Industrial Market Appendix (3Q12)

cassidyturley.com | 2

Industrial AppendixIndianapolis, Indiana Third Quarter 2012

cassidyturley.com | A-i

Indianapolis Industrial StatisticsDistribution of Inventory by Product Type

3rd Quarter 2012239,644,682 Total Square Feet

Office/Showroom7.2%

Medium Distribution

20.8%

Traditional Bulk15.2%

Modern Bulk24.4%Flex

3.0%

Manufacturing28.2%

Maintenance & Transport

1.2%

Indianapolis Industrial Statistics Distribution of Inventory by Product Type3rd Quarter 2012239,644,682 Total Square Feet

9,020,362 Total Square Feet

Indianapolis Industrial Statistics Distribution of Vacant Space by Product Type3rd Quarter 2012

Source: Cassidy Turley Research

Distribution of Space


Indianapolis Industrial StatisticsDistribution of Vacant Space by Product Type

3rd Quarter 20129,020,362 Total Square Feet

Office/Showroom16.7%

Medium Distribution

27.4%

Traditional Bulk18.1%Modern Bulk

11.3%

Flex6.7%

Manufacturing19.4%

Maintenance & Transport

0.5%

A-ii | We know The State of Real Estate®

Indianapolis Industrial MarketNet Occupancy Growth

3rd Quarter 2012

-2-10123456789

10

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Million

s

Square Feet

Net Occupancy Growth

Indianapolis Industrial MarketNet Occupancy Growth3rd Quarter 2012

Occupancy Growth


cassidyturley.com | A-iii

0% 5% 10% 15% 20% 25% 30%

2012

2013

2014

2015

2016

2017

Indianapolis Industrial MarketFlex Tenant Distribution by Lease Expiration

Based on Total Number of Tenants3rd Quarter 2012

0% 5% 10% 15% 20% 25% 30% 35%

Under 2,500 SF

2,500 to 4,999 SF

5,000 to 9,999 SF

10,000 to 24,999 SF

25,000 to 49,999 SF

50,000 to 74,999 SF

75,000 SF+

Indianapolis Industrial MarketFlex Tenant Distribution


Indianapolis Industrial MarketFlex Tenant DistributionBased on Total Number of Tenants3rd Quarter 2012

Indianapolis Industrial MarketFlex Tenant Distribution by Lease ExpirationBased on Total Number of Tenants3rd Quarter 2012

Tenant Distribution



A-iv | We know The State of Real Estate®

Tenant Distribution

0% 5% 10% 15% 20% 25%

2012

2013

2014

2015

2016

2017

Indianapolis Industrial MarketWarehouse Tenant Distribution by Lease Expiration


0% 5% 10% 15% 20% 25% 30%

Under 2,500 SF

2,500 to 4,999 SF

5,000 to 9,999 SF

10,000 to 24,999 SF

25,000 to 49,999 SF

50,000 to 74,999 SF

75,000 SF+

Indianapolis Industrial MarketWarehouse Tenant Distribution by Size


Indianapolis Industrial MarketWarehouse Tenant Distribution by SizeBased on Total Number of Tenants3rd Quarter 2012

Indianapolis Industrial MarketWarehouse Tenant Distribution by Lease ExpirationBased on Total Number of Tenants3rd Quarter 2012



cassidyturley.com | A-v

Average Asking Rates

$3.47$2.89

$7.39

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

$8.00

$9.00

$10.00

3Q

01

1Q

02

3Q

02

1Q

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3Q

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1Q

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3Q

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1Q

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3Q

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1Q

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3Q

06

1Q

07

3Q

07

1Q

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3Q

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1Q

09

3Q

09

1Q

10

3Q

10

1Q

11

3Q

11

1Q

12

3Q

12

Aski

ng R

ate

(NN

N)

All Product Types Warehouse Flex

Indianapolis Industrial MarketHistorical Average Asking Rate Trends

Avg. Asking Rate Historical Comparison

$5.03

$3.78

$3.47

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

1Q

201

1

2Q

201

1

3Q

201

1

4Q

201

1

1Q

201

2

2Q

201

2

3Q

201

2

Aski

ng R

ate

(NN

N)

U.S. Midwest Indianapolis


Avg. Asking Rate Historical Comparison

Indianapolis Industrial MarketHistorical Average Asking Rate Trends 3rd Quarter 2012

Indianapolis Industrial MarketAverage Asking Rates by Product Type 3rd Quarter 2012



cassidyturley.com | A-vi


0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

$0

$1

$2

$3

$4

$5

Avg. Asking Rate (NNN) Vacancy (All Product Types)

Indianapolis Industrial MarketVacancy vs. Asking Rents

ALL PRODUCT TYPES

Vacancy = 3.8%Avg. Asking Rate = $3.47

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

$4.50

3Q

01

1Q

02

3Q

02

1Q

03

3Q

03

1Q

04

3Q

04

1Q

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3Q

05

1Q

06

3Q

06

1Q

07

3Q

07

1Q

08

3Q

08

1Q

09

3Q

09

1Q

10

3Q

10

1Q

11

3Q

11

1Q

12

3Q

12

Yr/Y

r %

Cha

nge

Aski

ng R

ent

Avg. Asking Rate (NNN) Yr/Yr Change


ALL PRODUCT TYPES

Indianapolis Industrial MarketHistorical Average Asking Rate TrendsAll Product Types3rd Quarter 2012

Indianapolis Industrial MarketVacancy vs. Average Asking RateAll Product Types3rd Quarter 2012



cassidyturley.com | A-vii


0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

$0

$1

$2

$3

$4

$5

Avg. Asking Rate (NNN) Vacancy (Warehouse)


WAREHOUSE (ALL TYPES)


-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

$4.50

3Q

01

1Q

02

3Q

02

1Q

03

3Q

03

1Q

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3Q

04

1Q

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3Q

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1Q

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3Q

06

1Q

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3Q

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3Q

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1Q

10

3Q

10

1Q

11

3Q

11

1Q

12

3Q

12

Yr/Y

r %

Cha

nge

Aski

ng R

ent



WAREHOUSE (ALL TYPES)

Indianapolis Industrial MarketHistorical Average Asking Rate TrendsWarehouse3rd Quarter 2012

Indianapolis Industrial MarketVacancy vs. Average Asking RateWarehouse3rd Quarter 2012



cassidyturley.com | A-viii


0%

2%

4%

6%

8%

10%

12%

14%

16%

$0

$1

$2

$3

$4

$5

$6

$7

$8

$9

$10

Avg. Asking Rate (NNN) Vacancy (Flex)


FLEX


-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

$8.00

$9.00

$10.00

3Q

01

1Q

02

3Q

02

1Q

03

3Q

03

1Q

04

3Q

04

1Q

05

3Q

05

1Q

06

3Q

06

1Q

07

3Q

07

1Q

08

3Q

08

1Q

09

3Q

09

1Q

10

3Q

10

1Q

11

3Q

11

1Q

12

3Q

12

Yr/Y

r %

Cha

nge

Aski

ng R

ent



FLEX

Indianapolis Industrial MarketHistorical Average Asking Rate TrendsFlex3rd Quarter 2012

Indianapolis Industrial MarketVacancy vs. Average Asking RateFlex3rd Quarter 2012



cassidyturley.com | A-ix


0%

2%

4%

6%

8%

10%

12%

$0

$1

$2

$3

$4

$5

$6

Avg. Asking Rate (NNN) Vacancy (Medium Distribution)

Indianapolis Industrial MarketVacancy vs. Asking RentsMEDIUM DISTRIBUTION


-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

3Q

01

1Q

02

3Q

02

1Q

03

3Q

03

1Q

04

3Q

04

1Q

05

3Q

05

1Q

06

3Q

06

1Q

07

3Q

07

1Q

08

3Q

08

1Q

09

3Q

09

1Q

10

3Q

10

1Q

11

3Q

11

1Q

12

3Q

12

Yr/Y

r %

Cha

nge

Aski

ng R

ent



MEDIUM DISTRIBUTION

Indianapolis Industrial MarketHistorical Average Asking Rate TrendsMedium Distribution3rd Quarter 2012

Indianapolis Industrial MarketVacancy vs. Average Asking RateMedium Distribution3rd Quarter 2012



cassidyturley.com | A-x


0%

2%

4%

6%

8%

10%

12%

14%

$0

$1

$2

$3

$4

Avg. Asking Rate (NNN) Vacancy (Traditional Bulk)


TRADITIONAL BULK


-40%

-20%

0%

20%

40%

60%

80%

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

3Q

01

1Q

02

3Q

02

1Q

03

3Q

03

1Q

04

3Q

04

1Q

05

3Q

05

1Q

06

3Q

06

1Q

07

3Q

07

1Q

08

3Q

08

1Q

09

3Q

09

1Q

10

3Q

10

1Q

11

3Q

11

1Q

12

3Q

12

Yr/Y

r %

Cha

nge

Aski

ng R

ent



TRADITIONAL BULK

Indianapolis Industrial MarketHistorical Average Asking Rate TrendsTraditional Bulk3rd Quarter 2012

Indianapolis Industrial MarketVacancy vs. Average Asking RateTraditional Bulk3rd Quarter 2012



cassidyturley.com | A-xi


0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

$0

$1

$2

$3

$4

Avg. Asking Rate (NNN) Vacancy (Modern Bulk)


MODERN BULK


-30%

-20%

-10%

0%

10%

20%

30%

40%

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

3Q

01

1Q

02

3Q

02

1Q

03

3Q

03

1Q

04

3Q

04

1Q

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3Q

05

1Q

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3Q

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1Q

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3Q

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3Q

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1Q

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3Q

09

1Q

10

3Q

10

1Q

11

3Q

11

1Q

12

3Q

12

Yr/Y

r %

Cha

nge

Aski

ng R

ent



MODERN BULK

Indianapolis Industrial MarketHistorical Average Asking Rate TrendsModern Bulk3rd Quarter 2012

Indianapolis Industrial MarketVacancy vs. Average Asking RateModern Bulk3rd Quarter 2012



cassidyturley.com | A-xii


0%

1%

2%

3%

4%

5%

6%

7%

$0

$1

$2

$3

$4

Avg. Asking Rate (NNN) Vacancy (Manufacturing)


MANUFACTURING


-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

70%

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

$4.50

3Q

01

1Q

02

3Q

02

1Q

03

3Q

03

1Q

04

3Q

04

1Q

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3Q

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1Q

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1Q

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3Q

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3Q

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1Q

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3Q

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1Q

10

3Q

10

1Q

11

3Q

11

1Q

12

3Q

12

Yr/Y

r %

Cha

nge

Aski

ng R

ent



MANUFACTURING

Indianapolis Industrial MarketHistorical Average Asking Rate TrendsManufacturing3rd Quarter 2012

Indianapolis Industrial MarketVacancy vs. Average Asking RateManufacturing3rd Quarter 2012



cassidyturley.com | A-xiii

Indianapolis Industrial MarketOffice Showroom

Historical Vacancy Rates3rd Quarter 2012

2%3%

4%5%

6%7%

8%9%

10%11%

12%

4Q 2

000

4Q 2

001

4Q 2

002

4Q 2

003

4Q 2

004

4Q 2

005

4Q 2

006

4Q 2

007

4Q 2

008

1Q 2

009

2Q 2

009

3Q 2

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4Q 2

009

1Q 2

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2Q 2

010

3Q 2

010

4Q 2

010

1Q 2

011

2Q 2

011

3Q 2

011

4Q 2

011

1Q 2

012

2Q 2

012

3Q 2

012

All Types Office/Showroom

Indianapolis Industrial MarketMedium Distribution


2%3%

4%5%

6%7%

8%9%

10%11%

12%

4Q 2

000

4Q 2

001

4Q 2

002

4Q 2

003

4Q 2

004

4Q 2

005

4Q 2

006

4Q 2

007

4Q 2

008

1Q 2

009

2Q 2

009

3Q 2

009

4Q 2

009

1Q 2

010

2Q 2

010

3Q 2

010

4Q 2

010

1Q 2

011

2Q 2

011

3Q 2

011

4Q 2

011

1Q 2

012

2Q 2

012

3Q 2

012

All Types Medium Distribution

Indianapolis Industrial Market Medium Distribution SpaceHistorical Vacancy Rates3rd Quarter 2012

Indianapolis Industrial MarketOffice/Showroom SpaceHistorical Vacancy Rates3rd Quarter 2012

Historical Vacancy Rates by Product Type



A-xiv | We know The State of Real Estate®


Indianapolis Industrial MarketTraditional Bulk Space


2%

4%

6%

8%

10%

12%

14%

16%

18%

4Q 2

000

4Q 2

001

4Q 2

002

4Q 2

003

4Q 2

004

4Q 2

005

4Q 2

006

4Q 2

007

4Q 2

008

1Q 2

009

2Q 2

009

3Q 2

009

4Q 2

009

1Q 2

010

2Q 2

010

3Q 2

010

4Q 2

010

1Q 2

011

2Q 2

011

3Q 2

011

4Q 2

011

1Q 2

012

2Q 2

012

3Q 2

012

All Types Traditional Bulk

Indianapolis Industrial MarketModern Bulk Space


1%

3%

5%

7%

9%

11%

13%

15%

17%

19%

4Q 2

000

4Q 2

001

4Q 2

002

4Q 2

003

4Q 2

004

4Q 2

005

4Q 2

006

4Q 2

007

4Q 2

008

1Q 2

009

2Q 2

009

3Q 2

009

4Q 2

009

1Q 2

010

2Q 2

010

3Q 2

010

4Q 2

010

1Q 2

011

2Q 2

011

3Q 2

011

4Q 2

011

1Q 2

012

2Q 2

012

3Q 2

012

All Types Modern Bulk

Indianapolis Industrial Market Modern Bulk SpaceHistorical Vacancy Rates 3rd Quarter 2012

Indianapolis Industrial MarketTraditional Bulk SpaceHistorical Vacancy Rates3rd Quarter 2012



cassidyturley.com | A-xv


Indianapolis Industrial MarketFlex Space


2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

4Q 2

000

4Q 2

001

4Q 2

002

4Q 2

003

4Q 2

004

4Q 2

005

4Q 2

006

4Q 2

007

4Q 2

008

1Q 2

009

2Q 2

009

3Q 2

009

4Q 2

009

1Q 2

010

2Q 2

010

3Q 2

010

4Q 2

010

1Q 2

011

2Q 2

011

3Q 2

011

4Q 2

011

1Q 2

012

2Q 2

012

3Q 2

012

All Types Flex

Indianapolis Industrial MarketManufacturing Space


2%3%

4%5%

6%7%

8%9%

10%11%

12%

4Q 2

000

4Q 2

001

4Q 2

002

4Q 2

003

4Q 2

004

4Q 2

005

4Q 2

006

4Q 2

007

4Q 2

008

1Q 2

009

2Q 2

009

3Q 2

009

4Q 2

009

1Q 2

010

2Q 2

010

3Q 2

010

4Q 2

010

1Q 2

011

2Q 2

011

3Q 2

011

4Q 2

011

1Q 2

012

2Q 2

012

3Q 2

012

All Types Manufacturing

Indianapolis Industrial Market Manufacturing SpaceHistorical Vacancy Rates 3rd Quarter 2012

Indianapolis Industrial Market Flex SpaceHistorical Vacancy Rates 3rd Quarter 2012



A-xvi | We know The State of Real Estate®


Indianapolis Industrial Market Traditional and Modern Bulk SpaceHistorical Vacancy Rates 3rd Quarter 2012


Indianapolis Industrial MarketTraditional and Modern Bulk Space


1%

3%

5%

7%

9%

11%

13%

15%

17%

19%

4Q 2

000

4Q 2

001

4Q 2

002

4Q 2

003

4Q 2

004

4Q 2

005

4Q 2

006

4Q 2

007

4Q 2

008

1Q 2

009

2Q 2

009

3Q 2

009

4Q 2

009

1Q 2

010

2Q 2

010

3Q 2

010

4Q 2

010

1Q 2

011

2Q 2

011

3Q 2

011

4Q 2

011

1Q 2

012

2Q 2

012

3Q 2

012

Modern Bulk Traditional Bulk

cassidyturley.com | A-xvii

Indianapolis Industrial MarketOverall

Change in Inventory, Absorption, and Vacancy3rd Quarter 2012

-2-10123456789

10

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Mill

ions

Square Feet

0%1%2%3%4%5%6%7%8%9%10%

Absorption Inv Change Vac %

Indianapolis Industrial Market OverallChange in Inventory, Net Absorption & Vacancy Rate 3rd Quarter 2012

Change in Inventory, Net Absorption & Vacancy Rates



Indianapolis Industrial MarketDowntown


-250

-150

-50

50

150

250

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Thou

sand

s

Square Feet

0%

1%

2%

3%

4%

5%

6%


Indianapolis Industrial Market Downtown SubmarketChange in Inventory, Net Absorption & Vacancy Rate3rd Quarter 2012

A-xviii | We know The State of Real Estate®


Indianapolis Industrial MarketNortheast


-400

-200

0

200

400

600

800

1,000

1,200

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Thou

sand

s

Square Feet

0%1%2%3%4%5%6%7%8%9%10%


Indianapolis Industrial Market Northeast SubmarketChange in Inventory, Net Absorption & Vacancy Rate3rd Quarter 2012



Indianapolis Industrial MarketEast


-1,400

-1,000

-600

-200

200

600

1,000

1,400

1,800

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Thou

sand

s

Square Feet

0%

2%

4%

6%

8%

10%

12%

14%


Indianapolis Industrial Market East SubmarketChange in Inventory, Net Absorption & Vacancy Rate3rd Quarter 2012

cassidyturley.com | A-xix


Indianapolis Industrial MarketNorth


-400

-300

-200

-100

0

100

200

300

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Thou

sand

s

Square Feet

0%

2%

4%

6%

8%

10%

12%

14%


Indianapolis Industrial MarketNorthwest


-3,000

-2,000

-1,000

0

1,000

2,000

3,000

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Thou

sand

s

Square Feet

0%

2%

4%

6%

8%

10%

12%

14%


Indianapolis Industrial Market North SubmarketChange in Inventory, Net Absorption & Vacancy Rate3rd Quarter 2012

Indianapolis Industrial Market Northwest SubmarketChange in Inventory, Net Absorption & Vacancy Rate3rd Quarter 2012



A-xx | We know The State of Real Estate®


Indianapolis Industrial MarketSoutheast


-500-400-300-200-100

0100200300400

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Thou

sand

s

Square Feet

0%

1%

2%

3%

4%

5%

6%


Indianapolis Industrial MarketSouth


-800-600-400-200

0200400600800

1,000

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Thou

sand

s

Square Feet

2%4%6%8%10%12%14%16%18%20%22%


Indianapolis Industrial Market Southeast SubmarketChange in Inventory, Net Absorption & Vacancy Rate3rd Quarter 2012

Indianapolis Industrial Market South SubmarketChange in Inventory, Net Absorption & Vacancy Rate3rd Quarter 2012



cassidyturley.com | A-xxi


Indianapolis Industrial MarketSouthwest


-5000

5001,0001,5002,0002,5003,0003,5004,0004,5005,000

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Thou

sand

s

Square Feet

0%

2%

4%

6%

8%

10%

12%

14%


Indianapolis Industrial Market West


-400-200

0200400600800

1,0001,2001,400

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Thou

sand

s

Square Feet

0%

2%

4%

6%

8%

10%

12%


Indianapolis Industrial Market Southwest SubmarketChange in Inventory, Net Absorption & Vacancy Rate3rd Quarter 2012

Indianapolis Industrial Market West SubmarketChange in Inventory, Net Absorption & Vacancy Rate3rd Quarter 2012



A-xxii | We know The State of Real Estate®

Submarket Maps & Stat Sheets by Product TypeINDIANAPOLIS INDUSTRIAL MARKET

VACANCY & NET ABSORPTION HISTORY BY SUBMARKETALL PRODUCT TYPES (3Q 2012)

SUBMARKET INVENTORY (SF)

VACANT (SF)

VACANCY RATE

OCCUPIED (SF)

OCCUPANCY RATE

ABSORPTION (NET QTR)

ABSORPTION (NET YTD)

DOWNTOWN

3Q2011 17,643,392 685,291 3.9% 16,958,101 96.1% (113,160) (61,413)

2Q2012 17,661,406 625,642 3.5% 17,035,764 96.5% (5,134) 82,366

3Q2012 17,661,406 665,592 3.8% 16,995,814 96.2% (39,950) 42,416

EAST

3Q2011 45,070,818 2,214,212 4.9% 42,856,606 95.1% 204,050 513,888

2Q2012 45,162,578 1,937,321 4.3% 43,225,257 95.7% 560,124 573,333

3Q2012 45,095,710 1,883,724 4.2% 43,211,986 95.8% (13,271) 560,062

NORTHEAST

3Q2011 17,971,554 985,929 5.5% 16,985,625 94.5% (48,705) 148,538

2Q2012 18,002,865 1,012,379 5.6% 16,990,486 94.4% 51,626 98,597

3Q2012 18,071,053 969,726 5.4% 17,101,327 94.6% 110,841 209,438

NORTH

3Q2011 4,576,882 188,067 4.1% 4,388,815 95.9% 53,200 117,578

2Q2012 4,547,083 224,403 4.9% 4,322,680 95.1% (68,135) (66,135)

3Q2012 4,517,012 111,918 2.5% 4,405,094 97.5% 82,414 16,279

NORTHWEST

3Q2011 44,038,871 2,189,306 5.0% 41,849,565 95.0% 97,309 1,341,636

2Q2012 43,894,366 1,844,511 4.2% 42,049,855 95.8% (216,522) (280,922)

3Q2012 44,062,755 2,250,355 5.1% 41,812,400 94.9% (237,455) (518,377)

SOUTHEAST

3Q2011 17,610,005 328,014 1.9% 17,281,991 98.1% 34,983 228,654

2Q2012 17,609,975 351,398 2.0% 17,258,577 98.0% (73,434) (23,414)

3Q2012 17,609,975 339,398 1.9% 17,270,577 98.1% 12,000 (11,414)

SOUTH

3Q2011 12,045,384 1,287,716 10.7% 10,757,668 89.3% (277,129) (25,570)

2Q2012 12,473,857 903,523 7.2% 11,570,334 92.8% (22,396) 8,604

3Q2012 12,473,857 275,523 2.2% 12,198,334 97.8% 628,000 636,604

SOUTHWEST

3Q2011 60,778,743 2,501,531 4.1% 58,277,212 95.9% (153,970) 1,444,875

2Q2012 61,178,196 1,986,671 3.2% 59,191,525 96.8% 13,614 653,810

3Q2012 61,170,145 2,048,317 3.3% 59,121,828 96.7% (69,697) 584,113

WEST

3Q2011 20,556,937 918,936 4.5% 19,638,001 95.5% (27,288) 159,310

2Q2012 18,982,769 645,809 3.4% 18,336,960 96.6% 348,283 271,959

3Q2012 18,982,769 475,809 2.5% 18,506,960 97.5% 170,000 441,959

TOTALS

3Q2011 240,292,586 11,299,002 4.7% 228,993,584 95.3% (230,710) 3,867,496

2Q2012 239,513,095 9,531,657 4.0% 229,981,438 96.0% 588,026 1,318,198

3Q2012 239,644,682 9,020,362 3.8% 230,624,320 96.2% 642,882 1,961,080

cassidyturley.com | A-xxiii

Submarket Maps & Stat Sheets by Product TypeIndianapolis Industrial Market All Product Types by Submarket3rd Quarter 2012Indianapolis Industrial Market Statistics Third Quarter 2012—All Product Types

NorthInventory 4,517,012 SFVacant SF 111,918 SFVacancy Rate 2.5%YTD Net Absorption 16,279 SF

NorthwestInventory 44,062,755 SFVacant SF 2,250,355 SFVacancy Rate 5.1%YTD Net Absorption (518,377) SF

WestInventory 18,982,769 SFVacant SF 475,809 SFVacancy Rate 2.5%YTD Net Absorption 441,959 SF

SouthwestInventory 61,170,145 SFVacant SF 2,048,317 SFVacancy Rate 3.3%YTD Net Absorption 584,113 SF

SouthInventory 12,473,857 SFVacant SF 275,523 SFVacancy Rate 2.2%YTD Net Absorption 636,604 SF

DowntownInventory 17,661,406 SFVacant SF 665,592 SFVacancy Rate 3.8%YTD Net Absorption 42,416 SF

EastInventory 45,095,710 SFVacant SF 1,883,724 SFVacancy Rate 4.2%YTD Net Absorption 560,062 SF

SoutheastInventory 17,609,975 SFVacant SF 339,398 SFVacancy Rate 1.9%YTD Net Absorption (11,414) SF

NortheastInventory 18,071,053 SFVacant SF 969,726 SFVacancy Rate 5.4%YTD Net Absorption 209,438 SF

A-xxiv | We know The State of Real Estate®


VACANCY & NET ABSORPTION HISTORY BY SUBMARKETTRADITIONAL BULK (3Q 2012)


VACANT (SF)

VACANCY RATE

OCCUPIED (SF)

OCCUPANCY RATE



DOWNTOWN

3Q2011 1,434,340 6,600 0.5% 1,427,740 99.5% 6,840 6,840

2Q2012 1,434,340 0 0.0% 1,434,340 100.0% 8,627 13,127

3Q2012 1,434,340 0 0.0% 1,434,340 100.0% 0 13,127

EAST

3Q2011 9,540,984 776,101 8.1% 8,764,883 91.9% 220,650 266,738

2Q2012 9,552,884 548,000 5.7% 9,004,884 94.3% 159,674 296,286

3Q2012 9,571,454 569,182 5.9% 9,002,272 94.1% (2,612) 293,674

NORTHEAST

3Q2011 2,744,719 24,000 0.9% 2,720,719 99.1% 0 0

2Q2012 2,744,719 49,560 1.8% 2,695,159 98.2% 0 (25,560)

3Q2012 2,744,719 49,560 1.8% 2,695,159 98.2% 0 (25,560)

NORTH

3Q2011 830,790 0 0.0% 830,790 100.0% 18,000 40,268

2Q2012 830,984 8,000 1.0% 822,984 99.0% 194 (7,806)

3Q2012 830,984 8,000 1.0% 822,984 99.0% 0 (7,806)

NORTHWEST

3Q2011 11,643,789 614,155 5.3% 11,029,634 94.7% 61,624 456,560

2Q2012 11,481,699 554,621 4.8% 10,927,078 95.2% (208,590) (186,556)

3Q2012 11,643,789 775,021 6.7% 10,868,768 93.3% (58,310) (244,866)

SOUTHEAST

3Q2011 1,492,552 0 0.0% 1,492,552 100.0% 0 173,240

2Q2012 1,494,604 26,334 1.8% 1,468,270 98.2% (24,282) (24,282)

3Q2012 1,494,604 26,334 1.8% 1,468,270 98.2% 0 (24,282)

SOUTH

3Q2011 2,199,074 16,300 0.7% 2,182,774 99.3% (16,300) (16,300)

2Q2012 2,199,074 16,300 0.7% 2,182,774 99.3% 0 0

3Q2012 2,199,074 16,300 0.7% 2,182,774 99.3% 0 0

SOUTHWEST

3Q2011 5,502,791 102,220 1.9% 5,400,571 98.1% (105,800) 76,000

2Q2012 5,644,029 9,220 0.2% 5,634,809 99.8% 0 31,438

3Q2012 5,644,029 92,583 1.6% 5,551,446 98.4% (83,363) (51,925)

WEST

3Q2011 957,125 234,000 24.4% 723,125 75.6% (163,632) (19,859)

2Q2012 956,757 267,044 27.9% 689,713 72.1% (35,368) (33,412)

3Q2012 956,757 97,044 10.1% 859,713 89.9% 170,000 136,588

TOTALS

3Q2011 36,346,164 1,773,376 4.9% 34,572,788 95.1% 21,382 983,487

2Q2012 36,339,090 1,479,079 4.1% 34,860,011 95.9% (99,745) 63,235

3Q2012 36,519,750 1,634,024 4.5% 34,885,726 95.5% 25,715 88,950

cassidyturley.com | A-xxv

Submarket Maps & Stat Sheets by Product TypeIndianapolis Industrial Market Traditional Bulk Space3rd Quarter 2012Indianapolis Industrial Market Statistics Third Quarter 2012—Traditional Bulk Space

NorthInventory 830,984 SFVacant SF 8,000 SFVacancy Rate 1.0%YTD Net Absorption (7,806) SF

NorthwestInventory 11,643,789 SFVacant SF 775,021 SFVacancy Rate 6.7%YTD Net Absorption (244,866) SF

WestInventory 956,757 SFVacant SF 97,044 SFVacancy Rate 10.1%YTD Net Absorption 136,588 SF

SouthwestInventory 5,664,029 SFVacant SF 92,583 SFVacancy Rate 1.6%YTD Net Absorption (51,925) SF

SouthInventory 2,199,074 SFVacant SF 16,300 SFVacancy Rate 0.7%YTD Net Absorption 0 SF

DowntownInventory 1,434,340 SFVacant SF 0 SFVacancy Rate 0%YTD Net Absorption 13,127 SF

EastInventory 9,571,454 SFVacant SF 569,182 SFVacancy Rate 5.9%YTD Net Absorption 293,674 SF

SoutheastInventory 1,494,604 SFVacant SF 26,334 SFVacancy Rate 1.8%YTD Net Absorption (24,282) SF

NortheastInventory 2,744,719 SFVacant SF 49,560 SFVacancy Rate 1.8%YTD Net Absorption (25,560) SF

A-xxvi | We know The State of Real Estate®


VACANCY & NET ABSORPTION HISTORY BY SUBMARKETOFFICE / SHOWROOM (3Q 2012)


VACANT (SF)

VACANCY RATE

OCCUPIED (SF)

OCCUPANCY RATE



DOWNTOWN

3Q2011 1,142,168 81,737 7.2% 1,060,431 92.8% 0 52,215

2Q2012 1,159,875 60,422 5.2% 1,099,453 94.8% 39,022 39,022

3Q2012 1,159,875 60,422 5.2% 1,099,453 94.8% 0 39,022

EAST

3Q2011 2,610,582 170,192 6.5% 2,440,390 93.5% 0 37,656

2Q2012 2,610,582 186,854 7.2% 2,423,728 92.8% 39,870 23,470

3Q2012 2,610,582 158,555 6.1% 2,452,027 93.9% 28,299 51,769

NORTHEAST

3Q2011 3,269,342 328,472 10.0% 2,940,870 90.0% 9,342 78,814

2Q2012 3,271,592 294,367 9.0% 2,977,225 91.0% (2,296) 31,355

3Q2012 3,279,052 315,125 9.6% 2,963,927 90.4% (13,298) 18,057

NORTH

3Q2011 1,231,238 68,763 5.6% 1,162,475 94.4% 0 48,510

2Q2012 1,201,245 83,434 6.9% 1,117,811 93.1% (44,664) (44,664)

3Q2012 1,201,245 76,043 6.3% 1,125,202 93.7% 7,391 (37,273)

NORTHWEST

3Q2011 3,751,793 445,278 11.9% 3,306,515 88.1% 7,371 220,062

2Q2012 3,752,293 465,760 12.4% 3,286,533 87.6% 24,980 (8,482)

3Q2012 3,752,293 428,594 11.4% 3,323,699 88.6% 37,166 28,684

SOUTHEAST

3Q2011 996,118 19,764 2.0% 976,354 98.0% 13,075 26,275

2Q2012 996,118 37,977 3.8% 958,141 96.2% (18,213) (18,213)

3Q2012 996,118 37,977 3.8% 958,141 96.2% 0 (18,213)

SOUTH

3Q2011 538,317 24,803 4.6% 513,514 95.4% 9,525 13,322

2Q2012 538,317 38,593 7.2% 499,724 92.8% (13,790) (13,790)

3Q2012 538,317 38,593 7.2% 499,724 92.8% 0 (13,790)

SOUTHWEST

3Q2011 2,044,297 182,297 8.9% 1,862,000 91.1% (9,000) 9,212

2Q2012 2,044,617 248,375 12.1% 1,796,242 87.9% (12,997) (65,701)

3Q2012 2,044,297 303,328 14.8% 1,740,969 85.2% (55,273) (120,974)

WEST

3Q2011 1,606,573 96,432 6.0% 1,510,141 94.0% (6,400) 35,887

2Q2012 1,607,573 85,750 5.3% 1,521,823 94.7% 15,812 11,682

3Q2012 1,607,573 85,750 5.3% 1,521,823 94.7% 0 11,682

TOTALS

3Q2011 17,190,428 1,417,738 8.2% 15,772,690 91.8% 23,913 521,953

2Q2012 17,182,212 1,501,532 8.7% 15,680,680 91.3% 27,724 (45,321)

3Q2012 17,189,352 1,504,387 8.8% 15,684,965 91.2% 4,285 (41,036)

cassidyturley.com | A-xxvii

Indianapolis Industrial Market Office/Showroom Space3rd Quarter 2012

Submarket Maps & Stat Sheets by Product Type

Indianapolis Industrial Market Statistics Third Quarter 2012—Office Showroom

NorthInventory 1,201,245 SFVacant SF 76,043 SFVacancy Rate 6.3%YTD Net Absorption (37,273) SF

NorthwestInventory 3,752,293 SFVacant SF 428,594 SFVacancy Rate 11.4%YTD Net Absorption 28,684 SF



SouthInventory 538,317 SFVacant SF 38,593 SFVacancy Rate 7.2%YTD Net Absorption (13,790) SF



SoutheastInventory 996,118 SFVacant SF 37,977 SFVacancy Rate 3.8%YTD Net Absorption (18,213) SF


A-xxviii | We know The State of Real Estate®


VACANCY & NET ABSORPTION HISTORY BY SUBMARKETMODERN BULK (3Q 2012)


VACANT (SF)

VACANCY RATE

OCCUPIED (SF)

OCCUPANCY RATE



EAST

3Q2011 2,695,045 211,500 7.8% 2,483,545 92.2% 0 0

2Q2012 2,695,045 0 0.0% 2,695,045 100.0% 211,500 211,500

3Q2012 2,695,045 0 0.0% 2,695,045 100.0% 0 211,500

NORTHEAST

3Q2011 1,569,869 32,000 2.0% 1,537,869 98.0% 0 144,100

2Q2012 1,569,869 0 0.0% 1,569,869 100.0% 32,000 32,000

3Q2012 1,569,869 0 0.0% 1,569,869 100.0% 0 32,000

NORTHWEST

3Q2011 14,053,155 464,912 3.3% 13,588,243 96.7% 0 308,770

2Q2012 14,053,155 154,400 1.1% 13,898,755 98.9% 0 36,200

3Q2012 14,053,155 464,000 3.3% 13,589,155 96.7% (309,600) (273,400)

SOUTHEAST

3Q2011 355,780 0 0.0% 355,780 100.0% 0 0

2Q2012 355,780 0 0.0% 355,780 100.0% 0 0

3Q2012 355,780 0 0.0% 355,780 100.0% 0 0

SOUTH

3Q2011 4,011,273 775,223 19.3% 3,236,050 80.7% (150,975) (119,753)

2Q2012 4,450,527 628,000 14.1% 3,822,527 85.9% (6,525) (525)

3Q2012 4,450,527 0 0.0% 4,450,527 100.0% 628,000 627,475

SOUTHWEST

3Q2011 31,617,168 1,033,355 3.3% 30,583,813 96.7% (70,086) 1,213,709

2Q2012 31,616,261 618,078 2.0% 30,998,183 98.0% (121,787) 475,881

3Q2012 31,616,261 552,516 1.7% 31,063,745 98.3% 65,562 541,443

WEST

3Q2011 3,683,747 0 0.0% 3,683,747 100.0% 132,000 88,000

2Q2012 3,683,747 0 0.0% 3,683,747 100.0% 0 0

3Q2012 3,683,747 0 0.0% 3,683,747 100.0% 0 0

TOTALS

3Q2011 57,986,037 2,516,990 4.3% 55,469,047 95.7% (89,061) 1,634,826

2Q2012 58,424,384 1,400,478 2.4% 57,023,906 97.6% 115,188 755,056

3Q2012 58,424,384 1,016,516 1.7% 57,407,868 98.3% 383,962 1,139,018

cassidyturley.com | A-xxix

Indianapolis Industrial Market Modern Bulk Space3rd Quarter 2012


Indianapolis Industrial Market Statistics Third Quarter 2012—Modern Bulk

NorthInventory 0 SFVacant SF 0 SFVacancy Rate 0.0 %YTD Net Absorption 0 SF


WestInventory 3,683,747 SFVacant SF 0 SFVacancy Rate 0.0%YTD Net Absorption 0 SF

SouthwestInventory 31,616,261 SFVacant SF 552,516 SFVacancy Rate 1.7%YTD Net Absorption 541,443 SF

SouthInventory 4,450,527 SFVacant SF 0 SFVacancy Rate 0%YTD Net Absorption 627,475 SF

DowntownInventory 0 SFVacant SF 0 SFVacancy Rate 0.0 %YTD Net Absorption 0 SF

EastInventory 2,695,045 SFVacant SF 0 SFVacancy Rate 0%YTD Net Absorption 211,500 SF

SoutheastInventory 355,780 SFVacant SF 0 SFVacancy Rate 0.0%YTD Net Absorption 0 SF

NortheastInventory 1,569,869 SFVacant SF 0 SFVacancy Rate 0%YTD Net Absorption 32,000 SF

A-xxx | We know The State of Real Estate®


VACANCY & NET ABSORPTION HISTORY BY SUBMARKETMEDIUM DISTRIBUTION (3Q 2012)


VACANT (SF)

VACANCY RATE

OCCUPIED (SF)

OCCUPANCY RATE



DOWNTOWN

3Q2011 4,698,840 98,535 2.1% 4,600,305 97.9% 0 7,786

2Q2012 4,699,146 93,817 2.0% 4,605,329 98.0% 3,200 3,200

3Q2012 4,699,146 70,017 1.5% 4,629,129 98.5% 23,800 27,000

EAST

3Q2011 12,825,134 720,427 5.6% 12,104,707 94.4% (16,600) 202,856

2Q2012 12,869,783 694,604 5.4% 12,175,179 94.6% 173,307 70,472

3Q2012 12,815,202 653,932 5.1% 12,161,270 94.9% (13,909) 56,563

NORTHEAST

3Q2011 4,154,617 381,277 9.2% 3,773,340 90.8% (43,420) (64,472)

2Q2012 4,183,804 352,761 8.4% 3,831,043 91.6% 33,279 93,315

3Q2012 4,183,804 328,358 7.8% 3,855,446 92.2% 24,403 117,718

NORTH

3Q2011 1,234,211 99,590 8.1% 1,134,621 91.9% 35,200 28,800

2Q2012 1,234,211 110,980 9.0% 1,123,231 91.0% (21,390) (11,390)

3Q2012 1,204,140 13,600 1.1% 1,190,540 98.9% 67,309 55,919

NORTHWEST

3Q2011 9,705,525 457,325 4.7% 9,248,200 95.3% (20,874) 249,848

2Q2012 9,735,525 507,350 5.2% 9,228,175 94.8% (19,997) (154,425)

3Q2012 9,741,824 459,250 4.7% 9,282,574 95.3% 54,399 (100,026)

SOUTHEAST

3Q2011 4,807,538 262,700 5.5% 4,544,838 94.5% 21,908 15,563

2Q2012 4,809,792 219,431 4.6% 4,590,361 95.4% (12,031) 45,523

3Q2012 4,809,792 219,431 4.6% 4,590,361 95.4% 0 45,523

SOUTH

3Q2011 1,446,073 217,060 15.0% 1,229,013 85.0% (81,600) (34,000)

2Q2012 1,446,073 13,600 0.9% 1,432,473 99.1% 0 (13,600)

3Q2012 1,446,073 13,600 0.9% 1,432,473 99.1% 0 (13,600)

SOUTHWEST

3Q2011 8,857,482 740,764 8.4% 8,116,718 91.6% 30,916 117,079

2Q2012 9,086,478 800,343 8.8% 8,286,135 91.2% 182,313 290,177

3Q2012 9,086,478 674,111 7.4% 8,412,367 92.6% 126,232 416,409

WEST

3Q2011 1,820,573 54,355 3.0% 1,766,218 97.0% 10,744 25,664

2Q2012 1,820,573 35,000 1.9% 1,785,573 98.1% 19,355 19,355

3Q2012 1,820,573 35,000 1.9% 1,785,573 98.1% 0 19,355

TOTALS

3Q2011 49,549,993 3,032,033 6.1% 46,517,960 93.9% (63,726) 549,124

2Q2012 49,885,385 2,827,886 5.7% 47,057,499 94.3% 358,036 342,627

3Q2012 49,807,032 2,467,299 5.0% 47,339,733 95.0% 282,234 624,861

cassidyturley.com | A-xxxi

Indianapolis Industrial Market Medium Distribution Space3rd Quarter 2012


Indianapolis Industrial Market Statistics Third Quarter 2012—Medium Distribution

NorthInventory 1,204,140 SFVacant SF 13,600 SFVacancy Rate 1.1%YTD Net Absorption 55,919 SF



SouthwestInventory 9,086,478 SFVacant SF 674,111 SFVacancy Rate 7.4%YTD Net Absorption 416,409 SF

SouthInventory 1,446,073 SFVacant SF 13,600 SFVacancy Rate 0.9%YTD Net Absorption (13,600) SF



SoutheastInventory 4,809,792 SFVacant SF 219,431 SFVacancy Rate 4.6%YTD Net Absorption 45,523 SF


3

A-xxxii | We know The State of Real Estate®


VACANCY & NET ABSORPTION HISTORY BY SUBMARKETMANUFACTURING (3Q 2012)


VACANT (SF)

VACANCY RATE

OCCUPIED (SF)

OCCUPANCY RATE



DOWNTOWN

3Q2011 9,216,385 478,619 5.2% 8,737,766 94.8% (120,000) (128,254)

2Q2012 9,216,386 456,603 5.0% 8,759,783 95.0% (60,983) 22,017

3Q2012 9,216,386 520,353 5.6% 8,696,033 94.4% (63,750) (41,733)

EAST

3Q2011 16,557,582 291,687 1.8% 16,265,895 98.2% 0 (1,362)

2Q2012 16,589,520 454,158 2.7% 16,135,362 97.3% (23,500) (22,268)

3Q2012 16,558,663 448,350 2.7% 16,110,313 97.3% (25,049) (47,317)

NORTHEAST

3Q2011 4,044,896 53,472 1.3% 3,991,424 98.7% 0 0

2Q2012 4,044,896 29,780 0.7% 4,015,116 99.3% 0 23,692

3Q2012 4,044,896 29,780 0.7% 4,015,116 99.3% 0 23,692

NORTH

3Q2011 945,127 12,000 1.3% 933,127 98.7% 0 0

2Q2012 945,127 0 0.0% 945,127 100.0% 12,000 12,000

3Q2012 945,127 0 0.0% 945,127 100.0% 0 12,000

NORTHWEST

3Q2011 3,024,550 26,310 0.9% 2,998,240 99.1% 0 0

2Q2012 3,031,075 26,310 0.9% 3,004,765 99.1% 6,525 6,525

3Q2012 3,031,075 0 0.0% 3,031,075 100.0% 26,310 32,835

SOUTHEAST

3Q2011 9,477,033 0 0.0% 9,477,033 100.0% 0 0

2Q2012 9,472,697 12,000 0.1% 9,460,697 99.9% (16,722) (16,336)

3Q2012 9,472,697 0 0.0% 9,472,697 100.0% 12,000 (4,336)

SOUTH

3Q2011 3,352,188 239,630 7.1% 3,112,558 92.9% (49,964) 22,368

2Q2012 3,347,188 201,030 6.0% 3,146,158 94.0% (5,000) 33,600

3Q2012 3,347,188 201,030 6.0% 3,146,158 94.0% 0 33,600

SOUTHWEST

3Q2011 10,739,310 374,218 3.5% 10,365,092 96.5% 0 17,400

2Q2012 10,739,310 186,433 1.7% 10,552,877 98.3% (37,215) (37,215)

3Q2012 10,731,579 306,433 2.9% 10,425,146 97.1% (127,731) (164,946)

WEST

3Q2011 11,755,891 517,099 4.4% 11,238,792 95.6% 0 27,968

2Q2012 10,182,891 240,965 2.4% 9,941,926 97.6% 345,284 276,134

3Q2012 10,182,891 240,965 2.4% 9,941,926 97.6% 0 276,134

TOTALS

3Q2011 69,112,962 1,993,035 2.9% 67,119,927 97.1% (169,964) (61,880)

2Q2012 67,569,090 1,607,279 2.4% 65,961,811 97.6% 220,389 298,149

3Q2012 67,530,502 1,746,911 2.6% 65,783,591 97.4% (178,220) 119,929

cassidyturley.com | A-xxxiii

Indianapolis Industrial Market Manufacturing Space3rd Quarter 2012


Indianapolis Industrial Market Statistics Third Quarter 2012—Manufacturing Space

NorthInventory 945,127 SFVacant SF 0 SFVacancy Rate 0%YTD Net Absorption 12,000 SF

NorthwestInventory 3,031,075 SFVacant SF 0 SFVacancy Rate 0%YTD Net Absorption 32,835 SF



SouthInventory 3,347,188 SFVacant SF 201,030 SFVacancy Rate 6.0%YTD Net Absorption 33,600 SF

DowntownInventory 9,216,386 SFVacant SF 520,353 SFVacancy Rate 5.6%YTD Net Absorption (41,733) SF

EastInventory 16,558,663 SFVacant SF 448,350 SFVacancy Rate 2.7%YTD Net Absorption (47,317) SF

SoutheastInventory 9,472,697 SFVacant SF 0 SFVacancy Rate 0%YTD Net Absorption (4,336) SF


A-xxxiv | We know The State of Real Estate®


VACANCY & NET ABSORPTION HISTORY BY SUBMARKETFLEX (3Q 2012)


VACANT (SF)

VACANCY RATE

OCCUPIED (SF)

OCCUPANCY RATE



DOWNTOWN

3Q2011 991,476 19,800 2.0% 971,676 98.0% 0 0

2Q2012 991,476 14,800 1.5% 976,676 98.5% 5,000 5,000

3Q2012 991,476 14,800 1.5% 976,676 98.5% 0 5,000

EAST

3Q2011 509,011 44,305 8.7% 464,706 91.3% 0 8,000

2Q2012 512,284 53,705 10.5% 458,579 89.5% (727) (6,127)

3Q2012 512,284 53,705 10.5% 458,579 89.5% 0 (6,127)

NORTHEAST

3Q2011 2,062,633 166,708 8.1% 1,895,925 91.9% (14,627) (9,904)

2Q2012 2,062,507 285,911 13.9% 1,776,596 86.1% (11,357) (56,205)

3Q2012 2,123,235 246,903 11.6% 1,876,332 88.4% 99,736 43,531

NORTH

3Q2011 335,516 7,714 2.3% 327,802 97.7% 0 0

2Q2012 335,516 21,989 6.6% 313,527 93.4% (14,275) (14,275)

3Q2012 335,516 14,275 4.3% 321,241 95.7% 7,714 (6,561)

NORTHWEST

3Q2011 1,689,213 181,326 10.7% 1,507,887 89.3% 49,188 106,396

2Q2012 1,669,773 136,070 8.1% 1,533,703 91.9% (19,440) 25,816

3Q2012 1,669,773 123,490 7.4% 1,546,283 92.6% 12,580 38,396

SOUTHEAST

3Q2011 345,634 45,550 13.2% 300,084 86.8% 0 1,500

2Q2012 345,634 55,656 16.1% 289,978 83.9% (2,186) (10,106)

3Q2012 345,634 55,656 16.1% 289,978 83.9% 0 (10,106)

SOUTH

3Q2011 326,760 14,700 4.5% 312,060 95.5% 12,185 108,793

2Q2012 320,979 6,000 1.9% 314,979 98.1% 2,919 2,919

3Q2012 320,979 6,000 1.9% 314,979 98.1% 0 2,919

SOUTHWEST

3Q2011 604,871 49,202 8.1% 555,669 91.9% 0 28,475

2Q2012 604,871 73,747 12.2% 531,124 87.8% 3,300 (29,770)

3Q2012 604,871 75,801 12.5% 529,070 87.5% (2,054) (31,824)

WEST

3Q2011 344,000 17,050 5.0% 326,950 95.0% 0 0

2Q2012 344,000 17,050 5.0% 326,950 95.0% 5,000 0

3Q2012 344,000 17,050 5.0% 326,950 95.0% 0 0

TOTALS

3Q2011 7,209,114 546,355 7.6% 6,662,759 92.4% 46,746 243,260

2Q2012 7,187,040 664,928 9.3% 6,522,112 90.7% (31,766) (82,748)

3Q2012 7,247,768 607,680 8.4% 6,640,088 91.6% 117,976 35,228

cassidyturley.com | A-xxxv

Indianapolis Industrial Market Flex Space3rd Quarter 2012


Indianapolis Industrial Market Statistics Third Quarter 2012—Flex Space

NorthInventory 335,516 SFVacant SF 14,275 SFVacancy Rate 4.3%YTD Net Absorption (6,561) SF

NorthwestInventory 1,669,773 SFVacant SF 123,490 SFVacancy Rate 7.4%YTD Net Absorption 38,396 SF

WestInventory 344,000 SFVacant SF 17,050 SFVacancy Rate 5.0%YTD Net Absorption 0 SF

SouthwestInventory 604,871 SFVacant SF 75,801 SFVacancy Rate 12.5%YTD Net Absorption (31,824) SF

SouthInventory 320,979 SFVacant SF 6,000 SFVacancy Rate 1.9%YTD Net Absorption 2,919 SF

DowntownInventory 991,476 SFVacant SF 14,800 SFVacancy Rate 1.5%YTD Net Absorption 5,000 SF

EastInventory 512,284 SFVacant SF 53,705 SFVacancy Rate 10.5%YTD Net Absorption (6,127) SF

SoutheastInventory 345,634 SFVacant SF 55,656 SFVacancy Rate 16.1%YTD Net Absorption (10,106) SF


A-xxxvi | We know The State of Real Estate®


VACANCY & NET ABSORPTION HISTORY BY SUBMARKETMAINTENANCE (3Q 2012)


VACANT (SF)

VACANCY RATE

OCCUPIED (SF)

OCCUPANCY RATE



DOWNTOWN

3Q2011 52,762 0 0.0% 52,762 100.0% 0 0

2Q2012 52,762 0 0.0% 52,762 100.0% 0 0

3Q2012 52,762 0 0.0% 52,762 100.0% 0 0

EAST

3Q2011 179,561 0 0.0% 179,561 100.0% 0 0

2Q2012 179,561 0 0.0% 179,561 100.0% 0 0

3Q2012 179,561 0 0.0% 179,561 100.0% 0 0

NORTHEAST

3Q2011 84,266 0 0.0% 84,266 100.0% 0 0

2Q2012 84,266 0 0.0% 84,266 100.0% 0 0

3Q2012 84,266 0 0.0% 84,266 100.0% 0 0

NORTHWEST

3Q2011 130,846 0 0.0% 130,846 100.0% 0 0

2Q2012 130,846 0 0.0% 130,846 100.0% 0 0

3Q2012 130,846 0 0.0% 130,846 100.0% 0 0

SOUTHEAST

3Q2011 70,000 0 0.0% 70,000 100.0% 0 0

2Q2012 70,000 0 0.0% 70,000 100.0% 0 0

3Q2012 70,000 0 0.0% 70,000 100.0% 0 0

SOUTHWEST

3Q2011 386,514 17,000 4.4% 369,514 95.6% 0 (17,000)

2Q2012 386,514 17,000 4.4% 369,514 95.6% 0 0

3Q2012 386,514 17,000 4.4% 369,514 95.6% 0 0

WEST

3Q2011 58,204 0 0.0% 58,204 100.0% 0 1,650

2Q2012 56,404 0 0.0% 56,404 100.0% (1,800) (1,800)

3Q2012 56,404 0 0.0% 56,404 100.0% 0 1,800

TOTALS

3Q2011 962,153 17,000 1.8% 945,153 98.2% 0 (15,350)

2Q2012 960,353 17,000 1.8% 943,353 98.2% (1,800) (1,800)

3Q2012 960,353 17,000 1.8% 943,353 98.2% 0 1,800

cassidyturley.com | A-xxxvii

Indianapolis Industrial Market Maintenance Space3rd Quarter 2012


Indianapolis Industrial Market Statistics Third Quarter 2012—Maintenance

NorthInventory 0 SFVacant SF 0 SFVacancy Rate 0.0%YTD Net Absorption 0 SF

NorthwestInventory 130,846 SFVacant SF 0 SFVacancy Rate 0.0%YTD Net Absorption 0 SF

WestInventory 56,404 SFVacant SF 0 SFVacancy Rate 0.0%YTD Net Absorption (1,800) SF

SouthwestInventory 386,514 SFVacant SF 17,000 SFVacancy Rate 4.4%YTD Net Absorption 0 SF

SouthInventory 0 SFVacant SF 0 SFVacancy Rate 0.0 %YTD Net Absorption 0 SF

DowntownInventory 52,762 SFVacant SF 0 SFVacancy Rate 0.0%YTD Net Absorption 0 SF

EastInventory 179,561 SFVacant SF 0 SFVacancy Rate 0.0%YTD Net Absorption 0 SF


NortheastInventory 84,266 SFVacant SF 0 SFVacancy Rate 0.0%YTD Net Absorption 0 SF

A-xxxviii | We know The State of Real Estate®


VACANCY & NET ABSORPTION HISTORY BY SUBMARKETTRANSPORT (3Q 2012)


VACANT (SF)

VACANCY RATE

OCCUPIED (SF)

OCCUPANCY RATE



DOWNTOWN

3Q2011 107,421 0 0.0% 107,421 100.0% 0 0

2Q2012 107,421 0 0.0% 107,421 100.0% 0 0

3Q2012 107,421 0 0.0% 107,421 100.0% 0 0

EAST

3Q2011 152,919 0 0.0% 152,919 100.0% 0 0

2Q2012 152,919 0 0.0% 152,919 100.0% 0 0

3Q2012 152,919 0 0.0% 152,919 100.0% 0 0

NORTHEAST

3Q2011 41,212 0 0.0% 41,212 100.0% 0 0

2Q2012 41,212 0 0.0% 41,212 100.0% 0 0

3Q2012 41,212 0 0.0% 41,212 100.0% 0 0

NORTHWEST

3Q2011 40,000 0 0.0% 40,000 100.0% 0 0

2Q2012 40,000 0 0.0% 40,000 100.0% 0 0

3Q2012 40,000 0 0.0% 40,000 100.0% 0 0

SOUTHEAST

3Q2011 65,350 0 0.0% 65,350 100.0% 0 0

2Q2012 65,350 0 0.0% 65,350 100.0% 0 0

3Q2012 65,350 0 0.0% 65,350 100.0% 0 0

SOUTH

3Q2011 171,699 0 0.0% 171,699 100.0% 0 0

2Q2012 171,699 0 0.0% 171,699 100.0% 0 0

3Q2012 171,699 0 0.0% 171,699 100.0% 0 0

SOUTHWEST

3Q2011 1,043,310 19,475 1.9% 1,023,835 98.1% 0 0

2Q2012 1,056,116 33,475 3.2% 1,022,641 96.8% 0 (11,000)

3Q2012 1,056,116 26,545 2.5% 1,029,571 97.5% 6,930 (4,070)

WEST

3Q2011 330,824 0 0.0% 330,824 100.0% 0 0

2Q2012 330,824 0 0.0% 330,824 100.0% 0 0

3Q2012 330,824 0 0.0% 330,824 100.0% 0 0

TOTALS

3Q2011 1,952,735 19,475 1.0% 1,933,260 99.0% 0 0

2Q2012 1,965,541 33,475 1.7% 1,932,066 98.3% 0 (11,000)

3Q2012 1,965,541 26,545 1.4% 1,938,996 98.6% 6,930 (4,070)

cassidyturley.com | A-xxxix

Indianapolis Industrial Market Transport Space3rd Quarter 2012


Indianapolis Industrial Market Statistics Third Quarter 2012—Transport Space

NorthInventory 0 SFVacant SF 0 SFVacancy Rate 0.0%YTD Net Absorption 0 SF

NorthwestInventory 40,000 SFVacant SF 0 SFVacancy Rate 0.0%YTD Net Absorption 0 SF

WestInventory 330,824 SFVacant SF 0 SFVacancy Rate 0.0%YTD Net Absorption 0 SF


SouthInventory 171,699 SFVacant SF 0 SFVacancy Rate 0.0 %YTD Net Absorption 0 SF

DowntownInventory 107,421 SFVacant SF 0 SFVacancy Rate 0.0 %YTD Net Absorption 0 SF

EastInventory 152,919 SFVacant SF 0 SFVacancy Rate 0.0%YTD Net Absorption 0 SF


NortheastInventory 41,212 SFVacant SF 0 SFVacancy Rate 0.0%YTD Net Absorption 0 SF

A-xl | We know The State of Real Estate®

Indianapolis Industrial MarketVacancy and Net Absorption RatesDowntown Submarket3rd Quarter 2012

Submarket Stat Sheets

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INDUSTRIAL VACANCY AND NET ABSORPTION RATES DOWNTOWN SUBMARKET

Third Quarter 2012

Product Type Inventory (SF)

Vacant (SF)

Vacancy Rate

Net Absorption this quarter (SF)

Vacancy Rate last quarter

Net Absorption year-to-date (SF)

Office/Showroom 1,159,875 60,422 5.2% 0 5.2% 39,022

Medium Distribution 4,699,146 70,017 1.5% 23,800 2.0% 27,000

Traditional Bulk 1,434,340 0 0.0% 0 0.0% 13,127

Flex Space 991,476 14,800 1.5% 0 1.5% 5,000

Manufacturing 9,216,386 520,353 5.6% (63,750) 5.0% (41,733)

Maintenance 52,762 0 0.0% 0 0.0% 0

Transport 107,421 0 0.0% 0 0.0% 0

TOTALS 17,661,406 665,592 3.8% (39,950) 3.5% 42,416

cassidyturley.com | A-xli


Indianapolis Industrial MarketVacancy and Net Absorption RatesEast Submarket3rd Quarter 2012

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INDUSTRIAL VACANCY AND NET ABSORPTION RATES EAST SUBMARKETThird Quarter 2012


Vacant (SF)

Vacancy Rate




Office/Showroom 2,610,582 158,555 6.1% 28,299 7.2% 51,769

Medium Distribution 12,815,202 653,932 5.1% (13,909) 5.4% 56,563

Traditional Bulk 9,571,454 569,182 5.9% (2,612) 5.7% 293,674

Modern Bulk 2,695,045 0 0.0% 0 0.0% 211,500

Flex Space 512,284 53,705 10.5% 0 10.5% (6,127)

Manufacturing 16,558,663 448,350 2.7% (25,049) 2.7% (47,317)

Maintenance 179,561 0 0.0% 0 0.0% 0

Transport 152,919 0 0.0% 0 0.0% 0

TOTALS 45,095,710 1,883,724 4.2% (13,271) 4.3% 560,062

A-xlii | We know The State of Real Estate®

Indianapolis Industrial MarketVacancy and Net Absorption RatesNortheast Submarket3rd Quarter 2012


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INDUSTRIAL VACANCY AND NET ABSORPTION RATES NORTHEAST SUBMARKET

Third Quarter 2012


Vacant (SF)

Vacancy Rate




Office/Showroom 3,279,052 315,125 9.6% (13,298) 9.0% 18,057


Traditional Bulk 2,744,719 49,560 1.8% 0 1.8% (25,560)

Modern Bulk 1,569,869 0 0.0% 0 0.0% 32,000

Flex Space 2,123,235 246,903 11.6% 99,736 13.9% 43,531

Manufacturing 4,044,896 29,780 0.7% 0 0.7% 23,692

Maintenance 84,266 0 0.0% 0 0.0% 0

Transport 41,212 0 0.0% 0 0.0% 0

TOTALS 18,071,053 969,726 5.4% 110,841 5.6% 209,438

cassidyturley.com | A-xliii


Indianapolis Industrial MarketVacancy and Net Absorption RatesNorth Submarket3rd Quarter 2012

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INDUSTRIAL VACANCY AND NET ABSORPTION RATES NORTH SUBMARKETThird Quarter 2012


Vacant (SF)

Vacancy Rate




Office/Showroom 1,201,245 76,043 6.3% 7,391 6.9% (37,273)


Traditional Bulk 830,984 8,000 1.0% 0 1.0% (7,806)

Flex Space 335,516 14,275 4.3% 7,714 6.6% (6,561)

Manufacturing 945,127 0 0.0% 0 0.0% 12,000

TOTALS 4,517,012 111,918 2.5% 82,414 4.9% 16,279

A-xliv | We know The State of Real Estate®


Indianapolis Industrial MarketVacancy and Net Absorption RatesNorthwest Submarket3rd Quarter 2012

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INDUSTRIAL VACANCY AND NET ABSORPTION RATES NORTHWEST SUBMARKET

Third Quarter 2012


Vacant (SF)

Vacancy Rate




Office/Showroom 3,752,293 428,594 11.4% 37,166 12.4% 28,684

Medium Distribution 9,741,824 459,250 4.7% 54,399 5.2% (100,026)

Traditional Bulk 11,643,789 775,021 6.7% (58,310) 4.8% (244,866)

Modern Bulk 14,053,155 464,000 3.3% (309,600) 1.1% (273,400)

Flex Space 1,669,773 123,490 7.4% 12,580 8.1% 38,396

Manufacturing 3,031,075 0 0.0% 26,310 0.9% 32,835

Maintenance 130,846 0 0.0% 0 0.0% 0

Transport 40,000 0 0.0% 0 0.0% 0

TOTALS 44,062,755 2,250,355 5.1% (237,455) 4.2% (518,377)

cassidyturley.com | A-xlv


Indianapolis Industrial MarketVacancy and Net Absorption RatesSoutheast Submarket3rd Quarter 2012

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INDUSTRIAL VACANCY AND NET ABSORPTION RATES SOUTHEAST SUBMARKET

Third Quarter 2012


Vacant (SF)

Vacancy Rate




Office/Showroom 996,118 37,977 3.8% 0 3.8% (18,213)

Medium Distribution 4,809,792 219,431 4.6% 0 4.6% 45,523

Traditional Bulk 1,494,604 26,334 1.8% 0 1.8% (24,282)

Modern Bulk 355,780 0 0.0% 0 0.0% 0

Flex Space 345,634 55,656 16.1% 0 16.1% (10,106)

Manufacturing 9,472,697 0 0.0% 12,000 0.1% (4,336)

Maintenance 70,000 0 0.0% 0 0.0% 0

Transport 65,350 0 0.0% 0 0.0% 0

TOTALS 17,609,975 339,398 1.9% 12,000 2.0% (11,414)

A-xlvi | We know The State of Real Estate®


Indianapolis Industrial MarketVacancy and Net Absorption RatesSouth Submarket3rd Quarter 2012

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INDUSTRIAL VACANCY AND NET ABSORPTION RATES SOUTH SUBMARKETThird Quarter 2012


Vacant (SF)

Vacancy Rate




Office/Showroom 538,317 38,593 7.2% 0 7.2% (13,790)

Medium Distribution 1,446,073 13,600 0.9% 0 0.9% (13,600)

Traditional Bulk 2,199,074 16,300 0.7% 0 0.7% 0

Modern Bulk 4,450,527 0 0.0% 628,000 14.1% 627,475

Flex Space 320,979 6,000 1.9% 0 1.9% 2,919

Manufacturing 3,347,188 201,030 6.0% 0 6.0% 33,600

Transport 171,699 0 0.0% 0 0.0% 0

TOTALS 12,473,857 275,523 2.2% 628,000 7.2% 636,604

cassidyturley.com | A-xlvii


Indianapolis Industrial MarketVacancy and Net Absorption RatesSouthwest Submarket3rd Quarter 2012

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INDUSTRIAL VACANCY AND NET ABSORPTION RATES SOUTHWEST SUBMARKET

Third Quarter 2012


Vacant (SF)

Vacancy Rate




Office/Showroom 2,044,297 303,328 14.8% (55,273) 12.1% (120,974)


Traditional Bulk 5,644,029 92,583 1.6% (83,363) 0.2% (51,925)

Modern Bulk 31,616,261 552,516 1.7% 65,562 2.0% 541,443

Flex Space 604,871 75,801 12.5% (2,054) 12.2% (31,824)

Manufacturing 10,731,579 306,433 2.9% (127,731) 1.7% (164,946)

Maintenance 386,514 17,000 4.4% 0 4.4% 0

Transport 1,056,116 26,545 2.5% 6,930 3.2% (4,070)

TOTALS 61,170,145 2,048,317 3.3% (69,697) 3.2% 584,113

A-xlviii | We know The State of Real Estate®

Indianapolis Industrial MarketVacancy and Net Absorption RatesWest Submarket3rd Quarter 2012


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INDUSTRIAL VACANCY AND NET ABSORPTION RATES WEST SUBMARKETThird Quarter 2012


Vacant (SF)

Vacancy Rate




Office/Showroom 1,607,573 85,750 5.3% 0 5.3% 11,682

Medium Distribution 1,820,573 35,000 1.9% 0 1.9% 19,355

Traditional Bulk 956,757 97,044 10.1% 170,000 27.9% 136,588

Modern Bulk 3,683,747 0 0.0% 0 0.0% 0

Flex Space 344,000 17,050 5.0% 0 5.0% 0

Manufacturing 10,182,891 240,965 2.4% 0 2.4% 276,134

Maintenance 56,404 0 0.0% 0 0.0% (1,800)

Transport 330,824 0 0.0% 0 0.0% 0

TOTALS 18,982,769 475,809 2.5% 170,000 3.4% 441,959

Industrial Market Appendix (3Q12)

Documents

Transcript of Industrial Market Appendix (3Q12)