1) Despite a slowing macroeconomic environment, industrial leasing activity has increased as users seek to lock in favorable lease terms for Class A space. 2) However, industrial demand is expected to soften over the next few quarters in line with slowing global growth and a faltering manufacturing sector. 3) The tight supply of Class A industrial space continues to drive down availability rates and put upward pressure on lease rates, fueling new construction activity across major industrial markets.

1. U.S. Industrial
MarketView
Q2 2012 CBRE Global Research and Consulting
AVAILABILITY RATE LEASE RATE NET ABSORPTION CONSTRUCTION COMPLETIONS
13.2% $5.46 26.4 MSF 5.2 MSF
THE FIGHT FOR CLASS A SPACE ACCELERATES
Executive Summary
• Despite a lackluster
macroeconomic environment,
industrial leasing velocity has
improved as users try to lock-in
currently favorable rent and lease
terms.
• Industrial demand will soften over
the next several quarters, in line
with slowing U.S. and global
growth, a faltering manufacturing
sector and shrinking international
trade. INDUSTRIAL LEASING ACTIVITY:
• User demand for Class A space will
More active than underlying
continue to drive down availability economic trends would suggest
rates, leading to upward pressure
on lease rates. Construction activity Despite a number of major global Tenants are upgrading, relocating from
is back, including both build-to-suit economic headwinds and a U.S. economy Class B to Class A space, but options are
and speculative projects across that is fast losing momentum, industrial getting tighter. Manufacturing space
some of the nation’s largest leasing remained surprisingly active across requirements were also on the rise,
industrial markets. most markets during the past quarter. The particularly in the southeastern and
U.S. industrial market continued to show northeastern U.S. markets, due in part to
• Low interest rates and the limited signs of recovery, with the national the U.S. “manufacturing renaissance.”
supply of Class A industrial product industrial availability rate dropping by 20
for sale will continue to drive cap basis points (bps) to 13.2% in the second The prospect for industrial demand over
rates down in the near term. quarter of 2012. Occupiers have begun the next few months will likely be flat,
to move off the sidelines, seeking longer however, given weakening headline
• Industrial real estate performance term leases to take advantage of lower economic indicators. U.S. economic data
continues to recover as signaled by competitive rents, which are expected to has been disappointing, leading to further
the NCREIF Property Index. rise. “Extend and blend” user transactions downward revisions to growth. The overall
Industrial real estate delivered an continue, but landlords are getting pricing economy, consumer spending,
annualized total return of 13.4% power back as industrial market conditions international trade and the broader
during Q1 2012, in line with the improve. A number of industrial users are manufacturing sector are among the key
overall index. also considering the ownership option drivers of industrial demand, with all
given record-low interest rates. pointing to a soft patch through at least
the next quarter.
Warehouse demand was the main driver
for spaces larger than100,000 sq. ft.

2. Q2 2012
Figure 1: U.S. Economy Downshifts Figure 2: U.S. International Trade Activity
Annual Percent Change (%) Total Trade ($ Billions) Annual Percent Change (%)
4.0 $6,000 6%
Forecast
U.S. Industrial | MarketView
3.5 $5,000 5%
Forecast
3.0 4%
$4,000
2.5
3%
2.0 $3,000
2%
1.5 $2,000
1%
1.0
$1,000 0%
0.5
0.0 $0 1%
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q4
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
Consumer Spending Real GDP 2013Q4 Total Trade (L) Growth % (R)
Source: IHS Global Insight, Interim Forecast, July 2012 Source: IHS Global Insight, Interim Forecast, July 2012
The U.S. economy and industrial sector have begun to feel the brunt of the slowdown in global growth, which originated in
Europe but has now spread to Latin America and Asia. U.S. trade, which is the sum of imports and exports, slowed during the
second quarter and is expected to actually decline in the third quarter.
Figure 3: ISM Surprised to the Downside (ISM Purchasing Managers’ Index [Diffusion index, SA])
70
60
50
40
30
20
10
0
M1 2009
M3 2009
M5 2009
M7 2009
M9 2009
M11 2009
M1 2010
M3 2010
M5 2010
M7 2010
M9 2010
M11 2010
M1 2011
M3 2011
M5 2011
M7 2011
M9 2011
M11 2011
M1 2012
M3 2012
M5 2012
2
Source: Institute for Supply Management

3. Q2 2012
The ISM manufacturing index, a great announcements of new manufacturing facilitate the transportation of oil and
demand-side proxy for industrial real plants, especially in the transportation gas for exports.
estate, came in well below expectations. sector, in the southern U.S. markets.
The June ISM manufacturing index These companies have been drawn by The expansion of e-retailers continues to
slumped to 49.7, the first sub-50 competitive labor costs, the availability fuel the need for warehouse and
U.S. Industrial | MarketView
reading since July 2009. The forward- of real estate at competitive rates, and distribution space. Amazon, the leader in
looking details of the survey were also the availability of a skilled and highly e-retailing, continues to push for larger
weak, with both new orders and export productive workforce. Part of the facilities close to large metropolitan
orders coming in below 50 as global re-shoring of manufacturing to the U.S. areas to decrease delivery times. As
headwinds appear to be exerting greater has been driven by the needs of the traditional retailers grow their e-retailer
pressure on the U.S. industrial sector. consumers, the timely delivery of product strategies, it will likely increase demand
The dip in the ISM suggests that the to the consumer and the demand for for warehouse space and shrink the
downshift in the manufacturing sector custom products such as a specific color need for traditional bricks-and-mortar
may be accelerating. The manufacturing or design. Although with the recent retail, which is typically 10 to 20 times
data had been weak, but until now the increase in demand, manufacturers will the cost of a warehouse facility.
ISM index had looked better than either increase the utilization rates of existing
manufacturing output or durable goods facilities before seeking additional
orders. The ISM survey’s details suggest space. Recent announcements include:
that the factory slowdown will continue
through at least the next few months. • Airbus’ new assembly plant—to be
built in Mobile, Alabama—is
Domestic demand for local goods has scheduled to be completed in 2015, a
also decreased over the past few months $600 million investment.
due to the continued struggles in the
housing sector and weaker-than- • Ford is adding 1,800 jobs in Louisville,
anticipated job growth. A silver lining for Kentucky, adding a third shift in the fall
consumer spending and the U.S. of 2012.
economy, however, has been the decline
in commodity and energy prices globally. • Magna Seating of America, Inc. is
In the U.S., it is estimated that a one- building a 140,000-sq.-ft. plant in
cent decline in retail gasoline prices Shepherdsville, Kentucky, adding 450
equates to roughly $1 billion in new jobs in 2012.
economy-wide tax cuts. The lower price
of oil will provide a floor under • Asahi Forge, a Japanese automotive
consumer spending and likely cause supplier, is adding a second
domestic consumption to increase manufacturing plant in Richmond,
moderately as consumers now have a Kentucky, in 2012.
higher level of disposable income. The
challenge remains with both consumer • Nissan will increase production for the
and business confidence levels; this has new Sentra, adding 1,000 new jobs in
resulted in cautious spending and Mississippi.
investment from both sides.
• GM to add 800 jobs, adding a third
Longer-term, however, we expect the shift to its truck plant in Texas in 2012.
drivers of industrial demand to shift to a
more positive trajectory given secular The domestic energy sector is having a
changes in the global economy. U.S. marginal influence on the industrial
manufacturing companies continue to sector as well, but this will likely change
benefit from the relatively lower value of with the further development in shale, as
the U.S.dollar. Accelerating wage rates existing plants are adapted to 3
in Asia and higher transportation costs accommodate the processing and
are also fostering a “manufacturing transport of the new materials. New
renaissance” in the U.S. Over the past plants are also being built in ports to
few months there have been a few

4. Q2 2012
Figure 4: U.S. Industrial Supply and Demand
Completions and Absorption (MSF) Availability Rate (%)
80 16%
U.S. Industrial | MarketView
60 15%
40 14%
20 13%
0 12%
-20 11%
-40 10%
-60 9%
-80 8%
-100 7%
2007Q2
2007Q3
2007Q4
2008Q1
2008Q2
2008Q3
2008Q4
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q3
2011Q4
2012Q1
2012Q2
Completions (L) Absorption (L) Availability Rate (R)
Source: CBRE Econometric Advisors
USERS UPGRADING SPACE
Despite the lackluster economic availability rate at 13.2%, the scarcity of
environment, industrial space demand available space in such buildings means
has been relatively stable. Industrial that Class A industrial availabilities
users continue to favor higher quality, continue to shrink, in some cases at the
newer space that can increase expense of older industrial buildings.
productivity and lower the real estate
cost. Companies are reviewing
everything from their current locations,
technology, and plant layout of
equipment to increase production
efficiencies. In some cases occupiers are
moving into newer facilities and reducing
space, compared to their prior premises,
due to the increase in storage capacity
with higher stacking capability and a
more efficient plant layout. This is driving
the demand by tenants to trade up to
newer, more modern Class A industrial
facilities. These buildings typically have
higher ceilings, super-flat floors and
4 have been built in the last ten years.
Even with the national industrial

5. Q2 2012
U.S. Industrial | MarketView
HERE COMES THE SUPPLY
The lack of available product required 11 million sq. ft., and is on track to industrial availability rates, with available
by users is placing upward pressure on exceed the industrial new supply Class A industrial space virtually non-
lease rates for the best space; however, completed in 2011. Most of this new existent. Due to the short supply of new
lease rates for average product remain space consists of Class A design-build product, many of these projects are
flat. In primary markets, rents for newer projects, although an increase in often pre-leased. In Atlanta, despite
facilities are approaching replacement speculative construction projects across many available warehouse options, a
levels and spurring new development. the country is emerging. Pockets of new 630,000-sq.-ft. speculative project
New construction continues to increase speculative construction activity are is under construction, underscoring the
across key markets due to the drop in occurring in Northern Virginia, demand for state-of-the-art large
availability rates in 2012 and the lack of Indianapolis, the Inland Empire, Orange warehouse and distribution space.
newer, Class A industrial space. New County, Salt Lake City and Atlanta. Many
construction for 2012 has totaled nearly of these markets have single-digit
THE PANAMA CANAL FACTOR
The Panama Canal has also impacted accommodate the post-panamax ship is inland remains in western ports. In the
the U.S. industrial market with respect to Norfolk. The Port Authority of New York near term, it remains more cost effective
competition between East Coast versus and New Jersey has committed $1 and quicker for shippers to offload in
West Coast ports. The race continues in billion to raise the Bayonne Bridge, western ports and transport goods via
the eastern U.S. gateway markets such which connects Bayonne, New Jersey, rail to major markets such as Chicago.
as New York, New Jersey, Norfolk, and with Staten Island, New York, by 64 feet Eastern ports will likely benefit from
Miami to invest capital in preparing for to allow larger ships to pass. Port increased container traffic from ships
the completion of the Panama Canal spending will increase as we near the using the Suez Canal and expanding
expansion. Most of the investment completion of the Panama Canal markets such as Brazil to the south.
continues to be for dredging projects, expansion in 2014. 5
which will allow the ports to
accommodate larger ships as well as the The investment benefits for eastern ports
need to increase the clearance height of will be minimal in the short term, as the
bridges. The only port that can currently transportation infrastructure for goods

6. INDUSTRIAL CAPITAL MARKETS
Q2 2012
Domestic and cross-border investors trends signal improving transaction to focus on Class A and/or value-add
continue to closely monitor industrial volume, according to Real Capital properties in primary markets. Record-
U.S. Industrial | MarketView
sector fundamentals given favorable Analytics. Over the first five months of low interest rates, combined with greater
leasing velocity and the lack of Class A 2012, industrial transactions totaled institutional capital than available supply
options for newer space. Stronger rental $10.3 billion, a 13% increase over of properties for sale, continue to drive
recovery is being used in underwriting year-ago levels. Interest in industrial down cap rates, especially for better
industrial acquisitions. Rising sales property has resurfaced, as investors assets.
volume reflects the surge in investor increasingly eye portfolio transactions.
interest. The industrial capital market Institutional investors, however, continue
Figure 5: Institutional Capital Targeting Industrial Assets
Industrial Transaction Volume ($ Billions) Cap Rates (%)
$12 8.8%
8.6%
$10
8.4%
$8 8.2%
8.0%
$6
7.8%
$4 7.6%
7.4%
$2
7.2%
$0 7.0%
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
2010 2011 2012
Industrial Transactions (L) Average Cap Rates (R)
Source: Real Capital Analytics
Industrial real estate performance western region of the U.S. also
continues to recover as signaled by the dominates the market value of industrial
NCREIF Property Index. Industrial real properties in the NPI and as such, the
estate delivered an annualized total solid performance of industrial markets
return of 13.4% during Q1 2012, in line in the west continue to drive overall
with the overall index. This was the industrial performance.
second highest return, trailing only the
multi-housing sector. Much of the return
has been due to a surge in appreciation
returns that have been driven by cap rate
6 compression earlier this year. The

7. REGIONAL
Q2 2012
Q2 2012
Figure 6: 25 Largest Industrial Markets - Q2 2012
OVERVIEW:
SUPER-REGIONAL
U.S. Industrial | MarketView
U.S. Industrial | MarketView
DISTRIBUTION
CENTERS SEATTLE
249,079 SF
OUTPERFORM 10.3%
DETROIT
$6.49
511,766 SF
The national availability rate masks MILWAUKEE 11.9%
CHICAGO
regional performance. According to 226,563 SF $4.47 NEW JERSEY
1,188,170 SF NORTHERN
second quarter figures, west coast MINNEAPOLIS/ 11.8% CLEVELAND
ST. PAUL 9.7% 409,442 SF
markets such as Los Angeles (6.8%) and $3.76 290,783 SF
326,839 SF $3.99 10.1%
Orange County (7.4%) are reporting 8.3%
lower industrial availability rates than 10.2% $4.59 $6.11 NEW JERSEY
any other market. By contrast, east coast $4.70 COLUMBUS CENTRAL
markets such as Stamford (25.9%), 208,190 SF 395,459 SF
Boston (20.9%) and Atlanta (18.8%) 12.6% 10.4%
report among the highest industrial KANSAS $3.04 $4.37
availability rates in the nation. Industrial DENVER CITY
SAN JOSE 233,654 SF CINCINNATI PHILADELPHIA
markets in older east coast cities suffer 223,929 SF
243,759 SF INLAND 12.3% 267,221 SF 401,433 SF
from a higher degree of older and 7.8%
13.5% EMPIRE $4.53 9.5% 12.5%
obsolete product. $6.21
$11.42 403,354 SF $3.79 $3.86
11.8% ST. LOUIS INDIANAPOLIS
From a regional perspective, the largest LOS BALTIMORE
ANGELES $4.08 222,407 SF 238,848 SF
increases in absorption occurred in 153,169 SF
Chicago, the Inland Empire and New 993,073 SF 14.9% 9.1%
ORANGE 15.5%
Jersey, respectively, and were mostly 6.8% PHOENIX $4.34 $4.28 MARKET
COUNTY $4.79
driven by the demand in Class A $6.52 275,326 SF ATLANTA STOCK (SF x 1000)
252,457 SF DALLAS/
industrial warehouse and distribution 15.0% 551,590 SF AVAILABILITY RATE
7.4% FT. WORTH
space. SAN DIEGO $6.84 18.8% NNN ASKING RENT
$7.56 721,121 SF
200,759 SF $3.29
15.0% 13.4%
$10.32 $3.70
HOUSTON
NATIONAL QUICK STATS 448,767 SF
9.2%
200,000,000 SF
$3.91
1,000,000,000 SF
MIAMI
Q2 2012 Current QoQ YoY 211,710 SF
Availability Rate 13.2% i i 9.3%
$4.68
Lease Rate $5.46 h h
Net Absorption* 26.4 MSF i i
Construction Completions 5.2 MSF i i
Source: CBRE Research
7 Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we 8
*The arrows indicate a trend and do not represent a positive or negative value for the underlying statistic have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and
completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be
(e.g., net absorption could be negative, but still represent a positive trend over the time period).
reproduced without prior written permission of the CBRE Global Chief Economist.

8. NEW JERSEY
Q2 2012
Industrial availability in Central New York and New Jersey remains strong, Three new construction projects
Jersey remained flat at 10.4%, whereas adding to the demand for warehouse amounting to 1.17 million sq. ft. broke
U.S. Industrial | MarketView
availability decreased 40 bps to 10.1% and distribution space. In the northern ground during Q2 2012. More than half
in Northern New Jersey during the same portion of New Jersey, the Meadowlands of these new starts are being built on
period. The average asking lease rate submarket continues to attract significant speculative development and the recent
for industrial property in New Jersey tenant demand with its high increase in new construction is pushing
increased during the second quarter for concentration of industrial space in close land prices higher.
the first time in the past four years. The proximity to New York City.
state’s asking lease rate is still $1.07
below its peak rate set in Q2 2008, As compared to just a few quarters ago,
although that gap is expected to tighten, industrial construction activity in New
especially for Class A industrial space. Jersey is picking up, due to increasing
demand and limited number of options
Central New Jersey continues to attract for large, modern industrial users. Four
the majority of demand for new space, industrial buildings were completed in
mostly consisting of third party logistics Q2 2012: three build-to-suit projects
as well as consumer products totaling 652,155 sq. ft. and one
companies. Activity at the ports of New 101,600-sq.-ft. speculative project.
GREATER LOS ANGELES
The Greater Los Angeles industrial Class A distribution centers are in high both manufacturing companies and
availability rate fell to 6.8%, a 10 bps demand by logistics companies and wholesalers. The most active size range
decrease from the previous quarter; this retailers looking to expand distribution is between 50,000 sq. ft. and 75,000
represents one of the lowest rates in the capabilities. Activity levels are very high sq. ft.—in fact, approximately 63% of
U.S. The increased volume of port in the 100,000-sq.-ft. category. The bulk Q2 2012 activity was between 10,000
activity has created an even greater of construction activity in Southern sq. ft. and 100,000 sq. ft. Although
need for distribution space for larger California is also occurring in the Inland construction is fairly active in Los
and more modern distribution facilities Empire, with 7.3 million sq. ft. currently Angeles County, with 1.8 million sq. ft.,
of over 100,000 sq. ft. In addition, there under construction (the highest figure the market has not experienced the
has been an increase in demand for since pre-recession), of which 38%—or same growth that the Inland Empire is
industrial space under 50,000 sq. ft., 2.8 million sq. ft.—is speculative witnessing. However, during the next six
mainly coming from small start-up construction. to 12 months, the lack of Class A
companies. industrial space will likely spur an
In Los Angeles County, Commerce, increased volume of construction,
The Inland Empire is dominating market South Bay and San Fernando have been including speculative projects.
activity in Southern California, as large particularly strong, with demand from
9

9. DALLAS
Q2 2012
The industrial availability rate remained Lease rates are starting to increase,
flat in Dallas at 13.4% for Q2 2012. primarily due to a shrinking availability
U.S. Industrial | MarketView
Figure 7:
Most of the recent demand has been of space. Most new construction has Industrial Market Snapshot
from retailers for warehouse and consisted of build-to-suit activity. Two
distribution buildings. Home Depot speculative projects were recently
Lowest Availability Rates (%)
recently occupied a large block of announced: approximately 661,000 sq.
space, and Kohl’s will be opening a ft. in South Dallas from ProLogis; and LOS ANGELES METRO 6.8
facility later this year. The most active 529,000 sq. ft. in Northwest Dallas ORANGE COUNTY 7.4
submarket, Great Southwest/Arlington, from IDI.
posted the largest amount of absorption WESTCHESTER COUNTY 7.7
in the first half of 2012, at 2.8 million DENVER 7.8
sq. ft. total.
CLEVELAND 8.3
CHICAGO Highest Availability Rates (%)
STAMFORD 25.9
Chicago’s industrial market continues to For new industrial supply, two projects BOSTON 20.9
recover, with the availability rate broke ground in the second quarter: a
decreasing to 9.7%, a change of 40 bps 239,000-sq.-ft. build-to-suit for FedEx, AUSTIN 19.4
from the previous quarter. Three out of and a 604,000-sq.-ft. speculative ATLANTA 18.8
the top 10 deals were paper-related project, both of which are in the Far SW
companies (Kimberly Clark at 716,318 suburban submarket. In addition, there
WALNUT CREEK 18.5
sq. ft.; Domtar Paper with 453,364 sq. are six projects currently under Source: CBRE Research
ft.; and International Paper at 316,000 construction totaling 1.9 million sq. ft.,
sq. ft.). Machinery, metal and durable of which two are speculative projects
goods also had strong showings during while the other four are build-to-suit.
Figure 8: Largest Quarterly
the second quarter. The Far SW The last time Chicago had this much
Decreases and Increases*
suburban market in Chicago (also speculative construction was in 2008.
known as the I-55 corridor) dominated An increase in demand is causing rental
leasing activity during Q2 2012, with rates to increase marginally while
Decreases in Availability
more than 1.7 million sq. ft. of activity. landlords are offering less tenant COLUMBUS -2.9
This accounted for 24% of all leasing incentives and moving rents up for Class DETROIT -1.9
activity that occurred in Q2 2012. This A industrial buildings.
submarket has newer big box product, ORLANDO -1.8
lower lease rates and easy access to HARTFORD -1.0
expressways, which will keep it in
tenants’ favor for the foreseeable future. BALTIMORE & STAMFORD -0.9
Increases in Availability
ATLANTA WESTCHESTER COUNTY 1.7
WALNUT CREEK 1.3
The industrial availability rate in Atlanta for modern industrial buildings has
increased to 18.8%, a difference of 20 caused older product in the Fulton SAN ANTONIO 1.2
bps from the previous quarter. Demand industrial market to lag due to the age JACKSONVILLE 1.0
for warehouse and distribution space and obsolescence of older industrial 10
from third-party logistics firms has buildings. New construction has been LONG ISLAND 0.8
increased. Bulk warehouse Class A limited until now, with mostly build-to- *Percentage point change
space in the core submarkets of suit activity taking place in Source: CBRE Research
Northeast and South Atlanta continues south Atlanta.
to be the most sought-after. The demand

10. Figure 9: Industrial Availability - Q2 2012
NNN Asking Rate ($) Availability Rate (%)
Market Region Size Rank Q2 12 Q2 12 Q1 12 Q2 11
BALTIMORE 29 4.79 15.5 16.4 17.8
Q2 2012
BOSTON 30 6.45 20.9 21.3 23.1
HARTFORD 41 4.76 14.9 15.9 17.2
LONG ISLAND 44 8.39 14.3 13.5 15.0
MARYLAND SUBURBAN* 39 8.06 15.6 16.2 16.8
U.S. Industrial | MarketView
NEW JERSEY CENTRAL 10 4.37 10.4 10.4 12.1
NEW JERSEY NORTHERN 7 6.11 10.1 10.5 10.0
NORFOLK 38 4.53 12.6 12.7 11.4
PHILADELPHIA 9 3.86 12.5 12.7 12.7
STAMFORD 50 7.00 25.9 26.8 21.1
VIRGINIA NORTHERN* 42 10.22 15.3 14.7 15.9
WESTCHESTER COUNTY 51 10.74 7.7 6.0 4.5
East 12.9 13.2 13.7
CHICAGO 1 3.99 9.7 10.1 10.5
CINCINNATI 14 3.79 9.5 10.1 10.2
CLEVELAND 12 4.59 8.3 8.5 9.9
COLUMBUS 24 3.04 12.6 15.5 16.1
DETROIT 5 4.47 11.9 13.8 15.1
INDIANAPOLIS 18 4.28 9.1 9.3 10.9
KANSAS CITY 19 4.53 12.3 12.3 12.3
MILWAUKEE 20 3.76 11.8 11.1 12.1
MINNEAPOLIS/ST. PAUL 11 4.70 10.2 10.9 11.5
ST. LOUIS 22 4.34 14.9 15.1 15.0
Midwest 10.7 11.3 12.0
ATLANTA 4 3.29 18.8 18.6 19.2
AUSTIN 43 6.84 19.4 19.1 22.0
DALLAS/FT. WORTH 3 3.70 13.4 13.4 14.7
FT. LAUDERDALE 37 6.63 11.6 11.1 13.4
HOUSTON 6 3.91 9.2 9.3 10.3
JACKSONVILLE 36 3.98 16.5 15.5 14.7
MIAMI 23 4.68 9.3 9.2 10.5
NASHVILLE 28 3.78 15.6 15.3 15.1
ORLANDO 34 5.00 17.5 19.3 19.5
PALM BEACH 45 6.44 12.8 13.3 13.7
SAN ANTONIO 48 4.88 16.7 15.5 17.8
TAMPA 32 5.02 13.4 13.5 13.3
South 14.0 13.9 14.9
ALBUQUERQUE 46 6.50 12.0 11.7 11.4
DENVER 21 6.21 7.8 8.4 9.2
INLAND EMPIRE 8 4.08 11.8 12.5 12.2
LAS VEGAS 35 5.74 13.5 13.2 11.4
LOS ANGELES METRO 2 6.52 6.8 6.9 7.4
OAKLAND 31 5.28 9.2 9.4 10.3
ORANGE COUNTY 15 7.56 7.4 7.8 8.5
PHOENIX 13 6.84 15.0 15.4 16.2
PORTLAND 26 4.44 9.7 9.6 10.5
SACRAMENTO 27 5.16 16.8 16.7 16.0
SALT LAKE CITY 33 4.80 8.7 9.4 9.3
SAN DIEGO 25 10.32 15.0 15.4 16.2
SAN FRANCISCO PENINSULA 40 18.12 9.5 9.9 9.3
11 SAN JOSE 17 11.42 13.5 13.7 15.2
SEATTLE 16 6.49 10.3 10.7 11.8
TUCSON 47 6.65 15.5 15.5 12.7
WALNUT CREEK 49 7.20 18.5 17.2 17.5
West 10.4 10.6 11.1
UNITED STATES 13.2 13.4 14.0
* Maryland Suburban and Virginia Northern represent Washington, DC area.
U.S. national figures provided by CBRE Econometric Advisors (CBRE EA), all other figures compiled by CBRE Research

11. contacts
For more information about this U.S. Industrial MarketView, please contact:
Q2 2012
Edward J. Schreyer, SIOR Asieh Mansour, Ph.D. James Costello
Executive Managing Director Head of Research, Americas and Managing Director, Head of Americas
U.S. Industrial | MarketView
Brokerage Services, Americas Senior Managing Director Investment, Consulting and Strategy,
CBRE CBRE Global Research and Consulting CBRE Global Research and Consulting
t: +1 214 863 3042 t: +1 415 772 0258 t: +1 617 912 5326
e: ed.schreyer@cbre.com e: asieh.mansour@cbre.com e: jim.costello@cbre.com
Follow Asieh on Twitter: @AsiehMansourCRE
Raymond Wong Heather Edmonds Pamela Murphy
Managing Director, COO and Director, Western U.S. Research Division, Senior Vice President, Eastern
Industrial Specialist, Americas Research, CBRE Global Research and Consulting and Central U.S. Research Divisions,
CBRE Global Research and Consulting CBRE Global Research and Consulting
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Director
Head of Americas Research Publications
and Data, CBRE Global Research and
Consulting
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e: andrea.walker@cbre.com
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This report was prepared by the CBRE U.S. Research Team which forms part of CBRE Global Research and Consulting – a
network of preeminent researchers and consultants who collaborate to provide real estate market research, econometric
forecasting and consulting solutions to real estate investors and occupiers around the globe.
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12 Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we
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