AUSTIN INDUSTRIAL OVERVIEW 1Q 2016
AQUILA KNOWS AUSTIN
KEEPING YOU INFORMED AQUILA Commercial is dedicated to providing quality service to our clients. We understand that real time market data helps our clients make
DISCLAIMER This report utilizes various real estate and economic data sources. The information contained herein is confidential and
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proprietary in nature. No warranties or guarantees are made as to the accuracy of the information contained herein.
Leigh Ellis Lead Industrial Broker 512 684-3802 ellis@aquilacommercial.com
Clayton Schleimer Market Research Coordinator 512 684-3809 schleimer@aquilacommercial.com
CONTENTS 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
CITYWIDE WAREHOUSE PERFORMANCE VACANCY RATES
AVERAGE ASKING NNN
Round Rock & Far Northeast Georgetown
Quarter
North
Southeast
Northeast
2014 Q2
7.4%
9.0%
17.6%
13.0%
2014 Q3
9.3%
4.9%
15.1%
2014 Q4
8.2%
5.4%
2015 Q1
8.2%
2015 Q2 2015 Q3
Round Rock & Far Northeast Georgetown
Citywide
Quarter
North
Southeast
Northeast
14.3%
10.4%
2014 Q2
$0.53
$0.43
$0.64
$0.50
$0.46
$0.52
16.8%
14.6%
10.4%
2014 Q3
$0.57
$0.43
$0.65
$0.48
$0.48
$0.52
14.1%
15.8%
10.7%
9.7%
2014 Q4
$0.55
$0.41
$0.65
$0.48
$0.48
$0.52
4.2%
12.7%
15.6%
12.0%
9.4%
2015 Q1
$0.57
$0.45
$0.66
$0.51
$0.54
$0.55
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
5.5%
7.0%
7.5%
12.1%
8.6%
7.1%
2015 Q3
$0.71
$0.56
$0.62
$0.57
$0.57
$0.63
2015 Q4
5.0%
5.4%
7.3%
9.6%
8.6%
6.3%
2015 Q4
$0.84
$0.56
$0.65
$0.58
$0.55
$0.67
2016 Q1
5.3%
1.7%
6.9%
9.9%
8.1%
5.7%
2016 Q1
$0.59
$0.57
$0.67
$0.53
$0.56
$0.64
Numbers based on CBRE statistics
Numbers based on CBRE statistics
20%
$1.00
$0.85
Average Asking NNN
15%
Vacancy Rate
Citywide
10%
5%
0%
$0.70
$0.55
$0.40
$0.25 2014 Q2
2014 Q3
2014 Q4
2015 Q1
2015 Q2
2015 Q3
2015 Q4
2016 Q1
2014 Q2
2014 Q3
2014 Q4
2015 Q1
2015 Q2
2015 Q3
North
Southeast
Northeast
North
Southeast
Northeast
Round Rock & Georgetown
Far Northeast
Citywide
Round Rock & Georgetown
Far Northeast
Citywide
2015 Q4
2016 Q1
4
4
CITYWIDE WAREHOUSE PERFORMANCE AVAILABLE SF
ABSORPTION
Round Rock & Far Northeast Georgetown
Quarter
North
Southeast
Northeast
2014 Q2
691,741
501,757
751,298
361,481
2014 Q3
875,948
270,134
641,700
2014 Q4
772,155
298,596
2015 Q1
779,087
2015 Q2 2015 Q3
Round Rock & Far Northeast Georgetown
Citywide
Quarter
North
Southeast
Northeast
311,814
3,222,127
2014 Q2
130,830
(99,956)
(26,701)
6,014
106,161
156,153
468,877
319,086
3,221,887
2014 Q3
(184,207)
231,623
109,598
(107,396)
(7,272)
240
602,893
439,227
232,749
2,993,590
2014 Q4
121,093
(28,462)
38,807
29,650
86,337
256,097
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
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
521,887
396,993
326,398
336,296
187,850
2,212,294
2015 Q3
220,242
(23,388)
83,958
5,000
7,053
549,922
2015 Q4
479,847
316,245
319,624
258,907
187,850
1,975,254
2015 Q4
42,040
319,953
6,774
(3,625)
0
557,701
2016 Q1
505,200
100,989
299,209
268,907
177,286
1,797,504
2016 Q1
(25,353)
215,256
20,415
(10,000)
10,564
177,750
Numbers based on CBRE statistics
Citywide
Numbers based on CBRE statistics
3,500,000
700,000
600,000 3,000,000
500,000 400,000
Absorption (SF)
Available SF
2,500,000 2,000,000 1,500,000
1,000,000
300,000 200,000 100,000 0 (100,000) (200,000)
500,000
(300,000) 0
(400,000) 2014 Q2
North
Southeast
2014 Q3
2014 Q4
Northeast
2015 Q1
2015 Q2
Round Rock & Georgetown
2015 Q3
2015 Q4
Far Northeast
2016 Q1
Citywide
2014 Q2 North
Southeast
2014 Q3
2014 Q4
Northeast
2015 Q1
2015 Q2
Round Rock & Georgetown
2015 Q3
2015 Q4
Far Northeast
2016 Q1
Citywide
5
5
CITYWIDE WAREHOUSE PERFORMANCE Quarter
Net Rentable Area
Available SF
Vacancy Rate
Absorption
Average Asking NNN
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
$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%
177,750
$0.64
Numbers based on CBRE statistics
VACANCY VS. RENTAL RATES 100%
$0.75
15%
500,000
98%
$0.70
13%
25,000,000
10%
400,000
96%
20,000,000
8%
$0.65
11%
300,000
94%
200,000
92%
$0.60
9%
90%
$0.55
7%
15,000,000
6%
10,000,000
4%
5,000,000
2%
100,000
0%
0
2014 Q2
2014 Q3
Occupied SF
2014 Q4
2015 Q1
2015 Q2
Available SF
2015 Q3
2015 Q4
2016 Q1
Vacancy Rate
88% 2014 Q2
2014 Q3
2014 Q4
2015 Q1
Absorption
2015 Q2
2015 Q3
2015 Q4
Occupancy Rate
2016 Q1
Average Asking NNN
600,000
12%
Occupancy Rate
14%
30,000,000
Absorption (SF)
35,000,000
$0.50
Vacancy Rate
NET ABSORPTION
Vacancy Rate
Available SF
AVAILABLE SF VS. VACANCY RATE
5% 2014 Q2
2014 Q3
2014 Q4
2015 Q1
Average Asking NNN
2015 Q2
2015 Q3
2015 Q4
2016 Q1
Vacancy Rate
6
CITYWIDE FLEX/R&D PERFORMANCE VACANCY RATES
AVERAGE ASKING NNN
Round Rock & Far Northeast Georgetown
Quarter
North
Southeast
Northeast
2014 Q2
8.7%
14.1%
16.7%
2.4%
2014 Q3
8.5%
13.0%
14.4%
2014 Q4
7.5%
13.0%
2015 Q1
7.5%
2015 Q2 2015 Q3
Round Rock & Far Northeast Georgetown
Citywide
Quarter
North
Southeast
Northeast
8.2%
13.4%
2014 Q2
$0.88
$0.64
$0.68
$0.86
$0.84
$0.87
2.6%
8.2%
12.6%
2014 Q3
$0.91
$0.89
$0.74
$0.86
$0.79
$0.92
12.0%
2.9%
8.2%
12.0%
2014 Q4
$0.89
$0.91
$0.72
N/A
$0.84
$0.91
14.8%
11.1%
2.6%
11.4%
12.3%
2015 Q1
$0.93
$0.87
$0.73
N/A
$0.91
$0.93
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
9.5%
9.2%
1.9%
2.1%
8.9%
9.6%
2015 Q3
$1.01
$0.76
$0.81
N/A
$0.82
$0.91
2015 Q4
9.1%
11.9%
2.7%
8.8%
7.3%
10.8%
2015 Q4
$1.10
$0.77
$0.63
N/A
$1.05
$0.91
2016 Q1
7.4%
10.1%
2.2%
7.6%
2.1%
9.5%
2016 Q1
$1.08
$0.83
$0.73
N/A
$1.00
$1.01
Numbers based on CBRE statistics
Numbers based on CBRE statistics
20%
$1.25
$1.10
Average Asking NNN
15%
Vacancy Rate
Citywide
10%
5%
$0.95
$0.80
$0.65 0% 2014 Q2
2014 Q3
2014 Q4
2015 Q1
2015 Q2
2015 Q3
North
Southeast
Northeast
Round Rock & Georgetown
Far Northeast
Citywide
2015 Q4
2016 Q1
$0.50 2014 Q2 North
2014 Q3
2014 Q4
Southeast
2015 Q1 Northeast
2015 Q2
2015 Q3
Far Northeast
2015 Q4
2016 Q1
Citywide7
7
CITYWIDE FLEX/R&D PERFORMANCE AVAILABLE SF
ABSORPTION
Round Rock & Far Northeast Georgetown
Quarter
North
Southeast
Northeast
2014 Q2
386,728
655,931
595,469
40,952
2014 Q3
374,807
603,352
513,950
2014 Q4
334,169
603,510
2015 Q1
332,884
2015 Q2 2015 Q3
Round Rock & Far Northeast Georgetown
Citywide
Quarter
North
Southeast
Northeast
24,450
2,539,566
2014 Q2
37,952
152,419
16,804
45,782
0
217,923
44,478
24,450
2,378,202
2014 Q3
11,921
52,579
81,519
(3,526)
0
161,364
427,728
50,550
24,450
2,275,577
2014 Q4
40,638
(158)
86,222
(6,072)
0
102,625
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)
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
419,138
409,691
61,317
37,049
26,434
1,763,624
2015 Q3
(48,409)
16,507
50,031
(13,658)
(2,622)
36,279
2015 Q4
403,728
548,554
87,702
156,803
21,684
2,018,081
2015 Q4
15,410
21,137
(26,385)
(56,000)
4,750
(30,703)
2016 Q1
325,936
467,022
72,869
135,918
6,184
1,765,599
2016 Q1
77,792
81,532
14,833
20,885
15,500
252,482
Numbers based on CBRE statistics
Citywide
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
150,000 100,000 50,000 0 (50,000)
500,000 (100,000) 0
(150,000) 2014 Q2
North
Southeast
2014 Q3
2014 Q4
Northeast
2015 Q1
2015 Q2
Round Rock & Georgetown
2015 Q3
2015 Q4
Far Northeast
2016 Q1
Citywide
2014 Q2 North
Southeast
2014 Q3
2014 Q4
Northeast
2015 Q1
2015 Q2
Round Rock & Georgetown
2015 Q3
2015 Q4
Far Northeast
2016 Q1
Citywide 8
8
CITYWIDE FLEX/R&D PERFORMANCE Quarter
Net Rentable Area
Available SF
Vacancy Rate
Absorption
Average Asking NNN
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
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%
252,482
$1.01
Numbers based on CBRE statistics
15%
$1.00
12%
200,000
13%
8% 6% 4%
2014 Q3
Occupied SF
2014 Q4
2015 Q1
2015 Q2
Available SF
2015 Q3
2015 Q4
2016 Q1
Vacancy Rate
89%
150,000
88%
100,000 87%
50,000
86%
0
2%
(50,000)
0%
(100,000) 2014 Q2
2014 Q3
2014 Q4
2015 Q1
Absorption
2015 Q2
2015 Q3
2015 Q4
Occupancy Rate
2016 Q1
$0.90
11%
$0.80 9%
$0.70
85%
$0.60
84%
$0.50
Vacancy Rate
$1.10
90%
Average Asking NNN
91%
250,000
Occupancy Rate
300,000
14%
10%
2014 Q2
VACANCY VS. RENTAL RATES
16%
Absorption (SF)
20,000,000 18,000,000 16,000,000 14,000,000 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 -
NET ABSORPTION
Vacancy Rate
Available SF
AVAILABLE SF VS. VACANCY RATE
7% 5% 2014 Q2
2014 Q3
2014 Q4
2015 Q1
Average Asking NNN
2015 Q2
2015 Q3
2015 Q4
2016 Q1
Vacancy Rate
9
CITYWIDE TOTAL INDUSTRIAL PERFORMANCE VACANCY RATES
AVERAGE ASKING NNN
Round Rock & Far Northeast Georgetown
Quarter
North
Southeast
Northeast
2014 Q2
7.8%
11.3%
17.2%
8.9%
2014 Q3
9.1%
8.6%
14.8%
2014 Q4
8.0%
8.8%
2015 Q1
8.0%
2015 Q2 2015 Q3
Round Rock & Far Northeast Georgetown
Citywide
Quarter
North
Southeast
Northeast
13.6%
11.6%
2014 Q2
$0.68
$0.63
$0.66
$0.54
$0.50
$0.67
11.4%
13.9%
11.3%
2014 Q3
$0.74
$0.63
$0.69
$0.51
$0.52
$0.70
13.2%
10.9%
10.4%
10.6%
2014 Q4
$0.74
$0.67
$0.69
$0.51
$0.53
$0.70
9.0%
12.0%
10.6%
11.9%
10.5%
2015 Q1
$0.82
$0.68
$0.69
$0.57
$0.65
$0.73
8.0%
7.9%
6.9%
8.1%
8.8%
9.2%
2015 Q2
$0.74
$0.79
$0.64
$0.56
$0.58
$0.76
6.8%
8.0%
5.1%
8.3%
8.7%
8.0%
2015 Q3
$0.98
$0.68
$0.68
$0.63
$0.62
$0.76
2015 Q4
6.3%
8.2%
5.4%
9.2%
8.5%
8.0%
2015 Q4
$1.07
$0.68
$0.64
$0.61
$0.62
$0.80
2016 Q1
6.0%
5.4%
4.9%
9.0%
7.4%
7.1%
2016 Q1
$0.95
$0.73
$0.68
$0.68
$0.60
$0.83
Numbers based on CBRE statistics
Citywide
Numbers based on CBRE statistics
20%
$1.15 $1.00
Average Asking NNN
Vacancy Rate
15%
10%
5%
0%
$0.85 $0.70 $0.55 $0.40 $0.25
2014 Q2
2014 Q3
2014 Q4
2015 Q1
2015 Q2
2015 Q3
2015 Q4
2016 Q1
2014 Q2
2014 Q3
2014 Q4
2015 Q1
2015 Q2
2015 Q3
North
Southeast
Northeast
North
Southeast
Northeast
Round Rock & Georgetown
Far Northeast
Citywide
Round Rock & Georgetown
Far Northeast
Citywide
2015 Q4
2016 Q1
10
10
CITYWIDE TOTAL INDUSTRIAL PERFORMANCE AVAILABLE SF
ABSORPTION
Round Rock & Far Northeast Georgetown
Quarter
North
Southeast
Northeast
2014 Q2
1,078,469
1,157,688
1,346,767
402,433
2014 Q3
1,250,755
873,486
1,155,650
2014 Q4
1,106,324
902,106
2015 Q1
1,111,971
2015 Q2 2015 Q3
Round Rock & Far Northeast Georgetown
Citywide
Quarter
North
Southeast
Northeast
336,264
5,761,693
2014 Q2
168,782
52,463
(9,897)
51,796
106,161
374,076
513,355
343,536
5,600,089
2014 Q3
(172,286)
284,202
191,117
(110,922)
(7,272)
161,604
1,030,621
489,777
257,199
5,269,167
2014 Q4
161,731
(28,620)
125,029
23,578
86,337
358,722
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
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
941,025
806,684
387,715
373,345
214,284
3,975,918
2015 Q3
171,833
(6,881)
133,989
(8,658)
4,431
586,201
2015 Q4
883,575
864,799
407,326
415,710
209,534
3,993,335
2015 Q4
57,450
341,090
(19,611)
(59,625)
4,750
526,998
2016 Q1
831,136
568,011
372,078
404,825
183,470
3,563,103
2016 Q1
52,439
296,788
35,248
10,885
26,064
430,232
Numbers based on CBRE statistics
Citywide
Numbers based on CBRE statistics
7,000,000
700,000 600,000
6,000,000
500,000 400,000
Absorption (SF)
Available SF
5,000,000 4,000,000 3,000,000 2,000,000
300,000 200,000 100,000 0 (100,000) (200,000)
1,000,000
(300,000) 0
(400,000) 2014 Q2
North
Southeast
2014 Q3
2014 Q4
Northeast
2015 Q1
2015 Q2
Round Rock & Georgetown
2015 Q3
2015 Q4
Far Northeast
2016 Q1
Citywide
2014 Q2 North
Southeast
2014 Q3
2014 Q4
Northeast
2015 Q1
2015 Q2
Round Rock & Georgetown
2015 Q3
2015 Q4
Far Northeast
2016 Q1
Citywide 11
11
CITYWIDE TOTAL INDUSTRIAL PERFORMANCE Quarter
Net Rentable Area
Available SF
Vacancy Rate
Absorption
Average Asking NNN
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
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%
430,232
$0.83
Numbers based on CBRE statistics
40,000,000
12%
30,000,000
9%
20,000,000
6%
10,000,000
800,000
0% 2014 Q2
2014 Q3
Occupied SF
2014 Q4
2015 Q1
2015 Q2
Available SF
2015 Q3
2015 Q4
2016 Q1
Vacancy Rate
$1.00
20%
93%
$0.80
16%
$0.60
12%
$0.40
8%
$0.20
4%
600,000 92% 400,000
91% 90%
200,000
3%
-
94%
89% 0
88% 2014 Q2
2014 Q3
2014 Q4
2015 Q1
Absorption
2015 Q2
2015 Q3
2015 Q4
Occupancy Rate
2016 Q1
Average Asking NNN
15%
Occupancy Rate
18%
50,000,000
Absorption (SF)
60,000,000
VACANCY VS. RENTAL RATES
$0.00
Vacancy Rate
NET ABSORPTION
Vacancy Rate
Available SF
AVAILABLE SF VS. VACANCY RATE
0% 2014 Q2
2014 Q3
2014 Q4
2015 Q1
Average Asking NNN
2015 Q2
2015 Q3
2015 Q4
2016 Q1
Vacancy Rate
12
CITYWIDE TOTAL INDUSTRIAL CONSTRUCTION Quarter
North
Southeast
Northeast
Round Rock & Georgetown
Far Northeast
Citywide
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
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
Numbers based on CBRE statistics
800,000
SF Under Construction
700,000 600,000
500,000 400,000 300,000 200,000 100,000 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 North
Southeast
Northeast
Round Rock & Georgetown
Far Northeast
Citywide 13
NORTH WAREHOUSE PERFORMANCE Quarter
Net Rentable Area
Available SF
Vacancy Rate
Absorption
Average Asking NNN
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
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
Numbers based on CBRE statistics
6,000,000
6%
4,000,000
4%
2,000,000
2%
-
0% 2014 Q2
2014 Q3
Occupied SF
2014 Q4
2015 Q1
2015 Q2
Available SF
2015 Q3
2015 Q4
2016 Q1
Vacancy Rate
Absorption (SF)
8%
Vacancy Rate
Available SF
8,000,000
250,000
97%
200,000
96%
150,000
95%
100,000
94%
50,000
93%
0
92%
(50,000)
91%
(100,000)
90%
(150,000)
89%
(200,000)
88% 2014 Q2
2014 Q3
2014 Q4
2015 Q1
Absorption
2015 Q2
2015 Q3
2015 Q4
Occupancy Rate
2016 Q1
$1.00
10%
$0.80
8%
$0.60
6%
$0.40
4%
$0.20
2%
$0.00
Vacancy Rate
10%
VACANCY VS. RENTAL RATES
Average Asking NNN
10,000,000
NET ABSORPTION
Occupancy Rate
AVAILABLE SF VS. VACANCY RATE
0% 2014 Q2
2014 Q3
2014 Q4
2015 Q1
Average Asking NNN
2015 Q2
2015 Q3
2015 Q4
2016 Q1
Vacancy Rate
14
NORTH FLEX/R&D PERFORMANCE Quarter
Net Rentable Area
Available SF
Vacancy Rate
Absorption
Average Asking NNN
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
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%
77,792
$1.08
Numbers based on CBRE statistics
3,000,000
9%
2,000,000
6%
1,000,000
3%
-
0% 2014 Q2
2014 Q3
Occupied SF
2014 Q4
2015 Q1
2015 Q2
Available SF
2015 Q3
2015 Q4
2016 Q1
Vacancy Rate
100,000
93%
80,000
93%
60,000
92%
40,000
92%
20,000
91%
0
91%
(20,000)
90%
(40,000)
90%
(60,000)
89% 2014 Q2
2014 Q3
2014 Q4
2015 Q1
Absorption
2015 Q2
2015 Q3
2015 Q4
Occupancy Rate
2016 Q1
$1.25
15%
$1.00
12%
$0.75
9%
$0.50
6%
$0.25
3%
$0.00
Vacancy Rate
12%
VACANCY VS. RENTAL RATES
Average Asking NNN
4,000,000
Absorption (SF)
15%
Vacancy Rate
Available SF
5,000,000
NET ABSORPTION
Occupancy Rate
AVAILABLE SF VS. VACANCY RATE
0% 2014 Q2
2014 Q3
2014 Q4
2015 Q1
Average Asking NNN
2015 Q2
2015 Q3
2015 Q4
2016 Q1
Vacancy Rate
15
NORTH TOTAL INDUSTRIAL PERFORMANCE Quarter
Net Rentable Area
Available SF
Vacancy Rate
Absorption
Average Asking NNN
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
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%
52,439
$0.95
Numbers based on CBRE statistics
9,000,000
9%
6,000,000
6%
3,000,000
3%
-
0% 2014 Q2
2014 Q3
Occupied SF
2014 Q4
2015 Q1
2015 Q2
Available SF
2015 Q3
2015 Q4
2016 Q1
Vacancy Rate
Absorption (SF)
12%
Vacancy Rate
Available SF
12,000,000
200,000
95%
150,000
94%
100,000
93%
50,000
92%
0
91%
(50,000)
90%
(100,000)
89%
(150,000)
88%
(200,000)
87% 2014 Q2
2014 Q3
2014 Q4
2015 Q1
Absorption
2015 Q2
2015 Q3
2015 Q4
Occupancy Rate
2016 Q1
$1.25
15%
$1.00
12%
$0.75
9%
$0.50
6%
$0.25
3%
$0.00
Vacancy Rate
15%
VACANCY VS. RENTAL RATES
Average Asking NNN
15,000,000
NET ABSORPTION
Occupancy Rate
AVAILABLE SF VS. VACANCY RATE
0% 2014 Q2
2014 Q3
2014 Q4
2015 Q1
Average Asking NNN
2015 Q2
2015 Q3
2015 Q4
2016 Q1
Vacancy Rate
16
SOUTHEAST WAREHOUSE PERFORMANCE Quarter
Net Rentable Area
Available SF
Vacancy Rate
Absorption
Average Asking NNN
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
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%
215,256
$0.57
Numbers based on CBRE statistics
VACANCY VS. RENTAL RATES 100%
$0.60
12%
300,000
98%
$0.50
10%
5,000,000
10%
200,000
96%
$0.40
8%
4,000,000
8%
100,000
94%
$0.30
6%
3,000,000
6%
0
92%
$0.20
4%
$0.10
2%
2,000,000
4%
1,000,000
2%
(100,000)
0%
(200,000)
2014 Q2
2014 Q3
Occupied SF
2014 Q4
2015 Q1
2015 Q2
Available SF
2015 Q3
2015 Q4
2016 Q1
Vacancy Rate
90% 88% 2014 Q2
2014 Q3
2014 Q4
2015 Q1
Absorption
2015 Q2
2015 Q3
2015 Q4
Occupancy Rate
2016 Q1
Average Asking NNN
400,000
12%
Occupancy Rate
14%
6,000,000
Absorption (SF)
7,000,000
$0.00
Vacancy Rate
NET ABSORPTION
Vacancy Rate
Available SF
AVAILABLE SF VS. VACANCY RATE
0% 2014 Q2
2014 Q3
2014 Q4
2015 Q1
Average Asking NNN
2015 Q2
2015 Q3
2015 Q4
2016 Q1
Vacancy Rate
17
SOUTHEAST FLEX/R&D PERFORMANCE Quarter
Net Rentable Area
Available SF
Vacancy Rate
Absorption
Average Asking NNN
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
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
Numbers based on CBRE statistics
3,000,000 8% 2,000,000 4%
1,000,000
200,000
92%
$1.00
150,000
90%
$0.80
100,000
88%
50,000
86%
0
84%
(50,000)
-
0% 2014 Q2
2014 Q3
Occupied SF
2014 Q4
2015 Q1
2015 Q2
Available SF
2015 Q3
2015 Q4
2016 Q1
Vacancy Rate
82%
(100,000)
80% 2014 Q2
2014 Q3
2014 Q4
2015 Q1
Absorption
2015 Q2
2015 Q3
2015 Q4
Occupancy Rate
2016 Q1
Average Asking NNN
12%
Vacancy Rate
Available SF
4,000,000
VACANCY VS. RENTAL RATES
Occupancy Rate
16%
Absorption (SF)
5,000,000
NET ABSORPTION
16%
12%
$0.60 8% $0.40
Vacancy Rate
AVAILABLE SF VS. VACANCY RATE
4%
$0.20 $0.00
0% 2014 Q2
2014 Q3
2014 Q4
2015 Q1
Average Asking NNN
2015 Q2
2015 Q3
2015 Q4
2016 Q1
Vacancy Rate
18
SOUTHEAST TOTAL INDUSTRIAL PERFORMANCE Quarter
Net Rentable Area
Available SF
Vacancy Rate
Absorption
Average Asking NNN
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
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%
296,788
$0.73
Numbers based on CBRE statistics
NET ABSORPTION
VACANCY VS. RENTAL RATES $1.25
15%
300,000
94%
$1.00
12%
8,000,000
12%
200,000
92%
$0.75
9%
6,000,000
9%
4,000,000
6%
100,000
90%
$0.50
6%
2,000,000
3%
0
88%
$0.25
3%
-
0% 2014 Q2
2014 Q3
Occupied SF
2014 Q4
2015 Q1
2015 Q2
Available SF
2015 Q3
2015 Q4
2016 Q1
Vacancy Rate
(100,000)
86% 2014 Q2
2014 Q3
2014 Q4
2015 Q1
Absorption
2015 Q2
2015 Q3
2015 Q4
Occupancy Rate
2016 Q1
Title
96%
Average Asking NNN
400,000
15%
Occupancy Rate
18%
10,000,000
Absorption (SF)
12,000,000
Vacancy Rate
Available SF
AVAILABLE SF VS. VACANCY RATE
$0.00
0% 2014 Q2
2014 Q3
2014 Q4
2015 Q1
Average Asking NNN
2015 Q2
2015 Q3
2015 Q4
2016 Q1
Vacancy Rate
19
NORTHEAST WAREHOUSE PERFORMANCE Quarter
Net Rentable Area
Available SF
Vacancy Rate
Absorption
Average Asking NNN
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
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
Numbers based on CBRE statistics
16%
91%
12%
2,000,000
8%
1,000,000
4%
-
0% 2014 Q2
2014 Q3
Occupied SF
2014 Q4
2015 Q1
2015 Q2
Available SF
2015 Q3
2015 Q4
2016 Q1
Vacancy Rate
88%
150,000
85% 100,000 82% 50,000
79%
0
76%
(50,000)
73% 2014 Q2
2014 Q3
2014 Q4
2015 Q1
Absorption
2015 Q2
2015 Q3
2015 Q4
Occupancy Rate
2016 Q1
$1.00
20%
$0.80
16%
$0.60
12%
$0.40
8%
$0.20
4%
$0.00
Vacancy Rate
94%
200,000
Average Asking NNN
3,000,000
250,000
Absorption (SF)
Available SF
4,000,000
VACANCY VS. RENTAL RATES
20%
Vacancy Rate
5,000,000
NET ABSORPTION
Occupancy Rate
AVAILABLE SF VS. VACANCY RATE
0% 2014 Q2
2014 Q3
2014 Q4
2015 Q1
Average Asking NNN
2015 Q2
2015 Q3
2015 Q4
2016 Q1
Vacancy Rate
20
NORTHEAST FLEX/R&D PERFORMANCE Quarter
Net Rentable Area
Available SF
Vacancy Rate
Absorption
Average Asking NNN
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
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
Numbers based on CBRE statistics
2,000,000
10%
1,000,000
5%
97%
60,000
94%
40,000
91%
20,000
88%
0
85%
(20,000) -
0% 2014 Q2
2014 Q3
Occupied SF
2014 Q4
2015 Q1
2015 Q2
Available SF
2015 Q3
2015 Q4
2016 Q1
Vacancy Rate
82%
(40,000)
79% 2014 Q2
2014 Q3
2014 Q4
2015 Q1
Absorption
2015 Q2
2015 Q3
2015 Q4
Occupancy Rate
2016 Q1
Average Asking NNN
15%
100%
80,000
Occupancy Rate
3,000,000
VACANCY VS. RENTAL RATES
100,000
Absorption (SF)
20%
Vacancy Rate
Available SF
4,000,000
NET ABSORPTION $1.00
20%
$0.80
16%
$0.60
12%
$0.40
8%
$0.20
4%
$0.00
Vacancy Rate
AVAILABLE SF VS. VACANCY RATE
0% 2014 Q2
2014 Q3
2014 Q4
2015 Q1
Average Asking NNN
2015 Q2
2015 Q3
2015 Q4
2016 Q1
Vacancy Rate
21
NORTHEAST TOTAL INDUSTRIAL PERFORMANCE Quarter
Net Rentable Area
Available SF
Vacancy Rate
Absorption
Average Asking NNN
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
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
Numbers based on CBRE statistics
250,000
97%
20%
200,000
94%
6,000,000
16%
4,500,000
12%
3,000,000
8%
1,500,000
4%
-
0% 2014 Q2
2014 Q3
Occupied SF
2014 Q4
2015 Q1
2015 Q2
Available SF
2015 Q3
2015 Q4
2016 Q1
Vacancy Rate
91%
150,000
88% 100,000 85% 50,000
82%
0
79%
(50,000)
76% 2014 Q2
2014 Q3
2014 Q4
2015 Q1
Absorption
2015 Q2
2015 Q3
2015 Q4
Occupancy Rate
2016 Q1
$1.00
20%
$0.80
16%
$0.60
12%
$0.40
8%
$0.20
4%
$0.00
Vacancy Rate
24%
7,500,000
Absorption (SF)
9,000,000
Average Asking NNN
VACANCY VS. RENTAL RATES
Occupancy Rate
NET ABSORPTION
Vacancy Rate
Available SF
AVAILABLE SF VS. VACANCY RATE
0% 2014 Q2
2014 Q3
2014 Q4
2015 Q1
Average Asking NNN
2015 Q2
2015 Q3
2015 Q4
2016 Q1
Vacancy Rate
22
ROUND ROCK & GEORGETOWN WAREHOUSE PERFORMANCE Quarter
Net Rentable Area
Available SF
Vacancy Rate
Absorption
Average Asking NNN
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
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
Numbers based on CBRE statistics
VACANCY VS. RENTAL RATES 96%
$1.00
20%
100,000
93%
$0.80
16%
2,000,000
12%
50,000
90%
$0.60
12%
1,500,000
9%
0
87%
1,000,000
6%
$0.40
8%
500,000
$0.20
4%
2014 Q2
2014 Q3
Occupied SF
2014 Q4
2015 Q1
2015 Q2
Available SF
2015 Q3
2015 Q4
2016 Q1
Vacancy Rate
(50,000)
84%
3%
(100,000)
81%
0%
(150,000)
78% 2014 Q2
2014 Q3
2014 Q4
2015 Q1
Absorption
2015 Q2
2015 Q3
2015 Q4
Occupancy Rate
2016 Q1
Average Asking NNN
150,000
15%
Occupancy Rate
18%
2,500,000
Absorption (SF)
3,000,000
$0.00
Vacancy Rate
NET ABSORPTION
Vacancy Rate
Available SF
AVAILABLE SF VS. VACANCY RATE
0% 2014 Q2
2014 Q3
2014 Q4
2015 Q1
Average Asking NNN
2015 Q2
2015 Q3
2015 Q4
2016 Q1
Vacancy Rate
23
ROUND ROCK & GEORGETOWN FLEX/R&D PERFORMANCE Quarter
Net Rentable Area
Available SF
Vacancy Rate
Absorption
Average Asking NNN
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
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
Numbers based on CBRE statistics
2,000,000
10%
1,200,000
6%
800,000
4%
400,000
2%
-
0% 2014 Q2
2014 Q3
Occupied SF
2014 Q4
2015 Q1
2015 Q2
Available SF
2015 Q3
2015 Q4
2016 Q1
Vacancy Rate
Absorption (SF)
8%
Vacancy Rate
1,600,000
Available SF
NET ABSORPTION
VACANCY VS. RENTAL RATES
60,000
100%
40,000
97%
20,000
94%
0
91%
(20,000)
88%
(40,000)
85%
(60,000)
82%
(80,000)
Occupancy Rate
AVAILABLE SF VS. VACANCY RATE
[CHART NOT AVAILABLE DUE TO INCOMPLETE DATA]
79% 2014 Q2
2014 Q3
2014 Q4
2015 Q1
Absorption
2015 Q2
2015 Q3
2015 Q4
2016 Q1
Occupancy Rate
24
ROUND ROCK & GEORGETOWN TOTAL INDUSTRIAL PERFORMANCE Quarter
Net Rentable Area
Available SF
Vacancy Rate
Absorption
Average Asking NNN
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
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
Numbers based on CBRE statistics
$1.00
20%
12%
91%
$0.80
16%
50,000
90%
$0.60
12%
0
89%
$0.40
8%
$0.20
4%
9%
2,000,000
6%
1,000,000 2014 Q2
2014 Q3
Occupied SF
2014 Q4
2015 Q1
2015 Q2
Available SF
2015 Q3
2015 Q4
2016 Q1
Vacancy Rate
(50,000)
88%
3%
(100,000)
87%
0%
(150,000)
86% 2014 Q2
2014 Q3
2014 Q4
2015 Q1
Absorption
2015 Q2
2015 Q3
2015 Q4
Occupancy Rate
2016 Q1
Average Asking NNN
92%
100,000
Occupancy Rate
3,000,000
150,000
Absorption (SF)
Available SF
4,000,000
VACANCY VS. RENTAL RATES
15%
Vacancy Rate
5,000,000
NET ABSORPTION
$0.00
Vacancy Rate
AVAILABLE SF VS. VACANCY RATE
0% 2014 Q2
2014 Q3
2014 Q4
2015 Q1
Average Asking NNN
2015 Q2
2015 Q3
2015 Q4
2016 Q1
Vacancy Rate
25
FAR NORTHEAST WAREHOUSE PERFORMANCE Quarter
Net Rentable Area
Available SF
Vacancy Rate
Absorption
Average Asking NNN
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
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
Numbers based on CBRE statistics
1,500,000
12%
1,000,000
8%
500,000
4%
-
0% 2014 Q2
2014 Q3
Occupied SF
2014 Q4
2015 Q1
2015 Q2
Available SF
2015 Q3
2015 Q4
2016 Q1
Vacancy Rate
Absorption (SF)
16%
Vacancy Rate
Available SF
2,000,000
120,000
94%
$1.00
20%
92%
$0.80
16%
$0.60
12%
$0.40
8%
$0.20
4%
80,000 90% 40,000
88% 86%
0 84% (40,000)
82% 2014 Q2
2014 Q3
2014 Q4
2015 Q1
Absorption
2015 Q2
2015 Q3
2015 Q4
Occupancy Rate
2016 Q1
$0.00
Vacancy Rate
20%
VACANCY VS. RENTAL RATES
Average Asking NNN
2,500,000
NET ABSORPTION
Occupancy Rate
AVAILABLE SF VS. VACANCY RATE
0% 2014 Q2
2014 Q3
2014 Q4
2015 Q1
Average Asking NNN
2015 Q2
2015 Q3
2015 Q4
2016 Q1
Vacancy Rate
26
FAR NORTHEAST FLEX/R&D PERFORMANCE Quarter
Net Rentable Area
Available SF
Vacancy Rate
Absorption
Average Asking NNN
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
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
Numbers based on CBRE statistics
20,000
100%
12%
15,000
98%
250,000
10%
10,000
96%
200,000
8%
5,000
94%
150,000
6%
0
92%
100,000
4%
50,000 2014 Q2
2014 Q3
Occupied SF
2014 Q4
2015 Q1
2015 Q2
Available SF
2015 Q3
2015 Q4
2016 Q1
Vacancy Rate
(5,000)
90%
2%
(10,000)
88%
0%
(15,000)
86% 2014 Q2
2014 Q3
2014 Q4
2015 Q1
Absorption
2015 Q2
2015 Q3
2015 Q4
Occupancy Rate
2016 Q1
$1.20
20%
$1.00
16%
$0.80
12%
$0.60
8%
$0.40
4%
$0.20
Vacancy Rate
14%
300,000
Absorption (SF)
350,000
Average Asking NNN
VACANCY VS. RENTAL RATES
Occupancy Rate
NET ABSORPTION
Vacancy Rate
Available SF
AVAILABLE SF VS. VACANCY RATE
0% 2014 Q2
2014 Q3
2014 Q4
2015 Q1
Average Asking NNN
2015 Q2
2015 Q3
2015 Q4
2016 Q1
Vacancy Rate
27
FAR NORTHEAST TOTAL INDUSTRIAL PERFORMANCE Quarter
Net Rentable Area
Available SF
Vacancy Rate
Absorption
Average Asking NNN
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
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
Numbers based on CBRE statistics
2,000,000
12%
1,500,000
9%
1,000,000
6%
500,000
120,000
80,000
0% 2014 Q2
2014 Q3
Occupied SF
2014 Q4
2015 Q1
2015 Q2
Available SF
2015 Q3
2015 Q4
2016 Q1
Vacancy Rate
$1.00
20%
92%
$0.80
16%
$0.60
12%
$0.40
8%
$0.20
4%
89% 40,000 86% 0
83%
3%
-
95%
(40,000)
80% 2014 Q2
2014 Q3
2014 Q4
2015 Q1
Absorption
2015 Q2
2015 Q3
2015 Q4
Occupancy Rate
2016 Q1
Average Asking NNN
15%
Occupancy Rate
18%
2,500,000
Absorption (SF)
3,000,000
VACANCY VS. RENTAL RATES
$0.00
Vacancy Rate
NET ABSORPTION
Vacancy Rate
Available SF
AVAILABLE SF VS. VACANCY RATE
0% 2014 Q2
2014 Q3
2014 Q4
2015 Q1
Average Asking NNN
2015 Q2
2015 Q3
2015 Q4
2016 Q1
Vacancy Rate
28