Austin Industrial Overview

1. 4Q 2016
AUSTIN
INDUSTRIAL
OVERVIEW

2. AQUILA KNOWS AUSTIN
Leigh Ellis
Lead Industrial Broker
512 684-3802
ellis@aquilacommercial.com
Clayton Schleimer
Market Research Coordinator
512 684-3809
schleimer@aquilacommercial.com
AQUILA Commercial is dedicated to providing
quality service to our clients. We understand that
real time market data helps our clients make
smart, informed real estate decisions. This report
is produced and distributed quarterly. To receive
our updates, opt in at aquilacommercial.com.
KEEPING YOU INFORMED
DISCLAIMER This report utilizes various real
estate and economic data sources. The
information contained herein is confidential and
proprietary in nature. No warranties or
guarantees are made as to the accuracy of the
information contained herein.

3. Citywide Warehouse Performance 4
Citywide Flex/R&D Performance 7
Citywide Total Industrial Performance 10
North Submarket Warehouse Performance 14
North Submarket Flex/R&D Performance 15
North Submarket Total Industrial Performance 16
Southeast Submarket Warehouse Performance 17
Southeast Submarket Flex/R&D Performance 18
Southeast Submarket Total Industrial Performance 19
Northeast Submarket Warehouse Performance 20
Northeast Submarket Flex/R&D Performance 21
Northeast Submarket Total Industrial Performance 22
Round Rock & Georgetown Submarket Warehouse Performance 23
Round Rock & Georgetown Submarket Flex/R&D Performance 24
Round Rock & Georgetown Submarket Total Industrial Performance 25
Far Northeast Submarket Warehouse Performance 26
Far Northeast Submarket Flex/R&D Performance 27
Far Northeast Submarket Total Industrial Performance 28
Austin Industrial Submarket Map
CONTENTS

4. 4
CITYWIDE WAREHOUSE PERFORMANCE
VACANCY RATES AVERAGE ASKING NNN
Quarter North Southeast Northeast
Round Rock &
Georgetown
Far Northeast Citywide
2015 Q1 8.2% 4.2% 12.7% 15.6% 12.0% 9.4%
2015 Q2 7.8% 6.6% 9.4% 12.2% 8.9% 8.9%
2015 Q3 5.5% 7.0% 7.5% 12.1% 8.6% 7.1%
2015 Q4 5.0% 5.4% 7.3% 9.6% 8.6% 6.3%
2016 Q1 5.3% 1.7% 6.9% 9.9% 8.1% 5.7%
2016 Q2 5.3% 2.2% 4.8% 5.6% 6.7% 5.1%
2016 Q3 3.8% 3.6% 5.2% 5.0% 9.3% 4.7%
2016 Q4 5.3% 5.4% 6.3% 6.3% 11.5% 6.0%
Numbers based on CBRE statistics
Quarter North Southeast Northeast
Round Rock &
Georgetown
Far Northeast Citywide
2015 Q1 $0.57 $0.45 $0.66 $0.51 $0.54 $0.55
2015 Q2 $0.51 $0.56 $0.63 $0.52 $0.50 $0.60
2015 Q3 $0.71 $0.56 $0.62 $0.57 $0.57 $0.63
2015 Q4 $0.84 $0.56 $0.65 $0.58 $0.55 $0.67
2016 Q1 $0.59 $0.57 $0.67 $0.53 $0.56 $0.64
2016 Q2 $0.57 $0.59 $0.69 $0.64 $0.70 $0.66
2016 Q3 $0.63 $0.58 $0.74 $0.66 $0.71 $0.73
2016 Q4 $0.60 $0.61 $0.67 $0.69 $0.54 $0.70
Numbers based on CBRE statistics
4
0%
5%
10%
15%
20%
2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4
VacancyRate
North Southeast Northeast
Round Rock & Georgetown Far Northeast Citywide
$0.25
$0.40
$0.55
$0.70
$0.85
$1.00
2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4
AverageAskingNNN
North Southeast Northeast
Round Rock & Georgetown Far Northeast Citywide

5. Quarter North Southeast Northeast
Round Rock &
Georgetown
Far Northeast Citywide
2015 Q1 779,087 231,142 540,888 433,927 260,626 2,911,198
2015 Q2 742,129 373,605 410,356 341,296 194,903 2,762,216
2015 Q3 521,887 396,993 326,398 336,296 187,850 2,212,294
2015 Q4 479,847 316,245 319,624 258,907 187,850 1,975,254
2016 Q1 505,200 100,989 299,209 268,907 177,286 1,797,504
2016 Q2 500,461 131,410 208,257 151,909 146,850 1,614,126
2016 Q3 361,161 219,282 224,819 136,202 218,363 1,503,860
2016 Q4 507,805 331,102 276,232 170,809 270,237 1,923,934
Numbers based on CBRE statistics
Quarter North Southeast Northeast
Round Rock &
Georgetown
Far Northeast Citywide
2015 Q1 102,955 67,454 62,005 5,300 (27,877) 192,279
2015 Q2 36,958 (52,487) 220,132 92,631 65,723 328,558
2015 Q3 220,242 (23,388) 83,958 5,000 7,053 549,922
2015 Q4 42,040 319,953 6,774 (3,625) 0 557,701
2016 Q1 (25,353) 83,430 20,415 (10,000) 10,564 46,194
2016 Q2 5,736 (30,421) 90,952 116,998 30,436 167,260
2016 Q3 139,300 (7,872) (16,562) 15,707 71,513 190,266
2016 Q4 (133,294) 31,780 (51,413) (28,612) 126,496 32,541
Numbers based on CBRE statistics
5
CITYWIDE WAREHOUSE PERFORMANCE
AVAILABLE SF ABSORPTION
5
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4
AvailableSF
North Southeast Northeast Round Rock & Georgetown Far Northeast Citywide
(300,000)
(200,000)
(100,000)
0
100,000
200,000
300,000
400,000
500,000
600,000
2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4
Absorption(SF)
North Southeast Northeast Round Rock & Georgetown Far Northeast Citywide

6. CITYWIDE WAREHOUSE PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2015 Q1 30,974,357 2,911,198 9.4% 192,279 $0.55
2015 Q2 31,153,933 2,762,216 8.9% 328,558 $0.60
2015 Q3 31,153,933 2,212,294 7.1% 549,922 $0.63
2015 Q4 31,474,594 1,975,254 6.3% 557,701 $0.67
2016 Q1 31,474,594 1,797,504 5.7% 46,194 $0.64
2016 Q2 31,474,594 1,614,126 5.1% 167,260 $0.66
2016 Q3 31,846,782 1,503,860 4.7% 190,266 $0.73
2016 Q4 31,846,398 1,923,934 6.0% 32,541 $0.70
Numbers based on CBRE statistics
6
0%
2%
4%
6%
8%
10%
12%
14%
-
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
35,000,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
84%
86%
88%
90%
92%
94%
96%
0
100,000
200,000
300,000
400,000
500,000
600,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate
2%
4%
6%
8%
10%
12%
$0.50
$0.55
$0.60
$0.65
$0.70
$0.75
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
VacancyRate
AverageAskingNNN
Average Asking NNN Vacancy Rate

7. 7
CITYWIDE FLEX/R&D PERFORMANCE
VACANCY RATES AVERAGE ASKING NNN
Quarter North Southeast Northeast
Round Rock &
Georgetown
Far Northeast Citywide
2015 Q1 7.5% 14.8% 11.1% 2.6% 11.4% 12.3%
2015 Q2 8.4% 9.5% 3.4% 1.4% 8.0% 9.8%
2015 Q3 9.5% 9.2% 1.9% 2.1% 8.9% 9.6%
2015 Q4 9.1% 11.9% 2.7% 8.8% 7.3% 10.8%
2016 Q1 7.4% 10.1% 2.2% 7.6% 2.1% 9.5%
2016 Q2 6.5% 9.7% 3.2% 6.9% 2.1% 9.4%
2016 Q3 7.0% 7.1% 2.3% 6.8% 3.4% 7.3%
2016 Q4 9.5% 6.9% 2.8% 7.2% 2.2% 9.4%
Numbers based on CBRE statistics
Quarter North Southeast Northeast
Round Rock &
Georgetown
Far Northeast Citywide
2015 Q1 $0.93 $0.87 $0.73 N/A $0.91 $0.93
2015 Q2 $0.94 $0.86 $0.67 N/A $0.89 $0.95
2015 Q3 $1.01 $0.76 $0.81 N/A $0.82 $0.91
2015 Q4 $1.10 $0.77 $0.63 N/A $1.05 $0.91
2016 Q1 $1.08 $0.83 $0.73 N/A $1.00 $1.01
2016 Q2 $1.11 $0.98 $0.76 N/A $1.00 $1.04
2016 Q3 $1.01 $1.07 $0.80 N/A $0.96 $1.03
2016 Q4 $1.03 $0.98 $0.85 N/A $0.90 $1.02
Numbers based on CBRE statistics
7
0%
5%
10%
15%
20%
2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4
VacancyRate
North Southeast Northeast
Round Rock & Georgetown Far Northeast Citywide
$0.50
$0.65
$0.80
$0.95
$1.10
$1.25
2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4
AverageAskingNNN
North Southeast Northeast Far Northeast Citywide

8. 8
CITYWIDE FLEX/R&D PERFORMANCE
AVAILABLE SF ABSORPTION
Quarter North Southeast Northeast
Round Rock &
Georgetown
Far Northeast Citywide
2015 Q1 332,884 688,992 395,916 44,074 34,134 2,332,054
2015 Q2 370,729 426,198 111,348 23,391 23,812 1,799,903
2015 Q3 419,138 409,691 61,317 37,049 26,434 1,763,624
2015 Q4 403,728 548,554 87,702 156,803 21,684 2,018,081
2016 Q1 325,936 467,022 72,869 135,918 6,184 1,765,599
2016 Q2 287,283 450,245 105,039 128,096 6,184 1,754,791
2016 Q3 308,614 328,753 75,026 125,031 10,284 1,359,761
2016 Q4 422,688 318,156 90,443 133,376 6,600 1,748,588
Numbers based on CBRE statistics
Quarter North Southeast Northeast
Round Rock &
Georgetown
Far Northeast Citywide
2015 Q1 1,285 (85,482) 31,812 6,476 (9,684) (56,477)
2015 Q2 (37,845) 89,994 (28,039) 20,683 10,322 46,744
2015 Q3 (48,409) 16,507 50,031 (13,658) (2,622) 36,279
2015 Q4 15,410 21,137 (26,385) (56,000) 4,750 (30,703)
2016 Q1 (60,225) 81,532 14,833 20,885 15,500 234,915
2016 Q2 38,653 16,777 (32,170) 7,822 0 10,808
2016 Q3 (21,331) 121,499 30,013 3,065 (4,100) 395,037
2016 Q4 (89,753) 10,590 26,271 (8,345) 14,062 395,037
Numbers based on CBRE statistics
8
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4
AvailableSF
North Southeast Northeast Round Rock & Georgetown Far Northeast Citywide
(200,000)
(100,000)
0
100,000
200,000
300,000
400,000
500,000
2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4
Absorption(SF)
North Southeast Northeast Round Rock & Georgetown Far Northeast Citywide

9. CITYWIDE FLEX/R&D PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2015 Q1 18,884,797 2,332,054 12.3% (56,477) $0.93
2015 Q2 18,399,390 1,799,903 9.8% 46,744 $0.95
2015 Q3 18,399,390 1,763,624 9.6% 36,279 $0.91
2015 Q4 18,623,144 2,018,081 10.8% (30,703) $0.91
2016 Q1 18,623,144 1,765,599 9.5% 234,915 $1.01
2016 Q2 18,683,644 1,754,791 9.4% 10,808 $1.04
2016 Q3 18,683,644 1,359,761 7.3% 395,037 $1.03
2016 Q4 18,676,670 1,748,588 9.4% 395,037 $1.02
Numbers based on CBRE statistics
9
0%
3%
6%
9%
12%
15%
-
4,000,000
8,000,000
12,000,000
16,000,000
20,000,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
85%
87%
89%
91%
93%
95%
97%
(100,000)
0
100,000
200,000
300,000
400,000
500,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate
5%
7%
9%
11%
13%
15%
17%
$0.50
$0.60
$0.70
$0.80
$0.90
$1.00
$1.10
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
VacancyRate
AverageAskingNNN
Average Asking NNN Vacancy Rate

10. 10
CITYWIDE TOTAL INDUSTRIAL PERFORMANCE
VACANCY RATES AVERAGE ASKING NNN
Quarter North Southeast Northeast
Round Rock &
Georgetown
Far Northeast Citywide
2015 Q1 8.0% 9.0% 12.0% 10.6% 11.9% 10.5%
2015 Q2 8.0% 7.9% 6.9% 8.1% 8.8% 9.2%
2015 Q3 6.8% 8.0% 5.1% 8.3% 8.7% 8.0%
2015 Q4 6.3% 8.2% 5.4% 9.2% 8.5% 8.0%
2016 Q1 6.0% 5.4% 4.9% 9.0% 7.4% 7.1%
2016 Q2 5.7% 5.5% 4.1% 6.1% 6.2% 6.7%
2016 Q3 4.8% 5.1% 3.9% 5.7% 8.7% 5.7%
2016 Q4 6.7% 6.1% 4.8% 6.7% 10.5% 7.3%
Numbers based on CBRE statistics
Quarter North Southeast Northeast
Round Rock &
Georgetown
Far Northeast Citywide
2015 Q1 $0.82 $0.68 $0.69 $0.57 $0.65 $0.73
2015 Q2 $0.74 $0.79 $0.64 $0.56 $0.58 $0.76
2015 Q3 $0.98 $0.68 $0.68 $0.63 $0.62 $0.76
2015 Q4 $1.07 $0.68 $0.64 $0.61 $0.62 $0.80
2016 Q1 $0.95 $0.73 $0.68 $0.68 $0.60 $0.83
2016 Q2 $0.91 $0.84 $0.72 $0.82 $0.71 $0.87
2016 Q3 $0.83 $0.81 $0.75 $0.82 $0.73 $0.88
2016 Q4 $0.82 $0.79 $0.73 $0.85 $0.54 $0.85
Numbers based on CBRE statistics
10
0%
5%
10%
15%
2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4
VacancyRate
North Southeast Northeast
Round Rock & Georgetown Far Northeast Citywide
$0.25
$0.40
$0.55
$0.70
$0.85
$1.00
$1.15
2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4
AverageAskingNNN
North Southeast Northeast
Round Rock & Georgetown Far Northeast Citywide

11. 11
CITYWIDE TOTAL INDUSTRIAL PERFORMANCE
AVAILABLE SF ABSORPTION
Quarter North Southeast Northeast
Round Rock &
Georgetown
Far Northeast Citywide
2015 Q1 1,111,971 920,134 936,804 478,001 294,760 5,243,252
2015 Q2 1,112,858 799,803 521,704 364,687 218,715 4,562,119
2015 Q3 941,025 806,684 387,715 373,345 214,284 3,975,918
2015 Q4 883,575 864,799 407,326 415,710 209,534 3,993,335
2016 Q1 831,136 568,011 372,078 404,825 183,470 3,563,103
2016 Q2 787,744 581,655 313,296 280,005 153,034 3,368,917
2016 Q3 669,775 548,035 299,845 261,233 228,647 2,863,621
2016 Q4 930,493 649,258 366,675 304,185 276,837 3,672,522
Numbers based on CBRE statistics
Quarter North Southeast Northeast
Round Rock &
Georgetown
Far Northeast Citywide
2015 Q1 104,240 (18,028) 93,817 11,776 (37,561) 135,802
2015 Q2 (887) 37,507 192,093 113,314 76,045 375,302
2015 Q3 171,833 (6,881) 133,989 (8,658) 4,431 586,201
2015 Q4 57,450 341,090 (19,611) (59,625) 4,750 526,998
2016 Q1 (85,578) 164,962 35,248 10,885 26,064 281,109
2016 Q2 44,389 (13,644) 58,782 124,820 30,436 178,068
2016 Q3 117,969 113,627 13,451 18,772 67,413 585,303
2016 Q4 (223,047) 42,370 (25,142) (36,957) 140,558 427,578
Numbers based on CBRE statistics
11
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4
AvailableSF
North Southeast Northeast Round Rock & Georgetown Far Northeast Citywide
(400,000)
(300,000)
(200,000)
(100,000)
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4
Absorption(SF)
North Southeast Northeast Round Rock & Georgetown Far Northeast Citywide

12. CITYWIDE TOTAL INDUSTRIAL PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2015 Q1 49,859,154 5,243,252 10.5% 135,802 $0.73
2015 Q2 49,553,323 4,562,119 9.2% 375,302 $0.76
2015 Q3 49,553,323 3,975,918 8.0% 586,201 $0.76
2015 Q4 50,097,738 3,993,335 8.0% 526,998 $0.80
2016 Q1 50,097,738 3,563,103 7.1% 281,109 $0.83
2016 Q2 50,158,238 3,368,917 6.7% 178,068 $0.87
2016 Q3 50,530,426 2,863,621 5.7% 585,303 $0.88
2016 Q4 50,523,068 3,672,522 7.3% 427,578 $0.85
Numbers based on CBRE statistics
12
0%
3%
6%
9%
12%
15%
18%
-
10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
60,000,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
84%
87%
90%
93%
96%
0
200,000
400,000
600,000
800,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate
0%
4%
8%
12%
16%
20%
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
VacancyRate
AverageAskingNNN
Average Asking NNN Vacancy Rate

13. Quarter North Southeast Northeast
Round Rock &
Georgetown
Far Northeast Citywide
2015 Q1 - 239,205 90,331 30,000 - 359,536
2015 Q2 - 399,000 - 167,000 153,000 719,000
2015 Q3 - 399,000 - 167,000 153,000 719,000
2015 Q4 - 265,600 - - 153,000 418,600
2016 Q1 - 265,600 - - 153,000 418,600
2016 Q2 - 888,271 - - 153,000 1,041,271
2016 Q3 80,340 680,271 240,821 - 71,200 1,090,512
2016 Q4 80,340 1,047,470 240,821 - 71,200 1,661,031
Numbers based on CBRE statistics
CITYWIDE TOTAL INDUSTRIAL CONSTRUCTION
13
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
1,800,000
2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4
SFUnderConstruction
North Southeast Northeast Round Rock & Georgetown Far Northeast Citywide

14. NORTH WAREHOUSE PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2015 Q1 9,506,094 779,087 8.2% 102,955 $0.57
2015 Q2 9,506,094 742,129 7.8% 36,958 $0.51
2015 Q3 9,506,094 521,887 5.5% 220,242 $0.71
2015 Q4 9,506,094 479,847 5.0% 42,040 $0.84
2016 Q1 9,506,094 505,200 5.3% (25,353) $0.59
2016 Q2 9,506,094 500,461 5.3% 5,736 $0.57
2016 Q3 9,506,094 361,161 3.8% 139,300 $0.63
2016 Q4 9,506,094 507,805 5.3% (133,294) $0.60
Numbers based on CBRE statistics
14
0%
2%
4%
6%
8%
10%
-
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
88%
89%
90%
91%
92%
93%
94%
95%
96%
97%
(200,000)
(150,000)
(100,000)
(50,000)
0
50,000
100,000
150,000
200,000
250,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate
0%
2%
4%
6%
8%
10%
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
VacancyRate
AverageAskingNNN
Average Asking NNN Vacancy Rate

15. NORTH FLEX/R&D PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2015 Q1 4,433,364 332,884 7.5% 1,285 $0.93
2015 Q2 4,433,364 370,729 8.4% (37,845) $0.94
2015 Q3 4,433,364 419,138 9.5% (48,409) $1.01
2015 Q4 4,433,364 403,728 9.1% 15,410 $1.10
2016 Q1 4,433,364 325,936 7.4% (60,225) $1.08
2016 Q2 4,433,364 287,283 6.5% 38,653 $1.11
2016 Q3 4,433,364 308,614 7.0% (21,331) $1.01
2016 Q4 4,469,357 422,688 9.5% (89,753) $1.03
Numbers based on CBRE statistics
15
0%
3%
6%
9%
12%
15%
-
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
88%
89%
90%
91%
92%
93%
94%
95%
(100,000)
(80,000)
(60,000)
(40,000)
(20,000)
0
20,000
40,000
60,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate
0%
3%
6%
9%
12%
15%
$0.00
$0.25
$0.50
$0.75
$1.00
$1.25
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
VacancyRate
AverageAskingNNN
Average Asking NNN Vacancy Rate

16. NORTH TOTAL INDUSTRIAL PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2015 Q1 13,939,458 1,111,971 8.0% 104,240 $0.82
2015 Q2 13,939,458 1,112,858 8.0% (887) $0.74
2015 Q3 13,939,458 941,025 6.8% 171,833 $0.98
2015 Q4 13,939,458 883,575 6.3% 57,450 $1.07
2016 Q1 13,939,458 831,136 6.0% (85,578) $0.95
2016 Q2 13,939,458 787,744 5.7% 44,389 $0.91
2016 Q3 13,939,458 669,775 4.8% 117,969 $0.83
2016 Q4 13,975,451 930,493 6.7% (223,047) $0.82
Numbers based on CBRE statistics
16
0%
3%
6%
9%
12%
15%
-
3,000,000
6,000,000
9,000,000
12,000,000
15,000,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
89%
90%
91%
92%
93%
94%
95%
96%
97%
(200,000)
(150,000)
(100,000)
(50,000)
0
50,000
100,000
150,000
200,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate
0%
3%
6%
9%
12%
15%
$0.00
$0.25
$0.50
$0.75
$1.00
$1.25
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
VacancyRate
AverageAskingNNN
Average Asking NNN Vacancy Rate

17. SOUTHEAST WAREHOUSE PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2015 Q1 5,569,686 231,142 4.2% 67,454 $0.45
2015 Q2 5,659,662 373,605 6.6% (52,487) $0.56
2015 Q3 5,659,662 396,993 7.0% (23,388) $0.56
2015 Q4 5,898,867 316,245 5.4% 319,953 $0.56
2016 Q1 5,898,867 100,989 1.7% 83,430 $0.57
2016 Q2 5,898,867 131,410 2.2% (30,421) $0.59
2016 Q3 6,092,467 219,282 3.6% (7,872) $0.58
2016 Q4 6,092,467 331,102 5.4% 31,780 $0.61
Numbers based on CBRE statistics
17
0%
2%
4%
6%
8%
10%
12%
14%
-
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
93%
94%
95%
96%
97%
98%
99%
(200,000)
(100,000)
0
100,000
200,000
300,000
400,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate
0%
2%
4%
6%
8%
10%
12%
14%
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
VacancyRate
AverageAskingNNN
Average Asking NNN Vacancy Rate

18. SOUTHEAST FLEX/R&D PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2015 Q1 4,640,678 688,992 14.8% (85,482) $0.87
2015 Q2 4,467,878 426,198 9.5% 89,994 $0.86
2015 Q3 4,467,878 409,691 9.2% 16,507 $0.76
2015 Q4 4,627,878 548,554 11.9% 21,137 $0.77
2016 Q1 4,627,878 467,022 10.1% 81,532 $0.83
2016 Q2 4,627,878 450,245 9.7% 16,777 $0.98
2016 Q3 4,627,878 328,753 7.1% 121,499 $1.07
2016 Q4 4,627,878 318,156 6.9% 10,590 $0.98
Numbers based on CBRE statistics
18
0%
4%
8%
12%
16%
20%
-
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
80%
82%
84%
86%
88%
90%
92%
94%
(120,000)
(80,000)
(40,000)
0
40,000
80,000
120,000
160,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate
0%
4%
8%
12%
16%
20%
24%
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
VacancyRate
AverageAskingNNN
Average Asking NNN Vacancy Rate

19. SOUTHEAST TOTAL INDUSTRIAL PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2015 Q1 10,210,364 920,134 9.0% (18,028) $0.68
2015 Q2 10,127,540 799,803 7.9% 37,507 $0.79
2015 Q3 10,127,540 806,684 8.0% (6,881) $0.68
2015 Q4 10,526,745 864,799 8.2% 341,090 $0.68
2016 Q1 10,526,745 568,011 5.4% 164,962 $0.73
2016 Q2 10,526,745 581,655 5.5% (13,644) $0.84
2016 Q3 10,720,345 548,035 5.1% 113,627 $0.81
2016 Q4 10,720,345 649,258 6.1% 42,370 $0.79
Numbers based on CBRE statistics
19
0%
3%
6%
9%
12%
15%
18%
-
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
86%
88%
90%
92%
94%
96%
(100,000)
0
100,000
200,000
300,000
400,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate
0%
3%
6%
9%
12%
15%
$0.00
$0.25
$0.50
$0.75
$1.00
$1.25
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
VacancyRate
AverageAskingNNN
Average Asking NNN Vacancy Rate

20. NORTHEAST WAREHOUSE PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2015 Q1 4,261,110 540,888 12.7% 62,005 $0.66
2015 Q2 4,350,710 410,356 9.4% 220,132 $0.63
2015 Q3 4,350,710 326,398 7.5% 83,958 $0.62
2015 Q4 4,350,710 319,624 7.3% 6,774 $0.65
2016 Q1 4,350,710 299,209 6.9% 20,415 $0.67
2016 Q2 4,350,710 208,257 4.8% 90,952 $0.69
2016 Q3 4,350,710 224,819 5.2% (16,562) $0.74
2016 Q4 4,350,326 276,232 6.3% (51,413) $0.67
Numbers based on CBRE statistics
20
0%
4%
8%
12%
16%
20%
-
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
76%
80%
84%
88%
92%
96%
100%
(100,000)
(50,000)
0
50,000
100,000
150,000
200,000
250,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate
0%
4%
8%
12%
16%
20%
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
VacancyRate
AverageAskingNNN
Average Asking NNN Vacancy Rate

21. NORTHEAST FLEX/R&D PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2015 Q1 3,569,100 395,916 11.1% 31,812 $0.73
2015 Q2 3,256,493 111,348 3.4% (28,039) $0.67
2015 Q3 3,256,493 61,317 1.9% 50,031 $0.81
2015 Q4 3,256,493 87,702 2.7% (26,385) $0.63
2016 Q1 3,256,493 72,869 2.2% 14,833 $0.73
2016 Q2 3,256,493 105,039 3.2% (32,170) $0.76
2016 Q3 3,256,493 75,026 2.3% 30,013 $0.80
2016 Q4 3,213,526 90,443 2.8% 26,271 $0.85
Numbers based on CBRE statistics
21
0%
5%
10%
15%
20%
-
1,000,000
2,000,000
3,000,000
4,000,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
79%
82%
85%
88%
91%
94%
97%
100%
(40,000)
(30,000)
(20,000)
(10,000)
0
10,000
20,000
30,000
40,000
50,000
60,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate
0%
4%
8%
12%
16%
20%
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
VacancyRate
AverageAskingNNN
Average Asking NNN Vacancy Rate

22. NORTHEAST TOTAL INDUSTRIAL PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2015 Q1 7,830,210 936,804 12.0% 93,817 $0.69
2015 Q2 7,607,203 521,704 6.9% 192,093 $0.64
2015 Q3 7,607,203 387,715 5.1% 133,989 $0.68
2015 Q4 7,607,203 407,326 5.4% (19,611) $0.64
2016 Q1 7,607,203 372,078 4.9% 35,248 $0.68
2016 Q2 7,607,203 313,296 4.1% 58,782 $0.72
2016 Q3 7,607,203 299,845 3.9% 13,451 $0.75
2016 Q4 7,563,852 366,675 4.8% (25,142) $0.73
Numbers based on CBRE statistics
22
0%
4%
8%
12%
16%
20%
24%
-
1,500,000
3,000,000
4,500,000
6,000,000
7,500,000
9,000,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
81%
84%
87%
90%
93%
96%
99%
(50,000)
0
50,000
100,000
150,000
200,000
250,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate
0%
4%
8%
12%
16%
20%
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
VacancyRate
AverageAskingNNN
Average Asking NNN Vacancy Rate

23. ROUND ROCK & GEORGETOWN WAREHOUSE PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2015 Q1 2,786,319 433,927 15.6% 5,300 $0.51
2015 Q2 2,786,319 341,296 12.2% 92,631 $0.52
2015 Q3 2,786,319 336,296 12.1% 5,000 $0.57
2015 Q4 2,705,305 258,907 9.6% (3,625) $0.58
2016 Q1 2,705,305 268,907 9.9% (10,000) $0.53
2016 Q2 2,705,305 151,909 5.6% 116,998 $0.64
2016 Q3 2,705,305 136,202 5.0% 15,707 $0.66
2016 Q4 2,705,305 170,809 6.3% (28,612) $0.69
Numbers based on CBRE statistics
23
0%
3%
6%
9%
12%
15%
18%
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
81%
84%
87%
90%
93%
96%
(40,000)
0
40,000
80,000
120,000
160,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate
0%
4%
8%
12%
16%
20%
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
VacancyRate
AverageAskingNNN
Average Asking NNN Vacancy Rate

24. ROUND ROCK & GEORGETOWN FLEX/R&D PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2015 Q1 1,726,305 44,074 2.6% 6,476 N/A
2015 Q2 1,726,305 23,391 1.4% 20,683 N/A
2015 Q3 1,726,305 37,049 2.1% (13,658) N/A
2015 Q4 1,790,059 156,803 8.8% (56,000) N/A
2016 Q1 1,790,059 135,918 7.6% 20,885 N/A
2016 Q2 1,850,559 128,096 6.9% 7,822 N/A
2016 Q3 1,850,559 125,031 6.8% 3,065 N/A
2016 Q4 1,850,559 133,376 7.2% (8,345) N/A
Numbers based on CBRE statistics
[CHART NOT AVAILABLE DUE
TO INCOMPLETE DATA]
24
0%
2%
4%
6%
8%
10%
-
400,000
800,000
1,200,000
1,600,000
2,000,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
84%
87%
90%
93%
96%
99%
(60,000)
(40,000)
(20,000)
0
20,000
40,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate

25. ROUND ROCK & GEORGETOWN TOTAL INDUSTRIAL
PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2015 Q1 4,512,624 478,001 10.6% 11,776 $0.57
2015 Q2 4,512,624 364,687 8.1% 113,314 $0.56
2015 Q3 4,512,624 373,345 8.3% (8,658) $0.63
2015 Q4 4,495,364 415,710 9.2% (59,625) $0.61
2016 Q1 4,495,364 404,825 9.0% 10,885 $0.68
2016 Q2 4,555,864 280,005 6.1% 124,820 $0.82
2016 Q3 4,555,864 261,233 5.7% 18,772 $0.82
2016 Q4 4,555,864 304,185 6.7% (36,957) $0.85
Numbers based on CBRE statistics
25
0%
3%
6%
9%
12%
15%
-
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
84%
87%
90%
93%
96%
99%
(100,000)
(50,000)
0
50,000
100,000
150,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate
0%
4%
8%
12%
16%
20%
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
VacancyRate
AverageAskingNNN
Average Asking NNN Vacancy Rate

26. FAR NORTHEAST WAREHOUSE PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2015 Q1 2,178,152 260,626 12.0% (27,877) $0.54
2015 Q2 2,178,152 194,903 8.9% 65,723 $0.50
2015 Q3 2,178,152 187,850 8.6% 7,053 $0.57
2015 Q4 2,178,152 187,850 8.6% 0 $0.55
2016 Q1 2,178,152 177,286 8.1% 10,564 $0.56
2016 Q2 2,178,152 146,850 6.7% 30,436 $0.70
2016 Q3 2,340,622 218,363 9.3% 71,513 $0.71
2016 Q4 2,340,622 270,237 11.5% 126,496 $0.54
Numbers based on CBRE statistics
26
0%
4%
8%
12%
16%
20%
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
84%
88%
92%
96%
100%
(40,000)
0
40,000
80,000
120,000
160,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate
0%
4%
8%
12%
16%
20%
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
VacancyRate
AverageAskingNNN
Average Asking NNN Vacancy Rate

27. FAR NORTHEAST FLEX/R&D PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2015 Q1 298,184 34,134 11.4% (9,684) $0.91
2015 Q2 298,184 23,812 8.0% 10,322 $0.89
2015 Q3 298,184 26,434 8.9% (2,622) $0.82
2015 Q4 298,184 21,684 7.3% 4,750 $1.05
2016 Q1 298,184 6,184 2.1% 15,500 $1.00
2016 Q2 298,184 6,184 2.1% 0 $1.00
2016 Q3 298,184 10,284 3.4% (4,100) $0.96
2016 Q4 298,184 6,600 2.2% 14,062 $0.90
Numbers based on CBRE statistics
27
0%
2%
4%
6%
8%
10%
12%
14%
-
50,000
100,000
150,000
200,000
250,000
300,000
350,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
86%
88%
90%
92%
94%
96%
98%
100%
(15,000)
(10,000)
(5,000)
0
5,000
10,000
15,000
20,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate
0%
4%
8%
12%
16%
20%
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
VacancyRate
AverageAskingNNN
Average Asking NNN Vacancy Rate

28. FAR NORTHEAST TOTAL INDUSTRIAL PERFORMANCE
NET ABSORPTIONAVAILABLE SF VS. VACANCY RATE VACANCY VS. RENTAL RATES
Quarter Net Rentable Area Available SF Vacancy Rate Absorption
Average Asking
NNN
2015 Q1 2,476,336 294,760 11.9% (37,561) $0.65
2015 Q2 2,476,336 218,715 8.8% 76,045 $0.58
2015 Q3 2,476,336 214,284 8.7% 4,431 $0.62
2015 Q4 2,476,336 209,534 8.5% 4,750 $0.62
2016 Q1 2,476,336 183,470 7.4% 26,064 $0.60
2016 Q2 2,476,336 153,034 6.2% 30,436 $0.71
2016 Q3 2,638,806 228,647 8.7% 67,413 $0.73
2016 Q4 2,638,806 276,837 10.5% 140,558 $0.54
Numbers based on CBRE statistics
28
0%
3%
6%
9%
12%
15%
18%
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
VacancyRate
AvailableSF
Occupied SF Available SF Vacancy Rate
80%
84%
88%
92%
96%
(40,000)
0
40,000
80,000
120,000
160,000
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
OccupancyRate
Absorption(SF)
Absorption Occupancy Rate
0%
4%
8%
12%
16%
20%
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
VacancyRate
AverageAskingNNN
Average Asking NNN Vacancy Rate