Strong activity continues; positive absorption will continue at a slower pace for the rest of 2016

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1 Research & Forecast Report MINNEAPOLIS-ST. PAUL INDUSTRIAL Quarter Strong activity continues; positive absorption will continue at a slower pace for the rest of 2016 Vacancy and absorption trends During the first half of 2016, the - industrial market continued to show strength. The vacancy rate decreased to 7.6 percent, down slightly from 7.8 percent during the first quarter. There was 403,103 square feet of absorption, bringing the yearto-date total to 1,078,370 square feet. There was 465,188 square feet of space completed in the first quarter, and a total of 3,110,678 square feet is under construction. Of that space, 1,227,874 square feet is comprised of speculative space and 1,882,804 is buildto-suit developments, including Amazon s 820,000-square-foot distribution center scheduled to open in the third quarter. Market Highlights Low supply and strong demand is pushing prices up in the owner-user market. There are few options available for purchase, especially for tenants seeking buildings of 100,000 square feet or more. A favorable interest rate environment adds to the appeal of ownership. We are seeing some headwinds in the market that may temper absorption in coming quarters. The number of tenants seeking space has decreased, and the decision-making process related to leasing has slowed. Tenant improvement costs are increasing, leading to some sticker shock as companies process the expense of moving and potentially halt or slow down lease negotiations. Concessions have become more common, particularly among bulk warehouse and distribution properties in the west submarket. The large vacancies have led landlords to compete fiercely for the few tenants seeking space in the area. SF Absorbed Percent Vacant Market Indicators Relative to prior period Q VACANCY NET ABSORPTION RENTAL RATE Vacancy 20% 15% 10% 5% % % 8.6% Net Absorption 10.4% 13.1% 12.5% 11.5% 10.5% 9.4% 8.6% 8.1% (Q2) 2,958,812 4,000,000 2,782,090 2,011,292 3,000,000 1,410,063 1,369,692 1,677,707 2,000,000 1,355, ,877 1,261,325 1,078,370 1,000,000 0 (1,000,000) (2,000,000) (3,000,000) (4,000,000) (928,872) (2,430,461) (YTD Q2) 7.6%

2 Q2 Absorption Q2 Vacancy SF Absorbed 400, ,000 0 (200,000) 113, , , , ,460 Percent Vacant % 6.7% 8.3% 6.7% 8.6% (400,000) East West/ west 0 East West/ west Geographic Observations > Tenant demand for higher-finish industrial properties has increased in the cities of Plymouth and Eden Prairie, where larger office showroom options have become limited. > Limited options in Plymouth have sparked tenant interest in cities such as Hope and surrounding cities. > Office showroom tenants in Bloomington prefer locations west of I-35W, leading to a bifurcated market with vacancies significantly more prevalent east of I-35W. > The west submarket is overbuilt in the bulk warehouse category. Bulk warehouse space is 11.8 percent vacant, the highest bulk warehouse vacancy among industrial submarkets and higher than the overall market s average of 8.4 percent. > Activity was strong in the eastern submarkets of and. The two submarkets combined for 300,866 of the 403,103 square feet absorbed during the second quarter. > Amazon continues to expand its presence in Minnesota. > In Eagan, Amazon is leasing 142,000 square feet at Highway 55 Distribution Center at 2811 Beverly Drive. TA Realty owns the property, which has been vacant since Uline moved out three years ago. Amazon will be using the facility as a delivery station. > The company is hiring workers for its new 820,000-square-foot distribution center in Shakopee, which is opening in the third quarter of > Amazon also leases 50,000 square feet of distribution space in the Midway area of at Kasota Business Center. > A 150,000-square-foot sorting center in Shakopee opened in the third quarter of > In the office market, Amazon is opening a 100-person technology development center at 100 Fifth Street Towers in the CBD. Future Trends We expect activity to slow during the third and fourth quarters of 2016, but we anticipate absorption remaining positive. Increasing construction costs will continue to challenge both developers and builders. Similar to the office market, landlords should expect to prepare their vacancies to appeal to tenants looking at numerous options. Cap rates for industrial investment should remain steady or continue inching downward for the most in-demand industrial properties. 2 - Research & Forecast Report Quarter 2 Industrial Colliers International

3 Ramsey 94 Andover Ham Albertville St. Michael Hanover Greenfield Maple Plain Minnetrista Mound 212 Spring Rogers 55 Medina Orono Shorewood Excelsior Victoria Otsego Independence Corcoran Loretto Tonka Bay 12 5 Chaska Chanhassen Elk River West/west Wayzata Minnetonka Deephaven Greenwood Maple Grove Plymouth Dayton Eden Prairie Shakopee Champlin Hopkins Industrial Under Construction Osseo Anoka Hope Golden Valley St. Louis Edina 13 Crystal Brooklyn 100 Bloomington Brooklyn Center Coon Rapids Robbinsdale 35W 94 Richfield Spring Fridley 35E 65 Blaine Mounds View Brighton Columbia Saint Anthony 55 Airport/ South of the River 77 Circle Pines Lexington Shoreview Arden Hills 35E 94 Eagan 13 Apple 3 Valley Roseville Lauderdale Columbus Lino s Vadnais West Mendota 35W Centerville Oaks Little Canada Rosemount 35E Maplewood South Inver Grove Gem Grant White Bear Willernie Stillwater 694 Pine Springs 36 Woodbury Forest Hugo Dellwood 10 Elmo Oakdale 94 East Afton Cottage Grove Scandia 5 61 OVERALL MARKET > 3,110,678 SF under construction > 1,227,874 SF speculative > 1,882,804 SF BTS MINNEAPOLIS NORTH > 223,000 > 2 projects WEST/NORTHWEST > 788,800 > 5 projects SOUTHWEST > 1,252,850 SF > 4 projects ST. PAUL EAST > 414,755 > 3 projects AIRPORT/SOUTH OF THE RIVER > 307,719 > 4 projects Industrial Under Construction PROPERTY NAME ADDRESS CITY SUBMARKET SF DEVELOPER Highway 55 Distribution Center Phase II Mendota Business 2841 Beverly Drive Eagan 140,000 land Drive & Pilot Knob Rd. Mendota Dart Transit; construction underway completion August ,000 United Properties Gateway Business of Eagan II Hwy 55 & Lone Oak Rd Eagan 50,400 Buhl Investors Clark Road Complex Bldg III Clark Rd Inver Grove 21,319 Streamworks Pheasant Ridge Dr Blaine 88,000 CSM Corporation ern Stacks Phase II 4605 E River Rd Fridley 135,000 Hyde Amazon 1 Shenandoah Drive Shakopee 820,000 BTS-Amazon Milestone AV SW of Highway 101 and Shenandoa Dr Shakopee 242,004 Duke Valley Businses Center Bldg III 750 Innovation Dr Shakopee 122,400 Opus Japs-Olson Expansion 7500 Excelsior Blvd St. Louis 192,000 Midway Stadium Business Center 1771 Energy Drive East 189,000 Boulder s Industrial Bldg VI Boulder s Industrial Bldg VII NE of Shanahan Way and Ames Crossing Rd NE of Shanahan Way and Ames Crossing Rd United Properties/St. Paul Port Authority Eagan East 128,975 Interstate Partners Eagan East 96,780 Interstate Partners Wagner Spray Tech (Gateway ) Hwy. 101 & I-94 Otsego West/west 220,000 Duke Realty Star Exhibits rd Ave N Brooklyn West/west 200,800 Ryan Companies Business Center 109th Ave & Highway 169 Brooklyn West/west 200,000 Scannell Properties Blu Dot Expansion I-94 & Hwy 101 Otsego West/west 120,000 Duke Realty Hope Corporate Center 9449 Science Center Drive Hope West/west 48,000 Industrial Equities - Research & Forecast Report Quarter 2 Industrial Colliers International 3

4 Significant Lease and Sales Activity Lease Activity TENANT BUILDING NAME ADDRESS CITY SIZE SUBMARKET TYPE Lindenmeyr Munroe ern Stacks Bldg E River Rd Fridley 111,630 Savers Energy Distribution Center 1930 Energy Dr Saint Paul 85,655 East Minncor 2420 Long Rd 2420 Long Rd Roseville 76,800 Centurylink 100 9th Ave SW 100 9th Ave SW Brighton 65,114 Caribou Technologies Blaine Preserve Businses NW of Lowell Rd NE & Hamline Ave NE Blaine 50,000 view Industries Pure Humidifier Building 141 Jonathan Blvd N Chaska 44,822 Polytech 9601 ton Ave S 9601 ton Ave S Bloomington 34,400 Nippon Express 2995 Lone Oak Cir 2995 Lone Oak Cir Eagan 34,100 Hydra-Flex Armstrong Business Center II 980 Lone Oak Rd Eagan 30,077 Engineering America White Oak Business Center 1818 Buerkle Rd White Bear 30,000 Pods Aldrin Distribution Center II 980 Aldrin Ave Eagan 30,000 Bellacor Enterprise Corporate Center I 2425 Enterprise Dr Mendota 25,500 MotoAlliance I-94 Distribution Center Industrial Blvd Rogers 23,075 Habitat for Humanity 2700 Minnehaha Ave 2700 Minnehaha Ave 21,587 Gruma Saint Paul Industrial Properties # N Cleveland Ave Roseville 20,846 West/ west Tech Logic Hale Avenue Businses Center Hale Ave N Oakdale 20,000 East Renewal Renewal ern Stacks I Lindenmeyr Monroe leased 111,630 square feet at ern Stacks I. 4 - Research & Forecast Report Quarter 2 Industrial Colliers International

5 Sales Activity PROPERTY NAME ADDRESS CITY SUBMARKET BUYER SELLER SF PRICE PRICE PSF FedEx Corp Rogers Dr Rogers West/west Berkshire Corporate Center 2929 SE University Ave 2300 Berkshire Ln N 2929 SE University Ave Plymouth West/west East Sportech th Cir Elk River West/west Crosstown Forterra Pipe & Precast 7500 Setzler Pkwy N Brooklyn Realty Income Corp Felton Properties Inc Harlem Irving Cos Meritex Enterprises th St NW Elk River West/west WP Carey REIT 1065 Phalen Blvd 1065 Phalen Blvd Saint Paul East Forterra Pipe & Precast 700 Emerald St SE 2300 Pilot Knob Road 8201 Brooklyn Blvd 7070 Cretex Ave E 700 Emerald St SE 2300 Pilot Knob Rd 8201 Brooklyn Blvd Scannell Properties Opportunity Advisors JV Argosy Real Estate David W Barnhart & Meredith V Barnhart 313,000 $44,541,705 $ ,091 $23,200,000 $95 90,615 $10,710,400 $118 Sportech 105,000 $7,777,000 $74 West/west Stein Industries Artis REIT 120,000 $7,380,000 $62 Neptune Industrial USA Inc Shakopee WP Carey REIT Forterra Building Products St Paul Port Authority Forterra Building Products 81,329 $7,173,024 $88 58,000 $7,000,000 $121 43,385 $6,683,027 $154 Saint Paul East Dominium Weyerhaeuser 137,290 $5,250,000 $38 Mendota Brooklyn of the River West/west 7600 Metro Blvd 7600 Metro Blvd Edina rd Ave N rd Ave N 6950 Washington Ave S Sibley Industrial Center I 6950 Washington Ave S 3107 Sibley Memorial Hwy Brooklyn Eden Prairie Eagan West/west of the River Johnson Brothers Liquor Co Ramsey Excavating Independent School District # 27 AIC Ventures CLIM-A-TECH Industries Inc Lonnie Provencher & Eric Simmer 9835 W 69th St 9835 W 69th St Eden Prairie David Boyd N Washington Ave /2 N Washington Ave City of and Recreation Board Steve Shaller; Scott Shaller Oldcastle Precast Inc 124,783 $5,150,000 $41 25,877 $4,500,000 $174 Kin Properties 392,040 $3,921,706 $10 RK Midwest Enterprises LLP 142,000 $3,860,973 $27 Terry Lynner 90,320 $3,725,000 $41 CWCapital Asset Mgmt OBO JPMCC 2004-LN2 Bouvin Enterprises Inc Ramsey Excavating 93,010 $3,675,000 $40 60,000 $2,850,000 $48 10,000 $2,600,000 $260 FedEx Realty Income Corporation purchased the 313,000-square-foot property from Scannell for $44.62 million - Research & Forecast Report Quarter 2 Industrial Colliers International 5

6 West/west > The vacancy rate in the West/west submarket is 8.6 percent, up from 8.5 percent during the first quarter. Absorption was negative 220,460 square feet as activity slowed. Positive absorption included Kreisers occupying 30,000 square feet at Interstate DC I in Brooklyn, and Final Mile Dynamex leasing 48,000 square feet at Crosstown Business Center I in Brooklyn. However, these transactions were not enough to offset the new 259,000 square feet of negative absorption due to Room & Board vacating Diamond 2 in Rogers. > Process Displays is seeking 350,000 square feet as it consolidates its existing facilities. > Scannell sold its 313,000-square-foot facility it built for FedEx in Rogers for $44.62 million. A San Diego-based REIT, Realty Income Corporation, purchased the property in late June. The company owns additional FedEx properties across the country, as well as Walgreens, Super America, and Dollar General stores. > Blu Dot is expanding at Gateway Business Center in Otsego. Its current facility is 150,000 square feet and it is expanding by 120,000 square feet. Duke Realty is the developer, and expects construction to be completed in January of > Ryan Companies is under construction on a 200,800-square-foot headquarters building for Star Exhibits in Brooklyn. > Tenant incentives are growing in the far west portion of the submarket, as significant availabilities lead landlords to compete for users. > We expect most new construction in the outlying areas of the West/west to be of the build-to-suit variety with little speculative construction, as considerable existing vacancies await tenants. > Scannell began construction on Business Center in Brooklyn. They are building a 200,000-square-foot office warehouse property on a speculative basis. > Stein Industries purchased a former FedEx SmartPost facility in Brooklyn for $7.38 million from Canada-based Artis REIT. FedEx moved over a year ago to a new 276,431-square-foot warehouse and distribution building in Maple Grove. Blu Dot Blu Dot is expanding by 120,000 square feet at Duke s Gateway Business Center in Otsego. 6 - Research & Forecast Report Quarter 2 Industrial Colliers International

7 > The submarket absorbed 196,949 square feet during the second quarter, bringing vacancy down to 8.3 percent from 9.1 percent in the first quarter. > Although deal velocity has slowed, it continues to be a landlord s market. Effective rental rates are close to asking on all product types, but we are seeing more free rent being offered on flex space. > Lease terms are lengthening to the five-to-ten year range, especially in flex properties, as tenants and landlords face high transaction and tenant improvement costs. Lease terms among office warehouse and bulk warehouse properties average 5 years. > There are few availabilities with higher ceiling heights in Eden Prairie or Minnetonka, which is pushing tenants that require ceiling heights of 24 or higher further south to Bloomington and Shakopee. > Shakopee is experiencing strong activity as it continues to attract major manufacturing and warehousing activity: - United Properties is planning to build industrial space at a 24-acre site it purchased in Shakopee near Canterbury. The company has proposed a 229,840-square-foot distribution center along with a 178,500-square-foot facility that could be used for manufacturing and office space. - Amazon will open its 820,000-square-foot distribution center in the third quarter. - Duke is building a 242,000-square-foot distribution and manufacturing facility for Milestone AV on a site just west of Amazon s. - Polaris moved into Canterbury Distribution Center, anchoring the 1.1 million-square-foot former Kmart distribution center. They are the anchor tenant, occupying 870,000 square feet. > We expect the remainder of 2016 to be stable and healthy, although not as strong as the banner year of Opus Group completed construction on Valley Business Center, which was built for AmerisourceBergen. - Growing pillow manufacturer MyPillow began operations at 4701 Valley Industrial Boulevard South, a space it is leasing. This is the company s second location in Shakopee, where it has an existing 70,000-square-foot factory. MyPillow MyPillow will lease 125,000 square feet at Continental Distribution Center in Shakopee. - Research & Forecast Report Quarter 2 Industrial Colliers International 7

8 > Strong recent activity and little new construction is resulting in record low vacancies for the submarket. > The vacancy rate is 7.0 percent, which is flat since the first quarter. This was in spite of 113,069 square feet of absorption, since Gateway Business of Eagan Building 1 was completed and delivered to the market vacant. > Dart is building Highway 55 Distribution Center II which is on a site next to Amazon s. The building will be 140,000 square feet and have 32 ceilings. Dart plans on occupying approximately half of the building and is seeking tenants for the rest. > Strong activity in Eagan is spreading further south to ville. > Year-to-date absorption is 212,264 square feet, following a strong 2015 when 324,033 square feet was absorbed. Vacancy has decreased 250 basis points from year-end 2014 when vacancy was 9.5 percent. > Johnson Brothers Liquors Co. bought a vacant 124,783-squarefoot distribution center in Mendota, paying $5.15 million to Triple S Investments for the property. Their 471,000-square-foot headquarters is located in at 1999 Shepard Road. > Amazon is leasing 142,000 square feet at Highway 55 Distribution Center I in Eagan for a delivery station. Highway 55 Distribution Center Amazon leased 142,000 square feet at Highway 55 Distribution Center I in Eagan. East > There was 125,808 square feet of absorption in the East submarket, bringing vacancy down from 6.9 percent in the first quarter to 6.7 percent in Quarter Two. > Blackeye Roasting leased 28,391 square feet at MSP Midway Industrial in. > Bellacor leased 25,500 square feet at Enterprise Corporate Center in Mendota. > Construction began on Midway Stadium Business Center, built on the site of the former Saints stadium in. United Properties and the Port Authority are building a 189,000-squarefoot industrial building on the acre site. Midway Stadium Business Center Midway Stadium Business Center is under construction on the site of the former Saints stadium in. 8 - Research & Forecast Report Quarter 2 Industrial Colliers International

9 > It has been a strong 2016 for the submarket. There was 187,737 square feet of absorption in the second quarter, bringing the year-to-date total to 394,556 square feet. Vacancy is 6.7 percent, which is one of the lowest of the submarkets we track. Contributing to the tight market is a lack of new construction, especially compared to the West/west submarket. > Tenants seeking space in the market include Twin City Hide for 50,000 square feet, Intricon for 90,000 square feet, and Stock & Barrel for 30,000 square feet in White Bear. Additionally, Flips Gymnastics and Foss Swim School are teaming up and looking for 40,000 square feet. > We are seeing lease terms of 5-10 years close to asking rates with 102 months of free net rent, $20-$30 in office tenant improvements, and $3-$5 in warehouse tenant improvement. > Medical device manufacturer Caribou Technologies absorbed 50,000 square feet at Blaine Preserve Business. > Café Imports absorbed 63,411 square feet at Highcrest Distribution Center in Roseville. > Hyde Development s ern Stacks continues to find success at its redevelopment in Fridley, providing evidence of the desire for tenants to be in the urban core. - At ern Stacks I, Lindenmeyr Monroe leased 111,630 square feet, bringing the 213,000 square foot Phase I to 100 percent occupancy. Kaufman Container leased 50,000 square feet in 2015 and OnTrac International leased 52,000 square feet. - Tenants have signed leases for all of ern Stacks II, which is currently under construction. MB2 Raceway will occupy 55,000 square feet and Trio Supply will occupy 80,000 square feet when construction finishes in September. - Hyde is moving forward speculatively on ern Stacks III, which will add 129,600 square feet of office warehouse space to the complex. - The company is also marketing The Boiler Room at ern Stacks to be customized for uses from a taproom to creative office space. > We see continued strong demand as supply continues to dwindle. ern Stacks II Hyde Development has filled both ern Stacks I and II at its redevelopment site in Fridley. - Research & Forecast Report Quarter 2 Industrial Colliers International 9

10 Market Statistics Submarket Total SF Direct Vacant SF % Vacant Direct Sublease Vacant SF % Vacant W/ Sublease Low-High Asking Rate Q Absorption YTD Absorption Bulk Warehouse 5,583, , % 49, % $4.33-$ ,935 26,935 Office Showroom 3,482, , % 24, % $4.78-$ , ,483 Office Warehouse 9,484, , % 0 6.8% $4.92-$ ,055 66,846 Totals: 18,551,145 1,297, % 74, % $4.79-$ , ,264 Bulk Warehouse 5,473, , % 10, % $4.00-$ , ,002 Office Showroom 3,740, , % % $5.14-$9.76 (11,426) (20,748) Office Warehouse 17,356,493 1,086, % 0 6.3% $4.77-$9.39 (71,401) 84,302 Totals: 26,569,871 1,779, % 10, % $4.83-$ , ,556 Bulk Warehouse 7,617, , % 0 9.2% $4.45-$ , ,225 Office Showroom 7,158, , % 21, % $5.01-$9.99 (40,599) (12,506) Office Warehouse 14,708, , % 55, % $4.81-$ ,195 15,697 Totals: 29,484,159 2,438, % 76, % $4.84-$ , ,416 East Bulk Warehouse 8,637, , % 10, % $4.85-$8.60 (72,966) 46,489 Office Showroom 2,502, , % 0 6.1% $4.82-$ ,458 18,229 Office Warehouse 12,966, , % 19, % $4.82-$ ,316 43,063 Totals: 24,106,048 1,605, % 30, % $4.83-$ , ,781 West/west Bulk Warehouse 12,663,215 1,413, % 32, % $5.02-$10.13 (213,516) 161,263 Office Showroom 5,751, , % 98, % $5.04-$ ,155 (65,259) Office Warehouse 21,401,581 1,302, % 36, % $4.85-$8.73 (48,099) 349 Totals: 39,815,857 3,443, % 167, % $4.94-$9.21 (220,460) 96,353 Total All Markets Bulk Warehouse 39,975,393 3,345, % 103, % $4.72-$ , ,914 Office Showroom 22,634,297 2,437, % 144, % $4.98-$ ,667 38,199 Office Warehouse 75,917,390 4,782, % 111, % $4.83-$ , ,257 Totals: 138,527,080 10,564, % 359, % $4.86-$ ,103 1,078,370 The above table is summarized data on multi-tenant industrial buildings greater than 20,000 square feet. Not included are single-tenant or owner-occupied buildings Research & Forecast Report Quarter 2 Industrial Colliers International

11 Market Statistics (Expanded Market) Submarket Total SF Direct Vacant SF % Vacant Direct Sublease Vacant SF % Vacant W/ Sublease Low-High Asking Rate Q Absorption YTD Absorption Bulk Warehouse 17,242, , % 95, % $4.33-$ , ,863 Office Showroom 4,836, , % 24, % $4.78-$ , ,434 Office Warehouse 11,693, , % 0 7.0% $4.92-$ ,439 98,980 Totals: 33,772,525 1,841, % 120, % $4.79-$ , ,277 Bulk Warehouse 20,602, , % 21, % $4.00-$ , ,120 Office Showroom 5,514, , % 20, % $5.14-$9.76 (21,723) (56,733) Office Warehouse 19,632,405 1,215, % 0 6.2% $4.77-$9.39 (71,401) 84,302 Totals: 45,749,437 2,217, % 41, % $4.83-$ , ,689 Bulk Warehouse 24,021, , % 0 4.0% $4.45-$ , ,084 Office Showroom 8,547, , % 21, % $5.01-$9.99 (32,499) (25,992) Office Warehouse 17,821,575 1,223, % 55, % $4.81-$ , ,996 Totals: 50,390,194 2,998, % 76, % $4.84-$ , ,088 East Bulk Warehouse 18,796, , % 10, % $4.85-$8.60 (72,966) (7,075) Office Showroom 4,314, , % 0 3.7% $4.82-$ ,603 40,001 Office Warehouse 21,243, , % 19, % $4.82-$ ,316 46,063 Totals: 44,354,533 1,772, % 30, % $4.83-$ ,953 78,989 West/west Bulk Warehouse 37,722,458 2,563, % 225, % $5.02-$10.13 (174,067) 495,650 Office Showroom 8,099, , % 98, % $5.04-$ ,155 (65,259) Office Warehouse 25,765,080 1,378, % 36, % $4.85-$8.73 (31,662) 72,150 Totals: 71,586,889 4,729, % 360, % $4.94-$9.21 (164,574) 502,541 Total All Markets Bulk Warehouse 118,385,129 5,406, % 353, % $4.72-$ ,366 1,511,642 Office Showroom 31,312,402 2,711, % 164, % $4.98-$ ,288 93,451 Office Warehouse 96,156,047 5,440, % 111, % $4.83-$ , ,491 Totals: 245,853,578 13,558, % 629, % $4.86-$ ,541 2,379,584 The above table is summarized data on multi- and single-tenant industrial buildings greater than 10,000 square feet. Owner-occupied properties are also included. - Research & Forecast Report Quarter 2 Industrial Colliers International 11

12 554 offices in 66 countries on 6 continents United States: 153 Canada: 34 Latin America: 24 Asia Pacific: 231 EMEA: 112 $2.5 billion in annual revenue BROKERAGE SERVICES CONTACT: William M. Wardwell SIOR Executive Vice President Brokerage bill.wardwell@colliers.com FOR MORE INFORMATION: Maura Carland Director of Research maura.carland@colliers.com Colliers International Baker Road, Suite 400 Minnetonka, MN billion square feet under management 16,000 professionals and staff Copyright 2016 Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.