Colliers International Indiana Region

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1 Colliers International Indiana Region FIRST QUARTER 2011 INDUSTRIAL MARKET REPORT

2 Q INDUSTRIAL COLLIERS INTERNATIONAL INDIANA REGION RESEARCH & FORECAST REPORT Flourishing Developments and Company Expansions Accelerate Leasing Activity in 2011 MARKET INDICATORS VACANCY NET ABSORPTION CONSTRUCTION RENTAL RATE KEY MARKET INDICATORS 1Q EMPLOYMENT TRENDS TOTAL NONFARM INDIANAPOLIS METRO INDUSTRIAL-USING INDIANAPOLIS METRO TOTAL NONFARM U.S. INDSUTRIAL-USING U.S. NEW SUPPLY, ABSORPTION & VACANCY RATES 2011 Q Q1 THOUSANDS SQUARE FEET VACANCY RATE % 4,000 3,000 2,000 1, , Q Vacancy Rate New Supply Absorp on THE BROADER VIEW The Indianapolis industrial market had positive growth during the first quarter of 2011 as opportunities for expansions are plentiful. Several companies that have called Indianapolis home for many years are expanding current facilities while land prices remain low and consumer confidence and spending increases. Multinational companies joining the market make this an exciting time to witness the market s growth. During the quarter, net absorption was the highest since early Tenant demands for concessions are still prevalent; however, landlords are steadily increasing asking rates on available lease spaces. Vacancy levels are finally declining, especially in sublease spaces. CURRENT CONDITIONS Some amazing transformations took place during the first quarter throughout the Indianapolis industrial market. Positive net absorption reached 3.36 million square feet, a figure not seen since the first quarter of 2007 when net absorption was 4.6 million square feet. Absorption in early 2010 was just 404,000 square feet and 2.3 million square feet in early The cause of the high absorption during this quarter was due to Johnson & Johnson occupying its one million-squarefoot distribution center in the Southwest submarket. A multitude of notable new leases and renewals were signed during the quarter. Renewals include NSK Bearing Co. s renewal of its 136,240-square-foot lease in the Southwest submarket; Stericycle s OVERALL RENTAL RATES $0.32 $0.31 $0.31 $0.30 $0.30 $0.29 $0.29 $0.28 Rate per square foot, per month 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11

3 RESEARCH & FORECAST REPORT Q INDUSTRIAL extension of its 100,000-square-foot lease in the Southwest submarket; Commercial Warehouse and Cartage s extension of its 69,993-squarefoot lease in the Southwest submarket; Krunchers renewal of its 132,000-square-foot lease in the West submarket; and Stephen Gould s extension of its 61,96-square-foot lease in the Northwest submarket. Additionally, Sky Enterprises leased 90,100 square feet in the Northwest submarket, and Venture Warehouse & Distribution renewed its 299,000-square-foot lease in the West submarket. All the submarkets that make up the Indianapolis industrial market had positive net absorption during the quarter. The Southwest submarket had the highest net absorption with 1,432,112 square feet. The South (643,684 square feet), the Southeast (72,149 square feet), the Northwest (30,14 square feet), and the Northeast (13,838 square feet) all had net absorption in the six-figure range. A few notable sales during the quarter were Victory J.V. 3 s purchase of SMC Corp. s former facility in the East submarket for $2.7 million, Franciscan Alliance s purchase of a Flex building in the South submarket for $4. million, and BOSMA Industries purchase of a 8,793-squarefoot building in the Northwest submarket. The investment sale of North by Northeast I-III, a total of 306,408 square feet, sold for $9.9 million to Meritex Enterprises. The vacancy rate has also steadily improved since Early 2009 was the last time the market had vacancy rates below eight percent. During the quarter, the market s vacancy rate was 7.7 percent, which was a 1.2 percent decrease from the fourth quarter of The West submarket had a vacancy rate of 1.4 percent, the lowest in the market. Conversely, HISTORICAL AVAILABLE SPACE First Quarter 2011 Millions Square Feet Q06 2Q06 3Q06 4Q06 the South submarket had a vacancy rate of 1.3 percent, the highest in the market. The Southwest submarket, which had the most activity during the quarter, had a vacancy rate of 8.8 percent. A sign that the local economy has recovered from an industrial commercial real estate point of view is an increase in new construction and expansions by tenants who have been in the market for many years. Harlan Bakeries expanded its manufacturing facility in the Northwest submarket by 13,000 square feet. Dryer & Reinbold Racing is expanding its facility in the North submarket by 12,000 square feet to house a new machine shop. Genesis Plastics Welding is expanding its facility in the Northeast submarket by 0,000 square feet. Amazon.com expanded its facility by 406,000 square feet in the Northwest submarket. Micronutrients is expanding its facility in the Southwest submarket. 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 New to the market is Dallara Automobili, a race car producer based in Italy, which will add its first U.S. facility in Speedway. Dallara will produce a new type of chassis for the IndyCar Series. The facility, which broke ground in November 2010, will also house the Indy Racing Experience simulator. IN THE MONTHS AHEAD Space demand will remain consistent in the months ahead. While there are several large deals in the market, there is no new speculative development. Speculative construction will remain void in the market; however several opportunities for land development exist. Asking rates will remain flat in the near term. The largest block of subleases space on the market is 360,000 square feet by ETS. Road developments and infrastructure improvements surrounding I-46 will increase the flow of goods and freight in the Southwest corridor. 1Q10 2Q10 3Q10 4Q10 1Q11 SIGNIFICANT TRANSACTION Sara Lee Corporation leased 281,000 square feet in Airwest 9 located in the Plainfield Business Center. Sara Lee Corporation is headquartered in Downers Grove, Illinois and is a global brand name with a variety of food and beverage brands. Colliers International and CB Richard Ellis represented Sara Lee in the transaction. P. 3 COLLIERS INTERNATIONAL INDIANA REGION

4 RESEARCH & FORECAST REPORT Q INDUSTRIAL INDUSTRIAL MARKET EXISTING PROPERTIES TOTAL INVENTORY SF DIRECT VACANCY SF RATE SUBLEASE VACANCY SF RATE NET ABSORPTION - SF CURRENT PERIOD YTD NEW SUPPLY CURRENT PERIOD YTD UNDER CONSTR. SF AVG. RENT RATE DOWNTOWN 4,401,403 4,279,96 9.4% 23, % 76,31 76, $3.3 EAST 30,049,044 1,900,60 6.3% 27, % 93,989 93, ,000 $4.37 NORTH 8,99, , % 0 0% 6,233 6, $6.94 NORTHEAST 28,27,97 1,62,406.8% 36,70 0.1% 13,838 13, ,000 $.92 NORTHWEST 4,366,484 2,822, % 14, % 30,14 30,14 19,200 19, ,000 $3.77 SOUTH 12,79,4 1,961,26 1.3% 0 0% 643, , $3.2 SOUTHEAST 24,439,81 1,924, % 13,00 0.1% 72,148 72, $3.02 SOUTHWEST 6,38,00,291, % 464, % 1,432,112 1,432, $3.17 WEST 16,382, ,11 1.4% 3,100 0% 4,667 4, ,000 $3.17 TOTAL 276,61, 20,666,417 7.% 722,08 0.3% 3,36,131 3,36,131 19,200 19, ,000 $3.2 NEW LEASES & RENEWALS ACTIVITY PROPERTY ADDRESS MARKET SIGN DATE TENANT SIZE SQ. FT. CLASS 80 North Graham Road South Q Caterpillar 4,600 A 1390 South Perry Road Southwest Q Genco 426,326 A 281 Airtech Parkway Southwest Q TLC 40,942 A 267 Reeves Road Southwest Q Sara Lee 280,98 A 682 West County Road 400 North East Q Stanley Security Solutions 168,19 A 110 East Northfield Drive West Q Krunchers, Inc. 132,000 A Sam Jones Expressway Southwest Q Stericycle 100,000 B 7826 Allison Avenue Northwest Q Sky Enterprises 90,100 C 2806 Airwest Boulevard Southwest Q Commercial Warehouse & Cartage Inc. 69,993 A 831 Northwest Boulevard Northwest Q Stephen Gould Corp. 61,96 C 4400 West 96th Street Northwest Q Fastenal 0,661 C COLLIERS INTERNATIONAL INDIANA REGION P. 4

5 RESEARCH & FORECAST REPORT Q INDUSTRIAL Featured Listings FOR SALE OR LEASE 6402 Corporate Drive Indianapolis, IN 170,794 square feet Warehouse - 12,47 square feet Finished Office - 4,247 square feet Built acres (11) 8 x 10 dock doors (3) drive-in doors 2 ceiling height 480 offices in 61 countries United States: 13 Canada: 39 Latin America: 17 Asia Pacific: 194 EMEA: 9 FOR LEASE $1.9 billion in annual revenue 3619 West 73rd Street Anderson, IN 80,000 square feet Warehouse - 76,000 square feet Office - 4,000 square feet Built 2010 LEED Certified (12) dock doors (2) drive-in doors 32 ceiling height 2.4 billion square feet under management Over 18,000 professionals Over 4,800 brokers FOR SALE 340 South Harding Street Indianapolis, IN 28,100 square feet Warehouse - 23,600 square feet Office - 4,00 square feet Industrial Services Indiana Region Built 1969/Renovated acres (2) 10 dock doors (3) drive-in doors 22 ceiling height UNITED STATES: Colliers International Indiana Region 900 East 96th Street Suite 30 Indianapolis, IN MAIN FAX Sean McHale Director of Industrial Services Direct sean.mchale@colliers.com Rick Suja Senior Advisor Direct rick.suja@colliers.com Dustin Looper Advisor Direct dustin.looper@colliers.com This information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors proer to acting on any of the material contained in this report. Copyright 2011 Colliers International. Brad King Advisor Direct brad.king@colliers.com Bob Dominguez Advisor Direct bob.dominguez@colliers.com Diana Nyirenda Senior Research Analyst Direct diana.nyirenda@colliers.com Accelerating success.

6 > Indianapolis Industrial Submarket Map ankfort Kokomo 2 Anderson 9 Noblesville 3 Carmel Zionsville Fishers 4 Brownsburg 8 Speedway 1 Greenfield Danville Indianapolis Plainfield New Palestine Moorseville Greenwood 7 Bargersville Shelbyville Martinsville 6 Submarket Downtown 1 North 2 Northeast 3 East 4 Southeast South 6 Southwest 7 West 8 Northwest 9

7 Colliers International Indiana Region 900 East 96th Street Suite 30 Indianapolis, IN MAIN FAX The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report. Copyright 2011 Colliers International.

Colliers International Indiana Region

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