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Dallas/Ft. Worth Industrial MarketM I D - Y E A R 2 0 1 1

The CoStarIndustrial Report

Dallas/Ft. Worth Industrial Market

©2011 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT A

MID-YEAR 2011 – DALLAS/FT. WORTH

Table of ContentsTable of Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A

Methodology. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B

Terms & Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C

Market Highlights & Overview. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

CoStar Markets & Submarkets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Employment & Tenant Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Employment & Unemployment AnalysisTenant Profiles

Inventory & Development Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7Construction Activity MapInventory & Development AnalysisSelect Top Under Construction PropertiesSelect Top Deliveries

Figures at a Glance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11Figures at a Glance by Building Type & MarketFigures at a Glance by Building Type & SubmarketHistorical Figures at a Glance

Leasing Activity Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16Leasing Activity MapLeasing Activity AnalysisSelect Top Lease Transactions

Sales Activity Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19Sales Activity AnalysisSelect Top Sales TransactionsSelect Same Building SalesSelect Land Sales

Analysis of Individual CoStar Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22DFW Airport MarketEast Dallas MarketGreat SW/Arlington MarketNorth Ft Worth MarketNortheast Dallas MarketNorthwest Dallas MarketSouth Dallas MarketSouth Ft Worth MarketSouth Stemmons Market


B THE COSTAR INDUSTRIAL REPORT ©2011 COSTAR GROUP, INC.

DALLAS/FT. WORTH – MID-YEAR 2011


©2011 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT C


Methodology

The CoStar Industrial Report calculates Industrial statistics using CoStar Group's base of existing, under construction and under renovation Industrial buildings in each given metropolitan area. All Industrial building types are included, including warehouse, flex / research & development, distribution, manufacturing, industrial showroom, and service buildings, in both single-tenant and multi-tenant buildings, including owner-occupied buildings. CoStar Group's national database includes approximately 71.7 billion square feet of coverage in 3 million properties. All rental rates reported in the CoStar Industrial Report are calculated using the quoted rental rate for each property. The quoted rental rate is exclusive of the expense pass through associated with the rent.

© Copyright 2010 CoStar Group, Inc. All Rights Reserved. Although CoStar makes efforts to ensure the accuracy and reliability of the information contained herein, CoStar makes no guarantee, representation or warranty regarding the quality, accuracy, timeliness or completeness of the information. The publication is provided ‘as is’ and CoStar expressly disclaims any guarantees, representations or warranties of any kind, including those of MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

CoStar Group, Inc.

1331 L ST NW • Washington, DC USA 20005 • (800) 204-5960 • www.costar.com • NASDAQ: CSGP

For information on subscribing to CoStar’s other products and services, please contact us at

1-877-7COSTAR, or visit our web site at www.costar.com


B THE COSTAR INDUSTRIAL REPORT ©2011 COSTAR GROUP, INC.



©2011 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT C


Terms & DefinitionsAvailability Rate: The ratio of available space to total rentable space, calculated by dividing the total available square feet by the total rentable square feet.

Available Space: The total amount of space that is currently being marketed as available for lease in a given time period. It includes any space that is available, regardless of whether the space is vacant, occupied, available for sublease, or available at a future date.

Build-to-Suit: A term describing a particular property, developed specifically for a certain tenant to occupy, with structural features, systems, or improvement work designed specifically for the needs of that tenant. A build-to-suit can be leased or owned by the ten-ant. In a leased build-to-suit, a tenant will usually have a long term lease on the space.

Buyer: The individual, group, company, or entity that has pur-chased a commercial real estate asset.

Cap Rate: Short for capitalization rate. The Cap Rate is a calcula-tion that reflects the relationship between one year’s net operating income and the current market value of a particular property. The Cap Rate is calculated by dividing the annual net operating income by the sales price (or asking sales price).

CBD: Abbreviation for Central Business District. (See also: Central Business District)

Central Business District: The designations of Central Business District (CBD) and Suburban refer to a particular geographic area within a metropolitan statistical area (MSA) describing the level of real estate development found there. The CBD is characterized by a high density, well organized core within the largest city of a given MSA.

Class A: A classification used to describe buildings that generally qualify as extremely desirable investment-grade properties and command the highest rents or sale prices compared to other buildings in the same market. Such buildings are well located and provide efficient tenant layouts as well as high quality, and in some buildings, one-of-a-kind floor plans. They can be an archi-tectural or historical landmark designed by prominent architects. These buildings contain a modern mechanical system, and have above-average maintenance and management as well as the best quality materials and workmanship in their trim and interior fit-tings. They are generally the most attractive and eagerly sought by investors willing to pay a premium for quality.

Class B: A classification used to describe buildings that generally qualify as a more speculative investment, and as such, command lower rents or sale prices compared to Class A properties. Such buildings offer utilitarian space without special attractions, and have ordinary design, if new or fairly new; good to excellent design if an older non-landmark building. These buildings typical-ly have average to good maintenance, management and tenants. They are less appealing to tenants than Class A properties, and may be deficient in a number of respects including floor plans, condition and facilities. They lack prestige and must depend chiefly on a lower price to attract tenants and investors.

Class C: A classification used to describe buildings that gener-ally qualify as no-frills, older buildings that offer basic space and command lower rents or sale prices compared to other buildings in the same market. Such buildings typically have below-average maintenance and management, and could have mixed or low tenant prestige, inferior elevators, and/or mechanical/electrical systems. These buildings lack prestige and must depend chiefly on a lower price to attract tenants and investors.

Construction Starts: Buildings that began construction during a specific period of time. (See also: Deliveries)

Contiguous Blocks of Space: Space within a building that is, or is able to be joined together into a single contiguous space.

Deliveries: Buildings that complete construction during a specified period of time. In order for space to be considered delivered, a certificate of occupancy must have been issued for the property.

Delivery Date: The date a building completes construction and receives a certificate of occupancy.

Developer: The company, entity or individual that transforms raw land to improved property by use of labor, capital and entrepre-neurial efforts.

Direct Space: Space that is being offered for lease directly from the landlord or owner of a building, as opposed to space being offered in a building by another tenant (or broker of a tenant) trying to sublet a space that has already been leased.

Existing Inventory: The square footage of buildings that have received a certificate of occupancy and are able to be occupied by tenants. It does not include space in buildings that are either planned, under construction or under renovation.

Flex Building: A type of building designed to be versatile, which may be used in combination with office (corporate headquarters), research and development, quasi-retail sales, and including but not limited to industrial, warehouse, and distribution uses. A typi-cal flex building will be one or two stories with at least half of the rentable area being used as office space, have ceiling heights of 16 feet or less, and have some type of drive-in door, even though the door may be glassed in or sealed off.

Full Service Rental Rate: Rental rates that include all operating expenses such as utilities, electricity, janitorial services, taxes and insurance.

Gross Absorption: The total change in occupied space over a given period of time, counting space that is occupied but not space that is vacated by tenants. Gross absorption differs from leasing Activity, which is the sum of all space leased over a certain period of time. Unless otherwise noted Gross Absorption includes direct and sublease space.

Growth in Inventory: The change in size of the existing square footage in a given area over a given period of time, generally due to the construction of new buildings.

Industrial Building: A type of building adapted for such uses as the assemblage, processing, and/or manufacturing of products from raw materials or fabricated parts. Additional uses include warehousing, distribution, and maintenance facilities. The pri-mary purpose of the space is for storing, producing, assembling, or distributing product.

Landlord Rep: (Landlord Representative) In a typical lease trans-action between an owner/landlord and tenant, the broker that represents the interests of the owner/landlord is referred to as the Landlord Rep.

Leased Space: All the space that has a financial lease obligation. It includes all leased space, regardless of whether the space is currently occupied by a tenant. Leased space also includes space being offered for sublease.

Leasing Activity: The volume of square footage that is commit-ted to and signed under a lease obligation for a specific building or market in a given period of time. It includes direct leases, subleases and renewals of existing leases. It also includes any pre-leasing activity in planned, under construction, or under renovation buildings.

Market: Geographic boundaries that serve to delineate core areas that are competitive with each other and constitute a generally accepted primary competitive set of areas. Markets are building-type specific, and are non-overlapping contiguous geographic designations having a cumulative sum that matches the boundar-ies of the entire Region (See also: Region). Markets can be further subdivided into Submarkets. (See also: Submarkets)


D THE COSTAR INDUSTRIAL REPORT ©2011 COSTAR GROUP, INC.

DALLAS/FT. WORTH – MID-YEAR 2011 MID-YEAR 2011 – DALLAS/FT. WORTH


©2011 COSTAR GROUP, INC. THE COSTAR INDUSTRIAL REPORT 1

Multi-Tenant: Buildings that house more than one tenant at a given time. Usually, multi-tenant buildings were designed and built to accommodate many different floor plans and designs for different tenant needs. (See also: Tenancy).

Net Absorption: The net change in occupied space over a given period of time. Unless otherwise noted Net Absorption includes direct and sublease space.

Net Rental Rate: A rental rate that excludes certain expenses that a tenant could incur in occupying office space. Such expenses are expected to be paid directly by the tenant and may include janitorial costs, electricity, utilities, taxes, insurance and other related costs.

New Space: Sometimes called first generation space, refers to space that has never been occupied and/or leased by a tenant.

Occupied Space: Space that is physically occupied by a tenant. It does not include leased space that is not currently occupied by a tenant.

Office Building: A type of commercial building used exclusively or primarily for office use (business), as opposed to manufactur-ing, warehousing, or other uses. Office buildings may sometimes have other associated uses within part of the building, i.e., retail sales, financial, or restaurant, usually on the ground floor.

Owner: The company, entity, or individual that holds title on a given building or property.

Planned/Proposed: The status of a building that has been announced for future development but not yet started construction.

Preleased Space: The amount of space in a building that has been leased prior to its construction completion date, or certificate of occupancy date.

Price/SF: Calculated by dividing the price of a building (either sales price or asking sales price) by the Rentable Building Area (RBA).

Property Manager: The company and/or person responsible for the day-to-day operations of a building, such as cleaning, trash removal, etc. The property manager also makes sure that the vari-ous systems within the building, such as the elevators, HVAC, and electrical systems, are functioning properly.

Quoted Rental Rate: The asking rate per square foot for a par-ticular building or unit of space by a broker or property owner. Quoted rental rates may differ from the actual rates paid by tenants following the negotiation of all terms and conditions in a specific lease.

RBA: Abbreviation for Rentable Building Area. (See also: Rentable Building Area)

Region: Core areas containing a large population nucleus, that together with adjacent communities have a high degree of eco-nomic and social integration. Regions are further divided into market areas, called Markets. (See also: Markets)

Relet Space: Sometimes called second generation or direct space, refers to existing space that has previously been occupied by another tenant.

Rentable Building Area: (RBA) The total square footage of a building that can be occupied by, or assigned to a tenant for the purpose of determining a tenant’s rental obligation. Generally RBA includes a percentage of common areas including all hall-ways, main lobbies, bathrooms, and telephone closets.

Rental Rates: The annual costs of occupancy for a particular space quoted on a per square foot basis.

Sales Price: The total dollar amount paid for a particular property at a particular point in time.

Sales Volume: The sum of sales prices for a given group of build-ings in a given time period.

Seller: The individual, group, company, or entity that sells a par-ticular commercial real estate asset.

SF: Abbreviation for Square Feet.

Single-Tenant: Buildings that are occupied, or intended to be occupied by a single tenant. (See also: Build-to-suit and Tenancy)

Sublease Space: Space that has been leased by a tenant and is being offered for lease back to the market by the tenant with the lease obligation. Sublease space is sometimes referred to as sublet space.

Submarkets: Specific geographic boundaries that serve to delin-eate a core group of buildings that are competitive with each other and constitute a generally accepted primary competitive set, or peer group. Submarkets are building type specific (office, industrial, retail, etc.), with distinct boundaries dependent on different factors relevant to each building type. Submarkets are non-overlapping, contiguous geographic designations having a cumulative sum that matches the boundaries of the Market they are located within (See also: Market).

Suburban: The Suburban and Central Business District (CBD) designations refer to a particular geographic area within a metro-politan statistical area (MSA). Suburban is defined as including all office inventory not located in the CBD. (See also: CBD)

Tenancy: A term used to indicate whether or not a building is occupied by multiple tenants (See also: Multi-tenant) or a single tenant. (See also: Single-tenant)

Tenant Rep: Tenant Rep stands for Tenant Representative. In a typical lease transaction between an owner/landlord and tenant, the broker that represents the interests of the tenant is referred to as a Tenant Rep.

Time On Market: A measure of how long a currently available space has been marketed for lease, regardless of whether it is vacant or occupied.

Under Construction: The status of a building that is in the process of being developed, assembled, built or constructed. A building is considered to be under construction after it has begun construc-tion and until it receives a certificate of occupancy.

Vacancy Rate: A measurement expressed as a percentage of the total amount of physically vacant space divided by the total amount of existing inventory. Under construction space generally is not included in vacancy calculations.

Vacant Space: Space that is not currently occupied by a tenant, regardless of any lease obligation that may be on the space. Vacant space could be space that is either available or not avail-able. For example, sublease space that is currently being paid for by a tenant but not occupied by that tenant, would be considered vacant space. Likewise, space that has been leased but not yet occupied because of finish work being done, would also be con-sidered vacant space.

Weighted Average Rental Rate: Rental rates that are calculated by factoring in, or weighting, the square footage associated with each particular rental rate. This has the effect of causing rental rates on larger spaces to affect the average more than that of smaller spaces. The weighted average rental rate is calculated by taking the ratio of the square footage associated with the rental rate on each individual available space to the square footage associated with rental rates on all available spaces, multiplying the rental rate by that ratio, and then adding together all the resulting numbers. Unless specifically specified otherwise, rental rate averages include both Direct and Sublet available spaces.

Year Built: The year in which a building completed construction and was issued a certificate of occupancy.

YTD: Abbreviation for Year-to-Date. Describes statistics that are cumulative from the beginning of a calendar year through what-ever time period is being studied.


D THE COSTAR INDUSTRIAL REPORT ©2011 COSTAR GROUP, INC.

DALLAS/FT. WORTH – MID-YEAR 2011 MID-YEAR 2011 – DALLAS/FT. WORTH



OVERVIEW

Dallas/Ft. Worth’s Vacancy Decreases to 11.0% Net Absorption Positive 3,613,616 SF in the Quarter

The Dallas/Ft. Worth Industrial market ended the second quarter 2011 with a vacancy rate of 11.0%. The vacancy rate was down over the previous quarter, with net absorp-

tion totaling positive 3,613,616 square feet in the second quarter. Vacant sublease space decreased in the quarter, ending the quarter at 1,802,562 square feet. Rental rates ended the second quarter at $4.36, an increase over the previous quarter. A total of one building delivered to the market in the quarter totaling 1,020,000 square feet, with 611,870 square feet still under construction at the end of the quarter.

AbsorptionNet absorption for the overall Dallas/Ft. Worth Industrial

market was positive 3,613,616 square feet in the second quarter 2011. That compares to positive 2,608,400 square feet in the first quarter 2011, positive 2,170,966 square feet in the fourth quarter 2010, and negative (1,414,356) square feet in the third quarter 2010.

Tenants moving out of large blocks of space in 2011 include: Constar International Inc. moving out of (832,320) square feet at 1421 N Cockrell Hill Rd - Distribution Center #1, Uline moving out of (158,729) square feet at 635 Freeport Pky - Freeport XIII, and Anderson Merchandising moving out of (126,100) square feet at 500 Enterprise Dr. - Lakeside Trade Center - Bldg 1.

Tenants moving into large blocks of space in 2011 include: Whirlpool moving into 1,020,000 square feet at 500 S Millers Rd - Whirlpool Distribution Center, Navistar moving into 472,200 square feet at 3737 W Miller Rd - First Garland Bus. Park - Bldg A, and Hayes Retail Services moving into 457,076 square feet at 951 Town East Blvd - Skyline Business Park - Bldg 1.

The Flex building market recorded net absorption of nega-tive (81,264) square feet in the second quarter 2011, compared to positive 860,661 square feet in the first quarter 2011, negative (587,087) in the fourth quarter 2010, and negative (432,848) in the third quarter 2010.

The Warehouse building market recorded net absorption of positive 3,694,880 square feet in the second quarter 2011 compared to positive 1,747,739 square feet in the first quarter 2011, positive 2,758,053 in the fourth quarter 2010, and negative (981,508) in the third quarter 2010.

VacancyThe Industrial vacancy rate in the Dallas/Ft. Worth market

area decreased to 11.0% at the end of the second quarter 2011. The vacancy rate was 11.3% at the end of the first quarter 2011, 11.7% at the end of the fourth quarter 2010, and 11.9% at the end of the third quarter 2010.

Flex projects reported a vacancy rate of 12.1% at the end of the second quarter 2011, 12.0% at the end of the first quarter 2011, 12.5% at the end of the fourth quarter 2010, and 12.1% at the end of the third quarter 2010.

Warehouse projects reported a vacancy rate of 10.7% at the end of the second quarter 2011, 11.2% at the end of first quarter 2011, 11.5% at the end of the fourth quarter 2010, and 11.9% at the end of the third quarter 2010.

Largest Lease SigningsThe largest lease signings occurring in 2011 included: the

600,000-square-foot lease signed by Uline at TradePoint One in the DFW Airport market; the 472,200-square-foot deal signed

Vacancy Rates by Building Type 1995-2011

Source: CoStar Property®

Absorption & Deliveries U.S. Vacancy ComparisonPast 8 Quarters Past 8 Quarters

Source: CoStar Property• Source: CoStar Property•

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Dallas/Ft Worth United States

2 THE COSTAR INDUSTRIAL REPORT ©2011 COSTAR GROUP, INC.


Dallas/Ft. Worth Industrial MarketMID-YEAR 2011 – DALLAS/FT. WORTH



OVERVIEW

by Navistar at First Garland Bus. Park - Bldg A in the Northeast Dallas market; and the 410,511-square-foot lease signed by Cardone Industries at Grand Lakes Distribution Center in the South Stemmons market.

Sublease VacancyThe amount of vacant sublease space in the Dallas/Ft. Worth

market decreased to 1,802,562 square feet by the end of the sec-ond quarter 2011, from 2,227,575 square feet at the end of the first quarter 2011. There was 2,173,032 square feet vacant at the end of the fourth quarter 2010 and 2,562,671 square feet at the end of the third quarter 2010.

Dallas/Ft. Worth’s Flex projects reported vacant sublease space of 351,920 square feet at the end of second quarter 2011, down from the 444,181 square feet reported at the end of the first quarter 2011. There were 404,806 square feet of sublease space vacant at the end of the fourth quarter 2010, and 395,849 square feet at the end of the third quarter 2010.

Warehouse projects reported decreased vacant sublease space from the first quarter 2011 to the second quarter 2011. Sublease vacancy went from 1,783,394 square feet to 1,450,642 square feet during that time. There was 1,768,226 square feet at the end of the fourth quarter 2010, and 2,166,822 square feet at the end of the third quarter 2010.

Rental RatesThe average quoted asking rental rate for available

Industrial space was $4.36 per square foot per year at the end of the second quarter 2011 in the Dallas/Ft. Worth market area. This represented a 0.5% increase in quoted rental rates from the end of the first quarter 2011, when rents were reported at $4.34 per square foot.

The average quoted rate within the Flex sector was $7.20 per square foot at the end of the second quarter 2011, while Warehouse rates stood at $3.72. At the end of the first quarter 2011, Flex rates were $7.24 per square foot, and Warehouse rates were $3.71.

Deliveries and ConstructionDuring the second quarter 2011, one building totaling

1,020,000 square feet were completed in the Dallas/Ft. Worth market area. This compares to four buildings totaling 187,801 square feet that were completed in the first quarter 2011, three buildings totaling 225,185 square feet completed in the fourth quarter 2010, and 71,570 square feet in six buildings completed in the third quarter 2010.

There were 611,870 square feet of Industrial space under construction at the end of the second quarter 2011.

Some of the notable 2011 deliveries include: Whirlpool Distribution Center, a 1,020,000-square-foot facility that deliv-ered in second quarter 2011 and is now 100% occupied, and Orthofix, a 140,000-square-foot building that delivered in first quarter 2011 and is now 100% occupied.

The largest projects underway at the end of second quar-ter 2011 were 1300 Andrews Pky - Future Home of Andrews Distributing, a 305,000-square-foot building with 100% of its space pre-leased, and 1525 Belt Line Rd, a 203,394-square-foot facility that is 100% pre-leased.

InventoryTotal Industrial inventory in the Dallas/Ft. Worth market

area amounted to 763,569,232 square feet in 18,951 buildings as of the end of the second quarter 2011. The Flex sector consisted of 142,845,127 square feet in 7,017 projects. The Warehouse sector consisted of 620,724,105 square feet in 11,934 buildings. Within the Industrial market there were 2,756 owner-occupied buildings accounting for 184,441,405 square feet of Industrial space.

Sales ActivityTallying industrial building sales of 15,000 square feet or

larger, Dallas/Ft Worth industrial sales figures rose during the first quarter 2011 in terms of dollar volume compared to the fourth quarter of 2010.

In the first quarter, 11 industrial transactions closed with a total volume of $60,648,912. The 11 buildings totaled 1,694,589 square feet and the average price per square foot equated to $35.79 per square foot. That compares to 18 transactions totaling $42,070,817 in the fourth quarter. The total square footage was 1,410,700 for an average price per square foot of $29.82.

Total year-to-date industrial building sales activity in 2011 is up compared to the previous year. In the first three months of 2011, the market saw 11 industrial sales transactions with a total volume of $60,648,912. The price per square foot has averaged $35.79 this year. In the first three months of 2010, the market posted 14 transactions with a total volume of $34,455,400. The price per square foot averaged $48.70.

Cap rates have been lower in 2011, averaging 7.80%, com-pared to the first three months of last year when they averaged 11.53%.





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OVERVIEW

One of the largest transactions that has occurred within the last four quarters in the Dallas/Ft Worth market is the sale of Whirlpool Distribution Center in Hutchins. This 1,020,000-square-foot industrial building sold for $40,780,000, or $39.98 per square foot. The property sold on 6/2/2011, at a 7.80% cap rate.

Report compiled by: Doug Hill and Nathan Collins, CoStar Research Managers.





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CoStar Markets & Submarkets

In analyzing metropolitan areas in the U.S., CoStar has developed geographic designations to help group properties together, called Regions, Markets and Submarkets. Regions are the equivalent of metropolitan areas, or areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Regions are then divided into Markets, which are core areas within a metropolitan area that are known to be competitive with each other in terms of attracting and keeping tenants. Markets are then further subdivided into smaller units called Submarkets, which serve to delineate a core group of buildings that are competitive with each other and constitute a generally accepted competitive set, or peer group.

MARKETS

Markets Submarkets

DFW Airport Ind E DFW Air/Las Colinas Ind W DFW Air/Grapevine Ind

East Dallas Ind Central East Dallas Ind East Dallas/Mesquite Ind Forney/Terrll/Kauf Cy Ind Outlying Kaufman Cnty Ind

Great SW/Arlington Ind Arlington Ind Lower Great Southwest Ind Upper Great Southwest Ind

North Ft Worth Ind Meacham Fld/Fossil Cr Ind NE Tarrant/Alliance Ind Parker County Ind West Tarrant IndWise County Ind

Northeast Dallas Ind Allen/McKinney Ind Delta County Ind Hunt County Ind NE Dallas/Garland IndOutlying Collin Cnty Ind Plano Ind Richardson Ind Rockwall Ind

Northwest Dallas Ind Denton Ind Lewisville Ind Metropolitan/Addison Ind N Stemmons/Valwood Ind

South Dallas Ind Henderson County Ind Outlying Ellis Cnty Ind Redbird Airport Ind SE Dallas/I-45 IndSW Dallas/US 67 Ind

South Ft Worth Ind East Ft Worth Ind Hood County Ind Johnson County Ind Mansfield IndN Central Ft Worth Ind S Cen.Tarrant Cnty Ind S Central Ft Worth Ind Southwest Tarrant Ind

South Stemmons Ind East Brookhollow Ind East Hines North Ind Eastern Lonestar/Tpke Ind North Trinity IndWest Brookhollow Ind West Hines North Ind Western Lonestar/Tpke Ind






Total Employment by Industry Total Employment GrowthPercent of Total Employment by Industry Total Number of Jobs Added Per Year

Source: Department of Labor, Bureau of Labor Statistics Source: Department of Labor, Bureau of Labor Statistics

Total Employment Growth Industrial* Employment GrowthCumulative Growth in Jobs Over the Past 5 Years Number of Industrial* Jobs Added Per Year

MarketEmployment

GrowthInventory Growth Difference

Atlanta -16.00% 4.80% -20.80%

Chicago -10.40% 5.00% -15.40%

Dallas/Ft Worth 1.50% 5.00% -3.50%

Denver -9.20% 4.20% -13.40%

Detroit -20.80% 1.00% -21.80%

Houston 7.80% 9.60% -1.80%

Inland Empire (California) -20.40% 15.40% -35.80%

Los Angeles -15.20% 1.60% -16.80%

Northern New Jersey -8.60% 2.40% -11.00%

Pittsburgh -4.40% 2.80% -7.20% Source: Department of Labor, Bureau of Labor Statistics

Historical Unemployment Rates

Source: Department of Labor, Bureau of Labor Statistics

Source: Department of Labor, Bureau of Labor Statistics. * Industrial employment is defined as jobs in the

Manufacturing, and Trade, Transportation & Utilities industries

-5.0%

-4.0%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Perc

ent

Gro

wth

Dallas/Ft Worth U.S. Average

13%

10%

4%

14%

0%

18%

8%

21%

3%

9%

0%

Natural Resources &MiningConstruction

Manufacturing

Trade, Transportation &UtilitiesInformation

Financial Activities

Professional & BusinessServicesEducation & HealthServicesLeisure & Hospitality

Other Services

Government

-8.0%

-7.0%

-6.0%

-5.0%

-4.0%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Perc

ent

Gro

wth


0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

20011q

20013q

20021q

20023q

20031q

20033q

20041q

20043q

20051q

20053q

20061q

20063q

20071q

20073q

20081q

20083q

20091q

20093q

20101q

20103q

20111q

Perc

ent

Unem

plo

yment


EMPLOYMENT AND TENANT






EMPLOYMENT AND TENANT

Flex Tenants by Size Range Warehouse Tenants by Size RangeBased on Total Number of Tenants Based on Total Number of Tenants

Source: CoStar Tenant® Source: CoStar Tenant®

Flex Tenants by Lease Expiration Warehouse Lease ExpirationBased on Total Square Footage of Tenants Based on Total Square Footage of Tenants

30.0%

20.9%

22.2%

18.4%

5.1%

1.6%

1.8%

0% 5% 10% 15% 20% 25% 30% 35%

Up to 2,499 SF

2,500-4,999 SF

5,000-9,999 SF

10,000-24,999 SF

25,000-49,999 SF

50,000-74,999 SF

75,000 SF & Up

Percentage of Tenants

15.5%

16.2%

12.8%

11.0%

7.9%

5.3%

0% 5% 10% 15% 20%

2012

2013

2014

2015

2016

2017


18.4%

21.1%

7.5%

15.6%

9.7%

2.6%

0% 5% 10% 15% 20% 25%

2012

2013

2014

2015

2016

2017


11.2%

9.3%

12.5%

28.0%

16.0%

8.4%

14.6%

0% 5% 10% 15% 20% 25% 30%

Up to 2,499 SF

2,500-4,999 SF

5,000-9,999 SF

10,000-24,999 SF

25,000-49,999 SF

50,000-74,999 SF

75,000 SF & Up







Construction Highlights in Select CoStar MarketsColor Coded by Under Construction Square Footage as a Percentage of Existing Inventory

INVENTORY & DEVELOPMENT

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Historical Deliveries 1982 - 2011

Source: CoStar Property® * Future deliveries based on current under construction buildings.

Construction Activity Markets Ranked by Under Construction RBA

# Bldgs Preleased SF Preleased % All Existing U/C

Northeast Dallas Ind 2 395,000 100.0% 39,825 197,500

Northwest Dallas Ind 1 203,394 100.0% 52,436 203,394

South Stemmons Ind 1 0 0.0% 28,344 13,476

South Ft Worth Ind 0 0 0.0% 28,704 0

Great SW/Arlington Ind 0 0 0.0% 55,598 0

DFW Airport Ind 0 0 0.0% 79,585 0

South Dallas Ind 0 0 0.0% 47,080 0

East Dallas Ind 0 0 0.0% 26,322 0

North Ft Worth Ind 0 0 0.0% 72,082 0

Totals 4 598,394 97.8% 40,292 152,967


Recent Deliveries Future Deliveries Leased & Un-Leased SF in Deliveries Since 2007 Preleased & Un-Leased SF in Properties Scheduled to Deliver

Source: CoStar Property® Source: CoStar Property®

0

0

Market

Under Construction Inventory Average Bldg Size

Total RBA

395,000

611,870

203,394

13,476

0

0

0

0

20.7

16.4

25.6 25.3

19.2

10.9

6.35.1 5.2 5.7

2.63.5

6.6

14.3

19.7

21.5

17.4

21.319.6

26.3

14.4

8.1

15.1

8.8

13.5

15.7

22.1

11.6

1.4 1.4

0.0

5.0

10.0

15.0

20.0

25.0

30.0

1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Millio

ns

of

SF

Deliveries Average Delivered SF

0.0

5.0

10.0

15.0

20.0

25.0

2007 2008 2009 2010 2011

Millio

ns

of

SF

Leased Un-Leased

0

50

100

150

200

250

300

350

2011 3q 2012 1q 2012 4q

T

Thousa

nds

of

SF

Preleased Un-Leased







Historical Construction Starts & DeliveriesSquare Footage Per Quarter Starting and Completing Construction


Recent Deliveries by Project Size Breakdown of Year-to-Date Development Based on RBA of Project

Building Size # Bldgs RBA SF Leased % Leased Avg Rate Single-Tenant Multi-Tenant

< 50,000 SF 3 47,801 1,455 3.0% $12.00 40,346 7,455

50,000 SF - 99,999 SF 0 0 0 0.0% $0.00 0 0

100,000 SF - 249,999 SF 1 140,000 140,000 100.0% $0.00 140,000 0

250,000 SF - 499,999 SF 0 0 0 0.0% $0.00 0 0

>= 500,000 SF 1 1,020,000 1,020,000 100.0% $0.00 1,020,000 0


Recent Development by Tenancy Existing Inventory ComparisonBased on RBA Developed for Single & Multi-Tenant Use Based on Total RBA

2011 Deliveries


Currently Under Construction By Building Type By Tenancy Type

3.9

5.8

4.0

0.4

1.0

0.30.5

0.00.3

0.1 0.0

1.0

0.50.1

5.7

7.2

5.4

3.6

5.8

4.2

1.3

0.2

1.1

0.0 0.1 0.2 0.2

1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q 2011 2q

Millio

ns

of

SF

Construction Starts Deliveries

0%

100%

Multi Single

99%

1%

Multi Single

19%

81%

Flex Warehouse

46%54%

Multi Single







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Flex Market Statistics Mid-Year 2011

YTD Net YTD Under Quoted

Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates

DFW Airport Ind 339 11,792,532 1,260,940 1,299,794 11.0% 115,713 0 0 $7.47

East Dallas Ind 701 9,415,389 1,222,221 1,222,221 13.0% (8,233) 0 0 $6.15

Great SW/Arlington Ind 477 11,160,615 1,721,137 1,734,325 15.5% (98,000) 0 0 $6.38

North Ft Worth Ind 210 5,998,870 1,297,379 1,297,379 21.6% 15,337 0 0 $7.36

Northeast Dallas Ind 1,269 31,663,923 4,842,103 4,914,034 15.5% 368,712 0 0 $7.55

Northwest Dallas Ind 768 20,852,263 2,879,354 3,035,899 14.6% 264,038 140,000 0 $7.71

South Dallas Ind 384 5,016,061 247,597 247,597 4.9% (14,536) 0 0 $6.29

South Ft Worth Ind 914 14,408,088 602,460 602,460 4.2% 100,178 0 0 $6.32

South Stemmons Ind 1,955 32,537,386 2,809,493 2,880,895 8.9% 36,188 0 13,476 $6.67

Totals 7,017 142,845,127 16,882,684 17,234,604 12.1% 779,397 140,000 13,476 $7.20


Warehouse Market Statistics Mid-Year 2011



DFW Airport Ind 471 52,671,199 7,547,808 8,172,680 15.5% 659,582 0 0 $3.85

East Dallas Ind 1,114 38,358,758 3,202,925 3,209,855 8.4% 570,440 0 0 $3.50

Great SW/Arlington Ind 1,166 80,186,208 10,250,737 10,513,749 13.1% 1,064,890 0 0 $3.34


Northeast Dallas Ind 1,388 74,151,589 6,926,567 7,020,698 9.5% 306,137 7,455 395,000 $4.59

Northwest Dallas Ind 1,146 79,510,914 9,845,863 9,942,154 12.5% 669,339 40,346 203,394 $3.91

South Dallas Ind 854 53,269,158 6,960,036 7,085,036 13.3% 1,303,530 1,020,000 0 $2.99

South Ft Worth Ind 2,109 72,363,334 4,064,221 4,130,129 5.7% 218,190 0 0 $3.60

South Stemmons Ind 2,915 105,499,810 9,172,728 9,347,226 8.9% 228,122 0 0 $3.66

Totals 11,934 620,724,105 65,247,457 66,698,099 10.7% 5,442,619 1,067,801 598,394 $3.72


Total Industrial Market Statistics Mid-Year 2011



DFW Airport Ind 810 64,463,731 8,808,748 9,472,474 14.7% 775,295 0 0 $4.50

East Dallas Ind 1,815 47,774,147 4,425,146 4,432,076 9.3% 562,207 0 0 $3.82

Great SW/Arlington Ind 1,643 91,346,823 11,971,874 12,248,074 13.4% 966,890 0 0 $3.70


Northeast Dallas Ind 2,657 105,815,512 11,768,670 11,934,732 11.3% 674,849 7,455 395,000 $5.65

Northwest Dallas Ind 1,914 100,363,177 12,725,217 12,978,053 12.9% 933,377 180,346 203,394 $4.89

South Dallas Ind 1,238 58,285,219 7,207,633 7,332,633 12.6% 1,288,994 1,020,000 0 $3.12

South Ft Worth Ind 3,023 86,771,422 4,666,681 4,732,589 5.5% 318,368 0 0 $3.86

South Stemmons Ind 4,870 138,037,196 11,982,221 12,228,121 8.9% 264,310 0 13,476 $4.17

Totals 18,951 763,569,232 82,130,141 83,932,703 11.0% 6,222,016 1,207,801 611,870 $4.36


Existing Inventory Vacancy



FIGURES AT A GLANCE






FIGURES AT A GLANCE

Flex Submarket Statistics Mid-Year 2011



Allen/McKinney Ind 69 1,833,308 220,629 220,629 12.0% (23,881) 0 0 $7.04

Arlington Ind 155 3,347,128 603,384 603,384 18.0% 49,531 0 0 $6.62

Central East Dallas Ind 505 5,893,729 381,904 381,904 6.5% (27,026) 0 0 $5.87

Delta County Ind 0 0 0 0 0.0% 0 0 0 $0.00

Denton Ind 51 1,255,240 42,361 42,361 3.4% 40,550 0 0 $6.87

E DFW Air/Las Colinas Ind 157 8,566,161 919,380 958,234 11.2% 65,663 0 0 $7.42

East Brookhollow Ind 138 2,685,686 220,767 220,767 8.2% 19,672 0 0 $6.86

East Dallas/Mesquite Ind 145 3,027,448 809,304 809,304 26.7% 15,793 0 0 $6.70

East Ft Worth Ind 292 5,067,861 275,251 275,251 5.4% (22,015) 0 0 $5.72

East Hines North Ind 420 7,454,893 777,445 786,577 10.6% 77,249 0 0 $5.70

Eastern Lonestar/Tpke Ind 175 2,529,389 150,380 150,380 5.9% 14,623 0 0 $7.16

Forney/Terrll/Kauf Cy Ind 46 456,534 23,763 23,763 5.2% 3,000 0 0 $5.29

Henderson County Ind 22 114,465 31,832 31,832 27.8% (5,000) 0 0 $4.62

Hood County Ind 12 107,364 3,000 3,000 2.8% 0 0 0 $8.20

Hunt County Ind 11 65,589 4,000 4,000 6.1% 1,500 0 0 $6.60

Johnson County Ind 38 503,017 24,250 24,250 4.8% 4,708 0 0 $9.79

Lewisville Ind 144 3,251,014 402,228 487,028 15.0% 90,985 140,000 0 $10.73

Lower Great Southwest Ind 182 3,660,878 399,538 399,538 10.9% (141,305) 0 0 $5.25

Mansfield Ind 21 807,672 10,738 10,738 1.3% (900) 0 0 $10.01

Meacham Fld/Fossil Cr Ind 120 2,897,610 817,522 817,522 28.2% 20,089 0 0 $7.21

Metropolitan/Addison Ind 294 9,131,320 1,411,535 1,480,331 16.2% 20,189 0 0 $7.75

N Central Ft Worth Ind 204 2,360,600 102,531 102,531 4.3% 20,632 0 0 $8.25

N Stemmons/Valwood Ind 279 7,214,689 1,023,230 1,026,179 14.2% 112,314 0 0 $6.38

NE Dallas/Garland Ind 618 11,120,902 1,050,279 1,059,056 9.5% 52,907 0 0 $6.11

NE Tarrant/Alliance Ind 47 2,610,617 454,557 454,557 17.4% (12,592) 0 0 $7.50

North Trinity Ind 566 7,349,271 891,958 894,541 12.2% (74,592) 0 13,476 $8.20

Outlying Collin Cnty Ind 7 49,580 0 0 0.0% 0 0 0 $0.00

Outlying Ellis Cnty Ind 25 183,495 8,440 8,440 4.6% 1,750 0 0 $6.12

Outlying Kaufman Cnty Ind 5 37,678 7,250 7,250 19.2% 0 0 0 $0.00

Parker County Ind 14 190,645 0 0 0.0% 0 0 0 $15.57

Plano Ind 214 6,929,803 1,105,981 1,120,981 16.2% 89,167 0 0 $7.36

Redbird Airport Ind 71 985,999 31,049 31,049 3.1% (7,862) 0 0 $8.11

Richardson Ind 316 11,235,164 2,444,714 2,492,868 22.2% 242,019 0 0 $8.41

Rockwall Ind 34 429,577 16,500 16,500 3.8% 7,000 0 0 $12.89

S Cen.Tarrant Cnty Ind 69 2,305,942 84,190 84,190 3.7% 57,682 0 0 $5.85

S Central Ft Worth Ind 228 2,546,090 61,900 61,900 2.4% 40,071 0 0 $6.12

SE Dallas/I-45 Ind 96 1,723,777 49,841 49,841 2.9% 2,400 0 0 $4.79

Southwest Tarrant Ind 50 709,542 40,600 40,600 5.7% 0 0 0 $6.32

SW Dallas/US 67 Ind 170 2,008,325 126,435 126,435 6.3% (5,824) 0 0 $6.45

Upper Great Southwest Ind 140 4,152,609 718,215 731,403 17.6% (6,226) 0 0 $6.91

W DFW Air/Grapevine Ind 182 3,226,371 341,560 341,560 10.6% 50,050 0 0 $7.61

West Brookhollow Ind 427 9,176,561 555,755 587,805 6.4% (64,002) 0 0 $5.59

West Hines North Ind 148 2,596,996 184,238 211,875 8.2% 67,388 0 0 $6.96

West Tarrant Ind 29 299,998 25,300 25,300 8.4% 7,840 0 0 $6.62

Western Lonestar/Tpke Ind 81 744,590 28,950 28,950 3.9% (4,150) 0 0 $4.64

Wise County Ind 0 0 0 0 0.0% 0 0 0 $0.00

Totals 7,017 142,845,127 16,882,684 17,234,604 12.1% 779,397 140,000 13,476 $7.20








FIGURES AT A GLANCE

Warehouse Submarket Statistics Mid-Year 2011



Allen/McKinney Ind 161 8,594,330 1,001,926 1,001,926 11.7% (26,128) 7,455 395,000 $5.81

Arlington Ind 413 13,889,968 1,901,794 1,976,674 14.2% 54,822 0 0 $4.14

Central East Dallas Ind 519 14,835,708 641,328 641,328 4.3% 60,059 0 0 $4.08

Delta County Ind 2 101,750 0 0 0.0% 0 0 0 $0.00

Denton Ind 196 8,250,900 831,343 831,343 10.1% (97,950) 0 0 $4.74

E DFW Air/Las Colinas Ind 218 37,460,097 6,268,801 6,869,428 18.3% 446,118 0 0 $3.55


East Dallas/Mesquite Ind 296 15,574,585 2,105,379 2,112,309 13.6% 467,365 0 0 $3.45

East Ft Worth Ind 672 19,872,133 811,633 811,633 4.1% 109,223 0 0 $3.96

East Hines North Ind 533 15,304,556 1,196,058 1,196,058 7.8% 75,001 0 0 $4.14

Eastern Lonestar/Tpke Ind 368 23,278,233 2,383,811 2,462,309 10.6% (157,393) 0 0 $3.04

Forney/Terrll/Kauf Cy Ind 278 7,799,981 445,168 445,168 5.7% 43,316 0 0 $3.34

Henderson County Ind 54 895,979 54,175 54,175 6.0% (8,435) 0 0 $3.76

Hood County Ind 42 283,467 49,542 49,542 17.5% 8,000 0 0 $6.27

Hunt County Ind 75 3,139,860 100,443 100,443 3.2% 126,052 0 0 $3.09

Johnson County Ind 215 5,584,798 295,424 295,424 5.3% 58,990 0 0 $3.98

Lewisville Ind 198 16,039,046 2,422,850 2,424,250 15.1% 705,996 0 0 $3.87

Lower Great Southwest Ind 363 29,708,213 3,672,720 3,766,852 12.7% 467,720 0 0 $3.28

Mansfield Ind 119 3,958,817 119,061 184,969 4.7% 18,965 0 0 $3.80

Meacham Fld/Fossil Cr Ind 430 32,361,832 2,576,465 2,576,465 8.0% 118,372 0 0 $3.58

Metropolitan/Addison Ind 246 13,353,959 1,336,009 1,364,521 10.2% 32,085 40,346 0 $4.71

N Central Ft Worth Ind 370 10,544,873 378,576 378,576 3.6% (76,618) 0 0 $4.32

N Stemmons/Valwood Ind 506 41,867,009 5,255,661 5,322,040 12.7% 29,208 0 203,394 $3.49

NE Dallas/Garland Ind 701 38,527,545 3,842,607 3,932,668 10.2% 286,214 0 0 $4.04

NE Tarrant/Alliance Ind 162 26,757,429 4,480,880 4,480,880 16.7% 225,762 0 0 $3.84

North Trinity Ind 433 7,765,134 973,777 973,777 12.5% (26,518) 0 0 $4.85

Outlying Collin Cnty Ind 36 617,147 41,500 41,500 6.7% 6,740 0 0 $5.96

Outlying Ellis Cnty Ind 120 4,759,251 465,635 465,635 9.8% 32,350 0 0 $2.08

Outlying Kaufman Cnty Ind 21 148,484 11,050 11,050 7.4% (300) 0 0 $0.00

Parker County Ind 75 775,945 71,150 71,150 9.2% 30,450 0 0 $5.99

Plano Ind 222 12,538,945 1,397,057 1,401,127 11.2% (93,423) 0 0 $5.11

Redbird Airport Ind 191 16,391,509 2,204,551 2,204,551 13.4% 191,933 0 0 $2.54

Richardson Ind 106 8,421,783 515,534 515,534 6.1% (26,518) 0 0 $5.39

Rockwall Ind 85 2,210,229 27,500 27,500 1.2% 33,200 0 0 $4.80

S Cen.Tarrant Cnty Ind 275 20,538,111 1,617,271 1,617,271 7.9% 104,625 0 0 $3.11


SE Dallas/I-45 Ind 283 15,854,961 2,889,657 2,889,657 18.2% 771,509 1,020,000 0 $3.23

Southwest Tarrant Ind 75 1,336,126 88,377 88,377 6.6% (27,895) 0 0 $5.33

SW Dallas/US 67 Ind 206 15,367,458 1,346,018 1,471,018 9.6% 316,173 0 0 $3.65

Upper Great Southwest Ind 390 36,588,027 4,676,223 4,770,223 13.0% 542,348 0 0 $3.18

W DFW Air/Grapevine Ind 253 15,211,102 1,279,007 1,303,252 8.6% 213,464 0 0 $4.71

West Brookhollow Ind 1,062 36,103,478 2,528,556 2,624,556 7.3% 61,645 0 0 $3.25


West Tarrant Ind 79 4,103,156 82,356 82,356 2.0% 45,305 0 0 $3.80

Western Lonestar/Tpke Ind 109 9,648,963 1,058,122 1,058,122 11.0% 163,328 0 0 $3.80

Wise County Ind 25 714,773 65,721 65,721 9.2% 2,500 0 0 $8.57

Totals 11,934 620,724,105 65,247,457 66,698,099 10.7% 5,442,619 1,067,801 598,394 $3.72








FIGURES AT A GLANCE

Total Industrial Submarket Statistics Mid-Year 2011



Allen/McKinney Ind 230 10,427,638 1,222,555 1,222,555 11.7% (50,009) 7,455 395,000 $6.08

Arlington Ind 568 17,237,096 2,505,178 2,580,058 15.0% 104,353 0 0 $4.49

Central East Dallas Ind 1,024 20,729,437 1,023,232 1,023,232 4.9% 33,033 0 0 $4.82

Delta County Ind 2 101,750 0 0 0.0% 0 0 0 $0.00

Denton Ind 247 9,506,140 873,704 873,704 9.2% (57,400) 0 0 $4.81

E DFW Air/Las Colinas Ind 375 46,026,258 7,188,181 7,827,662 17.0% 511,781 0 0 $4.23


East Dallas/Mesquite Ind 441 18,602,033 2,914,683 2,921,613 15.7% 483,158 0 0 $3.67

East Ft Worth Ind 964 24,939,994 1,086,884 1,086,884 4.4% 87,208 0 0 $4.21

East Hines North Ind 953 22,759,449 1,973,503 1,982,635 8.7% 152,250 0 0 $4.52

Eastern Lonestar/Tpke Ind 543 25,807,622 2,534,191 2,612,689 10.1% (142,770) 0 0 $3.08

Forney/Terrll/Kauf Cy Ind 324 8,256,515 468,931 468,931 5.7% 46,316 0 0 $3.37

Henderson County Ind 76 1,010,444 86,007 86,007 8.5% (13,435) 0 0 $3.85

Hood County Ind 54 390,831 52,542 52,542 13.4% 8,000 0 0 $6.48

Hunt County Ind 86 3,205,449 104,443 104,443 3.3% 127,552 0 0 $3.11

Johnson County Ind 253 6,087,815 319,674 319,674 5.3% 63,698 0 0 $4.36

Lewisville Ind 342 19,290,060 2,825,078 2,911,278 15.1% 796,981 140,000 0 $5.31

Lower Great Southwest Ind 545 33,369,091 4,072,258 4,166,390 12.5% 326,415 0 0 $3.50

Mansfield Ind 140 4,766,489 129,799 195,707 4.1% 18,065 0 0 $4.18

Meacham Fld/Fossil Cr Ind 550 35,259,442 3,393,987 3,393,987 9.6% 138,461 0 0 $3.93

Metropolitan/Addison Ind 540 22,485,279 2,747,544 2,844,852 12.7% 52,274 40,346 0 $6.26

N Central Ft Worth Ind 574 12,905,473 481,107 481,107 3.7% (55,986) 0 0 $4.70

N Stemmons/Valwood Ind 785 49,081,698 6,278,891 6,348,219 12.9% 141,522 0 203,394 $4.05

NE Dallas/Garland Ind 1,319 49,648,447 4,892,886 4,991,724 10.1% 339,121 0 0 $4.41

NE Tarrant/Alliance Ind 209 29,368,046 4,935,437 4,935,437 16.8% 213,170 0 0 $4.16

North Trinity Ind 999 15,114,405 1,865,735 1,868,318 12.4% (101,110) 0 13,476 $6.09

Outlying Collin Cnty Ind 43 666,727 41,500 41,500 6.2% 6,740 0 0 $5.96

Outlying Ellis Cnty Ind 145 4,942,746 474,075 474,075 9.6% 34,100 0 0 $2.22

Outlying Kaufman Cnty Ind 26 186,162 18,300 18,300 9.8% (300) 0 0 $0.00

Parker County Ind 89 966,590 71,150 71,150 7.4% 30,450 0 0 $6.24

Plano Ind 436 19,468,748 2,503,038 2,522,108 13.0% (4,256) 0 0 $6.10

Redbird Airport Ind 262 17,377,508 2,235,600 2,235,600 12.9% 184,071 0 0 $2.69

Richardson Ind 422 19,656,947 2,960,248 3,008,402 15.3% 215,501 0 0 $7.72

Rockwall Ind 119 2,639,806 44,000 44,000 1.7% 40,200 0 0 $7.46

S Cen.Tarrant Cnty Ind 344 22,844,053 1,701,461 1,701,461 7.4% 162,307 0 0 $3.23


SE Dallas/I-45 Ind 379 17,578,738 2,939,498 2,939,498 16.7% 773,909 1,020,000 0 $3.27

Southwest Tarrant Ind 125 2,045,668 128,977 128,977 6.3% (27,895) 0 0 $5.55

SW Dallas/US 67 Ind 376 17,375,783 1,472,453 1,597,453 9.2% 310,349 0 0 $3.97

Upper Great Southwest Ind 530 40,740,636 5,394,438 5,501,626 13.5% 536,122 0 0 $3.61

W DFW Air/Grapevine Ind 435 18,437,473 1,620,567 1,644,812 8.9% 263,514 0 0 $5.26

West Brookhollow Ind 1,489 45,280,039 3,084,311 3,212,361 7.1% (2,357) 0 0 $3.53


West Tarrant Ind 108 4,403,154 107,656 107,656 2.4% 53,145 0 0 $3.83

Western Lonestar/Tpke Ind 190 10,393,553 1,087,072 1,087,072 10.5% 159,178 0 0 $3.83

Wise County Ind 25 714,773 65,721 65,721 9.2% 2,500 0 0 $8.57

Totals 18,951 763,569,232 82,130,141 83,932,703 11.0% 6,222,016 1,207,801 611,870 $4.36








FIGURES AT A GLANCE

Flex Market Statistics Mid-Year 2011

Net Quoted

Period # Blds Total RBA Direct SF Total SF Vac % Absorption # Blds Total RBA # Blds Total RBA Rates

2011 2q 7,017 142,845,127 16,882,684 17,234,604 12.1% (81,264) 0 0 1 13,476 $7.20 2011 1q 7,017 142,845,127 16,709,159 17,153,340 12.0% 860,661 1 140,000 1 13,476 $7.24 2010 4q 7,016 142,705,127 17,469,195 17,874,001 12.5% (587,087) 2 25,185 1 140,000 $7.28 2010 3q 7,014 142,679,942 16,865,880 17,261,729 12.1% (432,848) 1 14,400 3 165,185 $7.34 2010 2q 7,013 142,665,542 16,208,335 16,814,481 11.8% 185,880 0 0 4 179,585 $7.42 2010 1q 7,013 142,665,542 16,451,443 17,000,361 11.9% (468,173) 5 135,956 3 169,738 $7.46

2009 7,008 142,529,586 15,823,147 16,396,232 11.5% (1,478,338) 12 435,146 6 275,956 $7.55 2008 6,998 142,119,475 13,864,328 14,507,783 10.2% 1,895,992 48 1,653,494 11 458,514 $8.02 2007 6,951 140,467,131 14,151,953 14,751,431 10.5% 2,061,534 32 547,207 37 1,284,193 $7.93 2006 6,919 139,919,924 15,596,266 16,265,758 11.6% 1,429,404 56 954,651 29 568,988 $7.49 2005 6,864 139,000,073 16,331,783 16,775,311 12.1% 1,316,499 39 668,288 45 796,620 $7.53 2004 6,830 138,388,910 16,516,726 17,480,647 12.6% 87,986 39 1,280,680 31 559,816 $7.43 2003 6,795 137,190,950 14,861,251 16,370,673 11.9% (1,520,742) 46 749,269 33 948,717 $7.23 2002 6,756 136,896,455 13,162,744 14,555,436 10.6% 686,246 51 2,140,625 33 347,951 $8.72 2001 6,707 134,769,580 12,039,780 13,114,807 9.7% (2,090,905) 80 3,279,406 43 1,921,893 $9.40 2000 6,629 131,571,414 7,406,873 7,825,736 5.9% 3,299,318 77 2,824,939 65 2,461,540 $8.56


Warehouse Market Statistics Mid-Year 2011

Net Quoted


2011 2q 11,934 620,724,105 65,247,457 66,698,099 10.7% 3,694,880 1 1,020,000 3 598,394 $3.72 2011 1q 11,933 619,704,105 67,589,585 69,372,979 11.2% 1,747,739 3 47,801 3 1,528,394 $3.71 2010 4q 11,931 619,721,691 69,370,078 71,138,304 11.5% 2,758,053 1 200,000 4 1,067,801 $3.77 2010 3q 11,930 619,521,691 71,529,535 73,696,357 11.9% (981,508) 5 57,170 4 247,801 $3.78 2010 2q 11,926 619,484,521 70,588,123 72,677,679 11.7% 332,380 1 9,960 7 297,516 $3.82 2010 1q 11,925 619,474,561 70,522,375 73,000,099 11.8% 157,030 8 992,995 7 267,130 $3.85

2009 11,917 618,481,566 69,669,042 72,164,134 11.7% (2,950,605) 63 11,023,367 10 1,012,955 $3.86 2008 11,857 607,726,451 56,330,814 58,458,414 9.6% 7,075,778 109 20,336,617 55 10,468,825 $3.94 2007 11,753 588,266,565 44,380,322 46,074,306 7.8% 18,204,187 122 15,047,253 75 17,585,396 $3.84 2006 11,636 573,456,312 46,990,207 49,468,240 8.6% 15,843,194 146 12,162,021 95 13,191,210 $3.86 2005 11,495 561,417,280 51,410,889 53,272,402 9.5% 13,284,047 116 7,293,815 98 8,127,810 $3.69 2004 11,383 554,611,470 56,271,955 59,750,639 10.8% 7,989,767 114 12,478,983 73 5,108,437 $3.69 2003 11,272 542,404,195 50,976,100 55,533,131 10.2% 419,471 97 5,907,192 82 10,316,370 $3.64 2002 11,185 536,765,610 46,281,768 50,314,017 9.4% 8,665,419 130 11,310,778 81 4,750,599 $3.77 2001 11,066 525,770,607 43,481,610 47,984,433 9.1% 7,501,100 158 21,652,641 108 8,456,636 $3.85 2000 10,912 504,278,694 31,524,407 33,993,620 6.7% 10,655,626 185 15,088,957 110 16,865,290 $3.74


Total Industrial Market Statistics Mid-Year 2011

Net Quoted


2011 2q 18,951 763,569,232 82,130,141 83,932,703 11.0% 3,613,616 1 1,020,000 4 611,870 $4.36 2011 1q 18,950 762,549,232 84,298,744 86,526,319 11.3% 2,608,400 4 187,801 4 1,541,870 $4.34 2010 4q 18,947 762,426,818 86,839,273 89,012,305 11.7% 2,170,966 3 225,185 5 1,207,801 $4.40 2010 3q 18,944 762,201,633 88,395,415 90,958,086 11.9% (1,414,356) 6 71,570 7 412,986 $4.41 2010 2q 18,939 762,150,063 86,796,458 89,492,160 11.7% 518,260 1 9,960 11 477,101 $4.45 2010 1q 18,938 762,140,103 86,973,818 90,000,460 11.8% (311,143) 13 1,128,951 10 436,868 $4.46

2009 18,925 761,011,152 85,492,189 88,560,366 11.6% (4,428,943) 75 11,458,513 16 1,288,911 $4.47 2008 18,855 749,845,926 70,195,142 72,966,197 9.7% 8,971,770 157 21,990,111 66 10,927,339 $4.65 2007 18,704 728,733,696 58,532,275 60,825,737 8.3% 20,265,721 154 15,594,460 112 18,869,589 $4.69 2006 18,555 713,376,236 62,586,473 65,733,998 9.2% 17,272,598 202 13,116,672 124 13,760,198 $4.63 2005 18,359 700,417,353 67,742,672 70,047,713 10.0% 14,600,546 155 7,962,103 143 8,924,430 $4.61 2004 18,213 693,000,380 72,788,681 77,231,286 11.1% 8,077,753 153 13,759,663 104 5,668,253 $4.73 2003 18,067 679,595,145 65,837,351 71,903,804 10.6% (1,101,271) 143 6,656,461 115 11,265,087 $4.52 2002 17,941 673,662,065 59,444,512 64,869,453 9.6% 9,351,665 181 13,451,403 114 5,098,550 $4.36 2001 17,773 660,540,187 55,521,390 61,099,240 9.2% 5,410,195 238 24,932,047 151 10,378,529 $4.51 2000 17,541 635,850,108 38,931,280 41,819,356 6.6% 13,954,944 262 17,913,896 175 19,326,830 $4.27


Existing Inventory Vacancy Deliveries UC Inventory








LEASING ACTIVITY

Leasing Highlights in Select CoStar MarketsColor Coded by Vacancy Rate

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Historical Rental RatesBased on Quoted Rental Rates


Vacancy by Available Space Type Vacancy by Building TypePercent of All Vacant Space in Direct vs. Sublet Percent of All Vacant Space by Building Type


U.S. Rental Rate Comparison Future Space AvailableBased on Average Quoted Rental Rates Space Scheduled to be Available for Occupancy*

Source: CoStar Property® Source: CoStar Property® * Includes Under Construction Space

Dallas/Ft Worth United States Dallas/Ft Worth United States

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Dollar

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98%

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Flex Warehouse

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LEASING ACTIVITY






LEASING ACTIVITY


* Renewal

Building Submarket SF Qtr Tenant Name Tenant Rep Company Landlord Rep Company

1 TradePoint One E DFW Air/Las Colinas Ind 600,000 1st Uline CB Richard Ellis Holt Lunsford Commercial, Inc.

2 First Garland Bus. Park - Bldg A NE Dallas/Garland Ind 472,200 1st Navistar Jones Lang LaSalle Hillwood Investment Properties

3 Grand Lakes Distribution Center Western Lonestar/Tpke Ind 410,511 1st Cardone Industries N/A Stream Realty Partners, L.P.

4 Pioneer 360 Business Center - Building 300 Lower Great Southwest Ind 407,910 1st NFI Industries N/A Stream Realty Partners, L.P.

5 Prologis Park 20/35 - Building 1 SE Dallas/I-45 Ind 393,899 1st Mars Pet Foods Cushman & Wakefield of Texas, Inc. Prologis

6 DFW Trade Center II E DFW Air/Las Colinas Ind 334,010 2nd KidKraft Cushman & Wakefield of Texas, Inc. CB Richard Ellis

7 Alliance Gateway Bldg 53 NE Tarrant/Alliance Ind 270,000 1st LG Electronics USA, Inc. CB Richard Ellis Hillwood Properties

8 Point West VI E DFW Air/Las Colinas Ind 263,985 2nd Shaw Industries Colliers International Duke Realty LP

9 Skyline Trade Center - Building B East Dallas/Mesquite Ind 262,440 2nd H&K International Inc CB Richard Ellis IDI

10 602 Fountain Pky* Upper Great Southwest Ind 230,518 2nd Remington Wildlife Feeders Sperry Van Ness / Dunn Commercial N/A

11 Heller Industrial Park - 192M* Lower Great Southwest Ind 191,295 1st Wagner Industries, Inc. N/A Heller Industrial Parks, Inc.

12 Patriot Drive II E DFW Air/Las Colinas Ind 180,000 1st Caterpillar Logistics Services NAI Robert Lynn Stream Realty Partners, L.P.

13 South Central Distribution Center* S Cen.Tarrant Cnty Ind 171,317 2nd Land O’ Lakes Purina Feed ProVenture CB Richard Ellis

14 DFW Trade Center IV E DFW Air/Las Colinas Ind 155,300 2nd Prime Source Building Source NAI Robert Lynn CB Richard Ellis

15 Sterling Street* E DFW Air/Las Colinas Ind 152,160 2nd Professional Installation Network, Inc. NAI Robert Lynn Holt Lunsford Commercial, Inc.

16 121 Lakepointe Crossing - Building 1 Lewisville Ind 147,216 2nd PPG Architectural Finishes Jones Lang LaSalle Stream Realty Partners, L.P.

17 Waters Ridge III* Lewisville Ind 145,940 1st Rheem Manufacturing Company N/A CB Richard Ellis

18 Luna III* N Stemmons/Valwood Ind 124,950 1st Pro-Health Jones Lang LaSalle Billingsley Company

19 Peachtree Center* East Dallas/Mesquite Ind 113,215 2nd Gulf South Medical Supply N/A N/A

20 310 SW 14th St* Lower Great Southwest Ind 107,082 1st Wagner Industries N/A Heller Industrial Parks, Inc.

21 8551 Esters Blvd E DFW Air/Las Colinas Ind 103,746 1st Trakk Fulfillment Direct Deal Mercer Company

22 Park West Center II E DFW Air/Las Colinas Ind 102,766 2nd Chick Packaging Jones Lang LaSalle CB Richard Ellis

23 Leslie’s Poolmart Industrial Redbird Airport Ind 98,763 2nd North Texas Food Bank CB Richard Ellis CB Richard Ellis

24 1400 Vantage Dr N Stemmons/Valwood Ind 94,527 2nd Copertino Fullfillment NAI Robert Lynn Beltline Business Center Leasing Ma

25 RiverPark Business Center - Bldg B Upper Great Southwest Ind 92,098 1st Streamline Packaging Site Selection Group, LLC Lee & Associates

26 Great Southwest Dist Ctr - Building 1* Lower Great Southwest Ind 89,544 1st Special Distribution Co. N/A CB Richard Ellis

27 Highpoint Oaks II* Lewisville Ind 72,620 2nd HSBC North America Inc. N/A CB Richard Ellis

28 1110 Eden Rd Arlington Ind 60,690 1st EMI Industries Colliers International Lee & Associates DFW

29 Centreport 3 Upper Great Southwest Ind 59,889 2nd Rilex Company Lee & Associates Stream Realty Partners, L.P.

30 Trinity Mills VI N Stemmons/Valwood Ind 57,182 1st Hisun Motors Corp Structure Commercial Duke Realty LP

31 Valwood Distribution Center #11* N Stemmons/Valwood Ind 55,020 2nd Zurn Industries CB Richard Ellis N/A

32 GSW Distribution Ctr #13* Upper Great Southwest Ind 54,000 2nd Mooring Recovering Transwestern Dallas Prologis

33 Post & Paddock IV Upper Great Southwest Ind 49,985 2nd Pitney Bowes Presort Services Cushman & Wakefield of Texas, Inc. Bradford Companies

34 2650 Manana Dr East Hines North Ind 48,060 1st American Packing & Crating Mike Smith & Company Gillis Thomas Company

35 Plano Distribution Center - Building 1 Plano Ind 48,000 2nd Worldpac N/A Prologis

36 Regal Business Center - Bldg 7 West Brookhollow Ind 47,877 2nd U.S. Courier & Logistics LP CB Richard Ellis Bradford Companies

37 10231 Plano Rd* NE Dallas/Garland Ind 47,871 2nd Hamps Supply N/A Hamps Supply

38 Valwood Distribution Center - Building 10 N Stemmons/Valwood Ind 46,800 2nd Texas Southwest Floors N/A Prologis

39 2200 E Pioneer Dr West Brookhollow Ind 45,515 2nd Suncoast Post-Tension Ltd Jones Lang LaSalle NAI Robert Lynn

40 Royal Jetstar Tech Center E DFW Air/Las Colinas Ind 45,000 2nd Yardi Systems CB Richard Ellis Hudson Peters Commercial

Select Top Industrial Leases Based on Leased Square Footage For Deals Signed in 2011






SALES ACTIVITY

The Optimist Sales Index Average of Two Highest Price/SF's and Two Lowest Cap Rates Per Quarter

Source: CoStar COMPS®

Sales Volume & Price Sales Analysis by Building SizeBased on Industrial Building Sales of 15,000 SF and Larger Based on Industrial Bldg Sales From April 2010 - March 2011

Bldg Size # RBA $ Volume Price/SF Cap Rate

< 25,000 SF 29 428,995 26,615,568$ 62.04$ 7.25%

25K-99K SF 27 1,283,942 36,025,750$ 28.06$ 6.90%

100K-249K SF 12 2,025,873 72,329,930$ 35.70$ 10.50%

>250K SF 8 3,502,838 106,545,312$ 30.42$ 8.50%

Source: CoStar COMPS® Source: CoStar COMPS®

U.S. Price/SF Comparison U.S. Cap Rate ComparisonBased on Industrial Building Sales of 15,000 SF and Larger Based on Industrial Building Sales of 15,000 SF and Larger

Source: CoStar COMPS® Source: CoStar COMPS®

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SALES ACTIVITY

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SALES ACTIVITY

Select Land Sales Based on Industrial Zoned Land Sales Occurring From April 2010 - June 2011

1102 E Pleasant Run Rd, Wilmer 0 I 45 And Hwy 287 Bypass, Ennis 210 E Danieldale Rd, DeSoto

Sale Price: $10,400,000 Sale Price: $746,000 Sale Price: $500,000Acres: 97.50 Acres: 136.62 Acres: 18.74Price/SF: $2.45 Price/SF: $0.13 Price/SF: $0.61Closing Date: 11/30/2010 Closing Date: 08/06/2010 Closing Date: 01/31/2011Zoning: Unknown Zoning: M2 Zoning: 1P (Industrial Park Dist)Intended Use: Truck Terminal Intended Use: Industrial Park Intended Use: IndustrialBuyer: Intermodal Cartage Company Buyer: Raymond William & Karen Olsen Buyer: Desoto Economic Development Co.Seller: Prime Intermodal Services LLC Seller: Housing Assistance Council Seller: Mahan Investment Ltd





Dallas/Ft. Worth Industrial MarketMARKET HIGHLIGHTS - FLEX & WAREHOUSE




D F W A I R P O R T M A R K E T

Deliveries, Absorption & Vacancy Historical Analysis, Flex and Warehouse


Vacant Space Quoted Rental RatesHistorical Analysis, Flex and Warehouse Historical Analysis, Flex and Warehouse


Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 2q 810 64,463,731 9,472,474 14.7% 719,333 0 0 0 0 $4.50

2011 1q 810 64,463,731 10,191,807 15.8% 55,962 0 0 0 0 $4.43

2010 4q 810 64,463,731 10,247,769 15.9% 519,842 1 15,338 0 0 $4.79

2010 3q 809 64,448,393 10,752,273 16.7% (606,542) 1 14,400 1 15,338 $4.75

2010 2q 808 64,433,993 10,131,331 15.7% (23,794) 0 0 2 29,738 $4.74

2010 1q 808 64,433,993 10,107,537 15.7% 330,498 6 776,483 2 29,738 $4.59

2009 4q 802 63,657,510 9,661,552 15.2% 92,563 0 0 6 776,483 $4.56

2009 3q 802 63,657,510 9,754,115 15.3% (160,706) 3 48,485 6 776,483 $4.55

2009 2q 799 63,609,025 9,544,924 15.0% 153,084 1 244,000 8 424,845 $4.70

2009 1q 798 63,365,025 9,454,008 14.9% 186,912 8 1,774,250 9 668,845 $4.65

2008 4q 790 61,590,775 7,866,670 12.8% 136,499 4 816,640 13 2,150,610 $4.91

2008 3q 786 60,774,135 7,186,529 11.8% 723,824 2 162,650 17 2,967,250 $4.93

2008 2q 784 60,611,485 7,747,703 12.8% 5,625 3 1,573,960 18 3,119,900 $4.88

2008 1q 781 59,037,525 6,179,368 10.5% 1,054,428 3 306,357 8 2,493,250 $5.18

2007 4q 778 58,731,168 6,927,439 11.8% (669,549) 2 942,777 8 2,498,982 $5.03

2007 3q 776 57,788,391 5,315,113 9.2% 1,896,042 1 205,945 9 2,362,284 $5.14


UC InventoryDelivered InventoryExisting Inventory Vacancy

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E A S T D A L L A S M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 2q 1,815 47,774,147 4,432,076 9.3% 557 0 0 0 0 $3.82

2011 1q 1,815 47,774,147 4,432,633 9.3% 561,650 0 0 0 0 $3.80

2010 4q 1,816 47,839,534 5,059,670 10.6% (251,194) 0 0 0 0 $3.72

2010 3q 1,816 47,839,534 4,808,476 10.1% 178,584 0 0 0 0 $3.69

2010 2q 1,816 47,839,534 4,987,060 10.4% 571,260 0 0 0 0 $3.80

2010 1q 1,816 47,839,534 5,558,320 11.6% (182,117) 0 0 0 0 $3.77

2009 4q 1,816 47,839,534 5,376,203 11.2% (420,045) 0 0 0 0 $3.81

2009 3q 1,816 47,839,534 4,956,158 10.4% (1,029,434) 0 0 0 0 $3.70

2009 2q 1,816 47,839,534 3,926,724 8.2% (61,496) 0 0 0 0 $3.89

2009 1q 1,816 47,839,534 3,865,228 8.1% (500,783) 8 28,400 0 0 $3.74

2008 4q 1,808 47,811,134 3,336,045 7.0% 166,221 1 30,000 8 28,400 $4.14

2008 3q 1,807 47,781,134 3,472,266 7.3% (188,530) 0 0 9 58,400 $4.18

2008 2q 1,807 47,781,134 3,283,736 6.9% (536,165) 1 10,235 1 30,000 $4.24

2008 1q 1,807 47,911,515 2,877,952 6.0% 301,309 3 50,000 1 10,235 $4.38

2007 4q 1,804 47,861,515 3,129,261 6.5% 187,960 1 20,000 4 60,235 $4.20

2007 3q 1,803 47,841,515 3,297,221 6.9% 17,763 3 555,200 4 70,000 $4.17



(1.200)

(1.000)

(0.800)

(0.600)

(0.400)

(0.200)

0.000

0.200

0.400

0.600

0.800

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q 2011 2q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Perce

nt V

acant


$3.62

$3.64

$3.66

$3.68

$3.70

$3.72

$3.74

$3.76

$3.78

$3.80

$3.82

$3.84

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q 2011 2q

Dollar

s/SF/Y

ear

0.00

1.00

2.00

3.00

4.00

5.00

6.00

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q 2011 2q

Millio

ns

SF

Direct SF Sublet SF







G R E A T S W / A R L I N G T O N M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 2q 1,643 91,346,823 12,248,074 13.4% 582,514 0 0 0 0 $3.70

2011 1q 1,643 91,346,823 12,830,588 14.0% 384,376 0 0 0 0 $3.71

2010 4q 1,643 91,346,823 13,214,964 14.5% 935,799 0 0 0 0 $3.72

2010 3q 1,643 91,346,823 14,150,763 15.5% (414,083) 1 15,638 0 0 $3.72

2010 2q 1,642 91,331,185 13,721,042 15.0% (104,028) 0 0 1 15,638 $3.66

2010 1q 1,642 91,331,185 13,617,014 14.9% 192,982 0 0 1 15,638 $3.69

2009 4q 1,642 91,331,185 13,809,996 15.1% 231,680 1 5,780 0 0 $3.70

2009 3q 1,641 91,325,405 14,035,896 15.4% (666,283) 3 400,629 1 5,780 $3.72

2009 2q 1,638 90,924,776 12,968,984 14.3% (615,324) 6 1,110,945 4 406,409 $3.77

2009 1q 1,632 89,813,831 11,242,715 12.5% (227,617) 5 1,550,500 9 1,511,574 $3.82

2008 4q 1,627 88,263,331 9,464,598 10.7% 255,433 2 735,850 12 2,557,108 $3.86

2008 3q 1,625 87,527,481 8,984,181 10.3% 436,178 6 973,123 13 3,256,958 $3.80

2008 2q 1,620 86,589,358 8,482,236 9.8% (221,032) 3 1,203,454 14 3,294,973 $3.93

2008 1q 1,617 85,385,904 7,057,750 8.3% 482,636 4 531,958 9 2,568,572 $3.94

2007 4q 1,613 84,853,946 7,008,428 8.3% 696,456 0 0 10 3,067,170 $4.16

2007 3q 1,613 84,853,946 7,704,884 9.1% (339,661) 1 25,000 8 2,090,650 $4.14



(1.000)

(0.500)

0.000

0.500

1.000

1.500

2.000

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q 2011 2q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

Perce

nt V

acant


$3.63

$3.64

$3.65

$3.66

$3.67

$3.68

$3.69

$3.70

$3.71

$3.72

$3.73

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q 2011 2q

Dollar

s/SF/Y

ear

10.50

11.00

11.50

12.00

12.50

13.00

13.50

14.00

14.50

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q 2011 2q

Millio

ns

SF

Direct SF Sublet SF







N O R T H F T W O R T H M A R K E TMARKET HIGHLIGHTS - FLEX & WAREHOUSE





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 2q 981 70,712,005 8,573,951 12.1% 429,780 0 0 0 0 $4.06

2011 1q 981 70,712,005 9,003,731 12.7% 7,946 0 0 0 0 $4.00

2010 4q 981 70,712,005 9,011,677 12.7% (157,535) 1 200,000 0 0 $3.89

2010 3q 980 70,512,005 8,654,142 12.3% (604,063) 0 0 1 200,000 $3.89

2010 2q 981 70,532,005 8,070,079 11.4% 446,770 0 0 1 200,000 $3.90

2010 1q 981 70,532,005 8,516,849 12.1% 31,548 3 128,280 1 200,000 $3.94

2009 4q 978 70,403,725 8,420,117 12.0% (282,633) 0 0 3 128,280 $4.07

2009 3q 978 70,403,725 8,137,484 11.6% (183,393) 3 282,600 3 128,280 $4.16

2009 2q 975 70,121,125 7,671,491 10.9% 4,123 2 682,678 4 310,600 $4.69

2009 1q 973 69,438,447 6,992,936 10.1% 697,668 4 542,798 6 993,278 $4.15

2008 4q 969 68,895,649 7,147,806 10.4% (797,509) 8 1,420,900 7 1,485,476 $4.22

2008 3q 961 67,474,749 4,929,397 7.3% 74,230 1 9,500 13 2,636,376 $4.43

2008 2q 960 67,465,249 4,994,127 7.4% (37,166) 2 319,300 10 1,936,740 $4.38

2008 1q 958 67,145,949 4,637,661 6.9% 1,093,407 5 877,498 8 2,168,540 $4.78

2007 4q 953 66,268,451 4,853,570 7.3% 176,286 7 743,395 8 1,625,198 $4.62

2007 3q 946 65,525,056 4,286,461 6.5% (16,135) 3 492,200 13 1,757,793 $4.55



(1.000)

(0.500)

0.000

0.500

1.000

1.500

2.000

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q 2011 2q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Perce

nt V

acant


$3.80

$3.85

$3.90

$3.95

$4.00

$4.05

$4.10

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q 2011 2q

Dollar

s/SF/Y

ear

7.20

7.40

7.60

7.80

8.00

8.20

8.40

8.60

8.80

9.00

9.20

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q 2011 2q

Millio

ns

SF

Direct SF Sublet SF







N O R T H E A S T D A L L A S M A R K E TMARKET HIGHLIGHTS - FLEX & WAREHOUSE





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 2q 2,657 105,815,512 11,934,732 11.3% 230,338 0 0 2 395,000 $5.65

2011 1q 2,657 105,815,512 12,165,070 11.5% 444,511 2 7,455 1 305,000 $5.67

2010 4q 2,655 105,808,057 12,602,126 11.9% 363,325 0 0 2 7,455 $5.88

2010 3q 2,655 105,808,057 12,965,451 12.3% (214,799) 0 0 2 7,455 $5.89

2010 2q 2,655 105,808,057 12,750,652 12.1% (77,660) 0 0 0 0 $5.92

2010 1q 2,655 105,808,057 12,672,992 12.0% (273,470) 0 0 0 0 $6.19

2009 4q 2,655 105,808,057 12,399,522 11.7% 327,660 1 9,190 0 0 $6.03

2009 3q 2,654 105,798,867 12,717,992 12.0% (89,105) 0 0 1 9,190 $5.76

2009 2q 2,654 105,798,867 12,628,887 11.9% (349,414) 3 49,175 1 9,190 $5.83

2009 1q 2,651 105,749,692 12,230,298 11.6% (722,433) 0 0 3 49,175 $5.77

2008 4q 2,652 105,753,492 11,511,665 10.9% (116,670) 3 36,450 3 49,175 $5.75

2008 3q 2,649 105,717,042 11,358,545 10.7% 693,907 7 465,481 3 36,450 $5.91

2008 2q 2,642 105,251,561 11,586,971 11.0% 412,754 6 267,793 10 501,931 $5.90

2008 1q 2,636 104,983,768 11,731,932 11.2% 1,039,553 14 1,119,815 13 733,274 $5.88

2007 4q 2,622 103,863,953 11,651,670 11.2% 1,165,487 8 765,290 23 1,559,036 $5.74

2007 3q 2,614 103,098,663 12,051,867 11.7% 1,279,990 2 22,200 28 2,115,969 $5.59



(1.000)

(0.500)

0.000

0.500

1.000

1.500

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q 2011 2q

Millio

ns

SF

9.5%

10.0%

10.5%

11.0%

11.5%

12.0%

12.5%

Perce

nt V

acant


$5.30

$5.40

$5.50

$5.60

$5.70

$5.80

$5.90

$6.00

$6.10

$6.20

$6.30

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q 2011 2q

Dollar

s/SF/Y

ear

11.00

11.20

11.40

11.60

11.80

12.00

12.20

12.40

12.60

12.80

13.00

13.20

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q 2011 2q

Millio

ns

SF

Direct SF Sublet SF







N O R T H W E S T D A L L A S M A R K E T






2011 1q 1,914 100,363,177 13,154,231 13.1% 757,199 2 180,346 1 203,394 $4.95

2010 4q 1,912 100,182,831 13,731,084 13.7% 717,176 0 0 2 180,346 $5.02

2010 3q 1,912 100,182,831 14,448,260 14.4% 315,913 2 13,532 2 180,346 $5.07

2010 2q 1,910 100,169,299 14,750,641 14.7% (240,227) 1 9,960 4 193,878 $5.12

2010 1q 1,909 100,159,339 14,500,454 14.5% 74,634 3 215,188 4 163,492 $5.16

2009 4q 1,906 99,944,151 14,359,900 14.4% 631,411 1 148,644 5 365,148 $5.16

2009 3q 1,905 99,795,507 14,842,667 14.9% (27,034) 2 518,000 6 513,792 $5.22

2009 2q 1,903 99,277,507 14,297,633 14.4% 252,682 2 970,704 7 1,021,832 $5.38

2009 1q 1,902 98,328,038 13,600,846 13.8% (1,555,875) 5 517,805 7 1,749,286 $5.50

2008 4q 1,897 97,810,233 11,527,166 11.8% 151,148 10 495,393 9 2,137,153 $5.52

2008 3q 1,888 97,502,102 11,370,183 11.7% (269,630) 2 78,964 17 2,600,046 $5.65

2008 2q 1,886 97,423,138 11,021,589 11.3% 97,110 10 1,988,260 14 1,476,512 $5.67

2008 1q 1,876 95,434,878 9,130,439 9.6% 490,715 11 524,937 17 2,453,799 $5.32

2007 4q 1,865 94,909,941 9,096,217 9.6% 2,229,874 4 447,100 24 2,744,061 $5.11

2007 3q 1,861 94,462,841 10,878,991 11.5% 1,009,538 2 30,600 21 3,008,997 $5.18



(2.000)

(1.500)

(1.000)

(0.500)

0.000

0.500

1.000

1.500

2.000

2.500

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q 2011 2q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Perce

nt V

acant


$4.75

$4.80

$4.85

$4.90

$4.95

$5.00

$5.05

$5.10

$5.15

$5.20

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q 2011 2q

Dollar

s/SF/Y

ear

11.50

12.00

12.50

13.00

13.50

14.00

14.50

15.00

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q 2011 2q

Millio

ns

SF

Direct SF Sublet SF







S O U T H D A L L A S M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 2q 1,238 58,285,219 7,332,633 12.6% 1,142,913 1 1,020,000 0 0 $3.12

2011 1q 1,237 57,265,219 7,455,546 13.0% 146,081 0 0 1 1,020,000 $3.25

2010 4q 1,237 57,265,219 7,601,627 13.3% 81,967 0 0 1 1,020,000 $3.25

2010 3q 1,237 57,265,219 7,683,594 13.4% (136,756) 1 10,000 0 0 $3.27

2010 2q 1,236 57,255,219 7,536,838 13.2% 1,008,020 0 0 1 10,000 $3.26

2010 1q 1,236 57,255,219 8,544,858 14.9% 305,617 0 0 1 10,000 $3.22

2009 4q 1,236 57,255,219 8,850,475 15.5% (206,757) 0 0 1 10,000 $3.27

2009 3q 1,236 57,255,219 8,643,718 15.1% (384,863) 0 0 0 0 $3.35

2009 2q 1,236 57,255,219 8,258,855 14.4% 13,542 1 444,465 0 0 $3.60

2009 1q 1,235 56,810,754 7,827,932 13.8% 558,162 2 1,233,410 1 444,465 $3.61

2008 4q 1,233 55,577,344 7,152,684 12.9% (609,965) 0 0 3 1,677,875 $3.56

2008 3q 1,233 55,577,344 6,542,719 11.8% 1,069,003 6 2,707,642 3 1,677,875 $3.60

2008 2q 1,227 52,869,702 4,904,080 9.3% 80,242 4 1,454,890 8 3,941,052 $3.74

2008 1q 1,223 51,414,812 3,529,432 6.9% 562,227 7 1,107,758 10 5,044,342 $3.87

2007 4q 1,216 50,307,054 2,983,901 5.9% 435,108 2 6,332 14 4,669,120 $3.35

2007 3q 1,214 50,300,722 3,412,677 6.8% 1,001,715 3 321,078 14 3,723,680 $3.30



(1.000)

(0.500)

0.000

0.500

1.000

1.500

2.000

2.500

3.000

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q 2011 2q

Millio

ns

SF

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

Perce

nt V

acant


$3.00

$3.05

$3.10

$3.15

$3.20

$3.25

$3.30

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q 2011 2q

Dollar

s/SF/Y

ear

6.50

7.00

7.50

8.00

8.50

9.00

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q 2011 2q

Millio

ns

SF

Direct SF Sublet SF







S O U T H F T W O R T H M A R K E T





Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2011 2q 3,023 86,771,422 4,732,589 5.5% 130,379 0 0 0 0 $3.86

2011 1q 3,023 86,771,422 4,862,968 5.6% 187,989 0 0 0 0 $3.76

2010 4q 3,023 86,771,422 5,050,957 5.8% 160,957 0 0 0 0 $3.77

2010 3q 3,023 86,771,422 5,211,914 6.0% 166,840 0 0 0 0 $3.76

2010 2q 3,023 86,771,422 5,378,754 6.2% 253,336 0 0 0 0 $3.93

2010 1q 3,023 86,771,422 5,632,090 6.5% (527,730) 1 9,000 0 0 $3.93

2009 4q 3,022 86,762,422 5,095,360 5.9% 24,207 1 20,000 1 9,000 $4.14

2009 3q 3,021 86,742,422 5,099,567 5.9% 73,274 3 43,513 2 29,000 $4.15

2009 2q 3,018 86,698,909 5,129,328 5.9% (254,710) 2 34,650 4 63,513 $4.13

2009 1q 3,016 86,664,259 4,839,968 5.6% 64,822 2 14,246 5 78,163 $4.23

2008 4q 3,015 86,759,367 4,999,898 5.8% 267,774 3 53,400 5 57,896 $4.22

2008 3q 3,013 86,848,820 5,357,125 6.2% 245,350 5 684,694 7 91,296 $4.24

2008 2q 3,008 86,164,126 4,917,781 5.7% (380,640) 6 42,291 9 752,744 $4.15

2008 1q 3,002 86,121,835 4,494,850 5.2% 268,139 7 94,974 13 769,385 $3.94

2007 4q 2,995 86,026,861 4,668,015 5.4% 1,249,440 4 249,089 13 747,265 $3.79

2007 3q 2,991 85,777,772 5,668,366 6.6% 273,034 2 33,000 11 344,063 $3.78



(0.600)

(0.400)

(0.200)

0.000

0.200

0.400

0.600

0.800

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q 2011 2q

Millio

ns

SF

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

Perce

nt V

acant


$3.65

$3.70

$3.75

$3.80

$3.85

$3.90

$3.95

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q 2011 2q

Dollar

s/SF/Y

ear

0.00

1.00

2.00

3.00

4.00

5.00

6.00

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q 2011 2q

Millio

ns

SF

Direct SF Sublet SF




S O U T H S T E M M O N S M A R K E T






2011 1q 4,870 138,037,196 12,429,745 9.0% 62,686 0 0 1 13,476 $4.14

2010 4q 4,870 138,037,196 12,492,431 9.1% (199,371) 1 9,847 0 0 $4.19

2010 3q 4,869 138,027,349 12,283,213 8.9% (99,450) 1 18,000 1 9,847 $4.21

2010 2q 4,868 138,009,349 12,165,763 8.8% (1,315,417) 0 0 2 27,847 $4.33

2010 1q 4,868 138,009,349 10,850,346 7.9% (263,105) 0 0 1 18,000 $4.30

2009 4q 4,868 138,009,349 10,587,241 7.7% (177,069) 0 0 0 0 $4.34

2009 3q 4,869 138,045,677 10,446,500 7.6% (599,822) 0 0 0 0 $4.44

2009 2q 4,869 138,045,677 9,846,678 7.1% (274,387) 1 636,000 0 0 $4.47

2009 1q 4,868 137,409,677 8,936,291 6.5% 1,048,450 5 147,646 1 636,000 $4.59

2008 4q 4,864 137,384,601 9,959,665 7.2% 127,360 1 9,922 6 783,646 $4.60

2008 3q 4,864 137,375,829 10,078,253 7.3% 626,461 1 362,500 7 793,568 $4.64

2008 2q 4,863 137,013,329 10,342,214 7.5% 191,225 1 362,500 6 502,422 $4.58

2008 1q 4,862 136,650,829 10,170,939 7.4% 1,076,319 5 1,111,022 3 787,500 $4.49

2007 4q 4,858 135,910,807 10,507,236 7.7% 289,299 3 93,291 8 1,898,522 $4.46

2007 3q 4,855 135,817,516 10,703,244 7.9% 1,030,199 3 635,000 11 1,991,813 $4.61



(1.500)

(1.000)

(0.500)

0.000

0.500

1.000

1.500

2008 1q 2008 2q 2008 3q 2008 4q 2009 1q 2009 2q 2009 3q 2009 4q 2010 1q 2010 2q 2010 3q 2010 4q 2011 1q 2011 2q

Millio

ns

SF

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

Perce

nt V

acant


$4.00

$4.05

$4.10

$4.15

$4.20

$4.25

$4.30

$4.35

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q 2011 2q

Dollar

s/SF/Y

ear

9.50

10.00

10.50

11.00

11.50

12.00

12.50

13.00

2010 1q 2010 2q 2010 3q 2010 4q 2011 1q 2011 2q

Millio

ns

SF

Direct SF Sublet SF

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