09 2nd Quarter Industrial Review

IndustrialLAS VEGAS 2009 MARKET REVIEW

2ND QUARTER

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INDUSTRIAL MARKET INDICATORS

Change Since

Current 2Q08 2Q09

Vacancy 12.92%

Lease Rates $0.70 NNN

Net Absorption * -2,033,766

Construction 720,913

*The arrows are trend indicators over the specified time period and do not represent a positive or negative value. (e.g., absorption could be negative but still represent a positive trend over a specified period.)

LAS VEGASMARKET OVERVIEW

AT A GLANCEVacancy rates in the Las Vegas area have almost doubled in one year from the 7.7% rate we saw a year ago to the current vacancy rate of 12.92%. The cause of the rise in vacancy is mostly due to the new product that came online in 2008 and 2009. Over 50% of the product that came online had little or no preleasing activity and continue to remain vacant. With new development at a stand still, vacancy should start to be absorbed and vacancy rates should start to stabilize.

By the end of 2nd quarter, the market showed a drop in rates once again to the current average rate of $0.70 per square foot (psf), a $0.02 change from the beginning of the year rate of $0.72 per square foot (psf) and a $0.09 change from a year ago.

Going forward, new supply numbers are expected to change dramatically in the next year with only 720,000 sf of current under construction product in the pipeline. With the continued hesitation of developers to build product in the current economic conditions, we don’t expect much of the planned product to come online any time soon.

LAS VEGAS INDUSTRIAL MARKET OVERVIEW

An article, produced a year ago, in the Nevada Business Journal stated that “while several factors have contributed to rising vacancy rates and lower effective rents, real estate experts in southern Nevada agree that the industrial slump is part of a normal business cycle.” They also stated that the market would return to normal by mid-2009. We have now reached the middle of 2009 and have yet to see a rebound in the industrial market. In fact, the Las Vegas Industrial market continues to see rising vacancy rates and negative absorption. So when does the market look like it will finally rebound and was this really a “normal” business cycle. Let’s look at the facts to understand where the Las Vegas industrial market really is today.

A year ago we were hoping to see the housing market start showing improvements by now, which would help

increase stability in the market. Currently the housing market continues to see foreclosure gains and even more homeowners walking away from their homes due to the lost of hope of ever recovering or rebuilding capital in their homes. Not only has the residential real estate not rebounded, but we are now getting ready for a wave of commercial defaults and foreclosures.

Real Capital Analytics reported that “June saw the largest rise yet for (commercial) properties that are reported to be in default, foreclosure or involved in bankruptcy.” The Las Vegas area currently has $9.2 billion worth of commercial properties in distress, around 164 properties, with industrial buildings showing $48.6 million worth, roughly 258,819 square feet of distressed space. Tight credit, falling property values and lenders unwilling to refinance projects are causing landlords to fear that they will no longer be able to hang on to their properties. We expect this trend to continue for the foreseeable future as we work our way thru this deleverage cycle.

Las Vegas industrial market posted additional upward movement in vacancy rising to 12.92% during 2nd quarter 2009. This is the highest the industrial vacancy rate has been in the last 15 years. When analyzing the data to see if the rise in vacancy is part of a “normal” business cycle, the only time period that has shown a rate over 10%, with the exception of the last year, is in 2003 when the rate was at 11.95%. In 2003, the major factors in the rise of vacancy were the reluctance of tenants to lease space in older buildings, the rise in land prices, and the assumption of dimensioning commercial land availability. During that time the average industrial building in Las Vegas had been built in the 1970s and early 1980s. Tenants wanted to be in newer properties and the developers were listening. Developers were scared into thinking that land would soon not be available for commercial development and they knew that tenants would be willing to pay higher lease rates in newer buildings. This was part of the cause in the rise in vacancy and lease rates during 2003, and could be part of the cause of the overbuilt market we have today.



INDUSTRIAL MARKET | OVERVIEW

For years the Las Vegas industrial market had been well below the national vacancy average, but now it is well above the national average of the 9.9% vacancy rate. “The national average is the highest it has been in five years,” Cushman and Wakefield national report stated, “in fact, each of the 39 industrial markets tracked by Cushman & Wakefield reported an increase in the overall vacancy rate from first to second quarter.” The markets with the highest vacancy rates include; Austin, TX, Birmingham, AL, Detroit, MI, Fredericksburg, VA and Stockton, CA all with vacancy rates over 18%. The lowest industrial vacancy rates are found in; Denver, CO, Kansas City, MO, Lakeland FL, Los Angeles, CA, Orange County, CA all with vacancies under 7%. The Las Vegas industrial market is right in the middle with a 12.92% vacancy rate.

INDUSTRIAL MARKET | NEW SUPPLY (COMPLETIONS) AND MARKET DEMAND

Future new supply levels also continue to shrink as market corrections are underway. The market expanded by only 301,400 square feet during the 2nd quarter of 2009, which shows the slowing of new development, since last year at this time we had 1.5 million square feet of new inventory come online. Completions were located in the southwest and North Las Vegas portions of the valley. In the area of under construction analysis, we do see more steady movements or “normal” business cycles accruing every five years. We saw a rise in construction during the real estate boom up until 1997 when a sudden drop of construction occurred. After a five year recovery another sudden crash in 2001 happened after the September 11th events and then another five year recovery started. A need for newer space and the construction boom steadily rose the under construction numbers for five years until the current recession. It may take another five years for the housing market to become stable, credit to start flowing and employment to become active again before any rise in construction numbers. For a smart recovery, the industrial market needs to solve the imbalance of supply and demand by allowing existing vacant space to be absorbed and wait out this business cycle before any major growth should happen.

Historically an industrial boom, in the Las Vegas market, is usually impacted by the growth of the gaming industry. After this recession, growth may not happen for a while as many developers hold their breath and watch to see how CityCenter, an $11 billion mixed use project set to open by the end of 2009, tries to survive in a down economy and a new Las Vegas era. An era of canceled conventions, discounted rooms and a glimpse of “old Vegas” making a come back, when buffets only cost $1.99 and tourist saw $2.00 blackjack tables.

Las Vegas was currently featured in Time magazine showing that if anyone can make a comeback Las Vegas can. The reporter experienced the world class marketing that Vegas is famous for. Knowing that the city must be slow and like a ghost town, due to people staying home during the current economy, the reporter jumped on a plane. The reporter wanted to take advantage of the discounted rooms found on various websites, which included cheap entertainment and lowered food prices that many Las Vegas hotels are marketing. What he found was Vegas “surviving”. “Hotel rooms were booked, the pool was busy and the parking lots were full,” the reporter stated. In his words “all the price-cutting has succeeded.” This can give us hope that people still love Las Vegas and they still want to experience our world class hotels.



INDUSTRIAL MARKET | PRICING (AVERAGE ASKING RATE)

Pricing within the industrial sector continues to drop as landlords work with Tenants, offering better tenant improvement allowances, greater concessions and even negotiating new lease terms. Short term leases seem to be a trend in the market where tenants have a controlling position. The effect of extended lease up periods, slow economic conditions and growing commercial defaults will contribute to increased repossession activity by lenders that will result in further price adjustments.

The market wide industrial average asking rental rate has dropped to $0.70 per square foot, the lowest rate we have seen since 2005, when it was at $0.67 per square foot. By product type, average distribution lease rates were $0.54 per square foot at the middle of the year. Freestanding units reported rents of $0.78 per square foot for those seeking to rent, rather than sell, while flex space averaged $0.78 per square foot. Pricing for midbay and incubator space came in at $0.62 and $0.79 per square foot, respectively. Not only has the recession forced lease rates to drop it has also affected the sales price on industrial property. “About $2.2 trillion of U.S. commercial properties bought or refinanced since early 2004 have fallen below the price at which they changed hands,” according to a report by Real Capital Analytics, a research firm based in New York. They go on to report “due to lack of financing, owners are going to have to rely on cash deals, which in turn push down sale prices in order for buildings to be sellable.”

INDUSTRIAL MARKET | OUTLOOK

While current conditions have resulted in little market demand, we expect pricing adjustments to be favorable as regional and national distributors seek out more efficient and cost-effective alternatives once economic conditions improve. The current corrections are also expected to provide additional development opportunities as land prices are well into a correction cycle. Previous concerns about land availability at financially feasible price points have started to subside. It is likely that joint venture opportunities will present themselves as limited capital availability will have land owners and developers identifying creative measures to meet the changing demands of the market.

Vacancies are expected to stabilize as future supply additions will remain limited. Our primary concerns lie with lease expirations and the motivations of business owners and management. We expect businesses to seek out more cost-effective alternatives while downsizing operations in response to shifts in their business models. Second generation space will likely compete on price and create attractive opportunities for those with businesses that remain active and have been impacted less by broader market fundamentals. Net absorption still reported in the red with a -2,033,766 sf of net absorption during 2nd quarter 2009. Absorption did recover a little since first quarter and is expected to increase by the end of the year, as development comes to a stand still.

We believe that while it may take longer than people would like, Las Vegas will turn around, not this year, but it will make a comeback. Unlike the other economic downturns of 1981, 1990 and 2001, this time around will be a slow recovery. According to the National Association of Realtors “a forward-looking indicator shows commercial real estate will remain weak into 2010, but recent actions by the Federal Reserve should improve some flow of capital into commercial lending,” which should slow down the decline. The NAR report goes on to say ”with the economic recession likely coming to an end within six months, a recovery in commercial real estate may soon follow.” When Time magazine asked a Las Vegas local, Neal Smatresk, why he was so optimistic that Las Vegas would make a comeback he stated “This is a town built on hopes and dreams, and people don’t give up hopes and dreams when there’s a recession.” If we follow the Steve Wynn’s Vegas development style of “believing”, such as, believing that themed casinos with free shows bring in tourist, not falling for the “family style” Vegas that quickly went south, bringing world class shopping and fine art to the city, once known only for its cheap buffets and opening an $2 billion, 2,034 room Hotel in the middle of a recession when everyone thinks you’re crazy. If more developers start to believe in this city, then this city will continue to grow. The Times reporter ends his story stating that “this recession, it (Las Vegas) clearly believes, is just another business cycle. It will end, sooner rather than later, and the world will go right back to gambling on slot machines and real estate.” So maybe this is just another business cycle, we will have to wait and see.


No. of Existing Under Const. Planned Net New Gross Space WeightedBldgs. SF SF SF SF Rate Absorption Supply Leased Low High Avg. Avg.

AirportDistribution 48 3,771,122 - - 656,280 17.40% (194,949) - 15,708 $0.35 $0.80 $0.62 $0.60Flex 65 1,821,953 - 87,385 599,541 32.91% (204,352) 15,696 $0.49 $1.45 $0.93 $0.92Freestanding 181 2,894,952 60,064 12,353 275,618 9.52% (30,851) - 71,214 $0.40 $1.40 $0.78 $0.77Incubator 79 1,867,406 - - 438,505 23.48% (105,684) - 59,065 $0.45 $1.75 $0.96 $0.94Midbay 54 2,497,689 25,200 - 461,882 18.49% (97,211) - 72,822 $0.35 $1.35 $0.71 $0.70Airport Total 427 12,853,122 85,264 99,738 2,431,826 18.92% (633,047) - 234,505 $0.35 $1.75 $0.80 $0.79

CentralDistribution 14 910,521 51,022 5.60% (30,224) - - $0.31 $0.43 $0.37 $0.37Flex 10 112,213 - - 19,800 17.65% (19,800) - - $0.55 $0.65 $0.59 $0.59Freestanding 303 4,708,235 - 210,060 4.46% (69,867) 73,528 $0.18 $0.95 $0.57 $0.54Incubator 101 2,099,325 - - 202,129 9.63% 36,879 - 74,616 $0.45 $1.58 $0.71 $0.71Midbay 21 495,188 - 89,921 18.16% (73,289) - - $0.39 $0.56 $0.47 $0.47Central Total 449 8,325,482 - - 572,932 6.88% (156,301) - 148,144 $0.18 $1.58 $0.54 $0.54

SoutheastDistribution 48 5,930,442 - - 952,224 16.06% (225,075) - 20,559 $0.29 $1.35 $0.54 $0.54Flex 29 476,294 - - 62,130 13.04% (11,137) - 9,775 $0.39 $1.35 $0.78 $0.78Freestanding 232 3,218,458 - 98,400 342,322 10.64% (4,718) - 89,914 $0.40 $1.67 $0.72 $0.73Incubator 49 867,235 - - 131,121 15.12% (49,230) - 18,537 $0.50 $1.35 $0.89 $0.89Midbay 34 1,570,350 - - 443,185 28.22% (78,478) - 56,187 $0.39 $1.12 $0.71 $0.71Southeast Total 392 12,062,779 - 98,400 1,930,982 16.01% (368,638) - 194,972 $0.29 $1.67 $0.73 $0.73

North Las VegasDistribution 115 16,671,729 - 1,034,900 1,658,369 9.95% (370,256) 95,000 132,225 $0.15 $0.50 $0.40 $0.40Flex 38 1,000,813 - 176,520 216,603 21.64% (21,592) - 23,186 $0.30 $1.75 $0.78 $0.78Freestanding 478 6,519,170 166,420 153,888 623,386 9.56% 166,731 - 264,913 $0.20 $1.25 $0.64 $0.65Incubator 51 1,123,616 - 15,000 498,507 44.37% (27,821) - 20,301 $0.20 $1.00 $0.65 $0.65Midbay 50 2,281,955 194,712 276,525 393,846 17.26% (36,143) 90,400 36,665 $0.35 $0.85 $0.56 $0.56NLV Total 732 27,597,283 361,132 1,656,833 3,390,711 12.29% (289,081) 185,400 477,290 $0.15 $1.75 $0.61 $0.61

SpeedwayDistribution 9 889,091 - - 79,630 8.96% - - - $0.36 $0.49 $0.42 $0.42Flex 7 346,350 - - 83,184 24.02% 12,318 - 13,601 $0.45 $0.55 $0.53 $0.53Freestanding - - - - 0.00% - - - Incubator 2 26,887 - - 5,066 18.84% - - - $0.45 $0.55 $0.50 $0.50Midbay 20 1,314,491 - - 339,749 25.85% 18,045 - 25,595 $0.38 $0.66 $0.54 $0.54Speedway Total 38 2,576,819 - - 507,629 19.70% 30,363 - 39,196 $0.36 $0.66 $0.50 $0.50

NorthwestDistribution 3 257,510 - - 158,069 61.38% - - - $0.49 $0.97 $0.73 $0.73Flex 33 366,164 - 47,252 84,393 23.05% (24,692) - 8,468 $0.40 $1.40 $0.89 $0.87Freestanding 8 194,587 - 39,008 13,810 7.10% - - - $1.13 $1.55 $1.28 $1.28Incubator 10 232,073 - - 63,147 27.21% (10,699) - 1,772 $0.55 $1.10 $0.93 $0.93Midbay 1 130,000 - - - 0.00% - - - Northwest Total 55 1,180,334 - 86,260 319,419 27.06% (35,391) - 10,240 $0.40 $1.55 $0.96 $0.95

SouthwestDistribution 73 8,491,811 121,875 250,000 838,664 9.88% 32,430 - 209,373 $0.39 $1.19 $0.67 $0.66Flex 93 2,447,785 - - 515,819 21.07% (86,271) - 73,306 $0.35 $1.80 $0.92 $0.92Freestanding 394 5,457,760 - 340,011 6.23% (103,800) - 86,240 $0.35 $1.70 $0.69 $0.78Incubator 128 2,704,171 - - 266,937 9.87% (146,659) - 66,649 $0.25 $1.95 $0.85 $0.84Midbay 119 4,682,773 152,642 220,400 663,087 14.16% 83,199 116,000 262,921 $0.36 $1.15 $0.72 $0.72Southwest Total 807 23,784,300 274,517 470,400 2,624,518 11.03% (221,101) 116,000 698,489 $0.25 $1.95 $0.77 $0.78

WestDistribution 24 1,773,217 - - 252,785 14.26% (37,714) - 38,486 $0.48 $0.65 $0.54 $0.54Flex 35 915,396 - - 67,935 7.42% (15,785) - 35,661 $0.44 $1.30 $0.82 $0.82Freestanding 266 3,330,993 - 243,440 7.31% (105,872) - 102,649 $0.25 $1.30 $0.71 $0.69Incubator 146 3,789,216 - - 349,607 9.23% (97,355) - 92,198 $0.39 $1.50 $0.82 $0.82Midbay 32 1,616,824 - - 203,009 12.56% (103,844) - 17,237 $0.40 $1.00 $0.65 $0.63West Total 503 11,425,646 - - 1,116,776 9.77% (360,570) - 286,231 $0.25 $1.50 $0.71 $0.70

Distribution 334 38,695,443 121,875 1,284,900 4,647,043 12.01% (825,788) 95,000 416,351 $0.15 $1.35 $0.54 $0.53Flex 310 7,486,968 - 311,157 1,649,405 22.03% (371,311) - 179,693 $0.30 $1.80 $0.78 $0.78Freestanding 1,862 26,324,155 226,484 303,649 2,048,647 7.78% (148,377) - 688,458 $0.18 $1.70 $0.77 $0.78Incubator 566 12,709,929 - 15,000 1,955,019 15.38% (400,569) - 333,138 $0.20 $1.95 $0.79 $0.79Midbay 331 14,589,270 372,554 496,925 2,594,679 17.78% (287,721) 206,400 471,427 $0.35 $1.35 $0.62 $0.62Las Vegas Total 3,403 99,805,765 720,913 2,411,631 12,894,793 12.92% (2,033,766) 301,400 2,089,067 $0.15 $1.95 $0.70 $0.70

* All rates are asking, published prices. Actual (negotiated) rates may vary due to market conditions. Weighted average rates include sublease pricing.

Commerce CRGLas Vegas Industrial Market Report Q2 2009

Vacancy Asking Rates *Inventory Vacancy Demand & Supply Pricing


LAS VEGAS | INDUSTRIAL GRAPHS

Las Vegas, Nevada | Commerce CRG Second Quarter 2009

Industrial: Quarterly Vacancy

0%

2%

4%

6%

8%

10%

12%

14%

Q2 05

Q3 05

Q4 05

Q1 06

Q2 06

Q3 06

Q4 06

Q1 07

Q2 07

Q3 07

Q4 07

Q1 08

Q208 Q308 Q408 Q109 Q209

Industrial: Quarterly Absorption (SF)

(3,000,000)

(2,500,000)

(2,000,000)

(1,500,000)

(1,000,000)

(500,000)

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

Q2

05

Q3

05

Q4

05

Q1

06

Q2

06

Q3

06

Q4

06

Q1

07

Q2

07

Q3

07

Q4

07

Q1

08

Q2

08

Q30

8

Q40

8

Q10

9

Q20

9


Industrial: Quarterly Vacancy

0%

2%

4%

6%

8%

10%

12%

14%

Q2 05

Q3 05

Q4 05

Q1 06

Q2 06

Q3 06

Q4 06

Q1 07

Q2 07

Q3 07

Q4 07

Q1 08

Q208 Q308 Q408 Q109 Q209

Industrial: Quarterly Absorption (SF)

(3,000,000)

(2,500,000)

(2,000,000)

(1,500,000)

(1,000,000)

(500,000)

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

Q2

05

Q3

05

Q4

05

Q1

06

Q2

06

Q3

06

Q4

06

Q1

07

Q2

07

Q3

07

Q4

07

Q1

08

Q2

08

Q30

8

Q40

8

Q10

9

Q20

9




Industrial: Inventory (SF) and Vacancy Rate (%)

12.92%

60,000,000

70,000,000

80,000,000

90,000,000

100,000,000

110,000,000

Q2 05

Q3 05

Q4 05

Q1 06

Q2 06

Q3 06

Q4 06

Q1 07

Q2 07

Q3 07

Q4 07

Q1 08

Q2 08

Q308 Q408 Q109 Q209

0%

2%

4%

6%

8%

10%

12%

14%

Industrial: Industrial Employment vs Vacacny Rate (%)

3.28%3.48%

6.17%

8.90%

12.92%

100,000

125,000

150,000

175,000

200,000

Q4 05

Q4 06

Q4 07

Q408 Q209

0%

2%

4%

6%

8%

10%

12%

14%




Industrial Type Vacancy Rates

Distribution, 12.01%

Freestanding, 7.78%

Incubator, 15.38%

Midbay, 17.78%

Flex, 22.03%

Industrial Type Average Lease Rates

Distribution, $0.53

Freestanding, $0.78

Incubator, $0.79

Midbay, $0.62

Flex, $0.78


Industrial Type Vacancy Rates

Distribution, 12.01%

Freestanding, 7.78%

Incubator, 15.38%

Midbay, 17.78%

Flex, 22.03%

Industrial Type Average Lease Rates

Distribution, $0.53

Freestanding, $0.78

Incubator, $0.79

Midbay, $0.62

Flex, $0.78



Industrial: Inventory Vacancy Rate vs Average Lease Rate

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

9.00%

10.00%

11.00%

12.00%

13.00%

14.00%

Q2 04

Q3 04

Q4 04

Q1 05

Q2 05

Q3 05

Q4 05

Q1 06

Q2 06

Q3 06

Q4 06

Q1 07

Q2 07

Q3 07

Q4 07

Q1 08

Q208 Q308 Q408 Q109 Q209

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

$0.90

Las Vegas Industrial Construction Overview 1998-2009

4.95%

8.90%

3.43%

4.84%

8.22%9.19%

7.03%

12.92%

11.11%

5.12%

8.59% 9.14%

-

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

9,000,000

1998

1999

2000

2001

2002

2003

200420

0520

0620

0720

0820

09

Squa

re F

eet

1.00%2.00%3.00%4.00%5.00%6.00%7.00%8.00%9.00%10.00%11.00%12.00%13.00%14.00%

Squa

re F

eet

Planned Under Construction Total Space Completed

Net Absorption Vacancy Rate



LAS VEGAS | INDUSTRIAL SUBMARKET MAP


COMMERCE CRG | fULL SERVICE COMMERCIAL REAL ESTATE SOLUTIONSCommerce CRG has been among the top commercial real estate brokerage firms in the Intermountain West for 30 years. From our headquarters in Salt Lake City and offices in Provo/Orem, Park City, Clearfield and St. George, Utah and Las Vegas, Nevada we offer a full range of brokerage services, valuation and consulting, client representation and property/facility management. Our alliance with Cushman & Wakefield extends our reach worldwide.

CUShMAN & WAKEfIELD ALLIANCEA number of Cushman & Wakefield offices, including Commerce CRG, are independently owned and connected with the company by way of an international alliance. Cushman & Wakefield concentrates on larger markets like Los Angeles and New York, and alliance members like Commerce CRG concentrate on developing secondary markets.

Together the geographic coverage is nearly universal. This enables Cushman & Wakefield to provide comprehensive services for clients with local requirements as well as for those with more expansive national or international portfolios. In either case, Cushman & Wakefield’s services are supported by the full integrated resources of the entire alliance.

Cushman & Wakefield is the world’s largest privately-held commercial real estate services firm. Founded in 1917, it has 230 offices in 58 countries and more than 15,000 employees. The firm represents a diverse customer base ranging from small businesses to Fortune 500 companies. It offers a complete range of services within four primary disciplines: Transaction Services, including tenant and landlord representation in office, industrial and retail real estate; Capital Markets, including property sales, investment management, valuation services, investment banking, debt and equity financing; Client Solutions, including integrated real estate strategies for large corporations and property owners, and Consulting Services, including business and real estate consulting. A recognized leader in global real estate research, the firm publishes a broad array of proprietary reports available on its online Knowledge Center at www.cushmanwakefield.com.

230 Offices in 58 Countries

C&W Owned Offices

C&W Alliance/Associate Offices

AS OF MARCH 2009

Australia Adelaide* Melbourne* Sydney

China BeijingChengduGuangzhou Hong KongShanghaiShenzhen

Fiji*India Bangalore ChennaiGurgaonHyderabadKolkataMumbai – CityMumbai – Suburbs New DelhiPune

IndonesiaJakarta

JapanTokyo

MalaysiaKuala Lumpur*

New ZealandAuckland* Wellington*

PakistanKarachi*

PhilippinesManila*

Singapore South KoreaBusanSeoul

TaiwanTaipei*

ThailandBangkok*

VietnamHanoiHo Chi Minh City

Alberta Calgary Edmonton*

British ColumbiaVancouver

NewfoundlandSt. John's*

Nova ScotiaHalifax*

OntarioLondonNewmarketOttawa Toronto CentralToronto EastToronto West

Quebec Montreal CentralMontreal Suburban

ManitobaWinnipeg*

New BrunswickFredericton*Moncton*Saint John*

IsraelTel Aviv*

LebanonBeirut*

Middle East/AfricaSouth AfricaCape Town*Durban* Johannesburg*Pretoria*

United Arab EmiratesDubai

ArgentinaBuenos Aires

Brazil ManausRio de JaneiroSão Paulo

ChileSantiago*

Colombia Bogota*

Latin America

AustriaVienna*

BelgiumBrussels

BulgariaPleven*Plovdiv*Sofia*

Channel IslandsJersey*

Czech RepublicPrague

DenmarkCopenhagen*

England BirminghamLondon-City London-West EndManchesterThames Valley

FranceLyonParis

GermanyBerlinDusseldorfFrankfurtHamburgMunich

GreeceAthens

HungaryBudapest

Ireland Cork* Dublin*

Italy Bologna Milan Rome

LuxembourgLuxembourg*

MacedoniaSkopje*

The NetherlandsAmsterdam

Northern IrelandBelfast*

NorwayDrammen*Oslo*Stavanger*

PolandWarsaw

PortugalLisbon

RomaniaBucharestTimisoara

Russia Moscow

Scotland Edinburgh Glasgow

Serbia Belgrade*

Slovakia Bratislava

Spain Barcelona Madrid

Sweden Stockholm

SwitzerlandBasel* Geneva* Zurich*

TurkeyIstanbul

Canada

United States

Australia/Asia Pacific

Europe

EcuadorQuito

Mexico Ciudad JuarezGuadalajara*Mexico CityMonterrey

Peru Lima

VenezuelaCaracas

AlabamaBirmingham*MobileArizonaPhoenixTempeTucson*

CaliforniaCarlsbadInland EmpireL.A. L.A. South BayL.A. WestMarin/Sonoma CtyOaklandOrange CountySacramento San Diego - DowntownSan Diego - EastgateSan FranciscoSan JoseWalnut Creek

ColoradoColorado Springs*Denver

ConnecticutHartfordStamford

DelawareWilmington

District of ColumbiaWashington, D.C.

Florida Ft. LauderdaleFt. Myers*JacksonvilleMiami OrlandoPalm Beach Gardens Tampa

GeorgiaAtlanta

Hawaii Honolulu

Illinois Chicago Chicago Suburban

IndianaIndianapolis*

KentuckyLouisville*

MainePortland

MarylandBaltimoreBethesda

MassachusettsBoston

MichiganDetroit*Grand Rapids*Grosse PointKalamazoo*Lansing*Muskegon*

MinnesotaMinneapolisMinneapolis Suburban

MissouriKansas City*St. Louis*

NevadaLas Vegas*Reno

New HampshireManchester

New JerseyEast RutherfordEdisonMorristown

New York Albany*Binghamton*Buffalo*Corning/Elmira*IslandiaIthaca*Kingston*Melville, LIN.Y. Downtown N.Y. MidtownRochester*SyracuseSyracuse*Utica*Watertown*Westchester County

North CarolinaCharlotte*Greensboro/Winston-Salem*Raleigh/CaryRaleigh/Durham*Tarboro*

OhioCincinnati*Cleveland*Columbus*Toledo*

OregonPortland

PennsylvaniaPhiladelphiaPhiladelphia SuburbanPittsburgh*

Puerto RicoSan Juan*

South Carolina Charleston* Greenville/Spartanburg*

Tennessee Memphis*Nashville*

Texas Austin*Dallas HoustonSan Antonio*

Utah Clearfield/Ogden* Park City*Provo/Orem*Salt Lake City*St. George*

VirginiaFredicksburg*McLeanNewport News*Norfolk/Virginia Beach*Richmond*Roanoke*

WashingtonBellevue Seattle

WisconsinMilwaukee*

Documents

09 2nd Quarter Industrial Review