Logistics users continue to establish operations in Columbus. Since January of 2015 logistics users have leased over 2.5 million square feet of industrial space in the Columbus market.

1. Industrial Outlook
Columbus | Q1 2016

2. Strategic location of Columbus market
Source: JLL Research
Foreign capital investment flows over the last 12 months
Source: JLL Research, Real Capital Analytics
Industrial employment trends (12-month change, 000s)
Source: JLL Research
Columbus remains a top destination for logistics users
Since January of 2015 logistics users have leased over 2.5 million square feet of
industrial space in the Columbus market. Columbus has remained a desirable
destination for logistics users due to Rickenbacker Inland Port’s ability to provide
users access to road, rail and air transportation. Logistics users of all sizes are
establishing operations in Columbus, with leases ranging from 50,000 to over 1.0
million square feet. Not only have the size requirements for the users remained
wide ranging, but the locations have as well. Logistics users have entered
submarkets across Columbus to boost their strategic location, further solidifying
the market’s place as a premier destination for logistics users.
Foreign capital pours in as investment activity heats up
Cross-border capital accounted for 46 percent of total investment in the
Columbus market in 2015. Foreign investment activity was led by a joint venture
acquisition of the Exeter property group portfolio consisting of 57.8 million square
feet in 25 U.S. markets, including 12 properties in Columbus. The two groups,
the Abu Dhabi Investment Authority and the Public Sector Pension Investment
Board of Canada, acquired the Columbus properties for $239.5 million. This
trend shows investor confidence in the market as cross-border capital accounted
for less than 5 percent of capital flows in both 2013 and 2014.
Amazon jobs will boost already robust industrial employment sector
In the fourth quarter of 2015, online retailer Amazon announced two new
fulfillment centers in Columbus. The fulfillment centers, located in Etna Township
and Obetz, will create roughly 2,000 jobs in the Columbus market. Columbus’
diverse industrial base continues to benefit from a strong employment base and
low business costs, and employment growth is projected to continue in the
region throughout 2016. While Amazon’s hiring will provide a significant boost to
warehouse employment, manufacturing employment has also benefitted from
low gas prices. This trend has allowed auto and parts manufactures in the
market to hire employees at an accelerated pace.
Increased leasing activity driven by logistics users
Industrial Insight
Columbus | Q1 2016
$3.62
Average total asking rent
3,482,117
Total under construction (s.f.)
903,220
Quarterly completions (s.f.)
1,709,212
YTD net absorption (s.f.)
6.4%
Total vacancy
1,200,000
Planned construction (s.f.)
1,709,212
Quarterly net absorption (s.f.)
240,045,988
Market Size(s.f.)
39%
37%
24%
Americas
Asia Pacific
EMEA
Regional Breakdown
47%Percentage of U.S population within a 10-hour drive
-25.0
-15.0
-5.0
5.0
15.0
2011 2012 2013 2014 2015 YTD 2016
Trade,Transportation & Utilities
Manufacturing
Other Services
Mining, Logging & Construction
JLL | Columbus | Industrial Outlook | Q1 2016

3. Projects under construction by submarket (s.f.) Average total asking rent ($ p.s.f.)
Source: JLL Research
Notable sales last 12 months Notable leases signed in the first quarter
Source: JLL Research
Large block availabilities Net absorption & overall vacancy rate
Source: JLL Research
Industrial property clock New construction deliveries
Source: JLL Research Source: JLL Research
$3.33
$3.42 $3.43
$3.52
$3.61 $3.64
$3.00
$3.30
$3.60
$3.90
2011 2012 2013 2014 2015 YTD 2016
1,183,000
2,096,000
5,660,000
2,818,274
903,220
0
2,000,000
4,000,000
6,000,000
2012 2013 2014 2015 YTD 2016
Property Tenant Bldg SF Leased SF
Duke-BASF BASF 421,200 421,200
Duke Building 482 INNOPAK 482,220 253,758
Rickenbacker 8 Kenco 484,216 229,146
VanTrust Southwest I Undisclosed 226,800 180,500
2303 John Glenn Ave Genco 289,491 173,378
522 Miliken NFI 522,266 162,266
0.0%
4.0%
8.0%
12.0%
-10,000,000
0
10,000,000
2011 2012 2013 2014 2015 YTD 2016
s.f.
Net absorption Total vacancyExisting Under Construction
Size range Class A Class B Class C Class A Class B
100-249 k.s.f. 5 8 10 2 0
250-499 k.s.f. 4 6 3 2 0
500-749 k.s.f. 2 1 1 1 0
Property Buyer Bldg SF $ p.s.f
Centerpoint I Exeter Property Group 1,166,015 $ 51.80
Creekside XXIV Exeter Property Group 766,521 $ 41.68
Rickenbacker 5 Founders 753,270 $ 46.46
3800-3880 Groveport Rd Singerman Real Estate 705,600 $ 23.71
Rickenbacker 3 Exeter Property Group 676,155 $ 39.85
Prologis Park 70, Bldg 2 Greenpointe Commerce Center 524,186 $ 55.54
Columbus Q1 ‘16
Landlordleverage
Tenantleverage
Peaking
market
Falling
market
Bottoming
market
Rising
market
Source: JLL Research
Source: JLL Research
Source: JLL Research
Columbus Q1 ‘15
Columbus Q1 ‘14
JLL | Columbus | Industrial Outlook | Q1 2016
955,000
1,927,117
600,000
0
2,000,000
East Southeast West

4. Industrial Statistics
Columbus | Q1 2016
JLL | Columbus | Industrial Outlook | Q1 2016
Inventory
(s.f.)
Quarterly
total net
absorption
(s.f.)
YTD
total net
absorption
(s.f.)
YTD
total net
absorption
(% of stock)
Total
vacancy
(%)
Total
availability
(%)
Average
total asking
rent
($ p.s.f.)
Quarterly
completions
(s.f.)
YTD
completions
(s.f.)
Under
construction
(s.f.)
Columbus Totals
Warehouse & Distribution 188,147,693 1,581,881 1,581,881 0.8% 6.6% 9.1% $3.69 903,220 903,220 2,782,117
Manufacturing 32,738,126 127,331 127,331 0.4% 4.9% 7.2% $3.43 0 0 700,000
Totals 218,287,256 1,709,212 1,709,212 0.8% 6.4% 8.8% $3.62 903,220 903,220 3,482,117
Flex 21,758,732 118,163 189,305 0.9% 6.2% 10.1% $5.78 0 0 100,000
CBD
Warehouse & Distribution 1,886,773 0 0 0.0% 0.0% 0.0% $4.25 0 0 0
Manufacturing 597,948 0 0 0.0% 0.0% 18.4% $3.95 0 0 0
Totals 2,484,721 0 0 0.0% 0.0% 4.4% $4.17 0 0 0
Flex 396,753 0 0 0.0% 50.4% 62.3% $5.00 0 0 0
North
Warehouse & Distribution 12,589,169 -62,863 -62,863 -0.5% 3.2% 4.7% $4.96 0 0 0
Manufacturing 1,075,041 0 0 0.0% 23.8% 26.5% $3.50 0 0 0
Totals 13,664,210 -62,863 -62,863 -0.5% 5.3% 6.8% $4.84 0 0 0
Flex 4,815,605 -16,857 -16,857 -0.4% 5.7% 7.1% $6.95 0 0 0
East
Warehouse & Distribution 18,816,700 200,463 200,463 1.1% 0.7% 2.5% $4.48 0 0 855,000
Manufacturing 2,961,457 0 0 0.0% 9.0% 12.2% $4.11 0 0 0
Totals 21,778,157 200,463 200,463 0.9% 2.3% 6.6% $4.43 0 0 0
Flex 3,936,535 -19,236 -19,236 -0.5% 4.0% 5.9% $6.26 0 0 100,000
Southeast
Warehouse & Distribution 68,917,370 1,229,352 1,229,352 1.8% 8.4% 13.0% $3.44 903,220 903,220 1,927,117
Manufacturing 5,833,348 30,000 30,000 0.5% 15.1% 15.6% $3.00 0 0 100,000
Totals 74,750,718 1,259,352 1,259,352 1.7% 9.1% 13.2% $3.39 903,220 903,220 2,027,117
Flex 2,728,688 37,539 37,539 1.4% 3.7% 5.3% $4.85 0 0 0
Southwest
Warehouse & Distribution 17,948,403 -141,131 -141,131 -0.8% 3.8% 10.5% $3.76 0 0 0
Manufacturing 901,369 35,331 35,331 3.9% 0.0% 3.4% $3.15 0 0 0
Totals 18,849,772 -105,800 -105,800 -0.6% 3.8% 10.1% $3.92 0 0 0
Flex 1,853,728 31,544 31,544 1.7% 0.0% 20.3% $5.52 0 0 0
West
Warehouse & Distribution 30,552,813 77,157 77,157 0.3% 6.3% 10.3% $3.12 0 0 0
Manufacturing 2,154,836 12,000 12,000 0.6% 0.0% 0.6% $3.54 0 0 600,000
Totals 32,707,649 89,157 89,157 0.3% 6.3% 9.4% $3.50 0 0 600,000
Flex 5,309,464 56,146 56,146 1.1% 0.0% 6.8% $5.49 0 0 0
Outlying
Warehouse & Distribution 37,436,465 278,903 278,903 0.7% 6.7% 9.5% $3.68 0 0 0
Manufacturing 19,214,127 50,000 50,000 0.3% 4.1% 4.2% $3.93 0 0 0
Totals 56,650,592 328,903 328,903 0.6% 4.5% 7.6% $3.79 0 0 0
Flex 2,717,959 29,027 29,027 1.1% 11.2% 17.6% $5.22 0 0 0

5. Industrial Development Report
Columbus | Q1 2016
JLL | Columbus | Industrial Outlook | Q1 2016
This report analyzes all industrial developments under construction & new deliveries > 30,000 s.f.
Total leased at delivery (%) 74.8%
Total speculative at delivery (s.f.) 482,220
Total BTS at delivery (s.f.) 421,000
Total Owner-User at delivery (s.f.) -
Total # of properties delivered 2
Asking rental rate (low - high NNN-based) $3.65 - $3.75
Top 5 projects delivered since Q4 2015
Building RBA (s.f.) Delivery date
Leased at
delivery (%)
Duke Building 482 482,220 Q1 2016 53%
Duke-BASF 421,000 Q1 2016 100%
Total pre-leased (%) 70.5%
Total speculative under construction (s.f.) 1,027,117
Total BTS under construction (s.f.) 1,855,000
Total Owner-user under construction (s.f.) 600,000
Total # of properties UC 6
Asking rental rate (low - high NNN-based) $3.50 - $3.65
Top 5 projects currently under construction
Building RBA (s.f.) Delivery date
Pre-leased
(%)
Amazon Fulfillment Center 1,000,000 Q2 2016 100%
Amazon Distribution Center 855,000 Q2 2016 100%
Rogue Fitness 600,000 Q3 2016 100%
Exxcel CenterPoint Business Park 478,053 Q2 2016 0%
Groveport II 449,064 Q2 2016 0%
Speculative
Submarket
Under construction
3,482,117
Under construction (s.f.)
Under construction in-depth
Upcoming deliveries by year (s.f., excludes YTD completions)
New deliveries
Completions in-depth
903,220
Total delivered YTD (s.f.)
Historical deliveries (s.f.)
Construction typeOwnerSubmarket
South/Southeast
South/Southeast
Duke Realty
Duke Realty
BTS
South/Southeast
South/Southeast
West/Southwest
East
South/Southeast
Speculative
Speculative
Owner Construction type
Owner-user
Northpoint
Exxcel Project Management
1047 Cleveland LLC
Prologis
Duke Realty
BTS
BTS
YTD
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
2011 2012 2013 2014 2015 2016
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
2016
BTS Owner-user Speculative

6. This report analyzes all industrial sales greater than 40,000 square feet sold over the last four quarters
$591,001,846
40
$48
6.3%
91.2%
7.1%
5.5-6.5% 6 0 $0
6.5-7.5% 0% 40 $591,001,846
Top 10 sales transactions past four quarters
Size (s.f.) $ p.s.f. Sale date
1,166,015 $52 Dec-15
523,965 $74 Dec-15
753,270 $46 Dec-15
766,521 $42 Dec-15
524,186 $56 Dec-15
160,330 $175 Jul-15
410,152 $67 Dec-15
676,155 $40 Dec-15
478,053 $50 Dec-15
484,216 $41 Sep-15
Prologis
Oak Investments LLC
Exeter Property Group
Prologis
$39,000,000
$35,000,000
$31,950,000
$29,113,290
6201 Green Pointe Dr Greenpointe Commerce Center R8 LLC $19,750,000
6100 Opus Dr Exeter Property Group Exeter Property Group $26,950,000
5415 Centerpoint Pkwy Grammercy Property Trust Dietz Commercial $24,100,000
Bunnell Hill Development & Construction $28,000,000
147 Heritage Dr Exeter Property Group Prologis $27,450,000
10 Commerce Pkwy Griffin Essential Asset REIT
2190 Creekside Pkwy Exeter Property Group
107 Heritage Dr Exeter Property Group
127 Heritage Dr Exeter Property Group
5945 Opus Dr Founders
5235 Westpoint Dr Exeter Property Group Exeter Property Group $60,400,000
Building address Buyer company Seller company Sales price $
Sales volume $ by submarket
Warehouse/Dist. sales volume
as % of total
Flex/R&D sales volume as %
of total
Cap rate range
Core Class A Ind.
Core Class A Flex
Average Class A price p.s.f.
At a glance
Total volume
Number of transactions
Average Class A cap rate
Sales activity by building type
Transactions details
Number of partial interest
transactions
Top sellers (s.f.)Top buyers (s.f.)
Number of domestic
buyers
Foreign capital $
Average partial interest
acquired
Number of foreign
buyers
Domestic Capital $
$539,464,046
$41,741,000
$9,796,800
12,395,936 s.f.
1,314,754 s.f.
305,458 s.f.
0 s.f.
2,000,000 s.f.
4,000,000 s.f.
6,000,000 s.f.
8,000,000 s.f.
10,000,000 s.f.
12,000,000 s.f.
14,000,000 s.f.
$0
$100,000,000
$200,000,000
$300,000,000
$400,000,000
$500,000,000
$600,000,000
Warehouse / Distribution Flex/R&D Manufacturing
Sum of Price ($) Sum of RBA (SF)
$343,427,500
$103,183,290
$65,821,800
$36,586,800
$28,000,000
$10,752,456
$3,230,000
Southeast
Licking
Southwest
West
Madison
North
CBD
Industrial Sales Activity
Columbus | Q1 2016
JLL | Columbus | Industrial Outlook | Q1 2016
30%
13%
13% 5%
38%
Exeter Prologis Westmount
Oak Capital Other
43%
8% 7%
5%
5%
31%
Exeter Singerman
Alaska Permanent Fund Founders
TSP West Columbus LLC Other

7. Job growth/loss by sector (12-month change): Columbus
Industrial employment trends (12-month change, 000s): Columbus
Employment vs. unemployment rate: Columbus
Industry employment stratification: Columbus
Job growth (12-month change): United States vs. Columbus
Industrial Employment Update
Columbus | Q1 2016
4.9%U.S. unemployment
1.8%U.S. 12-month job growth
4.8%Columbus unemployment
2.0%Columbus 12-month job growth
4.9%Ohio unemployment
1.5%Ohio 12-month job growth
JLL | Columbus | Industrial Outlook | Q1 2016
0%
3%
6%
9%
12%
780,000
840,000
900,000
960,000
1,020,000
2006 2008 2010 2012 2014 2016
Nonfarm employment
Unemployment
100
400
800
1,300
1,500
1,900
2,000
3,500
3,900
4,800
-5,000 -3,000 -1,000 1,000 3,000 5,000 7,000
Information
Professional & Business Services
Manufacturing
Government
Financial Activities
Other Services
Trade, Transportation & Utilities
Leisure & Hospitality
Mining, Logging & Construction
Educational & Health Services
-25.0
-15.0
-5.0
5.0
15.0
2011 2012 2013 2014 2015 YTD 2016
Trade,Transportation & Utilities
Manufacturing
Other Services
Mining, Logging & Construction
Trade, Transportation
& Utilities,
196,900 , 19%
Professional &
Business Services,
174,100 , 17%
Government,
167,100 , 16%
Educational &
Health Services,
153,000 , 15%
Leisure & Hospitality,
99,400 , 9%
Financial Activities,
79,400 , 8%
Manufacturing,
71,700 , 7%
Other Services,
41,500 , 4%
Mining, Logging &
Construction,
35,500 , 3%
Information,
16,700 , 2%
YTD
0.0%
2.0%
4.0%
2011 2012 2013 2014 2015 YTD
2016
Columbus United States

8. Industrial Submarket Map
Notable construction projects
Amazon Distribution Center
Tenant: Amazon
Square Feet: 855,000
Landlord: Prologis
Groveport Park 2
Tenant: N/A
Square Feet: 449,064
Landlord: Northpoint
Amazon Fulfillment Center
Tenant: Logistics User
Square Feet: 1,000,000
Landlord: Duke Realty
CenterPoint Business Park Bldg 6
Tenant: N/A
Square Feet: 478,053
Landlord: Excel
Rogue Fitness
Tenant: Rogue Fitness
Square Feet: 600,000
Landlord: Wagenbrenner
JLL | Columbus | Industrial Outlook | Q1 2016
Estimated completion:
Q2 2016
Estimated completion:
Q3 2016 Estimated Completion:
Q2 2016
Estimated completion:
Q3 2016
Estimated completion:
Q3 2016

9. For more information, please contact:
About JLL
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value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4
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the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and
completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management,
has $56.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For
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Manager, Great Lakes Research
+1 216 937 4374
Andrew.Batson@am.jll.com
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Research Analyst
+ 1 513 719 3706
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