1. Q1 2012 | INDUSTRIAL
GREATER COLUMBUS REGION
INDUSTRIAL TRENDS REPORT
Strong Leasing Continues
INDUSTRIAL MARKET OVERVIEW
The first quarter continued the positive growth from 2011 with more than 1.2 million square feet of
positive absorption. The first quarter 2012 vacancy rate of 10.9 percent is the lowest since the
recession began in December 2007, when the fourth quarter 2007 vacancy rate was 10.4 percent.
The majority of the largest leases occurred in the Southeast and Southwest submarkets. Innotrac
took 434,000 square feet at 6360 Port Road and Shasta Beverage took 134,000 square feet at 4370
Alum Creek, both in the southeast. ALMO leased 134,000 square feet at 3750 Brookham Drive in the
MARKET INDICATORS southwest submarket.
Q4 Q1
FORECASTS AND REFLECTION
2011* 2012**
• Therewere two investment sales this quarter. 3rd Avenue from Wasserstrom Ventures LLC.
VACANCY Duke Realty purchased both Creekside XXII Tenants at the 135,000-square-foot facility
($22.2 million) and Creekside XIV ($16.7 include Imports Plus Automotive, Ohio Grinding
NET ABSORPTION million) together as a portfolio. The & Mach Co, and Advance Sign Group.
CONSTRUCTION
613,000-square-foot Creekside XIV is 86 • Target announced construction plans to expand
percent occupied by Exel and Tire Kingdom. its food distribution center in West Jefferson by
RENTAL RATES — — The 463,000-square-foot Creekside XXII is 438,000 square. When completed the facility
100 percent occupied by Genco. will employ an additional 100 to 150 workers.
*Actual change from previous quarter
• Nationwide Realty Trust purchased 862 West Construction will begin in second quarter 2012.
**Projected change from previous quarter
RENTAL RATES
PROPERTY TYPE VACANCY RATES OVER COMPLETIONS
WEIGHTED AVERAGE RENTAL RATES
Asking rental rates were flat
Rates for the Major Product Types
17.0 2,500,000 for warehouse/distribution
$7
2.5 $2.20
16.0 2,000,000 from last quarter, while R&D/
$2.15 Flex increased for the third
2.0 $6
$2.10 15.0 1,500,000 quarter in a row since second
$2.05
1.5
$5 14.0 1,000,000 quarter 2011. There are only
$2.00
1.0 $1.95
30 spaces of 20,000 square
13.0 500,000 feet or greater in R&D/Flex,
$4 $1.90
0.5
$1.85 12.0 0 mostly occurring in the
0 $3 $1.80 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Q2 Q3 Q4 Q1 Southwest, Southeast, Union,
3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q10 4Q10
11.0 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 (500,000) and West submarkets. This
$2
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 10.0 (1,000,000) will start to effect price soon
08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 if leasing remains strong. The
General Industrial R&D/Flex Warehouse/Dist. 9.0 (1,500,000) change in general asking
1
8.0 5 10 15 20 25 30
(2,000,000) rates over the past year has
been negligible.
Completions Absorptions Total Market Vacancy Rate
www.colliers.com/columbus

2. RESEARCH & FORECAST REPORT | Q1 2012 | INDUSTRIAL | GREATER COLUMBUS REGION
Delaware REGIONAL INDUSTRIAL ECONOMICS with demand. Many manufacturers are reporting
County
Union The Federal Reserve Bank of Cleveland reports that they plan to increase outlays during the next
County
at least once a quarter in the Federal Reserve’s several months.
North
Beige Book about the economic activity of the
Licking
Madison
County County fourth district, which includes the Columbus Freight transport volume has been trending
Metropolitan Statistical Area (MSA). The Beige higher during the past few weeks. The industries
West East
Book from February 2012 reported that industrial driving transport demand are energy and metals.
CBD activity was up slightly or flat in the previous six Volume is expected to continue growing at a
weeks. Manufacturers reported that new orders moderate pace for the remainder of the year.
Southwest Southeast
Fairfield
and production at factories were generally stable
County or moderately higher during the past six weeks. The Bureau of Labor Statistics reported
Pickaway County Most manufacturers anticipated modest gains in manufacturing employment of 62,300 employees
demand. Capacity utilization remained below in February which was an increase of 400
The Columbus industrial market consists normal with little change expected in the near employees over January. Year over year
of 10 suburban submarkets and the manufacturing is down by 1.6 percent. Trade,
term.
Central Business District. The total
transportation and utilities employment shrank
inventory for the region is 213 million
square feet of space Freight transportation had been trending higher by 1,800 employees from January, with an
during the previous six weeks, and during increase of 1.1 percent year over year. Mining,
January it was above year-ago levels. Strong logging and construction decreased by 100
demand was seen in automotive, food, and shale employees from January and is up 7.2 percent
gas producers. The expectation was for volume year over year.
to grow at a moderate pace during 2012.
TENANTS IN THE MARKET
In April, the Beige Book reported that industrial The type of tenant seen most frequently in first
activity grew at a modest pace since the February quarter were auto suppliers and/or parts
report. Production at factories showed a small manufacturers, recycling companies, and
increase during the past six weeks, and that for a e-commerce distributors. There are currently at
majority of manufacturers output was above least 27 companies looking for 50,000 square
year-ago levels. Capacity utilization has returned feet or greater in Columbus, and at least 28
to normal rates for the majority of those companies are looking for 15,000 to 50,000
contacted, while inventories were consistent square feet of space.
MARKET ACTIVITY
SALES ACTIVITY
SALES
PROPERTY ADDRESS DATE SALE PRICE SIZE SF GRANTOR GRANTEE PRICE / SF TYPE SUBMARKET
2120 Creekside Parkway Mar-12 22,216,796 613,312 Pizzuti Cos Duke Realty $36.22 Ware/Dist Southeast
4555 Creekside Parkway Mar-12 16,783,187 463,313 Pizzuti Cos Duke Realty $36.22 Ware/Dist Southeast
862 West 3rd Avenue Jan-12 6,599,700 135,242 Wasserstrom Ventures LLC Nationwide Realty Investors $48.80 Ware/Dist West
7304 Tussing Road Jan-12 3,175,000 67,725 Kittle's Bloomington LLP VSI IV Reynoldsburg, LLC $46.88 Ware/Dist Fairfield
1239-1251 Alum Creek Drive Feb-12 900,000 56,000 Doyle Properties Inc Mazz Ltd $16.07 R&D/Flex Southeast
3987 E Main Street Jan-12 750,000 44,000 Prince Hall Grand Lodge Franklin Co. Commissioners $17.05 R&D/Flex East
200 Kintner Parkway Jan-12 1,200,000 26,914 The Commander Realty LLC Universal Composite LLC $44.59 General North
Delaware
LEASE ACTIVITY
PROPERTY ADDRESS LEASE SF LESSOR LESSEE ASKING PRICE (NNN) TYPE SUBMARKET
6360 Port Road 434,120 Exeter 6360 Port LLC Innotrac $2.95 Warehouse - Distribution Southeast
3750 Brookham Drive 134,957 Prologis ALMO $3.50 Warehouse - Distribution Southwest
4370 Alum Creek Drive 134,400 Hackman Capital Shasta Beverage $2.25 Warehouse - Distribution Southeast
6000 Green Pointe Drive 126,000 CABOT Schwartz $3.25 Bulk Warehouse Southeast
456 McCormick Boulevard 48,915 Blackstone Cap & Associates $2.25 Warehouse - Distribution East
2297 Southwest Boulevard 40,026 Industrial Southpark Owner LLC Cinco $3.10 Flex/R&D Southwest
P. 2 | COLLIERS INTERNATIONAL

3. RESEARCH & FORECAST REPORT | Q1 2012 | INDUSTRIAL | GREATER COLUMBUS REGION
UPDATE Market Comparisons
INDUSTRIAL MARKET
Net Absorption Construction Asking Rental Rates
SUBMARKET Total SF Vacant SF Vacancy % Current Quarter Year-to-date Current Completions WH/Dist R&D/Flex
CBD 5,706,725 699,829 12.3 (38,268) (38,268) - - $6.63
EAST 20,682,243 4,151,888 20.1 87,026 87,026 - $2.83 $6.35
FAIRFIELD 6,441,842 260,755 4.0 40,920 40,920 - $4.00 $6.90
LICKING 18,832,930 893,989 4.7 109,000 109,000 773,000 - $2.76 -
MADISON 8,148,397 - 0.0 - - - - -
NORTH 16,817,138 1,298,006 7.7 56,082 56,082 - $2.71 $5.11
NORTH DELAWARE 9,146,849 1,043,757 11.4 (15,750) (15,750) - $3.22 $6.75
PICKAWAY 3,550,850 84,250 2.4 (12,350) (12,350) - $2.48 -
SOUTHEAST 64,181,757 9,429,953 14.7 917,239 917,239 125,000 - $2.54 $3.06
SOUTHWEST 17,683,127 1,163,023 6.6 128,833 128,833 - $2.99 $3.47
UNION 6,333,817 363,905 5.7 (1,140) (1,140) - - $4.59
WEST 35,893,270 3,873,510 10.8 9,256 9,256 - $2.25 $4.28
TOTALS 213,418,945 23,262,865 10.9 1,280,848 1,280,848 898,000 - $2.59 $4.77
Net Absorption Construction Asking Rental Rates
SUBMARKET Total SF Vacant SF Vacancy % Current Quarter Year-to-date Current Completions By Product Type
R&D/FLEX 20,280,125 2,813,464 13.9 315,796 315,796 - $4.77
GENERAL INDUSTRIAL 71,640,726 5,497,749 7.7 95,690 95,690 658,000 - $3.93
WAREHOUSE/ 121,498,094 14,951,652 12.3 869,362 869,362 240,000 - $2.59
DISTRIBUTION
TOTALS 213,418,945 23,262,865 10.9 1,280,848 1,280,848 898,000 - $2.98
QUARTERLY COMPARISON AND TOTALS
Net Absorption Construction Asking Rental Rates
QUARTER, YEAR Total SF Vacant SF Vacancy % Current Quarter Year-to-date Current Completions ($)
Q4, 2011 213,215,134 24,525,213 11.5 391,728 3,478,819 968,000 175,000 $3.03
Q3, 2011 213,040,134 24,916,941 11.7 1,018,991 3,087,091 1,073,000 1,800,000 $2.96
Q2, 2011 211,235,134 25,935,932 12.3 2,430,463 2,068,100 1,910,000 - $2.80
Q1, 2011 211,688,286 28,405,746 13.4 (362,363) (362,363) 1,910,000 - $2.92
CONSTRUCTION
McGraw-Hill Construction’s most
recent report showed residential and
nonresidential future construction
in the eight-county region combined
fell by 10 percent to $115.3 million
from January 2012. This is down
from $127.9 million in February 2011.
Regional nonresidential development,
which was more than double residential
development last year, fell by 40 percent
to about $51.7 million in February.
COLLIERS INTERNATIONAL | P. 3

4. RESEARCH & FORECAST REPORT | Q1 2012 | INDUSTRIAL | GREATER COLUMBUS REGION
CENTRAL BUSINESS DISTRICT Construction continues on Pizzuti’s
125,000-square-foot facility for MBM in
The Central Business District (CBD) lost 38,000
square feet in negative absorption in the first
Groveport at 2240 Creekside Parkway. 512 offices in
quarter, due mostly to a vacancy at 1800 East
SOUTH
61 countries on
5th Avenue. Absorption was strong throughout
2011, and there are fewer spaces available The southern submarkets are Pickaway and 6 continents
meaning we will likely see a slow down in activity Fairfield counties. Fairfield gained 40,000
square feet due to leasing at 380 Quarry Road. United States: 125
in this submarket. Only 15 percent of the spaces Canada: 38
left are 5,000 square feet or greater. Pickaway lost a marginal 12,000 square feet. Latin America: 18
Asia Pacific: 214
EAST SOUTHWEST EMEA: 117
The Southwest submarket showed absorption of • $1.5 billion in annual revenue
The submarkets comprising eastern Columbus
128,000 square feet, bringing the vacancy rate
are East and Licking County. 111 Enterprise Drive • 978.6 million square feet under
down to 6.6 percent. Large leases occurred at
in Licking leased an additional 115,000 square management
3750 Brookham Drive, 1621 Harmon Avenue,
feet bringing the Licking submarket net quarter • Over 12,500 professionals
and 5150 Walcutt Court. 3350 Urbancrest
absorption to 119,000 square feet. Various leases
Industrial Drive incurred a large vacancy.
were executed in the East submarket bringing UNITED STATES:
the total absorption to 87,000 square feet.
WEST Columbus
Richard B. Schuen SIOR CCIM
Construction in the East remains high but most The submarkets on the west side of Franklin CEO | Principal | Columbus
projects are set to close within the year. Quebec county are West, Madison and Union. Union 8800 Lyra Drive
Ontario-based KDC is expected to complete its county lost a marginal 1,100 square feet. The Suite # 150
west submarket had a lot of activity but ended Columbus, Ohio 43240
240,000-square-foot building in spring 2012.
with a marginal 9,200 square feet absorbed. 20 TEL +1 614 410 5612
Mississauga, Canada-based Axium Plastics will
complete a 110,000-square-foot facility in spring percent of the absorption changes occurred in
2012, employing 165. Construction continues on the west, and none of them were over 35,000
Leslie Hobbs
Pizzuti’s 303,000-square-foot speculative square feet. Madison had no activity. Marketing and Research Manager
building planned for spring 2012. Sonoco is 8800 Lyra Drive
constructing a 120,000-square-foot facility and MARKET INTEL Suite #150
Columbus, Ohio, 43240
is also expected to be completed in 2012. Market Activity Volume is the sum of the TEL +1 614 410 5640
absolute value of each absorption change in
NORTH the market. It tells us a little more about what
The submarkets comprising northern Columbus exactly happened to the market behind the Jonathan Badgley
absorption number. The Market Activity Volume Research Analyst
are North and North Delaware. The North gained 175 South Third Street
56,000 square feet from numerous leases. was 2,183,000 square feet, meaning that Suite # 285
North Delaware absorption was a negligible almost 80 percent of the activity this quarter Columbus, Ohio 43201
15,000 square feet negative. was positive absorption. First quarter has a TEL +1 614 437 4495
seasonal adjustment of 24 percent, meaning
SOUTHEAST that in a typical year the first quarter is about
25 percent more active than the rest of the
The Southeast submarket drove the market with
year.
the largest positive absorption of 917,000 square This document/email has been prepared by Colliers
feet, bringing the vacancy rate down to 14.7 International for advertising purposes. Colliers
There are 52 buildings with vacant contiguous International statistics and data are audited annually and
percent. Warehouse/distribution prices remain
space over 100,000 square feet left in the may result in revisions to previously reported quarterly
the lowest on average in the Columbus market. and final year-end figures. Sources include Columbus
Columbus market. 14 were built since 2000 and Dispatch, Business First, Xceligent, and the Wall Street
55 percent of the vacancies over 100,000 square
13 of those are warehouse/distribution. These Journal.
feet are in the southeast and of buildings newer
vacancies will keep warehouse/distribution
than 2000 the southeast is 85 percent of the
asking rates low while they last.
market.
The low availability of R&D/Flex space over
There were no significant vacancies this quarter,
10,000 square feet is driving the continued
but there were six absorptions over 30,000
increase in price. In buildings built since 2000,
square feet. Innotrac leased 434,000 square feet
there are only 14 buildings with vacant with
at 6360 Port Road.
contiguous space over 10,000 square feet.
Accelerating success.
www.colliers.com/columbus