ALLEN REAL ESTATE INDEX

The above chart is based upon a derivation of value considering market-wide changes in rent, occupancy, expenses and capitalization rates.

DETROIT MSA

DETROIT MSA OFFICE MARKET TRENDS

Supply and Demand

The above commercial real estate demand index is based upon the total occupied square footage at the end of each quarter in the Detroit MSA. It utilizes the occupied square footage as of the first quarter of 2000 as the base value (100). The index is based upon data licensed to Allen & Associates and utilized in their valuation and consulting practice.

Absorption and Vacancy

Average Rent Rates

DETROIT MSA INDUSTRIAL MARKET TRENDS

Supply and Demand

Absorption and Vacancy

Average Rent Rates

DETROIT MSA RETAIL MARKET TRENDS

Supply and Demand

Absorption and Vacancy

Average Rent Rates

DETROIT MSA RETAIL HOUSING TRENDS

Single-Family Housing Permits, Detroit MSA