QUARTERLY REPORTS

The Columbus industrial market had a solid first quarter with ten construction completions and over 1.6 million square feet
of net absorption for the first quarter. The vacancy rate is 3.86 percent with asking rates steady at $6.96. Overall construction
activity decreased from last quarter. With a total of 5,051,067 square feet completed in the first quarter, 14,725,285 square feet remains under construction. We expect speculative construction to slow but build-to-suit construction to remain steady. The available sublease space has increased compared to last quarter with nearly one percent of inventory available for sublease.