2012 Year-End Bluebook

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The 2012 Year-End Blue Book by Coldwell Banker Commercial

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2012 Year-End Bluebook

  1. 1. 2012 Blue Book Year End Market Review Supplement to Real Estate Forum Check out the NEWMARKET SNAPSHOTS cbcworldwide.com
  2. 2. CONTENTSAL - Birmingham 4 MS - Gulfport/Biloxi 44AL - Dothan/Houston County 4 MO - Springfield 44AL - Montgomery 5 MO-KS - St. Joseph 45AK - Anchorage 5 MT - Billings 45AZ - Sedona/Verde Valley 6 NE - Lincoln 46AR - Little Rock 6 NV - Reno/Sparks MSA 46CA - Bakersfield 7 NJ - Central & Northern 47CA - Chico 7 NJ - Northern 47CA - Inland Empire 8 NJ - Ocean County 48CA - Inland Empire North/Victor Valley 8 NM - Albuquerque 48CA - Long Beach/South Bay 9 NY - Albany 49CA - Los Angeles/Los Angeles, West 9 NY - Long Island 49CA - Los Angeles, Westside 10 NY - New York City 50CA - Merced MSA 10 NY - Rochester 50CA - Modesto 11 NC - Charlotte 51CA - Napa Valley/Napa County 11 NC - Henderson 51CA - Newport Beach 12 ND - Fargo/Moorhead 52CA - Oakland/East Bay 12 OH - Cincinnati 52CA - Orange County 13 OH - Dayton 53CA - Riverside/South West 13 OK - Oklahoma City Metro 53CA - San Gabriel/San Fernando Valleys 14 OR - Portland 54CA - San Mateo County/Peninsula 14 OR - Salem 54CO - Western 15 OR - Southern 55CT - Fairfield County 15 PA - Pittsburgh 55DE - Sussex County 16 PA - Southeastern 56FL - Boca Raton/Palm Beach County 16 SC - Charleston 56FL - Daytona Beach/Ormond Beach 17 SC - Columbia 57FL - Deltona 17 SC - Greenville 57FL - Florida Keys/Key West 18 SC - Spartanburg 58FL - Fort Lauderdale/Broward County 18 TN - Chattanooga Metro 58FL - Gainesville 19 TN - East 59FL - Jacksonville 19 TN - Nashville 59FL - Lakeland/Winter Haven 20 TX - Amarillo 60FL - Melbourne/Brevard County 20 TX - Austin 60FL - Melbourne/Palm Bay/Titusville 21 TX - Bryan/College Station 61FL - Miami/Dade 21 TX - El Paso 61FL - Naples/Ft. Myers 22 TX - Houston 62FL - Orlando 22 TX - Lubbock 62FL - Palm Beach 23 TX - Rio Grande Valley 63FL - Punta Gorda 23 TX - South/Central 63FL - Sarasota/Manatee Counties 24 TX - Southeast 64FL - St. Lucie County 24 TX - Victoria 64FL - St. Lucie/Martin Counties 25 TX - Waco/McLennan County 65FL - Tallahassee 25 UT - Salt Lake Market 65FL - Tampa, Greater Area 26 VA - Fredericksburg Region 66FL - Tampa/St. Petersburg 26 VA - Lynchburg 66FL - Winter Haven 27 VA - Williamsburg/Hampton Roads 67GA - Athens 27 WA - King County 67GA - Atlanta 28 WA - Southwest 68GA - Dalton/Whitfield County 28 WA - Tacoma 68GA - Hinesville/Fort Stewart 29 WI - Janesville/Beloit 69GA - Macon/Bibb County 29 WI - Madison, Greater 69GA - Savannah 30 WY - Cheyenne Metro 70HI - Honolulu 30ID - Boise 31 INTERNATIONAL MARKETSID - Eastern 31 Bermuda 71IL - Bloomington/Normal/McLean 32 Brazil - São Paulo City 71IL - Central 32 Canada - Aurora, Ontario 72IL - Champaign/Urbana 33 Canada - Barrie, Ontario 72IL - Chicago, Southwest 33 Canada - Calgary, Alberta 73IL - Chicagoland 34 Canada - Courtenay/Vancouver Island, BC 73IL - Springfield 34 Canada - Innisfil, Ontario 74IL - Tazewell County 35 Canada - Nanaimo/Vancouver Island, BC 74IN - Fort Wayne 35 Canada - Newmarket, Ontario 75IN - Indianapolis MSA 36 Canada - Orillia, Ontario 75IN - Muncie 36 Canada - Ottawa, Ontario 76KS - Garden City 37 Canada - Richmond Hill, Ontario 76KS-MO - Kansas City Metro 37 Canada - Trail, British Columbia 77KY - Lexington 38 Canada - Vaughan, Ontario 77KY - Louisville Metro 38 Canada - Waterloo Region, Ontario 78KY - Southern 39 Greece 78LA - Acadiana 39 India - Mumbai 79LA - New Orleans 40 Ireland - Dublin 79ME - Midcoast 40 Italy 80MD - Eastern Shore 41 Mexico - Mexico City 80MI - East Lansing MSA 41 Panama 81MI - Western 42 Puerto Rico 81MN - Central 42 Spain - Barcelona/Cataluña Region 82MN - Mankato 43 Spain 82MN - Minneapolis/St. Paul Metro 43 United Arab Emirates - Dubai 83
  3. 3. US TRENDS* The Coldwell Banker Commercial® (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, over 130 US markets were analyzed and here are the national trends. OFFICE retail Vacancy 17.1% Vacancy 10.7% Absorption 17,383,300 Absorption 9,526,000 Rental Rates $28.47 Rental Rates $19.08 Industrial Multi-Family Vacancy 10.0% Vacancy 4.5% Absorption 96,277,000 Absorption 140,124 Rental Rates $4.61 Rental Rates $1,097 Source: Reis OFFICE retail Vacancy Absorption Rental Rates Vacancy Absorption Rental Rates p 18 Markets 79 Markets 44 Markets p 24 Markets 89 Markets 42 Markets q 76 Markets 20 Markets 31 Markets q 81 Markets 16 Markets 32 Markets n 38 Markets 31 Markets 56 Markets n 27 Markets 25 Markets 56 Markets Industrial Multi-Family Vacancy Absorption Rental Rates Vacancy Absorption Rental Rates p 20 Markets 80 Markets 42 Markets p 6 Markets 90 Markets 88 Markets q 74 Markets 19 Markets 23 Markets q 98 Markets 9 Markets 3 Markets n 30 Markets 26 Markets 59 Markets n 14 Markets 18 Markets 26 Markets *Based off 133 US Markets (Information was N/A in certain sectors)
  4. 4. AL - Birmingham AL - Dothan/Houston Countydemographics market highlights demographics market highlights Birmingham- • The Birmingham metro has two • The Alabama College of Osteopathic CBSA notable Mixed-Use developments CBSA Dothan, AL Medicine is one of the 34 osteopathic Hoover, AL on the market now. The first, Lane colleges in the nation and the first Parke, is a Mixed-Use redevelopment in Alabama. The Medical College is Square Miles 5,298 planned for the current site of Square Miles 1,718 continuing to build with 150 students Mountain Brook Shopping Center to begin enrollment in August 2013. and Park Lane Apartments. The Population 1,135,190 development will include Retail, Population 143,295 • Houston County unemployment rate Office, and Residential. has dropped from 8.3 percent to 6.7 percent. • The Industrial market hit a trifecta of Households 451,751 Households 57,785 • Completed commercial construction renewals in Q4: Sumitomo Electric Wiring Systems Inc. renewed their in the area, such as Cheddar’s lease on 140,400 SF at Moody Casual Café, Buffalo Wild Wings and Household Household Academy Sports, will bring more job $55,642 Commerce Park. Decoma Modular $43,656Income Median Income Median Systems renewed their lease on opportunities. 120,120 SF at Jefferson Metropolitan Employees Industrial Park. Employees • With the healthcare industry 485,749 58,833 (Total) (Total) continuing to grow, Flowers Hospital • Birmingham’s Industrial market’s celebrated the opening of their new largest newsmaker is the amount Wound Care Center, and SoutheastUnemployment 5.80% of building sales occurring in Q4. Unemployment 6.40% Medical Center completed their An estimated 850,000 total SF of Heart and Vascular Center expansion Industrial buildings sold in Q4 of which was an investment of $31 2012. The top sale was Kamtek’s million. purchase of a 292,506 SF building in the Eastern submarket of • Southeast AL & Northwest FL Birmingham. announced a mega site location. • Top lease transactions in the Retail • Regional airport offers hangars forcontact contact market were Restaurant Depot wide body aircraft.Coldwell Banker Commercial leased 50,291 SF in Wildwood North; Coldwell Banker CommercialMoore Company Realty Nordstrom Rack (Alabama’s first) Alfred Saliba Realty2 Office Park Circle Suite 110 leased 35,000 SF in River Ridge; 410 N. Shady LaneBirmingham, AL 35223 and to the delight of all families in Dothan, AL 36303(205) 876-2717 the 280/459 trade area, Chuck E. (334) 793-6600www.moorecompanyrealty.com Cheese leased 12,889 SF in Riverhills www.alfredsalibacommercial.com Shopping Center. OFFICE retail OFFICE retail Vacancy q Vacancy q Vacancy q Vacancy n Absorption p Absorption p Absorption p Absorption n Rental Rates n Rental Rates n Rental Rates n Rental Rates n Industrial Multi-Family Industrial Multi-Family Vacancy p Vacancy N/A Vacancy q Vacancy q Absorption q Absorption N/A Absorption p Absorption p Rental Rates n Rental Rates N/A Rental Rates p Rental Rates p 4
  5. 5. AL - Montgomery AK - Anchoragedemographics market highlights demographics market highlights Montgomery, • Alabama heats up as the place to • Bass Pro Shops announced it CBSA do business: Expansion of Mercedes CBSA Anchorage, AK will open a 100,000 SF store in AL in Vance; Expansion of Hyundai in Anchorage in the Spring of 2013. Montgomery; Expansion of Honda Square Miles 2,725 in Lincoln; Airbus to open its North Square Miles 26,379 • Retail continues to be strong in American plant in Mobile. Anchorage with vacancies dropping from 5 to 4.71 percent. Population 367,157 • Office vacancy is stabilizing. Targeted Population 378,904 Retail is succeeding in their desired • Vacancy and rental rates are demographics. Call volume has forecasted to remain stable in 2013. increased for all product types. Households 147,017 Households 137,722 • The Class A Office vacancy is stable • Restaurant and pub nears completion at 5.2 percent. in downtown historic district. Household Household • Companies like Auto Zone and Oil $52,679 $72,444Income Median Income Median • Budget homebuilders in the finished and Vinegar entered the market in price range of $80/SF find traction. late 2012. Employees Employees 144,160 • With the expansion of Hyundai and 162,368 • Verizon, Texas Roadhouse and (Total) (Total) its ancillary jobs created, there is Massage Envy Spa will open in the optimism in the market. market in 2013.Unemployment 6.60% Unemployment 5.80% • Montgomery can become the natural cargo break point for intermodal product arriving in the Port of Mobile.contact contactColdwell Banker Commercial Coldwell Banker CommercialMoore Company Realty NRT - Anchorage121 Coosa St., Suite 250 2600 Cordova Street, Ste 205Montgomery, AL 36104 Anchorage, AK 99503(334) 262-1958 (907) 222-1033www.moorecompanyrealty.com www.coldwellutah.com OFFICE 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 n Rental Rates n Industrial Multi-Family Industrial Multi-Family Vacancy n Vacancy q Vacancy n Vacancy n Absorption n Absorption p Absorption n Absorption n Rental Rates n Rental Rates p Rental Rates n Rental Rates n 5
  6. 6. AZ - Sedona/Verde Valley AR - Little Rockdemographics market highlights demographics market highlights • Commercial vacancies are stable and Little Rock- • Inuvo announces HQ relocation CBSA Flagstaff, AZ trending downward. North Little from NY City to Conway in Central CBSA Rock-Conway, Arkansas. • State has finished upgrading lighting AR Square Miles 18,617 in Sedona’s business district. • City of Little Rock seeks location for Square Miles 4,090 new Little Rock Technology Park. • Commercial property sales have Population 130,596 increased 60 percent in number of • Walgreen’s purchase of USA Drug transactions. is creating surplus Retail space Population 690,456 scattered throughout state. • Commercial property sales volume Households 46,597 has increased by 236 percent. • Hotel construction continues to be Households 276,042 strong in downtown’s River Market • The 8th annual Sedona Marathon District. Household drew the largest number of $52,993Income Median Household participants ever. $56,190 • Bass Pro Shops was quickly under Income Median construction after announcing a Employees • Lonely Planet named Sedona and 30-acre acquisition at the I-430/I-30 48,137 Verde Valley among the Top 10 U.S. interchange. (Total) Employees Travel Destinations for 2013. 290,765 (Total) • New mid-rise ApartmentUnemployment 8.40% construction flourishes in Park Unemployment 6.30% Avenue Mixed-Use development in Midtown.contact contactColdwell Banker Commercial Coldwell Banker CommercialFirst Affiliate Hathaway Group195 West SR 89A 2100 Riverdale Rd. Suite 100Sedona, AZ 86336 P.O Box 3730(928) 340-5000 LIttle Rock, AR 72202www.cbsedonacommercial.com (501) 663-5400 www.hathawaygroup.com OFFICE retail OFFICE retail Vacancy q Vacancy n Vacancy n Vacancy q Absorption p Absorption n Absorption n Absorption p Rental Rates n Rental Rates n Rental Rates p Rental Rates n Industrial Multi-Family Industrial Multi-Family Vacancy N/A Vacancy n Vacancy q Vacancy q Absorption N/A Absorption n Absorption p Absorption p Rental Rates N/A Rental Rates n Rental Rates q Rental Rates p 6
  7. 7. CA - Bakersfield CA - Chicodemographics market highlights demographics market highlights • There has been a boom within the oil • New 60,000 SF North Butte County CBSA Bakersfield,CA field industry. CBSA Chico, CA Courthouse Complex scheduled for construction in Chico. • The unemployment rate is down and Square Miles 8,141 home sales are the rise. Square Miles 1,639 • New 37,000 SF Butte County Hall of Records scheduled for construction • Builders are looking to boom out and in Oroville. Population 813,502 are seeking Land to develop. Population 221,277 • A 65,000 SF Weiss McNair farm • There is a shortage in housing equipment manufacturing facility is in Kern County CA, but new under construction in Chico. Households 267,652 construction is on the rise. Households 88,796 • Willows I-5 Commercial and • The economy recovery is led by the Industrial Center entitled and ready Household housing market. Household to serve Pacific West Coast market $46,302 $43,239Income Median Income Median along the Interstate 5 transportation • There is affordable living in the area corridor. Employees as well as a rise in employment. Employees 193,908 60,484 • The enrollment and number of CA (Total) (Total) State University, Chico students is expanding.Unemployment 13.50% Unemployment 11.60% • There are new major retailers in the area including: Dick’s Sporting Goods, Marshalls, Petco, Guitar Center, Dollar General, Auto Zone, Krispy Kreme and Walmart Superstore.contact contactColdwell Banker Commercial Coldwell Banker CommercialPreferred, Realtors DuFour Realty1820 Westwind Dr. 1350 E. Lassen Ave. Suite 1Bakersfield, CA 93301 Chico, CA 95973(661) 327-2121 (530) 895-1545www.cbcworldwide.com www.cbcworldwide.com OFFICE retail OFFICE retail Vacancy p Vacancy p Vacancy q Vacancy q Absorption p Absorption n Absorption p Absorption p Rental Rates p Rental Rates n Rental Rates p Rental Rates p Industrial Multi-Family Industrial Multi-Family Vacancy p 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 7
  8. 8. CA - Inland Empire CA - Inland Empire North/Victor Valleydemographics market highlights demographics market highlights Riverside-San • Yucaipa commercial real estate Riverside-San • Multi-Family units are in high CBSA Bernardino- listings are rising. CBSA Bernardino- demand along with the upward Ontario, CA Ontario, CA pressure on pricing. • The Pass Area is primed for the next Square Miles 27,260 commercial boom. Square Miles 27,260 • JCPenny is expanding their location by 37,000 SF in 2013, and Macy’s is • Many Beaumont and Banning scheduled to open Q1 of 2013. commercial real estate locations are Population 4,171,856 HUBZone certified. Population 4,171,856 • Newell Rubbermaid added nearly 180,000 SF at their SCLA location. • Residential real estate in the Pass Households 1,350,253 Area (Yucaipa, Calimesa, Beaumont, Households 1,350,253 • Walmart represented 261,000 SF of Banning) is expanding. net absorption in 2012. Household • Many citizens from the Inland Empire Household • Panera Bread, Pancho Villa’s, Freddy’s $52,845 $52,845Income Median are migrating to the Pass Area. Income Median Steak Burger were among many of the new restaurants. • The Pass Area includes two major Employees Employees (Total) 1,156,307 counties; San Bernardino and (Total) 1,156,307 • Land sales volume is up 8.5 percent Riverside County. in 2012 over 2011. Housing market experienced an increase of 14.4Unemployment 10.90% Unemployment 10.90% percent in home values during 2012.contact contactColdwell Banker Commercial Coldwell Banker CommercialKivett Teeter Real Estate Solutions32829 Yucaipa Blvd. 15500 W Sand St. 2nd FloorYucaipa, CA 92399 Victorville, CA 92392(909) 797-9134 (760) 684-8000www.cacommercialrealestate.com www.cbcdesert.com OFFICE retail OFFICE retail Vacancy p Vacancy p Vacancy p Vacancy p Absorption p Absorption p Absorption p Absorption q Rental Rates q Rental Rates q Rental Rates q Rental Rates n Industrial Multi-Family Industrial Multi-Family Vacancy p Vacancy q Vacancy p Vacancy q Absorption p Absorption q Absorption p Absorption p Rental Rates q Rental Rates p Rental Rates n Rental Rates n 8
  9. 9. CA - Long Beach/South Bay CA - Los Angeles/Los Angeles, Westdemographics market highlights demographics market highlights Long Beach, • Industrial near the ports remains Los Angeles- • Very little available investment CBSA strong. CBSA Long Beach- opportunities. CA Santa Ana, CA • Market forecasts are cautiously • This area is experiencing shrinking Square Miles 4,850 optimistic. Square Miles 4,850 Office/Retail vacancies. • New zoning regulations will allow for • Office/Retail rents are rising. Population 12,935,173 new developments. Population 12,935,173 • Technology and Internet businesses • Most market changes are minor but are absorbing space. momentum is picking up. Households 4,288,080 Households 4,288,080 • There is plenty of Apartment and Mixed Use development activity. Household Household • Owner/user market is very hot due to $60,485 $60,485Income Median Income Median availability of SBA loans. Employees Employees 5,313,010 5,313,010 (Total) (Total)Unemployment 10.20% Unemployment 10.20%contact contactColdwell Banker Commercial Coldwell Banker CommercialBlair Westmac WESTMAC333 W. Broadway Suite 312 1515 S. Sepulveda Blvd.Long Beach, CA 90802 Los Angeles, CA 90025(562) 495-6070 (310) 478-7700www.cbcblair.com www.westmac.com 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 p Rental Rates p Industrial Multi-Family Industrial Multi-Family Vacancy q Vacancy q Vacancy q Vacancy q Absorption p Absorption p Absorption p Absorption p Rental Rates n Rental Rates p Rental Rates p Rental Rates p 9
  10. 10. CA - Los Angeles, Westside CA - Merced MSAdemographics market highlights demographics market highlights Los Angeles- • Multi-Family demand is driving most • Merced is the county seat of Merced CBSA Long Beach- of the market activity but Single- CBSA Merced, CA County, California. Santa Ana, CA Tenant NNN investments, Medical Office and Industrial are also strong • Merced is home to University of Square Miles 4,850 sectors (Strength in the Industrial Square Miles 1,929 California, Merced. sector is due to scarcity of product and ability to convert to Creative • Merced’s population has grown Office uses). Population 246,043 faster than the state average since Population 12,935,173 1980. Over the past nine years, the • Demand greatly exceeds supply for annualized growth rate is about the strongest sectors. 3.4%. This rapid expansion of Households 4,288,080 Households 72,827 population has stimulated significant • Multi-Family cap rates are 4 Retail growth since 1992. Several percent-5.5 percent in A/B areas major Retail chain stores have Household and 5.5 percent-8 percent in C/D Household entered Merced, adding over 750,000 $60,485 $43,534Income Median Income Median areas. Lenders have developed new SF of new Retail space. programs to compete with Fannie & Employees Freddie and to capture a share of the Employees 5,313,010 44,894 (Total) Multi-Family lending. (Total) • Development Land for Condos,Unemployment 10.20% Apartments and Mixed-Use is once Unemployment 17.20% again in demand but prices are still below pre-recession levels. • Strongest sub-markets are: the Santa Monica and Venice creative corridors, Beverly Hills, Brentwood, West Hollywood and Hollywood.contact contactColdwell Banker Commercial Coldwell Banker CommercialNRT - Los Angeles Gonella Realty11999 San Vicente Blvd. 3170 Collins Dr. Suite ALos Angeles, CA 90049 Merced, CA 95348(310) 820-6651 (209) 725-7253www.cbcworldwide.com www.mercedcommercialrealestate.com OFFICE retail OFFICE retail Vacancy q Vacancy p Vacancy n Vacancy p Absorption p Absorption p Absorption n Absorption n Rental Rates p Rental Rates p Rental Rates q Rental Rates q Industrial Multi-Family Industrial Multi-Family Vacancy q Vacancy q Vacancy p Vacancy q Absorption p Absorption p Absorption n Absorption p Rental Rates p Rental Rates p Rental Rates q Rental Rates n 10
  11. 11. CA - Modesto CA - Napa Valley/Napa Countydemographics market highlights demographics market highlights • Stanislaus County is located in the • The Shops at Napa Center, an open CBSA Modesto, CA Central Valley. Many people in the CBSA Napa, CA air downtown Retail hub, is re- surrounding areas shop in its county tenanting and positioning itself to seat of Modesto. add a 180 room hotel. Square Miles 1,494 Square Miles 754 • The major industry is AG-related, • Over 700,000 SF of temperature- employing approximately 18,000 controlled high cube Warehouse Population 512,221 people or 11.3 percent of the total Population 135,273 space was leased in Q4. Future 160,000 people that are employed. demand may require build-to-suit. The unemployment rate varies due to seasonal positions in the AG industry. • There was high demand from Households 167,008 Households 52,057 investors seeking Multi-Family • Well located shopping areas have properties of 5 or more units. been attracting new tenants with Household some major remodeling. Vacant Household • The Up Valley market, including $49,395 $72,042Income Median Income Median spaces, due to the lack of new Yountville, St. Helena and Calistoga, construction, have been absorbed experienced a substantially tight Employees as needed. Kaiser Permanente built Employees supply of commercial properties 140,743 60,343 (Total) a major hospital complex with (Total) available for sale and for lease. Memorial Hospital building, a major expansion.Unemployment 15.00% Unemployment 7.90% • There have been major layoffs in the government sector based on tax assessments being lowered due to the downturn in real estate values. Leveling out has occurred, and all are hoping real estate prices will start to rise in 2012. This will only come ifcontact unemployment in the area starts to contact decline.Coldwell Banker Commercial Coldwell Banker CommercialVinson Chase, Realtor • The Office and Retail markets are Brokers of the Valley220- C Standiford Ave. improving in good centers and 1775 Lincoln Ave.Modesto, CA 95350 locations. Napa, CA 94558(209) 577-2121 (707) 224-8454www.cbcworldwide.com www.napacommercialproperties.com OFFICE 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 p Industrial 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 11
  12. 12. CA - Newport Beach CA - Oakland/East Baydemographics market highlights demographics market highlights Los Angeles- • Vacancy rates within Office San Francisco- • A major transaction was Pacific Gas CBSA Long Beach- properties continues to remain high. CBSA Oakland- & Electric in San Ramon with their Santa Ana, CA Fremont, CA Office lease expansion of 145,000 SF. • The Retail vacancy rate is moving Square Miles 4,850 down slowly. Square Miles 2,473 • Steady economic growth is driving the East Bay Market improvements. • Commercial property sales are increasing. • Low vacancy rates and rising Population 12,935,173 Population 4,347,767 rents are spurring Multi-Family • The Residential market is low on construction pipeline growth. inventory. Households 4,288,080 Households 1,661,661 • East Bay is a popular destination for • The overpriced properties are not residential buyers priced out of San moving. Francisco market. Household Household $60,485 $80,439Income Median • Waterfront properties have held their Income Median • There is an amazing amount of cash value in the area. entering the market. Employees Employees (Total) 5,313,010 (Total) 1,916,201 • The East Bay’s unique culture is more laid back and uncomplicated than that of its western neighbors.Unemployment 10.20% Unemployment 7.30%contact contactColdwell Banker Commercial Coldwell Banker CommercialNRT - Balboa Island NRT - Pleasanton201 Marine Ave. 5980 Stoneridge Dr. Suite 122Balboa Island, CA 92662 Pleasanton, CA 94588(949) 673-8700 (925) 847-2266www.cbcworldwide.com www.cbcworldwide.com OFFICE retail OFFICE retail Vacancy n Vacancy q Vacancy q Vacancy p Absorption q Absorption p Absorption p Absorption q Rental Rates q Rental Rates p Rental Rates p Rental Rates q Industrial Multi-Family Industrial Multi-Family Vacancy n Vacancy q Vacancy q Vacancy q Absorption n Absorption p Absorption p Absorption n Rental Rates q Rental Rates p Rental Rates n Rental Rates p 12
  13. 13. CA - Orange County CA - Riverside/South Westdemographics market highlights demographics market highlights Los Angeles- • Office vacancies are finally down to Riverside-San • The overall market continues to CBSA Long Beach- 13.1 percent. CBSA Bernardino- strengthen and show increased Santa Ana, CA Ontario, CA activity in all sectors. • The commercial rent rates have Square Miles 4,850 flattened out except for Multi-Family. Square Miles 27,260 • Industrial vacancy rates are falling, leaving less availablity of inventory. • Industrial vacancy is under 4% with the rents slowly rising due to lack of • The new Temecula Valley Hospital is Population 12,935,173 product. Population 4,171,856 under construction with completion expected by end of Q1. This will draw • The minimal Retail development is medical professionals into the area. Households 4,288,080 keeping vacancy at under 6 percent. Households 1,350,253 • The unemployment rate has dropped • Stabilization can be seen ahead with to 11.1 percent, down from 12.4 Household tenants renewing leases. Household percent from the previous year. $60,485 $52,845Income Median Income Median • Most major law firms trimmed their space commitments. Employees Employees 5,313,010 1,156,307 (Total) (Total)Unemployment 6.80% Unemployment 10.90%contact contactColdwell Banker Commercial Coldwell Banker CommercialNRT - Newport Beach Sudweeks Group4 San Joaquin Plz. Suite 260 27708 Jefferson Ave. Suite 201Newport Beach, CA 92660 Temecula, CA 92590(949) 644-1600 (951) 200-7683www.cbcworldwide.com www.cbcsocalgroup.com OFFICE retail OFFICE retail Vacancy q Vacancy q Vacancy q Vacancy q Absorption p Absorption p Absorption q Absorption q Rental Rates n Rental Rates n Rental Rates n Rental Rates q Industrial Multi-Family Industrial Multi-Family Vacancy n Vacancy q Vacancy n Vacancy N/A Absorption q Absorption p Absorption p Absorption N/A Rental Rates p Rental Rates p Rental Rates n Rental Rates N/A 13
  14. 14. CA - San Gabriel/San Fernando Valleys CA - San Mateo County/Peninsulademographics market highlights demographics market highlights Los Angeles- • This area has low vacancy. San Diego- • Two Industrial construction projects CBSA Long Beach- CBSA Carlsbad-San have been approved and are Santa Ana, CA • There is an Increase in sale prices and Marcos, CA rumored to commence early to lease rates in the area. mid-2013. The two projects: 213 East Square Miles 4,850 Square Miles 4,200 Grand and 330 San Bruno Ave. They • Speculative development is starting. are both R&D properties in South San Francisco with an estimated total • Net absorption is still low. of 550,000 SF. Population 12,935,173 Population 3,071,264 • There is panic buying in multi-family • The largest investment sale was properties. a purchase of ten buildings on Households 4,288,080 Households 1,129,261 Embarcadero Rd. in Palo Alto by KBS • The market is experiencing low Realty totaling 225,000 SF. interest rates and too many buyers. Household Household • The Mid Peninsula Coalition $60,485 $66,264Income Median Income Median completed their new 109 unit complex at 636 El Camino Real in Employees Employees South San Francisco. 5,313,010 1,227,936 (Total) (Total) • The asking rates in the Industrial market remain relatively flat over theUnemployment 10.20% Unemployment 8.10% Q4 in 2012. • San Mateo’s job growth continues as the unemployment rate falls 8.5 percent from the recession in 2010. • Sales activity gains significant momentum.contact contactColdwell Banker Commercial Coldwell Banker CommercialNorth County Westbay Real Estate Group701 N. Brand Blvd., Ste 180 1575 Bayshore Hwy. Suite 100Glendale, CA 91203 Burlingame, CA 94010818-334-1900 (650) 344-4300www.cbcnco.com www.cbcburlingame.com OFFICE retail OFFICE retail Vacancy q Vacancy n Vacancy q Vacancy q Absorption n Absorption n Absorption p Absorption p Rental Rates p Rental Rates n Rental Rates p Rental Rates p Industrial Multi-Family Industrial Multi-Family Vacancy q Vacancy q Vacancy p Vacancy q Absorption p Absorption p Absorption q Absorption p Rental Rates p Rental Rates p Rental Rates p Rental Rates p 14
  15. 15. CO - Western CT - Fairfield Countydemographics market highlights demographics market highlights Grand • There are good signs of a market Bridgeport- • Fairfield County’s Office market CBSA recovery. In the Industrial market, CBSA Stamford- ended the Q4 of 2012 with a vacancy Junction, CO General Electric signed a 10 year Norwalk, CT rate of 14.7 percent, up from 14.0 lease for a 70,000 SF facility that had percent with net absorption totaling Square Miles 3,328 been on the market for several years. Square Miles 626 negative 349,245 SF, compared with 310,857 SF in the Q2. Vacant sublease • Commercial foreclosure sales were a space increased to 1,073,617 SF up Population 148,298 factor in the market, but values were from 850,551 SF at Q2. Population 904,874 mostly at market prices. • Fairfield County’s available, vacant- • Over the past 2 years, Colorado Mesa sublease space increased across the Households 60,317 University continues to grow with Households 336,733 board from Q2 in 2012. Office went the addition of two new campus from 851,000 SF to 1,073,617 SF; dormitories and another new Industrial from 81,000 SF to 118,148 Household dormitory slated for the 2013-2014 Household $47,409 $91,039 SF and Retail from 21,000 SF toIncome Median Income Median school year. 30,407 SF. Employees • There was low inventory of • Among the significant movements 54,564 Employees (Total) residential MLS listings, but there 419,437 in 2012 were: UBS vacated 257,474 (Total) are some new subdivisions under SF of Office space; Cervalis leased construction. 167,691 SF of Office space; NBCUnemployment 8.60% Unemployment 7.20% Sports Group moved into a 274,956 • There is Retail growth in the area. SF of Industrial space; Cytec TJ Maxx and Tractor Supply both Industries Inc. vacated 144,000 SF of opened stores in the fall. Sprouts Industrial space; and Sears vacated grocery was constructed and opened 178,516 SF of Retail space. in January 2013, and 2 new national truck stops are slated for the I-70 • Notable construction projects of interchange. Both Land sales for 2012 are: 112 Quarry Rd, a 74,726contact the truck stops closed in December contact SF facility that is currently 32% and were about 10 acres each, at occupied, and a 93,046 SF projectColdwell Banker Commercial approximately $6 SF. Coldwell Banker Commercial is under way at 50 Corporate Dr. anPrime Properties, LLC NRT - Wilton Industrial building already 65% pre-550 Patterson Rd. Suite B 77 Old Ridgefield Rd. leased.Grand Junction, CO 81506 Wilton, CT 06897(970) 243-7375 (203) 831-4187 • The average quoted asking rate iswww.grandjunctioncommercial.com www.cbcworldwide.com $31.84 SF for Office and Industrial is $7.50 SF. OFFICE retail OFFICE retail Vacancy q Vacancy q Vacancy q Vacancy p Absorption p Absorption p Absorption q Absorption n Rental Rates q Rental Rates q Rental Rates p Rental Rates q Industrial Multi-Family Industrial Multi-Family Vacancy p Vacancy q Vacancy N/A Vacancy q Absorption q Absorption q Absorption N/A Absorption n Rental Rates q Rental Rates q Rental Rates N/A Rental Rates q 15
  16. 16. DE - Sussex County FL - Boca Raton/Palm Beach Countydemographics market highlights demographics market highlights • Several new national tenants Boca Raton, • The Palm Beach County Office CBSA Seaford, DE have opened on Coastal Highway, CBSA market enjoyed its healthiest FL including: TD Bank, Buffalo Wild performance during the Q4 of Wings, Panera Bread and Chipotle’s. 2012. Although gains were modest, Square Miles 938 Shore Bank and Keller-Williams have Square Miles 5,126 demand outpaced supply by the also opened Offices. largest margin since the onset of the recession. Population 194,215 • Commercial activity has continued to Population 5,566,404 improve due to the rise in tourism, • Although much of the activity is still more summer rental activity and comprised of lateral market moves, rapidly increasing retirement influx. existing tenants are expanding Households 78,981 Households 2,128,471 and entering into long-term lease • While commercial construction is agreements instead of downsizing or still slow, the level of residential a short-term commit, as this market Household construction increased dramatically Household $52,386 $57,415 has seen over the past 5 years.Income Median Income Median over the past year. • Leasing activity should see modest Employees • Closed residential resale volume Employees growth as economic signals point to 68,986 2,069,525 (Total) increased 14.5 percent in 2012 over (Total) a recovering residential sector and 2011. could translate into increased space needs. In spite of uptick in demand,Unemployment 7.10% • Traffic volume on Route 1 and Unemployment 8.00% expect flat rent performance as Coastal Highway remains at a very the vacancy rate remains relatively high level making it one of the best high. Tenants will retain leverage at Retail areas in the mid-Atlantic negotiation time. region. • Palm Beach County gained nearly • Sussex County’s great accessibility 6,000 jobs during 2012. With a goal to bays and the ocean coupled with to influence economic growth in the low property taxes and no sales tax market, the Business Developmentcontact contact continues to make it one of the top Board of Palm Beach County isColdwell Banker Commercial retiree destinations on the east coast. Coldwell Banker Commercial in partnership with the Board ofResort Realty NRT - Boca Raton County Commissioners and the Palm20184 Coastal Hwy. 1800 NW Corporate Blvd. Beach County Office of EconomicRehoboth Beach, DE 19971 Suite 100 Sustainability for a collaborative(302) 227-5000 Boca Raton, FL 33431 effort.www.cbankercommercial.com (561) 479-5963 www.cbcworldwide.com OFFICE retail OFFICE retail Vacancy q Vacancy q Vacancy q Vacancy n Absorption p Absorption p Absorption p Absorption p Rental Rates n Rental Rates n Rental Rates p Rental Rates p Industrial Multi-Family Industrial Multi-Family Vacancy N/A Vacancy N/A Vacancy n Vacancy q Absorption N/A Absorption N/A Absorption q Absorption p Rental Rates N/A Rental Rates N/A Rental Rates p Rental Rates p 16
  17. 17. FL - Daytona Beach/Ormond Beach FL - Deltonademographics market highlights demographics market highlights Deltona- • Daytona Beach was ranked 6th Deltona- • New VA Hospital to open this fall; Daytona- in Trip Advisor’s top 10 listing of Daytona- creating over 1,000 jobs. CBSA CBSA Ormond Travelers’ Choice Awards for US Ormond Beach, FL beach destinations and ranked 17th Beach, FL • Unemployment is down for a second in the Top 25 Beach Destinations in year in a row. Square Miles 1,103 the World. Square Miles 1,103 • Central FL is getting a boost from the • Bed tax collections from the opening of its first rail named Sun resort area continue to edge up, Rail. Population 495,625 Population 495,625 and boardings at Daytona Beach International Airport continue to • New housing permits are on the rise. climb. Households 214,567 Households 214,567 • Fl state incentives of no state tax and • Planning Board recently voted 11-0 sunny weather are attracting more on a proposal to rezone a 4.5 acre companies. Household ocean site for a 29 story condo with Household $47,500 $47,500Income Median 105 rooms and a 26 story hotel with Income Median 500 rooms. Employees Employees 146,482 • A two tower, 4-star condo/hotel 146,482 (Total) (Total) complex comprised of 1 million SF of space with a 40,000 SF meetingUnemployment 8.10% space is awaiting final approval from Unemployment 8.10% city commissioners. Construction of the first tower on 10 acres ocean front site should begin late summer. • Embry-Riddle University, Daytona State University, Bethune Cookman,contact and University of Central FL continue contact to grow and receive national andColdwell Banker Commercial federal grants in their fields of Coldwell Banker CommercialBenchmark expertise. AI Group570 Memorial Circle Suite 300 1019 Town Center Dr. Suite 200Ormond Beach, FL 32174 • A large modular home community Orange City, FL 32763(386) 672-8530 sold for $26.4 million. The demand (386) 775-8633www.benchmarkdaytona.com for assisted living facilities and Multi- www.cbcaigroup.com Family developments continue to rise. OFFICE retail OFFICE retail Vacancy p Vacancy q Vacancy q Vacancy q Absorption q Absorption p Absorption p Absorption p Rental Rates p Rental Rates q Rental Rates n Rental Rates n Industrial Multi-Family Industrial Multi-Family Vacancy p Vacancy q Vacancy p Vacancy n Absorption q Absorption p Absorption q Absorption n Rental Rates p Rental Rates p Rental Rates n Rental Rates n 17
  18. 18. FL - Florida Keys/Key West FL - Fort Lauderdale/Broward Countydemographics market highlights demographics market highlights • The sales of distressed properties are Miami-Fort • Cap rates are shrinking due to low CBSA Key West, FL brisk, and new distressed listings are Lauderdale- interest rates and a limited supply of CBSA declining. Pompano product. Beach, FL Square Miles 997 • Hotel development and re- • New construction is finally taking development is being driven by the Square Miles 5,126 place in the area. high average ADR’s and Occupancy Population 73,047 which lead the State of FL. • Multi-Family remains the strongest market. Population 5,566,404 • This market is experiencing renewed interest from national tenants due to • The Office market has a lot of tenants Households 32,553 prices being down and other existing shifting to other spaces. opportunities. Households 2,128,471 • The Retail market is very active with Household • The Barriers to entry based on new construction up and down major $71,455Income Median Household development restrictions continue to $57,415 corridors. be a challenge. Income Median Employees • The area continues to grow with the 29,685 • Please visit our website at www. expansion of the Fort Lauderdale (Total) Employees RealEstateFlordiaKeys.com to view 2,069,525 Airport and the rise of population. (Total) our most recent Newsletter whichUnemployment 4.30% discusses the market in detail. Unemployment 8.10% • Monroe County continues to enjoy one of the lowest unemployment rates in FL.contact contactColdwell Banker Commercial Coldwell Banker CommercialSchmitt Real Estate Company NRT - Boca Raton11100 Overseas Hwy. 1800 NW Corporate Blvd. Suite 100Marathon, FL 33050 Boca Raton, FL 33431(305) 289-6482 (561) 367-4111www.cbcworldwide.com www.cbcworldwide.com OFFICE retail OFFICE retail Vacancy q Vacancy q Vacancy q Vacancy q Absorption n Absorption n Absorption p Absorption p Rental Rates n Rental Rates n Rental Rates q Rental Rates q Industrial Multi-Family Industrial Multi-Family Vacancy n Vacancy q Vacancy q Vacancy q Absorption n Absorption q Absorption p Absorption p Rental Rates n Rental Rates p Rental Rates p Rental Rates p 18

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