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Long Island Industrial MarketY E A R - E N D 2 0 0 6

The CoStarIndustrial Report

Long Island Industrial Market

©2007 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT A

YEAR-END 2006 – LONG ISLAND

Table of ContentsTable of Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A

Methodology. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B

Terms & Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C

Market Highlights & Overview. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

CoStar Markets & Submarkets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Employment Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Employment & Unemployment Analysis

Inventory & Development Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Construction Activity MapInventory & Development AnalysisSelect Top DeliveriesSelect Top Under Construction Properties

Figures at a Glance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Figures at a Glance by Building Type & MarketFigures at a Glance by Building Type & SubmarketHistorical Figures at a Glance

Leasing Activity Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14Leasing Activity MapLeasing Activity AnalysisSelect Top Lease Transactions

Analysis of Individual CoStar Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Brooklyn MarketCentral Suffolk MarketEastern Suffolk MarketNassau MarketQueens MarketStaten Island MarketWestern Suffolk Market


B THE COSTAR INDUSTRIAL REPORT ©2007 COSTAR GROUP, INC.

LONG ISLAND – YEAR-END 2006


©2007 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT C


Methodology

The 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 national database includes approximately 33.6 billion square feet of coverage in 1.2 million properties. All rental rates reported in the CoStar Industrial Report are calculated using the quoted rental rate for each property.

© Copyright 2007 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.

CoStar Group, Inc.

2 Bethesda Metro Center • Bethesda, MD USA 20814 • (800) 204-5960 • www.costar.com • NASDAQ: CSGP

For information on subscribing to CoStar’s Advisory reports, or for information

on CoStar’s other products and services, please contact us at 1-877-7COSTAR,

or visit our web site at www.costar.com


B THE COSTAR INDUSTRIAL REPORT ©2007 COSTAR GROUP, INC.



©2007 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT C


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 ten-ant. 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 pur-chased a commercial real estate asset.

Cap Rate: Short for capitalization rate. The Cap Rate is a calcula-tion 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 command 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 archi-tectural 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 fit-tings. 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 typical-ly 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 gener-ally 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 buildings 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 certificate 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 entrepre-neurial 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 typi-cal 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 insurance.

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 warehousing, distribution, and maintenance facilities. The pri-mary purpose of the space is for storing, producing, assembling, or distributing product.

Landlord Rep: (Landlord Representative) In a typical lease trans-action 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 boundar-ies of the entire Region (See also: Region). Markets can be further subdivided into Submarkets. (See also: Submarkets)


D THE COSTAR INDUSTRIAL REPORT ©2007 COSTAR GROUP, INC.

LONG ISLAND – YEAR-END 2006 YEAR-END 2006 – LONG ISLAND


©2007 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 1

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 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 manufactur-ing, warehousing, or other uses. Office buildings may sometimes have other associated uses within part of the building, i.e., retail sales, financial, 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 vari-ous 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 eco-nomic 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 hall-ways, 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 build-ings in a given time period.

Seller: The individual, group, company, or entity that sells a par-ticular 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) designations refer to a particular geographic area within a metro-politan statistical area (MSA). Suburban is defined as including all office inventory not located in the CBD. (See also: CBD)

Tenancy: A term used to indicate whether or not a building is occupied 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: The status of a building that is in the process of being developed, assembled, built or constructed. A building is considered to be under construction after it has begun construc-tion and until it receives a certificate of occupancy.

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 avail-able. 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 con-sidered vacant space.

Weighted Average Rental Rate: Rental rates that are calculated 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 each rental rate to the square footage associated with all rental rates, multiplying the rental rate by that ratio, and then adding together all the resulting numbers.

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 what-ever time period is being studied.


D THE COSTAR INDUSTRIAL REPORT ©2007 COSTAR GROUP, INC.

LONG ISLAND – YEAR-END 2006 YEAR-END 2006 – LONG ISLAND



OVERVIEW

Long Island’s Vacancy Increases to 4.4% Net Absorption Negative (1,569,650) SF in the Quarter

The Long Island Industrial market ended the fourth quar-ter 2006 with a vacancy rate of 4.4%. The vacancy rate was up over the previous quarter, with net absorption

totaling negative (1,569,650) square feet in the fourth quarter. Vacant sublease space decreased in the quarter, ending the quarter at 551,257 square feet. Rental rates ended the fourth quarter at $10.30, an increase over the previous quarter. A total of 0 build-ings delivered to the market in the quarter totaling 0 square feet, with 66,000 square feet still under construction at the end of the quarter.

AbsorptionNet absorption for the overall Long Island Industrial market

was negative (1,569,650) square feet in the fourth quarter 2006. That compares to positive 437,059 square feet in the third quarter 2006, positive 678,906 square feet in the second quarter 2006, and positive 229,249 square feet in the first quarter 2006.

The Flex building market recorded net absorption of nega-tive (411,449) square feet in the fourth quarter 2006, compared to positive 25,358 square feet in the third quarter 2006, negative (13,625) in the second quarter 2006, and positive 317,393 in the first quarter 2006.

The Warehouse building market recorded net absorption of negative (1,158,201) square feet in the fourth quarter 2006 compared to positive 411,701 square feet in the third quarter 2006, positive 692,531 in the second quarter 2006, and negative (88,144) in the first quarter 2006.

VacancyThe Industrial vacancy rate in the Long Island market area

increased to 4.4% at the end of the fourth quarter 2006. The vacancy rate was 4.0% at the end of the third quarter 2006, 4.1% at the end of the second quarter 2006, and 4.3% at the end of the first quarter 2006.

Flex projects reported a vacancy rate of 9.6% at the end of the fourth quarter 2006, 7.7% at the end of the third quarter 2006, 7.7% at the end of the second quarter 2006, and 7.7% at the end of the first quarter 2006.

Warehouse projects reported a vacancy rate of 4.1% at the end of the fourth quarter 2006, 3.7% at the end of third quarter 2006, 3.8% at the end of the second quarter 2006, and 4.0% at the end of the first quarter 2006.

Largest Lease Signings

Sublease VacancyThe amount of vacant sublease space in the Long Island

market decreased to 551,257 square feet by the end of the fourth quarter 2006, from 592,711 square feet at the end of the third quarter 2006. There was 620,691 square feet vacant at the end of the second quarter 2006 and 822,556 square feet at the end of the first quarter 2006.

Long Island’s Flex projects reported vacant sublease space of 55,421 square feet at the end of fourth quarter 2006, down from the 69,440 square feet reported at the end of the third quarter 2006. There were 78,940 square feet of sublease space vacant at the end of the second quarter 2006, and 152,793 square feet at the end of the first quarter 2006.

Warehouse projects reported decreased vacant sublease space from the third quarter 2006 to the fourth quarter 2006.

Vacancy Rates by Building Type 1996-2006

Source: CoStar Property®

Absorption & Deliveries U.S. Vacancy ComparisonPast 10 Quarters Past 10 Quarters

Source: CoStar Property• Source: CoStar Property•

0%

2%

4%

6%

8%

10%

12%

14%

16%

19963q

19971q

19973q

19981q

19983q

19991q

19993q

20001q

20003q

20011q

20013q

20021q

20023q

20031q

20033q

20041q

20043q

20051q

20053q

20061q

20063q

Vac

ancy

Rat

e

Flex Warehouse Total Market

0.5

1.0

0.60.8

(0.2)

1.7

0.2

0.70.4

(1.6)

0.10.2

0.1 0.1 0.1 0.1 0.1 0.00.1

0.0

(2.0)

(1.5)

(1.0)

(0.5)

0.0

0.5

1.0

1.5

2.0

20043q

20044q

20051q

20052q

20053q

20054q

20061q

20062q

20063q

20064q

Millio

ns

SF

Net Absorption Deliveries

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

20043q

20044q

20051q

20052q

20053q

20054q

20061q

20062q

20063q

20064q

Vac

ancy

Rat

e

Long Island (New York) United States

2 THE COSTAR INDUSTRIAL REPORT ©2007 COSTAR GROUP, INC.


Long Island Industrial MarketYEAR-END 2006 – LONG ISLAND



OVERVIEW

Sublease vacancy went from 523,271 square feet to 495,836 square feet during that time. There was 541,751 square feet at the end of the second quarter 2006, and 669,763 square feet at the end of the first quarter 2006.

Rental RatesThe average quoted asking rental rate for available

Industrial space was $10.30 per square foot per year at the end of the fourth quarter 2006 in the Long Island market area. This represented a 3.9% increase in quoted rental rates from the end of the third quarter 2006, when rents were reported at $9.91 per square foot.

The average quoted rate within the Flex sector was $15.16 per square foot at the end of the fourth quarter 2006, while Warehouse rates stood at $9.61. At the end of the third quarter 2006, Flex rates were $15.28 per square foot, and Warehouse rates were $9.17.

Deliveries and ConstructionDuring the fourth quarter 2006, 0 buildings totaling 0

square feet were completed in the Long Island market area. This compares to 5 buildings totaling 104,300 square feet that were completed in the third quarter 2006, 0 buildings totaling 0 square feet completed in the second quarter 2006, and 52,350 square feet in 3 buildings completed in the first quarter 2006.

There were 66,000 square feet of Industrial space under construction at the end of the fourth quarter 2006.

Some of the notable 2006 deliveries include: Proposed Bldgs (A & B), a 60,000-square-foot facility that delivered in third quarter 2006 and is now 0% occupied, and 1800 Artic Ave, a 26,250-square-foot building that delivered in first quarter 2006 and is now 0% occupied.

The largest projects underway at the end of fourth quarter 2006 were 1517 Smithtown Ave, a 40,000-square-foot building with 0% of its space pre-leased, and 1 Imperial Ave, a 26,000-square-foot facility that is 100% pre-leased.

InventoryTotal Industrial inventory in the Long Island market area

amounted to 307,985,415 square feet in 10,000 buildings as of the end of the fourth quarter 2006. The Flex sector consisted of 21,025,894 square feet in 546 projects. The Warehouse sector consisted of 286,959,521 square feet in 9,454 buildings. Within the Industrial market there were 2,295 owner-occupied buildings accounting for 77,297,646 square feet of Industrial space.

Reports compiled by: Juanita Reed, CoStar Property® Research Manager.

Vacancy Rates by Building Type 1996-2006


Absorption & Deliveries U.S. Vacancy ComparisonPast 10 Quarters Past 10 Quarters

Source: CoStar Property• Source: CoStar Property•

0%

2%

4%

6%

8%

10%

12%

14%

16%

19963q

19971q

19973q

19981q

19983q

19991q

19993q

20001q

20003q

20011q

20013q

20021q

20023q

20031q

20033q

20041q

20043q

20051q

20053q

20061q

20063q

Vac

ancy

Rat

e


0.5

1.0

0.60.8

(0.2)

1.7

0.2

0.70.4

(1.6)

0.10.2

0.1 0.1 0.1 0.1 0.1 0.00.1

0.0

(2.0)

(1.5)

(1.0)

(0.5)

0.0

0.5

1.0

1.5

2.0

20043q

20044q

20051q

20052q

20053q

20054q

20061q

20062q

20063q

20064q

Millio

ns

SF

Net Absorption Deliveries

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

20043q

20044q

20051q

20052q

20053q

20054q

20061q

20062q

20063q

20064q

Vac

ancy

Rat

e







CoStar Markets & Submarkets

In analyzing metropolitan areas in the U.S., CoStar has developed geographic designations to help group properties together, called Regions, Markets and Submarkets. Regions are the equivalent of metropolitan areas, or areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Regions are then divided into Markets, which are core areas within a metropolitan area that are known to be competitive with each other in terms of attracting and keeping tenants. Markets are then further subdivided into smaller units called Submarkets, which serve to delineate a core group of buildings that are competitive with each other and constitute a generally accepted competitive set, or peer group.

MARKETS

Markets Submarkets

Brooklyn Ind North Brooklyn IndSouth Brooklyn Ind

Central Suffolk Ind North Central Suffolk IndRonkonkoma/Bohemia IndSouth Central Suffolk Ind

Eastern Suffolk Ind Eastern Suffolk Ind

Nassau Ind Central Nassau IndEastern Nassau IndNorthern Nassau IndSoutheast Nassau IndSouthern Nassau IndWestern Nassau Ind

Queens Ind Central Queens IndNortheast Queens IndNorthwest Queens IndSouth Queens Ind

Staten Island Ind Staten Island Ind

Western Suffolk Ind Deer Park IndEast Farmingdale IndHauppauge IndNorthwest Suffolk IndSouthwest Suffolk Ind






Total Employment by Industry Total Employment GrowthPercent of Total Employment by Industry Total Number of Jobs Added Per Year

Source: Department of Labor, Bureau of Labor Statistics Source: Department of Labor, Bureau of Labor Statistics

Total Employment Growth Industrial* Employment GrowthCumulative Growth in Jobs Over the Past 5 Years Number of Industrial* Jobs Added Per Year

MarketEmployment

GrowthInventory Growth Difference

Atlanta 8.00% 8.30% -0.30%

Chicago 5.80% 5.80% 0.00%

Dallas/Ft Worth 8.60% 5.60% 3.00%

Denver 8.90% 3.80% 5.10%

Detroit -3.90% 2.40% -6.30%

Houston 9.70% 4.90% 4.80%

Inland Empire (California) 14.20% 24.70% -10.50%

Los Angeles 3.00% 3.10% -0.10%

Northern New Jersey 3.90% 2.80% 1.10%

Pittsburgh 0.30% 2.20% -1.90%

Long Island (New York) 3.10% 0.60% 2.50%

Source: Department of Labor, Bureau of Labor Statistics

Historical Unemployment Rates

Source: Department of Labor, Bureau of Labor Statistics

Source: Department of Labor, Bureau of Labor Statistics. * Industrial employment is defined as jobs in the

Manufacturing, and Trade, Transportation & Utilities industries

-1.0%

0.0%

1.0%

2.0%

2002 2003 2004 2005 2006

Perc

ent

Gro

wth

Long Island (New York) U.S. Average

17%

9%

4%

16%

0%

14%

7%

24%

2%

7%

0%

Natural Resources &MiningConstruction

Manufacturing

Trade, Transportation &UtilitiesInformation

Financial Activities

Professional & BusinessServicesEducation & HealthServicesLeisure & Hospitality

Other Services

Government

-4.0%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2002 2003 2004 2005 2006

Perc

ent

Gro

wth


0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

2002 1q 2002 2q 2002 3q 2002 4q 2003 1q 2003 2q 2003 3q 2003 4q 2004 1q 2004 2q 2004 3q 2004 4q 2005 1q 2005 2q 2005 3q 2005 4q 2006 1q 2006 2q 2006 3q

Perc

ent

Unem

plo

yment


EMPLOYMENT ANALYSIS






Construction Highlights in Select CoStar MarketsColor Coded by Under Construction Square Footage as a Percentage of Existing Inventory

INVENTORY & DEVELOPMENT

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Historical Deliveries 1982 - 2006

Source: CoStar Property® * Future deliveries based on current under construction buildings.

Construction Activity Markets Ranked by Under Construction RBA

# Bldgs Preleased SF Preleased % All Existing U/C

Central Suffolk Ind 1 0 0.0% 26,092 40,000

Nassau Ind 1 26,000 100.0% 27,769 26,000

Western Suffolk Ind 0 0 0.0% 30,749 0

Eastern Suffolk Ind 0 0 0.0% 31,211 0

Brooklyn Ind 0 0 0.0% 32,623 0

Queens Ind 0 0 0.0% 33,268 0

Staten Island Ind 0 0 0.0% 48,511 0

Totals 2 26,000 39.4% 30,799 33,000


Recent Deliveries Future Deliveries Leased & Un-Leased SF in Deliveries Since 2002 Preleased & Un-Leased SF in Properties Scheduled to Deliver

Source: CoStar Property® Source: CoStar Property®

Market

Under Construction Inventory Average Bldg Size

Total RBA

40,000

66,000

26,000

0

0

0

0

0

2.4

1.21.4

3.03.2

2.9

3.4

1.6

1.3

0.60.7

0.20.0

0.4 0.3

0.0

0.80.9 0.8 0.7

0.50.4

0.8

0.40.2

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006

Millio

ns

of

SF

Deliveries Average Delivered SF

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

2002 2003 2004 2005 2006

Millio

ns

of

SF

Leased Un-Leased

0

10

20

30

40

50

60

70

2007 2q 2007 4q

T

Thousa

nds

of

SF

Preleased Un-Leased







Historical Construction Starts & DeliveriesSquare 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 SF Leased % Leased Avg Rate Single-Tenant Multi-Tenant

< 50,000 SF 7 96,650 50,700 52.5% $9.26 0 96,650

50,000 SF - 99,999 SF 1 60,000 0 0.0% $0.00 0 60,000

100,000 SF - 249,999 SF 0 0 0 0.0% $0.00 0 0

250,000 SF - 499,999 SF 0 0 0 0.0% $0.00 0 0

>= 500,000 SF 0 0 0 0.0% $0.00 0 0


Recent Development by Tenancy Existing Inventory ComparisonBased on RBA Developed for Single & Multi-Tenant Use Based on Total RBA

2006 Deliveries


Currently Under Construction By Building Type By Tenancy Type

0.0

0.1

0.4

0.1

0.2

0.2

0.1

0.0

0.1

0.0

0.1

0.0

0.0

0.0

0.0

0.0

0.1

0.0

0.2

0.0

0.3

0.2

0.1

0.2

0.1 0.10.1

0.10.1

0.0

0.1

0.00.0

0.1

0.1

0.2

0.2

0.3

0.3

0.4

0.4

2003 1q 2003 2q 2003 3q 2003 4q 2004 1q 2004 2q 2004 3q 2004 4q 2005 1q 2005 2q 2005 3q 2005 4q 2006 1q 2006 2q 2006 3q 2006 4q

Millio

ns

of

SF

Construction Starts Deliveries

100%

0%

Multi Single

0%

100%

Multi Single

7%

93%

Flex Warehouse

49%

51%

Multi Single







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Flex Market Statistics Year-End 2006

YTD Net YTD Under Quoted

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

Brooklyn Ind 47 1,214,046 92,743 92,743 7.6% (4,743) 0 0 $24.13

Central Suffolk Ind 68 2,211,115 273,203 280,203 12.7% (96,180) 0 0 $11.88

Eastern Suffolk Ind 10 317,275 0 0 0.0% 18,900 0 0 $22.22

Nassau Ind 187 6,826,717 738,754 767,675 11.2% 50,751 0 0 $17.75

Queens Ind 78 4,257,386 540,647 540,647 12.7% (98,938) 0 0 $14.81

Staten Island Ind 5 126,124 0 0 0.0% 0 0 0 $0.00

Western Suffolk Ind 151 6,073,231 324,660 344,160 5.7% 47,887 15,000 0 $13.74

Totals 546 21,025,894 1,970,007 2,025,428 9.6% (82,323) 15,000 0 $15.16


Warehouse Market Statistics Year-End 2006



Brooklyn Ind 2,248 73,656,554 2,890,718 2,897,718 3.9% (279,169) 9,600 0 $10.85

Central Suffolk Ind 832 21,272,106 1,047,094 1,090,214 5.1% 3,067 114,550 40,000 $8.48

Eastern Suffolk Ind 56 1,742,682 405,945 405,945 23.3% (189,845) 0 0 $7.82

Nassau Ind 1,984 53,460,095 2,108,213 2,228,201 4.2% (139,605) 0 26,000 $10.26

Queens Ind 2,060 66,869,028 2,642,296 2,650,796 4.0% (55,979) 8,000 0 $11.33

Staten Island Ind 76 3,803,299 113,000 113,000 3.0% 15,500 0 0 $8.00

Western Suffolk Ind 2,198 66,155,757 1,971,076 2,288,304 3.5% 503,918 9,500 0 $8.49

Totals 9,454 286,959,521 11,178,342 11,674,178 4.1% (142,113) 141,650 66,000 $9.61


Total Industrial Market Statistics Year-End 2006



Brooklyn Ind 2,295 74,870,600 2,983,461 2,990,461 4.0% (283,912) 9,600 0 $11.13

Central Suffolk Ind 900 23,483,221 1,320,297 1,370,417 5.8% (93,113) 114,550 40,000 $8.77


Nassau Ind 2,171 60,286,812 2,846,967 2,995,876 5.0% (88,854) 0 26,000 $11.13

Queens Ind 2,138 71,126,414 3,182,943 3,191,443 4.5% (154,917) 8,000 0 $12.13


Western Suffolk Ind 2,349 72,228,988 2,295,736 2,632,464 3.6% 551,805 24,500 0 $9.21

Totals 10,000 307,985,415 13,148,349 13,699,606 4.4% (224,436) 156,650 66,000 $10.30


Existing Inventory Vacancy



FIGURES AT A GLANCE






FIGURES AT A GLANCE

Flex Submarket Statistics Year-End 2006



Central Nassau Ind 45 1,009,222 46,477 46,477 4.6% 80,400 0 0 $14.66

Central Queens Ind 11 264,825 0 0 0.0% 11,250 0 0 $6.50

Deer Park Ind 19 1,007,471 2,300 2,300 0.2% (400) 0 0 $13.94

East Farmingdale Ind 41 1,859,359 129,601 143,101 7.7% (48,661) 15,000 0 $11.58

Eastern Nassau Ind 61 3,537,264 549,317 553,238 15.6% (70,847) 0 0 $19.09

Eastern Suffolk Ind 10 317,275 0 0 0.0% 18,900 0 0 $22.22

Hauppauge Ind 50 2,208,544 152,259 158,259 7.2% 33,267 0 0 $15.96

North Brooklyn Ind 29 558,013 41,500 41,500 7.4% 3,200 0 0 $0.00

North Central Suffolk Ind 10 252,797 19,883 19,883 7.9% (17,500) 0 0 $0.00

Northeast Queens Ind 16 624,632 82,200 82,200 13.2% (55,200) 0 0 $15.00

Northern Nassau Ind 8 275,358 6,000 6,000 2.2% (6,000) 0 0 $39.00

Northwest Queens Ind 35 2,508,766 382,115 382,115 15.2% (40,465) 0 0 $13.98

Northwest Suffolk Ind 11 323,268 3,500 3,500 1.1% 100 0 0 $12.00

Ronkonkoma/Bohemia Ind 42 1,401,784 204,161 211,161 15.1% (75,836) 0 0 $12.06

South Brooklyn Ind 18 656,033 51,243 51,243 7.8% (7,943) 0 0 $24.13

South Central Suffolk Ind 16 556,534 49,159 49,159 8.8% (2,844) 0 0 $11.21

South Queens Ind 16 859,163 76,332 76,332 8.9% (14,523) 0 0 $24.51

Southeast Nassau Ind 2 26,200 20,000 20,000 76.3% 0 0 0 $15.00

Southern Nassau Ind 35 612,718 39,500 39,500 6.4% (2,614) 0 0 $11.43

Southwest Suffolk Ind 30 674,589 37,000 37,000 5.5% 63,581 0 0 $11.50

Staten Island Ind 5 126,124 0 0 0.0% 0 0 0 $0.00

Western Nassau Ind 36 1,365,955 77,460 102,460 7.5% 49,812 0 0 $21.89

Totals 546 21,025,894 1,970,007 2,025,428 9.6% (82,323) 15,000 0 $15.16


Warehouse Submarket Statistics Year-End 2006




Central Queens Ind 414 14,610,397 920,100 924,100 6.3% (315,635) 0 0 $10.83

Deer Park Ind 551 13,236,036 277,070 277,070 2.1% 161,976 0 0 $7.83

East Farmingdale Ind 533 17,268,020 633,486 643,486 3.7% (90,452) 0 0 $9.67

Eastern Nassau Ind 697 22,076,928 956,166 996,154 4.5% (215,318) 0 0 $10.92


Hauppauge Ind 564 23,865,532 675,258 982,486 4.1% 365,972 9,500 0 $7.92

North Brooklyn Ind 1,541 47,899,423 1,244,256 1,251,256 2.6% (205,182) 9,600 0 $11.94

North Central Suffolk Ind 84 2,139,867 176,800 177,600 8.3% 10,900 0 0 $10.41

Northeast Queens Ind 337 9,951,052 103,250 103,250 1.0% 56,000 8,000 0 $13.98

Northern Nassau Ind 50 2,015,743 134,204 134,204 6.7% (66,400) 0 0 $7.08

Northwest Queens Ind 934 32,157,319 1,192,897 1,197,397 3.7% 230,261 0 0 $11.36

Northwest Suffolk Ind 93 2,280,645 153,261 153,261 6.7% 78,036 0 0 $15.84

Ronkonkoma/Bohemia Ind 569 13,923,787 532,335 542,155 3.9% 29,604 42,850 40,000 $8.32

South Brooklyn Ind 707 25,757,131 1,646,462 1,646,462 6.4% (73,987) 0 0 $9.80

South Central Suffolk Ind 179 5,208,452 337,959 370,459 7.1% (37,437) 71,700 0 $7.78

South Queens Ind 375 10,150,260 426,049 426,049 4.2% (26,605) 0 0 $11.07

Southeast Nassau Ind 54 807,470 20,000 20,000 2.5% 5,500 0 0 $9.00

Southern Nassau Ind 573 11,843,114 638,639 718,639 6.1% (127,975) 0 0 $10.50

Southwest Suffolk Ind 457 9,505,524 232,001 232,001 2.4% (11,614) 0 0 $7.91


Western Nassau Ind 228 7,443,806 107,739 107,739 1.4% 220,050 0 26,000 $9.80

Totals 9,454 286,959,521 11,178,342 11,674,178 4.1% (142,113) 141,650 66,000 $9.61









FIGURES AT A GLANCE

Total Industrial Submarket Statistics Year-End 2006




Central Queens Ind 425 14,875,222 920,100 924,100 6.2% (304,385) 0 0 $10.33

Deer Park Ind 570 14,243,507 279,370 279,370 2.0% 161,576 0 0 $7.94

East Farmingdale Ind 574 19,127,379 763,087 786,587 4.1% (139,113) 15,000 0 $9.98

Eastern Nassau Ind 758 25,614,192 1,505,483 1,549,392 6.0% (286,165) 0 0 $11.85


Hauppauge Ind 614 26,074,076 827,517 1,140,745 4.4% 399,239 9,500 0 $9.17

North Brooklyn Ind 1,570 48,457,436 1,285,756 1,292,756 2.7% (201,982) 9,600 0 $11.94

North Central Suffolk Ind 94 2,392,664 196,683 197,483 8.3% (6,600) 0 0 $10.41

Northeast Queens Ind 353 10,575,684 185,450 185,450 1.8% 800 8,000 0 $14.30

Northern Nassau Ind 58 2,291,101 140,204 140,204 6.1% (72,400) 0 0 $7.75

Northwest Queens Ind 969 34,666,085 1,575,012 1,579,512 4.6% 189,796 0 0 $12.03

Northwest Suffolk Ind 104 2,603,913 156,761 156,761 6.0% 78,136 0 0 $15.21

Ronkonkoma/Bohemia Ind 611 15,325,571 736,496 753,316 4.9% (46,232) 42,850 40,000 $8.69

South Brooklyn Ind 725 26,413,164 1,697,705 1,697,705 6.4% (81,930) 0 0 $10.38

South Central Suffolk Ind 195 5,764,986 387,118 419,618 7.3% (40,281) 71,700 0 $8.09

South Queens Ind 391 11,009,423 502,381 502,381 4.6% (41,128) 0 0 $14.52

Southeast Nassau Ind 56 833,670 40,000 40,000 4.8% 5,500 0 0 $12.00

Southern Nassau Ind 608 12,455,832 678,139 758,139 6.1% (130,589) 0 0 $10.53

Southwest Suffolk Ind 487 10,180,113 269,001 269,001 2.6% 51,967 0 0 $8.41


Western Nassau Ind 264 8,809,761 185,199 210,199 2.4% 269,862 0 26,000 $11.69

Totals 10,000 307,985,415 13,148,349 13,699,606 4.4% (224,436) 156,650 66,000 $10.30








FIGURES AT A GLANCE

Flex Market Statistics Year-End 2006

Net Quoted

Period # Blds Total RBA Direct SF Total SF Vac % Absorption # Blds Total RBA # Blds Total RBA Rates

2006 4q 546 21,025,894 1,970,007 2,025,428 9.6% (411,449) 0 0 0 0 $15.16 2006 3q 546 21,025,894 1,544,539 1,613,979 7.7% 25,358 1 15,000 0 0 $15.28 2006 2q 545 21,010,894 1,545,397 1,624,337 7.7% (13,625) 0 0 1 15,000 $15.09 2006 1q 545 21,010,894 1,457,919 1,610,712 7.7% 317,393 0 0 1 15,000 $14.79 2005 4q 545 21,010,894 1,774,001 1,928,105 9.2% 175,685 0 0 1 15,000 $13.33 2005 3q 545 21,010,894 1,969,738 2,103,790 10.0% 149,446 1 90,000 1 15,000 $13.09 2005 2q 544 20,920,894 1,926,354 2,163,236 10.3% (21,116) 1 20,400 2 105,000 $12.78 2005 1q 543 20,900,494 1,836,957 2,121,720 10.2% (42,908) 0 0 2 110,400 $12.82

2004 543 20,900,494 1,818,954 2,078,812 9.9% 583,686 4 145,754 1 90,000 $12.85 2003 540 20,939,740 2,406,059 2,701,744 12.9% 220,094 2 213,970 4 214,754 $12.95 2002 538 20,725,770 2,398,047 2,707,868 13.1% (143,056) 5 174,690 2 192,624 $10.51 2001 533 20,551,080 2,198,539 2,390,122 11.6% (137,408) 0 0 4 44,690 $14.32 2000 533 20,551,080 2,113,952 2,252,714 11.0% (727,309) 1 10,000 0 0 $12.70 1999 533 20,577,555 1,497,380 1,551,880 7.5% (46,235) 3 84,500 0 0 $8.84 1998 530 20,493,055 1,181,745 1,421,145 6.9% 367,872 3 193,250 2 46,000 $9.37 1997 527 20,299,805 1,279,987 1,595,767 7.9% 428,889 0 0 3 193,250 $8.10


Warehouse Market Statistics Year-End 2006

Net Quoted


2006 4q 9,454 286,959,521 11,178,342 11,674,178 4.1% (1,158,201) 0 0 2 66,000 $9.61 2006 3q 9,455 287,035,521 10,068,706 10,591,977 3.7% 411,701 4 89,300 2 66,000 $9.17 2006 2q 9,451 286,946,221 10,372,627 10,914,378 3.8% 692,531 0 0 5 115,300 $8.99 2006 1q 9,452 286,958,721 10,949,646 11,619,409 4.0% (88,144) 3 52,350 5 115,300 $9.04 2005 4q 9,450 286,917,171 10,820,545 11,489,715 4.0% 1,487,747 1 67,300 5 138,350 $9.06 2005 3q 9,449 286,849,871 11,993,498 12,910,162 4.5% (342,090) 2 14,650 6 205,650 $9.05 2005 2q 9,447 286,835,221 11,792,019 12,553,422 4.4% 778,340 2 73,911 5 167,950 $8.93 2005 1q 9,446 286,773,516 12,158,920 13,270,057 4.6% 603,513 1 101,000 7 241,861 $8.63

2004 9,449 286,712,866 12,900,241 13,812,920 4.8% (545,540) 11 606,254 6 272,911 $8.56 2003 9,448 287,297,279 13,060,328 13,851,793 4.8% 133,722 9 178,700 8 368,524 $7.99 2002 9,453 287,791,754 13,476,316 14,479,990 5.0% (1,330,577) 9 341,860 9 174,200 $8.15 2001 9,452 287,683,519 12,308,713 13,041,178 4.5% (1,136,990) 13 694,830 7 289,145 $8.77 2000 9,442 287,159,714 11,255,983 11,380,383 4.0% (2,099,285) 18 666,447 10 556,130 $9.52 1999 9,426 286,773,067 8,736,497 8,894,451 3.1% 2,839,532 18 787,320 15 630,642 $6.80 1998 9,408 285,985,747 10,525,241 10,946,663 3.8% 2,241,817 8 492,359 17 773,820 $6.35 1997 9,400 285,493,388 11,830,310 12,696,121 4.4% (765,960) 2 49,000 7 480,359 $5.61


Total Industrial Market Statistics Year-End 2006

Net Quoted


2006 4q 10,000 307,985,415 13,148,349 13,699,606 4.4% (1,569,650) 0 0 2 66,000 $10.30 2006 3q 10,001 308,061,415 11,613,245 12,205,956 4.0% 437,059 5 104,300 2 66,000 $9.91 2006 2q 9,996 307,957,115 11,918,024 12,538,715 4.1% 678,906 0 0 6 130,300 $9.68 2006 1q 9,997 307,969,615 12,407,565 13,230,121 4.3% 229,249 3 52,350 6 130,300 $9.63 2005 4q 9,995 307,928,065 12,594,546 13,417,820 4.4% 1,663,432 1 67,300 6 153,350 $9.63 2005 3q 9,994 307,860,765 13,963,236 15,013,952 4.9% (192,644) 3 104,650 7 220,650 $9.59 2005 2q 9,991 307,756,115 13,718,373 14,716,658 4.8% 757,224 3 94,311 7 272,950 $9.47 2005 1q 9,989 307,674,010 13,995,877 15,391,777 5.0% 560,605 1 101,000 9 352,261 $9.19

2004 9,992 307,613,360 14,719,195 15,891,732 5.2% 38,146 15 752,008 7 362,911 $9.17 2003 9,988 308,237,019 15,466,387 16,553,537 5.4% 353,816 11 392,670 12 583,278 $8.82 2002 9,991 308,517,524 15,874,363 17,187,858 5.6% (1,473,633) 14 516,550 11 366,824 $8.24 2001 9,985 308,234,599 14,507,252 15,431,300 5.0% (1,274,398) 13 694,830 11 333,835 $9.10 2000 9,975 307,710,794 13,369,935 13,633,097 4.4% (2,826,594) 19 676,447 10 556,130 $9.92 1999 9,959 307,350,622 10,233,877 10,446,331 3.4% 2,793,297 21 871,820 15 630,642 $6.99 1998 9,938 306,478,802 11,706,986 12,367,808 4.0% 2,609,689 11 685,609 19 819,820 $6.61 1997 9,927 305,793,193 13,110,297 14,291,888 4.7% (337,071) 2 49,000 10 673,609 $5.85


Existing Inventory Vacancy Deliveries UC Inventory








LEASING ACTIVITY

Leasing Highlights in Select CoStar MarketsColor Coded by Vacancy Rate

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Historical Rental RatesBased on Quoted Rental Rates


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


U.S. Rental Rate Comparison Future Space AvailableBased on Average Quoted Rental Rates Space Scheduled to be Available for Occupancy*

Source: CoStar Property® Source: CoStar Property® * Includes Under Construction Space

Long Island (New York) United States Long Island (New York) United States

$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

$16.00

$18.00

2004 3q 2004 4q 2005 1q 2005 2q 2005 3q 2005 4q 2006 1q 2006 2q 2006 3q 2006 4q

Dollar

s/SF/Y

ear


$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

20043q

20044q

20051q

20052q

20053q

20054q

20061q

20062q

20063q

20064q

Dollar

s/SF/Y

ear


96%

4%

Direct Sublet

5%

95%

Direct Sublet

15%

85%

Flex Warehouse

0.6

0.1

0.1

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

2007 1q 2007 2q 2007 3q 2008 1q 2008 2q 2008 3q

Mill

ions

83%17%

Flex Warehouse

LEASING ACTIVITY






Long Island Industrial MarketMARKET HIGHLIGHTS - FLEX & WAREHOUSE

LEASING ACTIVITY


* Renewal

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

1 1650 Old Country Rd Eastern Nassau Ind 148,000 3rd Consumer Products Services N/A Renaissance Realty Services, LLC

2 2002 Orville Drive Ronkonkoma/Bohemia Ind 128,517 2nd ELM Freight Handlers N/A Ashlind Properties

3 Business & Research Center At Garden City Central Nassau Ind 114,474 2nd Lifetime Brands, Inc. CB Richard Ellis Corporate National Realty, LLC

4 1312 Flushing Ave North Brooklyn Ind 93,000 2nd N/A N/A Sholom & Zuckerbrot Realty Corp.

5 Swingline Bldg Northwest Queens Ind 85,000 3rd N/A N/A Sholom & Zuckerbrot Realty Corp.

6 The Redstone Building Northwest Queens Ind 70,355 3rd N/A N/A Silverman Realty Group, Inc.

7 895 Waverly Ave South Central Suffolk Ind 68,000 4th Tradewinds Environmental Restoration, LLC Atlantic Property Services, LLC Corporate National Realty, LLC

8 Three Village Ind Pk North Central Suffolk Ind 66,000 3rd N/A N/A Alpine Overhead Door, Inc.

9 360 Vanderbilt Motor Pky Hauppauge Ind 60,000 3rd The Mortgage Zone N/A Rechler Equity Partners, LLC

10 1401 Lakeland Ave Ronkonkoma/Bohemia Ind 59,000 4th Andrea Baskets Ashlind Properties Zere Real Estate Services Inc.

11 Long Island City Business Center I Northwest Queens Ind 53,279 1st Net-A-Porter, Ltd. Coldwell Banker Commercial Properti 601 West Associates, LLC

12 Long Island City Business Center I Northwest Queens Ind 52,379 2nd N/A N/A 601 West Associates, LLC

13 5800 Third Avenue South Brooklyn Ind 52,000 3rd N/A N/A Seico Realty

14 3 Delaware Dr Western Nassau Ind 50,000 2nd ProHEALTH Care Associates N/A We’re Group

15 294 Grumman Rd W Eastern Nassau Ind 50,000 1st N/A N/A Steel Equities

16 33-02 Skillman Ave Northwest Queens Ind 49,500 2nd Calypso Christiane Celle N/A First Pioneer Properties

17 121 Morgan Ave North Brooklyn Ind 48,000 3rd N/A N/A Sholom & Zuckerbrot Realty Corp.

18 1801 Falmouth Ave Western Nassau Ind 44,800 2nd N/A N/A Sutton & Edwards, Inc.

19 3731 Horseblock Rd South Central Suffolk Ind 39,600 3rd N/A N/A Greiner-Maltz Company, Inc.

20 123 Frost St Eastern Nassau Ind 39,000 4th N/A N/A Spiegel Associates

21 58-95 Maurice Ave Central Queens Ind 38,500 4th N/A N/A M. Parisi & Son Construction, Inc.

22 Queens Industrial Center South Queens Ind 38,115 3rd N/A N/A Bobis Realty

23 185 Randolph St North Brooklyn Ind 37,000 4th N/A N/A Greiner-Maltz Company, Inc.

24 60 Austin Blvd Hauppauge Ind 36,693 4th Seating Solutions Harlowe Realty Services, Inc. AIRECO Real Estate Corp.

25 245 Babylon Farmingdale Rd Southwest Suffolk Ind 35,500 2nd Alternative Shipping & Packing Limited Reinhardt, Becker, Ford & Assoc. Metro Realty Services, LLC

26 100 Adams Blvd East Farmingdale Ind 35,192 1st N/A N/A Finkelstein Realty, Inc.

27 600 W John St Eastern Nassau Ind 34,000 3rd Art Leather Manufacturing Inc. Triangle Properties Sutton & Edwards, Inc.

28 147-35 Farmers Blvd South Queens Ind 34,000 4th N/A N/A NAI Long Island

29 600 W John St Eastern Nassau Ind 34,000 3rd Art Leather Manufacturing, Inc. Triangle Properties Sutton & Edwards, Inc.

30 425 Rabro Dr Hauppauge Ind 33,859 3rd Clearvision N/A Rechler Equity Partners, LLC

31 99 Lafayette Dr Eastern Nassau Ind 32,000 4th Keystone Automotive Industries Inc. Reinhardt, Becker, Ford & Assoc. Sutton & Edwards, Inc.

32 1293 Flushing Ave North Brooklyn Ind 32,000 3rd N/A N/A DY Realty Services LLC

33 The Redstone Building Northwest Queens Ind 31,745 2nd Torkia Gift Warehousing LLC ABH Realty Corp. Silverman Realty Group, Inc.

34 168-25 Jamaica Ave South Queens Ind 31,000 3rd N/A N/A Ingram & Hebron Realty

35 70 Marcus Blvd Hauppauge Ind 30,000 4th N/A N/A Newmark Knight Frank

36 300 Oser Ave Hauppauge Ind 30,000 1st Freedom Doors Newmark Knight Frank Heartland Development

37 106 Charles Lindbergh Blvd Central Nassau Ind 30,000 2nd OSI Pharmaceuticals N/A American Commercial Real Estate Inc

38 807 Bank St South Brooklyn Ind 30,000 2nd Q Y Distributors N/A Greiner-Maltz Company, Inc.

39 130 Hoffman Ln Hauppauge Ind 30,000 4th N/A N/A Newmark Knight Frank

40 100 & 110 Oser Ave Hauppauge Ind 25,220 2nd USA Family Outlet Centers N/A Sutton & Edwards, Inc.

Select Top Industrial Leases Based on Leased Square Footage For Deals Signed in 2006







B R O O K L Y N M A R K E T

Deliveries, Absorption & Vacancy Historical Analysis, Flex and Warehouse


Vacant Space Quoted Rental RatesHistorical Analysis, Flex and Warehouse Historical Analysis, Flex and Warehouse


Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2006 4q 2,295 74,870,600 2,990,461 4.0% (634,786) 0 0 0 0 $11.13

2006 3q 2,296 74,946,600 2,431,675 3.2% (242,769) 1 9,600 0 0 $9.92

2006 2q 2,295 74,937,000 2,179,306 2.9% (14,619) 0 0 1 9,600 $9.96

2006 1q 2,296 74,949,500 2,177,187 2.9% 608,262 0 0 1 9,600 $9.66

2005 4q 2,297 74,960,300 2,796,249 3.7% 276,510 0 0 0 0 $10.17

2005 3q 2,297 74,960,300 3,072,759 4.1% (97,661) 1 2,650 0 0 $10.09

2005 2q 2,296 74,957,650 2,972,448 4.0% (64,530) 0 0 1 2,650 $10.21

2005 1q 2,297 74,969,856 2,920,124 3.9% (53,791) 0 0 1 2,650 $8.83

2004 4q 2,299 74,975,206 2,871,683 3.8% 110,175 0 0 0 0 $7.81

2004 3q 2,299 74,975,206 2,981,858 4.0% 233,215 0 0 0 0 $8.70

2004 2q 2,300 74,983,506 3,223,373 4.3% 207,463 0 0 0 0 $8.60

2004 1q 2,300 74,983,506 3,430,836 4.6% (597,890) 2 54,242 0 0 $8.74

2003 4q 2,300 74,937,309 2,786,749 3.7% (159,924) 1 11,000 2 54,242 $8.70

2003 3q 2,300 74,930,484 2,620,000 3.5% 123,842 0 0 3 65,242 $8.95

2003 2q 2,301 74,966,484 2,779,842 3.7% (734,847) 0 0 1 11,000 $8.96

2003 1q 2,304 75,443,270 2,521,781 3.3% (663,829) 0 0 0 0 $7.84


UC InventoryDelivered InventoryExisting Inventory Vacancy

(1.000)

(0.800)

(0.600)

(0.400)

(0.200)

0.000

0.200

0.400

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0.800


Millio

ns

SF

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

Perce

nt V

acant

Delivered SF Absorption SF Vacancy

$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

2005 1q 2005 2q 2005 3q 2005 4q 2006 1q 2006 2q 2006 3q 2006 4q

Dollar

s/SF/Y

ear

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

2005 1q 2005 2q 2005 3q 2005 4q 2006 1q 2006 2q 2006 3q 2006 4q

Millio

ns

SF

Direct SF Sublet SF







C E N T R A L S U F F O L K M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2006 4q 900 23,483,221 1,370,417 5.8% (107,676) 0 0 1 40,000 $8.77

2006 3q 900 23,483,221 1,262,741 5.4% (26,385) 2 71,700 1 40,000 $8.65

2006 2q 898 23,411,521 1,164,656 5.0% 87,215 0 0 2 71,700 $8.52

2006 1q 898 23,411,521 1,251,871 5.3% (46,267) 2 42,850 2 71,700 $8.30

2005 4q 896 23,368,671 1,162,754 5.0% 200,299 1 67,300 3 102,850 $8.38

2005 3q 895 23,301,371 1,295,753 5.6% (114,066) 1 12,000 4 170,150 $8.58

2005 2q 894 23,289,371 1,169,687 5.0% 346,695 2 33,863 3 139,300 $8.33

2005 1q 892 23,255,508 1,482,519 6.4% (37,526) 0 0 5 173,163 $7.92

2004 4q 892 23,255,508 1,444,993 6.2% 329,882 1 127,500 3 85,463 $8.02

2004 3q 891 23,128,008 1,647,375 7.1% 115,026 3 61,000 3 199,500 $8.03

2004 2q 888 23,067,008 1,701,401 7.4% 51,657 0 0 5 248,500 $8.22

2004 1q 888 23,067,008 1,753,058 7.6% (231,645) 1 14,754 4 121,000 $7.87

2003 4q 887 23,052,254 1,506,659 6.5% 175,492 1 36,100 2 44,754 $7.43

2003 3q 886 23,016,154 1,646,051 7.2% 359,326 0 0 2 50,854 $6.94

2003 2q 887 23,037,140 2,026,363 8.8% (34,110) 1 28,450 2 50,854 $6.97

2003 1q 886 23,008,690 1,963,803 8.5% 65,940 3 96,000 3 79,304 $6.87



(0.300)

(0.200)

(0.100)

0.000

0.100

0.200

0.300

0.400


Millio

ns

SF

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

Perce

nt V

acant


$7.40

$7.60

$7.80

$8.00

$8.20

$8.40

$8.60

$8.80

$9.00

2005 1q 2005 2q 2005 3q 2005 4q 2006 1q 2006 2q 2006 3q 2006 4q

Dollar

s/SF/Y

ear

0.00

0.20

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0.80

1.00

1.20

1.40

1.60

2005 1q 2005 2q 2005 3q 2005 4q 2006 1q 2006 2q 2006 3q 2006 4q

Millio

ns

SF

Direct SF Sublet SF







E A S T E R N S U F F O L K M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2006 4q 66 2,059,957 405,945 19.7% 15,600 0 0 0 0 $8.12

2006 3q 66 2,059,957 421,545 20.5% 10,500 0 0 0 0 $8.36

2006 2q 66 2,059,957 432,045 21.0% 58,400 0 0 0 0 $8.40

2006 1q 66 2,059,957 490,445 23.8% (255,445) 0 0 0 0 $8.40

2005 4q 66 2,059,957 235,000 11.4% (4,888) 0 0 0 0 $11.62

2005 3q 66 2,059,957 230,112 11.2% 0 0 0 0 0 $11.40

2005 2q 66 2,059,957 230,112 11.2% 86,000 0 0 0 0 $11.19

2005 1q 66 2,059,957 316,112 15.3% 149,900 0 0 0 0 $11.78

2004 4q 66 2,059,957 466,012 22.6% (23,240) 0 0 0 0 $9.22

2004 3q 66 2,059,957 442,772 21.5% (10,900) 0 0 0 0 $8.75

2004 2q 66 2,059,957 431,872 21.0% (80,772) 0 0 0 0 $9.42

2004 1q 66 2,059,957 351,100 17.0% (59,800) 0 0 0 0 $10.18

2003 4q 66 2,059,957 291,300 14.1% 31,862 0 0 0 0 $11.68

2003 3q 66 2,059,957 323,162 15.7% 33,468 0 0 0 0 $10.94

2003 2q 66 2,059,957 356,630 17.3% (8,000) 0 0 0 0 $11.02

2003 1q 67 2,079,957 368,630 17.7% (6,600) 0 0 0 0 $10.27



(0.300)

(0.250)

(0.200)

(0.150)

(0.100)

(0.050)

0.000

0.050

0.100

0.150

0.200


Millio

ns

SF

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Perce

nt V

acant


$0.00

$2.00

$4.00

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$14.00

2005 1q 2005 2q 2005 3q 2005 4q 2006 1q 2006 2q 2006 3q 2006 4q

Dollar

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ear

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2005 1q 2005 2q 2005 3q 2005 4q 2006 1q 2006 2q 2006 3q 2006 4q

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ns

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Direct SF Sublet SF







N A S S A U M A R K E TMARKET HIGHLIGHTS - FLEX & WAREHOUSE





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2006 4q 2,171 60,286,812 2,995,876 5.0% (32,889) 0 0 1 26,000 $11.13

2006 3q 2,171 60,286,812 2,962,987 4.9% 191,853 0 0 1 26,000 $10.65

2006 2q 2,171 60,286,812 3,154,840 5.2% 119,253 0 0 1 26,000 $10.39

2006 1q 2,171 60,286,812 3,274,093 5.4% (367,071) 0 0 1 26,000 $10.56

2005 4q 2,171 60,286,812 2,907,022 4.8% 342,370 0 0 1 26,000 $10.03

2005 3q 2,171 60,286,812 3,249,392 5.4% 122,249 0 0 1 26,000 $10.06

2005 2q 2,171 60,286,812 3,371,641 5.6% 214,709 1 60,448 1 26,000 $9.85

2005 1q 2,170 60,226,364 3,525,902 5.9% 55,593 0 0 2 86,448 $9.88

2004 4q 2,171 60,236,364 3,591,495 6.0% 218,912 0 0 2 86,448 $9.49

2004 3q 2,171 60,236,364 3,810,407 6.3% 658,558 0 0 2 86,448 $9.44

2004 2q 2,171 60,236,364 4,468,965 7.4% 272,409 2 165,000 0 0 $9.17

2004 1q 2,169 60,071,364 4,576,374 7.6% (602,238) 0 0 2 165,000 $9.00

2003 4q 2,172 60,323,530 4,226,302 7.0% (19,458) 0 0 2 165,000 $8.94

2003 3q 2,174 60,340,230 4,223,544 7.0% 198,223 0 0 2 165,000 $9.05

2003 2q 2,174 60,340,230 4,421,767 7.3% (72,735) 0 0 1 80,000 $8.99

2003 1q 2,174 60,340,230 4,349,032 7.2% (488,540) 1 18,000 0 0 $8.59



(0.800)

(0.600)

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0.000

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Millio

ns

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Perce

nt V

acant


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$9.50

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2005 1q 2005 2q 2005 3q 2005 4q 2006 1q 2006 2q 2006 3q 2006 4q

Dollar

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ns

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Direct SF Sublet SF






Long Island Industrial MarketMARKET HIGHLIGHTS - FLEX & WAREHOUSEQ U E E N S M A R K E TMARKET HIGHLIGHTS - FLEX & WAREHOUSE






2006 3q 2,138 71,126,414 2,546,994 3.6% 109,303 1 8,000 0 0 $12.34

2006 2q 2,137 71,118,414 2,648,297 3.7% 514,191 0 0 1 8,000 $11.58

2006 1q 2,137 71,118,414 3,162,488 4.4% (133,962) 0 0 1 8,000 $11.41

2005 4q 2,137 71,118,414 3,028,526 4.3% 539,783 0 0 0 0 $11.18

2005 3q 2,137 71,118,414 3,568,309 5.0% (151,387) 1 90,000 0 0 $11.37

2005 2q 2,136 71,028,414 3,326,922 4.7% 503,180 0 0 1 90,000 $11.01

2005 1q 2,136 71,028,414 3,830,102 5.4% 113,808 0 0 1 90,000 $10.65

2004 4q 2,137 71,053,414 3,968,910 5.6% (151,891) 0 0 1 90,000 $10.65

2004 3q 2,139 72,063,414 4,827,019 6.7% (966,182) 0 0 1 90,000 $11.05

2004 2q 2,139 72,063,414 3,860,837 5.4% 41,990 0 0 1 90,000 $11.16

2004 1q 2,139 72,063,414 3,902,827 5.4% (315,809) 3 158,682 1 90,000 $11.10

2003 4q 2,139 72,001,888 3,525,492 4.9% (265,276) 0 0 4 248,682 $10.66

2003 3q 2,142 72,052,470 3,310,798 4.6% 189,104 1 177,870 3 158,682 $10.13

2003 2q 2,142 71,888,456 3,335,888 4.6% 445,792 0 0 2 184,370 $11.20

2003 1q 2,142 71,888,456 3,781,680 5.3% 15,263 0 0 2 184,370 $10.18



(1.200)

(1.000)

(0.800)

(0.600)

(0.400)

(0.200)

0.000

0.200

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0.800


Millio

ns

SF

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1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

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8.0%

Perce

nt V

acant


$9.50

$10.00

$10.50

$11.00

$11.50

$12.00

$12.50

2005 1q 2005 2q 2005 3q 2005 4q 2006 1q 2006 2q 2006 3q 2006 4q

Dollar

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ear

0.00

0.50

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2005 1q 2005 2q 2005 3q 2005 4q 2006 1q 2006 2q 2006 3q 2006 4q

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ns

SF

Direct SF Sublet SF







S T A T E N I S L A N D M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2006 4q 81 3,929,423 113,000 2.9% 5,000 0 0 0 0 $8.00

2006 3q 81 3,929,423 118,000 3.0% 5,500 0 0 0 0 $8.00

2006 2q 81 3,929,423 123,500 3.1% 0 0 0 0 0 $8.00

2006 1q 81 3,929,423 123,500 3.1% 5,000 0 0 0 0 $8.00

2005 4q 81 3,929,423 128,500 3.3% 0 0 0 0 0 $0.00

2005 3q 81 3,929,423 128,500 3.3% (9,000) 0 0 0 0 $0.00

2005 2q 81 3,929,423 119,500 3.0% 0 0 0 0 0 $0.00

2005 1q 81 3,929,423 119,500 3.0% (5,000) 0 0 0 0 $0.00

2004 4q 81 3,929,423 114,500 2.9% 4,100 0 0 0 0 $0.00

2004 3q 81 3,929,423 118,600 3.0% 274,000 0 0 0 0 $0.00

2004 2q 81 3,929,423 392,600 10.0% (18,600) 0 0 0 0 $0.00

2004 1q 81 3,929,423 374,000 9.5% 0 0 0 0 0 $0.00

2003 4q 81 3,929,423 374,000 9.5% 14,200 0 0 0 0 $0.00

2003 3q 81 3,929,423 388,200 9.9% 122,100 0 0 0 0 $0.00

2003 2q 81 3,929,423 510,300 13.0% (5,000) 0 0 0 0 $0.00

2003 1q 81 3,929,423 505,300 12.9% 29,200 1 16,000 0 0 $0.00



(0.050)

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14.0%

Perce

nt V

acant


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$1.00

$2.00

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$4.00

$5.00

$6.00

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$8.00

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2005 1q 2005 2q 2005 3q 2005 4q 2006 1q 2006 2q 2006 3q 2006 4q

Dollar

s/SF/Y

ear

0.11

0.11

0.12

0.12

0.13

0.13

2005 1q 2005 2q 2005 3q 2005 4q 2006 1q 2006 2q 2006 3q 2006 4q

Millio

ns

SF

Direct SF Sublet SF







W E S T E R N S U F F O L K M A R K E T






2006 3q 2,349 72,228,988 2,462,014 3.4% 389,057 1 15,000 0 0 $8.79

2006 2q 2,348 72,213,988 2,836,071 3.9% (85,534) 0 0 1 15,000 $8.69

2006 1q 2,348 72,213,988 2,750,537 3.8% 418,732 1 9,500 1 15,000 $8.32

2005 4q 2,347 72,204,488 3,159,769 4.4% 309,358 0 0 2 24,500 $8.24

2005 3q 2,347 72,204,488 3,469,127 4.8% 57,221 0 0 2 24,500 $8.10

2005 2q 2,347 72,204,488 3,526,348 4.9% (328,830) 0 0 1 15,000 $8.08

2005 1q 2,347 72,204,488 3,197,518 4.4% 337,621 1 101,000 0 0 $7.77

2004 4q 2,346 72,103,488 3,434,139 4.8% 518,584 1 100,230 1 101,000 $8.72

2004 3q 2,345 72,003,258 3,852,493 5.4% 163,904 0 0 2 201,230 $8.69

2004 2q 2,345 72,003,258 4,016,397 5.6% 120,482 0 0 2 201,230 $7.66

2004 1q 2,345 72,003,258 4,136,879 5.7% (223,244) 2 70,600 1 100,230 $7.66

2003 4q 2,343 71,932,658 3,843,035 5.3% (52,051) 0 0 2 70,600 $7.86

2003 3q 2,343 71,932,658 3,790,984 5.3% 192,473 1 7,000 2 70,600 $7.42

2003 2q 2,342 71,925,658 3,976,457 5.5% 120,345 0 0 1 7,000 $7.49

2003 1q 2,342 71,925,658 4,096,802 5.7% 747,556 1 2,250 1 7,000 $6.89



(0.400)

(0.200)

0.000

0.200

0.400

0.600

0.800

1.000


Millio

ns

SF

0.0%

1.0%

2.0%

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5.0%

6.0%

7.0%

Perce

nt V

acant


$7.00

$7.50

$8.00

$8.50

$9.00

$9.50

2005 1q 2005 2q 2005 3q 2005 4q 2006 1q 2006 2q 2006 3q 2006 4q

Dollar

s/SF/Y

ear

0.00

0.50

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2005 1q 2005 2q 2005 3q 2005 4q 2006 1q 2006 2q 2006 3q 2006 4q

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ns

SF

Direct SF Sublet SF

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