Office Market Appendix (3Q12)

Office Market AppendixIndianapolis, Indiana

Third Quarter 2012

Indianapolis Multi-Tenant Office Market Vacancy Release by Submarket3rd Quarter 2012

cassidyturley.com | B-i

Office Statistics

Source: Jason W. Tolliver, J.D.Cassidy Turley Market ResearchOne American Square, Suite 1300Indianapolis, IN 46282317.634.6363

Office Market Statistics: Inventory, 3rd Quarter 2012Indianapolis Submarket Share of Inventory

Office Market Statistics: Vacancy, 3rd Quarter 2012Indianapolis Submarket Share of Vacancy

SubMarketS tOtal InVentOry (SF)

Vacancy rate 3rD Qtr 2012

Vacancy rate 2nD Qtr 2012

Vacancy rate 3rD Qtr 2011

Downtown Office Space 9,576,325 19.0% 18.4% 17.2%

Midtown Office Space 837,573 20.7% 20.7% 10.2%

cbD totals: 10,413,898 19.1% 18.6% 16.7%

Suburban Office Space

North/Carmel 6,430,616 19.0% 19.4% 20.5%

Keystone 3,962,330 16.3% 16.6% 22.9%

Fishers 678,647 13.9% 14.2% 14.6%

Northeast 3,089,123 24.7% 25.6% 25.8%

East 238,130 18.8% 18.8% 19.6%

South 819,802 23.1% 23.4% 24.7%

West 1,111,764 35.1% 33.3% 31.1%

Northwest 3,228,289 17.9% 16.9% 18.4%

Suburban totals: 19,558,701 20.1% 20.2% 22.0%

total Indianapolis: 29,972,599 19.7% 19.6% 20.1%

Office Market Statistics – Inventory 3rd Quarter 2012

Downtown 32.8%

Midtown 4.9%

East 0.7%

Fishers 2.2% Keystone

12.8%

North/Carmel 20.8%

Northeast 10.0%

Northwest 10.4%

South 2.6%

West 3.6%

Indianapolis Submarket Share of Inventory Office Market Statistics – Vacancy 3rd Quarter 2012

Downtown 36%

Midtown 2.8%

East 1%

Fishers 1.5% Keystone

10.5%

North/Carmel 20.0%

Northeast 12.5%

Northwest 9.4%

South 3.1%

West 6.4%

Indianapolis Submarket Share of Vacancy

Indianapolis Multi-Tenant Office Market Vacancy and Absorption by Submarket and Class 3rd Quarter 2012

3Q

2011

20.0%

11.9%

18.4%

17.2%

8.2%

8.4%

15.9%

10.2%

19.3%

11.6%

17.9%

16.7%

20.5%

21.4%

14.0%

20.5%

24.1%

20.6%

22.9%

12.7%

16.3%

14.6%

33.5%

24.4%

15.7%

TOTALS 25.8%

Source: Jason W. Tolliver, J.D.Cassidy Turley Market ResearchOne Indiana Square, Suite 1300Indianapolis, IN 46282317.634.6363

SF

207,454 33,000

6,328,568

224,059

10,591,983

913,849

1,798,603

Class C

MIDTOWN

2,108,166

3,979,685

1,121,303

11,429,556

Class C

Class C 59,272

418,190 23.3%

24.7%

358,997

416,702

873,818

-118,418

103,384

-15,833

37,567

-41,387

3,755,626

176,449 -701

3,089,123

14.2%

33.8%

761,956

Class B

TOTALS 2,012,613

CBD TOTALS

Class B

Class A 406,060

837,573

121,369

18.4% -30,867

0

15.9%

20.7%

15.9%

18,761 8.4%

Class A

Class B

29.9% 29.9%

0

0

21.0% -41,38721.6%

79,655

00

0

8.4% 0 0

Class B 589,692

19.3% 19.2%

DOWNTOWN

Class A 1,246,4725,922,508 20.3%

15.2%

10,772

17.1% 12,144

10,669

15,474

6,371

23.6% 5,591

Class A 284,494 32.6%

14.2% 2,009 7,807

NORTHEAST

678,647TOTALS 94,384 13.9%

18,857

Class B 71,490 19.9% 20.5% 2,009 -11,050

Class A 319,650 22,894 7.2%

16.6% 15,470

7.2% 0

Class A

1,335,713

155,382

FISHERS

TOTALS 643,952 16.3%3,962,330

2,626,617

Class B 225,032 16.8% 16.4% -6,233 12,035

15.9%

19.4% 23,009

16.8% 21,703

123,665

143,347

KEYSTONE

TOTALS 1,224,665 19.0%6,430,616

47,226 13.8% 13.8% 0 10,537

Class B 22.5%

340,989

NORTH/CARMEL

Class A 702,981 17.7%3,981,461

1,367,841

2,185,743

Class C

TOTALS

18.4% 30,075 156,492

18.6%

15.3% 14.8%

SF 2012 2012

20.7%

21.0%

19.0%

15.7%

SF

22.2%

SUBMARKETS SF

19.1% 18.6%

18.7%

TOTALS 173,130

Vacant 3Q 2Q Quarter YTD

608,453

209,449

Indianapolis, Indiana

3rd Quarter 2012 by Submarket and Class

3rd Quarter Vacancy % Net Absorption Inventory

Multi-Tenant Office Vacancy and Absorption

474,458

418,920

-7,066 -43,364

Class C

-118,418

37,567 -30,867

-701 -15,833

79,655 103,384

28,50725.6% 32,514

B-ii | We know the State of real estate®

Office Statistics

Indianapolis Multi-Tenant Office Market Vacancy and Absorption by Submarket and Class 3rd Quarter 2012

3Q

2011

16.9%

25.3%

19.6%

18.0%

30.1%

21.6%

24.7%

27.6%

34.6%

26.5%

TOTALS 31.1%

13.9%

23.8%

18.4%

21.3%

23.4%

18.8%

22.0%

20.5%

19.9%

18.4%

20.1%

Source: Jason W. Tolliver, J.D.Cassidy Turley Market ResearchOne American Square, Suite 1300Indianapolis, IN 46282317.634.6363

Vacancy %Quarter

SF

YTD

SF2012

3Q

2012

2Q

1,470,545

3rd Quarter

Multi-Tenant Office Vacancy and Absorption

Net Absorption

Class C

TOTALS

TOTALS

2,386,195

Class B

30,988,257

16,393,412

12,208,650

-31,448

-26,418

0

3,228,289

3rd Quarter 2012 by Submarket and Class

23.1% 23.4%

32.0%

Class A

21.7%

78,130 17,170 22.0% 22.0%

ALL INDIANAPOLIS

-43,556

Class B -5,030323,411 22.0%

TOTALS 576,845 17.9% 16.9%

-14,043

-29,513

NORTHWEST

Class A 253,4341,757,744

0 -683

EAST

Class B 27,683160,000 17.3%

18.7%1,850,958 18.4% 249,648

8,228,965 1,855,104 22.5% 22.2% -30,392 -34,926

3,926,923

220,861 17.5% 18.8% 17,529

32,312Class A 10,064,844

Indianapolis, Indiana

SUBMARKETS

253,288

Inventory

14.4% 12.9%

38,566

19.0%

26.0% -3,872

222,421

19,449

8,365

19.6%

20.2% 19.8%

18.0% 18.7%

131,230

16,828 22,733

49,263 68,458

19.7% 19.6%

-9,075

57,016

Vacant

SF

20.2%

6,112,666

207,367 -15,791

24.7% 23.3% -2,500

SOUTH

Class C

SF

15.5%

398,376 107,473 27.0% 7,681

2,600

17.3%

181,946 44,894

Class A 239,480 37,214

6,052

Class B

Class C

10,906

TOTALS 819,802 189,581 1,993 24,639

WEST

Class A 266,074

Class B 598,565

24.4% 7,885

-976

131,021

34.6%

49.2% 44.7% -12,185 -61,110

3,218,799

Class C

Class C 247,125 52,299 21.2%

19.6%

1,264,892

19,558,701

Class B

18.8% 0

13,006

1,111,764 390,687 35.1%

2,463,557

430,310

1,91718.8%

20.1%

SUBURBAN TOTALS

33.3% -20,091 -49,080

TOTALS 238,130 44,853

cassidyturley.com | B-iii

Office Statistics

Indianapolis Multi-Tenant Office Market Statistics 3rd Quarter 2012Indianapolis Office Market Statistics Third Quarter 2012

North/CarmelInventory 6,430,616 SFVacant SF 1,224,665 SFVacancy Rate 19.0%YTD Net Absorption 123,665 SF

FishersInventory 678,647 SFVacant SF 94,384 SFVacancy Rate 13.9%YTD Net Absorption 7,807 SF

NortheastInventory 3,089,123 SFVacant SF 761,956 SFVacancy Rate 24.7%YTD Net Absorption 32,514 SF

EastInventory 238,130 SFVacant SF 44,853 SFVacancy Rate 18.8%YTD Net Absorption 1,917 SF

MidtownInventory 837,573 SFVacant SF 173,130 SFVacancy Rate 20.7%YTD Net Absorption 0 SF

WestInventory 1,111,764 SFVacant SF 390,687 SFVacancy Rate 35.1%YTD Net Absorption -49,080 SF

DowntownInventory 10,591,983 SFVacant SF 2,012,613 SFVacancy Rate 19.0%YTD Net Absorption -30,867 SF

SouthInventory 819,802 SFVacant SF 189,581 SFVacancy Rate 23.1%YTD Net Absorption 24,639 SF

NorthwestInventory 3,228,289 SFVacant SF 576,845 SFVacancy Rate 17.9%YTD Net Absorption -43,556 SF

KeystoneInventory 3,962,330 SFVacant SF 643,952 SFVacancy Rate 16.3%YTD Net Absorption 155,382 SF

B-iv | We know the State of real estate®

Office Statistics

Indianapolis Multi-Tenant Office Market CBD Square Footage Occupied and Percentage of Inventory Occupied3rd Quarter 2012

Indianapolis Multi-Tenant Office Market Suburban Square Footage Occupied and Percentage of Inventory Occupied3rd Quarter 2012

Source: Cassidy Turley Research


cassidyturley.com | B-v

Indianapolis Multi-Tenant Office Market Suburban Square Footage Occupied and

Percentage of Inventory Occupied 3rd Quarter 2012

70%

75%

80%

85%

90%

95%

8

9

10

11

12

13

14

15

16

17

Millions SF

Occupied SF Occ %

Indianapolis Multi-Tenant Office Market CBD Square Footage Occupied and Percentage of Inventory Occupied

3rd Quarter 2012

70%

75%

80%

85%

90%

95%

1

2

3

4

5

6

7

8

9

10

Millions SF

Occupied SF Occ %

Occupied SF

Indianapolis Multi-Tenant Office Market Historical Vacancy Rates

3rd Quarter 2012

5%

7%

9%

11%

13%

15%

17%

19%

21%

23%

25%

CBD*

Suburban

*The CBD is comprised of the Downtown and Midtown submarkets.


Indianapolis Multi-Tenant Office MarketHistorical Vacancy Rates3rd Quarter 2012

cassidyturley.com | B-vi

Historical Vacancy/Trends

Indianapolis Multi-Tenant CBD Office MarketHistorical Occupancy Rates3rd Quarter 2012


Indianapolis Multi-Tenant Suburban Office MarketHistorical Occupancy Rates3rd Quarter 2012


Indianapolis Multi-Tenant CBD Office Market

Historical Occupancy Rates 3rd Quarter 2012

70%

75%

80%

85%

90%

95%

100%

Indianapolis Multi-Tenant Suburban Office Market

Historical Occupancy Rates 3rd Quarter 2012

70.0%

75.0%

80.0%

85.0%

90.0%

95.0%

100.0%

cassidyturley.com | B-vii

Historical Vacancy/Trends

$25

Indianapolis Multi-Tenant Office Market Class A

Asking Lease Rate Range 3rd Quarter 2012

$27

$23

$21

$19

$17

$15

Downtown

Midtown

Keystone

West

North/Carmel

Northwest

South

Northeast Fishers

There are currently no Class A Office facilities in the East submarket.

$9

Indianapolis Multi-Tenant Office MarketAsking Lease Rate Range—class a3rd Quarter 2012


cassidyturley.com | B-viii

Asking Lease Rate Range

Indianapolis Multi-Tenant Office MarketAsking Lease Rate Range—class b3rd Quarter 2012


$25

Indianapolis Multi-Tenant Office Market Class B


$27

$23

$21

$19

$17

$15

Downtown

Midtown Keystone

West

North/Carmel

Northwest South

Northeast Fishers

$9

East

cassidyturley.com | B-ix


Indianapolis Multi-Tenant Office MarketAsking Lease Rate Range—class c3rd Quarter 2012


$25

Indianapolis Multi-Tenant Office Market Class C


$27

$23

$21

$19

$17

$15

Downtown

Midtown

West

North/Carmel

Northwest South

Northeast

There are currently no Class C Office facilities in the Fishers and Keystone Submarkets

$9

cassidyturley.com | B-x


Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – Class A

3rd Quarter 2012

0%2%4%6%8%10%12%14%16%18%20%22%

-300

-100

100

300

500

700

900

1,100

1,300

Thou

sand

s

Square Feet

Net Absorption (YTD) Vacancy

Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—Overall3rd Quarter 2012

Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—class a3rd Quarter 2012



Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – Overall

3rd Quarter 2012

0%2%4%6%8%10%12%14%16%18%20%22%24%

-425-225-25175375575775975

1,1751,3751,5751,7751,975

Thou

sand

s

Square Feet


cassidyturley.com | B-xi

Change in Inventory, Absorption & Vacancy

Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – Class C

3rd Quarter 2012

0%2%4%6%8%10%12%14%16%18%20%22%

-80

-40

0

40

80

120

160

200

Thou

sand

s

Square Feet


Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—class b 3rd Quarter 2012



Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—class c3rd Quarter 2012

Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – Class B

3rd Quarter 2012

0%2%4%6%8%10%12%14%16%18%20%22%24%

-300

-100

100

300

500

700

900

Thou

sand

s

Square Feet


cassidyturley.com | B-xii


Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – Downtown Submarket Class A

3rd Quarter 2012

-200

-150

-100

-50

0

50

100

150

200

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Thou

sand

s

Square Feet

0%2%4%6%8%10%12%14%16%18%20%22%24%


Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – Downtown Submarket Overall

3rd Quarter 2012

0%2%4%6%8%10%12%14%16%18%20%

-150-100-50

050

100150200250300350

Thou

sand

s

Square Feet




Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—Downtown Submarket Overall 3rd Quarter 2012

Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—Downtown Submarket class a3rd Quarter 2012

cassidyturley.com | B-xiii


Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – Downtown Submarket Class B

3rd Quarter 2012

-50

0

50

100

150

200

250

300

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Thou

sand

s

Square Feet

0.0%

2.6%

5.2%

7.8%

10.4%

13.0%

15.6%

18.2%

20.8%


Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – Downtown Submarket Class C

3rd Quarter 2012

-40

-20

0

20

40

60

80

100

120

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Thou

sand

s

Square Feet

0%

4%

8%

12%

16%

20%

24%



Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—Downtown Submarket class b3rd Quarter 2012

Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—Downtown Submarket class c3rd Quarter 2012


cassidyturley.com | B-xiv


Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – Midtown Submarket Overall

3rd Quarter 2012

-180

-140

-100

-60

-20

20

60

100

140

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Thou

sand

s

Square Feet

0%4%8%12%16%20%24%28%32%36%40%


Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – Midtown Submarket Class A

3rd Quarter 2012

-200

-160

-120

-80

-40

0

40

80

120

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Thou

sand

s

Square Feet

0%

10%

20%

30%

40%

50%

60%


Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—Midtown Submarket Overall3rd Quarter 2012

Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—Midtown Submarket class a3rd Quarter 2012



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Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – Midtown Submarket Class C

3rd Quarter 2012

-12

-8

-4

0

4

8

12

16

20

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Thou

sand

s

Square Feet

0%2%4%6%8%10%12%14%16%18%20%22%


Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – Midtown Submarket Class B

3rd Quarter 2012

0%

10%

20%

30%

40%

50%

60%

-100-80-60-40-20

020406080

100120140

Thou

sand

s

Square Feet


Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—Midtown Submarket class b 3rd Quarter 2012

Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—Midtown Submarket class c3rd Quarter 2012



cassidyturley.com | B-xvi


Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – North/Carmel Submarket Overall

3rd Quarter 2012

0%2%4%6%8%10%12%14%16%18%20%22%

-200-100

0100200300400500600700800

Thou

sand

s

Square Feet


Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – North/Carmel Submarket Class A

3rd Quarter 2012

0%3%6%9%12%15%18%21%24%27%

-200

-100

0

100

200

300

400

500

600

Thou

sand

s

Square Feet


Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—North/Carmel Submarket Overall3rd Quarter 2012

Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—North/Carmel Submarket class a3rd Quarter 2012



cassidyturley.com | B-xvii


Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – North/Carmel Submarket Class B

3rd Quarter 2012

-120

-80

-40

0

40

80

120

160

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Thou

sand

s

Square Feet

0%

4%

8%

12%

16%

20%

24%

28%


Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – North/Carmel Submarket Class C

3rd Quarter 2012

-40

-20

0

20

40

60

80

100

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Thou

sand

s

Square Feet

0.0%

3.0%

6.0%

9.0%

12.0%

15.0%

18.0%

21.0%


Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—North/Carmel Submarket class b3rd Quarter 2012

Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—North/Carmel Submarket class c3rd Quarter 2012



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Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – Keystone Submarket Class A

3rd Quarter 2012

-2%

2%

6%

10%

14%

18%

22%

26%

30%

-100-60-202060

100140180220260300

Thou

sand

s

Square Feet


Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – Keystone Submarket Overall

3rd Quarter 2012

-2%

2%

6%

10%

14%

18%

22%

26%

30%

-100

-50

0

50

100

150

200

250

300

350

Thou

sand

s

Square Feet


Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—Keystone Submarket Overall3rd Quarter 2012

Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—Keystone Submarket class a3rd Quarter 2012



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Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – Keystone Submarket Class B

3rd Quarter 2012

-80-70-60-50-40-30-20-10

010203040

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Thou

sand

s

Square Feet

0%2%4%6%8%10%12%14%16%18%20%22%


Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—Keystone Submarket class b3rd Quarter 2012


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Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – Fishers Submarket Overall

3rd Quarter 2012

-100

-50

0

50

100

150

200

250

300

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Thou

sand

s

Square Feet

0%

4%

8%

12%

16%

20%


Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – Fishers Submarket Class A

3rd Quarter 2012

0%

4%

8%

12%

16%

20%

24%

28%

-20

0

20

40

60

80

100

120

140

160

Thou

sand

s

Square Feet


Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—Fishers Submarket Overall3rd Quarter 2012

Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—Fishers Submarket class a3rd Quarter 2012



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Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – Fishers Submarket Class B

3rd Quarter 2012

-100

-60

-20

20

60

100

140

180

220

260

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Thou

sand

s

Square Feet

0%

3%

6%

9%

12%

15%

18%

21%

24%

27%


Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—Fishers Submarket class b3rd Quarter 2012


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Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – Northeast Submarket Class A

3rd Quarter 2012

0%

8%

16%

24%

32%

40%

-80

-40

0

40

80

120

160

Thou

sand

s

Square Feet


Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – Northeast Submarket Overall

3rd Quarter 2012

-80

-40

0

40

80

120

160

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Thou

sand

s

Square Feet

0%

4%

8%

12%

16%

20%

24%

28%


Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—Northeast Submarket Overall3rd Quarter 2012

Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—Northeast Submarket class a3rd Quarter 2012



cassidyturley.com | B-xxiii


Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – Northeast Submarket Class B

3rd Quarter 2012

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Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – Northeast Submarket Class C

3rd Quarter 2012

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Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—Northeast Submarket class c3rd Quarter 2012

Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—Northeast Submarket class b3rd Quarter 2012



cassidyturley.com | B-xxiv


Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – East Submarket Overall

3rd Quarter 2012

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Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – East Submarket Class B

3rd Quarter 2012

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Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—East Submarket Overall3rd Quarter 2012

Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—East Submarket class b3rd Quarter 2012



cassidyturley.com | B-xxv


Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – East Submarket Class C

3rd Quarter 2012

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Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—East Submarket class c3rd Quarter 2012


cassidyturley.com | B-xxvi


Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – South Submarket Overall

3rd Quarter 2012

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Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – South Submarket Class A

3rd Quarter 2012

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Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—South Submarket Overall3rd Quarter 2012

Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—South Submarket class a3rd Quarter 2012



cassidyturley.com | B-xxvii


Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – South Submarket Class C

3rd Quarter 2012

-30-25-20-15-10-505

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Absorption (YTD) Vacancy

Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – South Submarket Class B

3rd Quarter 2012

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Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—South Submarket class b3rd Quarter 2012

Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—South Submarket class c3rd Quarter 2012



cassidyturley.com | B-xxviii


Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – West Submarket Overall

3rd Quarter 2012

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Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – West Submarket Class A

3rd Quarter 2012

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Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—West Submarket Overall3rd Quarter 2012

Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—West Submarket class a3rd Quarter 2012



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Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – West Submarket Class B

3rd Quarter 2012

-40-30-20-10

01020304050607080

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Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – West Submarket Class C

3rd Quarter 2012

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Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—West Submarket class c3rd Quarter 2012

Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—West Submarket class b3rd Quarter 2012



cassidyturley.com | B-xxx


Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – Northwest Submarket Class A

3rd Quarter 2012

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Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – Northwest Submarket Overall

3rd Quarter 2012

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Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—Northwest Submarket Overall3rd Quarter 2012

Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—Northwest Submarket class a3rd Quarter 2012



cassidyturley.com | B-xxxi


Indianapolis Multi-Tenant Office Market Net Absorption and Vacancy – Northwest Submarket Class B

3rd Quarter 2012

-160-120-80-40

04080

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Indianapolis Multi-Tenant Office Market Change in Net Absorption and Vacancy—Northwest Submarket class b3rd Quarter 2012


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Submarket Maps and Stat Sheets by Product Type

OFFIce Vacancy anD net abSOrPtIOn rateS DOWntOWn SubMarket

third Quarter 2012

Inventory (SF)

Vacant (SF)

Vacancy (%)

Occupied (SF)

Occupancy (%)

net absorption (Qtr.)

net absorption (ytD)

class a 5,922,508 1,246,472 21.0% 4,676,036 79.0% (41,387) (118,418)

class b 3,755,626 589,692 15.7% 3,165,934 84.3% 79,655 103,384

class c 913,849 176,449 19.3% 737,400 80.7% (701) (15,833)

tOtalS 10,591,983 2,012,613 19.0% 8,579,370 81.0% 37,567 (30,867)

Indianapolis Office SubmarketVacancy and Net Absorption Rates—Downtown Submarket3rd Quarter 2012

OFFIce Vacancy anD net abSOrPtIOn rateS MIDtOWn SubMarket

third Quarter 2012

Inventory (SF)

Vacant (SF)

Vacancy (%)

Occupied (SF)

Occupancy (%)



class a 406,060 121,369 29.9% 284,691 70.1% 0 0

class b 224,059 18,761 8.4% 205,298 91.6% 0 0

class c 207,454 33,000 15.9% 174,454 84.1% 0 0

tOtalS 837,573 173,130 20.7% 664,443 79.3% 0 0

cassidyturley.com | B-xxxiv


Indianapolis Office SubmarketVacancy and Net Absorption Rates—Midtown Submarket3rd Quarter 2012

OFFIce Vacancy anD net abSOrPtIOn rateS nOrtH / carMel SubMarket

third Quarter 2012

Inventory (SF)

Vacant (SF)

Vacancy (%)

Occupied (SF)

Occupancy (%)



class a 3,981,461 702,981 17.7% 3,278,480 82.3% 30,075 156,492

class b 2,108,166 474,458 22.5% 1,633,708 77.5% (7,066) (43,364)

class c 340,989 47,226 13.8% 293,763 86.2% 0 10,537

tOtalS 6,430,616 1,224,665 19.0% 5,205,951 81.0% 23,009 123,665

cassidyturley.com | B-xxxv


Indianapolis Office SubmarketVacancy and Net Absorption Rates—North/Carmel Submarket3rd Quarter 2012

cassidyturley.com | B-xxxvi


Indianapolis Office SubmarketVacancy and Net Absorption Rates—Keystone Submarket3rd Quarter 2012

OFFIce Vacancy anD net abSOrPtIOn rateS keyStOne SubMarket

third Quarter 2012

Inventory (SF)

Vacant (SF)

Vacancy (%)

Occupied (SF)

Occupancy (%)



class a 2,626,617 418,920 15.9% 2,207,697 84.1% 21,703 143,347

class b 1,335,713 225,032 16.8% 1,110,681 83.2% (6,233) 12,035

tOtalS 3,962,330 643,952 16.3% 3,318,378 83.7% 15,470 155,382

cassidyturley.com | B-xxxvii


Indianapolis Office SubmarketVacancy and Net Absorption Rates—Fishers Submarket3rd Quarter 2012

OFFIce Vacancy anD net abSOrPtIOn rateS FISHerS SubMarket

third Quarter 2012

Inventory (SF)

Vacant (SF)

Vacancy (%)

Occupied (SF)

Occupancy (%)



class a 319,650 22,894 7.2% 296,756 92.8% 0 18,857

class b 358,997 71,490 19.9% 287,507 80.1% 2,009 (11,050)

tOtalS 678,647 94,384 13.9% 584,263 86.1% 2,009 7,807

B-xxxviii | We know the State of real estate®


Indianapolis Office SubmarketVacancy and Net Absorption Rates—Northeast Submarket3rd Quarter 2012

OFFIce Vacancy anD net abSOrPtIOn rateS nOrtHeaSt SubMarket

third Quarter 2012

Inventory (SF)

Vacant (SF)

Vacancy (%)

Occupied (SF)

Occupancy (%)



class a 873,818 284,494 32.6% 589,324 67.4% 10,772 10,669

class b 1,798,603 418,190 23.3% 1,380,413 76.7% 5,591 15,474

class c 416,702 59,272 14.2% 357,430 85.8% 12,144 6,371

tOtalS 3,089,123 761,956 24.7% 2,327,167 75.3% 28,507 32,514

cassidyturley.com | B-xxxix


Indianapolis Office SubmarketVacancy and Net Absorption Rates—East Submarket3rd Quarter 2012

OFFIce Vacancy anD net abSOrPtIOn rateS eaSt SubMarketthird Quarter 2012

Inventory (SF)

Vacant (SF)

Vacancy (%)

Occupied (SF)

Occupancy (%)



class b 160,000 27,683 17.3% 132,317 82.7% 0 (683)

class c 78,130 17,170 22.0% 60,960 78.0% 0 2,600

tOtalS 238,130 44,853 18.8% 193,277 81.2% 0 1,917

B-xl | We know the State of real estate®


Indianapolis Office SubmarketVacancy and Net Absorption Rates—South Submarket3rd Quarter 2012

OFFIce Vacancy anD net abSOrPtIOn rateS SOutH SubMarketthird Quarter 2012

Inventory (SF)

Vacant (SF)

Vacancy (%)

Occupied (SF)

Occupancy (%)



class a 239,480 37,214 15.5% 202,266 84.5% 8,365 10,906

class b 398,376 107,473 27.0% 290,903 73.0% (3,872) 7,681

class c 181,946 44,894 24.7% 137,052 75.3% (2,500) 6,052

tOtalS 819,802 189,581 23.1% 630,221 76.9% 1,993 24,639

cassidyturley.com | B-xli


Indianapolis Office SubmarketVacancy and Net Absorption Rates—West Submarket3rd Quarter 2012

OFFIce Vacancy anD net abSOrPtIOn rateS WeSt SubMarketthird Quarter 2012

Inventory (SF)

Vacant (SF)

Vacancy (%)

Occupied (SF)

Occupancy (%)



class a 266,074 131,021 49.2% 135,053 50.8% (12,185) (61,110)

class b 598,565 207,367 34.6% 391,198 65.4% (15,791) (976)

class c 247,125 52,299 21.2% 194,826 78.8% 7,885 13,006

tOtalS 1,111,764 390,687 35.1% 721,077 64.9% (20,091) (49,080)

cassidyturley.com | B-xlii


Indianapolis Office SubmarketVacancy and Net Absorption Rates—Northwest Submarket3rd Quarter 2012

OFFIce Vacancy anD net abSOrPtIOn rateS nOrtHWeSt SubMarket

third Quarter 2012

Inventory (SF)

Vacant (SF)

Vacancy (%)

Occupied (SF)

Occupancy (%)



class a 1,757,744 253,434 14.4% 1,504,310 85.6% (26,418) (29,513)

class b 1,470,545 323,411 22.0% 1,147,134 78.0% (5,030) (14,043)

tOtalS 3,228,289 576,845 17.9% 2,651,444 82.1% (31,448) (43,556)

Office Market Appendix (3Q12)

Documents

Transcript of Office Market Appendix (3Q12)