Year to date, Columbus has seen nearly 5 million square feet of industrial space absorption and over 1.5 million square feet of new construction deliveries. Investors and developers remain optimistic about continued demand given e-commerce growth and companies like Amazon establishing operations. Columbus is well-positioned for more speculative development projects.

1. Industrial Outlook
Columbus | Q3 2016

2. Speculative modern bulk deliveries (m.s.f.)
Source: JLL Research
E-commerce companies establishing Columbus presence
Source: JLL Research. Columbus 2020
Trade, transportation, & manufacturing employment (000s)
Source: JLL Research, Bureau of Labor and Statistics
Investors and developers remain optimistic
Year to date, Columbus has produced nearly 5.0 million square feet of
absorption in the industrial sector and is on pace for another strong year.
Investors have taken note of this pace of absorption and have increased the
investment activity in the Class A modern bulk building segment. This has also
led to further speculative construction from developers. Columbus has seen
more than 1.5 million square feet of industrial space delivered, with another
560,000 square feet expected by the end of the year. With a number of tenants in
the market, Columbus is positioned to take on continued activity, particularly in
speculative developments.
Activity reinforces Columbus as e-commerce haven
Corporations continue to identify e-commerce as a prime focal point in the
industrial landscape in Columbus. Access to a majority of U.S. consumers and
major coastal ports has uniquely positioned Columbus to thrive in the e-
commerce market. Recently, Amazon opened its new 1,000,000-square-foot
fulfillment center in Obetz and its 855,000-square-foot distribution center in Etna.
Other major retailers such as, L-Brands and Abercrombie, compete in the
growing e-commerce space to better navigate the dynamic retail market. The e-
commerce activity in Columbus remains strong and is expected to continue
growing over the next several years.
Smarty City grant will expand industrial productivity
The Smart City grant will positively impact the industrial work force in Columbus.
By establishing intelligent transportation systems, skilled workers who did not
previously have practical access to major job centers will be able to tap into
budding markets. The Smart City grant will also implement transportation
practices such as driver assisted truck platooning along the Alum Creek
Corridor. This will decrease congestion and increase productivity, efficiency and
savings on fuel costs; which provides 3PL's with a substantial opportunity.
Columbus will see a more efficient labor force and transportation system in the
industrial sector by providing effective pioneering methods of transportation.
Investors are confident in speculative development
Industrial Insight
Columbus | Q3 2016
$3.70
Average total asking rent
4,066,869
Total under construction (s.f.)
2,589,117
Quarterly completions (s.f.)
4,810,313
YTD net absorption (s.f.)
6.3%
Total vacancy
1,503,196
Planned construction (s.f.)
2,611,062
Quarterly net absorption (s.f.)
243,335,013
Market Size(s.f.)
JLL | Columbus | Industrial Outlook | Q3 2016
240.3
245.7
249.8 253.0
256.9
265.7 266.8
220.0
240.0
260.0
280.0
2010 2011 2012 2013 2014 2015 YTD 2016
Company Industry Submarket Size (s.f.)
Amazon Retail, e-commerce Obetz, Etna 1,855,000
OnlineShoes.com Fashion, e-commerce Groveport 216,000
Dollar Shave Club Personal care, e-commerce Grove City 180,000
Bleckmann USA Fashion, e-commerce Johnstown 175,000
6.0%
6.4%
6.8%
7.2%
0.0
1.0
2.0
3.0
2014 2015 Projected 2016
YE
Projected 2017
YE
Speculative deliveries Total vacancy

3. Projects under construction by submarket (s.f.) Average total asking rent ($ p.s.f.)
Source: JLL Research
Notable sales in 2016 Notable leases signed in the third quarter
Source: JLL Research
Large block availabilities Net absorption & overall vacancy rate
Source: JLL Research
Industrial property clock New construction deliveries (s.f.)
Source: JLL Research Source: JLL Research
$3.33
$3.42 $3.43
$3.52
$3.61
$3.70
$3.00
$3.30
$3.60
$3.90
2011 2012 2013 2014 2015 YTD 2016
1,183,000
2,096,000
5,660,000
2,818,000
3,392,000
0
2,000,000
4,000,000
6,000,000
2012 2013 2014 2015 YTD 2016
Property Submarket Tenant Leased s.f.
5303-5305 Fisher Rd West Undisclosed 227,633
4150 Lockbourne Industrial Pkwy Southeast Terminal Warehouse 218,471
CreekSide XX Southeast Buckeye Diamond 127,414
Prologis Capital Park South 1 Southwest ODW Logistics 104,047
SouthPark VII Southwest The Shining Company 102,596
785 Frebis Ave Southeast
Marsh Building
Products
66,000
0.0%
4.0%
8.0%
12.0%
0
2,500,000
5,000,000
7,500,000
10,000,000
2011 2012 2013 2014 2015 YTD 2016
Net absorption Total vacancyExisting Under Construction
Size range Class A Class B Class C Class A Class B
100-249 k.s.f. 7 13 8 0 0
250-499 k.s.f. 10 3 2 2 0
500-749 k.s.f. 2 2 2 1 0
Property Buyer Bldg s.f. $ p.s.f
SouthPark VIII Exeter Property Group 393,696 $31.35
SouthPark VII Exeter Property Group 393,232 $31.35
2652 Fisher Road Diamond Properties 391,000 $21.71
5920 Green Pointe Drive South Clarion Partners 354,000 $53.56
Alum Creek Distribution Center 1 Ares Capital Corporation 306,000 30.23
Delaware I Superior Beverage Group 304,255 25.96
Landlordleverage
Tenantleverage
Peaking
market
Falling
market
Bottoming
market
Rising
market
Source: JLL Research
Source: JLL Research
Source: JLL Research
Columbus Q3 ‘15
Columbus Q3 ‘14
JLL | Columbus | Industrial Outlook | Q3 2016
1,400,000
942,869
600,000
264,000 200,000
0
400,000
800,000
1,200,000
1,600,000
Pickaway
County
Southeast East Licking County West
Columbus Q3 ‘16

4. Industrial Statistics
Columbus | Q3 2016
JLL | Columbus | Industrial Outlook | Q3 2016
Inventory
(s.f.)
Quarterly
total net
absorption
(s.f.)
YTD
total net
absorption
(s.f.)
YTD
total net
absorption
(% of stock)
Total
vacancy
(%)
Total
availability
(%)
Average
total asking
rent
($ p.s.f.)
Quarterly
completions
(s.f.)
YTD
completions
(s.f.)
Under
construction
(s.f.)
Columbus Totals
Warehouse & Distribution 188,630,928 2,692,685 4,628,883 2.5% 6.6% 8.8% $3.69 2,444,064 3,825,337 1,966,869
Manufacturing 32,753,271 -81,623 181,430 0.6% 4.6% 6.8% $3.73 0 0 2,100,000
Total Industrial 221,384,199 2,611,062 4,810,313 2.2% 6.3% 8.5% $3.70 2,444,064 3,825,337 4,066,869
Flex / R&D 21,950,814 72,567 290,981 1.3% 4.8% 7.8% $5.91 100,000 100,000 72,000
CBD
Warehouse & Distribution 1,750,988 0 0 0.0% 0.0% 0.0% $4.25 0 0 0
Manufacturing 597,948 -43,790 -43,790 -7.3% 7.3% 9.2% $4.15 0 0 0
Total Industrial 2,348,936 -43,790 -43,790 -1.9% 1.9% 2.3% $4.15 0 0 0
Flex / R&D 349,453 0 3,355 1.0% 57.2% 57.2% $5.00 0 0 0
North
Warehouse & Distribution 12,572,097 320,010 375,890 3.0% 2.1% 6.0% $5.17 0 0 0
Manufacturing 1,075,041 0 0 0.0% 1.2% 1.2% $5.25 0 0 0
Total Industrial 13,647,138 320,010 375,890 2.8% 2.0% 5.6% $5.17 0 0 0
Flex / R&D 4,819,161 10,925 -54,911 -1.1% 4.7% 6.6% $7.42 0 0 0
East
Warehouse & Distribution 18,816,700 -225,542 -586 0.0% 1.9% 2.9% $4.65 0 0 600000
Manufacturing 2,966,879 0 17,000 0.6% 8.4% 15.1% $4.11 0 0 0
Total Industrial 21,783,579 -225,542 16,414 0.1% 2.7% 4.6% $4.41 0 0 600,000
Flex / R&D 4,051,335 23,160 136,426 3.4% 3.2% 6.4% $6.43 100,000 100,000 0
Southeast
Warehouse & Distribution 69,783,471 1,420,306 2,866,808 4.1% 10.4% 11.5% $3.63 1,449,064 2,830,337 842,869
Manufacturing 5,843,348 0 142,000 2.4% 5.6% 5.6% $3.00 0 0 100000
Total Industrial 75,626,819 1,420,306 3,008,808 4.0% 10.0% 11.0% $3.60 1,449,064 2,830,337 942,869
Flex / R&D 2,699,188 11,008 35,927 1.3% 1.6% 3.8% $5.39 0 0 0
Southwest
Warehouse & Distribution 17,953,327 236,082 95,022 0.5% 6.9% 10.4% $3.78 0 0 0
Manufacturing 901,369 4,390 91,331 10.1% 0.0% 6.2% $3.15 0 0 0
Total Industrial 18,854,696 240,472 186,353 1.0% 6.6% 10.2% $3.76 0 0 0
Flex / R&D 1,698,335 7,690 48,624 2.9% 2.8% 16.2% $5.61 0 0 0
West
Warehouse & Distribution 30,139,024 125,989 247,568 0.8% 4.5% 8.1% $3.33 140,000 140,000 200,000
Manufacturing 2,154,559 -33,723 -76,463 -3.5% 4.2% 4.2% $3.54 0 0 600,000
Total Industrial 32,293,583 92,266 171,105 0.5% 4.5% 7.9% $3.34 140,000 140,000 800,000
Flex / R&D 5,656,351 23,655 102,231 1.8% 4.0% 5.4% $5.55 0 0 72,000
Outlying
Warehouse & Distribution 37,615,321 815,840 1,044,181 2.8% 5.1% 7.7% $3.67 855,000 855,000 324000
Manufacturing 19,214,127 -8,500 51,352 0.3% 4.1% 6.4% $3.79 0 0 1400000
Total Industrial 56,829,448 807,340 1,095,533 1.9% 4.8% 7.3% $3.71 855,000 855,000 1,724,000
Flex / R&D 2,676,991 -3,871 19,329 0.7% 7.0% 9.3% $5.22 0 0 0

5. Industrial Development Report
Columbus | Q3 2016
JLL | Columbus | Industrial Outlook | Q3 2016
This report analyzes all industrial developments under construction & new deliveries > 30,000 s.f.
Total leased at delivery (%) 67.3%
Total speculative at delivery (s.f.) 1,649,337
Total BTS at delivery (s.f.) 2,276,000
Total Owner-User at delivery (s.f.) -
Total # of properties delivered 8
Asking rental rate (low - high) $3.50 - $4.25
Top 5 projects delivered to date
Building RBA (s.f.) Delivery date
Leased at delivery
(%)
Amazon Fulfillment Center 1,000,000 Q3 2016 100%
Amazon Distribution Center 855,000 Q3 2016 100%
Duke Building 482 482,220 Q1 2016 53%
Exxcel CenterPoint Business Park 478,053 Q2 2016 0%
Groveport II 449,064 Q3 2016 0%
Total pre-leased (%) 74.3%
Total speculative under construction (s.f.) 891,000
Total BTS under construction (s.f.) 1,875,869
Total Owner-user under construction (s.f.) 700,000
Total # of properties UC 8
Asking rental rate (low - high) $3.50 - $3.50
Top 5 projects currently under construction
Building RBA (s.f.) Delivery date Pre-leased (%)
Sofidel Plant 1,400,000 Q2 2017 100%
Rogue Fitness 600,000 Q4 2016 100%
3219 Rohr Road 567,000 Q2 2017 0%
West-Ward Pharmaceuticals 275,869 Q2 2017 100%
8820 Smith's Mill Rd 264,000 Q2 2017 0%
Speculative
Speculative
BTS
Submarket
Under construction
3,466,869
Under construction (s.f.)
Under construction in-depth
Upcoming deliveries by year (s.f., excludes YTD completions)
New deliveries
Completions in-depth
3,925,337
Total delivered YTD (s.f.)
Historical deliveries (s.f.)
Construction typeOwnerSubmarket
Southeast
Southeast
Southeast
Licking County
Southeast
Northpoint
Exxcel Project Management
Duke Realty
Prologis
Duke Realty
Speculative
BTS
Licking County
Southeast
Southeast
East
Pickaway County
Speculative
BTS
Owner Construction type
Speculative
Pizzuti
Pizzuti
Vantrust
1047 Cleveland LLC
Pewamo Ltd
Owner-user
BTS
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
2011 2012 2013 2014 2015 YTD 2016
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
Under construction Under construction
2016 2017
BTS Owner-user Speculative

6. Industrial Sales Activity
Columbus | Q3 2016
This report analyzes all industrial sales > 10,000 / 30,000 s.f.
$153,368,768
22
$35
6.3%
88.3%
10.6%
1.1%
5-6.5% 0 1 $3,815,641
6.5-7.5% N/A 22 $101,219,248
Top 10 sales transactions past three quarters
$ p.s.f. Sale date
$54 Mar-16
$31 Feb-16
$31 Feb-16
$41 Feb-16
$47 Jul-16
$30 Jul-16
$22 Feb-16
$43 Apr-16
$26 Aug-16
$52 Feb-16
304,255
143,335
393,696
393,232
290,606
241,334
306,000
$12,350,000
$12,350,000
$12,040,000
$11,250,000
Seller company
Waxman Industries
Invesco Advisors
Invesco Advisors
Invesco Advisors
Prologis
Prologis
2235 Southwest Boulevard Alaska Permanent Fund (APFC) $7,509,691
2829-2843 Charter Street Dalfen $7,986,672
8133 Highfield Drive Superior Beverage Group LLC $7,900,000
Hackman Capital
Midwest Highfield Drive Industrial
Invesco Advisors
184,152
$9,250,000
652 Fisher Road Diamond Properties $8,488,223
4458 Alum Creek Drive Ares Capital Corporation
Garrison Investment Group 391,000
3655 Brookham Drive Alaska Permanent Fund (APFC)
8170 Dove Parkway Ares Capital Corporation
3357 Southpark Place Exeter Property Group
3423 Southpark Place Exeter Property Group
5920 Green Pointe Drive South Clarion Partners $18,961,297
Building address Buyer company Sales price $Size (s.f.)
354,000
Sales volume $ by submarket
Warehouse/Dist. sales volume as %
of total YTD
Flex/R&D sales volume as % of total
YTD
Cap rate range
Core Class A Ind.
Core Class A Flex
Manufacturing sales volume as % of
total YTD
Average Class A price p.s.f. YTD
At a glance
Total volume YTD
Number of transactions YTD
Average Class A cap rate YTD
Sales activity by building type
Transactions details
Number of partial interest
transactions
Top sellers (s.f.)Top buyers (s.f.)
Number of domestic buyers
Foreign capital $
Average partial interest acquired
Number of foreign buyers
Domestic Capital $
3,945,470 s.f.
356,631 s.f.
248,826 s.f.
$135,433,768
$16,185,000
$1,750,000
0 s.f.
1,000,000 s.f.
2,000,000 s.f.
3,000,000 s.f.
4,000,000 s.f.
5,000,000 s.f.
$0
$50,000,000
$100,000,000
$150,000,000
Warehouse / Distribution Flex/R&D Manufacturing
Sum of Price ($) Sum of RBA (SF)
17%
17%
17%13%
12%
8%
7%
5%
Exeter Property Group Dalfen
Diamond Properties Alaska Permanent Fund (APFC)
Ares Capital Corporation Clarion Partners
Superior Beverage Group LLC Olymbec Corporate Group
Center Point Development Snyder Barker Investments
The Robert Weiler Company
30%
17%
13%
12%
8%
7%
5%
Invesco Advisors Garrison Investment Group
Hackman Capital Prologis
Waxman Industries Midwest Highfield Drive Industrial
Ball Corporation Abercrombie & Fitch
Sheaf & Jentgen Companies Shie-Ming & Kai-Lun Hsu Hwang
Leaventon & Leaventon LLC
$57,660,400
$40,297,071
$33,111,297
$11,250,000
$9,300,000
$1,750,000
Southwest
West
Southeast
Fairfield County
Delaware County
East
JLL | Columbus | Industrial Outlook | Q3 2016

7. Industrial Employment Update
Columbus | Q3 2016
4.9%U.S. unemployment
1.7%U.S. 12-month job growth
4.0%Columbus unemployment
2.1%Columbus 12-month job growth
4.8%Ohio unemployment
1.5%Ohio 12-month job growth
Industry employment stratification: Columbus
Employment vs. unemployment rate: Columbus
Job growth (12-month change): United States vs. Columbus
Job growth/loss by sector (12-month change): Columbus
Industrial employment trends (12-month change, 000s): Columbus
0%
3%
6%
9%
12%
780,000
840,000
900,000
960,000
1,020,000
1,080,000
2006 2008 2010 2012 2014 2016
Nonfarm employment
Unemployment
-4.0%
-2.0%
0.0%
2.0%
4.0%
2010 2011 2012 2013 2014 2015 2016
Columbus United States
-900
-400
600
700
1,900
1,900
2,300
4,000
4,000
7,900
Trade, Transportation & Utilities
Information
Manufacturing
Financial Activities
Mining, Logging & Construction
Other Services
Government
Professional & Business Services
Educational & Health Services
Leisure & Hospitality
Trade, Transportation
& Utilities,
195,700 , 18%
Professional &
Business Services,
184,500 , 17%
Government,
160,200 , 15%
Educational &
Health Services,
153,800 , 14%
Leisure & Hospitality,
114,300 , 11%
Financial Activities,
81,100 , 8%
Manufacturing,
72,800 , 7%
Other Services,
43,500 , 4%
Mining, Logging &
Construction,
39,500 , 4%
Information,
16,600 , 2%
JLL | Columbus | Industrial Outlook | Q3 2016
-25.0
-15.0
-5.0
5.0
15.0
2010 2011 2012 2013 2014 2015 2016
Trade,Transportation & Utilities
Manufacturing
Other Services
Mining, Logging & Construction

8. Industrial Submarket Map
Notable construction projects
JLL | Columbus | Industrial Outlook | Q3 2016
Rickenbacker 567
Tenant: N/A
Square Feet: 567,000
Landlord: Vantrust
Estimated completion:
Q2 2017
Rogue Fitness
Tenant: Rogue Fitness
Square Feet: 600,000
Landlord: Wagenbrenner
Estimated completion:
Q4 2016
West-Ward Pharmaceuticals
Tenant: West-Ward
Pharmaceuticals
Square Feet: 275,000
Landlord: Pizzuti
Estimated completion:
Q2 2017
Sofidel Plant
Tenant: Sofidel Group
Square Feet: 1,400,000
Landlord: Pewamo Ltd
Estimated completion:
Q3 2017
8820 Smith’s Mill Rd
Tenant: N/A
Square Feet: 264,000
Landlord: Prologis
Estimated completion:
Q3 2017

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Andrew Batson
Vice President, Director of Research
Great Lakes Region
+1 216 937 4374
Andrew.Batson@am.jll.com
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Research Analyst
Great Lakes Region
+1 614 460 4417
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Research Analyst
Great Lakes Region
+1 614 460 4444
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