AQUILA's Quarterly Overview of the Austin Industrial Real Estate Market.

1. 4Q 2015
AUSTIN
INDUSTRIAL
OVERVIEW

2. Hartland Plaza; Photo by Scott Mason Photography
AQUILA KNOWS AUSTIN
Leigh Ellis
Lead Industrial Broker
512 684-3802
ellis@aquilacommercial.com
Clay Schleimer
Market Research Coordinator
512 684-3809
schleimer@aquilacommercial.com
AQUILA Commercial is dedicated to providing
quality service to our clients. We understand that
real time market data helps our clients make
smart, informed real estate decisions. This report is
produced and distributed quarterly. To receive our
updates, opt in at aquilacommercial.com.
KEEPING YOU INFORMED
DISCLAIMER This report utilizes various real
estate and economic data sources. The information
contained herein is confidential and proprietary in
nature. No warranties or guarantees are made as
to the accuracy of the information contained
herein.

3. Citywide Warehouse Performance 4
Citywide Flex/R&D Performance 7
Citywide Total Industrial Performance 10
North Submarket Warehouse Performance 14
North Submarket Flex/R&D Performance 15
North Submarket Total Industrial Performance 16
Southeast Submarket Warehouse Performance 17
Southeast Submarket Flex/R&D Performance 18
Southeast Submarket Total Industrial Performance 19
Northeast Submarket Warehouse Performance 20
Northeast Submarket Flex/R&D Performance 21
Northeast Submarket Total Industrial Performance 22
Round Rock & Georgetown Submarket Warehouse Performance 23
Round Rock & Georgetown Submarket Flex/R&D Performance 24
Round Rock & Georgetown Submarket Total Industrial Performance 25
Far Northeast Submarket Warehouse Performance 26
Far Northeast Submarket Flex/R&D Performance 27
Far Northeast Submarket Total Industrial Performance 28
Austin Industrial Submarket Map
CONTENTS

4. 4
0%
5%
10%
15%
20%
2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4
VacancyRate
North Southeast Northeast
Round Rock & Georgetown Far Northeast Citywide
CITYWIDE WAREHOUSE PERFORMANCE
VACANCY RATES AVERAGE ASKING NNN
$0.25
$0.40
$0.55
$0.70
$0.85
$1.00
2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4
AverageAskingNNN
North Southeast Northeast
Round Rock & Georgetown Far Northeast Citywide
Quarter North Southeast Northeast
Round Rock &
Georgetown
Far Northeast Citywide
2014 Q1 8.8% 7.2% 17.0% 13.2% 14.5% 10.0%
2014 Q2 7.4% 9.0% 17.6% 13.0% 14.3% 10.4%
2014 Q3 9.3% 4.9% 15.1% 16.8% 14.6% 10.4%
2014 Q4 8.2% 5.4% 14.1% 15.8% 10.7% 9.7%
2015 Q1 8.2% 4.2% 12.7% 15.6% 12.0% 9.4%
2015 Q2 7.8% 6.6% 9.4% 12.2% 8.9% 8.9%
2015 Q3 5.5% 7.0% 7.5% 12.1% 8.6% 7.1%
2015 Q4 5.0% 5.4% 7.3% 9.6% 8.6% 6.3%
Numbers based on CBRE statistics
Quarter North Southeast Northeast
Round Rock &
Georgetown
Far Northeast Citywide
2014 Q1 $0.52 $0.48 $0.54 $0.49 $0.48 $0.53
2014 Q2 $0.53 $0.43 $0.64 $0.50 $0.46 $0.52
2014 Q3 $0.57 $0.43 $0.65 $0.48 $0.48 $0.52
2014 Q4 $0.55 $0.41 $0.65 $0.48 $0.48 $0.52
2015 Q1 $0.57 $0.45 $0.66 $0.51 $0.54 $0.55
2015 Q2 $0.51 $0.56 $0.63 $0.52 $0.50 $0.60
2015 Q3 $0.71 $0.56 $0.62 $0.57 $0.57 $0.63
2015 Q4 $0.84 $0.56 $0.65 $0.58 $0.55 $0.67
Numbers based on CBRE statistics
4

5. Quarter North Southeast Northeast
Round Rock &
Georgetown
Far Northeast Citywide
2014 Q1 822,571 401,801 724,597 367,495 297,975 3,063,706
2014 Q2 691,741 501,757 751,298 361,481 311,814 3,222,127
2014 Q3 875,948 270,134 641,700 468,877 319,086 3,221,887
2014 Q4 772,155 298,596 602,893 439,227 232,749 2,993,590
2015 Q1 779,087 231,142 540,888 433,927 260,626 2,911,198
2015 Q2 742,129 373,605 410,356 341,296 194,903 2,762,216
2015 Q3 521,887 396,993 326,398 336,296 187,850 2,212,294
2015 Q4 479,847 316,245 319,624 258,907 187,850 1,975,254
Numbers based on CBRE statistics
Quarter North Southeast Northeast
Round Rock &
Georgetown
Far Northeast Citywide
2014 Q1 (124,697) (28,935) (360,297) (5,632) 142,631 (444,407)
2014 Q2 130,830 (99,956) (26,701) 6,014 106,161 156,153
2014 Q3 (184,207) 231,623 109,598 (107,396) (7,272) 240
2014 Q4 121,093 (28,462) 38,807 29,650 86,337 256,097
2015 Q1 102,955 67,454 62,005 5,300 (27,877) 192,279
2015 Q2 36,958 (52,487) 220,132 92,631 65,723 328,558
2015 Q3 220,242 (23,388) 83,958 5,000 7,053 549,922
2015 Q4 42,040 319,953 6,774 (3,625) 0 557,701
Numbers based on CBRE statistics
5
CITYWIDE WAREHOUSE PERFORMANCE
AVAILABLE SF ABSORPTION
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4
AvailableSF
North Southeast Northeast Round Rock & Georgetown Far Northeast Citywide
(600,000)
(400,000)
(200,000)
0
200,000
400,000
600,000
800,000
2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4
Absorption(SF)
North Southeast Northeast Round Rock & Georgetown Far Northeast Citywide
5

6. CITYWIDE WAREHOUSE PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
0%
2%
4%
6%
8%
10%
12%
14%
-
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
35,000,000
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
88%
89%
90%
91%
92%
93%
94%
95%
(600,000)
(400,000)
(200,000)
0
200,000
400,000
600,000
800,000
2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate
5%
7%
9%
11%
13%
15%
$0.50
$0.55
$0.60
$0.65
$0.70
$0.75
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
VacancyRate
AverageAskingNNN
Average Asking NNN Vacancy Rate
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2014 Q1 30,522,096 3,063,706 10.0% (444,407) $0.53
2014 Q2 30,836,670 3,222,127 10.4% 156,153 $0.52
2014 Q3 30,836,670 3,221,887 10.4% 240 $0.52
2014 Q4 30,864,470 2,993,590 9.7% 256,097 $0.52
2015 Q1 30,974,357 2,911,198 9.4% 192,279 $0.55
2015 Q2 31,153,933 2,762,216 8.9% 328,558 $0.60
2015 Q3 31,153,933 2,212,294 7.1% 549,922 $0.63
2015 Q4 31,474,594 1,975,254 6.3% 557,701 $0.67
Numbers based on CBRE statistics
6

7. 7
CITYWIDE FLEX/R&D PERFORMANCE
VACANCY RATES AVERAGE ASKING NNN
0%
5%
10%
15%
20%
2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4
VacancyRate
North Southeast Northeast
Round Rock & Georgetown Far Northeast Citywide
$0.50
$0.65
$0.80
$0.95
$1.10
$1.25
2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4
AverageAskingNNN North Southeast Northeast Far Northeast Citywide
Quarter North Southeast Northeast
Round Rock &
Georgetown
Far Northeast Citywide
2014 Q1 9.6% 17.4% 9.2% 5.0% 8.2% 13.2%
2014 Q2 8.7% 14.1% 16.7% 2.4% 8.2% 13.4%
2014 Q3 8.5% 13.0% 14.4% 2.6% 8.2% 12.6%
2014 Q4 7.5% 13.0% 12.0% 2.9% 8.2% 12.0%
2015 Q1 7.5% 14.8% 11.1% 2.6% 11.4% 12.3%
2015 Q2 8.4% 9.5% 3.4% 1.4% 8.0% 9.8%
2015 Q3 9.5% 9.2% 1.9% 2.1% 8.9% 9.6%
2015 Q4 9.1% 11.9% 2.7% 8.8% 7.3% 10.8%
Numbers based on CBRE statistics
Quarter North Southeast Northeast
Round Rock &
Georgetown
Far Northeast Citywide
2014 Q1 $0.77 $0.81 $0.66 N/A $0.84 $0.79
2014 Q2 $0.88 $0.64 $0.68 $0.86 $0.84 $0.87
2014 Q3 $0.91 $0.89 $0.74 $0.86 $0.79 $0.92
2014 Q4 $0.89 $0.91 $0.72 N/A $0.84 $0.91
2015 Q1 $0.93 $0.87 $0.73 N/A $0.91 $0.93
2015 Q2 $0.94 $0.86 $0.67 N/A $0.89 $0.95
2015 Q3 $1.01 $0.76 $0.81 N/A $0.82 $0.91
2015 Q4 $1.10 $0.77 $0.63 N/A $1.05 $0.91
Numbers based on CBRE statistics
7

8. 8
CITYWIDE FLEX/R&D PERFORMANCE
AVAILABLE SF ABSORPTION
Quarter North Southeast Northeast
Round Rock &
Georgetown
Far Northeast Citywide
2014 Q1 424,680 808,350 299,666 86,734 24,450 2,444,882
2014 Q2 386,728 655,931 595,469 40,952 24,450 2,539,566
2014 Q3 374,807 603,352 513,950 44,478 24,450 2,378,202
2014 Q4 334,169 603,510 427,728 50,550 24,450 2,275,577
2015 Q1 332,884 688,992 395,916 44,074 34,134 2,332,054
2015 Q2 370,729 426,198 111,348 23,391 23,812 1,799,903
2015 Q3 419,138 409,691 61,317 37,049 26,434 1,763,624
2015 Q4 403,728 548,554 87,702 156,803 21,684 2,018,081
Numbers based on CBRE statistics
Quarter North Southeast Northeast
Round Rock &
Georgetown
Far Northeast Citywide
2014 Q1 65,702 51,904 14,449 (10) 0 150,897
2014 Q2 37,952 152,419 16,804 45,782 0 217,923
2014 Q3 11,921 52,579 81,519 (3,526) 0 161,364
2014 Q4 40,638 (158) 86,222 (6,072) 0 102,625
2015 Q1 1,285 (85,482) 31,812 6,476 (9,684) (56,477)
2015 Q2 (37,845) 89,994 (28,039) 20,683 10,322 46,744
2015 Q3 (48,409) 16,507 50,031 (13,658) (2,622) 36,279
2015 Q4 15,410 21,137 (26,385) (56,000) 4,750 (30,703)
Numbers based on CBRE statistics
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4
AvailableSF
North Southeast Northeast Round Rock & Georgetown Far Northeast Citywide
(150,000)
(100,000)
(50,000)
0
50,000
100,000
150,000
200,000
250,000
300,000
2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4
Absorption(SF)
North Southeast Northeast Round Rock & Georgetown Far Northeast Citywide
8

9. CITYWIDE FLEX/R&D PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2014 Q1 18,572,190 2,444,882 13.2% 150,897 $0.79
2014 Q2 18,884,797 2,539,566 13.4% 217,923 $0.87
2014 Q3 18,884,797 2,378,202 12.6% 161,364 $0.92
2014 Q4 18,884,797 2,275,577 12.0% 102,625 $0.91
2015 Q1 18,884,797 2,332,054 12.3% (56,477) $0.93
2015 Q2 18,399,390 1,799,903 9.8% 46,744 $0.95
2015 Q3 18,399,390 1,763,624 9.6% 36,279 $0.91
2015 Q4 18,623,144 2,018,081 10.8% (30,703) $0.91
Numbers based on CBRE statistics
0%
2%
4%
6%
8%
10%
12%
14%
16%
-
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
14,000,000
16,000,000
18,000,000
20,000,000
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
84%
85%
86%
87%
88%
89%
90%
91%
(100,000)
(50,000)
0
50,000
100,000
150,000
200,000
250,000
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate
5%
7%
9%
11%
13%
15%
$0.50
$0.60
$0.70
$0.80
$0.90
$1.00
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
VacancyRate
AverageAskingNNN
Average Asking NNN Vacancy Rate
9

10. 10
CITYWIDE TOTAL INDUSTRIAL PERFORMANCE
VACANCY RATES AVERAGE ASKING NNN
Quarter North Southeast Northeast
Round Rock &
Georgetown
Far Northeast Citywide
2014 Q1 9.0% 11.9% 13.6% 10.1% 13.7% 11.2%
2014 Q2 7.8% 11.3% 17.2% 8.9% 13.6% 11.6%
2014 Q3 9.1% 8.6% 14.8% 11.4% 13.9% 11.3%
2014 Q4 8.0% 8.8% 13.2% 10.9% 10.4% 10.6%
2015 Q1 8.0% 9.0% 12.0% 10.6% 11.9% 10.5%
2015 Q2 8.0% 7.9% 6.9% 8.1% 8.8% 9.2%
2015 Q3 6.8% 8.0% 5.1% 8.3% 8.7% 8.0%
2015 Q4 6.3% 8.2% 5.4% 9.2% 8.5% 8.0%
Numbers based on CBRE statistics
Quarter North Southeast Northeast
Round Rock &
Georgetown
Far Northeast Citywide
2014 Q1 $0.64 $0.66 $0.60 $0.55 $0.51 $0.63
2014 Q2 $0.68 $0.63 $0.66 $0.54 $0.50 $0.67
2014 Q3 $0.74 $0.63 $0.69 $0.51 $0.52 $0.70
2014 Q4 $0.74 $0.67 $0.69 $0.51 $0.53 $0.70
2015 Q1 $0.82 $0.68 $0.69 $0.57 $0.65 $0.73
2015 Q2 $0.74 $0.79 $0.64 $0.56 $0.58 $0.76
2015 Q3 $0.98 $0.68 $0.68 $0.63 $0.62 $0.76
2015 Q4 $1.07 $0.68 $0.64 $0.61 $0.62 $0.80
Numbers based on CBRE statistics
0%
5%
10%
15%
20%
2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4
VacancyRate
North Southeast Northeast
Round Rock & Georgetown Far Northeast Citywide
$0.25
$0.40
$0.55
$0.70
$0.85
$1.00
$1.15
2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4
AverageAskingNNN
North Southeast Northeast
Round Rock & Georgetown Far Northeast Citywide
10

11. 11
CITYWIDE TOTAL INDUSTRIAL PERFORMANCE
AVAILABLE SF ABSORPTION
Quarter North Southeast Northeast
Round Rock &
Georgetown
Far Northeast Citywide
2014 Q1 1,247,251 1,210,151 1,024,263 454,229 322,425 5,508,588
2014 Q2 1,078,469 1,157,688 1,346,767 402,433 336,264 5,761,693
2014 Q3 1,250,755 873,486 1,155,650 513,355 343,536 5,600,089
2014 Q4 1,106,324 902,106 1,030,621 489,777 257,199 5,269,167
2015 Q1 1,111,971 920,134 936,804 478,001 294,760 5,243,252
2015 Q2 1,112,858 799,803 521,704 364,687 218,715 4,562,119
2015 Q3 941,025 806,684 387,715 373,345 214,284 3,975,918
2015 Q4 883,575 864,799 407,326 415,710 209,534 3,993,335
Numbers based on CBRE statistics
Quarter North Southeast Northeast
Round Rock &
Georgetown
Far Northeast Citywide
2014 Q1 (58,995) 22,969 (345,848) (5,642) 142,631 (293,510)
2014 Q2 168,782 52,463 (9,897) 51,796 106,161 374,076
2014 Q3 (172,286) 284,202 191,117 (110,922) (7,272) 161,604
2014 Q4 161,731 (28,620) 125,029 23,578 86,337 358,722
2015 Q1 104,240 (18,028) 93,817 11,776 (37,561) 135,802
2015 Q2 (887) 37,507 192,093 113,314 76,045 375,302
2015 Q3 171,833 (6,881) 133,989 (8,658) 4,431 586,201
2015 Q4 57,450 341,090 (19,611) (59,625) 4,750 526,998
Numbers based on CBRE statistics
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4
AvailableSF
North Southeast Northeast Round Rock & Georgetown Far Northeast Citywide
(600,000)
(400,000)
(200,000)
0
200,000
400,000
600,000
800,000
2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4
Absorption(SF)
North Southeast Northeast Round Rock & Georgetown Far Northeast Citywide
11

12. CITYWIDE TOTAL INDUSTRIAL PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2014 Q1 49,094,286 5,508,588 11.2% (293,510) $0.63
2014 Q2 49,721,467 5,761,693 11.6% 374,076 $0.67
2014 Q3 49,721,467 5,600,089 11.3% 161,604 $0.70
2014 Q4 49,749,267 5,269,167 10.6% 358,722 $0.70
2015 Q1 49,859,154 5,243,252 10.5% 135,802 $0.73
2015 Q2 49,553,323 4,562,119 9.2% 375,302 $0.76
2015 Q3 49,553,323 3,975,918 8.0% 586,201 $0.76
2015 Q4 50,097,738 3,993,335 8.0% 526,998 $0.80
Numbers based on CBRE statistics
0%
3%
6%
9%
12%
15%
18%
-
10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
60,000,000
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
88%
89%
90%
91%
92%
93%
94%
(400,000)
(200,000)
0
200,000
400,000
600,000
800,000
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate
0%
4%
8%
12%
16%
20%
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
VacancyRate
AverageAskingNNN
Average Asking NNN Vacancy Rate
12

13. Quarter North Southeast Northeast
Round Rock &
Georgetown
Far Northeast Citywide
2014 Q1 109,887 - - - 120,000 229,887
2014 Q2 109,887 - 90,331 - - 200,218
2014 Q3 109,887 239,205 90,331 30,000 - 469,423
2014 Q4 109,887 239,205 90,331 30,000 - 469,423
2015 Q1 - 239,205 90,331 30,000 - 359,536
2015 Q2 - 399,000 - 167,000 153,000 719,000
2015 Q3 - 399,000 - 167,000 153,000 719,000
2015 Q4 - 265,600 - - 153,000 418,600
Numbers based on CBRE statistics
CITYWIDE TOTAL INDUSTRIAL CONSTRUCTION
-
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4
SFUnderConstruction
North Southeast Northeast Round Rock & Georgetown Far Northeast Citywide
13

14. NORTH WAREHOUSE PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2014 Q1 9,378,907 822,571 8.8% (124,697) $0.52
2014 Q2 9,378,907 691,741 7.4% 130,830 $0.53
2014 Q3 9,378,907 875,948 9.3% (184,207) $0.57
2014 Q4 9,396,207 772,155 8.2% 121,093 $0.55
2015 Q1 9,506,094 779,087 8.2% 102,955 $0.57
2015 Q2 9,506,094 742,129 7.8% 36,958 $0.51
2015 Q3 9,506,094 521,887 5.5% 220,242 $0.71
2015 Q4 9,506,094 479,847 5.0% 42,040 $0.84
Numbers based on CBRE statistics
0%
2%
4%
6%
8%
10%
-
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
88%
89%
90%
91%
92%
93%
94%
95%
96%
97%
(200,000)
(150,000)
(100,000)
(50,000)
0
50,000
100,000
150,000
200,000
250,000
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate
0%
2%
4%
6%
8%
10%
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
VacancyRate
AverageAskingNNN
Average Asking NNN Vacancy Rate
14

15. NORTH FLEX/R&D PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2014 Q1 4,433,364 424,680 9.6% 65,702 $0.77
2014 Q2 4,433,364 386,728 8.7% 37,952 $0.88
2014 Q3 4,433,364 374,807 8.5% 11,921 $0.91
2014 Q4 4,433,364 334,169 7.5% 40,638 $0.89
2015 Q1 4,433,364 332,884 7.5% 1,285 $0.93
2015 Q2 4,433,364 370,729 8.4% (37,845) $0.94
2015 Q3 4,433,364 419,138 9.5% (48,409) $1.01
2015 Q4 4,433,364 403,728 9.1% 15,410 $1.10
Numbers based on CBRE statistics
0%
3%
6%
9%
12%
15%
-
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
89%
90%
90%
91%
91%
92%
92%
93%
93%
(60,000)
(40,000)
(20,000)
0
20,000
40,000
60,000
80,000
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate
0%
3%
6%
9%
12%
15%
$0.00
$0.25
$0.50
$0.75
$1.00
$1.25
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
VacancyRate
AverageAskingNNN
Average Asking NNN Vacancy Rate
15

16. NORTH TOTAL INDUSTRIAL PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2014 Q1 13,812,271 1,247,251 9.0% (58,995) $0.64
2014 Q2 13,812,271 1,078,469 7.8% 168,782 $0.68
2014 Q3 13,812,271 1,250,755 9.1% (172,286) $0.74
2014 Q4 13,829,571 1,106,324 8.0% 161,731 $0.74
2015 Q1 13,939,458 1,111,971 8.0% 104,240 $0.82
2015 Q2 13,939,458 1,112,858 8.0% (887) $0.74
2015 Q3 13,939,458 941,025 6.8% 171,833 $0.98
2015 Q4 13,939,458 883,575 6.3% 57,450 $1.07
Numbers based on CBRE statistics
0%
3%
6%
9%
12%
15%
-
3,000,000
6,000,000
9,000,000
12,000,000
15,000,000
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
87%
88%
89%
90%
91%
92%
93%
94%
95%
(200,000)
(150,000)
(100,000)
(50,000)
0
50,000
100,000
150,000
200,000
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate
0%
3%
6%
9%
12%
15%
$0.00
$0.25
$0.50
$0.75
$1.00
$1.25
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
VacancyRate
AverageAskingNNN
Average Asking NNN Vacancy Rate
16

17. SOUTHEAST WAREHOUSE PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2014 Q1 5,569,686 401,801 7.2% (28,935) $0.48
2014 Q2 5,569,686 501,757 9.0% (99,956) $0.43
2014 Q3 5,569,686 270,134 4.9% 231,623 $0.43
2014 Q4 5,569,686 298,596 5.4% (28,462) $0.41
2015 Q1 5,569,686 231,142 4.2% 67,454 $0.45
2015 Q2 5,659,662 373,605 6.6% (52,487) $0.56
2015 Q3 5,659,662 396,993 7.0% (23,388) $0.56
2015 Q4 5,898,867 316,245 5.4% 319,953 $0.56
Numbers based on CBRE statistics
0%
2%
4%
6%
8%
10%
12%
14%
-
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
86%
88%
90%
92%
94%
96%
98%
(200,000)
(100,000)
0
100,000
200,000
300,000
400,000
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate
0%
2%
4%
6%
8%
10%
12%
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
VacancyRate
AverageAskingNNN
Average Asking NNN Vacancy Rate
17

18. SOUTHEAST FLEX/R&D PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2014 Q1 4,640,678 808,350 17.4% 51,904 $0.81
2014 Q2 4,640,678 655,931 14.1% 152,419 $0.64
2014 Q3 4,640,678 603,352 13.0% 52,579 $0.89
2014 Q4 4,640,678 603,510 13.0% (158) $0.91
2015 Q1 4,640,678 688,992 14.8% (85,482) $0.87
2015 Q2 4,467,878 426,198 9.5% 89,994 $0.86
2015 Q3 4,467,878 409,691 9.2% 16,507 $0.76
2015 Q4 4,627,878 548,554 11.9% 21,137 $0.77
Numbers based on CBRE statistics
0%
4%
8%
12%
16%
20%
-
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
80%
82%
84%
86%
88%
90%
92%
(100,000)
(50,000)
0
50,000
100,000
150,000
200,000
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate
0%
4%
8%
12%
16%
20%
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
VacancyRate
AverageAskingNNN
Average Asking NNN Vacancy Rate
18

19. SOUTHEAST TOTAL INDUSTRIAL PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2014 Q1 10,210,364 1,210,151 11.9% 22,969 $0.66
2014 Q2 10,210,364 1,157,688 11.3% 52,463 $0.63
2014 Q3 10,210,364 873,486 8.6% 284,202 $0.63
2014 Q4 10,210,364 902,106 8.8% (28,620) $0.67
2015 Q1 10,210,364 920,134 9.0% (18,028) $0.68
2015 Q2 10,127,540 799,803 7.9% 37,507 $0.79
2015 Q3 10,127,540 806,684 8.0% (6,881) $0.68
2015 Q4 10,526,745 864,799 8.2% 341,090 $0.68
Numbers based on CBRE statistics
0%
3%
6%
9%
12%
15%
18%
-
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
86%
88%
90%
92%
94%
96%
(100,000)
0
100,000
200,000
300,000
400,000
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate
0%
3%
6%
9%
12%
15%
$0.00
$0.25
$0.50
$0.75
$1.00
$1.25
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
Title
AverageAskingNNN
Average Asking NNN Vacancy Rate
19

20. NORTHEAST WAREHOUSE PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2014 Q1 4,261,110 724,597 17.0% (360,297) $0.54
2014 Q2 4,261,110 751,298 17.6% (26,701) $0.64
2014 Q3 4,261,110 641,700 15.1% 109,598 $0.65
2014 Q4 4,261,110 602,893 14.1% 38,807 $0.65
2015 Q1 4,261,110 540,888 12.7% 62,005 $0.66
2015 Q2 4,350,710 410,356 9.4% 220,132 $0.63
2015 Q3 4,350,710 326,398 7.5% 83,958 $0.62
2015 Q4 4,350,710 319,624 7.3% 6,774 $0.65
Numbers based on CBRE statistics
0%
4%
8%
12%
16%
20%
-
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
73%
76%
79%
82%
85%
88%
91%
94%
(400,000)
(300,000)
(200,000)
(100,000)
0
100,000
200,000
300,000
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate
0%
4%
8%
12%
16%
20%
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
VacancyRate
AverageAskingNNN
Average Asking NNN Vacancy Rate
20

21. NORTHEAST FLEX/R&D PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2014 Q1 3,256,493 299,666 9.2% 14,449 $0.66
2014 Q2 3,569,100 595,469 16.7% 16,804 $0.68
2014 Q3 3,569,100 513,950 14.4% 81,519 $0.74
2014 Q4 3,569,100 427,728 12.0% 86,222 $0.72
2015 Q1 3,569,100 395,916 11.1% 31,812 $0.73
2015 Q2 3,256,493 111,348 3.4% (28,039) $0.67
2015 Q3 3,256,493 61,317 1.9% 50,031 $0.81
2015 Q4 3,256,493 87,702 2.7% (26,385) $0.63
Numbers based on CBRE statistics
0%
5%
10%
15%
20%
-
1,000,000
2,000,000
3,000,000
4,000,000
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
79%
82%
85%
88%
91%
94%
97%
100%
(40,000)
(20,000)
0
20,000
40,000
60,000
80,000
100,000
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate
0%
4%
8%
12%
16%
20%
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
VacancyRate
AverageAskingNNN
Average Asking NNN Vacancy Rate
21

22. NORTHEAST TOTAL INDUSTRIAL PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2014 Q1 7,517,603 1,024,263 13.6% (345,848) $0.60
2014 Q2 7,830,210 1,346,767 17.2% (9,897) $0.66
2014 Q3 7,830,210 1,155,650 14.8% 191,117 $0.69
2014 Q4 7,830,210 1,030,621 13.2% 125,029 $0.69
2015 Q1 7,830,210 936,804 12.0% 93,817 $0.69
2015 Q2 7,607,203 521,704 6.9% 192,093 $0.64
2015 Q3 7,607,203 387,715 5.1% 133,989 $0.68
2015 Q4 7,607,203 407,326 5.4% (19,611) $0.64
Numbers based on CBRE statistics
0%
4%
8%
12%
16%
20%
24%
-
1,500,000
3,000,000
4,500,000
6,000,000
7,500,000
9,000,000
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
76%
79%
82%
85%
88%
91%
94%
97%
(400,000)
(300,000)
(200,000)
(100,000)
0
100,000
200,000
300,000
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate
0%
4%
8%
12%
16%
20%
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
VacancyRate
AverageAskingNNN
Average Asking NNN Vacancy Rate
22

23. ROUND ROCK & GEORGETOWN WAREHOUSE PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2014 Q1 2,786,319 367,495 13.2% (5,632) $0.49
2014 Q2 2,786,319 361,481 13.0% 6,014 $0.50
2014 Q3 2,786,319 468,877 16.8% (107,396) $0.48
2014 Q4 2,786,319 439,227 15.8% 29,650 $0.48
2015 Q1 2,786,319 433,927 15.6% 5,300 $0.51
2015 Q2 2,786,319 341,296 12.2% 92,631 $0.52
2015 Q3 2,786,319 336,296 12.1% 5,000 $0.57
2015 Q4 2,705,305 258,907 9.6% (3,625) $0.58
Numbers based on CBRE statistics
0%
3%
6%
9%
12%
15%
18%
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
78%
81%
84%
87%
90%
93%
96%
(150,000)
(100,000)
(50,000)
0
50,000
100,000
150,000
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate
0%
4%
8%
12%
16%
20%
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
VacancyRate
AverageAskingNNN
Average Asking NNN Vacancy Rate
23

24. ROUND ROCK & GEORGETOWN FLEX/R&D PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2014 Q1 1,726,305 86,734 5.0% (10) N/A
2014 Q2 1,726,305 40,952 2.4% 45,782 $0.86
2014 Q3 1,726,305 44,478 2.6% (3,526) $0.86
2014 Q4 1,726,305 50,550 2.9% (6,072) N/A
2015 Q1 1,726,305 44,074 2.6% 6,476 N/A
2015 Q2 1,726,305 23,391 1.4% 20,683 N/A
2015 Q3 1,726,305 37,049 2.1% (13,658) N/A
2015 Q4 1,790,059 156,803 8.8% (56,000) N/A
Numbers based on CBRE statistics
0%
2%
4%
6%
8%
10%
-
400,000
800,000
1,200,000
1,600,000
2,000,000
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
79%
82%
85%
88%
91%
94%
97%
100%
(80,000)
(60,000)
(40,000)
(20,000)
0
20,000
40,000
60,000
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate
[CHART NOT AVAILABLE DUE
TO INCOMPLETE DATA]
24

25. ROUND ROCK & GEORGETOWN TOTAL INDUSTRIAL
PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2014 Q1 4,512,624 454,229 10.1% (5,642) $0.55
2014 Q2 4,512,624 402,433 8.9% 51,796 $0.54
2014 Q3 4,512,624 513,355 11.4% (110,922) $0.51
2014 Q4 4,512,624 489,777 10.9% 23,578 $0.51
2015 Q1 4,512,624 478,001 10.6% 11,776 $0.57
2015 Q2 4,512,624 364,687 8.1% 113,314 $0.56
2015 Q3 4,512,624 373,345 8.3% (8,658) $0.63
2015 Q4 4,495,364 415,710 9.2% (59,625) $0.61
Numbers based on CBRE statistics
0%
3%
6%
9%
12%
15%
-
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
86%
87%
88%
89%
90%
91%
92%
(150,000)
(100,000)
(50,000)
0
50,000
100,000
150,000
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate
0%
4%
8%
12%
16%
20%
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
VacancyRate
AverageAskingNNN
Average Asking NNN Vacancy Rate
25

26. FAR NORTHEAST WAREHOUSE PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2014 Q1 2,058,152 297,975 14.5% 142,631 $0.48
2014 Q2 2,178,152 311,814 14.3% 106,161 $0.46
2014 Q3 2,178,152 319,086 14.6% (7,272) $0.48
2014 Q4 2,178,152 232,749 10.7% 86,337 $0.48
2015 Q1 2,178,152 260,626 12.0% (27,877) $0.54
2015 Q2 2,178,152 194,903 8.9% 65,723 $0.50
2015 Q3 2,178,152 187,850 8.6% 7,053 $0.57
2015 Q4 2,178,152 187,850 8.6% 0 $0.55
Numbers based on CBRE statistics
0%
4%
8%
12%
16%
20%
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
82%
84%
86%
88%
90%
92%
(40,000)
0
40,000
80,000
120,000
160,000
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate
0%
4%
8%
12%
16%
20%
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
VacancyRate
AverageAskingNNN
Average Asking NNN Vacancy Rate
26

27. FAR NORTHEAST FLEX/R&D PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2014 Q1 298,184 24,450 8.2% 0 $0.84
2014 Q2 298,184 24,450 8.2% 0 $0.84
2014 Q3 298,184 24,450 8.2% 0 $0.79
2014 Q4 298,184 24,450 8.2% 0 $0.84
2015 Q1 298,184 34,134 11.4% (9,684) $0.91
2015 Q2 298,184 23,812 8.0% 10,322 $0.89
2015 Q3 298,184 26,434 8.9% (2,622) $0.82
2015 Q4 298,184 21,684 7.3% 4,750 $1.05
Numbers based on CBRE statistics
0%
2%
4%
6%
8%
10%
12%
14%
-
50,000
100,000
150,000
200,000
250,000
300,000
350,000
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
82%
84%
86%
88%
90%
92%
94%
(15,000)
(10,000)
(5,000)
0
5,000
10,000
15,000
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate
0%
4%
8%
12%
16%
20%
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
VacancyRate
AverageAskingNNN
Average Asking NNN Vacancy Rate
27

28. FAR NORTHEAST TOTAL INDUSTRIAL PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2014 Q1 2,356,336 322,425 13.7% 142,631 $0.51
2014 Q2 2,476,336 336,264 13.6% 106,161 $0.50
2014 Q3 2,476,336 343,536 13.9% (7,272) $0.52
2014 Q4 2,476,336 257,199 10.4% 86,337 $0.53
2015 Q1 2,476,336 294,760 11.9% (37,561) $0.65
2015 Q2 2,476,336 218,715 8.8% 76,045 $0.58
2015 Q3 2,476,336 214,284 8.7% 4,431 $0.62
2015 Q4 2,476,336 209,534 8.5% 4,750 $0.62
Numbers based on CBRE statistics
0%
3%
6%
9%
12%
15%
18%
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
80%
83%
86%
89%
92%
95%
(40,000)
0
40,000
80,000
120,000
160,000
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate
0%
4%
8%
12%
16%
20%
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
VacancyRate
AverageAskingNNN
Average Asking NNN Vacancy Rate
28