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1717 W. SIXTH STREET, SUITE 450 AUSTIN, TEXAS 78703 512.684.3800 AQUILACOMMERCIAL.COM
Leigh Ellis
Lead Industrial Broker 512.684.3802 ellis@aquilacommercial.com
Ryan Parzick
Market Research Director 512.684.3824 parzick@aquilacommercial.com Hartland Plaza; Photo by Scott Mason Photography
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
Round Rock &
Round Rock &
Quarter
North
Southeast
Northeast
Georgetown
Far Northeast
Citywide
Quarter
North
Southeast
Northeast
Georgetown
Far Northeast
Citywide
2013 Q3
4.7%
6.8%
7.8%
19.3%
18.2%
8.1%
2013 Q3
$0.55
$0.48
$0.53
$0.50
$0.47
$0.52
2013 Q4
4.2%
6.7%
8.5%
13.0%
16.5%
7.3%
2013 Q4
$0.52
$0.49
$0.56
$0.48
$0.47
$0.52
2014 Q1
8.8%
7.2%
17.0%
13.2%
14.5%
10.0%
2014 Q1
$0.52
$0.48
$0.54
$0.49
$0.48
$0.53
2014 Q2
7.4%
9.0%
17.6%
13.0%
14.3%
10.4%
2014 Q2
$0.53
$0.43
$0.64
$0.50
$0.46
$0.52
2014 Q3
9.3%
4.9%
15.1%
16.8%
14.6%
10.4%
2014 Q3
$0.57
$0.43
$0.65
$0.48
$0.48
$0.52
2014 Q4
8.2%
5.4%
14.1%
15.8%
10.7%
9.7%
2014 Q4
$0.55
$0.41
$0.65
$0.48
$0.48
$0.52
2015 Q1
8.2%
4.2%
12.7%
15.6%
12.0%
9.4%
2015 Q1
$0.57
$0.45
$0.66
$0.51
$0.54
$0.55
2015 Q2
7.8%
6.6%
9.4%
12.2%
8.9%
8.9%
2015 Q2
$0.51
$0.56
$0.63
$0.52
$0.50
$0.60
Numbers based on CBRE statistics
Numbers based on CBRE statistics
$0.70
25.0%
$0.65
Average Asking NNN
Vacancy Rate
20.0%
15.0%
10.0%
5.0%
$0.60 $0.55 $0.50 $0.45 $0.40
0.0% 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
2014 Q4
2015 Q1
2015 Q2
2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
2014 Q4
North
Southeast
Northeast
North
Southeast
Northeast
Round Rock & Georgetown
Far Northeast
Citywide
Round Rock & Georgetown
Far Northeast
Citywide
2015 Q1
2015 Q2
4
Round Rock &
Round Rock &
Quarter
North
Southeast
Northeast
Georgetown
Far Northeast
Citywide
Quarter
North
Southeast
Northeast
Georgetown
Far Northeast
Citywide
2013 Q3
430,067
376,066
333,839
536,934
353,200
2,429,727
2013 Q3
8,484
107,242
110,207
26,717
72,755
362,790
2013 Q4
383,525
372,866
364,300
361,863
320,606
2,184,950
2013 Q4
46,542
3,200
(30,461)
175,071
32,594
244,777
2014 Q1
822,571
401,801
724,597
367,495
297,975
3,063,706
2014 Q1
(124,697)
(28,935)
(360,297)
(5,632)
142,631
(444,407)
2014 Q2
691,741
501,757
751,298
361,481
311,814
3,222,127
2014 Q2
130,830
(99,956)
(26,701)
6,014
106,161
156,153
2014 Q3
875,948
270,134
641,700
468,877
319,086
3,221,887
2014 Q3
(184,207)
231,623
109,598
(107,396)
(7,272)
240
2014 Q4
772,155
298,596
602,893
439,227
232,749
2,993,590
2014 Q4
121,093
(28,462)
38,807
29,650
86,337
256,097
2015 Q1
779,087
231,142
540,888
433,927
260,626
2,911,198
2015 Q1
102,955
67,454
62,005
5,300
(27,877)
192,279
2015 Q2
742,129
373,605
410,356
341,296
194,903
2,762,216
2015 Q2
36,958
(52,487)
220,132
92,631
65,723
328,558
Numbers based on CBRE statistics
Numbers based on CBRE statistics
3,500,000
600,000
3,000,000
400,000
Absorption (SF)
Available SF
2,500,000
2,000,000 1,500,000 1,000,000 500,000
200,000
0 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
2014 Q4
2015 Q1
2015 Q2
(200,000)
(400,000)
0 2013 Q3 North
Southeast
2013 Q4
2014 Q1
Northeast
2014 Q2
2014 Q3
Round Rock & Georgetown
2014 Q4
2015 Q1
Far Northeast
2015 Q2
Citywide
(600,000) North
Southeast
Northeast
Round Rock & Georgetown
Far Northeast
Citywide
5
Absorption
2013 Q3
30,087,747
2,429,727
8.1%
362,790
$0.52
2013 Q4
30,087,747
2,184,950
7.3%
244,777
$0.52
2014 Q1
30,522,096
3,063,706
10.0%
(444,407)
$0.53
2014 Q2
30,836,670
3,222,127
10.4%
156,153
$0.52
2014 Q3
30,836,670
3,221,887
10.4%
240
$0.52
2014 Q4
30,864,470
2,993,590
9.7%
256,097
$0.52
2015 Q1
30,974,357
2,911,198
9.4%
192,279
2015 Q2
31,153,933
2,762,216
8.9%
328,558
93.0%
400,000
92.5%
300,000
92.0%
200,000
91.5%
100,000
91.0%
0
90.5%
(100,000)
2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
2015 Q1
2015 Q2
90.0%
(200,000)
89.5%
$0.55
(300,000)
89.0%
$0.60
(400,000)
88.5%
Numbers based on CBRE statistics
(500,000)
88.0%
Absorption
Occupancy Rate
14%
$0.62
14%
30,000,000
12%
$0.60
12%
25,000,000
10%
$0.58
10%
20,000,000
8%
$0.56
8%
15,000,000
6%
$0.54
6%
10,000,000
4%
$0.52
4%
5,000,000
2%
$0.50
2%
0%
$0.48
2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 Occupied SF
Available SF
Vacancy Rate
Average Asking NNN
35,000,000
Vacancy Rate
Available SF
2014 Q4
Occupancy Rate
Vacancy Rate
500,000
Vacancy Rate
Available SF
Average Asking NNN Absorption (SF)
Quarter
Net Rentable Area
0% 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
Average Asking NNN
2014 Q4
2015 Q1
2015 Q2
Vacancy Rate
6
Round Rock &
Round Rock &
Quarter
North
Southeast
Northeast
Georgetown
Far Northeast
Citywide
Quarter
North
Southeast
Northeast
Georgetown
Far Northeast
Citywide
2013 Q3
11.2%
19.8%
12.6%
5.1%
8.2%
14.9%
2013 Q3
$0.81
$0.69
$0.66
N/A
$0.84
$0.75
2013 Q4
11.1%
18.5%
9.6%
5.0%
8.2%
14.0%
2013 Q4
$0.78
$0.79
$0.67
$0.74
$0.84
$0.78
2014 Q1
9.6%
17.4%
9.2%
5.0%
8.2%
13.2%
2014 Q1
$0.77
$0.81
$0.66
N/A
$0.84
$0.79
2014 Q2
8.7%
14.1%
16.7%
2.4%
8.2%
13.4%
2014 Q2
$0.88
$0.64
$0.68
$0.86
$0.84
$0.87
2014 Q3
8.5%
13.0%
14.4%
2.6%
8.2%
12.6%
2014 Q3
$0.91
$0.89
$0.74
$0.86
$0.79
$0.92
2014 Q4
7.5%
13.0%
12.0%
2.9%
8.2%
12.0%
2014 Q4
$0.89
$0.91
$0.72
N/A
$0.84
$0.91
2015 Q1
7.5%
14.8%
11.1%
2.6%
11.4%
12.3%
2015 Q1
$0.93
$0.87
$0.73
N/A
$0.91
$0.93
2015 Q2
8.4%
9.5%
3.4%
1.4%
8.0%
9.8%
2015 Q2
$0.94
$0.86
$0.67
N/A
$0.89
$0.95
Numbers based on CBRE statistics
Numbers based on CBRE statistics
25.0%
$1.00 $0.95
Average Asking NNN
Vacancy Rate
20.0%
15.0%
10.0%
5.0%
$0.90 $0.85
$0.80 $0.75 $0.70 $0.65
0.0% 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
2014 Q4
North
Southeast
Northeast
Round Rock & Georgetown
Far Northeast
Citywide
2015 Q1
2015 Q2
$0.60 2013 Q3 North
2013 Q4
2014 Q1
Southeast
2014 Q2 Northeast
2014 Q3
2014 Q4
Far Northeast
2015 Q1
2015 Q2
Citywide
7
Round Rock &
Round Rock &
Quarter
North
Southeast
Northeast
Georgetown
Far Northeast
Citywide
Quarter
North
Southeast
Northeast
Georgetown
Far Northeast
Citywide
2013 Q3
495,085
920,076
409,673
87,230
24,450
2,760,056
2013 Q3
132,139
22,046
(25,077)
3,111
8,422
158,241
2013 Q4
490,382
860,254
314,115
86,724
24,450
2,595,779
2013 Q4
4,703
59,822
95,558
506
0
164,277
2014 Q1
424,680
808,350
299,666
86,734
24,450
2,444,882
2014 Q1
65,702
51,904
14,449
(10)
0
150,897
2014 Q2
386,728
655,931
595,469
40,952
24,450
2,539,566
2014 Q2
37,952
152,419
16,804
45,782
0
217,923
2014 Q3
374,807
603,352
513,950
44,478
24,450
2,378,202
2014 Q3
11,921
52,579
81,519
(3,526)
0
161,364
2014 Q4
334,169
603,510
427,728
50,550
24,450
2,275,577
2014 Q4
40,638
(158)
86,222
(6,072)
0
102,625
2015 Q1
332,884
688,992
395,916
44,074
34,134
2,332,054
2015 Q1
1,285
(85,482)
31,812
6,476
(9,684)
(56,477)
2015 Q2
370,729
426,198
111,348
23,391
23,812
1,799,903
2015 Q2
(37,845)
89,994
(28,039)
20,683
10,322
46,744
Numbers based on CBRE statistics
Numbers based on CBRE statistics
3,000,000
300,000 250,000
2,500,000
200,000
Absorption (SF)
Available SF
2,000,000 1,500,000 1,000,000 500,000
100,000 50,000 0 (50,000)
2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
2014 Q4
2015 Q1
2015 Q2
(100,000)
0 2013 Q3 North
150,000
Southeast
2013 Q4
2014 Q1
Northeast
2014 Q2
2014 Q3
Round Rock & Georgetown
2014 Q4
2015 Q1
Far Northeast
2015 Q2
Citywide
(150,000) North
Southeast
Northeast
Round Rock & Georgetown
Far Northeast
Citywide
8
Absorption
18,572,190
2,760,056
14.9%
158,241
$0.75
2013 Q4
18,572,190
2,595,779
14.0%
164,277
$0.78
2014 Q1
18,572,190
2,444,882
13.2%
150,897
$0.79
2014 Q2
18,884,797
2,539,566
13.4%
217,923
$0.87
2014 Q3
18,884,797
2,378,202
12.6%
161,364
$0.92
2014 Q4
18,884,797
2,275,577
12.0%
102,625
$0.91
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
91%
200,000
90%
150,000
89%
100,000
88%
50,000
87%
0
86% 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
16,000,000
16%
14,000,000
14%
12,000,000
12%
10,000,000
10%
8,000,000
8%
6,000,000
6%
4,000,000
4%
2,000,000
2%
-
0% 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 Occupied SF
Available SF
Vacancy Rate
2015 Q2
(100,000)
Average Asking NNN
18%
Vacancy Rate
Available SF
20%
18,000,000
2015 Q1
85% 84%
Absorption
20,000,000
2014 Q4
(50,000)
Numbers based on CBRE statistics
Occupancy Rate
Vacancy Rate
2013 Q3
250,000
Occupancy Rate
$1.00
15%
$0.95
14%
$0.90
13%
$0.85
12%
$0.80
11%
$0.75
10%
$0.70
Vacancy Rate
Available SF
Average Asking NNN Absorption (SF)
Quarter
Net Rentable Area
9% 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
Average Asking NNN
2014 Q4
2015 Q1
2015 Q2
Vacancy Rate
9
Round Rock &
Quarter
North
Southeast
Northeast
Georgetown
Far Northeast
Citywide
2013 Q3
6.9%
12.7%
9.9%
13.8%
16.9%
10.7%
2013 Q4
6.5%
12.1%
9.0%
9.9%
15.4%
9.8%
2014 Q1
9.0%
11.9%
13.6%
10.1%
13.7%
11.2%
2014 Q2
7.8%
11.3%
17.2%
8.9%
13.6%
11.6%
2014 Q3
9.1%
8.6%
14.8%
11.4%
13.9%
11.3%
2014 Q4
8.0%
8.8%
13.2%
10.9%
10.4%
10.6%
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%
Numbers based on CBRE statistics
Round Rock &
Quarter
North
Southeast
Northeast
Georgetown
Far Northeast
Citywide
2013 Q3
$0.60
$0.98
$0.45
$0.66
$0.49
$0.61
2013 Q4
$0.64
$0.67
$0.61
$0.57
$0.49
$0.63
2014 Q1
$0.64
$0.66
$0.60
$0.55
$0.51
$0.63
2014 Q2
$0.68
$0.63
$0.66
$0.54
$0.50
$0.67
2014 Q3
$0.74
$0.63
$0.69
$0.51
$0.52
$0.70
2014 Q4
$0.74
$0.67
$0.69
$0.51
$0.53
$0.70
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
20.0%
$1.20
18.0% $1.00
Average Asking NNN
16.0%
Vacancy Rate
14.0% 12.0% 10.0% 8.0% 6.0% 4.0%
$0.80 $0.60 $0.40 $0.20
2.0%
0.0%
2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
2014 Q4
2015 Q1
2015 Q2
2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
2014 Q4
North
Southeast
Northeast
North
Southeast
Northeast
Round Rock & Georgetown
Far Northeast
Citywide
Round Rock & Georgetown
Far Northeast
Citywide
2015 Q1
2015 Q2
10
Round Rock &
Round Rock &
Quarter
North
Southeast
Northeast
Georgetown
Far Northeast
Citywide
Quarter
North
Southeast
Northeast
Georgetown
Far Northeast
Citywide
2013 Q3
925,152
1,296,142
743,512
624,164
377,650
5,189,783
2013 Q3
140,623
129,288
85,130
29,828
81,177
521,031
2013 Q4
873,907
1,233,120
678,415
448,587
345,056
4,780,729
2013 Q4
51,245
63,022
65,097
175,577
32,594
409,054
2014 Q1
1,247,251
1,210,151
1,024,263
454,229
322,425
5,508,588
2014 Q1
(58,995)
22,969
(345,848)
(5,642)
142,631
(293,510)
2014 Q2
1,078,469
1,157,688
1,346,767
402,433
336,264
5,761,693
2014 Q2
168,782
52,463
(9,897)
51,796
106,161
374,076
2014 Q3
1,250,755
873,486
1,155,650
513,355
343,536
5,600,089
2014 Q3
(172,286)
284,202
191,117
(110,922)
(7,272)
161,604
2014 Q4
1,106,324
902,106
1,030,621
489,777
257,199
5,269,167
2014 Q4
161,731
(28,620)
125,029
23,578
86,337
358,722
2015 Q1
1,111,971
920,134
936,804
478,001
294,760
5,243,252
2015 Q1
104,240
(18,028)
93,817
11,776
(37,561)
135,802
2015 Q2
1,112,858
799,803
521,704
364,687
218,715
4,562,119
2015 Q2
(887)
37,507
192,093
113,314
76,045
375,302
Numbers based on CBRE statistics
Numbers based on CBRE statistics
7,000,000
600,000
6,000,000
400,000
Absorption (SF)
Available SF
5,000,000 4,000,000 3,000,000 2,000,000 1,000,000
200,000
0 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
2014 Q4
2015 Q1
2015 Q2
(200,000)
(400,000)
0 2013 Q3 North
Southeast
2013 Q4
2014 Q1
Northeast
2014 Q2
2014 Q3
Round Rock & Georgetown
2014 Q4
2015 Q1
Far Northeast
2015 Q2
Citywide
(600,000) North
Southeast
Northeast
Round Rock & Georgetown
Far Northeast
Citywide
11
Round Rock &
Quarter
North
Southeast
Northeast
Georgetown
Far Northeast
2013 Q3
-
-
-
-
-
Citywide -
2013 Q4
-
-
-
-
120,000
595,383
2014 Q1
109,887
-
-
-
120,000
229,887
2014 Q2
109,887
-
90,331
-
-
200,218
2014 Q3
109,887
239,205
90,331
30,000
-
469,423
2014 Q4
109,887
239,205
90,331
30,000
-
469,423
2015 Q1
-
239,205
90,331
30,000
-
359,536
2015 Q2
-
399,000
-
167,000
153,000
719,000
Numbers based on CBRE statistics
800,000
SF Under Construction
700,000 600,000 500,000
400,000 300,000 200,000 100,000 2013 Q3 North
Southeast
2013 Q4
2014 Q1
Northeast
2014 Q2
2014 Q3
Round Rock & Georgetown
2014 Q4
2015 Q1
Far Northeast
2015 Q2 Citywide
12
Absorption
2013 Q3
48,659,937
5,189,783
10.7%
521,031
$0.61
2013 Q4
48,659,937
4,780,729
9.8%
409,054
$0.63
94%
500,000
93%
400,000
92%
300,000
91%
200,000
90%
100,000
89%
2014 Q1
49,094,286
5,508,588
11.2%
(293,510)
$0.63
2014 Q2
49,721,467
5,761,693
11.6%
374,076
$0.67
2014 Q3
49,721,467
5,600,089
11.3%
161,604
$0.70
2014 Q4
49,749,267
5,269,167
10.6%
358,722
$0.70
2015 Q1
49,859,154
5,243,252
10.5%
135,802
$0.73
(200,000)
86%
2015 Q2
49,553,323
4,562,119
9.2%
375,302
$0.76
(300,000)
85%
0
88%
(100,000)
Numbers based on CBRE statistics
2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
2015 Q1
2015 Q2
(400,000)
87%
84%
Absorption
Occupancy Rate
12%
$0.80
14%
50,000,000
10%
$0.75
12%
40,000,000
8%
$0.70
10%
30,000,000
6%
$0.65
8%
20,000,000
4%
$0.60
6%
10,000,000
2%
$0.55
4%
0%
$0.50
2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 Occupied SF
Available SF
Vacancy Rate
Average Asking NNN
60,000,000
Vacancy Rate
Available SF
2014 Q4
Occupancy Rate
Vacancy Rate
600,000
Vacancy Rate
Available SF
Average Asking NNN Absorption (SF)
Quarter
Net Rentable Area
2% 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
Average Asking NNN
2014 Q4
2015 Q1
2015 Q2
Vacancy Rate
13
Absorption
9,064,558
430,067
4.7%
8,484
$0.55
2013 Q4
9,064,558
383,525
4.2%
46,542
$0.52
2014 Q1
9,378,907
822,571
8.8%
(124,697)
$0.52
2014 Q2
9,378,907
691,741
7.4%
130,830
$0.53
2014 Q3
9,378,907
875,948
9.3%
(184,207)
$0.57
2014 Q4
9,396,207
772,155
8.2%
121,093
$0.55
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
Numbers based on CBRE statistics
100%
100,000
98%
50,000
96%
0
94% 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
2015 Q1
2015 Q2
(50,000)
92%
(100,000)
90%
(150,000)
88%
(200,000)
86%
Absorption
Occupancy Rate
10%
$0.58
10%
9,000,000
9%
$0.57
9%
8,000,000
8%
$0.56
8%
7,000,000
7%
$0.55
7%
6,000,000
6%
$0.54
6%
5,000,000
5%
$0.53
5%
4,000,000
4%
$0.52
4%
3,000,000
3%
$0.51
3%
2,000,000
2%
$0.50
2%
1,000,000
1%
$0.49
1%
0%
$0.48
-
2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 Occupied SF
Available SF
Vacancy Rate
Average Asking NNN
10,000,000
Vacancy Rate
Available SF
2014 Q4
Occupancy Rate
Vacancy Rate
2013 Q3
150,000
Vacancy Rate
Available SF
Average Asking NNN Absorption (SF)
Quarter
Net Rentable Area
0% 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
Average Asking NNN
2014 Q4
2015 Q1
2015 Q2
Vacancy Rate
14
Absorption
2013 Q3
4,433,364
495,085
11.2%
132,139
$0.81
2013 Q4
4,433,364
490,382
11.1%
4,703
$0.78
2014 Q1
4,433,364
424,680
9.6%
65,702
$0.77
2014 Q2
4,433,364
386,728
8.7%
37,952
$0.88
2014 Q3
4,433,364
374,807
8.5%
11,921
$0.91
2014 Q4
4,433,364
334,169
7.5%
40,638
$0.89
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
96%
140,000
95%
120,000
94%
100,000
93%
80,000
92%
60,000
91%
40,000
90%
20,000
89%
0 (20,000)
88% 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
2015 Q1
2015 Q2
87% 86%
(60,000)
85%
Absorption
Occupancy Rate
20%
$1.00
14%
4,500,000
18%
$0.95
13%
4,000,000
16%
$0.90
12%
3,500,000
14%
$0.85
11%
3,000,000
12%
2,500,000
10%
$0.80
10%
2,000,000
8%
$0.75
9%
1,500,000
6%
$0.70
8%
$0.65
7% 6%
Average Asking NNN
5,000,000
Vacancy Rate
Available SF
2014 Q4
(40,000)
Numbers based on CBRE statistics
1,000,000
4%
500,000
2%
$0.60
0%
$0.55
2013 Q3
2013 Q4
2014 Q1
Occupied SF
2014 Q2
2014 Q3
Available SF
2014 Q4
2015 Q1
Vacancy Rate
2015 Q2
Occupancy Rate
Vacancy Rate
160,000
Vacancy Rate
Available SF
Average Asking NNN Absorption (SF)
Quarter
Net Rentable Area
5% 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
Average Asking NNN
2014 Q4
2015 Q1
2015 Q2
Vacancy Rate
15
Absorption
13,497,922
925,152
6.9%
140,623
$0.60
2013 Q4
13,497,922
873,907
6.5%
51,245
$0.64
2014 Q1
13,812,271
1,247,251
9.0%
(58,995)
$0.64
2014 Q2
13,812,271
1,078,469
7.8%
168,782
$0.68
2014 Q3
13,812,271
1,250,755
9.1%
(172,286)
$0.74
2014 Q4
13,829,571
1,106,324
8.0%
161,731
$0.74
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
200,000
0
10%
8,000,000
8%
6,000,000
6%
4,000,000
4%
2,000,000
2%
-
0% 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 Occupied SF
Available SF
Vacancy Rate
Average Asking NNN
10,000,000
Vacancy Rate
Available SF
12%
90% 88%
(100,000)
86% 84% Absorption
14%
12,000,000
92%
(200,000)
16%
14,000,000
94%
100,000
Numbers based on CBRE statistics
16,000,000
96%
Occupancy Rate
Vacancy Rate
2013 Q3
Occupancy Rate
$1.00
10%
$0.95
9%
$0.90
8%
$0.85
7%
$0.80
6%
$0.75
5%
$0.70
4%
$0.65
3%
$0.60
2%
$0.55
1%
$0.50
Vacancy Rate
Available SF
Average Asking NNN
Absorption (SF)
Quarter
Net Rentable Area
0% 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
Average Asking NNN
2014 Q4
2015 Q1
2015 Q2
Vacancy Rate
16
Absorption
5,569,686
376,066
6.8%
107,242
$0.48
2013 Q4
5,569,686
372,866
6.7%
3,200
$0.49
2014 Q1
5,569,686
401,801
7.2%
(28,935)
$0.48
2014 Q2
5,569,686
501,757
9.0%
(99,956)
$0.43
2014 Q3
5,569,686
270,134
4.9%
231,623
$0.43
2014 Q4
5,569,686
298,596
5.4%
(28,462)
$0.41
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
Numbers based on CBRE statistics
96%
200,000
95%
150,000
94%
100,000
93%
50,000
92%
0
91% 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
10%
4,000,000
8%
3,000,000
6%
2,000,000
4%
1,000,000
2%
-
0% 2013 Q3
2013 Q4
2014 Q1
Occupied SF
2014 Q2
2014 Q3
Available SF
2014 Q4
2015 Q1
Vacancy Rate
2015 Q2
2015 Q2 90%
(100,000)
89%
(150,000)
Average Asking NNN
5,000,000
Vacancy Rate
Available SF
12%
2015 Q1
(50,000)
88%
Absorption
6,000,000
2014 Q4
Occupancy Rate
Vacancy Rate
2013 Q3
250,000
Occupancy Rate
$0.75
10%
$0.65
8%
$0.55
6%
$0.45
4%
$0.35
2%
$0.25
Vacancy Rate
Available SF
Average Asking NNN Absorption (SF)
Quarter
Net Rentable Area
0% 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
Average Asking NNN
2014 Q4
2015 Q1
2015 Q2
Vacancy Rate
17
Vacancy Rate
Absorption
2013 Q3
4,640,678
920,076
19.8%
22,046
$0.69
2013 Q4
4,640,678
860,254
18.5%
59,822
$0.79
2014 Q1
4,640,678
808,350
17.4%
51,904
$0.81
2014 Q2
4,640,678
655,931
14.1%
152,419
$0.64
2014 Q3
4,640,678
603,352
13.0%
52,579
$0.89
2014 Q4
4,640,678
603,510
13.0%
(158)
$0.91
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
200,000
91%
150,000
89%
100,000
87%
50,000
85%
0
83% 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
2015 Q1
2015 Q2
(50,000)
Numbers based on CBRE statistics
81%
(100,000)
79%
Absorption
5,000,000
2014 Q4
Occupancy Rate
Available SF
Average Asking NNN Absorption (SF)
Quarter
Net Rentable Area
Occupancy Rate
25%
$1.00
25%
20%
$0.80
20%
$0.60
15%
$0.40
10%
5%
$0.20
5%
0%
$0.00
3,000,000
15%
2,500,000
2,000,000
10%
1,500,000 1,000,000
Vacancy Rate
Available SF
3,500,000
Vacancy Rate
4,000,000
Average Asking NNN
4,500,000
500,000 2013 Q3
2013 Q4
2014 Q1
Occupied SF
2014 Q2
2014 Q3
Available SF
2014 Q4
2015 Q1
Vacancy Rate
2015 Q2
0% 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
Average Asking NNN
2014 Q4
2015 Q1
2015 Q2
Vacancy Rate
18
Absorption
10,210,364
1,296,142
12.7%
129,288
$0.98
2013 Q4
10,210,364
1,233,120
12.1%
63,022
$0.67
2014 Q1
10,210,364
1,210,151
11.9%
22,969
$0.66
2014 Q2
10,210,364
1,157,688
11.3%
52,463
$0.63
2014 Q3
10,210,364
873,486
8.6%
284,202
$0.63
2014 Q4
10,210,364
902,106
8.8%
(28,620)
$0.67
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
93%
250,000
92%
200,000
91%
150,000
90%
100,000
89%
50,000
88%
0
87% 2013 Q3
Numbers based on CBRE statistics
2013 Q4
2014 Q1
2014 Q2
2014 Q3
15%
8,000,000
12%
6,000,000
9%
4,000,000
6%
2,000,000
3%
-
0% 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 Occupied SF
Available SF
Vacancy Rate
Average Asking NNN
10,000,000
Vacancy Rate
Available SF
18%
2014 Q4
2015 Q1
2015 Q2
(50,000)
86%
Absorption
12,000,000
Occupancy Rate
Vacancy Rate
2013 Q3
300,000
Occupancy Rate
$1.00
15%
$0.90
13%
$0.80
11%
$0.70
9%
$0.60
7%
$0.50
Vacancy Rate
Available SF
Average Asking NNN
Absorption (SF)
Quarter
Net Rentable Area
5% 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
Average Asking NNN
2014 Q4
2015 Q1
2015 Q2
Vacancy Rate
19
Absorption
4,261,110
333,839
7.8%
110,207
$0.53
2013 Q4
4,261,110
364,300
8.5%
(30,461)
$0.56
2014 Q1
4,261,110
724,597
17.0%
(360,297)
$0.54
2014 Q2
4,261,110
751,298
17.6%
(26,701)
$0.64
2014 Q3
4,261,110
641,700
15.1%
109,598
$0.65
2014 Q4
4,261,110
602,893
14.1%
38,807
$0.65
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
Numbers based on CBRE statistics
94%
200,000
92%
100,000
90%
0
88% 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
4,000,000
16%
3,500,000
14%
3,000,000
12%
2,500,000
10%
2,000,000
8%
1,500,000
6%
1,000,000
4%
500,000
2%
-
0% 2013 Q3
2013 Q4
2014 Q1
Occupied SF
2014 Q2
2014 Q3
Available SF
2014 Q4
2015 Q1
Vacancy Rate
2015 Q2
2015 Q2 86%
(200,000)
84%
(300,000)
82%
(400,000)
Average Asikng NNN
18%
Vacancy Rate
Available SF
20%
4,500,000
2015 Q1
(100,000)
80%
Absorption
5,000,000
2014 Q4
Occupancy Rate
Vacancy Rate
2013 Q3
300,000
Occupancy Rate
$0.70
25%
$0.65
20%
$0.60
15%
$0.55
10%
$0.50
Vacancy Rate
Available SF
Average Asking NNN Absorption (SF)
Quarter
Net Rentable Area
5% 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
Average Asking NNN
2014 Q4
2015 Q1
2015 Q2
Vacancy Rate
20
Absorption
3,256,493
409,673
12.6%
(25,077)
$0.66
2013 Q4
3,256,493
314,115
9.6%
95,558
$0.67
2014 Q1
3,256,493
299,666
9.2%
14,449
$0.66
2014 Q2
3,569,100
595,469
16.7%
16,804
$0.68
2014 Q3
3,569,100
513,950
14.4%
81,519
$0.74
2014 Q4
3,569,100
427,728
12.0%
86,222
$0.72
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
97%
100,000
95%
80,000
93%
60,000
91%
40,000
89%
20,000
87%
0
85% 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
15%
3,000,000
13%
2,500,000
11%
2,000,000
9%
1,500,000
7%
1,000,000
5%
500,000
3%
-
1% 2013 Q3
2013 Q4
2014 Q1
Occupied SF
2014 Q2
2014 Q3
Available SF
2014 Q4
2015 Q1
Vacancy Rate
2015 Q2
2015 Q2
(40,000)
Average Asking NNN
3,500,000
Vacancy Rate
Available SF
17%
2015 Q1
83% 81%
Absorption
4,000,000
2014 Q4
(20,000)
Numbers based on CBRE statistics
Occupancy Rate
Vacancy Rate
2013 Q3
120,000
Occupancy Rate
$0.75
25%
$0.70
20%
$0.65
15%
$0.60
10%
$0.55
5%
$0.50
Vacancy Rate
Available SF
Average Asking NNN Absorption (SF)
Quarter
Net Rentable Area
0% 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
Average Asking NNN
2014 Q4
2015 Q1
2015 Q2
Vacancy Rate
21
Absorption
7,517,603
743,512
9.9%
85,130
$0.45
2013 Q4
7,517,603
678,415
9.0%
65,097
$0.61
2014 Q1
7,517,603
1,024,263
13.6%
(345,848)
$0.60
2014 Q2
7,830,210
1,346,767
17.2%
(9,897)
$0.66
2014 Q3
7,830,210
1,155,650
14.8%
191,117
$0.69
2014 Q4
7,830,210
1,030,621
13.2%
125,029
$0.69
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
Numbers based on CBRE statistics
95%
200,000
93%
100,000
91%
0
89% 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
8,000,000
87%
(200,000)
85%
(300,000)
83%
(400,000)
81%
20%
16%
$0.70
18%
$0.65
16%
$0.60
14%
$0.55
12%
$0.50
10%
$0.45
8%
$0.40
6%
$0.35
4%
2%
Average Asking NNN
6,000,000
12%
5,000,000
10%
4,000,000
8%
3,000,000
6%
2,000,000
4%
1,000,000
2%
$0.30
0%
$0.25
2013 Q3
2013 Q4
2014 Q1
Occupied SF
2014 Q2
2014 Q3
Available SF
2014 Q4
2015 Q1
Vacancy Rate
2015 Q2
Occupancy Rate
$0.75
14%
-
2015 Q2
18%
Vacancy Rate
Available SF
7,000,000
2015 Q1
(100,000)
Absorption
9,000,000
2014 Q4
Occupancy Rate
Vacancy Rate
2013 Q3
300,000
Vacancy Rate
Available SF
Average Asking NNN Absorption (SF)
Quarter
Net Rentable Area
0% 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
Average Asking NNN
2014 Q4
2015 Q1
2015 Q2
Vacancy Rate
22
Absorption
2,786,319
536,934
19.3%
26,717
$0.50
2013 Q4
2,786,319
361,863
13.0%
175,071
$0.48
2014 Q1
2,786,319
367,495
13.2%
(5,632)
$0.49
2014 Q2
2,786,319
361,481
13.0%
6,014
$0.50
2014 Q3
2,786,319
468,877
16.8%
(107,396)
$0.48
2014 Q4
2,786,319
439,227
15.8%
29,650
$0.48
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
Numbers based on CBRE statistics
90%
150,000
88%
100,000
86%
50,000
84%
0
82% 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
25%
2,000,000
20%
1,500,000
15%
1,000,000
10%
500,000
5%
-
0% 2013 Q3
2013 Q4
2014 Q1
Occupied SF
2014 Q2
2014 Q3
Available SF
2014 Q4
2015 Q1
Vacancy Rate
2015 Q2
2015 Q2 80%
(100,000)
78%
(150,000)
Average Asking NNN
2,500,000
Vacancy Rate
Available SF
30%
2015 Q1
(50,000)
76%
Absorption
3,000,000
2014 Q4
Occupancy Rate
Vacancy Rate
2013 Q3
200,000
Occupancy Rate
$0.75
25%
$0.70
20%
$0.65
15%
$0.60
10%
$0.55
5%
$0.50
Vacancy Rate
Available SF
Average Asking NNN Absorption (SF)
Quarter
Net Rentable Area
0% 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
Average Asking NNN
2014 Q4
2015 Q1
2015 Q2
Vacancy Rate
23
Vacancy Rate
Absorption
2013 Q3
1,726,305
87,230
5.1%
3,111
N/A
2013 Q4
1,726,305
86,724
5.0%
506
$0.74
2014 Q1
1,726,305
86,734
5.0%
(10)
N/A
2014 Q2
1,726,305
40,952
2.4%
45,782
$0.86
2014 Q3
1,726,305
44,478
2.6%
(3,526)
$0.86
2014 Q4
1,726,305
50,550
2.9%
(6,072)
N/A
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
Numbers based on CBRE statistics
50,000
100%
40,000
95%
30,000
90%
20,000
85%
10,000
80%
0
75%
2013 Q3
2013 Q4
2014 Q1
2014 Q2
9%
1,600,000
8%
1,400,000
7%
1,200,000
6%
1,000,000
5%
800,000
4%
600,000
3%
400,000
2%
200,000
1%
-
2014 Q4
2015 Q1
2015 Q2 70%
Occupancy Rate
Vacancy Rate
Available SF
10%
1,800,000
2014 Q3
(10,000)
Absorption
2,000,000
Occupancy Rate
Available SF
Average Asking NNN Absorption (SF)
Quarter
Net Rentable Area
0% 2013 Q3
2013 Q4
2014 Q1
Occupied SF
2014 Q2
2014 Q3
Available SF
2014 Q4
2015 Q1
2015 Q2
Vacancy Rate
24
Vacancy Rate
Absorption
2013 Q3
4,512,624
624,164
13.8%
29,828
$0.66
2013 Q4
4,512,624
448,587
9.9%
175,577
$0.57
2014 Q1
4,512,624
454,229
10.1%
(5,642)
$0.55
2014 Q2
4,512,624
402,433
8.9%
51,796
$0.54
2014 Q3
4,512,624
513,355
11.4%
(110,922)
$0.51
2014 Q4
4,512,624
489,777
10.9%
23,578
$0.51
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
Numbers based on CBRE statistics
200,000
96%
150,000
94%
100,000
92%
50,000
90%
0
88% 2013 Q3
2013 Q4
2014 Q1
2014 Q2
18%
4,000,000
16%
3,500,000
14%
3,000,000
12%
2,500,000
10%
2,000,000
8%
1,500,000
6%
1,000,000
4%
500,000
2%
-
2015 Q1
2015 Q2 86%
(100,000)
84%
(150,000)
82%
Occupancy Rate
Vacancy Rate
Available SF
20%
4,500,000
2014 Q4
(50,000)
Absorption
5,000,000
2014 Q3
Occupancy Rate
Available SF
Average Asking NNN Absorption (SF)
Quarter
Net Rentable Area
0% 2013 Q3
2013 Q4
2014 Q1
Occupied SF
2014 Q2
2014 Q3
Available SF
2014 Q4
2015 Q1
2015 Q2
Vacancy Rate
25
94%
140,000
92%
120,000
90%
100,000
88%
80,000
86%
60,000
84%
40,000
82%
20,000
80%
Vacancy Rate
Absorption
2013 Q3
1,938,152
353,200
18.2%
72,755
$0.47
2013 Q4
1,938,152
320,606
16.5%
32,594
$0.47
2014 Q1
2,058,152
297,975
14.5%
142,631
$0.48
2014 Q2
2,178,152
311,814
14.3%
106,161
$0.46
2014 Q3
2,178,152
319,086
14.6%
(7,272)
$0.48
2014 Q4
2,178,152
232,749
10.7%
86,337
$0.48
2015 Q1
2,178,152
260,626
12.0%
(27,877)
$0.54
0
2015 Q2
2,178,152
194,903
8.9%
65,723
$0.50
(20,000)
Numbers based on CBRE statistics
78% 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
16%
1,500,000
12%
1,000,000
8%
500,000
4%
-
0% 2013 Q3
2013 Q4
2014 Q1
Occupied SF
2014 Q2
2014 Q3
Available SF
2014 Q4
2015 Q1
Vacancy Rate
2015 Q2
Average Asing NNN
2,000,000
Vacancy Rate
Available SF
20%
2015 Q1
2015 Q2
(40,000)
76% 74%
Absorption
2,500,000
2014 Q4
Occupancy Rate
$0.60
20%
$0.55
15%
$0.50
10%
$0.45
5%
$0.40
Vacancy Rate
Available SF
Absorption (SF)
Quarter
Average Asking NNN
Occupancy Rate
160,000
Net Rentable Area
0% 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
Average Asking NNN
2014 Q4
2015 Q1
2015 Q2
Vacancy Rate
26
Absorption
298,184
24,450
8.2%
8,422
$0.84
2013 Q4
298,184
24,450
8.2%
0
$0.84
2014 Q1
298,184
24,450
8.2%
0
$0.84
2014 Q2
298,184
24,450
8.2%
0
$0.84
2014 Q3
298,184
24,450
8.2%
0
$0.79
2014 Q4
298,184
24,450
8.2%
0
$0.84
2015 Q1
298,184
34,134
11.4%
(9,684)
$0.91
2015 Q2
298,184
23,812
8.0%
10,322
$0.89
Numbers based on CBRE statistics
95%
10,000
93%
5,000
91%
0
89% 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
10%
200,000
8%
150,000
6%
100,000
4%
50,000
2%
-
0% 2013 Q3
2013 Q4
2014 Q1
Occupied SF
2014 Q2
2014 Q3
Available SF
2014 Q4
2015 Q1
Vacancy Rate
2015 Q2
Average Asking NNN
250,000
Vacancy Rate
Available SF
12%
2015 Q2 87%
(10,000)
85%
(15,000)
14%
300,000
2015 Q1
(5,000)
83%
Absorption
350,000
2014 Q4
Occupancy Rate
Vacancy Rate
2013 Q3
15,000
Occupancy Rate
$0.92
20%
$0.90
18%
$0.88
16%
$0.86
14%
$0.84
12%
$0.82
10%
$0.80
8%
$0.78
6%
$0.76
4%
$0.74
2%
$0.72
Vacancy Rate
Available SF
Average Asking NNN Absorption (SF)
Quarter
Net Rentable Area
0% 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
Average Asking NNN
2014 Q4
2015 Q1
2015 Q2
Vacancy Rate
27
Absorption
2013 Q3
2,236,336
377,650
16.9%
81,177
$0.49
2013 Q4
2,236,336
345,056
15.4%
32,594
$0.49
2014 Q1
2,356,336
322,425
13.7%
142,631
$0.51
2014 Q2
2,476,336
336,264
13.6%
106,161
$0.50
2014 Q3
2,476,336
343,536
13.9%
(7,272)
$0.52
2014 Q4
2,476,336
257,199
10.4%
86,337
$0.53
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
92%
140,000
91%
120,000
90%
100,000
89%
80,000
88%
60,000
87%
40,000
86%
20,000
85%
0 (20,000)
84% 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
15%
2,000,000
12%
1,500,000
9%
1,000,000
6%
500,000
3%
-
0% 2013 Q3
2013 Q4
2014 Q1
Occupied SF
2014 Q2
2014 Q3
Available SF
2014 Q4
2015 Q1
Vacancy Rate
2015 Q2
Average Asking NNN
2,500,000
Vacancy Rate
Available SF
18%
2015 Q1
2015 Q2
83% 82%
(60,000)
81%
Absorption
3,000,000
2014 Q4
(40,000)
Numbers based on CBRE statistics
Occupancy Rate
Vacancy Rate
160,000
Occupancy Rate
$0.75
25%
$0.65
21%
$0.55
17%
$0.45
13%
$0.35
9%
$0.25
Vacancy Rate
Available SF
Average Asking NNN Absorption (SF)
Quarter
Net Rentable Area
5% 2013 Q3
2013 Q4
2014 Q1
2014 Q2
2014 Q3
Average Asking NNN
2014 Q4
2015 Q1
2015 Q2
Vacancy Rate
28