New Construction Retail - 4Th Quarter 2007 Metro: Detroit As of 28-Jan-2008 Section 1 - Construction Deliveries

New Construction Retail - 4th Quarter 2007 Metro: Detroit As of 28-Jan-2008 Section 1 - Construction Deliveries

Completed SF SF Under Construction Totals Planned Proposed Totals 2006 YTD 2007 2007 2008-2011 2006-2011 2007-2011 Neighborhood 206,700 123,935 0 137,000 467,635 246,000 0 246,000 Community 143,900 285,140 0 602,000 1,031,040 320,000 0 320,000 Power Center 658,000 1,444,857 0 905,000 3,007,857 800,000 0 800,000 Regional 0 1,189,000 0 0 1,189,000 35,000 0 35,000 Mixed Use 122,000 0 0 11,000 133,000 0 0 0 Other 150,000 12,000 0 0 162,000 330,000 0 330,000 Totals 1,280,600 3,054,932 0 1,655,000 5,990,532 1,731,000 0 1,731,000

Metro Construction by Project Type 2006 - 2011 Metro Construction by Top Five Submarket Share 2006 - 2011

7.5 % 10.3 % 8.7 % 0.8 % 2.1 % 9.8 % 18.7 % 37.9 % 23.3 %

Neighborhood Detroit/West Wayne Community Macomb Power North Oakland Regional South Oakland Mixed Use S. Detroit/Downriver 51.6 % Other 29.3 % Section 2 - Submarket New Construction Project Tally

1. Completed 2. Under Construction 3. Planned/Proposed Neigh/ Power/ Neigh/ Power/ Neigh/ Power/ Grand Submarket Other Other Other Comm Reg. Comm Reg. Comm Reg. Total Detroit/West Wayne 93,080 837,000 162,000 105,000 370,000 0 380,000 0 330,000 2,277,080 Macomb 138,385 1,539,000 0 0 0 11,000 40,000 35,000 0 1,763,385 North Oakland 259,170 0 0 464,000 535,000 0 146,000 0 0 1,404,170 South Oakland 102,000 300,000 122,000 0 0 0 0 0 0 524,000 S. Detroit/Downriver 15,000 0 0 32,000 0 0 0 0 0 47,000 Non-Submarketed Areas 152,040 615,857 0 138,000 0 0 0 800,000 0 1,705,897

Copyright 2008 Reis, Inc. Page 1 New Construction Retail - 4th Quarter 2007 Metro: Detroit As of 28-Jan-2008 Section 3 - Metro Inventory Detail Inventory By Center Age % Retail Inventory Growth Trend and Forecast Year Built Percent Before 1970 24.1% 2.5 1970-1979 21.7% 2.0 1980-1989 29.3% 1990-1999 13.1% 1.5 After 1999 11.7% 1.0 All 100.0% 0.5 As of 12/31/07 0.0 Current Inventory Level 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Properties Square Feet Detroit Midwest US 290 32,361,000 As of 12/31/07

Midwest Region Cumulative Inventory Growth Forecast Ranking 2007 - 2011 National Cumulative Inventory Growth Forecast Ranking 2007 - 2011 Metro Cumulative Growth Forecast Rank Metro Cumulative Growth Forecast Rank Kansas City 9.5% 1 Raleigh-Durham 14.6% 1 Wichita 6.7% 4 Oklahoma City 6.4% 43 Chicago 6.6% 5 Boston 6.1% 44 Detroit 6.0% 6 Detroit 6.0% 45 Omaha 5.8% 7 Birmingham 5.9% 46 St. Louis 5.6% 8 Orange County 5.9% 47 Dayton 2.9% 13 Colorado Springs 1.7% 76

Section 4 - Construction/Absorption Change

Construction and Absorption

Quarterly 4Q07 3Q07 YTD Avg Sq Ft Con/Abs Sq Ft Con/Abs Sq Ft Con/Abs Sq Ft Built Sq Ft Built Sq Ft Built Absorbed Ratio Absorbed Ratio Absorbed Ratio Detroit 301,000 136,000 2.2 15,000 -44,000 -0.3 87,000 67,000 1.3 Midwest 2,145,000 1,043,000 2.1 1,176,000 74,000 15.9 1,210,000 660,000 1.8 Average over period ending: 12/31/07 12/31/07 12/31/07 09/30/07 09/30/07 09/30/07 12/31/07 12/31/07 12/31/07

Annualized 1 Year History 3 Year History 5 Year History Sq Ft Con/Abs Sq Ft Con/Abs Sq Ft Con/Abs Sq Ft Built Sq Ft Built Sq Ft Built Absorbed Ratio Absorbed Ratio Absorbed Ratio Detroit 346,000 266,000 1.3 483,000 430,000 1.1 370,000 270,000 1.4 Midwest 4,840,000 2,638,000 1.8 5,969,000 3,904,000 1.5 5,945,000 4,188,000 1.4 Average over period ending: 12/31/07 12/31/07 12/31/07 12/31/07 12/31/07 12/31/07 12/31/07 12/31/07 12/31/07

Completed Projects Under Construction Planned/Proposed Detroit Submarkets

1 Detroit/West Wayne 2 South Detroit/Downriver 3 Macomb

4 North Oakland 5 South Oakland

Date As Est. Est. No. Property Name and Address Secondary Type County Size (Sq Ft) Status Of Groundbreak Completion

Submarket:Detroit/West Wayne

WESTLAND CENTER PH IV 1 10-23-2007 Community WAYNE 10,000 Proposed FORD ST @ WAYNE RD WESTLAND, MI 48185

OUTLOT 1 @ LYON TOWNE CENTER 2 10-12-2007 Free Standing WAYNE 14,299 Proposed MILFORD ST @ I-96 DETROIT, MI 48208

PLYMOUTH TOWNE CENTER PH II 3 NWC ANN ARBOR RD @ HAGGERTY RD 10-12-2007 Neighborhood WAYNE 100,000 4/2008 9/2008 Planned PLYMOUTH, MI 48170

UPTOWN RETAIL CENTER PH II 4 CHERRY HILL RD @ N RIDGE RD CANTON, MI 10-12-2007 Community WAYNE 75,000 Planned 48188

UNSPECIFIED OUTPARCEL AT CANTON 5 CORNERS MALL 10-10-2007 Free Standing WAYNE 8,000 8/2007 12/2007 Complete FORD RD @ LILLEY RD CANTON, MI 48187

UNSPECIFIED OUTPARCEL AT CANTON 6 CORNERS MALL 10-10-2007 Free Standing WAYNE 4,000 8/2007 12/2007 Complete FORD RD @ LILLEY RD CANTON, MI 48187

WONDERLAND VILLAGE PH II Under 08-14-2007 WAYNE 7 PLYMOUTH RD @ MIDDLEBELT RD LIVONIA, MI Power Center 70,000 2/2008 Constr. 48150

WONDERLAND VILLAGE PH I 8 30007 PLYMOUTH RD @ MIDDLEBELT RD 08-14-2007 Power Center WAYNE 429,000 3/2006 9/2007 Complete LIVONIA, MI 48150

OUTLOT 10 @ LYON TOWNE CENTER 9 06-30-2007 Free Standing WAYNE 30,000 Proposed MILFORD ST @ I-96 DETROIT, MI 48208

OUTLOT 9 @ LYON TOWNE CENTER 10 06-30-2007 Free Standing WAYNE 30,000 Proposed MILFORD ST @ I-96 DETROIT, MI 48208

OUTLOT 8 @ LYON TOWNE CENTER 11 06-30-2007 Free Standing WAYNE 8,250 Proposed MILFORD ST @ I-96 DETROIT, MI 48208

FAIRLANE GREEN PH II 12 OAKWOOD BLVD @ OUTER DR/I-94 ALLEN 06-30-2007 Power Center WAYNE 600,000 Planned PARK, MI 48101

FAIRLANE GREEN PH I 13 OAKWOOD BLVD @ OUTER DR/I-94 ALLEN 06-30-2007 Power Center WAYNE 408,000 11/2006 Complete PARK, MI 48101

OUTLOT 7 @ LYON TOWNE CENTER 14 06-30-2007 Free Standing WAYNE 11,100 Proposed MILFORD ST @ I-96 DETROIT, MI 48208

Date As Est. Est. No. Property Name and Address Secondary Type County Size (Sq Ft) Status Of Groundbreak Completion

SHOPPES OF FAIRLANE MEADOWS 15 FORD RD @ MERCURY DR DEARBORN, MI 06-30-2007 Neighborhood WAYNE 20,080 6/2006 1/2007 Complete 48126

PLYMOUTH TOWNE CENTER PH III 16 NWC ANN ARBOR RD @ HAGGERTY RD 06-30-2007 Neighborhood WAYNE 30,000 9/2008 3/2009 Planned PLYMOUTH, MI 48170

PLYMOUTH TOWNE CENTER PH I Under 06-30-2007 WAYNE 17 NWC ANN ARBOR RD @ HAGGERTY RD Neighborhood 105,000 7/2007 8/2008 Constr. PLYMOUTH, MI 48170

LOWES SHOPPING CENTER PH I 18 FORD RD @ SHELDON RD/MORTON TAYL 06-30-2007 Free Standing WAYNE 150,000 5/2005 5/2006 Complete CANTON, MI 48187

SEVEN MILE CROSSING 19 19500 TELEGRAPH RD @ SEVEN MILE RD 06-30-2007 Community WAYNE 250,000 2/2008 2/2009 Planned DETROIT, MI 48219

OUTLOT 11 @ LYON TOWNE CENTER 20 06-30-2007 Free Standing WAYNE 30,000 Proposed MILFORD ST @ I-96 DETROIT, MI 48208

OUTLOT F @ LYON TOWNE CENTER 21 06-30-2007 Free Standing WAYNE 6,500 Proposed MILFORD ST @ I-96 DETROIT, MI 48208

HAMTRAMCK TOWN CENTER PH II 22 JOSEPH CAMPAU ST @ HOLBROOK 06-30-2007 Community WAYNE 20,000 1/2006 8/2006 Complete HAMTRAMCK, MI 48212

OUTLOT 4A @ LYON TOWNE CENTER 23 06-30-2007 Free Standing WAYNE 8,570 Proposed MILFORD ST @ I-96 DETROIT, MI 48208

OUTLOT 4B @ LYON TOWNE CENTER 24 06-30-2007 Free Standing WAYNE 5,600 Proposed MILFORD ST @ I-96 DETROIT, MI 48208

THE SHOPS AT NORTHEAST VILLAGE PH III 25 GRATIOT AVE @ SEVEN MILE RD DETROIT, MI 06-30-2007 Community WAYNE 35,000 11/2005 6/2006 Complete 48205

OUTLOT 6 @ LYON TOWNE CENTER 26 06-30-2007 Free Standing WAYNE 10,600 Proposed MILFORD ST @ I-96 DETROIT, MI 48208

OUTLOT 5 @ LYON TOWNE CENTER 27 06-30-2007 Free Standing WAYNE 5,600 Proposed MILFORD ST @ I-96 DETROIT, MI 48208

THE SHOPPES AT GATEWAY PARK 28 WOODWARD AVE @ EIGHT MILE RD DETROIT, 06-30-2007 Lifestyle Center WAYNE 330,000 5/2009 Planned MI 48203

HIGHLAND POINT PLAZA 29 12050 WOODWARD AVE @ CALIFORNIA 06-30-2007 Neighborhood WAYNE 18,000 6/2006 Complete ST/ELMHURST ST HIGHLAND PARK, MI 48203

Date As Est. Est. No. Property Name and Address Secondary Type County Size (Sq Ft) Status Of Groundbreak Completion

CROSSROADS VILLAGE Under 30 01-15-2008 Power Center WAYNE 300,000 4/2008 MICHIGAN AVE @ BECK RD CANTON, MI 48188 Constr.

Submarket:Macomb

RETAIL WORKS PLAZA-MACOMB 31 11-05-2007 Neighborhood MACOMB 11,685 1/2007 12/2007 Complete M-59 @ GARFIELD RD MACOMB, MI 48042

THE SHOPS AT STONYCREEK 32 26 MILE RD @ VAN DYKE RD SHELBY 10-15-2007 Lifestyle Center MACOMB 350,000 Planned TOWNSHIP, MI 48094

AVA CENTER 33 VAN DYKE RD @ 30 MILE RD/31 MILE RD 10-12-2007 Neighborhood MACOMB 40,000 1/2009 10/2009 Planned WASHINGTON TOWNSHIP, MI 48094

MACOMB MALL PH II 34 32233 GRATIOT AVE @ MASONIC BLVD 10-12-2007 Regional MACOMB 35,000 6/2008 4/2009 Planned ROSEVILLE, MI 48066

PARISIAN AT PARTRIDGE CREEK MALL 35 17480 HALL RD @ GARFIELD RD CLINTON 10-12-2007 Regional MACOMB 120,000 11/2007 Complete TOWNSHIP, MI 48042

MALL AT PARTRIDGE CREEK 36 17420 HALL RD @ GARFIELD RD CLINTON 10-12-2007 Regional MACOMB 640,000 10/2007 Complete TOWNSHIP, MI 48042

NORDSTROM AT PARTRIDGE CREEK MALL 37 ROMEO PLANK RD @ GARFIELD RD CLINTON 10-12-2007 Regional MACOMB 129,000 10/2007 Complete TOWNSHIP, MI 48042

WATERSIDE MARKETPLACE 38 WATERSIDE MARKETPLACE @ 23 MILE RD 10-10-2007 Power Center MACOMB 400,000 6/2006 10/2007 Complete NEW BALTIMORE, MI 48051

HERITAGE VILLAGE TOWNE CENTER PH II 39 NWC MOUND RD @ E 12 MILE RD WARREN, MI 09-17-2007 Community MACOMB 55,000 Planned 48088

THE VILLAGE AT SHELBY Under 40 09-04-2007 Mixed Use MACOMB 11,000 8/2009 24 MILE RD @ VAN DYKE RD SHELBY, MI 48316 Constr.

HAYES CENTER SHOPPES 41 HAYES RD @ HALL RD STERLING HEIGHTS, MI 06-30-2007 Neighborhood MACOMB 55,000 5/2005 5/2006 Complete 48314

FOUNTAINS OF MACOMB PH II(RETAIL B) 42 06-30-2007 Neighborhood MACOMB 13,000 Planned HAYES RD @ 21 MILE RD MACOMB, MI 48044

HERITAGE VILLAGE TOWNE CENTER PH I 43 NWC MOUND RD @ E 12 MILE RD WARREN, MI 06-30-2007 Neighborhood MACOMB 21,000 9/2005 12/2006 Complete 48088

MARKET PLACE AT SHOWCASE CENTER PH II 44 15 MILE RD @ VAN DYKE AVE STERLING 06-30-2007 Power Center MACOMB 250,000 6/2006 Complete HEIGHTS, MI 48312

Date As Est. Est. No. Property Name and Address Secondary Type County Size (Sq Ft) Status Of Groundbreak Completion

WOODBURY PLAZA 45 GRATIOT AVE @ CARRIAGE WAY DR 06-30-2007 Neighborhood MACOMB 26,700 5/2005 7/2006 Complete CHESTERFIELD, MI 48051

PINEWOOD PLAZA 46 26 MILE RD @ VAN DYKE RD SHELBY 06-30-2007 Neighborhood MACOMB 24,000 11/2005 6/2006 Complete TOWNSHIP, MI 48094

Submarket:North Oakland

RETAIL WORKS PLAZA-AUBURN HILLS 47 11-05-2007 Neighborhood OAKLAND 14,170 12/2006 12/2007 Complete JOSLYN RD @ I-75 AUBURN HILLS, MI 48326

ADAMS MARKETPLACE PH III Under 10-16-2007 OAKLAND 48 VETERANS MEMORIAL FWY @ ADAMS RD Community 300,000 11/2008 Constr. ROCHESTER HILLS, MI 48309

BLOOMFIELD PARK PH I Under 10-16-2007 OAKLAND 49 TELEGRAPH RD @ SQUARE LAKE RD Power Center 535,000 12/2006 11/2008 Constr. BLOOMFIELD HILLS, MI 48302

ADAMS MARKETPLACE PH I 50 VETERANS MEMORIAL FWY @ ADAMS RD 10-16-2007 Community OAKLAND 230,000 12/2007 Complete ROCHESTER HILLS, MI 48309

DUTTON PLACE 51 LAPEER RD @ DUTTON RD AUBURN HILLS, MI 09-13-2007 Community OAKLAND 70,000 7/2008 Planned 48326

VILLAGE LAKES PLAZA Under 07-31-2007 OAKLAND 52 HIGHLAND RD @ ELIZABETH LAKE RD WHITE Community 164,000 8/2007 8/2008 Constr. LAKE, MI 48386

ADAMS MARKETPLACE PH II 53 VETERANS MEMORIAL FWY @ ADAMS RD 06-30-2007 Community OAKLAND 18,000 Planned ROCHESTER HILLS, MI 48309

STONEWOOD CENTER 54 STONEWOOD DR @ DIXIE HWY/I-75 06-30-2007 Neighborhood OAKLAND 76,000 12/2008 Planned CLARKSTON, MI 48346

CITY WALK PH III 55 N ROCHESTER RD @ TIENKEN RD 06-30-2007 Neighborhood OAKLAND 42,000 Planned ROCHESTER HILLS, MI 48363

CITY WALK PH I 56 N ROCHESTER RD @ TIENKEN RD 06-30-2007 Neighborhood OAKLAND 15,000 12/2005 12/2006 Complete ROCHESTER HILLS, MI 48363

CITY WALK PH II 57 N ROCHESTER RD @ TIENKEN RD 06-30-2007 Neighborhood OAKLAND 50,000 Planned ROCHESTER HILLS, MI 48363

Submarket:Not in a Reis submarket

LOWER TOWN DEVELOPMENT Under 12-13-2007 WASHTENAW 58 BROADWAY ST @ MAIDEN LN ANN ARBOR, MI Community 138,000 11/2007 12/2009 Constr. 48105

THE CORNERS OF FORT GRATIOT 59 NWC 24TH AVE @ KEEWAHDIN RD FORT 10-31-2007 Power Center ST. CLAIR 115,857 11/2007 Complete GRATIOT, MI 48059

Date As Est. Est. No. Property Name and Address Secondary Type County Size (Sq Ft) Status Of Groundbreak Completion

SOUTH BRANCH CENTER PH II 60 10-10-2007 Community LAPEER 10,140 10/2007 Complete N LAPEER RD @ DALEY RD LAPEER, MI 48446

BAY RIVER MARKETPLACE 61 06-30-2007 Power Center MACOMB 500,000 8/2009 Planned 26 MILE RD @ I-94 NEW HAVEN, MI 48048

SOUTH BRANCH CENTER PH I 62 06-30-2007 Community LAPEER 88,900 11/2006 Complete N LAPEER RD @ DALEY RD LAPEER, MI 48446

CROSSROADS AT LAPEER 63 06-30-2007 Power Center LAPEER 300,000 7/2008 Planned I-69 @ S LAPEER RD LAPEER, MI 48446

BRECKON COMMONS 64 930 E MICHIGAN AVE @ N MAPLE RD SALINE, 06-30-2007 Neighborhood WASHTENAW 53,000 8/2006 6/2007 Complete MI 48176

GREEN OAK VILLAGE PLACE 65 06-30-2007 Power Center LIVINGSTON 500,000 4/2005 3/2007 Complete LEE RD @ HWY 23 BRIGHTON, MI 48116

SOUTH BRANCH CENTER PH III 66 06-30-2007 Community LAPEER 40,062 Proposed N LAPEER RD @ DALEY RD LAPEER, MI 48446

Submarket:S. Detroit/Downriver

SAVELAND CENTER Under 11-08-2007 WAYNE 67 8370 PELHAM RD @ CHAMPAIGN ST TAYLOR, Neighborhood 15,000 4/2008 Constr. MI 48180

FORT AND VREELAND PROJECT 68 FORT RD @ VREELAND RD BROWNSTOWN, MI 09-21-2007 Neighborhood WAYNE 20,000 Planned 48183

TELEGRAPH AND KOTHS PROJECT 69 TELEGRAPH RD @ KOTHS ST TAYLOR, MI 06-30-2007 Neighborhood WAYNE 15,000 12/2005 5/2006 Complete 48180

WOODHAVEN COMMONS PH III 70 23555 ALLEN RD @ WEST RD BROWNSTOWN, 06-30-2007 Neighborhood WAYNE 50,000 Planned MI 48183

WHISPERING WOODS PH II 71 GIRBRALTAR RD BROWNSTOWN TOWNSHIP, 06-30-2007 Neighborhood WAYNE 40,000 Planned MI 48209

DIX TOLEDO RD/OUTER DR PROJECT Under 01-11-2008 WAYNE 72 810 DIX TOLEDO RD @ OUTER DR LINCOLN Neighborhood 17,000 11/2007 6/2008 Constr. PARK, MI 48122

Submarket:South Oakland

WEST MARKET SQUARE PH II 73 NWC GRAND RIVER AVE @ BECK RD NOVI, MI 11-08-2007 Community OAKLAND 24,000 1/2007 11/2007 Complete 48375

NOVI TOWNE CENTER PH II 74 10-11-2007 Community OAKLAND 21,000 4/2007 11/2007 Complete 26045 NOVI RD @ I-96 NOVI, MI 48375

Date As Est. Est. No. Property Name and Address Secondary Type County Size (Sq Ft) Status Of Groundbreak Completion

MAIN NORTH LOFTS RETAIL 75 201 E. ELEVEN MILE RD @ N MAIN ST ROYAL 09-21-2007 Mixed Use OAKLAND 70,000 9/2006 Complete OAK, MI 48067

GREENFIELD RD AND W 10 MILE RD PH II 76 24-800 GREENFIELD RD @ W 10 MILE RD OAK 09-17-2007 Neighborhood OAKLAND 15,000 2/2007 8/2007 Complete PARK, MI 48237

TWELVE OAKS MALL PH III 77 08-01-2007 Regional OAKLAND 300,000 9/2007 Complete 27600 NOVI RD @ 12 MILE RD NOVI, MI 48050

HALSTED POINTE 78 HALSTED RD @ GRAND RIVER AVE 06-30-2007 Neighborhood OAKLAND 12,000 1/2006 11/2006 Complete FARMINGTON, MI 48335

325 NORTH OLD WOODWARD 79 325 N OLD WOODWARD @ OAKLAND AVE 06-30-2007 Mixed Use OAKLAND 36,000 4/2005 11/2006 Complete BIRMINGHAM, MI 48009

TRIBUTE AT WIXOM VILLAGE CENTER PH II 80 NEC WIXOM RD @ PONTIAC TRAIL WIXOM, MI 06-30-2007 Neighborhood OAKLAND 27,000 Planned 48393

SEC GREENFIELD AND 10 MILE RD PH I 81 24750 GREENFIELD RD @ 10 MILE RD OAK 06-30-2007 Neighborhood OAKLAND 20,000 4/2006 12/2006 Complete PARK, MI 48237

VILLAGE CENTER OF WIXOM PH I (WEST) 82 N WIXOM RD @ PONTIAC TRL WIXOM, MI 06-30-2007 Mixed Use OAKLAND 16,000 7/2004 3/2006 Complete 48393

MAPLE RD AT CROOKS 83 1430-1470 MAPLE RD @ CROOKS RD TROY, MI 06-30-2007 Neighborhood OAKLAND 10,000 9/2006 2/2007 Complete 48084

THE COPPERWOOD 84 10 MILE RD @ JOHNS RD SOUTH LYON, MI 01-11-2008 Neighborhood OAKLAND 120,000 Planned 48178

VILLAGE CENTER OF WIXOM PH II (EAST) Under 01-03-2008 OAKLAND 85 N WIXOM RD @ PONTIAC TRL WIXOM, MI Mixed Use 31,500 Constr. 48393

PAVILIONS OF TROY (RETAIL) 86 NWC BIG BEAVER RD @ COOLIDGE HWY 01-03-2008 Mixed Use OAKLAND 500,000 Planned TROY, MI 48084

Section 1 Construction Deliveries-separates deliveries by status and property subtype (i.e. for Apartment, the subtypes are market rate rentals, condominiums, and other) into the year the project was or will be ready for occupancy. All NC properties are researched and contacted by Reis research staff to determine size, age, use, location and anticipated delivery dates. Completed properties-total sf/units completed in previous year and those already completed current year to date. Under Construction-total sf/units currently under construction, separated into the projects that will be completed later this year and those that will be completed in the next four years Planned/Proposed-total sf/units planned or proposed to be completed in the next five years. Metro Construction by Project Type-tabulates all completed, under construction, planned and proposed projects by sf/units. Metro Construction by Top Five Submarket Share-top five submarkets percentage of completed, under construction, planned and proposed projects by sf/units. Remaining submarkets in metro are combined into one category "Other Submarkets". Section 2 Submarket New Construction Tally-separates deliveries by status and property subtype by submarket. "Non-Submarketed Areas" refers to those deliveries that Reis tracks outside of its existing submarket boundaries in order for future reporting on new submarkets. Section 3 Metro Inventory Detail-tabulates existing and future inventory by competitive type. Competitive types for Office are multi and single tenant buildings; for Apartment, market rate rentals; for Retail, neighborhood and community shopping centers. Inventory by Building Age-existing competitive stock tabulated by date of construction as a percent of total. Current Inventory Level-existing inventory by number of properties and sf/units tracked by Reis in the metro area. Inventory Growth Trend and Forecast-line graph features the trend and forecast for annual competitive inventory growth by metro, metro region, and the US. Regional Cumulative Inventory Growth Forecast Ranking-calculates and ranks the cumulative inventory growth for the metro over the next five years as compared to the high and low in the metro's region as well as its peers by rank. National Cumulative Inventory Growth Forecast Ranking-calculates and ranks the cumulative inventory growth for the metro over the next five years as compared to the high and low in the US as well as its peers by rank. Section 4-Construction/Absorption-trends and forecasts the sf/units completed and to be completed versus the trend and forecast of net absorption over the same time period. Construction/Absorption ratio is the ratio between constructed sf/units versus net absorption in the reported time period. Section 5-Occupancy at Completion-based on Reis new construction research, overall occupancy at completion is compared by metro, metro region, and US for new construction projects completed during the stated time period. As a benchmark, the overall occupancy of the metro is shown for each time period as well. Section 6-Stabilization Data- each new construction project is surveyed until completion and thereafter to capture the vacancy of projects upon completion and the following eight quarters after completion. Completions are separated by year (i.e. all projects built in 2001 have an average vacancy one quarter after completion, two quarters after completion etc.) The chart follows the total vacancy of each year's new construction projects upon completion (quarter=0) and the subsequent eight quarters after completion. The metro's long-term average vacancy (representing equilibrium) is shown as a straight line. Once the yearly NC vacancy rate hits the straight line, it has stabilized. Lease up/Average Vacancy by Quarter tabulates the same data as pictured in the line graph. Each NC project is surveyed for vacancy at completion and in the subsequent eight quarters of completion. The overall vacancy is tracked by year. Quarters Needed to Stabilize-calculated as the number of quarters needed for each year's completions to reach the metro's long-term average vacancy. Section 7-Submarket Boundaries-map shows new construction projects in the metro by status, i.e. completed, under construction, planned and proposed. Section 8-New Construction Listing-the properties that Reis has verified to be recently completed, under construction or planned/proposed. Last Update-Reis updates these listings on a daily basis and releases updates to clients on a weekly basis. If size, groundbreak date, completion date or status has changed for any of these listings, the last update date will reflect the date of confirmation. Type-shows property sub-type (i.e. Apartments are broken into Market Rate Rentals or "Apartments" and non-competitive types such as condominiums, senior housing, federally subsidized etc.) Total Size/Competitive Size-for apartment projects that have a mix of competitive, market rate units and non-competitive units like Section 8 housing, Reis delineates between the total size and competitive size. Estimated Groundbreak-estimated date of construction start. Estimated Completion Date-when the project is scheduled to be completed. Completed: newly constructed space added to market inventory Under Construction- when construction has started but the Certificate of Occupancy has not yet been issued. Planned-- the project is in one of the many phases of the planning process: site plan review, design review, environmental compliance review, zoning review, etc. Proposed- developer has proposed to build a project (either formally or informally) but has not submitted any plans for review