Illusive Positives ALBUQUERQUE, NEW MEXICO INDUSTRIAL TRENDS REPORT Q INDUSTRIAL

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1 Q INDUSTRIAL ALBUQUERQUE, NEW MEXICO INDUSTRIAL TRENDS REPORT MARKET INDICATORS Q1 14 Q2 14 VACANCY NET ABSORPTION CONSTRUCTION RENTAL RATE Illusive Positives On the surface the market appears to be doing well. During the quarter a healthy 337,000 square feet of space was absorbed. This above average level is primarily attributed to several large spaces becoming occupied. The largest was Nova Corporation leasing the former 192,000 square-foot Schott Solar plant in the Mesa Del Sol submarket for a data center. U.S. Cotton expanded their presence in Rio Rancho and occupied nearly 64,000 square feet of office warehouse space. The other large occupancy was Inland Kenworth s completion of a 45,750 square-foot new truck service center and sales facility on the West Mesa. Additionally several building purchases by owner/occupants also contributed to the quarter s success which removed another 60,000 square feet of vacant space. Realistically the market is still lacking sustainable drivers of growth. The twenty percent increase in new construction and single-family housing starts is helping to stabilize the downturn. The increase, however, is small on a net number and has not translated to new demand for space. Many contractors still have plenty of excess capacity that needs to be grown into first before spurring demand. Activity levels are still low with a limited number of users searching for space. The market remains flat and is stuck in a holding pattern. A majority of these are non-traditional users such as indoor gymnasiums, churches and charter schools who are taking advantage of affordable industrial spaces. Conversely, newer properties with spaces that have modern amenities are being leased up quickly but the supply of these is very low. New speculative industrial construction projects have grinded to a halt. Instead, historically reduced land prices are enabling larger users, who require over 100,000 square feet, to develop their own facilities. VACANCY Last Nine Quarters COMPLETION VS. ABSORPTION Last Nine Quarters (in Thousands of SF) ASKING RENTAL RATES Last Nine Quarters, Annual Triple Net 14% 450 $12 12% % 250 $10 8% 150 $8 50 6% -50 $6 4% -150 $4 Availability Vacancy Absorption Completions R&D/Flex General Industrial Warehouse/Dist.

2 FORECAST New speculative construction starts should remain dormant throughout the remainder of Any new projects will not move forward until at least A shortage of large warehouse spaces over 100,000 currently exists but lower lease rates in competing markets are preventing developers from considering them. Any new construction projects moving forward will be for larger build-to-suits for single tenants or owners developing projects themselves. Land prices for large land tracts over ten acres should remain attractive and help to facilitate this trend. More functionally obsolete properties will be acquired as offerings get price reductions that are aligned with owner/investor expectations. Renovation strategies should help to offset the lack of new speculative construction starts. Overall demand for space is expected to remain flat for the rest of Without a major uptick in new housing starts, growth prospects will be muted. A limited number of deals for larger spaces should help to offset an increase in consolidations and downsizings. Look for a modest increase in the amount of sublease availabilities brought to market. Most of these will be for excess spaces not currently being fully utilized. These will likely occur primarily in R&D/Flex property types that have a higher percentage of the space allocated to office use. Demand for single-tenant industrial investments should increase as the supply of offerings in major markets gets snapped up. This should lead to increased interest in secondary markets as investors search for higher returns. Growth in e-commerce is providing strong demand for large regional warehouse and distribution properties. RECENT TRANSACTIONS LEASING ACTIVITY LESSEE/BUYER LESSOR/SELLER PROPERTY SIZE SF BAD-LAF Commercial RE, LLC purchased Xynatech Holdings, Inc. 545 Vortex Rd 20,900 Nova Corporation leased Schott Solar 5201 Hawking Dr SE 192,125 KMK, LLC purchased CKM Development, Inc Masthead St NE 29,000 P. 2 COLLIERS INTERNATIONAL

3 NET ABSORPTION ASKING RENT SUBMARKET TOTAL SF VACANT SF VACANT % AVAILABLE % CURRENT QTR YEAR TO DATE CONSTRUCTION SF WH/DIST. R&D/FLEX AIRPORT 960, , % 11.1% 10,000 12,000 - $4.83 $10.00 DOWNTOWN 3,155, , % 14.9% 8,000 (15,302) - $ FAR NORTHEAST HEIGHTS 171, MESA DEL SOL 639,334 11, % 10.0% 192, , NORTH I-25 16,072,986 1,135, % 8.0% 37, ,902 - $6.79 $8.24 NORTH VALLEY 1,583, , % 18.5% 6,856 6,856 - $5.75 $5.11 NORTHEAST HEIGHTS 404,707 47, % 13.9% - 5,040 - $ RIO RANCHO 6,091, , % 3.2% 84, ,941 - $6.00 $8.88 SOUTH VALLEY 2,477, , % 20.8% - 50,160 - $3.59 $12.00 SOUTHEAST HEIGHTS 1,552, , % 10.2% $4.99 $14.08 UNIVERSITY 188,761 45, % 10.1% WEST MESA 3,929, , % 2.0% 79,572 61,643 - $ TOTALS 37,227,667 2,951, % 8.7% 418, ,365 - $6.37 $8.83 BY PROPERTY TYPE ASKING RENT GENERAL INDUSTRIAL 18,015, , % 8.0% 347, ,169 - $6.83 R&D/FLEX 4,246, , % 13.4% 20,900 (16,204) - $8.83 WAREHOUSE/DIST. 14,965,881 1,408, % 8.1% 49,803 62,400 - $5.51 TOTALS 37,227,667 2,951, % 8.7% 418, ,365 - $6.37 COLLIERS INTERNATIONAL P. 3

4 Industrial Brokers Bill Robertson Senior Vice President Principal TEL Tom Franchini, CCIM Senior Associate TEL Tim MacEachen, CCIM, SIOR Senior Vice President TEL Lori Robertson Associate TEL P. 4 COLLIERS INTERNATIONAL

5 LOCAL COMPANY PROFILE Colliers International in New Mexico accelerates the success of our clients through our extensive industry experience, superior market knowledge throughout the state and a thorough understanding of the complexities associated with real estate transactions. As a market leader in New Mexico for over 25 years, our local team of over 50 real estate advisors and employees provides every client extensive commercial real estate industry experience. We offer expertise in the full spectrum of transaction services, specializing in office, investment, industrial, retail, land and multi housing properties. The professionals in our office hold numerous prestigious industry designations, including CCIM, SIOR and CPM. An Accredited Management Organization (AMO), our Property Management division provides comprehensive property management services for all types of real estate properties. Through our experience, education and integrity, we greatly enhance the value of our clients real estate assets. As an acknowledged leader in the field of Receivership Services, Colliers International in New Mexico has built a reputation for maintaining cost efficient operations and delivering superior levels of service to our customers and clients. We provide our clients with market research, analysis, mapping and demographics that are unmatched in New Mexico. On a quarterly basis since 1999, we have collected detailed market information on over 1,700 buildings totaling over 77 million square feet. Our extensive building inventory database includes photos and detailed property data, ensuring that we capitalize on trends and activity affecting commercial real estate decisions. Using industry leading software, ArcGIS, our research division can provide a wide variety of maps, reports, aerials and graphs showing key information required by clients to make location decisions. SPECIALTIES Office Retail Industrial Multi-Family Business Brokerage Property Management Tax Protest Receiverships Research Mapping 485 offices in 63 countries on 6 continents United States: 135 Canada: 39 Latin America: 17 Asia Pacific: 194 EMEA: 95 $2.1 billion in annual revenue 1.46 billion square feet under management Over 15,800 professionals $75 billion in USD in total transaction value COLLIERS INTENATIONAL John Ransom Managing Director 2424 Louisiana Blvd NE, NM TEL Ken Schaefer Director of Research 2424 Louisiana Blvd NE, NM TEL FAX Accelerating success.

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