Exhibit 23.5

December 10, 2009

Terreno Realty Corporation
16 Maiden Lane, Fifth Floor
San Francisco, CA 94108

Re:   Consent of NCREIF

Ladies and Gentlemen:

     We understand that Terreno Realty Corporation (“the Company”) is intending to file a Registration Statement on Form S-11 (the “Registration Statement”) pursuant to the Securities Act of 1933, as amended (the “Securities Act”), to register the sale of certain shares of common stock. The National Council of Real Estate Investment Fiduciaries (“NCREIF”) hereby consents to the use by the Company of the following information in the Registration Statement and related prospectus, and any amendments or supplements thereto, to be filed with the Securities and Exchange Commission:

• NCREIF’s chart, “U.S. Annual Returns of All Property Types (1) vs. Industrial Properties” and the information contained in such chart.

     In giving such consent, NCREIF does not hereby admit that it is in the category of persons whose consent is required under Section 7 of the Securities Act. NCREIF hereby consents to the filing of this consent as an exhibit to the Registration Statement and related prospectus, and any amendments of supplements thereto, to be filed with the Securities and Exchange Commission.

     We understand that the Company’s intent to file the Registration Statement is highly confidential. We will not disclose any information about the Company’s intent to file the Registration Statement.

[Signature Page Follows]

NATIONAL COUNCIL OF REAL ESTATE INVESTMENT FIDUCIARIES
By:	/s/ Tamara Pendley
	Name:	Tamara Pendley
	Title:	Manager

Signature Page to Consent