Industrial Snapshot 2Q 2016

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1 CHARLOTTE INDUSTRIAL Warehouse Market Indicators Warehouse Net Absorption/Asking Rent 4Q TRAILING AVERAGE 1,800 1,600 1,400 1,200 1, Net Absorption, 000's Overall Warehouse Vacancy 13% 12% 11% 10% 9% 8% 7% 6% 5% 2Q 15 2Q 16 Overall Vacancy 4.8% 5.1% Net absorption 424,885 1,377,011 Under Construction 1,223,705 1,278,661 Asking Rent (NNN) $4.25 $4.60 Flex Market Indicators 2Q 15 2Q 16 Overall Vacancy 9.0% 7.1% Net absorption (24,076) 163,616 Under Construction 183, ,337 Asking Rent (NNN) $7.75 $8.71 Asking Rent, $ PSF 12-Month Forecast 12-Month Forecast Historical Average = 8.5% $4.60 $4.40 $4.20 $4.00 $3.80 $3.60 $3.40 $3.20 4% Economy Despite some headwinds with recent HB2 and Brexit events, Charlotte has fared well in the second quarter as it continues to grow at a manageable pace. Charlotte MSA unemployment rate made a recovery from 1Q 2016 report with a significant decrease from 5.3% to 4.5%. So far, 2016 is on pace to exceed 2015 in employment growth totaled an employment growth of 35,000 jobs. 2016, according to the Bureau of Labor Statistics, shows Charlotte having gained 25,000 in employment just through April. Several recent announcements were made regarding future incoming jobs to Charlotte. One example is Corning Optical, bringing 650 jobs with their $38 million dollar investment as they make Charlotte their new Communications headquarters. Charlotte has been an excellent growth story and continues to attract business relocations with the cities robust economics. As long as the Industrial construction continues at a comfortable pace, the Real Estate market will remain healthy and active. Warehouse Market Overview The Charlotte warehouse market had a major rebound in 2Q 2016, with the second highest quarterly absorption levels since 2012: positive net absorption of 1,377,011 square feet (SF) compared to 158,612 SF of negative absorption the previous quarter. Out of the eight submarkets, five reported positive absorption. The most remarkable turnaround story was in the submarket, which produced nearly 600,000 SF of positive absorption in 2Q versus nearly 150,000 SF of negative absorption in 1Q. Notable leases signed include: Amazon (397,800 SF); Positec (149,696 SF); and PODS (82,200 SF). While the market absorption was strong, average asking rates were flat quarter to quarter at $4.60 per square foot but were 7% over the average rate 12 months ago. Vacancy continues to be a highlight story as it takes another dip to 5.1%, an 80 bps decrease from last quarter. Developers are working hard to keep up with tenant demand, as there is truly a lack of availability for large users trying to enter the market. The York County submarket lead the way with vacancy dropping to 1.2%, taking the rate to an all-time low. Cabarrus County continues to be a major factor in the market, with over 450,000 SF delivered in 2Q and another 360,000 SF under construction. The submarket s largest delivery was a

2 200,000 SF build to suit for Pepsi Bottling and the largest speculative project currently under construction is a 309,536 SF warehouse located in RiverOaks Corporate Center. The large construction number in the submarket derives from the Ridge Creek West III project, which is a 282,880 SF speculative development. Another notable construction project is Trinity s Shopton Ridge buildings. This development consists of five new warehouses ranging in size from 33,000 SF to 69,300 SF. They are expected to deliver in December of 2016 and are targeting user buyers. Given the strength of the overall Charlotte economy, the expected continued strong absorption, and reasonable levels of new construction, rents will likely regain upward momentum and current very low vacancy levels will hold firm. Flex Market Overview The Charlotte flex market gained some positive momentum in 2Q The lack of quality flex product and new construction is beginning to show as market conditions continue to improve. Flex market vacancy decreased to 7.1%, a 190 bps decrease from the 9% rate 12 months ago. Absorption had a comeback quarter with 162,416 SF absorbed after posting negative absorption in 1Q This large positive number brings the 12 month absorption to 385,170 SF. Unlike the warehouse market, average asking rates for flex product have held a steady growth trend. The average triple net asking rental rate in Q1 was $8.71/SF, a 12.38% increase over the last 12 months. With only one small delivery in York County (11,763 SF) and one speculative multi-tenant building, Carowinds Commerce Center, currently under construction in York County (46,237 SF), the vacancy rate should continue to decrease, causing average rental rates to continue increasing throughout the year. Flex Net Absorption/Asking Rent 4Q TRAILING AVERAGE 160 $ $ $ $ $7.80 $ $ $ $ $ $ Net Absorption, 000's, SF Asking Rent, $ PSF Overall Flex Vacancy 18% 16% 14% 12% Historical Historical Average = 11.8% 10% 8% 6% Outlook High absorption levels in the warehouse market will continue, as tenants begin to consume new deliveries later in the year. Absorption of flex product will remain positive, but low as a result of scarce new product. Low vacancy levels in the warehouse market will hold. Vacancy rates in the flex market will continue to decrease as very little new product will be delivered in Rental rates for both warehouse and flex space will continue to increase. For warehouse, the new product coming to market will demand a higher price. For flex, the strong demand and lower supply of product will be the driver. Warehouse Warehouse/Flex Asking Rents WAREHOUSE RENTS INCREASED 5.8% YEAR ON YEAR $5.00 $4.50 $4.00 $3.50 $3.00 Warehouse Flex, $ PSF $9.00 $8.50 $8.00 $7.50 $7.00 Flex cushmanwakefield.com 2

3 SUBMARKETS TOTAL BLDGS INVENTORY TOTAL VACANT VACANCY RATE QTR ABSORPTION PAST 4 QTR ABSORPTION QUARTER UNDER CONSTRUCTION AVERAGE ASKING RENT Warehouse Central 165 4,583, , % (5,447) 51, ,000 $6.60 East ,346, , % (6,600) (23,164) 0 0 $4.33 North ,412,004 1,211, % 83, , ,500 $4.46 Northwest ,722, , % 129, , $ ,137,444 2,243, % 596,224 (141,858) 162, ,200 $4.62 West Airport ,503,888 1,982, % 166,844 (471,063) 0 0 $4.74 York County ,205, , % (6,133) 308, ,000 $4.90 Cabarrus County ,360,969 1,320, % 418,870 1,068, , ,961 $4.54 Flex Central ,966 46, % 3,984 10, $19.59 East 81 3,148, , % 63, , $8.08 North 112 4,707, , % 62, ,267 11, ,508 $8.05 Northwest ,593 1, % 4,750 6, $ ,335, , % 13, , ,592 $9.26 West Airport 135 4,473, , % 15,063 10, $8.10 York County 62 1,752,435 37, % 600 2, ,237 $6.38 Cabarrus County 72 2,680, , % , $7.99 By Property Type Total Warehouse 2, ,272,385 8,074, % 1,377,011 1,440, ,790 1,278,661 $4.60 Total Flex ,145,733 1,564, % 163, ,419 11, ,337 $8.71 Charlote Metro 3, ,418,118 9,638, % 1,540,627 1,889, ,553 1,493,998 $4.99 Industrial asking rents converted to NNN Key Lease Transactions 2Q 16 TENANT BUIDLING SF TRANSACTION TYPE SUBMARKET Amazon Old Dowd Rd 397,800 New West Airport Positec 5809 Long Creek Park Dr 149,696 New North CDA Inc General Dr - Logistics Pointe 109,000 New Ozburn-Hessey Logistics 215 International Dr NW 108,000 New Cabarrus County PODS Westerm Ridge Rd - Ridge Creek West III 83,200 New Otto Enviromental Systems Western Ridge Rd - Ridge Creek West II 67,600 New Iteck Graphics 7075 Aviation Blvd NW 63,347 New Cabarrus County Scholastic Book Fairs 5901 Northwoods Business Pky 59,321 Renewal North Key Sales Transactions 2Q 16 PROPERTY TYPE PRICE SF PRICE PSF SELLER / BUYER SUBMARKET Lakemont West Business Park Warehouse $63,000, ,633 $64.97 J.P. Morgan Investment Management / Hartz Mountain Industries Whitehall I & II Flex $21,500, ,800 $ FORT Properties / CIP Real Estate Property Services & CrossHarbor Capital Partners 4000 Westinghouse Blvd Warehouse $6,550, ,852 $62.47 Mount Kellett Capital Management / STAG cushmanwakefield.com 3

4 Under Construction 2Q 16 PROPERTY SF DEVELOPER EST. SUBMARKET TYPE RiverOaks Corporate Center NW Automation Dr 309,536 Beacon Partners 3Q 2016 Cabarrus County Warehouse Ridge Creek West III 282,880 Childress Klein 3Q 2016 Warehouse Ridge Creek West II 216,320 Childress Klein 4Q 2016 Warehouse 900 Paragon Way - Site A 197,000 Beacon Partners 3Q 2016 York County Warehouse Burkert Fluid Control Systems 125,508 Timmons Group 4Q 2016 North Flex Cornelius Commerce Center Bailey Rd 95,000 Legacy Point Properties 3Q 2016 North Warehouse IBP Spec Building Enterprise Dr NW 50,425 Nolim Group S.A. 3Q 2016 Cabarrus County Warehouse Mt Holly-Huntersville Rd 47,500 Gray Construction Co. 3Q 2016 North Warehouse 300 Springhill Farm Rd 46,237 Silver Investments Limitted 3Q 2016 York County Flex 1725 Genthe Ct 40,000 JM Cope Construction Co, Inc 3Q 2016 York County Flex Deliveries 2Q 16 PROPERTY SF DEVELOPER EST. SUBMARKET TYPE Pepsi Bottling Ventures - 22 Cedar St. N 200,000 The Keith Corporation 2Q 2016 Cabarrus County Warehouse RiverOaks Corporate Center - Building C 143,670 Beacon Partners 2Q 2016 Cabarrus County Warehouse Steele Creek Commerce Park - Bldg 6 137,120 Eastgroup Properties 2Q 2016 Warehouse Concord Airport Business Park - Phase II - Bldg I 108,000 The Silverman Group 2Q 2016 Cabarrus County Warehouse cushmanwakefield.com 4

5 Industrial Submarkets Charlotte, NC 77 North 85 Northwest 85 West-Airport Central East York County The successful merger of Cushman & Wakefield and DTZ closed September 1, The firm now operates under the iconic Cushman & Wakefield brand and has a new visual identity and logo that position the firm for the future and reflect its trusted global legacy and wider history. The new Cushman & Wakefield is led by Chairman & Chief Executive Officer Brett White and Global President Tod Lickerman. The company is majority owned by an investor group led by TPG, PAG, and OTPP. About Cushman & Wakefield Cushman & Wakefield is a global leader in commercial real estate services, helping clients transform the way people work, shop, and live. The firm s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenues of $5 billion across core services of agency leasing, asset services, capital markets, facility services (branded C&W Services), global occupier services, investment management (branded DTZ Investors), project & development services, tenant representation and valuation & advisory. To learn more, visit or on Twitter. Steve Gassaway Market Leader 550 S. Tryon Street Suite 3400 Charlotte, NC 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 2016 Cushman & Wakefield. All rights reserved. cushmanwakefield.com 5

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