Office Market Appendix (3Q12)

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Office Market Appendix (3Q12)

  1. 1. Office MarketAppendixIndianapolis, IndianaThird Quarter 2012
  2. 2. Office StatisticsIndianapolis Multi-Tenant Office MarketVacancy Release by Submarket3rd Quarter 2012 Submarkets Total Vacancy Rate Vacancy Rate Vacancy Rate Inventory (SF) 3rD Qtr 2012 2nd Qtr 2012 3rd Qtr 2011 Downtown Office Space 9,576,325 19.0% 18.4% 17.2% Midtown Office Space 837,573 20.7% 20.7% 10.2% CBD Totals: 10,413,898 19.1% 18.6% 16.7% Suburban Office Space North/Carmel 6,430,616 19.0% 19.4% 20.5% Keystone 3,962,330 16.3% 16.6% 22.9% Fishers 678,647 13.9% 14.2% 14.6% Northeast 3,089,123 24.7% 25.6% 25.8% East 238,130 18.8% 18.8% 19.6% South 819,802 23.1% 23.4% 24.7% West 1,111,764 35.1% 33.3% 31.1% Northwest 3,228,289 17.9% 16.9% 18.4% Suburban Totals: 19,558,701 20.1% 20.2% 22.0% Total Indianapolis: 29,972,599 19.7% 19.6% 20.1%Office Market Statistics Inventory, 3rd3rd Quarter 2012 Office Market Statistics: – Inventory Quarter 2012 Office Market Statistics – Vacancy 3rd Quarter 2012 Office Market Statistics: Vacancy, 3rd Quarter 2012 Indianapolis Submarket Share Indianapolis Submarket Share of of Inventory Inventory Indianapolis Submarket Share ofof Vacancy Indianapolis Submarket Share Vacancy Downtown Downtown West 36% 32.8% 3.6% South Midtown West 2.6% Midtown 2.8% 6.4% 4.9% South East 3.1% 1% East Northwest 0.7% Fishers 10.4% Northwest 1.5% Keystone Fishers 9.4% Keystone 10.5% 2.2% Northeast 12.8% 10.0% Northeast 12.5% North/Carmel North/Carmel 20.0% 20.8%Source: Jason W. Tolliver, J.D.Cassidy Turley Market ResearchOne American Square, Suite 1300Indianapolis, IN 46282317.634.6363 cassidyturley.com | B-i
  3. 3. Office StatisticsIndianapolis Multi-Tenant OfficeMulti-Tenant Office Vacancy and Absorption MarketVacancy and Absorption by Submarket and Class Indiana Indianapolis,3rd Quarter 2012 3rd Quarter 2012 by Submarket and Class 3rd Quarter Vacancy % Net Absorption Inventory Vacant 3Q 2Q 3Q Quarter YTDSUBMARKETS SF SF 2012 2012 2011 SF SFDOWNTOWN Class A 5,922,508 1,246,472 21.0% 20.3% 20.0% -41,387 -118,418 Class B 3,755,626 589,692 15.7% 15.2% 11.9% 79,655 103,384 Class C 913,849 176,449 19.3% 19.2% 18.4% -701 -15,833 TOTALS 10,591,983 2,012,613 19.0% 18.4% 17.2% 37,567 -30,867MIDTOWN Class A 406,060 121,369 29.9% 29.9% 8.2% 0 0 Class B 224,059 18,761 8.4% 8.4% 8.4% 0 0 Class C 207,454 33,000 15.9% 15.9% 15.9% 0 0 TOTALS 837,573 173,130 20.7% 20.7% 10.2% 0 0CBD TOTALS Class A 6,328,568 1,367,841 21.6% 21.0% 19.3% -41,387 -118,418 Class B 3,979,685 608,453 15.3% 14.8% 11.6% 79,655 103,384 Class C 1,121,303 209,449 18.7% 18.6% 17.9% -701 -15,833 TOTALS 11,429,556 2,185,743 19.1% 18.6% 16.7% 37,567 -30,867NORTH/CARMEL Class A 3,981,461 702,981 17.7% 18.4% 20.5% 30,075 156,492 Class B 2,108,166 474,458 22.5% 22.2% 21.4% -7,066 -43,364 Class C 340,989 47,226 13.8% 13.8% 14.0% 0 10,537 TOTALS 6,430,616 1,224,665 19.0% 19.4% 20.5% 23,009 123,665KEYSTONE Class A 2,626,617 418,920 15.9% 16.8% 24.1% 21,703 143,347 Class B 1,335,713 225,032 16.8% 16.4% 20.6% -6,233 12,035 TOTALS 3,962,330 643,952 16.3% 16.6% 22.9% 15,470 155,382FISHERS Class A 319,650 22,894 7.2% 7.2% 12.7% 0 18,857 Class B 358,997 71,490 19.9% 20.5% 16.3% 2,009 -11,050 TOTALS 678,647 94,384 13.9% 14.2% 14.6% 2,009 7,807NORTHEAST Class A 873,818 284,494 32.6% 33.8% 33.5% 10,772 10,669 Class B 1,798,603 418,190 23.3% 23.6% 24.4% 5,591 15,474 Class C 416,702 59,272 14.2% 17.1% 15.7% 12,144 6,371 TOTALS 3,089,123 761,956 24.7% 25.6% 25.8% 28,507 32,514B-ii | We know W. Tolliver, J.D. Estate®Source: Jason The State of RealCassidy Turley Market ResearchOne Indiana Square, Suite 1300Indianapolis, IN 46282
  4. 4. Office StatisticsIndianapolis Multi-Tenant Office Multi-Tenant Office Vacancy and Absorption Market Indianapolis, IndianaVacancy and Absorption by Submarket and Class3rd Quarter 2012 3rd Quarter 2012 by Submarket and Class 3rd Quarter Vacancy % Net Absorption Inventory Vacant 3Q 2Q 3Q Quarter YTDSUBMARKETS SF SF 2012 2012 2011 SF SFEAST Class B 160,000 27,683 17.3% 17.3% 16.9% 0 -683 Class C 78,130 17,170 22.0% 22.0% 25.3% 0 2,600 TOTALS 238,130 44,853 18.8% 18.8% 19.6% 0 1,917SOUTH Class A 239,480 37,214 15.5% 19.0% 18.0% 8,365 10,906 Class B 398,376 107,473 27.0% 26.0% 30.1% -3,872 7,681 Class C 181,946 44,894 24.7% 23.3% 21.6% -2,500 6,052 TOTALS 819,802 189,581 23.1% 23.4% 24.7% 1,993 24,639WEST Class A 266,074 131,021 49.2% 44.7% 27.6% -12,185 -61,110 Class B 598,565 207,367 34.6% 32.0% 34.6% -15,791 -976 Class C 247,125 52,299 21.2% 24.4% 26.5% 7,885 13,006 TOTALS 1,111,764 390,687 35.1% 33.3% 31.1% -20,091 -49,080NORTHWEST Class A 1,757,744 253,434 14.4% 12.9% 13.9% -26,418 -29,513 Class B 1,470,545 323,411 22.0% 21.7% 23.8% -5,030 -14,043 TOTALS 3,228,289 576,845 17.9% 16.9% 18.4% -31,448 -43,556SUBURBAN TOTALS Class A 10,064,844 1,850,958 18.4% 18.7% 21.3% 32,312 249,648 Class B 8,228,965 1,855,104 22.5% 22.2% 23.4% -30,392 -34,926 Class C 1,264,892 220,861 17.5% 18.8% 18.8% 17,529 38,566TOTALS 19,558,701 3,926,923 20.1% 20.2% 22.0% 19,449 253,288ALL INDIANAPOLIS Class A 16,393,412 3,218,799 19.6% 19.6% 20.5% -9,075 131,230 Class B 12,208,650 2,463,557 20.2% 19.8% 19.9% 49,263 68,458 Class C 2,386,195 430,310 18.0% 18.7% 18.4% 16,828 22,733 TOTALS 30,988,257 6,112,666 19.7% 19.6% 20.1% 57,016 222,421Source: Jason W. Tolliver, J.D.Cassidy Turley Market ResearchOne American Square, Suite 1300Indianapolis, IN 46282317.634.6363 cassidyturley.com | B-iii
  5. 5. Office StatisticsIndianapolis Multi-Tenant Office MarketStatistics Indianapolis Office Market Statistics Third Quarter 20123rd Quarter 2012 North/Carmel Fishers Inventory 6,430,616 SF Inventory 678,647 SF Vacant SF 1,224,665 SF Vacant SF 94,384 SF Vacancy Rate 19.0% Vacancy Rate 13.9% YTD Net Absorption 123,665 SF YTD Net Absorption 7,807 SF Northwest Inventory 3,228,289 SF Keystone Inventory 3,962,330 SF Vacant SF 576,845 SF Vacant SF 643,952 SF Vacancy Rate 17.9% Vacancy Rate 16.3% YTD Net Absorption -43,556 SF YTD Net Absorption 155,382 SF Northeast Inventory 3,089,123 SF Vacant SF 761,956 SF Vacancy Rate 24.7% YTD Net Absorption 32,514 SF Midtown Inventory 837,573 SF Vacant SF 173,130 SF Vacancy Rate 20.7% YTD Net Absorption 0 SF West East Inventory 1,111,764 SF Inventory 238,130 SF Vacant SF 390,687 SF Vacant SF 44,853 SF Vacancy Rate 35.1% Downtown Vacancy Rate 18.8% YTD Net Absorption -49,080 SF Inventory 10,591,983 SF YTD Net Absorption 1,917 SF Vacant SF 2,012,613 SF Vacancy Rate 19.0% YTD Net Absorption -30,867 SF South Inventory 819,802 SF Vacant SF 189,581 SF Vacancy Rate 23.1% YTD Net Absorption 24,639 SFB-iv | We know The State of Real Estate®
  6. 6. Occupied SF Indianapolis Multi-Tenant Office MarketIndianapolis Multi-Tenant Office MarketCBD Square Footage Occupied and Percentage of Occupied and CBD Square Footage Inventory Occupied3rd Quarter 2012 Percentage of Inventory Occupied 3rd Quarter 2012 Millions SF 10 9 95% 8 7 90% 6 85% 5 4 80% 3 75% 2 1 70% Occupied SF Occ % Source: Cassidy Turley Research Indianapolis Multi-Tenant Office MarketIndianapolis Multi-Tenant Office Market Suburban Square Footage Occupied andSuburban Square Footage Occupied and Percentage of Inventory Occupied3rd Quarter 2012 Percentage of Inventory Occupied 3rd Quarter 2012 Millions SF 17 16 95% 15 14 90% 13 85% 12 11 80% 10 75% 9 8 70% Occupied SF Occ % Source: Cassidy Turley Research cassidyturley.com | B-v
  7. 7. Historical Vacancy/Trends Indianapolis Multi-Tenant Office MarketIndianapolis Multi-Tenant Office MarketHistorical Vacancy Rates Historical Vacancy Rates3rd Quarter 2012 3rd Quarter 2012 25% 23% 21% 19% 17% 15% 13% 11% CBD* 9% Suburban 7% 5% *The CBD is comprised of the Downtown and Midtown submarkets. Source: Cassidy Turley Research cassidyturley.com | B-vi
  8. 8. Historical Vacancy/Trends IndianapolisIndianapolis Multi-Tenant CBD Multi-Tenant CBD Office Market Office MarketHistorical Occupancy Rates Historical Occupancy Rates3rd Quarter 2012 3rd Quarter 2012 100% 95% 90% 85% 80% 75% 70% Source: Cassidy Turley Research IndianapolisIndianapolis Multi-Tenant Suburban Office MarketHistorical Occupancy Rates Multi-Tenant Suburban Office Market3rd Quarter 2012 Historical Occupancy Rates 3rd Quarter 2012 100.0% 95.0% 90.0% 85.0% 80.0% 75.0% 70.0% Source: Cassidy Turley Research cassidyturley.com | B-vii
  9. 9. Asking Lease Rate Range Indianapolis Multi-Tenant Office MarketIndianapolis Multi-Tenant Office Market Class AAsking Lease Rate Range—Class A Asking Lease Rate Range3rd Quarter 2012 3rd Quarter 2012 There are currently no Class A Office facilities in the East submarket. $27 Downtown North/Carmel $25 South Keystone $23 Fishers Northeast Northwest $21 Midtown $19 West $17 $15 $9 Source: Cassidy Turley Research cassidyturley.com | B-viii
  10. 10. Asking Lease Rate RangeIndianapolis Multi-Tenant Office Market Multi-Tenant Office Market IndianapolisAsking Lease Rate Range—Class B Class B3rd Quarter 2012 Asking Lease Rate Range 3rd Quarter 2012 $27 Downtown $25 North/Carmel $23 $21 Midtown Keystone Fishers Northeast $19 Northwest South West $17 East $15 $9 Source: Cassidy Turley Research cassidyturley.com | B-ix
  11. 11. Asking Lease Rate Range Indianapolis Multi-Tenant Office MarketIndianapolis Multi-Tenant Office Market Class CAsking Lease Rate Range—Class C Asking Lease Rate Range3rd Quarter 2012 3rd Quarter 2012 There are currently no Class C Office facilities in the Fishers and Keystone Submarkets $27 $25 Downtown $23 $21 $19 Midtown $17 North/Carmel Northeast Northwest South West $15 $9 Source: Cassidy Turley Research cassidyturley.com | B-x
  12. 12. Change in Inventory, Absorption & Vacancy Indianapolis Multi-Tenant Office MarketIndianapolis Multi-Tenant Office MarketChange in Net Absorption Net Absorption and Vacancy – Overall and Vacancy—Overall3rd Quarter 2012 3rd Quarter 2012 Square Feet 1,975 24% Thousands 1,775 22% 1,575 20% 1,375 18% 1,175 16% 975 14% 775 12% 575 10% 375 8% 175 6% -25 4% -225 2% -425 0% Net Absorption (YTD) Vacancy Source: Cassidy Turley ResearchIndianapolis Multi-TenantIndianapolis Multi-Tenant Office Market Office MarketChange in Net Absorption and Absorption and Vacancy – Class A Net Vacancy—Class A3rd Quarter 2012 3rd Quarter 2012 Square Feet 1,300 22% 20% Thousands 1,100 18% 900 16% 700 14% 12% 500 10% 300 8% 100 6% 4% -100 2% -300 0% N et Absorption (YT D) Vacancy Source: Cassidy Turley Research cassidyturley.com | B-xi
  13. 13. Change in Inventory, Absorption & Vacancy Indianapolis Multi-Tenant Office MarketIndianapolis Multi-Tenant Office MarketChange in Net AbsorptionNet Absorption and Vacancy – Class B and Vacancy—Class B3rd Quarter 2012 3rd Quarter 2012 Square Feet 24% 900 Thousands 22% 700 20% 18% 500 16% 14% 300 12% 10% 100 8% 6% -100 4% 2% -300 0% N et Absorption (YT D) Vacancy Source: Cassidy Turley ResearchIndianapolis Multi-TenantIndianapolis Multi-Tenant Office Market Office MarketChange in Net Absorption Net Absorption and Vacancy – Class C and Vacancy—Class C3rd Quarter 2012 3rd Quarter 2012 Square Feet 22% 200 20% Thousands 160 18% 16% 120 14% 80 12% 10% 40 8% 0 6% 4% -40 2% -80 0% N et Absorption (YT D) Vacancy Source: Cassidy Turley Research cassidyturley.com | B-xii
  14. 14. Change in Inventory, Absorption & Vacancy Indianapolis Multi-Tenant Office MarketIndianapolis Multi-Tenant Office MarketChange in Net Absorption and and Vacancy – Downtown Submarket Overall Net Absorption Vacancy—Downtown Submarket Overall3rd Quarter 2012 3rd Quarter 2012 Square Feet 350 20% 300 18% Thousands 250 16% 200 14% 150 12% 100 10% 50 8% 0 6% -50 4% -100 2% -150 0% Net Absorption (YTD) Vacancy Source: Cassidy Turley ResearchIndianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market Office MarketChange in Net Absorption and Vacancy—Downtown Submarket Class A A Net Absorption and Vacancy – Downtown Submarket Class3rd Quarter 2012 3rd Quarter 2012 Square Feet 200 24% 22% Thousands 150 20% 100 18% 16% 50 14% 0 12% 10% -50 8% -100 6% 4% -150 2% -200 0% 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 Net Absorption (YTD) Vacancy Source: Cassidy Turley Research cassidyturley.com | B-xiii
  15. 15. Change in Inventory, Absorption & VacancyIndianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market Office MarketChange in Net Absorption and Vacancy—Downtown Submarket Class B B Net Absorption and Vacancy – Downtown Submarket Class3rd Quarter 2012 3rd Quarter 2012 Square Feet 300 20.8% Thousands 250 18.2% 15.6% 200 13.0% 150 10.4% 100 7.8% 50 5.2% 0 2.6% -50 0.0% 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 Net Absorption (YTD) Vacancy Source: Cassidy Turley ResearchIndianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market Office MarketChange in Net Absorption and Vacancy—Downtown Submarket Class C C Net Absorption and Vacancy – Downtown Submarket Class3rd Quarter 2012 3rd Quarter 2012 Square Feet 120 24% Thousands 100 80 20% 60 16% 40 12% 20 8% 0 -20 4% -40 0% 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 Net Absorption (YTD) Vacancy Source: Cassidy Turley Research cassidyturley.com | B-xiv
  16. 16. Change in Inventory, Absorption & VacancyIndianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market Office MarketChange in Net Absorption and Vacancy—Midtown Submarket Overall Net Absorption and Vacancy – Midtown Submarket Overall3rd Quarter 2012 3rd Quarter 2012 Square Feet 140 40% Thousands 100 36% 32% 60 28% 20 24% -20 20% -60 16% 12% -100 8% -140 4% -180 0% 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 Net Absorption (YTD) Vacancy Source: Cassidy Turley ResearchIndianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market Office MarketChange in Net Absorption and Vacancy—Midtown Submarket ClassClass A Net Absorption and Vacancy – Midtown Submarket A3rd Quarter 2012 3rd Quarter 2012 Square Feet 120 60% Thousands 80 50% 40 40% 0 -40 30% -80 20% -120 10% -160 -200 0% 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 Net Absorption (YTD) Vacancy Source: Cassidy Turley Research cassidyturley.com | B-xv
  17. 17. Change in Inventory, Absorption & VacancyIndianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market Office MarketChange in Net Absorption and Vacancy—Midtown Submarket ClassClass B Net Absorption and Vacancy – Midtown Submarket B3rd Quarter 2012 3rd Quarter 2012 Square Feet 140 60% 120 Thousands 100 50% 80 60 40% 40 20 30% 0 -20 20% -40 -60 10% -80 -100 0% Net Absorption (YTD) Vacancy Source: Cassidy Turley ResearchIndianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market Office MarketChange in Net Absorption and Vacancy—Midtown Submarket ClassClass C Net Absorption and Vacancy – Midtown Submarket C3rd Quarter 2012 3rd Quarter 2012 Square Feet 20 22% Thousands 16 20% 18% 12 16% 8 14% 12% 4 10% 0 8% -4 6% 4% -8 2% -12 0% 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 Net Absorption (YTD) Vacancy Source: Cassidy Turley Research cassidyturley.com | B-xvi
  18. 18. Change in Inventory, Absorption & VacancyIndianapolis Multi-TenantIndianapolis Multi-Tenant Office Market Office MarketChange in Net Net Absorption and Vacancy – North/Carmel Submarket Overall Absorption and Vacancy—North/Carmel Submarket Overall3rd Quarter 2012 3rd Quarter 2012 Square Feet 800 22% Thousands 700 20% 600 18% 500 16% 14% 400 12% 300 10% 200 8% 100 6% 0 4% -100 2% -200 0% Net Absorption (YTD) Vacancy Source: Cassidy Turley ResearchIndianapolis Multi-TenantIndianapolis Multi-Tenant Office Market Office MarketChange in Net Net Absorption and Vacancy – North/Carmel Submarket Class A Absorption and Vacancy—North/Carmel Submarket Class A3rd Quarter 2012 3rd Quarter 2012 Square Feet 600 27% Thousands 500 24% 400 21% 300 18% 200 15% 12% 100 9% 0 6% -100 3% -200 0% Net Absorption (YTD) Vacancy Source: Cassidy Turley Research cassidyturley.com | B-xvii
  19. 19. Change in Inventory, Absorption & VacancyIndianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market Office Market Absorption and Vacancy—North/Carmel Submarket Class BChange in Net Net Absorption and Vacancy – North/Carmel Submarket Class B3rd Quarter 2012 3rd Quarter 2012 Square Feet 160 28% Thousands 120 24% 80 20% 40 16% 0 12% -40 8% -80 4% -120 0% 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 Net Absorption (YTD) Vacancy Source: Cassidy Turley ResearchIndianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market Office MarketChange in Net Net Absorption and Vacancy – North/Carmel Submarket Class C Absorption and Vacancy—North/Carmel Submarket Class C3rd Quarter 2012 3rd Quarter 2012 Square Feet 100 21.0% Thousands 80 18.0% 60 15.0% 40 12.0% 20 9.0% 0 6.0% -20 3.0% -40 0.0% 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 Net Absorption (YTD) Vacancy Source: Cassidy Turley Research cassidyturley.com | B-xviii
  20. 20. Change in Inventory, Absorption & VacancyIndianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market Office Market Net Absorption and Vacancy – Keystone Submarket OverallChange in Net Absorption and Vacancy—Keystone Submarket Overall3rd Quarter 2012 3rd Quarter 2012 Square Feet 350 30% Thousands 300 26% 250 22% 200 18% 150 14% 100 10% 50 0 6% -50 2% -100 -2% Net Absorption (YTD) Vacancy Source: Cassidy Turley ResearchIndianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market Office MarketChange in Net Absorption and Vacancy—Keystone Submarket Class A A Net Absorption and Vacancy – Keystone Submarket Class3rd Quarter 2012 3rd Quarter 2012 Square Feet 30% 300 Thousands 260 26% 220 22% 180 18% 140 100 14% 60 10% 20 6% -20 -60 2% -100 -2% Net Absorption (YTD) Vacancy Source: Cassidy Turley Research cassidyturley.com | B-xix
  21. 21. Change in Inventory, Absorption & VacancyIndianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market Office MarketChange in Net Absorption and Vacancy—Keystone Submarket Class B3rd Quarter 2012Net Absorption and Vacancy – Keystone Submarket Class B 3rd Quarter 2012 Square Feet 40 22% 30 Thousands 20% 20 18% 10 16% 0 14% -10 12% -20 10% -30 -40 8% -50 6% -60 4% -70 2% -80 0% 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 Net Absorption (YTD) Vacancy Source: Cassidy Turley Research cassidyturley.com | B-xx
  22. 22. Change in Inventory, Absorption & VacancyIndianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market Office Market Net Absorption and Vacancy – Submarket OverallChange in Net Absorption and Vacancy—FishersFishers Submarket Overall3rd Quarter 2012 3rd Quarter 2012 Square Feet 300 Thousands 250 20% 200 16% 150 12% 100 50 8% 0 4% -50 -100 0% 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 Net Absorption (YTD) Vacancy Source: Cassidy Turley ResearchIndianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market Office MarketChange in Net Absorption and Vacancy—Fishers Submarket Class Class A Net Absorption and Vacancy – Fishers Submarket A3rd Quarter 2012 3rd Quarter 2012 Square Feet 160 28% Thousands 140 24% 120 20% 100 80 16% 60 12% 40 8% 20 0 4% -20 0% Net Absorption (YTD) Vacancy Source: Cassidy Turley Research cassidyturley.com | B-xxi
  23. 23. Change in Inventory, Absorption & Vacancy Indianapolis Multi-Tenant Office MarketIndianapolis Multi-Tenant Office MarketChange in Net Absorption and Vacancy—FishersFishers Submarket B Net Absorption and Vacancy – Submarket Class Class B3rd Quarter 2012 3rd Quarter 2012 Square Feet 260 27% Thousands 220 24% 180 21% 140 18% 100 15% 60 12% 20 9% -20 6% -60 3% -100 0% 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 Net Absorption (YTD) Vacancy Source: Cassidy Turley Research cassidyturley.com | B-xxii
  24. 24. Change in Inventory, Absorption & VacancyIndianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market Office Market Net Absorption and Vacancy – Northeast Submarket OverallChange in Net Absorption and Vacancy—Northeast Submarket Overall3rd Quarter 2012 3rd Quarter 2012 Square Feet 28% 160 Thousands 24% 120 20% 80 16% 40 12% 0 8% -40 4% -80 0% 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 Net Absorption (YTD) Vacancy Source: Cassidy Turley ResearchIndianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market Office MarketChange in Net Absorption and Vacancy—Northeast Submarket ClassClass A Net Absorption and Vacancy – Northeast Submarket A3rd Quarter 2012 3rd Quarter 2012 Square Feet 40% Thousands 160 120 32% 80 24% 40 16% 0 8% -40 -80 0% Net Absorption (YTD) Vacancy Source: Cassidy Turley Research cassidyturley.com | B-xxiii
  25. 25. Change in Inventory, Absorption & VacancyIndianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market Office MarketChange in Net Absorption and Vacancy—Northeast Submarket Class B B Net Absorption and Vacancy – Northeast Submarket Class3rd Quarter 2012 3rd Quarter 2012 Square Feet 100 28% Thousands 80 24% 60 20% 40 20 16% 0 12% -20 8% -40 -60 4% -80 0% 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 Net Absorption (YTD) Vacancy Source: Cassidy Turley ResearchIndianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market Office MarketChange in Net Absorption and Vacancy—Northeast Submarket Class C C Net Absorption and Vacancy – Northeast Submarket Class3rd Quarter 2012 3rd Quarter 2012 Square Feet 58 22% Thousands 48 18% 38 28 14% 18 8 10% -2 6% -12 -22 2% -32 -42 -2% 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 Net Absorption (YTD) Vacancy Source: Cassidy Turley Research cassidyturley.com | B-xxiv
  26. 26. Change in Inventory, Absorption & Vacancy Indianapolis Multi-Tenant Office MarketIndianapolis Multi-Tenant Office MarketChange in Net Absorption and Vacancy—East Submarket Overall Overall Net Absorption and Vacancy – East Submarket3rd Quarter 2012 3rd Quarter 2012 Square Feet 100 36% Thousands 80 32% 60 28% 40 24% 20 20% 0 16% -20 12% -40 8% -60 4% -80 0% 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 Net Absorption (YTD) Vacancy Source: Cassidy Turley Research Indianapolis Multi-Tenant Office MarketIndianapolis Multi-Tenant Office MarketChange in Net Absorption and Vacancy—East Submarket Class B Class B Net Absorption and Vacancy – East Submarket3rd Quarter 2012 3rd Quarter 2012 Square Feet 80 40% Thousands 60 36% 32% 40 28% 20 24% 0 20% -20 16% 12% -40 8% -60 4% -80 0% 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 Net Absorption (YTD) Vacancy Source: Cassidy Turley Research cassidyturley.com | B-xxv
  27. 27. Change in Inventory, Absorption & VacancyIndianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market Office MarketChange in Net Absorption and Vacancy—East Submarket Class CClass C Net Absorption and Vacancy – East Submarket3rd Quarter 2012 3rd Quarter 2012 Square Feet 30 32% Thousands 26 28% 22 24% 18 14 20% 10 16% 6 12% 2 8% -2 -6 4% -10 0% 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 Net Absorption (YTD) Vacancy Source: Cassidy Turley Research cassidyturley.com | B-xxvi
  28. 28. Change in Inventory, Absorption & VacancyIndianapolis Multi-TenantIndianapolis Multi-Tenant Office Market Office MarketChange in Net Absorption and Vacancy—South Submarket Overall Net Absorption and Vacancy – South Submarket Overall3rd Quarter 2012 3rd Quarter 2012 Square Feet 125 30% Thousands 100 27% 75 24% 21% 50 18% 25 15% 0 12% 9% -25 6% -50 3% -75 0% Net Absorption (YTD) Vacancy Source: Cassidy Turley ResearchIndianapolis Multi-TenantIndianapolis Multi-Tenant Office Market Office MarketChange in Net Absorption and Vacancy—South South Submarket Class A Net Absorption and Vacancy – Submarket Class A3rd Quarter 2012 3rd Quarter 2012 Square Feet 100 30% Thousands 90 27% 80 24% 70 60 21% 50 18% 40 15% 30 12% 20 9% 10 0 6% -10 3% -20 0% Net Absorption (YTD) Vacancy Source: Cassidy Turley Research cassidyturley.com | B-xxvii
  29. 29. Change in Inventory, Absorption & VacancyIndianapolis Multi-Tenant Office Market Indianapolis Multi-Tenant Office MarketChange in Net Absorption and Vacancy—South–Submarket Class B Net Absorption and Vacancy South Submarket Class B3rd Quarter 2012 3rd Quarter 2012 Square Feet 60 40% Thousands 40 36% 32% 20 28% 0 24% -20 20% -40 16% 12% -60 8% -80 4% -100 0% 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 Net Absorption (YTD) Vacancy Source: Cassidy Turley ResearchIndianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market Office MarketChange in Net Absorption and Vacancy—South–Submarket Class C Net Absorption and Vacancy South Submarket Class C3rd Quarter 2012 3rd Quarter 2012 Square Feet 30 33% 25 Thousands 30% 20 27% 15 24% 10 21% 5 18% 0 15% -5 -10 12% -15 9% -20 6% -25 3% -30 0% 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 Absorption (YTD) Vacancy Source: Cassidy Turley Research cassidyturley.com | B-xxviii
  30. 30. Change in Inventory, Absorption & VacancyIndianapolis Multi-TenantIndianapolis Multi-Tenant Office Market Office MarketChange in Net Absorption and Vacancy—West Submarket OverallOverall Net Absorption and Vacancy – West Submarket3rd Quarter 2012 3rd Quarter 2012 Square Feet 100 36% Thousands 90 32% 80 70 28% 60 24% 50 40 20% 30 16% 20 10 12% 0 8% -10 -20 4% -30 0% Net Absorption (YTD) Vacancy Source: Cassidy Turley ResearchIndianapolis Multi-TenantIndianapolis Multi-Tenant Office Market Office MarketChange in Net Absorption and Vacancy—West – West Submarket A Net Absorption and Vacancy Submarket Class Class A3rd Quarter 2012 3rd Quarter 2012 Square Feet 100 50% Thousands 90 46% 80 42% 70 38% 60 34% 50 30% 40 26% 30 22% 20 18% 10 14% 0 10% -10 6% -20 2% -30 -2% Net Absorption (YTD) Vacancy Source: Cassidy Turley Research cassidyturley.com | B-xxix

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