The CoStar Industrial Report

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1 The CoStar Industrial Report F I R S T Q U A R T E R Miami-Dade County Industrial Market

2 Miami-Dade County Industrial Market FIRST QUARTER 2011 MIAMI-DADE COUNTY Table of Contents Table of Contents A Methodology B Terms & Definitions C Market Highlights & Overview CoStar Markets Employment & Tenant Analysis Employment & Unemployment Analysis Tenant Profiles Inventory & Development Analysis 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 Select Top Lease Transactions Sales Activity Analysis Sales Activity Analysis Select Top Sales Transactions Select Same Building Sales Select Land Sales Analysis of Individual CoStar Markets Central Miami Market East Miami Market Hialeah Market Medley Market Miami Airport Market Miami Lakes Market North Miami Beach Market Outlying Miami-Dade Market South Central Miami Market South Dixie Hwy Market Southwest Dade Market West Miami/Coral Ter Market 2011 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT A

3 MIAMI-DADE COUNTY FIRST QUARTER 2011 Miami-Dade County 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. 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 2011 COSTAR GROUP, INC.

4 Miami-Dade County Industrial Market FIRST QUARTER 2011 MIAMI-DADE COUNTY 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) 2011 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT C

5 MIAMI-DADE COUNTY FIRST QUARTER 2011 Miami-Dade County 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 2011 COSTAR GROUP, INC.

6 Miami-Dade County Industrial Market OVERVIEW FIRST QUARTER 2011 MIAMI-DADE COUNTY Miami-Dade County s Vacancy Decreases to 8.5% Net Absorption Positive 834,601 SF in the Quarter The Miami-Dade County Industrial market ended the first quarter 2011 with a vacancy rate of 8.5%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 834,601 square feet in the first quarter. Vacant sublease space decreased in the quarter, ending the quarter at 185,602 square feet. Rental rates ended the first quarter at $6.95, a decrease over the previous quarter. There was 6,500 square feet still under construction at the end of the quarter. Absorption Net absorption for the overall Miami-Dade County Industrial market was positive 834,601 square feet in the first quarter That compares to positive 453,249 square feet in the fourth quarter 2010, positive 1,310,363 square feet in the third quarter 2010, and positive 1,037,380 square feet in the second quarter Tenants moving into large blocks of space in 2011 include: Bel Inc. moving into 342,750 square feet at Lincoln Logistics Park - Bldg 200, DHL Global Forwarding, North America moving into 201,399 square feet at Airport Logistics Center at MICC, and International Warehousing & Distribution moving into 96,395 square feet at 5959 NW 37th Ave. Tenants moving out of large blocks of space in 2011 included Nippon Express USA moving out of (174,024) square feet at Doral Logistics Center. The Flex building market recorded net absorption of positive 4,105 square feet in the first quarter 2011, compared to negative (425,335) square feet in the fourth quarter 2010, negative (30,501) in the third quarter 2010, and positive 113,977 in the second quarter The Warehouse building market recorded net absorption of positive 830,496 square feet in the first quarter 2011 compared to positive 878,584 square feet in the fourth quarter 2010, positive 1,340,864 in the third quarter 2010, and positive 923,403 in the second quarter Vacancy The Industrial vacancy rate in the Miami-Dade County market area decreased to 8.5% at the end of the first quarter The vacancy rate was 8.9% at the end of the fourth quarter 2010, 9.1% at the end of the third quarter 2010, and 9.6% at the end of the second quarter Flex projects reported a vacancy rate of 10.8% at the end of the first quarter 2011, 10.9% at the end of the fourth quarter 2010, 8.4% at the end of the third quarter 2010, and 8.3% at the end of the second quarter Warehouse projects reported a vacancy rate of 8.4% at the end of the first quarter 2011, 8.7% at the end of fourth quarter 2010, 9.1% at the end of the third quarter 2010, and 9.7% at the end of the second quarter Largest Lease Signings The largest lease signings occurring in 2011 included: the 58,085-square-foot lease signed by Ragalta USA at 5870 NW 163rd St in the Miami Lakes market; the 57,000-square-foot renewal signed by ModusLink Global Solutions, Inc. at Medley Distribution in the Medley market (ModusLink also signed a 57,000-square-foot expansion at the same address); and the 53,528-square-foot lease signed by Beacon Roofing Supply at 5530 NW 32nd Ct in the Hialeah market. Vacancy Rates by Building Type % Flex Warehouse Total Market 12% 10% Vacancy Rate 8% 6% 4% 2% 0% COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 1

7 MIAMI-DADE COUNTY FIRST QUARTER 2011 Miami-Dade County Industrial Market OVERVIEW Sublease Vacancy The amount of vacant sublease space in the Miami-Dade County market decreased to 185,602 square feet by the end of the first quarter 2011, from 228,947 square feet at the end of the fourth quarter There was 362,610 square feet vacant at the end of the third quarter 2010 and 423,450 square feet at the end of the second quarter Miami-Dade County s Flex projects reported vacant sublease space of 17,725 square feet at the end of first quarter 2011, up from the 14,400 square feet reported at the end of the fourth quarter There were 14,400 square feet of sublease space vacant at the end of the third quarter 2010, and 14,400 square feet at the end of the second quarter Warehouse projects reported decreased vacant sublease space from the fourth quarter 2010 to the first quarter Sublease vacancy went from 214,547 square feet to 167,877 square feet during that time. There was 348,210 square feet at the end of the third quarter 2010, and 409,050 square feet at the end of the second quarter Rental Rates The average quoted asking rental rate for available Industrial space was $6.95 per square foot per year at the end of the first quarter 2011 in the Miami-Dade County market area. This represented a 0.6% decrease in quoted rental rates from the end of the fourth quarter 2010, when rents were reported at $6.99 per square foot. The average quoted rate within the Flex sector was $11.79 per square foot at the end of the first quarter 2011, while Warehouse rates stood at $6.68. At the end of the fourth quarter 2010, Flex rates were $11.46 per square foot, and Warehouse rates were $6.72. Deliveries and Construction During the first quarter 2011, no new space was completed in the Miami-Dade County market area. This compares to one U.S. Vacancy Comparison Past 7 Quarters Vacancy Rate 10.5% 1 9.5% 9.0% 8.5% Miami-Dade County United States building totaling 61,500 square feet that were completed in the fourth quarter 2010, one building totaling 75,250 square feet completed in the third quarter 2010, and 270,000 square feet in two buildings completed in the second quarter There were 6,500 square feet of Industrial space under construction at the end of the first quarter The only project under construction at the end of first quarter 2011 was NW 14th St, a 6,500-square-foot building. Inventory Total Industrial inventory in the Miami-Dade County market area amounted to 242,057,134 square feet in 9,172 buildings as of the end of the first quarter The Flex sector consisted of 19,460,455 square feet in 658 projects. The Warehouse sector consisted of 222,596,679 square feet in 8,514 buildings. Within the Industrial market there were 585 owner-occupied buildings accounting for 25,472,787 square feet of Industrial space. Sales Activity Tallying industrial building sales of 15,000 square feet or larger, Miami-Dade County industrial sales figures rose during the fourth quarter 2010 in terms of dollar volume compared to the third quarter of In the fourth quarter, 25 industrial transactions closed with a total volume of $112,499,700. The 25 buildings totaled 1,875,568 square feet and the average price per square foot equated to $59.98 per square foot. That compares to 18 transactions totaling $33,528,400 in the third quarter. The total square footage was 825,523 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 twelve months of 2010, the market saw 79 industrial sales transactions with a total volume of $212,329,387. The price per square foot has averaged $48.39 this year. In the twelve months of 2009, the market posted 54 transactions with a total volume of $153,089,796. The price per square foot averaged $ Cap rates have been lower in 2010, averaging 7.75%, compared to the twelve months of last year when they averaged 8.31%. One of the largest transactions that has occurred within the last four quarters in the Miami-Dade County market is the sale of NW 74th Ave in Miami. This 179,850-square-foot industrial building sold for $10,350,000, or $57.55 per square foot. The property sold on 1/31/2011, at a 5.80% cap rate. Reports compiled by: Matt Burdette, CoStar Research Manager. 8.0% 7.5% q q q 2011 Source: CoStar Property 2 THE COSTAR INDUSTRIAL REPORT 2011 COSTAR GROUP, INC.

8 Miami-Dade County Industrial Market MARKETS FIRST QUARTER 2011 MIAMI-DADE COUNTY CoStar Markets In analyzing metropolitan areas in the U.S., CoStar has developed geographic designations to help group properties together, called Regions, Markets and Submarkets. Regions are the equivalent of metropolitan areas, or areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Regions are then divided into Markets, which are core areas within a metropolitan area that are known to be competitive with each other in terms of attracting and keeping tenants. Markets are then further subdivided into smaller units called Submarkets, which serve to delineate a core group of buildings that are competitive with each other and constitute a generally accepted competitive set, or peer group. Markets Central Miami Ind East Miami Ind Hialeah Ind Medley Ind Miami Airport Ind Miami Lakes Ind North Miami Beach Ind Outlying Miami-Dade Ind South Central Miami Ind South Dixie Hwy Ind Southwest Dade Ind West Miami/Coral Ter Ind 2011 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 3

9 MIAMI-DADE COUNTY FIRST QUARTER 2011 Miami-Dade County Industrial Market EMPLOYMENT AND TENANT Total Employment by Industry Percent of Total Employment by Industry Total Employment Growth Total Number of Jobs Added Per Year 4% 15% 11% 0% 3% 3% 27% 2% 6% Natural Resources & Mining Construction Manufacturing Trade, Transportation & Utilities Information Financial Activities Professional & Business Services Education & Health Services Leisure & Hospitality Percent Growth 4.0% 3.0% 2.0% 1.0% -1.0% -2.0% -3.0% Miami-Dade County U.S. Average 16% 13% Other Services Government -4.0% -5.0% Source: Department of Labor, Bureau of Labor Statistics 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 -8.40% 4.00% % Chicago -4.60% 4.10% -8.70% Dallas/Ft Worth 1.10% 7.10% -6.00% Denver -4.70% 3.30% -8.00% Detroit % 0.80% % Houston 2.90% 6.80% -3.90% Inland Empire (California) % 14.20% % Los Angeles -7.70% 1.30% -9.00% Northern New Jersey -5.60% 2.30% -7.90% Pittsburgh -2.80% 1.90% -4.70% Miami-Dade County -0.70% 3.30% -4.00% Source: Department of Labor, Bureau of Labor Statistics Historical Unemployment Rates Industrial* Employment Growth Number of Industrial* Jobs Added Per Year Percent Growth 2.0% Miami-Dade County U.S. Average 1.0% -1.0% -2.0% -3.0% -4.0% -5.0% -6.0% -7.0% -8.0% Source: Department of Labor, Bureau of Labor Statistics. * Industrial employment is defined as jobs in the Manufacturing, and Trade, Transportation & Utilities industries 14.0% Miami-Dade County U.S. Average 12.0% Percent Unemployment 1 8.0% 6.0% 4.0% 2.0% Source: Department of Labor, Bureau of Labor Statistics 4 THE COSTAR INDUSTRIAL REPORT 2011 COSTAR GROUP, INC.

10 Miami-Dade County Industrial Market EMPLOYMENT AND TENANT FIRST QUARTER 2011 MIAMI-DADE COUNTY Flex Tenants by Size Range Based on Total Number of Tenants Warehouse Tenants by Size Range Based on Total Number of Tenants 75,000 SF & Up 1.8% 75,000 SF & Up 4.5% 50,000-74,999 SF 0.8% 50,000-74,999 SF 3.9% 25,000-49,999 SF 3.2% 25,000-49,999 SF 10.2% 10,000-24,999 SF 7.8% 10,000-24,999 SF 24.1% 5,000-9,999 SF 12.8% 5,000-9,999 SF 12.4% 2,500-4,999 SF 21.1% 2,500-4,999 SF 15.1% Up to 2,499 SF 52.6% Up to 2,499 SF 29.7% 0% 10% 20% 30% 40% 50% 60% Percentage of Tenants 0% 5% 10% 15% 20% 25% 30% 35% Percentage of Tenants Source: CoStar Tenant Flex Tenants by Lease Expiration Based on Total Square Footage of Tenants Source: CoStar Tenant Warehouse Lease Expiration Based on Total Square Footage of Tenants % % % % % % % % % % % % 0% 5% 10% 15% 20% 25% Percentage of Tenants 0% 5% 10% 15% 20% Percentage of Tenants 2011 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 5

11 MIAMI-DADE COUNTY FIRST QUARTER 2011 Miami-Dade County Industrial Market INVENTORY & DEVELOPMENT Historical Deliveries Deliveries Average Delivered SF Millions of SF * Future deliveries based on current under construction buildings. Construction Activity Markets Ranked by Under Construction RBA Under Construction Inventory Average Bldg Size Market # Bldgs Total RBA Preleased SF Preleased % All Existing U/C Miami Airport Ind 1 6, ,257 6,500 West Miami/Coral Ter Ind ,681 0 East Miami Ind ,219 0 Hialeah Ind ,880 0 Medley Ind ,906 0 Central Miami Ind ,183 0 Miami Lakes Ind ,458 0 North Miami Beach Ind ,494 0 Outlying Miami-Dade Ind ,401 0 South Central Miami Ind ,314 0 All Other ,080 0 Totals 1 6, ,391 6,500 Recent Deliveries Leased & Un-Leased SF in Deliveries Since Leased Un-Leased Millions of SF THE COSTAR INDUSTRIAL REPORT 2011 COSTAR GROUP, INC.

12 Miami-Dade County Industrial Market INVENTORY & DEVELOPMENT FIRST QUARTER 2011 MIAMI-DADE COUNTY Historical Construction Starts & Deliveries Square Footage Per Quarter Starting and Completing Construction Construction Starts Deliveries Millions of SF q q q q q q 2011 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 $ ,000 SF - 99,999 SF $ ,000 SF - 249,999 SF $ ,000 SF - 499,999 SF $ 0 0 >= 500,000 SF $ 0 0 Recent Development by Tenancy Existing Inventory Comparison Based on RBA Developed for Single & Multi-Tenant Use Based on Total RBA No 2011 Deliveries Currently Under Construction By Building Type By Tenancy Type 0% 8% 26% 100% 92% 74% Multi Single Flex Warehouse Multi Single 2011 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 7

13 MIAMI-DADE COUNTY FIRST QUARTER 2011 Miami-Dade County Industrial Market INVENTORY & DEVELOPMENT 8 THE COSTAR INDUSTRIAL REPORT 2011 COSTAR GROUP, INC.

14 Miami-Dade County Industrial Market FIGURES AT A GLANCE FIRST QUARTER 2011 MIAMI-DADE COUNTY Flex Market Statistics First Quarter 2011 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Central Miami Ind 8 51,515 3,508 3, % $15.63 East Miami Ind 9 205,063 33,437 33, % $23.47 Hialeah Ind , $5.90 Medley Ind 36 1,291,831 48,055 48, % 67, $10.27 Miami Airport Ind 227 9,148,364 1,221,199 1,238, % (79,806) 0 0 $13.25 Miami Lakes Ind 38 1,912, , , % (17,640) 0 0 $10.89 North Miami Beach Ind 43 1,350, , , % 7, $9.34 Outlying Miami-Dade Ind $ South Central Miami Ind 74 1,075,316 63,039 63, % (2,400) 0 0 $10.65 South Dixie Hwy Ind 52 1,166, , , , $9.99 Southwest Dade Ind 117 2,137, , , % 14, $10.34 West Miami/Coral Ter Ind ,652 12,323 12, % $ Totals ,460,455 2,081,101 2,098, % 4, $11.79 Warehouse Market Statistics First Quarter 2011 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Central Miami Ind 209 3,677, , , % (116,270) 0 0 $4.94 East Miami Ind 315 4,401, , , % (268) 0 0 $8.05 Hialeah Ind 1,694 38,717,159 4,530,894 4,570, % (73,752) 0 0 $4.81 Medley Ind ,393,015 2,168,408 2,199, % 283, $7.18 Miami Airport Ind 1,867 66,772,893 5,529,835 5,609, % 404, ,500 $7.74 Miami Lakes Ind ,956, , , % 100, $6.03 North Miami Beach Ind ,418,911 2,531,429 2,531, % 118, $6.00 Outlying Miami-Dade Ind , $7.00 South Central Miami Ind 1,113 14,728,926 1,021,996 1,021, % 26, $8.25 South Dixie Hwy Ind 602 8,284, , , % 39, $8.43 Southwest Dade Ind 382 8,104, , , % 48, $8.89 West Miami/Coral Ter Ind 277 4,950,615 29,221 29, % $11.35 Totals 8, ,596,679 18,424,202 18,592, % 830, ,500 $6.68 Total Industrial Market Statistics First Quarter 2011 Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Central Miami Ind 217 3,728, , , % (116,270) 0 0 $5.33 East Miami Ind 324 4,606, , , % (268) 0 0 $8.34 Hialeah Ind 1,728 39,536,700 4,530,894 4,570, % (73,752) 0 0 $4.81 Medley Ind ,684,846 2,216,463 2,248, % 350, $7.23 Miami Airport Ind 2,094 75,921,257 6,751,034 6,848, % 325, ,500 $8.18 Miami Lakes Ind ,868,994 1,261,191 1,261, % 82, $6.58 North Miami Beach Ind ,769,831 2,678,763 2,678, % 125, $6.14 Outlying Miami-Dade Ind , $7.00 South Central Miami Ind 1,187 15,804,242 1,085,035 1,085, % 24, $8.37 South Dixie Hwy Ind 654 9,451, , , % 53, $8.66 Southwest Dade Ind ,241, , , % 63, $9.02 West Miami/Coral Ter Ind 297 5,251,267 41,544 41, % $11.35 Totals 9, ,057,134 20,505,303 20,690, % 834, ,500 $ COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 9

15 MIAMI-DADE COUNTY FIRST QUARTER 2011 Miami-Dade County Industrial Market FIGURES AT A GLANCE Flex Market Statistics First Quarter 2011 Existing Inventory Vacancy Net Deliveries UC Inventory Period # Blds Total RBA Direct SF Total SF Vac % Absorption # Blds Total RBA # Blds Total RBA Rates ,460,455 2,081,101 2,098, % 4, $ q ,476,740 2,104,816 2,119, % (425,335) 1 61, $ ,415,240 1,617,981 1,632, % (30,501) ,500 $ q ,415,240 1,587,480 1,601, % 113, ,500 $ ,415,240 1,701,457 1,715, % 83, ,500 $ q ,415,240 1,766,698 1,799, % (143,580) $ ,415,240 1,623,118 1,655, % (141,443) $ q ,415,240 1,483,046 1,514, % (169,350) 1 9, $ ,406,240 1,319,096 1,335, % 15, ,000 $ ,406,240 1,330,695 1,351, % (145,674) 5 99, ,000 $ ,306,398 1,084,701 1,105, % 316, , ,842 $ ,960,361 1,050,532 1,076, % 291, , ,865 $ ,655,375 1,047,837 1,063, % 514, , ,652 $ ,516,540 1,414,173 1,438, % 687, , ,183 $ ,313,188 1,884,447 1,922, % 408, , ,838 $ ,986,960 1,914,047 2,005, % 864, , ,942 $8.30 Quoted Warehouse Market Statistics First Quarter 2011 Existing Inventory Vacancy Net Deliveries Period # Blds Total RBA Direct SF Total SF Vac % Absorption # Blds Total RBA # Blds Total RBA Rates , ,596,679 18,424,202 18,592, % 830, ,500 $ q 8, ,596,679 19,208,028 19,422, % 878, ,500 $ , ,596,679 19,952,949 20,301, % 1,340, , ,500 $ q 8, ,521,429 21,157,723 21,566, % 923, , ,250 $ , ,251,429 21,463,151 22,220, , ,250 $ q 8, ,251,429 21,697,900 22,521, % (663,091) ,250 $ , ,251,429 20,921,583 21,858, % (808,291) 6 195, ,000 $ q 8, ,056,102 20,026,170 20,855, % (872,164) 5 826, ,327 $ , ,229,651 18,495,461 19,156, % (1,289,904) 6 900, ,021,778 $ , ,329,539 16,424,120 16,966, % (3,372,401) 50 1,811, ,837,599 $ , ,550,069 11,619,535 11,814, % (846,904) 95 3,216, ,333,643 $ , ,450,046 7,624,599 7,867, % 1,309, ,043, ,358,556 $ , ,468,163 6,996,303 7,195, % 3,702, ,602, ,005,049 $ , ,866,866 8,873,020 9,297, % 5,848, ,596, ,608,345 $ , ,385,509 12,213,773 12,664, % 4,102, ,208, ,026,582 $ , ,334,541 13,490,167 14,716, % 1,664, ,210, ,741,954 $5.93 UC Inventory Quoted Total Industrial Market Statistics First Quarter 2011 Existing Inventory Vacancy Net Deliveries UC Inventory Period # Blds Total RBA Direct SF Total SF Vac % Absorption # Blds Total RBA # Blds Total RBA Rates , ,057,134 20,505,303 20,690, % 834, ,500 $ q 9, ,073,419 21,312,844 21,541, % 453, , ,500 $ , ,011,919 21,570,930 21,933, % 1,310, , ,000 $ q 9, ,936,669 22,745,203 23,168, % 1,037, , ,750 $ , ,666,669 23,164,608 23,936, % 385, ,750 $ q 9, ,666,669 23,464,598 24,321, % (806,671) ,250 $ , ,666,669 22,544,701 23,514, % (949,734) 6 195, ,000 $ q 9, ,471,342 21,509,216 22,369, % (1,041,514) 6 835, ,327 $ , ,635,891 19,814,557 20,492, % (1,274,264) 6 900, ,030,778 $ , ,735,779 17,754,815 18,318, % (3,518,075) 55 1,910, ,846,599 $ , ,856,467 12,704,236 12,920, % (530,269) 106 3,562, ,433,485 $ , ,410,407 8,675,131 8,944, % 1,601, ,348, ,644,421 $ , ,123,538 8,044,140 8,258, % 4,217, ,961, ,191,701 $ , ,383,406 10,287,193 10,736, % 6,536, ,814, ,884,528 $ , ,698,697 14,098,220 14,587, % 4,511, ,534, ,117,420 $ , ,321,501 15,404,214 16,722, % 2,529, ,801, ,923,896 $6.03 Quoted 10 THE COSTAR INDUSTRIAL REPORT 2011 COSTAR GROUP, INC.

16 Miami-Dade County Industrial Market LEASING ACTIVITY FIRST QUARTER 2011 MIAMI-DADE COUNTY Historical Rental Rates Based on Quoted Rental Rates $14.00 Flex Warehouse Total Market $12.00 $1 Dollars/SF/Year $8.00 $6.00 $4.00 $2.00 $ q q q 2011 Vacancy by Available Space Type Vacancy by Building Type Percent of All Vacant Space in Direct vs. Sublet Percent of All Vacant Space by Building Type Miami-Dade County United States Miami-Dade County United States 1% 3% 10% 14% 90% 86% 99% 97% Direct Sublet Direct Sublet Flex Warehouse Flex Warehouse U.S. Rental Rate Comparison Based on Average Quoted Rental Rates Future Space Available Space Scheduled to be Available for Occupancy* $9.00 Miami-Dade County United States $ Dollars/SF/Year $7.00 $6.00 $5.00 $4.00 $3.00 Millions $2.00 $1.00 $ q q q q q q 2012 * Includes Under Construction Space 2011 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 11

17 MIAMI-DADE COUNTY FIRST QUARTER 2011 Miami-Dade County Industrial Market LEASING ACTIVITY Select Top Industrial Leases Based on Leased Square Footage For Deals Signed in 2011 Building Submarket SF Qtr Tenant Name Tenant Rep Company Landlord Rep Company NW 72nd Ave Miami Airport East Ind 85,000 1st N/A N/A Christian Peter NW 163rd St Miami Lakes Ind 58,085 1st Ragalta USA Franklin Street Real Estate Service Easton & Associates 3 Medley Distribution* Medley Ind 57,000 1st ModusLink Global Solutions, Inc. Mohr Partners Inc. Jones Lang LaSalle 4 Medley Distribution Medley Ind 57,000 1st ModusLink Global Solutions, Inc. Mohr Partners Inc. Jones Lang LaSalle NW 88th Ave Miami Airport West Ind 56,800 1st Wal-Mart Stores East, LP Easton & Associates Americas Industrial Realty Corporat NW 32nd Ct Hialeah Ind 53,528 1st Beacon Roofing Supply Americas Industrial Realty Corporat Lucky Commercial Realty Inc 7 Coco s Int l Inc Miami Airport West Ind 51,000 1st N/A N/A Capital Commercial Group 8 DFLW-1 Medley Ind 46,200 1st N/A N/A Flagler Real Estate Services, LLC. 9 Medley Distribution Medley Ind 45,700 1st Allied Caribbean Distribution ComReal Miami, Inc. Jones Lang LaSalle NW 60th Ave Miami Lakes Ind 40,946 1st N/A N/A Vivo Real Estate Group, Inc. 11 Beacon Centre* Miami Airport West Ind 36,775 1st Verizon, Inc Jones Lang LaSalle Flagler Real Estate Services, LLC NW 110th Ave Miami Airport West Ind 36,000 1st N/A N/A Flagler Real Estate Services, LLC. 13 Airport Business Center - Bldg 2 Miami Airport East Ind 34,071 1st Nippon Express (USA), Inc Jones Lang LaSalle Flagler Real Estate Services, LLC. 14 Medley Palms Medley Ind 32,000 1st N/A N/A Vivo Real Estate Group, Inc NW 159th Dr North Miami Beach Ind 31,809 1st N/A N/A Vivo Real Estate Group, Inc. 16 Milam Industrial Business Center Miami Airport East Ind 31,500 1st N/A N/A Flagler Real Estate Services, LLC 17 DFLW-1 Medley Ind 27,000 1st N/A N/A Flagler Real Estate Services, LLC NW 27th St Miami Airport West Ind 24,698 1st N/A N/A Easton & Associates 19 Milam Industrial Business Center Miami Airport East Ind 20,800 1st N/A N/A Flagler Real Estate Services, LLC 20 Flagler Station - RB1 Medley Ind 20,400 1st N/A N/A Flagler Real Estate Services, LLC W 4th Ave North Miami Beach Ind 20,200 1st N/A N/A Joseph & Linda C. Feuer NE 179th St* North Miami Beach Ind 20,000 1st Refricenter Of Miami; Inc. Industrial Group Realty, Inc. Easton & Associates 23 Milam Industrial Business Center Miami Airport East Ind 20,000 1st N/A N/A Flagler Real Estate Services, LLC 24 Miami International Commerce Center - Buildin Miami Airport West Ind 20,000 1st N/A N/A PS Business Parks, Inc. 25 DFLW-1 Medley Ind 19,900 1st N/A N/A Flagler Real Estate Services, LLC. 26 DFLW-1 Medley Ind 19,630 1st N/A N/A Flagler Real Estate Services, LLC. 27 Medley Rail Center Miami Airport North Ind 19,400 1st Sunshine Transportation Corp Direct Deal Holly Sime Realty NW 58th Ct Miami Lakes Ind 18,473 1st N/A N/A Vivo Real Estate Group, Inc. 29 Airport Lakes Industrial Center Miami Airport West Ind 16,141 1st VeroBeauty Distributors, Inc. ComReal Fort Lauderdale CB Richard Ellis 30 Flagler Station - Bldg #22 Medley Ind 16,026 1st N/A Direct Deal Flagler Real Estate Services, LLC NW 20th St Miami Airport West Ind 15,462 1st GSA Direct Deal Procacci Development Corp NW 35th Ave Hialeah Ind 15,000 1st Fred s Wholesale Hardware & Fixtures LLC Direct Deal Gibraltar Realty & Management W 20th St Hialeah Ind 14,514 1st N/A N/A Nova Realty Group 34 Premiere Warehouse Hialeah Ind 14,200 1st Suero Oral, Inc Direct Deal Sharpe Properties 35 DFLW-1 Medley Ind 13,500 1st N/A N/A Flagler Real Estate Services, LLC Industrial Ctr Miami Airport East Ind 11,526 1st N/A N/A CB Richard Ellis 37 Flagler Station - OW4 Medley Ind 11,223 1st N/A N/A Flagler Real Estate Services, LLC. 38 Radiant North Miami Beach Ind 10,000 1st N/A N/A Florida Corporate Realty SW 128th St Southwest Dade Ind 9,850 1st N/A Direct Deal Beacon Commercial Realty 40 C K International Inc. East Miami Ind 8,000 1st N/A N/A CK International, Inc. * Renewal 12 THE COSTAR INDUSTRIAL REPORT 2011 COSTAR GROUP, INC.

18 Miami-Dade County Industrial Market SALES ACTIVITY FIRST QUARTER 2011 MIAMI-DADE COUNTY The Optimist Sales Index Average of Two Highest Price/SF's and Two Lowest Cap Rates Per Quarter 12.0% Cap Rate Price/SF $350 1 $300 Cap Rate Percentage 8.0% 6.0% 4.0% $250 $200 $150 $100 Dollars/SF 2.0% $ 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 Jan Dec Sales Volume Price/SF Bldg Size # RBA $ Volume Price/SF Cap Rate $300 $100 Millions of Sales Volume Dollars $250 $200 $150 $100 $50 $90 $80 $70 $60 $50 $40 $30 $20 $10 Price/SF < 25,000 SF 123 1,371,851 $ 116,155,354 $ K-99K SF 38 1,655,962 $ 94,367,087 $ K-249K SF 5 725,680 $ 32,200,000 $ % $ $0 >250K SF 4 1,379,597 $ 45,000,000 $ % Source: CoStar COMPS Source: CoStar COMPS U.S. Price/SF Comparison Based on Industrial Building Sales of 15,000 SF and Larger U.S. Cap Rate Comparison Based on Industrial Building Sales of 15,000 SF and Larger $100 Miami-Dade County US 12.0% Miami-Dade County US Dollars per SF $90 $80 $70 $60 $50 $40 $30 $20 $10 Cap Rate Percentage 1 8.0% 6.0% 4.0% 2.0% $ Source: CoStar COMPS Source: CoStar COMPS 2011 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 13

19 MIAMI-DADE COUNTY FIRST QUARTER 2011 Miami-Dade County Industrial Market SALES ACTIVITY 14 THE COSTAR INDUSTRIAL REPORT 2011 COSTAR GROUP, INC.

20 Miami-Dade County Industrial Market SALES ACTIVITY FIRST QUARTER 2011 MIAMI-DADE COUNTY Select Land Sales Based on Industrial Zoned Land Sales Occurring From Jan March NW North River Dr, Miami SW 160th St, Miami 8300 NW 58th St, Miami Sale Price: $4,000,000 Sale Price: $3,725,400 Sale Price: $3,650,000 Acres: 2.70 Acres: 6.02 Acres: 2.80 Price/SF: $34.01 Price/SF: $14.21 Price/SF: $29.93 Closing Date: 03/31/2010 Closing Date: 09/01/2010 Closing Date: 10/15/2010 Zoning: IU-2,County Zoning: IU-C, County Zoning: IU-2 Intended Use: Marina Intended Use: Hold for Development Intended Use: Hold for Development Buyer: H & R Paving Buyer: First Bank of Miami Buyer: 8300 Invest Llc Seller: Ocean Bank Seller: Nava Brothers Investments Llc Seller: Sirolo Llc SW 260th St, Naranja NW 99th Ave, Doral NW 41st St, Miami Sale Price: $3,510,000 Sale Price: $2,750,000 Sale Price: $2,476,900 Acres: 6.23 Acres: 1 Acres: 1.10 Price/SF: $12.93 Price/SF: $6.31 Price/SF: $51.91 Closing Date: 04/28/2010 Closing Date: 03/10/2011 Closing Date: 06/08/2010 Zoning: IU-C Zoning: IU-1 Zoning: IU-1, County Intended Use: Hold for Development Intended Use: Single Family Development Intended Use: Hold for Development Buyer: The Gatehouse Companies Buyer: City of Doral Buyer: RJR Property Holdings Llc Seller: Ram Land Investments, LLC Seller: Southern Commerce Park at Doral LLC Seller: The Astri Group Source: CoStar COMPS 2011 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 15

21 MIAMI-DADE COUNTY FIRST QUARTER 2011 Miami-Dade County Industrial Market C E N T R A L M I A M I M A R K E T MARKET HIGHLIGHTS - FLEX & WAREHOUSE Deliveries, Absorption & Vacancy (0.020) (0.040) (0.060) (0.080) (0.100) (0.120) (0.140) Delivered SF Absorption SF Vacancy q q q q q q % 1 8.0% 6.0% 4.0% 2.0% Percent Vacant Vacant Space Quoted Rental Rates 0.45 Direct SF Sublet SF $ Dollars/SF/Year $5.60 $5.40 $5.20 $ $ q q 2011 $ q q 2011 Existing Inventory Vacancy Net Delivered Inventory UC Inventory Quoted Period # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates ,728, , % (116,270) $ q 217 3,728, , % 58, $ ,728, , % (69,365) $ q 217 3,728, , % (1,645) $ ,728, , % (39,850) $ q 217 3,728, , % 28, $ ,728, , % (62,620) $ q 217 3,728, , % 2, $ ,728, , % (98,434) $ q 217 3,728, , % 43, $ ,728, , % (17,388) $ q 217 3,728, , % (47,181) $ ,728, , % 35, $ q 217 3,728, , % (63,272) $ ,728,736 73, % 64, $ q 217 3,728, , % (26,238) $ THE COSTAR INDUSTRIAL REPORT 2011 COSTAR GROUP, INC.

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