Overall activity across the Central Florida industrial market remained fairly upbeat during the third
quarter of 2011. Modest growth was experienced throughout the majority of the submarkets as
tenants continued to capitalize on discounted rents and favorable concessions. New deals remained
limited as existing tenants are merely trading spaces in the current market. Flight to quality continues
to be the common interest with class A quality space achieving what was once class B rates.
Investment activity, although showing signs of increased interest, remained slow in terms of
transaction volume and lack of available product. However, a few significant sales did occur
throughout the third quarter. As the fourth quarter begins and the 2011 year soon concludes, expect
market activity to remain consistent with the third quarter results – modest to strong tenant activity
and slow investment acquisitions.

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The Central Florida industrial market concluded the first half of 2011 on an optimistic note.

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After four consecutive quarters of positive net absorption, the Central Florida industrial and flex market dipped back into the red during the first quarter of 2011.