CoStar Office Report - Reece Commercial, Inc. Industrial Market ©2015 CoStar Group, Inc. The CoStar Industrial Report A First Quarter 2015 – National Table of Contents Table of

National Industrial MarketF i r s t Q u a r t e r 2 0 1 5

The CoStarIndustrial Report

National Industrial Market

©2015 CoStar Group, Inc. The CoStar Industrial Report A

First Quarter 2015 – National

Table of ContentsTable of Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AMethodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BTerms & Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CMarket Highlights & Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Inventory & Development Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

Inventory & Development AnalysisSelect Top DeliveriesSelect Top Under Construction PropertiesFigures at a Glance by Building Type & SubmarketHistorical Figures at a Glance

Leasing Activity Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29Leasing Activity Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

Select Top Lease TransactionsSales Activity Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31

Sales Activity AnalysisSelect Top Sales Transactions


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©2015 CoStar Group, Inc. The CoStar Industrial Report C


MethodologyThe CoStar Industrial Report calculates Industrial statistics using CoStar Group's base of existing, under construction and under renovation Industrial buildings in each given metropolitan area. All Industrial building types are included, including warehouse, flex / research & development, distribution, manufacturing, industrial showroom, and service buildings, in both single-tenant and multi-tenant buildings, including owner-occupied buildings. CoStar Group's global database includes approximately 95.6 billion square feet of coverage in 4.4 million properties. All rental rates reported in the CoStar Industrial Report are calculated using the quoted rental rate for each property.

CoStar regularly opens new markets to expand its geographic coverage which results in varying start dates for historical data. Due to differences in market start dates and a desire to show as long a historical timeframe as possible, only the following markets are included in the historical charts within this report: Atlanta, Austin, Baltimore, Boston, Broward County, Charlotte, Chicago, Cincinnati, Cleveland, Columbus, Dallas/Ft Worth, Dayton, Denver, Detroit, East Bay/Oakland, Houston, Indianapolis, Inland Empire (California), Jacksonville (Florida), Kansas City, Long Island (New York), Los Angeles, Memphis, Miami-Dade County, Nashville, Northern New Jersey, Orange (California), Orlando, Palm Beach County, Philadelphia, Phoenix, Pittsburgh, Raleigh/Durham, Sacramento, San Diego, San Francisco, Seattle/Puget Sound, South Bay/San Jose, St. Louis, Tampa/St Petersburg, Washington, and Westchester/So Connecticut. When ever possible all markets are included to provide as broad as possible national coverage. The Market Highlights and Overview narrative includes all markets.

© Copyright 2015 CoStar Group, Inc. All Rights Reserved. Although CoStar makes efforts to ensure the accuracy and reliability of the information contained herein, CoStar makes no guarantee, representation or warranty regarding the quality, accuracy, timeliness or completeness of the information. The publication is provided ‘as is’ and CoStar expressly disclaims any guarantees, representations or warranties of any kind, including those of MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

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Terms & DefinitionsAvailability Rate: The ratio of available space to total rentable space, calculated by dividing the total available square feet by the total rentable square feet.

Available Space: The total amount of space that is currently being marketed as available for lease in a given time period. It includes any space that is available, regardless of whether the space is vacant, occupied, available for sublease, or available at a future date.

Build-to-Suit: A term describing a particular property, developed specifically for a certain tenant to occupy, with structural features, systems, or improvement work designed specifically for the needs of that tenant. A build-to-suit can be leased or owned by the tenant. In a leased build-to-suit, a tenant will usually have a long term lease on the space.

Buyer: The individual, group, company, or entity that has purchased a commercial real estate asset.

Cap Rate: Short for capitalization rate. The Cap Rate is a calculation that reflects the relationship between one year’s net operating income and the current market value of a particular property. The Cap Rate is calculated by dividing the annual net operating income by the sales price (or asking sales price).

CBD: Abbreviation for Central Business District. (See also: Central Business District)

Central Business District: The designations of Central Business District (CBD) and Suburban refer to a particular geographic area within a metropolitan statistical area (MSA) describing the level of real estate development found there. The CBD is characterized by a high density, well organized core within the largest city of a given MSA.

Class A: A classification used to describe buildings that generally qualify as extremely desirable investment-grade properties and com-mand the highest rents or sale prices compared to other buildings in the same market. Such buildings are well located and provide efficient tenant layouts as well as high quality, and in some buildings, one-of-a-kind floor plans. They can be an architectural or historical landmark designed by prominent architects. These buildings contain a modern mechanical system, and have above-average maintenance and management as well as the best quality materials and workmanship in their trim and interior fittings. They are generally the most attractive and eagerly sought by investors willing to pay a premium for quality.

Class B: A classification used to describe buildings that generally qualify as a more speculative investment, and as such, command lower rents or sale prices compared to Class A properties. Such buildings offer utilitarian space without special attractions, and have ordinary design, if new or fairly new; good to excellent design if an older non-landmark building. These buildings typically have average to good maintenance, management and tenants. They are less appealing to tenants than Class A properties, and may be deficient in a number of respects including floor plans, condition and facilities. They lack prestige and must depend chiefly on a lower price to attract tenants and investors.

Class C: A classification used to describe buildings that generally qualify as no-frills, older buildings that offer basic space and command lower rents or sale prices compared to other buildings in the same market. Such buildings typically have below-average maintenance and management, and could have mixed or low tenant prestige, inferior elevators, and/or mechanical/electrical systems. These build-ings lack prestige and must depend chiefly on a lower price to attract tenants and investors.

Construction Starts: Buildings that began construction during a specific period of time. (See also: Deliveries)

Contiguous Blocks of Space: Space within a building that is, or is able to be joined together into a single contiguous space.

Deliveries: Buildings that complete construction during a specified period of time. In order for space to be considered delivered, a certifi-

cate of occupancy must have been issued for the property.

Delivery Date: The date a building completes construction and receives a certificate of occupancy.

Developer: The company, entity or individual that transforms raw land to improved property by use of labor, capital and entrepreneurial efforts.

Direct Space: Space that is being offered for lease directly from the landlord or owner of a building, as opposed to space being offered in a building by another tenant (or broker of a tenant) trying to sublet a space that has already been leased.

Existing Inventory: The square footage of buildings that have received a certificate of occupancy and are able to be occupied by tenants. It does not include space in buildings that are either planned, under construction or under renovation.

Flex Building: A type of building designed to be versatile, which may be used in combination with office (corporate headquarters), research and development, quasi-retail sales, and including but not limited to industrial, warehouse, and distribution uses. A typical flex building will be one or two stories with at least half of the rentable area being used as office space, have ceiling heights of 16 feet or less, and have some type of drive-in door, even though the door may be glassed in or sealed off.

Full Service Rental Rate: Rental rates that include all operating expenses such as utilities, electricity, janitorial services, taxes and insur-ance.

Gross Absorption: The total change in occupied space over a given period of time, counting space that is occupied but not space that is vacated by tenants. Gross absorption differs from leasing Activity, which is the sum of all space leased over a certain period of time. Unless otherwise noted Gross Absorption includes direct and sublease space.

Growth in Inventory: The change in size of the existing square footage in a given area over a given period of time, generally due to the construction of new buildings.

Industrial Building: A type of building adapted for such uses as the assemblage, processing, and/or manufacturing of products from raw materials or fabricated parts. Additional uses include warehous-ing, distribution, and maintenance facilities. The primary purpose of the space is for storing, producing, assembling, or distributing product.

Landlord Rep: (Landlord Representative) In a typical lease transaction between an owner/landlord and tenant, the broker that represents the interests of the owner/landlord is referred to as the Landlord Rep.

Leased Space: All the space that has a financial lease obligation. It includes all leased space, regardless of whether the space is currently occupied by a tenant. Leased space also includes space being offered for sublease.

Leasing Activity: The volume of square footage that is commit-ted to and signed under a lease obligation for a specific building or market in a given period of time. It includes direct leases, subleases and renewals of existing leases. It also includes any pre-leasing activity in planned, under construction, or under renovation buildings.

Market: Geographic boundaries that serve to delineate core areas that are competitive with each other and constitute a generally accepted primary competitive set of areas. Markets are building-type specific, and are non-overlapping contiguous geographic designations having a cumulative sum that matches the boundaries of the entire Region (See also: Region). Markets can be further subdivided into Submarkets. (See also: Submarkets)

Multi-Tenant: Buildings that house more than one tenant at a given time. Usually, multi-tenant buildings were designed and built to accommodate many different floor plans and designs for different


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©2015 CoStar Group, Inc. The CoStar Industrial Report 1

tenant needs. (See also: Tenancy).

Net Absorption: The net change in occupied space over a given period of time. Unless otherwise noted Net Absorption includes direct and sublease space.

Net Rental Rate: A rental rate that excludes certain expenses that a tenant could incur in occupying office space. Such expenses are expected to be paid directly by the tenant and may include janitorial costs, electricity, utilities, taxes, insurance and other related costs.

New Space: Sometimes called first generation space, refers to space that has never been occupied and/or leased by a tenant.

Occupied Space: Space that is physically occupied by a tenant. It does not include leased space that is not currently occupied by a tenant.

Office Building: A type of commercial building used exclusively or primarily for office use (business), as opposed to manufacturing, warehousing, or other uses. Office buildings may sometimes have other associated uses within part of the building, i.e., retail sales, finan-cial, or restaurant, usually on the ground floor.

Owner: The company, entity, or individual that holds title on a given building or property.

Planned/Proposed: The status of a building that has been announced for future development but not yet started construction.

Preleased Space: The amount of space in a building that has been leased prior to its construction completion date, or certificate of occupancy date.

Price/SF: Calculated by dividing the price of a building (either sales price or asking sales price) by the Rentable Building Area (RBA).

Property Manager: The company and/or person responsible for the day-to-day operations of a building, such as cleaning, trash removal, etc. The property manager also makes sure that the various systems within the building, such as the elevators, HVAC, and electrical systems, are functioning properly.

Quoted Rental Rate: The asking rate per square foot for a par-ticular building or unit of space by a broker or property owner. Quoted rental rates may differ from the actual rates paid by tenants following the negotiation of all terms and conditions in a specific lease.

RBA: Abbreviation for Rentable Building Area. (See also: Rentable Building Area)

Region: Core areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Regions are further divided into market areas, called Markets. (See also: Markets)

Relet Space: Sometimes called second generation or direct space, refers to existing space that has previously been occupied by another tenant.

Rentable Building Area: (RBA) The total square footage of a building that can be occupied by, or assigned to a tenant for the purpose of determining a tenant’s rental obligation. Generally RBA includes a percentage of common areas including all hallways, main lobbies, bathrooms, and telephone closets.

Rental Rates: The annual costs of occupancy for a particular space quoted on a per square foot basis.

Sales Price: The total dollar amount paid for a particular property at a particular point in time.

Sales Volume: The sum of sales prices for a given group of buildings in a given time period.

Seller: The individual, group, company, or entity that sells a particular commercial real estate asset.

SF: Abbreviation for Square Feet.

Single-Tenant: Buildings that are occupied, or intended to be occupied by a single tenant. (See also: Build-to-suit and Tenancy)

Sublease Space: Space that has been leased by a tenant and is being offered for lease back to the market by the tenant with the lease obligation. Sublease space is sometimes referred to as sublet space.

Submarkets: Specific geographic boundaries that serve to delin-eate a core group of buildings that are competitive with each other and constitute a generally accepted primary competitive set, or peer group. Submarkets are building type specific (office, industrial, retail, etc.), with distinct boundaries dependent on different factors relevant to each building type. Submarkets are non-overlapping, contiguous geographic designations having a cumulative sum that matches the boundaries of the Market they are located within (See also: Market).

Suburban: The Suburban and Central Business District (CBD) des-ignations refer to a particular geographic area within a metropolitan statistical area (MSA). Suburban is defined as including all office inven-tory not located in the CBD. (See also: CBD)

Tenancy: A term used to indicate whether or not a building is occu-pied by multiple tenants (See also: Multi-tenant) or a single tenant. (See also: Single-tenant)

Tenant Rep: Tenant Rep stands for Tenant Representative. In a typical lease transaction between an owner/landlord and tenant, the broker that represents the interests of the tenant is referred to as a Tenant Rep.

Time On Market: A measure of how long a currently available space has been marketed for lease, regardless of whether it is vacant or occupied.

Under Construction: Buildings in a state of construction, up until they receive their certificate of occupancy. In order for CoStar to consider a building under construction, the site must have a concrete foundation in place. Abbreviated UC.

Vacancy Rate: A measurement expressed as a percentage of the total amount of physically vacant space divided by the total amount of existing inventory. Under construction space generally is not included in vacancy calculations.

Vacant Space: Space that is not currently occupied by a tenant, regardless of any lease obligation that may be on the space. Vacant space could be space that is either available or not available. For example, sublease space that is currently being paid for by a tenant but not occupied by that tenant, would be considered vacant space. Likewise, space that has been leased but not yet occupied because of finish work being done, would also be considered vacant space.

Weighted Average Rental Rate: Rental rates that are cal-culated by factoring in, or weighting, the square footage associated with each particular rental rate. This has the effect of causing rental rates on larger spaces to affect the average more than that of smaller spaces. The weighted average rental rate is calculated by taking the ratio of the square footage associated with the rental rate on each individual available space to the square footage associated with rental rates on all available spaces, multiplying the rental rate by that ratio, and then adding together all the resulting numbers. Unless specifically specified otherwise, rental rate averages include both Direct and Sublet available spaces.

Year Built: The year in which a building completed construction and was issued a certificate of occupancy.

YTD: Abbreviation for Year-to-Date. Describes statistics that are cumulative from the beginning of a calendar year through whatever time period is being studied.


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Overview

U.S.’s Vacancy Decreases to 7.0% Net Absorption Positive 49,591,517 SF in the Quarter

The U.S. Industrial market ended the first quarter 2015 with a vacancy rate of 7.0%. The vacancy rate was down over the previous quarter, with net absorption totaling

positive 49,591,517 square feet in the first quarter. Vacant sublease space increased in the quarter, ending the quarter at 40,202,798 square feet. Rental rates ended the first quar-ter at $5.63, an increase over the previous quarter. A total of 284 buildings delivered to the market in the quarter totaling 37,468,744 square feet, with 152,290,710 square feet still under construction at the end of the quarter.

AbsorptionNet absorption for the overall U.S. Industrial market was

positive 49,591,517 square feet in the first quarter 2015. That compares to positive 86,195,018 square feet in the fourth quar-ter 2014, positive 83,108,698 square feet in the third quarter 2014, and positive 61,515,162 square feet in the second quarter 2014.

The Flex building market recorded net absorption of posi-tive 2,815,310 square feet in the first quarter 2015, compared to positive 8,680,712 square feet in the fourth quarter 2014, posi-tive 7,856,657 in the third quarter 2014, and positive 6,468,576 in the second quarter 2014.

The Warehouse building market recorded net absorption of positive 46,776,207 square feet in the first quarter 2015 compared to positive 77,514,306 square feet in the fourth quarter 2014, positive 75,252,041 in the third quarter 2014, and positive 55,046,586 in the second quarter 2014.

VacancyThe Industrial vacancy rate in the U.S. market area

decreased to 7.0% at the end of the first quarter 2015. The vacancy rate was 7.1% at the end of the fourth quarter 2014, 7.3% at the end of the third quarter 2014, and 7.6% at the end of the second quarter 2014.

Flex projects reported a vacancy rate of 9.8% at the end of the first quarter 2015, 9.9% at the end of the fourth quarter 2014, 10.2% at the end of the third quarter 2014, and 10.5% at the end of the second quarter 2014.

Warehouse projects reported a vacancy rate of 6.7% at the end of the first quarter 2015, 6.8% at the end of fourth quarter 2014, 7.0% at the end of the third quarter 2014, and 7.2% at the end of the second quarter 2014.

Largest Lease SigningsThe largest lease signings occurring in 2015 included: the

522,267-square-foot lease signed by Solo Cup Company at Empire Gateway – Building 3 in the Inland Empire (California) market; the 401,600-square-foot lease signed by MI Windows & Doors in the Dallas/Ft Worth market; and the 302,372-square-foot lease signed by Max Finklestein Tires in the Philadelphia market.

Sublease VacancyThe amount of vacant sublease space in the U.S. market

increased to 40,202,798 square feet by the end of the first quarter 2015, from 37,799,946 square feet at the end of the fourth quarter 2014. There was 38,307,650 square feet vacant

Vacancy Rates by Building Type* 2000-2015

��

Absorption & Deliveries*Past 7 Quarters

��

0%

2%

4%

6%

8%

10%

12%

14%

16%

2000 4q 2001 4q 2002 4q 2003 4q 2004 4q 2005 4q 2006 4q 2007 4q 2008 4q 2009 4q 2010 4q 2011 4q 2012 4q 2013 4q 2014 4q

Vac

ancy R

ate

Vac

ancy R

ate

Vac

ancy R

ate

Vac

ancy R

ate

FlexFlexFlexFlex WarehouseWarehouseWarehouseWarehouse Total MarketTotal MarketTotal MarketTotal Market

49.8

58.0

38.6

51.0

68.8

60.7

36.7

28.4

18.4

26.1

31.4

41.0 41.4

27.7

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

2013 3q 2014 3q

Millions

SF

Net Absorption Deliveries

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National Industrial MarketFirst Quarter 2015 – National



Overview

at the end of the third quarter 2014 and 37,453,538 square feet at the end of the second quarter 2014.

U.S.’s Flex projects reported vacant sublease space of 5,696,421 square feet at the end of first quarter 2015, down from the 6,081,626 square feet reported at the end of the fourth quarter 2014. There were 6,276,790 square feet of sub-lease space vacant at the end of the third quarter 2014, and 6,751,745 square feet at the end of the second quarter 2014.

Warehouse projects reported increased vacant sub-lease space from the fourth quarter 2014 to the first quarter 2015. Sublease vacancy went from 31,718,320 square feet to 34,506,377 square feet during that time. There was 32,030,860 square feet at the end of the third quarter 2014, and 30,701,793 square feet at the end of the second quarter 2014.

Rental RatesThe average quoted asking rental rate for available

Industrial space was $5.63 per square foot per year at the end of the first quarter 2015 in the U.S. market area. This repre-sented a 1.3% increase in quoted rental rates from the end of the fourth quarter 2014, when rents were reported at $5.56 per square foot.

The average quoted rate within the Flex sector was $11.27 per square foot at the end of the first quarter 2015, while Warehouse rates stood at $4.91. At the end of the fourth quar-ter 2014, Flex rates were $11.14 per square foot, and Warehouse rates were $4.86.

Deliveries and ConstructionDuring the first quarter 2015, 284 buildings totaling

37,468,744 square feet were completed in the U.S. market area. This compares to 307 buildings totaling 52,385,894 square feet that were completed in the fourth quarter 2014, 264 buildings totaling 45,271,039 square feet completed in the third quarter 2014, and 36,921,386 square feet in 280 buildings completed in the second quarter 2014.

There were 152,290,710 square feet of Industrial space under construction at the end of the first quarter 2015.

Some of the notable 2015 deliveries include: 801 Day Hill Rd, a 1,500,000-square-foot facility in the Hartford market that delivered in first quarter 2015 and is now 100% occupied, and Dalport Trade Center - Building 5, a 1,394,109-square-foot building in the Dallas/Ft Worth market that delivered in first quarter 2015 and is now 100% occupied.

The largest projects underway at the end of first quarter 2015 were RidgePort Logistics Center – Building 1, a 1,700,000-square-foot building with 100% of its space pre-leased, and the Nordstrom Distribution Center, a 1,142,000-square-foot build-ing with 100% of its space pre-leased.

InventoryTotal Industrial inventory in the U.S. market area amount-

ed to 21,485,234,390 square feet in 635,237 buildings as of

the end of the first quarter 2015. The Flex sector consisted of 2,293,486,658 square feet in 90,940 projects. The Warehouse sector consisted of 19,191,747,732 square feet in 544,297 build-ings. Within the Industrial market there were 72,742 owner-occupied buildings accounting for 4,466,580,712 square feet of Industrial space.

Sales ActivityTallying Industrial building sales of 15,000 square feet

or larger, U.S. Industrial sales figures rose during the fourth quarter 2014 in terms of dollar volume compared to the third quarter of 2014.

In the fourth quarter, 1,713 Industrial transactions closed with a total volume of $9,830,803,872. The 1,713 buildings totaled 146,901,797 square feet and the average price per square foot equated to $66.92 per square foot. That compares to 1,550 transactions totaling $8,141,931,727 in the third quar-ter. The total square footage was 122,365,250 for an average price per square foot of $66.54.

Total year-to-date Industrial building sales activity in 2014 is up compared to the previous year. In the twelve months of 2014, the market saw 5,973 Industrial sales transactions with a total volume of $31,104,807,928. The price per square foot has averaged $63.20 this year. In the twelve months of 2013, the market posted 5,329 transactions with a total volume of $22,936,915,686. The price per square foot averaged $54.89.

Cap rates have been lower in 2014, averaging 7.74%, compared to the twelve months of last year when they aver-aged 7.94%.

One of the largest transactions that has occurred within the last 4 quarters in the U.S. market is the sale of 9911 Belward Campus Drive in the Washington market. This 289,912 square foot Industrial building sold for $322,500,000, or $1,112.41 per square foot. The property sold on 12/11/2014, at a 7.18% cap rate.

Albany/Schenectady/TroyThe Albany/Schenectady/Troy Industrial market saw

vacancies fall and rental rates increase from the fourth quar-ter 2014 to the first quarter 2015. The overall vacancy rate cur-rently sits at 6.9%, from 7.0% in the previous quarter. Rental rates ended the quarter at $4.74 per square foot, from $4.69 in the previous quarter. There was a total of 40,000 square feet that delivered in the quarter, with 474,500 square feet still under construction at the end of the quarter.

AlbuquerqueThe Albuquerque Industrial market reported no new

deliveries and no space under construction at the end of the first quarter 2015. With this limited construction activity, net absorption of positive 351,109 square feet caused the vacancy rate to decrease from 6.3% to 5.6% in the quarter. Rental rates stood at $6.25.






Overview

AnchorageThe Anchorage Industrial market reported no new deliv-

eries and no space under construction at the end of the first quarter 2015. With this limited construction activity, net absorption of negative (11,377) square feet caused the vacancy rate to increase from 2.1% to 2.2% in the quarter. Rental rates stood at $13.39.

AshevilleThe Asheville Industrial market saw vacancies fall and

rental rates increase from the fourth quarter 2014 to the first quarter 2015. The overall vacancy rate currently sits at 6.4%, from 7.1% in the previous quarter. Rental rates ended the quar-ter at $4.45 per square foot, from $4.41 in the previous quarter. There was a total of 300,000 square feet that delivered in the quarter, with 333,000 square feet still under construction at the end of the quarter.

AtlantaThe Atlanta Industrial market saw vacancies fall and rent-

al rates increase from the fourth quarter 2014 to the first quar-ter 2015. The overall vacancy rate currently sits at 8.4%, from 9.1% in the previous quarter. Rental rates ended the quarter at $4.09 per square foot, from $3.99 in the previous quarter. There was a total of 1,030,172 square feet that delivered in the quarter, with 15,628,356 square feet still under construction at the end of the quarter.

Augusta/Richmond CountyThe Augusta/Richmond County Industrial market report-

ed no new deliveries and no space under construction at the end of the first quarter 2015. With this limited construction activity, net absorption of positive 138,683 square feet caused the vacancy rate to decrease from 8.3% to 7.9% in the quarter. Rental rates stood at $3.00.

AustinThe Austin Industrial market saw vacancies rise and rental

rates increase from the fourth quarter 2014 to the first quarter 2015. The overall vacancy rate currently sits at 8.3%, from 8.1% in the previous quarter. Rental rates ended the quarter at $8.51 per square foot, from $8.36 in the previous quarter. There was a total of 273,865 square feet that delivered in the quarter, with 765,779 square feet still under construction at the end of the quarter.

BakersfieldThe Bakersfield Industrial market saw vacancies rise and

rental rates increase from the fourth quarter 2014 to the first quarter 2015. The overall vacancy rate currently sits at 4.4%, from 4.1% in the previous quarter. Rental rates ended the quarter at $7.20 per square foot, from $7.07 in the previous quarter. There was a total of 43,136 square feet that delivered

in the quarter, with 141,306 square feet still under construction at the end of the quarter.

BaltimoreThe vacancy rate remained unchanged in Baltimore in the

first quarter. With 1,224,690 square feet in deliveries, and posi-tive 1,177,237 square feet in net absorption, the vacancy rate held at 8.8%, the same rate reported in the previous quarter. The market had 1,324,795 square feet under construction at the end of the quarter, and rental rates stood at $5.81 per square foot.

Baton RougeWith no new Industrial space being delivered to the mar-

ket, and positive 117,987 square feet of net absorption, Baton Rouge’s vacancy rate went from 8.9% to 8.4% in the quarter. Rental rates went from $5.70 to $5.59 during that time. At the end of the quarter, there was 182,171 square feet underway for future delivery.

Beaumont/Port ArthurWith no new Industrial space being delivered to the

market, and negative (149,413) square feet of net absorption, Beaumont/Port Arthur’s vacancy rate went from 7.3% to 8.6% in the quarter. Rental rates went from $4.94 to $5.22 during that time. At the end of the quarter, there was 88,244 square feet underway for future delivery.

BirminghamThe Birmingham Industrial market reported no new


Boise City/NampaThe Boise City/Nampa Industrial market saw vacancies

rise and rental rates decrease from the fourth quarter 2014 to the first quarter 2015. The overall vacancy rate currently sits at 5.9%, from 5.5% in the previous quarter. Rental rates ended the quarter at $5.37 per square foot, from $5.43 in the previous quarter. There was a total of 20,000 square feet that delivered in the quarter, with 68,600 square feet still under construction at the end of the quarter.

BostonThe vacancy rate remained unchanged in Boston in the

first quarter. With 11,598 square feet in deliveries, and nega-tive (65,196) square feet in net absorption, the vacancy rate held at 8.0%, the same rate reported in the previous quarter. The market had 67,400 square feet under construction at the end of the quarter, and rental rates stood at $6.38 per square foot.






Overview

Bremerton/SilverdaleThe Bremerton/Silverdale Industrial market reported no

new deliveries and no space under construction at the end of the first quarter 2015. With this limited construction activity, net absorption of negative (13,901) square feet caused the vacancy rate to increase from 4.9% to 5.4% in the quarter. Rental rates stood at $6.98.

Broward CountyThe Broward County Industrial market saw vacancies fall

and rental rates increase from the fourth quarter 2014 to the first quarter 2015. The overall vacancy rate currently sits at 6.8%, from 7.0% in the previous quarter. Rental rates ended the quarter at $8.30 per square foot, from $8.13 in the previous quarter. There was a total of 116,667 square feet that delivered in the quarter, with 575,803 square feet still under construction at the end of the quarter.

Brownsville/HarlingenThe Brownsville/Harlingen Industrial market reported no

new deliveries and no space under construction at the end of the first quarter 2015. With this limited construction activ-ity, net absorption of positive 90,219 square feet caused the vacancy rate to decrease from 14.0% to 13.1% in the quarter. Rental rates stood at $3.62.

Buffalo/Niagara FallsWith no new Industrial space being delivered to the

market, and positive 369,679 square feet of net absorption, Buffalo/Niagara Falls’s vacancy rate went from 9.1% to 8.6% in the quarter. Rental rates went from $4.06 to $4.05 during that time. At the end of the quarter, there was 1,290,000 square feet underway for future delivery.

Charleston WVThe Charleston WV Industrial market reported no new

deliveries and no space under construction at the end of the first quarter 2015. With this limited construction activity, net absorption of negative (53,073) square feet caused the vacan-cy rate to increase from 3.0% to 3.3% in the quarter. Rental rates stood at $5.28.

Charleston/N CharlestonThe Charleston/N Charleston Industrial market saw

vacancies fall and rental rates increase from the fourth quar-ter 2014 to the first quarter 2015. The overall vacancy rate cur-rently sits at 8.0%, from 8.1% in the previous quarter. Rental rates ended the quarter at $4.87 per square foot, from $4.84 in the previous quarter. There was a total of 273,000 square feet that delivered in the quarter, with 62,500 square feet still under construction at the end of the quarter.

CharlotteWith no new Industrial space being delivered to the

market, and positive 450,728 square feet of net absorption,

Charlotte’s vacancy rate went from 9.4% to 9.2% in the quar-ter. Rental rates went from $3.87 to $3.94 during that time. At the end of the quarter, there was 1,284,408 square feet underway for future delivery.

ChattanoogaThe Chattanooga Industrial market reported no new

deliveries and no space under construction at the end of the first quarter 2015. With this limited construction activity, net absorption of negative (402,787) square feet caused the vacancy rate to increase from 11.8% to 12.7% in the quarter. Rental rates stood at $3.15.

ChicagoThe vacancy rate remained unchanged in Chicago in the

first quarter. With 1,630,939 square feet in deliveries, and posi-tive 900,687 square feet in net absorption, the vacancy rate held at 7.8%, the same rate reported in the previous quarter. The market had 9,263,181 square feet under construction at the end of the quarter, and rental rates stood at $5.36 per square foot.

CincinnatiThe Cincinnati Industrial market saw vacancies fall and

rental rates change from the fourth quarter 2014 to the first quarter 2015. The overall vacancy rate currently sits at 6.0%, from 6.4% in the previous quarter. Rental rates ended the quarter at $3.52 per square foot, from $3.52 in the previous quarter. There was a total of 21,650 square feet that delivered in the quarter, with 1,679,275 square feet still under construc-tion at the end of the quarter.

ClevelandWith no new Industrial space being delivered to the

market, and positive 116,340 square feet of net absorption, Cleveland’s vacancy rate remained at 6.1% in the quarter. Rental rates went from $3.72 to $3.75 during that time. At the end of the quarter, there was 469,600 square feet underway for future delivery.

Colorado SpringsThe Colorado Springs Industrial market reported no new


ColumbiaWith no new Industrial space being delivered to the

market, and positive 181,209 square feet of net absorption, Columbia’s vacancy rate went from 9.1% to 8.8% in the quar-ter. Rental rates went from $3.95 to $4.07 during that time. At the end of the quarter, there was 140,500 square feet under-way for future delivery.






Overview

ColumbusThe Columbus Industrial market saw vacancies rise and

rental rates increase from the fourth quarter 2014 to the first quarter 2015. The overall vacancy rate currently sits at 6.8%, from 6.7% in the previous quarter. Rental rates ended the quarter at $3.34 per square foot, from $3.32 in the previous quarter. There was a total of 313,319 square feet that delivered in the quarter, with 1,574,195 square feet still under construc-tion at the end of the quarter.

Columbus GAWith no new Industrial space being delivered to the

market, and negative (40,174) square feet of net absorption, Columbus GA’s vacancy rate remained at 15.0% in the quarter. Rental rates went from $2.60 to $2.63 during that time. At the end of the quarter, there was 310,080 square feet underway for future delivery.

Corpus ChristiWith no new Industrial space being delivered to the mar-

ket, and positive 13,696 square feet of net absorption, Corpus Christi’s vacancy rate went from 4.0% to 3.9% in the quarter. Rental rates went from $6.13 to $6.29 during that time. At the end of the quarter, there was 33,300 square feet underway for future delivery.

Dallas/Ft WorthThe Dallas/Ft Worth Industrial market saw vacancies rise

and rental rates increase from the fourth quarter 2014 to the first quarter 2015. The overall vacancy rate currently sits at 7.7%, from 7.5% in the previous quarter. Rental rates ended the quarter at $5.30 per square foot, from $5.29 in the previ-ous quarter. There was a total of 5,192,961 square feet that delivered in the quarter, with 14,482,593 square feet still under construction at the end of the quarter.

Davenport/Moline/Rock IslandThe Davenport/Moline/Rock Island Industrial market

reported no new deliveries and no space under construction at the end of the first quarter 2015. With this limited construc-tion activity, net absorption of negative (99,000) square feet caused the vacancy rate to increase from 5.2% to 6.0% in the quarter. Rental rates stood at $3.93.

DaytonThe Dayton Industrial market reported no new deliveries

and no space under construction at the end of the first quar-ter 2015. With this limited construction activity, net absorp-tion of positive 409,615 square feet caused the vacancy rate to decrease from 12.5% to 12.1% in the quarter. Rental rates stood at $3.25.

Deltona/Daytona BeachThe Deltona/Daytona Beach Industrial market reported

no new deliveries and no space under construction at the end of the first quarter 2015. With this limited construction activ-ity, net absorption of positive 38,602 square feet caused the vacancy rate to decrease from 7.3% to 7.1% in the quarter. Rental rates stood at $5.22.

DenverThe Denver Industrial market saw vacancies fall and rental

rates increase from the fourth quarter 2014 to the first quar-ter 2015. The overall vacancy rate currently sits at 4.4%, from 4.5% in the previous quarter. Rental rates ended the quarter at $7.60 per square foot, from $7.28 in the previous quarter. There was a total of 580,308 square feet that delivered in the quarter, with 1,340,485 square feet still under construction at the end of the quarter.

Des MoinesThe Des Moines Industrial market saw vacancies fall and

rental rates decrease from the fourth quarter 2014 to the first quarter 2015. The overall vacancy rate currently sits at 2.8%, from 3.2% in the previous quarter. Rental rates ended the quarter at $4.42 per square foot, from $4.46 in the previous quarter. There was a total of 60,000 square feet that delivered in the quarter, with 1,034,247 square feet still under construc-tion at the end of the quarter.

DetroitThe Detroit Industrial market saw vacancies fall and rental

rates increase from the fourth quarter 2014 to the first quar-ter 2015. The overall vacancy rate currently sits at 7.2%, from 7.4% in the previous quarter. Rental rates ended the quarter at $4.84 per square foot, from $4.81 in the previous quarter. There was a total of 479,778 square feet that delivered in the quarter, with 1,242,669 square feet still under construction at the end of the quarter.

DuluthThe Duluth Industrial market reported no new deliveries

and no space under construction at the end of the first quar-ter 2015. With this limited construction activity, net absorption of negative (5,758) square feet caused the vacancy rate to increase from 4.1% to 4.2% in the quarter. Rental rates stood at $5.78.

East Bay/OaklandThe East Bay/Oakland Industrial market saw vacancies

fall and rental rates increase from the fourth quarter 2014 to the first quarter 2015. The overall vacancy rate currently sits at 6.5%, from 6.7% in the previous quarter. Rental rates ended the quarter at $8.84 per square foot, from $8.57 in the previous






Overview

quarter. There was a total of 17,408 square feet that delivered in the quarter, with 2,196,456 square feet still under construc-tion at the end of the quarter.

El PasoThe El Paso Industrial market reported no new deliveries


ErieThe Erie Industrial market reported no new deliveries and

no space under construction at the end of the first quarter 2015. With this limited construction activity, net absorption of positive 7,035 square feet caused the vacancy rate to decrease from 10.3% to 10.2% in the quarter. Rental rates stood at $2.62.

EvansvilleThe Evansville Industrial market reported no new deliveries


FayettevilleThe Fayetteville Industrial market reported no new

deliveries and no space under construction at the end of the first quarter 2015. With this limited construction activity, net absorption of negative (422,273) square feet caused the vacancy rate to increase from 11.6% to 14.9% in the quarter. Rental rates stood at $3.66.

Fayetteville/Springdale/RogersThe Fayetteville/Springdale/Rogers Industrial market

reported no new deliveries and no space under construction at the end of the first quarter 2015. With this limited construction activity, net absorption of negative (7,485) square feet caused the vacancy rate to increase from 8.7% to 8.8% in the quarter. Rental rates stood at $3.55.

Fort SmithThe Fort Smith Industrial market reported no new deliv-

eries and no space under construction at the end of the first quarter 2015. With this limited construction activity, net absorption of negative (57,539) square feet caused the vacan-cy rate to increase from 14.7% to 15.0% in the quarter. Rental rates stood at $2.42.

Fort WayneThe Fort Wayne Industrial market saw vacancies rise and

rental rates decrease from the fourth quarter 2014 to the first

quarter 2015. The overall vacancy rate currently sits at 8.4%, from 7.5% in the previous quarter. Rental rates ended the quar-ter at $3.66 per square foot, from $3.73 in the previous quarter. There was a total of 200,000 square feet that delivered in the quarter, with 75,000 square feet still under construction at the end of the quarter.

FresnoWith no new Industrial space being delivered to the

market, and negative (324,381) square feet of net absorption, Fresno’s vacancy rate went from 6.1% to 6.5% in the quarter. Rental rates went from $4.25 to $4.22 during that time. At the end of the quarter, there was 173,639 square feet underway for future delivery.

Green BayThe Green Bay Industrial market reported no new deliveries

and no space under construction at the end of the first quarter 2015. With this limited construction activity, net absorption of negative (583,852) square feet caused the vacancy rate to increase from 3.9% to 4.8% in the quarter. Rental rates stood at $3.81.

Greensboro/Winston-SalemWith no new Industrial space being delivered to the

market, and positive 765,596 square feet of net absorption, Greensboro/Winston-Salem’s vacancy rate went from 7.0% to 6.7% in the quarter. Rental rates went from $2.99 to $3.08 during that time. At the end of the quarter, there was 1,205,500 square feet underway for future delivery.

Greenville/SpartanburgThe Greenville/Spartanburg Industrial market saw vacan-

cies rise and rental rates increase from the fourth quarter 2014 to the first quarter 2015. The overall vacancy rate currently sits at 7.7%, from 7.2% in the previous quarter. Rental rates ended the quarter at $3.56 per square foot, from $3.48 in the previous quarter. There was a total of 716,000 square feet that delivered in the quarter, with 2,069,250 square feet still under construc-tion at the end of the quarter.

Hampton RoadsThe Hampton Roads Industrial market saw vacancies fall


HartfordThe Hartford Industrial market saw vacancies fall and

rental rates increase from the fourth quarter 2014 to the first






Overview

quarter 2015. The overall vacancy rate currently sits at 8.0%, from 8.7% in the previous quarter. Rental rates ended the quarter at $4.23 per square foot, from $4.22 in the previ-ous quarter. There was a total of 1,520,000 square feet that delivered in the quarter, with 72,000 square feet still under construction at the end of the quarter.

HawaiiWith no new Industrial space being delivered to the mar-

ket, and positive 19,417 square feet of net absorption, Hawaii’s vacancy rate remained at 2.4% in the quarter. Rental rates went from $12.62 to $12.75 during that time. At the end of the quarter, there was 4,045 square feet underway for future delivery.

HoustonThe vacancy rate remained unchanged in Houston in the


Huntington/AshlandThe Huntington/Ashland Industrial market reported no


HuntsvilleThe Huntsville Industrial market reported no new deliver-

ies and no space under construction at the end of the first quarter 2015. With this limited construction activity, net absorption of positive 18,297 square feet caused the vacancy rate to decrease from 9.7% to 9.6% in the quarter. Rental rates stood at $5.81.

IndianapolisThe Indianapolis Industrial market saw vacancies rise


Inland Empire (California)The vacancy rate remained unchanged in Inland Empire

(California) in the first quarter. With 1,354,667 square feet in deliveries, and positive 1,480,669 square feet in net absorption,

the vacancy rate held at 5.2%, the same rate reported in the previous quarter. The market had 15,531,873 square feet under construction at the end of the quarter, and rental rates stood at $5.48 per square foot.

JacksonThe Jackson Industrial market reported no new deliveries

and no space under construction at the end of the first quarter 2015. With this limited construction activity, net absorption of positive 18,775 square feet caused the vacancy rate to decrease from 9.2% to 9.1% in the quarter. Rental rates stood at $4.12.

Jacksonville (Florida)The vacancy rate remained unchanged in Jacksonville

(Florida) in the first quarter. With 5,000 square feet in deliv-eries, and positive 19,239 square feet in net absorption, the vacancy rate held at 8.0%, the same rate reported in the previous quarter. The market had 878,312 square feet under construction at the end of the quarter, and rental rates stood at $4.18 per square foot.

Kansas CityThe Kansas City Industrial market saw vacancies rise and


Killeen/Temple/Fort HoodThe Killeen/Temple/Fort Hood Industrial market reported


Kingsport/Bristol/BristolThe Kingsport/Bristol/Bristol Industrial market reported

no new deliveries and no space under construction at the end of the first quarter 2015. With this limited construction activ-ity, net absorption of negative (46,975) square feet caused the vacancy rate to increase from 9.2% to 9.4% in the quarter. Rental rates stood at $3.01.

KnoxvilleWith no new Industrial space being delivered to the

market, and positive 479,672 square feet of net absorption, Knoxville’s vacancy rate went from 8.2% to 7.6% in the quarter. Rental rates went from $3.64 to $3.67 during that time. At the end of the quarter, there was 5,000 square feet underway for future delivery.






Overview

LafayetteWith no new Industrial space being delivered to the

market, and negative (16,366) square feet of net absorption, Lafayette’s vacancy rate went from 13.9% to 14.1% in the quar-ter. Rental rates went from $5.18 to $4.98 during that time. At the end of the quarter, there was 15,000 square feet underway for future delivery.

Las VegasWith no new Industrial space being delivered to the mar-

ket, and positive 205,340 square feet of net absorption, Las Vegas’s vacancy rate went from 8.7% to 8.5% in the quarter. Rental rates went from $6.29 to $6.37 during that time. At the end of the quarter, there was 1,388,300 square feet underway for future delivery.

Lexington/FayetteThe Lexington/Fayette Industrial market reported no


LincolnWith no new Industrial space being delivered to the

market, and negative (16,107) square feet of net absorption, Lincoln’s vacancy rate went from 3.3% to 3.4% in the quarter. Rental rates went from $3.72 to $3.77 during that time. At the end of the quarter, there was 20,000 square feet underway for future delivery.

Little Rock/N Little RockThe Little Rock/N Little Rock Industrial market reported


Long Island (New York)The Long Island (New York) Industrial market saw vacan-

cies fall and rental rates increase from the fourth quarter 2014 to the first quarter 2015. The overall vacancy rate currently sits at 4.7%, from 4.9% in the previous quarter. Rental rates ended the quarter at $13.71 per square foot, from $13.36 in the previous quarter. There was a total of 120,000 square feet that delivered in the quarter, with 200,000 square feet still under construction at the end of the quarter.

Los AngelesThe Los Angeles Industrial market saw vacancies fall and

rental rates increase from the fourth quarter 2014 to the first quarter 2015. The overall vacancy rate currently sits at 3.2%,

from 3.4% in the previous quarter. Rental rates ended the quarter at $8.37 per square foot, from $8.18 in the previous quarter. There was a total of 1,482,198 square feet that deliv-ered in the quarter, with 1,493,620 square feet still under con-struction at the end of the quarter.

LouisvilleThe Louisville Industrial market saw vacancies rise and


LubbockThe Lubbock Industrial market reported no new deliveries


MadisonWith no space currently under construction, Madison

absorbed 175,400 square feet of space and delivered 30,000 square feet of space, resulting in a vacancy rate that went from 5.9% to 5.7% over the course of the quarter. Rental rates went from $4.15 to $4.11 per square foot.

McAllen/Edinburg/PharrThe McAllen/Edinburg/Pharr Industrial market reported


MemphisWith no new Industrial space being delivered to the

market, and positive 711,082 square feet of net absorption, Memphis’s vacancy rate went from 12.1% to 11.8% in the quar-ter. Rental rates went from $2.77 to $2.78 during that time. At the end of the quarter, there was 1,854,040 square feet underway for future delivery.

Miami-Dade CountyThe Miami-Dade County Industrial market saw vacancies

fall and rental rates increase from the fourth quarter 2014 to the first quarter 2015. The overall vacancy rate currently sits at 5.2%, from 5.5% in the previous quarter. Rental rates ended the quarter at $8.53 per square foot, from $8.40 in the previous quarter. There was a total of 609,194 square feet that delivered






Overview

in the quarter, with 761,879 square feet still under construction at the end of the quarter.

MilwaukeeThe vacancy rate remained unchanged in Milwaukee in

the first quarter. With 68,000 square feet in deliveries, and positive 79,815 square feet in net absorption, the vacancy rate held at 6.0%, the same rate reported in the previous quarter. The market had 907,665 square feet under construction at the end of the quarter, and rental rates stood at $4.32 per square foot.

MinneapolisThe Minneapolis Industrial market saw vacancies rise


MobileThe Mobile Industrial market reported no new deliveries


MontgomeryThe Montgomery Industrial market reported no new


Myrtle Beach/ConwayThe Myrtle Beach/Conway Industrial market reported no


NashvilleThe Nashville Industrial market saw vacancies fall and

rental rates increase from the fourth quarter 2014 to the first quarter 2015. The overall vacancy rate currently sits at 6.6%, from 7.1% in the previous quarter. Rental rates ended the quar-ter at $4.00 per square foot, from $3.92 in the previous quarter. There was a total of 92,000 square feet that delivered in the

quarter, with 1,727,401 square feet still under construction at the end of the quarter.

New Orleans/Metairie/KennerThe New Orleans/Metairie/Kenner Industrial market saw

vacancies rise and rental rates decrease from the fourth quar-ter 2014 to the first quarter 2015. The overall vacancy rate cur-rently sits at 7.3%, from 6.2% in the previous quarter. Rental rates ended the quarter at $5.60 per square foot, from $5.63 in the previous quarter. There was a total of 30,375 square feet that delivered in the quarter, with 175,000 square feet still under construction at the end of the quarter.

North Bay/Santa RosaWith no new Industrial space being delivered to the mar-

ket, and positive 493,759 square feet of net absorption, North Bay/Santa Rosa’s vacancy rate went from 6.4% to 5.9% in the quarter. Rental rates went from $8.54 to $8.58 during that time. At the end of the quarter, there was 1,406,244 square feet underway for future delivery.

Northern New JerseyThe Northern New Jersey Industrial market saw vacancies

fall and rental rates increase from the fourth quarter 2014 to the first quarter 2015. The overall vacancy rate currently sits at 7.9%, from 8.1% in the previous quarter. Rental rates ended the quarter at $6.10 per square foot, from $6.05 in the previous quarter. There was a total of 164,000 square feet that delivered in the quarter, with 2,789,578 square feet still under construc-tion at the end of the quarter.

OcalaThe Ocala Industrial market reported no new deliveries


Oklahoma CityThe Oklahoma City Industrial market saw vacancies fall

and rental rates decrease from the fourth quarter 2014 to the first quarter 2015. The overall vacancy rate currently sits at 3.8%, from 5.2% in the previous quarter. Rental rates ended the quarter at $4.80 per square foot, from $4.86 in the previ-ous quarter. There was a total of 863,975 square feet that delivered in the quarter, with 2,524,790 square feet still under construction at the end of the quarter.

OlympiaWith no space currently under construction, Olympia

absorbed 78,240 square feet of space and delivered 31,075 square feet of space, resulting in a vacancy rate that went






Overview

from 8.1% to 7.7% over the course of the quarter. Rental rates went from $5.35 to $5.31 per square foot.

Omaha/Council BluffsWith no space currently under construction, Omaha/

Council Bluffs absorbed (145,042) square feet of space and delivered 233,919 square feet of space, resulting in a vacancy rate that went from 3.1% to 3.5% over the course of the quar-ter. Rental rates went from $4.64 to $4.64 per square foot.

Orange County (California)With no new Industrial space being delivered to the

market, and negative (521,514) square feet of net absorption, Orange County (California)’s vacancy rate went from 3.9% to 3.9% in the quarter. Rental rates went from $9.01 to $9.14 during that time. At the end of the quarter, there was 748,227 square feet underway for future delivery.

OrlandoThe Orlando Industrial market saw vacancies fall and

rental rates increase from the fourth quarter 2014 to the first quarter 2015. The overall vacancy rate currently sits at 7.9%, from 8.3% in the previous quarter. Rental rates ended the quarter at $5.71 per square foot, from $5.57 in the previous quarter. There was a total of 292,535 square feet that delivered in the quarter, with 848,587 square feet still under construction at the end of the quarter.

Palm Beach CountyWith no space currently under construction, Palm Beach

County absorbed 328,550 square feet of space and delivered 745,634 square feet of space, resulting in a vacancy rate that went from 5.5% to 6.1% over the course of the quarter. Rental rates went from $8.90 to $9.05 per square foot.

PensacolaThe Pensacola Industrial market reported no new deliveries

and no space under construction at the end of the first quar-ter 2015. With this limited construction activity, net absorption of negative (2,495) square feet caused the vacancy rate to remain at 5.4% in the quarter. Rental rates stood at $4.69.

PeoriaThe Peoria Industrial market reported no new deliveries

and no space under construction at the end of the first quarter 2015. With this limited construction activity, net absorption of positive 3,813 square feet caused the vacancy rate to remain at 7.6% in the quarter. Rental rates stood at $3.67.

PhiladelphiaThe vacancy rate remained unchanged in Philadelphia in

the first quarter. With 2,721,284 square feet in deliveries, and positive 2,325,770 square feet in net absorption, the vacancy rate held at 8.0%, the same rate reported in the previous quar-ter. The market had 10,814,461 square feet under construction

at the end of the quarter, and rental rates stood at $4.47 per square foot.

PhoenixThe vacancy rate remained unchanged in Phoenix in the


PittsburghThe Pittsburgh Industrial market saw vacancies fall and

rental rates change from the fourth quarter 2014 to the first quarter 2015. The overall vacancy rate currently sits at 7.4%, from 7.5% in the previous quarter. Rental rates ended the quarter at $5.46 per square foot, from $5.46 in the previous quarter. There was a total of 691,522 square feet that delivered in the quarter, with 85,000 square feet still under construction at the end of the quarter.

Port St Lucie/Fort PierceWith no new Industrial space being delivered to the mar-

ket, and negative (23,517) square feet of net absorption, Port St Lucie/Fort Pierce’s vacancy rate went from 8.2% to 8.3% in the quarter. Rental rates went from $6.82 to $6.94 during that time. At the end of the quarter, there was 3,106 square feet underway for future delivery.

PortlandThe Portland Industrial market saw vacancies fall and


Portland/South PortlandThe Portland/South Portland Industrial market reported

no new deliveries and no space under construction at the end of the first quarter 2015. With this limited construction activ-ity, net absorption of negative (31,038) square feet caused the vacancy rate to increase from 7.7% to 7.8% in the quarter. Rental rates stood at $4.74.

ProvidenceThe vacancy rate remained unchanged in Providence in

the first quarter. With 349,000 square feet in deliveries, and positive 320,012 square feet in net absorption, the vacancy rate held at 8.1%, the same rate reported in the previous quarter. The market had 275,250 square feet under construction at the






Overview

end of the quarter, and rental rates stood at $4.58 per square foot.

Raleigh/DurhamThe Raleigh/Durham Industrial market saw vacancies fall


Reno/SparksThe Reno/Sparks Industrial market saw vacancies rise


Richmond VAThe Richmond VA Industrial market saw vacancies fall and

rental rates increase from the fourth quarter 2014 to the first quarter 2015. The overall vacancy rate currently sits at 8.0%, from 8.1% in the previous quarter. Rental rates ended the quar-ter at $4.33 per square foot, from $4.23 in the previous quarter. There was a total of 379,660 square feet that delivered in the quarter, with 64,000 square feet still under construction at the end of the quarter.

RoanokeThe Roanoke Industrial market reported no new deliveries


RochesterThe vacancy rate remained unchanged in Rochester in

the first quarter. With 20,000 square feet in deliveries, and positive 9,825 square feet in net absorption, the vacancy rate held at 9.7%, the same rate reported in the previous quarter. The market had 88,500 square feet under construction at the end of the quarter, and rental rates stood at $4.43 per square foot.

SacramentoWith no new Industrial space being delivered to the

market, and positive 1,080,700 square feet of net absorption, Sacramento’s vacancy rate went from 10.8% to 10.2% in the quarter. Rental rates went from $5.09 to $5.14 during that

time. At the end of the quarter, there was 1,376,099 square feet underway for future delivery.

SalinasThe Salinas Industrial market reported no new deliveries


Salt Lake CityThe Salt Lake City Industrial market saw vacancies fall and


San AntonioThe San Antonio Industrial market saw vacancies fall and

rental rates increase from the fourth quarter 2014 to the first quarter 2015. The overall vacancy rate currently sits at 6.5%, from 6.6% in the previous quarter. Rental rates ended the quarter at $6.08 per square foot, from $6.06 in the previous quarter. There was a total of 492,666 square feet that deliv-ered in the quarter, with 474,027 square feet still under con-struction at the end of the quarter.

San DiegoThe San Diego Industrial market saw vacancies fall and


San FranciscoThe San Francisco Industrial market saw vacancies fall and


San Luis Obispo/Paso RoblesThe San Luis Obispo/Paso Robles Industrial market

reported no new deliveries and no space under construction at the end of the first quarter 2015. With this limited construction






Overview

activity, net absorption of positive 33,431 square feet caused the vacancy rate to decrease from 3.9% to 3.5% in the quarter. Rental rates stood at $9.74.

Santa Barbara/Sta Maria/GoletaThe Santa Barbara/Sta Maria/Goleta Industrial market

reported no new deliveries and no space under construction at the end of the first quarter 2015. With this limited construction activity, net absorption of positive 78,501 square feet caused the vacancy rate to decrease from 3.5% to 3.0% in the quarter. Rental rates stood at $10.29.

Santa Cruz/WatsonvilleWith no new Industrial space being delivered to the mar-

ket, and positive 27,050 square feet of net absorption, Santa Cruz/Watsonville’s vacancy rate went from 4.1% to 3.9% in the quarter. Rental rates went from $10.32 to $11.03 during that time. At the end of the quarter, there was 4,997 square feet underway for future delivery.

SavannahThe Savannah Industrial market saw vacancies fall and


Seattle/Puget SoundThe Seattle/Puget Sound Industrial market saw vacancies

fall and rental rates decrease from the fourth quarter 2014 to the first quarter 2015. The overall vacancy rate currently sits at 4.8%, from 4.9% in the previous quarter. Rental rates ended the quarter at $7.20 per square foot, from $7.23 in the previous quarter. There was a total of 354,222 square feet that delivered in the quarter, with 4,139,423 square feet still under construc-tion at the end of the quarter.

Shreveport/Bossier CityThe Shreveport/Bossier City Industrial market reported


South Bay/San JoseThe South Bay/San Jose Industrial market reported no

new deliveries and no space under construction at the end of the first quarter 2015. With this limited construction activ-ity, net absorption of positive 72,085 square feet caused the

vacancy rate to decrease from 8.1% to 8.0% in the quarter. Rental rates stood at $16.59.

South Bend/MishawakaThe South Bend/Mishawaka Industrial market reported


Southwest FloridaWith no new Industrial space being delivered to the

market, and positive 35,367 square feet of net absorption, Southwest Florida’s vacancy rate went from 6.7% to 6.6% in the quarter. Rental rates went from $6.02 to $6.11 during that time. At the end of the quarter, there was 25,745 square feet underway for future delivery.

SpokaneWith no new Industrial space being delivered to the

market, and positive 23,888 square feet of net absorption, Spokane’s vacancy rate remained at 5.4% in the quarter. Rental rates went from $4.27 to $4.31 during that time. At the end of the quarter, there was 250,000 square feet underway for future delivery.

SpringfieldWith no space currently under construction, Springfield

absorbed (16,552) square feet of space and delivered 30,000 square feet of space, resulting in a vacancy rate that went from 6.7% to 6.9% over the course of the quarter. Rental rates went from $4.12 to $3.85 per square foot.

St. LouisWith no new Industrial space being delivered to the mar-

ket, and negative (228,787) square feet of net absorption, St. Louis’s vacancy rate went from 7.2% to 7.3% in the quarter. Rental rates went from $3.99 to $4.06 during that time. At the end of the quarter, there was 1,529,137 square feet underway for future delivery.

Stockton/ModestoWith no new Industrial space being delivered to the

market, and positive 485,300 square feet of net absorption, Stockton/Modesto’s vacancy rate went from 8.0% to 7.6% in the quarter. Rental rates went from $3.92 to $3.93 during that time. At the end of the quarter, there was 1,001,378 square feet underway for future delivery.

SyracuseThe Syracuse Industrial market saw vacancies fall and

rental rates increase from the fourth quarter 2014 to the first quarter 2015. The overall vacancy rate currently sits at 10.0%,






from 10.1% in the previous quarter. Rental rates ended the quarter at $3.54 per square foot, from $3.53 in the previous quarter. There was a total of 8,000 square feet that delivered in the quarter, with 117,000 square feet still under construction at the end of the quarter.

TallahasseeWith no space currently under construction, Tallahassee


Tampa/St PetersburgThe Tampa/St Petersburg Industrial market saw vacancies

fall and rental rates increase from the fourth quarter 2014 to the first quarter 2015. The overall vacancy rate currently sits at 7.6%, from 8.1% in the previous quarter. Rental rates ended the quarter at $5.25 per square foot, from $5.23 in the previous quarter. There was a total of 5,400 square feet that delivered in the quarter, with 283,000 square feet still under construction at the end of the quarter.

ToledoWith no space currently under construction, Toledo


TucsonWith no new Industrial space being delivered to the

market, and positive 270,292 square feet of net absorption, Tucson’s vacancy rate went from 10.7% to 10.1% in the quarter. Rental rates went from $6.49 to $6.50 during that time. At the end of the quarter, there was 270,000 square feet underway for future delivery.

TulsaWith no new Industrial space being delivered to the mar-

ket, and positive 806,301 square feet of net absorption, Tulsa’s vacancy rate went from 5.5% to 4.6% in the quarter. Rental rates went from $4.12 to $4.11 during that time. At the end of the quarter, there was 337,389 square feet underway for future delivery.

Utica/RomeWith no new Industrial space being delivered to the mar-

ket, and positive 103,636 square feet of net absorption, Utica/Rome’s vacancy rate went from 13.6% to 13.2% in the quarter. Rental rates went from $3.13 to $2.98 during that time. At the

end of the quarter, there was 13,170 square feet underway for future delivery.

Visalia/PortervilleThe Visalia/Porterville Industrial market reported no new

deliveries and no space under construction at the end of the first quarter 2015. With this limited construction activity, net absorption of negative (66,456) square feet caused the vacan-cy rate to increase from 3.7% to 3.9% in the quarter. Rental rates stood at $4.10.

WashingtonThe Washington Industrial market saw vacancies rise and

rental rates decrease from the fourth quarter 2014 to the first quarter 2015. The overall vacancy rate currently sits at 9.6%, from 9.4% in the previous quarter. Rental rates ended the quarter at $9.86 per square foot, from $9.89 in the previous quarter. There was a total of 187,949 square feet that delivered in the quarter, with 2,001,999 square feet still under construc-tion at the end of the quarter.

West MichiganWith no new Industrial space being delivered to the mar-

ket, and positive 744,286 square feet of net absorption, West Michigan’s vacancy rate went from 5.4% to 5.1% in the quarter. Rental rates went from $3.29 to $3.37 during that time. At the end of the quarter, there was 735,323 square feet underway for future delivery.

Westchester/So ConnecticutThe Westchester/So Connecticut Industrial market saw

vacancies rise and rental rates decrease from the fourth quar-ter 2014 to the first quarter 2015. The overall vacancy rate cur-rently sits at 9.7%, from 9.6% in the previous quarter. Rental rates ended the quarter at $7.38 per square foot, from $7.39 in the previous quarter. There was a total of 93,046 square feet that delivered in the quarter, with 454,280 square feet still under construction at the end of the quarter.

WichitaThe Wichita Industrial market reported no new deliveries


WilmingtonThe Wilmington Industrial market reported no new

deliveries and no space under construction at the end of the first quarter 2015. With this limited construction activity,

Overview






net absorption of negative (134,869) square feet caused the vacancy rate to increase from 18.0% to 18.7% in the quarter. Rental rates stood at $3.17.

YakimaThe Yakima Industrial market reported no new deliveries


Youngstown/Warren/BoardmanThe Youngstown/Warren/Boardman Industrial market

reported no new deliveries and no space under construction at the end of the first quarter 2015. With this limited construction activity, net absorption of positive 154,654 square feet caused the vacancy rate to decrease from 13.6% to 13.3% in the quar-ter. Rental rates stood at $2.86.

Overview






Historical Deliveries 1983 - 2016

��

Construction Activity Markets Ranked by Under Construction Square Footage

# Bldgs Preleased SF Preleased % All Existing U/C

Atlanta 27 7,888,256 50.5% 40,919 578,828 Inland Empire (California) 43 3,558,147 22.9% 42,267 361,206 Dallas/Ft Worth 53 4,687,928 32.4% 39,738 273,256 Philadelphia 27 3,996,217 37.0% 50,701 400,536 Chicago 26 5,356,885 57.8% 51,268 356,276 Houston 92 2,453,909 32.9% 30,456 81,107 Reno/Sparks 3 5,500,000 96.1% 45,364 1,908,000 Portland 15 4,113,544 77.1% 32,589 355,676 Seattle/Puget Sound 28 1,069,450 25.8% 36,869 147,837 Kansas City 13 1,001,323 28.8% 40,437 267,231 Northern New Jersey 20 1,033,575 37.1% 46,469 139,479 Phoenix 25 988,955 35.8% 31,028 110,404 Oklahoma City 15 2,275,586 90.1% 18,572 168,319 Minneapolis 13 809,304 35.8% 38,362 173,728 East Bay/Oakland 13 1,264,155 57.6% 32,498 168,958 Greenville/Spartanburg 9 1,390,000 67.2% 41,449 229,917 Salt Lake City 8 751,956 36.9% 28,959 254,725 Washington 21 641,374 32.0% 35,376 95,333 Indianapolis 5 1,005,390 51.5% 47,991 390,656 Memphis 2 1,300,000 70.1% 63,818 927,020 Nashville 3 1,130,041 65.4% 47,550 575,800 Cincinnati 4 85,000 5.1% 44,794 419,819 Louisville 7 794,717 48.5% 39,723 233,880 Columbus 4 862,000 54.8% 50,555 393,549 St. Louis 5 856,000 56.0% 43,060 305,827 Los Angeles 24 61,754 4.1% 26,768 62,234 North Bay/Santa Rosa 6 383,275 27.3% 26,419 234,374 Las Vegas 5 1,388,300 100.0% 28,550 277,660 Sacramento 8 426,011 31.0% 27,359 172,012 Denver 10 539,309 40.2% 28,155 134,048 Baltimore 6 206,195 15.6% 50,831 220,799 Buffalo/Niagara Falls 2 1,290,000 100.0% 46,916 645,000 Charlotte 10 150,259 11.7% 40,032 128,441 Detroit 14 812,879 65.4% 32,919 88,762 Greensboro/Winston-Salem 5 1,205,500 100.0% 42,012 241,100 Des Moines 8 736,047 71.2% 36,201 129,281 Stockton/Modesto 1 0 0.0% 47,892 1,001,378 Milwaukee 10 343,085 37.8% 41,022 90,766 Jacksonville (Florida) 3 808,012 92.0% 31,530 292,771 Orlando 5 318,205 37.5% 25,250 169,717 Austin 18 20,500 2.7% 24,791 42,543 Miami-Dade County 7 90,775 11.9% 26,185 108,840 Orange County (California) 10 0 0.0% 23,981 74,823 Totals 759 69,472,130 45.6% 34,007 200,515

��

2,069,250

2,001,999

2,789,578 2,760,100

2,258,468

1,001,378

761,879 765,779

1,727,401 1,679,275

1,324,795

748,227

1,637,162

878,312 848,587

1,340,485

1,290,000

1,574,195

1,205,500

1,388,300 1,376,099

9,263,181

5,724,000 5,335,134

1,406,244

1,854,040

3,474,006

2,037,799

1,953,280

2,524,790

2,196,456

15,628,356 15,531,873 14,482,593 10,814,461

Market

Under Construction Inventory Average Bldg Size

Total RBA

7,461,839

4,139,423

152,190,710

907,665

1,493,620 1,529,137

1,034,247

1,242,669 1,284,408

220.3

317.0

412.1

375.0361.5369.7376.6345.7

204.7

153.8145.6

193.8

266.1

328.9344.7

395.1

429.0427.9

382.0

260.0

199.3230.8

280.1

324.8301.3309.3

143.9

47.558.281.6

104.8

166.4175.4

6.7

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

1983 1987 1991 1995 1999 2003 2007 2011 2015

Deliveries Average Delivered SF

Inventory & development






Historical Construction Starts & Deliveries*Square Footage Per Quarter Starting and Completing Construction

��

Recent Deliveries by Project Size Breakdown of Year-to-Date Development Based on RBA of Project

Building Size # Bldgs RBA % Leased Avg Rate Single Tenant Multi-Tenant

< 50,000 SF 134 2,393,604 33.5% $8.72 1,250,156 1,143,448

50,000 SF - 99,999 SF 46 3,329,445 53.5% $7.51 1,271,655 2,057,790

100,000 SF - 249,999 SF 57 9,158,675 53.1% $5.95 4,117,073 5,041,602

250,000 SF - 499,999 SF 30 10,108,025 55.3% $4.06 3,344,800 6,763,225

>= 500,000 SF 15 12,453,995 77.5% $3.91 9,022,263 3,431,732

��

Recent Deliveries Future Deliveries Leased & Un-Leased SF in Deliveries Last 5 Years Preleased & Un-Leased SF in Properties Scheduled to Deliver

5,594,621

9,646,783

SF Leased

801,226

1,782,507

4,861,688

9.0 9.511.8 13.1

20.318.0

22.3

15.5

37.1

25.6

38.1 36.9

30.9

35.7

50.2

34.3

18.7

8.0 7.2

13.3

7.9 8.2 8.9

14.0

23.1

16.819.7

28.4

18.4

26.1

31.4

41.0 41.4

27.7

0.0

10.0

20.0

30.0

40.0

50.0

60.0

2011 1q 2012 1q 2013 1q 2014 1q 2015 1q

Millions

SF

Construction Starts Deliveries

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

2011 2012 2013 2014 2015

Millions

SF

Leased Un-Leased

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

2015 2q 2015 4q

Millions

SF

Preleased Un-Leased







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Figures at a Glance

Flex Market Statistics First Quarter 2015

YTD Net YTD Under Quoted

Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates

Albany/Schenect. 328 9,100,671 683,891 683,891 7.5% 22,900 40,000 0 $10.30

Albuquerque 136 3,602,517 400,173 407,445 11.3% 9,617 0 0 $10.70

Anchorage 138 2,636,081 77,274 78,874 3.0% (10,917) 0 0 $17.61

Asheville 249 3,604,304 200,686 200,686 5.6% 35,421 0 0 $8.30

Atlanta 4,195 68,437,862 8,389,745 8,482,955 12.4% 48,338 0 0 $7.91

Augusta/Richmon 420 3,242,713 312,746 312,746 9.6% (2,942) 0 0 $6.51

Austin 579 22,149,839 2,727,211 2,830,151 12.8% (81,828) 0 79,000 $11.64

Bakersfield 213 2,293,368 210,385 218,385 9.5% 11,327 18,000 0 $10.63

Baltimore 1,327 48,460,332 4,288,948 4,466,450 9.2% 30,934 0 73,120 $11.22

Baton Rouge 199 2,469,291 212,903 212,903 8.6% 30,130 0 0 $9.36

Beaumont/Port A. 169 1,588,708 91,475 91,475 5.8% 6,000 0 0 $5.56

Birmingham 818 11,435,130 782,926 795,301 7.0% 48,507 0 0 $7.84

Boise City/Namp. 244 4,180,275 353,680 353,680 8.5% (8,048) 0 20,000 $8.14

Boston 2,587 122,335,205 12,735,569 13,000,022 10.6% 37,133 0 0 $9.81

Bremerton/Silve. 73 582,016 18,737 18,737 3.2% 2,221 0 0 $12.45

Broward County 1,067 18,659,396 1,381,306 1,387,506 7.4% 66,263 0 0 $11.72

Brownsville/Har. 6 145,033 0 0 0.0% 0 0 0 $0.00

Buffalo/Niagara. 135 5,771,660 433,389 433,389 7.5% 20,443 0 90,000 $8.58

Charleston WV 56 502,185 65,733 65,733 13.1% 6,812 0 0 $5.00

Charleston/N Ch. 534 5,628,014 316,930 337,930 6.0% 9,849 0 0 $10.72

Charlotte 1,161 29,871,670 2,644,420 2,694,665 9.0% 20,640 0 0 $8.96

Chattanooga 247 3,943,341 245,912 245,912 6.2% (29,250) 0 0 $6.61

Chicago 2,228 73,911,953 8,322,287 8,360,903 11.3% (231,256) 0 0 $10.57

Cincinnati 304 8,294,825 1,185,656 1,212,404 14.6% 51,814 0 85,000 $7.71

Cleveland 821 24,081,334 1,892,138 1,905,806 7.9% 114,852 0 0 $9.14

Colorado Spring. 268 6,349,336 1,145,968 1,250,744 19.7% (65,988) 0 0 $7.13

Columbia 710 6,512,844 493,247 493,247 7.6% 65,660 0 0 $8.47

Columbus 434 10,929,083 856,538 859,983 7.9% 156,923 44,255 0 $7.83

Columbus GA 283 4,025,295 361,602 361,602 9.0% (89,174) 0 0 $8.17

Corpus Christi 61 1,088,637 112,719 112,719 10.4% (3,630) 0 0 $9.08

Dallas/Ft Worth 6,947 135,317,615 11,735,853 11,924,235 8.8% 108,676 0 64,426 $9.40

Davenport/Molin. 31 519,409 32,019 32,019 6.2% 3,600 0 0 $7.63

Dayton 201 3,830,640 553,553 562,298 14.7% 52,397 0 0 $9.44

Deltona/Daytona. 116 1,601,005 193,863 195,763 12.2% (510) 0 0 $8.17

Denver 1,755 49,930,739 4,945,198 5,443,501 10.9% 338,862 187,883 439,701 $10.00

Des Moines 210 8,319,300 399,967 414,967 5.0% (20,383) 0 0 $6.51

Detroit 1,341 50,616,446 5,707,843 5,817,921 11.5% 402,166 66,000 40,386 $7.82

Duluth 22 330,299 6,600 6,600 2.0% 1,875 0 0 $12.06

East Bay/Oaklan. 1,520 54,536,747 6,655,447 6,775,413 12.4% (11,197) 0 0 $12.79

El Paso 347 6,176,479 344,490 344,490 5.6% 719 0 0 $13.85

Erie 12 420,485 3,273 3,273 0.8% 0 0 0 $5.17

Evansville 79 3,620,179 183,487 195,487 5.4% (4,542) 0 0 $6.46

Fayetteville 102 1,011,429 121,950 121,950 12.1% (1,115) 0 0 $9.72

Fayetteville/Sp. 160 2,150,726 72,972 72,972 3.4% 12,400 0 0 $8.52

Fort Smith 14 132,662 10,015 10,015 7.5% 3,665 0 0 $6.62

Fort Wayne 160 3,978,182 546,048 549,473 13.8% (34,172) 0 0 $7.08

Fresno 103 1,761,522 223,104 230,604 13.1% (17,494) 0 0 $8.19

Source: CoStar Property®

Existing Inventory Vacancy






Figures at a Glance




Green Bay 299 8,606,482 313,220 325,220 3.8% (11,382) 0 0 $7.34

Greensboro/Wins. 443 8,241,808 1,209,830 1,228,010 14.9% 22,595 0 0 $7.04

Greenville/Spar. 682 9,352,528 922,625 926,649 9.9% 13,682 0 0 $7.47

Hampton Roads 833 14,786,278 1,727,497 1,736,597 11.7% 16,100 0 0 $9.32

Hartford 1,175 25,469,803 2,318,277 2,376,793 9.3% 44,466 20,000 8,000 $7.89

Hawaii 74 1,596,336 53,423 53,423 3.3% 5,679 0 0 $15.83

Houston 1,953 49,334,586 3,427,386 3,523,351 7.1% 44,358 25,125 73,940 $9.13

Huntington/Ashl. 125 1,327,575 84,094 84,094 6.3% 2,752 0 0 $8.51

Huntsville 149 5,700,374 632,562 652,487 11.4% 16,407 0 0 $10.09

Indianapolis 1,016 24,059,637 1,789,611 1,811,495 7.5% 177,975 0 0 $8.54

Inland Empire (. 884 15,121,629 1,301,360 1,318,588 8.7% (51,260) 0 0 $10.93

Jackson 121 2,124,336 177,392 177,392 8.4% (500) 0 0 $9.49

Jacksonville (F. 310 7,683,550 827,434 837,598 10.9% 16,702 0 0 $9.20

Kansas City 544 13,409,784 1,218,479 1,229,221 9.2% 2,769 0 0 $8.64

Killeen/Temple/. 13 132,521 7,500 7,500 5.7% 0 0 0 $0.00

Kingsport/Brist. 31 1,022,998 26,560 26,560 2.6% 2,300 0 0 $6.88

Knoxville 975 12,306,424 548,858 552,858 4.5% (21,749) 0 5,000 $6.43

Lafayette 21 547,827 42,545 42,545 7.8% (12,970) 0 0 $15.38

Las Vegas 952 21,450,139 2,271,735 2,277,074 10.6% (41,318) 0 0 $9.52

Lexington/Fayet. 171 3,338,247 257,204 260,914 7.8% (47,325) 0 0 $7.47

Lincoln 179 2,383,877 72,394 72,394 3.0% (11,465) 0 0 $6.78

Little Rock/N L. 571 8,821,849 560,376 560,376 6.4% 104,208 0 0 $5.94

Long Island (Ne. 587 24,631,726 2,194,650 2,205,350 9.0% (43,642) 0 0 $22.62

Los Angeles 2,846 63,104,642 3,576,720 3,705,111 5.9% 301,547 0 8,256 $17.49

Louisville 466 10,224,396 548,977 602,945 5.9% 16,607 0 0 $7.49

Lubbock 21 1,040,913 27,468 27,468 2.6% (11,968) 0 0 $5.98

Madison 259 7,889,500 460,144 460,144 5.8% (22,726) 30,000 0 $8.04

McAllen/Edinbur. 15 362,016 94,818 94,818 26.2% 0 0 0 $9.47

Memphis 506 9,555,703 1,710,062 1,710,062 17.9% (2,343) 0 0 $7.01

Miami-Dade Coun 602 16,950,541 1,312,784 1,327,281 7.8% (12,417) 0 0 $13.23

Milwaukee 1,296 44,279,781 2,119,509 2,297,252 5.2% 22,002 68,000 255,576 $7.32

Minneapolis 1,825 74,914,021 6,769,478 6,908,059 9.2% (209,428) 0 0 $8.36

Mobile 243 2,441,990 210,120 210,120 8.6% 29,690 0 0 $6.95

Montgomery 194 2,424,793 156,587 156,587 6.5% (1,331) 0 0 $8.01

Myrtle Beach/Co. 203 2,177,732 85,285 90,285 4.1% (3,442) 0 0 $8.99

Nashville 511 15,947,469 965,913 975,992 6.1% 310,545 0 0 $9.11

New Orleans/Met. 246 3,299,412 226,222 226,222 6.9% (13,104) 0 0 $8.30

North Bay/Santa. 645 14,029,486 1,300,358 1,368,605 9.8% 14,416 0 0 $14.41

Northern New Je. 1,477 56,407,245 7,542,494 7,936,099 14.1% (149,128) 0 238,000 $11.52

Ocala 49 560,378 10,725 10,725 1.9% 33,678 0 0 $8.54

Oklahoma City 527 9,534,605 838,269 838,269 8.8% 20,658 8,169 29,386 $8.26

Olympia 36 513,613 24,009 24,009 4.7% 4,226 0 0 $7.20

Omaha/Council B. 333 6,845,860 863,509 865,009 12.6% (199) 0 0 $6.90

Orange County (. 3,221 69,167,343 3,417,678 3,527,677 5.1% (203,327) 0 0 $12.38

Orlando 1,372 28,414,120 3,360,169 3,370,630 11.9% (62,444) 0 6,000 $8.76

Palm Beach Coun. 596 11,698,001 898,301 909,079 7.8% (116,387) 0 0 $11.90

Pensacola 151 1,825,161 86,954 86,954 4.8% 36,350 0 0 $7.47








Figures at a Glance




Peoria 89 1,167,733 51,992 51,992 4.5% 500 0 0 $7.92

Philadelphia 3,324 85,570,384 8,767,067 8,920,966 10.4% (36,395) 114,974 260,356 $8.75

Phoenix 1,135 33,089,949 5,631,736 5,911,268 17.9% (56,156) 0 297,000 $11.92

Pittsburgh 685 22,556,721 1,994,525 2,017,571 8.9% 37,286 63,650 0 $12.21

Port St Lucie/F. 162 2,539,635 336,069 341,569 13.4% (1,422) 0 0 $9.10

Portland 800 17,797,114 1,951,987 2,060,764 11.6% (16,410) 0 3,863,075 $11.95

Portland/South . 162 3,570,720 414,536 468,241 13.1% (24,606) 0 0 $5.61

Providence 172 4,625,170 678,672 678,672 14.7% 735 0 0 $9.13

Raleigh/Durham 1,570 30,431,848 2,986,248 3,021,754 9.9% 42,619 14,000 163,831 $9.65

Reno/Sparks 366 8,435,023 693,541 693,541 8.2% 48,523 0 0 $7.66

Richmond VA 531 11,488,640 1,462,174 1,472,232 12.8% 96,968 0 23,000 $8.40

Roanoke 163 2,135,591 149,973 149,973 7.0% (19,970) 0 0 $6.74

Rochester 189 12,379,493 2,056,389 2,058,989 16.6% 50,304 20,000 88,500 $10.21

Sacramento 978 20,449,573 3,498,887 3,551,333 17.4% (15,733) 0 0 $9.37

Salinas 44 898,446 54,095 58,470 6.5% (254) 0 0 $13.66

Salt Lake City 1,252 25,773,501 1,493,208 1,501,294 5.8% 59,816 0 307,559 $6.96

San Antonio 773 12,837,258 1,166,929 1,183,236 9.2% 153,711 5,000 6,000 $10.00

San Diego 1,851 45,324,100 4,445,119 4,749,028 10.5% 280,308 31,058 618,000 $15.95

San Francisco 789 23,955,743 1,093,507 1,279,615 5.3% 3,656 25,600 252,593 $26.61

San Luis Obispo. 36 722,122 99,969 99,969 13.8% 100 0 0 $11.34

Santa Barbara/S. 164 3,962,381 87,736 87,736 2.2% 4,616 0 0 $13.30

Santa Cruz/Wats. 90 2,302,819 98,319 98,319 4.3% 49,960 0 0 $12.44

Savannah 142 1,483,321 106,839 106,839 7.2% 9,536 0 0 $11.25

Seattle/Puget S. 1,027 30,739,403 2,458,993 2,497,092 8.1% 182,316 0 14,400 $14.43

Shreveport/Boss. 246 2,517,630 194,055 194,055 7.7% (9,825) 0 0 $6.28

South Bay/San J. 2,538 108,857,265 11,033,421 11,831,740 10.9% 392,270 0 0 $19.71

South Bend/Mish. 83 2,604,895 156,373 156,373 6.0% (3,051) 0 0 $5.94

Southwest Flori. 380 6,250,224 681,670 708,914 11.3% 41,158 0 0 $7.47

Spokane 264 4,170,654 370,410 370,410 8.9% (7,847) 0 0 $7.51

Springfield 60 844,718 55,376 55,376 6.6% (24,894) 0 0 $5.63

St. Louis 549 15,491,122 1,544,743 1,559,743 10.1% (110,004) 0 79,000 $8.26

Stockton/Modest. 109 4,024,451 193,971 193,971 4.8% 38,400 0 0 $10.77

Syracuse 599 8,057,495 321,768 321,768 4.0% 15,320 0 52,000 $8.12

Tallahassee 120 2,737,443 168,004 168,004 6.1% 29,240 0 0 $6.52

Tampa/St Peters. 1,467 29,692,273 3,805,988 3,878,111 13.1% 310,179 0 0 $8.85

Toledo 398 6,918,930 555,808 556,588 8.0% (19,830) 0 0 $7.27

Tucson 472 9,559,834 1,032,563 1,032,563 10.8% (29,800) 0 0 $8.54

Tulsa 309 6,559,191 277,446 277,446 4.2% 12,591 0 0 $7.08

Utica/Rome 170 2,425,361 167,047 167,047 6.9% 0 0 0 $6.93

Visalia/Porterv. 64 364,260 11,240 11,240 3.1% 0 0 0 $6.36

Washington 1,596 68,586,960 8,175,075 8,338,701 12.2% 139,290 63,949 353,020 $12.69

West Michigan 334 12,201,177 728,425 728,425 6.0% 20,432 0 35,023 $6.82

Westchester/So . 784 26,382,307 3,001,379 3,011,780 11.4% (67,294) 0 0 $10.55

Wichita 59 1,489,781 245,471 249,071 16.7% (10,029) 0 0 $8.51

Wilmington 497 5,471,194 387,184 387,184 7.1% (42,624) 0 0 $8.17

Yakima 64 453,328 0 0 0.0% 1,240 0 0 $10.04

Youngstown/Warr 47 883,958 213,500 213,500 24.2% 8,967 0 0 $4.84

Totals 90,561 2,275,926,956 216,370,868 222,065,589 9.8% 2,851,452 845,663 7,929,148 $11.17








Figures at a Glance

Warehouse Market Statistics First Quarter 2015



Albany/Schenect. 2,331 89,623,475 6,101,097 6,160,722 6.9% 45,883 0 474,500 $4.27

Albuquerque 2,425 47,126,575 2,421,762 2,449,809 5.2% 341,492 0 0 $5.85

Anchorage 686 13,622,680 254,566 277,231 2.0% (460) 0 0 $12.73

Asheville 514 20,999,417 1,367,165 1,367,165 6.5% 420,414 300,000 333,000 $4.09

Atlanta 11,891 589,785,762 45,358,816 46,833,830 7.9% 2,449,465 1,030,172 15,628,356 $3.63

Augusta/Richmon 668 33,134,930 2,578,042 2,578,042 7.8% 141,625 0 0 $2.70

Austin 3,243 72,602,256 4,629,129 5,000,632 6.9% 170,099 273,865 686,779 $6.96

Bakersfield 1,316 22,482,478 879,431 879,431 3.9% (49,248) 25,136 141,306 $6.86

Baltimore 3,314 187,445,696 16,247,466 16,280,617 8.7% 1,146,303 1,224,690 1,251,675 $4.82

Baton Rouge 1,348 23,472,950 1,937,925 1,960,540 8.4% 87,857 0 182,171 $5.33

Beaumont/Port A. 492 9,605,866 870,138 870,138 9.1% (155,413) 0 88,244 $5.19

Birmingham 3,330 121,111,052 9,425,938 9,500,788 7.8% 161,508 0 0 $3.27

Boise City/Namp. 1,674 37,162,023 2,064,105 2,070,719 5.6% (114,257) 20,000 48,600 $5.08

Boston 9,750 380,883,793 26,579,488 27,406,724 7.2% (102,329) 11,598 67,400 $5.43

Bremerton/Silve. 191 2,141,260 129,259 129,259 6.0% (16,122) 0 0 $6.44

Broward County 5,178 108,404,931 7,106,372 7,265,388 6.7% 326,068 116,667 575,803 $7.82

Brownsville/Har. 279 10,142,228 1,351,854 1,351,854 13.3% 90,219 0 0 $3.62

Buffalo/Niagara. 1,391 65,821,634 5,420,921 5,714,492 8.7% 349,236 0 1,200,000 $3.76

Charleston WV 383 14,002,489 418,853 418,853 3.0% (59,885) 0 0 $5.29

Charleston/N Ch. 2,174 59,430,080 4,359,747 4,892,331 8.2% 266,163 273,000 62,500 $4.53

Charlotte 6,583 280,132,555 25,913,075 25,954,275 9.3% 430,088 0 1,284,408 $3.41

Chattanooga 702 37,925,824 4,949,682 5,086,037 13.4% (373,537) 0 0 $3.04

Chicago 20,314 1,081,766,104 81,227,715 82,340,453 7.6% 1,131,943 1,630,939 9,263,181 $5.02

Cincinnati 6,384 291,290,059 16,124,816 16,838,504 5.8% 989,032 21,650 1,594,275 $3.34

Cleveland 11,681 458,322,154 26,341,087 27,576,529 6.0% 1,488 0 469,600 $3.44

Colorado Spring. 1,605 26,954,476 1,523,093 1,526,393 5.7% 99,085 0 0 $5.82

Columbia 1,309 50,860,962 4,356,864 4,567,064 9.0% 115,549 0 140,500 $3.68

Columbus 4,643 245,740,913 16,207,313 16,627,383 6.8% (266,415) 269,064 1,574,195 $3.16

Columbus GA 723 40,242,249 6,297,582 6,297,582 15.6% 49,000 0 310,080 $2.52

Corpus Christi 1,371 19,309,798 690,520 690,520 3.6% 17,326 0 33,300 $5.84

Dallas/Ft Worth 13,414 673,795,746 49,216,809 50,159,898 7.4% 2,945,617 5,192,961 14,418,167 $4.22

Davenport/Molin. 366 12,331,021 679,929 733,540 5.9% (102,600) 0 0 $3.83

Dayton 3,404 114,769,096 13,601,569 13,841,259 12.1% 357,218 0 0 $3.05

Deltona/Daytona. 1,302 18,086,997 1,137,583 1,196,894 6.6% 39,112 0 0 $4.99

Denver 8,506 238,967,148 6,815,812 7,395,817 3.1% 470,436 392,425 900,784 $6.47

Des Moines 1,420 50,688,695 1,157,760 1,217,760 2.4% 351,047 60,000 1,034,247 $4.20

Detroit 15,387 500,055,824 33,517,692 33,612,920 6.7% 1,510,154 413,778 1,202,283 $4.41

Duluth 454 10,430,646 445,021 445,021 4.3% (7,633) 0 0 $5.60

East Bay/Oaklan. 6,556 207,919,810 9,614,522 10,212,984 4.9% 594,723 17,408 2,196,456 $7.12

El Paso 1,732 55,905,501 6,775,715 7,112,844 12.7% (82,970) 0 0 $3.65

Erie 448 18,270,661 1,905,690 1,905,690 10.4% 7,035 0 0 $2.60

Evansville 641 27,499,108 3,866,075 4,047,575 14.7% 241,190 0 0 $2.63

Fayetteville 355 11,882,149 1,793,170 1,796,620 15.1% (421,158) 0 0 $3.44

Fayetteville/Sp. 707 24,004,123 2,178,125 2,217,233 9.2% (19,885) 0 0 $3.51

Fort Smith 415 19,971,974 2,979,293 2,999,032 15.0% (61,204) 0 0 $2.39

Fort Wayne 1,139 50,822,862 4,062,692 4,067,492 8.0% (260,498) 200,000 75,000 $3.53

Fresno 3,329 87,645,971 5,349,440 5,569,361 6.4% (306,887) 0 173,639 $4.12








Figures at a Glance




Green Bay 1,529 56,834,299 2,814,926 2,828,076 5.0% (572,470) 0 0 $3.53

Greensboro/Wins. 5,899 258,199,316 16,079,982 16,628,489 6.4% 743,001 0 1,205,500 $2.95

Greenville/Spar. 4,023 185,664,588 14,125,677 14,125,677 7.6% (358,154) 716,000 2,069,250 $3.36

Hampton Roads 2,857 95,970,695 6,833,646 7,101,379 7.4% 341,289 24,300 605,000 $4.71

Hartford 5,091 197,702,255 15,099,703 15,542,515 7.9% 2,828,212 1,500,000 64,000 $3.89

Hawaii 2,507 50,272,250 1,168,943 1,192,921 2.4% 13,738 0 4,045 $12.56

Houston 15,862 493,236,197 22,123,858 22,646,188 4.6% 3,715,589 3,881,389 7,387,899 $5.93

Huntington/Ashl. 514 21,782,328 953,006 953,006 4.4% (34,069) 0 0 $3.65

Huntsville 508 18,495,671 1,667,010 1,667,010 9.0% 1,890 0 0 $4.42

Indianapolis 5,563 291,673,386 22,910,695 24,351,217 8.3% 1,026,301 1,944,803 1,953,280 $3.75

Inland Empire (. 11,795 520,784,623 25,290,535 26,345,151 5.1% 1,531,929 1,354,667 15,531,873 $5.21

Jackson 549 20,148,178 1,849,950 1,849,950 9.2% 19,275 0 0 $3.90

Jacksonville (F. 3,639 116,829,084 9,067,591 9,082,211 7.8% 2,537 5,000 878,312 $3.84

Kansas City 6,163 257,800,797 14,506,645 14,670,599 5.7% 34,481 169,498 3,474,006 $4.08

Killeen/Temple/. 177 4,880,051 271,471 271,471 5.6% 53,750 0 0 $4.55

Kingsport/Brist. 369 19,316,122 1,887,246 1,887,246 9.8% (49,275) 0 0 $2.92

Knoxville 1,798 60,772,318 4,985,816 4,992,816 8.2% 501,421 0 0 $3.40

Lafayette 388 7,321,876 1,066,306 1,066,306 14.6% (3,396) 0 15,000 $4.94

Las Vegas 3,150 95,662,758 7,562,631 7,711,349 8.1% 246,658 0 1,388,300 $5.88

Lexington/Fayet. 1,239 44,731,286 1,286,634 1,286,634 2.9% (114,395) 0 0 $4.55

Lincoln 860 24,562,870 844,616 844,616 3.4% (4,642) 0 20,000 $3.48

Little Rock/N L. 1,944 58,885,314 4,577,987 4,582,387 7.8% 178,920 0 0 $3.08

Long Island (Ne. 14,173 324,259,141 13,444,827 13,768,117 4.2% 370,911 95,000 100,000 $11.93

Los Angeles 34,032 924,047,653 26,399,325 28,062,921 3.0% 2,445,557 1,482,198 1,485,364 $7.70

Louisville 4,219 175,879,241 11,390,624 11,598,997 6.6% (186,056) 631,336 1,637,162 $3.51

Lubbock 2,030 32,474,038 672,840 742,065 2.3% (43,660) 0 0 $3.80

Madison 1,991 82,341,187 4,660,628 4,689,628 5.7% 198,126 0 0 $3.86

McAllen/Edinbur. 382 16,421,938 2,331,528 2,331,528 14.2% 67,137 0 0 $4.48

Memphis 3,286 232,443,797 25,587,445 26,934,045 11.6% 713,425 0 1,854,040 $2.56

Miami-Dade Coun 8,234 214,417,352 10,421,434 10,630,856 5.0% 1,429,075 609,194 761,879 $8.21

Milwaukee 6,432 272,738,260 16,793,374 16,818,874 6.2% 57,813 0 652,089 $4.08

Minneapolis 7,966 300,691,836 17,381,250 18,047,515 6.0% 708,091 1,306,592 2,258,468 $5.60

Mobile 1,077 25,935,389 3,333,613 3,340,613 12.9% (139,150) 0 0 $4.17

Montgomery 418 20,704,771 2,214,297 2,214,297 10.7% 52,167 0 0 $2.79

Myrtle Beach/Co. 222 3,516,979 392,206 392,206 11.2% (25,595) 0 0 $4.30

Nashville 3,737 186,043,943 11,761,818 12,312,145 6.6% 758,809 92,000 1,727,401 $3.64

New Orleans/Met. 3,493 61,897,672 4,494,693 4,512,365 7.3% (667,057) 30,375 175,000 $5.45

North Bay/Santa. 3,042 83,376,932 4,245,813 4,380,513 5.3% 479,343 0 1,406,244 $7.03

Northern New Je. 15,864 749,406,737 53,490,415 55,590,390 7.4% 1,370,865 164,000 2,551,578 $5.64

Ocala 558 14,839,611 555,736 555,736 3.7% 28,224 0 0 $5.00

Oklahoma City 5,419 100,895,561 3,358,317 3,406,844 3.4% 1,208,787 855,806 2,495,404 $4.39

Olympia 345 11,183,339 861,277 873,277 7.8% 74,014 31,075 0 $5.27

Omaha/Council B. 2,720 77,392,031 1,967,784 2,111,712 2.7% (144,843) 233,919 0 $4.26

Orange County (. 9,359 232,516,682 8,148,429 8,363,413 3.6% (318,187) 0 748,227 $8.01

Orlando 5,816 153,083,420 10,943,225 11,034,817 7.2% 1,006,870 292,535 842,587 $5.19

Palm Beach Coun. 2,612 47,629,763 2,543,147 2,726,359 5.7% 444,937 745,634 0 $8.50

Pensacola 957 15,666,940 864,673 864,673 5.5% (38,845) 0 0 $4.57








Figures at a Glance




Peoria 337 15,809,667 1,237,289 1,237,289 7.8% 3,313 0 0 $3.48

Philadelphia 17,175 953,759,285 72,212,630 73,986,795 7.8% 2,362,165 2,606,310 10,554,105 $4.09

Phoenix 8,821 275,828,531 28,685,475 29,918,494 10.8% 1,700,640 1,751,883 2,463,100 $5.63

Pittsburgh 4,174 153,625,005 10,969,700 11,023,100 7.2% 717,897 627,872 85,000 $4.74

Port St Lucie/F. 1,058 17,816,222 1,279,155 1,341,354 7.5% (22,095) 0 3,106 $6.41

Portland 5,228 178,648,825 7,770,710 7,942,020 4.4% 1,016,516 461,730 1,472,059 $5.78

Portland/South . 880 25,575,995 1,778,895 1,798,895 7.0% (6,432) 0 0 $4.59

Providence 2,579 78,509,076 6,012,080 6,026,980 7.7% 319,277 349,000 275,250 $4.40

Raleigh/Durham 2,311 89,759,436 5,673,285 6,353,453 7.1% 242,389 0 262,266 $3.92

Reno/Sparks 1,562 79,027,147 6,954,831 7,055,973 8.9% 210,494 1,227,000 5,724,000 $4.18

Richmond VA 2,660 108,876,180 8,157,080 8,194,512 7.5% 347,513 379,660 41,000 $3.74

Roanoke 694 30,271,064 3,061,213 3,063,713 10.1% (75,870) 0 0 $3.45

Rochester 1,929 84,599,138 6,507,027 7,321,968 8.7% (40,479) 0 0 $4.08

Sacramento 5,500 156,782,032 14,146,483 14,463,087 9.2% 1,096,433 0 1,376,099 $4.41

Salinas 769 20,090,073 908,654 1,026,781 5.1% 47,160 0 0 $6.02

Salt Lake City 6,235 191,044,034 7,131,310 7,259,532 3.8% 374,039 138,538 1,730,240 $4.61

San Antonio 3,713 103,450,806 6,059,285 6,427,925 6.2% 344,948 487,666 468,027 $5.40

San Diego 6,668 144,278,289 7,008,959 7,151,394 5.0% 709,500 0 127,780 $9.27

San Francisco 4,052 70,551,277 1,933,059 2,160,820 3.1% 214,722 82,480 0 $12.23

San Luis Obispo. 441 6,396,070 147,244 147,244 2.3% 33,331 0 0 $9.35

Santa Barbara/S. 1,036 11,292,955 372,133 372,133 3.3% 73,885 0 0 $9.28

Santa Cruz/Wats. 513 8,911,999 336,147 336,147 3.8% (22,910) 0 4,997 $9.81

Savannah 1,120 49,493,298 2,505,507 2,544,267 5.1% 202,673 48,000 347,775 $3.89

Seattle/Puget S. 7,173 271,582,704 11,588,033 12,113,360 4.5% 399,608 354,222 4,125,023 $6.20

Shreveport/Boss. 727 24,830,643 4,368,533 4,421,213 17.8% 266,035 0 0 $2.88

South Bay/San J. 3,676 91,766,944 4,122,446 4,308,750 4.7% (320,185) 0 0 $9.19

South Bend/Mish. 776 30,276,488 2,163,261 2,163,261 7.1% 71,188 0 0 $2.78

Southwest Flori. 3,231 40,908,755 2,355,540 2,407,940 5.9% (5,791) 0 25,745 $5.83

Spokane 1,749 39,245,117 1,894,998 1,952,802 5.0% 31,735 0 250,000 $3.93

Springfield 709 19,462,303 1,337,022 1,351,422 6.9% 8,342 30,000 0 $3.81

St. Louis 5,560 247,561,057 17,360,513 17,621,003 7.1% (118,783) 0 1,450,137 $3.82

Stockton/Modest. 2,995 144,632,127 10,850,233 11,158,351 7.7% 446,900 0 1,001,378 $3.89

Syracuse 1,137 55,243,142 5,989,040 5,989,040 10.8% 100,167 8,000 65,000 $3.34

Tallahassee 942 13,153,999 1,039,266 1,063,266 8.1% 189,835 124,600 0 $4.67

Tampa/St Peters. 10,702 247,082,429 16,863,706 17,133,990 6.9% 1,079,130 5,400 283,000 $4.74

Toledo 2,781 134,291,102 8,679,705 8,689,705 6.5% 314,700 60,000 0 $2.94

Tucson 2,035 30,823,592 2,935,293 3,036,887 9.9% 300,092 0 270,000 $5.86

Tulsa 3,511 82,548,885 3,749,164 3,831,664 4.6% 793,710 0 337,389 $3.95

Utica/Rome 383 23,192,690 3,226,001 3,226,001 13.9% 103,636 0 13,170 $2.84

Visalia/Porterv. 987 30,208,503 867,111 1,180,961 3.9% (66,456) 0 0 $4.10

Washington 4,477 146,252,145 11,852,199 12,308,929 8.4% (425,288) 124,000 1,648,979 $8.33

West Michigan 8,397 306,164,264 15,230,990 15,657,890 5.1% 723,854 0 700,300 $3.25

Westchester/So . 6,223 178,872,318 16,865,805 16,984,500 9.5% (97,962) 93,046 454,280 $7.00

Wichita 1,767 45,431,322 2,365,584 2,410,028 5.3% (40,950) 0 0 $4.04

Wilmington 528 14,088,334 3,229,445 3,265,445 23.2% (92,245) 0 0 $2.84

Yakima 458 12,640,532 498,223 517,423 4.1% 42,095 0 0 $4.32

Youngstown/Warr 1,478 57,339,241 6,801,567 7,551,044 13.2% 145,687 0 0 $2.81

Totals 534,133 18,967,919,516 1,240,546,139 1,274,875,116 6.7% 46,597,385 36,598,081 144,261,562 $4.85








Figures at a Glance

Total Industrial Market Statistics First Quarter 2015



Albany/Schenect. 2,659 98,724,146 6,784,988 6,844,613 6.9% 68,783 40,000 474,500 $4.74

Albuquerque 2,561 50,729,092 2,821,935 2,857,254 5.6% 351,109 0 0 $6.25

Anchorage 824 16,258,761 331,840 356,105 2.2% (11,377) 0 0 $13.39

Asheville 763 24,603,721 1,567,851 1,567,851 6.4% 455,835 300,000 333,000 $4.45

Atlanta 16,086 658,223,624 53,748,561 55,316,785 8.4% 2,497,803 1,030,172 15,628,356 $4.09

Augusta/Richmon 1,088 36,377,643 2,890,788 2,890,788 7.9% 138,683 0 0 $3.00

Austin 3,822 94,752,095 7,356,340 7,830,783 8.3% 88,271 273,865 765,779 $8.51

Bakersfield 1,529 24,775,846 1,089,816 1,097,816 4.4% (37,921) 43,136 141,306 $7.20

Baltimore 4,641 235,906,028 20,536,414 20,747,067 8.8% 1,177,237 1,224,690 1,324,795 $5.81

Baton Rouge 1,547 25,942,241 2,150,828 2,173,443 8.4% 117,987 0 182,171 $5.59

Beaumont/Port A. 661 11,194,574 961,613 961,613 8.6% (149,413) 0 88,244 $5.22

Birmingham 4,148 132,546,182 10,208,864 10,296,089 7.8% 210,015 0 0 $3.54

Boise City/Namp. 1,918 41,342,298 2,417,785 2,424,399 5.9% (122,305) 20,000 68,600 $5.37

Boston 12,337 503,218,998 39,315,057 40,406,746 8.0% (65,196) 11,598 67,400 $6.38

Bremerton/Silve. 264 2,723,276 147,996 147,996 5.4% (13,901) 0 0 $6.98

Broward County 6,245 127,064,327 8,487,678 8,652,894 6.8% 392,331 116,667 575,803 $8.30

Brownsville/Har. 285 10,287,261 1,351,854 1,351,854 13.1% 90,219 0 0 $3.62

Buffalo/Niagara. 1,526 71,593,294 5,854,310 6,147,881 8.6% 369,679 0 1,290,000 $4.05

Charleston WV 439 14,504,674 484,586 484,586 3.3% (53,073) 0 0 $5.28

Charleston/N Ch. 2,708 65,058,094 4,676,677 5,230,261 8.0% 276,012 273,000 62,500 $4.87

Charlotte 7,744 310,004,225 28,557,495 28,648,940 9.2% 450,728 0 1,284,408 $3.94

Chattanooga 949 41,869,165 5,195,594 5,331,949 12.7% (402,787) 0 0 $3.15

Chicago 22,542 1,155,678,057 89,550,002 90,701,356 7.8% 900,687 1,630,939 9,263,181 $5.36

Cincinnati 6,688 299,584,884 17,310,472 18,050,908 6.0% 1,040,846 21,650 1,679,275 $3.52

Cleveland 12,502 482,403,488 28,233,225 29,482,335 6.1% 116,340 0 469,600 $3.75

Colorado Spring. 1,873 33,303,812 2,669,061 2,777,137 8.3% 33,097 0 0 $6.15

Columbia 2,019 57,373,806 4,850,111 5,060,311 8.8% 181,209 0 140,500 $4.07

Columbus 5,077 256,669,996 17,063,851 17,487,366 6.8% (109,492) 313,319 1,574,195 $3.34

Columbus GA 1,006 44,267,544 6,659,184 6,659,184 15.0% (40,174) 0 310,080 $2.63

Corpus Christi 1,432 20,398,435 803,239 803,239 3.9% 13,696 0 33,300 $6.29

Dallas/Ft Worth 20,361 809,113,361 60,952,662 62,084,133 7.7% 3,054,293 5,192,961 14,482,593 $5.30

Davenport/Molin. 397 12,850,430 711,948 765,559 6.0% (99,000) 0 0 $3.93

Dayton 3,605 118,599,736 14,155,122 14,403,557 12.1% 409,615 0 0 $3.25

Deltona/Daytona. 1,418 19,688,002 1,331,446 1,392,657 7.1% 38,602 0 0 $5.22

Denver 10,261 288,897,887 11,761,010 12,839,318 4.4% 809,298 580,308 1,340,485 $7.60

Des Moines 1,630 59,007,995 1,557,727 1,632,727 2.8% 330,664 60,000 1,034,247 $4.42

Detroit 16,728 550,672,270 39,225,535 39,430,841 7.2% 1,912,320 479,778 1,242,669 $4.84

Duluth 476 10,760,945 451,621 451,621 4.2% (5,758) 0 0 $5.78

East Bay/Oaklan. 8,076 262,456,557 16,269,969 16,988,397 6.5% 583,526 17,408 2,196,456 $8.84

El Paso 2,079 62,081,980 7,120,205 7,457,334 12.0% (82,251) 0 0 $4.23

Erie 460 18,691,146 1,908,963 1,908,963 10.2% 7,035 0 0 $2.62

Evansville 720 31,119,287 4,049,562 4,243,062 13.6% 236,648 0 0 $2.77

Fayetteville 457 12,893,578 1,915,120 1,918,570 14.9% (422,273) 0 0 $3.66

Fayetteville/Sp. 867 26,154,849 2,251,097 2,290,205 8.8% (7,485) 0 0 $3.55

Fort Smith 429 20,104,636 2,989,308 3,009,047 15.0% (57,539) 0 0 $2.42

Fort Wayne 1,299 54,801,044 4,608,740 4,616,965 8.4% (294,670) 200,000 75,000 $3.66

Fresno 3,432 89,407,493 5,572,544 5,799,965 6.5% (324,381) 0 173,639 $4.22








Figures at a Glance




Green Bay 1,828 65,440,781 3,128,146 3,153,296 4.8% (583,852) 0 0 $3.81

Greensboro/Wins. 6,342 266,441,124 17,289,812 17,856,499 6.7% 765,596 0 1,205,500 $3.08

Greenville/Spar. 4,705 195,017,116 15,048,302 15,052,326 7.7% (344,472) 716,000 2,069,250 $3.56

Hampton Roads 3,690 110,756,973 8,561,143 8,837,976 8.0% 357,389 24,300 605,000 $5.33

Hartford 6,266 223,172,058 17,417,980 17,919,308 8.0% 2,872,678 1,520,000 72,000 $4.23

Hawaii 2,581 51,868,586 1,222,366 1,246,344 2.4% 19,417 0 4,045 $12.75

Houston 17,815 542,570,783 25,551,244 26,169,539 4.8% 3,759,947 3,906,514 7,461,839 $6.27

Huntington/Ashl. 639 23,109,903 1,037,100 1,037,100 4.5% (31,317) 0 0 $3.69

Huntsville 657 24,196,045 2,299,572 2,319,497 9.6% 18,297 0 0 $5.81

Indianapolis 6,579 315,733,023 24,700,306 26,162,712 8.3% 1,204,276 1,944,803 1,953,280 $4.03

Inland Empire (. 12,679 535,906,252 26,591,895 27,663,739 5.2% 1,480,669 1,354,667 15,531,873 $5.48

Jackson 670 22,272,514 2,027,342 2,027,342 9.1% 18,775 0 0 $4.12

Jacksonville (F. 3,949 124,512,634 9,895,025 9,919,809 8.0% 19,239 5,000 878,312 $4.18

Kansas City 6,707 271,210,581 15,725,124 15,899,820 5.9% 37,250 169,498 3,474,006 $4.30

Killeen/Temple/. 190 5,012,572 278,971 278,971 5.6% 53,750 0 0 $4.55

Kingsport/Brist. 400 20,339,120 1,913,806 1,913,806 9.4% (46,975) 0 0 $3.01

Knoxville 2,773 73,078,742 5,534,674 5,545,674 7.6% 479,672 0 5,000 $3.67

Lafayette 409 7,869,703 1,108,851 1,108,851 14.1% (16,366) 0 15,000 $4.98

Las Vegas 4,102 117,112,897 9,834,366 9,988,423 8.5% 205,340 0 1,388,300 $6.37

Lexington/Fayet. 1,410 48,069,533 1,543,838 1,547,548 3.2% (161,720) 0 0 $4.92

Lincoln 1,039 26,946,747 917,010 917,010 3.4% (16,107) 0 20,000 $3.77

Little Rock/N L. 2,515 67,707,163 5,138,363 5,142,763 7.6% 283,128 0 0 $3.26

Long Island (Ne. 14,760 348,890,867 15,639,477 15,973,467 4.6% 327,269 95,000 100,000 $12.88

Los Angeles 36,878 987,152,295 29,976,045 31,768,032 3.2% 2,747,104 1,482,198 1,493,620 $8.37

Louisville 4,685 186,103,637 11,939,601 12,201,942 6.6% (169,449) 631,336 1,637,162 $3.64

Lubbock 2,051 33,514,951 700,308 769,533 2.3% (55,628) 0 0 $4.18

Madison 2,250 90,230,687 5,120,772 5,149,772 5.7% 175,400 30,000 0 $4.11

McAllen/Edinbur. 397 16,783,954 2,426,346 2,426,346 14.5% 67,137 0 0 $4.64

Memphis 3,792 241,999,500 27,297,507 28,644,107 11.8% 711,082 0 1,854,040 $2.78

Miami-Dade Coun 8,836 231,367,893 11,734,218 11,958,137 5.2% 1,416,658 609,194 761,879 $8.53

Milwaukee 7,728 317,018,041 18,912,883 19,116,126 6.0% 79,815 68,000 907,665 $4.32

Minneapolis 9,791 375,605,857 24,150,728 24,955,574 6.6% 498,663 1,306,592 2,258,468 $6.13

Mobile 1,320 28,377,379 3,543,733 3,550,733 12.5% (109,460) 0 0 $4.29

Montgomery 612 23,129,564 2,370,884 2,370,884 10.3% 50,836 0 0 $3.06

Myrtle Beach/Co. 425 5,694,711 477,491 482,491 8.5% (29,037) 0 0 $4.67

Nashville 4,248 201,991,412 12,727,731 13,288,137 6.6% 1,069,354 92,000 1,727,401 $4.00

New Orleans/Met. 3,739 65,197,084 4,720,915 4,738,587 7.3% (680,161) 30,375 175,000 $5.60

North Bay/Santa. 3,687 97,406,418 5,546,171 5,749,118 5.9% 493,759 0 1,406,244 $8.58

Northern New Je. 17,341 805,813,982 61,032,909 63,526,489 7.9% 1,221,737 164,000 2,789,578 $6.10

Ocala 607 15,399,989 566,461 566,461 3.7% 61,902 0 0 $5.02

Oklahoma City 5,946 110,430,166 4,196,586 4,245,113 3.8% 1,229,445 863,975 2,524,790 $4.80

Olympia 381 11,696,952 885,286 897,286 7.7% 78,240 31,075 0 $5.31

Omaha/Council B. 3,053 84,237,891 2,831,293 2,976,721 3.5% (145,042) 233,919 0 $4.64

Orange County (. 12,580 301,684,025 11,566,107 11,891,090 3.9% (521,514) 0 748,227 $9.14

Orlando 7,188 181,497,540 14,303,394 14,405,447 7.9% 944,426 292,535 848,587 $5.71

Palm Beach Coun. 3,208 59,327,764 3,441,448 3,635,438 6.1% 328,550 745,634 0 $9.05

Pensacola 1,108 17,492,101 951,627 951,627 5.4% (2,495) 0 0 $4.69








Figures at a Glance




Peoria 426 16,977,400 1,289,281 1,289,281 7.6% 3,813 0 0 $3.67

Philadelphia 20,499 1,039,329,669 80,979,697 82,907,761 8.0% 2,325,770 2,721,284 10,814,461 $4.47

Phoenix 9,956 308,918,480 34,317,211 35,829,762 11.6% 1,644,484 1,751,883 2,760,100 $6.57

Pittsburgh 4,859 176,181,726 12,964,225 13,040,671 7.4% 755,183 691,522 85,000 $5.46

Port St Lucie/F. 1,220 20,355,857 1,615,224 1,682,923 8.3% (23,517) 0 3,106 $6.94

Portland 6,028 196,445,939 9,722,697 10,002,784 5.1% 1,000,106 461,730 5,335,134 $6.80

Portland/South . 1,042 29,146,715 2,193,431 2,267,136 7.8% (31,038) 0 0 $4.74

Providence 2,751 83,134,246 6,690,752 6,705,652 8.1% 320,012 349,000 275,250 $4.58

Raleigh/Durham 3,881 120,191,284 8,659,533 9,375,207 7.8% 285,008 14,000 426,097 $5.29

Reno/Sparks 1,928 87,462,170 7,648,372 7,749,514 8.9% 259,017 1,227,000 5,724,000 $4.37

Richmond VA 3,191 120,364,820 9,619,254 9,666,744 8.0% 444,481 379,660 64,000 $4.33

Roanoke 857 32,406,655 3,211,186 3,213,686 9.9% (95,840) 0 0 $3.57

Rochester 2,118 96,978,631 8,563,416 9,380,957 9.7% 9,825 20,000 88,500 $4.43

Sacramento 6,478 177,231,605 17,645,370 18,014,420 10.2% 1,080,700 0 1,376,099 $5.14

Salinas 813 20,988,519 962,749 1,085,251 5.2% 46,906 0 0 $6.25

Salt Lake City 7,487 216,817,535 8,624,518 8,760,826 4.0% 433,855 138,538 2,037,799 $4.85

San Antonio 4,486 116,288,064 7,226,214 7,611,161 6.5% 498,659 492,666 474,027 $6.08

San Diego 8,519 189,602,389 11,454,078 11,900,422 6.3% 989,808 31,058 745,780 $11.30

San Francisco 4,841 94,507,020 3,026,566 3,440,435 3.6% 218,378 108,080 252,593 $16.40

San Luis Obispo. 477 7,118,192 247,213 247,213 3.5% 33,431 0 0 $9.74

Santa Barbara/S. 1,200 15,255,336 459,869 459,869 3.0% 78,501 0 0 $10.29

Santa Cruz/Wats. 603 11,214,818 434,466 434,466 3.9% 27,050 0 4,997 $11.03

Savannah 1,262 50,976,619 2,612,346 2,651,106 5.2% 212,209 48,000 347,775 $4.05

Seattle/Puget S. 8,200 302,322,107 14,047,026 14,610,452 4.8% 581,924 354,222 4,139,423 $7.20

Shreveport/Boss. 973 27,348,273 4,562,588 4,615,268 16.9% 256,210 0 0 $2.96

South Bay/San J. 6,214 200,624,209 15,155,867 16,140,490 8.0% 72,085 0 0 $16.59

South Bend/Mish. 859 32,881,383 2,319,634 2,319,634 7.1% 68,137 0 0 $2.90

Southwest Flori. 3,611 47,158,979 3,037,210 3,116,854 6.6% 35,367 0 25,745 $6.11

Spokane 2,013 43,415,771 2,265,408 2,323,212 5.4% 23,888 0 250,000 $4.31

Springfield 769 20,307,021 1,392,398 1,406,798 6.9% (16,552) 30,000 0 $3.85

St. Louis 6,109 263,052,179 18,905,256 19,180,746 7.3% (228,787) 0 1,529,137 $4.06

Stockton/Modest. 3,104 148,656,578 11,044,204 11,352,322 7.6% 485,300 0 1,001,378 $3.93

Syracuse 1,736 63,300,637 6,310,808 6,310,808 10.0% 115,487 8,000 117,000 $3.54

Tallahassee 1,062 15,891,442 1,207,270 1,231,270 7.7% 219,075 124,600 0 $4.76

Tampa/St Peters. 12,169 276,774,702 20,669,694 21,012,101 7.6% 1,389,309 5,400 283,000 $5.25

Toledo 3,179 141,210,032 9,235,513 9,246,293 6.5% 294,870 60,000 0 $3.09

Tucson 2,507 40,383,426 3,967,856 4,069,450 10.1% 270,292 0 270,000 $6.50

Tulsa 3,820 89,108,076 4,026,610 4,109,110 4.6% 806,301 0 337,389 $4.11

Utica/Rome 553 25,618,051 3,393,048 3,393,048 13.2% 103,636 0 13,170 $2.98

Visalia/Porterv. 1,051 30,572,763 878,351 1,192,201 3.9% (66,456) 0 0 $4.10

Washington 6,073 214,839,105 20,027,274 20,647,630 9.6% (285,998) 187,949 2,001,999 $9.86

West Michigan 8,731 318,365,441 15,959,415 16,386,315 5.1% 744,286 0 735,323 $3.37

Westchester/So . 7,007 205,254,625 19,867,184 19,996,280 9.7% (165,256) 93,046 454,280 $7.38

Wichita 1,826 46,921,103 2,611,055 2,659,099 5.7% (50,979) 0 0 $4.28

Wilmington 1,025 19,559,528 3,616,629 3,652,629 18.7% (134,869) 0 0 $3.17

Yakima 522 13,093,860 498,223 517,423 4.0% 43,335 0 0 $4.42

Youngstown/Warr 1,525 58,223,199 7,015,067 7,764,544 13.3% 154,654 0 0 $2.86

Totals 624,694 21,243,846,472 1,456,917,007 1,496,940,705 7.0% 49,448,837 37,443,744 152,190,710 $5.56








Figures at a Glance

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Historical Rental Rates*

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Vacancy by Available Space Type Vacancy by Building TypePercent of All Vacant Space in Direct vs. Sublet Percent of All Vacant Space by Building Type

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2000 4q 2001 4q 2002 4q 2003 4q 2004 4q 2005 4q 2006 4q 2007 4q 2008 4q 2009 4q 2010 4q 2011 4q 2012 4q 2013 4q 2014 4q

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140.0

2015 2q 2015 3q 2015 4q 2016 1q 2016 2q 2016 3q

Leasing Activity






Leasing Activity


* Renewal

Building Market SF Qtr Tenant Name Tenant Rep Company Landlord Rep Company

1 Grand Lakes II* Dallas/Ft Worth 1st Farley’s & Sathers CBRE Duke Realty Corporation

2 10299 6th St* Inland Empire (California) 841,325 1st Kumho Tire U.S.A., Inc. N/A JLL

3 1200 Orchard Gtwy - Phase I Chicago 604,565 1st Midwest Warehouse & Distribution System, Inc. HSA Commercial Real Estate Avison Young

4 Empire Gateway - Bldg 3 Inland Empire (California) 522,267 1st Solo Cup Company Newmark Grubb Knight Frank Colliers International

5 5750 Francis St Inland Empire (California) 518,472 1st Samsung N/A Cushman & Wake�eld, Inc.

6 8416 Kelso Dr* Baltimore 507,600 1st Restoration Hardware, Inc. N/A CBRE

7 Ho�mann La Roche - Bldg 123, 123A Northern New Jersey 504,000 1st Hackensack University Health Network Cushman & Wake�eld, Inc. JLL

8 ProLogis Redlands Dist Ctr - Bldg H Inland Empire (California) 446,050 1st Burlington Coat Factory N/A Prologis; Colliers International

9 1900 Lakeside Pky Dallas/Ft Worth 401,600 1st MI Windows & Doors Stream Realty Partners, L.P. Stream Realty Partners, L.P.

10 6200 Franklin Blvd Sacramento 385,077 1st Macy’s MacLaughlin & Company CBRE

11 Vista Del Sol In CtrIII # 1* El Paso 354,159 1st Ceva Logistics N/A CBRE | El Paso

12 Prologis GSW 49 Dallas/Ft Worth 337,500 1st Greatwide Distribution E Smith Realty Partners Prologis LP; CBRE

13 Commerce 20 - Building 1 Dallas/Ft Worth 324,984 1st Genco I, Inc N/A CBRE

14 Georgia Commerce Center 100* Savannah 317,880 1st DSI N/A McDonald Development Company

15 35 E Park Dr Philadelphia 302,372 1st Max Finklestein Tires CBRE; Bussel Realty JLL

16 213 SE 10th Ave Miami-Dade County 301,983 1st Synergy Custom Fixtures Corporation Vivo Real Estate Group, Inc. Fairchild Partners, Inc.; Casal Gro

17 11811 E Florence Ave Los Angeles 288,000 1st O’Neill Logistics Cresa Orange County JLL

18 6701 Southwest Ave* St. Louis 283,291 1st Major Brands Inc. N/A Block Hawley Commercial Real Estate

19 Legacy Commerce Center - Bldg 12 Northern New Jersey 282,396 1st Southern Wine & Spirits Newmark Grubb Knight Frank Duke Realty Corporation; CBRE

20 Southpoint V Memphis 266,800 1st The Coca-Cola Company NAI Saig Cushman Wakefield | Commercial Advi

21 500 West Park Bldg Hampton Roads 258,268 1st Huntington Ingalls Cushman & Wake�eld|Thalhimer CBRE | Hampton Roads

22 40 Western Rd Northern New Jersey 251,430 1st Keystone Automotive Parts Savills Studley River Terminal Devel Co.

23 Freeway Springs Logistics Center Los Angeles 248,304 1st Gelson’s Markets Colliers International Colliers International

24 1111 Imeson Park Blvd Jacksonville (Florida) 248,200 1st Shell Gas & Power JLL Pine Street/RPS, LLC

25 Inland Empire Dist Ctr - Bldg 3 Inland Empire (California) 246,757 1st GPR Logistics N/A CBRE

26 1630 Apex Dr Madison 244,233 1st Ecolab, Inc Korman, Lederer & Associates; Jacks JLL

27 Spinnaker Logistics Center* Los Angeles 234,825 1st DHL Express N/A CBRE

28 8350 Pardee Dr East Bay/Oakland 232,881 1st Coaster Company of America Lee & Associates JLL

29 Legacy Bldg 156 Los Angeles 221,050 1st Floor & Decor CBRE Watson Land Company

30 6680 Business Pky* Baltimore 220,800 1st Best Buy N/A Cushman & Wake�eld, Inc.

31 Etiwanda Freeway Ctr - Bldg 1 Inland Empire (California) 219,613 1st Sky Billiards, Inc. N/A CBRE

32 Freeway Springs Logistics Center Los Angeles 214,849 1st USC/AMD Lee & Associates Colliers International

33 47422 Kato Rd* East Bay/Oakland 214,809 1st JC Paper Direct Deal Westcore Properties

34 Philips Communications Bldg Philadelphia 213,176 1st Pennsylvania College of Health and Science N/A High Associates Ltd.

35 3225 Meridian Pky* Broward County 201,844 1st KeHE Distributors Avison Young ComReal Fort Lauderdale

36 Carefree Industrial Park Kansas City 201,000 1st Grainger Industrial Supply CBRE LS Commercial Real Estate

37 South�eld Park 35 - Building 3 Dallas/Ft Worth 198,265 1st Serta Dormae N/A JLL

38 Majestic Airport Center 2 - Bldg 2 Atlanta 195,328 1st GE Power Systems CBRE Majestic Realty Co.

39 7200-7240 Edgewater Dr East Bay/Oakland 192,680 1st Purcell Murray DTZ Colliers International

40 3 Montgomery Way Northern New Jersey 183,084 1st Lay-Z-Boy Colliers International Matrix Development Group

Select Top Industrial Leases Based on Leased Square Footage For Deals Signed in 2015






Sales Activity

The Optimist Sales Index Average of Two Highest Price/SF's and Two Lowest Cap Rates From Each Region

Source: CoStar COMPS®

Sales Volume & Price Sales Analysis by Building SizeBased on Industrial Building Sales of 15,000 SF and Larger Based on Industrial Bldg Sales From Jan. 2014 - Dec. 2014

Bldg Size # RBA $ Volume Price/SF Cap Rate

< 25,000 SF

5,864 69,418,050 $7,217,231,969 103.97$ 7.81%

25K-99K SF

2,959 143,031,479 $9,514,666,627 66.52$ 7.48%

100K-249K SF

819 122,908,956 $7,715,233,434 62.77$ 6.00%

>250K SF 376 190,849,983 $10,900,684,631 57.12$ 4.55%

Source: CoStar COMPS® Source: CoStar COMPS®

Historical Price/SF Average Historical Cap Rate AverageBased on Industrial Building Sales of 15,000 SF and Larger Based on Industrial Building Sales of 15,000 SF and Larger

Source: CoStar COMPS® Source: CoStar COMPS®

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National Industrial MarketSales Activity

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CoStar Office Report - Reece Commercial, Inc. Industrial Market ©2015 CoStar Group, Inc. The CoStar Industrial Report A First Quarter 2015 – National Table of Contents Table of

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