Exhibit 8. Vacancy and Rent Trends by Building Size Market vacancy by building size - Large-bay led recovery, but now smaller stock is better 13% 12% 11% 6% 5% 2006 2007 2009 2011 2012 2014 2016 E•klgs 400K. SF —01dgs 100K•300K SF Elk1gs <100K SF Wickets ATL. AUS. BALT. SOS. CHAR. CHI. CIR, COL. OFW, DEN. OW HOU INDY. IE- KC. LA, MEM. LISP. NASH. NNJ. OC, ORL, PHIL. PHX, FOX SLC. SO. SEA SJ, SO.FLA STL. MCIC ‘144.-ce Deut6O., And ,lonterxre:nt iLealytc. . n 0 Mach ?71.3 Largo-bay had a better cycle. nd-bay coming back strongly and Smaller buildings slower to recover 0.8 2006 2007 2009 2011 2012 2014 2016 400K• SF —Sidgs 1001c4OCK SF SIdgs <100K SF Mmkets AIL. ALM. BALT DOS CHAR. CHI, ON, COL. DFW. DEN OAK. NW. INDY, IE. KC, LA. MEM. ESP, NASH, NW. OC. ORL. PHIL. Pt% PDX SLC. SO, SEA Si. SO FLA STL. WOG — Class A Bilk Warehouse: Prices for large stabilized Class A bulk warehouse properties have increased markedly in recent years. in some cases surpassing replacement cost. These assets, leased long-term to credit tenants, can provide stable cash flow, but are generally underwritten to lower total returns. Target Class A assets in core submarkets where in-place rents are below current market levels. — Leasing-up I Development: In the context of healthy fundamentals, build-to-core should provide solid returns and a way to access scarce modern assets. Supply risks are rising in Dallas and Atlanta, but conditions are more favorable in New York/New Jersey, South Florida, Southern California, San Francisco Bay Area, Denver, Austin, Seattle and Portland. — National Distribution Hubs: The major national distribution hubs, many of which have strong finks to international trade (e.g., Atlanta, Riverside. Los Angeles. Chicago, New York, and Northern New Jersey) remain investment targets. While pricing is competitive and these markets are receiving a disproportionate share of new supply, they are expected to continue to post st