On October 31, 2011 I gave this presentation at a CARW Lunch & Learn. It was well attended and there was some great discussion.

1. CARW Lunch & Learn Industrial: What’s new, what’s next and where will it happen? Brian S. Parrish, MBA Vice President, The Dickman Co., Inc. October 31, 2011

4. Vacancy Rates 3Q 2010 vs. 3Q 2011 Source : Xceligent Milwaukee Industrial Market Report Q4 2010 County/Submarket Vacancy Q3 2010 (%) Vacancy Q3 2011 (%) Milwaukee Downtown 13.6% 12.7% North Central 11.6% 13.1% North Shore 15.4% 13.0% Northwest 10.1% 8.3% South 13.0% 8.7% South Central 9.6% 11.7% West 12.8% 6.9% Milwaukee Total 12.2% 10.1% Waukesha Northeast 7.0% 5.5% Northwest 7.8% 4.6% Southeast 6.6% 5.9% Southwest 4.7% 4.2% Waukesha Total 6.6% 5.1% Ozaukee 10.9% 12.8% Racine 7.0% 3.2% Sheboygan 4.2% 6.5% Kenosha 11.0% 9.8% Walworth 7.4% 6.3% Washington 7.3% 5.2% Grand Total 9.1% 7.5%

5. Vacancy Rates 3Q 2010 vs. 3Q 2011 County/Submarket Vacancy Q3 2010 (%) Vacancy Q3 2011 (%) Milwaukee Downtown 13.6% 12.7% North Central 11.6% 13.1% North Shore 15.4% 13.0% Northwest 10.1% 8.3% South 13.0% 8.7% South Central 9.6% 11.7% West 12.8% 6.9% Milwaukee Total 12.2% 10.1% Waukesha Northeast 7.0% 5.5% Northwest 7.8% 4.6% Southeast 6.6% 5.9% Southwest 4.7% 4.2% Waukesha Total 6.6% 5.1% Ozaukee 10.9% 12.8% Racine 7.0% 3.2% Sheboygan 4.2% 6.5% Kenosha 11.0% 9.8% Walworth 7.4% 6.3% Washington 7.3% 5.2% Grand Total 9.1% 7.5%

7. Historical Vacancy & Net Absorption

23. Market Considerations Market Factor Current Status TIFS, Gov’t Incentives Slowing down Receiverships No change – many! Refinancing Very difficult Short Sales No change – many! Financing Improving for users Difficult for investors

27. Happy Halloween!!! Before & After