Fox Valley Significant 7 Lease Transactions North Aurora 88 Downers Grove MAP TENANT SIZE (SF) ADDRESS TYPE QTR DS Containers Inc,7 Enterprise Circle, West Chicago Lease expansion Q Tangent Technologies,78 - Fabyan way, Batavia New lease Q Innocor Inc 8,8 77 W Harvester Road, West Chicago New lease Q Honeywell,6 8 E Ohio Avenue, Saint Charles New lease Q Wedi Corporation,86 6 Pierson Drive, Batavia New lease Q 6 Exhibit Systems, Inc.,9-6 Nagel Boulevard, Batavia New lease Q Fox Valley Significant 7 Sale Transactions MAP BUYER SIZE (SF) ADDRESS TYPE QTR WHI Real Estate Partners 88,7 6-6 Kingsland Drive, Batavia Investment sale Q The Blackstone Group LP 6, 77 W Harvester Road, West Chicago Part of a national investment portfolio sale Q Venture One Real Estate 99,76 Kirk Road, Saint Charles Investment sale Q Exeter Property Group,878 Harvester Drive, West Chicago Investment sale Q DRA Advisors LLC 68,6 7 Downs Drive, West Chicago Part of a national investment portfolio sale Q Historical New Supply Square Feet 8, 7, 6,,,,,, -, 6 YTD 7 Active Spec 7,7 BTS 6,7 9,9, 79,6 9,7 Demo -8, Fox Valley Active Construction Projects MAP TYPE SIZE (SF) ADDRESS DEVELOPER None to report Research & Forecast Report Year-End 7 Chicago/Industrial Colliers International

12 I- North Year in Review» Robust new leasing activity pushed the vacancy rate down 7 basis points to 7.97 percent during the fourth quarter of 7. This is the lowest vacancy rate recorded since mid- and is 8 basis points below the 9.77 percent rate recorded at the end of 6.» Demand for space resulted in. million square feet of positive net absorption in 7. Net absorption in the I- North submarket was negative during both and 6. This represents the greatest net absorption tally since. Submarket Indicators I- NORTH 7 6 VACANCY RATE 7.97% 9.77% 8.% NET ABSORPTION (SF),7,77-86,96 -,79, NEW SUPPLY (SF) 68,6,6,8 UNDER CONSTRUCTION (SF) 769, 68,6 69, NEW LEASING ACTIVITY (SF),67, 76,8 8, AVG ASKING RENTAL RATE $. $.7 $.6 Vacancy Rate & Net Absorption 6%.» Three speculative construction projects totaling 68,6 square feet were completed during 7, the largest being a 9,89-squarefoot facility at Wolf Road in Franklin, which is now 87 percent leased.» Currently, there are three speculative buildings totaling 9, square feet combined, and one,-square-foot build-tosuit under construction in the I- North submarket. All three speculative buildings are situated in Franklin with CenterPoint Properties developing the largest project at,696 square feet.» New leases and lease expansions totaled an impressive. million square feet in 7, the greatest new lease activity tally since. Vacancy Rate % % % 8% 6% % % % Available Space for Lease Profile,-99,999 SF 6 YTD Net Absorption (millions of SF)» Two of the largest new leases of the year were signed in the recently-completed speculative facility at N Wolf Road in Franklin. Seattle-based logistics company Expeditors International leased,8 square feet in the building while nutritional protein supplier Vital Proteins, LLC leased 9,8 square feet.» Investment sales saturated the I- North submarket during 7 with the third quarter reporting the most activity. Westmount Realty Capital LLC acquired a portfolio of properties in the Chicago area for $87 million. The largest building in the portfolio was the,7-square-foot warehouse at 8999 W Palmer Drive in River Grove. Forecast Market conditions during 8 in the I- North market will be dependent upon tenant demand. Speculative construction completions may result in an uptick in the area's vacancy rate, and several additional large speculative projects are expected to break ground during the year.,-99,999 SF,-99,999 SF,-99,999 SF,+ SF Vacant Occupied Under Construction Largest Available Spaces for Lease MAP SIZE (SF) ADDRESS 88, Northwest Avenue, Northlake 67,89 Seymour Avenue, Franklin,696 7 Seymour Avenue, Franklin 7,67 9 W Fullerton Avenue, Franklin 7,6 N th Avenue, Melrose

13 Niles Elk Grove 9 Village Ohare Int'l Wood Dale Schiller Bensenville 6 9 Franklin Northlake 9 Elmhurst Lease transaction Sale transaction Active construction project Large available block of space Melrose Westchester Oak Cicero Chicago I- North Significant 7 Lease Transactions MAP TENANT SIZE (SF) ADDRESS TYPE QTR Inventory Liquidators Corporation, W Palmer Street, River Grove Lease renewal Q Expeditors International,8 N Wolf Road, Franklin New lease Q ODW Logistics, Inc. 7,997 W Proviso Drive, Melrose Lease extension Q Frozen Assets Cold Storage, N Northwest Avenue, Northlake New lease Q Vital Proteins, LLC 9,8 N Wolf Road, Franklin New lease Q 6 Champion Transportation 88,6 W Irving Road, Franklin New lease Q I- North Significant 7 Sale Transactions MAP BUYER SIZE (SF) ADDRESS TYPE QTR Westmount Realty Capital LLC, W Palmer Street, River Grove Part of a -property local investment portfolio sale Q Morgan Stanley 9,89 N Wolf Road, Franklin Investment sale Q Panattoni Development Company 7,866 6 Copenhagen Court, Franklin Investment/re-development sale Q Morgan Stanley 67,89 Seymour Avenue, Franklin Investment sale Q Digital Realty Trust Inc 6,668 - Edgington Street, Franklin Investment/re-development sale Q Historical New Supply Square Feet,,,,,,, -, -,, -,, 6 YTD 7 Active Spec,,8 68,6 9, BTS,88,, Demo -6,88-6,8 -,,7 -,, -6,78 I- North Active Construction Projects MAP TYPE SIZE (SF) ADDRESS DEVELOPER Speculative,696 7 Seymour Avenue, Franklin CenterPoint Properties Build-to-Suit, West Street, River Grove GO Logistics Speculative 6,88 8 Centrella Street, Franklin Molto Capital Speculative 99, King Avenue, Franklin Clarius Partners Research & Forecast Report Year-End 7 Chicago/Industrial Colliers International

14 I- South Year in Review» The I- South vacancy rate witnessed a significant increase during the final quarter of 7, up basis points from last quarter to 7. percent. This rate is also above the 6.9 percent rate recorded at the end of 6.» The main culprit behind this jump in the area's vacancy rate was due to the previous tenant vacating 6, square feet at 66 River Road, now the largest vacancy in the submarket.» This sizable new vacancy pushed net absorption negative for the fourth quarter of 7 as well as the year. Net absorption between October and December totaled negative 6,8 square feet, while the total for 7 was less jarring at negative, square feet.» A 7,-square-foot build-to-suit facility for FedEx Corporation was the only completed construction project in 7.» During the fourth quarter, Bridge Development Partners started construction on a,-square-foot speculative facility named Bridge Port. Given the scarcity of new speculative product in this submarket, this development is expected to lease up relatively quickly.» New leasing activity totaled 8,9 square feet in 7, a 8.6 percent decline compared to the 6 new leasing tally of. million square feet. The largest new lease of the year involved Olympic Oil Company leasing the,7-square-foot building at 7 W st Street in Stickney.» Several investment and user sale transactions were completed during 7 in the I- South submarket. The largest involved The Blackstone Group purchasing a 6-property national portfolio from Prologis in November. The largest building in the portfolio was the,9-square-foot crane facility located on st Street in Cicero. Forecast Aside from the significant new vacancy introduced during the fourth quarter of 7, market conditions have been steadily improving in the I- South submarket. Demand is expected to remain steady through 8. The area's vacancy rate may increase when the,-squarefoot speculative construction project is completed. Submarket Indicators I- SOUTH 7 6 VACANCY RATE 7.% 6.9% 9.7% NET ABSORPTION (SF) -,,,87 -,7,8 NEW SUPPLY (SF) 7, 8,9 67,998 UNDER CONSTRUCTION (SF), 7, 8, NEW LEASING ACTIVITY (SF) 8,9,6, 68, AVG ASKING RENTAL RATE $.7 $. $.8 Vacancy Rate & Net Absorption Vacancy Rate 6% % % % 8% 6% % % Available Space for Lease Profile,-99,999 SF,-99,999 SF,-99,999 SF,-99,999 SF,+ SF Largest Available Spaces for Lease MAP SIZE (SF) ADDRESS 6, 66 River Road, Hodgkins, S th Avenue, Cicero 8,9 7 Santa Fe Drive, Hodgkins, W Sergo Drive, McCook 6,9 - Dansher Road, Countryside Vacant Occupied Under Construction 6 YTD Net Absorption (millions of SF)

15 Elmhurst Northlake Melrose Oak 9 Chicago 88 Westchester Cicero Hinsdale Burr Ridge 9 Lease transaction Sale transaction Active construction project Large available block of space La Grange Hodgkins McCook Bedford Chicago Midway 9 I- South Significant 7 Lease Transactions MAP TENANT SIZE (SF) ADDRESS TYPE QTR Olympic Oil Company,7 7 W st Street, Stickney New lease Q SG6, S th Avenue, Broadview Sale-leaseback Q FedEx Corporation 7, 8 S Central Avenue, Forest View New lease Q Pure's Food Specialties Inc. 89, W th Street, McCook New lease Q Amerisource 6,69 68 Santa Fe Drive, Hodgkins New lease Q I- South Significant 7 Sale Transactions MAP BUYER SIZE (SF) ADDRESS TYPE QTR The Blackstone Group LP, W st Street, Cicero Part of a national investment portfolio sale Q Investcorp International, Inc., 8 W 7th Street, Lyons Part of a -property local investment sale Q Angelo, Gordon & Company, S th Avenue, Broadview Part of a -property sale-leaseback Q Hormel Foods Corporation 88, 87 W th Street, McCook User sale Q Gramercy Property Trust Inc 8, W Sergo Drive, McCook Part of a national investment portfolio sale Q Historical New Supply,6,,, I- South Active Construction Projects MAP TYPE SIZE (SF) ADDRESS DEVELOPER Speculative, S th Avenue, Cicero Bridge Development Partners 8, Square Feet, -, -8, 6 YTD 7 Active Spec 66,7 67,998 8,9, BTS 8,9 7, Demo -8,877-9,67 -,9 Research & Forecast Report Year-End 7 Chicago/Industrial Colliers International

16 I- Corridor Year in Review» The I- Corridor vacancy rate finished 7 at.99 percent, 7 basis points above the 9. percent rate recorded at the end of 6. This represents the highest vacancy rate recorded in the submarket since the first quarter of.» Twelve speculative development projects totaling.7 million square feet were completed during the second half of 7. These deliveries added 9.7 million square feet of vacant space to the submarket, which combined with several new vacancies in existing facilities pushed the vacancy rate up significantly.» The largest new vacancies included Wrigley moving out of,6 square feet in Romeoville and Best Buy moving out of 69,96 square feet in Romeoville as well as 6, square feet in Woodridge. However, the former Wrigley space was leased during the fourth quarter of 7, and the former Best Buy space in Woodridge will be leased at the beginning of 8, so the vacancy rate is expected to improve in the near term.» Despite an increase in the vacancy rate, net absorption was positive, totaling. million square feet in 7. This figure was well below the 6 net absorption total of. million square feet.» An impressive development projects were delivered in the I- Corridor during 7, of which were speculative and remain 9.6 percent vacant. The largest completion of the year was delivered during the fourth quarter, a 676,6-square-foot speculative project developed by Panattoni at 7 Southcreek way in Romeoville. Only two projects are currently under construction totaling 98,896 square feet, the least amount in several year.» New leases and lease expansions totaled. million square feet for 7, down from.6 million square feet in 6. The Central American Group signed the largest lease of the year during the final weeks of December, leasing the,6-square-foot facility at 8 Bluff Road vacated by Wrigley during the third quarter of the year. Forecast The relatively small amount of active speculative construction activity is good news for the I- Corridor, as it will allow demand for space in the submarket to absorb some of the recently-completed buildings. The vacancy rate is expected to improve in 8 before additional speculative construction projects get underway. Submarket Indicators I- CORRIDOR 7 6 VACANCY RATE.99% 9.% 9.8% NET ABSORPTION (SF),8,6,8,,89, NEW SUPPLY (SF),9,7,86,,8,998 UNDER CONSTRUCTION (SF) 98,896,9,9,66, NEW LEASING ACTIVITY (SF),97,69,6,7 6,7,97 AVG ASKING RENTAL RATE $.77 $.8 $.69 Vacancy Rate & Net Absorption Vacancy Rate 6% % % % 8% 6% % Available Space for Lease Profile,-99,999 SF,-99,999 SF,-99,999 SF,-99,999 SF,+ SF MAP SIZE (SF) ADDRESS 787,99 W Road, Romeoville 676,6 7 Southcreek way, Romeoville 79, Gibraltar Drive, Bolingbrook 69,96 S Pinnacle Drive, Romeoville 9,6 St. James Gate, Bolingbrook Vacant Occupied Under Construction Largest Available Spaces for Lease 6 YTD Net Absorption (millions of SF) 6

17 North Aurora Aurora 88 Naperville Downers Grove Woodridge Hinsdale Burr Ridge 9 Hodgkins McCook Bedford Chicago Midway Montgomery Oswego Bolingbrook 6 Romeoville 9 Palos Heights Alsip Lease transaction Sale transaction Active construction project Large available block of space Plainfield Crest Hill Lockport Tinley 8 Mokena I- Corridor Significant 7 Lease Transactions MAP TENANT SIZE (SF) ADDRESS TYPE QTR Kimberly Clark Corporation 76,8-6 W Normatown Road, Romeoville Lease renewal Q The Central American Group,6 8 Bluff Road, Romeoville New lease Q Undisclosed e-commerce tenant 8, 68 Enterprise Boulevard, Crest Hill New lease Q Samsung,8 E Crossroads way, Bolingbrook New lease Q Geodis 8,96 99 N Pinnacle Drive, Romeoville New lease Q 6 Menasha Packaging 69,9 W North Frontage Road, Bolingbrook New lease Q I- Corridor Significant 7 Sale Transactions MAP BUYER SIZE (SF) ADDRESS TYPE QTR DCT Industrial Trust 787,99 W Road, Romeoville Investment sale Q TA Realty 6, Remington Boulevard, Bolingbrook Investment sale Q Duke Realty Corporation, 68 & 6 S John Lane Crossing Street, Lockport Two-property portfolio investment sale Q Gramercy Property Trust, Inc. 8,6 Taylor Road, Romeoville Part of a national portfolio investment sale Q Blackstone Real Estate Income Trust 7,86 Remington Boulevard, Bolingbrook Part of a national portfolio investment sale Q Historical New Supply Millions of Square Feet 6 I- Corridor Active Construction Projects MAP TYPE SIZE (SF) ADDRESS DEVELOPER Speculative 8,6 Internationale way, Woodridge Prologis Speculative,6 9 Lily Cache Lane, Bolingbrook Prologis - 6 YTD 7 Active Spec,8,8,6,8,6,6,68,9, 98,896 BTS,8,, 9,86 9,9,, Demo -, -,7-6,99 7 Research & Forecast Report Year-End 7 Chicago/Industrial Colliers International

18 I-8 Joliet Corridor Year in Review» The completion of several large speculative construction projects pushed the I-8 Joliet Corridor vacancy rate up 6 basis points from a record low rate of.7 percent in March to 7.88 percent by the end of the 7. Despite the increase, vacancy remains well below the rates recorded prior to, and only a fraction of the peak rate of. percent recorded in 9. Submarket Indicators I-8 JOLIET CORRIDOR 7 6 VACANCY RATE 7.88%.7% 6.7% NET ABSORPTION (SF),67,,6,9,, NEW SUPPLY (SF) 8,69,,89,69,9,9 UNDER CONSTRUCTION (SF),, 9,,,99,89 NEW LEASING ACTIVITY (SF),9,,7,88,7,87 AVG ASKING RENTAL RATE $.6 $. $.» Vacant supply doubled since the first quarter of the year, from. million square feet in March to 6.8 million square feet by the end of December. There are four vacant options for users looking for at least, square feet, with two more under construction.» Net absorption was positive despite the vacancy rate increase, totaling.6 million square feet in 7. This is the greatest annual net absorption tally recorded in the I-8 Joliet Corridor since records have been kept. Vacancy Rate & Net Absorption Vacancy Rate % 8% % % 9% 6% % 7 6 Net Absorption (millions of SF)» Sixteen development projects totaling 8.7 million square feet were delivered during 7, three of which are greater than. million square feet. Eight were speculative projects totaling.9 million square feet, and remain 8.68 percent vacant.» Active construction projects total seven, three of which are greater than. million square feet. The largest active project is a.-million-square-foot build-to-suit facility for IKEA in Joliet, followed by a.-million-square-foot speculative facility being developed by the Opus Group in Joliet, and a.-million-square-foot speculative project being developed by Venture One Real Estate in Channahon.» New leases and lease expansions totaled. million square feet in 7, a.88 percent increase over the 6 total of.8 million square feet. The largest new lease of the year involved global logistics company CTDI, Inc. leasing, square feet at Brandon Road in the CenterPoint Intermodal Center-Joliet. Forecast Four speculative development projects totaling.7 million square feet are expected to be completed during the first few months of 8. This influx of new vacant space will result in another increase to the submarket's vacancy rate. Developers continue to hold out hope that large tenants will lease space in recently-completed big box speculative facilities over the coming year. % 6 YTD 7 Available Space for Lease Profile,-99,999 SF,-99,999 SF,-99,999 SF,-99,999 SF,+ SF Vacant Occupied Under Construction Largest Available Spaces for Lease MAP SIZE (SF) ADDRESS,, Route 6 & Houbolt Road, Joliet,6, Core Logistics Center I-8, Joliet,, S Frontage Road, Channahon 99,6 E Millsdale Road, Joliet 8, 6 Graaskamp Boulevard, Wilmington 8

19 Yorkville Plainfield Bolingbrook 9 Romeoville Lockport Alsip Tinley 8 6 Minooka Channahon Joliet 6 New Lenox 8 Mokena 7 7 University Elwood Lease transaction Sale transaction Active construction project Large available block of space Wilmington Manteno I-8 Joliet Corridor Significant 7 Lease Transactions MAP TENANT SIZE (SF) ADDRESS TYPE QTR Electrolux 96,8 8 Midpoint Road, Minooka Lease renewal Q M. Block & Sons 9,6 88 Oak Avenue, Tinley Lease renewal Q CTDI, Inc., Brandon Road, Joliet New lease Q Kellogg's 6, 69-7 Crossroads Drive, Joliet New lease Q Clearwater Paper Corporation 7, 66 S Walton Drive, Elwood New lease Q 6 Xpedient, SW Frontage Road, Shorewood New lease Q I-8 Joliet Corridor Significant 7 Sale Transactions MAP BUYER SIZE (SF) ADDRESS TYPE QTR Supervalu Inc. 9, 6 W Haven Road, Joliet User sale Q Gramercy Property Trust, Inc. 9,6 88 Oak Avenue, Tinley Part of a national portfolio investment sale Q CBRE Global Investors Ltd 689, 7 Ellis Road, Joliet Part of a local portfolio investment sale Q TA Realty,8 - Corporate Drive, Joliet Investment sale Q Historical New Supply Millions of Square Feet YTD 7 Active Spec,86,68 86,96,8,667,69,,88,79,687,8 BTS,8,7,,77,8,,,7,88,,76,8 Demo I-8 Joliet Corridor Active Construction Projects MAP TYPE SIZE (SF) ADDRESS DEVELOPER Build-to-Suit,,8 Laraway Crossings Business, Ryan Companies Joliet Speculative,, US 6 & Houbolt Road, Joliet The Opus Group Speculative,, Crossroads, Channahon Venture One Real Estate Build-to-Suit, Reed Road, Coal City Hoffman Transportation Speculative 96,8 87 S Ridgeland Avenue, Tinley Hillwood Investment Properties 6 Speculative 7,9 W Haven Avenue, New Lenox Northern Builders 7 Build-to-Suit 6, Springlake Drive, Mokena ABC Supply 9 Research & Forecast Report Year-End 7 Chicago/Industrial Colliers International

20 I-88 Corridor Year in Review» The I-88 Corridor vacancy rate finished 7 at 6.6 percent, 77 basis points below the 7. percent vacancy rate recorded at the end of 6. Only one speculative construction completion and fewer new vacancies were outpaced by nearly.7 million square feet of new leasing activity, resulting in an improvement in the submarket's vacancy rate. Submarket Indicators I-88 CORRIDOR 7 6 VACANCY RATE 6.6% 7.% 7.% NET ABSORPTION (SF),,7,99,9 9,7 NEW SUPPLY (SF),99,677,7,7 87,68 UNDER CONSTRUCTION (SF) 66, 99,7,,7 NEW LEASING ACTIVITY (SF),68,6,9,96,6, AVG ASKING RENTAL RATE $.8 $. $.8» Total vacant supply decreased to.9 million square by year-end, the least amount of vacant space recorded since the second quarter of 6. There are only two options for tenants looking for, square feet or more in the submarket, only one of which is vacant.» Net absorption totaled. million square feet in 7, the eighth consecutive year to record positive net absorption. This figure was positively impacted by the completion of three build-to-suit projects, the largest of which was a 9,7-square-foot facility for Amazon.com completed during the third quarter of 7 in Aurora's Butterfield Corporate. Vacancy Rate & Net Absorption Vacancy Rate % % % 8% 6% % % 6 YTD Net Absorption (millions of SF)» The only speculative construction delivery was a,97-squarefoot building developed by Molto Properties at 9 Fisher Drive in Naperville. The building was completed during the fourth quarter of the year.» Four development projects are currently underway, the largest being a 8,-square-foot build-to-suit facility started during the fourth quarter of 7. Rexnord Corporation is replacing its current facility with the new building expected to be completed in early 9.» New leases and lease expansions totaled.7 million square feet over the course of 7, a decrease from the. million square feet recorded in 6. The largest new lease of the year involved bath and kitchen furniture manufacturer Magick Woods, Inc. leasing the entire 7,-square-foot recently-completed building at 6 Sequoia Drive in Aurora. Forecast New leasing demand averaged just over, square feet per quarter for the past two years. Demand is expected to continue to outpace new supply throughout 8, resulting in a steady improvement to the submarket's vacancy rate and continued positive net absorption. Available Space for Lease Profile,-99,999 SF,-99,999 SF,-99,999 SF,-99,999 SF,+ SF Vacant Occupied Under Construction Largest Available Spaces for Lease MAP SIZE (SF) ADDRESS, Orchard Gateway Boulevard, North Aurora 9,76 Mitchell Road, North Aurora 9,6 - Baseline Road, Montgomery 8, Rochester Drive, Montgomery 8,7 Mitchell Road, North Aurora

21 St. Charles Geneva Dupage West Chicago Bloomingdale Carol Stream Addison Bensenville Elmhurst Franklin Aurora Municipal Sugar Grove North Aurora Aurora Montgomery 6 88 Naperville Downers Grove Woodridge Hinsdale La Grange Oswego Bolingbrook Lease transaction Sale transaction Active construction project Large available block of space Romeoville Plainfield Lockport I-88 Corridor Significant 7 Lease Transactions MAP TENANT SIZE (SF) ADDRESS TYPE QTR Crate & Barrel 89,976 7 Ambassador Drive, Naperville Sublease Q XPO Logistics 7,6 76 Diehl Road, Aurora New lease Q Magick Woods, Inc.,79 6 Sequoia Drive, Aurora Lease expansion Q Magick Woods, Inc. 6, 6 Sequoia Drive, Aurora New lease Q Dart Container, 8 Prospect Court, Aurora New lease Q 6 BOF Corporation 86,7 Prospect Drive, Aurora New lease Q I-88 Corridor Significant 7 Sale Transactions MAP BUYER SIZE (SF) ADDRESS TYPE QTR IPT Stockton Industrial Center LP 8,6 966 Corporate Boulevard, Aurora Investment sale Q Brookfield Office Properties, Inc., 6 N Commerce Avenue, Aurora Part of a national investment portfolio sale Q CBRE Global Investors Ltd, Diehl Road, Aurora Part of a local investment portfolio sale Q Brookfield Office Properties, Inc. 9,6 7 N Commerce Street, Aurora Part of a national investment portfolio sale Q DRA Advisors LLC 9, 67 Frontenac Road, Naperville Part of a national investment portfolio sale Q Historical New Supply Millions of Square Feet YTD 7 Active Spec 7, 668,6,,,97, BTS 7,7 6,7 79,,8,9,9,7 8, Demo -, -6,6 I-88 Corridor Active Construction Projects MAP TYPE SIZE (SF) ADDRESS DEVELOPER Build-to-Suit 8, Curtiss Street, Downers Grove Rexford Corp. Speculative 8,7 898 Meridian Lake Drive, Aurora Seefried Industrial Properties, Inc. Speculative 69, 78 W Jefferson Avenue, Naperville Northern Builders Build-to-Suit 6, 7 Quincy Avenue, Naperville Perma-Seal Basement Systems Research & Forecast Report Year-End 7 Chicago/Industrial Colliers International

22 Lake County Year in Review» Significant new leasing activity resulted in a 68-basis-point improvement to the Lake County vacancy rate during the fourth quarter of 7 to 7.7 percent and is now more than a full percentage point below the 8.7 percent rate recorded at the end of 6. Submarket Indicators LAKE COUNTY 7 6 VACANCY RATE 7.7% 8.7%.% NET ABSORPTION (SF),,79,7,77 68,9 NEW SUPPLY (SF) 79,99 66,88,88 UNDER CONSTRUCTION (SF) 7,79 6,77 66,88 NEW LEASING ACTIVITY (SF),6,6,98,8,96,99 AVG ASKING RENTAL RATE $.6 $6. $.9» Large blocks of available space remain limited. For users looking for between, and 99,999 square feet, there are currently only three vacant options, while there is only one option for, square feet or larger. There are no spaces, square feet or larger on the market.» Net absorption totaled. million square feet during 7, the third year in a row net absorption has been positive in the submarket. In that time period, net absorption totaled.6 million square feet, the greatest three year absorption tally since the -6 period. Vacancy Rate & Net Absorption Vacancy Rate 6% % % % 8% 6% Net Absorption (millions of SF)» Six construction projects totaling 79,99 square feet were completed during 7. Two buildings were developed on a speculative basis, the largest being a,78-square-foot facility developed by Bridge Development Partners in Waukegan's Bridge Point North business park. Healthcare products manufacturer Medline leased 8, square feet in the building during the fourth quarter. % Available Space for Lease Profile,-99,999 SF,-99,999 SF 6 YTD 7 -.» Three buildings totaling 7,79 square feet are under construction. IDI Logistics started construction on a 8,-square-foot buildto-suit facility for Handi-Foil during the fourth quarter of 7, the largest project currently underway.» New leases and lease expansions totaled. million square feet in 7, slightly below the.-million-square-foot tally in 6. The largest new lease signed during the year involved Acacia Spice Company taking the entire,77-square-foot building at 6 Sunset Avenue in Waukegan during the first quarter. Forecast Continued demand for space and limited speculative construction activity is expected to result in improved market conditions during 8 in Lake County. The pace of improvement is expected to be tempered due to the limited number of big-box spaces on the market.,-99,999 SF,-99,999 SF,+ SF Vacant Occupied Under Construction Largest Available Spaces for Lease MAP SIZE (SF) ADDRESS 6,7 8 S Northpoint Boulevard, Waukegan 6, Burwood Drive, Waukegan 9,66 6 Skokie Highway, North Chicago, Corporate Woods way, Vernon Hills 67, E Avenue, Libertyville

23 Zion Waukegan Regional Fox Lake 6 McHenry Campbell Grayslake Libertyville Mundelein 9 Waukegan Crystal Lake Vernon Hills Lake Forest Lake Zurich Chicago Highland Lease transaction Buffalo Sale transaction Grove Active construction project Large available block of space Wheeling Glencoe Northbrook Huntley 9 9 Lake County Significant 7 Lease Transactions MAP TENANT SIZE (SF) ADDRESS TYPE QTR Acacia Spice Company,77 6 Sunset Avenue, Waukegan New lease Q Thermoflex Corporation 7, 7- S Waukegan Road, Waukegan Lease expansion Q Medline 8, Burwood Drive, Waukegan New lease Q Woodland Foods,6 7 Sunset Avenue, Waukegan New lease Q Ice Mobility 98,7 6 Schelter Road, Lincolnshire New lease Q 6 Eagle Foods 98, N Delany Road, Waukegan New lease Q Lake County Significant 7 Sale Transactions MAP BUYER SIZE (SF) ADDRESS TYPE QTR Bentall Kennedy (US) LP,7,66 7 Bridge Drive & Burwood Drive, Waukegan -building investment portfolio sale Q Dermody Properties, Inc. 6, & -99 E Avenue, Libertyville -building investment portfolio sale Q Nova Scotia Pension Services Corp, & Norman Drive, Waukegan -property sale-leaseback Q Nova,7 87 Kenosha Road, Zion User sale Q Founders Properties LLC 8,8 Busch way, Buffalo Grove Investment sale Q Historical New Supply Square Feet,, 8, 6,,, -, Lake County Active Construction Projects MAP TYPE SIZE (SF) ADDRESS DEVELOPER Build-to-Suit 8, Antioch Corporate Center, Antioch IDI Logistics Build-to-Suit,9 Peterson Road, Grayslake Bridge Development Partners Build-to-Suit 9, Ensell Road, Lake Zurich Flex Construction Corporation -, -6, 6 YTD 7 Active Spec 8, 86,88 66,88 8,8 BTS,6, 7,, 8,69 7,79 Demo -, -7,8 Research & Forecast Report Year-End 7 Chicago/Industrial Colliers International

24 North Suburbs Year in Review» The North suburbs vacancy rate improved by a full percentage point during 7, ending the year at.7 percent. The. percent rate recorded during the third quarter of the year is the lowest vacancy rate the submarket has recorded since records have been kept.» Tenants looking for at least, square feet only have one existing option in the North Suburbs, a second space is currently under construction in Skokie.» Net absorption was positive during every quarter of 7, totaling 8,7 square feet for the year. The submarket is now on a -quarter streak for positive net absorption.» Two speculative construction projects totaling 6,699 square feet were delivered in the North Suburbs during 7. Hamilton Partners delivered a 8,9-square-foot building in Wheeling during the fourth quarter. Molto Properties completed a,6-square-foot building in Niles during the first quarter. Both buildings remain vacant.» Three buildings are currently under construction, the largest being a 6,9-square-foot speculative facility being developed by Hillwood in Skokie. Sitex Group is developing a 8,7-square-foot speculative project in Wheeling, while Orange Crush Asphalt is building a new 7,-square-foot facility in Wheeling.» New leasing activity totaled 88,768 square feet in 7, similar to the total recorded in 6. The largest new lease of the year involved third-party logistics provider Elder Warehousing LLC subleasing,89 square feet in Skokie from Woodward.» The largest building to trade during 7 was the,-squarefoot facility known at Howard Commons in Niles. New York-based DRA Advisors LLC purchased the building as part of a 8-property national investment portfolio sale that sold for $.7 billion. Forecast With the vacancy rate near record lows, and few large spaces available for lease, improvement will be gradual over the coming quarters. The vacancy rate may increase slightly when the two speculative construction projects under construction are delivered later in the year. Demand for space is expected to remain steady through 8. Submarket Indicators NORTH SUBURBS 7 6 VACANCY RATE.7%.7% 6.% NET ABSORPTION (SF) 8,7 9,9 -,66 NEW SUPPLY (SF) 6,699 7,8 6,8 UNDER CONSTRUCTION (SF) 68,67,6 7,8 NEW LEASING ACTIVITY (SF) 88, ,6 97,6 AVG ASKING RENTAL RATE $. $. $.7 Vacancy Rate & Net Absorption Vacancy Rate % % 8% 6% % % Available Space for Lease Profile,-99,999 SF,-99,999 SF,-99,999 SF,-99,999 SF,+ SF MAP SIZE (SF) ADDRESS 6,9 6 Howard Street, Skokie, 7 N Central Avenue, Lincolnwood 8,9 7 Northgate way, Wheeling,6 77 N Lehigh Avenue, Niles 6, 8 Shermer Road, Northbrook Vacant Occupied Under Construction Largest Available Spaces for Lease 6 YTD Net Absorption (millions of SF)

25 Buffalo Grove 9 Highland Wheeling 6 Chicago Executive Northbrook Glencoe 9 Arlington Schaumburg Lease transaction Sale transaction Active construction project Large available block of space Bloomingdale Heights Elk Grove Village Bensenville Des Plaines Ohare Int'l 9 Morton Grove Skokie Niles Evanston 9 North Suburbs Significant 7 Lease Transactions MAP TENANT SIZE (SF) ADDRESS TYPE QTR Elder Warehousing LLC, N Linder Avenue, Skokie Sublease Q Segerdahl Corporation, 8 W Gilman Avenue, Wheeling New lease Q Summit Industries 8,9 7 N Caldwell Avenue, Niles New lease Q Agsco Corporation 8, -7 W Hintz Road, Wheeling New lease Q Specialty Promotions 6, 6-6 W Howard Street, Niles New lease Q 6 Handi-Foil Corporation,7 Gilman Avenue, Wheeling New lease Q North Suburbs Significant 7 Sale Transactions MAP BUYER SIZE (SF) ADDRESS TYPE QTR DRA Advisors LLC, W Howard Street, Niles Part of a national investment portfolio sale Q Reyes Holdings LLC, 7 N Oak Avenue, Niles Part of a national investment portfolio sale Q Angelo, Gordon & Co., S Wheeling Road, Wheeling Part of a -property local sale-leaseback Q ROC Inc. 79, Oakton Street, Skokie Investment sale Q LSL Healthcare, Inc. 76,99 6 W Howard Street, Niles User sale Q Historical New Supply Square Feet 6,,, -, -, -6, -8, -,, 6 YTD 7 Active Spec,7 7,8 6,699,667 BTS 6,8 7, Demo -66,89-6,6 -, -6,8-8, North Suburbs Active Construction Projects MAP TYPE SIZE (SF) ADDRESS DEVELOPER Speculative 6,9 6 Howard Street, Skokie Hillwood Speculative 8,7 7 Chaddick Drive, Wheeling Sitex Group Build-to-Suit 7, 7 S Wheeling Road, Wheeling Orange Crush Asphalt Research & Forecast Report Year-End 7 Chicago/Industrial Colliers International

26 Northwest Suburbs Year in Review» Following a dramatic increase last quarter due to Motorola moving out of its.-million-square-foot business campus in Schaumburg, the Northwest Suburbs vacancy rate declined slightly by 6 basis points to.6 percent during the third quarter of 7.» Despite the slight improvement, the vacancy rate in the Northwest Suburbs is the highest among the submarkets tracked and remains above the previous peak of.9 percent recorded during the fourth quarter of.» For tenants seeking space above the,-square-foot threshold, there are currently eight options, five of which are vacant. The former Motorola Solutions campus located in Schaumburg remains the largest vacancy in the submarket.» Following two consecutive quarters of negative net absorption during the first half of 7, the submarket witnessed positive absorption during the third quarter of 7, totaling 7,98 square feet. Through the first three quarters of the year, the year-to-date tally remains negative, totaling negative 6,7 square feet.» One build-to-suit project was completed during the third quarter. TRUMPF, the largest manufacturer of fabricating machinery and industrial lasers in North America, completed its 6,97-square-foot high-end technology center in the Huntington Business in Hoffman Estates.» Two construction projects are currently underway, including a 86,-square-foot speculative facility being developed by Ridge Property Trust in Bartlett's Brewster Creek Business, and a,-square-foot build-to-suit building for Sodick Inc. being developed by Northern Builders in Schaumburg.» Leasing and user sale activity was minimal during the third quarter. Completed transactions consisted of spaces or buildings less than, square feet. Transaction velocity can waver from one quarter to the next in the Northwest Suburbs due to limited demand. Forecast The vacancy rate in the Northwest Suburbs is poised to improve in 8, largely due to plans to demolish the.-million-square-foot former Motorola campus in Schaumburg. The site is proposed to be transformed into a mixed-use development including residential, entertainment, and office uses. Submarket Indicators NORTHWEST SUBURBS 7 6 VACANCY RATE.% 8.% 8.9% NET ABSORPTION (SF) -68, 7,97 9,69 NEW SUPPLY (SF) 9,,7 7,67 UNDER CONSTRUCTION (SF) 6,89 7,,9 NEW LEASING ACTIVITY (SF),6 9,777 76,6 AVG ASKING RENTAL RATE $.97 $. $. Vacancy Rate & Net Absorption Vacancy Rate % % 8% 6% % Available Space for Lease Profile,-99,999 SF,-99,999 SF,-99,999 SF,-99,999 SF,+ SF 8,, -, -8, MAP SIZE (SF) ADDRESS,76, - E Algonquin Road, Schaumburg,76 Falcon Court, Streamwood, 6 E Lake Street, Streamwood 6,98 E Devon Avenue, Bartlett,8 W Shure Drive, Arlington Heights 6 Vacant Occupied Under Construction Largest Available Spaces for Lease YTD 7 Net Absorption 6

27 Buffalo Grove 6 Wheeling Glencoe Palatine Chicago Executive 9 Elgin Hoffman Estates Schaumburg Arlington Heights Des Plaines 9 Morton Grove Niles South Elgin Dupage r Lease transaction Sale transaction Active construction project Large available block of space Streamwood Bloomingdale Addison Elk Grove Village Wood Dale Bensenville Ohare Int'l 9 Franklin Northwest Suburbs Significant 7 Lease Transactions MAP TENANT SIZE (SF) ADDRESS TYPE QTR Animal Supply Company,7 Brewster Creek Boulevard, Bartlett New lease Q House of Doolittle 8,8 Malmo Drive, Arlington Heights Lease extension Q Brolite Products, Inc. 8,9-7 Schiferl Road, Bartlett New lease Q Play N Thrive,6 8 E Remington Road, Schaumburg New lease Q Roto Rooter 8, - N Hammond Drive, Schaumburg New lease Q 6 Arrows Up, Inc.,6 W College Drive, Arlington Heights New lease Q Northwest Suburbs Significant 7 Sale Transactions MAP BUYER SIZE (SF) ADDRESS TYPE QTR Elkay Plastics,8 6-7 Mitchell Boulevard, Schaumburg User sale Q SK Realty Management,6-6 E Algonquin Road, Arlington Heights Part of a -property investment portfolio sale Q Greco Foods,68 Brewster Creek Boulevard, Bartlett User sale Q DRA Advisors LLC 9, -8 Brewster Creek Boulevard, Bartlett Part of a national investment portfolio sale Q Hamilton Partners, 7-7 & 7-7 W Algonquin Road, Arlington Heights -property re-development sale Q Historical New Supply Northwest Suburbs Active Construction Projects Square Feet,,,, 8, 6,,, -, -, 6 YTD 7 Active Spec,,67,9 77,9 BTS, 66,67, 7,8 76,97 6,89 Demo -6, -, MAP TYPE SIZE (SF) ADDRESS DEVELOPER Build-to-Suit 6, Brewster Creek Business, Bartlett Rana USA Inc Build-to-Suit,89 6 Schiferl Road, Bartlett Camcraft 7 Research & Forecast Report Year-End 7 Chicago/Industrial Colliers International

28 O Hare Year in Review» Over the course of 7 the O'Hare vacancy rate improved by 8 basis points to.8 percent, the lowest rate recorded in the submarket's history. Repeatedly throughout the year, the submarket set a new vacancy rate record.» Although the first two quarters of the year both recorded negative net absorption, the second half of the year recovered impressively. During the third quarter alone, net absorption totaled 6,6 square feet, followed by, square feet during the fourth quarter. For the year, net absorption measured 7, square feet.» Three construction projects totaling 6,7 square feet were delivered during 7. The largest completion was a 7,98-square-foot build-to-suit facility for MC Machinery Systems at 8 NW Point Boulevard in Elk Grove Village.» Active construction picked up throughout the year. At the end of 7, six development projects totaling,67 square feet were under construction. All six are speculative projects with the largest being a 7,769-square-foot building being developed by Seefried Industrial Properties on Lunt Avenue in Elk Grove Village» Despite the tight vacancy rate, new leasing activity was impressive in the O'Hare submarket during 7. New leases and lease expansions totaled.8 million square feet for the year, slightly below the.9-million-square-foot tally recorded in 6.» The largest new lease of the year involved floor covering and woodworking product distributor All Tile Inc. leasing 7,7 square feet in Wood Dale during the third quarter. All Tile's lease brought the 9,-square-foot building to percent occupancy.» Several significant investment and user sales were completed during 7. Montreal-based Ivanhoe Cambridge, Inc. purchased five buildings totaling. million square feet in the O'Hare market in July, as part of a larger 7-property national investment portfolio sale. Forecast With only four vacant spaces greater than, square feet available, the O'Hare vacancy rate only has so much room to improve further. When ongoing speculative development is delivered later in the year, the vacancy rate may briefly increase, but demand is expected to remain elevated throughout 8. Submarket Indicators O HARE 7 6 VACANCY RATE.8%.76%.% NET ABSORPTION (SF) 7,,,7,9,9 NEW SUPPLY (SF) 6,7 66, UNDER CONSTRUCTION (SF),6 7,98 NEW LEASING ACTIVITY (SF),796,,97,7,89, AVG ASKING RENTAL RATE $.67 $.76 $. Vacancy Rate & Net Absorption Vacancy Rate % % % 8% 6% % % Available Space for Lease Profile,-99,999 SF,-99,999 SF,-99,999 SF,-99,999 SF,+ SF MAP SIZE (SF) ADDRESS,6 Nicholas Boulevard, Elk Grove Village, E Touhy Avenue, Des Plaines, Express Center Drive, Chicago,6 8 W Bryn Mawr Avenue, Itasca 7,9 N Michael Drive, Wood Dale 6 8 Vacant Occupied Under Construction Largest Available Spaces for Lease 6 YTD Net Absorption (millions of SF) 8

29 Chicago Executive 9 Arlington Heights 9 Morton Grove Evanston Schaumburg Bloomingdale Lease transaction Sale transaction Active construction project Large available block of Addison space 6 Elk Grove Village 6 Itasca Wood Dale Bensenville Des Plaines Ohare Int'l 9 Franklin Niles Skokie Northlake O Hare Significant 7 Lease Transactions MAP TENANT SIZE (SF) ADDRESS TYPE QTR St George Logistics 68, E Devon Avenue, Elk Grove Village Lease renewal Q Bunzl Distribution USA Inc 6, Lunt Avenue, Elk Grove Village Lease renewal Q All Tile Inc 7,7 8 N Wood Dale Road, Wood Dale New lease Q Acme Industries Inc,7 Pratt Boulevard, Elk Grove Village Lease renewal Q USPS 8, Express Center Drive, Chicago New lease Q 6 American Louver 7,8 E Howard Avenue, Des Plaines New lease Q O Hare Significant 7 Sale Transactions MAP BUYER SIZE (SF) ADDRESS TYPE QTR Ivanhoe Cambridge Inc 69, Golf Lane, Bensenville Part of a national investment portfolio sale Q Global Capital Resources Corporation, 8-8 W Mittel Drive, Wood Dale User sale Q AmTab Manufacturing Corporation, 6 Eagle Drive, Bensenville User sale Q LBA Realty 6,686-6 Pratt Boulevard, Elk Grove Village Part of a local investment portfolio sale Q Ivanhoe Cambridge Inc 6, Lunt Avenue, Elk Grove Village Part of a national investment portfolio sale Q Historical New Supply Square Feet,, 8,, -, -8, -,, 6 YTD 7 Active Spec 7,99 9,,,,6 BTS 9,8 9,,98,98 Demo -, -68,89-98, -8, -768, O Hare Active Construction Projects MAP TYPE SIZE (SF) ADDRESS DEVELOPER Speculative 7, Lunt Avenue, Elk Grove Village Seefried Industrial Properties Speculative,6 N Michael Drive, Wood Dale Distribution Realty Group Speculative 9,96 N York Road, Bensenville Liberty Property Trust Speculative 8,66 W Mittel Drive, Wood Dale ProLogis Speculative,8 8 Dierking Terrace, Elk Grove Village George Gullo Development 6 Speculative, 6 Estes Avenue, Elk Grove Village George Gullo Development 9 Research & Forecast Report Year-End 7 Chicago/Industrial Colliers International

30 South Suburbs Year in Review» The South Suburbs experienced an impressive 7, setting records for vacancy and net absorption.» The vacancy rate improved for the third consecutive quarter in the South Suburbs decreasing by basis points to. percent. This is a significant decline in the vacancy rate since the fourth quarter of 6 when the rate stood at 6.6 percent and the lowest rate recorded in the submarket since records have been kept.» Net absorption totaled. million square feet during 7, the greatest net absorption tally the submarket has recorded in a calendar year. The previous record was recorded in 7 when net absorption totaled.7 million square for the year.» Two construction projects totaling 8, square feet were completed during the year, including a 8,-square-foot addition to Winpak Portion Packaging Inc's facility in Sauk Village, and a 7, build-to-suit project for Valley View Industries in Crestwood.» New leasing activity totaled. million square feet, a slight decline from the total of. million square feet. The largest new lease completed was signed during the third quarter when refrigerated warehousing and storage provider Richwill Enterprises subleased a 88,6-square-foot building in Alsip from Berry Plastics.» Several large buildings traded hands in the South Suburbs during 7. The largest investment sale involved Torchlight Investors acquiring an 8-building portfolio for $. million or $6.6-persquare-foot. Colony Northstar Inc sold the properties, which were 88 percent leased to tenants, in May of 7. Forecast Following an impressive 7, the South Suburbs still has room for improvement in 8. With no ongoing speculative construction, further demand for space in the area will translate to additional decreases to the vacancy rate and continued positive absorption. Submarket Indicators SOUTH SUBURBS 7 6 VACANCY RATE.% 6.6% 7.7% NET ABSORPTION (SF),8,76,7,9 8,77 NEW SUPPLY (SF) 8,, UNDER CONSTRUCTION (SF) 8, NEW LEASING ACTIVITY (SF),8,8,7,,8, AVG ASKING RENTAL RATE $. $. $.8 Vacancy Rate & Net Absorption Vacancy Rate % % % 8% 6% % Available Space for Lease Profile,-99,999 SF,-99,999 SF,-99,999 SF,-99,999 SF,+ SF MAP SIZE (SF) ADDRESS 776, 7 Mark Collins Drive, Sauk Village,7 8 S Cicero Avenue, Matteson 8,6 8 S Central Avenue, Alsip 7,789 9 W 7rd Street, Bedford 66,7 W 7th Place, Bedford Vacant Occupied Under Construction Largest Available Spaces for Lease 6 YTD Net Absorption (millions of SF)

31 Hinsdale Woodridge Mokena Lease transaction Sale transaction Active construction project Large available block of space Tinley 8 9 Palos Heights Chicago Midway Bedford 6 Alsip 7 Matteson University Blue Island 7 Forest Hazel Crest 9 Munster INDIANA NA East Chicago Hammond Schererville Gary/Chicago Gary Merrillville South Suburbs Significant 7 Lease Transactions MAP TENANT SIZE (SF) ADDRESS TYPE QTR Richwill Enterprises Inc 88,6 7 W 8th Street, Alsip Sublease Q Nexus Distribution 6, 6 W 7rd Street, Bedford Lease renewal Q First Logistics 6,8 89 S Central Avenue, Alsip Lease expansion Q First Logistics,8 - S Pulaski Road, Alsip Lease expansion/renewal Q PCA 9,87 W 7rd Street, Bedford Lease expansion Q 6 DAMCO Distribution Services Inc,8 W 7th Place, Bedford New lease Q South Suburbs Significant 7 Sale Transactions MAP BUYER SIZE (SF) ADDRESS TYPE QTR Torchlight Investors,86,67 8 properties in South Holland, Bedford, Harvey, Alsip, and Lansing 8-property local investment portfolio sale Gramercy Property Trust, Inc. 989, W 7rd Street, Bedford -property investment portfolio sale Q Pritzker Realty Group LLC, S 78th Avenue, Bridgeview -property business park investment portfolio sale Q Plymouth Industrial REIT 89,66 - S Pulaski Road, Alsip Part of a regional investment portfolio sale Q The Blackstone Group LP,97 6 W th Street, Alsip Investment sale Q Q Historical New Supply 8,, South Suburbs Active Construction Projects MAP TYPE SIZE (SF) ADDRESS DEVELOPER None to report Square Feet -, -8, -,, 6 YTD 7 Active Spec BTS 7,67 76,, 8, Demo -767, -8,96-69, Research & Forecast Report Year-End 7 Chicago/Industrial Colliers International

32 Southeast Wisconsin Year in Review» The Southeast Wisconsin vacancy rate ticked up during the final quarter of 7, ending the year at 6. percent, 7 basis points above the 6.6 percent rate recorded at the end of 6. This increase was due to the completion of three vacant speculative development projects adding 69, square feet of vacant space to the submarket.» Only four options for users looking for at least, square feet are vacant, with one additional space currently under construction in Mount Pleasant. This lack of big-box spaces suggests that users will have to look to other submarkets until new construction begins or large tenants move out of the submarket.» Net absorption totaled.9 million square feet in 7, a 8.7 percent increase when compared to the.6-million-square-foot total recorded in 6. This represents the eighth year in a row with positive net absorption. During that time,.6 million square feet of vacant space has been absorbed.» Seven construction projects totaling. million square feet were completed in the Southeast Wisconsin submarket during 7. Four projects totaling. million square feet were built on a speculative basis. The largest was a 6,8-square-foot building developed by First Industrial Trust in Somers' First 9, half of which has been leased by Madden Communications.» Only one development project is underway, a 7,8-square-foot speculative facility being developed by Land and Lake Development Company in the Mount Pleasant Business. This represents the least amount of space under construction in Southeast Wisconsin in several years.» New leasing activity totaled. million square feet in 7, a 9.9 percent increase over the. million square feet recorded in 6, and the greatest new leasing tally since. The largest new lease of the fourth quarter involved electronics manufacturing giant FoxConn leasing,8 square feet in Mount Pleasant, its first factory in the United States. Forecast Net absorption has now been positive in Southeast Wisconsin for eight years in a row. This demand is expected to continue through 8. With few speculative construction deliveries scheduled in the near term, the submarket's vacancy rate should decrease as vacant space is absorbed. Submarket Indicators SOUTHEAST WISCONSIN 7 6 VACANCY RATE 6.% 6.6%.% NET ABSORPTION (SF),7,7,66,76,76, NEW SUPPLY (SF),,,6,9,, UNDER CONSTRUCTION (SF) 7,8,,,86,8 NEW LEASING ACTIVITY (SF),8,89,7,7 6,78 AVG ASKING RENTAL RATE $. $. $. Vacancy Rate & Net Absorption Vacancy Rate % 8% 6% % % % Available Space for Lease Profile,-99,999 SF,-99,999 SF,-99,999 SF,-99,999 SF,+ SF MAP SIZE (SF) ADDRESS, th Avenue, Pleasant Prairie 7,8 9 8th Avenue, Pleasant Prairie 7,8 Meridian Drive, Mount Pleasant,7 88 8th Street, Somers,6 7-88th Avenue, Pleasant Prairie Vacant Occupied Under Construction Largest Available Spaces for Lease 6 YTD Net Absorption (millions of SF)

33 9 9 9 Caledonia East Troy Burlington Municipal Burlington Rochester Union Grove 6 Sylvania 9 Mount Pleasant 6 Sturtevant John H Batten Memorial Racine Kenosha Regional Kenosha Lease transaction Sale transaction Active construction project Large available block of space Westosha Pleasant Prairie Zion Southeast Wisconsin Significant 7 Lease Transactions MAP TENANT SIZE (SF) ADDRESS TYPE QTR Integrated Merchandising Systems, Inc. 66,78 8th Place, Kenosha Lease renewal Q Madden Communications,7 88 8th Street, Somers New lease Q Johnson Health Tech 9, Grandview way, Sturtevant New lease Q Gold Standard Baking,696 88th Avenue, Pleasant Prairie New lease Q Q-Edge (Foxconn),8 Globe Drive, Mount Pleasant New lease Q 6 Buske Logistics, S Sylvania Avenue, Yorkville New lease Q Southeast Wisconsin Significant 7 Sale Transactions MAP BUYER SIZE (SF) ADDRESS TYPE Kendor Marine Corporation 6,68 Wilmot Road, Pleasant Prairie User sale Q Venture One Real Estate, LLC,7 76 Durand Avenue, Sturtevant Investment sale Q Cyclotron Products Inc 8,8 7 Chicory Road, Racine User sale Q The Blackstone Group LP 9,89 86 W Washington Avenue, Racine Part of a national investment portfolio sale Q Arch Street Capital Advisors LLC 6,86 Nicholson Road, Franksville Part of a national investment portfolio sale Q Historical New Supply Millions of Square Feet Southeast Wisconsin Active Construction Projects MAP TYPE SIZE (SF) ADDRESS DEVELOPER Speculative 7,8 Meridian Drive, Mount Pleasant Land and Lakes Development Co.. 6 YTD 7 Active Spec 8, 9,7,8,9,,778 7,8 BTS 679,6,8,,6,97,8, 99,77 Demo Research & Forecast Report Year-End 7 Chicago/Industrial Colliers International

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