Atlanta Q1 2011 Industrial Outlook

on point
Atlanta . Industrial Outlook . Q1 2011
Atlanta market stabilizing

with positive absorption in
early 2011
The market posted its strongest quarter of absorption since the recession,
though many submarkets are still struggling to fill large pockets of
empty space.
The freeze in speculative construction is expected to last in the near term,

allowing inventory to draw down and rental rates to hold their ground.
Jones Lang LaSalle • On Point • Atlanta Industrial Outlook • Q1 2011 3
Atlanta industrial overview

Economy First, the building was a build-to-suit for Clorox and did not take any excess inventory off the
Atlanta's economy limped along in the first quarter with payrolls and the labor force numbers yet to market. Additionally, occupancy of the facility represented a consolidation for the firm and will be
turn upward. Residential investment and manufacturing typically lead the recovery from recessions. followed by move-outs in the coming quarters.
And while manufacturing output and employment have begun growing, high levels of excess
inventory among all real estate property types have kept construction and related employment Consolidation and relocations continued as a theme this quarter; financially strong corporate
stubbornly low. Retail sales have reached levels above their pre-recession peak, but are only tenants have taken advantage of a down market to upgrade facilities, taking the best product off the
growing slowly and face significant headwinds due to elevated fuel and food prices. Atlanta is shelf at a rate far eclipsing everything else. With state of the art product being snatched up,
particularly susceptible to rising fuel costs, owing to widespread car-dependence. However, rising landlords of the remaining modern properties are beginning to stiffen in negotiations, with some
food prices seem to be tapering off and oil prices could come down as markets reassess the risk of cutting back on concessions such as free rent and tenant improvement allowances, and many
supply disruption in the Middle East. Growth in retail sales and construction are especially important becoming less desperate to capture any deal versus the right deal.
for Atlanta when considering who the unemployed are. The largest blocks are those with only a high
school diploma or less; on average, these individuals have been without work for the longest period
since the Great Depression, causing their skills to erode. Expanding sectors, such as professional
services, education, and healthcare will not draw as many workers from the unemployed ranks as Trend spotlight…
construction and retail trade. Due to these factors, Atlanta is facing a long uphill climb to sustained • Atlanta’s economy has yet to turn into growth mode, posting year –over—year job losses into
job creation and economic growth. the first quarter
Market conditions • Oil and food prices have been rising rapidly, putting pressure on the primary market driver of
The industrial market is slowly recovering, but the good news is spread unevenly. Most absorption consumer spending
recorded during the first quarter occurred in submarkets south of the city, particularly along the I-85 • The Airport/South I-85 submarket is hot with several big box move-ins over the past
South corridor. The Northeast corridor also showed signs of life while pockets like Fulton Industrial two quarters
and McDonough continued to struggle. Atlanta’s overall vacancy ticked down for the second quarter
• Speculative construction is completely frozen and looks to remain so for the foreseeable future
in a row, which was a welcome development for a market that had not seen two consecutive
quarters of rising occupancy since the economic downturn began. Unfortunately, the strong • The Fulton Industrial and McDonough areas are struggling to fill large amounts of
absorption totals are misleading. For example, Clorox’s occupancy in a new 1.1 million square foot empty space
distribution center came with two caveats.
Total industrial market (owner occupied included)

Supply Construction Vacancy Availability Demand Pricing
Total stock (s.f.) Under construction (s.f.) Rate Trend Rate Trend Q1 2011 net absorption (s.f.) Average rental rate (nnn)
Total industrial market 502,533,273 409,006 14.12% 19.4% 2,852,268 $3.17
Warehouse/distribution 429,671,383 409,006 15.4% 21.1% 2,504,973 $3.19
Manufacturing 72,861,890 0 6.5% 8.1% 347,295 $2.86
Total flex market 34,101,858 0 17.1% 21.7% -148,702 $7.18

Atlanta industrial overview, cont.

Outlook Also as a result of the construction freeze, tenants looking for larger spaces will find themselves
The market will remain split between the haves and have-nots. Well capitalized landlords choosing between fewer and fewer options and will be forced to make tough trade-offs between
possessing modern facilities will see their bargaining position steadily improve while cash-strapped location, quality of facility, and operating efficiency/costs. Build-to-suit developers have already
owners and those offering functionally-obsolete product will struggle to attract the kinds of deals begun delivering new spaces that the existing market can no longer provide, and more build-to-suit
they would like. Less credit-worthy tenants may find landlords unwilling to negotiate aggressively projects are likely in the coming quarters.
while the financially strong continue to take advantage of opportunities created by excess inventory.
Risk and uncertainty will continue to play a large role in the market. One potential outcome is that
These opportunities will not last forever; speculative building should remain frozen for the instead of opening new facilities on a long-term basis, many firms will turn to third party logistics
foreseeable future, allowing for inventory to be drawn down, especially among buildings constructed providers (3PL’s) in order to externalize the risks associated with operating in an uncertain
in the last decade. Existing modern inventory has already thinned out tremendously, making the economic environment. 3PL’s tend to prefer shorter-term leases which landlords are becoming less
environment challenging for tenants needing features such as 32 foot clearance or deep truck willing to provide as the market continues to stabilize.
courts with ample trailer parking. .
Atlanta property clock
Landlord leverage Peaking Falling
Tenant leverage
market market
Rising Bottoming
market market
I-20 East
Chattahoochee,
I-20 West, South I-75
North Central,
Northeast Northwest
Airport/South I-85,
Central Atlanta
Atlanta industrial overview, cont.

Average rental rate YTD net absorption
$6.00 Airport/South I-85
$5.00 South I-75
Northeast
$4.00
North Central
$3.00
Chattahoochee
$2.00
Northwest
$1.00 Central Atlanta
$0.00 I-20 West

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-750,000 -250,000 250,000 750,000 1,250,000 1,750,000 2,250,000

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Pricing trends Demand trends
• Asking rates remained mostly flat from fourth quarter 2010 to first quarter 2011 • Demand for modern industrial product has far outpaced that for older counterparts
• Some landlords have begun pulling back on concessions in the form of free rent and tenant • Direct net absorption was positive for two quarters in a row, a trend not seen since the
improvement allowances downturn began
• Chattahoochee saw asking rates move upward by a nickel per square foot, but remain well below • Facilities closer to the center of Atlanta have filled faster than those further away
pre-recession levels • The intermodal yards in Austell and Fairburn have continued to attract tenants to the
• Rates in the North Central submarket continued fluctuating wildly, giving up 30 cents per square surrounding areas
foot in the first quarter
• Third party logistics providers, food and beverage firms and consumer products companies
• Metro-wide, average asking rates are over 8.0 percent off their pre-recession peak remain the most active players in the market
• Active tenant requirements pushed upward in the first quarter
Atlanta leased industrial market [excluding owner occupied facilities]

Recent lease transactions
Methodology… Tenant name Location Submarket Deal type Size (s.f.)
Electrolux 7780 Spence Road Airport/South I-85 New 600,000
The leased industrial sector excludes owner occupied

Aaron’s 5003 Terminus Drive Airport/South I-85 New 226,000
product from the market’s data set, and provides a
rental equivalent perspective for industrial buildings WORLDPAC 1605 Indian Brook Way Northeast New 121,864
that are leased by tenants. Buildings can move into

and out of this data set based upon being purchased Tenants in the market
or sold by a particular user. Tenant name Submarket concentration Size requirement (s.f.)
Target Northeast 600,000-1,000,000
Wal-Mart I-75 South 125,000 – 150,000
Gordon Foods Northeast & I-75 South 500,000
Sector trends…
• Vacancy in the leased industrial sector, while declining, is well above the total market
Total leased industrial market (excluding owner occupied facilities)
figure, portraying a more accurate representation of the struggles in the market caused by
excess inventory Demand Pricing
Supply total Vacancy Availability
• The warehouse and distribution sector is facing more slack in the market than the Q1 2011 net Average rental
stock (s.f.) rate rate
manufacturing sector, with availability a full 3.0 percentage points higher in the former absorption (s.f.) rate (nnn)
• Asking rates settled at levels slightly higher than the total market, reflecting differences in
Total leased industrial market 347,217,634 19.3% 26.5% 3,177,911 $3.20
the composition of available space
• Third party logistics providers continued to be the most active players in the market, lifting Warehouse/distribution 323,472,327 19.9% 26.7% 2,749,873 $3.23
demand for short-term deals
Manufacturing 23,745,307 17.2% 23.7% 428,038 $2.82
• There is no construction currently underway for either build-to-suits or speculative
buildings
Total leased flex market 26,234,962 22.7% 26.1% -148,702 $7.14

Atlanta industrial capital markets overview

The first quarter was slow for capital markets activity in Atlanta, with deal volume retreating after a LaSalle Investment Management made a play in the Atlanta market with the purchase of a 459,134
flurry of activity at the end of 2010. Most trades in the quarter were for smaller properties, with only square-foot warehouse in the North I-85 Corridor. The property is considered a core asset due to
four deals greater than 250,000 square feet closing this quarter. the long-term lease in place with Systemax. The retailer maintains a distribution center, call center
and retail outlet at the location and is tied up for the next 20 years at an average of $3.93 per
The Solo Cup Distribution Center changed hands at $24.67 per square foot, for an 8.8 percent cap square foot triple net, amounting to a cap rate of 7.15 percent.
rate. The building is fully leased by Solo Cup for the next ten years, though the firm is actively
seeking to sublease a portion of their space. First Industrial Realty and UBS originally developed Also of note, Lowe’s Home Improvement purchased a building in Palmetto. The 1.3 million square-
the warehouse as a build-to-suit in 2006. First Industrial Realty eventually left the joint venture with foot rail-served warehouse will supply Lowe’s network of distribution centers across the East coast.
UBS, leaving the bank with a portfolio of 15 industrial properties, which they are now marketing. Lowe’s purchased the building for $9.44 per square foot and has plans for millions of dollars in
renovations to the former General Services Administration facility.
Atlanta select sales

Northeast Solo Cup Distribution Center Average sales price (p.s.f.) and cap rates
RBA 1,370,000 s.f.
Buyer Industrial Income Trust, Inc.
Seller UBS AG
Price (p.s.f.) $24.67
Date sold March 2011
Northeast 235 Hog Mountain Road

RBA 459,134 s.f.
Buyer LaSalle Investment Management
Seller Cousins Properties
Price (p.s.f.) $47.92
Date sold February 2011
Airport/South I-85 8400 Tatum Road

RBA 1,337,487s.f.
Buyer Lowe’s Home Improvement
Seller Prudential
Price (p.s.f.) $9.44
Date sold February 2011
Appendix
Statistics
Large block availabilities
Construction map
Contacts
Atlanta industrial market statistics

Total Direct Total Direct Total Q1 direct net YTD 2011direct Q1 total net YTD 2011 total Average direct Average total Under YTD
Submarket inventory vacancy vacancy availability availability absorption net absorption absorption net absorption asking rent asking rent construction completions
(s.f.) (%) (%) (%) (%) (s.f.) (s.f.) (s.f.) (s.f.) ($ p.s.f.) ($ p.s.f.) (s.f.) (s.f.)
Airport
Warehouse / Distribution 78,747,890 14.49% 14.77% 17.78% 20.85% 1,956,643 1,956,643 1,956,643 1,956,643 $2.76 $2.75 409,006 1
Manufacturing 16,186,413 6.24% 6.24% 8.04% 8.04% -95,000 -95,000 203,895 203,895 $2.33 $1.99 0 0
Total industrial 94,934,303 13.08% 13.31% 16.12% 18.66% 1,861,643 1,861,643 2,160,538 2,160,538 $2.72 $2.71 409,006 1
Flex / R&D 1,257,808 11.49% 11.49% 11.76% 11.76% 16,657 16,657 16,657 16,657 $7.96 $7.96 0 0
Central Atlanta
Warehouse / Distribution 7,444,338 10.17% 10.17% 17.01% 17.01% -20,044 -20,044 -20,044 -20,044 $3.25 $3.31 0 0
Manufacturing 3,005,403 10.48% 10.48% 13.48% 13.48% 0 0 0 0 $3.25 $3.25 0 0
Total industrial 10,449,741 10.26% 10.26% 15.99% 15.99% -20,044 -20,044 -20,044 -20,044 $3.25 $3.54 0 0
Flex / R&D 2,147,599 8.30% 8.30% 11.39% 11.39% -19,992 -19,992 -19,992 -19,992 $15.36 $12.32 0 0
Chattahoochee
Warehouse / Distribution 11,596,690 10.03% 10.03% 16.41% 16.52% 5,223 5,223 21,152 21,152 $4.18 $4.28 0 0
Manufacturing 3,936,762 5.15% 5.15% 7.69% 14.20% 14,257 14,257 14,257 14,257 $3.62 - 0 0
Total industrial 15,533,452 8.79% 8.79% 12.25% 12.33% 19,480 19,480 35,409 35,409 $4.76 $4.28 0 0
Flex / R&D 1,418,721 13.38% 13.38% 14.47% 14.47% -32,224 -32,224 -32,224 -32,224 $6.46 $6.07 0 0
I-20 East
Manufacturing 7,950,932 2.67% 2.67% 3.93% 7.15% 14,257 14,257 14,257 14,257 $3.62 $3.06 0 0
Flex / R&D 2,965,999 21.88% 23.11% 30.22% 30.22% -2,268 -2,268 -2,268 -2,268 $3.80 $3.79 0 0
Vacancy: Physically vacant space. Total Vacancy includes both direct and sublease space.
Availability: Space being marketed for lease by owner or sublessor, regardless of occupancy. Total Availability includes both direct and sublease space.
Net Absorption: The net change in occupancy over a measured period of time.
Average Asking Rent: Direct monthly values presented on a NNN basis, then weighted by the amount of direct available space in a building.
Statistics reflect the total industrial market, including owner occupied facilities
Atlanta industrial market statistics, cont.

I-20 West
Manufacturing 6,850,153 3.52% 3.52% 5.88% 5.88% -11,529 -11,529 -11,529 -11,529 $2.49 $2.49 0 0
Flex / R&D 1,857,967 12.12% 12.12% 13.32% 13.32% 1,394 1,394 1,394 1,394 $7.28 $7.32 0 0
North Central
Manufacturing 1,550,029 4.69% 4.69% 8.56% 8.56% 0 0 0 0 $3.32 $3.32 0 0
Flex / R&D 5,709,111 18.44% 19.25% 25.37% 26.18% -112,547 -112,547 -112,547 -112,547 $8.51 $8.77 0 0
Northeast
Warehouse / Distribution 126,996,201 15.01% 15.35% 18.30% 20.19% 429,162 429,162 382,982 382,982 $3.39 $3.40 215,000 1
Manufacturing 21,938,171 5.63% 6.12% 6.63% 7.25% 40,800 40,800 40,800 40,800 $2.80 $2.71 0 0
Total industrial 148,934,372 13.63% 13.99% 16.58% 18.28% 469,962 469,962 423,782 423,782 $3.36 $3.34 215,000 1
Flex / R&D 11,325,263 21.85% 22.52% 25.27% 26.05% -48,977 -48,977 -42,587 -42,587 $7.98 $7.98 0 0
Northwest
Manufacturing 5,790,560 10.87% 11.82% 11.39% 12.34% 85,615 85,615 85,615 85,615 $2.70 $2.85 0 0
Total industrial 44,080,426 15.17% 15.45% 18.26% 18.61% 48,713 48,713 -1,851 -1,851 $3.56 $3.72 0 0
Flex / R&D 6,677,598 13.68% 15.64% 16.07% 18.27% 47,195 47,195 42,865 42,865 $8.01 $7.51 0 0
Atlanta industrial market statistics, cont.

South I-75
Manufacturing 5,653,467 11.59% 11.59% 16.82% 19.67% 0 0 0 0 $3.21 $3.26 0 0
Flex / R&D 741,792 0.63% 0.63% 0.63% 0.63% 0 0 0 0 - - 0 0
Metro
Warehouse / Distribution 429,671,383 15.08% 15.41% 19.25% 21.11% 2,585,788 2,585,788 2,504,973 2,504,973 $3.19 $3.10 624,006 2
Manufacturing 72,861,890 6.28% 6.50% 8.13% 9.32% 48,400 48,400 347,295 347,295 $2.86 $3.10 0 0
Total industrial 502,533,273 13.81% 14.12% 17.64% 19.40% 2,634,188 2,634,188 2,852,268 2,852,268 $3.17 $3.09 624,006 2
Flex / R&D 34,101,858 17.10% 17.95% 20.91% 21.73% -150,762 -150,762 -148,702 -148,702 $7.18 $7.14 0 0
Atlanta industrial buildings with large block availabilities
Warehouse
Warehouse Warehouse
Warehouse Warehouse Warehouse
Warehouse Distribution Distribution
Warehouse Warehouse Distribution
Warehouse Warehouse Distribution
Submarkets with no large block availabilities Warehouse Warehouse Distribution
Central Atlanta Airport/South I-85 I-20 East

Chattahoochee
14 Blocks 7 Blocks
North Central
6,298,652 SF 3,363,283 SF
Northwest
8095 McLarin Road – (W) – 1,043,520 SF 4071-4081 Southmeadow Parkway W 1475 Northeast Highway 138
6855 Shannon Parkway – (W) – 630,540 SF – (W) – 359,918 SF – (W) – 445,234 SF
3201 Centre Parkway – (W) – 607,650 SF 7300 Oakley Industrial Boulevard – (D) – 2001 Deere Drive – (W) – 378,883 SF
5005 Terminus Drive – (W) – 569,918 SF 346,113 SF 1571 Highway 138 – (W) – 301,242 SF
4575 Lake Mirror Place – (W) – 432,500 SF 7135 Southlake Parkway – (W) – 289,343 SF 16126 Alcovy Road – (D) – 300,000 SF
5300 Kennedy Road – (W) – 425,300 SF 1310 Citizens Parkway – (W) – 273,000 SF 1187 East Hightower Trail
3025 Slyvan Road – (W) – 415,676 SF 4955 Mason Road – (W) – 258,674 SF – (D) – 1,370,000 SF
4475 S Fulton Parkway – (W) – 395,000 SF 4650 Hugh Howell Road – (D) – 293,000 SF
4750 Hugh Howell Road – (D) – 274,924 SF
Contiguous blocks greater than 250,000 square feet; (M): Manufacturing; (D): Distribution; (F): Flex; (W): Warehouse;
Atlanta industrial buildings with large block availabilities, cont.

Warehouse Distribution Warehouse
Distribution Warehouse Warehouse
Warehouse Warehouse Warehouse Distribution
Warehouse Warehouse Warehouse Distribution
Warehouse Warehouse Distribution Warehouse
I-20 West Northeast

16 Blocks 11 Blocks
6,056,628 SF 6,518,360 SF
6150 Xavier Drive SW – (R) – 542,432 SF 1100 Westlake Parkway SW 625 Braselton Highway – (D) – 1,061,332 SF 596 Bonnie Valentine Way – (D) – 583,525 SF
5400 Fulton Industrial Boulevard SW – (W) – 177,000 SF 860 John B. Brooks Road – (W) – 810,000 SF 350 Raco Parkway – (D) – 481,800 SF
– (W) – 448,448 SF 5800 Placeummer Road – (W) – 141,878 SF 6205 Best Friend Road – (W) – 735,233 SF 3312 North Berkeley Lake Road NW
1780 Westgate Parkway SW 7545 Hartman Industrial Way 300 Horizon Drive – (W) – 356,000 SF – (W) – 730,684 SF
– (W) – 448,000 SF – (W) – 569,271 SF 4505 Newpoint Place – (W) – 350,350 SF
3710 Atlanta Industrial Parkway N 9000 Riverside Parkway – (D) – 542,491 SF 2800 Sawnee Avenue – (W) – 302,600 SF
– (W) – 446,664 SF 1265 Terminus Drive – (W) – 527,000 SF 1327 Northbrook Parkway – (W) – 144,556 SF
6021 Greensboro Drive SW 2124 Skyview Drive – (W) – 395,000 SF 1523 Steve Reynolds Parkway
– (D) – 332,219 SF 777 Douglas Hill Road – (W) – 342,217 SF – (D) – 962,280 SF
1600 Distribution Court – (W) – 258,034 SF 780 Douglas Hill Road – (W) – 322,025 SF
3380 Florence Road – (W) – 276,689 SF 6355 Boat Rock Boulevard SW
– (W) – 296,260 SF
Contiguous blocks greater than 250,000 square feet; (M): Manufacturing; (D): Distribution; (F): Flex; (W): Warehouse
Atlanta industrial buildings with large block availabilities, cont.
Warehouse
Warehouse Warehouse
Warehouse Warehouse
Distribution Warehouse
Manufacturing Warehouse
Warehouse Warehouse
Warehouse Distribution
Warehouse Warehouse
South I-75
15 Blocks
7,194,462 SF
201 Greenwood Court – (W) – 800,000 SF 250 Declaration Drive – (W) – 429,600 SF
200-210 Interstate South Drive 4644 SouthPark Boulevard
– (W) – 645,120 SF – (W) – 422,500 SF
100 Interstate South Drive – (W) – 578,620 SF 3060 SouthPark Boulevard
201 King Mill Court – (D) – 570,000 SF – (W) – 411,193 SF
375 Airport Road – (M) – 509,000 SF 200 Eagles Landing Parkway
220-230 Greenwood Court – (W) – 504,000 SF – (W) – 399,177 SF
237 Greenwood Industrial Court 197 King Mill Road – (W) – 314,755 SF
– (W) – 455,000 SF 100 Constitution Drive – (D) – 273,400 SF
3100 SouthPark Boulevard 180 Westridge Parkway – (W) – 430,897 SF
– (W) – 451,200 SF
Contiguous blocks greater than 250,000 square feet; (M): Manufacturing; (D): Distribution; (F): Flex; (W): Warehouse;
Atlanta construction map

Construction completed – year to date
1 Aldi Distribution Center – 1597 Dry Pond Road,
delivered Q1 2011
2 Clorox Distribution Center – 1595 Oakley Industrial Boulevard,
delivered Q1 2011
Construction in progress
1
3 SANY America Assembly Plant – 318 Cooper Circle,
est. delivery Q2 2011
4 FedEx Distribution Center – Atlantic Boulevard,
4
est. delivery Q3 2012
3
Atlanta contacts
Research Ray Dankberg PDS Property Management

Daniel Fenton Vice President Ethan Milley Linda Bolan
Research Analyst, Industrial +1 404 995 2415 Managing Director Managing Director
+1 404 995 2353 ray.dankberg@am.jll.com +1 404 995 2188 +1 404 585 4506
daniel.fenton@am.jll.com ethan.milley@am.jll.com linda.bolan@am.jll.com
Scott Polinksi
Sarah Watton Vice President Brian Terrell
Senior Research Analyst, Office +1 404 995 2218 Managing Director BEI
+1 404 995 6531 scott.polinski@am.jll.com +1 404 995 2413 Amy Gerber
sarah.watton@am.jll.com brian.terrell@am.jll.com Executive Vice President
Paul Roeser +1 404 995 2447
Vice President Tripp Eskridge amy.gerber@am.jll.com
Brokerage +1 404 995 2456 Senior Vice President, LEED GA
Steve Grable paul.roeser@am.jll.com +1 404 995 2466
Senior Vice President, SIOR john.vanbuskirk@am.jll.com
+1 404 995 2455 Chris Tomasulo
steve.grable@am.jll.com Vice President Mike Clemens
+1 404 995 2462 Vice President, CPIM LEED GA
Bob Robers chris.tomasulo@am.jll.com +1 404 995 2180
Senior Vice President mike.clemens@am.jll.com
+1 404 995 2445 Ryan Wood
bob.robers@am.jll.com Vice President Tom Simpson
+1 404 995 2280 Vice President, LEED AP
Alan Clayton ryan.wood@am.jll.com +1 404 995 6349
Vice President tom.simpson@am.jll.com
+1 404 995 2460
alan.clayton@am.jll.com
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Atlanta Q1 2011 Industrial Outlook

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Atlanta Q1 2011 Industrial Outlook

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on point

Atlanta . Industrial Outlook . Q1 2011

Atlanta market stabilizing

The freeze in speculative construction is expected to last in the near term,

Atlanta industrial overview

Total industrial market (owner occupied included)

Total flex market 34,101,858 0 17.1% 21.7% -148,702 $7.18

Atlanta industrial overview, cont.

Atlanta property clock

Landlord leverage Peaking Falling

Atlanta industrial overview, cont.

$6.00 Airport/South I-85

$5.00 South I-75

$1.00 Central Atlanta

$0.00 I-20 West

-750,000 -250,000 250,000 750,000 1,250,000 1,750,000 2,250,000

Pricing trends Demand trends

Atlanta leased industrial market [excluding owner occupied facilities]

Electrolux 7780 Spence Road Airport/South I-85 New 600,000

The leased industrial sector excludes owner occupied

that are leased by tenants. Buildings can move into

Target Northeast 600,000-1,000,000

Wal-Mart I-75 South 125,000 – 150,000

Gordon Foods Northeast & I-75 South 500,000

Total leased flex market 26,234,962 22.7% 26.1% -148,702 $7.14

Atlanta industrial capital markets overview

Atlanta select sales

Northeast 235 Hog Mountain Road

Airport/South I-85 8400 Tatum Road

Large block availabilities

Atlanta industrial market statistics

Manufacturing 3,005,403 10.48% 10.48% 13.48% 13.48% 0 0 0 0 $3.25 $3.25 0 0

Atlanta industrial market statistics, cont.

Manufacturing 1,550,029 4.69% 4.69% 8.56% 8.56% 0 0 0 0 $3.32 $3.32 0 0

Atlanta industrial market statistics, cont.

Manufacturing 5,653,467 11.59% 11.59% 16.82% 19.67% 0 0 0 0 $3.21 $3.26 0 0

Flex / R&D 741,792 0.63% 0.63% 0.63% 0.63% 0 0 0 0 - - 0 0

Atlanta industrial buildings with large block availabilities

Central Atlanta Airport/South I-85 I-20 East

Atlanta industrial buildings with large block availabilities, cont.

Warehouse Warehouse Warehouse

I-20 West Northeast

Atlanta industrial buildings with large block availabilities, cont.

Atlanta construction map

Research Ray Dankberg PDS Property Management

Jones Lang LaSalle Research

Jones Lang LaSalle Jones Lang LaSalle

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