1. Office Market
Appendix
Indianapolis, Indiana
Third Quarter 2012

2. Office Statistics
Indianapolis Multi-Tenant Office Market
Vacancy Release by Submarket
3rd Quarter 2012
Submarkets Total Vacancy Rate Vacancy Rate Vacancy Rate
Inventory (SF) 3rD Qtr 2012 2nd Qtr 2012 3rd Qtr 2011
Downtown Office Space 9,576,325 19.0% 18.4% 17.2%
Midtown Office Space 837,573 20.7% 20.7% 10.2%
CBD Totals: 10,413,898 19.1% 18.6% 16.7%
Suburban Office Space
North/Carmel 6,430,616 19.0% 19.4% 20.5%
Keystone 3,962,330 16.3% 16.6% 22.9%
Fishers 678,647 13.9% 14.2% 14.6%
Northeast 3,089,123 24.7% 25.6% 25.8%
East 238,130 18.8% 18.8% 19.6%
South 819,802 23.1% 23.4% 24.7%
West 1,111,764 35.1% 33.3% 31.1%
Northwest 3,228,289 17.9% 16.9% 18.4%
Suburban Totals: 19,558,701 20.1% 20.2% 22.0%
Total Indianapolis: 29,972,599 19.7% 19.6% 20.1%
Office Market Statistics Inventory, 3rd3rd Quarter 2012
Office Market Statistics: – Inventory Quarter 2012 Office Market Statistics – Vacancy 3rd Quarter 2012
Office Market Statistics: Vacancy, 3rd Quarter 2012
Indianapolis Submarket Share
Indianapolis Submarket Share of of Inventory
Inventory Indianapolis Submarket Share ofof Vacancy
Indianapolis Submarket Share Vacancy
Downtown Downtown
West 36%
32.8%
3.6%
South Midtown
West
2.6% Midtown 2.8%
6.4%
4.9% South East
3.1% 1%
East
Northwest 0.7% Fishers
10.4% Northwest 1.5%
Keystone
Fishers 9.4%
Keystone 10.5%
2.2%
Northeast 12.8%
10.0% Northeast
12.5% North/Carmel
North/Carmel 20.0%
20.8%
Source: Jason W. Tolliver, J.D.
Cassidy Turley Market Research
One American Square, Suite 1300
Indianapolis, IN 46282
317.634.6363 cassidyturley.com | B-i

3. Office Statistics
Indianapolis Multi-Tenant OfficeMulti-Tenant Office Vacancy and Absorption
Market
Vacancy and Absorption by Submarket and Class Indiana
Indianapolis,
3rd Quarter 2012 3rd Quarter 2012 by Submarket and Class
3rd Quarter Vacancy % Net Absorption
Inventory Vacant 3Q 2Q 3Q Quarter YTD
SUBMARKETS SF SF 2012 2012 2011 SF SF
DOWNTOWN
Class A 5,922,508 1,246,472 21.0% 20.3% 20.0% -41,387 -118,418
Class B 3,755,626 589,692 15.7% 15.2% 11.9% 79,655 103,384
Class C 913,849 176,449 19.3% 19.2% 18.4% -701 -15,833
TOTALS 10,591,983 2,012,613 19.0% 18.4% 17.2% 37,567 -30,867
MIDTOWN
Class A 406,060 121,369 29.9% 29.9% 8.2% 0 0
Class B 224,059 18,761 8.4% 8.4% 8.4% 0 0
Class C 207,454 33,000 15.9% 15.9% 15.9% 0 0
TOTALS 837,573 173,130 20.7% 20.7% 10.2% 0 0
CBD TOTALS
Class A 6,328,568 1,367,841 21.6% 21.0% 19.3% -41,387 -118,418
Class B 3,979,685 608,453 15.3% 14.8% 11.6% 79,655 103,384
Class C 1,121,303 209,449 18.7% 18.6% 17.9% -701 -15,833
TOTALS 11,429,556 2,185,743 19.1% 18.6% 16.7% 37,567 -30,867
NORTH/CARMEL
Class A 3,981,461 702,981 17.7% 18.4% 20.5% 30,075 156,492
Class B 2,108,166 474,458 22.5% 22.2% 21.4% -7,066 -43,364
Class C 340,989 47,226 13.8% 13.8% 14.0% 0 10,537
TOTALS 6,430,616 1,224,665 19.0% 19.4% 20.5% 23,009 123,665
KEYSTONE
Class A 2,626,617 418,920 15.9% 16.8% 24.1% 21,703 143,347
Class B 1,335,713 225,032 16.8% 16.4% 20.6% -6,233 12,035
TOTALS 3,962,330 643,952 16.3% 16.6% 22.9% 15,470 155,382
FISHERS
Class A 319,650 22,894 7.2% 7.2% 12.7% 0 18,857
Class B 358,997 71,490 19.9% 20.5% 16.3% 2,009 -11,050
TOTALS 678,647 94,384 13.9% 14.2% 14.6% 2,009 7,807
NORTHEAST
Class A 873,818 284,494 32.6% 33.8% 33.5% 10,772 10,669
Class B 1,798,603 418,190 23.3% 23.6% 24.4% 5,591 15,474
Class C 416,702 59,272 14.2% 17.1% 15.7% 12,144 6,371
TOTALS 3,089,123 761,956 24.7% 25.6% 25.8% 28,507 32,514
B-ii | We know W. Tolliver, J.D. Estate®
Source: Jason The State of Real
Cassidy Turley Market Research
One Indiana Square, Suite 1300
Indianapolis, IN 46282

4. Office Statistics
Indianapolis Multi-Tenant Office Multi-Tenant Office Vacancy and Absorption
Market
Indianapolis, Indiana
Vacancy and Absorption by Submarket and Class
3rd Quarter 2012 3rd Quarter 2012 by Submarket and Class
3rd Quarter Vacancy % Net Absorption
Inventory Vacant 3Q 2Q 3Q Quarter YTD
SUBMARKETS SF SF 2012 2012 2011 SF SF
EAST
Class B 160,000 27,683 17.3% 17.3% 16.9% 0 -683
Class C 78,130 17,170 22.0% 22.0% 25.3% 0 2,600
TOTALS 238,130 44,853 18.8% 18.8% 19.6% 0 1,917
SOUTH
Class A 239,480 37,214 15.5% 19.0% 18.0% 8,365 10,906
Class B 398,376 107,473 27.0% 26.0% 30.1% -3,872 7,681
Class C 181,946 44,894 24.7% 23.3% 21.6% -2,500 6,052
TOTALS 819,802 189,581 23.1% 23.4% 24.7% 1,993 24,639
WEST
Class A 266,074 131,021 49.2% 44.7% 27.6% -12,185 -61,110
Class B 598,565 207,367 34.6% 32.0% 34.6% -15,791 -976
Class C 247,125 52,299 21.2% 24.4% 26.5% 7,885 13,006
TOTALS 1,111,764 390,687 35.1% 33.3% 31.1% -20,091 -49,080
NORTHWEST
Class A 1,757,744 253,434 14.4% 12.9% 13.9% -26,418 -29,513
Class B 1,470,545 323,411 22.0% 21.7% 23.8% -5,030 -14,043
TOTALS 3,228,289 576,845 17.9% 16.9% 18.4% -31,448 -43,556
SUBURBAN TOTALS
Class A 10,064,844 1,850,958 18.4% 18.7% 21.3% 32,312 249,648
Class B 8,228,965 1,855,104 22.5% 22.2% 23.4% -30,392 -34,926
Class C 1,264,892 220,861 17.5% 18.8% 18.8% 17,529 38,566
TOTALS 19,558,701 3,926,923 20.1% 20.2% 22.0% 19,449 253,288
ALL INDIANAPOLIS
Class A 16,393,412 3,218,799 19.6% 19.6% 20.5% -9,075 131,230
Class B 12,208,650 2,463,557 20.2% 19.8% 19.9% 49,263 68,458
Class C 2,386,195 430,310 18.0% 18.7% 18.4% 16,828 22,733
TOTALS 30,988,257 6,112,666 19.7% 19.6% 20.1% 57,016 222,421
Source: Jason W. Tolliver, J.D.
Cassidy Turley Market Research
One American Square, Suite 1300
Indianapolis, IN 46282
317.634.6363
cassidyturley.com | B-iii

5. Office Statistics
Indianapolis Multi-Tenant Office Market
Statistics
Indianapolis Office Market Statistics Third Quarter 2012
3rd Quarter 2012
North/Carmel Fishers
Inventory 6,430,616 SF Inventory 678,647 SF
Vacant SF 1,224,665 SF Vacant SF 94,384 SF
Vacancy Rate 19.0% Vacancy Rate 13.9%
YTD Net Absorption 123,665 SF YTD Net Absorption 7,807 SF
Northwest
Inventory 3,228,289 SF
Keystone
Inventory 3,962,330 SF
Vacant SF 576,845 SF
Vacant SF 643,952 SF
Vacancy Rate 17.9%
Vacancy Rate 16.3%
YTD Net Absorption -43,556 SF
YTD Net Absorption 155,382 SF
Northeast
Inventory 3,089,123 SF
Vacant SF 761,956 SF
Vacancy Rate 24.7%
YTD Net Absorption 32,514 SF
Midtown
Inventory 837,573 SF
Vacant SF 173,130 SF
Vacancy Rate 20.7%
YTD Net Absorption 0 SF
West East
Inventory 1,111,764 SF Inventory 238,130 SF
Vacant SF 390,687 SF Vacant SF 44,853 SF
Vacancy Rate 35.1% Downtown Vacancy Rate 18.8%
YTD Net Absorption -49,080 SF Inventory 10,591,983 SF YTD Net Absorption 1,917 SF
Vacant SF 2,012,613 SF
Vacancy Rate 19.0%
YTD Net Absorption -30,867 SF
South
Inventory 819,802 SF
Vacant SF 189,581 SF
Vacancy Rate 23.1%
YTD Net Absorption 24,639 SF
B-iv | We know The State of Real Estate®

6. Occupied SF
Indianapolis Multi-Tenant Office Market
Indianapolis Multi-Tenant Office Market
CBD Square Footage Occupied and Percentage of Occupied and
CBD Square Footage Inventory Occupied
3rd Quarter 2012 Percentage of Inventory Occupied
3rd Quarter 2012
Millions SF
10
9
95%
8
7 90%
6
85%
5
4 80%
3
75%
2
1 70%
Occupied SF Occ %
Source: Cassidy Turley Research
Indianapolis Multi-Tenant Office Market
Indianapolis Multi-Tenant Office Market
Suburban Square Footage Occupied and
Suburban Square Footage Occupied and Percentage of Inventory Occupied
3rd Quarter 2012 Percentage of Inventory Occupied
3rd Quarter 2012
Millions SF
17
16
95%
15
14 90%
13
85%
12
11 80%
10
75%
9
8 70%
Occupied SF Occ %
Source: Cassidy Turley Research
cassidyturley.com | B-v

7. Historical Vacancy/Trends
Indianapolis
Multi-Tenant Office Market
Indianapolis Multi-Tenant Office Market
Historical Vacancy Rates Historical Vacancy Rates
3rd Quarter 2012 3rd Quarter 2012
25%
23%
21%
19%
17%
15%
13%
11% CBD*
9% Suburban
7%
5%
*The CBD is comprised of the Downtown and Midtown submarkets.
Source: Cassidy Turley Research
cassidyturley.com | B-vi

8. Historical Vacancy/Trends
Indianapolis
Indianapolis Multi-Tenant CBD Multi-Tenant CBD Office Market
Office Market
Historical Occupancy Rates Historical Occupancy Rates
3rd Quarter 2012
3rd Quarter 2012
100%
95%
90%
85%
80%
75%
70%
Source: Cassidy Turley Research
Indianapolis
Indianapolis Multi-Tenant Suburban Office Market
Historical Occupancy Rates Multi-Tenant Suburban Office Market
3rd Quarter 2012 Historical Occupancy Rates
3rd Quarter 2012
100.0%
95.0%
90.0%
85.0%
80.0%
75.0%
70.0%
Source: Cassidy Turley Research
cassidyturley.com | B-vii

9. Asking Lease Rate Range
Indianapolis Multi-Tenant Office Market
Indianapolis Multi-Tenant Office Market Class A
Asking Lease Rate Range—Class A Asking Lease Rate Range
3rd Quarter 2012
3rd Quarter 2012
There are currently no Class A Office facilities in the East submarket.
$27
Downtown
North/Carmel
$25
South
Keystone
$23 Fishers
Northeast Northwest
$21
Midtown
$19
West
$17
$15
$9
Source: Cassidy Turley Research
cassidyturley.com | B-viii

10. Asking Lease Rate Range
Indianapolis Multi-Tenant Office Market Multi-Tenant Office Market
Indianapolis
Asking Lease Rate Range—Class B Class B
3rd Quarter 2012
Asking Lease Rate Range
3rd Quarter 2012
$27
Downtown
$25
North/Carmel
$23
$21
Midtown Keystone
Fishers
Northeast
$19
Northwest
South
West
$17
East
$15
$9
Source: Cassidy Turley Research
cassidyturley.com | B-ix

11. Asking Lease Rate Range
Indianapolis Multi-Tenant Office Market
Indianapolis Multi-Tenant Office Market Class C
Asking Lease Rate Range—Class C Asking Lease Rate Range
3rd Quarter 2012 3rd Quarter 2012
There are currently no Class C Office facilities in the Fishers and Keystone Submarkets
$27
$25
Downtown
$23
$21
$19
Midtown
$17 North/Carmel
Northeast
Northwest
South West
$15
$9
Source: Cassidy Turley Research
cassidyturley.com | B-x

12. Change in Inventory, Absorption & Vacancy
Indianapolis Multi-Tenant Office Market
Indianapolis Multi-Tenant Office Market
Change in Net Absorption Net Absorption and Vacancy – Overall
and Vacancy—Overall
3rd Quarter 2012 3rd Quarter 2012
Square Feet
1,975 24%
Thousands
1,775 22%
1,575 20%
1,375 18%
1,175 16%
975 14%
775 12%
575 10%
375 8%
175 6%
-25 4%
-225 2%
-425 0%
Net Absorption (YTD) Vacancy
Source: Cassidy Turley Research
Indianapolis Multi-TenantIndianapolis Multi-Tenant Office Market
Office Market
Change in Net Absorption and Absorption and Vacancy – Class A
Net Vacancy—Class A
3rd Quarter 2012 3rd Quarter 2012
Square Feet
1,300 22%
20%
Thousands
1,100
18%
900 16%
700 14%
12%
500
10%
300 8%
100 6%
4%
-100 2%
-300 0%
N et Absorption (YT D) Vacancy
Source: Cassidy Turley Research
cassidyturley.com | B-xi

13. Change in Inventory, Absorption & Vacancy
Indianapolis Multi-Tenant Office Market
Indianapolis Multi-Tenant Office Market
Change in Net AbsorptionNet Absorption and Vacancy – Class B
and Vacancy—Class B
3rd Quarter 2012 3rd Quarter 2012
Square Feet
24%
900
Thousands
22%
700 20%
18%
500 16%
14%
300 12%
10%
100 8%
6%
-100 4%
2%
-300 0%
N et Absorption (YT D) Vacancy
Source: Cassidy Turley Research
Indianapolis Multi-TenantIndianapolis Multi-Tenant Office Market
Office Market
Change in Net Absorption Net Absorption and Vacancy – Class C
and Vacancy—Class C
3rd Quarter 2012 3rd Quarter 2012
Square Feet
22%
200 20%
Thousands
160 18%
16%
120 14%
80 12%
10%
40
8%
0 6%
4%
-40
2%
-80 0%
N et Absorption (YT D) Vacancy
Source: Cassidy Turley Research
cassidyturley.com | B-xii

14. Change in Inventory, Absorption & Vacancy
Indianapolis Multi-Tenant Office Market
Indianapolis Multi-Tenant Office Market
Change in Net Absorption and and Vacancy – Downtown Submarket Overall
Net Absorption Vacancy—Downtown Submarket Overall
3rd Quarter 2012 3rd Quarter 2012
Square Feet
350 20%
300 18%
Thousands
250 16%
200 14%
150 12%
100 10%
50 8%
0 6%
-50 4%
-100 2%
-150 0%
Net Absorption (YTD) Vacancy
Source: Cassidy Turley Research
Indianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market
Office Market
Change in Net Absorption and Vacancy—Downtown Submarket Class A A
Net Absorption and Vacancy – Downtown Submarket Class
3rd Quarter 2012
3rd Quarter 2012
Square Feet
200 24%
22%
Thousands
150
20%
100 18%
16%
50
14%
0 12%
10%
-50
8%
-100 6%
4%
-150
2%
-200 0%
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
19
19
20
20
20
20
20
20
20
20
20
20
20
20
20
Net Absorption (YTD) Vacancy
Source: Cassidy Turley Research
cassidyturley.com | B-xiii

15. Change in Inventory, Absorption & Vacancy
Indianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market
Office Market
Change in Net Absorption and Vacancy—Downtown Submarket Class B B
Net Absorption and Vacancy – Downtown Submarket Class
3rd Quarter 2012 3rd Quarter 2012
Square Feet
300 20.8%
Thousands
250 18.2%
15.6%
200
13.0%
150
10.4%
100
7.8%
50
5.2%
0 2.6%
-50 0.0%
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
19
19
20
20
20
20
20
20
20
20
20
20
20
20
20
Net Absorption (YTD) Vacancy
Source: Cassidy Turley Research
Indianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market
Office Market
Change in Net Absorption and Vacancy—Downtown Submarket Class C C
Net Absorption and Vacancy – Downtown Submarket Class
3rd Quarter 2012 3rd Quarter 2012
Square Feet
120
24%
Thousands
100
80 20%
60 16%
40 12%
20
8%
0
-20 4%
-40 0%
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
19
19
20
20
20
20
20
20
20
20
20
20
20
20
20
Net Absorption (YTD) Vacancy
Source: Cassidy Turley Research
cassidyturley.com | B-xiv

16. Change in Inventory, Absorption & Vacancy
Indianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market
Office Market
Change in Net Absorption and Vacancy—Midtown Submarket Overall
Net Absorption and Vacancy – Midtown Submarket Overall
3rd Quarter 2012 3rd Quarter 2012
Square Feet
140 40%
Thousands
100 36%
32%
60
28%
20 24%
-20 20%
-60 16%
12%
-100
8%
-140 4%
-180 0%
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
19
19
20
20
20
20
20
20
20
20
20
20
20
20
20
Net Absorption (YTD) Vacancy
Source: Cassidy Turley Research
Indianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market
Office Market
Change in Net Absorption and Vacancy—Midtown Submarket ClassClass A
Net Absorption and Vacancy – Midtown Submarket A
3rd Quarter 2012 3rd Quarter 2012
Square Feet
120 60%
Thousands
80
50%
40
40%
0
-40 30%
-80
20%
-120
10%
-160
-200 0%
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
19
19
20
20
20
20
20
20
20
20
20
20
20
20
20
Net Absorption (YTD) Vacancy
Source: Cassidy Turley Research
cassidyturley.com | B-xv

17. Change in Inventory, Absorption & Vacancy
Indianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market
Office Market
Change in Net Absorption and Vacancy—Midtown Submarket ClassClass B
Net Absorption and Vacancy – Midtown Submarket B
3rd Quarter 2012
3rd Quarter 2012
Square Feet
140 60%
120
Thousands
100 50%
80
60 40%
40
20 30%
0
-20 20%
-40
-60 10%
-80
-100 0%
Net Absorption (YTD) Vacancy
Source: Cassidy Turley Research
Indianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market
Office Market
Change in Net Absorption and Vacancy—Midtown Submarket ClassClass C
Net Absorption and Vacancy – Midtown Submarket C
3rd Quarter 2012 3rd Quarter 2012
Square Feet
20 22%
Thousands
16 20%
18%
12 16%
8 14%
12%
4
10%
0 8%
-4 6%
4%
-8 2%
-12 0%
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
19
19
20
20
20
20
20
20
20
20
20
20
20
20
20
Net Absorption (YTD) Vacancy
Source: Cassidy Turley Research
cassidyturley.com | B-xvi

18. Change in Inventory, Absorption & Vacancy
Indianapolis Multi-TenantIndianapolis Multi-Tenant Office Market
Office Market
Change in Net Net Absorption and Vacancy – North/Carmel Submarket Overall
Absorption and Vacancy—North/Carmel Submarket Overall
3rd Quarter 2012 3rd Quarter 2012
Square Feet
800 22%
Thousands
700 20%
600 18%
500 16%
14%
400
12%
300
10%
200
8%
100 6%
0 4%
-100 2%
-200 0%
Net Absorption (YTD) Vacancy
Source: Cassidy Turley Research
Indianapolis Multi-TenantIndianapolis Multi-Tenant Office Market
Office Market
Change in Net Net Absorption and Vacancy – North/Carmel Submarket Class A
Absorption and Vacancy—North/Carmel Submarket Class A
3rd Quarter 2012 3rd Quarter 2012
Square Feet
600 27%
Thousands
500 24%
400 21%
300 18%
200 15%
12%
100
9%
0 6%
-100 3%
-200 0%
Net Absorption (YTD) Vacancy
Source: Cassidy Turley Research
cassidyturley.com | B-xvii

19. Change in Inventory, Absorption & Vacancy
Indianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market
Office Market
Absorption and Vacancy—North/Carmel Submarket Class B
Change in Net Net Absorption and Vacancy – North/Carmel Submarket Class B
3rd Quarter 2012 3rd Quarter 2012
Square Feet
160 28%
Thousands
120 24%
80 20%
40 16%
0 12%
-40 8%
-80 4%
-120 0%
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
19
19
20
20
20
20
20
20
20
20
20
20
20
20
20
Net Absorption (YTD) Vacancy
Source: Cassidy Turley Research
Indianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market
Office Market
Change in Net Net Absorption and Vacancy – North/Carmel Submarket Class C
Absorption and Vacancy—North/Carmel Submarket Class C
3rd Quarter 2012 3rd Quarter 2012
Square Feet
100 21.0%
Thousands
80 18.0%
60 15.0%
40 12.0%
20 9.0%
0 6.0%
-20 3.0%
-40 0.0%
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
19
19
20
20
20
20
20
20
20
20
20
20
20
20
20
Net Absorption (YTD) Vacancy
Source: Cassidy Turley Research
cassidyturley.com | B-xviii

20. Change in Inventory, Absorption & Vacancy
Indianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market
Office Market
Net Absorption and Vacancy – Keystone Submarket Overall
Change in Net Absorption and Vacancy—Keystone Submarket Overall
3rd Quarter 2012 3rd Quarter 2012
Square Feet
350 30%
Thousands
300 26%
250 22%
200
18%
150
14%
100
10%
50
0 6%
-50 2%
-100 -2%
Net Absorption (YTD) Vacancy
Source: Cassidy Turley Research
Indianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market
Office Market
Change in Net Absorption and Vacancy—Keystone Submarket Class A A
Net Absorption and Vacancy – Keystone Submarket Class
3rd Quarter 2012 3rd Quarter 2012
Square Feet
30%
300
Thousands
260 26%
220 22%
180
18%
140
100 14%
60 10%
20
6%
-20
-60 2%
-100 -2%
Net Absorption (YTD) Vacancy
Source: Cassidy Turley Research
cassidyturley.com | B-xix

21. Change in Inventory, Absorption & Vacancy
Indianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market
Office Market
Change in Net Absorption and Vacancy—Keystone Submarket Class B
3rd Quarter 2012Net Absorption and Vacancy – Keystone Submarket Class B
3rd Quarter 2012
Square Feet
40 22%
30
Thousands
20%
20 18%
10 16%
0 14%
-10
12%
-20
10%
-30
-40 8%
-50 6%
-60 4%
-70 2%
-80 0%
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
19
19
20
20
20
20
20
20
20
20
20
20
20
20
20
Net Absorption (YTD) Vacancy
Source: Cassidy Turley Research
cassidyturley.com | B-xx

22. Change in Inventory, Absorption & Vacancy
Indianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market
Office Market
Net Absorption and Vacancy – Submarket Overall
Change in Net Absorption and Vacancy—FishersFishers Submarket Overall
3rd Quarter 2012
3rd Quarter 2012
Square Feet
300
Thousands
250 20%
200 16%
150
12%
100
50 8%
0
4%
-50
-100 0%
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
19
19
20
20
20
20
20
20
20
20
20
20
20
20
20
Net Absorption (YTD) Vacancy
Source: Cassidy Turley Research
Indianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market
Office Market
Change in Net Absorption and Vacancy—Fishers Submarket Class Class A
Net Absorption and Vacancy – Fishers Submarket A
3rd Quarter 2012 3rd Quarter 2012
Square Feet
160 28%
Thousands
140 24%
120
20%
100
80 16%
60 12%
40
8%
20
0 4%
-20 0%
Net Absorption (YTD) Vacancy
Source: Cassidy Turley Research
cassidyturley.com | B-xxi

23. Change in Inventory, Absorption & Vacancy
Indianapolis Multi-Tenant Office Market
Indianapolis Multi-Tenant Office Market
Change in Net Absorption and Vacancy—FishersFishers Submarket B
Net Absorption and Vacancy – Submarket Class Class B
3rd Quarter 2012 3rd Quarter 2012
Square Feet
260 27%
Thousands
220 24%
180 21%
140 18%
100 15%
60 12%
20 9%
-20 6%
-60 3%
-100 0%
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
19
19
20
20
20
20
20
20
20
20
20
20
20
20
20
Net Absorption (YTD) Vacancy
Source: Cassidy Turley Research
cassidyturley.com | B-xxii

24. Change in Inventory, Absorption & Vacancy
Indianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market
Office Market
Net Absorption and Vacancy – Northeast Submarket Overall
Change in Net Absorption and Vacancy—Northeast Submarket Overall
3rd Quarter 2012 3rd Quarter 2012
Square Feet
28%
160
Thousands
24%
120
20%
80
16%
40 12%
0 8%
-40 4%
-80 0%
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
19
19
20
20
20
20
20
20
20
20
20
20
20
20
20
Net Absorption (YTD) Vacancy
Source: Cassidy Turley Research
Indianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market
Office Market
Change in Net Absorption and Vacancy—Northeast Submarket ClassClass A
Net Absorption and Vacancy – Northeast Submarket A
3rd Quarter 2012
3rd Quarter 2012
Square Feet
40%
Thousands
160
120 32%
80 24%
40
16%
0
8%
-40
-80 0%
Net Absorption (YTD) Vacancy
Source: Cassidy Turley Research
cassidyturley.com | B-xxiii

25. Change in Inventory, Absorption & Vacancy
Indianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market
Office Market
Change in Net Absorption and Vacancy—Northeast Submarket Class B B
Net Absorption and Vacancy – Northeast Submarket Class
3rd Quarter 2012 3rd Quarter 2012
Square Feet
100 28%
Thousands
80 24%
60
20%
40
20 16%
0 12%
-20
8%
-40
-60 4%
-80 0%
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
19
19
20
20
20
20
20
20
20
20
20
20
20
20
20
Net Absorption (YTD) Vacancy
Source: Cassidy Turley Research
Indianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market
Office Market
Change in Net Absorption and Vacancy—Northeast Submarket Class C C
Net Absorption and Vacancy – Northeast Submarket Class
3rd Quarter 2012 3rd Quarter 2012
Square Feet
58 22%
Thousands
48
18%
38
28 14%
18
8 10%
-2
6%
-12
-22 2%
-32
-42 -2%
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
19
19
20
20
20
20
20
20
20
20
20
20
20
20
20
Net Absorption (YTD) Vacancy
Source: Cassidy Turley Research
cassidyturley.com | B-xxiv

26. Change in Inventory, Absorption & Vacancy
Indianapolis Multi-Tenant Office Market
Indianapolis Multi-Tenant Office Market
Change in Net Absorption and Vacancy—East Submarket Overall Overall
Net Absorption and Vacancy – East Submarket
3rd Quarter 2012 3rd Quarter 2012
Square Feet
100 36%
Thousands
80 32%
60 28%
40 24%
20 20%
0 16%
-20 12%
-40 8%
-60 4%
-80 0%
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
19
19
20
20
20
20
20
20
20
20
20
20
20
20
20
Net Absorption (YTD) Vacancy
Source: Cassidy Turley Research
Indianapolis Multi-Tenant Office Market
Indianapolis Multi-Tenant Office Market
Change in Net Absorption and Vacancy—East Submarket Class B Class B
Net Absorption and Vacancy – East Submarket
3rd Quarter 2012 3rd Quarter 2012
Square Feet
80 40%
Thousands
60 36%
32%
40
28%
20 24%
0 20%
-20 16%
12%
-40
8%
-60 4%
-80 0%
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
19
19
20
20
20
20
20
20
20
20
20
20
20
20
20
Net Absorption (YTD) Vacancy
Source: Cassidy Turley Research
cassidyturley.com | B-xxv

27. Change in Inventory, Absorption & Vacancy
Indianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market
Office Market
Change in Net Absorption and Vacancy—East Submarket Class CClass C
Net Absorption and Vacancy – East Submarket
3rd Quarter 2012 3rd Quarter 2012
Square Feet
30 32%
Thousands
26 28%
22
24%
18
14 20%
10 16%
6 12%
2
8%
-2
-6 4%
-10 0%
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
19
19
20
20
20
20
20
20
20
20
20
20
20
20
20
Net Absorption (YTD) Vacancy
Source: Cassidy Turley Research
cassidyturley.com | B-xxvi

28. Change in Inventory, Absorption & Vacancy
Indianapolis Multi-TenantIndianapolis Multi-Tenant Office Market
Office Market
Change in Net Absorption and Vacancy—South Submarket Overall
Net Absorption and Vacancy – South Submarket Overall
3rd Quarter 2012 3rd Quarter 2012
Square Feet
125 30%
Thousands
100 27%
75 24%
21%
50
18%
25 15%
0 12%
9%
-25
6%
-50 3%
-75 0%
Net Absorption (YTD) Vacancy
Source: Cassidy Turley Research
Indianapolis Multi-TenantIndianapolis Multi-Tenant Office Market
Office Market
Change in Net Absorption and Vacancy—South South Submarket Class A
Net Absorption and Vacancy – Submarket Class A
3rd Quarter 2012 3rd Quarter 2012
Square Feet
100 30%
Thousands
90 27%
80 24%
70
60 21%
50 18%
40 15%
30 12%
20 9%
10
0 6%
-10 3%
-20 0%
Net Absorption (YTD) Vacancy
Source: Cassidy Turley Research
cassidyturley.com | B-xxvii

29. Change in Inventory, Absorption & Vacancy
Indianapolis Multi-Tenant Office Market
Indianapolis Multi-Tenant Office Market
Change in Net Absorption and Vacancy—South–Submarket Class B
Net Absorption and Vacancy South Submarket Class B
3rd Quarter 2012
3rd Quarter 2012
Square Feet
60 40%
Thousands
40 36%
32%
20
28%
0 24%
-20 20%
-40 16%
12%
-60
8%
-80 4%
-100 0%
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
19
19
20
20
20
20
20
20
20
20
20
20
20
20
20
Net Absorption (YTD) Vacancy
Source: Cassidy Turley Research
Indianapolis Multi-Tenant Indianapolis Multi-Tenant Office Market
Office Market
Change in Net Absorption and Vacancy—South–Submarket Class C
Net Absorption and Vacancy South Submarket Class C
3rd Quarter 2012 3rd Quarter 2012
Square Feet
30 33%
25
Thousands
30%
20 27%
15 24%
10 21%
5
18%
0
15%
-5
-10 12%
-15 9%
-20 6%
-25 3%
-30 0%
98
99
00
01
02
03
04
05
06
07
08
09
10
11
12
19
19
20
20
20
20
20
20
20
20
20
20
20
20
20
Absorption (YTD) Vacancy
Source: Cassidy Turley Research
cassidyturley.com | B-xxviii

30. Change in Inventory, Absorption & Vacancy
Indianapolis Multi-TenantIndianapolis Multi-Tenant Office Market
Office Market
Change in Net Absorption and Vacancy—West Submarket OverallOverall
Net Absorption and Vacancy – West Submarket
3rd Quarter 2012 3rd Quarter 2012
Square Feet
100 36%
Thousands
90 32%
80
70 28%
60 24%
50
40 20%
30 16%
20
10 12%
0 8%
-10
-20 4%
-30 0%
Net Absorption (YTD) Vacancy
Source: Cassidy Turley Research
Indianapolis Multi-TenantIndianapolis Multi-Tenant Office Market
Office Market
Change in Net Absorption and Vacancy—West – West Submarket A
Net Absorption and Vacancy Submarket Class Class A
3rd Quarter 2012 3rd Quarter 2012
Square Feet
100 50%
Thousands
90 46%
80 42%
70 38%
60 34%
50 30%
40 26%
30 22%
20 18%
10 14%
0 10%
-10 6%
-20 2%
-30 -2%
Net Absorption (YTD) Vacancy
Source: Cassidy Turley Research
cassidyturley.com | B-xxix