2013 Mid Year Blue Book

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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.

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2013 Mid Year Blue Book

  1. 1. 2013 Blue Book SEMI-ANNUAL Market Intelligence Report Check out the cbcworldwide.com MARKETS SNAPSHOTS For Commercial Real Estate
  2. 2. CONTENTS AL - Houston County 4 AL - Montgomery 4 AK - Anchorage 5 AZ - Sedona 5 AR - Little Rock 6 CA - Antelope Valley 6 CA - Chico 7 CA - Inland Empire North / Victor Valley 7 CA - Long Beach / South Bay 8 CA - Modesto 8 CA - Napa & Sonoma Valleys 9 CA - Newport Beach 9 CA - North Los Angeles County 10 CA - North State 10 CA - Oakland / East Bay 11 CA - Orange County 11 CA - Riverside / Corona Valley 12 CA - Riverside / South West 12 CA - Roseville / Placer County 13 CA - San Mateo County 13 CA - West Los Angeles 14 CO - Denver 14 CO - Grand Junction / Mesa County 15 CT - Fairfield County 15 DE - Sussex County 16 FL - Boca Raton 16 FL - Charlotte County 17 FL - Daytona Beach / Ormond Beach 17 FL - Deltona / Daytona Beach 18 FL - Florida Keys / Key West 18 FL - Fort Myers / Naples 19 FL - Gainesville 19 FL - Indian River County 20 FL - Jacksonville 20 FL - Lakeland / Winter Haven 21 FL - Melbourne / Brevard County 21 FL - Melbourne / Palm Bay / Titusville 22 FL - Ocala, Marion County 22 FL - Port Orange / New Smyrna Beach 23 FL - Sarasota / Manatee / Charlotte 23 FL - St. Lucie County 24 FL - Tallahassee 24 FL - Tampa Bay 25 GA - Athens 25 GA - Atlanta, Greater MSA 26 GA - Columbus 26 GA - Dalton / Whitfield County 27 GA - Hinesville / Fort Stewart 27 GA - Lake Oconee Trade Area 28 GA - Marietta 28 GA - Middle Georgia 29 GA - Savannah 29 HI - Honolulu 30 ID - Boise, Idaho 30 ID - Coeur d’Alene 31 ID - Eastern 31 IL - Bloomington / Normal 32 IL - Champaign / Urbana 32 IL - Chicagoland 33 IN - East Central Indiana 33 IN - Indianapolis 34 KS - Garden City 34 KS - Kansas City Meto Area 35 KY - Lexington 35 KY - Louisville Metro 36 KY - Southern 36 LA - Lafayette 37 LA - New Orleans 37 ME - Midcoast and Southern 38 MI - Northern 38 MI - Western 39 MN - Central 39 MN - Mankato 40 MN - Minneapolis Metro 40 MS - Gulfport / Biloxi 41 MO - St. Joseph 41 MT - Billings 42 NE - Lincoln 42 NV - Reno / Sparks 43 NJ - Central & Northern 43 NJ - Morris County 44 NJ - Northern 44 NM - Albuquerque / Bernalillo County 45 NY - Long Island 45 NY - New York City 46 NC - Greensboro / Guilford County 46 NC - Piedmont Triad 47 NC - Wilmington 47 ND - Fargo / Moorhead 48 OH - Cincinnati 48 OH - Cleveland 49 OK - Oklahoma City Metro 49 OK - Tulsa, Oklahoma 50 OR - Portland 50 OR - Salem 51 OR - Southern 51 PA - Northeastern 52 PA - Philadelphia, Northern Suburbs 52 PA - Southwestern 53 SC - Charleston 53 SC - Columbia 54 SC - Greenville 54 SC - Myrtle Beach 55 SC - Spartanburg 55 SC - Sumter 56 SD - Rapid City 56 TN - Chattanooga Metro 57 TN - East 57 TN - Nashville 58 TX - Abilene 58 TX - Amarillo 59 TX - Austin 59 TX - Bryan / College Station 60 TX - Central / South 60 TX - Houston 61 TX - Lubbock 61 TX - Rio Grande Valley MSA 62 TX - Victoria 62 TX - Waco 63 UT - Salt Lake County 63 VA - Fredericksburg 64 VA - Lynchburg 64 WA - Clark County 65 WA - King County 65 WI - Janesville / Beloit 66 WI - Madison, Greater 66 WY - Cheyenne Metro 67 INTERNATIONAL Bermuda 68 Canada - Aurora, Ontario 68 Canada - Barrie, Ontario 69 Canada - Innisfil, Ontario 69 Canada - Kelowna / West Kelowna, BC 70 Canada - Newmarket, Ontario 70 Canada - Orillia, Ontario 71 Canada - Ottawa, Canada 71 Canada - Richmond Hill, Ontario 72 Canada - Trail, British Columbia 72 Canada - Vaughan, Ontario 73 Canada - Waterloo Region, Ontario 73 Canada - Winnipeg Area, Manitoba 74 Costa Rica 74 France - Paris 75 Guatemala 75 Italy 76 Mexico - Mexico City 76 Puerto Rico 77 Spain - Barcelona & Cataluña Region 77 United Arab Emirates - Dubai 78
  3. 3. 3 Vacancy Absorption Rental Rates p 11 Markets 78 Markets 39 Markets q 80 Markets 15 Markets 24 Markets n 35 Markets 30 Markets 60 Markets *Based off 127 US Markets (Information was N/A in certain sectors) 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. Source: Reis. 2013 Industrial are projections. OFFICE retail industrial mulI-family Q2 2012 Q2 2013 17.0% 17.3% 4,004,000 7,220,000 $28.17 $28.78 Vacancy Absorption Rental Rates OFFICE retail industrial multI-family Vacancy Absorption Rental Rates p 7 Markets 85 Markets 40 Markets q 88 Markets 9 Markets 26 Markets n 28 Markets 31 Markets 56 Markets Vacancy Absorption Rental Rates p 14 Markets 77 Markets 61 Markets q 79 Markets 19 Markets 8 Markets n 25 Markets 21 Markets 48 Markets Vacancy Absorption Rental Rates p 8 Markets 85 Markets 85 Markets q 87 Markets 6 Markets 1 Markets n 15 Markets 18 Markets 23 Markets Q2 2012 Q2 2013 11.9% 11.5% 1,739,000 1,392,000 $17.96 $18.11 2012 2013 10.0% 9.4% 96,277,000 101,003,000 $4.61 $4.70 Q2 2012 Q2 2013 4.8% 4.3% 34,418 31,973 $1,082 $1,110 The charts below represent how many of the 127 US markets submitted in this book are Up, Down or had No Change.** Jun 2012 vs Jun 2013 Source: Bureau of Labor Statistics Largest Decrease: Modesto, CA - 2.8% p 16 Markets q 103 Markets n 8 Markets UNEMPLOYMENT Demand: Office mirrors job creation in the overall economy, the primary demand drivers have been in the Medical, Education, Technology and Energy sectors. Demand: Grocery Anchored shopping centers are doing well with a trend toward specialty anchors such as Whole Foods, Trader Joes and Sprouts. High end and low end (discounters) are doing better, the middle is not the place to be, see Sears and JC Penny. Demand: According to REIS e-Commerce & Internet fulfillment have been driving demand while import/export activity is tapering off due to economic activity outside the U.S. Supply: The level off of vacancy has been a function of increased supply growth. REIS has indicated that new units coming on line are 85% pre-leased indicating that demand remains strong. Of the 16 markets where the unemployment rate rose, it was less than 1% increase in each market.
  4. 4. 4 AL - Houston County DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Alfred Saliba Realty Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.alfredsalibacommercial.com 410 N. Shady Lane Dothan, AL 36303 (334) 793-6600 CONTACT CBSA Dothan, AL 1,718 143,295 57,785 $43,656 58,833 6.30% Square Miles Household Income Median Population Households Employees (Total) Unemployment • The Governor of Alabama opened the 110,000 SF College of Osteopathic Medicine. Students began their first semester in August. • Houston County’s unemployment rate has dropped from 6.7% to 6.3%. • In November, Houston County will be hosting the first meeting ever held in the United States of over 400 business owners from China that are interested in expansion into the US. • Hundreds of jobs came to Dothan when Commercial Jet opened its aviation services facility in May. q N/A q q p N/A p p N/A N/A p p AL - Montgomery DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Moore Company Realty Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.moorecompanyrealty.com 121 Coosa St. Suite 250 Montgomery, AL 36104 (334) 262-1958 CONTACT CBSA Montgomery, AL 2,725 367,157 147,017 $52,679 144,160 6.90% Square Miles Household Income Median Population Households Employees (Total) Unemployment • 50,000 SF back-office bank use is headed to former Colonial Bank building on a 10 year lease. • There is activity in the market from outside companies looking to capitalize on the low cost of labor tightening the market. • Several hundred new apartments are coming on line both in the CBD and the suburbs. Office, Industrial and Retail are still absorbing inventory. • Sales of existing homes are up year to year over 12%. • The downtown revitalization continues to lure both young and old into considering Montgomery as their home due to an exciting urban renewal. • Hyundai Automotive’s popular Sonata, made in Montgomery, set an annual production record of 361,348 units with a cumulative production figure of 2 million units for the year and is on target to beat that for 2013. q q q q p p p p n q p p
  5. 5. 5 AK - Anchorage DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial NRT - Anchorage Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.coldwellutah.com 2600 Cordova St. Suite 205 Anchorage, AK 99503 (907) 561-5155 CONTACT CBSA Anchorage, AK 26,379 378,904 137,722 $72,444 162,368 6.60% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Cabela’s broke ground on their 100,000 SF south Anchorage store. They will open May 2014. Bass Pro will open October 2013 with their 75,000 SF store. • ULTA cosmetics will build stores in Anchorage and Fairbanks in 2014. • Wal-Mart will open its east Anchorage super store in October 2013 and new 160,000 SF Sam’s Club at Tikahtnu Commons September 5th. Retail continues to be strong with new retailers and restaurants coming into the market. Existing retailers are opening new locations to fill holes in the market. • The Class A Office market has improved to a 97% occupancy level. JL Properties broke ground in August for a new 100,000 SF building in midtown Anchorage that is 30% leased. • The Warehouse market is strong with a 2% vacancy rate. Rents are in the $9.60 to $15.00 range. q q q n n p p n p n n n AZ - Sedona DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial First Affiliate Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcworldwide.com 195 West SR 89A Sedona, AZ 86336 (928) 340-5000 CONTACT CBSA Flagstaff, AZ 18,617 130,596 46,597 $52,993 48,137 8.00% Square Miles Household Income Median Population Households Employees (Total) Unemployment • World Class Golf course Seven Canyons recapitalizes and partners with 5-star Enchantment Resorts which was named the #1 Spa by Travel and Leisure magazine. • Vacancies are constant. • Upscale Restaurateur is expanding from 2 to 4 locations. A new location is currently under construction. • Low inventory is causing price increases and a seller’s market in certain price ranges. Prices under $250,000 have a 2 month absorption rate; under $400,000 have a 4 month absorption rate. • Both visitor and buyer traffic are increasing in the general market area. • Sedona continues to be rated by various periodicals as one of the top three U.S. vacation destinations. n n n q n n n p n n n p
  6. 6. 6 AR - Little Rock DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Hathaway Group Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.hathawaygroup.com 2100 Riverdale Rd. Suite 100 P.O Box 3730 LIttle Rock, AR 72202 (501) 663-5400 CONTACT CBSA Little Rock- North Little Rock- Conway, AR 4,090 690,456 276,042 $56,190 290,765 6.70% Square Miles Household Income Median Population Households Employees (Total) Unemployment • 40,000 SF of Class A Office space was absorbed via Perfect Manufacturing’s purchase of 16101 St. Vincent Way. • Major Maumelle Industrial absorption by Leisure Arts taking 200,000 SF in LR Logistics Center. • Occupancy firms up at all top tier shopping centers in market. • New entries and expansions by popular eateries: Twin Peaks, Chuhy’s, Big Orange, On The Border, Chipotle and Slim Chickens. • “Mann on Main” and “Arcade” Mixed-Use projects open in downtown. • Kiplinger ranks Little Rock #1 on its “10 Best Places to Live” in 2013. p n q q q q n p q p p p CA - Antelope Valley DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Valley Realty Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcvalleyrealty.com 42402 10th St. West Suite E Lancaster, CA 93534 (661) 945-2524 CONTACT CBSA Antelope Valley 2,500 513,547 156,816 $67,268 166,627 8.50% Square Miles Household Income Median Population Households Employees (Total) Unemployment • China based BYD, a firm specializing in rechargeable batteries, electric bus and vehicle manufacturing, and green energy technologies, opens electric bus manufacturing plant in the city of Lancaster and purchases a second location in the city that will become a large-scale battery production center. • Kinkisharyo International announced plans to utilize the former B1B bomber plant, Site 9, in Palmdale to fulfill an $890 million contract to build as many as 235 light rail cars for the Los Angeles County Metropolitan Transportation Authority. • Aerospace fastener manufacturer, Morton Manufacturing, is in the final stages of construction for its new 80,000 SF corporate headquarters in the city of Lancaster and is predicted to bring 300 jobs to the area. • Innovative Coatings Technology Corporation (INCOTEC), a global leader in coatings technology, announced plans to move their headquarters to the City of Lancaster. Having outgrown their current facility in Mojave, INCOTEC plans on expanding their manufacturing capacity to the new Lancaster headquarters, adding 50 new hires in the process. q q q N/A p p p N/A n n n N/A
  7. 7. 7 CA - Chico DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial DuFour Realty Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcworldwide.com 1350 E. Lassen Ave. Suite 1 Chico, CA 95973 (530) 895-1545 CONTACT CBSA Chico, CA 1,639 221,277 88,796 $43,239 60,484 10.30% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Sales and transient occupancy tax is significantly increasing and now is above 2007 levels. • Number of building permits is up almost 250% over last year. It is the highest level in six years. • The technology sector is improving. Milestone Technologies, Build.com and new ChicoStart Innovation Lab are expanding into new facilities. • There are new major retailers in the area including BevMo, Chipotle and CVS. • There is high vacancy in large Offices and Warehouses at airport and Industrial parks. • The small Warehouse and Office market is very active with lower vacancy. q q q q q p p p n n n n CA - Inland Empire North / Victor Valley DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Real Estate Solutions Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcdesert.com 15500 W Sand St. 2nd Floor Victorville, CA 92392 (760) 684-8000 CONTACT CBSA Riverside- San Bernardino Ontario, CA 27,260 4,171,856 1,350,253 $52,845 1,156,307 10.20% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Recently opened or under construction: Dick’s Sporting Goods, Steak N Shake, Chipotle, Red Robin, Fat Burger, Denny’s, Ulta Beauty and In Shape Gym. • The first Hot Dog on a Stick drive thru in California opens in Hesperia. • Multi-Family sales price per SF is up 42% year over year. • Land: Average transaction price has risen 53% since the beginning of the year. • If Victor Valley’s trade area (population 442,497) was a city, it would be the 8th largest city in the state. • There is $5.3 billion of Retail potential in the Victor Valley region. • The HDO Annual regional business conference will be held on Oct 17, 2013 in Victorville. q q p n q p q n q n p p
  8. 8. 8 CA - Long Beach / South Bay DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Blair Westmac Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcblair.com 333 W. Broadway Suite 312 Long Beach, CA 90802 (562) 495-6070 CONTACT CBSA Long Beach, CA 4,850 12,935,173 4,288,080 $60,485 5,313,010 9.20% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Mercedes Benz USA has leased a 1,091,754 SF Industrial complex on 52 acres of land. • Two new high-rise Residential developments will soon begin construction in Downtown Long Beach. • Sale inventory is very low, especially for Multi-Family properties. • A large SBA buyer pool is looking to purchase. q q q q q p p n p p n p CA - Modesto DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Vinson Chase, Realtor Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcworldwide.com 220- C Standiford Ave. Modesto, CA 95350 (209) 577-2121 CONTACT CBSA Modesto, CA 1,494 512,221 167,008 $49,395 140,743 12.70% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Stanislaus County is located in the Central Valley. Many people in the surrounding areas shop in its county seat of Modesto. • The major industry is AG-related, employing approximately 18,000 people or 11.3 percent of the total 160,000 people that are employed. The unemployment rate varies due to seasonal positions in the AG industry. • Well located shopping areas have been attracting new tenants with some major remodeling. Vacant spaces, due to the lack of new construction, have been absorbed as needed. Kaiser Permanente built a major hospital complex with Memorial Hospital building, a major expansion. • 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 if unemployment in the area starts to decline. • The Office and Retail markets are improving in good centers and locations. q q n q p p n p n n n p
  9. 9. 9 CA - Napa & Sonoma Valleys DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Brokers of the Valley Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.napacommercialproperties.com 1775 Lincoln Ave. Napa, CA 94558 (707) 224-8454 CONTACT CBSA Napa, CA 754 135,273 52,057 $72,042 60,343 5.80% Square Miles Household Income Median Population Households Employees (Total) Unemployment • In the first half of 2013, many developers and builders came back into the market. One project included 120 townhouses at a high profile corner of Hwy. 29 and American Canyon Rd. • City of Napa has received an application for a 5+ acre subdivision comprised of 32 one and two-story single family homes, east of the Alexander Crossing Apartments under construction on Silverado Trail. • A Bay Area developer is in escrow to close later this year on an infill project of 71 townhomes, ranging from 1,200 to 2,000 SF in size, in the Pear Tree Lane area of Napa. • Calistoga voters approved three new Hotel / Resort projects that will add $1.5 to $2 million per year in transient occupancy tax revenue within the next 3 to 5 years. • In St. Helena, Retail rental rates continue to trend upward, approaching $3.50 to $4.00 per SF. In Yountville, only one Retail space is available for lease in Washington Square. The only Office building listed for sale received multiple offers over the $1.2MM asking price. • On West Napa St. in Sonoma, a developer has plans to build 12 townhouses on a one acre parcel, just east of the turn onto Hwy 12. q q q N/A p p p p p n n p CA - Newport Beach DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial NRT - Balboa Island Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcworldwide.com 201 Marine Ave. Balboa Island, CA 92662 (949) 422-6657 CONTACT CBSA Los Angeles- Long Beach- Santa Ana, CA 4,850 12,935,173 4,288,080 $60,485 5,313,010 9.20% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Office vacancy rates are improving slightly. • Office rental rates are still declining. • Retail investments are beginning to move again. • Industrial unit sales are moving up slightly. • Multi-Family investment prices are rising while the cap rate is declining. • Retail rent rates are moving up. n q n q n p n p q q p p
  10. 10. 10 CA - North Los Angeles County DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Alliance Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcalliance.com 701 North Brand Blvd. 850 Glendale, CA 91203 (818) 334-1900 CONTACT CBSA Los Angeles- Long Beach- Santa Ana, CA 4,850 12,935,173 4,288,080 60,485 5,313,010 9.20% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Avery International relocated their headquarters from Pasadena to Glendale. • Vacancy is decreasing in Pasadena and Burbank because companies are beginning to hire new employees again and there are no new office buildings under construction. • In Pasadena, one new Office building will start construction in early 2014. • Residential prices have already increased 15% in 2013. • There is more optimism in the market because the unemployment rate is decreasing, interest rates are low and many investors want to purchase commercial properties. • Pasadena and Burbank have lower Office vacancy rates than most other cities throughout the region. • Industrial rental rates and sale prices are increasing because vacancy is under 5%. Industrial is a seller’s market, due to increased demand from users for space, low vacancy and very favorable interest rates for buyer’s. q q q q p p p p p p p p CA - North State DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial C&C Properties Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcnorthstate.com 2155 Larkspur Lane, #A Redding, CA 96002 (530) 221-9638 CONTACT CBSA Redding, CA 3,785 181,457 71,491 45,729 53,468 10.60% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Partnership Healthcare California will hire 80 people and acquire 14,000 SF of Office space. • No new construction for the past 5 years is resulting in shortages in Office and Retail. • Housing construction is starting up again, but all other sectors remain flat. • Increased demand has driven up values which has reduced foreclosures. • There is a surprising recovery in Retail sector. • Redding outperforms San Francisco in per capita Retail spending. q q n q p p n p n p n p
  11. 11. 11 CA - Oakland / East Bay DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial NRT - Pleasanton Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcworldwide.com 5980 Stoneridge Dr. Suite 122 Pleasanton, CA 94588 (925) 847-2266 CONTACT CBSA San Francisco- Oakland- Fremont, CA 2,473 4,347,767 1,661,661 $80,439 1,916,201 6.50% Square Miles Household Income Median Population Households Employees (Total) Unemployment • The 345,700 SF Downtown Pleasant Hill Retail center was sold for $100,000,000 ($289 PSF, 7.1% Cap Rate). • The East Bay market is benefiting from firms priced out of San Francisco. • Solid employment gains are continuing. • Apartment developers are restarting projects shelved during the recession. • Cash continues to pour in from overseas investors. • The East Bay’s unique culture is more laid back and uncomplicated when compared to that of its western neighbors. q n q q n n p q n n p p CA - Orange County DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial NRT - Newport Beach Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcworldwide.com 4 San Joaquin Plz. Suite 260 Newport Beach, CA 92660 (714) 504-4649 CONTACT CBSA Los Angeles- Long Beach- Santa Ana, CA 4,850 12,935,173 4,288,080 60,485 5,313,010 9.20% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Irvine Company sees 5 Million more SF of Offices. • The recession is largely behind the best of Orange County’s big-box space. • Research and Development sector activity is increasing. • The housing market is on fire, up to $1,000,000 in sales. • Fashion Island Shopping Center renovations are almost completed. • Construction is up in most sectors, but Retail lags. q n q q p n p p n p p p
  12. 12. 12 CA - Riverside / Corona Valley DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Sudweeks Group Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcsocalgroup.com 1260 Corona Pointe Ct. Suite 101 Corona, CA 92879 (951) 239-3147 CONTACT CBSA Riverside- San Bernardino- Ontario, CA 27,260 4,171,856 1,350,253 52,845 1,156,307 10.20% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Industrial continues to be the strong point of the commercial real estate market in the Corona Valley. • Office rental rates have increased 7.6% from the bottom of the market which was in Q1 2012. • As residential builders are now resuming new home construction projects, Retail activity and prices are starting to climb. • The unemployment rate has dropped to 10.2%, down from 12.4% from the previous year. q q p N/A p p p N/A p q n N/A CA - Riverside / South West DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Sudweeks Group Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcsocalgroup.com 27708 Jefferson Ave. Suite 201 Temecula, CA 92590 (951) 200-7683 CONTACT CBSA Riverside- San Bernardino- Ontario, CA 27,260 4,171,856 1,350,253 $52,845 1,156,307 11.10% Square Miles Household Income Median Population Households Employees (Total) Unemployment • All economic indicators continue to point to a stabilizing economy for the second half of the year. • Continued positive absorption and only one new delivery of Class B professional Office space resulted in another drop in vacancy for Southwest Riverside County. • In Retail, all sub markets, with the exception of four, have dropped to a vacancy rate of 10% or below. This is a great measure of economic health within the Southwest Riverside County region and will no doubt contribute to increasing lease rates as vacancy continues to drop. • As the Temecula Valley Hospital nears completion, many doctors are looking to relocate within close proximity. This is driving up demand in the Hwy. 79 South area with most of the available Medical Office product getting leased and / or sold. • The unemployment rate has dropped to 11.1%, down from 12.4% from the previous year. q q q N/A p q q N/A n p p N/A
  13. 13. 13 CA - Roseville / Placer County DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial NRT - Roseville Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcworldwide.com 2270 Douglas Blvd. Suite 120 Roseville, CA 95661 (916) 786-4600 CONTACT CBSA Sacramento- Arden- Arcade- Roseville, CA 5,094 2,141,658 801,834 61,184 727,825 8.50% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Major Retail construction at Rocklin Crossing of 543,200 SF. • Major big-box construction in Rocklin Commons of 410,942 SF. • Leasing activity in all sectors is level to increasing. Residential construction up. • There is a shortage of Building Lots, and Land prices are increasing. • There is growth in new jobs as the healthcare industry is hiring. • Investors are coming back into the market. q q q q q p p p n q n p CA - San Mateo County DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Westbay Real Estate Group Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcburlingame.com 1575 Bayshore Hwy. Suite 100 Burlingame, CA 94010 (650) 344-4300 CONTACT CBSA San Diego- Carlsbad- San Marcos, CA 4,200 3,071,264 1,129,261 $66,264 1,227,936 7.30% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Eleventh consecutive quarter of asking rate rising 3.7% quarter after quarter in the Office market. • Salesforce leases out 103,373 SF. • Industrial sale of 87,000 SF by IIT Acquisitions, LLC. • There was a sale of an 85,000 SF Industrial building by Terrano Realty Group. • Industrial tenant demand increases as companies from surrounding markets look to relocate to the Peninsula. • Over 600 Multi-Family units in Redwood City are under construction for 2014. q q n q p p p p p p p p
  14. 14. 14 CA - West Los Angeles DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial WESTMAC Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.westmac.com 1515 S. Sepulveda Blvd. Los Angeles, CA 90025 (310) 478-7700 CONTACT CBSA Los Angeles- Long Beach- Santa Ana, CA 4,850 12,935,173 4,288,080 $60,485 5,313,010 9.20% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Technology, internet and media continue to take additional space. • Vacancy rates and rents remain steady. • Apartment development is on the rise. • Apartments are in high demand. • Capitalization rates and price per SF are back to 2007 levels. • Investment inventory is very low. n q p q n p q p n n p p CO - Denver DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Alliance Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcalliance.com 999 18th Street, Suite 1350 Denver, CO 80202 (303) 238-7777 CONTACT CBSA Denver- Aurora, CO 8,369 2,578,383 1,001,550 67,727 1,140,976 7.30% Square Miles Household Income Median Population Households Employees (Total) Unemployment • One Touch Print relocated its Denver HQ comprised of 82,467 SF to the former Office Depot facility in North Denver. • Denver has had 14 consecutive quarters of positive absorption. Year to date, Office is 860,157 SF; Industrial is 1.6 million SF; and Retail expanded by 665,786 SF. • The investment market is returning rapidly with 5.1 million SF trading for $926 million. • The Union Station redevelopment will open its first new Office building this fall known as One Union Station. Five additional projects are in the pipeline. • Positive absorption in all markets and rising rents (exceeding 2008 levels) are making Denver very attractive for investors. • Colorado’s unemployment rate fell in the last quarter to 6.9%. q q q q p p p p p p p p
  15. 15. 15 CO - Grand Junction / Mesa County DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Prime Properties, LLC Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.grandjunctioncommercial.com 2646 Patterson Rd., Suite B Grand Junction, CO 81506 (970) 243-7375 CONTACT CBSA Grand Junction, CO 3,328 148,298 60,317 $47,409 54,564 9.00% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Western Colorado continues recovery in the market. Regional Medical Center announces next phase with a $40M economic impact to the region as they complete the project. Additional medical related projects: 87,000 SF, $24M Medical Plaza and a 17,000 SF Pain Management, Ambulatory Surgery Center. • Year to date total volume is up 9.18% for the first half of the year. The 2012 year to date volume sold $258,392,219 compared to the 2013 year to date volume sold $281,324,778. Transactions are down by 3.39%; the 2012 units sold 1,524 and 2013 units sold is 1,474 . • Year to date building permits are down for the first half of 2013 according to the Mesa County building department. January to June 2013, 121 new building permits were issued, in 2012 there were 133 permits issued, down by 9.09%. • Significant deals in the first half of 2013 include a 56,000 SF building on 2.92 acre redevelopment for a government tenant sold for $1.95 million; a 47,280 SF redevelopment family fun center sold for $1.85 million; an 18,900 SF Industrial energy related sold for $965,750; and a 19,200 SF Industrial redevelopment sold for $800,000. q q n q p p q n q q q n CT - Fairfield County DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial NRT- Wilton Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcworldwide.com 77 Old Ridgefield Road Wilton, CT 06897 (203) 831-4187 CONTACT CBSA Bridgeport- Stamford- Norwalk, CT 626 904,874 336,733 $91,039 419,437 7.50% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Fairfield County’s Office market ended Q2 of 2013 with a vacancy rate of 15.1%, up from 15.0% with net absorption totaling negative 64,127 SF, compares to positive 65,818 SF in the Q1 2013. Vacant sublease space increased in the quarter, ending the quarter at 929,149 SF. • Fairfield County’s available vacant-sublease space increased in Office in Q1 2013 from 928,936 SF to 929,149 SF. Industrial decreased from 65,108 SF Q1 2013 to 61,458 SF by the end of the Q2. Retail has trended up over the past four quarters from Q3 2012 16,680 to 18,665 Q2 2013. • Millward Brown vacated 73,564 SF of Office space. Charter Communications is moving into 73,564 SF Office space. Seaboard Industries Inc. moved into 32,000 SF of Industrial space. Price Rite moved into 46,000 SF of Retail space and Whole Foods Market moved into 35,200 SF of Retail space. • Notable constructions projects of 2013 are: 106 Federal Road 6,500 SF facility and 264 South Beach Ave, a 5,400 SF building. • The average quoted asking rate is $37.74 SF for Office; Industrial $7.61 SF; and Retail $25.31 SF. p q n N/A q p q N/A p n q N/A
  16. 16. 16 DE - Sussex County DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Resort Realty Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbankercommercial.com 20184 Coastal Hwy. Rehoboth Beach, DE 19971 (302) 227-5000 CONTACT CBSA Seaford, DE 938 194,215 78,981 $52,386 68,986 6.50% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Several new national tenants have opened on Coastal Highway, including: TD Bank, Buffalo Wild Wings, Panera Bread and Chipotle. Shore Bank and Keller-Williams have also opened offices. • Commercial activity has continued to improve due to the rise in tourism, more summer rental activity and rapidly increasing retirement influx. • While commercial construction is still slow, the level of residential construction increased dramatically over the past year. • Closed residential resale volume increased 14.5% in 2012 over 2011. • Traffic volume on Route 1 and Coastal Highway remains at a very high level making it one of the best Retail areas in the mid-Atlantic region. • Sussex County’s great accessibility to bays and the ocean, coupled with low property taxes, and no sales tax continues to make it one of the top retiree destinations on the east coast. q q N/A N/A p p N/A N/A n n N/A N/A FL - Boca Raton DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial NRT - Boca Raton Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcworldwide.com 1800 NW Corporate Blvd. Suite 100 Boca Raton, FL 33431 (561) 479-1225 CONTACT CBSA Boca Raton, FL 5,126 5,566,404 2,128,471 $57,415 2,069,525 7.50% Square Miles Household Income Median Population Households Employees (Total) Unemployment • The Boca Raton submarket had a slight drop in Office vacancy rate to about 23.1%. Although there was minimal new corporate relocations into this market, several existing companies expanded either in their current locations or expanded laterally in the market. • The largest transaction signed in Q2 was Tyco Integrated Security. The company leased 72,234 SF at Boca Corporate Center and Campus in Boca Raton. Tyco will be vacating 175,000 SF at 1501 Yamato Rd., Boca Raton, to be backfilled by their affiliate ADT. • The overall average asking lease rates held steady over last year and remained at a current rate of $17.00 PSF NNN. • Currently, there are no new Office projects underway in the Boca Raton or Palm Beach County market. • There was one notable Office building sale during Q2. Cendyn, a full service digital marketing agency, acquired the Compson Financial Center in Boca Raton at auction for approximately $10 million or $107 PSF. The property was 23% occupied at the time of sale. • Indicators are trending in a positive direction, leading to growth in 2013. Landlords and investors are optimistic as the Office market continues to improve at a slow but steady pace. Housing values continue to improve in the area with annual building permits on the rise for the first time in 5 years. q N/A N/A N/A p N/A N/A N/A N/A N/A N/A N/A
  17. 17. 17 FL - Charlotte County DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Sunstar Realty, Inc Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.sunstarcommercial.com 1980 Kings Hwy. Port Charlotte, FL 33980 (941) 255-3497 CONTACT CBSA Punta Gorda, FL 694 156,239 70,703 $50,696 38,556 7.30% Square Miles Household Income Median Population Households Employees (Total) Unemployment • There have been no significant changes in the market in the past 6 months. • Vacancy is staying level. • There was a small increase in new construction. • Inventory is low and new home construction is up. • The market has stabilized. • The market is a great location for retirees. n n n n n n n n n n n n FL - Daytona Beach / Ormond Beach DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Benchmark Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.benchmarkdaytona.com 570 Memorial Circle Suite 300 Ormond Beach, FL 32174 (386) 672-8530 CONTACT CBSA Deltona Daytona Ormond Beach, FL 1,103 495,625 214,567 $47,500 146,482 7.30% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Diamond Aircraft Industries, the world’s third largest aircraft manufacturer, has just committed to a long-term partnership with Embry Riddle Aeronautical University that will result in an expansion of the company’s international research and development program. • Hard Rock Cafe and Bayshore Capital just announced a $150 million phase one: a 250 room hotel, 100 unit condo and a 28,000 SF ballroom on 10 acres of beachfront. • Daytona International Speedway broke ground July 5th on a 3 year, $400 million renovation project that will use 3% of the steel produced in the USA annually. • Protogroup of St. Petersburg, Russia has announced a 1.4 million SF Hotel and Condo project on a 4.5 acre site. • Daytona Speedway has teamed up with Atlanta based Jacoby Group to develop a 500,000 SF Mixed-Use project across from the International Speedway. • Hotel / Motel room occupancy continues to climb as passenger boardings continue to increase in and out of Daytona Beach International Airport . q q n q p p n p n n n n
  18. 18. 18 FL - Deltona / Daytona Beach DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial AI Group Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcaigroup.com 1019 Town Center Dr. Suite 200 Orange City, FL 32763 (386) 775-8633 CONTACT CBSA Deltona Daytona Ormond Beach, FL 1,103 495,625 214,567 $47,500 146,482 7.30% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Bethune-Cookman University opens its Deltona Campus. • Increase in jobs creates more demand for Office, Industrial and Retail space. • New home construction is picking up as excess inventory gets absorbed. • For the first time since the recession, Volusia County is seeing an increase in property values. • Businesses are starting to expand as they no longer can wait to see if the market has stabilized. • First Sunrail station in Volusia County is set to open in 2014, with a station in the City of Debary. q q n q p p n p n n n p FL - Florida Keys / Key West DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Schmitt Real Estate Company Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcworldwide.com 11100 Overseas Hwy. Marathon, FL 33050 (305) 289-6482 CONTACT CBSA Key West, FL 997 73,047 32,553 $71,455 29,685 4.10% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Tourism remains strong and Hospitality leads the commercial markets. Over 500 new hotel rooms on the Keys will come on the market in 2014. • Retail is rebounding on the strength of Hospitality. Dollar Tree, CVS, Walgreens and Publix are expanding their footprints in the Keys. • New Hotel and Hotel redevelopment projects are underway throughout the Keys. • The residential market is up almost 20% YTD through July. Average sales prices have increased about 6% while inventories are down almost 10%. • The Florida Keys is designated as an Area of State Critical Concern which severely restricts development. The Keys enjoy the lowest unemployment rate in the state and the highest cost of living. • Please visit our website at www.RealEstateFloridaKeys.com and click on our Newsletter link to view our quarterly statistical newsletters to learn about this market in greater detail. q q q q N/A N/A N/A N/A N/A N/A N/A N/A
  19. 19. 19 FL - Fort Myers / Naples DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial NRT - Naples Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcworldwide.com 4851 North Tamiami Trail Naples, FL 34103 (239) 596-6130 CONTACT CBSA Naples- Marco Island, FL 2,025 320,101 132,487 $76,515 115,960 7.20% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Hertz Car Rentals is moving their national headquarters from New Jersey to Estero between Fort Myers and Naples. This will move 700 families to southwest Florida. • Vacancy is falling across all commercial types due to businesses’ expansion and the absence of new construction for 5 or 6 years. • New construction is starting as vacancies hit continued lows. • The residential market is hot. • Now is the time to buy or lease in SW Florida. q q q N/A p p p N/A p q p N/A FL - Gainesville DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial M.M. Parrish Realtors Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.mmparrish.com/commercial 7515 W. University Ave. Suite 201 Gainesville, FL 32607 (352) 264-3800 CONTACT CBSA Gainesville, FL 1,223 261,674 113,545 $45,060 87,322 6.00% Square Miles Household Income Median Population Households Employees (Total) Unemployment • In the 1st half of 2013, Office had positive absorption, rates were up 5.0%, and time on market was down. • Retail had positive absorption in the first half of 2013 with rates up 4.0%. Time on market has increased. • Office stats: Average asking gross rate is $14.12/SF; 244 total active listings; average days on market is 408 days; vacancy is between 12-13%. • Retail stats: Average asking NNN rate is $16.02/SF; 199 total active listings; average days on the market is 704 days; vacancy is 9-10%. • The average Land closing price is $2,646 per acre. • Hottest to coldest in number of transactions: Office leasing, Agriculture and timber Land sales, Retail leasing, Industrial leasing, Office sales, Industrial sales. q q p q p p q p p p n p
  20. 20. 20 FL - Indian River County DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Ed Schlitt, Realtors Vacancy OFFICE retail industrial multy-family Absorption Rental Rates cbc.flcoldwellbanker.com 1950 US Hwy 1 Vero Beach, FL 32960 (772) 778-9257 CONTACT CBSA Sebastian- Vero Beach, FL 503 135,534 59,807 62,271 43,595 9.30% Square Miles Household Income Median Population Households Employees (Total) Unemployment • A new Publix center opens on U.S. Hwy. and 58th while Albertsons closes. • Vacancy rates are gradually reducing as rents stabilize. • U.S. Hwy. 1 south of Vero to the county line is expanding to 6 lanes. • New home starts are up over 20% and rising. • Growth and rising home prices lead toward a healthy economy. • Completed, permitted and entitled residential subdivisions are in hot demand. n n q q p p p p n n n p FL - Jacksonville DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Benchmark Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcbenchmark.com 4348 Southpoint Blvd., Suite 310 Jacksonville, FL 32216 (904) 281-1990 CONTACT CBSA Jacksonville, FL 3,221 1,334,380 518,910 $60,216 551,254 7.00% Square Miles Household Income Median Population Households Employees (Total) Unemployment • President Barack Obama came to Jacksonville, Florida, in July to tour JAXPORT. He called on Congress to increase infrastructure investment and stressed the importance of deepening the shipping channel to accept supertankers. • JAXPORT board of directors hired Brian Taylor as the new CEO of the Port. Taylor has served around the world during his 30-year career and has an MBA in Economics and Financial Management from Concordia University in Montreal. • The Jacksonville Jaguars announced that the team has agreed to terms with the City of Jacksonville to undertake approximately $63 million in major enhancements to EverBank Field, including two new end zone video scoreboards that will be the largest of their kind in the world. Also, renovations to the north end zone will make it a world-class entertainment destination to attract and keep many premier events in Jacksonville. • Real estate sources say Trader Joe’s is considering a site in Jacksonville Beach, in a shopping center at the intersection of A1A and J. Turner Butler Blvd. California based Trader Joe’s, which sells gourmet items, beer and wine and pantry staples, typically targets an educated, high-income demographic. • EverBank Financial Corp. signed a 62,798 SF lease at 301 W. Bay St. in Jacksonville. EverBank will expand to occupy the 27th and 28th floors in addition to the 270,000 SF they have occupied since late 2011. q p q n p p q q p p p p
  21. 21. 21 FL - Lakeland / Winter Haven DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Saunders Ralston Dantzler Realty Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.srdcommercial.com 114 N Tennessee Ave. 3rd Floor Lakeland, FL 33801 (863) 648-1528 CONTACT CBSA Lakeland Winter Haven, FL 2,010 606,019 228,998 $40,730 245,900 8.40% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Lakeland is a finalist for an Amazon Warehouse. • Lakeland Regional Medical Center announces a new $80 million building and relocates 180 “nonclinical” employees (32,000 SF) downtown. • CSX is under construction with their Intermodal Logistics Center in Winter Haven. • There was continued growth on US Hwy 27 due to LEGOLAND Florida traffic and residential construction at “4 corners.” • Residential sales volume is up nearly 30%. Medical prices are up over 15%. • Downtown Winter Haven continues to redevelop; another 1/2 block is under construction. • Florida Polytechnic University, Florida’s 12th university, will open for its 1st class of 500 students in Fall 2014. Plans are to grow to 5,000 enrollment over the next 10 years. The 120,000 SF iconic first building, designed by world famous architect, Santiago Calatrava, will be completed by year end. The curriculum focus is on STEM - science, technology, engineering and math. • LEGOLAND Florida, located in southeast Winter Haven, has been opened for 1 1/2 years and plans to reach 2 million visitors within 3 years. q q q q p p p p n n p p FL - Melbourne / Brevard County DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Ed Schlitt, Realtors Vacancy OFFICE retail industrial multy-family Absorption Rental Rates cbc.flcoldwellbanker.com 232 Fifth Ave. Indialantic, FL 32903 (321) 723-9500 CONTACT CBSA Palm Bay- Melbourne- Titusville, FL 1,018 536,805 225,977 $56,299 181,926 7.80% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Port Canaveral is creating the Inland Port in Titusville for shipping bulk cargo. The $23 million project will connect the port to rail. Port Canaveral is now one of the busiest ports in the world. • Vacancy is falling in Brevard County due to the increase in jobs. Brevard County unemployment down to 7.8%. • Grumman is building a 200,000 SF Manned Aircraft Design Center of Excellence in Melbourne, creating over 1,000 new jobs. • Homes sales are up over 24%, and national builders are having trouble keeping up with demand. • Numerous national retailers & restaurants are locating to Brevard County, including: Bass Pro Outlets, Cheddars and Chipotle. • NASA is being replaced by the commercialization of the space industry with companies such as Space X, United Launch Alliance, ATK, Boeing, Lockheed, Orbital Science, Blue Origin and many others. q q q q p p p p p n p p
  22. 22. 22 FL - Melbourne / Palm Bay / Titusville DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Sun Land Realty of Florida Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcsunlandrealty.com 1920 Hwy A1A Indian Harbour Beach, FL 32937 (321) 777-7743 CONTACT CBSA Palm Bay- Melbourne- Titusville, FL 1,018 536,805 225,977 $56,299 181,926 7.80% Square Miles Household Income Median Population Households Employees (Total) Unemployment • “Space Coast” Brevard offers pro-business incentives, low taxes, robust transportation infrastructure, high-tech labor force, 73 degree average temp and 72 miles of pristine beach. • Embraer Aircraft is building a 63,500 SF, $24 million Embraer Engineering and Technology Center at Melbourne International Airport, which will generate 200 engineering jobs by the end of 2016. • Eckler Industries, Inc. is expanding its auto parts distribution facility and international HQ in Titusville. The project will generate a $5.5 million economic impact annually, adding 65 new jobs in four years. • United Paradyne Corp., a California based, aerospace related, propellant subcontractor, will create 50 jobs at an average salary of $64,000 as it returns to Kennedy Space Center. • Archo Solutions Engineering USA will open its first U.S. facility at Melbourne International Airport to tap into US commercial / executive jet markets, creating 50 jobs by 2016 at an average salary of $50,000. • Brevard’s July 2013 residential market average sale price $167,898 is up over 15% from July 2012 prices and the July 2013 average days on the market of 97 has dropped 21.14% over July 2012. n q q q p p p p p n n p FL - Ocala, Marion County DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Ellison Realty Inc. Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcworldwide.com 2226 East Silver Springs Blvd. Ocala, FL 34470 (352) 732-8350 CONTACT CBSA Ocala, FL 1,579 329,658 137,836 42,854 91,158 8.20% Square Miles Household Income Median Population Households Employees (Total) Unemployment • FedEx has signed a contract with the city to construct an 800,000+ SF packaging and fulfillment facility in one of Ocala’s Industrial parks. Construction is set to begin mid 2014. • Retail vacancy rates continued to fall from 7.5% to 7.3% during the last quarter. Office vacancy rates climbed from 9.3% to 9.4% due to negative net absorption. Industrial vacancy rate rose from 11.4% to 12% also due to negative net absorption. The rising rates are mostly because of new REO assets. • New construction start ups are beginning to come online. To date, there have been 203 permits filed with the county. • The residential market is steadily improving due to low inventory and high demand. Marion County’s overall increase in home value has risen by approximately 12% in the last 12- 15 months. • Ocala / Marion County’s market has started to improve due in part to an aggressive pro business agenda from the city and the Chamber for Economic Partnership. City leaders have been successful in bringing in new companies to relocate to the area, bringing down unemployment. • Marion County is known as the horse capital of the world with a very strong equine industry. Low taxes and close proximity to major metro areas continue to make Ocala one of the best places to live and work in the country. p q p q q p q p n p n p
  23. 23. 23 FL - Port Orange / New Smyrna Beach DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Coast Realty Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.coastrealty.cc 5535 S. Williamson Blvd. Port Orange, FL 32129 (386) 763-3323 CONTACT CBSA Deltona Daytona Ormond Beach, FL 1,103 495,625 214,567 47,500 146,482 7.30% Square Miles Household Income Median Population Households Employees (Total) Unemployment • The City of Port Orange is seeing significant commercial retail growth, with development of the Altamira Shopping Village along SR-421, Dunlawton Ave. and Taylor Road. Major stores include BJ’s and LA Fitness, with previously filled outparcels of CVS, Golden Corral, and Aspen Dental. The current project, valued at $9.9 million, is the largest commercial development under construction in Volusia County. • The $30 million, White Palm Apartments is under way, being developed by Birmingham, AL based LIV Development. A 306 unit luxury complex is taking shape near The Pavilion at Port Orange. It is set to be the first new apartment complex to be built in East Volusia in two years. • Commercial growth near the SR-44 exit of I-95 and New Smyrna Beach is well underway and should see development as economic conditions improve. As further residential communities expand to the west, commercial follows suit. • The area is going to continue to fill vacancies and see new development and redevelopment, as well as an increase in demand for housing and Multi-Family. There is also a strong demand for quality ALFs. q q p q p p q p n n p p FL - Sarasota / Manatee / Charlotte DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial NRT - Sarasota Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcworldwide.com 100 N. Tamiami Trail Sarasota, FL 34236 (941) 487-2100 CONTACT CBSA Sarasota- Bradenton- Venice, FL 1,313 689,676 311,173 $58,236 230,801 7.20% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Panama Expansion should be completed in 2015-2016. This will increase shipping traffic to the Port of Tampa and the Port of Manatee.  Manatee is the fourth largest port in the state. • Industrial sales and leases have increased. • The greatest demand for all types of commercial real estate is along the I-75 corridor. • Nat Benderson Rowing Complex, located along I-75 and University Parkway, has begun operation bringing many rowers from all over the world. They will be developing a Village Concept including: Hotels, Residential, Retail, and a Restaurant as part of this complex. • The Irish Resolution Trust has gotten the clearance to market the 15 acres of downtown waterfront with Mixed-use activities. This was the former Quay. • Residential new construction is up. • Residential Multi-Family Land sales are up. • Unemployment is 7.2%. q n q q p n p p n q p p
  24. 24. 24 FL - St. Lucie County DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Ed Schlitt, Realtors Vacancy OFFICE retail industrial multy-family Absorption Rental Rates cbc.flcoldwellbanker.com 411 N. U.S. Hwy. 1 Fort Pierce, FL 34950 (772) 461-3250 CONTACT CBSA Port St. Lucie, FL 1,128 407,361 169,340 $53,266 117,662 9.30% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Low lease rates (particularly in Industrial and Office sectors) are attracting new tenants. • Investment activity is picking up; anticipating a recovery in lease rates. • Land investors are back in the market as Residential construction continues to improve. Residential resales are still strong with prices increasing 0.5 to 1% monthly. • The region’s largest DRITradition is seeing renewed building activity. Several national homebuilders are building again in the area and briskly selling homes. • Downtown Ft. Pierce continues to attract new business. The new City Marina expansion is expected to be completed in early 2014. n q n q n p n p q n n p FL - Tallahassee DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Hartung & Noblin, Inc. Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcworldwide.com 3303 Thomasville Rd. Tallahassee, FL 32308 (850) 386-6160 CONTACT CBSA Tallahassee, FL 2,387 361,765 154,494 $47,364 111,973 6.70% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Four major new tenants: Whole Foods, Trader Joes, Dick’s Sporting Goods and Bass Pro Shop, will be opening stores this fall. • Office vacancy remains at 20% with very little change. • New construction seems to be booming with the new store openings as well as an abundance of new Multi-Family development, especially in the student housing market. Additional projects include the new Tallahassee Memorial Health Care Emergency Room (40,000 SF) and Gateway Tallahassee, an urban Walgreens downtown with 25,000 SF of office space on the two floors above the Walgreens. • Residential sales are up 24% year over year.  The average sale price is up 3.3%. • For the first time in several years, commercial sales are up over the previous year. • Tallahassee continues to enjoy one of the lowest unemployment rates in the state at 6.7%. n n p q p p q p n q p p
  25. 25. 25 FL - Tampa Bay DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial NRT - Tampa Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcworldwide.com 5010 W. Kennedy Blvd. Tampa, FL 33609 (813) 286-2964 CONTACT CBSA Tampa- St. Petersburg- Clearwater, FL 2,554 2,757,566 1,166,605 $49,596 1,059,081 7.20% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Bristol-Myers Squibb announces plans to open a business support center locally that will bring nearly 600 office jobs with salaries averaging $65,000. Trader Joe’s and Bass Pro Shops are making plans to enter the region for the first time as the region’s economy and jobless rate continue to improve. • March was the biggest month for home sales in the Four County MSA in seven years. Home prices rose as supply is dwindling. • Copa Airlines will start direct flights between Tampa International and Panama City, Panama with connections to most Latin American cities, which opens the door for new opportunities at the Port of Tampa and the Center for Advanced Medical Learning and Simulation (CAMLS). • The Office sector remains soft, particularly in the CBD. Prospective Office tenants appear more focused on Tampa’s Westshore Business District. • The Apartment market remains strong, thanks to both job and population growth in the region. Construction continues as five developments are under construction or breaking ground this year. • Dick’s Sporting Goods announced it will open in Tampa’s Westshore Plaza in 2014, replacing space formerly occupied by Saks Fifth Ave., who decided to leave the Tampa Bay market. p q q q q p p p p p p p GA - Athens DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Upchurch Realty Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.upchurchrealtycommercial.com 2405 W. Broad St. Suite 150 Athens, GA 30606 (706) 354-7870 CONTACT CBSA Athens- Clarke County, GA 1,031 193,495 77,486 $40,278 60,760 7.20% Square Miles Household Income Median Population Households Employees (Total) Unemployment • The 1 million SF Caterpillar plant is complete and will begin production November 1st, 2013. • Over 2,000 new residential bedrooms are currently under construction or are approved and will start shortly in downtown Athens. • On the southwest side of Athens, over 444,000 SF of Retail and a 16-screen movie theater have just been completed. • On the north side of Athens, a 170,000 SF of new Retail space anchored by a 123,000 SF Kroger and fuel station has just been approved and will start construction soon. • The 58 acre UGA Health Science Campus is now open and the first class of doctors will be graduating in 2014. • Medical Office space in the Athens area is in high demand with several hundred thousand SF of new space completed in the past 2 years and over 200,000 SF on the books and under construction. p n q p p n p n n n n q
  26. 26. 26 GA - Atlanta, Greater MSA DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Metro Brokers Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcmetrobrokers.com 3575 Piedmont Rd NE Building 15 Suite 950 Atlanta, GA 30305 (678) 320-4800 CONTACT CBSA Atlanta- Sandy Springs- Marietta, GA 8,376 5,521,582 2,028,400 $60,590 2,223,339 8.90% Square Miles Household Income Median Population Households Employees (Total) Unemployment • The $164 million sale to JP Morgan Asset Management of a 50% stake in Terminus 100 and 200 with their combined total of 1.2 million SF has been confirmed in the Buckhead submarket. • Ponce City Market, a Mixed-Use $200+ million redevelopment of the 2 million SF former Sears Roebuck & Company, is being developed at 675 Ponce de Leon Ave. Atlanta’s Old Fourth Ward, is under way by co-developers Jamestown Properties & Green St. Properties. • Notable new construction planned includes: 100 Northpark Office space at 1.5 million SF: Executive Park Dr., Mixed- Use Office at 850,000 SF: and Village Capital Partners Redevelopment, East Paces Rd. at Buckhead Ave., Atlanta, Office space at 560,000 SF. • Currently, there are 4,735 market rate Apartments under construction across the metro Atlanta area in 18 projects. • Highwoods Properties, Inc. has begun selling most of its Atlanta Industrial portfolio including at least 1.5 million SF and up to 18 buildings. • The Atlanta Class A Office market has fared better in the period of recovery than the lower tier. Here, flight to quality, an effect of Class A rental concessions, has been a contributing factor. q q n n p p q q n p p n GA - Columbus DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Kennon, Parker, Duncan & Key Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.commericalcolumbusga.com 5670 Whitesville Rd. Columbus, GA 31904 (706) 256-1500 CONTACT CBSA Columbus, GA-AL 1,937 293,977 117,712 49,432 93,485 9.30% Square Miles Household Income Median Population Households Employees (Total) Unemployment • The sweetest thing in the Columbus, GA market to report is job retention. Hostess Brands has restarted its Twinkies plant in Columbus, with 200 jobs retained. • The US Army announced that the Third Army Brigade of the Third Infantry Division will remain at Ft. Benning, keeping over 7,000 jobs in the local market, and building off their $3.5 billion investment in the community after the latest round of base realignments and closures. • Area Development Magazine marked Columbus as a Top 50 for “Workforce Indicators in Economic and Job Growth” in 2013. • The longest urban white water course in the world opened Memorial Day weekend and through the first two months of operation, had over 4,000 paid rafting trips. There has been a corresponding uptick in business interest in the downtown area with new restaurants and businesses opening. • Cross Country Plaza, the first mall in the Columbus market, sold for $36.6 million to Coro Realty Advisors. They took advantage of a redeveloped center with new Publix, TJ Max and Goodwill Industries leases. q p q n p p p p q q p p
  27. 27. 27 GA - Dalton / Whitfield County DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Kinard Realty Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcnorthgeorgia.com 704 South Thornton Ave. Dalton, GA 30720 (706) 226-5182 CONTACT CBSA Dalton, GA 634 134,366 46,872 46,511 64,498 11.60% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Engineered Floors, LLC, a carpet manufacturer, will invest $450 million and create 2,000 new jobs over the next 5 years in Northwest Georgia. Plans are to construct manufacturing and distribution facilities in Whitfield County. • Carbondale Business Park is a shovel ready Industrial and Commercial site located on I-75, ready for manufacturing, warehousing and distribution. Publicly owned available lots range from 3 to 50 acres with all utilities. • Dalton / Whitfield has a labor force of over 1 million within driving distance and the 3rd largest manufacturing community per capita in Georgia. • Dalton / Whitfield is an Archway Partnership community. The Archway Partnership is a University of Georgia outreach platform to deliver a full range of higher education resources to address economic and community development. • Dalton State College has approximately 6,000 students and offers 10 Bachelor Degrees. DSC, an NAIA member school, is beginning intercollegiate athletics in the Fall of 2013 with Men’s Basketball, Men’s & Women’s Tennis, Golf, Cross Country, Women’s Volleyball and Competitive Cheerleading. n q q q p p p p n n p n GA - Hinesville / Fort Stewart DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Holtzman Realtors Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcholtzman.com 730 General Stewart Way Hinesville, GA 31313 (912) 408-4040 CONTACT CBSA Hinesville- Fort Stewart, GA 920 73,844 26,115 $48,667 12,145 10.20% Square Miles Household Income Median Population Households Employees (Total) Unemployment • The Hinesville / Fort Stewart MSA was the third Fastest Growing MSA in the U.S. in 2011 and 2012. • The Hinesville / Fort Stewart MSA is among the top four leaders in employment growth rates since pre-recession. • Fort Stewart is the largest military installation east of the Mississippi River and is 5th in the nation in military population. • Fort Stewart has a $5.2 billion economic impact on the region as of July of 2012. • Liberty County is centrally located between four deep water ports, two of which are within 45 minutes of the site. • Liberty County has a highly disciplined, motivated and trained military retiree work force. q q N/A q p p N/A p p p N/A p
  28. 28. 28 GA - Lake Oconee Trade Area DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Lake Country Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbclakecountry.com 1020 Greensboro Rd. NE Eatonton, GA 31024 (706) 485-0124 CONTACT CBSA Milledgeville, GA 732 55,258 23,615 38,954 14,162 13.30% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Now under construction: Thrive Senior Living has partnered with Lake Oconee area residents to elevate the standard of senior living with an innovative new concept in Assisted Living and Memory Care. • St. Mary’s new hospital is now under construction and is scheduled to open in Q1 of 2014. • New construction in the residential market is increasing along with residential absorption rates on existing homes. q p N/A N/A p q N/A N/A n q N/A N/A GA - Marietta DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial NRT - Marietta Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcworldwide.com 37 Johnson Ferry Rd Marietta, GA 30068 (404) 705-1590 CONTACT CBSA Atlanta- Sandy Springs- Marietta, GA 8,376 5,521,582 2,028,400 60,590 2,223,339 8.90% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Porsche Cars North America is moving to Hapeville, GA to the former Ford plant. Plans include: 150,000 SF Office tower, restoration shop, a fine dining restaurant and a 1.6 mile tract for visitors to test drive the new Porsche 911s. • Vacancy is falling in the Office, Industrial and Retail sectors. Reason being, there is little to no new construction in the pipeline, and activity has increased. • “Buckhead Atlanta” is on track. The Mixed-Use development will include 300,000 SF of upscale Retail stores, Restaurants, and Cafes, 100,000 SF of Office and 370 Luxury Residences. • For 2013, the residential Atlanta market continues to improve with gradual increases in home prices and sales. Inventory continues to decline, and foreclosure inventory continues a significant decline. • The market in general is slightly improving. Multi-Family remains strong with unit prices up and cap rates down. • The Atlanta Falcons will have a new stadium open for the 2017 season. The plans include a retractable roof and 70,000 seats at a cost of about $1 Billion. q q q q p p p p p q p p
  29. 29. 29 GA - Middle Georgia DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Eberhardt & Barry Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.coldwellbankercommercialeb.com 990 Riverside Dr. Macon, GA 31201 (478) 746-8171 CONTACT CBSA Macon, GA 1,725 232,119 89,721 $47,145 83,398 9.80% Square Miles Household Income Median Population Households Employees (Total) Unemployment • In August, Tractor Supply will occupy their new 750,000 SF regional distribution facility built along Interstate 75. • The expansion of missions at nearby Robins Air Force Base has caused unique job growth in the defense contractor sector. • Three very large Apartment complexes are in various stages of construction in the market area, which combined will add another 1,000 new units in 2013. • Entry level homes are again under construction in the Robins AFB market. • Because Macon has been identified as a premier logistics hub, many small and medium size distributors have moved into the market, absorbing large cumulative amounts of space, causing remaining footage to increase in value. • Macon was home to the Mound Builder Indians, and as a result, there are world class examples of their ancient mounds and subterranean meeting rooms in the OCMULGEE National Monument. p n p p p n p p p n p p GA - Savannah DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Platinum Partners Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcplatinum.com 6349 Abercorn St. Savannah, GA 31405 (912) 790-6999 CONTACT CBSA Savannah, GA 1,359 347,453 130,609 $55,567 129,296 8.80% Square Miles Household Income Median Population Households Employees (Total) Unemployment • 158 new businesses opened Q1 in Chatham County. • 26 more businesses opened than closed in Savannah each month since 2011. • Savannah Office vacancy rates are less than 10%. • Savannah Industrial vacancy rates are less than 12%. • Whole Foods 35,000 SF neighborhood center opened more than a year ahead of schedule. • The Savannah residential market is now in seller’s territory with less than 6 months of market inventory. q q q q p p p p p n n p
  30. 30. 30 HI - Honolulu DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial NRT - Hawaii Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcpacific.com 737 Bishop St. Suite 2000 Honolulu, HI 96813 (808) 526-0896 CONTACT CBSA Honolulu, HI 600 910,677 311,782 $67,192 365,718 4.70% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Hawaii’s economy remains healthier than the continental U.S. with tourism posting an all time high in visitor arrivals of 8 million. Total visitor expenditures were $14.3 billion in 2012. • Two new department stores to enter the Hawaii Market. Bloomingdales and Saks 5th Ave to open in 2015. • As of May 2013, statewide unemployment decreased to 4.7%. q p q n q q q n p p n n ID - Boise, Idaho DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial NRT Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.coldwellidaho.com 6550 South Millrock Dr. Suite 200 Salt Lake City, UT 84121 (208) 870.6933 CONTACT CBSA Boise City- Nampa, ID 11,788 610,611 224,823 $55,100 232,386 6.10% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Many national retailers are opening their first stores in the Boise market including Trader Joe’s currently under construction in downtown Boise. Multiple restaurants are opening their first Idaho locations at The Village at Meridian including Toby Keith’s I Love This Bar & Grill and Yard House. • Absorption was flat in the first half of 2013, but transaction volume remained healthy. Net absorption should improve in the second half of the year as construction is completed on a new Walmart in Meridian and at The Village at Meridian, where a movie theater and numerous restaurants will open in the coming months. • Retail construction is on pace for over half a million SF in 2013, much of which is being built with retailer commitments in place. • The housing market continues to heat up, with Idaho home prices rising at the fourth fastest rate in the nation, according to the Federal Housing Finance Agency. Interest rates have remained low and demand outweighs limited supply, creating competition among buyers. • Idaho’s economy continues to migrate away from durable goods manufacturing (such as electronics and industrial equipment). This is a service-driven economy. Growth is not in retail trade jobs, but in information, financial, business, education and health services. • Idaho has added about 36,000 jobs (an increase of 6.1%) and about a quarter of these since Q4 2012. q n q N/A p p p N/A n p p N/A
  31. 31. 31 ID - Coeur d’Alene DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Schneidmiller Realty Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcsr.com 2000 Northwest Blvd. Suite 200 Coeur d’Alene, ID 83814 (208) 765-9160 CONTACT CBSA Coeur d’Alene, ID 1,245 140,628 53,154 50,618 49,226 7.00% Square Miles Household Income Median Population Households Employees (Total) Unemployment • There has been new construction in Retail due to regional / national retailer growth. • The market has new Multi-Family construction. • Positive absorption of Office, Retail and Industrial vacancies. q n q q p n p p n n n p ID - Eastern DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial NRT Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.coldwellidaho.com 6550 South Millrock Dr. Suite 200 Salt Lake City, UT 84121 (208) 403-1973 CONTACT CBSA Pocatello, ID 2,519 120,040 42,871 $40,842 28,908 6.80% Square Miles Household Income Median Population Households Employees (Total) Unemployment • ULTA opened in July 2013 in Pocatello, Idaho (12,240 SF). • Vacancy has remained static. • Pawn One is remodeling a 11,000 SF space, opening September 2013. • Auditorium District announced a 43,000 SF building for Knudsen Corner. • Eastern Idaho is a best kept secret. • The market is the gateway to Yellowstone and offers world class fishing. n n q N/A n n p N/A q q n N/A
  32. 32. 32 IL - Bloomington / Normal DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Heart of America Realtors Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbhoacommercial.com 802 S. Eldorado Rd. Bloomington, IL 61704 (309) 662-3377 CONTACT CBSA Bloomington- Normal, IL 1,184 168,918 70,687 $59,825 69,980 7.50% Square Miles Household Income Median Population Households Employees (Total) Unemployment • The overall market improves through 1st half of 2013. • The local jobless rate maintains the lowest levels in the state, as an indicator of local economic strength. • The local housing market is up 14%. • The Retail market remains healthy. • The Office market improved with increased demand. • Investment properties are scarce. q q n q p p n p n n n p IL - Champaign / Urbana DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Devonshire Realty Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcdr.com 201 W. Springfield 11th Floor Champaign, IL 61820 (217) 352-7712 CONTACT CBSA Champaign- Urbana, IL 1,923 227,494 97,325 $47,851 80,156 8.70% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Major student housing projects have been approved for Campustown. A 16-story Apartment tower will be built at 4th & Green; a 14-story tower is under construction at 6th & Green; and a 52-unit Apartment building is under construction at 2nd & Green. • Also in Campustown, a Mixed-Use project at 6th & Green with two 12-story towers will include Apartments, Retail and a Marriott hotel. Construction is slated to take 2 years. • The University of Illinois continues work on its Ikenberry Commons dorm project and the Electrical & Computer Engineering building on campus. • Interest in downtown Champaign remains high. A Hyatt Place Hotel is under construction at Neil & Church; it will be the first downtown Hotel in decades. • The Retail market continues to improve, with a few new spec buildings under construction. The relocation of some major car dealerships to north of I-74 has created more Retail opportunities in the North Prospect Retail corridor and the South Neil St. Retail corridor. • Construction continues on Easton-Bell’s new 800,000 SF facility in Rantoul. n q n q n p n p q n n p
  33. 33. 33 IL - Chicagoland DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial NRT - Northbrook Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcworldwide.com 2215 Sanders Rd. Northbrook, IL 60062 (847) 313-6500 CONTACT CBSA Chicago Naperville Joliet, IL- IN- WI 7,212 9,617,804 3,484,370 $66,775 4,186,171 10.10% Square Miles Household Income Median Population Households Employees (Total) Unemployment • The Chicago Industrial market continued to show improvement through the first half of 2013. There was 4,800,000 SF of positive net absorption and the vacancy rate dropped to 9.1%. Some of the large leases signed in the 1st half of 2013 were by Owens & Miner for 515,000 SF and DHL for 459,000 SF. • The vacancy rate for Office, Retail and Industrial all decreased in the 1st half of 2013. Even with an increase in new construction, the vacancy rate dropped. There are new projects for all three property types currently under construction that will be delivered this year. • There has been 2.265 million SF of new Industrial space built in 2013 with another 630,000 SF under construction; 324,000 SF of new Office space delivered with another 1.9 million SF under construction; and 887,000 SF of new Retail space built with another 1.5 million SF under construction. • The residential market continues to improve. Sales of single family homes have increased and prices are rising. The Apartment market also continues to be strong with low vacancies. However, rents are not increasing at the same pace as they had been in the previous quarters. • All commercial property types continue to show improvement. Values of properties continue to increase, and cap rates are decreasing for most commercial property types. q q q q p p p p p q p n IN - East Central Indiana DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Lunsford Real Estate Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cblcre.com 3601 W. Bethel Ave. Muncie, IN 47304 (765) 289-2228 CONTACT CBSA Muncie, IN 393 115,425 48,625 $40,907 42,446 10.50% Square Miles Household Income Median Population Households Employees (Total) Unemployment • $50 million Student Housing and Retail project was approved. • Townsend Corporation purchased a 64,000 SF Office building. • High visibility gateway Office in CBD is being revitailized. • Residential listing volume remains at historic lows. n n n n n n n n n n n n
  34. 34. 34 IN - Indianapolis DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Realty Services Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcrs.com 8888 Keystone Crossing Suite 120 Indianapolis, IN 46240 (317) 249-9000 CONTACT CBSA Indianapolis, IN 3,863 1,755,394 690,844 $60,003 787,836 7.90% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Office vacancies have held steady through the first two quarters of 2013. The overall market has stalled at 9.3%, with suburban vacancies lower than CBD. • Geico signs the largest lease to start the year. Geico leased 109,000 SF on the northside of Indianapolis. • Industrial vacancy rates have lost momentum as they are staying level with 2012 year end at 6.7%. But, with 616,000 SF of new space delivered, absorption has increased to maintain those levels. Indianapolis is scheduled to deliver an additional 818,000 SF this year. • The trend is clear, Retail vacancy rates moved slightly over the first 6 months of the year, but leveled at year end 2012 to stay at 7.3%. Rates are dropping slightly to encourage new tenants to take hold in the Indianapolis market. • Multi-Family in the CBD has been the strongest sector this year. New deliveries include, a new tower being built by Flaherty and Collins, along with several other projects, makes Multi-Family standout from the rest. • Overall, the haze of the recession seems to be lifting in Central Indiana. Companies and corporations are still utilizing planning and analysis extensively before leaping into the market, but after the last four years, it may be the best practice. n n n p n n p p n q n p KS - Garden City DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial The Real Estate Shoppe, Inc. Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcworldwide.com 1135 College Dr. Suite E Garden City, KS 67846 (620) 275-7421 CONTACT CBSA Garden City, KS 1,302 42,609 13,697 $43,008 13,558 4.70% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Menard’s opened in May of 2013. • The trade area is expanding. • There is a high need for Multi-Family product. • There is a shortage of homes. • This area is showing signs of becoming a very progressive market. • This market is the Retail and oil and gas center of Southwest KS. q q q q p p p p p p p p
  35. 35. 35 KS - Kansas City Meto Area DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Fishman & Company Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcfishman.com 1948 E. Santa Fe Olathe, KS 66062 (913) 782-9000 CONTACT CBSA Kansas City, MO-KS 7,857 2,076,653 819,900 $60,301 914,989 6.60% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Kansas has lowered income taxes on small businesses. • Nonresidential building permits in Johnson County are up 79% from last year. • Several Retail projects are underway in the Metro area. • Federal sequestration is being watched closely for negative economic impact. • The Apartment market continues to be hot. • Total private employment in the Metro area is up 4,500. q q q q p p p p p p p p KY - Lexington DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial McMahan Co. Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcworldwide.com 444 Lewis Hargett Circle Suite 240 Lexington, KY 40503 (859) 219-0080 CONTACT CBSA Lexington, KY 1,479 473,956 202,332 $53,106 220,981 6.00% Square Miles Household Income Median Population Households Employees (Total) Unemployment • A new 500,000 SF Retail development is scheduled to break ground in fall 2014. • Class A Apartments sell for record $120,000 per unit. • The Lexington-Fayette unemployment rate dropped to 6%. • The housing market is up over 20% in 2013. • Toyota Motor Mfg. announced a new line for the Lexus ES model. • Centre Point TIF funding was approved for new CBD Office and Hotel. q p N/A q p p N/A p p q N/A p
  36. 36. 36 KY - Louisville Metro DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial McMahan Co. Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcworldwide.com 10600 Timberwood Circle Suite 7 Louisville, KY 40223 (502) 425-8800 CONTACT CBSA Louisville Jefferson County, KY-IN 4,135 1,263,217 506,857 $54,741 549,941 8.50% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Louisville’s housing market is second in the nation (Forbes); Louisville is second in nation in job growth (U.S. Bureau of Labor Statistics). New job creators: UPS National Airhub, Ford plants, G.E. Appliance Park, YUM! Brands, medical industry (Humana and U of L Nucleus Innovation Park), and Amazon. com. • Investor interest in Louisville Multi-Family remains strong; average cap rates range from 6-6.5% for Class A to 8.5-9% for performing Class C. Overall occupancy increased to 96% for Class A, 92% for Class B and 95% for Class C. A significant number of sales closed in 2011 and 2012. New construction is underway. • Louisville Retail continues to recover as the national economy rebounds. Newcomers such as Nike Outlet, Trader Joe’s, Urban Outfitters and, in 2013, Cabela’s, a new Cinemark Theatre, Nordstrom Rack and others are leading the way. • Louisville Industrial has steady net absorption, with growth factors such as ecommerce distribution, shipping temperature sensitive pharmaceuticals, and supplying the two Ford plants. Vacancy is below 7%. Developers are considering spec buildings. • The Louisville Office market has stabilized, but occupancy is uneven: for Class A, 7.8% vacancy in east suburbs, 16.1% downtown. Class B/C is 17.4% overall. n q q q n p p p n p n p KY - Southern DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Legacy Real Estate Group Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbclegacy.com 2435 Fitzgerald Industral Dr. Suite 102 Bowling Green, KY 42104 (270) 781-3844 CONTACT CBSA Bowling Green, KY 848 121,646 50,840 $46,805 50,727 8.10% Square Miles Household Income Median Population Households Employees (Total) Unemployment • National Corvette Museum began construction on a 184 Acre High Performance Dual Raceway Motorsports Park. • Big-box retailers are expanding in the area with a new Meijer and Bed Bath & Beyond. • Vacancy rates have dropped as new businesses open or expand into existing facilities. • Residential existing and new construction home sales are up. • Multi-Family construction is at an all time high with over 1,500 units currently under construction. • Automobile Manufacturing and ancillary business continue to expand in the region. q q q q p p p p p p p p
  37. 37. 37 LA - Lafayette DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Pelican Real Estate Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcpelican.com 806 E St.Mary Blvd. Lafayette, LA 70503 (337) 233-9541 CONTACT CBSA Lafayette, LA 1,010 264,966 101,487 $54,248 139,997 6.00% Square Miles Household Income Median Population Households Employees (Total) Unemployment • The market continues to grow in all commercial sectors in 2013. Closed transactions are on track to exceed last year’s great year. • New Industrial parks continue to come on line with both speculative and pre-sold buildings. • The demand for both Office and Retail has increased in the first half of the year. • Residential new construction starts are at a record pace, and days on the market for both new and existing homes are at record lows. • Strong ties to both offshore and land exploration of oil and natural gas drives the market to new levels. Expansions of existing facilities and new manufacturing facilities continue to add high paying jobs and keep unemployment at or near zero, statistically adjusted. • The Medical Office market along with new hospital facilities has increased the number of doctors and medical personnel in the market, which has increased the luxury residential sales. q q q q p p p p p p p p LA - New Orleans DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial TEC Realtors Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbctec.com 701 Loyola Ave. Suite 401 New Orleans, LA 70150 (504) 566-1777 CONTACT CBSA New Orleans- Metairie- Kenner, LA 3,153 1,230,886 469,474 $58,413 458,428 7.90% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Costco is opening its first Louisiana location in New Orleans this fall. • Office vacancy continues to increase as large energy groups like Shell and Chevron leave the Central Business District for Houston and suburban Office parks. • The $2.2 Billion University Medical Center & VA Hospital complex is well underway on 67 acres of MidCity New Orleans. • Residential supply has dropped to below 2006 levels, and property values should begin to appreciate given increased demand. • New Orleans is repositioning itself as a technology hub as it moves away from the energy sector which has moved west and north in the past few decades. • New Orleans has more Restaurants open in 2013 than they did prior to Hurricane Katrina. p q q q q p p p n p p p
  38. 38. 38 ME - Midcoast and Southern DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial SoundVest Properties Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.soundvest.com 147 Park St. Rockland, ME 04841 (207) 596-7478 CONTACT CBSA Rockland, ME 366 40,753 23,744 $52,132 15,971 5.80% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Retail development is on the rise with the new Super Wal- Mart. Tractor Supply development is scheduled for opening in November of 2013. • Due to the continuing national media exposure, Midcoast Maine is enjoying an influx of people seeking to move into the immediate area, resulting in our local economy seeing improvements over the previous twelve month period. • 170,000 SF Retail development will be completed in November, 2013. • Number of residential units sold so far this year is up 21.8%. • The Midcoast of Maine continues to draw national media attention with national TV coverage of a number of festival events, lifestyle and oceanfront location. • Many seem to miss the fact that the trade area is comprised of 114,000 residents. n q q q n p p p q p p n MI - Northern DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Schmidt, Realtors Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbgreatlakescommercial.com 522 E. Front St. Traverse City, MI 49686 (231) 929-2300 CONTACT CBSA Traverse City, MI 1,696 142,428 55,301 51,430 53,561 7.80% Square Miles Household Income Median Population Households Employees (Total) Unemployment • The market appears to have a nice balance of supply and demand. • There is continued growth in new construction for user buildings. • The population continues to grow. • A very good Residential market provides consumer confidence. • There is continued growth in the Healthcare industry. • The Northern Michigan tourism market continues to expand. q q q q p p p p n n p p
  39. 39. 39 MI - Western DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Schmidt, Realtors Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbgreatlakescommercial.com 456 E. 16th St. Holland, MI 49423 (616) 396-8649 CONTACT CBSA Holland- Grand Haven, MI 566 262,667 92,703 60,218 111,547 7.20% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Grand Rapids welcomes Cabela’s as the latest new retailer giant. • Vacant Industrial inventory of leased and purchased properties is at a 5 year low. • Industrial expansions are up by 50% from 2012, and new home construction and lot sales match 2006 levels. • Home sales are double that of 2011, and prices have nearly returned to the pre-slump level of 2007. • The Office market has not enjoyed the recovery of Retail and Industrial markets. • The West portion of Michigan is fortunate to have a great mix of industry, tourism, and agriculture spurring its economy. Employment is at a record high. n q q p p q p p n p p p MN - Central DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Orion Real Estate Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcorion.com 630 First St. S. Waite Park, MN 56387 (320) 251-1177 CONTACT CBSA St. Cloud, MN 1,753 189,957 73,818 $54,959 91,676 5.40% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Construction is nearing completion for Phase I of the Herb Brooks National Hockey & Event Center. • Transactional activity is picking up in all property sectors. There is strong demand from buyers wanting to secure top locations and to capitalize on low interest rates. • Numerous Multi-Family buildings were recently completed, and several are currently under construction. Additionally, many institutional building projects are in progress. • The residential housing market is strong. Inventory is low, and home prices are rising. • The leasing market is picking up with tenants securing top locations. • Central MN market consists of 200,000 +/- MSA. Major employment sectors include: Manufacturing, Agricultural, Education and Medical. q q q p p p p q p n n p
  40. 40. 40 MN - Mankato DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Fisher Group Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcfishergroup.com 1961 Premier Drive, Ste. 404 Mankato, MN 56001 507-625-4715 CONTACT CBSA Mankato- North Mankato, MN 1,205 93,650 39,391 $51,381 49,122 4.50% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Major medical office expansion continues. • Multi-family developments are adding 100+ units. • Retail industry continues to show strength. • Transportation network continues to improve with extension of County Road 17 and connecting County Road 12 to Highway 83. • Regional growth with major national retailers expanding and moving into the area. q q q q p p p p p n n n MN - Minneapolis Metro DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Griffin Companies Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcgriffin.com 1221 Nicollet Ave. S. Suite 300 Minneapolis, MN 55403 (612) 904-7833 CONTACT CBSA Minneapolis- St. Paul- Bloomington, MN-WI 6,063 3,286,547 1,267,913 $71,301 1,695,892 5.10% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Downtown: Ryan Companies is negotiating terms of a proposed $400 million Mixed-Use development that complements the new Vikings Stadium planned for city’s downtown. • Redevelopment: Presbyterian Homes & Services heads into final stretches of construction on the $125 million promenade of Wayzata. • Jobs: 500 high skilled jobs will be created over 5 years as Emerson Electric Co. will convert the former ADC Telecommunications site in Shakopee into an engineering and manufacturing center. • Industrial: Hyde Development finalized the purchase of the state’s largest Industrial building that sits on 122 acres in Fridley. Plans for the Superfund site is for a $140 million sprawling business campus. • Development: With the tightening supply of Industrial space in Dakota County, developers are moving ahead with new Industrial building projects. • Recovery: Recently released residential permit statistics show the new home industry in the Twin Cities continues to improve. Monthly and year-to-date permits and planned units are at their highest level since 2007. Year to date permits are up by 37%, while planned units are 26% higher. q q q q p p p N/A p q p p
  41. 41. 41 MS - Gulfport / Biloxi DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Alfonso Realty, LLC Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcworldwide.com 625 Courthouse Rd. Gulfport, MS 39507 (228) 596-4471 CONTACT CBSA Gulfport- Biloxi, MS 1,503 240,010 94,854 $53,669 86,844 9.00% Square Miles Household Income Median Population Households Employees (Total) Unemployment • A new minor league baseball stadium was approved. The Biloxi City Council passed resolution calling for the city to purchase a $21 million general obligation bond toward construction a multi-million dollar on land leased from the Beau Rivage Resort & Casino. The 7,000-seat stadium would cost about $35 million and will be constructed in what is now the employee parking lot across the street from the casino parking garage. • New casinos are on the horizon. • New construction is picking up. n q q q n p p p q n q n MO - St. Joseph DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial General Properties Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcommercialgeneral.com 2700 N. Belt Hwy. St. Joseph, MO 64506 (816) 364-2700 CONTACT CBSA St. Joseph, MO-KS 1,661 127,090 51,821 $44,333 48,146 5.80% Square Miles Household Income Median Population Households Employees (Total) Unemployment • St. Joseph is located just 35 minutes north of the Kansas City International Airport with access to I-29, a major north- south Interstate Highway, providing a corridor between Mexico and Canada and US Hwy 36, a major east-west route thru Northern Missouri. • This market is located in the heart of the Life Sciences Industry with 5 of the major companies located here. • Boehringer Ingelheim Vetmedica is still expanding and building a 260,000 SF distribution center. • The new Eastowne Business Park is complete and offering excellent Industrial building sites. A 50,000 SF shell building was completed in 2012. • Rosecrans Memorial Airport, which serves civilian and military needs, is located 3 miles west of the city. It boasts ILS and GPS approach runways and provides capacity for any size aircraft. • St. Joseph is served by the Union Pacific Railway and the Burlington Northern-Santa Fe Railway to provide direct access to all parts of North America. q q q q p p p p q q q p
  42. 42. 42 MT - Billings DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial CBS Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcmontana.com 1215 24th St.West Billings, MT 59102 (406) 656-2001 CONTACT CBSA Billings, MT 4,683 155,673 63,905 $53,585 69,806 3.90% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Three new hotels are under construction; over 300,000 SF of Retail is under construction; nearly 60 acres of Multi-Family Land is under development. • Vacancy in Industrial and Multi-Family is falling due to energy related activity in the Bakken Formation. • Residential sales of existing inventory are up over 20% YTD. • Two new car dealerships are under construction with new truck sales hitting record highs. • A new 2 story library is opening in 2013. • A new 40 acre FedEx Hub is under construction. • The unemployment rate for the area is 3.9%. n q q q n p p p q n p p NE - Lincoln DEMOGRAPHICS MARKET HIGHLIGHTS Coldwell Banker Commercial Thompson Realty Group Vacancy OFFICE retail industrial multy-family Absorption Rental Rates www.cbcthompson.com 620 N 48th St. Suite 101 Lincoln, NE 68504 (402) 421-7700 CONTACT CBSA Lincoln, NE 1,414 299,958 126,751 $55,280 142,514 4.00% Square Miles Household Income Median Population Households Employees (Total) Unemployment • Pinnacle Bank Arena will be completed in Fall 2013 and will serve as a center point for the West Haymarket redevelopment project. Hotels, Retail, Offices, and upscale Residential Housing are currently being developed in the 400 surrounding acres. • CNBC’s Top States for Business 2013 ranks Nebraska as #4. • Lincoln was named the happiest place in the United States by the 2012 Gallup-Healthways Well-Being Index. • Memorial Stadium announced an expansion of the east stadium, which will allow for around 3,000 more fans to obtain season tickets to Nebraska football. Memorial Stadium is the third largest city in Nebraska on game days. • The Nebraska Innovation Campus is a public and private research campus being developed by the University of Nebraska-Lincoln and is currently under construction. It will contain 2 million SF of space with 500,000 SF completed within 5 years. q q q q p p p p n n n n

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