near south cook...near south cook submarket trading about $95 million as of 19q4. average cap rates...

Near South Cook

PREPARED BY

William Mustafa

Senior Director

Industrial Submarket Report

Chicago - IL

INDUSTRIAL SUBMARKET REPORT

Submarket Key Statistics 2

Leasing 3

Rent 6

Construction 8

Sales 11

Sales Past 12 Months 12

Supply & Demand Trends 14

Rent & Vacancy 16

Sale Trends 18

Near South Cook Industrial

4/21/2020Copyrighted report licensed to KW Commercial / Keller Williams Chicago-

O'Hare - 1048740.

OverviewNear South Cook Industrial

0 529 K 4.4% 4.4%12 Mo Deliveries in SF 12 Mo Net Absorption in SF Vacancy Rate 12 Mo Rent Growth

Industrial rents in the Near South Cook Submarketincreased by 4.3% year-over-year as of 19Q4, andposted an average annual gain of 4.1% over the pastthree years. Vacancies in the metro were well below thecycle average as of 19Q4, and decreased about 100basis points year-over-year, to 4.1%. Demand waspositive in 2019, with net absorption totaling nearly500,000 SF during the year. Development activityremains minimal in the Near South Cook Submarket.Currently, one industrial project is under construction,LogiPort 57-80 Building 3, totaling 1100,000 SF. The

last submarket delivery occurred in 2018, with the300,000 SF completion of 18700 South RidgelandAvenue in Tinley Park, which remains fully leased.Investment activity continued to decline in 2019, with theNear South Cook Submarket trading about $95 million asof 19Q4. Average cap rates expanded slightly year-over-year, from 7.5% in 2018 to 8.7% in 2019. In the largestsale of 2019, Plymouth Industrial REIT purchased aseven-building portfolio of assets owned by TorchlightTenants, with six of the properties located in the NearSouth Cook Submarket.

KEY INDICATORS

Market RentVacancy RateRBACurrent Quarter Availability RateNet Absorption

SFDeliveries SF

UnderConstruction

$6.973.7%29,801,891Logistics 7.4% (84,198) 0 100,000

$7.645.3%15,050,678Specialized Industrial 5.4% 24,775 0 0

$11.197.1%2,287,158Flex 17.6% 0 0 0

$7.394.4%47,139,727Submarket 7.3% (59,423) 0 100,000

ForecastAverage

HistoricalAverage

12 MonthAnnual Trends Peak When Trough When

6.1%8.5%-1.1%Vacancy Change (YOY) 15.5% 2010 Q2 3.9% 2018 Q2

(119,747)148,423529 KNet Absorption SF 1,620,719 1999 Q3 (2,370,157) 2005 Q2

127,696285,3360Deliveries SF 1,036,162 2008 Q3 0 2020 Q1

2.2%1.9%4.4%Rent Growth 6.8% 1997 Q2 -2.9% 2009 Q4

N/A$67.7M$80.2 MSales Volume $256M 2017 Q3 $12.2M 2010 Q2


O'Hare - 1048740. Page 2

LeasingNear South Cook Industrial

Demand increased in 2019, with year-to-date netabsorption of about 500,000 SF in the Near South CookSubmarket as of 19Q4. This positive net absorptioncaused vacancy to decrease by 100 basis points in2019, to 4.1%, well below the submarkets historicalaverage. Some large renewals occurred in the NearSouth Cook Submarket during the year, including: FordMotor Company, with 285,000 SF, Roosevelt PaperCompany, with 252,000 SF, and Skyline Furniture whorenewed 200,000 SF. Additionally, a handful of notable

new leases were signed in 2019, including: GM Lighting,who inked 161,000 SF at 18700 South RidgelandAvenue in Tinley Park, and Neill Cartage, who signedonto 156,000 SF at 13144 South Pulaski Road in Alsip.The building stock here is dominated by 1970s-era, lowceiling, small bay properties, however the submarket alsocontains multiple 500K-plus SF distribution facilitieslocated nearby I-57, I-294 and multiple rail yards. Giventhat the construction pipeline is light, we expectvacancies to remain healthy in the near term.

NET ABSORPTION, NET DELIVERIES & VACANCY


O'Hare - 1048740. Page 3


VACANCY RATE

AVAILABILITY RATE


O'Hare - 1048740. Page 4


4 & 5 STAR MOST ACTIVE BUILDINGS IN SUBMARKET - PAST 12 MONTHS

Property Name/Address Rating RBA Deals Leased SF 12 Mo Vacancy 12 Mo Net Absorp SF

135,21518700 S Ridgeland Ave

296,180 2 34.8% 263,825

8,6058201 W 183rd St

Tinley Crossings Corporate C…84,388 1 23.2% 12,776

4,8738200 W 185th St

Tinley Crossings Corporate C…83,139 1 3.5% 1,137

284,35611801 S Central Ave

284,356 1 0% 0

3 STAR MOST ACTIVE BUILDINGS IN SUBMARKET - PAST 12 MONTHS

Property Name/Address Rating RBA Deals Leased SF 12 Mo Vacancy 12 Mo Net Absorp SF

233,66113144 S Pulaski Rd

370,705 2 32.6% 214,355

123,01013040 S Pulaski Rd

395,466 1 6.2% 120,294

31,944410-470 W 169th St

149,456 1 12.8% 31,944

15,52316341-16405 Kilbourne Ave

Oak Forest Industrial62,425 2 41.2% 11,695

5,50015426-15432 S 70th Ct

15426-8 S. 70th Ct., Orland Park26,263 2 23.3% 8,690

5,3188050-8064 186th St

Mercury Business Center33,671 1 3.2% 5,318

25,9854915-5003 W 122nd St

153,368 1 0% 0

95,51517005-17045 Wallace Ave

South Holland Distribution Ce…95,515 2 0% 0

16,03012330-12358 S Latrobe Ave

85,390 2 0% 0

50,0002064 W 167th St

Homewood Bev Co138,149 1 7.2% (11,667)

27,0003500 W 127th St

Blue Island Industrial157,800 1 18.8% (24,400)


O'Hare - 1048740. Page 5

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RentNear South Cook Industrial

Due in part to limited development activity over thecurrent cycle paired with a shrinking vacancy, landlordshave continued to push rents in the Near South CookSubmarket as 19Q4. Another reason for continued rentalgrowth in the submarket includes its excellent access tohighways and rail yards. Rent growth over the last twelvemonths was strong, at just under 5%. Rent growth in theNear South Cook Submarket is now more than double itshistorical average of 2.1%. The specialized industrialsector, which makes up over 30% of the submarkets

total inventory, witnessed the highest year-over-yearrent growth in 2019, at 4.6%, followed closely by thelogistics sector, with 4.3% growth year-over-year.Overall asking rents in the Near South Cook Submarketaveraged approximately $7.30/SF as of 19Q4. Askingrents in the Near South Cook Submarket are higher thanthe many of surrounding submarkets, due in large part toits ideal location with access to multi-modal transitoptions.

MARKET RENT GROWTH (YOY)


O'Hare - 1048740. Page 6

RentNear South Cook Industrial

MARKET RENT PER SQUARE FOOT


O'Hare - 1048740. Page 7

ConstructionNear South Cook Industrial

Currently, a single 110,000 SF of industrial projectremains under construction in the Near South CookSubmarket. The property, LogiPort 57-80 Building 3, isbeing developed by Logistics Property Company and islocated at the intersection of I-57 and South CiceroAvenue in Country Club Hills, IL. The master plan forLogiPark includes three additional build-to-suitproperties which are currently in proposed status, withthe total four-building development expected to total850,000 SF. The Near South Cook Submarket hasn't

witnessed a meaningful delivery since 2018, when a300,000 SF multi-tenant warehouse delivered at 18700South Ridgeland Avenue in Tinley Park, IL. Totalinventory in the Near South Cook Submarket hasactually decreased during the current cycle, as olderinventory has been demolished or repurposed, whichcaused a loss of over 1 million SF of industrial inventorysince the beginning of the current cycle. However, supplyshould continue to increase so long as tenant demandremains strong.

DELIVERIES & DEMOLITIONS


O'Hare - 1048740. Page 8


276,644 296,180 100,000 1,468,795All-Time Annual Avg. SF Delivered SF Past 8 Qtrs Delivered SF Next 8 Qtrs Proposed SF Next 8 Qtrs

PAST 8 QUARTERS DELIVERIES, UNDER CONSTRUCTION, & PROPOSED

PAST & FUTURE DELIVERIES IN SQUARE FEET


O'Hare - 1048740. Page 9


RECENT DELIVERIES

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner

Nov 201718700 S Ridgeland Ave

296,180 1 Jul 2018Hillwood

Hillwood1

UNDER CONSTRUCTION


Apr 20201335 W Vermont Ave

100,000 1 Dec 2020-

Ozinga Ready Mix Concrete Inc1

PROPOSED


Jun 2020S Cicero Ave

LogiPort 57-80 Bldg 2810,000 1 Dec 2021

Logistics Property Company, LLC

Gatling Community Development…1


LogiPort 57-80 Bldg 4305,545 1 Dec 2020


Logistics Property Company, LLC2


LogiPort 57-80 Bldg 1174,500 1 Mar 2021


Gatling Community Development…3


LogiPort 57-80 Building 3110,000 1 Mar 2021


Logistics Property Company, LLC4

Sep 20202421-2445 W Walter Zim…

68,750 1 Mar 2021-

National Cold Storage, Inc.5


O'Hare - 1048740. Page 10

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SalesNear South Cook Industrial

Sales activity in the Near South Cook Submarketcontinued to decline in 2019, with only $95.1 million insales volume recorded as of 19Q4. This was the firsttime since 2015 that sales activity failed to exceed $100million. In the largest sale of 2019, Plymouth IndustrialREIT reported the purchase of a seven-building, 1.1million square foot industrial portfolio for $32.3 million, or$30 per square foot. The properties were described aswell-tenanted, older Chicago industrial assets, withoccupancy reported at 97% leased at the time of sale.

The weighted average lease term was reported at 8.6years. Five of the seven assets acquired by PlymouthIndustrial REIT were located in the Near South CookSubmarket, which represents roughly 87% of the portfoliofrom a square footage basis, or approximately $28million. The largest individual building sale in the portfoliowas a 456,000 SF manufacturing building located at16801 South Exchange Avenue in Lansing, which soldfor an allocated price of $12.7 million, or $28/SF.

SALES VOLUME & MARKET SALE PRICE PER SF


O'Hare - 1048740. Page 11

Sales Past 12 MonthsNear South Cook Industrial

60 9.4% $39 7.3%Sale Comparables Avg. Cap Rate Avg. Price/SF Avg. Vacancy At Sale

SALE COMPARABLE LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High

Sale Price $30,000 $1,522,830 $662,500 $12,697,500

Price Per SF $13 $39 $37 $413

Cap Rate 7.3% 9.4% 7.8% 13.0%

Time Since Sale in Months 0.2 6.4 7.1 11.9

Property Attributes Low Average Median High

Building SF 2,000 38,889 16,000 455,886

Ceiling Height 10' 18'9" 18' 40'

Docks 0 6 2 78

Vacancy Rate At Sale 0% 7.3% 0% 100%

Year Built 1904 1978 1976 2015

Star Rating 2.2


O'Hare - 1048740. Page 12

Sales Past 12 MonthsNear South Cook Industrial

Property Name - Address Rating Yr Built Bldg SF Vacancy Price Price/SF

Property

Sale Date

Sale

Cap Rate

RECENT SIGNIFICANT SALES

-1North Bldg

1987 455,886 0% $12,697,500 $2816801 S Exchange Ave

8/29/2019 -

-217201 State St

1990 42,830 0% $8,600,000 $2015/21/2019 -

-34915-5003 W 122nd St

1972 153,368 0% $6,265,500 $418/29/2019 -

-4Bldg 1

1974 162,714 0% $6,206,500 $3811746-11756 S Austin Ave

8/29/2019 -

-57700 W 185th St

2001 101,000 0% $6,000,000 $5912/31/2019 -

-6Skyline Furniture

2007 200,000 0% $5,880,000 $29555 W 167th St

2/27/2020 -

-713450 S Cicero Ave

- 8,000 0% $3,300,000 $4138/29/2019 -

-810500 W 163rd Pl

1990 42,000 0% $2,280,000 $5411/1/2019 -

-94300 W 123rd St

1974 43,233 0% $2,000,000 $4612/5/2019 -

-10The Condor Building

1998 27,550 0% $1,840,000 $677601-7613 W 185th St

7/26/2019 -

-1118630 S 81st Ave

2000 16,000 0% $1,550,000 $979/25/2019 -

-12300-338 W Armory Dr

1972 99,670 98.7% $1,541,000 $158/29/2019 -

-1317001 S Vincennes Rd

1974 34,252 0% $1,455,000 $424/16/2020 7.8%

-14350-358 W Armory Dr

1972 64,310 25.5% $1,264,000 $208/29/2019 -

-1516850 Canal St

1973 79,360 0% $1,240,000 $168/20/2019 -

-1610714 163rd Pl

1993 17,111 0% $985,926 $583/5/2020 -

-1713901-13909 Kostner St

1981 12,208 0% $930,000 $762/7/2020 13.0%

-1810455-10461 W 163rd Pl

1990 20,396 0% $900,000 $4412/19/2019 -

-19109 W 162nd St

1904 10,180 0% $770,000 $767/2/2019 -

-208100 188th St

1981 6,400 0% $752,000 $1189/20/2019 -


O'Hare - 1048740. Page 13

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Supply & Demand TrendsNear South Cook Industrial

OVERALL SUPPLY & DEMAND

Net AbsorptionInventory

% of Inv Construction RatioSF SF Growth % Growth SFYear

2024 97,354 0.2% 0%(764) -47,604,284

2023 109,577 0.2% 0.2%72,760 1.547,506,930

2022 113,381 0.2% -0.3%(140,461) -47,397,353

2021 160,668 0.3% -0.6%(264,110) -47,283,972

2020 (16,423) 0% -1.0%(470,770) -47,123,304

YTD 0 0% -0.2%(103,808) -47,139,727

2019 0 0% 1.0%481,504 047,139,727

2018 196,180 0.4% -0.5%(223,883) -47,139,727

2017 65,000 0.1% 0.8%362,949 0.246,943,547

2016 (19,686) 0% 0.6%290,455 -46,878,547

2015 (45,480) -0.1% 1.6%728,404 -46,898,233

2014 (543,422) -1.1% -0.1%(58,619) -46,943,713

2013 (480,376) -1.0% 0.7%332,465 -47,487,135

2012 (337,000) -0.7% 3.1%1,474,085 -47,967,511

2011 0 0% 1.1%531,154 048,304,511

2010 (45,000) -0.1% -1.2%(591,922) -48,304,511

2009 (104,898) -0.2% -1.1%(513,921) -48,349,511

2008 860,317 1.8% -1.7%(800,279) -48,454,409

SPECIALIZED INDUSTRIAL SUPPLY & DEMAND



2024 1,266 0% -0.2%(28,777) -15,054,784

2023 1,419 0% -0.1%(11,069) -15,053,518

2022 1,221 0% -0.5%(72,135) -15,052,099

2021 364 0% -0.6%(92,943) -15,050,878

2020 (164) 0% -0.6%(89,028) -15,050,514

YTD 0 0% 0%(5,103) -15,050,678

2019 0 0% -1.1%(158,990) -15,050,678

2018 (12,000) -0.1% -0.1%(11,750) -15,050,678

2017 0 0% 0.1%19,093 015,062,678

2016 0 0% 1.1%170,789 015,062,678

2015 5,800 0% 2.2%331,508 015,062,678

2014 0 0% 0.8%122,283 015,056,878

2013 0 0% 2.9%431,020 015,056,878

2012 (65,000) -0.4% 1.4%212,581 -15,056,878

2011 0 0% -1.4%(219,130) -15,121,878

2010 0 0% -2.3%(350,380) -15,121,878

2009 (12,700) -0.1% -1.0%(151,479) -15,121,878

2008 0 0% -2.7%(410,376) -15,134,578


O'Hare - 1048740. Page 14

Supply & Demand TrendsNear South Cook Industrial

LOGISTICS SUPPLY & DEMAND



2024 96,088 0.3% 0.1%35,768 2.730,262,342

2023 108,158 0.4% 0.3%89,382 1.230,166,254

2022 112,160 0.4% -0.2%(54,629) -30,058,096

2021 160,304 0.5% -0.5%(154,924) -29,945,936

2020 (16,259) -0.1% -1.1%(324,832) -29,785,632

YTD 0 0% -0.2%(67,592) -29,801,891

2019 0 0% 2.1%625,480 029,801,891

2018 208,180 0.7% -0.5%(155,731) -29,801,891

2017 65,000 0.2% 1.0%282,858 0.229,593,711

2016 (12,000) 0% 0.1%31,979 -29,528,711

2015 (51,280) -0.2% 1.0%298,002 -29,540,711

2014 0 0% -0.9%(261,771) -29,591,991

2013 (480,376) -1.6% -0.2%(60,042) -29,591,991

2012 (272,000) -0.9% 4.3%1,307,608 -30,072,367

2011 0 0% 2.6%774,414 030,344,367

2010 (45,000) -0.1% -0.9%(274,635) -30,344,367

2009 (92,198) -0.3% 0.9%273,666 -30,389,367

2008 860,317 2.9% -1.0%(317,453) -30,481,565

FLEX SUPPLY & DEMAND



2024 0 0% -0.3%(7,755) -2,287,158

2023 0 0% -0.2%(5,553) -2,287,158

2022 0 0% -0.6%(13,697) -2,287,158

2021 0 0% -0.7%(16,243) -2,287,158

2020 0 0% -2.5%(56,910) -2,287,158

YTD 0 0% -1.4%(31,113) -2,287,158

2019 0 0% 0.7%15,014 02,287,158

2018 0 0% -2.5%(56,402) -2,287,158

2017 0 0% 2.7%60,998 02,287,158

2016 (7,686) -0.3% 3.8%87,687 -2,287,158

2015 0 0% 4.3%98,894 02,294,844

2014 (543,422) -19.1% 3.5%80,869 -2,294,844

2013 0 0% -1.4%(38,513) -2,838,266

2012 0 0% -1.6%(46,104) -2,838,266

2011 0 0% -0.9%(24,130) -2,838,266

2010 0 0% 1.2%33,093 02,838,266

2009 0 0% -22.4%(636,108) -2,838,266

2008 0 0% -2.6%(72,450) -2,838,266


O'Hare - 1048740. Page 15

Rent & VacancyNear South Cook Industrial

OVERALL RENT & VACANCY

Market Rent

Per SF Index % Growth Vs Hist PeakYear

Vacancy

SF Percent Ppts Chg

2024 139 1.5% 11.0%$8.09 3,219,758 6.8% 0.2%

2023 137 1.6% 9.3%$7.97 3,122,849 6.6% 0.1%

2022 134 2.8% 7.6%$7.84 3,086,902 6.5% 0.5%

2021 131 6.2% 4.6%$7.62 2,831,725 6.0% 0.9%

2020 123 -1.5% -1.5%$7.18 2,405,701 5.1% 1.0%

YTD 127 1.4% 1.4%$7.39 2,054,724 4.4% 0.2%

2019 125 4.3% 0%$7.29 1,950,916 4.1% -1.0%

2018 120 3.9% -4.1%$6.99 2,432,420 5.2% 0.9%

2017 115 3.9% -7.8%$6.72 2,010,457 4.3% -0.6%

2016 111 3.7% -11.2%$6.47 2,308,406 4.9% -0.7%

2015 107 4.3% -14.3%$6.24 2,618,547 5.6% -1.6%

2014 103 3.2% -17.9%$5.99 3,392,431 7.2% -0.9%

2013 100 2.7% -20.4%$5.80 3,877,234 8.2% -1.6%

2012 97 1.7% -22.5%$5.65 4,690,075 9.8% -3.7%

2011 95 0.2% -23.8%$5.55 6,501,160 13.5% -1.1%

2010 95 -2.1% -24.0%$5.54 7,032,314 14.6% 1.1%

2009 97 -2.9% -22.3%$5.66 6,485,392 13.4% 0.9%

2008 100 -0.2% -20.0%$5.83 6,076,369 12.5% 3.3%

SPECIALIZED INDUSTRIAL RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2024 141 1.6% 11.4%$8.38 1,088,038 7.2% 0.2%

2023 139 1.7% 9.7%$8.25 1,058,316 7.0% 0.1%

2022 137 2.9% 7.9%$8.12 1,046,155 7.0% 0.5%

2021 133 6.3% 4.9%$7.89 972,975 6.5% 0.6%

2020 125 -1.4% -1.4%$7.42 879,625 5.8% 0.6%

YTD 129 1.5% 1.5%$7.64 795,831 5.3% 0%

2019 127 4.5% 0%$7.52 790,728 5.3% 1.1%

2018 121 4.2% -4.3%$7.20 631,738 4.2% 0%

2017 116 4.4% -8.2%$6.91 631,988 4.2% -0.1%

2016 111 3.6% -12.0%$6.62 651,081 4.3% -1.1%

2015 108 5.4% -15.1%$6.39 821,870 5.5% -2.2%

2014 102 2.6% -19.4%$6.06 1,147,578 7.6% -0.8%

2013 99 2.6% -21.4%$5.91 1,269,861 8.4% -2.9%

2012 97 1.9% -23.4%$5.76 1,700,881 11.3% -1.8%

2011 95 0.4% -24.8%$5.66 1,978,462 13.1% 1.4%

2010 95 -2.3% -25.1%$5.63 1,759,332 11.6% 2.3%

2009 97 -3.0% -23.4%$5.76 1,408,952 9.3% 0.9%

2008 100 -0.1% -21.0%$5.94 1,270,173 8.4% 2.7%


O'Hare - 1048740. Page 16

Rent & VacancyNear South Cook Industrial

LOGISTICS RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2024 139 1.5% 10.9%$7.63 1,899,526 6.3% 0.2%

2023 137 1.6% 9.2%$7.52 1,840,094 6.1% 0%

2022 135 2.8% 7.5%$7.40 1,821,861 6.1% 0.5%

2021 131 6.3% 4.5%$7.19 1,653,561 5.5% 1.0%

2020 124 -1.7% -1.7%$6.77 1,337,130 4.5% 1.0%

YTD 127 1.3% 1.3%$6.97 1,095,744 3.7% 0.2%

2019 126 4.3% 0%$6.88 1,028,152 3.4% -2.1%

2018 121 4.0% -4.1%$6.60 1,653,632 5.5% 1.2%

2017 116 3.7% -7.8%$6.34 1,287,821 4.4% -0.7%

2016 112 3.9% -11.1%$6.12 1,505,679 5.1% -0.1%

2015 108 4.2% -14.5%$5.89 1,549,658 5.2% -1.2%

2014 103 3.6% -17.9%$5.65 1,898,940 6.4% 0.9%

2013 100 2.8% -20.8%$5.45 1,637,169 5.5% -1.3%

2012 97 1.7% -22.9%$5.31 2,057,503 6.8% -5.1%

2011 95 0.6% -24.2%$5.22 3,637,111 12.0% -2.6%

2010 95 -2.3% -24.6%$5.19 4,411,525 14.5% 0.8%

2009 97 -3.1% -22.9%$5.31 4,181,890 13.8% -1.2%

2008 100 -0.5% -20.5%$5.47 4,547,754 14.9% 3.5%

FLEX RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2024 124 1.1% 9.7%$12.10 232,194 10.2% 0.3%

2023 123 1.3% 8.5%$11.96 224,439 9.8% 0.2%

2022 121 2.3% 7.1%$11.81 218,886 9.6% 0.6%

2021 118 5.2% 4.6%$11.54 205,189 9.0% 0.7%

2020 113 -0.6% -0.6%$10.97 188,946 8.3% 2.5%

YTD 115 1.5% 1.5%$11.19 163,149 7.1% 1.4%

2019 113 4.0% 0%$11.03 132,036 5.8% -0.7%

2018 109 1.9% -3.8%$10.61 147,050 6.4% 2.5%

2017 107 2.7% -5.6%$10.42 90,648 4.0% -2.7%

2016 104 1.9% -8.0%$10.14 151,646 6.6% -4.1%

2015 102 1.1% -9.7%$9.96 247,019 10.8% -4.3%

2014 101 2.1% -10.7%$9.85 345,913 15.1% -19.1%

2013 99 3.2% -12.6%$9.64 970,204 34.2% 1.4%

2012 96 1.0% -15.3%$9.34 931,691 32.8% 1.6%

2011 95 -3.0% -16.1%$9.25 885,587 31.2% 0.9%

2010 98 -0.4% -13.6%$9.54 861,457 30.4% -1.2%

2009 98 -1.8% -13.2%$9.57 894,550 31.5% 22.4%

2008 100 0.6% -11.7%$9.74 258,442 9.1% 2.6%


O'Hare - 1048740. Page 17

Sale TrendsNear South Cook Industrial

OVERALL SALES

Completed Transactions (1)

Turnover Avg Price/SFDeals VolumeYear

Market Pricing Trends (2)

Avg Price Price IndexAvg Cap Rate Price/SF Cap Rate

2024 -- - -- 174- $86.22 7.0%

2023 -- - -- 171- $84.98 6.9%

2022 -- - -- 167- $82.78 6.9%

2021 -- - -- 158- $78.20 7.0%

2020 -- - -- 153- $75.87 7.1%

YTD $12.8M14 0.7% $36.90$1,013,265 16810.4% $83.24 6.7%

2019 $98.4M53 6.1% $36.45$2,080,697 1637.3% $80.83 6.8%

2018 $109.3M84 9.8% $39.54$1,928,609 16110.7% $79.75 6.6%

2017 $203.8M74 12.3% $38.85$3,633,637 14811.0% $73.16 6.7%

2016 $189.2M81 10.8% $46.93$3,655,150 1397.2% $68.81 6.7%

2015 $85.6M70 6.0% $31.00$1,384,131 1309.4% $64.53 6.9%

2014 $100.3M74 9.4% $28.02$1,801,882 11915.7% $59.05 7.2%

2013 $31.8M54 4.5% $17.78$811,671 1113.0% $54.93 7.4%

2012 $40.1M48 3.8% $28.18$1,162,912 104- $51.80 7.6%

2011 $33.6M36 3.4% $31.69$1,204,815 99- $48.90 7.8%

2010 $14.8M24 1.6% $24.80$1,068,297 94- $46.71 8.1%

2009 $20.3M29 2.7% $16.68$958,310 91- $44.97 8.4%

(1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period.

(2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

SPECIALIZED INDUSTRIAL SALES





2024 -- - -- 173- $108.27 6.9%

2023 -- - -- 170- $106.43 6.9%

2022 -- - -- 164- $103.24 6.8%

2021 -- - -- 154- $96.66 6.9%

2020 -- - -- 150- $94.09 7.0%

YTD $403K1 0% $69.48$403,000 170- $106.98 6.7%

2019 $28.7M10 5.4% $35.37$3,143,167 167- $105.10 6.7%

2018 $22.2M21 5.3% $32.49$1,388,919 1658.2% $103.55 6.4%

2017 $28.3M12 8.1% $27.03$3,532,379 148- $92.91 6.7%

2016 $15.6M11 6.3% $24.93$1,735,544 1407.2% $87.84 6.6%

2015 $33.8M16 7.5% $29.82$2,113,875 1319.8% $81.99 6.8%

2014 $50.1M18 12.4% $26.91$3,076,769 120- $75.17 7.1%

2013 $9.2M11 7.0% $9.97$1,019,611 111- $69.80 7.3%

2012 $15M11 5.6% $24.11$2,502,167 105- $65.74 7.5%

2011 $5.2M3 1.0% $35.72$1,739,000 99- $62.17 7.8%

2010 $5.5M3 1.0% $36.56$2,431,179 94- $59.15 8.1%

2009 $9.4M5 5.5% $11.36$1,878,700 91- $57.02 8.4%




O'Hare - 1048740. Page 18

Sale TrendsNear South Cook Industrial

LOGISTICS SALES





2024 -- - -- 174- $71.86 7.1%

2023 -- - -- 172- $70.88 7.0%

2022 -- - -- 168- $69.19 7.0%

2021 -- - -- 159- $65.70 7.1%

2020 -- - -- 154- $63.63 7.2%

YTD $12.4M13 1.2% $36.35$1,068,743 16410.4% $67.79 6.8%

2019 $68.3M39 6.9% $36.51$1,898,591 1597.3% $65.66 6.9%

2018 $78.7M56 12.2% $40.43$2,210,269 15811.3% $65.00 6.7%

2017 $166.1M57 15.2% $39.93$3,684,326 14611.0% $60.37 6.7%

2016 $169.1M66 13.6% $51.09$4,167,319 138- $56.81 6.8%

2015 $46.4M45 5.3% $31.01$1,256,792 1308.5% $53.52 6.9%

2014 $45.6M49 7.5% $32.55$1,292,149 119- $48.89 7.2%

2013 $19.2M38 3.4% $24.15$710,269 110- $45.55 7.4%

2012 $24.2M32 3.1% $31.05$949,441 104- $42.98 7.6%

2011 $20.8M27 4.2% $29.98$1,045,316 98- $40.54 7.9%

2010 $8.6M17 1.9% $19.84$930,611 94- $38.82 8.2%

2009 $10.6M23 1.6% $27.51$691,400 91- $37.34 8.5%



FLEX SALES





2024 -- - -- 179- $129.55 6.5%

2023 -- - -- 178- $128.67 6.4%

2022 -- - -- 175- $126.40 6.4%

2021 -- - -- 167- $120.65 6.4%

2020 -- - -- 161- $116.41 6.5%

YTD -- - -- 179- $129.56 6.1%

2019 $1.4M4 0.8% $82.04$577,500 166- $120.01 6.3%

2018 $8.4M7 7.6% $62.61$1,684,000 161- $116.43 6.1%

2017 $9.4M5 2.3% $237.72$3,143,333 153- $110.87 6.1%

2016 $4.5M4 4.5% $46.82$2,050,000 139- $100.92 6.2%

2015 $5.4M9 5.7% $41.13$596,167 130- $94.17 6.4%

2014 $4.6M7 14.5% $14.60$1,162,500 11915.7% $86.18 6.7%

2013 $3.4M5 3.2% $48.30$1,066,667 1113.0% $80.13 6.8%

2012 $915K5 1.5% $41.71$263,333 105- $75.75 7.0%

2011 $7.6M6 7.8% $34.40$1,490,400 98- $71.30 7.3%

2010 $798K4 1.0% $48.70$325,000 94- $68.38 7.6%

2009 $360K1 0.3% $46.84$360,000 91- $65.60 7.9%




O'Hare - 1048740. Page 19

Industrial Submarket ReportSubmarket Key StatisticsLeasingRentConstructionSalesSales Past 12 MonthsSupply & Demand TrendsRent & VacancySale Trends

near south cook...near south cook submarket trading about $95 million as of 19q4. average cap rates...

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