The CoStar Industrial Report

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1 The CoStar Industrial Report T H I R D Q U A R T E R National Industrial Market

2 National Industrial Market THIRD QUARTER 2010 NATIONAL Table of Contents Table of Contents A Methodology B Terms & Definitions C Market Highlights & Overview Employment Analysis Employment & Unemployment Analysis Inventory & Development Analysis Inventory & Development Analysis Map of Growth in Inventory Last 5 Years Select Top Deliveries Select Top Under Construction Properties Figures at a Glance Figures at a Glance by Building Type & Market Historical Figures at a Glance Leasing Activity Analysis Leasing Activity Analysis Select Top Lease Transactions Map of Change In Vacant Square Footage Last 12 Months Sales Activity Analysis Sales Activity Analysis Select Top Sales Transactions Select Same Building Sales 2010 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT A

3 NATIONAL THIRD QUARTER 2010 National Industrial Market Methodology The CoStar Industrial Report calculates Industrial statistics using CoStar Group s base of existing,under construction and under renovation Industrial buildings in each given metropolitan area. All Industrial building types are included, including warehouse, flex / research & development, distribution, manufacturing, industrial showroom, and service buildings, in both single-tenant and multi-tenant buildings, including owner-occupied buildings. CoStar Group s national database includes approximately 71.7 billion square feet of coverage in 3 million properties. All rental rates reported in the CoStar Industrial Report are calculated using the quoted rental rate for each property. CoStar regularly opens new markets to expand its geographic coverage which results in varying start dates for historical data. Due to differences in market start dates and a desire to show as long a historical timeframe as possible, only the following markets are included in the historical charts within this report: Atlanta, Austin, Baltimore, Boston, Broward County, Charlotte, Chicago, Cincinnati, Cleveland, Columbus, Dallas/Ft Worth, Dayton, Denver, Detroit, East Bay/Oakland, Houston, Indianapolis, Inland Empire (California), Jacksonville (Florida), Kansas City, Long Island (New York), Los Angeles, Memphis, Miami-Dade County, Nashville, Northern New Jersey, Orange (California), Orlando, Palm Beach County, Philadelphia, Phoenix, Pittsburgh, Raleigh/Durham, Sacramento, San Diego, San Francisco, Seattle/Puget Sound, South Bay/San Jose, St. Louis, Tampa/St Petersburg, Washington, and Westchester/ So Connecticut. When ever possible all markets are included to provide as broad as possible national coverage. The Market Highlights and Overview narrative includes all markets. For information on subscribing to CoStar s other products and services, please contact us at COSTAR, or visit our web site at Copyright 2010 CoStar Group, Inc. All Rights Reserved. Although CoStar makes efforts to ensure the accuracy and reliability of the information contained herein, CoStar makes no guarantee, representation or warranty regarding the quality, accuracy, timeliness or completeness of the information. The publication is provided as is and CoStar expressly disclaims any guarantees, representations or warranties of any kind, including those of MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. CoStar Group, Inc L ST NW Washington, DC USA (800) NASDAQ: CSGP B THE COSTAR INDUSTRIAL REPORT 2010 COSTAR GROUP, INC.

4 National Industrial Market THIRD QUARTER 2010 NATIONAL Terms & Definitions Availability Rate: The ratio of available space to total rentable space, calculated by dividing the total available square feet by the total rentable square feet. Available Space: The total amount of space that is currently being marketed as available for lease in a given time period. It includes any space that is available, regardless of whether the space is vacant, occupied, available for sublease, or available at a future date. Build-to-Suit: A term describing a particular property, developed specifically for a certain tenant to occupy, with structural features, systems, or improvement work designed specifically for the needs of that tenant. A build-to-suit can be leased or owned by the tenant. In a leased build-to-suit, a tenant will usually have a long term lease on the space. Buyer: The individual, group, company, or entity that has purchased a commercial real estate asset. Cap Rate: Short for capitalization rate. The Cap Rate is a calculation that reflects the relationship between one year s net operating income and the current market value of a particular property. The Cap Rate is calculated by dividing the annual net operating income by the sales price (or asking sales price). CBD: Abbreviation for Central Business District. (See also: Central Business District) Central Business District: The designations of Central Business District (CBD) and Suburban refer to a particular geographic area within a metropolitan statistical area (MSA) describing the level of real estate development found there. The CBD is characterized by a high density, well organized core within the largest city of a given MSA. Class A: A classification used to describe buildings that generally qualify as extremely desirable investment-grade properties and command the highest rents or sale prices compared to other buildings in the same market. Such buildings are well located and provide efficient tenant layouts as well as high quality, and in some buildings, one-of-a-kind floor plans. They can be an architectural or historical landmark designed by prominent architects. These buildings contain a modern mechanical system, and have above-average maintenance and management as well as the best quality materials and workmanship in their trim and interior fittings. They are generally the most attractive and eagerly sought by investors willing to pay a premium for quality. Class B: A classification used to describe buildings that generally qualify as a more speculative investment, and as such, command lower rents or sale prices compared to Class A properties. Such buildings offer utilitarian space without special attractions, and have ordinary design, if new or fairly new; good to excellent design if an older non-landmark building. These buildings typically have average to good maintenance, management and tenants. They are less appealing to tenants than Class A properties, and may be deficient in a number of respects including floor plans, condition and facilities. They lack prestige and must depend chiefly on a lower price to attract tenants and investors. Class C: A classification used to describe buildings that generally qualify as no-frills, older buildings that offer basic space and command lower rents or sale prices compared to other buildings in the same market. Such buildings typically have below-average maintenance and management, and could have mixed or low tenant prestige, inferior elevators, and/or mechanical/electrical systems. These buildings lack prestige and must depend chiefly on a lower price to attract tenants and investors. Construction Starts: Buildings that began construction during a specific period of time. (See also: Deliveries) Contiguous Blocks of Space: Space within a building that is, or is able to be joined together into a single contiguous space. Deliveries: Buildings that complete construction during a specified period of time. In order for space to be considered delivered, a certificate of occupancy must have been issued for the property. Delivery Date: The date a building completes construction and receives a certificate of occupancy. Developer: The company, entity or individual that transforms raw land to improved property by use of labor, capital and entrepreneurial efforts. Direct Space: Space that is being offered for lease directly from the landlord or owner of a building, as opposed to space being offered in a building by another tenant (or broker of a tenant) trying to sublet a space that has already been leased. Existing Inventory: The square footage of buildings that have received a certificate of occupancy and are able to be occupied by tenants. It does not include space in buildings that are either planned, under construction or under renovation. Flex Building: A type of building designed to be versatile, which may be used in combination with office (corporate headquarters), research and development, quasi-retail sales, and including but not limited to industrial, warehouse, and distribution uses. A typical flex building will be one or two stories with at least half of the rentable area being used as office space, have ceiling heights of 16 feet or less, and have some type of drive-in door, even though the door may be glassed in or sealed off. Full Service Rental Rate: Rental rates that include all operating expenses such as utilities, electricity, janitorial services, taxes and insurance. Gross Absorption: The total change in occupied space over a given period of time, counting space that is occupied but not space that is vacated by tenants. Gross absorption differs from leasing Activity, which is the sum of all space leased over a certain period of time. Unless otherwise noted Gross Absorption includes direct and sublease space. Growth in Inventory: The change in size of the existing square footage in a given area over a given period of time, generally due to the construction of new buildings. Industrial Building: A type of building adapted for such uses as the assemblage, processing, and/or manufacturing of products from raw materials or fabricated parts. Additional uses include warehousing, distribution, and maintenance facilities. The primary purpose of the space is for storing, producing, assembling, or distributing product. Landlord Rep: (Landlord Representative) In a typical lease transaction between an owner/landlord and tenant, the broker that represents the interests of the owner/landlord is referred to as the Landlord Rep. Leased Space: All the space that has a financial lease obligation. It includes all leased space, regardless of whether the space is currently occupied by a tenant. Leased space also includes space being offered for sublease. Leasing Activity: The volume of square footage that is committed to and signed under a lease obligation for a specific building or market in a given period of time. It includes direct leases, subleases and renewals of existing leases. It also includes any pre-leasing activity in planned, under construction, or under renovation buildings. Market: Geographic boundaries that serve to delineate core areas that are competitive with each other and constitute a generally accepted primary competitive set of areas. Markets are buildingtype specific, and are non-overlapping contiguous geographic designations having a cumulative sum that matches the boundaries of the entire Region (See also: Region). Markets can be further subdivided into Submarkets. (See also: Submarkets) 2010 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT C

5 NATIONAL THIRD QUARTER 2010 National Industrial Market Multi-Tenant: Buildings that house more than one tenant at a given time. Usually, multi-tenant buildings were designed and built to accommodate many different floor plans and designs for different tenant needs. (See also: Tenancy). Net Absorption: The net change in occupied space over a given period of time. Unless otherwise noted Net Absorption includes direct and sublease space. Net Rental Rate: A rental rate that excludes certain expenses that a tenant could incur in occupying office space. Such expenses are expected to be paid directly by the tenant and may include janitorial costs, electricity, utilities, taxes, insurance and other related costs. New Space: Sometimes called first generation space, refers to space that has never been occupied and/or leased by a tenant. Occupied Space: Space that is physically occupied by a tenant. It does not include leased space that is not currently occupied by a tenant. Office Building: A type of commercial building used exclusively or primarily for office use (business), as opposed to manufacturing, warehousing, or other uses. Office buildings may sometimes have other associated uses within part of the building, i.e., retail sales, financial, or restaurant, usually on the ground floor. Owner: The company, entity, or individual that holds title on a given building or property. Planned/Proposed: The status of a building that has been announced for future development but not yet started construction. Preleased Space: The amount of space in a building that has been leased prior to its construction completion date, or certificate of occupancy date. Price/SF: Calculated by dividing the price of a building (either sales price or asking sales price) by the Rentable Building Area (RBA). Property Manager: The company and/or person responsible for the day-to-day operations of a building, such as cleaning, trash removal, etc. The property manager also makes sure that the various systems within the building, such as the elevators, HVAC, and electrical systems, are functioning properly. Quoted Rental Rate: The asking rate per square foot for a particular building or unit of space by a broker or property owner. Quoted rental rates may differ from the actual rates paid by tenants following the negotiation of all terms and conditions in a specific lease. RBA: Abbreviation for Rentable Building Area. (See also: Rentable Building Area) Region: Core areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Regions are further divided into market areas, called Markets. (See also: Markets) Relet Space: Sometimes called second generation or direct space, refers to existing space that has previously been occupied by another tenant. Rentable Building Area: (RBA) The total square footage of a building that can be occupied by, or assigned to a tenant for the purpose of determining a tenant s rental obligation. Generally RBA includes a percentage of common areas including all hallways, main lobbies, bathrooms, and telephone closets. Rental Rates: The annual costs of occupancy for a particular space quoted on a per square foot basis. Sales Price: The total dollar amount paid for a particular property at a particular point in time. Sales Volume: The sum of sales prices for a given group of buildings in a given time period. Seller: The individual, group, company, or entity that sells a particular commercial real estate asset. SF: Abbreviation for Square Feet. Single-Tenant: Buildings that are occupied, or intended to be occupied by a single tenant. (See also: Build-to-suit and Tenancy) Sublease Space: Space that has been leased by a tenant and is being offered for lease back to the market by the tenant with the lease obligation. Sublease space is sometimes referred to as sublet space. Submarkets: Specific geographic boundaries that serve to delineate a core group of buildings that are competitive with each other and constitute a generally accepted primary competitive set, or peer group. Submarkets are building type specific (office, industrial, retail, etc.), with distinct boundaries dependent on different factors relevant to each building type. Submarkets are non-overlapping, contiguous geographic designations having a cumulative sum that matches the boundaries of the Market they are located within (See also: Market). Suburban: The Suburban and Central Business District (CBD) designations refer to a particular geographic area within a metropolitan statistical area (MSA). Suburban is defined as including all office inventory not located in the CBD. (See also: CBD) Tenancy: A term used to indicate whether or not a building is occupied by multiple tenants (See also: Multi-tenant) or a single tenant. (See also: Single-tenant) Tenant Rep: Tenant Rep stands for Tenant Representative. In a typical lease transaction between an owner/landlord and tenant, the broker that represents the interests of the tenant is referred to as a Tenant Rep. Time On Market: A measure of how long a currently available space has been marketed for lease, regardless of whether it is vacant or occupied. Under Construction: The status of a building that is in the process of being developed, assembled, built or constructed. A building is considered to be under construction after it has begun construction and until it receives a certificate of occupancy. Vacancy Rate: A measurement expressed as a percentage of the total amount of physically vacant space divided by the total amount of existing inventory. Under construction space generally is not included in vacancy calculations. Vacant Space: Space that is not currently occupied by a tenant, regardless of any lease obligation that may be on the space. Vacant space could be space that is either available or not available. For example, sublease space that is currently being paid for by a tenant but not occupied by that tenant, would be considered vacant space. Likewise, space that has been leased but not yet occupied because of finish work being done, would also be considered vacant space. Weighted Average Rental Rate: Rental rates that are calculated by factoring in, or weighting, the square footage associated with each particular rental rate. This has the effect of causing rental rates on larger spaces to affect the average more than that of smaller spaces. The weighted average rental rate is calculated by taking the ratio of the square footage associated with the rental rate on each individual available space to the square footage associated with rental rates on all available spaces, multiplying the rental rate by that ratio, and then adding together all the resulting numbers. Unless specifically specified otherwise, rental rate averages include both Direct and Sublet available spaces. Year Built: The year in which a building completed construction and was issued a certificate of occupancy. YTD: Abbreviation for Year-to-Date. Describes statistics that are cumulative from the beginning of a calendar year through whatever time period is being studied. D THE COSTAR INDUSTRIAL REPORT 2010 COSTAR GROUP, INC.

6 National Industrial Market OVERVIEW THIRD QUARTER 2010 NATIONAL U.S. s Vacancy Stays at 10.3% Net Absorption Positive 11,891,816 SF in the Quarter The U.S. Industrial market ended the third quarter 2010 with a vacancy rate of 10.3%. The vacancy rate was unchanged over the previous quarter, with net absorption totaling positive 11,891,816 square feet in the third quarter. Vacant sublease space decreased in the quarter, ending the quarter at 81,958,461 square feet. Rental rates ended the third quarter at $5.22, a decrease of eight cents over the previous quarter. A total of 94 buildings delivered to the market in the quarter totaling 6,447,352 square feet, with 20,724,860 square feet still under construction at the end of the quarter. Absorption Net absorption for the overall U.S. Industrial market was positive 11,891,816 square feet in the third quarter That compares to positive 7,524,355 square feet in the second quarter 2010, negative (23,420,263) square feet in the first quarter 2010, and negative (20,415,326) square feet in the fourth quarter Tenants moving out of large blocks of space in 2010 include: First Quality moving out of (800,000) square feet at Greenwood Industrial Park in the Atlanta market; SUPERVALU, Inc. moving out of (750,767) square feet at 3700 Industrial Rd in the Philadelphia market; and Reebok International moving out of (329,336) square feet at 1000 Technology Center Drive in the Boston market. Tenants moving into large blocks of space in 2010 include: Kraft moving into 980,000 square feet at Majestic Airport Center Three - Bldg 5 in the Atlanta market; Amazon.com, Inc. moving into 833,300 square feet at Cumberland Valley Distribution Center in the Philadelphia market; and American Standard moving into 626,100 square feet at Duke Intermodal I in the Dallas/ Ft. Worth market. The Flex building market recorded net absorption of positive 1,011,541 square feet in the third quarter 2010, compared to positive 2,243,963 square feet in the second quarter 2010, negative (4,688,842) in the first quarter 2010, and negative (1,729,942) in the fourth quarter The Warehouse building market recorded net absorption of positive 10,880,275 square feet in the third quarter 2010 compared to positive 5,280,392 square feet in the second quarter 2010, negative (18,731,421) in the first quarter 2010, and negative (18,685,384) in the fourth quarter Vacancy The Industrial vacancy rate in the U.S. market area changed to 10.3% at the end of the third quarter The vacancy rate was 10.4% at the end of the second quarter 2010, 10.4% at the end of the first quarter 2010, and 10.2% at the end of the fourth quarter Flex projects reported a vacancy rate of 13.0% at the end of the third quarter 2010, 13.0% at the end of the second quarter 2010, 13.1% at the end of the first quarter 2010, and 12.9% at the end of the fourth quarter Warehouse projects reported a vacancy rate of 10.0% at the end of the third quarter 2010, 10.0% at the end of second quarter 2010, 10.0% at the end of the first quarter 2010, and 9.9% at the end of the fourth quarter Vacancy Rates by Building Type* % Flex Warehouse Total Market 14% 12% Vacancy Rate 10% 8% 6% 4% 2% 0% q q q q q q q q q q q q q q q q q q q q Source: CoStar Property *Excludes markets - see Methodology page COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 1

7 NATIONAL THIRD QUARTER 2010 National Industrial Market OVERVIEW Largest Lease Signings The largest lease signings occurring in 2010 included: the 1,207,021-square-foot lease signed by Amazon.com, Inc. at W Mohave St in the Phoenix market; the 1,170,218- square-foot lease signed by Hamilton Beach Brands, Inc. at Olive Branch Distribution Center #2 in the Memphis market; and the 1,074,888-square-foot lease signed by WF Whelan at 8249 N Haggerty Rd in the Detroit market. Sublease Vacancy The amount of vacant sublease space in the U.S. market decreased to 81,958,461 square feet by the end of the third quarter 2010, from 85,787,953 square feet at the end of the second quarter There was 88,033,021 square feet vacant at the end of the first quarter 2010 and 87,527,092 square feet at the end of the fourth quarter U.S. s Flex projects reported vacant sublease space of 11,964,811 square feet at the end of third quarter 2010, down from the 12,882,972 square feet reported at the end of the second quarter There were 13,240,723 square feet of sublease space vacant at the end of the first quarter 2010, and 13,826,259 square feet at the end of the fourth quarter Warehouse projects reported decreased vacant sublease space from the second quarter 2010 to the third quarter Sublease vacancy went from 72,904,981 square feet to 69,993,650 square feet during that time. There was 74,792,298 square feet at the end of the first quarter 2010, and 73,700,833 square feet at the end of the fourth quarter Rental Rates The average quoted asking rental rate for available Industrial space was $5.22 per square foot per year at the end of the third quarter 2010 in the U.S. market area. This represented a 1.3% decrease in quoted rental rates from the end of the second quarter 2010, when rents were reported at $5.29 per square foot. The average quoted rate within the Flex sector was $10.06 per square foot at the end of the third quarter 2010, while Warehouse rates stood at $4.66. At the end of the second quarter 2010, Flex rates were $10.19 per square foot, and Warehouse rates were $4.72. Deliveries and Construction During the third quarter 2010, 94 buildings totaling 6,447,352 square feet were completed in the U.S. market area. This compares to 104 buildings totaling 7,583,436 square feet that were completed in the second quarter 2010, 145 buildings totaling 8,813,365 square feet completed in the first quarter 2010, and 17,062,761 square feet in 236 buildings completed in the fourth quarter There were 20,724,860 square feet of Industrial space under construction at the end of the third quarter Some of the notable 2010 deliveries include: Miller Rd, a 1,057,126-square-foot facility that delivered in first quarter 2010 and is now 100% occupied, and ULINE, a 1,000,000- square-foot building that delivered in third quarter 2010 and is now 100% occupied. The largest projects underway at the end of third quarter 2010 were 5757 Wayne Newton - Terminal 3, a 1,900,000- square-foot building with 100% of its space pre-leased, and Skechers USA, a 1,820,457-square-foot facility that is 100% pre-leased. Inventory Total Industrial inventory in the U.S. market area amounted to 19,895,281,795 square feet in 558,240 buildings as of the end of the third quarter The Flex sector consisted of 2,223,911,414 square feet in 84,736 projects. The Warehouse sector consisted of 17,671,370,381 square feet in 473,504 buildings. Within the Industrial market there were 57,590 owneroccupied buildings accounting for 3,565,533,008 square feet of Industrial space. Sales Activity Tallying industrial building sales of 15,000 square feet or larger, U.S. industrial sales figures rose during the second quarter 2010 in terms of dollar volume compared to the first quarter of In the second quarter, 859 industrial transactions closed with a total volume of $3,168,986,539. The 859 buildings totaled 66,665,925 square feet and the average price per square foot equated to $47.54 per square foot. That compares to 706 transactions totaling $2,180,032,451 in the first quarter. The total square footage was 52,679,194 for an average price per square foot of $ Total year-to-date industrial building sales activity in 2010 is up compared to the previous year. In the first six months of 2010, the market saw 1,565 industrial sales transactions with a total volume of $5,349,018,990. The price per square foot has averaged $44.82 this year. In the first six months of 2009, the market posted 1,203 transactions with a total volume of $4,100,245,442. The price per square foot averaged $ Cap rates have been higher in 2010, averaging 8.95%, compared to the first six months of last year when they averaged 8.70%. One of the largest transactions that occurred within the last quarter in the U.S. market is the sale of 4030 E 26th St in the Los Angeles market. This 244,292 square foot industrial building sold for $12,450,000, or per square foot. The property sold on 9/1/2010. Albany/Schenectady/Troy With no new office space being delivered to the market, and positive 403,927 square feet of net absorption, Albany/ Schenectady/Troy s vacancy rate went from 7.8% to 7.3% in the 2 THE COSTAR INDUSTRIAL REPORT 2010 COSTAR GROUP, INC.

8 National Industrial Market OVERVIEW THIRD QUARTER 2010 NATIONAL quarter. Rental rates went from $5.29 to $5.23 during that time. At the end of the quarter, there was 1,499,695 square feet underway for future Albuquerque The Albuquerque office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of negative (463,921) square feet caused the vacancy rate to up from 8.1%to 9.1% in the quarter. Rental rates stood at $7.15. Anchorage With no new office space being delivered to the market, and positive 26,366 square feet of net absorption, Anchorage s vacancy rate went from 3.5% to 3.3% in the quarter. Rental rates went from $11.73 to $12.01 during that time. At the end of the quarter, there was 16,000 square feet underway for future Asheville The Asheville office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of negative (136,326) square feet caused the vacancy rate to up from 13.4%to 14.2% in the quarter. Rental rates stood at $3.94. Atlanta The Atlanta industrial market saw vacancies rise and rental rates decrease from the second quarter 2010 to the third quarter The overall vacancy rate currently sits at 14.5%, from 14.0% in the previous quarter. Rental rates ended the quarter at $3.94 per square foot, from $4.00 in the previous quarter. There was a total of 998,750 square feet that delivered in the quarter, with 9,763 square feet still under construction at the end of the quarter. Augusta/Richmond County The Augusta/Richmond County office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of negative (212,287) square feet caused the vacancy rate to up from 20.6%to 21.5% in the quarter. Rental rates stood at $2.63. Austin The Austin industrial market saw vacancies rise and rental rates increase from the second quarter 2010 to the third quarter The overall vacancy rate currently sits at 13.7%, from 13.3% in the previous quarter. Rental rates ended the quarter at $6.70 per square foot, from $6.68 in the previous quarter. There was a total of 11,250 square feet that delivered in the quarter, with 19,285 square feet still under construction at the end of the quarter. Absorption & Deliveries* Past 9 Quarters Millions SF (20.0) (40.0) (60.0) (80.0) (100.0) (58.2) 37.3 Net Absorption (75.0) 25.4 (41.1) (18.2) (19.7) Bakersfield q q q 2010 With no new office space being delivered to the market, and positive 27,404 square feet of net absorption, Bakersfield s vacancy rate went from 10.8% to 10.7% in the quarter. Rental rates went from $4.99 to $4.94 during that time. At the end of the quarter, there was 46,170 square feet underway for future Baltimore The Baltimore industrial market saw vacancies fall and rental rates decrease from the second quarter 2010 to the third quarter The overall vacancy rate currently sits at 11.0%, from 11.2% in the previous quarter. Rental rates ended the quarter at $5.34 per square foot, from $5.41 in the previous quarter. There was a total of 35,280 square feet that delivered in the quarter, with 250,360 square feet still under construction at the end of the quarter. Baton Rouge positive 168,146 square feet of net absorption, Baton Rouge s vacancy rate went from 20.7% to 19.6% in the quarter. Rental rates went from $4.80 to $4.84 during that time. At the end of the quarter, there was 100,000 square feet underway for future Beaumont/Port Arthur The Beaumont/Port Arthur office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of negative (54,816) square feet caused the vacancy rate to up from 3.8%to 4.5% in the quarter. Rental rates stood at $4.49. Birmingham The Birmingham office market reported no new deliveries and no space under construction at the end of the third quarter Deliveries 2010 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 3

9 NATIONAL THIRD QUARTER 2010 National Industrial Market OVERVIEW With this limited construction activity, net absorption of positive 162,218 square feet caused the vacancy rate to down from 9.3%to 9.2% in the quarter. Rental rates stood at $3.41. Boise City/Nampa The Boise City/Nampa industrial market saw vacancies fall and rental rates decrease from the second quarter 2010 to the third quarter The overall vacancy rate currently sits at 6.8%, from 7.4% in the previous quarter. Rental rates ended the quarter at $5.56 per square foot, from $5.70 in the previous quarter. There was a total of 25,200 square feet that delivered in the quarter, with 87,043 square feet still under construction at the end of the quarter. Boston The Boston industrial market saw vacancies rise and rental rates decrease from the second quarter 2010 to the third quarter The overall vacancy rate currently sits at 11.9%, from 11.8% in the previous quarter. Rental rates ended the quarter at $6.16 per square foot, from $6.25 in the previous quarter. There was a total of 26,969 square feet that delivered in the quarter, with 173,847 square feet still under construction at the end of the quarter. Bremerton/Silverdale With no new office space being delivered to the market, and negative (2,697) square feet of net absorption, Bremerton/ Silverdale s vacancy rate went from 9.0% to 9.2% in the quarter. Rental rates went from $6.99 to $6.93 during that time. At the end of the quarter, there was 144,000 square feet underway for future Broward County positive 221,899 square feet of net absorption, Broward County s vacancy rate went from 9.7% to 9.5% in the quarter. Rental rates went from $7.98 to $7.86 during that time. At the end of the quarter, there was 17,565 square feet underway for future Brownsville/Harlingen The Brownsville/Harlingen office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of negative (3,422) square feet caused the vacancy rate to up from 11.0%to 11.1% in the quarter. Rental rates stood at $3.51. Buffalo/Niagara Falls With no space currently under construction, Buffalo/Niagara Falls absorbed 212,646 square feet of space and delivered 4,872 square feet of space, resulting in a vacancy rate that went from 8.8% to 8.4% over the course of the quarter. Rental rates went from $4.24 to $4.25 per square foot. Charleston WV The Charleston WV office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of positive 1,804 square feet caused the vacancy rate to down from 4.4%to 4.3% in the quarter. Rental rates stood at $5.25. Charleston/N Charleston The Charleston/N Charleston office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of positive 209,957 square feet caused the vacancy rate to down from 13.1%to 12.4% in the quarter. Rental rates stood at $4.86. Charlotte The Charlotte industrial market saw vacancies rise and rental rates decrease from the second quarter 2010 to the third quarter The overall vacancy rate currently sits at 13.8%, from 13.4% in the previous quarter. Rental rates ended the quarter at $3.88 per square foot, from $3.93 in the previous quarter. There was a total of 125,400 square feet that delivered in the quarter, with 93,133 square feet still under construction at the end of the quarter. Chattanooga With no space currently under construction, Chattanooga absorbed (1,708) square feet of space and delivered 59,311 square feet of space, resulting in a vacancy rate that went from 22.0% to 22.2% over the course of the quarter. Rental rates went from $3.35 to $2.99 per square foot. Chicago The Chicago industrial market saw vacancies fall and rental rates decrease from the second quarter 2010 to the third quarter The overall vacancy rate currently sits at 12.1%, from 12.3% in the previous quarter. Rental rates ended the quarter at $4.87 per square foot, from $4.91 in the previous quarter. There was a total of 1,144,278 square feet that delivered in the quarter, with 410,000 square feet still under construction at the end of the quarter. Cincinnati The Cincinnati industrial market saw vacancies fall and rental rates decrease from the second quarter 2010 to the third quarter The overall vacancy rate currently sits at 9.1%, from 9.5% in the previous quarter. Rental rates ended the quarter at $3.42 per square foot, from $3.48 in the previous quarter. There was a total of 28,000 square feet that delivered in the quarter, with 307,278 square feet still under construction at the end of the quarter. Cleveland 4 THE COSTAR INDUSTRIAL REPORT 2010 COSTAR GROUP, INC.

10 National Industrial Market OVERVIEW THIRD QUARTER 2010 NATIONAL positive 238,301 square feet of net absorption, Cleveland s vacancy rate went from 9.8% to 9.8% in the quarter. Rental rates went from $3.70 to $3.70 during that time. At the end of the quarter, there was 27,231 square feet underway for future Colorado Springs The Colorado Springs office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of positive 97,009 square feet caused the vacancy rate to down from 13.8%to 13.5% in the quarter. Rental rates stood at $6.11. Columbia The Columbia office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of positive 177,072 square feet caused the vacancy rate to down from 11.2%to 10.8% in the quarter. Rental rates stood at $3.98. Columbus With no new office space being delivered to the market, and positive 654,865 square feet of net absorption, Columbus s vacancy rate went from 11.7% to 11.4% in the quarter. Rental rates went from $3.20 to $3.21 during that time. At the end of the quarter, there was 12,000 square feet underway for future Columbus GA The Columbus GA office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of positive 74,017 square feet caused the vacancy rate to down from 13.3%to 12.9% in the quarter. Rental rates stood at $2.95. Corpus Christi positive 77,654 square feet of net absorption, Corpus Christi s vacancy rate went from 5.9% to 5.4% in the quarter. Rental rates went from $5.70 to $5.64 during that time. At the end of the quarter, there was 16,800 square feet underway for future Dallas/Ft Worth The Dallas/Ft Worth industrial market saw vacancies rise and rental rates decrease from the second quarter 2010 to the third quarter The overall vacancy rate currently sits at 12.0%, from 11.8% in the previous quarter. Rental rates ended the quarter at $4.41 per square foot, from $4.45 in the previous quarter. There was a total of 57,804 square feet that delivered in the quarter, with 628,686 square feet still under construction at the end of the quarter. Davenport/Moline/Rock Island The Davenport/Moline/Rock Island office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of positive 19,232 square feet caused the vacancy rate to down from 9.9%to 9.7% in the quarter. Rental rates stood at $3.83. Dayton positive 348,703 square feet of net absorption, Dayton s vacancy rate went from 14.4% to 14.1% in the quarter. Rental rates went from $3.57 to $3.48 during that time. At the end of the quarter, there was 1,557,239 square feet underway for future Deltona/Daytona Beach The Deltona/Daytona Beach office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of positive 11,244 square feet caused the vacancy rate to down from 10.1%to 10.0% in the quarter. Rental rates stood at $5.26. Denver The Denver industrial market saw vacancies fall and rental rates decrease from the second quarter 2010 to the third quarter The overall vacancy rate currently sits at 8.0%, from 8.1% in the previous quarter. Rental rates ended the quarter at $5.94 per square foot, from $5.99 in the previous quarter. There was a total of 51,381 square feet that delivered in the quarter, with 153,063 square feet still under construction at the end of the quarter. Des Moines With no new office space being delivered to the market, and positive 70,327 square feet of net absorption, Des Moines s vacancy rate went from 6.7% to 6.6% in the quarter. Rental rates went from $4.13 to $4.09 during that time. At the end of the quarter, there was 20,000 square feet underway for future Detroit With no new office space being delivered to the market, and negative (183,456) square feet of net absorption, Detroit s vacancy rate went from 14.1% to 14.2% in the quarter. Rental rates went from $4.60 to $4.57 during that time. At the end of the quarter, there was 546,633 square feet underway for future Duluth The Duluth office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of positive 34,554 square feet caused the vacancy rate to down from 4.8%to 4.4% in the quarter. Rental rates stood at $5.25. East Bay/Oakland With no new office space being delivered to the market, 2010 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 5

11 NATIONAL THIRD QUARTER 2010 National Industrial Market OVERVIEW and negative (145,590) square feet of net absorption, East Bay/ Oakland s vacancy rate went from 11.3% to 11.3% in the quarter. Rental rates went from $7.57 to $7.49 during that time. At the end of the quarter, there was 764,200 square feet underway for future El Paso With no space currently under construction, El Paso absorbed 652,545 square feet of space and delivered 33,202 square feet of space, resulting in a vacancy rate that went from 17.3% to 15.0% over the course of the quarter. Rental rates went from $3.84 to $3.88 per square foot. Erie The Erie office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of positive 10,970 square feet caused the vacancy rate to down from 9.6%to 9.4% in the quarter. Rental rates stood at $2.34. Evansville The Evansville office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of negative (357,789) square feet caused the vacancy rate to up from 15.7%to 17.5% in the quarter. Rental rates stood at $2.94. Fayetteville With no new office space being delivered to the market, and negative (41,483) square feet of net absorption, Fayetteville s vacancy rate went from 16.4% to 16.7% in the quarter. Rental rates went from $3.24 to $3.18 during that time. At the end of the quarter, there was 20,310 square feet underway for future Fayetteville/Springdale/Rogers The Fayetteville/Springdale/Rogers office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of negative (346,031) square feet caused the vacancy rate to up from 14.4%to 16.8% in the quarter. Rental rates stood at $3.89. Fort Smith The Fort Smith office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of negative (7,380) square feet caused the vacancy rate to up from 15.0%to 15.1% in the quarter. Rental rates stood at $2.56. Fort Wayne The Fort Wayne office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of negative (398,200) square feet caused the vacancy rate to up from 12.5%to 13.6% in the quarter. Rental rates stood at $3.19. Fresno The Fresno industrial market saw vacancies rise and rental rates decrease from the second quarter 2010 to the third quarter The overall vacancy rate currently sits at 9.6%, from 9.4% in the previous quarter. Rental rates ended the quarter at $3.47 per square foot, from $3.62 in the previous quarter. There was a total of 21,872 square feet that delivered in the quarter, with 14,052 square feet still under construction at the end of the quarter. Green Bay positive 55,246 square feet of net absorption, Green Bay s vacancy rate went from 4.7% to 4.6% in the quarter. Rental rates went from $3.67 to $3.62 during that time. At the end of the quarter, there was 44,344 square feet underway for future Greensboro/Winston-Salem The Greensboro/Winston-Salem industrial market saw vacancies fall and rental rates change from the second quarter 2010 to the third quarter The overall vacancy rate currently sits at 10.1%, from 10.6% in the previous quarter. Rental rates ended the quarter at $3.05 per square foot, from $3.05 in the previous quarter. There was a total of 9,600 square feet that delivered in the quarter, with 380,000 square feet still under construction at the end of the quarter. Greenville/Spartanburg With no new office space being delivered to the market, and positive 345,869 square feet of net absorption, Greenville/ Spartanburg s vacancy rate went from 11.2% to 11.0% in the quarter. Rental rates went from $3.01 to $2.96 during that time. At the end of the quarter, there was 77,089 square feet underway for future Hampton Roads positive 111,085 square feet of net absorption, Hampton Road s vacancy rate went from 10.9% to 10.8% in the quarter. Rental rates went from $5.27 to $5.41 during that time. At the end of the quarter, there was 155,223 square feet underway for future Hartford The Hartford industrial market saw vacancies rise and rental rates decrease from the second quarter 2010 to the third quarter The overall vacancy rate currently sits at 11.0%, from 10.9% in the previous quarter. Rental rates ended the quarter at $4.49 per square foot, from $4.53 in the previous quarter. There was a total of 157,125 square feet that delivered in the quarter, with 657,000 square feet still under construction at the end of the quarter. 6 THE COSTAR INDUSTRIAL REPORT 2010 COSTAR GROUP, INC.

12 National Industrial Market OVERVIEW THIRD QUARTER 2010 NATIONAL Hawaii negative (38,913) square feet of net absorption, Hawaii s vacancy rate went from 4.7% to 4.8% in the quarter. Rental rates went from $11.33 to $11.51 during that time. At the end of the quarter, there was 27,737 square feet underway for future Houston The Houston industrial market saw vacancies fall and rental rates decrease from the second quarter 2010 to the third quarter The overall vacancy rate currently sits at 6.3%, from 6.6% in the previous quarter. Rental rates ended the quarter at $5.20 per square foot, from $5.25 in the previous quarter. There was a total of 220,800 square feet that delivered in the quarter, with 218,518 square feet still under construction at the end of the quarter. Huntington/Ashland With no new office space being delivered to the market, and positive 22,192 square feet of net absorption, Huntington/ Ashland s vacancy rate went from 3.6% to 3.5% in the quarter. Rental rates went from $3.55 to $3.66 during that time. At the end of the quarter, there was 60,000 square feet underway for future Huntsville The Huntsville office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of negative (61,256) square feet caused the vacancy rate to up from 17.4%to 18.0% in the quarter. Rental rates stood at $5.44. Indianapolis negative (864,992) square feet of net absorption, Indianapolis s vacancy rate went from 9.4% to 9.7% in the quarter. Rental rates went from $4.34 to $4.28 during that time. At the end of the quarter, there was 126,184 square feet underway for future Inland Empire (California) The Inland Empire (California) industrial market saw vacancies fall and rental rates decrease from the second quarter 2010 to the third quarter The overall vacancy rate currently sits at 11.2%, from 11.4% in the previous quarter. Rental rates ended the quarter at $4.82 per square foot, from $4.89 in the previous quarter. There was a total of 45,055 square feet that delivered in the quarter, with 3,108,657 square feet still under construction at the end of the quarter. Jackson The Jackson office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of positive 34,770 square feet caused the vacancy rate to down from 13.7%to 13.5% in the quarter. Rental rates stood at $3.52. Jacksonville (Florida) The Jacksonville (Florida) industrial market saw vacancies rise and rental rates decrease from the second quarter 2010 to the third quarter The overall vacancy rate currently sits at 11.6%, from 11.3% in the previous quarter. Rental rates ended the quarter at $4.10 per square foot, from $4.19 in the previous quarter. There was a total of 240,000 square feet that delivered in the quarter, with 235,000 square feet still under construction at the end of the quarter. Kansas City The vacancy rate remained unchanged in Kansas City in the third quarter. With 9,200 square feet in deliveries, and positive 146,121 square feet in net absorption, the vacancy rate held at 7.6%, the same rate reported in the previous quarter. The market had 50,000 square feet under construction at the end of the quarter, and rental rates stood at $4.20 per square foot. Killeen/Temple/Fort Hood The Killeen/Temple/Fort Hood office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of negative (229,546) square feet caused the vacancy rate to up from 2.1%to 9.0% in the quarter. Rental rates stood at $3.63. Kingsport/Bristol/Bristol The Kingsport/Bristol/Bristol office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of positive 57,202 square feet caused the vacancy rate to down from 13.1%to 12.6% in the quarter. Rental rates stood at $4.54. Knoxville The Knoxville industrial market saw vacancies fall and rental rates decrease from the second quarter 2010 to the third quarter The overall vacancy rate currently sits at 8.6%, from 10.3% in the previous quarter. Rental rates ended the quarter at $3.89 per square foot, from $4.01 in the previous quarter. There was a total of 574,884 square feet that delivered in the quarter, with 40,000 square feet still under construction at the end of the quarter. Lafayette With no space currently under construction, Lafayette absorbed 74,569 square feet of space and delivered 60,335 square feet of space, resulting in a vacancy rate that went from 14.9% to 14.5% over the course of the quarter. Rental rates went from $3.07 to $3.40 per square foot COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 7

13 NATIONAL THIRD QUARTER 2010 National Industrial Market OVERVIEW Las Vegas negative (1,029,838) square feet of net absorption, Las Vegas s vacancy rate went from 14.7% to 15.7% in the quarter. Rental rates went from $6.67 to $6.45 during that time. At the end of the quarter, there was 201,428 square feet underway for future Lexington/Fayette The Lexington/Fayette office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of positive 24,926 square feet caused the vacancy rate to unchanged from 5.2%to 5.2% in the quarter. Rental rates stood at $4.63. Lincoln The Lincoln industrial market saw vacancies fall and rental rates decrease from the second quarter 2010 to the third quarter The overall vacancy rate currently sits at 4.6%, from 5.0% in the previous quarter. Rental rates ended the quarter at $3.70 per square foot, from $3.72 in the previous quarter. There was a total of 24,000 square feet that delivered in the quarter, with 36,059 square feet still under construction at the end of the quarter. Little Rock/N Little Rock The Little Rock/N Little Rock industrial market saw vacancies fall and rental rates change from the second quarter 2010 to the third quarter The overall vacancy rate currently sits at 7.3%, from 7.7% in the previous quarter. Rental rates ended the quarter at $3.33 per square foot, from $3.33 in the previous quarter. There was a total of 11,000 square feet that delivered in the quarter, with 56,000 square feet still under construction at the end of the quarter. Long Island (New York) The Long Island (New York) industrial market saw vacancies rise and rental rates decrease from the second quarter 2010 to the third quarter The overall vacancy rate currently sits at 4.9%, from 4.8% in the previous quarter. Rental rates ended the quarter at $9.96 per square foot, from $10.08 in the previous quarter. There was a total of 74,750 square feet that delivered in the quarter, with 119,480 square feet still under construction at the end of the quarter. Los Angeles The Los Angeles industrial market saw vacancies rise and rental rates decrease from the second quarter 2010 to the third quarter The overall vacancy rate currently sits at 5.3%, from 5.2% in the previous quarter. Rental rates ended the quarter at $7.09 per square foot, from $7.14 in the previous quarter. There was a total of 113,097 square feet that delivered in the quarter, with 311,731 square feet still under construction at the end of the quarter. Louisville With no space currently under construction, Louisville absorbed (558,273) square feet of space and delivered 15,000 square feet of space, resulting in a vacancy rate that went from 12.5% to 12.9% over the course of the quarter. Rental rates went from $3.57 to $3.52 per square foot. Lubbock The Lubbock office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of positive 266,452 square feet caused the vacancy rate to down from 4.0%to 3.2% in the quarter. Rental rates stood at $2.56. Madison The Madison office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of positive 80,402 square feet caused the vacancy rate to down from 8.4%to 8.3% in the quarter. Rental rates stood at $4.17. Marin/Sonoma positive 172,880 square feet of net absorption, Marin/Sonoma s vacancy rate went from 11.3% to 10.8% in the quarter. Rental rates went from $10.31 to $10.36 during that time. At the end of the quarter, there was 12,000 square feet underway for future McAllen/Edinburg/Pharr The McAllen/Edinburg/Pharr office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of positive 192,341 square feet caused the vacancy rate to down from 16.6%to 15.0% in the quarter. Rental rates stood at $4.38. Memphis With no new office space being delivered to the market, and positive 579,539 square feet of net absorption, Memphis s vacancy rate went from 14.4% to 14.2% in the quarter. Rental rates went from $2.78 to $2.83 during that time. At the end of the quarter, there was 111,703 square feet underway for future Miami-Dade County With no new office space being delivered to the market, and positive 863,408 square feet of net absorption, Miami-Dade County s vacancy rate went from 9.6% to 9.3% in the quarter. Rental rates went from $7.10 to $7.02 during that time. At the end of the quarter, there was 61,500 square feet underway for future Milwaukee 8 THE COSTAR INDUSTRIAL REPORT 2010 COSTAR GROUP, INC.

14 National Industrial Market OVERVIEW THIRD QUARTER 2010 NATIONAL positive 65,772 square feet of net absorption, Milwaukee s vacancy rate went from 7.7% to 7.7% in the quarter. Rental rates went from $4.26 to $4.23 during that time. At the end of the quarter, there was 269,200 square feet underway for future Minneapolis The Minneapolis industrial market saw vacancies fall and rental rates decrease from the second quarter 2010 to the third quarter The overall vacancy rate currently sits at 6.8%, from 7.1% in the previous quarter. Rental rates ended the quarter at $5.82 per square foot, from $5.88 in the previous quarter. There was a total of 13,000 square feet that delivered in the quarter, with 33,466 square feet still under construction at the end of the quarter. Mobile The Mobile office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of negative (133,364) square feet caused the vacancy rate to up from 14.0%to 14.7% in the quarter. Rental rates stood at $4.32. Montgomery The Montgomery office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of positive 24,883 square feet caused the vacancy rate to down from 23.0%to 22.8% in the quarter. Rental rates stood at $2.83. Myrtle Beach/Conway The Myrtle Beach/Conway office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of negative (23,730) square feet caused the vacancy rate to up from 11.1%to 11.6% in the quarter. Rental rates stood at $4.99. Nashville The Nashville industrial market saw vacancies rise and rental rates decrease from the second quarter 2010 to the third quarter The overall vacancy rate currently sits at 11.0%, from 9.9% in the previous quarter. Rental rates ended the quarter at $3.86 per square foot, from $3.92 in the previous quarter. There was a total of 18,000 square feet that delivered in the quarter, with 6,734 square feet still under construction at the end of the quarter. New Orleans/Metairie/Kenner With no space currently under construction, New Orleans/ Metairie/Kenner absorbed (162,488) square feet of space and delivered 30,000 square feet of space, resulting in a vacancy rate that went from 10.5% to 10.9% over the course of the quarter. Rental rates went from $4.80 to $4.86 per square foot. Northern New Jersey The vacancy rate remained unchanged in Northern New Jersey in the third quarter. With 67,500 square feet in deliveries, and negative (628,953) square feet in net absorption, the vacancy rate held at 9.7%, the same rate reported in the previous quarter. The market had 347,300 square feet under construction at the end of the quarter, and rental rates stood at $5.68 per square foot. Ocala The Ocala office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of negative (44,584) square feet caused the vacancy rate to up from 11.6%to 11.9% in the quarter. Rental rates stood at $4.22. Oklahoma City The vacancy rate remained unchanged in Oklahoma City in the third quarter. With 18,000 square feet in deliveries, and positive 30,151 square feet in net absorption, the vacancy rate held at 8.3%, the same rate reported in the previous quarter. The market had 18,000 square feet under construction at the end of the quarter, and rental rates stood at $3.67 per square foot. Olympia The Olympia office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of negative (207,622) square feet caused the vacancy rate to up from 9.3%to 12.0% in the quarter. Rental rates stood at $4.94. Omaha/Council Bluffs The Omaha/Council Bluffs industrial market saw vacancies rise and rental rates decrease from the second quarter 2010 to the third quarter The overall vacancy rate currently sits at 5.6%, from 5.5% in the previous quarter. Rental rates ended the quarter at $4.95 per square foot, from $4.98 in the previous quarter. There was a total of 62,661 square feet that delivered in the quarter, with 59,217 square feet still under construction at the end of the quarter. Orange (California) The Orange (California) industrial market saw vacancies rise and rental rates decrease from the second quarter 2010 to the third quarter The overall vacancy rate currently sits at 6.8%, from 6.7% in the previous quarter. Rental rates ended the quarter at $7.88 per square foot, from $8.04 in the previous quarter. There was a total of 134,421 square feet that delivered in the quarter, with 375,000 square feet still under construction at the end of the quarter. Orlando The Orlando industrial market saw vacancies fall and rental 2010 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 9

15 NATIONAL THIRD QUARTER 2010 National Industrial Market OVERVIEW rates decrease from the second quarter 2010 to the third quarter The overall vacancy rate currently sits at 12.8%, from 12.9% in the previous quarter. Rental rates ended the quarter at $5.45 per square foot, from $5.52 in the previous quarter. There was a total of 3,000 square feet that delivered in the quarter, with 53,549 square feet still under construction at the end of the quarter. Palm Beach County With no new office space being delivered to the market, and positive 124,416 square feet of net absorption, Palm Beach County s vacancy rate went from 11.5% to 11.3% in the quarter. Rental rates went from $8.22 to $8.16 during that time. At the end of the quarter, there was 34,000 square feet underway for future Pensacola The Pensacola office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of negative (21,049) square feet caused the vacancy rate to up from 12.8%to 12.9% in the quarter. Rental rates stood at $4.85. Peoria The Peoria office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of positive 55,315 square feet caused the vacancy rate to down from 6.2%to 5.9% in the quarter. Rental rates stood at $3.63. Philadelphia The Philadelphia industrial market saw vacancies fall and rental rates decrease from the second quarter 2010 to the third quarter The overall vacancy rate currently sits at 10.2%, from 10.3% in the previous quarter. Rental rates ended the quarter at $4.57 per square foot, from $4.61 in the previous quarter. There was a total of 465,000 square feet that delivered in the quarter, with 1,721,362 square feet still under construction at the end of the quarter. Phoenix The Phoenix industrial market saw vacancies fall and rental rates decrease from the second quarter 2010 to the third quarter The overall vacancy rate currently sits at 16.0%, from 16.7% in the previous quarter. Rental rates ended the quarter at $6.39 per square foot, from $6.56 in the previous quarter. There was a total of 105,292 square feet that delivered in the quarter, with 380,061 square feet still under construction at the end of the quarter. Pittsburgh positive 414,740 square feet of net absorption, Pittsburgh s vacancy rate went from 8.7% to 8.5% in the quarter. Rental rates went from $4.96 to $5.10 during that time. At the end of the quarter, there was 208,525 square feet underway for future Port St Lucie/Fort Pierce The Port St Lucie/Fort Pierce office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of negative (35,482) square feet caused the vacancy rate to up from 15.0%to 15.2% in the quarter. Rental rates stood at $6.76. Portland With no space currently under construction, Portland absorbed 466,485 square feet of space and delivered 415,000 square feet of space, resulting in a vacancy rate that went from 8.9% to 8.8% over the course of the quarter. Rental rates went from $6.21 to $6.19 per square foot. Portland/South Portland The Portland/South Portland office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of negative (93,648) square feet caused the vacancy rate to down from 9.3%to 8.9% in the quarter. Rental rates stood at $4.55. Providence The Providence office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of positive 48,217 square feet caused the vacancy rate to down from 8.3%to 8.2% in the quarter. Rental rates stood at $5.06. Raleigh/Durham The Raleigh/Durham industrial market saw vacancies fall and rental rates decrease from the second quarter 2010 to the third quarter The overall vacancy rate currently sits at 13.0%, from 13.2% in the previous quarter. Rental rates ended the quarter at $5.26 per square foot, from $5.35 in the previous quarter. There was a total of 17,500 square feet that delivered in the quarter, with 120,100 square feet still under construction at the end of the quarter. Reno/Sparks The Reno/Sparks office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of positive 504,566 square feet caused the vacancy rate to down from 12.9%to 12.1% in the quarter. Rental rates stood at $5.39. Richmond VA The Richmond VA industrial market saw vacancies fall and rental rates increase from the second quarter 2010 to the third quarter The overall vacancy rate currently sits at 12.5%, from 12.6% in the previous quarter. Rental rates ended 10 THE COSTAR INDUSTRIAL REPORT 2010 COSTAR GROUP, INC.

16 National Industrial Market OVERVIEW THIRD QUARTER 2010 NATIONAL the quarter at $3.96 per square foot, from $3.90 in the previous quarter. There was a total of 8,738 square feet that delivered in the quarter, with 140,000 square feet still under construction at the end of the quarter. Roanoke The Roanoke office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of positive 40,536 square feet caused the vacancy rate to down from 14.7%to 14.5% in the quarter. Rental rates stood at $3.09. Rochester positive 5,218 square feet of net absorption, Rochester s vacancy rate went from 10.2% to 10.2% in the quarter. Rental rates went from $4.01 to $4.13 during that time. At the end of the quarter, there was 83,500 square feet underway for future Sacramento negative (240,865) square feet of net absorption, Sacramento s vacancy rate went from 12.9% to 13.0% in the quarter. Rental rates went from $5.47 to $5.29 during that time. At the end of the quarter, there was 309,660 square feet underway for future Salinas The Salinas office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of negative (356,308) square feet caused the vacancy rate to up from 8.0%to 10.0% in the quarter. Rental rates stood at $5.45. Salt Lake City The Salt Lake City industrial market saw vacancies fall and rental rates change from the second quarter 2010 to the third quarter The overall vacancy rate currently sits at 5.6%, from 5.9% in the previous quarter. Rental rates ended the quarter at $4.60 per square foot, from $4.60 in the previous quarter. There was a total of 11,200 square feet that delivered in the quarter, with 151,000 square feet still under construction at the end of the quarter. San Antonio positive 105,408 square feet of net absorption, San Antonio s vacancy rate went from 9.8% to 9.7% in the quarter. Rental rates went from $5.51 to $5.31 during that time. At the end of the quarter, there was 882,335 square feet underway for future San Diego With no new office space being delivered to the market, and negative (291,808) square feet of net absorption, San Diego s vacancy rate went from 11.1% to 11.2% in the quarter. Rental rates went from $10.06 to $9.86 during that time. At the end of the quarter, there was 176,000 square feet underway for future San Francisco With no space currently under construction, San Francisco absorbed 325,455 square feet of space and delivered 84,000 square feet of space, resulting in a vacancy rate that went from 7.2% to 7.0% over the course of the quarter. Rental rates went from $11.62 to $11.36 per square foot. San Luis Obispo/Paso Robles negative (9,162) square feet of net absorption, San Luis Obispo/ Paso Robles s vacancy rate went from 2.8% to 3.0% in the quarter. Rental rates went from $7.69 to $7.59 during that time. At the end of the quarter, there was 2,600 square feet underway for future Santa Barbara/Sta Maria/Goleta The Santa Barbara/Sta Maria/Goleta office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of positive 59,736 square feet caused the vacancy rate to down from 8.0%to 7.5% in the quarter. Rental rates stood at $9.57. Santa Cruz/Watsonville The Santa Cruz/Watsonville office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of positive 8,304 square feet caused the vacancy rate to down from 8.3%to 8.2% in the quarter. Rental rates stood at $ Savannah The Savannah office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of positive 898,964 square feet caused the vacancy rate to down from 37.3%to 34.3% in the quarter. Rental rates stood at $5.57. Seattle/Puget Sound The Seattle/Puget Sound industrial market saw vacancies rise and rental rates decrease from the second quarter 2010 to the third quarter The overall vacancy rate currently sits at 8.2%, from 8.1% in the previous quarter. Rental rates ended the quarter at $7.07 per square foot, from $7.14 in the previous quarter. There was a total of 325,600 square feet that delivered in the quarter, with 192,028 square feet still under construction at the end of the quarter. Shreveport/Bossier City The Shreveport/Bossier City office market reported no new deliveries and no space under construction at the end of the third 2010 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 11

17 NATIONAL THIRD QUARTER 2010 National Industrial Market OVERVIEW quarter With this limited construction activity, net absorption of negative (327,185) square feet caused the vacancy rate to up from 20.5%to 22.2% in the quarter. Rental rates stood at $3.03. South Bay/San Jose negative (16,507) square feet of net absorption, South Bay/San Jose s vacancy rate went from 11.6% to 11.6% in the quarter. Rental rates went from $11.31 to $11.10 during that time. At the end of the quarter, there was 341,950 square feet underway for future South Bend/Mishawaka The South Bend/Mishawaka office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of negative (74,159) square feet caused the vacancy rate to up from 6.7%to 7.0% in the quarter. Rental rates stood at $2.91. Southwest Florida The Southwest Florida industrial market saw vacancies rise and rental rates decrease from the second quarter 2010 to the third quarter The overall vacancy rate currently sits at 14.7%, from 14.1% in the previous quarter. Rental rates ended the quarter at $5.89 per square foot, from $6.02 in the previous quarter. There was a total of 14,784 square feet that delivered in the quarter, with 5,000 square feet still under construction at the end of the quarter. Spokane positive 152,023 square feet of net absorption, Spokane s vacancy rate went from 5.7% to 5.3% in the quarter. Rental rates went from $5.33 to $5.25 during that time. At the end of the quarter, there was 18,000 square feet underway for future Springfield negative (211,227) square feet of net absorption, Springfield s vacancy rate went from 10.0% to 11.3% in the quarter. Rental rates went from $4.21 to $4.22 during that time. At the end of the quarter, there was 24,000 square feet underway for future St. Louis positive 989,950 square feet of net absorption, St. Louis s vacancy rate went from 8.8% to 8.4% in the quarter. Rental rates went from $4.12 to $4.19 during that time. At the end of the quarter, there was 74,365 square feet underway for future Stockton/Modesto The Stockton/Modesto office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of negative (106,101) square feet caused the vacancy rate to up from 16.7%to 16.8% in the quarter. Rental rates stood at $3.93. Syracuse With no space currently under construction, Syracuse absorbed (192,324) square feet of space and delivered 18,921 square feet of space, resulting in a vacancy rate that went from 11.1% to 11.5% over the course of the quarter. Rental rates went from $6.42 to $3.90 per square foot. Tallahassee The Tallahassee office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of negative (39,181) square feet caused the vacancy rate to up from 10.1%to 10.3% in the quarter. Rental rates stood at $4.37. Tampa/St Petersburg With no space currently under construction, Tampa/St Petersburg absorbed 896,568 square feet of space and delivered 27,520 square feet of space, resulting in a vacancy rate that went from 11.4% to 11.1% over the course of the quarter. Rental rates went from $5.37 to $5.24 per square foot. Toledo The Toledo office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of negative (122,984) square feet caused the vacancy rate to up from 9.2%to 9.3% in the quarter. Rental rates stood at $2.92. Tucson positive 140,916 square feet of net absorption, Tucson s vacancy rate went from 11.2% to 10.9% in the quarter. Rental rates went from $6.70 to $6.68 during that time. At the end of the quarter, there was 14,400 square feet underway for future Tulsa The Tulsa industrial market saw vacancies fall and rental rates decrease from the second quarter 2010 to the third quarter The overall vacancy rate currently sits at 7.1%, from 7.3% in the previous quarter. Rental rates ended the quarter at $3.89 per square foot, from $3.90 in the previous quarter. There was a total of 69,500 square feet that delivered in the quarter, with 2,637 square feet still under construction at the end of the quarter. Utica/Rome The Utica/Rome office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of negative (188,803) square feet caused the vacancy rate to up from 9.6%to 10.4% in the quarter. Rental rates stood at $ THE COSTAR INDUSTRIAL REPORT 2010 COSTAR GROUP, INC.

18 National Industrial Market THIRD QUARTER 2010 NATIONAL Visalia/Porterville positive 57,563 square feet of net absorption, Visalia/Porterville s vacancy rate went from 7.9% to 7.7% in the quarter. Rental rates went from $3.74 to $3.79 during that time. At the end of the quarter, there was 4,856 square feet underway for future Washington The Washington industrial market saw vacancies fall and rental rates decrease from the second quarter 2010 to the third quarter The overall vacancy rate currently sits at 12.7%, from 12.9% in the previous quarter. Rental rates ended the quarter at $9.08 per square foot, from $9.11 in the previous quarter. There was a total of 329,300 square feet that delivered in the quarter, with 952,106 square feet still under construction at the end of the quarter. West Michigan negative (269,404) square feet of net absorption, West Michigan s vacancy rate went from 8.6% to 8.7% in the quarter. Rental rates went from $3.20 to $3.25 during that time. At the end of the quarter, there was 583,000 square feet underway for future Wichita positive 11,401 square feet of net absorption, Wichita s vacancy rate went from 8.5% to 8.5% in the quarter. Rental rates went from $4.43 to $4.41 during that time. At the end of the quarter, there was 71,250 square feet underway for future Wilmington negative (525,299) square feet of net absorption, Wilmington s vacancy rate went from 14.4% to 17.5% in the quarter. Rental rates went from $4.23 to $4.06 during that time. At the end of the quarter, there was 11,363 square feet underway for future Yakima The Yakima office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of positive 6,200 square feet caused the vacancy rate to unchanged from 8.3%to 8.3% in the quarter. Rental rates stood at $4.72. Youngstown/Warren/Boardman The Youngstown/Warren/Boardman office market reported no new deliveries and no space under construction at the end of the third quarter With this limited construction activity, net absorption of negative (40,878) square feet caused the vacancy rate to up from 11.0%to 11.1% in the quarter. Rental rates stood at $ COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 13

19 NATIONAL THIRD QUARTER 2010 National Industrial Market EMPLOYMENT ANALYSIS Total Employment by Industry Percent of Total Employment by Industry Total Employment Growth Total Number of Jobs Added Per Year 17% 4% 10% 4% 1% 15% 9% 19% 2% 6% 13% Natural Resources & Mining Construction Manufacturing Trade, Transportation & Utilities Information Financial Activities Professional & Business Services Education & Health Services Leisure & Hospitality Other Services Government Percent Growth 3.0% 2.0% 1.0% 0.0% -1.0% -2.0% -3.0% -4.0% -5.0% -6.0% Source: Department of Labor, Bureau of Labor Statistics Total Employment Growth Cumulative Growth in Jobs Over the Past 5 Years Market Employment Growth Inventory Growth Difference Atlanta -5.90% 3.70% -9.60% Chicago -5.00% 4.00% -9.00% Dallas/Ft Worth 1.70% 7.00% -5.30% Denver -2.80% 3.40% -6.20% Detroit % 0.80% % Houston 4.50% 6.60% -2.10% Inland Empire (California) -8.20% 14.00% % Los Angeles -6.40% 1.20% -7.60% Northern New Jersey -4.00% 2.30% -6.30% Pittsburgh -1.80% 1.90% -3.70% Source: Department of Labor, Bureau of Labor Statistics Historical Unemployment Rates Source: Department of Labor, Bureau of Labor Statistics Industrial* Employment Growth Number of Industrial* Jobs Added Per Year Percent Growth 2.0% 1.0% 0.0% -1.0% -2.0% -3.0% -4.0% -5.0% -6.0% -7.0% -8.0% -9.0% Source: Department of Labor, Bureau of Labor Statistics. * Industrial employment is defined as jobs in the Manufacturing, and Trade, Transportation & Utilities industries 12.0% 10.0% Percent Unemployment 8.0% 6.0% 4.0% 2.0% 0.0% Source: Department of Labor, Bureau of Labor Statistics 14 THE COSTAR INDUSTRIAL REPORT 2010 COSTAR GROUP, INC.

20 National Industrial Market INVENTORY & DEVELOPMENT THIRD QUARTER 2010 NATIONAL Historical Deliveries Millions SF Deliveries Average Delivered SF Source: CoStar Property * Future deliveries based on current under construction buildings. Construction Activity Markets Ranked by Under Construction Square Footage Under Construction Inventory Average Bldg Size Market # Bldgs Total RBA Preleased SF Preleased % All Existing U/C Inland Empire (California) 7 3,108,657 3,099, % 40, ,094 Philadelphia 9 1,721,362 1,616, % 55, ,262 Dayton 2 1,557,239 1,557, % 31, ,619 Albany/Schenectady/Troy 2 1,499,695 1,499, % 40, ,847 Washington , , % 36,786 95,211 San Antonio 4 882, , % 26, ,584 East Bay/Oakland 3 764, , % 33, ,733 Hartford 1 657, , % 35, ,000 Dallas/Ft Worth 4 628,686 46, % 40, ,171 West Michigan 2 583, , % 37, ,500 Detroit 3 546, , % 34, ,211 Chicago 4 410, , % 54, ,500 Phoenix 3 380, , % 30, ,687 Greensboro/Winston-Salem 1 380, , % 41, ,000 Orange (California) 1 375, , % 24, ,000 Northern New Jersey 5 347, % 50,494 69,460 South Bay/San Jose 2 341, , % 34, ,975 Los Angeles 7 311, , % 28,799 44,533 Sacramento 3 309, % 30, ,220 Cincinnati 6 307, , % 47,102 51,213 Milwaukee 5 269, , % 40,925 53,840 Baltimore 4 250,360 18, % 52,463 62,590 Jacksonville (Florida) 1 235, , % 33, ,000 Houston 4 218, % 34,638 54,629 Pittsburgh 6 208,525 25, % 37,757 34,754 Las Vegas 2 201, , % 28, ,714 Seattle/Puget Sound 6 192,028 67, % 38,651 32,005 San Diego 1 176, , % 22, ,000 Boston 3 173,847 2, % 46,216 57,949 Hampton Roads ,223 31, % 32,619 14,111 Denver 5 153, , % 30,261 30,613 Salt Lake City 5 151, , % 28,363 30,200 Bremerton/Silverdale 1 144,000 72, % 10, ,000 Richmond VA 1 140, , % 38, ,000 Indianapolis 1 126, , % 49, ,184 Raleigh/Durham 3 120,100 16, % 33,161 40,033 Long Island (New York) 6 119,480 6, % 26,971 19,913 Memphis 3 111, , % 71,492 37,234 Baton Rouge 1 100, , % 21, ,000 Charlotte 7 93,133 14, % 41,916 13,305 Boise City/Nampa 2 87,043 4, % 21,882 43,521 Rochester 2 83, % 51,920 41,750 Greenville/Spartanburg 1 77,089 77, % 43,440 77,089 Totals ,724,860 15,871, % 35,639 92,110 Source: CoStar Property 2010 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 15

21 NATIONAL THIRD QUARTER 2010 National Industrial Market INVENTORY & DEVELOPMENT Historical Construction Starts & Deliveries* Square Footage Per Quarter Starting and Completing Construction 80.0 Construction Starts 71.8 Deliveries Millions SF q q q q q q q q q 2010 Source: CoStar Property * Excludes markets - see Methodology page. Recent Deliveries by Project Size Breakdown of Year-to-Date Development Based on RBA of Project Building Size # Bldgs RBA SF Leased % Leased Avg Rate Single Tenant Multi-Tenant < 50,000 SF 265 3,910,394 1,985, % $ ,869 2,969,525 50,000 SF - 99,999 SF 39 2,594,531 1,649, % $5.63 1,239,758 1,354, ,000 SF - 249,999 SF 26 3,522,735 2,549, % $5.22 1,794,055 1,728, ,000 SF - 499,999 SF 9 3,357,417 3,357, % $0.00 2,642, ,000 >= 500,000 SF 14 9,814,714 8,552, % $4.56 6,015,297 3,799,417 Source: CoStar Property Recent Deliveries Leased & Un-Leased SF in Deliveries Last 5 Years Future Deliveries Preleased & Un-Leased SF in Properties Scheduled to Deliver Leased Un-Leased 9.0 Preleased Un-Leased Millions SF Millions SF q q THE COSTAR INDUSTRIAL REPORT 2010 COSTAR GROUP, INC.

22 National Industrial Market INVENTORY & DEVELOPMENT THIRD QUARTER 2010 NATIONAL Growth in Inventory Last 5 Years - Select Regions Based on Percentage Growth in Inventory From Third Quarter 2005 Through Third Quarter 2010 Including Current Under Construction Square Footage 3rd Qtr rd Qtr 2005 Increase in Inventory Rank Region # Bldgs Existing RBA U/C RBA Total RBA # Bldgs Total RBA # Bldgs Total RBA % 1 Savannah ,247, ,247, ,397, ,850,093 43% 2 Bremerton/Silverdale 171 1,836, ,000 1,980, ,669, ,782 19% 3 Inland Empire (California) 12, ,208,596 3,108, ,317,253 11, ,124, ,192,952 15% 4 Las Vegas 3, ,053, , ,254,447 3,450 98,058, ,195,454 12% 5 Stockton/Modesto 2, ,842, ,842,761 1,985 93,134, ,708,200 11% 6 Phoenix 9, ,299, , ,679,813 9, ,528, ,151,175 11% 7 McAllen/Edinburg/Pharr ,677, ,677, ,601, ,075,566 10% 8 Olympia 261 7,803, ,803, ,110, ,152 10% 9 Port St Lucie/Fort Pierce 1,209 19,649, ,649,112 1,148 17,905, ,743,122 10% 10 Huntsville ,060, ,060, ,102, ,652 9% 11 Austin 2,954 84,491,530 19,285 84,510,815 2,831 77,876, ,633,861 9% 12 Visalia/Porterville ,259,020 4,856 24,263, ,433, ,830,390 8% 13 Bakersfield 1,101 25,798,498 46,170 25,844,668 1,029 23,902, ,942,390 8% 14 Southwest Florida 3,460 45,997,169 5,000 46,002,169 3,294 42,566, ,435,453 8% 15 Killeen/Temple/Fort Hood 128 3,305, ,305, ,065, ,446 8% 2010 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 17

23 NATIONAL THIRD QUARTER 2010 National Industrial Market INVENTORY & DEVELOPMENT 18 THE COSTAR INDUSTRIAL REPORT 2010 COSTAR GROUP, INC.

24 National Industrial Market INVENTORY & DEVELOPMENT THIRD QUARTER 2010 NATIONAL 2010 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 19

25 NATIONAL THIRD QUARTER 2010 National Industrial Market FIGURES AT A GLANCE Flex Market Statistics Third Quarter 2010 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Albany/Schenect ,210, , , % (100,163) 0 0 $10.87 Albuquerque 134 3,472, , , % (50,433) 0 0 $12.13 Anchorage 135 2,570,575 79,518 81, % (37,918) 0 0 $15.92 Asheville 213 3,341, , , % (57,630) 0 0 $6.12 Atlanta 3,405 61,637,379 9,165,564 9,486, % (293,081) 0 0 $8.14 Augusta/Richmo 289 2,253, , , % (1,258) 0 0 $6.38 Austin ,485,557 4,047,953 4,047, % (149,922) 11,250 15,000 $9.02 Bakersfield 205 2,444, , , % (17,794) 0 0 $8.48 Baltimore 1,259 46,945,529 5,437,865 5,605, % (309,365) 154, ,360 $9.95 Baton Rouge 119 1,985, , , % (46,249) 0 0 $7.96 Beaumont/Port A 164 1,524,451 13,844 13, % 11, $6.01 Birmingham ,690, , , % 111,203 9,100 0 $7.15 Boise City/Namp 231 3,842, , , % (26,082) 0 0 $8.91 Boston 2, ,255,554 17,861,522 18,752, % (331,814) 0 145,000 $8.93 Bremerton/Silver ,263 6,781 6, % (2,097) 0 0 $13.75 Broward County 1,122 19,730,803 2,114,508 2,262, % 278, $11.22 Brownsville/Harl 6 150,656 17,100 17, % $0.00 Buffalo/Niagara 133 5,949,450 1,098,395 1,098, % (28,987) 0 0 $9.16 Charleston WV ,831 93,120 93, % 9, $7.28 Charleston/N Ch 328 4,462, , , % (3,090) 6,000 0 $10.48 Charlotte 1,085 28,764,267 4,135,776 4,241, % (215,888) 0 15,000 $8.51 Chattanooga 205 3,963, , , % (25,316) 0 0 $6.53 Chicago 2,121 70,737,576 8,939,539 9,296, % 103,045 27,000 0 $9.95 Cincinnati 261 6,775, , , % (37,757) 0 0 $7.96 Cleveland ,721,271 3,247,798 3,286, % 310, ,000 $8.23 Colorado Springs 234 5,721, , , % 21, $7.27 Columbia 581 5,874, , , % 15, $8.75 Columbus 313 9,872,521 1,431,378 1,482, % 90,803 9,000 0 $8.14 Columbus GA 223 3,682, , , % (20,642) 0 0 $4.93 Corpus Christi ,446 60,756 73, % 10,099 24,044 0 $7.92 Dallas/Ft Worth 6, ,043,718 16,436,137 17,046, % (836,838) 106,148 29,738 $7.29 Davenport/Molin ,525 17,690 17, % $7.33 Dayton 185 2,920, , , % 52,196 72,000 0 $9.12 Deltona/Dayton 104 1,510, , , % 13, $8.48 Denver 1,621 44,796,269 6,459,700 6,634, % 337,753 45,382 52,282 $9.20 Des Moines 206 7,985, , , % (15,223) 0 0 $6.11 Detroit 1,259 44,310,676 8,804,664 9,094, % 107,716 21,000 0 $8.62 Duluth ,032 24,604 24, % 2, $12.97 East Bay/Oaklan 1,603 57,485,268 10,062,200 10,406, % 325,155 41, ,200 $11.39 El Paso 341 5,875, , , % 53, $8.43 Erie 4 127, % $7.70 Evansville 65 3,487, , , % (8,396) 0 0 $6.10 Fayetteville , , , % 10, ,310 $10.68 Fayetteville/Sprin 163 2,016, , , % 8, $8.34 Fort Smith ,957 16,886 16, % $4.00 Fort Wayne 137 3,495, , , % (9,481) 0 0 $7.31 Fresno 104 1,840, , , % 37, $8.75 Source: CoStar Property 20 THE COSTAR INDUSTRIAL REPORT 2010 COSTAR GROUP, INC.

26 National Industrial Market FIGURES AT A GLANCE THIRD QUARTER 2010 NATIONAL Flex Market Statistics Third Quarter 2010 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Green Bay 279 8,605, , , % 18, $7.07 Greensboro/Win 383 6,497,128 1,269,361 1,270, % (32,070) 0 0 $6.90 Greenville/Sparta 584 8,953,003 1,810,622 1,819, % (97,362) 0 0 $6.99 Hampton Roads ,562,812 1,882,828 1,977, % (130,228) 21,143 68,700 $9.31 Hartford 1,133 25,738,299 2,534,771 2,698, % 119, ,000 0 $7.34 Hawaii 76 1,651, , , % 52, $15.97 Houston 1,675 44,608,384 5,039,111 5,140, % 604, ,560 0 $8.40 Huntington/Ash 120 1,224,700 13,300 13, % (13,300) 0 0 $0.00 Huntsville 53 2,152, , , % (81,016) 0 0 $6.76 Indianapolis ,523,491 2,400,659 2,422, % 124,026 25,920 0 $9.04 Inland Empire (C ,070,422 2,883,804 3,055, % 87, $10.02 Jackson 108 1,564, , , % (10,242) 0 0 $8.12 Jacksonville (Flor 317 7,450, , , % 149,859 16,000 0 $9.13 Kansas City ,693,002 1,545,597 1,560, % (82,108) 0 0 $8.11 Killeen/Temple/F ,510 5,600 5, % (5,600) 0 0 $8.08 Kingsport/Bristol ,586 37,791 37, % 44, $6.86 Knoxville 803 9,680, , , % (29,056) 0 0 $7.13 Lafayette 6 353,281 3,806 3, % 2, $6.76 Las Vegas ,801,597 3,892,120 3,921, % (200,244) 0 0 $10.36 Lexington/Fayet 135 2,689, , , % (47,643) 0 0 $7.23 Lincoln 193 2,041,286 94,184 94, % 7, $6.27 Little Rock/N Litt 581 9,128, , , % (60,615) 0 0 $7.19 Long Island (New ,703,481 1,833,719 1,931, % 18, ,000 $14.87 Los Angeles 2,976 71,401,634 4,958,490 5,309, % (715,514) 29,168 0 $14.53 Louisville 452 9,705,146 1,179,127 1,208, % (107,229) 21,149 0 $7.34 Lubbock ,605 14,484 14, % 7, $5.67 Madison 215 6,742, , , % (98,878) 0 0 $8.54 Marin/Sonoma 447 8,838,945 1,485,635 1,495, % 164, $14.17 McAllen/Edinbur 9 352,178 81,396 81, % 105, $11.23 Memphis 411 8,653,125 1,785,667 1,824, % 56, $7.19 Miami-Dade Cou ,968,907 1,736,912 1,751, % 240, ,500 $11.61 Milwaukee 1,256 42,922,410 1,926,953 1,929, % (119,417) 0 5,200 $7.18 Minneapolis 1,955 74,545,374 7,053,536 7,140, % 709, ,242 $7.99 Mobile 205 2,337, , , % 10, $5.28 Montgomery 129 1,941, , , % (80,870) 0 0 $6.23 Myrtle Beach/Co 186 1,994, , , % 54,842 5,000 0 $7.64 Nashville ,594,920 1,814,579 1,955, % (94,500) 0 0 $8.66 New Orleans/M 119 1,830, , , % (63,052) 16,456 0 $9.11 Northern New Je 1,276 48,383,399 5,715,504 6,207, % 397, ,200 $11.37 Ocala , , , % (59,380) 0 0 $10.67 Oklahoma City 276 6,781,447 1,326,961 1,326, % 130,966 18,000 0 $6.81 Olympia ,839 8,577 8, % 11, $13.41 Omaha/Council 305 6,976, , , % 96, $6.39 Orange (Californ 3,160 71,163,142 5,925,351 6,218, % (173,718) 0 0 $11.60 Orlando 1,495 30,174,458 4,727,361 4,844, % 394, $8.93 Palm Beach Cou ,779,400 1,617,428 1,690, % 181, ,000 $10.56 Pensacola 133 1,322, , , % (83,359) 8,430 0 $7.76 Source: CoStar Property 2010 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 21

27 NATIONAL THIRD QUARTER 2010 National Industrial Market FIGURES AT A GLANCE Flex Market Statistics Third Quarter 2010 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Peoria 83 1,115,241 37,080 37, % (1,906) 0 0 $8.25 Philadelphia 3,309 90,102,029 11,548,913 12,428, % (437,652) 90,520 75,800 $9.02 Phoenix 1,054 32,478,170 6,754,053 6,955, % 156, ,000 $11.61 Pittsburgh ,162,860 2,301,573 2,301, % 220,395 95, ,200 $10.86 Port St Lucie/For 157 2,930, , , % 56, $9.67 Portland ,129,524 2,481,189 2,569, % (259,373) 70,020 0 $10.50 Portland/South P 136 2,972, , , % 27, $7.79 Providence 142 3,673, , , % 192, $7.85 Raleigh/Durham 1,263 27,482,404 3,844,294 3,996, % 101,823 64,800 20,100 $8.85 Reno/Sparks 326 7,865, , , % (599) 0 0 $9.00 Richmond VA ,087,156 1,744,249 1,791, % (248,414) 8,738 0 $8.25 Roanoke 124 1,496, , , % 43, $8.03 Rochester ,143, , , % 54,015 13,200 51,000 $8.26 Sacramento 1,060 21,995,053 4,422,386 4,636, % (101,802) 0 0 $10.05 Salinas ,040 44,580 45, % (13,190) 0 0 $15.29 Salt Lake City 1,172 22,664,498 1,881,485 1,929, % 29,417 23,248 0 $7.44 San Antonio ,622,836 1,448,501 1,472, % 107, $8.90 San Diego 1,779 43,524,902 6,799,243 7,331, % (655,050) 0 0 $13.36 San Francisco ,065,367 2,311,287 2,545, % (182,340) 84,000 0 $17.31 San Luis Obispo/ ,724 28,437 32, % (13,312) 0 0 $9.05 Santa Barbara/St 148 3,505, , , % (18,263) 2,751 0 $12.87 Santa Cruz/Wats 76 1,934, , , % (22,433) 18,450 0 $13.27 Savannah ,608 53,205 53, % 31, $12.34 Seattle/Puget So 1,000 31,671,608 3,345,827 3,741, % 31,186 72,405 0 $15.33 Shreveport/Boss 243 2,302, , , % (18,157) 0 0 $9.35 South Bay/San Jo 2, ,750,458 16,622,866 18,286, % (602,865) 0 341,950 $12.78 South Bend/Mish 65 2,736, , , % (30,336) 0 0 $7.08 Southwest Florid 351 5,434,503 1,256,037 1,261, % (2,635) 14,784 0 $7.57 Spokane 254 3,896, , , % 33, $6.95 Springfield , , , % 10, $7.32 St. Louis ,270,614 1,826,458 1,837, % 70,462 40,000 0 $9.91 Stockton/Modes 106 3,238, , , % (59,907) 0 0 $10.03 Syracuse 565 7,640, , , % 43,751 42,921 0 $7.87 Tallahassee 100 1,912, , , % (23,209) 0 0 $8.14 Tampa/St Peters 1,432 29,196,020 4,380,722 4,690, % 29,114 5,875 0 $8.46 Toledo 388 6,790, , , % (44,286) 0 0 $5.97 Tucson 476 9,345,856 1,313,053 1,386, % (257,769) 0 0 $8.49 Tulsa 443 7,918, , , % (15,717) 13,600 0 $6.54 Utica/Rome 170 2,424, , , % (36,622) 8,327 0 $9.04 Visalia/Porterville ,453 13,960 13, % 3,800 17,760 0 $5.98 Washington 1,621 67,298,189 9,729,861 10,432, % 476, , ,730 $12.00 West Michigan ,862,957 1,245,787 1,275, % (26,372) 0 0 $7.85 Westchester/So ,019,561 3,859,248 3,884, % (770,841) 75,000 0 $11.30 Wichita 36 1,077, , , % 1, ,250 $8.41 Wilmington 434 5,396, , , % 21,217 70,365 0 $7.99 Yakima ,477 4,731 4, % $11.00 Youngstown/Wa 39 1,076,105 69,900 69, % (21,400) 0 0 $5.58 Totals 84,736 2,223,911, ,397, ,362, % (1,433,338) 2,014,048 2,532,762 $10.06 Source: CoStar Property 22 THE COSTAR INDUSTRIAL REPORT 2010 COSTAR GROUP, INC.

28 National Industrial Market FIGURES AT A GLANCE THIRD QUARTER 2010 NATIONAL Warehouse Market Statistics Third Quarter 2010 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Albany/Schenect 1,820 75,611,231 5,703,414 5,703, % 842, ,000 1,499,695 $4.88 Albuquerque 2,141 45,127,459 3,413,144 3,666, % (995,218) 0 0 $6.36 Anchorage ,189, , , % (56,245) 0 16,000 $11.45 Asheville ,111,580 2,200,425 2,316, % (608,321) 53,500 0 $3.69 Atlanta 10, ,710,366 78,357,926 80,541, % (5,799,504) 1,198,750 9,763 $3.56 Augusta/Richmo ,529,992 4,815,102 4,823, % 264,777 18,000 0 $2.48 Austin 2,475 64,005,973 7,323,099 7,498, % (2,183) 21,250 4,285 $5.93 Bakersfield ,353,749 2,512,664 2,534, % (322,078) 5,000 46,170 $4.78 Baltimore 2, ,285,349 18,317,720 19,006, % 1,707,167 35, ,000 $4.67 Baton Rouge ,825,843 2,530,919 2,574, % 93, ,000 $4.76 Beaumont/Port A 329 6,902, , , % 37, $4.43 Birmingham 2, ,480,963 10,132,857 10,264, % 49,661 18,000 0 $3.19 Boise City/Namp 1,590 36,004,361 2,292,419 2,324, % 639,429 66,600 87,043 $5.20 Boston 7, ,701,188 36,652,429 38,655, % (640,199) 163,169 28,847 $5.31 Bremerton/Silver 118 1,352, , , % (6,097) 0 144,000 $6.65 Broward County 5, ,335,011 10,276,147 10,879, % 579,159 75,121 17,565 $7.37 Brownsville/Harl 212 8,503, , , % (29,204) 0 0 $3.51 Buffalo/Niagara 1,129 49,956,978 3,511,145 3,605, % (193,845) 17,522 0 $3.94 Charleston WV ,587, , , % (39,120) 0 0 $5.12 Charleston/N Ch ,267,289 2,901,126 3,234, % 79, $4.29 Charlotte 5, ,611,576 33,107,505 34,566, % (2,439,467) 146,281 78,133 $3.39 Chattanooga ,972,008 6,823,773 7,104, % (541,622) 59,311 0 $2.95 Chicago 18,918 1,069,150, ,215, ,116, % 1,894,831 1,720, ,000 $4.63 Cincinnati 6, ,334,985 25,281,312 26,256, % 2,010,424 40, ,278 $3.29 Cleveland 9, ,800,851 36,325,761 37,147, % (3,301,440) 25,919 13,231 $3.45 Colorado Springs 1,486 27,169,573 3,423,851 3,550, % 95,901 11,628 0 $5.84 Columbia ,304,048 3,845,753 4,198, % 192, $3.65 Columbus 4, ,947,903 26,410,365 27,134, % 2,173,324 97,000 12,000 $3.04 Columbus GA ,609,933 2,296,270 2,444, % (12,043) 0 0 $2.83 Corpus Christi 1,250 17,350, , , % 159, ,800 $5.42 Dallas/Ft Worth 11, ,320,294 70,108,452 73,118, % 113,225 1,060, ,948 $3.78 Davenport/Molin 254 8,370, , , % (42,894) 0 0 $3.74 Dayton 3, ,657,453 14,919,051 14,927, % 520,908 45,000 1,557,239 $3.28 Deltona/Dayton 1,243 17,496,563 1,547,867 1,605, % (144,531) 0 0 $5.01 Denver 7, ,943,615 14,714,140 15,380, % 2,489, , ,781 $4.88 Des Moines 1,146 42,381,814 2,597,106 2,805, % (9,870) 39,000 20,000 $3.80 Detroit 14, ,991,041 66,043,226 68,949, % (252,762) 39, ,633 $4.12 Duluth 356 9,678, , , % 63, $5.10 East Bay/Oaklan 7, ,059,380 21,937,425 23,190, % (5,589,907) 3, ,000 $6.07 El Paso 1,469 53,890,371 7,389,980 8,644, % (2,016,300) 42,492 0 $3.74 Erie 113 5,310, , , % 94, $2.33 Evansville ,892,404 3,410,877 3,420, % (607,258) 0 0 $2.86 Fayetteville ,999,036 1,833,005 1,877, % (53,182) 0 0 $2.98 Fayetteville/Sprin ,030,634 2,166,957 2,199, % (240,804) 14,375 0 $3.64 Fort Smith ,836,617 1,850,813 1,850, % (163,407) 0 0 $2.56 Fort Wayne ,819,210 4,763,477 5,090, % (341,804) 0 0 $3.13 Fresno 3,309 93,094,959 8,715,428 8,825, % 440,006 33,872 14,052 $3.35 Source: CoStar Property 2010 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 23

29 NATIONAL THIRD QUARTER 2010 National Industrial Market FIGURES AT A GLANCE Warehouse Market Statistics Third Quarter 2010 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Green Bay 1,322 51,963,268 2,356,325 2,532, % (254,552) 0 44,344 $3.51 Greensboro/Win 5, ,179,139 23,729,954 23,945, % 1,500,966 9, ,000 $2.93 Greenville/Sparta 3, ,247,304 16,159,163 16,724, % 482,659 23,728 77,089 $2.79 Hampton Roads 2,487 91,600,497 8,883,608 9,364, % 164,161 67,925 86,523 $4.77 Hartford 4, ,005,969 18,384,755 18,812, % (5,037) 245, ,000 $4.20 Hawaii 2,082 45,209,194 1,928,304 2,032, % (41,141) 81,022 27,737 $11.20 Houston 12, ,357,842 25,693,937 26,374, % 3,964,505 1,785, ,518 $4.81 Huntington/Ash ,554, , , % (204,631) 50,000 60,000 $3.66 Huntsville 228 8,907,716 1,744,426 1,765, % 631, $5.20 Indianapolis 4, ,636,623 24,618,743 25,330, % (1,249,301) 340, ,184 $3.99 Inland Empire (C 11, ,138,174 50,257,056 51,986, % 5,549, ,868 3,108,657 $4.64 Jackson ,727,479 2,312,367 2,507, % 352, $3.33 Jacksonville (Flor 3, ,622,119 12,385,119 12,652, % (536,610) 254, ,000 $3.82 Kansas City 5, ,579,662 16,691,183 17,248, % (1,712,065) 16,350 50,000 $3.96 Killeen/Temple/F 116 3,115, , , % (203,276) 0 0 $3.09 Kingsport/Bristol ,413,811 1,723,082 1,723, % (17,543) 0 0 $4.36 Knoxville 1,418 45,796,270 4,019,618 4,223, % 1,413, ,884 40,000 $3.64 Lafayette 201 4,827, , , % (442,120) 60,335 0 $3.36 Las Vegas 2,921 91,251,422 12,518,189 13,307, % (983,948) 0 201,428 $5.82 Lexington/Fayet 1,069 37,690,190 1,835,155 1,864, % (144,069) 11,694 0 $4.50 Lincoln ,059, , , % 436, ,971 36,059 $3.61 Little Rock/N Litt 1,420 50,637,903 4,011,436 4,018, % 468,400 85,400 56,000 $3.14 Long Island (New 11, ,484,255 14,252,207 14,660, % (1,154,601) 105,350 34,480 $9.63 Los Angeles 33, ,492,356 46,425,675 50,177, % (4,331,407) 255, ,731 $6.69 Louisville 3, ,602,815 18,038,343 19,447, % (1,983,496) 15,000 0 $3.40 Lubbock 2,016 31,815, ,408 1,027, % 234,554 6,997 0 $2.53 Madison 1,724 71,989,498 5,253,177 5,856, % (430,916) 0 0 $3.96 Marin/Sonoma 1,490 25,959,657 1,957,704 2,251, % 274,054 8,326 12,000 $8.56 McAllen/Edinbur ,324,846 1,655,453 1,667, % 231, $4.08 Memphis 2, ,960,143 25,661,446 27,446, % 678, , ,703 $2.57 Miami-Dade Cou 8, ,061,144 20,259,860 20,918, % 2,303, ,471 0 $6.80 Milwaukee 6, ,586,893 20,799,315 21,071, % (484,293) 65, ,000 $4.09 Minneapolis 6, ,092,523 15,965,454 16,353, % 814,606 27,000 25,224 $5.30 Mobile ,570,842 2,671,042 2,671, % (217,808) 0 0 $4.25 Montgomery ,776,988 4,275,458 4,533, % (456,827) 0 0 $2.75 Myrtle Beach/Co 184 3,389, , , % (18,707) 0 0 $4.33 Nashville 3, ,965,102 16,430,510 17,844, % (2,989,651) 735,000 6,734 $3.49 New Orleans/M 2,665 50,006,215 4,955,432 5,223, % (81,648) 234,960 0 $4.74 Northern New Je 14, ,493,928 70,124,924 72,675, % (593,820) 794, ,100 $5.34 Ocala ,793,532 1,807,572 1,807, % 115, $4.09 Oklahoma City 4,898 91,730,384 6,849,873 6,884, % (168,280) 60,800 18,000 $3.51 Olympia 240 7,483, , , % (78,566) 0 0 $4.84 Omaha/Council 1,756 52,992,328 2,696,127 2,773, % 188,170 62,661 59,217 $4.73 Orange (Californ 9, ,219,182 14,007,614 14,763, % (708,177) 134, ,000 $6.97 Orlando 5, ,245,746 17,418,852 18,133, % 554,155 3,000 53,549 $4.84 Palm Beach Cou 2,592 49,799,077 5,048,250 5,371, % 380, ,000 $7.61 Pensacola ,691,908 1,866,648 1,927, % (166,141) 0 0 $4.62 Source: CoStar Property 24 THE COSTAR INDUSTRIAL REPORT 2010 COSTAR GROUP, INC.

30 National Industrial Market FIGURES AT A GLANCE THIRD QUARTER 2010 NATIONAL Warehouse Market Statistics Third Quarter 2010 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Peoria ,615, , , % 112, $3.59 Philadelphia 14, ,169,823 83,211,488 86,264, % 5,514,288 1,377,872 1,645,562 $4.15 Phoenix 8, ,821,582 37,655,135 39,287, % 3,018,441 1,372, ,061 $5.70 Pittsburgh 3, ,698,676 10,714,451 10,869, % 1,066,980 9,900 76,325 $4.31 Port St Lucie/For 1,052 16,718,464 2,483,459 2,518, % (76,743) 0 0 $6.41 Portland 4, ,273,228 13,536,860 14,032, % 487, ,723 0 $5.52 Portland/South P ,985,774 1,906,650 1,983, % (82,202) 0 0 $4.22 Providence 2,088 69,594,373 5,609,462 5,627, % 674, ,172 0 $4.95 Raleigh/Durham 1,699 70,740,208 8,419,410 8,802, % (175,349) 19, ,000 $4.06 Reno/Sparks 1,104 55,333,619 5,843,931 6,695, % 243, $5.08 Richmond VA 2, ,414,996 11,944,828 12,430, % (1,096,105) 16, ,000 $3.43 Roanoke ,266,049 3,220,698 3,308, % 113, $2.96 Rochester 1,401 68,954,727 7,386,051 7,387, % (924,239) 0 32,500 $3.89 Sacramento 5, ,421,361 21,394,297 22,838, % (1,582,421) 31, ,660 $4.62 Salinas ,216,547 1,624,276 1,729, % 418, $5.24 Salt Lake City 5, ,462,741 9,026,689 9,198, % (109,607) 28, ,000 $4.26 San Antonio 3,174 88,843,316 8,315,172 8,415, % 639, , ,335 $4.81 San Diego 6, ,711,633 13,572,498 14,210, % 315, , ,000 $8.44 San Francisco 4,151 78,076,754 4,423,993 4,524, % (178,707) 0 0 $9.35 San Luis Obispo/ 363 5,623, , , % 73, ,600 $7.57 Santa Barbara/St 1,023 10,260, , , % 97, $8.83 Santa Cruz/Wats 436 7,531, , , % (42,185) 0 0 $9.68 Savannah ,432,790 9,156,594 9,969, % 628, $5.51 Seattle/Puget So 6, ,814,846 19,240,614 21,028, % (513,619) 476, ,028 $5.85 Shreveport/Boss ,114,495 4,171,940 4,199, % (671,942) 21,000 0 $3.00 South Bay/San Jo 3, ,665,967 7,359,857 7,794, % 180, $7.68 South Bend/Mish ,417,588 1,641,966 1,651, % (57,086) 0 0 $2.79 Southwest Florid 3,109 40,562,666 5,403,637 5,499, % 1,272 68,323 5,000 $5.61 Spokane 1,701 37,774,032 1,964,293 2,002, % 61,379 6,000 18,000 $5.13 Springfield ,493,378 1,697,674 1,726, % 118,314 5,950 24,000 $4.13 St. Louis 5, ,820,113 19,752,869 20,065, % 1,541,735 50,000 74,365 $3.95 Stockton/Modes 2, ,603,865 16,288,907 17,097, % 1,124, ,970 0 $3.88 Syracuse ,473,134 5,872,864 5,883, % (977,235) 0 0 $3.58 Tallahassee ,562,859 1,412,151 1,474, % 14,542 30,000 0 $4.09 Tampa/St Peters 10, ,981,623 24,850,265 26,043, % (200,326) 38,220 0 $4.82 Toledo 2, ,050,058 11,741,108 12,102, % (798,125) 630,112 0 $2.84 Tucson 1,953 28,818,243 2,627,666 2,764, % 217,699 5,824 14,400 $6.21 Tulsa 2,196 57,240,776 3,873,861 4,003, % 785,201 81,753 2,637 $3.75 Utica/Rome ,186,851 2,204,903 2,204, % (477,638) 0 0 $2.49 Visalia/Porterville ,011,567 1,678,487 1,853, % (35,762) 0 4,856 $3.78 Washington 3, ,439,360 14,766,930 15,877, % 407, , ,376 $7.68 West Michigan 7, ,103,776 25,118,622 25,458, % (1,276,353) 0 583,000 $3.09 Westchester/So 5, ,351,000 16,721,298 17,547, % (1,131,039) 48,000 34,290 $6.73 Wichita 1,630 38,674,148 3,186,435 3,254, % 70,254 6,000 0 $4.33 Wilmington ,344,427 2,422,357 2,471, % (653,066) 26,000 11,363 $3.45 Yakima ,347, , , % 10, $4.68 Youngstown/Wa 1,143 45,434,076 4,950,337 5,104, % (622,733) 0 0 $2.70 Totals 473,504 17,671,370,381 1,692,684,063 1,762,677, % (2,570,754) 20,830,105 18,192,098 $4.66 Source: CoStar Property 2010 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 25

31 NATIONAL THIRD QUARTER 2010 National Industrial Market FIGURES AT A GLANCE Total Industrial Market Statistics Third Quarter 2010 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Albany/Schenect 2,138 85,822,094 6,232,234 6,305, % 742, ,000 1,499,695 $5.23 Albuquerque 2,275 48,600,237 4,132,975 4,404, % (1,045,651) 0 0 $7.15 Anchorage ,760, , , % (94,163) 0 16,000 $12.01 Asheville ,452,772 2,485,800 2,616, % (665,951) 53,500 0 $3.94 Atlanta 13, ,347,745 87,523,490 90,027, % (6,092,585) 1,198,750 9,763 $3.94 Augusta/Richmo ,783,868 5,095,033 5,103, % 263,519 18,000 0 $2.63 Austin 2,954 84,491,530 11,371,052 11,546, % (152,105) 32,500 19,285 $6.70 Bakersfield 1,101 25,798,498 2,736,729 2,758, % (339,872) 5,000 46,170 $4.94 Baltimore 4, ,230,878 23,755,585 24,611, % 1,397, , ,360 $5.34 Baton Rouge ,810,961 3,053,081 3,096, % 47, ,000 $4.84 Beaumont/Port A 493 8,427, , , % 49, $4.49 Birmingham 3, ,171,864 10,819,526 10,960, % 160,864 27,100 0 $3.41 Boise City/Namp 1,821 39,847,257 2,688,693 2,720, % 613,347 66,600 87,043 $5.56 Boston 10, ,956,742 54,513,951 57,408, % (972,013) 163, ,847 $6.16 Bremerton/Silver 171 1,836, , , % (8,194) 0 144,000 $6.93 Broward County 6, ,065,814 12,390,655 13,142, % 857,798 75,121 17,565 $7.86 Brownsville/Harl 218 8,653, , , % (29,204) 0 0 $3.51 Buffalo/Niagara 1,262 55,906,428 4,609,540 4,703, % (222,832) 17,522 0 $4.25 Charleston WV ,085, , , % (29,895) 0 0 $5.25 Charleston/N Ch 1,126 29,729,372 3,350,796 3,690, % 76,426 6,000 0 $4.86 Charlotte 6, ,375,843 37,243,281 38,808, % (2,655,355) 146,281 93,133 $3.88 Chattanooga ,935,724 7,017,394 7,298, % (566,938) 59,311 0 $2.99 Chicago 21,039 1,139,888, ,155, ,412, % 1,997,876 1,747, ,000 $4.87 Cincinnati 6, ,110,176 26,085,818 27,072, % 1,972,667 40, ,278 $3.42 Cleveland 9, ,522,122 39,573,559 40,433, % (2,990,522) 25,919 27,231 $3.70 Colorado Springs 1,720 32,890,636 4,270,785 4,434, % 117,299 11,628 0 $6.11 Columbia 1,559 43,178,791 4,325,770 4,678, % 207, $3.98 Columbus 4, ,820,424 27,841,743 28,616, % 2,264, ,000 12,000 $3.21 Columbus GA ,292,682 2,479,092 2,627, % (32,685) 0 0 $2.95 Corpus Christi 1,295 18,135, , , % 169,887 24,044 16,800 $5.64 Dallas/Ft Worth 18, ,364,012 86,544,589 90,165, % (723,613) 1,166, ,686 $4.41 Davenport/Molin 278 8,791, , , % (42,894) 0 0 $3.83 Dayton 3, ,577,539 15,597,209 15,606, % 573, ,000 1,557,239 $3.48 Deltona/Dayton 1,347 19,006,897 1,847,128 1,904, % (131,197) 0 0 $5.26 Denver 9, ,739,884 21,173,840 22,015, % 2,827, , ,063 $5.94 Des Moines 1,352 50,367,321 3,117,478 3,327, % (25,093) 39,000 20,000 $4.09 Detroit 15, ,301,717 74,847,890 78,043, % (145,046) 60, ,633 $4.57 Duluth 376 9,971, , , % 65, $5.25 East Bay/Oaklan 8, ,544,648 31,999,625 33,596, % (5,264,752) 44, ,200 $7.49 El Paso 1,810 59,765,726 7,680,757 8,935, % (1,962,574) 42,492 0 $3.88 Erie 117 5,438, , , % 94, $2.34 Evansville ,379,448 3,555,310 3,564, % (615,654) 0 0 $2.94 Fayetteville ,906,332 1,944,995 1,989, % (42,513) 0 20,310 $3.18 Fayetteville/Sprin ,046,673 2,331,701 2,364, % (232,604) 14,375 0 $3.89 Fort Smith ,368,574 1,867,699 1,867, % (163,407) 0 0 $2.56 Fort Wayne ,314,479 4,879,239 5,206, % (351,285) 0 0 $3.19 Fresno 3,413 94,935,327 8,977,767 9,088, % 477,885 33,872 14,052 $3.47 Source: CoStar Property 26 THE COSTAR INDUSTRIAL REPORT 2010 COSTAR GROUP, INC.

32 National Industrial Market FIGURES AT A GLANCE THIRD QUARTER 2010 NATIONAL Total Industrial Market Statistics Third Quarter 2010 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Green Bay 1,601 60,568,521 2,587,453 2,763, % (236,393) 0 44,344 $3.62 Greensboro/Win 5, ,676,267 24,999,315 25,215, % 1,468,896 9, ,000 $3.05 Greenville/Sparta 3, ,200,307 17,969,785 18,543, % 385,297 23,728 77,089 $2.96 Hampton Roads 3, ,163,309 10,766,436 11,341, % 33,933 89, ,223 $5.41 Hartford 5, ,744,268 20,919,526 21,511, % 114, , ,000 $4.49 Hawaii 2,158 46,860,916 2,116,706 2,231, % 11,446 81,022 27,737 $11.51 Houston 14, ,966,226 30,733,048 31,515, % 4,568,544 2,025, ,518 $5.20 Huntington/Ash ,779, , , % (217,931) 50,000 60,000 $3.66 Huntsville ,060,304 1,968,197 1,989, % 550, $5.44 Indianapolis 5, ,160,114 27,019,402 27,753, % (1,125,275) 365, ,184 $4.28 Inland Empire (C 12, ,208,596 53,140,860 55,042, % 5,636, ,868 3,108,657 $4.82 Jackson ,291,670 2,552,151 2,746, % 341, $3.52 Jacksonville (Flor 3, ,072,908 13,335,872 13,643, % (386,751) 270, ,000 $4.10 Kansas City 5, ,272,664 18,236,780 18,809, % (1,794,173) 16,350 50,000 $4.20 Killeen/Temple/F 128 3,305, , , % (208,876) 0 0 $3.63 Kingsport/Bristol ,926,397 1,760,873 1,760, % 27, $4.54 Knoxville 2,221 55,476,845 4,586,526 4,790, % 1,384, ,884 40,000 $3.89 Lafayette 207 5,180, , , % (439,426) 60,335 0 $3.40 Las Vegas 3, ,053,019 16,410,309 17,229, % (1,184,192) 0 201,428 $6.45 Lexington/Fayet 1,204 40,379,832 2,044,411 2,082, % (191,712) 11,694 0 $4.63 Lincoln ,100, ,844 1,068, % 444, ,971 36,059 $3.70 Little Rock/N Litt 2,001 59,766,471 4,357,458 4,371, % 407,785 85,400 56,000 $3.33 Long Island (New 12, ,187,736 16,085,926 16,591, % (1,135,653) 105, ,480 $9.96 Los Angeles 36,491 1,050,893,990 51,384,165 55,487, % (5,046,921) 285, ,731 $7.09 Louisville 3, ,307,961 19,217,470 20,655, % (2,090,725) 36,149 0 $3.52 Lubbock 2,030 32,801, ,892 1,042, % 242,154 6,997 0 $2.56 Madison 1,939 78,731,843 5,917,086 6,527, % (529,794) 0 0 $4.17 Marin/Sonoma 1,937 34,798,602 3,443,339 3,747, % 438,073 8,326 12,000 $10.36 McAllen/Edinbur ,677,024 1,736,849 1,748, % 337, $4.38 Memphis 2, ,613,268 27,447,113 29,271, % 734, , ,703 $2.83 Miami-Dade Cou 9, ,030,051 21,996,772 22,669, % 2,544, ,471 61,500 $7.02 Milwaukee 7, ,509,303 22,726,268 23,000, % (603,710) 65, ,200 $4.23 Minneapolis 8, ,637,897 23,018,990 23,493, % 1,523,624 27,000 33,466 $5.82 Mobile ,908,344 2,921,411 2,923, % (206,983) 0 0 $4.32 Montgomery ,718,080 4,462,765 4,733, % (537,697) 0 0 $2.83 Myrtle Beach/Co 370 5,384, , , % 36,135 5,000 0 $4.99 Nashville 3, ,560,022 18,245,089 19,800, % (3,084,151) 735,000 6,734 $3.86 New Orleans/M 2,784 51,836,468 5,358,678 5,626, % (144,700) 251,416 0 $4.86 Northern New Je 16, ,877,327 75,840,428 78,882, % (196,511) 794, ,300 $5.68 Ocala ,332,968 1,946,952 1,946, % 56, $4.22 Oklahoma City 5,174 98,511,831 8,176,834 8,211, % (37,314) 78,800 18,000 $3.67 Olympia 261 7,803, , , % (67,566) 0 0 $4.94 Omaha/Council 2,061 59,969,204 3,288,908 3,366, % 284,427 62,661 59,217 $4.95 Orange (Californ 12, ,382,324 19,932,965 20,981, % (881,895) 134, ,000 $7.88 Orlando 6, ,420,204 22,146,213 22,977, % 948,283 3,000 53,549 $5.45 Palm Beach Cou 3,207 62,578,477 6,665,678 7,061, % 561, ,000 $8.16 Pensacola ,014,838 2,141,782 2,202, % (249,500) 8,430 0 $4.85 Source: CoStar Property 2010 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 27

33 NATIONAL THIRD QUARTER 2010 National Industrial Market FIGURES AT A GLANCE Total Industrial Market Statistics Third Quarter 2010 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Peoria ,730, , , % 111, $3.63 Philadelphia 17, ,271,852 94,760,401 98,693, % 5,076,636 1,468,392 1,721,362 $4.57 Phoenix 9, ,299,752 44,409,188 46,243, % 3,175,070 1,372, ,061 $6.39 Pittsburgh 4, ,861,536 13,016,024 13,170, % 1,287, , ,525 $5.10 Port St Lucie/For 1,209 19,649,112 2,951,330 2,992, % (20,668) 0 0 $6.76 Portland 5, ,402,752 16,018,049 16,601, % 228, ,743 0 $6.19 Portland/South P ,958,607 2,224,405 2,318, % (54,270) 0 0 $4.55 Providence 2,230 73,267,422 6,012,675 6,030, % 866, ,172 0 $5.06 Raleigh/Durham 2,962 98,222,612 12,263,704 12,799, % (73,526) 84, ,100 $5.26 Reno/Sparks 1,430 63,199,066 6,757,730 7,630, % 243, $5.39 Richmond VA 2, ,502,152 13,689,077 14,222, % (1,344,519) 24, ,000 $3.96 Roanoke ,762,396 3,354,882 3,442, % 156, $3.09 Rochester 1,562 81,098,373 8,212,584 8,235, % (870,224) 13,200 83,500 $4.13 Sacramento 6, ,416,414 25,816,683 27,474, % (1,684,223) 31, ,660 $5.29 Salinas ,792,587 1,668,856 1,774, % 405, $5.45 Salt Lake City 7, ,127,239 10,908,174 11,127, % (80,190) 51, ,000 $4.60 San Antonio 3, ,466,152 9,763,673 9,887, % 747, , ,335 $5.31 San Diego 8, ,236,535 20,371,741 21,541, % (339,173) 257, ,000 $9.86 San Francisco 4, ,142,121 6,735,280 7,069, % (361,047) 84,000 0 $11.36 San Luis Obispo/ 386 6,001, , , % 60, ,600 $7.59 Santa Barbara/St 1,171 13,766, ,930 1,036, % 79,325 2,751 0 $9.57 Santa Cruz/Wats 512 9,465, , , % (64,618) 18,450 0 $10.59 Savannah ,247,398 9,209,799 10,022, % 660, $5.57 Seattle/Puget So 7, ,486,454 22,586,441 24,770, % (482,433) 548, ,028 $7.07 Shreveport/Boss ,416,696 4,288,850 4,316, % (690,099) 21,000 0 $3.03 South Bay/San Jo 6, ,416,425 23,982,723 26,080, % (421,960) 0 341,950 $11.10 South Bend/Mish ,154,584 1,889,674 1,899, % (87,422) 0 0 $2.91 Southwest Florid 3,460 45,997,169 6,659,674 6,760, % (1,363) 83,107 5,000 $5.89 Spokane 1,955 41,670,184 2,175,063 2,213, % 94,619 6,000 18,000 $5.25 Springfield ,226,343 1,807,095 1,835, % 128,491 5,950 24,000 $4.22 St. Louis 5, ,090,727 21,579,327 21,903, % 1,612,197 90,000 74,365 $4.19 Stockton/Modes 2, ,842,761 16,599,758 17,412, % 1,064, ,970 0 $3.93 Syracuse 1,417 56,113,614 6,420,857 6,431, % (933,484) 42,921 0 $3.90 Tallahassee 1,044 15,475,573 1,532,593 1,595, % (8,667) 30,000 0 $4.37 Tampa/St Peters 11, ,177,643 29,230,987 30,734, % (171,212) 44,095 0 $5.24 Toledo 3, ,840,609 12,409,982 12,775, % (842,411) 630,112 0 $2.92 Tucson 2,429 38,164,099 3,940,719 4,150, % (40,070) 5,824 14,400 $6.68 Tulsa 2,639 65,159,667 4,484,283 4,614, % 769,484 95,353 2,637 $3.89 Utica/Rome ,611,849 2,356,052 2,356, % (514,260) 8,327 0 $2.93 Visalia/Porterville ,259,020 1,692,447 1,867, % (31,962) 17,760 4,856 $3.79 Washington 5, ,737,549 24,496,791 26,309, % 883, , ,106 $9.08 West Michigan 8, ,966,733 26,364,409 26,733, % (1,302,725) 0 583,000 $3.25 Westchester/So 5, ,370,561 20,580,546 21,432, % (1,901,880) 123,000 34,290 $7.28 Wichita 1,666 39,751,663 3,294,433 3,362, % 72,031 6,000 71,250 $4.41 Wilmington ,740,472 2,878,276 2,927, % (631,849) 96,365 11,363 $4.06 Yakima ,761, , , % 10, $4.72 Youngstown/Wa 1,182 46,510,181 5,020,237 5,173, % (644,133) 0 0 $2.73 Totals 558,240 19,895,281,795 1,970,081,821 2,052,040, % (4,004,092) 22,844,153 20,724,860 $5.22 Source: CoStar Property 28 THE COSTAR INDUSTRIAL REPORT 2010 COSTAR GROUP, INC.

34 National Industrial Market FIGURES AT A GLANCE THIRD QUARTER 2010 NATIONAL Flex Market Statistics* Third Quarter 2010 Existing Inventory Vacancy Net Deliveries UC Inventory Period # Blds Total RBA Direct SF Total SF Vac % Absorption # Blds Total RBA # Blds Total RBA Rates ,528 1,661,667, ,308, ,110, % 282, , ,308,060 $ q 58,522 1,661,478, ,600, ,204, % 2,210, , ,168,420 $ ,506 1,660,897, ,896, ,834, % (3,538,721) , ,226,322 $ q 58,484 1,660,201, ,929, ,599, % (1,395,686) 29 1,156, ,150,780 $ ,460 1,659,439, ,601, ,441, % (7,750,167) 42 1,351, ,737,236 $ q 58,421 1,658,223, ,524, ,475, % (6,602,220) 66 1,963, ,580,878 $ ,358 1,656,308, ,006, ,958, % (3,495,823) 107 3,720, ,413,092 $ q 58,259 1,652,904, ,899, ,058, % (264,462) 120 4,492, ,302,475 $ ,146 1,648,824, ,958, ,714, % (362,283) 106 3,643, ,733,889 $ q 58,041 1,645,350, ,259, ,877, % (476,694) 114 3,250, ,319,513 $ ,928 1,642,125, ,820, ,175, % 3,275, ,119, ,150,085 $ ,709 1,636,249, ,900, ,574, % 22,016, ,669, ,686,820 $ ,057 1,620,396, ,518, ,738, % 27,540, ,473, ,849,304 $ ,307 1,602,018, ,461, ,900, % 40,613, ,515, ,941,441 $ ,597 1,582,455, ,407, ,950, % 22,781, ,528, ,714,161 $ ,965 1,565,043, ,786, ,320, % (3,614,545) ,953, ,183,440 $10.17 Source: CoStar Property * Excludes markets - see Methodology page. Quoted Warehouse Market Statistics* Third Quarter 2010 Existing Inventory Vacancy Net Deliveries Period # Blds Total RBA Direct SF Total SF Vac % Absorption # Blds Total RBA # Blds Total RBA Rates ,180 12,761,624,048 1,224,348,898 1,277,108, % 7,363, ,600, ,332,026 $ q 326,132 12,757,137,338 1,225,311,921 1,279,984, % 7,232, ,921, ,010,133 $ ,102 12,755,183,948 1,228,243,485 1,285,263, % (12,713,628) 69 7,065, ,131,466 $ q 326,051 12,750,844,149 1,211,482,688 1,268,210, % (12,317,987) ,830, ,343,233 $ ,945 12,740,831,041 1,192,412,975 1,245,879, % (24,527,088) ,800, ,325,132 $ q 325,778 12,723,639,165 1,152,961,129 1,204,160, % (55,546,456) ,689, ,557,449 $ ,594 12,704,738,601 1,079,308,488 1,129,713, % (46,581,137) ,002, ,377,598 $ q 325,273 12,677,804,456 1,008,574,908 1,056,197, % (17,129,753) ,226, ,109,735 $ ,906 12,637,913, ,795, ,177, % 44,003, ,946, ,185,573 $ q 324,453 12,600,695, ,163,694 1,005,962, % (38,124,491) ,848,900 1, ,290,773 $ ,930 12,551,184, ,887, ,326, % 66,320, ,981,890 1, ,357,365 $ ,242 12,507,737, ,885, ,200, % 179,888,832 2, ,078,713 1, ,050,060 $ ,637 12,339,373, ,373, ,722, % 205,672,055 3, ,385,162 2, ,834,434 $ ,810 12,156,357, ,958, ,378, % 178,697,584 2, ,708,243 2, ,991,250 $ ,105 12,013,613, ,875,850 1,011,331, % 143,936,046 2, ,899,070 2, ,837,368 $ ,671 11,892,493, ,328,760 1,034,147, % 68,288,706 2, ,862,234 1, ,306,254 $4.73 Source: CoStar Property * Excludes markets - see Methodology page. UC Inventory Quoted Total Industrial Market Statistics* Third Quarter 2010 Existing Inventory Vacancy Net Deliveries UC Inventory Period # Blds Total RBA Direct SF Total SF Vac % Absorption # Blds Total RBA # Blds Total RBA Rates ,708 14,423,291,502 1,444,657,832 1,508,218, % 7,646, ,789, ,640,086 $ q 384,654 14,418,616,242 1,444,912,129 1,511,189, % 9,442, ,502, ,178,553 $ ,608 14,416,081,318 1,449,140,210 1,518,097, % (16,252,349) 91 7,761, ,357,788 $ q 384,535 14,411,046,041 1,427,412,408 1,496,809, % (13,713,673) ,987, ,494,013 $ ,405 14,400,270,336 1,406,014,390 1,472,320, % (32,277,255) ,151, ,062,368 $ q 384,199 14,381,862,899 1,358,485,992 1,421,635, % (62,148,676) ,653, ,138,327 $ ,952 14,361,047,434 1,276,315,169 1,338,671, % (50,076,960) ,722, ,790,690 $ q 383,532 14,330,708,701 1,199,474,635 1,258,256, % (17,394,215) ,718, ,412,210 $ ,052 14,286,738,541 1,141,753,961 1,196,891, % 43,640, ,590,609 1, ,919,462 $ q 382,494 14,246,046,184 1,147,423,222 1,199,840, % (38,601,185) ,099,349 1, ,610,286 $ ,858 14,193,309,775 1,060,707,765 1,108,502, % 69,595, ,101,009 1, ,507,450 $ ,951 14,143,987,077 1,083,786,006 1,128,775, % 201,905,035 3, ,747,865 1, ,736,880 $ ,694 13,959,770,562 1,097,892,331 1,146,461, % 233,212,144 3, ,858,437 2, ,683,738 $ ,117 13,758,376,452 1,125,419,971 1,178,279, % 219,310,812 3, ,223,325 2, ,932,691 $ ,702 13,596,068,847 1,168,283,520 1,235,282, % 166,718,030 3, ,427,890 2, ,551,529 $ ,636 13,457,536,580 1,182,115,239 1,263,468, % 64,674,161 2, ,815,808 2, ,489,694 $5.74 Source: CoStar Property * Excludes markets - see Methodology page. Quoted 2010 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 29

35 NATIONAL THIRD QUARTER 2010 National Industrial Market LEASING ACTIVITY Historical Rental Rates* $14.00 Flex Warehouse Total Market $12.00 $10.00 Dollars/SF/Year $8.00 $6.00 $4.00 $2.00 $ q q q q q q q q q q q q q q q q q q q q 2010 Source: CoStar Property *Excludes markets - see Methodology page. Vacancy by Available Space Type Percent of All Vacant Space in Direct vs. Sublet 4% Direct Sublet Vacancy by Building Type Percent of All Vacant Space by Building Type Flex Warehouse 14% Source: CoStar Property 96% Source: CoStar Property 86% Future Space Available Space Scheduled to be Available for Occupancy in the Future* q q q 2012 * includes Under Construction Spaces Source: CoStar Property 30 THE COSTAR INDUSTRIAL REPORT 2010 COSTAR GROUP, INC.

36 National Industrial Market LEASING ACTIVITY THIRD QUARTER 2010 NATIONAL Select Top Industrial Leases Based on Leased Square Footage For Deals Signed in 2010 Building Market SF Qtr Tenant Name Tenant Rep Company Landlord Rep Company W Mohave St Phoenix 1,207,021 3rd Amazon.com, Inc. C&W Commerce Jones Lang LaSalle 2 Olive Branch Distribution Center #2 Memphis 1,170,218 3rd Hamilton Beach Brands, Inc. Wilkinson and Snowden, Inc. ProLogis N Haggerty Rd Detroit 1,074,888 3rd WF Whelan Direct Deal Colliers International Northridge Park Dr Greensboro/Winston-Salem 930,300 1st Hanes Printable Distribution Center N/A Capital Solutions, Inc Station Rd* Northern New Jersey 928,000 3rd Volkswagen of America, Inc. N/A N/A Igloo Rd Houston 914,195 2nd Igloo Products Corp. N/A N/A Harrell St Inland Empire (California) 886,055 2nd Restoration Hardware N/A CB Richard Ellis 8 Liberty Distribution Center - Bldg 300 Atlanta 851,349 3rd Phillips Van Heusen Corporation Cushman & Wakefield of Georgia, Inc Resource Real Estate Partners 9 Lebanon Business Park - Bldg 12* Indianapolis 842,000 2nd CNH Global N.V. Summit Realty Group Duke Realty Corporation Airtech Pky Indianapolis 813,054 1st NICE-PAK Products, Inc. Halakar Properties, Inc. Summit Realty Group 11 Reckitt Benckiser* Philadelphia 812,000 2nd Reckitt Benckiser (North America) Inc. Newmark Knight Frank New York Life Insurance Company E Beamer St & 221 Hanson Way* Sacramento 800,000 2nd Hewlett Packard Cushman & Wakefield Cornish & Carey Commercial NKF S Vintage Ave Inland Empire (California) 766,235 3rd Toyo Tire U.S.A. Corp. The Everest Group, Inc. CB Richard Ellis 14 CA Commer Ctr IV Bldg 5* Inland Empire (California) 725,000 2nd Target Distribution N/A Majestic Realty Co. 15 Wineville Center Pointe - Phase I* Inland Empire (California) 650,451 2nd Walmart Distribution Center N/A N/A 16 Duke Intermodal I Dallas/Ft Worth 626,100 2nd American Standard CB Richard Ellis Duke Realty LP Boulder Dr Philadelphia 615,000 1st Amazon.com Cushman & Wakefield, Inc. Jones Lang LaSalle-Harrisburg Etiwanda Ave Inland Empire (California) 611,968 3rd Allied West Paper Corp. N/A CB Richard Ellis 19 Ollie s Bargain Outlet Distribution Center Philadelphia 603,000 1st Ollie s Bargain Outlet Distribution Center N/A N/A 20 United Stationers Supply* Atlanta 600,000 3rd United Stationers, Inc. Jones Lang LaSalle Direct Deal Pilot Dr Memphis 600,000 3rd BP N/A Colliers Management Services, LLC 22 Key Logistics Park - Building 1 Philadelphia 600,000 1st Office Depot N/A CB Richard Ellis 23 Hebron Bldg 2 Cincinnati 598,000 2nd HK Systems Inc CB Richard Ellis Duke Realty Corporation 24 Alliance Gateway Bldg 60 Dallas/Ft Worth 596,000 1st Lego Systems Inc Cushman & Wakefield of Texas, Inc. Hillwood Properties Corporate Woods Dr* St. Louis 556,287 2nd Erx Logistics Whirlpool Jones Lang LaSalle Block Hawley Commercial Real Estate 26 Butterfield East 550* Chicago 549,588 3rd Midwest Warehouse HSA Commercial Real Estate Duke Realty Corporation 27 Etna Dist Ctr #3 Columbus 523,965 1st Coty Inc Ruscilli Real Estate Services Inc ProLogis Commonwealth Ave Jacksonville (Florida) 521,433 1st Football Fanatics Colliers Dickinson Grubb & Ellis Phoenix Realty Group Airtech Pky* Indianapolis 507,544 2nd Ozburn-Hessey Logistics, LLC Summit Realty Group ProLogis 30 Heartland Corporate Center - Bldg B Chicago 507,187 3rd Jacobson Companies N/A Colliers International Warner Ave* Orange (California) 500,624 1st Ricoh Logistics N/A Cushman & Wakefield, Inc W Industrial Dr* Chicago 500,200 2nd World Kitchen, Inc. NAI Hiffman Direct Deal 33 Stone Fort Distribution Center #1* Chattanooga 500,000 1st Electrolux Home Products, Inc. N/A Inland American Industrial Manageme 34 Southpark F (Nissan)* Nashville 500,000 1st Nissan Trading Corporation - U.S.A. CB Richard Ellis Cassidy Turley 35 Deltapoint I Memphis 472,000 1st Solae Paradigm Realty Advisors, LLC Commercial Alliance Management, LLC 36 Hermosa II Inland Empire (California) 468,682 1st Sharp Electronics Corp. Cushman & Wakefield, Inc. Jones Lang LaSalle California St Inland Empire (California) 467,853 2nd Mars Petcare, Inc. N/A ProLogis W Broadway Rd Phoenix 460,000 2nd Tower Automotive Binswanger Binswanger 39 Port Commerce Center Phase I - Bldg A Seattle/Puget Sound 444,400 3rd Pepsico/Quaker Distribution CB Richard Ellis Northwest Building LLC 40 Mesquite Distribution Center - Bldg 1 Dallas/Ft Worth 442,035 1st GP Consumer Products LP Cushman & Wakefield of Texas, Inc. ProLogis Source: CoStar Property * Renewal 2010 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 31

37 NATIONAL THIRD QUARTER 2010 National Industrial Market LEASING ACTIVITY Change In Vacant Square Footage Last 12 Months Third Quarter 2009 to Third Quarter 2010 Rank Region Diff 1 Lafayette 191, , % 2 Killeen/Temple/Fort Hood 88, , % 3 Huntington/Ashland 500, , % 4 Asheville 1,706,037 2,616, % 5 Wilmington 1,945,428 2,927, % 6 Bakersfield 1,875,716 2,758, % 7 Anchorage 369, , % 8 Lubbock 745,676 1,042, % 9 Utica/Rome 1,701,777 2,356, % 10 Albuquerque 3,243,647 4,404, % 11 Bremerton/Silverdale 125, , % 12 Mobile 2,277,795 2,923, % 13 Fort Smith 1,457,529 1,867, % 14 Shreveport/Bossier City 3,399,954 4,316, % 15 Pensacola 1,743,919 2,202, % 16 Nashville 15,993,353 19,800, % 17 Westchester/So Connecticut 17,689,992 21,432, % 18 Evansville 2,946,537 3,564, % 19 Youngstown/Warren/Boardman 4,298,402 5,173, % 20 Las Vegas 14,394,390 17,229, % 21 Lexington/Fayette 1,741,223 2,082, % 22 East Bay/Oakland 28,301,316 33,596, % Source: CoStar Property Rank Region Diff 23 Santa Cruz/Watsonville 654, , % 24 Deltona/Daytona Beach 1,636,879 1,904, % 25 Syracuse 5,527,975 6,431, % 26 Montgomery 4,089,248 4,733, % 27 Columbia 4,048,159 4,678, % 28 Toledo 11,188,536 12,775, % 29 Jacksonville (Florida) 11,986,323 13,643, % 30 Long Island (New York) 14,618,550 16,591, % 31 Hawaii 1,993,113 2,231, % 32 Sacramento 24,556,820 27,474, % 33 Wichita 3,007,016 3,362, % 34 South Bend/Mishawaka 1,704,810 1,899, % 35 Atlanta 81,227,664 90,027, % 36 El Paso 8,079,110 8,935, % 37 Richmond VA 12,861,164 14,222, % 38 Los Angeles 50,265,892 55,487, % 39 San Francisco 6,427,975 7,069, % 40 Chattanooga 6,641,546 7,298, % 41 Charlotte 35,402,064 38,808, % 42 Fayetteville/Springdale/Rogers 2,160,197 2,364, % 43 Buffalo/Niagara Falls 4,309,028 4,703, % 44 Fayetteville 1,829,836 1,989, % 32 THE COSTAR INDUSTRIAL REPORT 2010 COSTAR GROUP, INC.

38 National Industrial Market SALES ACTIVITY THIRD QUARTER 2010 NATIONAL The Optimist Sales Index Average of Two Highest Price/SF's and Two Lowest Cap Rates From Each Region 9.0% Cap Rate Price/SF $ % $ % $160 Cap Rate Percentage 6.0% 5.0% 4.0% 3.0% 2.0% $140 $120 $100 $80 $60 $40 Dollars/SF 1.0% $20 0.0% q q q q q q $0 Source: CoStar COMPS Sales Volume & Price Sales Analysis by Building Size Based on Industrial Building Sales of 15,000 SF and Larger Based on Industrial Bldg Sales From July June 2010 Sales Volume Price/SF Bldg Size # RBA $ Volume Price/SF Cap Rate $10,000 $80 Millions of Sales Volume Dollars $9,000 $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $70 $60 $50 $40 $30 $20 $10 Price/SF < 25,000 SF 3,453 39,250,544 $ 3,700,676,846 $ % 25K-99K SF 1,596 75,706,585 $ 4,128,850,762 $ % 100K-249K SF ,053,965 $ 2,577,375,495 $ % $ $0 >250K SF ,209,613 $ 2,770,538,071 $ % Source: CoStar COMPS Source: CoStar COMPS Historical Price/SF Average Based on Industrial Building Sales of 15,000 SF and Larger Historical Cap Rate Average Based on Industrial Building Sales of 15,000 SF and Larger $ % Dollars per SF $70 $60 $50 $40 $30 $20 $10 Cap Rate Percentage 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% $ % Source: CoStar COMPS Source: CoStar COMPS 2010 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 33

39 NATIONAL THIRD QUARTER 2010 National Industrial Market SALES ACTIVITY 34 THE COSTAR INDUSTRIAL REPORT 2010 COSTAR GROUP, INC.

40 National Industrial Market SALES ACTIVITY THIRD QUARTER 2010 NATIONAL 2010 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 35

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