Industrial Market Appendix (3Q12)

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Industrial Market Appendix (3Q12)

  1. 1. IndustrialAppendixIndianapolis, IndianaThird Quarter 2012 cassidyturley.com | 2
  2. 2. Distribution of Space Indianapolis Industrial StatisticsIndianapolis Industrial Statistics Distribution of Inventory by Product TypeDistribution of Inventory by Product Type Quarter 2012 3rd3rd Quarter 2012 239,644,682 Total Square Feet239,644,682 Total Square Feet Medium Distribution Office/Showroom 20.8% 7.2% Maintenance & Transport 1.2% Traditional Bulk 15.2% Manufacturing 28.2% Modern Bulk Flex 24.4% Source: Cassidy Turley Research 3.0%Indianapolis Industrial StatisticsDistribution of Vacant Space by Product Type Indianapolis Industrial Statistics3rd Quarter 2012 Distribution of Vacant Space by Product Type 3rd Quarter 20129,020,362 Total Square Feet 9,020,362 Total Square Feet Office/Showroom 16.7% Maintenance & Medium Transport Distribution 0.5% 27.4% Manufacturing 19.4% Flex 6.7% Traditional Bulk Modern Bulk 18.1% 11.3%Source: Cassidy Turley Research cassidyturley.com | A-i
  3. 3. Occupancy GrowthIndianapolis Industrial MarketNet Occupancy Growth Indianapolis Industrial Market3rd Quarter 2012 Net Occupancy Growth 3rd Quarter 2012Square Feet 10 Millions 9 8 7 6 5 4 3 2 1 0 -1 -2 00 01 02 03 04 05 06 07 08 09 10 11 12 20 20 20 20 20 20 20 20 20 20 20 20 20 Net Occupancy GrowthSource: Cassidy Turley ResearchA-ii | We know The State of Real Estate®
  4. 4. Tenant DistributionIndianapolis Industrial Market Indianapolis Industrial MarketFlex Tenant Distribution Flex Tenant DistributionBased on Total Number of Tenants Total Number of Tenants Based on3rd Quarter 2012 3rd Quarter 2012 75,000 SF+ 50,000 to 74,999 SF 25,000 to 49,999 SF 10,000 to 24,999 SF 5,000 to 9,999 SF 2,500 to 4,999 SF Under 2,500 SF 0% 5% 10% 15% 20% 25% 30% 35%Source: Cassidy Turley ResearchIndianapolis Industrial MarketFlex Tenant Distribution by Lease ExpirationIndustrial Market IndianapolisBased on Total Number of Tenants Flex Tenant Distribution by Lease Expiration3rd Quarter 2012 Based on Total Number of Tenants 3rd Quarter 2012 2017 2016 2015 2014 2013 2012 0% 5% 10% 15% 20% 25% 30% cassidyturley.com | A-iiiSource: Cassidy Turley Research
  5. 5. Tenant DistributionIndianapolis Industrial MarketWarehouse Tenant Distribution by Size Industrial Market Indianapolis Warehouse Tenant Distribution by SizeBased on Total Number of Tenants Total Number of Tenants Based on3rd Quarter 2012 3rd Quarter 2012 75,000 SF+ 50,000 to 74,999 SF 25,000 to 49,999 SF 10,000 to 24,999 SF 5,000 to 9,999 SF 2,500 to 4,999 SF Under 2,500 SF 0% 5% 10% 15% 20% 25% 30%Source: Cassidy Turley ResearchIndianapolis Industrial MarketWarehouse Tenant Distribution by Lease ExpirationMarket Indianapolis IndustrialBased on Total Number of Tenants Tenant Distribution by Lease Expiration Warehouse Based on Total Number of Tenants3rd Quarter 2012 3rd Quarter 2012 2017 2016 2015 2014 2013 2012 0% 5% 10% 15% 20% 25%Source: Cassidy Turley ResearchA-iv | We know The State of Real Estate®
  6. 6. Average Asking RatesIndianapolis Industrial MarketHistorical Average Asking Rate Trends Indianapolis Industrial Market3rd Quarter 2012 Historical Average Asking Rate Trends Avg. Asking Rate Historical Comparison $6.00 U.S. Midwest Indianapolis $5.00 $5.03 $4.00 $3.78 Asking Rate (NNN) $3.47 $3.00 $2.00 $1.00 $0.00 1Q 2011 2Q 2011 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012Source: Cassidy Turley ResearchIndianapolis Industrial MarketAverage Asking Rates by Product Type Indianapolis Industrial Market3rd Quarter 2012 Historical Average Asking Rate Trends Avg. Asking Rate Historical Comparison $10.00 $9.00 $8.00 $7.39 $7.00 Asking Rate (NNN) $6.00 $5.00 $4.00 $3.47 $3.00 $2.89 $2.00 $1.00 $0.00 3Q 01 1Q 02 3Q 02 1Q 03 3Q 03 1Q 04 3Q 04 1Q 05 3Q 05 1Q 06 3Q 06 1Q 07 3Q 07 1Q 08 3Q 08 1Q 09 3Q 09 1Q 10 3Q 10 1Q 11 3Q 11 1Q 12 3Q 12 All Product Types Warehouse FlexSource: Cassidy Turley Research cassidyturley.com | A-v
  7. 7. Average Asking RatesIndianapolis Industrial MarketHistorical Average Asking Rate TrendsAll Product Types Indianapolis Industrial Market Historical Average Asking Rate Trends3rd Quarter 2012 ALL PRODUCT TYPES $4.50 25% $4.00 20% $3.50 15% $3.00 10% Yr/Yr % Change Asking Rent $2.50 5% $2.00 0% $1.50 -5% $1.00 -10% $0.50 -15% $0.00 -20% 3Q 01 1Q 02 3Q 02 1Q 03 3Q 03 1Q 04 3Q 04 1Q 05 3Q 05 1Q 06 3Q 06 1Q 07 3Q 07 1Q 08 3Q 08 1Q 09 3Q 09 1Q 10 3Q 10 1Q 11 3Q 11 1Q 12 3Q 12 Avg. Asking Rate (NNN) Yr/Yr ChangeSource: Cassidy Turley ResearchIndianapolis Industrial MarketVacancy vs. Average Asking RateAll Product Types Indianapolis Industrial Market Vacancy vs. Asking Rents3rd Quarter 2012 ALL PRODUCT TYPES Vacancy = 3.8% Avg. Asking Rate = $3.47 $5 10% 9% $4 8% 7% $3 6% 5% $2 4% 3% $1 2% 1% $0 0% Avg. Asking Rate (NNN) Vacancy (All Product Types)Source: Cassidy Turley Research cassidyturley.com | A-vi
  8. 8. Average Asking RatesIndianapolis Industrial MarketHistorical Average Asking Rate Trends Indianapolis Industrial MarketWarehouse Historical Average Asking Rate Trends3rd Quarter 2012 WAREHOUSE (ALL TYPES) $4.50 40% $4.00 30% $3.50 20% $3.00 Yr/Yr % Change 10% Asking Rent $2.50 0% $2.00 -10% $1.50 -20% $1.00 $0.50 -30% $0.00 -40% 3Q 01 1Q 02 3Q 02 1Q 03 3Q 03 1Q 04 3Q 04 1Q 05 3Q 05 1Q 06 3Q 06 1Q 07 3Q 07 1Q 08 3Q 08 1Q 09 3Q 09 1Q 10 3Q 10 1Q 11 3Q 11 1Q 12 3Q 12 Avg. Asking Rate (NNN) Yr/Yr ChangeSource: Cassidy Turley ResearchIndianapolis Industrial MarketVacancy vs. Average Asking RateWarehouse Indianapolis Industrial Market Vacancy vs. Asking Rents3rd Quarter 2012 WAREHOUSE (ALL TYPES) Vacancy = 8.9% Avg. Asking Rate = $2.89 $5 18% 16% $4 14% 12% $3 10% 8% $2 6% $1 4% 2% $0 0% Avg. Asking Rate (NNN) Vacancy (Warehouse)Source: Cassidy Turley Research cassidyturley.com | A-vii
  9. 9. Average Asking RatesIndianapolis Industrial MarketHistorical Average Asking Rate Trends Indianapolis Industrial MarketFlex Historical Average Asking Rate Trends3rd Quarter 2012 FLEX $10.00 60% $9.00 50% $8.00 40% $7.00 30% Yr/Yr % Change Asking Rent $6.00 20% $5.00 10% $4.00 0% $3.00 -10% $2.00 -20% $1.00 -30% $0.00 -40% 3Q 01 1Q 02 3Q 02 1Q 03 3Q 03 1Q 04 3Q 04 1Q 05 3Q 05 1Q 06 3Q 06 1Q 07 3Q 07 1Q 08 3Q 08 1Q 09 3Q 09 1Q 10 3Q 10 1Q 11 3Q 11 1Q 12 3Q 12 Avg. Asking Rate (NNN) Yr/Yr ChangeSource: Cassidy Turley ResearchIndianapolis Industrial MarketVacancy vs. Average Asking RateFlex Indianapolis Industrial Market Vacancy vs. Asking Rents3rd Quarter 2012 FLEX Vacancy = 8.4% Avg. Asking Rate = $2.89 $10 16% $9 14% $8 12% $7 $6 10% $5 8% $4 6% $3 4% $2 $1 2% $0 0% Avg. Asking Rate (NNN) Vacancy (Flex)Source: Cassidy Turley Research cassidyturley.com | A-viii
  10. 10. Average Asking RatesIndianapolis Industrial MarketHistorical Average Asking Rate Trends Indianapolis Industrial MarketMedium Distribution Historical Average Asking Rate Trends3rd Quarter 2012 MEDIUM DISTRIBUTION $7.00 40% $6.00 30% 20% $5.00 Yr/Yr % Change 10% Asking Rent $4.00 0% $3.00 -10% $2.00 -20% $1.00 -30% $0.00 -40% 3Q 01 1Q 02 3Q 02 1Q 03 3Q 03 1Q 04 3Q 04 1Q 05 3Q 05 1Q 06 3Q 06 1Q 07 3Q 07 1Q 08 3Q 08 1Q 09 3Q 09 1Q 10 3Q 10 1Q 11 3Q 11 1Q 12 3Q 12 Avg. Asking Rate (NNN) Yr/Yr ChangeSource: Cassidy Turley ResearchIndianapolis Industrial MarketVacancy vs. Average Asking RateMedium Distribution Indianapolis Industrial Market Vacancy vs. Asking Rents3rd Quarter 2012 MEDIUM DISTRIBUTION Vacancy = 5.0% Avg. Asking Rate = $4.29 $6 12% $5 10% $4 8% $3 6% $2 4% $1 2% $0 0% Avg. Asking Rate (NNN) Vacancy (Medium Distribution)Source: Cassidy Turley Research cassidyturley.com | A-ix
  11. 11. Average Asking RatesIndianapolis Industrial MarketHistorical Average Asking Rate Trends Indianapolis Industrial MarketTraditional Bulk Historical Average Asking Rate Trends3rd Quarter 2012 TRADITIONAL BULK $3.50 80% $3.00 60% $2.50 40% Yr/Yr % Change Asking Rent $2.00 20% $1.50 0% $1.00 $0.50 -20% $0.00 -40% 3Q 01 1Q 02 3Q 02 1Q 03 3Q 03 1Q 04 3Q 04 1Q 05 3Q 05 1Q 06 3Q 06 1Q 07 3Q 07 1Q 08 3Q 08 1Q 09 3Q 09 1Q 10 3Q 10 1Q 11 3Q 11 1Q 12 3Q 12 Avg. Asking Rate (NNN) Yr/Yr ChangeSource: Cassidy Turley ResearchIndianapolis Industrial MarketVacancy vs. Average Asking Rate Indianapolis Industrial MarketTraditional Bulk Vacancy vs. Asking Rents3rd Quarter 2012 TRADITIONAL BULK Vacancy = 4.5% Avg. Asking Rate = $2.47 $4 14% 12% $3 10% 8% $2 6% 4% $1 2% $0 0% Avg. Asking Rate (NNN) Vacancy (Traditional Bulk)Source: Cassidy Turley Research cassidyturley.com | A-x
  12. 12. Average Asking RatesIndianapolis Industrial MarketHistorical Average Asking Rate Trends Indianapolis Industrial MarketModern Bulk Historical Average Asking Rate Trends3rd Quarter 2012 MODERN BULK $3.50 40% $3.00 30% $2.50 20% Yr/Yr % Change Asking Rent $2.00 10% $1.50 0% $1.00 -10% $0.50 -20% $0.00 -30% 3Q 01 1Q 02 3Q 02 1Q 03 3Q 03 1Q 04 3Q 04 1Q 05 3Q 05 1Q 06 3Q 06 1Q 07 3Q 07 1Q 08 3Q 08 1Q 09 3Q 09 1Q 10 3Q 10 1Q 11 3Q 11 1Q 12 3Q 12 Avg. Asking Rate (NNN) Yr/Yr ChangeSource: Cassidy Turley ResearchIndianapolis Industrial MarketVacancy vs. Average Asking Rate Indianapolis Industrial MarketModern Bulk Vacancy vs. Asking Rents3rd Quarter 2012 MODERN BULK Vacancy = 1.7% Avg. Asking Rate = $3.11 $4 20% 18% 16% $3 14% 12% $2 10% 8% 6% $1 4% 2% $0 0% Avg. Asking Rate (NNN) Vacancy (Modern Bulk)Source: Cassidy Turley Research cassidyturley.com | A-xi
  13. 13. Average Asking RatesIndianapolis Industrial MarketHistorical Average Asking Rate Trends Indianapolis Industrial MarketManufacturing Historical Average Asking Rate Trends3rd Quarter 2012 MANUFACTURING $4.50 70% $4.00 60% 50% $3.50 40% $3.00 Yr/Yr % Change 30% Asking Rent $2.50 20% $2.00 10% 0% $1.50 -10% $1.00 -20% $0.50 -30% $0.00 -40% 3Q 01 1Q 02 3Q 02 1Q 03 3Q 03 1Q 04 3Q 04 1Q 05 3Q 05 1Q 06 3Q 06 1Q 07 3Q 07 1Q 08 3Q 08 1Q 09 3Q 09 1Q 10 3Q 10 1Q 11 3Q 11 1Q 12 3Q 12 Avg. Asking Rate (NNN) Yr/Yr ChangeSource: Cassidy Turley ResearchIndianapolis Industrial MarketVacancy vs. Average Asking Rate Indianapolis Industrial MarketManufacturing Vacancy vs. Asking Rents3rd Quarter 2012 MANUFACTURING Vacancy = 2.6% Avg. Asking Rate = $3.02 $4 7% 6% $3 5% 4% $2 3% 2% $1 1% $0 0% Avg. Asking Rate (NNN) Vacancy (Manufacturing)Source: Cassidy Turley Research cassidyturley.com | A-xii
  14. 14. Historical Vacancy Rates by Product TypeIndianapolis Industrial Market Indianapolis Industrial MarketOffice/Showroom Space Office ShowroomHistorical Vacancy Rates Historical Vacancy Rates3rd Quarter 2012 3rd Quarter 2012 12% 11% 10% 9% 8% 7% 6% 5% 4% 3% 2% 4Q 000 4Q 001 4Q 002 4Q 003 4Q 004 4Q 005 4Q 006 4Q 007 1Q 008 2Q 009 3Q 009 4Q 009 1Q 009 2Q 010 3Q 010 4Q 010 1Q 010 2Q 011 3Q 011 4Q 011 1Q 011 2Q 012 3Q 012 12 20 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 4Q All Types Office/ShowroomSource: Cassidy Turley ResearchIndianapolis Industrial MarketMedium Distribution Space Indianapolis Industrial Market Medium DistributionHistorical Vacancy Rates Historical Vacancy Rates3rd Quarter 2012 3rd Quarter 2012 12% 11% 10% 9% 8% 7% 6% 5% 4% 3% 2% 00 4Q 001 4Q 002 4Q 003 4Q 004 4Q 005 4Q 006 4Q 007 1Q 008 2Q 009 3Q 009 4Q 009 1Q 009 2Q 010 3Q 010 4Q 010 1Q 010 2Q 011 3Q 011 4Q 011 1Q 011 2Q 012 3Q 012 12 20 20 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 4Q 4Q All Types Medium DistributionSource: Cassidy Turley Research cassidyturley.com | A-xiii
  15. 15. Historical Vacancy Rates by Product TypeIndianapolis Industrial MarketTraditional Bulk Space Indianapolis Industrial MarketHistorical Vacancy Rates Traditional Bulk Space Historical Vacancy Rates3rd Quarter 2012 3rd Quarter 2012 18% 16% 14% 12% 10% 8% 6% 4% 2% 4Q 000 4Q 001 4Q 002 4Q 003 4Q 004 4Q 005 4Q 006 4Q 007 1Q 008 2Q 009 3Q 009 4Q 009 1Q 009 2Q 010 3Q 010 4Q 010 1Q 010 2Q 011 3Q 011 4Q 011 1Q 011 2Q 012 3Q 012 12 20 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 4Q All Types Traditional BulkSource: Cassidy Turley ResearchIndianapolis Industrial MarketModern Bulk Space Indianapolis Industrial MarketHistorical Vacancy Rates Modern Bulk Space3rd Quarter 2012 Historical Vacancy Rates 3rd Quarter 2012 19% 17% 15% 13% 11% 9% 7% 5% 3% 1% 00 4Q 001 4Q 002 4Q 003 4Q 004 4Q 005 4Q 006 4Q 007 1Q 008 2Q 009 3Q 009 4Q 009 1Q 009 2Q 010 3Q 010 4Q 010 1Q 010 2Q 011 3Q 011 4Q 011 1Q 011 2Q 012 3Q 012 12 20 20 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 4Q 4Q All Types Modern BulkSource: Cassidy Turley ResearchA-xiv | We know The State of Real Estate®
  16. 16. Historical Vacancy Rates by Product TypeIndianapolis Industrial MarketFlex Space Indianapolis Industrial MarketHistorical Vacancy Rates Flex Space3rd Quarter 2012 Historical Vacancy Rates 3rd Quarter 2012 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 4Q 000 4Q 001 4Q 002 4Q 003 4Q 004 4Q 005 4Q 006 4Q 007 1Q 008 2Q 009 3Q 009 4Q 009 1Q 009 2Q 010 3Q 010 4Q 010 1Q 010 2Q 011 3Q 011 4Q 011 1Q 011 2Q 012 3Q 012 12 20 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 4Q All Types FlexSource: Cassidy Turley ResearchIndianapolis Industrial MarketManufacturing Space Indianapolis Industrial MarketHistorical Vacancy Rates Manufacturing Space Historical Vacancy Rates3rd Quarter 2012 3rd Quarter 2012 12% 11% 10% 9% 8% 7% 6% 5% 4% 3% 2% 00 4Q 001 4Q 002 4Q 003 4Q 004 4Q 005 4Q 006 4Q 007 1Q 008 2Q 009 3Q 009 4Q 009 1Q 009 2Q 010 3Q 010 4Q 010 1Q 010 2Q 011 3Q 011 4Q 011 1Q 011 2Q 012 3Q 012 12 20 20 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 4Q 4Q All Types ManufacturingSource: Cassidy Turley Research cassidyturley.com | A-xv
  17. 17. Historical Vacancy Rates by Product TypeIndianapolis Industrial Market Indianapolis Industrial MarketTraditional and Modern Bulk Space Traditional and Modern Bulk SpaceHistorical Vacancy Rates Historical Vacancy Rates3rd Quarter 2012 3rd Quarter 2012 19% 17% 15% 13% 11% 9% 7% 5% 3% 1% 4Q 000 4Q 001 4Q 002 4Q 003 4Q 004 4Q 005 4Q 006 4Q 007 1Q 008 2Q 009 3Q 009 4Q 009 1Q 009 2Q 010 3Q 010 4Q 010 1Q 010 2Q 011 3Q 011 4Q 011 1Q 011 2Q 012 3Q 012 12 20 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 4Q Modern Bulk Traditional Bulk Source: Cassidy Turley ResearchA-xvi | We know The State of Real Estate®
  18. 18. Change in Inventory, Net Absorption & Vacancy RatesIndianapolis Industrial MarketOverall Indianapolis Industrial MarketChange in Inventory, Net Absorption & Vacancy Rate Overall3rd Quarter 2012 Change in Inventory, Absorption, and Vacancy 3rd Quarter 2012 Square Feet 10 10% Millions 9 9% 8 8% 7 6 7% 5 6% 4 5% 3 4% 2 3% 1 0 2% -1 1% -2 0% 00 01 02 03 04 05 06 07 08 09 10 11 12 20 20 20 20 20 20 20 20 20 20 20 20 20 Absorption Inv Change Vac %Source: Cassidy Turley ResearchIndianapolis Industrial Market Indianapolis Industrial MarketDowntown Submarket DowntownChange in Inventory, Net Absorption & Vacancy Rate Vacancy Change in Inventory, Absorption, and3rd Quarter 2012 3rd Quarter 2012 Square Feet 250 6% Thousands 150 5% 4% 50 3% -50 2% -150 1% -250 0% 00 01 02 03 04 05 06 07 08 09 10 11 12 20 20 20 20 20 20 20 20 20 20 20 20 20 Absorption Inv Change Vac % Source: Cassidy Turley Research cassidyturley.com | A-xvii
  19. 19. Change in Inventory, Net Absorption & Vacancy RatesIndianapolis Industrial MarketEast Submarket Indianapolis Industrial Market EastChange in Inventory, Net Absorption & Vacancy Rate3rd Quarter 2012 Change in Inventory, Absorption, and Vacancy rd 3 Quarter 2012 Square Feet 1,800 14% Thousands 1,400 12% 1,000 10% 600 8% 200 6% -200 -600 4% -1,000 2% -1,400 0% 00 01 02 03 04 05 06 07 08 09 10 11 12 20 20 20 20 20 20 20 20 20 20 20 20 20 Absorption Inv Change Vac %Source: Cassidy Turley ResearchIndianapolis Industrial Market Indianapolis Industrial MarketNortheast Submarket NortheastChange in Inventory, Net Change in Inventory, Absorption, and Vacancy Absorption & Vacancy Rate3rd Quarter 2012 3rd Quarter 2012 Square Feet 1,200 10% Thousands 1,000 9% 8% 800 7% 600 6% 400 5% 200 4% 3% 0 2% -200 1% -400 0% 00 01 02 03 04 05 06 07 08 09 10 11 12 20 20 20 20 20 20 20 20 20 20 20 20 20 Absorption Inv Change Vac %Source: Cassidy Turley ResearchA-xviii | We know The State of Real Estate®
  20. 20. Change in Inventory, Net Absorption & Vacancy RatesIndianapolis Industrial MarketNorth Submarket Indianapolis Industrial MarketChange in Inventory, Net Absorption & Vacancy Rate North3rd Quarter 2012 Change in Inventory, Absorption, and Vacancy 3rd Quarter 2012 Square Feet 300 14% Thousands 200 12% 100 10% 0 8% -100 6% -200 4% -300 2% -400 0% 00 01 02 03 04 05 06 07 08 09 10 11 12 20 20 20 20 20 20 20 20 20 20 20 20 20 Absorption Inv Change Vac %Source: Cassidy Turley ResearchIndianapolis Industrial MarketNorthwest Submarket Indianapolis Industrial MarketChange in Inventory, Net Absorption & Northwest Rate Vacancy3rd Quarter 2012 Change in Inventory, Absorption, and Vacancy rd 3 Quarter 2012 Square Feet 3,000 14% Thousands 2,000 12% 10% 1,000 8% 0 6% -1,000 4% -2,000 2% -3,000 0% 00 01 02 03 04 05 06 07 08 09 10 11 12 20 20 20 20 20 20 20 20 20 20 20 20 20 Absorption Inv Change Vac %Source: Cassidy Turley Research cassidyturley.com | A-xix
  21. 21. Change in Inventory, Net Absorption & Vacancy RatesIndianapolis Industrial MarketSoutheast Submarket Indianapolis Industrial Market SoutheastChange in Inventory, Net Absorption & Vacancy Rate3rd Quarter 2012 Change in Inventory, Absorption, and Vacancy rd 3 Quarter 2012 Square Feet 400 6% Thousands 300 5% 200 100 4% 0 3% -100 -200 2% -300 1% -400 -500 0% 00 01 02 03 04 05 06 07 08 09 10 11 12 20 20 20 20 20 20 20 20 20 20 20 20 20 Absorption Inv Change Vac %Source: Cassidy Turley ResearchIndianapolis Industrial MarketSouth Submarket Indianapolis Industrial Market SouthChange in Inventory, Net Absorption & Vacancy Rate Change in Inventory, Absorption, and Vacancy3rd Quarter 2012 3rd Quarter 2012 Square Feet 1,000 22% Thousands 800 20% 600 18% 400 16% 14% 200 12% 0 10% -200 8% -400 6% -600 4% -800 2% 00 01 02 03 04 05 06 07 08 09 10 11 12 20 20 20 20 20 20 20 20 20 20 20 20 20 Absorption Inv Change Vac %Source: Cassidy Turley ResearchA-xx | We know The State of Real Estate®
  22. 22. Change in Inventory, Net Absorption & Vacancy RatesIndianapolis Industrial MarketSouthwest Submarket Indianapolis Industrial MarketChange in Inventory, Net Absorption & Southwest Rate Vacancy3rd Quarter 2012 Change in Inventory, Absorption, and Vacancy 3rd Quarter 2012 Square Feet 5,000 14% Thousands 4,500 4,000 12% 3,500 10% 3,000 2,500 8% 2,000 6% 1,500 1,000 4% 500 2% 0 -500 0% 00 01 02 03 04 05 06 07 08 09 10 11 12 20 20 20 20 20 20 20 20 20 20 20 20 20 Absorption Inv Change Vac %Source: Cassidy Turley ResearchIndianapolis Industrial MarketWest Submarket Indianapolis Industrial Market WestChange in Inventory, Net Absorption & Vacancy Rate Change in Inventory, Absorption, and Vacancy3rd Quarter 2012 3rd Quarter 2012 Square Feet 1,400 12% Thousands 1,200 10% 1,000 800 8% 600 6% 400 200 4% 0 2% -200 -400 0% 00 01 02 03 04 05 06 07 08 09 10 11 12 20 20 20 20 20 20 20 20 20 20 20 20 20 Absorption Inv Change Vac %Source: Cassidy Turley Research cassidyturley.com | A-xxi

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