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3Q2013 North County
- 1. Q3 2013 NORTH COUNTY SAN DIEGO SPACES AVAILABLE INDUSTRIAL MARKET REPORT OVERVIEW The North San Diego County industrial market is largely decentralized and comprised of five cities including Carlsbad, Escondido, Oceanside, San SUBMARKET INDUSTRIAL DIRECT VACANCY SUBMARKET INDUSTRIAL DIRECT VACANCY Marcos and Vista. Situated 35 miles north of downtown San Diego and 52 miles south of John Wayne Airport in Orange County, the coastal location is a major factor in the area’s appeal to corporate users and its 826,985 residents. MARKET TRENDS BUILDINGS TOTAL INVENTORY VACANT SF VACANCY RATE YTD ABSORPTION Carlsbad 486 14,958,382 1,773,135 11.85% 305,500 Escondido 638 7,336,330 393,540 5.36% 120,929 Oceanside 393 7,992,771 1,144,085 14.31% <1,110> San Marcos 488 8,520,535 504,589 5.92% 117,153 Vista 530 13,389,776 843,428 6.30% 133,014 2,535 52,197,794 4,658,777 8.93% 675,486 TOTAL Q3 VACANCY 2013 Q2 SUBMARKET INDUSTRIAL SUBMARKET VACANCY DIRECT2012 (Yr.-over-Yr.) (Prior Qtr.) Q3 2013 SPACES AVAILABLE For Lease SUPPLY BY SIZE Number of Spaces Available 14.3% 13.1% 11.9% 12.3% 2% 6.3% 7.9% 7.5% 6.7% 7.0% 5.4% 4% 5.7% 6% 5.9% 8% 6.0% Vacancy (%) 10% 13.5% 14% 14.5% 16% 12% 0% Carlsbad Escondido Oceanside For Sale (Current Qtr.) San Marcos Vista 65 60 55 50 45 40 35 30 25 20 15 10 5 0 5,000 to 9,999 10,000 to 19,999 20,000 to 49,999 50,000 to 99,999 100,000+ YEAR-TO-DATE 52.2M sf 8.93% 675.5K sf $.75nnn MARKET SIZE NET ABSORPTION (YTD) VACANCY RATE AVERAGE RENTAL RATES / SF $105 AVERAGE SALE PRICES / SF Industrial Property Report 1
- 2. NORTH COUNTY - 3Q 2013 NORTH COUNTY INVENTORY DISTRIBUTION INVENTORY BREAKDOWN VACANCY BY PRODUCT TYPE NORTH COUNTY Total Vacancy by Product Type 20% R&D 23.0% 15% MULTI 12.8% 10% Total Existing Inventory DIST 31.5% 5% NORTH COUNTY INVENTORY DISTRIBUTION MFG 32.7% 52,197,794 0% 2007 2008 2009 2010 Total Future Inventory 3,946,954 Distribution Manufacturing 2011 2012 Multi-Tenant 2013 Q3 R&D SIGNIFICANT LEASE TRANSACTIONS SF $0.73 48 $0.61 32,245 25 $1.53 23,976 39 $0.86 North American Repower (Oceanside) 21,656 60 $0.71 DIST 16,425,237 Under Construction MFG 17,091,555 Proposed 3,790,533 SIGNIFICANT SALE TRANSACTIONS 3,946,954 COE Price/SF 6,698,357 Total Future Inventory SF MULTI 2251 Faraday Ave, Carlsbad 56,840 9/10/13 $193 5600 Avenida Encinas, Carlsbad 154,400 7/16/13 $81 207 E Pennsylvania Ave, Escondido 57,140 9/12/13 $120 1081 Poinsettia Ave, Vista 65,002 7/31/13 $86 2751 Auto Park Way, Escondido 32,753 8/6/13 $79 R&D 11,982,645 Total Existing Inventory 52,197,794 156,421 120 109,952 RF Surgical (Carlsbad) 52,197,794 162,000 Hay House (Vista) ViaSat (Carlsbad) Total Existing Inventory Effective Rate Natural Alternatives (Vista) ORY DISTRIBUTION Term Industrial Property Report 2
- 3. NORTH COUNTY - 3Q 2013 INDUSTRIAL STATS ESCONDIDO HISTORICAL MARKET TRENDS NORTH COUNTY NET ABSORPTION TRENDS Existing Properties Type Total Inventory SF Bldgs Distribution 208 7,289,916 Direct Vacant SF Direct Vacancy Rate Absorption Sublease Vacant SF Total Vacant SF Sublease Vacancy Rate 811,274 11.13% 20,184 0.28% Total Vacancy Rate 831,458 New Supply SF QTR 91,493 203,507 289,088 SF 11.41% UC / Proposed New Supply Net Net Absorption Absorption SF QTR SF YTD 5-Yr. Avg. = New Supply SF YTD 59,815 Under Construction SF 147,548 0 UC Availability Proposed SF 0.00% 1,425,835 Light Industrial 687 9,135,321 616,290 6.75% 0 0.00% 616,290 6.75% 38,338 -3,100 0 0 0 0.00% 425,246 Manufacturing 932 17,091,555 1,365,406 7.99% 0 0.00% 1,365,406 7.99% 148,799 190,144 0 37,050 156,421 27.61% 148,978 Multi-Tenant 364 6,698,357 592,680 8.85% 15,004 0.22% 607,684 9.07% 8,946 108,532 0 0 0 0.00% 0 2,191 40,215,149 3,385,650 8.42% 35,188 0.09% 3,420,838 8.51% 287,576 584,664 59,815 184,598 156,421 27.61% 2,000,059 342 11,925,338 1,170,734 9.82% 9,898 0.08% 1,180,632 9.90% 45,609 90,822 0 0 0 0.00% 1,790,474 Industrial R&D Wet Lab 2 57,307 57,307 100.00% 0 0.00% 57,307 100.00% 0 0 0 0 0 0.00% 0 R&D 344 11,982,645 1,228,041 10.25% 9,898 0.08% 1,237,939 10.33% 45,609 90,822 0 0 0 0.00% 1,790,474 Total 2,535 52,197,794 4,613,691 8.84% 45,086 0.09% 4,658,777 8.93% 333,185 675,486 59,815 184,598 156,421 27.61% 3,790,533 VISTA NORTH COUNTY HISTORICAL MARKET NORTH Average Asking Rents Weighted Monthly COUNTY MARKET TRENDS NORTH COUNTY TRENDS NORTH COUNTY INDUSTRIAL RENT TRENDS Weighted Monthly Average Asking Rents 14% 1,500 $1.50 $1.40 500 8% 6% 0 4% -500 2% -1,000 0% 2007 2008 2009 Net Absorption 2010 2011 New Supply 2012 2013 Q3 Vacancy Vacancy Rate SF (000s) 10% $/SF/Mo. (Triple Net) 12% 1,000 $1.30 $1.20 $1.10 $1.00 $0.90 $0.80 $0.70 $0.60 $0.50 2007 2008 Distribution 2009 2010 Manufacturing 2011 2012 Multi-Tenant 2013 Q3 R&D Industrial Property Report 3
- 4. CARLSBAD - 3Q 2013 CARLSBAD INVENTORY DISTRIBUTION INVENTORY BREAKDOWN ESCONDIDO INVE VACANCY BY PRODUCT TYPE CARLSBAD Total Vacancy by Product Type DIST 3.5% 20% MFG 29.0% 15% 10% MULTI 15.3% CARLSBAD INVENTORY DISTRIBUTION Total Existing Inventory 14,958,382 5% ESCONDIDO INVENTORY DISTRIBUTION 0% R&D 52.2% 2007 2008 2009 2010 Total Future Inventory 1,839,132Manufacturing Distribution DISTRIBUTION DIST 2011 2012 2013 Q3 Multi-Tenant R&D ESCONDIDO INVENTORY DISTRIBUTION 3-POINT SUMMARY OCEANSIDE Total Existing Inventory 14,958,382 Type » Lease renewal activity continues to Total Vacancy by Product 527,340 Under Construction OCEANSIDE INVENTORY DISTRIBUTION Proposed MFG 4,341,496 MULTI 2,285,360 R&D Total Future Inventory dominate the office and industrial leasing market SAN MARCOS 0 1,839,132 1,839,132 » Building prices have increased 25% in the last 18 months » OCEANSIDE INVENTORY DISTRIBUTION INV Strong investor demand 7,804,186 Total Existing Inventory 14,958,382 Total Existi Total Futur Total Existing Inventory 7,336,330 Industrial Property Report 2 SAN MARCOS INVENTORY DISTRIBUTION
- 5. CARLSBAD - 3Q 2013 INDUSTRIAL STATS Absorption Existing Properties Type Total Inventory SF Bldgs Distribution 6 Manufacturing Direct Vacant SF Direct Vacancy Rate Sublease Vacant SF Total Vacant SF Sublease Vacancy Rate 0 527,340 0.00% 0 0.00% Total Vacancy Rate Net Absorption SF QTR UC / Proposed New Supply Net Absorption SF YTD New Supply SF QTR New Supply SF YTD Under Construction SF UC Availability Proposed SF 0 0.00% 3,459 3,459 0 0 0 0.00% 100,000 156 4,341,496 591,410 13.62% 0 0.00% 591,410 13.62% -25,942 96,380 0 37,050 0 0.00% 0 96 2,285,360 212,335 9.29% 0 0.00% 212,335 9.29% 38,417 77,031 0 0 0 0.00% 0 Industrial 258 7,154,196 803,745 11.23% 0 0.00% 803,745 11.23% 15,934 176,870 0 37,050 0 0.00% 100,000 R&D 226 7,746,879 912,083 11.77% 0 0.00% 912,083 11.77% 45,898 128,630 0 0 0 0.00% 1,739,132 2 57,307 57,307 100.00% 0 0.00% 57,307 100.00% 0 0 0 0 0 0.00% 0 R&D 228 7,804,186 969,390 12.42% 0 0.00% 969,390 12.42% 45,898 128,630 0 0 0 0.00% 1,739,132 Total 486 14,958,382 1,773,135 11.85% 0 0.00% 1,773,135 11.85% 61,832 305,500 0 37,050 0 0.00% 1,839,132 Multi-Tenant Wet Lab CARLSBAD Weighted Monthly Average Asking Rents CARLSBAD INDUSTRIAL RENT CARLSBAD MARKET TRENDS 600 16% $1.50 500 14% $1.40 $1.30 12% 10% 300 8% 200 6% 100 $1.20 Vacancy Rate 400 SF (000s) TRENDS $1.10 $1.00 $0.90 $0.80 4% $0.70 0 2% $0.60 -100 0% 2007 2008 2009 Net Absorption 2010 2011 New Supply 2012 2013 Q3 $0.50 2007 2008 2009 Distribution Vacancy OCEANSIDE Weighted Monthly Average Asking Rents 2010 Manufacturing 2011 2012 Multi-Tenant 2013 Q3 R&D Industrial Property Report 3
- 6. ESCONDIDO ESCONDIDO - 3Q 2013 ESCONDIDO INVENTORY DISTRIBUTION INVENTORY BREAKDOWN VACANCY BY PRODUCT TYPE ESCONDIDO Total Vacancy by Product Type R&D 4.7% 20% DIST 25.8% 15% 10% MULTI 16.0% Total Existing Inventory 7,336,330 5% ESCONDIDO INVENTORY DISTRIBUTION 0% 2007 MFG 53.5% 2008 Distribution Total Future Inventory DISTRIBUTION SAN MARCOS 1,894,537 Under Construction Proposed MFG 3,926,740 SAN MARCOS INVENTORY DISTRIBUTION MULTI 1,170,616 R&D Total Future Inventory 344,436 0 Manufacturing 39,500 2011 2012 2013 Q3 Multi-Tenant R&D Sales and lease demand has increased » Sales prices have increased 25% in the last twelve months » Escondido vacancy is the lowest in North County San Diego 39,500 39,500 2010 3-POINT SUMMARY Total Existing Inventory 7,336,330 Total Vacancy by Product Type » DIST 2009 Total Existing Inventory 7,336,330 Industrial Property Report SAN MARCOS INVENTORY DISTRIBUTION 4
- 7. ESCONDIDO - 3Q 2013 INDUSTRIAL STATS Absorption Existing Properties Type Bldgs Distribution 42 Total Inventory SF Direct Vacant SF Direct Vacancy Rate Sublease Vacant SF Sublease Vacancy Rate 94,269 932,367 10.11% 0 0.00% Total Vacant SF Total Vacancy Rate Net Absorption SF QTR 94,269 10.11% New Supply Net Absorption SF YTD 59,898 New Supply SF QTR UC / Proposed New Supply SF YTD Under Construction SF UC Availability Proposed SF 143,594 59,815 147,548 0 0.00% 30,000 Light Industrial 120 962,171 34,593 3.60% 0 0.00% 34,593 3.60% 11,526 1,984 0 0 0 0.00% 0 Manufacturing 364 3,926,740 179,129 4.56% 0 0.00% 179,129 4.56% 12,860 -39,462 0 0 0 0.00% 0 Multi-Tenant 85 1,170,616 69,142 5.91% 0 0.00% 69,142 5.91% -10,152 23,230 0 0 0 0.00% 0 Industrial 611 6,991,894 377,133 5.39% 0 0.00% 377,133 5.39% 74,132 129,346 59,815 147,548 0 0.00% 30,000 R&D 27 344,436 16,407 4.76% 0 0.00% 16,407 4.76% 6,790 -8,417 0 0 0 0.00% 9,500 R&D 27 344,436 16,407 4.76% 0 0.00% 16,407 4.76% 6,790 -8,417 0 0 0 0.00% 9,500 Total 638 7,336,330 393,540 5.36% 0 0.00% 393,540 5.36% 80,922 120,929 59,815 147,548 0 0.00% 39,500 2012 2013 Q3 Multi-Tenant R&D CARLSBAD ESCONDIDO MARKET Rents Weighted Monthly HISTORICAL MARKET ESCONDIDOAverage AskingTRENDS TRENDS ESCONDIDO NORTH COUNTY NET ABSORPTION TRENDS TRENDS Weighted Monthly Average Asking Rents RENT ESCONDIDO INDUSTRIAL 300 10% 200 $0.95 9% $0.90 5-Yr. Avg. = $0.85 203,507 SF 8% 7% 6% 0 5% -100 4% 3% -200 2% -300 $0.80 Vacancy Rate SF (000s) 100 $0.75 $0.70 $0.65 $0.60 1% 0% -400 2007 2008 2009 Net Absorption 2010 2011 2012 New Supply 2013 Q3 $0.55 $0.50 2007 2008 2009 Distribution Vacancy 2010 Manufacturing 2011 NORTH COUNTY HISTORICAL MARKET TRENDS OCEANSIDE SAN MARCOS Weighted Monthly Average Asking Rents Weighted Monthly Average Asking Rents Industrial Property Report 5
- 8. OCEANSIDE OCEANSIDE - 3Q 2013 OCEANSIDE INVENTORY DISTRIBUTION INVENTORY BREAKDOWN SAN MARCOS INV VACANCY BY PRODUCT TYPE ESCONDIDO INVENTORY DISTRIBUTION Total Existing Inventory 14,958,382 STRIBUTION Total Exi OCEANSIDE Total Vacancy by Product Type MFG 3.2% 45% MULTI 14.3% 40% Total Future Inventory 1,839,132 Total Fut 35% 30% R&D 11.9% 25% Total Existing Inventory 14,958,382 Total Existing Inventory 7,336,330 20% OCEANSIDE INVENTORY DISTRIBUTION Total Existing Inventory 7,992,771 15% SAN MARCOS INVENTORY DISTRIBUTION 10% 5% Total Future Inventory 0% 1,839,132 Total Future Inventory 2007 DIST 70.6% 2008 2009 Distribution Total Future Inventory Total Existing Inventory 7,992,771 SAN MARCOS INVENTORY ISTRIBUTION 2010 2011 Manufacturing 39,500 2012 2013 Q3 Multi-Tenant R&D 1,380,401 DISTRIBUTION SUMMARY 3-POINT Total Exi » DIST 5,641,183 MFG 256,997 MULTI R&D 1,140,506 954,085 Total Existing Inventory 7,992,771 Under Construction Land market and activity for build-tosuits continues to improve » Vacancy rate and negative absorption is highest in North County San Diego » Availability of large buildings should draw tenants to this market Total Existing Inventory 8,520,535 0 Proposed 1,380,401 Total Future Inventory 1,380,401 Industrial Property Report Total Fut 6
- 9. OCEANSIDE - 3Q 2013 CARLSBAD Weighted Monthly Average Asking Rents INDUSTRIAL STATS Absorption Existing Properties Type Total Inventory SF Bldgs Direct Vacant SF Direct Vacancy Rate Sublease Vacant SF Sublease Vacancy Rate Total Vacant SF 37.58% 19,000 1.29% 574,203 339,696 8.16% 0 0.00% 53,382 20.77% 0 0.00% 1,140,506 119,480 10.48% 5,000 373 7,038,686 1,067,761 15.17% R&D 20 954,085 45,887 R&D 20 954,085 Total 393 7,992,771 Distribution 25 1,477,490 555,203 Light Industrial 272 4,163,693 Manufacturing 12 256,997 Multi-Tenant 64 Industrial Total Vacancy Rate Net Absorption SF QTR 38.86% 0 339,696 8.16% 53,382 20.77% 0.44% 124,480 24,000 0.34% 4.81% 6,437 45,887 4.81% 1,113,648 13.93% New Supply Net Absorption SF YTD New Supply SF QTR UC / Proposed New Supply SF YTD Under Construction SF UC Availability Proposed SF 36,229 0 0 0 0.00% 1,023,342 8,330 5,296 0 0 0 0.00% 342,081 0 -12,819 0 0 0 0.00% 14,978 10.91% -5,172 -19,481 0 0 0 0.00% 0 1,091,761 15.51% 3,158 9,225 0 0 0 0.00% 1,380,401 0.67% 52,324 5.48% -11,682 -10,335 0 0 0 0.00% 0 6,437 0.67% 52,324 5.48% -11,682 -10,335 0 0 0 0.00% 0 30,437 0.38% 1,144,085 14.31% -8,524 -1,110 0 0 0 0.00% 1,380,401 OCEANSIDE Weighted Monthly Average Asking Rents OCEANSIDE MARKET TRENDS OCEANSIDE INDUSTRIAL RENT TRENDS 20% $0.85 18% $0.80 500 16% 400 14% 300 12% 200 10% 100 8% 0 $0.75 Vacancy Rate SF (000s) 700 600 $0.70 $0.65 6% $0.60 -200 4% $0.55 -300 2% -400 0% -100 2007 2008 2009 2010 2011 2012 2013 Q3 $0.50 2007 2008 Distribution Net Absorption New Supply Vacancy 2009 2010 Manufacturing 2011 2012 Multi-Tenant 2013 Q3 R&D Insufficient data for R&D rents Industrial Property Report 7
- 10. SAN MARCOS SAN MARCOS INVENTORY DISTRIBUTION INVENTORY BREAKDOWN SAN MARCOS - 3Q 2013 VACANCY BY PRODUCT TYPE DISTRIBUTION Total Existing Inventory 7,336,330 SAN MARCOS Total Vacancy by Product Type 35% MFG 16.3% Total Existing Inventory 7,336,330 30% Total Future Inventory MULTI 1.8% 20% Total Existing Inventory 8,520,535 15% R&D DIST SAN MARCOS INVENTORY13.3% DISTRIBUTION 68.5% Total Future Inventory 39,500 25% 10% 5% 0% 39,500 2007 2008 2009 Total Future Inventory Total Existing Inventory 8,520,535 2011 2012 2013 Q3 53,000 Distribution DISTRIBUTION 2010 Manufacturing Multi-Tenant R&D 3-POINT SUMMARY » DIST 5,838,680 Under Construction MFG 1,390,013 Proposed 53,000 Total Future Inventory Significantly constrained supply above 15,000 square feet » Three consecutive quarters of net absorption » Current overall vacancy of 5.92% 53,000 MULTI R&D 155,053 1,136,789 0 Total Existing Inventory 8,520,535 Industrial Property Report 8
- 11. SAN MARCOS - 3Q 2013 ARLSBAD ESCONDIDO ghted Monthly Average Asking Rents Weighted Monthly Average Asking Rents INDUSTRIAL STATS Absorption Existing Properties Type Total Inventory SF Bldgs Direct Vacant SF Direct Vacancy Rate Sublease Vacant SF Total Vacant SF Sublease Vacancy Rate Total Vacancy Rate Net Absorption SF QTR New Supply Net Absorption SF YTD New Supply SF QTR UC / Proposed New Supply SF YTD Under Construction SF UC Availability Proposed SF 111 2,332,898 106,354 4.56% 1,184 0.05% 107,538 4.61% 17,865 84,730 0 0 0 0.00% 0 Light Industrial 259 3,505,782 186,055 5.31% 0 0.00% 186,055 5.31% 11,462 31,938 0 0 0 0.00% 53,000 Manufacturing 74 1,390,013 98,775 7.11% 0 0.00% 98,775 7.11% 9,235 16,154 0 0 0 0.00% 0 9 155,053 34,286 22.11% 2,400 1.55% 36,686 23.66% -6,456 -6,251 0 0 0 0.00% 0 453 7,383,746 425,470 5.76% 3,584 0.05% 429,054 5.81% 32,106 126,571 0 0 0 0.00% 53,000 R&D 35 1,136,789 72,074 6.34% 3,461 0.30% 75,535 6.64% 1,758 -9,418 0 0 0 0.00% 0 R&D 35 1,136,789 72,074 6.34% 3,461 0.30% 75,535 6.64% 1,758 -9,418 0 0 0 0.00% 0 Total 488 8,520,535 497,544 5.84% 7,045 0.08% 504,589 5.92% 33,864 117,153 0 0 0 0.00% 53,000 Distribution Multi-Tenant Industrial CEANSIDE SAN MARCOS SAN MARCOS MARKET ghted Monthly Average Asking Rents TRENDS SAN MARCOS INDUSTRIAL Weighted Monthly Average Asking Rents 8% 7% 0 6% -50 5% -100 4% -150 3% -200 2% -250 1% -300 0% $1.75 $1.50 Vacancy Rate 50 $2.00 9% 100 SF (000s) 150 RENT TRENDS $1.25 $1.00 $0.75 $0.50 2007 2008 2009 Net Absorption 2010 2011 New Supply 2012 2013 Q3 Vacancy 2007 2008 Distribution 2009 2010 Manufacturing 2011 2012 Multi-Tenant 2013 Q3 R&D Industrial Property Report 9
- 12. VISTA INVENTORY DISTRIBUTION VISTA - 3Q 2013 NORTH VISTA INVENTORY BREAKDOWN C VACANCY BY PRODUCT TYPE VISTA Total Vacancy by Product Type 20% MULTI 14.5% R&D 13.0% 15% DIST 18.8% Total Existing Inventory 13,389,776 10% 5% VISTA INVENTORY DISTRIBUTION NORTH COUNTY INVENTORY DISTRIBU 0% MFG 53.6% 2007 2008 Total Future Inventory NORTH COUNTY Total Existing Inventory 13,389,776 DIST 2,523,496 Under Construction 156,421 MFG 7,176,309 Proposed 478,500 MULTI 1,946,822 Total Future Inventory 1,743,149 Total Existing Inventory 13,389,776 2011 2012 2013 Q3 Manufacturing Multi-Tenant R&D 3-POINT SUMMARY INVENTORY DISTRIBUTION » Limited supply above 15,000 SF is leading to higher prices 634,921 R&D 2010 634,921 Distribution RIBUTION 2009 » » Distribution space vacancy at 4.4% makes it difficult to find good dock high loading spaces Overall vacancy is at 6.3% Total Existing Inventory 52,197,794 Industrial Property Report 10 Total E Total F
- 13. VISTA - 3Q 2013 INDUSTRIAL STATS Absorption Existing Properties Type Total Inventory SF Bldgs Distribution 24 2,019,821 Direct Vacant SF Direct Vacancy Rate Sublease Vacant SF Total Vacant SF Sublease Vacancy Rate 55,448 2.75% 0 0.00% Total Vacancy Rate 55,448 Net Absorption SF QTR 2.75% New Supply Net Absorption SF YTD New Supply SF QTR UC / Proposed New Supply SF YTD Under Construction SF 10,271 21,076 0 0 UC Availability 0 Proposed SF 0.00% 272,493 Light Industrial 36 503,675 55,946 11.11% 0 0.00% 55,946 11.11% 7,020 -42,318 0 0 0 0.00% 30,165 Manufacturing 326 7,176,309 442,710 6.17% 0 0.00% 442,710 6.17% 152,646 129,891 0 0 156,421 27.61% 134,000 110 1,946,822 157,437 8.09% 7,604 0.39% 165,041 8.48% -7,691 34,003 0 0 0 0.00% 0 496 11,646,627 711,541 6.11% 7,604 0.07% 719,145 6.17% 162,246 142,652 0 0 156,421 27.61% 436,658 R&D 34 1,743,149 124,283 7.13% 0 0.00% 124,283 7.13% 2,845 -9,638 0 0 0 0.00% 41,842 R&D 34 1,743,149 124,283 7.13% 0 0.00% 124,283 7.13% 2,845 -9,638 0 0 0 0.00% 41,842 Total 530 13,389,776 835,824 6.24% 7,604 0.06% 843,428 6.30% 165,091 133,014 0 0 156,421 27.61% 478,500 Multi-Tenant Industrial VISTA Weighted Monthly Average Asking Rents VISTA INDUSTRIAL RENT TRENDS VISTA MARKET TRENDS $1.20 10% 250 9% 200 8% 150 7% 100 6% 50 5% 0 4% -50 3% $0.70 -100 2% $0.60 -150 1% -200 0% 2007 2008 2009 Net Absorption 2010 2011 New Supply 2012 2013 Q3 Vacancy $1.10 $1.00 Vacancy Rate SF (000s) 300 $0.90 $0.80 $0.50 2007 2008 Distribution 2009 2010 Manufacturing 2011 2012 Multi-Tenant 2013 Q3 R&D Industrial Property Report 11
- 14. 76 PACIFIC COAST BUSINESS PARK OCEAN RANCH CORPORATE CENTER North County San Diego OCEAN VISTA VENTURE COMMERCE CENTER AIRPORT BUSINESS PARK INDUSTRY STREET Total Industrial Buildings 2,535 Total Square Footage 52.2 M Total Vacancy 8.93% Under Construction 156,421 PRESCOTT VISTA PACIFIC SEAGATE CORPORATE CENTER OCEANSIDE GATEWAY RANCHO DEL ORO 78 OAK RIDGE BUSINESS CENTER I SYCAMORE VISTA NORTH COUNTY INDUSTRIAL PARK TWIN OAKS INDUSTRIAL OAK RIDGE BUSINESS CENTER II 5 GATEWAY CENTER CARLSBAD RESEARCH CENTER SAN MARCOS INDUSTRIAL PARK CARLSBAD OAKS NORTH PALOMAR TECH CENTER RANCHO VISTA BUSINESS PARK CARLSBAD OAKS WEST WEST CARLSBAD RANCHEROS DRIVE CARLSBAD RANCH ESCONDIDO AUTO PARK EAST ESCONDIDO INDUSTRIAL UNIVERSITY AREA CARLSBAD CORPORATE CENTER CARLSBAD AIRPORT CENTRE CARLSBAD OAKS EAST CARLSBAD RACEWAY PALOMAR CORPORATE CENTER LIBERTY GATEWAY PALOMAR FORUM PALOMAR AIRPORT BUSINESS PARK BRESSI RANCH CORPORATE CENTER Prepared by: ADAM MOLNAR TUCKER HOHENSTEIN MIKE ERWIN 760 438 8950 MEYERS/BARHAM BUSINESS PARK ESCONDIDO RESEARCH & TECHNOLOGY CENTER WINERDIGE BUSINESS PARK LA COSTA MEADOWS INDUSTRIAL PARK This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. Industrial Property Report 12