Upstate, SC 2Q17. Industrial Market Report. Q2 Industrial. Upstate Economy in 2Q17* Industrial Sector in 2Q17. Trends for 2Q17

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1 Upstate, SC 2Q17 Industrial Market Report The industrial market for the Upstate of South Carolina saw continued growth for the second quarter of 217. While there was a positive net absorption of 67,53 square feet, the Upstate Industrial Market also saw asking rental rates end the second quarter at $3.64, a slight decrease from the previous quarter. Average asking rental rates averaged $3.65/SF in Q saw a slight decrease to 6.3% at the end of from 6.5% at the end of Q1 217, while there was 1,19,35 SF of industrial space under construction at the end of. Notable lease signings for buildings over 15, SF for the second quarter of 217 include Group Antolin moving into 125, SF at Wingo Park, First Quality Tissue moving into 115, SF at Wamsutta Plant in, and the 96,4 SF lease signed by AFL at 26 E Parkway. Some of the notable deliveries for Q1 217 include 141 Southchase Boulevard, a 25,738 SF facility that is now 1% occupied, and Wingo Park Building 1, a 175, SF facility that is now 71% occupied. The largest projects under construction include a 331,85 SF building located within Augusta Grove Business Park at 161 Old Grove Road, and 382 Moore Duncan Hwy, a 23, SF facility that is pre-leased 1% by Magna International. Overall, the second quarter of 217 was positive and a leading indicator that the Upstate of South Carolina s industrial market will experience another year of growth and announcements for new businesses relocating and expanding to the market. We expect the remainder of 217 to continue to see land acquisitions, new construction of speculative buildings and build-to-suits, lease renewals, and building acquisitions to be the underlying themes for growth in the year ahead. Trends for 2Q17 Parks McLeod NAIEF Industrial Division Q2 Industrial Upstate Economy in 2Q17* Total Population + 996,798 Total Households + 363,777 Median Household Income + $45,53 Total Labor Force^ 48,567 Unemployed^ 15,818 Unemployment Rate^ : 3.2% : 3.4% : 3.4% *Includes data for, and counties +US Census Bureau, 21 Census & 215/216 estimates ^scworks.org: July 217 data Industrial Sector in 2Q17 Number of Buildings 4,873 Market Size (SF) Overall Vacant Space (SF) 26,524,977 SF 12,338,492 SF Overall (%) 6.3% Direct (SF) Sublease (SF) (SF) 12,264,62 SF 157,24 SF 67,53 SF Average Asking Rental Rate ($/SF/Yr) $3.64 Source: CoStar Industrial Report (Second Quarter 217) NET ABSORPTION CONSTRUCTION VACANCY RATE ASKING RATES 3, 2,7, and 8.% 2, 1,7, 5.% 1, $2. 7, 3.% 2.% -3,

2 Industrial Submarket Overview Below is a sampling of the major industrial submarkets in the Upstate as of 7/13/17. For data on additional counties or submarkets, please send a request to Data source: Costar Submarket # of Buildings Total RBA (SF) Vacant (%) Total (SF) Total Avg. Rate Class A 7 1,721,3.2 - Class B 121 8,379, ,4 $2.35 Class C ,241, ,8 $2.52 All Classes ,539, ,3 $2.44 Class A 33 3,397, ,738 $4.78 Class B ,155, ,465 $3.85 Class C 1,286 35,98, (214,111) $3.3 All Classes 1,848 72,518, ,92 $3.65 Class A 47 13,54, ,14 $4.47 Class B ,169, ,764 $3.9 Class C ,544, ,212 All Classes 1,357 75,774, ,116 $3.29 and 2,3, 1,8, 1,3, 8, 5.5% $2. 3, - and 7, 6, 5, 4, 3, 5.5% $2. 1, and 1, 1.% 1,, 8.5% $3.45 8, 6, 5.5% $3.4 $3.35 4, $3.3 $3.25 $3.2

3 Flex Submarket Overview Submarket # of Buildings Total RBA (SF) Vacant (%) Total (SF) Total Avg. Rate Class A 1 111,. - Class B , $9.6 Class C 51 46, (6,) $6.27 All Classes , (6,) $8.77 Class A 4 226, $8.95 Class B 146 2,692, (17,28) $8.53 Class C 299 3,274, (5,75) $8.49 All Classes 449 6,194, (22,355) $8.52 Below is a sampling of the major industrial flex submarkets in the Upstate as of 7/13/17. For data on additional counties or submarkets, please send a request to Data source: Costar Class A 8 339, (12) $7.9 Class B 5 861, (6) $6.43 Class C , , $9.23 All Classes 126 1,946, ,28 $7.79 and $9. 8,5 3,5-1,5 4.5% 3.% $8.5 $8. -6,5 $7.5-11,5-16,5 1.5%.% $7. $6.5 and 225, 7.5% $ , 125, 4.5% $7. $5.5 75, 3.% 25, -25, 1.5% and 5, 1.% $7.5 4, 3, 8.% $6. $4.5 2, 1, 2.%.% $.

4 Industrial Activity / U.S. Comparison (Past 8 Quarters) / U.S. Price/SF Comparison (Based on Industrial Building Sales of 15, SF and Larger) Rate U.S. Cap Rate Comparison (Based on Industrial Building Sales of 15, SF and Larger) Dollars per SF / By Building Type Existing Inventory Comparison By Tenancy Type 5% Cap Rate Percentage Warehouse Flex 95% 28% 73% Single-Tenancy Multi-Tenancy Graphs Source: CoStar Property Sampling of Top Transactions in 2Q17 Sales 15 Pelham Ridge Dr* RBA: 23,665 Sale Price: $3,5, Sale Date: 4/19/17 78 Flatwood Industrial Rd RBA: 91,35 Sale Price: $64,96,343 Sale Date: 4/11/ Pelham Rd RBA: 223,25 Sale Price: $6,, Sale Date: 5/9/17 2 Masters Blvd RBA: 161,155 Sale Price: $3,8, Sale Date: 5/25/17 Leases 775 Woodruff Rd* SF: 3,9 Tenant undisclosed 297 Commerce Blvd* SF: 5, Tenant undisclosed 2781 New Cut Rd SF: 125, Tenant: Grupo Antolin 45 Brookfield Oaks Dr SF: 32, Tenant: Caristrap America, Inc *NAI Earle Furman Transaction Sales Leases

5 Q1 Upstate, SC Market Report NAI Earle Furman Industrial Division John Baldwin, CCIM Glenn Batson Ford Borders, SIOR Principal & Alex Campbell Tom Daniel, CCIM Dan Dunn J. Earle Furman, Jr., SIOR Chairman & -in-charge Hunter Garrett, CCIM, SIOR Principal & Jon Good, SIOR CEO & Principal Grice Hunt, SIOR Principal & Parks McLeod, Jr. Kevin Pogue About Us John Powell, CCIM Towers Rice Solid Foundation. Proven Results. Founded by J. Earle Furman in 1986, NAI Earle Furman is celebrating its 31st year as a leading full-service commercial real estate brokerage firm in the Upstate of South Carolina specializing in the office, industrial, investment and retail sectors. NAI Earle Furman offers a wide range of services including sales, leasing, development, site selection, consulting and property management. A partnership with NAI Global allows NAI Earle Furman to access a network of worldwide real estate connections and offer international commercial real estate services to Upstate clients, while retaining local personality and knowledge. The firm has 8 team members and completed nearly 65 transactions in 216. The Property Management team manages 7.5 million square feet of commercial space in North and South Carolina. Stuart Smith John Staunton Tenant Representation Landlord Representation Market Analysis Financial Analysis Site Selection Lease Versus Own Analysis Clay Williams age Services Due Diligence Consulting Lease Review and Renewal Services Tax Deferred Exchanges Development Land Acquisition and Disposition Report Prepared by: Katherine Royal Marketing Associate Parks McLeod, Jr Industrial Division The information contained in this report has been obtained from third-party sources that are deemed reliable. NAI Earle Furman has not independently verified the information s accuracy and makes no representations, guarantees, or express or implied warranties regarding the accuracy of the information herein. Data sources are continually revised and updated, causing both historical and forecast information, data, and analysis to change as new information is added. Third-party data source: CoStar Group The shareholders of NAI Earle Furman Contact Us: 11 E Washington Street, Suite 4, South Carolina naiearlefurman.com

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