An in-depth look at the Louisville industrial market. Analysis includes leasing, sales, construction, and employment.

1. Industrial
Outlook
An in-depth look at the
Louisville industrial market.
Analysis includes leasing,
sales, construction and
employment.
Louisville | Q3 2018
JLL Research

2. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Q3 2018
Insight
Louisville Industrial Outlook
Absorption roared to life in the third quarter as multiple sizable blocks were
taken down. Jet.Com announced plans to occupy the 721,050-square-foot
building at 120 Velocity Way in Bullitt County. The recently completed Air
Commerce Centre III signed its first tenant with Ford leasing 370,000 square
feet. Additional users who took space this quarter include: Bluegrass Supply
Chain, Pegasus, Houston Johnson, Hearn Industries, and Carroll Tire. In
total over 2.2 million square feet of speculative or second generation space
was absorbed. The active pipeline of tenants currently evaluating the
market offers an additional 1.5 million square feet that could be absorbed
by the end of the year. Additionally, Grainger completed their 1.3 million-
square-foot, owner-occupied, distribution facility.
Speculative development announcements slowed this quarter as
developers have been waiting for some of the existing product to be
absorbed. Given the leasing velocity south of the river this quarter we expect
pursuits of land sites will intensify. On the owner-user side, Premier
Packaging and Niagara Bottling continue with facilities in the Airport and
River Ridge submarkets, respectively.
Investment activity remains slow as there is limited available product. It is
our expectation that as the larger Class A product gets leased up
institutional investors will continue to show interest. The largest transaction
of the quarter was WPT Industrial REIT purchasing 2621 Technology Drive
from WPT.
Outlook
Absorption in the third quarter for the Louisville market was over 3.5 million
square feet, which included Grainger’s 1.3 million-square-foot building. The
total absorption without Grainger is over 2.2 million square feet, which is
unprecedented for the Louisville market . Despite this absorption, there
remains multiple blocks that can accommodate users looking for a wide
range of space. As tenants continue to see Louisville as a viable option for
manufacturing and distributions operations we expect the vacancy rate to
continue to decrease.
Fundamentals Forecast
YTD net absorption 5,097,632 s.f. ▲
QTD net absorption 3,545,641 s.f. ▲
Under construction 3,103,053 s.f. ▼
Total vacancy 9.72 % ▼
Average asking rent (NNN) $3.89 p.s.f. ▲
Tenant improvements Falling ▼
0
4,000,000
8,000,000
2014 2015 2016 2017 2018
Supply and demand (s.f.) Net absorption
Deliveries
Vacancy falls as large blocks are absorbed
6.6% 5.7%
8.7%
11.7%
9.7%
2014 2015 2016 2017 2018
Total vacancy
$3.20
$3.40
$3.60
$3.80
$4.00
2014 2015 2016 2017 2018
Average asking rents ($/s.f.)
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Top trends and activity
• Jet.Com announced plans to occupy 120 Velocity Way, in Bullitt County,
which was the largest available building in the market.
• Exeter’s 506,000 square-foot-building in River Ridge came online and is
one of three buildings in excess of 500,000 square feet available.
• Grainger completed their 1.3 million-square-foot building in the Airport
submarket, which is expected to be operational in early 2019.

3. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Inventory
(s.f.)
YTD
total net
absorption
(s.f.)
YTD
total net
absorption
(% of inventory)
Total
Vacancy (%)
Average
total asking
rent
($ p.s.f.)
YTD
completions
(s.f.)
Under
construction
(s.f.)
Airport 23,566,751 2,234,420 9.5% 8.2% $4.02 2,744,435 318,000
Bullitt County 13,412,013 1,318,768 9.8% 8.9% $3.67 546,000 1,021,013
East 5,850,720 344,000 5.9% 4.2% $4.96 289,000 150,040
Riverport 12,327,133 604,669 4.9% 18.2% $3.10 0 230,000
Southern Indiana 9,966,172 595,775 6.0% 9.4% $3.83 506,117 1,469,000
Louisville Totals 65,122,789 5,097,632 7.8% 9.7% $3.77 4,085,552 3,188,053
Analyzes all industrial buidings greater than 100,000 s.f. with a minimum clear height of 24'
1,014,608
1,750,850
2,234,648
1,934,181 2,059,001
2,742,889
3,029,702
3,843,783
2,568,298
5,097,632
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
2009 2010 2011 2012 2013 2014 2015 2016 2017 Q3 2018*
Q3 2018
Statistics
Louisville Industrial Outlook
15.6%
12.2%
9.2%
8.3%
7.2%
6.6%
5.7% 8.7%
11.7%
9.7%
2.0%
5.0%
8.0%
11.0%
14.0%
17.0%
2009 2010 2011 2012 2013 2014 2015 2016 2017 Q3 2018
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Total Vacancy Rate %
Total Net Absorption
*It is noted that YTD absorption includes the recently completed1.3 million-square-foot building constructed by Grainger for owner-occupancy.
Inventory
(s.f.)
YTD
total net
absorption*
(s.f.)
YTD
total net
absorption
(% of inventory)
Total
Vacancy (%)
Average
total asking
rent
($ p.s.f.)
YTD
completions
(s.f.)
Under
construction
(s.f.)
Airport 23,566,751 2,234,420 9.5% 8.2% $4.02 2,744,435 318,000
Bullitt County 13,412,013 1,318,768 9.8% 8.9% $3.67 546,000 1,021,013
East 5,850,720 344,000 5.9% 4.2% $4.96 289,000 150,040
Riverport 12,327,133 604,669 4.9% 18.2% $3.10 0 230,000
Southern Indiana 9,966,172 595,775 6.0% 9.4% $3.83 506,117 1,469,000
Louisville Totals 65,122,789 5,097,632 7.8% 9.7% $3.77 4,085,552 3,188,053
Analyzes all industrial buidings greater than 100,000 s.f. with a minimum clear height of 24'
Inventory
(s.f.)
YTD
total net
absorption*
(s.f.)
YTD
total net
absorption
(% of inventory)
Total
Vacancy (%)
Average
total asking
rent
($ p.s.f.)
YTD
completions
(s.f.)
Under
construction
(s.f.)
Airport 23,566,751 2,234,420 9.5% 8.2% $4.02 2,744,435 447,000
Bullitt County 13,412,013 1,318,768 9.8% 8.9% $3.67 546,000 1,021,013
East 5,850,720 344,000 5.9% 4.2% $4.96 289,000 150,040
Riverport 12,327,133 604,669 4.9% 18.2% $3.10 0 230,000
Southern Indiana 9,966,172 595,775 6.0% 9.4% $3.83 506,117 1,469,000
Louisville Totals 65,122,789 5,097,632 7.8% 9.7% $3.77 4,085,552 3,317,053
Analyzes all industrial buidings greater than 100,000 s.f. with a minimum clear height of 24'
Inventory
(s.f.)
YTD
total net
absorption*
(s.f.)
YTD
total net
absorption
(% of inventory)
Total
Vacancy (%)
Average
total asking
rent
($ p.s.f.)
YTD
completions
(s.f.)
Under
construction
(s.f.)
Airport 23,566,751 2,234,420 9.5% 8.2% $4.02 2,744,435 447,000
Bullitt County 13,412,013 1,318,768 9.8% 8.9% $3.67 546,000 807,013
East 5,850,720 344,000 5.9% 4.2% $4.96 289,000 150,040
Riverport 12,327,133 604,669 4.9% 18.2% $3.10 0 230,000
Southern Indiana 9,966,172 595,775 6.0% 9.4% $3.83 506,117 1,469,000
Louisville Totals 65,122,789 5,097,632 7.8% 9.7% $3.77 4,085,552 3,103,053
Analyzes all industrial buidings greater than 100,000 s.f. with a minimum clear height of 24'
Inventory
(s.f.)
YTD
total net
absorption*
(s.f.)
YTD
total net
absorption
(% of inventory)
Total
Vacancy (%)
Average
total asking
rent
($ p.s.f.)
YTD
completions
(s.f.)
Under
construction
(s.f.)
Airport 23,566,751 2,234,420 9.5% 8.2% $4.02 2,744,435 447,000
Bullitt County 13,412,013 1,318,768 9.8% 8.9% $3.91 546,000 807,013
East 5,850,720 344,000 5.9% 4.2% $4.96 289,000 150,040
Riverport 12,327,133 604,669 4.9% 18.2% $3.50 0 230,000
Southern Indiana 9,966,172 595,775 6.0% 9.4% $3.83 506,117 1,469,000
Louisville Totals 65,122,789 5,097,632 7.8% 9.7% $3.89 4,085,552 3,103,053
Analyzes all industrial buidings greater than 100,000 s.f. with a minimum clear height of 24'

4. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
$124,725,000
11
$60
6.0-6.5%
96.0%
4.0%
Top sales transactions last 12 months
Size (s.f.) $ p.s.f. Sale date
7251 Logistics Drive Paul & Eleanor Sade Trust Panattoni 356,000 $66 May-18
250 Hilton Drive GLP Van Trust 592,800 $65 Apr-18
1150 Patrol Road Exeter Property Group Gray Industrial 200,000 $11,400,000 $57 Nov-17
Exeter Property Group
Dixie Real
Properties
380,000 $19,125,000 $50 Mar-18
7101 Distribution
Drive
IPT Riverport DC Ann Taylor 256,000 $10,250,000 $40 Oct-17
Greif Alemap 100,000 $3,700,000 $37 Sep-18
Top sellers (s.f.)Top buyers (s.f.)
Average Class A sale price p.s.f.
12 month transaction volume at a glance
Total volume
Number of transactions
Average Class A cap rate
Sales activity by building type last 12 months
Warehouse/Dist. sales volume as % of
total
Manufacturing sales volume as % of
total
Building address Buyer company
Transactions details
Seller company
4325 Robards Lane & 3865-3899
Produce Road
Sales price $
Sales volume $ by submarket
$23,500,000
$38,400,000
7601 Port Road*
*Purchased for owner-occupancy
$119,975,000
$4,750,000
0 s.f.
500,000 s.f.
1,000,000 s.f.
1,500,000 s.f.
2,000,000 s.f.
2,500,000 s.f.
3,000,000 s.f.
$0
$50,000,000
$100,000,000
$150,000,000
Warehouse / Distribution Manufacturing
Sum of Price ($) Sum of RBA (SF)
20%
20%
15%
12%
11%
10%
9%
3%
GLP Exeter Property Group
Sazerac Paul & Eleanor Sade Trust
MDH Partners Wen Lighting
IPT Riverport DC Greif
22%
17%
14%
13%
12%
10%
8%
4%
Van Trust New Mill Capital Holdings
Dixie Property Group Panattoni
Venture Two Holdings Ann Taylor
Gray Industrial Alemap
$54,550,000
$46,450,000
$23,725,000
Southern Indiana
Riverport
Airport
Q3 2018
Sales
Louisville Industrial Outlook
This report analyzes all industrial sales > 75,000 s.f. year-to-date
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
$124,725,000
11
$60
6.0-6.5%
96.0%
4.0%
Top sales transactions last 12 months
Size (s.f.) $ p.s.f. Sale date
7251 Logistics Drive Paul & Eleanor Sade Trust Panattoni 356,000 $66 May-18
250 Hilton Drive GLP Van Trust 592,800 $65 Apr-18
1150 Patrol Road Exeter Property Group Gray Industrial 200,000 $11,400,000 $57 Nov-17
Exeter Property Group
Dixie Real
Properties
380,000 $19,125,000 $50 Mar-18
7101 Distribution
Drive
IPT Riverport DC Ann Taylor 256,000 $10,250,000 $40 Oct-17
Greif Alemap 100,000 $3,700,000 $37 Sep-187601 Port Road*
*Purchased for owner-occupancy
4325 Robards Lane & 3865-3899
Produce Road
Sales price $
Sales volume $ by submarket
$23,500,000
$38,400,000
Building address Buyer company
Transactions details
Seller company
Average Class A sale price p.s.f.
12 month transaction volume at a glance
Total volume
Number of transactions
Average Class A cap rate
Sales activity by building type last 12 months
Warehouse/Dist. sales volume as % of
total
Manufacturing sales volume as % of
total
Top sellers (s.f.)Top buyers (s.f.)
$119,975,000
$4,750,000
0 s.f.
500,000 s.f.
1,000,000 s.f.
1,500,000 s.f.
2,000,000 s.f.
2,500,000 s.f.
3,000,000 s.f.
$0
$50,000,000
$100,000,000
$150,000,000
Warehouse / Distribution Manufacturing
Sum of Price ($) Sum of RBA (SF)
20%
20%
15%
12%
11%
10%
9%
3%
GLP Exeter Property Group
Sazerac Paul & Eleanor Sade Trust
MDH Partners Wen Lighting
IPT Riverport DC Greif
22%
17%
14%
13%
12%
10%
8%
4%
Van Trust New Mill Capital Holdings
Dixie Property Group Panattoni
Venture Two Holdings Ann Taylor
Gray Industrial Alemap
$54,550,000
$46,450,000
$23,725,000
Southern Indiana
Riverport
Airport
$138,025,000
11
$60
6.0-6.5%
96.5%
3.5%
Top sales transactions last 12 months
Size (s.f.) $ p.s.f. Sale date
2621 Technology Drive WPT Industrial REIT WPT 224,000 $17,900,000 $80 Sep-18
7251 Logistics Drive Paul & Eleanor Sade Trust Panattoni 356,000 $66 May-18
250 Hilton Drive GLP Van Trust 592,800 $38,400,000 $65 Apr-18
1150 Patrol Road Exeter Property Group Gray Industrial 200,000 $11,400,000 $57 Nov-17
4325 Robards Lane &
3865-3899 Produce
Exeter Property Group
Dixie Real
Properties
380,000 $19,125,000 $50 Mar-18
7101 Distribution
Drive
IPT Riverport DC Ann Taylor 256,000 $10,250,000 $40 Oct-17
7601 Port Road* Greif Alemap 100,000 $3,700,000 $37 Sep-18
Sales price $
Sales volume $ by submarket
$23,500,000
*Purchased for owner-occupancy
Building address Buyer company
Transactions details
Seller company
Average Class A sale price p.s.f.
12 month transaction volume at a glance
Total volume
Number of transactions
Average Class A cap rate
Sales activity by building type last 12 months
Warehouse/Dist. sales volume as % of
total
Manufacturing sales volume as % of
total
Top sellers (s.f.)Top buyers (s.f.)
$133,275,000
$4,750,000
0 s.f.
500,000 s.f.
1,000,000 s.f.
1,500,000 s.f.
2,000,000 s.f.
2,500,000 s.f.
3,000,000 s.f.
$0
$50,000,000
$100,000,000
$150,000,000
Warehouse / Distribution Manufacturing
Sum of Price ($) Sum of RBA (SF)
20%
20%
16%
12%
11%
9%
8%
4%
GLP Exeter Property Group
Sazerac Paul & Eleanor Sade Trust
MDH Partners IPT Riverport DC
WPT Industrial REIT Greif
20%
16%
13%12%
11%
9%
8%
7%
3%
Van Trust New Mill Capital Holdings
Dixie Property Group Panattoni
Venture Two Holdings Ann Taylor
WPT Gray Industrial
Alemap
$54,550,000
$46,450,000
$19,125,000
$17,900,000
Southern Indiana
Riverport
Airport
East
$138,025,000
11
$67
6.0-6.5%
96.5%
3.5%
Top sales transactions last 12 months
Size (s.f.) $ p.s.f. Sale date
2621 Technology Drive WPT Industrial REIT WPT 224,000 $17,900,000 $80 Sep-18
7251 Logistics Drive Paul & Eleanor Sade Trust Panattoni 356,000 $66 May-18
250 Hilton Drive GLP Van Trust 592,800 $38,400,000 $65 Apr-18
1150 Patrol Road Exeter Property Group Gray Industrial 200,000 $11,400,000 $57 Nov-17
4325 Robards Lane &
3865-3899 Produce
Exeter Property Group
Dixie Real
Properties
380,000 $19,125,000 $50 Mar-18
7101 Distribution
Drive
IPT Riverport DC Ann Taylor 256,000 $10,250,000 $40 Oct-17
7601 Port Road* Greif Alemap 100,000 $3,700,000 $37 Sep-18
Top sellers (s.f.)Top buyers (s.f.)
Average Class A sale price p.s.f.
12 month transaction volume at a glance
Total volume
Number of transactions
Average Class A cap rate
Sales activity by building type last 12 months
Warehouse/Dist. sales volume as % of
total
Manufacturing sales volume as % of
total
Building address Buyer company
Transactions details
Seller company Sales price $
Sales volume $ by submarket
$23,500,000
*Purchased for owner-occupancy
$133,275,000
$4,750,000
0 s.f.
500,000 s.f.
1,000,000 s.f.
1,500,000 s.f.
2,000,000 s.f.
2,500,000 s.f.
3,000,000 s.f.
$0
$50,000,000
$100,000,000
$150,000,000
Warehouse / Distribution Manufacturing
Sum of Price ($) Sum of RBA (SF)
20%
20%
16%
12%
11%
9%
8%
4%
GLP Exeter Property Group
Sazerac Paul & Eleanor Sade Trust
MDH Partners IPT Riverport DC
WPT Industrial REIT Greif
20%
16%
13%12%
11%
9%
8%
7%
3%
Van Trust New Mill Capital Holdings
Dixie Property Group Panattoni
Venture Two Holdings Ann Taylor
WPT Gray Industrial
Alemap
$54,550,000
$46,450,000
$19,125,000
$17,900,000
Southern Indiana
Riverport
Airport
East

5. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Total leased at delivery (%) 8.0%
Total speculative at delivery (s.f.) 4,483,562
Total BTS at delivery (s.f.) -
Total owner-user at delivery (s.f.) 1,300,000
Total # of properties delivered 13
Asking rental rate (low - high) $3.80 - $5.35
Largest projects delivered past 12 months
Building/Address RBA (s.f.) Delivery date
Leased at
delivery (%)
W.W. Grainger 1,300,000 Q3 2018 100%
120 Velocity Way 721,050 Q4 2017 0%
10301 Air Commerce Drive 677,685 Q2 2018 0%
857 Park Loop 546,000 Q1 2018 58%
300 Hilton Drive 506,117 Q3 2018 0%
7830 National Turnpike 416,750 Q1 2018 0%
Total pre-leased (%) 27.4%
Total speculative under construction (s.f.) 1,336,053
Total BTS under construction (s.f.) 230,000
Total Owner-user under construction (s.f.) 1,537,000
Total # of properties UC 9
Asking rental rate (low - high) $3.90 - $4.35
Largest projects currently under construction
Building RBA (s.f.) Delivery date Pre-leased (%)
Salt River Business Park 572,000 Q2 2019 0%
Logistics River Ridge 469,000 Q2 2019 100%
Premier Packaging 318,000 Q2 2019 100%
Gray River Ridge 250,000 Q4 2018 0%
Brooks Logistics Center 235,013 Q4 2018 0%
Speculative
Speculative
Owner-user
Submarket
Under construction
3,103,053
Under construction (s.f.)
Under construction in-depth
Upcoming deliveries by year (s.f., excludes YTD completions)
Airport Clarion Partners Speculative
New and historical deliveries
Completions in-depth
5,783,562
Total delivered past 12 months (s.f.)
Construction typeOwnerSubmarket
Southern Indiana
Bullitt County
Airport
Bullitt County
Airport
Exeter Property Group
Dermody
Molto
Browning
W.W. Grainger
Speculative
Speculative
Bullitt County
Southern Indiana
Airport
Southern Indiana
Bullitt County
Speculative
Speculative
Owner Construction type
Owner-user
Van Trust
Gray
Premier Packaging
Niagara Bottling
Crossdock Dev.
Owner-user
Speculative
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
2011 2012 2013 2014 2015 2016 2017 2018
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
2018 2019
BTS Owner-user Speculative
Q3 2018
Construction
Louisville Industrial Outlook
This report analyzes all industrial developments under construction & new deliveries > 100,000 s.f.
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.

6. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
Q3 2018
Construction
Louisville Industrial Outlook
1
Location: 167 International
Boulevard
Square feet: 235,013
Tenant(s): None
Landlord: Van Trust
1
2
Address: 101 Lewman Way
Square feet: 250,000
Tenant(s): None
Landlord: Gray
2
3
Location: 2501 Stanley Gault
Square feet: 150,040
Tenant(s): None
Landlord: Boland
3
4
Address: Logistics Avenue
Square feet: 469,000
Tenant(s): Owner-user
Landlord: Niagara Bottling
4
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.

7. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
23%
14%
13%12%
11%
11%
7%
Trade, Transportation & Utilities
Educational & Health Services
Professional & Business Services
Manufacturing
Government
Leisure & Hospitality
Financial Activities
Mining, Logging & Construction
Other Services
Information
Q3 2018
Employment
Louisville Industrial Outlook
3.9%U.S. unemployment
1.7%U.S. 12-month job growth
4.4%Louisville unemployment
0.2%Louisville 12-month job growth
4.3%Kentucky unemployment
0.6%Kentucky 12-month job growth
-1.0%
-0.3%
0.4%
1.1%
1.8%
2.5%
3.2%
3.9%
2014 2015 2016 2017 2018
Louisville U.S.
-3.0
2.0
7.0
12.0
17.0
22.0
2014 2015 2016 2017 2018
Trade, Transportation & Utilities Manufacturing
Other Services Mining Logging & Construction
0%
4%
8%
12%
400,000
500,000
600,000
700,000
800,000
2014 2015 2016 2017 2018
Employment Unemployment
Employment vs. unemployment rate
Employment by industry
Job growth (12-month change)
-4,700
-1,900
-1,400
0
100
100
1,000
1,700
1,800
4,400
-7,500 -5,500 -3,500 -1,500 500 2,500 4,500 6,500
Manufacturing
Mining, Logging & Construction
Educational & Health Services
Information
Financial Activities
Government
Trade, Transportation & Utilities
Leisure & Hospitality
Other Services
Professional & Business…
Job growth*
Historical employment Job growth by sector*
Employment by industry Industrial employment*
* Represents 12-month change in employment. All charts represent the latest economic data available from the Bureau of Labor Statistics as of September 2018.
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.

8. Andrew Batson
Vice President, Director of Research
+1 216 937 4374
andrew.batson@am.jll.com
Alex Westcott
Research Analyst
+1 502 394 2504
alex.westcott@am.jll.com
About JLL
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specializes in real estate and investment management. A Fortune
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investors achieve their business ambitions. In 2017, JLL had
revenue of $7.9 billion and fee revenue of $6.7 billion; managed
4.6 billion square feet; and completed investment sales,
acquisitions and finance transactions of approximately $170
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operations in over 80 countries and a global workforce of 82,000.
As of December 31, 2017, LaSalle had $58.1 billion of real estate
assets under management. JLL is the brand name, and a
registered trademark, of Jones Lang LaSalle Incorporated. For
further information, visit www.jll.com.
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