Calvo Clancy LLC
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South Atlanta

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3rd Quarter 2008 Report
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The Airport/I-75 South industrial market ended the third quarter 2008 with a vacancy rate of 15.83%.  This vacancy raterepresented a 0.17 percentage point increase over the previous quarter, when it was 15.66%.  The increase in vacancyoccurred in a quarter where Airport/I-75 South saw negative 111,320 square feet in net absorption and 109,850 square feetin new deliveries.  Quoted rental rates ended the third quarter 2008 at $3.15 per square foot, down from $3.19 per squarefoot in the second quarter 2008.  At the end of the quarter, there was nothing under construction in the Airport/I-75 Southindustrial market.Airport/I-75 South Flex buildings reported net absorption of positive 5,721 square feet during the third quarter 2008, whileShallow-Bay Distribution buildings reported positive 70,346 square feet, and Warehouse buildings negative 187,387square feet.  At the end of the quarter, Flex buildings had a vacancy rate of 4.59%, Shallow-Bay Distribution buildingsreported a 18.32% vacancy rate, and Warehouse buildings ended the quarter with a 15.61% vacancy rate.

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