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Columbus Industrial
MarketView
Q3 2012                                                                                                          CBRE Global Research and Consulting


       Q1 US GDP                                  Q2 US GDP                             US RETAIL SALES                              Columbus Industrial SF
       4.2%                                       3.3%                                  4.3% YoY July                                211,678,462 SF


The Columbus Industrial Market continues to
stabilize and rebound.
                                                        Figure 1: Columbus Local Economy Make-Up
  Quick Stats                                                                       0.2%
                                                                             6.0%
                                                                                                                         Professional and Related
                                                                      6.7%                         16.8%
   Q3 2012                            QoQ   YoY
                                                                                                                         Office Support
   Total Vacancy          12.1%            i                                                                            Services
                                                              8.0%
   Lease Rates          $2.92-$4.72   i     h                                                                            Production and Transportation

   Net Absorption       198,124 SF    h     h                                                                            Management
                                                                                                              15.7%
   Under Construction   125,000 SF    i     i             10.7%                                                          Sales

                                                                                                                         Health Care Support
  Hot Topics                                                                                                             Construction, Extraction, and Maintenance

  •  orthington Industries bought
    W                                                                                                                    Business and Financial Operations
                                                                  10.8%
    into Utica shale drilling boom with                                                             13.5%                Farming, Fishing, and Forestry
    the acquisition of Bremen-based                                             11.5%
    Westerman Companies, a tank and                                                                                                 Source: U.S. Bureau of Labor Statistics
    pressure cylinder maker. Westerman
    Companies employs 220 people and                   The Columbus economy, not dominated                  and utilities, offering an exceptionally
    has sales of $71.8 million.                        by any single industry, remains strong               diversified business environment in central
                                                       during times of national economic stress.            Ohio.
  •  iagara Bottling, LLC is considering
    N                                                  Columbus is considered a center for
    putting a bottling plant in Gahanna                banking and finance, with JPMorgan                   Columbus, is also home to The Ohio
    that would employ 73 workers. The                  Chase Co., Nationwide, and Huntington                State University, the third largest campus
    proposal marked one of several tax                 Bancshares heading the list of local                 university in the US, as well as Battelle
    credits the state Tax Credit Authority             financial institutions with a major regional         Memorial Institute, The world’s largest
    approved for Central Ohio projects.                and national presence.                               private research and development
                                                                                                            foundation.
  •  olumbus was ranked No. 4 for new
    C                                                  Columbus is home to a diverse collection
    logistics projects in Site Selection               of Fortune 1000 companies that are led               Columbus’s strategic location continues
    magazine. Approximately 29 projects                by Cardinal Health, Nationwide Insurance             to attract new companies. Within the past
    were completed from January 1,                     Enterprise, and American Electric Power.             six months, leases have been signed with
    2011 to May 31, 2012.                              These three companies combined employ                several companies new to the market
                                                       over 19,000 people in the Columbus                   including Stella  Dot, Fanatics.com, MSC
  •  ackman Capital, a Los Angeles real
    H                                                  metropolitan area.                                   Direct, and Zulily.
    estate investor with ties to Columbus,
    purchased 12 flex office/warehouse                 Columbus MSA’s share of Finance,                     The Columbus Industrial Market continues
    properties, and 32 warehouse/                      Insurance  Real Estate employment is                to stabilize and rebound. Overall the
    distribution centers with a combined               8.1%, while the national average is 6.1%.            Industrial Occupancy has remained steady
    2,744,387 square feet for $32                      Franklin County’s twenty largest employers           at a 12.1% vacancy rate from 2nd to 3rd
    million.                                           represent government, education, trade,              quarter. Net absorption this quarter was
                                                       finance, manufacturing, health care,                 198,124 square feet.



                                                                                                                                                      © 2012, CBRE, Inc.
Industrial Market Statistics
Q1 2012

                              Q3 2012




                                                                 Table 1: Market Statistics

                                                                                                                                                                                 Average Asking         Average Asking
                                                                                                                                                                 Under    Lease Rate 10-100K SF   Lease Rate 100K+SF
Region, Sector | MarketView

                              COLUMBUS INDUSTRIAL | MarketView




                                                                 Market               Rentable Area           % of Total Base     Gross Activity SF     Construction SF            NNN $/SF/YR            NNN $/SF/YR      Vacancy Rate
                                                                 Central                   34,233,581                  16.2%             5,016,245                                       $6.17                  $3.68            14.7%

                                                                 East                      23,483,894                  11.1%             4,811,163                                       $4.90                  $4.40            20.5%

                                                                 Northeast                 15,227,522                  7.2%              1,478,943            105,000                    $4.97                  $3.46             9.7%

                                                                 Northwest                  1,996,266                  0.9%               203,593                                        $6.57                  $4.80            10.2%
                                                                 Outlying                  45,871,782                  21.7%             2,725,142                                       $3.48                  $2.29             5.9%
                                                                 Southeast                 42,440,547                  20.0%             8,733,591                                       $3.03                  $2.75            20.6%

                                                                 Southwest                 12,874,684                  6.1%              1,597,491                                       $4.89                  $3.11            12.4%

                                                                 West                      35,550,186                  16.8%             6,747,384             20,000                    $4.61                  $2.31            19.0%

                                                                 Total                 211,678,462                     12.5%            31,313,552            125,000                                                            12.1%
                                                                                                                                                                                                                     Source: CBRE Research

                                                                 Figure 2: Vacancy                                                                                   Vacancy
                                                                                                                                                                     Third quarter 2012 vacancy remained steady at
                                                                                            3Q Vacancy Rate              12.1%
                                                                                                                                                                     12.1%. Availability declined from 15.5% to 14.8%.
                                                                 13.20%                                                                                              Leasing activity for third quarter 2012 showed an
                                                                 13.00%                                                                                              increase with a total of 2,806,716 square feet
                                                                 12.80%
                                                                                                                                                                     leased compared to last quarter’s 2,079,075 square
                                                                                                                                                                     feet.
                                                                 12.60%

                                                                 12.40%                                                                                              A few notable lease transactions include Restoration
                                                                 12.20%                                                                                              Hardware’s expansion of 400,000 square foot lease
                                                                                                                                                                     at 100 Enterprise Parkway (for a total of 1,223,780
                                                                 12.00%
                                                                                                                                                                     square feet). This was the largest new lease
                                                                 11.80%                                                                                              transaction in the Columbus market this quarter.
                                                                 11.60%                                                                                              Honeywell renewed 340,704 square feet at Capital
                                                                                                                                                                     Park South, Buckeye Diamond Logistics, Inc. renewed
                                                                 11.40%
                                                                                    1Q12                        2Q12                        3Q12
                                                                                                                                                                     their existing lease at 4531 Industrial Center Drive
                                                                                                                                                                     for 213,486 square feet, and Showa leased
                                                                                           YTD Vacancy Rate              12.4%                                       112,000 square feet from First Industrial at 1020
                                                                 16.0%                                                                                               Pittsburgh Drive.

                                                                 14.0%
                                                                                                                                                                     Sale transactions this quarter, totalled 6,356,633
                                                                 12.0%                                                                                               square feet. A majority of this consisted of the
                                                                                                                                                                     2,744,387 square foot Schottenstein Portfolio
                                                                 10.0%
                                                                                                                                                                     investment acquisition by Hackman Capital, and the
                                                                   8.0%                                                                                              2,858,355 square foot acquisition of First Industrial‘s
                                                                                                                                                                     Portfolio by Westmount Realty. The largest owner user
                                                                   6.0%
                                                                                                                                                                     sale was 555 Lancaster Avenue, in Reynoldsburg,
                                                                   4.0%                                                                                              which is 92,527 square feet, to Dynalab EMS, Inc.
           2                               2
                                                                   2.0%

                                                                   0.0%
                                                                             2008             2009              2010             2011            2012
                                                                                                                                           Source: CBRE Research



                                                                                                                                                                                                                          © 2012, CBRE, Inc.
Figure 3: Construction                                                                      Construction
                                                                                                There are currently two buildings under construction this
                         3Q Construction                125,000 SF                              quarter. A 20,000 square foot storage facility in Hilliard,




                                                                                                                                                                               Q3 2012
                                                                                                                                                                               Q1 2012
   400,000                                                                                      and a 105,000 square foot manufacturing facility in New
   350,000
                                                                                                Albany.

   300,000
                                                                                                1,600,000
                                                                                                                                                        YTD Construction




                                                                                                                                                                               COLUMBUS Ind ustrial | MarketView
                                                                                                                                                                               Region, Sector | MarketView
   250,000
                                                                                                1,400,000
                                                                                                                                                                  280,000 SF
   200,000                                                                                      1,200,000

   150,000                                                                                      1,000,000

                                                                                                 800,000
   100,000
                                                                                                 600,000
     50,000
                                                                                                 400,000

             0                                                                                   200,000
                       1Q12                       2Q12                    3Q12
                                                                                                        0
                                                                        Source: CBRE Research                  2008    2009     2010    2011    2012



 Figure 4: Direct Average Asking Lease Rates                                                    Direct Average Asking Lease Rates
                                                                                                Asking net lease rates for industrial space throughout the
                      3Q Lease Rate 10-100K SF                $4.72                             Columbus industrial market ranged from $1.00-$12.50
                      3Q Lease Rate 100K+ SF                  $2.92                             per square foot per year net. The overall average for
$5.00                                                                                           space between 10,000-100,000 square feet was $4.72
                                                                                                which is up $0.62 per square foot from second quarter
$4.00                                                                                           2012. The overall average for space over 100,000
                                                                                                square feet was $2.92 per square foot. This rate is up
                                                                                                $0.04 per square foot from second quarter 2012.
                                                                                                 2500
$3.00
                                                                                                $5.00
                                                                                                2000
                                                                                                                                                        YTD Lease Rate
                                                                                                $4.00
$2.00                                                                                                                                                   10-100K SF
                                                                                                1500
                                                                                                $3.00                                                            $4.53
                                                                                                                                                        YTD Avg Lease Rate

$1.00                                                                                           1000                                                    (100K+ SF)
                                                                                                $2.00
                                                                                                                                                        YTD Lease Rate
                                                                                                                                                        100K+ SF
                                                                                                 500
$0.00                                                                                           $1.00                                                             $3.02
                  1Q12                          2Q12                     3Q12
                                                                                                    0
                                                                                                $0.00
                                                                        Source: CBRE Research                2008
                                                                                                              1       2009
                                                                                                                       2       2010
                                                                                                                                3       2011
                                                                                                                                          4     2012
                                                                                                                                                  5




 Figure 5: Absorption                                                                           Net Absorption
                                                                                                Net absorption for second quarter 2012 was 1,064,594
                             3Q Absorption SF              198,124 SF                           square feet. Net absorption for third quarter 2012 was
1,500,000
                                                                                                198,124 square feet, for a total of 1,262,718 square
                                                                                                feet, or .62% reduction in the vacancy rate through third
                                                                                                quarter 2012.
1,000,000

                                                                                                1,000,000
  500,000                                                                                                                                               YTD Absorption SF
                                                                                                  500,000
                                                                                                                                                                  390,916 SF
        0                                                                                               0


                                                                                                 -500,000
 -500,000                                                                                                                                                                             33
                                                                                                -1,000,000


-1,000,000                                                                                      -1,500,000

                      1Q12                       2Q12                      3Q12
                                                                                                -2,000,000
                                                                        Source: CBRE Research                  2008     2009     2010    2011    2012




 © 2012, CBRE, Inc.
Key Transactions
                                                                 Sale
                                                                                                                                                                                    contacts
Q1 2012

                              Q3 2012




                                                                  Address                        Size (SF)                                Buyer                            Seller
                                                                                                                                                                                    For more information about this Local
                                                                  2240 Creekside Pkwy             125,000                 Becknell Development                            Pizzuti   MarketView, please contact:
                                                                                                                                                                                    columbus Research
Region, Sector | MarketView

                              COLUMBUS INDUSTRIAL | MarketView




                                                                  555 Lancaster Ave               92,527                      Dynalab EMS, Inc.            James Gary W Trust

                                                                  6767 Huntley Road               79,120             Atlas Industrial Contractors               Atlas Realty, LLC   Rob Click
                                                                                                                                                                                    Senior Managing Director
                                                                 Lease                                                                                                              CBRE Columbus
                                                                                                                                                                                    280 N. High Street,
                                                                  Address                         Size (SF)                 Tenant                  Landlord        Market Area     Seventeenth Floor
                                                                                                                       Restoration                                                  Columbus, OH 43215
                                                                  100 Enterprise Pkwy             1,223,780                                             Duke            Outlying    t: +1 614.430.5040
                                                                                                                     Hardware, Inc.
                                                                                                                                                                                    e: rob.click@cbre.com
                                                                                                                 Buckeye Diamond
                                                                  4531 Industrial Center Drive     213,486                               CIVF 1-OH 1B03, LLC          Southeast     Dan Askew
                                                                                                                          Logistics
                                                                                                                                                                                    Office Research Coordinator
                                                                 Investment Sale                                                                                                    CBRE Columbus
                                                                                                                                                                                    280 N. High Street,
                                                                  Address                                     Size (SF)                 Buyer           Price          Cap Rate     Seventeenth Floor
                                                                                                                                                                                    Columbus, OH 43215
                                                                  Schottenstein Property Group Portfolio      2,744,387      Hackman Capital        $11.66/SF           11.00%
                                                                                                                                                                                    t: +1 614.430.5098
                                                                  First Industrial Portfolio                  2,858,355     Westmount Realty        $13.00/SF        Undisclosed    e: dan.askew@cbre.com

                                                                                                                                                           Source: CBRE Research    Christine Zember
                                                                                                                                                                                    Industrial/Retail Research Coordinator
                                                                                                                                                                                    CBRE Columbus
                                                                                                                                                                                    280 N. High Street,
                                                                                                                                                                                    Seventeenth Floor
                                                                                                                                                                                    Columbus, OH 43215
                                                                                                                                                                                    t: +1 614.430.5042
                                                                                                                                                                                    e: christine.zember@cbre.com

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                                                                    Global Research and Consulting
                                                                    This report was prepared by the CBRE Columbus Research Team which forms part of CBRE Global Research and Consulting – a network of
                                                                    preeminent researchers and consultants who collaborate to provide real estate market research, econometric forecasting and consulting solutions to
                                                                    real estate investors and occupiers around the globe.
                                                                    Acknowledgements
                                                                    The CBRE Columbus Research Team would like to acknowledge Michael Mullady, Jeff Lyons  Matthew Lehman for their contributions to this report.
           4                               4                        Disclaimer
                                                                    Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy,
                                                                    we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy
                                                                    and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and
                                                                    cannot be reproduced without prior written permission of the CBRE Global Chief Economist.




                                                                                                                                                                                                                       © 2012, CBRE, Inc.

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Columbus Industrial MarketView

  • 1. Columbus Industrial MarketView Q3 2012 CBRE Global Research and Consulting Q1 US GDP Q2 US GDP US RETAIL SALES Columbus Industrial SF 4.2% 3.3% 4.3% YoY July 211,678,462 SF The Columbus Industrial Market continues to stabilize and rebound. Figure 1: Columbus Local Economy Make-Up Quick Stats 0.2% 6.0% Professional and Related 6.7% 16.8% Q3 2012 QoQ YoY Office Support Total Vacancy 12.1%  i Services 8.0% Lease Rates $2.92-$4.72 i h Production and Transportation Net Absorption 198,124 SF h h Management 15.7% Under Construction 125,000 SF i i 10.7% Sales Health Care Support Hot Topics Construction, Extraction, and Maintenance • orthington Industries bought W Business and Financial Operations 10.8% into Utica shale drilling boom with 13.5% Farming, Fishing, and Forestry the acquisition of Bremen-based 11.5% Westerman Companies, a tank and Source: U.S. Bureau of Labor Statistics pressure cylinder maker. Westerman Companies employs 220 people and The Columbus economy, not dominated and utilities, offering an exceptionally has sales of $71.8 million. by any single industry, remains strong diversified business environment in central during times of national economic stress. Ohio. • iagara Bottling, LLC is considering N Columbus is considered a center for putting a bottling plant in Gahanna banking and finance, with JPMorgan Columbus, is also home to The Ohio that would employ 73 workers. The Chase Co., Nationwide, and Huntington State University, the third largest campus proposal marked one of several tax Bancshares heading the list of local university in the US, as well as Battelle credits the state Tax Credit Authority financial institutions with a major regional Memorial Institute, The world’s largest approved for Central Ohio projects. and national presence. private research and development foundation. • olumbus was ranked No. 4 for new C Columbus is home to a diverse collection logistics projects in Site Selection of Fortune 1000 companies that are led Columbus’s strategic location continues magazine. Approximately 29 projects by Cardinal Health, Nationwide Insurance to attract new companies. Within the past were completed from January 1, Enterprise, and American Electric Power. six months, leases have been signed with 2011 to May 31, 2012. These three companies combined employ several companies new to the market over 19,000 people in the Columbus including Stella Dot, Fanatics.com, MSC • ackman Capital, a Los Angeles real H metropolitan area. Direct, and Zulily. estate investor with ties to Columbus, purchased 12 flex office/warehouse Columbus MSA’s share of Finance, The Columbus Industrial Market continues properties, and 32 warehouse/ Insurance Real Estate employment is to stabilize and rebound. Overall the distribution centers with a combined 8.1%, while the national average is 6.1%. Industrial Occupancy has remained steady 2,744,387 square feet for $32 Franklin County’s twenty largest employers at a 12.1% vacancy rate from 2nd to 3rd million. represent government, education, trade, quarter. Net absorption this quarter was finance, manufacturing, health care, 198,124 square feet. © 2012, CBRE, Inc.
  • 2. Industrial Market Statistics Q1 2012 Q3 2012 Table 1: Market Statistics Average Asking Average Asking Under Lease Rate 10-100K SF Lease Rate 100K+SF Region, Sector | MarketView COLUMBUS INDUSTRIAL | MarketView Market Rentable Area % of Total Base Gross Activity SF Construction SF NNN $/SF/YR NNN $/SF/YR Vacancy Rate Central 34,233,581 16.2% 5,016,245 $6.17 $3.68 14.7% East 23,483,894 11.1% 4,811,163 $4.90 $4.40 20.5% Northeast 15,227,522 7.2% 1,478,943 105,000 $4.97 $3.46 9.7% Northwest 1,996,266 0.9% 203,593 $6.57 $4.80 10.2% Outlying 45,871,782 21.7% 2,725,142 $3.48 $2.29 5.9% Southeast 42,440,547 20.0% 8,733,591 $3.03 $2.75 20.6% Southwest 12,874,684 6.1% 1,597,491 $4.89 $3.11 12.4% West 35,550,186 16.8% 6,747,384 20,000 $4.61 $2.31 19.0% Total 211,678,462 12.5% 31,313,552 125,000 12.1% Source: CBRE Research Figure 2: Vacancy Vacancy Third quarter 2012 vacancy remained steady at 3Q Vacancy Rate 12.1% 12.1%. Availability declined from 15.5% to 14.8%. 13.20% Leasing activity for third quarter 2012 showed an 13.00% increase with a total of 2,806,716 square feet 12.80% leased compared to last quarter’s 2,079,075 square feet. 12.60% 12.40% A few notable lease transactions include Restoration 12.20% Hardware’s expansion of 400,000 square foot lease at 100 Enterprise Parkway (for a total of 1,223,780 12.00% square feet). This was the largest new lease 11.80% transaction in the Columbus market this quarter. 11.60% Honeywell renewed 340,704 square feet at Capital Park South, Buckeye Diamond Logistics, Inc. renewed 11.40% 1Q12 2Q12 3Q12 their existing lease at 4531 Industrial Center Drive for 213,486 square feet, and Showa leased YTD Vacancy Rate 12.4% 112,000 square feet from First Industrial at 1020 16.0% Pittsburgh Drive. 14.0% Sale transactions this quarter, totalled 6,356,633 12.0% square feet. A majority of this consisted of the 2,744,387 square foot Schottenstein Portfolio 10.0% investment acquisition by Hackman Capital, and the 8.0% 2,858,355 square foot acquisition of First Industrial‘s Portfolio by Westmount Realty. The largest owner user 6.0% sale was 555 Lancaster Avenue, in Reynoldsburg, 4.0% which is 92,527 square feet, to Dynalab EMS, Inc. 2 2 2.0% 0.0% 2008 2009 2010 2011 2012 Source: CBRE Research © 2012, CBRE, Inc.
  • 3. Figure 3: Construction Construction There are currently two buildings under construction this 3Q Construction 125,000 SF quarter. A 20,000 square foot storage facility in Hilliard, Q3 2012 Q1 2012 400,000 and a 105,000 square foot manufacturing facility in New 350,000 Albany. 300,000 1,600,000 YTD Construction COLUMBUS Ind ustrial | MarketView Region, Sector | MarketView 250,000 1,400,000 280,000 SF 200,000 1,200,000 150,000 1,000,000 800,000 100,000 600,000 50,000 400,000 0 200,000 1Q12 2Q12 3Q12 0 Source: CBRE Research 2008 2009 2010 2011 2012 Figure 4: Direct Average Asking Lease Rates Direct Average Asking Lease Rates Asking net lease rates for industrial space throughout the 3Q Lease Rate 10-100K SF $4.72 Columbus industrial market ranged from $1.00-$12.50 3Q Lease Rate 100K+ SF $2.92 per square foot per year net. The overall average for $5.00 space between 10,000-100,000 square feet was $4.72 which is up $0.62 per square foot from second quarter $4.00 2012. The overall average for space over 100,000 square feet was $2.92 per square foot. This rate is up $0.04 per square foot from second quarter 2012. 2500 $3.00 $5.00 2000 YTD Lease Rate $4.00 $2.00 10-100K SF 1500 $3.00 $4.53 YTD Avg Lease Rate $1.00 1000 (100K+ SF) $2.00 YTD Lease Rate 100K+ SF 500 $0.00 $1.00 $3.02 1Q12 2Q12 3Q12 0 $0.00 Source: CBRE Research 2008 1 2009 2 2010 3 2011 4 2012 5 Figure 5: Absorption Net Absorption Net absorption for second quarter 2012 was 1,064,594 3Q Absorption SF 198,124 SF square feet. Net absorption for third quarter 2012 was 1,500,000 198,124 square feet, for a total of 1,262,718 square feet, or .62% reduction in the vacancy rate through third quarter 2012. 1,000,000 1,000,000 500,000 YTD Absorption SF 500,000 390,916 SF 0 0 -500,000 -500,000 33 -1,000,000 -1,000,000 -1,500,000 1Q12 2Q12 3Q12 -2,000,000 Source: CBRE Research 2008 2009 2010 2011 2012 © 2012, CBRE, Inc.
  • 4. Key Transactions Sale contacts Q1 2012 Q3 2012 Address Size (SF) Buyer Seller For more information about this Local 2240 Creekside Pkwy 125,000 Becknell Development Pizzuti MarketView, please contact: columbus Research Region, Sector | MarketView COLUMBUS INDUSTRIAL | MarketView 555 Lancaster Ave 92,527 Dynalab EMS, Inc. James Gary W Trust 6767 Huntley Road 79,120 Atlas Industrial Contractors Atlas Realty, LLC Rob Click Senior Managing Director Lease CBRE Columbus 280 N. High Street, Address Size (SF) Tenant Landlord Market Area Seventeenth Floor Restoration Columbus, OH 43215 100 Enterprise Pkwy 1,223,780 Duke Outlying t: +1 614.430.5040 Hardware, Inc. e: rob.click@cbre.com Buckeye Diamond 4531 Industrial Center Drive 213,486 CIVF 1-OH 1B03, LLC Southeast Dan Askew Logistics Office Research Coordinator Investment Sale CBRE Columbus 280 N. High Street, Address Size (SF) Buyer Price Cap Rate Seventeenth Floor Columbus, OH 43215 Schottenstein Property Group Portfolio 2,744,387 Hackman Capital $11.66/SF 11.00% t: +1 614.430.5098 First Industrial Portfolio 2,858,355 Westmount Realty $13.00/SF Undisclosed e: dan.askew@cbre.com Source: CBRE Research Christine Zember Industrial/Retail Research Coordinator CBRE Columbus 280 N. High Street, Seventeenth Floor Columbus, OH 43215 t: +1 614.430.5042 e: christine.zember@cbre.com +FOLLOW US GOOGLE+ https://plus.google.com/1106404 13332542089478#1106404133 32542089478/posts FACEBOOK http://www.facebook.com.pages/ CBRE/85277065893 TWITTER @cbrecolumbus Global Research and Consulting This report was prepared by the CBRE Columbus Research Team which forms part of CBRE Global Research and Consulting – a network of preeminent researchers and consultants who collaborate to provide real estate market research, econometric forecasting and consulting solutions to real estate investors and occupiers around the globe. Acknowledgements The CBRE Columbus Research Team would like to acknowledge Michael Mullady, Jeff Lyons Matthew Lehman for their contributions to this report. 4 4 Disclaimer Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of the CBRE Global Chief Economist. © 2012, CBRE, Inc.