Colliers International Indiana Region

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1 Colliers International Indiana Region THIRD QUARTER 2011 INDUSTRIAL MARKET REPORT

2 Q INDUSTRIAL COLLIERS INTERNATIONAL INDIANA REGION RESEARCH & FORECAST REPORT High Occupancy Levels Lead to Large Bulk Space in Short Supply BROADER VIEW MARKET INDICATORS 2011 Q Q3 VACANCY NET ABSORPTION CONSTRUCTION RENTAL RATE Indiana led the nation in manufacturing-driven gross domestic product growth in 2010, according to a recent report released by the Bureau of Labor Statistics. Wages have been shrinking since the economic downturn, but Indiana slowly added goods-producing jobs each month since the beginning of the year. Companies are hiring more and demand for real estate is increasing. Available large bulk warehouse space is scarce in Indiana. Institutional developers are actively seeking large industrial sites for future development. Overall deals in the market increased during the third quarter and fewer companies consolidated spaces. CURRENT CONDITIONS KEY MARKET INDICATORS Q3 EMPLOYMENT TRENDS TOTAL NONFARM INDIANAPOLIS METRO INDUSTRIAL-USING INDIANAPOLIS METRO TOTAL NONFARM U.S. INDSUTRIAL-USING U.S. The Indianapolis Industrial Market dropped to realistic levels of absorption during the third quarter. Changes in the national and local economy appeared to not affect the market due to large leases by tenants like Amazon. Net absorption was positive 477,158 square feet for the market during the quarter. The South submarket had the highest absorption with 296,764 square feet. The largest leases signed during the quarter include Baker & Taylor Inc. in the Northwest (504,164 square feet), Home Depot in the Northwest (497,860 square feet), OHL in the Southwest (405,492 square feet), and Hachette Book Group Inc. in the Northwest (395,679 square feet). Deals signed over 100,000 square feet totaled 3.2 million square feet. Large bulk spaces performed well during the quarter. Bulk spaces over 500,000 square feet were scarce in the market. Triple net industrial leased properties sold quickly throughout the NEW SUPPLY, ABSORPTION & VACANCY RATES THOUSANDS SQUARE FEET VACANCY RATE % 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1, , YTD 2011 Vacancy Rate New Supply Absorption OVERALL RENTAL RATES Rate per square foot, per year $3.80 $3.75 $3.70 $3.65 $3.60 $3.55 $3.50 $3.45 $3.40 $3.35 $3.30 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 P. 1 COLLIERS INTERNATIONAL INDIANA REGION

3 RESEARCH & FORECAST REPORT Q INDUSTRIAL state. USAA purchased an 805,586-squarefoot bulk building and a 493,500-square-foot bulk building, both in the Southwest submarket. Welsh Property Trust purchased a 741,092-square-foot distribution building in the Southwest submarket for $32.00 per square foot, as well as a 629,000-square-foot warehouse in the East submarket. Cabot Properties purchased a 795,237-square-foot building in the South Submarket for $35.14 per square foot. Cabot Properties also purchased two 81,600-square-foot warehouse buildings in the South submarket for $44.12 per square foot. The vacancy rate for distribution spaces was low due to the scarcity of space. The vacancy rate in the market was 6.6 percent, a 0.2 percent decrease from the second quarter and a 2.2 percent decrease from the third quarter of The West submarket had the lowest vacancy rate with 1.6 percent, while the South submarket had the highest vacancy rate with 10.5 percent. Capital was tight for another quarter since the economic downturn, especially for any speculative development. Additionally, landlords are offering fewer concessions and tenant improvement allowances for new leases and renewals. Construction continued in the market with 387,000 square feet under construction. Four buildings will be completed in the fourth quarter. DA Lubricants is nearing completion of a 250,000-square-foot building in the HISTORICAL AVAILABLE SPACE Third Quarter 2011 Millions Square Feet Q06 2Q06 3Q06 4Q06 1Q07 Northwest submarket. Dallara is nearing completion of an 87,000-square-foot building in the West submarket. Genesis Plastics is nearing completion of a 50,000-square-foot building in the East submarket. Nexus Valve is nearing completion of a 50,400-square-foot building in the Northeast submarket. Four buildings were completed during the third quarter for a total of 136,400 square feet. Zimmerman Technologies completed a 50,000-square-foot building in the South submarket. Brechbuhler Scales and Micronutrients completed construction of a 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 total of 36,000 square feet in the Southwest submarket. IN THE MONTHS AHEAD The fourth quarter will be similar to the third quarter regarding deal velocity. Build-to-suit sites will begin to go under contract with plans of future development in the next two years. A handful of large deals will be signed during the next quarter to close out a very strong absorption year for Some bulk buildings may be preleased for development in Q10 4Q10 1Q11 2Q11 3Q11 RECENT TRANSACTION KYB America, LLC leased 153,748 square feet in Southpointe One in the South submarket. KYB America, LLC is headquartered in Illinois and distributes automotive shocks and struts. Southpoint One is a 668,248-square-foot distribution building built in The building will be 91 percent occupied once KYB America, LLC occupies. Colliers International Indiana Region represented KYB America, LLC in the transaction. COLLIERS INTERNATIONAL INDIANA REGION P. 2

4 RESEARCH & FORECAST REPORT Q INDUSTRIAL INDUSTRIAL MARKET EXISTING PROPERTIES TOTAL INVENTORY SF DIRECT VACANCY SF RATE SUBLEASE VACANCY SF RATE NET ABSORPTION - SF CURRENT PERIOD YTD NEW SUPPLY CURRENT PERIOD UNDER CONSTR. SF AVG. RENT RATE (NNN) DOWNTOWN 45,163,393 4,367, % 83, % (29,674) (63,828) 0 0 $2.77 EAST 30,260,061 1,662, % 58, % (49,122) 316, ,000 $4.35 NORTH 8,836, , % 5, % (9,883) 72, $7.42 NORTHEAST 28,793,541 1,789, % 36, % 96,370 (129,822) 0 50,400 $5.59 NORTHWEST 45,493,688 2,171, % 5, % 81,457 1,534, ,000 $3.71 SOUTH 12,791,901 1,348, % 0 0.0% 296,764 1,153,632 50,000 0 $3.52 SOUTHEAST 25,736,013 1,689, % 0 0.0% (132,463) 697, $3.51 SOUTHWEST 67,182,101 3,183, % 1,416, % 249,581 2,274,660 36,000 0 $3.34 WEST 15,522, , % 3,100 0% (25,872) 16, ,000 $3.61 TOTAL 279,779,939 16,971, % 1,608, % 477,158 5,870,971 86, ,400 $3.58 NEW LEASES & RENEWALS ACTIVITY Transactions Over 100,000 Square Feet PROPERTY ADDRESS SUBMARKET TYPE TENANT SIZE SQ. FT. CLASS 5045 West 79th Street Northwest Renewal Baker & Taylor Inc. 504,164 A 4080 Perry Boulevard Northwest Renewal Home Depot 497,860 A 281 Airtech Parkway Southwest Renewal OHL 405,492 A 322 South Enterprise Boulevard Northwest Renewal Hachette Book Group Inc. 395,679 B Airport Expressway Southwest Renewal Stericycle 317,600 B 849 Whitaker Road Southwest Renewal ArvinMeritor 275,327 A 1201 Perry Road Southwest Renewal Bensussen Deutch & Associates 251,554 C 850 North Graham Road South New KYB America, LLC 153,748 A Airport Expressway Southwest New Venture Warehouse & Distribution 140,000 B Cumberland Road Northeast Renewal Carolina Logistics Services Inc. 135,682 B 1440 Brookville Way East New Global Stainless Supply 128,000 B 2840 Fortune Circle West Southwest Renewal Kuehn + Nagel 126,420 B 595 South Perry Road Southwest New Hanzo Logistics 102,600 A P. 3 COLLIERS INTERNATIONAL INDIANA REGION

5 1,000,000 SF 1,000,000 SF 2,500,000 SF RESEARCH & FORECAST REPORT Q INDUSTRIAL Featured Listings FOR SALE OR LEASE 6402 Corporate Drive Indianapolis, IN 170,794 Square Feet Warehouse - 125,547 Square Feet Finished Office - 45,247 Square Feet FOR LEASE Corporate HQ location Built Acres (11) 8 x 10 Dock Doors (3) Drive-in Doors 25 Ceiling Height 512 offices in 61 countries United States: 125 Canada: 38 Latin America: 18 Asia Pacific: 214 EMEA: 117 $1.5 billion in annual revenue 3619 West 73rd Street Anderson, IN 80,000 Square Feet Warehouse - 76,000 Square Feet Office - 4,000 Square Feet Expandable Site Built 2010 LEED Certified (12) Dock Doors (2) Drive-in Doors 32 Ceiling Height 979 million square feet under management Over 12,500 professionals Over 4,300 brokers Nestle FOR SALE OR LEASE Flagship Industrial Park Exit 22 & I-69 Anderson, IN Total Site Acres Zoned I-3 Industrial Services Indiana Region 10-year Tax Abatement Available Interstate Frontage Build-to-Suit Up to 2,500,000 Square Feet Contiguous UNITED STATES: Colliers International Indiana Region 900 East 96th Street Suite 350 Indianapolis, IN MAIN FAX Sean McHale Director of Industrial Services Direct Rick Suja Senior Advisor Direct Dustin Looper Advisor Direct This information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors proer to acting on any of the material contained in this report. Copyright 2011 Colliers International. Bob Dominguez Advisor Direct Rob Christman Senior Advisor Direct Diana Nyirenda, MBA Senior Research Analyst Direct Accelerating success. COLLIERS INTERNATIONAL INDIANA REGION P. 4

6 > Indianapolis Industrial Submarket Map ankfort Kokomo 2 Anderson 9 Noblesville 3 Carmel Zionsville Fishers 4 Brownsburg 8 Speedway 1 Greenfield Danville Indianapolis Plainfield New Palestine 5 Moorseville Greenwood 7 Bargersville Shelbyville Martinsville 6 Submarket Downtown 1 North 2 Northeast 3 East 4 Southeast 5 South 6 Southwest 7 West 8 Northwest 9

7 Colliers International Indiana Region 900 East 96th Street Suite 350 Indianapolis, IN MAIN FAX The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report. Copyright 2011 Colliers International.

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