Chicago • Cincinnati • Cleveland • Columbus • Detroit • Indianapolis Kansas City • Milwaukee • Minneapolis • Omaha • St

Midwest Region

Chicago • Cincinnati • Cleveland • Columbus • Detroit • Indianapolis Kansas City • Milwaukee • Minneapolis • Omaha • St. Louis • Toledo MidwestRegionTransactionBreakdown

n CCIM designees and candidates who responded to over the coming year, while 35 percent expect the Midwest RERC’s second quarter 2009 survey rated the Midwest economy to deteriorate. region’s economic performance at 3.5 on a scale of 1 to 10, with 10 being high. This rating is the second highest n The Midwest region posted mixed results for second quar- among the four regional economies. ter 2009. While sales volume declined across all property types, property sale prices and capitalization rates were n More than 55 percent of the survey respondents expect mixed. the Midwest economy to perform at about the same level

Midwest Transaction Breakdown 12-Month Trailing Averages (07/01/08 - 06/30/09) Office Industrial Retail Apartment Hotel < $2 Million Volume (Mil) $250 $513 $530 $210 $24 Size Weighted Avg. ($ per sf/unit) $68 $32 $63 $28,541 $20,855 Price Weighted Avg. ($ per sf/unit) $95 $49 $104 $40,042 $24,773 Median ($ per sf/unit) $71 $41 $66 $34,549 $21,408 $2 - $5 Million Volume (Mil) $306 $609 $716 $291 $63 Size Weighted Avg. ($ per sf/unit) $82 $40 $111 $42,162 $28,035 Price Weighted Avg. ($ per sf/unit) $136 $63 $202 $55,545 $37,725 Median ($ per sf/unit) $115 $47 $161 $49,474 $29,524 > $5 Million Volume (Mil) $2,172 $1,308 $1,490 $1,692 $429 Size Weighted Avg. ($ per sf/unit) $141 $44 $115 $66,545 $97,106 Price Weighted Avg. ($ per sf/unit) $199 $77 $246 $110,495 $169,620 Median ($ per sf/unit) $122 $52 $186 $60,227 $72,629 All Transactions Volume (Mil) $2,728 $2,431 $2,736 $2,193 $516 Size Weighted Avg. ($ per sf/unit) $119 $40 $98 $55,258 $66,098 Price Weighted Avg. ($ per sf/unit) $182 $68 $207 $96,452 $146,843 Median ($ per sf/unit) $86 $43 $86 $41,304 $37,265 Capitalization Rates (All Transactions) Range (%) 4.6 - 9.7 7.0 - 10.3 6.2 - 11.8 5.6 - 10.5 – Weighted Avg. (%) 7.9 8.0 8.0 7.1 – Median (%) 7.6 8.0 7.6 7.1 – Source: RERC.

Chicago – Indianapolis – St. Louis – Milwaukee – “The market is stagnant. “Commercial trends are “No sales are closing. Some “The trend is consolidation. There is no inventory priced static in most sectors, but are minor leasing is taking place, There are several property at market-clearing prices, and expected to slowly improve but not much.” types that remain over-built.” no sales except distressed real by late 2010.” estate owned by institutions.”

Midwest Transaction Breakdown Current Quarter Rates (04/01/09 - 06/30/09) Office Industrial Retail Apartment Hotel < $2 Million Volume (Mil) $34 $77 $83 $40 $2 Size Weighted Avg. ($ per sf/unit) $54 $33 $57 $24,858 $26,531 Price Weighted Avg. ($ per sf/unit) $75 $45 $99 $36,125 $26,603 Median ($ per sf/unit) $59 $38 $61 $30,752 $26,902 $2 - $5 Million Volume (Mil) $25 $60 $70 $29 $2 Size Weighted Avg. ($ per sf/unit) $109 $37 $127 $40,065 $20,408 Price Weighted Avg. ($ per sf/unit) $149 $63 $192 $56,453 $20,408 Median ($ per sf/unit) $144 $46 $149 $65,000 – > $5 Million Volume (Mil) $198 $105 $135 $187 $83 Size Weighted Avg. ($ per sf/unit) $91 $36 $155 $51,930 $136,982 Price Weighted Avg. ($ per sf/unit) $123 $48 $363 $64,253 $213,055 Median ($ per sf/unit) $89 $36 $357 $41,022 $82,305 All Transactions Volume (Mil) $258 $242 $289 $256 $87 Size Weighted Avg. ($ per sf/unit) $84 $35 $100 $43,080 $110,932 Price Weighted Avg. ($ per sf/unit) $119 $51 $245 $58,930 $203,995 Median ($ per sf/unit) $73 $39 $79 $37,543 $34,792 Capitalization Rates (All Transactions) Range (%) – 8.5 - 10.3 6.2 - 9.0 7.0 - 8.5 – Weighted Avg. (%) – 9.3 8.4 7.1 – Median (%) – 9.4 8.2 7.3 – Source: RERC.

n Twelve-month trailing transaction volume for the office n The 12-month trailing weighted average and median capi- sector declined by 50 percent in the Midwest region dur- talization rates for the office sector decreased by 20 and ing second quarter 2009. This was the largest decrease 30 basis points, respectively, during second quarter. among the property types. The price per square foot of office property also decreased from the past quarter.

RERC Size-Weighted Avg. PPSF - 2Q 2009 RERC Price-Weighted Avg. PPSF - 2Q 2009 $200 $200 $400 $400 Midwest U.S. Total $350 $350 Size-Weighted Average PPSF $150 $150 Midwest $300 U.S. Total $300 Price-Weighted Average PPSF $250 $250 $100 $100 $200 $200

$150 $150 $50 $50 $100 $100

$0 $0 $50 $50

Detroit Toledo Detroit Toledo Chicago Cleveland Omaha St. Louis Chicago Omaha St. Louis Cincinnati Columbus IndianapolisKansas CityMilwaukeeMinneapolis Cincinnati Cleveland Columbus IndianapolisKansas CityMilwaukeeMinneapolis

Midwest Office Transactions (07/01/08 - 06/30/09) Volume Size-weighted Price-weighted Median Average (millions) Average ($/sf) Average ($/sf) ($/sf) Cap Rate (%) Chicago $1,042 $180 $226 $113 8.0 Cincinnati $44 $90 $115 $69 – Cleveland $95 $84 $100 $72 – Columbus $132 $100 $124 $102 – Detroit $61 $83 $121 $104 – Indianapolis $45 $117 $196 $73 – Kansas City $205 $93 $115 $76 – Milwaukee $144 $112 $155 $78 – Minneapolis $212 $117 $169 $97 – Omaha $25 $82 $100 $69 – St. Louis $166 $92 $125 $94 – Toledo $20 $123 $153 $125 – Midwest Total $2,728 $119 $182 $86 7.9 U.S. Total $32,069 $196 $348 $128 6.5 Source: RERC.

RERC Weighted Avg. Cap Rate - 2Q 2009

12% Midwest 12% U.S. Total Avg. Capitalization Rate 10% 10% n According to RERC’s second quarter 2009 transaction analysis, Midwest industrial sales volume decreased by 8% 8% nearly 30 percent as compared to the previous quarter.

6% 6% n Industrial property prices remained relatively stable in the Midwest region. The weighted average capitalization rate 4% 4% decreased by 10 basis points to 8.0 percent, while the median capitalization rate remained unchanged at 8.0 per- 2% 2% cent.

Chicago Indianapolis

RERC Size-Weighted Avg. PPSF - 2Q 2009 RERC Price-Weighted Avg. PPSF - 2Q 2009

$80 Midwest $80 $120 $120 U.S. Total $70 Size-Weighted Average PPSF $70 $100 Midwest $100 $60 $60 U.S. Total Price-Weighted Average PPSF $80 $80 $50 $50

$40 $40 $60 $60

$30 $30 $40 $40 $20 $20 $20 $20 $10 $10

$0 $0 $0 $0

Detroit Omaha Toledo Chicago Cincinnati Cleveland St. Louis Chicago Detroit Omaha St. Louis Toledo Columbus IndianapolisKansas CityMilwaukeeMinneapolis Cincinnati Cleveland Columbus IndianapolisKansas CityMilwaukeeMinneapolis

Midwest Industrial Transactions (07/01/08 - 06/30/09) Volume Size-weighted Price-weighted Median Average (millions) Average ($/sf) Average ($/sf) ($/sf) Cap Rate (%) Chicago $759 $44 $65 $59 7.3 Cincinnati $27 $35 $42 $40 – Cleveland $98 $38 $45 $41 – Columbus $79 $39 $56 $44 – Detroit $101 $36 $76 $43 – Indianapolis $123 $41 $45 $40 9.4 Kansas City $74 $37 $53 $45 – Milwaukee $111 $52 $66 $51 – Minneapolis $252 $63 $107 $55 – Omaha $55 $39 $47 $43 – St. Louis $186 $48 $87 $44 – Toledo $11 $28 $32 $27 – Midwest Total $2,431 $40 $68 $43 8.0 U.S. Total $17,457 $63 $108 $67 7.6 Source: RERC.

RERC Weighted Avg. Cap Rate - 2Q 2009

12% Midwest 12% U.S. Total Avg. Capitalization Rate 10% 10% n The transaction volume of retail properties in the Midwest region continued to decline in second quarter 2009. The 8% 8% size-weighted average and median price per square foot declined slightly from the previous quarter, while the price- 6% 6% weighted average price per square foot increased.

4% 4% n The weighted average capitalization rate for the retail sector increased by 20 basis points during second quarter, 2% 2% while the median capitalization rate increased by 10 basis points. Chicago Detroit Cleveland Columbus Kansas City Minneapolis

RERC Size-Weighted Avg. PPSF - 2Q 2009 RERC Price-Weighted Avg. PPSF - 2Q 2009 $200 $200 $350 $350 Midwest Midwest U.S. Total U.S. Total $300 $300 Size-Weighted Average PPSF Price-Weighted Average PPSF $150 $150 $250 $250

$200 $200 $100 $100 $150 $150

$100 $100 $50 $50 $50 $50

$0 $0 $0 $0

Chicago Detroit Omaha Toledo Detroit Toledo Cincinnati Cleveland Columbus Milwaukee St. Louis Chicago Cleveland Omaha St. Louis IndianapolisKansas City Minneapolis Cincinnati Columbus IndianapolisKansas CityMilwaukeeMinneapolis

Midwest Retail Transactions (07/01/08 - 06/30/09) Volume Size-weighted Price-weighted Median Average (millions) Average ($/sf) Average ($/sf) ($/sf) Cap Rate (%) Chicago $621 $174 $252 $151 7.6 Cincinnati $107 $48 $120 $81 – Cleveland $110 $74 $127 $73 7.9 Columbus $105 $154 $231 $135 7.4 Detroit $90 $74 $144 $110 9.5 Indianapolis $48 $140 $191 $191 – Kansas City $350 $77 $186 $61 8.4 Milwaukee $85 $92 $167 $65 – Minneapolis $180 $111 $159 $108 7.4 Omaha $86 $95 $141 $75 – St. Louis $108 $111 $199 $93 – Toledo $24 $192 $302 $87 – Midwest Total $2,736 $98 $207 $86 8.0 U.S. Total $19,648 $133 $240 $117 7.2 Source: RERC.

RERC Weighted Avg. Cap Rate - 2Q 2009

10% Midwest 10% U.S. Total Avg. Capitalization Rate n Sales volume declined by nearly 30 percent on a 12-month 8% 8% trailing basis in the Midwest apartment market during second quarter 2009. 6% 6% n The price-weighted average price per apartment unit increased during second quarter, while the size-weighted 4% 4% average and median price per unit declined from the previous quarter. Midwest regional apartment capitalization 2% 2% rates remained stable.

Chicago Detroit St. Louis Columbus Minneapolis

RERC Size-Weighted Avg. PPU - 2Q 2009 RERC Price-Weighted Avg. PPU - 2Q 2009 $120,000 $120,000 $200,000 $200,000 Midwest Midwest U.S. Total U.S. Total $100,000 Size-Weighted Average PPU $100,000 Price-Weighted Average PPU $150,000 $150,000 $80,000 $80,000

$60,000 $60,000 $100,000 $100,000

$40,000 $40,000 $50,000 $50,000 $20,000 $20,000

$0 $0 $0 $0

Detroit Detroit Omaha Chicago Cleveland Omaha St. Louis Chicago Cincinnati Cleveland Columbus St. Louis Cincinnati Columbus IndianapolisKansas City Milwaukee Minneapolis IndianapolisKansas City Milwaukee Minneapolis

Midwest Apartment Transactions (07/01/08 - 06/30/09) Volume Size-weighted Price-weighted Median Average (millions) Average ($/unit) Average ($/unit) ($/sf) Cap Rate (%) Chicago $542 $102,515 $187,135 $64,943 7.1 Cincinnati $70 $44,902 $53,921 $35,000 – Cleveland $95 $53,554 $64,738 $40,750 – Columbus $128 $44,032 $52,684 $33,712 7.1 Detroit $64 $34,073 $45,196 $31,882 8.0 Indianapolis $170 $41,913 $46,211 $37,970 – Kansas City $109 $68,360 $88,971 $36,056 – Milwaukee $78 $63,067 $114,158 $45,925 – Minneapolis $311 $80,633 $93,894 $62,854 6.3 Omaha $77 $72,019 $84,879 $39,716 – St. Louis $139 $56,107 $66,086 $49,500 6.9 Toledo – – – – – Midwest Total $2,193 $55,258 $96,452 $41,304 7.1 U.S. Total $23,470 $86,099 $143,875 $76,333 6.3 Source: RERC.

n Sales volume declined 15 percent on a 12-month trailing n Second quarter 2009 prices for hotels in the Midwest re- basis in the Midwest regional hotel market during second gion showed mixed results. The size- and price-weighted quarter 2009. averages increased, while the median price per unit decreased.

RERC Size-Weighted Avg. PPU - 2Q 2009 RERC Price-Weighted Avg. PPU - 2Q 2009

$200,000 $200,000 $300,000 $300,000 Midwest U.S. Total Midwest $250,000 $250,000 Size-Weighted Average PPU U.S. Total $150,000 $150,000 Price-Weighted Average PPU $200,000 $200,000

$100,000 $100,000 $150,000 $150,000

$100,000 $100,000 $50,000 $50,000 $50,000 $50,000

$0 $0 $0 $0

Chicago St. Louis Chicago St. Louis Kansas City Minneapolis Kansas City Minneapolis

Midwest Hotel Transactions (07/01/08 - 06/30/09) Volume Size-weighted Price-weighted Median Average (millions) Average ($/unit) Average ($/unit) ($/sf) Cap Rate (%) Chicago $175 $155,793 $294,261 $68,966 – Cincinnati – – – – – Cleveland – – – – – Columbus – – – – – Detroit – – – – – Indianapolis – – – – – Kansas City $22 $66,606 $85,735 $59,531 – Milwaukee – – – – – Minneapolis $25 $43,398 $46,331 $42,039 – Omaha – – – – – St. Louis $116 $65,470 $80,562 $26,131 – Toledo – – – – – Midwest Total $516 $66,098 $146,843 $37,265 – U.S. Total $4,719 $90,169 $168,154 $55,561 8.2 Source: RERC.

Midwest Region Space Market

Trusted Advice. Proven Performance. Office - 2Q-2009 Inventory SF (000s) Vacancy Rate (%) Net Absorption SF (000s) Asking Rents ($/SF) 224,048 17.5 -2,585 $18.27 Net CBRE/Torto Wheaton Research is a Chicago full-service research and investment Cincinnati 36,045 16.0 222 $12.80 Net advisory firm, specializing in com- Cleveland 37,338 15.9 -123 $17.05 Gross mercial real estate markets. Columbus 28,673 16.0 -118 $10.98 Net Detroit 71,603 22.9 -65 $18.72 Gross With over 20 years of experience, Indianapolis 31,800 16.2 162 $17.43 Gross our industry leading research, mar- Kansas City 48,152 15.5 -238 $17.99 Gross ket expertise, and strategic partner- Minneapolis 64,045 17.9 -818 $13.89 Net ships provide clients with tactical ad- St. Louis 43,617 14.6 87 $18.75 Gross vice and strategic direction to identify Toledo 13,231 18.4 5 $14.98 Gross market opportunities that enhance Industrial - 2Q-2009 performance and manage risk. Inventory SF (000s) Availability Rate (%) Net Absorption SF (000s) Asking Rents ($/SF) CBRE/TWR is internationally rec- Chicago 1,072,327 14.1 -4,948 $5.07 Net ognized for our solid foundation in Cincinnati 289,730 10.8 -415 $4.17 Net economics, accurate forecasts, ana- Cleveland 311,752 10.5 -1,050 $4.34 Net lytical expertise, and providing clients Columbus 246,082 16.2 -507 $3.10 Net with unparalleled insight into the dy- Detroit 492,376 20.0 -3,334 $4.83 Net namics of the real estate market that Indianapolis 268,633 11.2 -893 $4.56 Gross impact performance. Kansas City 237,671 9.3 -694 $4.27 Gross Minneapolis 316,368 10.9 -2,590 $6.33 Net St. Louis 272,197 12.2 -867 $4.09 Net Retail - 1Q-2009 Inventory SF (000s) Availability Rate (%) Net Absorption SF (000s) TWR Rent Index ($/SF) Chicago 96,029 13.0 -362 $5.07 Cincinnati 21,493 14.4 -215 $4.17 Cleveland 14,687 14.0 74 $4.34 Columbus 18,598 18.1 -235 $3.10 Detroit 32,168 18.0 27 $4.83 Indianapolis 20,851 16.1 -208 $4.56 William Wheaton Jon Southard James Costello Kansas City 27,733 14.6 -250 $4.27 Ph.D., Principal Principal Principal Minneapolis 27,361 8.2 -28 $6.33 St. Louis 33,721 13.1 -66 $4.09 Space Market Data has been provided courtesy of Torto Wheaton Research. Analysis within this report is solely compiled and produced by the Real Estate Research Corporation, and in no way reflects the interpretations, opinions, or conclusions of Torto Wheaton Research.

RERC extends its appreciation to CBRE/Torto Wheaton Research, which contributed all of the space market information on this page.

Investment Trends Copyright© 2009 by Real Estate Research Corporation (RERC) and the CCIM Institute. 105 Quarterly Demographics & Economics Previous Previous Population Unemployment Rate Metro Trend Analysis Quarter Year o Chicago MSA 9.8 million Chicago2 11.0% Office Chicago Growth1 0.59% Illinois2 10.5% Size-Weighted Average PPSF  

g 1 3 National Growth 0.91% National 9.7% Weighted Average Cap Rate =  Household Income & Value Industrial Per Capita Income $30,299 2009 Households 3.5 million Size-Weighted Average PPSF   1-year Job Growth -4.20% Household Growth 0.56% Weighted Average Cap Rate   1-year Job Additions -190,400 Median Home Price $224,778 Major Employers Retail Abbott Laboratories Size-Weighted Average PPSF   University of Chicago Weighted Average Cap Rate   U.S. Post Office Apartment Johnston R. Bowman Health Center Size-Weighted Average PPU   Chica Accenture LTD. Weighted Average Cap Rate   Sources: Bureau of Labor Statistics, NAR, STDB Online. “2009 Local Market Report” - Chicago Region ©2009 NATIONAL ASSOCIATION OF REALTORS®. Used with permission. Reproduction, reprinting, or retransmission of this document in any form (electronic Hotel media included) is prohibited without written permission. 1Projected annual growth over 5 years (2009-2014). 2Rates are non-seasonally adjusted as of June 2009. Size-Weighted Average PPU   3Rates are non-seasonally adjusted as of June 2009. * Noteworthy Transactions Metro Cap Rate Comparison Current Quarter Sale Date Sale Price Sq. Ft./Units PPSF/PPU Office Office vs. Midwest Region = 955 American Lane 4-09 $27,000,000 189,000 $143 vs. Nation  2500 Cabot Drive 5-09 $6,630,000 72,484 $91 Industrial Industrial vs. Midwest Region  11000 W Belmont Ave. 4-09 $31,000,000 970,000 $32  Lake County DC 4-09 $13,175,000 256,431 $51 vs. Nation Retail Retail 7300 N Clark St. 5-09 $5,500,000 54,000 $102 vs. Midwest Region  8700 S Cottage Grove Ave. 5-09 $2,900,000 26,000 $112 vs. Nation  Apartment Apartment AMLI at Chevy Chase 6-09 $60,000,000 592 $101,351 vs. Midwest Region = 2610 Marigold Drive 5-09 $8,500,000 180 $47,222 vs. Nation  Hotel *Comparison of current quarter weighted average capitalization rates. Aqua Building 5-09 $56,000,000 200 $280,000 Source: RERC, 2Q 2009. Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. Market Construction/Redevelopment Activity Property New(N)/ Estimated Type Refurbished(R) Total Sq. Ft./Units Delivery Park Huron Apartment Tower Multifamily N 221 2010 208 S. LaSalle Hotel R 610 2010 The Metropolis Retail N 123,000 2010 Preferred Freezer Services Warehouse Industrial N 175,000 2010 Sources: CBRE, RE Business.

Investment Trends Copyright© 2009 by Real Estate Research Corporation (RERC) and the CCIM Institute. 106 Quarterly Chicago Transaction Breakdown 12-Month Trailing Averages (07/01/08 - 06/30/09) Office Industrial Retail Apartment Hotel < $5 Million Volume (Mil) $49 $238 $220 $74 – Size Weighted Avg. ($ per sf/unit) $115 $47 $161 $60,499 – Price Weighted Avg. ($ per sf/unit) $147 $68 $239 $77,658 – Median ($ per sf/unit) $105 $60 $136 $60,798 – > $5 Million Volume (Mil) $993 $521 $401 $468 $167 Size Weighted Avg. ($ per sf/unit) $185 $43 $182 $115,214 $173,209 Price Weighted Avg. ($ per sf/unit) $230 $64 $260 $204,509 $305,771 Median ($ per sf/unit) $140 $58 $226 $79,704 $87,582 All Transactions Volume (Mil) $1,042 $759 $621 $542 $175 Size Weighted Avg. ($ per sf/unit) $180 $44 $174 $102,515 $155,793 Price Weighted Avg. ($ per sf/unit) $226 $65 $252 $187,135 $294,261 Median ($ per sf/unit) $113 $59 $151 $64,943 $68,966 Capitalization Rates (All Transactions) Weighted Average (%) 8.0 7.3 7.6 7.1 – Median (%) 7.9 7.4 7.5 7.0 – Source: RERC.

Chicago Transaction Trends 12-Month Trailing (07/01/08 - 06/30/09) Office Industrial Retail Apartment Hotel Median Price % Change Quarter Ago -9% -5% -9% -11% 0% % Change Year Ago -20% -9% -11% -6% -23% Volume % Change Quarter Ago -37% -34% -32% -19% 9% % Change Year Ago -83% -67% -85% -72% -90% Source: RERC.

Investment Trends Copyright© 2009 by Real Estate Research Corporation (RERC) and the CCIM Institute. 107 Quarterly Demographics & Economics Previous Previous Population Unemployment Rate Metro Trend Analysis Quarter Year Cincinnati MSA 2.1 million Cincinnati2 10.1% Office Cincinnati Growth1 0.74% Ohio2 11.2% Size-Weighted Average PPSF   1 3 National Growth 0.91% National 9.7% Industrial Household Income & Value Size-Weighted Average PPSF   Per Capita Income $29,451 2009 Households 843,979 Retail 1-year Job Growth -3.30% Household Growth 0.81%   1-year Job Additions -34,400 Median Home Price $134,348 Size-Weighted Average PPSF Major Employers Apartment Procter & Gamble Co. Size-Weighted Average PPU  

University of Cincinnati Source: RERC, 2Q 2009. Fifth Third Bancorp Kroger Co. Cincinnati Children’s Hospital Medical Center Sources: Bureau of Labor Statistics, NAR, STDB Online, Cincinnati USA Partnership. “2009 Local Market Report” - Cincinnati Region ©2009 NATIONAL ASSOCIATION OF REALTORS®. Used with permission. Reproduction, reprinting, or retransmission of this document in any form (electronic Cincinnatimedia included) is prohibited without written permission. 1Projected annual growth over 5 years (2009-2014). 2Rates are non-seasonally adjusted as of June 2009. 3Rates are non-seasonally adjusted as of June 2009. Noteworthy Transactions Sale Date Sale Price Sq. Ft./Units PPSF/PPU Office Cornell Plaza 6-09 $5,100,000 85,955 $59 9916 Carver Road 4-09 $1,100,000 14,762 $75 Industrial 2550 Commerce Blvd. 4-09 $1,680,000 55,000 $31 2091 Radcliff Drive 5-09 $1,300,000 24,560 $53 Retail 1198 W Kemper Road 4-09 $5,857,000 14,820 $395 1246 State Route 28 4-09 $1,769,000 8,497 $208 Apartment Trellises Apartments 6-09 $19,500,000 301 $64,784 4227-4233 Allendorf Drive 5-09 $1,100,000 45 $24,444 Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. Market Construction/Redevelopment Activity Property New(N)/ Total Sq. Estimated Type Refurbished(R) Ft./Units Delivery Uptown Commons 50,000 retail Phase 1 Mixed Use N 150 mult. 2010 Queen City Square Tower Office N 825,000 2011 The Banks Mixed Use N 1,400,000 2010 Venture Corporate Center Office N 55,000 N/A Sources: CBRE, RE Business.

Investment Trends Copyright© 2009 by Real Estate Research Corporation (RERC) and the CCIM Institute. 108 Quarterly Cincinnati Transaction Breakdown 12-Month Trailing Averages (07/01/08 - 06/30/09) Office Industrial Retail Apartment Hotel < $5 Million Volume (Mil) $10 $21 $43 $16 – Size Weighted Avg. ($ per sf/unit) $58 $33 $70 $27,370 – Price Weighted Avg. ($ per sf/unit) $86 $42 $143 $31,447 – Median ($ per sf/unit) $62 $38 $69 $32,500 – > $5 Million Volume (Mil) $34 – $65 $54 – Size Weighted Avg. ($ per sf/unit) $107 – $40 $55,190 – Price Weighted Avg. ($ per sf/unit) $124 – $106 $60,461 – Median ($ per sf/unit) $109 – $182 $63,149 – All Transactions Volume (Mil) $44 $27 $107 $70 – Size Weighted Avg. ($ per sf/unit) $90 $35 $48 $44,902 – Price Weighted Avg. ($ per sf/unit) $115 $42 $120 $53,921 – Median ($ per sf/unit) $69 $40 $81 $35,000 – Capitalization Rates (All Transactions) Weighted Average (%) – – – – – Median (%) – – – – – Source: RERC.

Cincinnati Transaction Trends 12-Month Trailing (07/01/08 - 06/30/09) Office Industrial Retail Apartment Hotel Median Price % Change Quarter Ago -13% -4% 0% -1% – % Change Year Ago -19% -4% -6% – – Volume % Change Quarter Ago -59% -48% -46% -31% – % Change Year Ago -32% -86% -60% – – Source: RERC.

Investment Trends Copyright© 2009 by Real Estate Research Corporation (RERC) and the CCIM Institute. 109 Quarterly Demographics & Economics Previous Previous Population Unemployment Rate Metro Trend Analysis Quarter Year Cleveland MSA 2.1 million Cleveland2 10.1% Office Cleveland Growth1 -0.24% Ohio2 11.2% Size-Weighted Average PPSF   1 3 National Growth 0.91% National 9.7% Industrial Household Income & Value Size-Weighted Average PPSF =  Per Capita Income $28,122 2009 Households 852,840 Retail 1-year Job Growth -4.50% Household Growth -0.16% Size-Weighted Average PPSF   1-year Job Additions -48,100 Median Home Price $124,640 Major Employers Weighted Average Cap Rate   Cleveland Clinic Foundation Apartment University Hospital of Cleveland Size-Weighted Average PPU   National City Corp. Metro Cap Rate Comparison* Current Quarter Key Corp. Progressive Corp. Retail Sources: Bureau of Labor Statistics, NAR, STDB Online, Cleveland Plus. vs. Midwest Region = “2009 Local Market Report” - Cleveland Region ©2009 NATIONAL ASSOCIATION OF REALTORS®. Used with permission. Reproduction, reprinting, or retransmission of this document in any form (electronic vs. Nation 

Clevelandmedia included) is prohibited without written permission. *Comparison of current quarter weighted average capitalization rates. 1Projected annual growth over 5 years (2009-2014). 2Rates are non-seasonally adjusted June 2009. 3Rates Source: RERC, 2Q 2009. are non-seasonally adjusted as of June 2009. Noteworthy Transactions Sale Date Sale Price Sq. Ft./Units PPSF/PPU Office 14843 Sprague Road 6-09 $3,150,000 21,850 $144 4761 Richmond Road 5-09 $2,000,000 44,910 $45 Industrial 30725 Aurora Road 4-09 $1,250,000 41,324 $30 16035 Industrial Parkway 4-09 $5,406,000 92,400 $59 Retail 3009 W Market St. 4-09 $7,050,000 14,490 $487 Chestnut Commons 4-09 $7,200,000 45,743 $157 Apartment 14814 Clifton Blvd. 5-09 $755,000 30 $25,167 19606 Van Aken Blvd. 5-09 $750,000 15 $50,000 Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. Market Construction/Redevelopment Activity Property New(N)/ Total Sq. Estimated Type Refurbished(R) Ft./Units Delivery Hotel Indigo Hotel N N/A 2010 The Flats Mixed Use N N/A 2010 Steel Warehouse Company Industrial Industrial N 84,000 2009 Fogg Euclid Industrial Park Industrial N 1,000,000 N/A Sources: CBRE, RE Business.

Investment Trends Copyright© 2009 by Real Estate Research Corporation (RERC) and the CCIM Institute. 110 Quarterly Cleveland Transaction Breakdown 12-Month Trailing Averages (07/01/08 - 06/30/09) Office Industrial Retail Apartment Hotel < $5 Million Volume (Mil) $45 $73 $66 $43 – Size Weighted Avg. ($ per sf/unit) $69 $38 $68 $38,903 – Price Weighted Avg. ($ per sf/unit) $91 $46 $107 $48,373 – Median ($ per sf/unit) $63 $41 $72 $38,902 – > $5 Million Volume (Mil) – – $44 – – Size Weighted Avg. ($ per sf/unit) – – $85 – – Price Weighted Avg. ($ per sf/unit) – – $157 – – Median ($ per sf/unit) – – $109 – – All Transactions Volume (Mil) $95 $98 $110 $95 – Size Weighted Avg. ($ per sf/unit) $84 $38 $74 $53,554 – Price Weighted Avg. ($ per sf/unit) $100 $45 $127 $64,738 – Median ($ per sf/unit) $72 $41 $73 $40,750 – Capitalization Rates (All Transactions) Weighted Average (%) – – 7.9 – – Median (%) – – 8.2 – – Source: RERC.

Cleveland Transaction Trends 12-Month Trailing (07/01/08 - 06/30/09) Office Industrial Retail Apartment Hotel Median Price % Change Quarter Ago -15% 4% 1% -5% – % Change Year Ago -14% -5% -2% 7% – Volume % Change Quarter Ago -82% -40% -19% -29% – % Change Year Ago -89% -72% -60% -40% – Source: RERC.

Investment Trends Copyright© 2009 by Real Estate Research Corporation (RERC) and the CCIM Institute. 111 Quarterly Demographics & Economics Previous Previous Population Unemployment Rate Metro Trend Analysis Quarter Year Columbus MSA 1.8 million Columbus2 9.1% Office Columbus Growth1 0.90% Ohio2 11.2% Size-Weighted Average PPSF   1 3 National Growth 0.91% National 9.7% Industrial Household Income & Value Size-Weighted Average PPSF = = Per Capita Income $29,894 2009 Households 715,510 Retail 1-year Job Growth -2.00% Household Growth 0.97% Size-Weighted Average PPSF   1-year Job Additions -18,700 Median Home Price $139,134 Major Employers Weighted Average Cap Rate = – Ohio State University Apartment State of Ohio Size-Weighted Average PPU   JP Morgan Chase & Company Weighted Average Cap Rate   Nationwide Metro Cap Rate Comparison* Current Quarter Ohio Health Sources: Bureau of Labor Statistics, NAR, STDB Online, Columbus Chamber. Retail “2009 Local Market Report” - Columbus Region ©2009 NATIONAL ASSOCIATION OF REALTORS®. Used

Columbuswith permission. Reproduction, reprinting, or retransmission of this document in any form (electronic vs. Midwest Region  media included) is prohibited without written permission. 1Projected annual growth over 5 years (2009-2014). 2Rates are non-seasonally adjusted as of June 2009. vs. Nation  3Rates are non-seasonally adjusted as of June 2009. Apartment Noteworthy Transactions vs. Midwest Region = Sale Date Sale Price Sq. Ft./Units PPSF/PPU Office vs. Nation  5550 Britton Parkway 6-09 $34,800,000 220,966 $157 *Comparison of current quarter weighted average capitalization rates. Source: RERC, 2Q 2009. 5300 Nike Drive 6-09 $1,550,000 9,300 $167 Industrial 2200 Spiegel Drive 4-09 $6,650,000 307,200 $22 383 N Liberty 4-09 $2,200,000 19,900 $111 Retail 900-906 N Hamilton Road 6-09 $3,240,000 10,443 $310 9669 Sawmill Parkway 4-09 $5,570,000 14,280 $390 Apartment Old Village Apartments 6-09 $1,650,000 48 $34,375 Hotel 328 W Lane Ave. 4-09 $20,000,000 243 $82,305 Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. Market Construction/Redevelopment Activity Property New(N)/ Total Sq. Estimated Type Refurbished(R) Ft./Units Delivery Franklin County Courthouse Office N 325,000 2010 Grandview Yard Mixed Use N 2,000,000 N/A Sources: CBRE, RE Business.

Investment Trends Copyright© 2009 by Real Estate Research Corporation (RERC) and the CCIM Institute. 112 Quarterly Columbus Transaction Breakdown 12-Month Trailing Averages (07/01/08 - 06/30/09) Office Industrial Retail Apartment Hotel < $5 Million Volume (Mil) $41 $49 $47 $23 – Size Weighted Avg. ($ per sf/unit) $90 $34 $149 $35,758 – Price Weighted Avg. ($ per sf/unit) $115 $43 $222 $47,648 – Median ($ per sf/unit) $102 $44 $134 $33,077 – > $5 Million Volume (Mil) $91 $30 $59 $105 – Size Weighted Avg. ($ per sf/unit) $106 $50 $159 $46,389 – Price Weighted Avg. ($ per sf/unit) $127 $76 $238 $53,790 – Median ($ per sf/unit) $93 $87 $211 $53,639 – All Transactions Volume (Mil) $132 $79 $105 $128 – Size Weighted Avg. ($ per sf/unit) $100 $39 $154 $44,032 – Price Weighted Avg. ($ per sf/unit) $124 $56 $231 $52,684 – Median ($ per sf/unit) $102 $44 $135 $33,712 – Capitalization Rates (All Transactions) Weighted Average (%) – – 7.4 7.1 – Median (%) – – 7.5 7.1 – Source: RERC.

Columbus Transaction Trends 12-Month Trailing (07/01/08 - 06/30/09) Office Industrial Retail Apartment Hotel Median Price % Change Quarter Ago 0% 3% 6% 0% – % Change Year Ago -3% 2% – -21% – Volume % Change Quarter Ago -4% -62% -17% -18% – % Change Year Ago -63% -72% – -77% – Source: RERC.

Investment Trends Copyright© 2009 by Real Estate Research Corporation (RERC) and the CCIM Institute. 113 Quarterly Demographics & Economics Previous Previous Population Unemployment Rate Metro Trend Analysis Quarter Year Detroit MSA 4.5 million Detroit2 17.1% Office Detroit Growth1 -0.05% Michigan2 15.4% Size-Weighted Average PPSF   1 3 National Growth 0.91% National 9.7% Industrial Household Income & Value Size-Weighted Average PPSF =  Per Capita Income $30,124 2009 Households 1.7 million Retail 1-year Job Growth – Household Growth 0.03% Size-Weighted Average PPSF   1-year Job Additions – Median Home Price $119,684 Major Employers Weighted Average Cap Rate   Henry Ford Health System Apartment Detroit City of Detroit Size-Weighted Average PPU   Detroit Public Schools Weighted Average Cap Rate =  Detroit Medical Center Metro Cap Rate Comparison* Current Quarter U.S. Government Sources: Bureau of Labor Statistics, NAR, STDB Online, Detroit Economic Growth Corp. Retail 1Projected annual growth over 5 years (2009-2014). 2Rates are non-seasonally adjusted as of June 2009. 3Rates are non-seasonally adjusted as of June 2009. vs. Midwest Region  Noteworthy Transactions vs. Nation  Sale Date Sale Price Sq. Ft./Units PPSF/PPU Apartment Office vs. Midwest Region  1301 W Long Lake Road 6-09 $12,300,000 170,363 $72 vs. Nation  16600 18 Mile Road 5-09 $625,000 6,504 $96 *Comparison of current quarter weighted average capitalization rates. Industrial Source: RERC, 2Q 2009. 23938 Research Drive 6-09 $1,430,000 22,800 $63 38955 Hills Tech Drive 4-09 $2,600,000 47,214 $55 Retail 33250 Ryan Road 6-09 $1,450,000 5,145 $282 Apartment 370 Hopkins Ave. 5-09 $1,625,000 170 $9,559 Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report.

Investment Trends Copyright© 2009 by Real Estate Research Corporation (RERC) and the CCIM Institute. 114 Quarterly Detroit Transaction Breakdown 12-Month Trailing Averages (07/01/08 - 06/30/09) Office Industrial Retail Apartment Hotel < $5 Million Volume (Mil) $17 $75 $48 $16 – Size Weighted Avg. ($ per sf/unit) $60 $34 $113 $22,595 – Price Weighted Avg. ($ per sf/unit) $108 $63 $220 $28,405 – Median ($ per sf/unit) $99 $43 $120 $33,152 – > $5 Million Volume (Mil) $44 – – $48 – Size Weighted Avg. ($ per sf/unit) $96 – – $40,746 – Price Weighted Avg. ($ per sf/unit) $127 – – $50,609 – Median ($ per sf/unit) $128 – – $30,612 – All Transactions Volume (Mil) $61 $101 $90 $64 – Size Weighted Avg. ($ per sf/unit) $83 $36 $74 $34,073 – Price Weighted Avg. ($ per sf/unit) $121 $76 $144 $45,196 – Median ($ per sf/unit) $104 $43 $110 $31,882 – Capitalization Rates (All Transactions) Weighted Average (%) – – 9.5 8.0 – Median (%) – – 9.2 7.6 – Source: RERC.

Detroit Transaction Trends 12-Month Trailing (07/01/08 - 06/30/09) Office Industrial Retail Apartment Hotel Median Price % Change Quarter Ago -9% 0% 3% -16% – % Change Year Ago 3% -11% 7% -16% – Volume % Change Quarter Ago -91% -13% -25% -54% – % Change Year Ago -94% -70% -72% -82% – Source: RERC.

Investment Trends Copyright© 2009 by Real Estate Research Corporation (RERC) and the CCIM Institute. 115 Quarterly Demographics & Economics Previous Previous Population Unemployment Rate Metro Trend Analysis Quarter Year Indianapolis MSA 1.7 million Indianapolis2 8.7% Office Indianapolis Growth1 1.32% Indiana2 10.6% Size-Weighted Average PPSF   National Growth1 0.91% National3 9.7%

olis Industrial Household Income & Value Size-Weighted Average PPSF   Per Capita Income $30,549 2009 Households 684,693

p Weighted Average Cap Rate –  1-year Job Growth -3.40% Household Growth 1.36% Retail 1-year Job Additions -30,800 Median Home Price $132,381 Major Employers Size-Weighted Average PPSF   Eli Lilly & Co. Apartment Conseco Inc. Size-Weighted Average PPU   Guidant Corp. Metro Cap Rate Comparison* Current Quarter Anthem Inc. Roche Diagnositcs Industrial

Sources: Bureau of Labor Statistics, NAR, STDB Online, Indianapolis Economic Development.  “2009 Local Market Report” - Indianapolis Region ©2009 NATIONAL ASSOCIATION OF REALTORS®. vs. Midwest Region Used with permission. Reproduction, reprinting, or retransmission of this document in any form (electronic media included) is prohibited without written permission. vs. Nation  1Projected annual growth over 5 years (2009-2013). 2Rates are non-seasonally adjusted as of June 2009. 3Rates are non-seasonally adjusted as of June 2009. *Comparison of current quarter weighted average capitalization rates. Source: RERC, 2Q 2009. Noteworthy Transactions

Indiana Sale Date Sale Price Sq. Ft./Units PPSF/PPU Industrial 3910 Industrial Blvd. 4-09 $670,000 20,000 $34 8525 E 33rd St. 4-09 $6,000,000 320,000 $19 Retail 1776 N State St. 4-09 $1,300,000 5,520 $236 2700 E 146th St. 5-09 $8,110,000 45,000 $180 Apartment Stonekey Apartments 4-09 $5,310,000 168 $31,607 Hickory Place 4-09 $20,300,000 512 $39,648 Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. Market Construction/Redevelopment Activity Property New(N)/ Total Sq. Estimated Type Refurbished(R) Ft./Units Delivery JW Marriott Indianapolis Hotel N 1,005 2011 Concourse at Crosspoint Office N 116,000 2009 District at Saxony Multifamily N 269 N/A Meridian & Main Mixed Use N 600,000 N/A Sources: CBRE, RE Business.

Investment Trends Copyright© 2009 by Real Estate Research Corporation (RERC) and the CCIM Institute. 116 Quarterly Indianapolis Transaction Breakdown 12-Month Trailing Averages (07/01/08 - 06/30/09) Office Industrial Retail Apartment Hotel < $5 Million Volume (Mil) $9 $8 $12 $12 – Size Weighted Avg. ($ per sf/unit) $65 $47 $138 $23,554 – Price Weighted Avg. ($ per sf/unit) $78 $66 $185 $32,636 – Median ($ per sf/unit) $73 $40 $191 $17,000 – > $5 Million Volume (Mil) – $115 $36 $158 – Size Weighted Avg. ($ per sf/unit) – $40 $140 $44,503 – Price Weighted Avg. ($ per sf/unit) – $43 $193 $47,225 – Median ($ per sf/unit) – $37 $208 $42,840 – All Transactions Volume (Mil) $45 $123 $48 $170 – Size Weighted Avg. ($ per sf/unit) $117 $41 $140 $41,913 – Price Weighted Avg. ($ per sf/unit) $196 $45 $191 $46,211 – Median ($ per sf/unit) $73 $40 $191 $37,970 – Capitalization Rates (All Transactions) Weighted Average (%) – 9.4 – – – Median (%) – 10.1 – – – Source: RERC.

Indianapolis Transaction Trends 12-Month Trailing (07/01/08 - 06/30/09) Office Industrial Retail Apartment Hotel Median Price % Change Quarter Ago -37% -13% 2% -11% – % Change Year Ago -10% -6% – -47% – Volume % Change Quarter Ago -66% -49% -32% -15% – % Change Year Ago -70% 19% – -29% – Source: RERC.

y Population Unemployment Rate Metro Trend Analysis Quarter Year Kansas City MSA 2 million Kansas City2 8.7% Office Kansas City Growth1 1.03% Missouri2 9.5% Size-Weighted Average PPSF   1 3 National Growth 0.91% National 9.7% Industrial Household Income & Value Size-Weighted Average PPSF   Per Capita Income $29,859 2009 Households 801,883 Retail 1-year Job Growth -1.20% Household Growth 1.08% Size-Weighted Average PPSF   1-year Job Additions -11,800 Median Home Price $137,445 Major Employers Weighted Average Cap Rate  – Hallmark Cards Inc. Apartment Sprint Size-Weighted Average PPU   HCA, Midwest Division Hotel U.S. Government Size-Weighted Average PPU   DST Systems * Sources: Bureau of Labor Statistics, NAR, STDB Online, Kansas City Area Development Council. Metro Cap Rate Comparison Current Quarter “2009 Local Market Report” - Kansas City Region ©2009 NATIONAL ASSOCIATION OF REALTORS®. Used with permission. Reproduction, reprinting, or retransmission of this document in any form (electronic Retail media included) is prohibited without written permission. 1 2 Projected annual growth over 5 years (2009-2014). Rates are non-seasonally adjusted as of June 2009. vs. Midwest Region  3Rates are non-seasonally adjusted as of June 2009. Kansas Cit Noteworthy Transactions vs. Nation 

Sale Date Sale Price Sq. Ft./Units PPSF/PPU *Comparison of current quarter weighted average capitalization rates. Office Source: RERC, 2Q 2009. 10990 Roe Ave. Overland Park 5-09 $22,500,000 295,000 $76 8500 College Blvd. 6-09 $2,400,000 14,140 $170 Industrial 4600 Kansas Ave. 5-09 $3,500,000 120,000 $29 11730 - 11748 W 86th Terrace 4-09 $1,800,000 26,036 $69 Retail Prairie Village Shops 5-09 $31,200,000 289,000 $108 18701 E 39th St. 4-09 $1,300,000 32,770 $40 Apartment 5880 W 58th St. 5-09 $1,875,000 40 $46,875 Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. Market Construction/Redevelopment Activity Property New(N)/ Total Sq. Estimated Type Refurbished(R) Ft./Units Delivery Cherokee South Plaza Retail R 188,000 2009 Brywood Centre Retail R 183,464 N/A Sources: CBRE, RE Business.

Investment Trends Copyright© 2009 by Real Estate Research Corporation (RERC) and the CCIM Institute. 118 Quarterly Kansas City Transaction Breakdown 12-Month Trailing Averages (07/01/08 - 06/30/09) Office Industrial Retail Apartment Hotel < $5 Million Volume (Mil) $30 $60 $93 $31 – Size Weighted Avg. ($ per sf/unit) $77 $38 $58 $35,381 – Price Weighted Avg. ($ per sf/unit) $102 $56 $133 $39,508 – Median ($ per sf/unit) $77 $45 $53 $34,083 – > $5 Million Volume (Mil) $175 – $258 – – Size Weighted Avg. ($ per sf/unit) $97 – $87 – – Price Weighted Avg. ($ per sf/unit) $117 – $206 – – Median ($ per sf/unit) $72 – $161 – – All Transactions Volume (Mil) $205 $74 $350 $109 $22 Size Weighted Avg. ($ per sf/unit) $93 $37 $77 $68,360 $66,606 Price Weighted Avg. ($ per sf/unit) $115 $53 $186 $88,971 $85,735 Median ($ per sf/unit) $76 $45 $61 $36,056 $59,531 Capitalization Rates (All Transactions) Weighted Average (%) – – 8.4 – – Median (%) – – 8.3 – – Source: RERC.

Kansas City Transaction Trends 12-Month Trailing (07/01/08 - 06/30/09) Office Industrial Retail Apartment Hotel Median Price % Change Quarter Ago -8% 0% -6% 6% -33% % Change Year Ago -36% -8% -29% -5% -42% Volume % Change Quarter Ago -15% -38% 18% -29% -82% % Change Year Ago -56% -73% 5% -57% -91% Source: RERC.

Investment Trends Copyright© 2009 by Real Estate Research Corporation (RERC) and the CCIM Institute. 119 Quarterly Demographics & Economics Previous Previous Population Unemployment Rate Metro Trend Analysis Quarter Year Milwaukee MSA 1.5 million Milwaukee2 9.8% Office Milwaukee Growth1 0.37% Wisconsin2 9.2% Size-Weighted Average PPSF   1 3 National Growth 0.91% National 9.7% Industrial Household Income & Value Size-Weighted Average PPSF   Per Capita Income $30,354 2009 Households 620,254 Retail 1-year Job Growth -4.80% Household Growth 0.52% Size-Weighted Average PPSF   1-year Job Additions -40,700 Median Home Price $181,066 Major Employers Apartment Aurora Health Care Size-Weighted Average PPU  

AT&T Wisconsin Source: RERC, 2Q 2009. Marshall & Ilsley Corp. Quad/Graphics Inc. GE Healthcare Technologies Sources: Bureau of Labor Statistics, NAR, STDB Online, Metropolitan Milwaukee Association of Commerce. “2009 Local Market Report” - Milwaukee Region ©2009 NATIONAL ASSOCIATION OF REALTORS®. Used with permission. Reproduction, reprinting, or retransmission of this document in any form (electronic media included) is prohibited without written permission. 1 2 MilwaukeeProjected annual growth over 5 years (2009-2014). Rates are non-seasonally adjusted as of June 2009. 3Rates are non-seasonally adjusted as of June 2009. Noteworthy Transactions Sale Date Sale Price Sq. Ft./Units PPSF/PPU Office 12203 N Corporate Parkway 6-09 $19,800,000 63,000 $314 5445 S Westridge Drive 4-09 $5,750,000 60,000 $96 Industrial 21045 Enterprise Ave. 6-09 $1,900,000 20,797 $91 100 Wilmount Drive 5-09 $1,820,000 36,347 $50 Retail 2750 W Grange Ave. 6-09 $1,900,000 43,854 $43 7401 W Good Hope Road 6-09 $6,000,000 102,083 $59 Apartment 12999 W Hampton Ave. 4-09 $5,340,000 120 $44,500 Colonial Point 4-09 $5,040,000 169 $29,822 Hotel Ramada Inn 4-09 $6,600,000 160 $41,250 Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. Market Construction/Redevelopment Activity Property New(N)/ Total Sq. Estimated Type Refurbished(R) Ft./Units Delivery Pabst Farms Town Centre Retail N 1,000,000 2010 3410 Gateway Road Office N 34,000 N/A Wal-Mart Supercenter Retail N 156,000 2010 Aloft Hotel Hotel N 160 2009 Sources: CBRE, RE Business.

Investment Trends Copyright© 2009 by Real Estate Research Corporation (RERC) and the CCIM Institute. 120 Quarterly Milwaukee Transaction Breakdown 12-Month Trailing Averages (07/01/08 - 06/30/09) Office Industrial Retail Apartment Hotel < $5 Million Volume (Mil) $28 $63 $49 $29 – Size Weighted Avg. ($ per sf/unit) $81 $47 $73 $47,432 – Price Weighted Avg. ($ per sf/unit) $115 $62 $142 $52,895 – Median ($ per sf/unit) $62 $51 $61 $44,489 – > $5 Million Volume (Mil) $116 $48 $36 $50 – Size Weighted Avg. ($ per sf/unit) $122 $61 $145 $77,868 – Price Weighted Avg. ($ per sf/unit) $164 $71 $202 $149,486 – Median ($ per sf/unit) $149 $54 $215 $48,420 – All Transactions Volume (Mil) $144 $111 $85 $78 – Size Weighted Avg. ($ per sf/unit) $112 $52 $92 $63,067 – Price Weighted Avg. ($ per sf/unit) $155 $66 $167 $114,158 – Median ($ per sf/unit) $78 $51 $65 $45,925 – Capitalization Rates (All Transactions) Weighted Average (%) – – – – – Median (%) – – – – – Source: RERC.

Milwaukee Transaction Trends 12-Month Trailing (07/01/08 - 06/30/09) Office Industrial Retail Apartment Hotel Median Price % Change Quarter Ago -5% -5% -10% -12% – % Change Year Ago 3% 2% -11% -8% – Volume % Change Quarter Ago -17% 0% -7% -6% – % Change Year Ago -58% -26% -46% -2% – Source: RERC.

Investment Trends Copyright© 2009 by Real Estate Research Corporation (RERC) and the CCIM Institute. 121 Quarterly Demographics & Economics Previous Previous Population Unemployment Rate Metro Trend Analysis Quarter Year Minneapolis MSA 3.3 million Minneapolis2 8.5% Office Minneapolis Growth1 0.92% Minnesota2 8.4% Size-Weighted Average PPSF  = National Growth1 0.91% National3 9.7%

olis Industrial Household Income & Value Size-Weighted Average PPSF   Per Capita Income $35,798 2009 Households 1.3 million

p Retail 1-year Job Growth -3.50% Household Growth 0.98%   1-year Job Additions -62,500 Median Home Price $199,315 Size-Weighted Average PPSF Major Employers Weighted Average Cap Rate =  Wells Fargo Apartment Hennepin County Size-Weighted Average PPU   Target Corp. Weighted Average Cap Rate   Ameriprise Financial Hotel Star Tribune Size-Weighted Average PPU   Sources: Bureau of Labor Statistics, NAR, STDB Online, Minneapolis Downtown Council. “2009 Local Market Report” - Minneapolis Region ©2009 NATIONAL ASSOCIATION OF REALTORS®. * Used with permission. Reproduction, reprinting, or retransmission of this document in any form (electronic Metro Cap Rate Comparison Current Quarter media included) is prohibited without written permission. 1Projected annual growth over 5 years (2009-2014). 2Rates are non-seasonally adjusted as of June 2009. Retail 3Rates are non-seasonally adjusted as of June 2009. vs. Midwest Region  Noteworthy Transactions

Minnea vs. Nation  Sale Date Sale Price Sq. Ft./Units PPSF/PPU Office Apartment 2801 21st Ave. S 6-09 $5,100,000 57,500 $89 vs. Midwest Region  Industrial vs. Nation = 13201 N Wilfred Lane 6-09 $15,340,000 341,040 $45 *Comparison of current quarter weighted average capitalization rates. Source: RERC, 2Q 2009. 7101 Louisiana Ave. N 4-09 $7,850,000 195,754 $40 Retail Andover Marketplace East 6-09 $2,090,000 9,547 $219 6670 150th St. W 5-09 $3,160,000 11,282 $280 Apartment 10151 Lyndale Ave. S 4-09 $2,740,000 36 $76,111 3627 Nicollet Ave. 4-09 $950,000 23 $41,304 Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. Market Construction/Redevelopment Activity Property New(N)/ Total Sq. Estimated Type Refurbished(R) Ft./Units Delivery The Manning Ave. Project Mixed Use N 25,264,486 2030 Nordic Ware Industrial N 64,000 N/A Excelsior Crossings in Hopkins Office N 450,000 2013 United States Postal Service Industrial N 260,000 N/A Sources: CBRE, RE Business.

Investment Trends Copyright© 2009 by Real Estate Research Corporation (RERC) and the CCIM Institute. 122 Quarterly Minneapolis Transaction Breakdown 12-Month Trailing Averages (07/01/08 - 06/30/09) Office Industrial Retail Apartment Hotel < $5 Million Volume (Mil) $42 $115 $92 $41 – Size Weighted Avg. ($ per sf/unit) $104 $50 $92 $56,968 – Price Weighted Avg. ($ per sf/unit) $150 $66 $150 $59,228 – Median ($ per sf/unit) $95 $55 $101 $57,848 – > $5 Million Volume (Mil) $170 $137 $88 $270 – Size Weighted Avg. ($ per sf/unit) $121 $79 $142 $86,122 – Price Weighted Avg. ($ per sf/unit) $173 $142 $170 $99,213 – Median ($ per sf/unit) $143 $57 $142 $74,278 – All Transactions Volume (Mil) $212 $252 $180 $311 $25 Size Weighted Avg. ($ per sf/unit) $117 $63 $111 $80,633 $43,398 Price Weighted Avg. ($ per sf/unit) $169 $107 $159 $93,894 $46,331 Median ($ per sf/unit) $97 $55 $108 $62,854 $42,039 Capitalization Rates (All Transactions) Weighted Average (%) – – 7.4 6.3 – Median (%) – – 7.8 6.3 – Source: RERC.

Minneapolis Transaction Trends 12-Month Trailing (07/01/08 - 06/30/09) Office Industrial Retail Apartment Hotel Median Price % Change Quarter Ago 5% -1% -1% 1% -18% % Change Year Ago -21% -4% 15% 2% -38% Volume % Change Quarter Ago -21% -19% -29% -20% -17% % Change Year Ago -82% -50% -51% 11% -80% Source: RERC.

Investment Trends Copyright© 2009 by Real Estate Research Corporation (RERC) and the CCIM Institute. 123 Quarterly Demographics & Economics Previous Previous Population Unemployment Rate Metro Trend Analysis Quarter Year Omaha MSA 852,034 Omaha2 5.4% Office Omaha Growth1 0.96% Nebraska2 5.1% Size-Weighted Average PPSF   1 3 National Growth 0.91% National 9.7% Industrial Household Income & Value Size-Weighted Average PPSF   Per Capita Income $28,118 2009 Households 331,499 Retail 1-year Job Growth -1.60% Household Growth 1.05% Size-Weighted Average PPSF   1-year Job Additions -7,300 Median Home Price $117,718 Major Employers Apartment Offutt Air Force Base Size-Weighted Average PPU  

Omaha Public Schools Source: RERC, 2Q 2009.

Omaha Alegent Health First Data Union Pacific Corp. Sources: Bureau of Labor Statistics, NAR, STDB Online, Greater Omaha Economic Development Partnership. “2009 Local Market Report” - Omaha Region ©2009 NATIONAL ASSOCIATION OF REALTORS®. Used with permission. Reproduction, reprinting, or retransmission of this document in any form (electronic media included) is prohibited without written permission. 1Projected annual growth over 5 years (2009-2014). 2Rates are non-seasonally adjusted as of June 2009. 3Rates are non-seasonally adjusted as of June 2009. Noteworthy Transactions Sale Date Sale Price Sq. Ft./Units PPSF/PPU Office 9410 W Dodge Road 6-09 $8,300,000 85,653 $97 Industrial 7826 Centech Road 4-09 $1,800,000 49,760 $36 Retail 7610 Dodge St. 6-09 $3,100,000 19,906 $156 7202 Jones St. 5-09 $1,900,000 15,503 $123 Apartment 1367 S 76th Ave. 5-09 $891,800 29 $30,752 4730 Seward 4-09 $638,000 22 $29,000 Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. Market Construction/Redevelopment Activity Property New(N)/ Total Sq. Estimated Type Refurbished(R) Ft./Units Delivery Bergan Mercy Surgery Center Office N 13,886 N/A Sources: CBRE, RE Business.

Investment Trends Copyright© 2009 by Real Estate Research Corporation (RERC) and the CCIM Institute. 124 Quarterly Omaha Transaction Breakdown 12-Month Trailing Averages (07/01/08 - 06/30/09) Office Industrial Retail Apartment Hotel < $5 Million Volume (Mil) $11 $25 $55 $6 – Size Weighted Avg. ($ per sf/unit) $88 $33 $75 $33,294 – Price Weighted Avg. ($ per sf/unit) $121 $41 $110 $35,988 – Median ($ per sf/unit) $69 $41 $73 $29,876 – > $5 Million Volume (Mil) – – – $71 – Size Weighted Avg. ($ per sf/unit) – – – $79,626 – Price Weighted Avg. ($ per sf/unit) – – – $88,895 – Median ($ per sf/unit) – – – $70,958 – All Transactions Volume (Mil) $25 $55 $86 $77 – Size Weighted Avg. ($ per sf/unit) $82 $39 $95 $72,019 – Price Weighted Avg. ($ per sf/unit) $100 $47 $141 $84,879 – Median ($ per sf/unit) $69 $43 $75 $39,716 – Capitalization Rates (All Transactions) Weighted Average (%) – – – – – Median (%) – – – – – Source: RERC.

Omaha Transaction Trends 12-Month Trailing (07/01/08 - 06/30/09) Office Industrial Retail Apartment Hotel Median Price % Change Quarter Ago 6% 0% 0% -3% – % Change Year Ago 22% -6% -15% -8% – Volume % Change Quarter Ago 43% -10% -17% -32% – % Change Year Ago -59% -3% 23% -42% – Source: RERC.

Investment Trends Copyright© 2009 by Real Estate Research Corporation (RERC) and the CCIM Institute. 125 Quarterly Demographics & Economics Previous Previous Population Unemployment Rate Metro Trend Analysis Quarter Year St. Louis MSA 2.9 million St. Louis2 9.9% Office St. Louis Growth1 0.49% Missouri2 9.5% Size-Weighted Average PPSF   1 3 National Growth 0.91% National 9.7% Industrial Household Income & Value Size-Weighted Average PPSF =  Per Capita Income $28,566 2009 Households 1.1 million Retail 1-year Job Growth -2.50% Household Growth 0.57%   1-year Job Additions -34,200 Median Home Price $138,115 Size-Weighted Average PPSF Major Employers Apartment BJC HealthCare Size-Weighted Average PPU   Washington University (St. Louis) Weighted Average Cap Rate  – Boeing Integrated Defense Systems St. Louis Hotel Schnuck Markets Inc. Size-Weighted Average PPU   Anheuser-Busch Companies, Inc. * Sources: Bureau of Labor Statistics, NAR, STDB Online, St. Louis Regional Chamber & Growth Association. Metro Cap Rate Comparison Current Quarter “2009 Local Market Report” - St. Louis Region ©2009 NATIONAL ASSOCIATION OF REALTORS®. Used with permission. Reproduction, reprinting, or retransmission of this document in any form (electronic Apartment media included) is prohibited without written permission. 1Projected annual growth over 5 years (2009-2014). 2Rates are non-seasonally adjusted as of June 2009. vs. Midwest Region  3Rates are non-seasonally adjusted as of June 2009. vs. Nation  Noteworthy Transactions *Comparison of current quarter weighted average capitalization rates. Sale Date Sale Price Sq. Ft./Units PPSF/PPU Source: RERC, 2Q 2009. Office Curlee Building 4-09 $7,200,000 84,000 $86 5200 - 5240 Okland Ave. 4-09 $8,300,000 116,906 $71 Industrial 639, 657, 701 N Bell Ave. 5-09 $4,250,000 48,500 $88 1208 - 1218 S Vandeventer Ave. 4-09 $3,300,000 88,000 $38 Retail 1315 Jungermann Road 5-09 $1,670,000 7,000 $239 1409 Wentzville Parkway 4-09 $3,550,000 25,000 $142 Apartment 1222 Bellevue Ave. 4-09 $1,050,000 20 $52,500 7347 Hoover Ave. 4-09 $1,000,000 36 $27,778 Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. Market Construction/Redevelopment Activity Property New(N)/ Total Sq. Estimated Type Refurbished(R) Ft./Units Delivery 75,000 sf & Lemp Brewery Complex Mixed Use R 400 units 2012 Belle Valley Business Park Industrial N 36,650 N/A 1818 Washington Ave. Mixed Use N 59,000 N/A Centene Corporation HQ Office N 460,000 2010 Sources: CBRE, RE Business.

Investment Trends Copyright© 2009 by Real Estate Research Corporation (RERC) and the CCIM Institute. 126 Quarterly St. Louis Transaction Breakdown 12-Month Trailing Averages (07/01/08 - 06/30/09) Office Industrial Retail Apartment Hotel < $5 Million Volume (Mil) $46 $104 $79 $37 $13 Size Weighted Avg. ($ per sf/unit) $56 $41 $101 $35,833 $27,903 Price Weighted Avg. ($ per sf/unit) $102 $57 $153 $46,010 $28,998 Median ($ per sf/unit) $93 $43 $93 $41,250 $26,131 > $5 Million Volume (Mil) $119 $82 – $102 – Size Weighted Avg. ($ per sf/unit) $124 $64 – $70,450 – Price Weighted Avg. ($ per sf/unit) $134 $124 – $73,310 – Median ($ per sf/unit) $95 $58 – $63,786 – All Transactions Volume (Mil) $166 $186 $108 $139 $116 Size Weighted Avg. ($ per sf/unit) $92 $48 $111 $56,107 $65,470 Price Weighted Avg. ($ per sf/unit) $125 $87 $199 $66,086 $80,562 Median ($ per sf/unit) $94 $44 $93 $49,500 $26,131 Capitalization Rates (All Transactions) Weighted Average (%) – – – 6.9 – Median (%) – – – 6.9 – Source: RERC.

St. Louis Transaction Trends 12-Month Trailing (07/01/08 - 06/30/09) Office Industrial Retail Apartment Hotel Median Price % Change Quarter Ago -9% -8% -5% 2% -8% % Change Year Ago -24% -26% -22% – -62% Volume % Change Quarter Ago -45% -14% -21% -24% -5% % Change Year Ago -84% -57% -84% – -42% Source: RERC.

Investment Trends Copyright© 2009 by Real Estate Research Corporation (RERC) and the CCIM Institute. 127 Quarterly Demographics & Economics Previous Previous Population Unemployment Rate Metro Trend Analysis Quarter Year Toledo MSA 659,019 Toledo2 14.2% Office Toledo Growth1 -0.20% Ohio2 11.2% Size-Weighted Average PPSF   1 3 National Growth 0.91% National 9.7% Industrial Household Income & Value Size-Weighted Average PPSF   Per Capita Income $26,012 2009 Households 264,896 Retail 1-year Job Growth -5.60% Household Growth -0.06% Size-Weighted Average PPSF   1-year Job Additions -18,100 Median Home Price $99,985 Major Employers Source: RERC, 2Q 2009. ProMedica Health System Toledo University of Toledo Mercy Health Partners Bowling Green State University Toldeo Public Schools Sources: Bureau of Labor Statistics, NAR, STDB Online, Toldeo Regional Chamber of Commerce. “2009 Local Market Report” - Toledo Region ©2009 NATIONAL ASSOCIATION OF REALTORS®. Used with permission. Reproduction, reprinting, or retransmission of this document in any form (electronic media included) is prohibited without written permission. 1Projected annual growth over 5 years (2009-2014). 2Rates are non-seasonally adjusted as of June 2009. 3Rates are non-seasonally adjusted as of June 2009. Noteworthy Transactions Sale Date Sale Price Sq. Ft./Units PPSF/PPU Office 3550 Briarfield Blvd. 5-09 $1,040,000 9,036 $115 Industrial 30692 Tracy Road 6-09 $1,300,000 61,920 $21 Retail 2261 S Reynolds Road 4-09 $875,000 10,103 $87 5815 Secor Road 4-09 $5,570,000 14,820 $376 Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report.

Investment Trends Copyright© 2009 by Real Estate Research Corporation (RERC) and the CCIM Institute. 128 Quarterly Toledo Transaction Breakdown 12-Month Trailing Averages (07/01/08 - 06/30/09) Office Industrial Retail Apartment Hotel < $5 Million Volume (Mil) $20 $11 $13 – – Size Weighted Avg. ($ per sf/unit) $123 $28 $135 – – Price Weighted Avg. ($ per sf/unit) $153 $32 $233 – – Median ($ per sf/unit) $125 $27 $77 – – > $5 Million Volume (Mil) – – – – – Size Weighted Avg. ($ per sf/unit) – – – – – Price Weighted Avg. ($ per sf/unit) – – – – – Median ($ per sf/unit) – – – – – All Transactions Volume (Mil) $20 $11 $24 – – Size Weighted Avg. ($ per sf/unit) $123 $28 $192 – – Price Weighted Avg. ($ per sf/unit) $153 $32 $302 – – Median ($ per sf/unit) $125 $27 $87 – – Capitalization Rates (All Transactions) Weighted Average (%) – – – – – Median (%) – – – – – Source: RERC.

Toledo Transaction Trends 12-Month Trailing (07/01/08 - 06/30/09) Office Industrial Retail Apartment Hotel Median Price % Change Quarter Ago 10% -10% – – – % Change Year Ago – -23% 11% – – Volume % Change Quarter Ago -25% -58% – – – % Change Year Ago – -44% -12% – – Source: RERC.