2012 Mid-Year Blue Book

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2012 Mid-Year Blue Book

  1. 1. 2012Blue Book Coldwell Banker Commercial® Mid Year Market Review Check out the NEWMARKET SNAPSHOTS cbcworldwide.com
  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 130 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 deemedfrom sources considered reliable. Various sources of the data include but are not limited to: CoStar,Reis and LoopNet. Demographic information was accessed from EASI Demographics and 2010 Census.A Core Based Statistical Area (CBSA) is a U.S. geographic area defined by the Office of Managementand Budget (OMB) based around an urban center of at least 10,000 people and adjacent areas that aresocioeconomically tied to the urban center by commuting. Unemployment numbers were taken fromBureau of Labor Statistics.
  3. 3. Table of ContentsAL - Birmingham 4 MI - Western 38AL - Dothan, Houston County 4 MN - Mankato 38AL - Montgomery 5 MN - Minneapolis/St. Paul Metro Area 39AK - Anchorage 5 MN - St. Cloud/Central 39AR - Hot Springs 6 MO - St. Joseph 40AR - Jonesboro 6 MS - Gulfport/Biloxi 40AR - Little Rock 7 MT - Billings 41AZ - Sedona/Verde Valley 7 NE - Lincoln 41CA - Arcadia 8 NV - Reno/Sparks 42CA - Inland Empire North/Victor Valley 8 NJ - Central 42CA - Los Angeles 9 NJ - Morris County 43CA - Los Angeles, Westside 9 NJ - Northern 43CA - Modesto 10 NM - Albuquerque 44CA - Napa Valley/Napa County 10 NY - Albany 44CA - Orange County 11 NY - Long Island 45CA - Redding 11 NY - New York City 45CA - Sacramento Greater Area 12 NC - Southeastern 46CA - San Gabriel/San Fernando Valley 12 NC - Triad Area 46CA - Southwest Riverside County 13 NC - Triangle 47CO - Western 13 ND - Fargo/Moorhead 47CT - Danbury/Upper Fairfield/New Haven 14 OH - Lorain County 48CT - Fairfield County 14 OK - Oklahoma City 48DE - Sussex County 15 OR - Portland 49FL - Brevard County 15 OR - Salem 49FL - Charlotte/Sarasota Counties 16 PA - Pittsburgh 50FL - Daytona/Ormond Beach, Volusia County 16 PA - Southeastern 50FL - Destin 17 PA - York/Lancaster/Harrisburg 51FL - Florida Keys 17 SC - Charleston 51FL - Gainesville 18 SC - Columbia 52FL - Indian River County 18 SC - Greenville/Spartanburg 52FL - Jacksonville 19 SC - Myrtle Beach 53FL - Lakeland/Winter Haven 19 SD - Rapid City 53FL - Melbourne/Brevard County 20 TN - Chattanooga Metro Area 54FL - Naples/Ft. Myers 20 TN - Knoxville/East 54FL - Orlando 21 TX - Abilene 55FL - Polk County 21 TX - Austin 55FL - Sarasota/Manatee/Charlotte Counties 22 TX - Bryan/College Station 56FL - Southern 22 TX - Dallas/Fort Worth 56FL - St. Lucie County 23 TX - Houston 57FL - Tallahassee 23 TX - Lubbock 57FL - Tampa/St. Petersburg 24 TX - Rio Grande Valley 58GA - Athens 24 TX - San Antonio 58GA - Atlanta 25 TX - Waco, McLennan County 59GA - Chatham County 25 UT - Salt Lake County 59GA - Columbus 26 VA - Lynchburg 60GA - Hinesville/Fort Stewart 26 WA - King County 60GA - Lake Oconee/Lake Sinclair 27 WA - South Puget Sound 61GA - Macon, Bibb County 27 WA - Tacoma 61HI - Honolulu 28 WA - Vancouver & Southwest 62ID - Boise 28 WI - Janesville/Beloit 62ID - Coeur d’ Alene 29 WY - Cheyenne Metro 63IL - Bloomington/Normal, McLean County 29IL - Champaign/Urbana 30 INTERNATIONAL MARKETSIL - Chicagoland 30 Bermuda 64IL - Madison/St. Clair Counties 31 Canada - Belleville 64IL - Peoria County 31 Canada - Greater Toronto Area 65IL - Sangamon County 32 Canada - Kelowna/West Kelowna 65IN - Delaware County 32 Canada - Nanaimo, BC 66KS - Garden City 33 Canada - Ottawa, Ontario 66KS - Kansas City Metro Area 33 Canada - Waterloo Region 67KY - Louisville Metro 34 Colombia - Cartagena 67KY - Southern 34 Greece 68LA - Acadiana 35 Ireland 68LA - New Orleans 35 Mexico - Mexico City 69ME - Midcoast 36 The Netherlands 69MD - Suburban 36 Turkey - Istanbul 70MA - Pioneer Valley 37 United Arab Emirates 70MI - Middle 37
  4. 4. AL - Birmingham AL - Dothan, Houston CountyDEMOGRAPHICS MARKET HIGHLIGHTS DEMOGRAPHICS MARKET HIGHLIGHTS Birmingham- • The construction of a new ballpark • New Medical College is under CBSA in Birmingham’s Southside has CBSA Dothan, AL construction with the first class Hoover, AL spawned a number of real estate admitting in August 2013. transactions in the Industrial sector. Square Miles 5,298 Also due in part to the new ballpark Square Miles 1,718 • Hotel occupancy rate remains high. development, the Central submarket experienced the largest amount of • Healthcare Industry drives the positive absorption in the Q2. Dothan economy and continues to Population 1,135,190 Population 143,295 grow. • Riverchase Galleria announced Von Maur department store is leasing • Cost of Living Index is one of lowest Households 451,751 187,000 SF and will be the fifth Households 57,785 in the nation. department store in the mall. • Southeast Alabama & Northwest Household • Birmingham is seeing more casual Household Florida announce mega site location. Income $55,642 dining enter the market. New Income $43,656 Median Median • Regional Airport offers hangers for restaurants like Which Wich, Lime Fresh Mexican Grill, Little Donkey, wide body aircraft.Employees (Total) 485,749 Tellini’s Italiano and Seasons 52 have Employees (Total) 58,833 either just opened or will open soon. • Chicago-based Accretive Health Unemployment 7.90% Services leased 21,000 + SF at The Unemployment 8.30% Forum Building. Accretive Health is new to Birmingham, and Birmingham was chosen over several other cities in the Southeast.CONTACT • Mercy Medical, a medical facility for CONTACT senior citizens, leased the 45,540 SF Coldwell Banker Commercial former Haverty’s Furniture Showroom Coldwell Banker Commercial Moore Company Realty in Irondale. Alfred Saliba Realty 2 Office Park Circle, Suite 110 410 North Shady Lane Birmingham, AL 35223 Dothan, AL 36303 (205) 871-2088 (334) 793-6600 www.cbcmcr.com www.alfredsalibacommercial.comOFFICE RETAIL OFFICE RETAIL Vacancy n Vacancy q Vacancy n Vacancy q Absorption p Absorption p Absorption n Absorption p Rental Rates q Rental Rates n Rental Rates n Rental Rates pINDUSTRIAL MULTI-FAMILY INDUSTRIAL MULTI-FAMILY Vacancy p Vacancy q Vacancy n Vacancy n Absorption q Absorption p Absorption n Absorption n Rental Rates p Rental Rates p Rental Rates n Rental Rates n 4
  5. 5. AL - Montgomery AK - AnchorageDEMOGRAPHICS MARKET HIGHLIGHTS DEMOGRAPHICS MARKET HIGHLIGHTS Montgomery, • Alabama heats up as the place to • In July of 2012, Cabela’s announced CBSA do business: Expansion of Mercedes CBSA Anchorage, AK plans to build a 100,000 SF store in AL in Vance; Expansion of Hyundai in Anchorage. New national retailers Montgomery; Expansion of Honda continue to have success moving into Square Miles 2,725 in Lincoln; Airbus to open its North Square Miles 26,379 the market, including Olive Garden American plant in Mobile. and Buffalo Wild Wings. • Office vacancy is stabilizing. Targeted • Anchorage Office market continues Population 367,157 Population 378,904 Retail is succeeding in their desired to have a low vacancy rate of 6.1%. demographics. Call volume has increased for all product types. • The Alaska market continues on its Households 147,017 Households 137,722 upward growth path • Restaurant and pub nears completion in downtown historic district. • Retailers are moving to better Household Household locations as their current leases Income $52,679 • Budget homebuilders in the finished Income $72,444 expire, creating new construction Median price range of $80/SF find traction. Median projects and leaving behind older vacant facilities.Employees (Total) 144,160 • With the expansion of Hyundai and Employees (Total) 162,368 its ancillary jobs created, there is • The Industrial market is tight optimism in the market. with vacancy - the only product available is less desirable facilities Unemployment 8.90% • Montgomery can become the natural Unemployment 6.90% due to ceiling height and electrical cargo break point for intermodal capabilities. product arriving in the Port of Mobile.CONTACT CONTACT Coldwell Banker Commercial Coldwell Banker Commercial Moore Company Realty NRT - AK 121 Coosa St., Suite 250, 6550 South Millrock Dr. Montgomery, AL 36104 Suite 200 (334) 262-1958 Salt Lake City, UT 84121 www.cbcmcr.com (907) 694-4944 www.coldwellutah.comOFFICE RETAIL OFFICE RETAIL Vacancy q Vacancy q Vacancy n Vacancy n Absorption p Absorption p Absorption n Absorption p Rental Rates n Rental Rates n Rental Rates n Rental Rates pINDUSTRIAL MULTI-FAMILY INDUSTRIAL MULTI-FAMILY Vacancy n Vacancy q Vacancy n Vacancy n Absorption n Absorption p Absorption n Absorption p Rental Rates n Rental Rates p Rental Rates p Rental Rates n 5
  6. 6. AR - Hot Springs AR - JonesboroDEMOGRAPHICS MARKET HIGHLIGHTS DEMOGRAPHICS MARKET HIGHLIGHTS Hot Springs, • New tenants in the market include • NEA Baptist Hospital is building a CBSA TCBY and Orange Leaf. CBSA Jonesboro, AR new facility with new technology AR and a new health care model for • Foreclosures in commercial real Northeast Arkansas. Square Miles 677 estate in the area have remained Square Miles 711 minimal. • Arkansas State University is always expanding and was named in the • Two parcels of land are currently Best Colleges Regional Universities Population 98,888 under contract for the construction of Population 96,443 South 2012. two new hotels. • New restaurants are moving into Households 43,175 • More residential units have been sold Households 39,977 Jonesboro: Cheddar’s, Five Guys this year but the average price/unit Burgers, Buffalo Wild Wings and was reduced. Panera. Household Household Income $42,222 • The City of Hot Springs, along Income $42,931 • New stores are coming into Median with the Chamber of Commerce, Median Jonesboro: Academy Sports, is working on plans to further Kirkland’s and Sissy’s Log Cabin.Employees (Total) 32,750 the revitalization of the historic Employees (Total) 37,743 downtown. • Commercial sales and leasing activity Unemployment 7.60% through Q2 of 2012 have exceeded Unemployment 7.00% the year 2011 sales.CONTACT CONTACT Coldwell Banker Commercial Coldwell Banker Commercial RPM Village Communities 401 Section Line Rd., Suite F 2704 S. Culberhouse, Suite A Hot Springs, AR 71913 Jonesboro, AR 72401 (501) 520-4000 (870) 935-7800 www.cbcrpm.com www.cbcworldwide.comOFFICE RETAIL OFFICE RETAIL Vacancy n Vacancy q Vacancy n Vacancy q Absorption n Absorption p Absorption n Absorption n Rental Rates n Rental Rates n Rental Rates n Rental Rates nINDUSTRIAL MULTI-FAMILY INDUSTRIAL MULTI-FAMILY Vacancy n Vacancy N/A Vacancy n Vacancy q Absorption n Absorption N/A Absorption n Absorption p Rental Rates q Rental Rates N/A Rental Rates n Rental Rates p 6
  7. 7. AR - Little Rock AZ - Sedona/Verde ValleyDEMOGRAPHICS MARKET HIGHLIGHTS DEMOGRAPHICS MARKET HIGHLIGHTS Little Rock- • Welspun Corp. Ltd. announces $100m • Historic Oak Creek Canyon Resort North Little expansion of its pipe-manufacturing CBSA Flagstaff, AZ was sold and revitalized. CBSA Rock-Conway, facility in LR Port, adding 200 jobs. AR • Commercial vacancies are steady and • Southwest Power Pool celebrates Square Miles 18,617 trending downward. Square Miles 4,090 July grand opening of its new $62m, 190,000 SF Corporate Center in West • State is upgrading lighting in Sedona Little Rock. business corridor. Population 130,596 Population 690,456 • Custom Aircraft Cabinets doubles • Residential units sales are strong with employment and invests $6m in a 6-year low inventory. expansion/relocation to Sherwood Households 46,597 facility. • Sedona Hotel occupancy is up 10% Households 276,042 YTD for Q1 and Sedona Marathon up • Industrial market has 5th consecutive Household 20%. Household quarter of positive absorption. Income $52,993 Income $56,190 Median • Sedona internet inquiries are up 43% Median • Local developers announce Mixed- for Q1 of 2012. Use Mann Building project in CBD, Employees (Total) 48,137Employees (Total) 290,765 to include Multi-Family, Retail and Office. • Windstream Hosted Solutions opens Unemployment 8.30% Unemployment 6.60% 30,000 SF state-of-the-art data center in West Little Rock.CONTACT CONTACT Coldwell Banker Commercial Coldwell Banker Commercial Hathaway Group First Affiliate 2100 Riverdale Rd., Suite 100 195 W. State Route 89A LIttle Rock, AR 72202 Sedona, AZ 86336 (501) 663-5400 (928) 282-4666 www.hathawaygroup.com www.cbsedonacommercial.comOFFICE RETAIL OFFICE RETAIL Vacancy q Vacancy n Vacancy n Vacancy p Absorption p Absorption p Absorption n Absorption q Rental Rates n Rental Rates n Rental Rates q Rental Rates nINDUSTRIAL MULTI-FAMILY INDUSTRIAL MULTI-FAMILY Vacancy q Vacancy n Vacancy n Vacancy q Absorption q Absorption q Absorption n Absorption p Rental Rates n Rental Rates n Rental Rates n Rental Rates p 7
  8. 8. CA - Arcadia CA - Inland Empire North/Victor ValleyDEMOGRAPHICS MARKET HIGHLIGHTS DEMOGRAPHICS MARKET HIGHLIGHTS Los Angeles- • This market is experiencing slow Riverside-San • Macy’s, JCPenney and Fitness 19 are CBSA Long Beach- recovery for Commercial Real Estate. CBSA Bernardino- under construction. Santa Ana, CA Ontario, CA • Increase on BPO orders for banks & • Number of Multi-Family sales Q2 vs. Square Miles 4,850 investors. Square Miles 27,260 Q1 is up 26%. • This area is experiencing high • Increase in owner/users purchasing vacancy. vacant Industrial buildings. Population 12,935,173 Population 4,171,856 • Limited commercial lending is • Industrial tenants are relocating available. to similar or larger SF buildings; taking advantage of low rates, Households 4,288,080 Households 1,350,253 • There is a big gap between buyer & better locations &/or more suitable seller expectations. facilities. Household Household Income $60,485 • Buyers are still sitting on the fence. Income $52,845 • Office leasing activity is improving, Median Median there are signs of expansion from out of the area users with space requirements ranging from 1,000 SFEmployees (Total) 5,313,010 Employees (Total) 1,156,307 to 1,500 SF. • Office sector landlords are typically doing 1-3 year lease terms with Unemployment 10.30% Unemployment 12.60% minimal concessions and TI allowances with options at market.CONTACT CONTACT Coldwell Banker Commercial Coldwell Banker Commercial George Realty Real Estate Solutions 660 W. Huntington Dr. 15500 W Sand St., 2nd Floor Arcadia, CA 91007 Victorville, CA 92392 (626) 445-6660 (760) 684-8000 www.cbcworldwide.com www.cbcdesert.comOFFICE RETAIL OFFICE RETAIL Vacancy p Vacancy p Vacancy q Vacancy q Absorption q Absorption q Absorption p Absorption p Rental Rates q Rental Rates q Rental Rates n Rental Rates nINDUSTRIAL MULTI-FAMILY INDUSTRIAL MULTI-FAMILY Vacancy p Vacancy q Vacancy q Vacancy q Absorption q Absorption p Absorption p Absorption p Rental Rates q Rental Rates n Rental Rates q Rental Rates p 8
  9. 9. CA - Los Angeles CA - Los Angeles, WestsideDEMOGRAPHICS MARKET HIGHLIGHTS DEMOGRAPHICS MARKET HIGHLIGHTS Los Angeles- • Apple is opening a mega store in Los Angeles- • Strongest property sectors are CBSA Long Beach- Santa Monica, CA. CBSA Long Beach- Multi-Family, single-tenant NNN Santa Ana, CA Santa Ana, CA Investments, Medical Office and • Office market is tightening up, rates Industrial (due to the scarcity of the Square Miles 4,850 climbing slowly. Square Miles 4,850 product and ability to convert to creative Office uses). • Owner/user investment continues to remain strong. • The strongest sub-markets are Population 12,935,173 Population 12,935,173 the Santa Monica-Venice creative • Creative Office continues to attract corridors, Beverly Hills, West tenants. Hollywood and Brentwood. Households 4,288,080 Households 4,288,080 • Multi-Family market is very active and financing is readily available. Cap Household Household rates in A/B areas are 4%-5%; B/C Income $60,485 Income $60,485 areas range from 4.75%-6.5%. Median Median • A lot of cash is on the sidelines, much of it chasing similar productEmployees (Total) 5,313,010 Employees (Total) 5,313,010 – well located property with strong tenants and/or upside potential. Most Investors continue to be risk-averse Unemployment 10.30% Unemployment 10.30% and opt for lower returns on less risky Investments. • Developers are looking for opportunities to build with several- hundred-thousand SF of Multi-Family,CONTACT CONTACT creative Office and Mixed-Use developments in the pipeline, slated Coldwell Banker Commercial Coldwell Banker Commercial to come on line in 2014-2016. WESTMAC NRT - Los Angeles 1515 Sepulveda Blvd. 11999 San Vicente Blvd. • Single Family/Condo market is Los Angeles, CA 90025 Suite 100 (310) 478-7700 Los Angeles, CA 90049 trending upwards with more offer www.westmac.com (310) 820-6651 activity, more sales and shorter www.cbcworldwide.com marketing times.OFFICE RETAIL OFFICE RETAIL Vacancy q Vacancy q Vacancy q Vacancy n Absorption p Absorption p Absorption p Absorption p Rental Rates p Rental Rates p Rental Rates p Rental Rates pINDUSTRIAL MULTI-FAMILY INDUSTRIAL MULTI-FAMILY Vacancy q Vacancy q Vacancy q Vacancy n Absorption p Absorption p Absorption p Absorption q Rental Rates q Rental Rates p Rental Rates p Rental Rates p 9
  10. 10. CA - Modesto CA - Napa Valley/Napa CountyDEMOGRAPHICS MARKET HIGHLIGHTS DEMOGRAPHICS MARKET HIGHLIGHTS • Stanislaus County is located in • Napa City Council approved the CBSA Modesto, CA the Central Valley. Its county seat CBSA Napa, CA Downtown Specific Plan, making is Modesto, which is where many way for more favorable development people in the surrounding areas guidelines, options for downtown Square Miles 1,494 shop. Square Miles 754 living, more green areas, bike-friendly paths and the return of two-way • The major industry is AG-related, streets. employing approximately 18,000 Population 512,221 Population 135,273 people or 11.3% of the total • Developer Todd Zapolski purchased 160,000 people that are employed. the Napa Town Center. His proposed Unemployment varies based on the rejuvenation project is expected to Households 167,008 fact that most of the AG jobs are Households 52,057 attract more world-class retailers and seasonal. restaurateurs. Household • Shopping areas that are well located Household • Multi-Family Office vacancy rates in Income $49,395 have been attracting new tenants Income $72,042 the city of Napa have declined to Median Median with some major remodeling. Due to about 14%. lack of new construction, the vacantEmployees (Total) 140,743 space has been absorbed as needs Employees (Total) 60,343 • The total Industrial market in Napa arise. Kaiser Permanente built a major County consists of over 16 million hospital complex with Memorial SF, with a current vacancy rate of less Hospital making a major expansion. than 8%. Unemployment 15.80% Unemployment 7.80% • There have been major layoffs in • During the first six months of 2012, government sector based on tax the Up Valley (Calistoga, St. Helena assessments being lowered due and Yountville) Commercial real to downturn in real estate values. estate market saw a resurgence of Leveling out has occurred and all are sales and leasing activity.CONTACT hoping real estate prices will start to CONTACT rise in 2012. This will only come if the • Buyers, especially developers, Coldwell Banker Commercial unemployment in the area starts to Coldwell Banker Commercial appear to be coming back into the Vinson Chase, Realtor Brokers of the Valley commercial marketplace, eager to decline. 220- C Standiford Ave 1775 Lincoln Ave. make the most of attractive prices Modesto, CA 95305 Napa, CA 94558 (209) 577-2121 • Office and Retail are improving in (707) 224-8454 and low interest rates. www.cbcworldwide.com good centers and locations. www.napacommercialproperties.comOFFICE RETAIL OFFICE RETAIL Vacancy q Vacancy q Vacancy q Vacancy q Absorption p Absorption p Absorption p Absorption p Rental Rates n Rental Rates n Rental Rates p Rental Rates pINDUSTRIAL MULTI-FAMILY INDUSTRIAL MULTI-FAMILY Vacancy n Vacancy q Vacancy q Vacancy q Absorption n Absorption p Absorption p Absorption p Rental Rates n Rental Rates p Rental Rates p Rental Rates p 10
  11. 11. CA - Orange County CA - ReddingDEMOGRAPHICS MARKET HIGHLIGHTS DEMOGRAPHICS MARKET HIGHLIGHTS Los Angeles- • Office market has nearly 1,000,000 SF • Retail markets show surprising CBSA Long Beach- of positive absorption in Q2. CBSA Redding, CA resilience. Santa Ana, CA • Retail construction activity is still low • Vacancy rate is falling as shortage Square Miles 4,850 but starting. Square Miles 3,785 looms. • Orange County commercial activity is • Housing construction is starting up picking up. again. Population 12,935,173 Population 181,457 • Orchard Retail Center sells for $122 • Commercial foreclosures are slowing. million or $434/SF. Households 71,491 • Slow but positive absorption is seen Households 4,288,080 • A new Apartment development with in the Office market. 758 units will built by The Irvine Household Company in Tustin. Household • Industrial market is still lagging. Income $60,485 Income $45,729 Median • Orange County’s largest private Median companies posted their 3rd year of sales gains. Employees (Total) 53,468Employees (Total) 5,313,010 Unemployment 10.30% Unemployment 13.10%CONTACT CONTACT Coldwell Banker Commercial Coldwell Banker Commercial NRT - Newport Beach C&C Properties 4 San Joaquin Plaza Suite 260 2155 Larkspur Lane, Unit A Newport Beach, CA 92660 Redding, CA 96002 (949) 644-1600 (530) 221-9638 www.cbcworldwide.com www.cbcnorthstate.comOFFICE RETAIL OFFICE RETAIL Vacancy q Vacancy n Vacancy q Vacancy q Absorption p Absorption p Absorption p Absorption p Rental Rates q Rental Rates q Rental Rates n Rental Rates pINDUSTRIAL MULTI-FAMILY INDUSTRIAL MULTI-FAMILY Vacancy q Vacancy q Vacancy n Vacancy q Absorption p Absorption p Absorption n Absorption p Rental Rates n Rental Rates p Rental Rates n Rental Rates p 11
  12. 12. CA - Sacramento Greater Area CA - San Gabriel/San Fernando ValleyDEMOGRAPHICS MARKET HIGHLIGHTS DEMOGRAPHICS MARKET HIGHLIGHTS Sacramento- • Greater Sacramento area commercial Los Angeles- • The area is experiencing heavy CBSA -Arden-Arcade- market is still very slow. Sales of CBSA Long Beach- investor and user activity due to low -Roseville, CA some small free-standing Retail Santa Ana, CA interest rates and low vacancy. properties have been picking up Square Miles 5,094 lately. Square Miles 4,850 • Look for lease rates and sales prices to jump in the next 6 months. • Office rents have stabilized. • Retailers are back and so is their Population 2,141,658 • There has been little to no new Population 12,935,173 appetite for large distribution space. construction in this area. • 1,700 upscale Apartments are • The 540,000 SF Palladio at currently under construction in Households 801,834 Households 4,288,080 Broadstone lifestyle center in Glendale. suburban Folsom is still under Household construction and is expected to be Household Income $61,184 completed 2013. Income $60,485 Median MedianEmployees (Total) 727,825 Employees (Total) 5,313,010 Unemployment 10.80% Unemployment 10.30%CONTACT CONTACT Coldwell Banker Commercial Coldwell Banker Commercial NRT - Sacramento North County 730 Alhambra Blvd., Suite 150 801 N Brand Blvd., Suite 180 Sacramento, CA 95816 Glendale, CA 91203 (926) 447-5900 (818) 334-1900 www.cbcworldwide.com www.cbcnco.comOFFICE RETAIL OFFICE RETAIL Vacancy n Vacancy q Vacancy q Vacancy n Absorption n Absorption p Absorption n Absorption n Rental Rates n Rental Rates n Rental Rates p Rental Rates nINDUSTRIAL MULTI-FAMILY INDUSTRIAL MULTI-FAMILY Vacancy q Vacancy N/A Vacancy q Vacancy q Absorption p Absorption n Absorption p Absorption p Rental Rates q Rental Rates p Rental Rates n Rental Rates p 12
  13. 13. CA - Southwest Riverside County CO - WesternDEMOGRAPHICS MARKET HIGHLIGHTS DEMOGRAPHICS MARKET HIGHLIGHTS Riverside-San • The overall market continues to Grand • The healthcare system in the Grand CBSA Bernardino- stabilize with increased activity in all CBSA Valley is nationally renowned, highly Junction, CO Ontario, CA sectors. integrated, community-focused and unique to Western Colorado. The Square Miles 27,260 • Vacancy levels are stable across the Square Miles 3,328 Physician-created Health Plan boosts Office, Industrial and Retail markets. care quality, lowers costs and is touted as a National model. • Anti Gravity Sports is moving into Population 4,171,856 two major markets with over 70,000 Population 148,298 • Western Colorado is the Retail hub for SF. Western Colorado and Eastern Utah. The City of Grand Junction sales and • The unemployment rate remain at Households 60,317 use tax revenue increased by 1.7% from Households 1,350,253 12.5%, down from 15%, bringing June of 2011 to June 2012. The Sales optimism among business owners. and use tax revenues comprise more Household Household than 40% of the City of Grand Junction’s Income $52,845 • Land sales are on the rise with 93 Income $47,409 total revenues. Median acres recently sold in Lake Elsinore, Median CA for $1,500,000. • Western Colorado is a touristEmployees (Total) 1,156,307 Employees (Total) 54,564 destination. The area offers world renowned mountain bike trails, growing agri-tourism industry, and the largest concentration of vineyards and wineries Unemployment 12.60% Unemployment 9.40% in the state. The lodging taxes collected in Q2 of 2012 had an increase of 6.3%. • The new construction building permits are up more than 13% in the Q1 2012. City of Grand Junction building permitCONTACT CONTACT valuation is down in Q2 more than 18% compared to Q1 2012. However, year- Coldwell Banker Commercial Coldwell Banker Commercial to-date new construction permits are up Sudweeks Group Prime Properties, LLC more than 37% from June 2011. 27708 Jefferson Ave., Suite 201 2646 Patterson Rd., Suite B Temecula, CA 92590 Grand Junction, CO 81506 (951) 200-7683 (970) 243-7375 • Colorado Mesa University Campus www.cbcsuds.com www.grandjunctioncommercial.com continues to expand including a state- of-the-art learning facilities on 78-acres in the heart of Grand Junction.OFFICE RETAIL OFFICE RETAIL Vacancy p Vacancy q Vacancy p Vacancy q Absorption q Absorption p Absorption n Absorption p Rental Rates n Rental Rates p Rental Rates q Rental Rates qINDUSTRIAL MULTI-FAMILY INDUSTRIAL MULTI-FAMILY Vacancy q Vacancy N/A Vacancy p Vacancy n Absorption p Absorption N/A Absorption q Absorption n Rental Rates n Rental Rates N/A Rental Rates q Rental Rates n 13
  14. 14. CT - Danbury/Upper Fairfield/New Haven CT - Fairfield CountyDEMOGRAPHICS MARKET HIGHLIGHTS DEMOGRAPHICS MARKET HIGHLIGHTS Bridgeport- • LL Bean (16,000 SF) is the latest NNN Bridgeport- • Fairfield County’s Office market CBSA Stamford- tenant to take space at Danbury CBSA Stamford- ended the Q2 of 2012 with a vacancy Norwalk, CT Fair Mall. Others include: Forever Norwalk, CT rate of 14.0% up from 13.5% with net 21, Brio, Cheesecake Factory and absorption totaling negative 310,857 Square Miles 626 Dick’s Sporting Goods. Guidepost Square Miles 626 SF, compared with 68,806 SF in the Publications has leased 54,000 SF Q1. Vacant sublease space increased of Class A Office space at the Matrix to 850,551 SF up from 807,000 SF at Corporate Center, in Danbury, CT. Year End 2011. Population 904,874 Population 904,874 • Area vacancy rates are down due • Fairfield County’s available, vacant- in part to low supply, and an influx sublease space increased across the of commuting professionals is board from 2011 Year End. Office Households 336,733 Households 336,733 now redesigning neighborhoods went from 599,000 SF to 851,000 SF; in Brewster, NY. Key transportation Industrial from 74,000 SF to 81,000 SF Household outlets allow them to commute to Household and Retail from 16,000 SF to 21,000 Income $91,039 lower Fairfield County, New York City, Income $91,039 SF. Median DC and Boston; while enjoying a Median more affordable lifestyle. • Significant movements: Western CTEmployees (Total) 419,437 Employees (Total) 419,437 Healthcare Research Institute leased • New construction includes: $33.8m 15,000 SF of Office. Gamma Aviation / 95,000 SF Armed Forces Reserve leased 15,000 SF of Industrial. Terrain Center in Danbury, CT; Brookfield, Inc. leased 22,000 SF of Retail. UBS Unemployment 7.80% CT. Costco is increasing existing Unemployment 7.80% vacated 110,000 SF of Office. Patio. building by 15,000 SF w/ a gas com vacated 20,000 SF of Industrial, station; Danbury Regional Hospice to and Chase Bank vacated 15,000 SF construct a 30,000 SF center. Retail/Office. • Due in part to lower mortgage rates, • The 150,000 SF Lockworks buildingCONTACT and multi-generational buyers, CONTACT was completed in 2012, plus an single family home sales volume and additional 313,000 SF of Retail is Coldwell Banker Commercial pricing have improved. Danbury has Coldwell Banker Commercial still under construction, however no Scalzo Group NRT - CT placed in the Top 10 in the nation for Office or Industrial construction was 2 Stony Hill Rd., Suite 101 77 Old Ridgefield Rd. Bethel, CT 6801 multi-generational living scenarios. Wilton, CT 6897 completed, yet. There is 166,000 SF (203) 744-7077 (203) 831-4187 still under construction, the largest is www.coldwellbankerscalzo.com • An increase in hiring since Q3 2010 www.cbcworldwide.com 110 Quarry Rd with 74,726 SF. continues to bolster Retail rentals, while the weaker housing sector is • The average quoted asking rate is stimulating Apartment rentals. $31.68 /SF for Office.OFFICE RETAIL OFFICE RETAIL Vacancy q Vacancy n Vacancy p Vacancy p Absorption p Absorption n Absorption p Absorption q Rental Rates q Rental Rates n Rental Rates q Rental Rates qINDUSTRIAL MULTI-FAMILY INDUSTRIAL MULTI-FAMILY Vacancy n Vacancy n Vacancy p Vacancy N/A Absorption n Absorption n Absorption q Absorption N/A Rental Rates q Rental Rates p Rental Rates p Rental Rates N/A 14
  15. 15. DE - Sussex County FL - Brevard CountyDEMOGRAPHICS MARKET HIGHLIGHTS DEMOGRAPHICS MARKET HIGHLIGHTS • Panera Bread opened a new, free- Palm Bay- • “Space Coast” Brevard County offers CBSA Seaford, DE standing store on Coastal Highway CBSA Melbourne- pro-business incentives, low taxes, between Lewes and Rehoboth this Titusville, FL robust transportation infrastructure, spring. Several other national tenants high-tech labor force, 73 degree Square Miles 938 are reportedly looking at the Route 1 Square Miles 1,018 average temp, and 72 miles of pristine corridor. beach. • The vacancy rate in eastern Sussex • Foreign Trade Zone 136 has a superior Population 194,215 Population 536,805 County continues to fall. Absorption infrastructure for national/international was strong this spring, and most trade including: the second busiest prime Office space has been leased. port in the world, a freight railway Households 78,981 Some prime Retail locations remain system and major interstate highways. Households 225,977 available but absorption has been good. The three outlet malls continue • Embraer Aircraft is expanding its Household their long history of strong Retail Household operations at Melbourne International Income $52,386 sales. Income $56,299 Airport with a new research and Median Median development facility and 200 new • Residential construction remains engineering jobs .Employees (Total) 68,986 strong in eastern Sussex. Commercial Employees (Total) 181,926 construction remains slow but • BlueWare, Inc., a healthcare IT availability of financing has improved. company, is relocating its operations to Melbourne and expects to hire Unemployment 8.70% • For the first half of 2012, the Sussex Unemployment 9.40% 190 employees to have an economic County Association of Realtors impact estimated to be over $22.4 reported a 22% increase in home million. sales by volume. The average home price was up 17% over 2011 YTD. • Rocket Crafters’ move to the Space Coast Regional Airport in Titusville willCONTACT • Sussex County continues to be a CONTACT have an economic impact over $48m. prime destination for retirees. Very Bertram Yacht’s new facility in Merritt Coldwell Banker Commercial low property taxes and NO sales tax Coldwell Banker Commercial Island will have a projected economic Resort Realty are strong draws for those on fixed Sun Land Realty impact of over $26.3m. 20184 Coastal Highway 1920 Highway A1A Rehoboth, DE 19971 incomes. Indian Harbour Beach, FL 32937 (302) 227-5000 (321) 777-7743 • Brevard’s June 2012 residential market www.cbankercommercial.com • Sussex County is one of the largest www.commercialsunlandrealty.com average sale price of $147,500 is up counties east of the Mississippi based almost 13% over 2011 prices and the on square miles, but the population average days on the market of 119 has is less than 200,000. dropped 16% over 2011.OFFICE RETAIL OFFICE RETAIL Vacancy q Vacancy q Vacancy q Vacancy q Absorption p Absorption p Absorption p Absorption p Rental Rates p Rental Rates n Rental Rates q Rental Rates qINDUSTRIAL MULTI-FAMILY INDUSTRIAL MULTI-FAMILY Vacancy N/A Vacancy N/A Vacancy q Vacancy q Absorption N/A Absorption N/A Absorption p Absorption p Rental Rates N/A Rental Rates N/A Rental Rates q Rental Rates q 15
  16. 16. FL - Charlotte/Sarasota Counties FL - Daytona/Ormond Beach, Volusia CountyDEMOGRAPHICS MARKET HIGHLIGHTS DEMOGRAPHICS MARKET HIGHLIGHTS Sarasota • A major new development in the area Deltona • Joe’s Crab Shack, a 19,000 SF eating CBSA Bradenton- is the Cocoplum Village Shops. Daytona area and 6,725 SF deck, opened July CBSA Venice, FL Ormond 1 and is the largest Joe’s Crab Shack Beach, FL • Vacancy is falling due to the on a pier over the Atlantic ocean. Square Miles 1,313 economy and lost jobs. It is the beginning of the recently Square Miles 1,103 created entertainment district. • There has been some Retail and a Hospital expansion, but other than • 3 large ocean front raw land Population 689,676 that, not much new commercial properties sold, with one major construction. Population 495,625 project being announced by a Canadian development company • The Residential market is currently planning on building one of the Households 311,173 flat. area’s largest hotel/condo projects. Households 214,567 Household • The market has not changed in • 11 start up companies are Income $58,236 general. Household celebrating the first anniversary of Median Income $47,500 the UCF Incubator at Daytona Beach Median International Airport.Employees (Total) 230,801 Employees (Total) 146,482 • Embry Riddle University is selected as a drone test site as well as Next-gen test area. Unemployment 8.80% Unemployment 9.10% • Boardings continue to rise at Daytona Beach International Airport, and bed taxes continue to rise in the Hotel/ Motel resort area.CONTACT CONTACT • 800 ft Volusia County - city of Ormond Beach oceanfront park Coldwell Banker Commercial Coldwell Banker Commercial breaks ground. Sunstar Realty, Inc. Benchmark 970 Kings Hwy., Suite 1 570 Memorial Circle, Suite 300 Port Charlotte, FL 33980 Ormond Beach, FL 32174 (941) 255-3497 (386) 672-8530 www.sunstarcommercial.com www.benchmarkdaytona.comOFFICE RETAIL OFFICE RETAIL Vacancy q Vacancy q Vacancy p Vacancy p Absorption q Absorption q Absorption q Absorption q Rental Rates q Rental Rates q Rental Rates q Rental Rates qINDUSTRIAL MULTI-FAMILY INDUSTRIAL MULTI-FAMILY Vacancy q Vacancy n Vacancy n Vacancy q Absorption q Absorption n Absorption n Absorption p Rental Rates q Rental Rates n Rental Rates n Rental Rates p 16
  17. 17. FL - Destin FL - Florida KeysDEMOGRAPHICS MARKET HIGHLIGHTS DEMOGRAPHICS MARKET HIGHLIGHTS Fort Walton • There has been increased velocity in • Fast Buck Freddies closed in Key West Beach income producing assets. CBSA Key West, FL from internet competition. CBSA Crestview Destin, FL • There is a strong speculative interest • Grocery and Pharmacy are doing well in land as inventory diminishes. Square Miles 997 and expanding. Retail is contracting. Square Miles 936 Hospitality and Restaurants are doing • Condo absorption is at a four well. year low, with less than 1 year of inventory. Population 73,047 • Valero/Dunkin Donuts has built a new Population 178,019 store in the Middle Keys. Publix has • REO assets are working through the opened a second store in Key West. process with price reductions. Households 32,553 Bank branches are consolidating. Households 72,513 • Inventory levels are declining at Household the rate of 10% annually. Distressed Household Income $71,455 properties represent only 13% of all Income $60,945 Median properties for sale. Median Employees (Total) 29,685 • Hospitality and tourism areEmployees (Total) 67,600 booming with the highest ADR’s and occupancies in the state. Unemployment 4.40% • Barriers to entry are significant Unemployment 6.10% related to the availability of building permits.CONTACT CONTACT Coldwell Banker Commercial Coldwell Banker Commercial United, Realtors Schmitt Real Estate, Co 4458 Legendary Dr. 11100 Overseas Hwy. Destin, FL 32541 Marathon, FL 33050 (850) 376-7289 (305) 743-5181 www.cbcunitedgulfcoast.com www.cbcworldwide.comOFFICE RETAIL OFFICE RETAIL Vacancy n Vacancy p Vacancy n Vacancy n Absorption p Absorption p Absorption n Absorption p Rental Rates n Rental Rates q Rental Rates q Rental Rates nINDUSTRIAL MULTI-FAMILY INDUSTRIAL MULTI-FAMILY Vacancy p Vacancy p Vacancy n Vacancy n Absorption p Absorption p Absorption n Absorption n Rental Rates n Rental Rates n Rental Rates n Rental Rates p 17
  18. 18. FL - Gainesville FL - Indian River CountyDEMOGRAPHICS MARKET HIGHLIGHTS DEMOGRAPHICS MARKET HIGHLIGHTS • 91 percent of deals being done in the Sebastian-Vero • Large grocery store closed on US 1. CBSA Gainesville, FL local CBC office are leasing. CBSA Beach, FL • Overall market conditions are • Of those properties being leased, 71 gradually improving. Square Miles 1,223 percent were Office and 15 percent Square Miles 503 Retail. • Development interest is returning. • 18,000 SF positive Office lease • New construction in residential single Population 261,674 absorption and a 3,600 SF positive Population 135,534 family is up in 2012. lease absorption. • Owner users are the primary buyers Households 113,545 • Average Office lease rate is $13.33/SF Households 59,807 for Office and Retail. gross and average Retail lease rate is $15.72/SF NNN. • New corporate interest in moving to Household Household Indian River County. Income $45,060 • Average Office listing is on the Income $62,271 Median market 426 days and average Retail Median listing is on the market 585 days.Employees (Total) 87,322 Employees (Total) 43,595 • Even though time on market is high, there is a tremendous amount of lease activity occurring, but little sale Unemployment 7.30% activity. Unemployment 11.30%CONTACT CONTACT Coldwell Banker Commercial Coldwell Banker Commercial M.M. Parrish Realtors Ed Schlitt, L.C. 3870 NW 83rd St. 1950 U. S. 1 Gainesville, FL 32606 Vero Beach, FL 32960 (352) 264-3772 (772) 460-2081 www.mmparrish.com/commercial www.cbc.flcoldwellbanker.comOFFICE RETAIL OFFICE RETAIL Vacancy q Vacancy q Vacancy n Vacancy q Absorption p Absorption p Absorption n Absorption p Rental Rates n Rental Rates n Rental Rates q Rental Rates nINDUSTRIAL MULTI-FAMILY INDUSTRIAL MULTI-FAMILY Vacancy q Vacancy n Vacancy n Vacancy q Absorption p Absorption n Absorption n Absorption p Rental Rates n Rental Rates p Rental Rates q Rental Rates p 18

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