Alabama

What office are you based in? Birmingham, Ala. What area is your expertise? Birmingham Industrial Market What trends do you see presently in industrial development in your area? Presently, some geographic areas of our market are soft. Primarily some of the bulk distribution markets located on the perimeter of Birmingham are experiencing a softness that our market has not seen in recent history. This softness is associated with the construction of new buildings which the market has not yet absorbed. What type of industrial product is doing well in your area? Office warehouse product is currently 91.1 percent leased. It is a very tight market with all submarkets in Birmingham experiencing the same kind of high levels of occupancy. Who are the active industrial developers in your area? There are different partnerships developing industrial product in the Birmingham market with either EGS Commercial Real Estate or Graham and Company leading the partnerships. Please name one or two significant industrial developments in your area. What impact will these projects have on the market? The most recently completed developments in our area have occurred in the Southern submarket. Shelby West and Shelby Commerce Park, IV are each significant developments (approximately 250,000 square …

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What area is your expertise? Office brokerage and development, Birmingham, Ala. What trends do you see presently in office development in your area? Class A buildings, but very little supply in 2008. Who are the active office developers in your area? EGS Commercial Real Estate, Colonial Properties and Daniel Corporation Please name one or two significant office developments in your area. What impact will these projects have on the market? Colonial Brookwood Center, developed by Colonial Properties and located adjacent to Colonial Brookwood Village. Completed in May 2007 and added 150,000 square feet of Class A space to the Midtown market. The building was 100 percent leased at the time of completion. Where is the majority of development taking place? Why is this area doing well? The majority of development is taking place in the Midtown submarket, primarily because of its proximity to Birmingham’s upscale residential areas and its access to the Central Business District (CBD). What area do you expect to be the next big development market? Why? Suburbs and the Midtown market What areas are doing well in terms of office leasing? Which areas are struggling with office leasing? Midtown and Highway 280 are the tightest submarkets currently, …

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What area is your expertise? Birmingham Retail Market What trends do you see presently in retail development in your area? Retail development continues to be driven by discount anchors and grocery stores. What type of retail product is doing well in your area? Of note, fourth quarter saw most retail absorption take place in neighborhood retail properties. Also, a new Wal-Mart Supercenter opened in the Eastern/Irondale submarket. All retail is doing well in our market with occupancy at approximately 91.2 percent. What retailers are new to your area? ALOC Grocery is new to the market along with several smaller national chain stores. Who are the active retail developers in your area? Colonial Properties Trust has done the most retail development in the past several years. Please name one or two significant retail developments in your area. What impact will these projects have on the market? Colonial Promenade in Fultondale, located in the Northern submarket, opened in Fall 2007 — Target, Best Buy and Books-A-Million Colonial Promenade in Alabaster, located in the Highway 31 south submarket, Phase II opened in August 2007 — Target, JCPenney and Best Buy The Grove in Hoover, located in the Hoover/Riverchase submarket, planned for 2009 — …

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What area is your expertise? • Huntsville, Ala. What trends do you see presently in industrial development in your area? • Speculative construction in the 50,000 to 200,000-square-foot range What type of industrial product is doing well in your area? • 5,000 to 10,000-square-foot buildings Who are the active industrial developers in your area? • Industrial Properties of the South, Triad Development and Graham & Co. Please name one or two significant industrial developments in your area. What impact will these projects have on the market? • Graham & Co. developed a 208,000-square-foot warehouse in 2007 at 255 Short Pike Road. Triad Properties is developing a 102,000-square-foot flex building on New Loop Road across from the Huntsville Airport. Industrial Properties of the South has developed two 42,000-square-foot warehouses on Electronics Boulevard. This new speculative environment for industrial product has been a catalyst for local expansion, new business and new jobs. Where is the majority of development taking place? Why is this area doing well? • Huntsville Airport area – final parcels of Jetplex Industrial Park are being developed. What area do you expect to be the next big industrial development market? Why? • West Huntsville/Greenbrier exit. 5 miles from Interstate …

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