The Dickman Company has released its Mid Year industrial report for the Southeastern Wisconsin real estate market.

1. Southeastern Wisconsin
2011 Industrial Market Report
Mid-Year Statistics & Market Report
Published July 2011
626 E. Wisconsin Avenue, Suite 1020
Milwaukee, Wisconsin 53202
Phone: (414) 271-6100
Fax: (414) 271-5125
Info@dickmanrealestate.com
www.dickmanrealestate.com

2. Southeastern Wisconsin
2011 Industrial Market Report
TABLE OF CONTENTS
I. 2011 Quarterly Vacancy Rates......…………………………………………....…...................… Page 2
Includes: Current Inventory, Q4 2010 vs. Q1 & Q2 2011 Vacancy Rates
& YTD Absorption
II. 2011 Quarter 1 & Quarter 2 Recap..............................………………………………………… Page 3
III. 2011 Mid-Year Report..........……………………………………………………………………… Page 4
Includes: 2010 vs. 2011 Vacancy by County Comparison, Quarterly Absorption
vs. Vacancy, & Quarterly Vacancy vs. Asking Lease Rates
JOIN OUR E-MAIL NEWSLETTER LIST!
Sign up at www.dickmanrealestate.com to
receive timely updates on new listings, completed
transactions and other important announcements.
626 E. Wisconsin Ave, Suite 1020
Milwaukee, Wisconsin 53202
Phone: (414) 271-6100
Fax: (414) 271-5125
www.dickmanrealestate.com
This information has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it.

3. Southeastern Wisconsin
2011 Industrial Market Report
2011 Quarterly Vacancy Rates and Absorption
County/Submarket Inventory Total Vacancy Vacancy Vacancy YTD Net
(SF) Vacant Q4 2010 Q1 2011 Q2 2011 Absorption
(SF) (%) (%) (%) (SF)*
Milwaukee Downtown 12,285,559 1,678,534 13.6% 13.6% 13.7% -7,744
North Central 10,201,399 1,118,968 12.4% 12.4% 11.0% 59,474
North Shore 7,295,515 868,112 14.4% 11.1% 11.9% 146,957
Northwest 18,999,833 1,603,937 10.1% 8.6% 8.4% 323,461
South 23,658,347 2,261,360 11.1% 9.5% 9.6% 371,288
South Central 10,420,345 1,176,165 12.4% 12.4% 11.3% -2,100
West 13,183,597 1,437,291 11.5% 11.4% 10.9% 80,734
Milwaukee Total 96,044,595 10,144,367 11.8% 10.9% 10.6% 972,070
Waukesha Northeast 21,074,909 1,086,859 5.7% 5.4% 5.2% 245,022
Northwest 17,902,237 922,058 7.1% 5.8% 5.2% 380,516
Southeast 15,017,701 793,567 5.8% 5.7% 5.3% 88,008
Southwest 15,207,231 719,021 4.4% 5.0% 4.7% -85,620
Waukesha Total 69,202,078 3,521,505 5.8% 5.5% 5.1% 627,926
Kenosha 20,959,862 2,076,237 10.2% 10.5% 9.9% 58,837
Ozaukee 12,811,490 1,808,501 13.5% 14.2% 14.1% -81,923
Racine 28,038,946 1,073,523 5.2% 3.8% 3.8% 372,578
Sheboygan 12,760,606 828,314 4.1% 6.5% 6.5% -303,500
Walworth 8,754,887 587,753 7.3% 6.7% 6.7% 51,750
Washington 19,334,894 1,079,857 5.1% 5.6% 5.6% -41,193
Grand Total 267,907,358 21,120,057 8.5% 8.1% 7.9% 1,656,545
Data Source: Xceligent
Terminology
Inventory - The total square feet of all single and multi-tenant industrial properties above 10,000 square feet.
Vacant SF - Space that is available and not currently occupied.
Vacancy Rate - Percentage of space in the market that is not currently occupied
(Vacant square feet divided by inventory).
Absorption - The amount of rentable space which is filled. Net absorption is equal ot the amount occupied at
the end of the period minus the amount occupied at the beginning of the period, taking into consideration space
vacated during the period.
* YTD Net Absorption (SF) is the net change in absorption between Q4 2010 and Q2 2011.
626 E. Wisconsin Ave, Suite 1020
Milwaukee, Wisconsin 53202
Phone: (414) 271-6100
Fax: (414) 271-5125
www.dickmanrealestate.com Page 2
This information has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it.

4. Southeastern Wisconsin
2011 Industrial Market Report
2011 Quarter 1-Quarter 2 Recap
Packaging Group, as well as recent leases to
Despite the uncertainty resulting from global and Allstate Trucking Inc and Maysteel LLC. With
national economic and political events, we have that said, Sheboygan County has experienced
noted that the Southeastern Wisconsin industrial negative net absorption of 303,500 Sq. Ft. since
real estate market continues to be a juggernaut of January 1, 2011. Demand continues to grow
strength and activity with positive absorption and in the Racine and Kenosha submarkets where
declining vacancy throughout the region in 2011. vacancies have fallen to their lowest levels in 12
months, 3.8% and 9.9% respectively. Milwaukee
had the highest absorption rate with 972,070 Sq.
2010 vs. 2011 County by County Comparison
Ft. and Waukesha
0.16
was not far behind 2011 Update
0.14 with 627,926 Sq. Ft. Compared to Q4 2010:
0.12
We have noted a Vacancy
0.1
Vacancy Rate
recent increase in
0.08 supply of product
2010 Q4 DOWN
0.06 near the airport
2011 Q1
2011 Q2
and the southeast Net Absorption
0.04
submarket including
0.02 Milwaukee, Cudahy,
0 Oak Creek, and
POSITIVE
Franklin. Lease rates
will continue to be Lease Rates
depressed as a result
of this increased
The Southeastern counties as a whole have supply, allowing the DOWN
experienced positive net absorption of 1,656,545 submarket to be
square feet since January 1, 2011. As a result more competitive with Transactions
of this increased absorption, Southeastern areas such as Racine
Wisconsin’s vacancy rate has dropped from and Kenosha, where
8.5% (Q4 ‘10) to 7.9% (Q2 ‘11). Many of the affordable space has UP
eight counties in our market area experienced depleted in recent
a positive trend in vacancy rates. For Racine months.
County, the vacancy rate dropped from 5.2%
(Q4 ‘10) to 3.8% (Q2 ‘11), with 372,578 Sq. Ft. of
positive absorption. This positive net change can
be largely attributed to the recent purchase of a
Park 94 building by the Seda International
626 E. Wisconsin Ave, Suite 1020
Milwaukee, Wisconsin 53202
Phone: (414) 271-6100
Fax: (414) 271-5125
www.dickmanrealestate.com Page 3
This information has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it.

5. Southeastern Wisconsin
2011 Industrial Market Report
2011 Mid-Year Report
With leasing activity on the rise late into the second quarter, we expect this trend to carry over into
the third and fourth quarters of this year. However, low rate lease deals will require landlords to
offer minimal concessions to tenants for the foreseeable future. This is seen on a case by case
basis through less aggressive tenant improvement packages and free rent. With the exception of
Washington, Sheboygan and Ozaukee Counties, the other counties have experienced either constant
or declining vacancy rates since the end of 2010. These are indicators of a stabilized industrial real
estate market.
Zilber Property Group announced July 2011 their most recent industrial speculative building at
LakeView Corporate Park in Pleasant Prairie. The 60,256 Sq. Ft. single or multi-tenant facility is
expected to be completed by the end of this year. HSA Commercial Inc. recently signed a 63,838
Sq. Ft. lease at its park in Mount Pleasant, creating the potential for a new building to satisfy demand
in the park later this year or next. With speculative development such as this and industrial users
taking advantage of attractive pricing in the marketplace, it is evident that the market is continuing to
improve and head in a more prosperous direction.
Quarterly Absorption vs. Vacancy Rate
1,600,000.00 9.4%
9.2%
1,400,000.00
9.0%
1,200,000.00
8.8%
The data demonstrates a generally
8.6%
Vacancy Rate (%)
1,000,000.00
Absorption (SF)
8.4%
positive trend of declining vacancy in
800,000.00
8.2%
2011 with positive absorption in the
Absorption (SF)
600,000.00 8.0% Vacancy Rate (%)
past five quarters since Q2 2010.
7.8%
400,000.00
7.6%
200,000.00
7.4%
- 7.2%
2010 Q2 2010 Q3 2010 Q4 2011 Q1 2011 Q2
Absorption (SF) 1,147,655.00 472,669.00 1,405,093.00 1,210,492.00 471,330.00
Vacancy Rate (%) 9.2% 9.0% 8.5% 8.1% 7.9%
Quarterly Vacancy vs. Asking Lease Rates
10.0% $4.50
The data demonstrates how vacancy
rates have steadily declined since
Q2 2010 while asking lease rates 9.0% $4.00
have held relatively steady. Despite
Direct Vacancy Rate
stabilized asking rates, aggressive
landlord incentives such as free 8.0% $3.50
Direct Average
rent, lower base rent, and higher Asking Lease Rate
build-out allowances continued in
7.0% $3.00
2010 and into 2011. 2010 Q2 2010 Q3 2010 Q4 2011 Q1 2011 Q2
Direct Vacancy Rate 9.2% 9.0% 8.5% 8.1% 7.9%
Direct Average Asking Lease Rate $3.54 $3.52 $3.71 $3.46 $3.50
626 E. Wisconsin Ave, Suite 1020
Milwaukee, Wisconsin 53202
Phone: (414) 271-6100
Fax: (414) 271-5125
www.dickmanrealestate.com
Page 4
This information has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it.

6. 626 E. Wisconsin Avenue, Suite 1020
Milwaukee, Wisconsin 53202
Phone: (414) 271-6100
Fax: (414) 271-5125
Info@dickmanrealestate.com
www.dickmanrealestate.com