The industrial real estate market in Las Vegas is struggling, with vacancy rates reaching their highest levels in 15 years at 12.92%. This spike in vacancies is largely due to the overbuilding of new industrial space in recent years, over 50% of which remains vacant. Rents have fallen to $0.70 per square foot. Going forward, new construction is expected to decline dramatically as developers hesitate to build in the current economic environment. The recovery of the Las Vegas industrial market depends on absorbing existing vacant space through demand growth, which may not occur for several years as the housing and credit markets continue to struggle.

1. Industrial
2ND QUARTER
LAS VEGAS 2009 MARKET REVIEW
3800 Howard Hughes Parkway, Suite 1200 • Las Vegas, Nevada 89169
Tel 702.796.7900 • Fax 702.796.7920 • commercecrg.com

2. COMMERCE CRG is a regional real estate firm dedicated first
and foremost to our clients. With the industry’s premier
professionals, and industry leading technology, our mission is to
exceed our clients’ expectations through service excellence.
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3. INDUSTRIAL MARKET INDICATORS
Change Since
Current 2Q08 2Q09 LAS VEGAS
MARKET OVERVIEW
Vacancy 12.92%
Lease Rates $0.70 NNN
Net Absorption * -2,033,766
Construction 720,913
*The arrows are trend indicators over the specified time period and do not represent a positive or negative
value. (e.g., absorption could be negative but still represent a positive trend over a specified period.)
LAS VEGAS INDUSTRIAL MARKET
AT A GLANCE OVERVIEW
Vacancy rates in the Las Vegas area have almost doubled in one year from
the 7.7% rate we saw a year ago to the current vacancy rate of 12.92%. An article, produced a year ago, in the Nevada Business
The cause of the rise in vacancy is mostly due to the new product that Journal stated that “while several factors have contributed
came online in 2008 and 2009. Over 50% of the product that came online to rising vacancy rates and lower effective rents, real estate
had little or no preleasing activity and continue to remain vacant. With
experts in southern Nevada agree that the industrial
new development at a stand still, vacancy should start to be absorbed and
slump is part of a normal business cycle.” They also stated
vacancy rates should start to stabilize.
that the market would return to normal by mid-2009. We
By the end of 2nd quarter, the market showed a drop in rates once again have now reached the middle of 2009 and have yet to see
to the current average rate of $0.70 per square foot (psf), a $0.02 change a rebound in the industrial market. In fact, the Las Vegas
from the beginning of the year rate of $0.72 per square foot (psf) and a Industrial market continues to see rising vacancy rates
$0.09 change from a year ago. and negative absorption. So when does the market look
like it will finally rebound and was this really a “normal”
Going forward, new supply numbers are expected to change dramatically
business cycle. Let’s look at the facts to understand where
in the next year with only 720,000 sf of current under construction
the Las Vegas industrial market really is today.
product in the pipeline. With the continued hesitation of developers to
build product in the current economic conditions, we don’t expect much
of the planned product to come online any time soon. A year ago we were hoping to see the housing market
start showing improvements by now, which would help
increase stability in the market. Currently the housing market continues to see foreclosure gains and even more homeowners
walking away from their homes due to the lost of hope of ever recovering or rebuilding capital in their homes. Not only has the
residential real estate not rebounded, but we are now getting ready for a wave of commercial defaults and foreclosures.
Real Capital Analytics reported that “June saw the largest rise yet for (commercial) properties that are reported to be in default,
foreclosure or involved in bankruptcy.” The Las Vegas area currently has $9.2 billion worth of commercial properties in distress,
around 164 properties, with industrial buildings showing $48.6 million worth, roughly 258,819 square feet of distressed space.
Tight credit, falling property values and lenders unwilling to refinance projects are causing landlords to fear that they will no
longer be able to hang on to their properties. We expect this trend to continue for the foreseeable future as we work our way thru
this deleverage cycle.
Las Vegas industrial market posted additional upward movement in vacancy rising to 12.92% during 2nd quarter 2009. This is
the highest the industrial vacancy rate has been in the last 15 years. When analyzing the data to see if the rise in vacancy is part
of a “normal” business cycle, the only time period that has shown a rate over 10%, with the exception of the last year, is in 2003
when the rate was at 11.95%. In 2003, the major factors in the rise of vacancy were the reluctance of tenants to lease space in
older buildings, the rise in land prices, and the assumption of dimensioning commercial land availability. During that time the
average industrial building in Las Vegas had been built in the 1970s and early 1980s. Tenants wanted to be in newer properties
and the developers were listening. Developers were scared into thinking that land would soon not be available for commercial
development and they knew that tenants would be willing to pay higher lease rates in newer buildings. This was part of the cause
in the rise in vacancy and lease rates during 2003, and could be part of the cause of the overbuilt market we have today.
C o m m e r C e C r G | S e C o N D Q ua r t e r - 2 0 0 9 | I N D U S T R I A L m A R k e T R e v I e w

4. INDUSTRIAL MARKET | OVERVIEW
For years the Las Vegas industrial market had been well below the
national vacancy average, but now it is well above the national average LAS VEGAS
of the 9.9% vacancy rate. “The national average is the highest it has MARKET OVERVIEW
been in five years,” Cushman and Wakefield national report stated,
“in fact, each of the 39 industrial markets tracked by Cushman &
Wakefield reported an increase in the overall vacancy rate from first to
second quarter.” The markets with the highest vacancy rates include;
Austin, TX, Birmingham, AL, Detroit, MI, Fredericksburg, VA and
Stockton, CA all with vacancy rates over 18%. The lowest industrial
vacancy rates are found in; Denver, CO, Kansas City, MO, Lakeland
FL, Los Angeles, CA, Orange County, CA all with vacancies under
7%. The Las Vegas industrial market is right in the middle with a 12.92% vacancy rate.
INDUSTRIAL MARKET | NEW SUPPLY (COMPLETIONS) AND MARKET DEMAND
Future new supply levels also continue to shrink as market corrections are underway. The market expanded by only 301,400 square
feet during the 2nd quarter of 2009, which shows the slowing of new development, since last year at this time we had 1.5 million
square feet of new inventory come online. Completions were located in the southwest and North Las Vegas portions of the valley.
In the area of under construction analysis, we do see more steady movements or “normal” business cycles accruing every five years.
We saw a rise in construction during the real estate boom up until 1997 when a sudden drop of construction occurred. After a
five year recovery another sudden crash in 2001 happened after the September 11th events and then another five year recovery
started. A need for newer space and the construction boom steadily rose the under construction numbers for five years until the
current recession. It may take another five years for the housing market to become stable, credit to start flowing and employment
to become active again before any rise in construction numbers. For a smart recovery, the industrial market needs to solve the
imbalance of supply and demand by allowing existing vacant space to be absorbed and wait out this business cycle before any major
growth should happen.
Historically an industrial boom, in the Las Vegas market, is usually impacted by the growth of the gaming industry. After this
recession, growth may not happen for a while as many developers hold their breath and watch to see how CityCenter, an $11
billion mixed use project set to open by the end of 2009, tries to survive in a down economy and a new Las Vegas era. An era of
canceled conventions, discounted rooms and a glimpse of “old Vegas” making a come back, when buffets only cost $1.99 and tourist
saw $2.00 blackjack tables.
Las Vegas was currently featured in Time magazine showing that if anyone can make a comeback Las Vegas can. The reporter
experienced the world class marketing that Vegas is famous for. Knowing that the city must be slow and like a ghost town, due to
people staying home during the current economy, the reporter jumped on a plane. The reporter wanted to take advantage of the
discounted rooms found on various websites, which included cheap entertainment and lowered food prices that many Las Vegas
hotels are marketing. What he found was Vegas “surviving”. “Hotel rooms were booked, the pool was busy and the parking lots
were full,” the reporter stated. In his words “all the price-cutting has succeeded.” This can give us hope that people still love Las
Vegas and they still want to experience our world class hotels.
C o m m e r C e C r G | S e C o N D Q ua r t e r - 2 0 0 9 | I N D U S T R I A L m A R k e T R e v I e w

5. INDUSTRIAL MARKET | PRICING (AVERAGE ASKING RATE)
Pricing within the industrial sector continues to drop as landlords
work with Tenants, offering better tenant improvement allowances, LAS VEGAS
greater concessions and even negotiating new lease terms. Short MARKET OVERVIEW
term leases seem to be a trend in the market where tenants have a
controlling position. The effect of extended lease up periods, slow
economic conditions and growing commercial defaults will contribute
to increased repossession activity by lenders that will result in further
price adjustments.
The market wide industrial average asking rental rate has dropped to
$0.70 per square foot, the lowest rate we have seen since 2005, when
it was at $0.67 per square foot. By product type, average distribution lease rates were $0.54 per square foot at the middle of the
year. Freestanding units reported rents of $0.78 per square foot for those seeking to rent, rather than sell, while flex space averaged
$0.78 per square foot. Pricing for midbay and incubator space came in at $0.62 and $0.79 per square foot, respectively. Not only
has the recession forced lease rates to drop it has also affected the sales price on industrial property. “About $2.2 trillion of U.S.
commercial properties bought or refinanced since early 2004 have fallen below the price at which they changed hands,” according
to a report by Real Capital Analytics, a research firm based in New York. They go on to report “due to lack of financing, owners
are going to have to rely on cash deals, which in turn push down sale prices in order for buildings to be sellable.”
INDUSTRIAL MARKET | OUTLOOK
While current conditions have resulted in little market demand, we expect pricing adjustments to be favorable as regional and
national distributors seek out more efficient and cost-effective alternatives once economic conditions improve. The current
corrections are also expected to provide additional development opportunities as land prices are well into a correction cycle.
Previous concerns about land availability at financially feasible price points have started to subside. It is likely that joint venture
opportunities will present themselves as limited capital availability will have land owners and developers identifying creative
measures to meet the changing demands of the market.
Vacancies are expected to stabilize as future supply additions will remain limited. Our primary concerns lie with lease expirations
and the motivations of business owners and management. We expect businesses to seek out more cost-effective alternatives
while downsizing operations in response to shifts in their business models. Second generation space will likely compete on price
and create attractive opportunities for those with businesses that remain active and have been impacted less by broader market
fundamentals. Net absorption still reported in the red with a -2,033,766 sf of net absorption during 2nd quarter 2009. Absorption
did recover a little since first quarter and is expected to increase by the end of the year, as development comes to a stand still.
We believe that while it may take longer than people would like, Las Vegas will turn around, not this year, but it will make a
comeback. Unlike the other economic downturns of 1981, 1990 and 2001, this time around will be a slow recovery. According to
the National Association of Realtors “a forward-looking indicator shows commercial real estate will remain weak into 2010, but
recent actions by the Federal Reserve should improve some flow of capital into commercial lending,” which should slow down the
decline. The NAR report goes on to say ”with the economic recession likely coming to an end within six months, a recovery in
commercial real estate may soon follow.” When Time magazine asked a Las Vegas local, Neal Smatresk, why he was so optimistic
that Las Vegas would make a comeback he stated “This is a town built on hopes and dreams, and people don’t give up hopes and
dreams when there’s a recession.” If we follow the Steve Wynn’s Vegas development style of “believing”, such as, believing that
themed casinos with free shows bring in tourist, not falling for the “family style” Vegas that quickly went south, bringing world
class shopping and fine art to the city, once known only for its cheap buffets and opening an $2 billion, 2,034 room Hotel in the
middle of a recession when everyone thinks you’re crazy. If more developers start to believe in this city, then this city will continue
to grow. The Times reporter ends his story stating that “this recession, it (Las Vegas) clearly believes, is just another business cycle.
It will end, sooner rather than later, and the world will go right back to gambling on slot machines and real estate.” So maybe this
is just another business cycle, we will have to wait and see.
C o m m e r C e C r G | S e C o N D Q ua r t e r - 2 0 0 9 | I N D U S T R I A L m A R k e T R e v I e w

6. Commerce CRG
Las Vegas Industrial Market Report Q2 2009
Inventory Vacancy Demand & Supply Pricing
No. of Existing Under Const. Planned Vacancy Net New Gross Space Asking Rates * Weighted
Bldgs. SF SF SF SF Rate Absorption Supply Leased Low High Avg. Avg.
Airport
Distribution 48 3,771,122 - - 656,280 17.40% (194,949) - 15,708 $0.35 $0.80 $0.62 $0.60
Flex 65 1,821,953 - 87,385 599,541 32.91% (204,352) 15,696 $0.49 $1.45 $0.93 $0.92
Freestanding 181 2,894,952 60,064 12,353 275,618 9.52% (30,851) - 71,214 $0.40 $1.40 $0.78 $0.77
Incubator 79 1,867,406 - - 438,505 23.48% (105,684) - 59,065 $0.45 $1.75 $0.96 $0.94
Midbay 54 2,497,689 25,200 - 461,882 18.49% (97,211) - 72,822 $0.35 $1.35 $0.71 $0.70
Airport Total 427 12,853,122 85,264 99,738 2,431,826 18.92% (633,047) - 234,505 $0.35 $1.75 $0.80 $0.79
Central
Distribution 14 910,521 51,022 5.60% (30,224) - - $0.31 $0.43 $0.37 $0.37
Flex 10 112,213 - - 19,800 17.65% (19,800) - - $0.55 $0.65 $0.59 $0.59
Freestanding 303 4,708,235 - 210,060 4.46% (69,867) 73,528 $0.18 $0.95 $0.57 $0.54
Incubator 101 2,099,325 - - 202,129 9.63% 36,879 - 74,616 $0.45 $1.58 $0.71 $0.71
Midbay 21 495,188 - 89,921 18.16% (73,289) - - $0.39 $0.56 $0.47 $0.47
Central Total 449 8,325,482 - - 572,932 6.88% (156,301) - 148,144 $0.18 $1.58 $0.54 $0.54
Southeast
Distribution 48 5,930,442 - - 952,224 16.06% (225,075) - 20,559 $0.29 $1.35 $0.54 $0.54
Flex 29 476,294 - - 62,130 13.04% (11,137) - 9,775 $0.39 $1.35 $0.78 $0.78
Freestanding 232 3,218,458 - 98,400 342,322 10.64% (4,718) - 89,914 $0.40 $1.67 $0.72 $0.73
Incubator 49 867,235 - - 131,121 15.12% (49,230) - 18,537 $0.50 $1.35 $0.89 $0.89
Midbay 34 1,570,350 - - 443,185 28.22% (78,478) - 56,187 $0.39 $1.12 $0.71 $0.71
Southeast Total 392 12,062,779 - 98,400 1,930,982 16.01% (368,638) - 194,972 $0.29 $1.67 $0.73 $0.73
North Las Vegas
Distribution 115 16,671,729 - 1,034,900 1,658,369 9.95% (370,256) 95,000 132,225 $0.15 $0.50 $0.40 $0.40
Flex 38 1,000,813 - 176,520 216,603 21.64% (21,592) - 23,186 $0.30 $1.75 $0.78 $0.78
Freestanding 478 6,519,170 166,420 153,888 623,386 9.56% 166,731 - 264,913 $0.20 $1.25 $0.64 $0.65
Incubator 51 1,123,616 - 15,000 498,507 44.37% (27,821) - 20,301 $0.20 $1.00 $0.65 $0.65
Midbay 50 2,281,955 194,712 276,525 393,846 17.26% (36,143) 90,400 36,665 $0.35 $0.85 $0.56 $0.56
NLV Total 732 27,597,283 361,132 1,656,833 3,390,711 12.29% (289,081) 185,400 477,290 $0.15 $1.75 $0.61 $0.61
Speedway
Distribution 9 889,091 - - 79,630 8.96% - - - $0.36 $0.49 $0.42 $0.42
Flex 7 346,350 - - 83,184 24.02% 12,318 - 13,601 $0.45 $0.55 $0.53 $0.53
Freestanding - - - - 0.00% - - -
Incubator 2 26,887 - - 5,066 18.84% - - - $0.45 $0.55 $0.50 $0.50
Midbay 20 1,314,491 - - 339,749 25.85% 18,045 - 25,595 $0.38 $0.66 $0.54 $0.54
Speedway Total 38 2,576,819 - - 507,629 19.70% 30,363 - 39,196 $0.36 $0.66 $0.50 $0.50
Northwest
Distribution 3 257,510 - - 158,069 61.38% - - - $0.49 $0.97 $0.73 $0.73
Flex 33 366,164 - 47,252 84,393 23.05% (24,692) - 8,468 $0.40 $1.40 $0.89 $0.87
Freestanding 8 194,587 - 39,008 13,810 7.10% - - - $1.13 $1.55 $1.28 $1.28
Incubator 10 232,073 - - 63,147 27.21% (10,699) - 1,772 $0.55 $1.10 $0.93 $0.93
Midbay 1 130,000 - - - 0.00% - - -
Northwest Total 55 1,180,334 - 86,260 319,419 27.06% (35,391) - 10,240 $0.40 $1.55 $0.96 $0.95
Southwest
Distribution 73 8,491,811 121,875 250,000 838,664 9.88% 32,430 - 209,373 $0.39 $1.19 $0.67 $0.66
Flex 93 2,447,785 - - 515,819 21.07% (86,271) - 73,306 $0.35 $1.80 $0.92 $0.92
Freestanding 394 5,457,760 - 340,011 6.23% (103,800) - 86,240 $0.35 $1.70 $0.69 $0.78
Incubator 128 2,704,171 - - 266,937 9.87% (146,659) - 66,649 $0.25 $1.95 $0.85 $0.84
Midbay 119 4,682,773 152,642 220,400 663,087 14.16% 83,199 116,000 262,921 $0.36 $1.15 $0.72 $0.72
Southwest Total 807 23,784,300 274,517 470,400 2,624,518 11.03% (221,101) 116,000 698,489 $0.25 $1.95 $0.77 $0.78
West
Distribution 24 1,773,217 - - 252,785 14.26% (37,714) - 38,486 $0.48 $0.65 $0.54 $0.54
Flex 35 915,396 - - 67,935 7.42% (15,785) - 35,661 $0.44 $1.30 $0.82 $0.82
Freestanding 266 3,330,993 - 243,440 7.31% (105,872) - 102,649 $0.25 $1.30 $0.71 $0.69
Incubator 146 3,789,216 - - 349,607 9.23% (97,355) - 92,198 $0.39 $1.50 $0.82 $0.82
Midbay 32 1,616,824 - - 203,009 12.56% (103,844) - 17,237 $0.40 $1.00 $0.65 $0.63
West Total 503 11,425,646 - - 1,116,776 9.77% (360,570) - 286,231 $0.25 $1.50 $0.71 $0.70
Distribution 334 38,695,443 121,875 1,284,900 4,647,043 12.01% (825,788) 95,000 416,351 $0.15 $1.35 $0.54 $0.53
Flex 310 7,486,968 - 311,157 1,649,405 22.03% (371,311) - 179,693 $0.30 $1.80 $0.78 $0.78
Freestanding 1,862 26,324,155 226,484 303,649 2,048,647 7.78% (148,377) - 688,458 $0.18 $1.70 $0.77 $0.78
Incubator 566 12,709,929 - 15,000 1,955,019 15.38% (400,569) - 333,138 $0.20 $1.95 $0.79 $0.79
Midbay 331 14,589,270 372,554 496,925 2,594,679 17.78% (287,721) 206,400 471,427 $0.35 $1.35 $0.62 $0.62
Las Vegas Total 3,403 99,805,765 720,913 2,411,631 12,894,793 12.92% (2,033,766) 301,400 2,089,067 $0.15 $1.95 $0.70 $0.70
* All rates are asking, published prices. Actual (negotiated) rates may vary due to market conditions. Weighted average rates include sublease pricing.
C o m m e r C e C r G | S e C o N D Q ua r t e r - 2 0 0 9 | I N D U S T R I A L m A R k e T R e v I e w

7. LAS VEGAS | INDUSTRIAL GRAPHS
Las Vegas, Nevada | Commerce CRG
Las Vegas, Nevada | Commerce CRG
Second Quarter 2009
Second Quarter 2009
Industrial: Quarterly Vacancy
Industrial: Quarterly Vacancy
14%
14%
12%
12%
10%
10%
8%
8%
6%
6%
4%
4%
2%
2%
0%
0%
5
55
55
56
66
66
66
67
77
77
77
78
88
20 08
88
89
10 09
1 0 20
30 0
40 0
20
20 0
30 0
40 0
10 0
20 0
30 0
40 0
10 0
20 0
30 0
40 0
Q 3
Q Q4
Q Q1
Q Q2
8
9
9
Q Q3
Q Q4
Q Q1
Q Q2
Q Q3
Q Q4
Q Q1
Q Q2
Q Q3
Q Q4
Q Q1
20
QQ
Q
Q
Q
Industrial: Quarterly Absorption (SF)
Industrial: Quarterly Absorption (SF)
2,500,000
2,500,000
2,000,000
2,000,000
1,500,000
1,500,000
1,000,000
1,000,000
500,000
500,000
-
-
Q2 05
Q3 05
Q4 05
Q1 06
Q2 06
Q3 06
Q4 06
Q1 07
Q2 07
Q3 07
Q4 07
Q1 08
Q2 08
Q308
Q408
Q109
Q209
Q2 05
Q3 05
Q4 05
Q1 06
Q2 06
Q3 06
Q4 06
Q1 07
Q2 07
Q3 07
Q4 07
Q1 08
Q2 08
Q308
Q408
Q109
Q209
(500,000)
(500,000)
(1,000,000)
(1,000,000)
(1,500,000)
(1,500,000)
(2,000,000)
(2,000,000)
(2,500,000)
(2,500,000)
(3,000,000)
(3,000,000)
C o m m e r C e C r G | S e C o N D Q ua r t e r - 2 0 0 9 | I N D U S T R I A L m A R k e T R e v I e w

8. LAS VEGAS | INDUSTRIAL GRAPHS
Las Vegas, Nevada | Commerce CRG
Second Quarter 2009
Industrial: Inventory (SF) and Vacancy Rate (%)
110,000,000 14%
12.92%
12%
100,000,000
10%
90,000,000 8%
80,000,000 6%
4%
70,000,000
2%
60,000,000 0%
5
5
5
6
6
6
6
7
7
7
7
8
8
8
8
9
9
30
40
10
20
20
30
40
10
20
30
40
10
20
30
40
10
20
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Industrial: Industrial Employment vs Vacacny Rate (%)
200,000 14%
12.92%
12%
175,000
10%
8.90% 8%
150,000
6%
6.17%
4%
125,000 3.28%
3.48%
2%
100,000 0%
5
6
7
8
9
40
20
40
40
40
Q
Q
Q
Q
Q
C o m m e r C e C r G | S e C o N D Q ua r t e r - 2 0 0 9 | I N D U S T R I A L m A R k e T R e v I e w

9. LAS VEGAS | INDUSTRIAL GRAPHS
Las Vegas, Nevada | Commerce CRG
Second Quarter 2009
Las Vegas, Nevada | Commerce CRG
Second Quarter 2009
Industrial Type Vacancy Rates
Industrial Type Vacancy Rates
Distribution,
12.01%
Distribution,
Midbay, 17.78%
12.01%
Midbay, 17.78%
Flex, 22.03%
Incubator, 15.38%
Flex, 22.03%
Incubator, 15.38%
Freestanding,
7.78%
Freestanding,
7.78%
Industrial Type Average Lease Rates
Industrial Type AverageDistribution,
Lease Rates
Midbay, $0.62 $0.53
Distribution,
Midbay, $0.62 $0.53
Flex, $0.78
Incubator, $0.79 Flex, $0.78
Incubator, $0.79
Freestanding,
$0.78
Freestanding,
$0.78
C o m m e r C e C r G | S e C o N D Q ua r t e r - 2 0 0 9 | I N D U S T R I A L m A R k e T R e v I e w

10. LAS VEGAS | INDUSTRIAL GRAPHS
Las Vegas, Nevada | Commerce CRG
Second Quarter 2009
Industrial: Inventory Vacancy Rate vs Average Lease Rate
14.00% $0.90
13.00%
$0.80
12.00%
11.00% $0.70
10.00%
$0.60
9.00%
$0.50
8.00%
7.00%
$0.40
6.00%
$0.30
5.00%
4.00% $0.20
3.00%
$0.10
2.00%
1.00% $0.00
4
4
4
5
5
5
5
6
6
6
6
7
7
7
7
8
8
8
8
9
9
20
30
40
10
20
20
30
40
10
20
30
40
10
20
30
40
10
20
30
40
10
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Las Vegas Industrial Construction Overview 1998-2009
9,000,000 14.00%
12.92%
13.00%
8,000,000
11.11%
12.00%
7,000,000 11.00%
6,000,000 8.90% 10.00%
8.59% 9.00%
Square Feet
9.19% 9.14%
Square Feet
5,000,000 8.00%
8.22% 7.03%
4,000,000 7.00%
5.12% 6.00%
3,000,000 5.00%
4.84% 4.95%
2,000,000 4.00%
3.43%
3.00%
1,000,000
2.00%
- 1.00%
98 99 00 01 02 03 04 05 06 07 08 09
19 19 20 20 20 20 20 20 20 20 20 20
Planned Under Construction Total Space Completed
Net Absorption Vacancy Rate
C o m m e r C e C r G | S e C o N D Q ua r t e r - 2 0 0 9 | I N D U S T R I A L m A R k e T R e v I e w

11. LAS VEGAS | INDUSTRIAL SUBMARKET MAP
C o m m e r C e C r G | S e C o N D Q ua r t e r - 2 0 0 9 | I N D U S T R I A L m A R k e T R e v I e w

12. COMMERCE CRG | fULL SERVICE COMMERCIAL REAL ESTATE SOLUTIONS
Commerce CRG has been among the top commercial real estate brokerage firms in the Intermountain West for 30 years.
From our headquarters in Salt Lake City and offices in Provo/Orem, Park City, Clearfield and St. George, Utah and Las
Vegas, Nevada we offer a full range of brokerage services, valuation and consulting, client representation and property/facility
management. Our alliance with Cushman & Wakefield extends our reach worldwide.
CUShMAN & WAKEfIELD ALLIANCE
A number of Cushman & Wakefield offices, including Commerce CRG, are independently owned and connected with the
company by way of an international alliance. Cushman & Wakefield concentrates on larger markets like Los Angeles and New
York, and alliance members like Commerce CRG concentrate on developing secondary markets.
Together the geographic coverage is nearly universal. This enables Cushman & Wakefield to provide comprehensive services
for clients with local requirements as well as for those with more expansive national or international portfolios. In either case,
Cushman & Wakefield’s services are supported by the full integrated resources of the entire alliance.
Cushman & Wakefield is the world’s largest privately-held commercial real estate services firm. Founded in 1917, it has 230
offices in 58 countries and more than 15,000 employees. The firm represents a diverse customer base ranging from small
businesses to Fortune 500 companies. It offers a complete range of services within four primary disciplines: Transaction Services,
including tenant and landlord representation in office, industrial and retail real estate; Capital Markets, including property
sales, investment management, valuation services, investment banking, debt and equity financing; Client Solutions, including
integrated real estate strategies for large corporations and property owners, and Consulting Services, including business and
real estate consulting. A recognized leader in global real estate research, the firm publishes a broad array of proprietary reports
available on its online Knowledge Center at www.cushmanwakefield.com.
230 Offices in 58 Countries
Europe
Austria Bulgaria Channel Islands France Ireland Norway Russia
Vienna* Pleven* Jersey* Lyon Cork* Drammen* Moscow
Canada Belgium
Plovdiv*
Sofia*
Czech Republic
Paris Dublin* Oslo*
Stavanger*
Scotland
Brussels Prague Germany Italy Edinburgh
Alberta Manitoba Newfoundland Berlin Bologna Poland Glasgow
Calgary Winnipeg* St. John's* Denmark
Dusseldorf Milan Warsaw
Edmonton* Copenhagen* Serbia
New Brunswick Nova Scotia Frankfurt Rome
Portugal Belgrade*
British Columbia Fredericton* Halifax* England Hamburg
Luxembourg Lisbon
Vancouver Moncton* Birmingham Munich Slovakia
Ontario Luxembourg*
Saint John* London-City Romania Bratislava
Greece
United States London
Newmarket
London-West End
Athens
Macedonia Bucharest
Spain
Manchester Skopje* Timisoara
Ottawa Barcelona
Thames Valley Hungary
Toronto Central Budapest
The Netherlands Madrid
Toronto East Amsterdam
Alabama Sweden
Maine Toronto West
Birmingham* Northern Ireland Stockholm
Portland Quebec Belfast*
Mobile Switzerland
Maryland Montreal Central Basel*
Arizona Montreal Suburban
Phoenix Baltimore Geneva*
Tempe Bethesda Zurich*
Tucson* Massachusetts Turkey
California Boston Istanbul
Carlsbad Michigan
Inland Empire Ohio
L.A.
Detroit*
Grand Rapids* Cincinnati* Middle East/Africa
L.A. South Bay Grosse Point Cleveland* Israel South Africa United Arab Emirates
L.A. West Kalamazoo* Columbus* Tel Aviv* Cape Town* Dubai
Marin/Sonoma Cty Lansing* Toledo* Durban*
Oakland Muskegon* Lebanon
Oregon Johannesburg*
Orange County Beirut*
Portland Pretoria*
Sacramento Minnesota
San Diego - Downtown Minneapolis
Minneapolis Suburban
Pennsylvania
San Diego - Eastgate Philadelphia
San Francisco Missouri Philadelphia Suburban
San Jose Kansas City* Pittsburgh* Australia/Asia Pacific
Walnut Creek St. Louis*
Puerto Rico Australia Malaysia
Colorado Nevada San Juan* Adelaide* Kuala Lumpur*
Colorado Springs*
Latin America
Las Vegas* Melbourne*
South Carolina New Zealand
Denver Reno Sydney
Charleston* Auckland*
Connecticut Argentina Ecuador China Wellington*
New Hampshire Greenville/Spartanburg* Buenos Aires Quito
Hartford Manchester Beijing
Stamford Tennessee Chengdu Pakistan
Brazil Mexico
New Jersey Guangzhou Karachi*
Memphis* Manaus Ciudad Juarez
Delaware East Rutherford Nashville* Rio de Janeiro Guadalajara* Hong Kong Philippines
Wilmington Edison São Paulo Mexico City Shanghai Manila*
District of Morristown Texas Monterrey Shenzhen
Columbia Austin* Chile Singapore
New York Dallas Santiago* Peru Fiji*
Washington, D.C. South Korea
Albany* Lima
Houston Colombia India Busan
Florida Binghamton*
San Antonio*
Buffalo* Bogota* Venezuela Bangalore Seoul
Ft. Lauderdale
Corning/Elmira* Caracas Chennai
Ft. Myers* Utah Gurgaon Taiwan
Jacksonville Islandia Clearfield/Ogden* Taipei*
Ithaca* Hyderabad
Miami Park City*
Kingston* Kolkata Thailand
Orlando Provo/Orem*
Melville, LI Mumbai – City Bangkok*
Palm Beach Gardens Salt Lake City*
N.Y. Downtown Mumbai – Suburbs
Tampa St. George* Vietnam
N.Y. Midtown New Delhi
Georgia Virginia Pune Hanoi
Rochester* Ho Chi Minh City C&W Owned Offices
Atlanta Syracuse Fredicksburg*
Indonesia
Syracuse* McLean
Hawaii Jakarta C&W Alliance/Associate Offices
Utica* Newport News*
Honolulu
Watertown* Norfolk/Virginia Beach* Japan AS OF MARCH 2009
Illinois Westchester County Richmond* Tokyo
Chicago Roanoke*
Chicago Suburban North Carolina
Washington
Charlotte*
Indiana Bellevue
Greensboro/Winston-Salem*
Indianapolis* Seattle
Raleigh/Cary
Kentucky Raleigh/Durham* Wisconsin
Louisville* Tarboro* Milwaukee*
C o m m e r C e C r G | S e C o N D Q ua r t e r - 2 0 0 9 | I N D U S T R I A L m A R k e T R e v I e w