2010YE Industrial Report North

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Current Market Trends

Rental

Rates t Although discounted

rental rates are very

much still part o

today’s market,

stabilization is

occuring and rental

rates will continue tolevel out at the

beginning o 2011.

Leasing

Activitys Leasing activity

continued to pick up

through Q4 2010.

This momentum

should have a

positive impact on

market conditions.

Tenant

Concessionss Concessions are still

prominent in the

market and probably

will be or some time.

Free rent and

increased tenant

improvements are

still being used to

attract new and

renew existing

tenants.

Baltimore I-95 NorthIndustrial Market Review Fourth Quarter 2010

Baltimore Metropolitan Overview

The Greater Baltimore Metropolitan area

is emerging as one o the strongest

second-tier markets in the United States.

While Baltimore is a stand-alone

metropolitan statistical area (MSA) with

over 2.6 million residents, it is also part o

the Washington-Baltimore consolidated

statistical area (CSA) with a total

population over 8 million. The Greater

Baltimore region comprises Anne Arundel,

Baltimore, Carroll, Cecil, Harord andHoward Counties as well as Baltimore

City. As o October 2010, the Baltimore

metropolitan area’s unemployment rate

was 7.4% and the national

unemployment rate was 9.6% or the

same month.

Baltimore I-95 North Industrial Market

Baltimore’s I-95 North Industrial Market

is located between the Harbor Tunnel

through Baltimore City East, Baltimore

County East continuing along I-95 North

through Harord and Cecil Counties. These

our submarkets support over 64 million

square eet o industrial space. A strong

labor pool, close proximity to major

interstates including I-95, and proximity

to the Ports o Baltimore and Wilmington

Delaware make the I-95 North industrialmarket a vibrant marketplace or

investors, users and tenants alike. This

bulk industrial submarket has both

institutional (First Industrial Realty Trust,

Liberty Property Trust, ProLogis, RREEF,

TA Associates) as well as build-to-suits

or many Fortune 500 companies.

Q4 2010 Vacancy Rates &Average Quoted Rental Rates

Vacancy Rate

Product Type # O Buildings SF SF Vacant Vacancy Rate

Flex 88 2,130,064 272,502 12.79%

Oice Warehouse 375 15,821,696 1,953,801 12.35%

Bulk 220 44,516,407 5,926,289 13.31%

I-95 North Totals 683 62,468,167 8,152,592 13.05%

By Submarket # O Buildings SF SF Vacant Vacancy Rate

City East 247 16,166,580 1,005,854 6.22%

County East 203 20,417,814 3,059,175 14.98%

Cecil County 42 7,447,281 1,308,232 17.57%

Harord County 191 18,436,492 2,735,331 14.84%I-95 North Totals 683 62,468,167 8,152,592 13.05%

Average Quoted Rental Rate

By Submarket Flex O/W Bulk Average

City East N/A $5.14 $3.94 $4.72

County East $9.94 $4.78 $3.74 $4.00

Cecil County $4.00 $3.69 $2.92 $3.42

Harord County $7.63 $6.55 $4.48 $4.82

I-95 North Totals $8.15 $5.02 $4.02 $4.31




Notable Q4 2010 Lease Transactions

Property 8965 Yellow Brick Road 10001 Franklin Square Drive 9103 Yellow Brick Road

Size 25,600 SF 40,806 SF 25,095 SF

Term 5 Years 11 Years 5 Years

Yr 1 Rent/Esc. $4.75 / 3% $5.50 / 2.5% $4.95 / 3%

TI PSF Min. $5.51 Min.

Tenant Agrium Inc. C & J Graphics Goodman Distribution

Landlord RREEF COPT Knott

Type New New New

Property 9611 Pulaski Park Drive 504 Advantage Way

Size 35,000 SF 172,000 SF

Term 5 Years 11 Years

Yr 1 Rent/Esc. $3.20 / 3% $3.52 (net eective)

TI PSF $2.00 $2.91

Tenant PODS Northeastern Supply Co.

Landlord Merritt Zais Group LLC

Type New New

BALTIMORE I-95 NORTH • INDUSTRIAL • FOURTH QUARTER 2010

About Cassidy TurleyCassidy Turley is a leading commercial real estate services provider with over 2,800 proessionals in 60 ofces nationwide. The frm completed transactions

valued over $13 billion in 2009, manages over 420 million square eet on behal o private, institut ional and corporate clients and supports over 25,000 domestic

corporate services locations. Cassidy Turley serves owners, investors and occupiers with a ull spectrum o integrated commercial real estate services—including

capital markets, corporate services, project leasing, property management, project and development services, and tenant representation.

Behind the NumbersFor more inormation, contact one o

our industrial brokers:

Cassidy Turley

6811 Benjamin Franklin Drive

Suite 100

Columbia, MD 21046

Tel: 410.964.1100

Fax: 410.964.5712

www.cassidyturley.com

6.22% Vacancy Rate o City East submarket at Q4 2010

13.05% Vacancy Rate or I-95 North market at Q4 2010



Submarket Cassidy Turley Classifcation Number o Buildings Total Size (SF) Total Available (SF) Vacancy Rate

Baltimore City East

City East 127 6,561,607 415,757 6.34%

Highland 9 1,003,090 0 0.00%

Holabird-Point Breeze 46 5,772,505 69,036 1.20%

Mid-town 34 1,530,523 205,450 13.42%

Moravia-Shannon Industrial 31 1,298,855 315,611 24.30%

Total 247 16,166,580 1,005,854 6.22%

Baltimore County East

Baltimore Crossroads 13 4,327,010 1,447,912 33.46%

Canton-Quad Industrial 49 3,763,170 123,666 3.29%

Golden Ring Industrial 11 539,312 99,475 18.44%

Marshfelds Business Park 4 1,341,995 272,500 20.31%

North Point Rd Ind Corridor 18 2,985,207 80,741 2.70%

Rosedale Industrial 20 1,103,632 111,414 10.10%

Rossville-Pulaski Industrial 58 3,494,218 577,858 16.54%

White Marsh Industrial 30 2,863,270 389,609 13.61%

Total 203 20,417,814 3,103,175 15.20%

Cecil County

Cecil Industrial 42 7,447,281 1,308,232 17.57%

Total 42 7,447,281 1,308,232 17.57%

Harord County

Aberdeen Industrial 17 3,651,022 497,100 13.62%

Forest Hill 79 1,408,074 65,856 4.68%

Harord Route 24 Industrial 34 3,791,776 932,113 24.58%

Havre de Grace 9 1,897,866 190,070 10.01%

Joppa 17 376,956 34,000 9.02%

Perryman Penninsula Industrial 6 3,276,226 490,068 14.96%

Riverside 29 4,034,572 526,124 13.04%Total 191 18,436,492 2,735,331 14.84%

Grand Total 683 62,468,167 8,152,592 13.05%

Cassidy Turley Industrial Market Statistical Overview

October 1, 2010 - December 31, 2010


BALTIMORE I-95 NORTH • INDUSTRIAL • FOURTH QUARTER

Documents

2010YE Industrial Report North