2011 Mid Year Blue Book

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2011 Mid Year Blue Book

  1. 1. 2011 Coldwell Banker Commercial Blue Book Mid Year Market Review
  2. 2. About the CBC® Blue Book The CBC® Blue Book offers a unique market perspective with data generated by true commercial real estate market experts – the professionals of the Coldwell Banker Commercial companies within the local markets. In total, the Blue Book contains over 80 North American markets. The Blue Book highlights one of the strengths of the Coldwell Banker Commercial organization: our national footprint. The CBC organization’s strong local market coverage combined with our global reach helps our clients obtain real-time market information in order to make informed real estate decisions.Sources of InformationEach market information comes from the CBC affiliate listed as the contact. Information is deemed fromsources considered reliable. Various sources of the data include but are not limited to: CoStar, Reis andLoopNet. Demographic information was pulled from EASI Demographics. A Core Based Statistical Area(CBSA) is a U.S. geographic area defined by the Office of Management and Budget (OMB) based around anurban center of at least 10,000 people and adjacent areas that are socioeconomically tied to the urban centerby commuting. Unemployment numbers were taken from Bureau of Labor Statistics.
  3. 3. Table of ContentsAL - Dothan, Houston County 2 ME - Midcoast Region 23AL - Montgomery County 2 MN - Mankato 23AR - Hot Springs 3 MN - Minneapolis Metro 24AR - Little Rock 3 MO - St. Louis Metro 24CA - Inland Empire/Victor Valley 4 MT - Billings Metro 25CA - Los Angeles 4 NC - New Hanover County 25CA - Los Angeles, Westside 5 NC - Raleigh 26CA - Modesto, Stanislaus County 5 NE - Lincoln 26CA - Northern California/Bay area 6 NJ - Cape May County 27CA - Orange County 6 NJ - Northern 27CA - Redding 7 NM - Albuquerque 28CA - Sacramento 7 NV - Carson City 28CA - Temecula 8 NV - Reno/Sparks 29CA - San Fernando/San Gabriel Valley 8 NY - Albany 29CO - Mesa County 9 NY - New York City 30CO - Southwest 9 ON - Greater Toronto Area 30FL - Daytona Beach-Ormond Beach 10 OR - Portland 31FL - Florida Keys 10 OR - Salem 31FL - Jacksonville 11 PA - Northeastern 32FL - Lakeland-Winter Haven 11 PA - Southwestern Region 32FL - Orlando 12 SC - Charleston Metro 33FL - Port St. Lucie 12 SC - Columbia 33FL - Sarasota, Manatee, Charlotte Counties 13 SC - Greenville/Spartanburg 34FL - South 13 TN - Knoxville/East Tennessee 34FL - Southwest 14 TN - Metro Chattanooga, TN-GA 35GA - Athens 14 TX - Austin 35GA - Atlanta 15 TX - Brenham 36GA - Atlanta Greater MSA 15 TX - Bryan-College Station 36GA - Dalton, Whitfield County 16 TX - Fort Worth 37GA - Savannah 16 TX - Houston 37ID - Boise 17 TX - Lubbock 38ID - Coeur d’Alene 17 TX - San Antonio 38IL - Bloomington-Normal, McLean County 18 TX - South Central 39IL - Champaign County 18 TX - Victoria County 39IL - Chicago 19 UT - Salt Lake County 40IL - Chicagoland 19 VA - Lynchburg 40IN - Delaware County 20 WA - Clark County 41KS - Kansas City Metro Area 20 WA - Puyallup, Pierce County 41KY - Bowling Green 21 WA - South King County 42KY - Louisville, Lexington & Elizabethtown 21 WA - Thurston County 42LA - Lafayette 22 WI - Janesville/Beloit 43LA - New Orleans 22
  4. 4. AL - Dothan, Houston County AL - Montgomery County Demographics Market Highlights Demographics Market Highlights • Medical industry growth Montgomery, • According to a Moody’s Economy CBSA Dothan, AL CBSA AL continues to fuel the economy. report, Montgomery ranks 32nd out of 387 U.S. metro areas in Square Miles 1,718 • College of Osteopathic Medicine Square Miles 2,725 Employment Growth Rank projected to be constructed in southeast for 2010-2015. Hyundai, Mobis, AL. Hyundai Heavy, Kia, and expansion of the Mobile port have all Population 143,295 • Houston County continues as top Population 367,157 contributed to this growth. Alabama county for out-shopping per capita. • Montgomery ranked #8 for Households 57,785 Households 147,017 Potential Job Growth in Forbes • Publix opens third grocery store Magazine’s 2010 Best Places for within one year. Business and Careers. Household Household Income 58,837 • Cost of Living Index for Dothan Income 68,657 Average Average • 200,000 SF Class A suburban one of the lowest in the nation. former Colonial Headquarters Employees Employees lands its first major tenant since 58,833 • Last census showed significant 144,160 Colonial’s collapse. Hewlett (Total) (Total) population growth in city and Packard takes roughly 50,000 SF. county. • Retirement System’s of AlabamaUnemployment 9.9% Unemployment 10.5% (RSA’s) new 400,000 SF Class A downtown building lands key tenant with BB&T taking signage rightsTotal Consumer Total Consumer and 11,000 SF. Office competition $2,897,311 $7,403,292 Expenditure Expenditure with RSA having State money to spend remains fierce. • Former class B Regions CBD Contact Contact Buildings enter the market for sale with little occupancy. Coldwell Banker Commercial Coldwell Banker Commercial Alfred Saliba Realty Moore Company Realty • Class A CBD, former Colonial 410 North Shady Ln. 121 Coosa St. Suite 250 Dothan, AL 36303 Montgomery, AL 36104 Financial Center (prior to (334) 793-6600 (334) 262-1958 Headquarters) back on the market- www.alfredsalibacommercial.com www.cbcmcr.com for sale with about 70% occupancy. Office Retail Office Retail Vacancy  Vacancy  Vacancy  Vacancy  Absorption  Absorption  Absorption  Absorption  Rental Rates  Rental Rates  Rental Rates  Rental Rates  Industrial Multi-Family Industrial Multi-Family Vacancy  Vacancy  Vacancy  Vacancy  Absorption  Absorption  Absorption  Absorption  Rental Rates  Rental Rates  Rental Rates  Rental Rates  2
  5. 5. AR - Hot Springs AR - Little Rock Demographics Market Highlights Demographics Market Highlights Little Rock- CBSA Hot Springs, AR • Construction is underway for a North Little • 150,000 SF headquarters CBSA new Children’s Dental Clinic and Rock-Conway, campus for Southwest Power a Medical Clinic adjacent to a AR Pool nears its Q2 2012 Square Miles 677 major healthcare facility. completion. Square Miles 4,090 • A sales tax election will be held • Baptist Health joins medical in October to fund a new $45M migration to suburbs with 20 Population 98,888 county jail. acre site acquisition. Population 690,456 • New tenants in the area include • Super Target opens to Households 43,175 Ross Dress, Newk’s Cafe, Home anchor Park Ave. Mixed-use Goods and Logan’s Roadhouse. Households 276,042 development in Midtown; Residential and Restaurant Household • Sales volume of residential components to follow, as well as Income 56,350 properties is down but prices Household more Retail Stores. Average Income 71,848 have remained steady in the Average area. • Three market-rate Apartment Employees (Total) 32,750 developments announced in • The unemployment rate Employees (Total) 290,765 mid-2011. has risen slightly to 8.4%. Enrollment at the community • 280,000 SF ShacklefordUnemployment 8.4% college has increased this year. Crossings lifestyle center sells Unemployment 7.5% out of foreclosure for $40M+. • Local economy centers onTotal Consumer tourism - the state’s largest • Nike and Apple stores join tenant Expenditure $2,214,734 convention center continues to roster at upscale Promenade at Total Consumer increase scheduled events. Expenditure $14,773,932 Chenal. Contact Contact Coldwell Banker Commercial Coldwell Banker Commercial RPM Hathaway Group 401 Section Line Rd. 2100 Riverdale Rd. Suite 100 Hot Springs, AR 71913 Little Rock, AR 72202 (501) 520-4000 (501) 663-5400 www.cbcrpm.com www.hathawaygroup.com Office Retail Office Retail Vacancy  Vacancy  Vacancy  Vacancy  Absorption  Absorption  Absorption  Absorption  Rental Rates  Rental Rates  Rental Rates  Rental Rates  Industrial Multi-Family Industrial Multi-Family Vacancy  Vacancy N/A Vacancy  Vacancy  Absorption  Absorption N/A Absorption  Absorption  Rental Rates  Rental Rates N/A Rental Rates  Rental Rates  3
  6. 6. CA - Inland Empire/Victor Valley CA - Los Angeles Demographics Market Highlights Demographics Market Highlights Riverside-San Los Angeles- CBSA Bernardino- • 65.4% increase in commercial CBSA Long Beach- • Stronger property sectors are: Ontario, CA sales and leasing volume in Santa Ana, CA Apartments, Medical Office, and market area Q2 2011 over Q2 Industrial. Square Miles 27,260 2010. Square Miles 4,850 • Retail and Office continue with • Increase in land acquisition by spotty rental weakness. builders and developers. Population 4,171,856 Population 12,935,173 • Latest Wall Street and • Increased demand for Washington announcements agricultural land. cause many to hit the “pause” button. Households 1,350,253 Households 4,288,080 • Two Super Wal-Marts held ground-breaking ceremonies • Investors have cash, but are not Household with three additional planned for Household sure if we are yet at the bottom. Income 67,386 construction in 2012. Income 87,517 Average Average • Not much observable growth • Multi-Family average sales price (positive absorption minimal). Employees 1,156,307 PSF increased 15% Q2 - 2011 Employees 5,313,010 (Total) over Q1 - 2011. (Total) • Unlike 2008, there is more resiliency (and a bit more optimism).Unemployment 14.2% Unemployment 11.6%Total Consumer Total Consumer $74,545,969 $247,828,803 Expenditure Expenditure Contact Contact Coldwell Banker Commercial Coldwell Banker Commercial Real Estate Solutions WESTMAC 15500 W Sand St., 2nd Floor 1515 Sepulveda Blvd. Victorville, CA 92392 Los Angeles, CA 90025 (760) 684-8000 (310) 478-7700 www.CBCdesert.com www.westmac.com Office Retail Office Retail Vacancy  Vacancy  Vacancy  Vacancy  Absorption  Absorption  Absorption  Absorption  Rental Rates  Rental Rates  Rental Rates  Rental Rates  Industrial Multi-Family Industrial Multi-Family Vacancy  Vacancy  Vacancy  Vacancy  Absorption  Absorption  Absorption  Absorption  Rental Rates  Rental Rates  Rental Rates  Rental Rates  4
  7. 7. CA - Los Angeles, Westside CA - Modesto, Stanislaus County Demographics Market Highlights Demographics Market Highlights Los Angeles- CBSA Long Beach- • Google leases 100,000 SF in CBSA Modesto, CA • Stanislaus County is located in Santa Ana, CA Venice to house hundreds of the Central Valley. It’s county seat employees. is Modesto, which is where many Square Miles 4,850 Square Miles 1,494 people in the surrounding areas • Multi-Family market very shop. competitive in “A” areas. • The major industry is AG-related, Population 12,935,173 • Demand is high for quality Population 517,685 employing approximately 18,000 assets in quality areas. people or 11.3% of a total of 160,000 people who are employed. • Demand is high for 100+ Households 165,312 Unemployment varies based on the Households 4,288,080 Apartment units. fact that most of the AG jobs are seasonal. Household • Residential and Mixed-Use Household Income 87,517 developers hunt for prime land. Income 62,281 Average • Shopping areas that are well Average located have been attracting • Investment money all chasing new tenants with some major Employees the same product. Employees 5,313,010 (Total) 160,100 remodeling. Due to lack of new (Total) construction, the vacant space has been absorbed as needs arise. Kaiser Permanente built a majorUnemployment 11.6% Unemployment 17.2% hospital complex with Memorial Hospital making a major expansion.Total Consumer Total Consumer • Major layoffs in government sector $9,093,539 Expenditure $247,828,803 Expenditure based on tax assessments being lowered by a downturn in real estate values. Leveling out has occurred and all are hoping real Contact Contact estate prices will start to rise in 2012. This will only come if the Coldwell Banker Commercial Coldwell Banker Commercial unemployment in the area starts to NRT- Los Angeles Vinson Chase, Realtors 11999 San Vicente Blvd. Suite 100 220-A Standiford Ave. decline. Los Angeles, CA 90049 Modesto, CA 95350 (310) 979-4990 (209) 577-2121 • Office and Retail are improving in www.cbcworldwide.com www.cbcworldwide.com good centers and locations. Office Retail Office Retail Vacancy  Vacancy  Vacancy  Vacancy  Absorption  Absorption  Absorption  Absorption  Rental Rates  Rental Rates  Rental Rates  Rental Rates  Industrial Multi-Family Industrial Multi-Family Vacancy  Vacancy  Vacancy  Vacancy  Absorption  Absorption  Absorption  Absorption  Rental Rates  Rental Rates  Rental Rates  Rental Rates  5
  8. 8. CA - Northern California/Bay area CA - Orange County Demographics Market Highlights Demographics Market Highlights San Los Angeles- CBSA Jose-Sunnyvale, • Apple Inc. has expanded their CBSA Long Beach- • Irvine Company building a Santa Clara, CA presence in the area. Santa Ana, CA 380,000 SF build-to-suit for PIMCO in Newport Beach. • Tesla, the electric car company, Square Miles 2,680 Square Miles 4,850 has opened a retail location in • Office market is still out but Santa Row, San Jose as well as Retail and Industrial are showing taking over the Nummi plant in signs of tightening. Population 1,854,885 Fremont. Population 12,935,173 • Very little new commercial • In general, new construction construction except Multi-Family. still remains slow but two new Households 628,862 Households 4,288,080 Multi-Family projects have been • Residential absorption is still way completed. off and market is flat. Household Household Income 122,345 • Due to the current economy, the Income 87,517 • Trophy properties are being Average number of short sales has risen Average snapped up, while B,C and D as well the REA properties in types are still sitting. Employees general. Employees 895,978 5,313,010 (Total) (Total) • The Orange County market has • Since the Bay Area is a high- shown signs of stabilization in tech market, the stock market the commercial arena. There hasUnemployment 10.5% does have a significant effect on Unemployment 11.6% not been a lot of new tenants or market changes. The Bay Area is buyers entering the market just a leader in green technology and yet. is benefitting from governmentTotal Consumer Total Consumer Expenditure $42,651,616 support/funding. Expenditure $247,828,803 Contact Contact Coldwell Banker Commercial Coldwell Banker Commercial Bay NRT - Newport Beach 20490 Los Gatos Rd. 4 San Joaquin Plz Suite 260 Saratoga, CA 95070 Newport Beach, CA 92660 (408) 835-7030 (949) 644-1600 www.cbcworldwide.com www.cbcworldwide.com Office Retail Office Retail Vacancy  Vacancy  Vacancy  Vacancy  Absorption  Absorption  Absorption  Absorption  Rental Rates  Rental Rates  Rental Rates  Rental Rates  Industrial Multi-Family Industrial Multi-Family Vacancy  Vacancy  Vacancy  Vacancy  Absorption  Absorption  Absorption  Absorption  Rental Rates  Rental Rates  Rental Rates  Rental Rates  6
  9. 9. CA - Redding CA - Sacramento Demographics Market Highlights Demographics Market Highlights Sacramento- CBSA Redding, CA • Stillwater Business Park has 100+ CBSA -Arden-Arcade- • Prime Residential sold the 612- acres in escrow. -Roseville, CA unit Multi-Family property Slate Creek at Johnson Ranch in north Square Miles 3,785 • Multi-Family market is strong. suburban Roseville, for $76.5 Square Miles 5,094 million. • Government leases dominating the office sector. • KBS Capital Advisors paid Opus Population 181,457 Population 2,141,658 West Corporation $47.4 million • Industrial activity is generally ($206 PSF) for 230,000 SF of sluggish. Office in Gateway Corporate Households 71,491 Households 801,834 Center Buildings A and B. • Unemployment rate stuck at 15%. • HomeGoods and a Jo-Ann Household • Commercial foreclosures keeping Household Fabrics and Craft stores, have Income 60,230 downward pressure on values. Income 77,526 signed on for a combined total Average Average of 45,590 SF, partially filling • Overall health of the market a former Mervyn’s space at Employees is better than last year, but Employees (Total) 53,468 727,825 Folsom Square. fundamental problems persist. (Total) High unemployment and slow • The Promenade at Sacramento housing market are keeping Gateway has landed Bed BathUnemployment 15.0% offices vacant (i.e. fewer title Unemployment 12.3% & Beyond to fill a 28,000 SF companies, loan offices, etc). 3 of anchor space. the market’s 4 largest industrial buildings have been foreclosedTotal Consumer Total Consumer Expenditure $3,836,110 (and remain vacant). $46,256,089 Expenditure • Retail has turned for the better with a nearly 3% drop in vacancy in 12 months. Multi- Contact Family occupancy levels have Contact Coldwell Banker Commercial remained stable and rents are Coldwell Banker Commercial C&C Properties rising, making this a safe-haven NRT - Sacramento 2155 Larkspur Ln. investment alternative. Financing 730 Alhambra Blvd. Redding, CA 96002 Sacramento, CA 95816 (530) 222-2011 remains difficult to obtain, but (916) 447-5900 www.cbcnorthstate.com much improved over last year. www.cbcworldwide.com Office Retail Office Retail Vacancy  Vacancy  Vacancy  Vacancy  Absorption  Absorption  Absorption  Absorption  Rental Rates  Rental Rates  Rental Rates  Rental Rates  Industrial Multi-Family Industrial Multi-Family Vacancy  Vacancy  Vacancy  Vacancy  Absorption  Absorption  Absorption  Absorption  Rental Rates  Rental Rates  Rental Rates  Rental Rates  7
  10. 10. CA - Temecula CA - San Fernando/San Gabriel Valley Demographics Market Highlights Demographics Market Highlights Riverside-San Los Angeles- CBSA Bernardino- • There has been a slight drop in CBSA Long Beach- • Major tenants moving in: 99 Ontario, CA office vacancy rates (19.7% from Santa Ana, CA Cents Stores - 622,000 SF; Nova 19.4%). Inc. - 259,000 SF, and Phoenix Square Miles 27,260 Square Miles 4,850 Warehouse 22,000 SF. • Average Office lease rates increased from $1.517 to • No new speculation development $1.525 because of a 16.2% office Population 4,171,856 Population 12,935,173 vacancy rate. • Industrial vacancy rates decreased from 9.8% - 9.3% • Green Dot, an expansion of a credit card company, may lease Households 1,350,253 Households 4,288,080 • Industrial lease rates declined 110,000 SF of Office space. from $0.478 to $0.475 Household Household • Many companies want to move Income 67,386 • Industrial lease rates have slid Income 87,517 to or remain in Pasadena Average for 11 of the last 12 quarters. Average because it has international name identification and superb Employees 1,156,307 • There has been a slight increase Employees 5,313,010 retail amenities. (Total) in Retail vacancy from 9.6% – (Total) 10.1% • There has been a slight improvement in the market dueUnemployment 10.4% Unemployment 11.6% to increased optimism. • Port activity continues to drop.Total Consumer Total Consumer • Medical and social media $74,545,969 $247,828,803 Expenditure Expenditure companies are expanding. Contact Contact Coldwell Banker Commercial Coldwell Banker Commercial Sudweeks Group North County 27708 Jefferson Ave. Suite 201 801 N. Brand Blvd. Suite 180 Temecula, CA 92591 Glendale, CA 91203 (951) 200-7683 (818) 334-1900 www.cbcsuds.com www.cbcnco.com Office Retail Office Retail Vacancy  Vacancy  Vacancy  Vacancy  Absorption  Absorption  Absorption  Absorption  Rental Rates  Rental Rates  Rental Rates  Rental Rates  Industrial Multi-Family Industrial Multi-Family Vacancy  Vacancy  Vacancy  Vacancy  Absorption  Absorption  Absorption  Absorption  Rental Rates  Rental Rates  Rental Rates  Rental Rates  8
  11. 11. CO - Mesa County CO - Southwest Demographics Market Highlights Demographics Market Highlights Grand Junction, • New major tenant moving into • T.J. Maxx to open in Durango. CBSA CBSA Durango, CO CO the market: Energy Capital of Western Colorado. • Downtown vacancies are Square Miles 3,328 Square Miles 1,692 decreasing. • Retail continues to roll. • Residential market showing • Residential market finding a significant improvement. Population 148,298 floor. Population 51,899 • New construction still lagging • This wonderful community but more business inquires Households 60,317 is working to ease business Households 21,722 occurring and a few large regulation and providing projects are on the horizon. incentives for large employers to Household both grow and locate here. Household • Gas exploration is still an Income 61,730 Income 76,152 economic driver. Average Average • Uranium, coal and natural gas exploration expands. • The number of airlines serving Employees Employees the area has increased, making 54,564 21,431 (Total) (Total) • Local wineries had a banner Durango an easier and more year. economical destination for business and visitors. ThisUnemployment 10.3% Unemployment 7.5% includes several United and Frontier flights to Denver Daily, as well as American Eagle flightsTotal Consumer Total Consumer to Dallas. $3,278,410 $1,253,117 Expenditure Expenditure Contact Contact Coldwell Banker Commercial Coldwell Banker Commercial Prime Properties, LLC Heritage House Realtors 550 Patterson Rd. Suite B 785 Main Ave. Grand Junction, CO 81506 Durango, Colorado 81301 (970) 243-7375 (970) 259-3333 www.grandjunctioncommercial.com www.realestatedurango.com Office Retail Office Retail Vacancy  Vacancy  Vacancy  Vacancy  Absorption  Absorption  Absorption  Absorption  Rental Rates  Rental Rates  Rental Rates  Rental Rates  Industrial Multi-Family Industrial Multi-Family Vacancy  Vacancy  Vacancy  Vacancy  Absorption  Absorption  Absorption  Absorption  Rental Rates  Rental Rates  Rental Rates  Rental Rates  9
  12. 12. FL - Daytona Beach-Ormond Beach FL - Florida Keys Demographics Market Highlights Demographics Market Highlights Deltona- Daytona • ARK Technology and OEM Auto Parts CBSA Key West, FL • Walgreens, Dollar Tree, Mattress CBSA Beach-Ormond are using a fully-computerized CNC Firm are expanding or entering Beach, FL operation with 40 employees and new the market. 45,000 SF manufacturing facility. Square Miles 997 Square Miles 1,103 • Vacancy is falling due to • Five major universities, two of the increased demand. top 10 high schools in the nation, and the third best school district in Population 73,047 • New Walgreens and Holiday Inn Population 495,625 the southeast, are located in Volusia Express in the market. County. Households 32,553 • Prices are rising and inventory is Households 214,567 • Daytona Beach Live, 76,000 SF falling; only about 10% of which Office Complex for NASCAR and the is distressed. Daytona Speedway World Center of Household Household Income 98,489 • Tourism is a major local industry Racing, home of the Daytona 500 has Average Income 62,419 and hospitality enjoys the recently been developed. Average highest ADR & occupancy in the Employees • Two brand new hospitals built. 29,685 state. Employees (Total) (Total) 146,482 One had the first robotic surgery performed in the U.S., the other has • Significant development the newest oncology center. Both restrictions create high barriers Unemployment 7.0% to entry. hospitals represent 1,221 new bedsUnemployment 11.0% in the area. • A new business incubator that is part Total Consumer of the University of Central Florida, $1,953,037Total Consumer Expenditure $11,430,585 is now open, and has a number one Expenditure ranking in the nation for this type of program Contact Contact • 28 miles of beachfront with 15 miles Coldwell Banker Commercial in a core Resort-Hospitality related Coldwell Banker Commercial Benchmark industry that has the infrastructure in Schmitt Real Estate Company 570 Memorial Cir. Suite 300 11050 Overseas Highway Ormond Beach, FL 32174 place as well as pricing for the next Marathon, Florida 33050 (386) 672-8530 movement in the market. The Resort- (305) 743-5181 www.cbcbenchmark.com Vacation-Hospitality industry is up www.commercialfloridakeys.com over last year to date. Office Retail Office Retail Vacancy  Vacancy  Vacancy  Vacancy  Absorption  Absorption  Absorption  Absorption  Rental Rates  Rental Rates  Rental Rates  Rental Rates  Industrial Multi-Family Industrial Multi-Family Vacancy  Vacancy  Vacancy  Vacancy  Absorption  Absorption  Absorption  Absorption  Rental Rates  Rental Rates  Rental Rates  Rental Rates  10
  13. 13. FL - Jacksonville FL - Lakeland-Winter Haven Demographics Market Highlights Demographics Market Highlights Lakeland - CBSA Jacksonville, FL • The Jacksonville Port Authority CBSA Winter Haven, • Florida Southern College named is continuing negotiations to FL “most beautiful campus in US” purchase 23 acres of property on by Princenton Review. Square Miles 3,221 Talleyrand Ave across from the Square Miles 2,010 Port HQ building. The purchase • USF Poly starts construction price is reported to be $2M and on 172-acre campus at I-4 & should close in October 2011. Polk Parkway -- rumored to be Population 1,334,380 Population 599,564 re-branded as Florida’s 1st • The St. Johns Town Center, polytechnical university. consisting of 1.23M SF continues Households 518,910 to attract new tenants to remain • Publix supermarkets announces Households 233,208 fully leased. The center will gain 2nd quarter sales of $6.6 billion, six new retailers this fall, and four a 9.7% increase, and first half Household sales of $13.4 billion, a 5.7% Income 76,866 of them are new to North East FL. Household Income 55,323 increase. Average Average • Ashburg LLC purchased an 18,462 SF office building in • Legoland Florida, which is Employees Employees (Total) 551,254 Marsh Landing Office Park for 239,100 scheduled to open October 15th (Total) $2.25M or about $122 PSF. -- hires 1,000 new employees. • The University of North Florida • CSX intermodal (300+ acres)Unemployment 10.3% in south Winter Haven to begin makes Number 19 on Forbes Unemployment 11.7% ‘Best Buy Colleges List.’ UNF construction later in 2011. ranked on the America’s BestTotal Consumer Colleges 2011 list. • Polk economy continues to lag. Total Consumer Expenditure $28,590,862 $12,107,983 Brookings reports housing prices Expenditure • The top three public company down 46.2% from peak. employers for 2011 in NE Florida are: CSX Corp., Winn-Dixie Stores • Lakeland-Winter Haven market Inc., & Fidelity National Financial has lagged the state, which has Contact Contact Inc. lagged the nation. This presents Coldwell Banker Commercial Coldwell Banker Commercial excellent buying opportunities. Benchmark • Several tenants have moved into Saunders Ralston Dantzler Realty Owner/user financing is readily 4348 Southpoint Blvd. Suite 310 114 N Tennessee Ave. available at attractive rates. Jacksonville, FL 32216 large blocks of space: PNC Bank - Lakeland, FL 33801 (904) 281-1990 57,865 SF and Fortegra Financial (866) 937-2246 www.cbcbenchmark.com - 48,864 SF. www.SRDcommercial.com Office Retail Office Retail Vacancy  Vacancy  Vacancy  Vacancy  Absorption  Absorption  Absorption  Absorption  Rental Rates  Rental Rates  Rental Rates  Rental Rates  Industrial Multi-Family Industrial Multi-Family Vacancy  Vacancy  Vacancy  Vacancy  Absorption  Absorption  Absorption  Absorption  Rental Rates  Rental Rates  Rental Rates  Rental Rates  11
  14. 14. FL - Orlando FL - Port St. Lucie Demographics Market Highlights Demographics Market Highlights Orlando, • Industrial and Office have Port St. Lucie, • Two recent ten-year Retail leases CBSA CBSA Kissimmee, FL FL improved over the first two signed this month in Port St. Lucie. quarters. Square Miles 3,491 Square Miles 1,128 • Two contracts have been executed • Retail, while not improving, is at on vacant land for the first time in least flat. several years. One parcel for office in St. Lucie West, and the second Population 2,093,845 • Office has 703,332 SF of new Population 407,361 will be retail on U.S. One in Stuart, construction. adjacent to Wal-Mart. Households 799,047 • More commercial REO properties Households 169,340 • St. Lucie Economic Development are coming on the market. Council is working on more deals than any time the in past five years. Household • Commercial lending is beginning Household Several pharmaceutical companies Income 70,380 to return to normal. Income 74,600 Average Average want to locate near Torrey Pines and VGTI in Tradition in Port St. Lucie. • Interest in investment with Employees commercial real estate is Employees (Total) 956,766 (Total) 117,662 • New office buildings are gaining improving. tenants. 60,000 SF have been absorbed in St. Lucie West since last fall.Unemployment 10.4% Unemployment 12.5% • Small Retail locations are leasing at NNN rates between $7 PSF and $15Total Consumer Total Consumer PSF. $43,646,748 $9,326,748 Expenditure Expenditure • Several restaurant chains have expanded to Port St. Lucie. • Flex space was overbuilt following Contact Contact 2004 hurricanes. The residential Coldwell Banker Commercial Coldwell Banker Commercial market is dead. Home prices are at NRT-Maitland NRT-Port St. Lucie 1999 levels. There are many start up 901 N Lake Destiny Dr. Suite 110 1973 SW Savage Blvd. businesses. Tenants are upgrading Maitland, FL 32751 Port St Lucie, FL 34953 (407) 539-1000 (561) 995-7564 to better space within the city. www.cbcworldwide.com www.cbcworldwide.com Office Retail Office Retail Vacancy  Vacancy  Vacancy  Vacancy  Absorption  Absorption  Absorption  Absorption  Rental Rates  Rental Rates  Rental Rates  Rental Rates  Industrial Multi-Family Industrial Multi-Family Vacancy  Vacancy  Vacancy  Vacancy N/A Absorption  Absorption  Absorption  Absorption N/A Rental Rates  Rental Rates  Rental Rates  Rental Rates N/A 12
  15. 15. FL - Sarasota, Manatee, Charlotte Counties FL - South Demographics Market Highlights Demographics Market Highlights Sarasota, Miami-Fort CBSA Bradenton, • Office vacancy is on the rise. Lauderdale- • Multi-Family is the strongest CBSA Venice, FL Pompano sector of the market. • Office space is at negative Beach, FL absorption. • Retail, Office, and Industrial Square Miles 1,313 Square Miles 5,126 vacancy rates are declining. • Industrial lease rates and vacancy at a juxtaposition. • Absorption is positive across all Population 689,676 Industrial seems to be the markets. strongest market in this area, Population 5,566,404 which reflects on more jobs. • Residential markets are improving in ASP and units. Households 311,173 • Retail is steady. Households 2,128,471 • Foreign investment is increasing. Household • Inventory for commercial is at six Income 79,698 months. Household • Rental rates may have bottomed. Average Income 82,033 • In Sarasota and Manatee, the Average Employees 230,801 average time on the market for (Total) housing is from 18-22 months. Employees 2,069,525 (Total) • Multi-Family is strong in thisUnemployment 10.9% market. Unemployment 11.8%Total Consumer $17,718,836 Expenditure Total Consumer $117,802,559 Expenditure Contact Contact Coldwell Banker Commercial Coldwell Banker Commercial NRT- Sarasota NRT- Boca Raton 100 N Tamiami Trl. 3837 NW Boca Raton Blvd. Suite 200 Sarasota, FL 34236 Boca Raton, FL 33431 (941) 925-8586 (561) 479-1225 www.cbcworldwide.com www.cbcworldwide.com Office Retail Office Retail Vacancy  Vacancy  Vacancy  Vacancy  Absorption  Absorption  Absorption  Absorption  Rental Rates  Rental Rates  Rental Rates  Rental Rates  Industrial Multi-Family Industrial Multi-Family Vacancy  Vacancy  Vacancy  Vacancy  Absorption  Absorption  Absorption  Absorption  Rental Rates  Rental Rates  Rental Rates  Rental Rates  13
  16. 16. FL - Southwest GA - Athens Demographics Market Highlights Demographics Market Highlights Naples-Marco • Arthrex is expanding; buying Athens-Clarke • According to University of CBSA CBSA Island, FL County, GA 240,000 SF warehouse Georgia President Michael and building 120,000 SF Adams, UGA enrollment is at an Square Miles 2,025 manufacturing location. Square Miles 1,031 all-time high and the class of 2015 is likely to be the largest • Vacancies slowly dropping. freshman class in the school’s history. Population 320,101 • New construction of commercial Population 193,495 product is almost non-existent • The University of Georgia and the until home construction picks Medical College of Georgia have Households 132,487 up. Households 77,486 partnered to establish an Athens campus that will be located on • Inventory is way down and sales the 58-acre former U.S. Navy Household are up. Household Income 118,854 Income 57,618 Supply Corps property in Athens, Average Average GA. • $1,000,000+ homes and condos are rising in price. • Tripp Umbach, a medical Employees Employees (Total) 115,960 (Total) 60,760 education planning organization, estimates that at least $180 million will be invested commercially as a result ofUnemployment 11.3% Unemployment 8.4% medical research growth in the Athens area.Total Consumer Total Consumer $8,298,345 3,833,666.80 Expenditure Expenditure Contact Contact Coldwell Banker Commercial Coldwell Banker Commercial NRT- Naples Upchurch Realty 550 Fifth Ave. South 2405 W Broad St. Naples, Florida 34102 Athens, Georgia 30606 (239) 596-6130 (706) 354-7870 www.cbcworldwide.com www.upchurchrealtycommercial.com Office Retail Office Retail Vacancy  Vacancy  Vacancy  Vacancy  Absorption  Absorption  Absorption  Absorption  Rental Rates  Rental Rates  Rental Rates  Rental Rates  Industrial Multi-Family Industrial Multi-Family Vacancy  Vacancy  Vacancy  Vacancy  Absorption  Absorption  Absorption  Absorption  Rental Rates  Rental Rates  Rental Rates  Rental Rates  14
  17. 17. GA - Atlanta GA - Atlanta Greater MSA Demographics Market Highlights Demographics Market Highlights Atlanta-Sandy Atlanta-Sandy CBSA Springs, • Clorox’s move out of 607,650 CBSA Springs, • Wells Fargo Bank signed a lease to Marietta, GA SF was the largest in the 2nd Marietta, GA occupy 38,197 SF, which included quarter. an expansion of 21,540 SF. Square Miles 8,376 Square Miles 8,376 • Office absorption totaled nearly • Lack of supply and new 400,000 SF in the 2nd quarter. construction in Multi-Family has pushed rents higher and vacancies Population 5,521,582 • Cox Communication’s build-to- Population 5,521,582 lower. suits are the only significant buildings under second quarter • Retail has seen a net absorption of construction. 134,000 SF. Households 2,028,400 Households 2,028,400 • 15,000 to 40,000 SF move- • The first quarter of 2011 saw office Household ins included Agilysys, Kaiser Household building sales prices rise to $183 Income 77,990 Permanente, North American Income 77,990 PSF, compared to the same period Average Electric Reliability Corporation, Average in 2010 at $143 PSF. ThyssenKrupp IT and Turner Employees 2,223,339 Broadcasting. Employees 2,223,339 • The overall market continues to (Total) (Total) firm up with increased activity in • Office rental rates decreased for most sectors. the 11th time in 12 quarters.Unemployment 9.9% Unemployment 9.9% • According to the National • Over the past four quarters, a Association of Women Business total of 167,416 SF of Retail Owners, Georgia/Atlanta ranks space has been built in Atlanta. number one in percent growth inTotal Consumer Total Consumer $110,119,865 $110,119,865 number, employment and sales for Expenditure Expenditure women-owned firms. • The Atlanta MSA consists of 28 counties, over 7 million in Contact Contact population and includes the Coldwell Banker Commercial Coldwell Banker Commercial world’s busiest airport, superior Metro Brokers NRT-Atlanta intermodal connections making 3575 Piedmont Rd. 6285 Barfield Rd. Suite 100 it the distribution hub for the NE Piedmont Center Building 15, Suite 950 Atlanta, Georgia 30328 Atlanta, GA 30305 (404) 705-1590 southeast; Atlanta’s median (678) 320-4800 www.cbcworldwide.com household income is 13% higher www.cbcworldwidemetro.com than the national average. Office Retail Office Retail Vacancy  Vacancy  Vacancy  Vacancy  Absorption  Absorption  Absorption  Absorption  Rental Rates  Rental Rates  Rental Rates  Rental Rates  Industrial Multi-Family Industrial Multi-Family Vacancy  Vacancy  Vacancy  Vacancy  Absorption  Absorption  Absorption  Absorption  Rental Rates  Rental Rates  Rental Rates  Rental Rates  15
  18. 18. GA - Dalton, Whitfield County GA - Savannah Demographics Market Highlights Demographics Market Highlights CBSA Dalton, GA • Carbondale Business Park, CBSA Savannah, GA • Gulfstream Aerospace plans a a 184-acre public-owned $500 million expansion to add Industrial/Commercial Park is 1,000+ jobs to the market. Square Miles 634 under construction. Located just Square Miles 1,359 off I-75 with available lots from • 2011 Savannah Tourism Industry 3-50 acres with all utilities. outpacing 2010 record year. Population 134,366 • XL Brands, LLC, a subsidiary of Population 347,453 • Mitsubishi Power Systems Textile Rubber Corp. is expanding growing faster than expected. its production and shipping Households 46,872 capacity with the purchase of Households 130,609 • Plans for river deepening in 16.3 acres in the Carbondale anticipation of Savannah Port Business Park. Construction Expansion. Household Household Income 60,458 has already started on a new Income 74,653 122,000 SF facility. • Savannah ranks as a Top 5 Average Average container port in the United • Engineered Floors, LLC., a carpet States. Employees Employees (Total) 64,498 manufacturer, has purchased 52 (Total) 129,296 acres in South Whitfield County • JCB officially marks 65th to build a 211,000 SF facility anniversary as robust earnings with plans for future expansion. are restored.Unemployment 12.1% Unemployment 9.5% • New Kohl’s opening Fall of 2011.Total Consumer • Upscale Retail development sites Total Consumer $2,494,255 available. $6,804,089 Expenditure Expenditure • Dalton State College contributed nearly $115 million into the Contact regional economy according to Contact the University System of Georgia. Coldwell Banker Commercial Coldwell Banker Commercial Kinard Realty Platinum Partners 704 S Thornton Ave. 128 Habersham St. Dalton, GA 30720 Savannah, GA 31401 (706) 226-1985 (912) 232-7120 www.cbcnorthgeorgia.com www.cbcplatinum.com Office Retail Office Retail Vacancy  Vacancy  Vacancy  Vacancy  Absorption  Absorption  Absorption  Absorption  Rental Rates  Rental Rates  Rental Rates  Rental Rates  Industrial Multi-Family Industrial Multi-Family Vacancy  Vacancy  Vacancy  Vacancy N/A Absorption  Absorption  Absorption  Absorption N/A Rental Rates  Rental Rates  Rental Rates  Rental Rates N/A 16

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