Industrial Market Snapshot By Property Type, Second Quarter 2008, Charleston S.C. MSA

By Property Type (All Submarkets)	Total Square Feet	Total Square Meters	Vacant Square Feet	Vacant Square Meters	% Vacant	Under Construction Square Feet	Under Construction Square Meters	Asking Rent
General Industrial	68,229	6,338	15,500	1,440	22.7%	50,000	4,645	$8.00
R&D/Flex	3,535,381	328,437	360,997	33,537	10.2%	404,088	37,540	$7.83
Warehouse/Distribution	29,798,444	2,768,275	4,105,143	381,368	13.8%	153,400	14,251	$4.59
Total	33,402,054	3,103,051	4,481,640	416,344	13.4%	607,488	56,436	$4.93
Source: Grubb & Ellis/Barkley Fraser, 8/2008. Includes tenant-occupied and owner-occupied buildings of 10,000 sq.ft. (929 square meters) or larger. Vacant space includes both vacant direct and vacant sublease space. Asking rents are per square foot per year, triple net. Industrial buildings are categorized as warehouse/distribution or R&D/flex based on their physical characteristics including percent office build-out, clear height, typical bay depth, typical suit size, type of loading and typical uses.

Industrial Market Snapshot By Submarket, Second Quarter 2008, Charleston S.C. MSA

By Submarket (All Property Types)	Total Square Feet	Total Square Meters	Vacant Square Feet	Vacant Square Meters	% Vacant	Under Construction Square Feet	Under Construction Square Meters	Asking Rent, Warehouse/ Distribution	Asking Rent, R&D/Flex
Berkeley	8,727,267	810,763	524,860	48,759	6.0%	-	-	$5.33	$7.76
Downtown	2,686,858	249,609	134,800	12,523	5.0%	-	-	$4.12	$9.32
East Cooper	3,531,890	328,113	1,242,183	115,399	35.2%	351,000	32,608	$4.96	$10.96
North Charleston	12,886,679	1,197,172	1,263,019	117,334	9.8%	183,288	17,027	$4.81	$7.22
Summerville	4,834,900	449,162	1,241,816	115,365	25.7%	73,200	6,800	$3.94	$6.94
West Ashley	734,460	68,231	74,962	6,964	10.2%	-	-	$5.00	$7.45
Total MSA	33,402,054	3,103,051	4,481,640	416,344	13.4%	607,488	56,436	$4.59	$7.83
Source: Grubb & Ellis/Barkley Fraser, 8/2008. Includes tenant-occupied and owner-occupied buildings of 10,000 sq.ft. (929 square meters) or larger. Vacant space includes both vacant direct and vacant sublease space. Asking rents are per square foot per year, triple net. Industrial buildings are categorized as warehouse/distribution or R&D/flex based on their physical characteristics including percent office build-out, clear height, typical bay depth, typical suit size, type of loading and typical uses.

Office Market Snapshot, Second Quarter 2008, Charleston S.C. MSA

By Submarket	Total Square Feet	Total Square Meters	Vacant Square Feet	Vacant Square Meters	% Vacant	Under Construction Square Feet	Under Construction Square Meters	Asking Rent, Class A	Asking Rent, Class B
Downtown (CBD)	1,744,845	162,096	122,740	11,403	7.0%	35,000	3,252	$28.64	$26.62
Daniel Island	1,044,779	97,060	198,950	18,482	19.0%	76,120	7,072	$25.38	$23.24
Mount Pleasant	1,501,410	139,481	307,367	28,554	20.5%	20,844	1,936	$25.48	$23.99
North Charleston	3,373,740	313,420	720,954	66,977	21.4%	374,000	34,745	$22.82	$20.44
West Ashley	1,096,469	101,862	220,082	20,446	20.1%	26,800	2,490	$24.39	$21.12
Total MSA	8,761,243	813,919	1,570,093	145,862	17.9%	532,764	49,494	$25.59	$22.16
Source: Grubb & Ellis/Barkley Fraser, 8/2008. Includes tenant-occupied office buildings of 10,000 sq.ft. (929 square meters) or larger, and excludes owner-occupied, government and medical buildings. Vacant space includes both vacant direct and vacant sublease space. Asking rents are per square foot per year, full service. Classifications adhere to BOMA guidelines: Class A properties are the most prestigious buildings competing for premier office users with rents above average for the area, while Class B properties compete for a wide range of users with rents in the average range for the area.

Retail Space Survey, Charleston S.C. MSA

Area	# Retail Centers	Gross Leasable Area (sq. ft.)	Available Sq.Ft.	% Vacant
Charleston Peninsula	7	295,566	1,945	0.7
West Ashley	34	3,953,385	375,927	9.5
North Charleston	30	4,385,591	571,839	13
John's Island	5	332,649	47,880	14.4
Goose Creek/Berkeley	11	779,592	112,916	14.5
Mt. Pleasant	29	3,728,210	179,795	4.8
Summerville	13	1,373,322	181,130	13.2
Total	133	14,976,315	1,494,882	10
Source: Center for Business Research, Charleston Metro Chamber of Commerce, 1/07. Includes retail centers of 30,000 sq.ft. or larger in Berkeley, Charleston and Dorchester counties.

The average cost for new construction in the Charleston region (2008) is approximately 17% lower than the national average, according to the RS Means Construction Cost Index.

Charleston, SC MSA New Building Permit Activity

Permits (#)	2003	2004	2005	2006	2007	2008 forecast	2009 forecast
Single-Family Units	5,384	7,371	8,084	7,304	5,602	4,410	4,500
Multi-Family Units	2,010	935	2,734	1,769	1,178	1,809	1,827
Total Residential Units Permitted	7,394	8,306	10,818	9,073	6,780	6,219	6,327
Total Non-Residential Permits	1,043	1,214	1,461	1,357	1,278	1,342	1,352
Sources: BCD Council of Governments; U.S. Census Bureau

Charleston, SC MSA New Building Permit Activity

Permits ($ Value in Billions)	2003	2004	2005	2006	2007	2008 forecast	2009 forecast
Total Residential Permits $ Value	0.9	1.2	1.8	1.6	1.3	1.0	1.0
Total Non-Residential Permits $ Value	0.2	0.3	0.5	0.5	0.4	0.5	0.5
Sources: BCD Council of Governments; U.S. Census Bureau