Industrial Report. City, State Year Sacramento Valley Third Quarter Cassidy Turley Northern California

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1 Industrial Report City, State Year Sacramento Valley Offices in Burlingame, Capitola, Los Altos, Monterey, Oakland, Palo Alto, Pleasanton, Sacramento, Salinas, San Francisco, San Jose, San Rafael, Santa Rosa, Walnut Creek Broker Lic # Cassidy Turley Northern California

2 Industrial Market Snapshot Sacramento Valley Market Tracker *Arrows = Current Qtr Trend 13.6% Net Absorption 10,674 SF Deliveries 0 SF Asking Rent $0.37 NNN Industrial See-Saw Continues SACRAMENTO VALLEY INDUSTRIAL Economic Indicators Sacramento Valley Employment Sacramento Valley Unemployment Net Absorption Square Feet (000s) 1 13% 12% 11% ,000-1,500-2,000-2, YTD-12 5-Year Average Q3 12 Q , , % 11.41% U.S. Unemployment 8.2% 9.7% U.S. CCI *Includes El Dorado, Placer, Sacramento & Yolo Counties 9% The Sacramento industrial market posted negligible occupancy gains during the third quarter the market absorbed just under 11,000 square feet of previously vacant space. This equates to a nearly non-existent overall occupancy growth rate of 0.01%. currently stands at 13.6%, down slightly from the 13.7% rate recorded at the mid-year mark of This continues the trend of wavering vacancy rates that has been the norm for the last five consecutive quarters the last time that the market posted two consecutive quarters in a row of either gains or losses was second quarter 2012 and third quarter But this quarter s performance could only barely be considered a gain. Annual occupancy growth remains in the red, to the tune of -437,000 square feet. The fact is that growth activity was minimal this quarter because deal activity remains depressed. The market recorded total deal volume (gross absorption) of just under 1.4 million square feet during the third quarter. Keep in mind that post-recession (since 4Q 2008) deal volume in the region has averaged nearly 1.8 million square feet per quarter. Based upon those numbers, it might be considered a win that occupancy growth was positive at all. It is good news because even if growth is not really happening yet, the number of space users in consolidation mode has diminished. Over the course of the third quarter, most of Sacramento s submarkets posted modest occupancy losses. Only four trade areas recorded any noteworthy growth. The Power Inn submarket recorded 201,000 square feet of occupancy growth as its vacancy rate fell from 11. to 10.2%. It was the site of the region s largest deal of the quarter (Pacific Coast Office Furniture s 77,000 square foot renewal at 5801 Warehouse Way) and has emerged as one of the region s best producing markets in The Woodland/Davis submarket also performed well this quarter, recording 71,000 square feet of occupancy growth. While this gain was not enough to bring Woodland s year-to-date net absorption out of the red, it did drive vacancy down from 17.3% to 16.9%. Hewlett Packard s return of 800,000 square feet of space to the market last quarter has driven losses here. But we don t expect any further major consolidations here (HP s move had been expected for some time) and actually expect this trade area to return to its previous standing as one of the region s stronger performers over the next few quarters. The biggest loser this quarter was the McClellan submarket where 224,000 square feet of space was returned to the marketplace, bringing the current vacancy rate to 22.6%. The Folsom/El Dorado trade area also took a noticeable hit, posting 63,000 square feet in occupancy losses, and driving vacancy up to 9.3%. One factor that has negatively impacted leasing activity is that many decision makers have been postponing making any real estate moves until after the November elections. Most are waiting until a clearer picture emerges in regards to taxation policy. Greater clarity should be in place by mid-november and this should result in a slight uptick in leasing activity. But significant challenges remain. In September, Campbell s Soup announced they would be closing the 1.3 million square foot facility they own in South Sacramento. Should it come to market (demolition and sale as a redevelopment opportunity would probably be the best route for this property), it would still likely not impact the marketplace (other than raising vacancy levels) due to its white elephant status. It simply would not compete with other properties in its current state. But the bigger problem is that the region continues to struggle to attract and retain businesses. But cheap rents may prove to be the difference. While we expect some increase in activity during the fourth quarter, we anticipate the vacancy see-saw to continue in the near future. The current average asking rate for industrial space in the Sacramento region is $0.37 per square foot (on a monthly triple net basis). This is up slightly from the $0.36 rate where rates had held firm for the past five quarters. Still, the market has a long way to go before it comes anywhere close to its pre-recession peak of $0.49 per square foot. But cheap rents may be the best lure to business s that the region can offer right now.

3 Cassidy Turley Industrial Market Snapshot Sacramento Valley TOTAL BLDGS INVENTORY SUBLET VACANT DIRECT VACANT VACANCY RATE CURRENT NET ABSORPTION YTD NET ABSORPTION UNDER CONSTRUC- TION AVERAGE ASKING RENT Submarket Downtown Sacramento 86 2,663, % (22,200) 12,066 0 $0.47 East Sacramento , , % (13,200) (7,130) 0 $0.62 Elk Grove/Laguna 103 4,996,164 6, , (4,109) (22,148) 0 $0.38 McClellan ,828, ,993 2,232, % (224,394) (168,587) 0 $0.41 Natomas/Northgate ,941, ,860 1,915, % (10,119) (177,374) 0 $0.35 Northeast Sacramento 198 5,115, , % 43,626 74,135 0 $0.38 Power Inn ,884, ,528, % 201, ,559 0 $0.33 Richards 90 4,386, , % (11,083) (9,568) 0 $0.29 South Sacramento 122 3,762, , % 4,800 (8,132) 0 $0.38 Auburn/New Castle 84 2,102, , % 22,365 19,507 0 $0.54 Folsom/El Dorado Hills 93 2,240, , % (63,449) (84,983) 0 $0.66 Roseville/Rocklin ,655,066 22,392 2,883, % (14,844) (49,075) 0 Mather 128 3,764, , % 44,396 30,070 0 Sunrise 322 9,139, ,046, % 13, ,958 0 $0.39 Davis/Woodland ,189, ,730, % 71,549 (531,724) 0 $0.25 West Sacramento ,574,396 35,800 1,337, % (27,784) (267,402) 0 $0.42 TOTAL 3, ,754,853 1,083,145 17,554, % 10,674 (437,383) 0 $0.37 *Industrial asking rates converted to NNN Key Lease Transactions Q3 12 PROPERTY SF TENANT TRANSACTION TYPE SUBMARKET Industrial Submarkets Sacramento Valley 4210 Roseville Rd 52,482 Ferguson Enterprises New Lease McClellan 1348 Terminal St 22,666 Volume Press New Lease West Sacramento Demetre Ave 21,780 Greenfield World Trade New Lease Power Inn 8585 Thys Ct 19,200 Moon Sun Memorial Service New Lease Power Inn 2700 Mercantile Dr 16,263 ProTransport New Lease Sunrise Sunrise Park Dr 16,250 SPECTRA Contract Flooring Renewal Sunrise 8500 Carbide Ct 12,600 Kaiser Permanente Renewal Power Inn About Cassidy Turley Cassidy Turley is a leading commercial real estate services provider with more than 3,600 professionals in more than 60 offices nationwide. The company represents a wide range of clients from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $18 billion in 2010, manages 455 million square feet on behalf of private, institutional and corporate clients and supports more than 25,000 domestic corporate services locations. Cassidy Turley serves owners, investors and occupiers with a full spectrum of integrated commercial real estate services including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. In 2010, the firm enhanced its global service delivery outside of North America through its partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit for more information about Cassidy Turley. Garrick Brown Director of Research 201 California Street Suite 800 San Francisco, CA Tel: Fax: The information contained within this report is gathered from multiple sources considered to be reliable. The information may contain errors or omissions and is presented without any warranty or representations as to its accuracy. Copyright 2012 Cassidy Turley. All rights reserved.

4 Market Summary Submarket Building Building Vacant Space Rate Base Count Direct Sublease Total Q3-12 Q3-11 Avg. Asking Rate (NNN) Downtown Sacramento 2,663, , , % 6.2% $0.47 East Sacramento 510, , , % 3.3% $0.62 Elk Grove / Laguna 4,996, ,959 6, , % $0.38 McClellan 13,828, ,232, ,993 3,121, % 22.1% $0.41 Natomas / Northgate 11,941, ,915, ,860 2,039, % 15. $0.35 Northeast Sacramento 5,115, , , % 10.7% $0.38 Power Inn 24,884, ,528, ,528, % 12. $0.33 Richards 4,386, , , % 12.3% $0.29 South Sacramento 3,762, , , % 5.8% $0.38 Auburn / New Castle 2,102, , , % 6. $0.54 Folsom / El Dorado Hills 2,240, , , % 5. $0.66 Roseville / Rocklin 15,655, ,883,874 22,392 2,906, % 17.6% Mather 3,764, , , % 14. Sunrise 9,139, ,046,133 4,800 1,050, % 11.8% $0.39 Davis / Woodland 16,189, ,730, ,730, % 14. $0.25 West Sacramento 15,574, ,337,790 35,800 1,373, % 6.7% $0.42 Total Market 136,754,853 3,072 17,582,182 1,083,145 18,665, % 13.2% $0.37 by Area 25% 22.6% 22.1% 2 15% 1 5% 6.1% 6.2% 8.5% 3.3% % 17.1% % 12.3% 10.7% 10.2% 7.7% 7.3% 5.6% 5.8% % % 17.6% 16.9% 13.8% % 11.8% % 6.7% Downtown Sacramento East Sacramento Elk Grove / Laguna McClellan Natomas / Northgate Northeast Sacramento Power Inn Richards South Auburn / New Folsom / El Sacramento Castle Dorado Hills Roseville / Rocklin Mather Sunrise Davis / Woodland West Sacramento Q3-12 Q3-11 Market Rent Ranges & Average Asking Rate NNN $0.75 $0.62 $0.66 $0.62 $0.25 $0.47 $0.48 $0.49 $0.38 $0.39 $0.41 $0.38 $0.35 $0.33 $0.34 $0.33 $0.33 $0.33 $0.29 $0.54 $0.46 $0.38 $0.32 $0.53 $0.46 $0.46 $0.39 $0.42 $0.25 $0.25 $0.42 $0.37 $- Downtown Sacramento East Sacramento Elk Grove / Laguna McClellan Natomas / Northgate Northeast Sacramento Power Inn Richards South Auburn / New Folsom / El Sacramento Castle Dorado Hills Roseville / Rocklin Mather Sunrise Davis / Woodland West Sacramento Q3-12 Q3-11

5 Total Market Total Building Base: 136,754, ,754, ,754, ,754, ,754,853 Total Buildings: 3,072 3,072 3,072 3,072 3,072 Direct Vacant: 16,884,533 17,068,684 16,437,173 17,575,424 17,554,398 Sublease Vacant: 1,137,364 1,159,260 1,055,285 1,100,577 1,083,145 Total Vacant: 18,021,897 18,227,944 17,492,458 18,676,001 18,637,543 : 13.2% 13.3% 12.8% 13.7% 13.6% Gross Absorption: 1,909,590 1,474,260 1,904,762 1,706,358 1,379,917 Net Absorption: 818, , ,486-1,183,543 10,674 Avg Asking Rate (NNN): $0.36 $0.36 $0.36 $0.36 $0.37 & Average Asking Rate Trend 15% 12% 11.9% 12.3% 12.6% 13.2% 13.3% 13.7% 13.9% 13.8% 13.2% 13.3% 12.8% 13.7% 13.6% 9% 6% 3%

6 Downtown Sacramento Total Building Base: 2,663,128 2,663,128 2,663,128 2,663,128 2,663,128 Total Buildings: Direct Vacant: 163, , , , ,753 Sublease Vacant: Total Vacant: 163, , , , ,753 : 6.2% 6.6% 5.5% 5.3% 6.1% Gross Absorption: 37,850 10,000 27,976 16,290 5,000 Net Absorption -26,857-11,000 27,976 6,290-22,200 Avg Asking Rate (NNN): $0.43 $0.41 $0.41 $0.45 $0.47 & Average Asking Rate Trend 8% $0.80 7% 6% 5% 4.6% 5.3% 6.6% 5.1% 6.2% 6.6% 5.5% 5.3% 6.1% 3% 2% % 1%

7 East Sacramento Total Building Base: 510, , , , ,830 Total Buildings: Direct Vacant: 17,000 36,070 32,070 30,000 43,200 Sublease Vacant: Total Vacant: 17,000 36,070 32,070 30,000 43,200 : 3.3% 7.1% 6.3% 5.9% 8.5% Gross Absorption: 0 0 4,000 2,070 0 Net Absorption 0-19,070 4,000 2,070-13,200 Avg Asking Rate (NNN): $0.55 $0.55 $0.55 $0.55 $0.62 & Average Asking Rate Trend 1 $ % 8% 6.5% 7.1% 6.3% 5.9% 6% % 3.3% 2% 0.7% 0.7% $0.10

8 Elk Grove / Laguna Total Building Base: 4,996,164 4,996,164 4,996,164 4,996,164 4,996,164 Total Buildings: Direct Vacant: 674, , , , ,959 Sublease Vacant: , ,300 Total Vacant: 674, , , , ,259 : 13.5% 13.6% 13.8% Gross Absorption: 46,549 13,218 13,600 58,591 20,900 Net Absorption 34,119-4,899-9,026-9,013-4,109 Avg Asking Rate (NNN): $0.39 $0.38 $0.37 $0.38 $0.38 & Average Asking Rate Trend 2 $ % 13.8% 13.8% 16.9% % 16.8% 14.2% 14.2% 13.5% 13.6% 13.8% % 8% $0.10

9 McClellan Total Building Base: 13,828,696 13,828,696 13,828,696 13,828,696 13,828,696 Total Buildings: Direct Vacant: 2,165,589 2,062,468 2,112,337 1,996,285 2,232,679 Sublease Vacant: 890, , , , ,993 Total Vacant: 3,056,206 2,953,085 2,971,570 2,897,278 3,121,672 : 22.1% % % Gross Absorption: 120, ,621 88, , ,704 Net Absorption -25, ,121-18,485 74, ,394 Avg Asking Rate (NNN): $0.42 $0.41 $0.41 $0.41 & Average Asking Rate Trend 25% % 19.8% 19.8% 21.2% 21.9% 22.1% % % 15% 1 5% $0.10

10 Natomas / Northgate Total Building Base: 11,941,407 11,941,407 11,941,407 11,941,407 11,941,407 Total Buildings: Direct Vacant: 1,750,399 1,775,152 1,775,657 1,904,980 1,915,099 Sublease Vacant: 87,433 87, , , ,860 Total Vacant: 1,837,832 1,862,585 1,900,517 2,029,840 2,039,959 : % 15.9% % Gross Absorption: 139, , , , ,199 Net Absorption -60,108-24,753-37, ,323-10,119 Avg Asking Rate (NNN): $0.33 $0.33 $0.33 $0.33 $0.35 & Average Asking Rate Trend 2 $ % 14.8% % 16.2% 15.9% 15.2% 14.9% % 15.6% 15.9% % 1 5% $0.10

11 Northeast Sacramento Total Building Base: 5,115,496 5,115,496 5,115,496 5,115,496 5,115,496 Total Buildings: Direct Vacant: 544, , , , ,866 Sublease Vacant: 2,500 2, ,900 0 Total Vacant: 547, , , , ,866 : 10.7% 9.1% 9.1% 8.6% 7.7% Gross Absorption: 33,090 78,825 46,647 54,138 90,510 Net Absorption -13,236 79, ,070 43,626 Avg Asking Rate (NNN): $0.31 $0.36 $0.38 $0.38 $0.38 & Average Asking Rate Trend 1 $ % 1 8% 6% 9.2% % 12.3% 9.5% 9.7% % 9.1% 9.1% 8.6% 7.7% 2% $0.10

12 Power Inn Total Building Base: 24,884,061 24,884,061 24,884,061 24,884,061 24,884,061 Total Buildings: Direct Vacant: 2,994,137 3,142,263 2,755,675 2,730,379 2,528,704 Sublease Vacant: Total Vacant: 2,994,137 3,142,263 2,755,675 2,730,379 2,528,704 : % 11.1% % Gross Absorption: 465, , , , ,204 Net Absorption 193, , ,588 25, ,675 Avg Asking Rate (NNN): $0.34 $0.33 $0.33 $0.34 $0.33 & Average Asking Rate Trend 1 12% 11.6% 11.9% 12.1% 10.9% % % 12.6% 11.1% 11. $ % 8% 6% 2% $0.10

13 Richards Total Building Base: 4,386,791 4,386,791 4,386,791 4,386,791 4,386,791 Total Buildings: Direct Vacant: 539, , , , ,790 Sublease Vacant: Total Vacant: 539, , , , ,790 : 12.3% 11.6% 11.6% 11.6% 11.8% Gross Absorption: 16,000 66,175 16, ,117 Net Absorption 16,000 29,575 1, ,083 Avg Asking Rate (NNN): $0.29 $0.28 $0.28 $0.29 $0.29 & Average Asking Rate Trend 16% 12% 12.3% 11.8% 11.9% 11.9% 11.5% 11.6% 13.1% 12.7% 12.3% 11.6% 11.6% 11.6% 11.8% 8% $0.10

14 South Sacramento Total Building Base: 3,762,274 3,762,274 3,762,274 3,762,274 3,762,274 Total Buildings: Direct Vacant: 217, , , , ,939 Sublease Vacant: Total Vacant: 217, , , , ,939 : 5.8% % 5.7% 5.6% Gross Absorption: 24,185 22,400 11,650 47,218 15,700 Net Absorption 14,285 14,982 2,050-14,982 4,800 Avg Asking Rate (NNN): $0.41 $0.39 $0.38 & Average Asking Rate Trend 7% $0.70 6% 5.6% 5.6% 6.1% 6.2% 6.2% 5.8% % 5.7% 5.6% 5% 4.8% 3% 2% 1% $0.10

15 Auburn / Newcastle Total Building Base: 2,102,336 2,102,336 2,102,336 2,102,336 2,102,336 Total Buildings: Direct Vacant: 126, , , , ,753 Sublease Vacant: Total Vacant: 126, , , , ,753 : % 7.7% % Gross Absorption: 10,081 12,998 14,020 10,350 30,040 Net Absorption -5,219-46,938 11,205-14,063 22,365 Avg Asking Rate (NNN): $0.56 $0.54 $0.54 $0.54 & Average Asking Rate Trend 1 $1.25 9% 8.2% 8.2% 7.7% 8. 8% 7.3% $1.00 7% 6% 5% 3% 2.7% % 4.8% 4.6% 4.9% 5.8% 6. $0.75 2% $0.25 1%

16 Folsom / El Dorado Total Building Base: 2,240,613 2,240,613 2,240,613 2,240,613 2,240,613 Total Buildings: Direct Vacant: 109, , , , ,028 Sublease Vacant: 3, Total Vacant: 112, , , , ,028 : % 6.2% 6.5% 9.3% Gross Absorption: 14,765 21,752 5,500 3,275 11,543 Net Absorption 7,845-11,398-13,844-7,690-63,449 Avg Asking Rate (NNN): $0.70 $0.69 $0.69 $0.63 $0.66 & Average Asking Rate Trend 12% $ % $1.25 8% 6% 6.8% 6.8% % % 6.2% 6.5% $1.00 $0.75 2% $0.25

17 Roseville/Rocklin (Also includes Loomis & Lincoln) Total Building Base: 15,655,066 15,655,066 15,655,066 15,655,066 15,655,066 Total Buildings: Direct Vacant: 2,748,771 2,813,391 2,927,501 2,864,398 2,883,874 Sublease Vacant: 13,800 43,800 25,392 27,024 22,392 Total Vacant: 2,762,571 2,857,191 2,952,893 2,891,422 2,906,266 : 17.6% 18.3% 18.9% 18.5% 18.6% Gross Absorption: 157, ,045 31, ,528 42,443 Net Absorption 69,786-94,620-95,702 61,471-14,844 Avg Asking Rate (NNN): $0.42 $0.41 $0.39 $0.39 & Average Asking Rate Trend 25% % 17.1% 17.6% 17.7% 18.5% 17.8% 18.1% 17.6% 18.3% 18.9% 18.5% 18.6% $ % 1 5% $0.15

18 Mather Total Building Base: 3,764,721 3,764,721 3,764,721 3,764,721 3,764,721 Total Buildings: Direct Vacant: 520, , , , ,818 Sublease Vacant: 5, Total Vacant: 525, , , , ,818 : % 14.3% % Gross Absorption: 20,616 23,875 59,521 10, ,636 Net Absorption 16,596-23,254 10,738-25,064 44,396 Avg Asking Rate (NNN): $0.36 $0.36 $0.36 $0.36 & Average Asking Rate Trend 18% 15% 13.9% % 14.8% 14.5% 14.7% % 14.3% % 12% 9% 6% 11.5% 3% $0.10

19 Sunrise Total Building Base: 9,139,436 9,139,436 9,139,436 9,139,436 9,139,436 Total Buildings: Direct Vacant: 1,039,566 1,148,726 1,110,593 1,064,378 1,046,133 Sublease Vacant: 41,610 41, ,800 Total Vacant: 1,081,176 1,190,336 1,110,593 1,064,378 1,050,933 : 11.8% % 11.6% 11.5% Gross Absorption: 214,088 89, ,786 29, ,638 Net Absorption 132, ,160 79,743 46,215 13,445 Avg Asking Rate (NNN): $0.39 $0.38 $0.39 $0.39 & Average Asking Rate Trend 16% $ % 10.5% 12.1% 14.1% 14.2% 14.2% 14.2% 14.5% 13.3% 11.8% % 11.6% 11.5% 8%

20 Woodland / Davis Total Building Base: 16,189,438 16,189,438 16,189,438 16,189,438 16,189,438 Total Buildings: Direct Vacant: 2,309,179 2,182,553 1,776,969 2,802,346 2,730,797 Sublease Vacant: 16,520 16, Total Vacant: 2,325,699 2,199,073 1,776,969 2,802,346 2,730,797 : % % 16.9% Gross Absorption: 327, , , ,228 86,201 Net Absorption 264, , ,104-1,025,377 71,549 Avg Asking Rate (NNN): $0.25 $0.25 $0.25 $0.25 $0.25 & Average Asking Rate Trend 2 16% 14.8% 13.7% 15.8% 15.5% 16.8% 18.1% % 17.3% 16.9% 12% 8% 11.8% 11. $0.10

21 West Sacramento Total Building Base: 15,574,396 15,574,396 15,574,396 15,574,396 15,574,396 Total Buildings: Direct Vacant: 963,144 1,029,408 1,106,271 1,310,006 1,337,790 Sublease Vacant: 76,780 76,780 35,800 35,800 35,800 Total Vacant: 1,039,924 1,106,188 1,142,071 1,345,806 1,373,590 : 6.7% 7.1% 7.3% 8.6% 8.8% Gross Absorption: 281, , ,382 88, ,082 Net Absorption 201,398-66,264-35, ,735-27,784 Avg Asking Rate (NNN): $0.36 $0.41 $0.41 $0.41 $0.42 & Average Asking Rate Trend 1 8.6% 8.8% 8% 6% 3.6% 4.5% 5.1% 6.5% 7.1% % % 7.1% 7.3% 2% $0.10

22 Sacramento Valley Industrial Market Report Woodland Winters 80 Davis 99 2 Rio Linda North Highlands 80 Arcade Laguna West Elk Grove 13 Roseville 14 Lincoln Loomis New Castle Rocklin Citrus Heights Orangevale 12 Folsom Fair Oaks Carmichael Arden Rancho Cordova West Sacramento SACRAMENTO Parkway Florin LEGEND Auburn 1 Davis/Woodland 2 Natomas/Northgate 3 West Sacramento 4 Downtown Placerville 5 East SacramentoCamino El Dorado 6 South Sacramento Hills Shingle 7 Power Inn Springs 11 8 Elk Grove/Laguna 9 Mather Sunrise 11 Folsom/El Dorado Hills Plymouth 12 McClellan 13 Roseville/Rocklin 14 Auburn/New Castle 88 Vacaville 5 Definitions Report Published By: Cassidy Turley Sacramento 520 Capitol Mall Suite 500 Sacramento, CA Tel Fax Cassidy Turley Northern California Manufacturing Product Buildings typically used for industrial purposes (Less than (3/1000 parking, clear height less than 18, three sides of concrete and one side of glass, usually 6% 15% office build out). Warehouse Product Buildings typically used for bulk warehouse purposes (2/1000 parking or less, clear height minimum of 18, limited glass, dock and/or grade doors, and minimal build-out). Total Building Base Total warehouse buildings over 10,000 square feet in size. Direct Availabilities Total square footage being marketed for lease by landlord available within 90 days. This may include availabilities with pending leases. Sublease Availabilities Total square footage being marketed for lease by sublessor. Total available square footage (direct & sublease) divided by Total Building Base. Net Absorption Change in occupied building square footage in a given time period. Weighted Average NNN Rate (by available square footage) of available spaces with Gross rates converted to NNN rates. Historical Continuity Cassidy Turley maintains a building by building historical record. Comparing previous reports to this report may show different building size numbers and statistics. Changes are caused by reclassification of buildings and revised building sizes. Historical comparisons should be made from this report only as Cassidy Turley BT adjusts the historical record accordingly. Source Data is tracked and tallied from information provided by The Costar Group. Disclaimer: The information contained herein while not guaranteed has been secured by sources we deem reliable. All information should be verifi ed prior to lease or sale.