CBC Blue Book Market Review

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The CBC® Blue Book offers a unique market perspective with data generated by true commercial real estate market experts – the professionals of the Coldwell Banker Commercial companies.
• 200+ companies within the CBC organization
• Over 60 U.S. markets submitted
The Blue Book highlights one of the strengths of the Coldwell Banker Commercial organization: our national footprint.

The CBC organization’s strong local market coverage combined with our global reach is a key differentiator that helps our clients obtain real-time market information in order to make informed real estate
decisions.

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CBC Blue Book Market Review

  1. 1. 2011 Coldwell Banker Commercial Blue Book Market Review
  2. 2. About the Coldwell Banker Commercial® Blue Book. The CBC® Blue Book offers a unique market perspective with data generated by true commercial real estate market experts – the professionals of the Coldwell Banker Commercial companies. • 200+ companies within the CBC organization • Over 60 U.S. markets submitted The Blue Book highlights one of the strengths of the Coldwell Banker Commercial organization: our national footprint. The CBC organization’s strong local market coverage combined with our global reach is a key differentiator that helps our clients obtain real-time market information in order to make informed real estate decisions.Sources of InformationEach market information comes from the CBC affiliate listed as the contact. Information is deemed fromsources considered reliable. Various sources of the data include but are not limited to: CoStar, Reis andLoopNet. Demographic information was pulled from EASI Demographics. Unemployment numbers weretaken from Bureau of Labor Statistics.
  3. 3. Table of Contents ContentsAL - Dothan, Houston County 2 NC - Raleigh 18AR - Hot Springs 2 NJ - Central 19AR - Little Rock 3 NJ - Northern 19CA - Coachella Valley 3 NM - Albuquerque 20CA - Inland Empire / Victor Valley 4 NV - Carson City 20CA - Los Angeles 4 NY - Manhattan 21CA - San Diego 5 NY - Upstate 21CA - San Fernando / San Gabriel Valley 5 OK - Oklahoma City 22CO - Durango 6 OK - Tulsa 22FL - Charlotte County 6 OR - Portland 23FL - Jacksonville 7 OR - Salem 23FL - Orlando 7 PA - Central Region 24FL - Southern Region 8 PA - Pittsburgh 24GA - Athens 8 SC - Charleston / Tri-County 25GA - Atlanta 9 SC - Columbia 25HI - Honolulu 9 SC - Greenville / Spartanburg 26ID - Coeur d’Alene 10 TN - Chattanooga Metro Area 26IL - Bloomington / Normal 10 TN - Knoxville 27IL - Champaign County 11 TX - Dallas 27IL - Chicago 11 TX - Lubbock 28IL - DuPage 12 TX - San Antonio 28IN - Delaware 12 TX - Southeast Region 29KY - Louisville 13 TX - Tarrant County (Fort Worth area) 29LA - Lafayette 13 TX - Victoria, Victoria County 30ME - Midcoast / Southern Regions 14 UT - Salt Lake County 30MN - Minneapolis 14 WA - Clark County 31MO - Southwest 15 WA - Puyallup, Pierce County 31MO - St. Louis 15 WI - Rock County / Stateline Area 32MO/KS - Kansas City 16 Index by State 33MT - Billings Metro 16 Index by Market 33NC - Charlotte Metro Area 17NC - Greensboro / High Point Metro 17NC - Greenville 18
  4. 4. AL - Dothan, Houston County AR - Hot Springs Demographics Market Highlights Demographics Market Highlights • College of Osteopathic Medicine Hot Springs, • Sports Clips moved into the MSA Dothan, AL MSA AR to be built by regional medical area. center. Square Miles 580 Square Miles 677 • Vacancy rates are falling. • Creation of Interstate Highway Connector remains probable. • Burger King, Subway, Orr Honda and Jose’s are under Population 100,673 • Country Crossing Entertainment Population 98,888 construction. Complex plans to reopen. • Competitive rental rates are Households 40,642 • Fourth quarter 2010 showed Households 43,175 contributing to vacancy rates improvement across the board falling. for commercial real estate. Household Household • Increased activity overall in the Income $64,593 • Unemployment rate continues Income $56,350 market. Average Average to fall. • No change in labor force. Employees • Avoid higher operational costs in Employees 49,960 32,750 (Total) (Total) Florida and Georgia by locating to the very southeast corner of Alabama and still be able toUnemployment 8.0% service neighboring states. Unemployment 8.0%Total Consumer Total Consumer $2,085,853 $2,214,734 Expenditure Expenditure Contact Contact Coldwell Banker Commercial Coldwell Banker Commercial Alfred Saliba Realty RPM 410 N. Shady Lane 401 Section Line Road Dothan, AL 36303 Hot Springs, AR 71913 (334) 793-6600 (501) 520-4000 www.alfredsalibacommercial.com www.cbcrpm.com Office Retail Office Retail Vacancy n Vacancy q Vacancy q Vacancy q Absorption n Absorption p Absorption p Absorption p Rental Rates n Rental Rates n Rental Rates q Rental Rates n Multi-Family Industrial Multi-Family Industrial Vacancy q Vacancy n Vacancy N/A Vacancy q Absorption p Absorption n Absorption N/A Absorption p Rental Rates p Rental Rates n Rental Rates N/A Rental Rates q 2
  5. 5. AR - Little Rock CA - Coachella Valley Demographics Market Highlights Demographics Market Highlights Little Rock- Riverside-San North Little • Southwest Power Pool developed MSA Bernardino- • Lender foreclosures on MSA Rock-Conway, a $63m Office campus, Ontario, CA commercial properties has AR employing 450 people with increased. combined salaries and benefits Square Miles 7,207 Square Miles 771 of $53m. • Retail leasing is still very slow. • St. Vincent Medical purchased • Sales of bargain priced 37 acres in West Little Rock Population 2,146,000 properties have improved. Population 383,813 to develop an ambulatory healthcare and wellness • Office tenants are taking campus. advantage of low rental rates. Households 713,238 Households 160,330 • New Office construction remains • Independent restaurants are at its lowest level in many years, Household expanding. Household while the market continues to Income $68,556 Income $76,375 deal with absorption. Average • Unemployment is still high. Average • The market is beginning to Employees • Slow recovery is still predicted 568,727 Employees 221,680 see quarterly improvement (Total) for the Coachella Valley (Total) economy due to high national in absorption rates for all categories. unemployment and lack of Unemployment 13.9% confidence in federal and stateUnemployment 6.9% government fiscal controls. Total Consumer $39,686,161Total Consumer Expenditure $8,409,840 Expenditure Contact Contact Coldwell Banker Commercial Coldwell Banker Commercial Hathaway Group Lyle & Associates 2100 Riverdale Road, Suite #100 78000 Fred Waring Drive, Suite 200 Little Rock, AR 72202 Palm Desert, CA 92211 (501) 663-5400 (760) 772-6400 x231 www.hathawaygroup.com www.cbclyle.com Office Retail Office Retail Vacancy p Vacancy n Vacancy n Vacancy q Absorption n Absorption p Absorption n Absorption p Rental Rates q Rental Rates q Rental Rates q Rental Rates n Multi-Family Industrial Multi-Family Industrial Vacancy n Vacancy p Vacancy q Vacancy n Absorption n Absorption n Absorption p Absorption n Rental Rates p Rental Rates q Rental Rates n Rental Rates q 3
  6. 6. CA - Inland Empire / Victor Valley CA - Los Angeles Demographics Market Highlights Demographics Market Highlights Riverside-San Los Angeles- MSA Bernardino- • Significant shift of Office space MSA Long Beach- • Google has added 6,000 jobs, Ontario, CA within the Victor Valley due Santa Ana, CA many in this area (along with to relocation of major County three new leases). Square Miles 20,052 Offices. Square Miles 4,061 • Rent declines have decelerated • Retail: Golden Corral, Marshall’s, if not flattened; however, leasing Burlington Coat Factory and concessions are still plentiful. Population 2,025,856 Ross entered the market. Population 9,887,964 • No significant new construction • New construction started in 4Q of commercial or Industrial 2010 for private jail expansion in buildings in Southern California. Households 637,015 Households 3,285,297 Adelanto. • Class A product in all categories Household • In excess of 75% Multi-Family Household remains strong, B and C are Income $66,077 in the Victor Valley were built Income $80,635 starting their recovery in many Average between 1980 and 1989 and Average submarkets, but not all. virtually no units have been Employees 587,580 added since early 2000. Employees 3,818,423 • The biggest change is in (Total) (Total) consumer’s attitudes, there is • Investment, grade-A, single more confidence now than there tenant Retail selling at 5.25% has been seen in the last 2-3Unemployment 9.9% CAP rates. Unemployment 11.7% years. • Builders are back in the market • Overall, in spite of some buying finished and tentative remaining soft spots in the localTotal Consumer Total Consumer $34,859,808 lots. $182,904,681 real estate markets, this area is Expenditure Expenditure seeing more and more signs of improvement. Contact Contact Coldwell Banker Commercial Coldwell Banker Commercial Real Estate Solutions WESTMAC 15500 West Sand Street, 2nd Floor 1515 Sepulveda Boulevard Victorville, CA 92392 Los Angeles, CA 90025 (760) 684-8000 (310) 478-7700 www.CBCdesert.com www.westmac.com Office Retail Office Retail Vacancy p Vacancy n Vacancy p Vacancy n Absorption n Absorption p Absorption q Absorption n Rental Rates q Rental Rates q Rental Rates n Rental Rates n Multi-Family Industrial Multi-Family Industrial Vacancy q Vacancy q Vacancy q Vacancy n Absorption p Absorption p Absorption p Absorption n Rental Rates p Rental Rates q Rental Rates p Rental Rates n 4
  7. 7. CA - San Diego CA - San Fernando / San Gabriel Valley Demographics Market Highlights Demographics Market Highlights San Diego- Los Angeles- Carlsbad- • Callaway Golf announced this MSA Long Beach- • Office transactions: Los Angeles MSA World Airports - 104,155 SF; San Marcos, year that they will be moving Santa Ana, CA CA some of their operations out of Live Nation, Inc - 100,500 the market. SF. Industrial: Casedge Inc Square Miles 4,061 - 449,350 SF; CEVA Direct - Square Miles 4,200 284,885 SF. • Demand from owner/users for well priced highly functional • Vacancy continued to increase in buildings has helped to absorb Population 9,887,964 2010 although at a much slower Population 3,071,264 much of the inventory of unsold rate. That trend is expected to properties that were built at the reverse itself in 2011. end of the previous cycle. Households 3,285,297 Households 1,129,261 • New construction is virtually • New construction is mostly non-existent and does not nonexistent with the exception Household impact this market. Due to the Household of a handful of build-to-suits (Isis Income $80,635 perceived positive change in Income $89,161 Pharmaceuticals, J&D Labs and Average market trends, developers are Average looking at land again. Amerillium) Employees 3,818,423 • A light drop in vacancy is Employees (Total) (Total) 1,227,936 • Positive net absorption of 2m expected in all product types as SF for 2010 should lead to absorption continues to outpace increased rental rates in mid to the release of space in direct late 2011. Unemployment 12.6% and sub-leasing. There doesUnemployment 10.1% not appear to be any rental rate • Tenant activity in the large size growth in 2011. segments is very strong, but the smaller incubator market Total Consumer $182,904,681 • There is a more optimisticTotal Consumer Expenditure outlook in general and with a $67,074,796 is still very weak with vacancy Expenditure continuation of the momentum almost double that of the overall from 2010, the market expects Industrial market. better numbers in all product Contact Contact types. Coldwell Banker Commercial Coldwell Banker Commercial • The labor force has not shifted Almar Real Estate Group North County significantly, which is what you 3655 Nobel Drive Suite 120 801 N Brand Boulavard, Suite 180 would expect in LA, due to its San Diego, CA 92122 Glendale, CA 91203 (858) 200-8888 (818) 334-1900 diverse business demographic. www.cbcsocal.com www.cbcnco.com Office Retail Office Retail Vacancy q Vacancy n Vacancy n Vacancy n Absorption p Absorption q Absorption n Absorption q Rental Rates p Rental Rates q Rental Rates p Rental Rates q Multi-Family Industrial Multi-Family Industrial Vacancy q Vacancy q Vacancy q Vacancy p Absorption p Absorption q Absorption p Absorption q Rental Rates p Rental Rates n Rental Rates n Rental Rates q 5
  8. 8. CO - Durango FL - Charlotte County Demographics Market Highlights Demographics Market Highlights • Vitamin Cottage Natural Grocers Punta Gorda, • This market has been pretty MSA Durango, CO MSA FL opened in Durango. stagnant and there have been no major changes. Square Miles 1,692 • Aaron’s Rent-to-Own opened in Square Miles 694 Durango. • Vacancy rates are falling because there are no jobs. • Mercury Payment Systems plans Population 51,899 a new Office village. Population 156,239 • There has been no new construction in this market. • Leasing activity in all categories Households 21,722 is showing signs of improvement. Households 70,703 • The market will not improve until people go back to work. • Residential sales activity Household improving. Household Income $76,152 Income $66,208 Average • Healthcare sector of labor force Average increasing. Employees Employees 21,431 38,556 (Total) • Durango area commercial (Total) construction has slowed, but there are new projects on theUnemployment 7.5% horizon for the coming year or Unemployment 12.0% two. Retail vacancies are slowly reducing, but rents are not increasing. Durango is the majorTotal Consumer Total Consumer Expenditure $1,253,117 business and tourist center in Expenditure $3,829,863 southwest Colorado and home to Fort Lewis College. Along with a new major trauma medical center, the area has a varied Contact Contact labor base and relatively stable Coldwell Banker Commercial economy. Coldwell Banker Commercial Heritage House Realtors Sunstar Realty, Inc. 785 Main Avenue 970 Kings Highway, Suite 2 Durango, CO 81301 Port Charlotte, FL 33980 (970) 259-3333 (941) 255-3497 www.realestatedurango.com www.sunstarcommercial.com Office Retail Office Retail Vacancy N/A Vacancy p Vacancy p Vacancy p Absorption p Absorption q Absorption q Absorption n Rental Rates q Rental Rates q Rental Rates q Rental Rates q Multi-Family Industrial Multi-Family Industrial Vacancy n Vacancy q Vacancy N/A Vacancy n Absorption n Absorption p Absorption N/A Absorption n Rental Rates n Rental Rates n Rental Rates N/A Rental Rates q 6
  9. 9. FL - Jacksonville FL - Orlando Demographics Market Highlights Demographics Market Highlights Jacksonville, • Havertys Furniture Inc. sold an Orlando- • Constar vacated 350,000 SF in MSA MSA FL Kissimmee, FL Industrial building located at Q4 7720 Philips Highway to Zawyer Square Miles 774 Realty LLC for $2.72m (about Square Miles 907 • Industrial absorption is positive $29 PSF). for two consecutive qtrs • Wood Partners acquired a 168- • New Amway Arena opens Population 859,268 unit Multi-Family building from Population 1,092,371 Focus Development for $14.2m • Overall markets appear to be (about $84,524 per unit). stabilizing. Households 338,464 Households 412,409 • Ironshore Capital acquired • The new Harry Potter Attraction “Water’s Edge”, a seven-story grows Universal Studios Household condominium building in Household attendance. Income $73,325 Income $71,611 Average Jacksonville Beach. Average • Unemployment declined by 30 • The City of Jacksonville has basis points. Employees Employees (Total) 434,366 awarded a $6.1m contract (Total) 626,718 to Petticoat-Schmitt Civil • The Central Florida market Contractors to complete appears to have found or be the San Marco Streetscape near a bottom in all propertyUnemployment 11.0% improvements. Unemployment 11.3% types. Prospects for 2011 are positive as REO is absorbed. • Stellar has been awarded a $3.5Total Consumer million contract to construct a Total Consumer $17,968,452 10,000 SF addition and a 7,000 $22,316,457 Expenditure Expenditure SF renovation at a Mandarin nursing home. Contact Contact Coldwell Banker Commercial Coldwell Banker Commercial Benchmark NRT - FL 4348 Southpoint Boulevard, Suite 310 901 North Lake Destiny Drive, Suite 110 Jacksonville, FL 32216 Maitland, Florida 32751 (904) 281-1990 (407) 539-1000 www.cbcbenchmark.com www.cbcworldwide.com Office Retail Office Retail Vacancy q Vacancy p Vacancy p Vacancy n Absorption p Absorption q Absorption p Absorption q Rental Rates q Rental Rates p Rental Rates q Rental Rates q Multi-Family Industrial Multi-Family Industrial Vacancy q Vacancy n Vacancy q Vacancy p Absorption q Absorption q Absorption p Absorption p Rental Rates p Rental Rates q Rental Rates p Rental Rates q 7
  10. 10. FL - Southern Region GA - Athens Demographics Market Highlights Demographics Market Highlights Miami-Fort Athens-Clarke Lauderdale- • Multi-Family leads the way in MSA • The University of Georgia and the MSA County, GA Pompano South Florida. Medical College of Georgia have Beach, FL partnered to establish a campus • Industrial investment portfolio Square Miles 121 to be located on the 58-acre Square Miles 1,205 deals show strength. former U.S. Navy Supply Corps property in Athens, GA. • Office market hurt by lack of new tenants. Population 197,732 • Tripp Umbach, a medical Population 1,773,268 education planning organization, • Retail market vacancy at 6.7%. estimates that the regional Households 49,910 economic impact of the Athens • Office market vacancy at 14.7%. campus will be more than $567 Households 712,588 million annually, with 3,000 new • Industrial market vacancy at Household jobs and $17 million generated Household 9.4%. Income $48,834 in local government revenue by Income $78,939 Average 2020. Average • Market is slowly improving on the leasing side, with very few new Employees (Total) 35,805 • Tripp Umbach also estimates Employees 682,298 tenants entering the market. that at least $180 million will (Total) Investment / Portfolio sales are be invested commercially as picking up. Bank REO properties a result of medical research are increasing and are of better Unemployment 7.6% growth in the Athens area.Unemployment 11.8% quality. Total Consumer $2,291,829Total Consumer Expenditure $39,517,826 Expenditure Contact Contact Coldwell Banker Commercial Coldwell Banker Commercial NRT - FL Upchurch Realty 3837 NW Boca Raton Boulevard, #200 2405 West Broad Street Boca Raton, Florida 33431 Athens, GA 30606 (561) 479-1225 (706) 354-7870 www.cbcworldwide.com www.upchurchrealtycommercial.com Office Retail Office Retail Vacancy q Vacancy q Vacancy n Vacancy p Absorption p Absorption q Absorption p Absorption n Rental Rates q Rental Rates q Rental Rates q Rental Rates q Multi-Family Industrial Multi-Family Industrial Vacancy q Vacancy q Vacancy n Vacancy n Absorption p Absorption p Absorption n Absorption n Rental Rates p Rental Rates q Rental Rates q Rental Rates n 8
  11. 11. GA - Atlanta HI - Honolulu Demographics Market Highlights Demographics Market Highlights Atlanta-Sandy MSA Springs- • HQ moves: Novelis, NCR and GE MSA Honolulu, HI • Hawaii’s economy is starting to Marietta, GA Energy (357,000 SF) moved in. look better. University of Hawaii Nuclear Regulatory Commission Economic Research Organization Square Miles 529 (102,436 SF) moved to Square Miles 600 reports Oahu tourism is leading downtown Atlanta in 2010. a modest recovery. Tourism as major economic engine is • Vacancy is relatively flat at expected to increase 4.1% to 7.3 19.2% for 2009 and 2010. Population 910,677 Population 1,044,336 million visitors in 2011. • 8 buildings delivered in 2010 for • Hawaii’s construction is a replay a total of 1,896,524 SF. Households 311,782 of 2010 for 2011, with only Households 435,995 military and government projects • Net absorption in 2010 was being awarded, attracting out-of- 821,275 SF. Office inventory Household Household Income $83,803 state firms to compete for these Income $95,068 closed at 201 million SF. contracts. Average Average Vacancy fell by .3% since 2009. Office rental rate fell 10 cents. • In 2010, unemployment rate was Employees Employees 730,767 (Total) 365,718 at a low of 6.4% with 594,000 (Total) • Atlanta has 10 submarkets. people employed. This is Sony Ericsson made a expected to expand to 602,300, submarket move in 2010. primarily in the HospitalityUnemployment 10.2% Unemployment 4.8% sectors. • Labor force continues to be stable in Atlanta market. • Hawaii’s commercial investmentTotal Consumer Total Consumer sales are expected to increase $18,982,203 Expenditure $23,738,587 Expenditure over 2010 as” capital freeze” thaws. Significant sales in 2010 include: Bishop Square Office Complex that sold for $230m Contact Contact and Pearl Ridge Shopping Center sold for $245m. Coldwell Banker Commercial Coldwell Banker Commercial Metro Brokers NRT - Hawaii 3575 Piedmont Road NE, Piedmont Center 737 Bishop Street, Suite 2000 Bldg 15 Suite 950 Honolulu, HI 96813 Atlanta, GA 30305 (808) 526-0896 (678) 320-4800 www.cbcpacific.com www.cbcworldwidemetro.com Office Retail Office Retail Vacancy q Vacancy p Vacancy p Vacancy p Absorption p Absorption q Absorption q Absorption q Rental Rates q Rental Rates q Rental Rates q Rental Rates q Multi-Family Industrial Multi-Family Industrial Vacancy p Vacancy q Vacancy n Vacancy p Absorption q Absorption q Absorption p Absorption q Rental Rates q Rental Rates n Rental Rates p Rental Rates N/A 9
  12. 12. ID - Coeur d’Alene IL - Bloomington / Normal Demographics Market Highlights Demographics Market Highlights Coeur d’Alene, • Development is limited to build- Bloomington- • Both major healthcare MSA MSA ID Normal, IL to-suit activity. organizations have building expansion projects underway. Square Miles 1,245 • Tenants are using this Square Miles 1,184 opportunity to extend their • Mitsubishi Motors is adding leases and lock in low rates. a new car model to its production line, thus stabilizing Population 140,628 • Beginning to see a trend Population 168,918 employment. towards fewer concessions from landlords. • Campus housing development at Households 53,154 Households 70,687 Illinois State University is active. • Asking rents have remained steady, but this does not tell the • Heartland Community College Household whole story. Effective rents have Household purchased 100 acres for future Income $62,733 Income $73,184 dropped over the last year. growth. Average Average • Apartment market is beginning • Retail market starts slow Employees Employees 49,226 to recover. This market expects 69,980 recovery as demand picks up. (Total) (Total) to see lower vacancies and higher rents by the end of 2011.Unemployment 11.3% Unemployment 6.7%Total Consumer Total Consumer $2,933,601 $4,038,011 Expenditure Expenditure Contact Contact Coldwell Banker Commercial Coldwell Banker Commercial Schneidmiller Realty Heart of America Realtors 2000 Northwest Boulevard 802 S. Eldorado Road Coeur d’Alene, ID 83814 Bloomington, IL 61704 (208) 765-4300 (309) 662-3377 www.cbcsr.com www.cbhoacommercial.com Office Retail Office Retail Vacancy q Vacancy q Vacancy n Vacancy n Absorption p Absorption p Absorption n Absorption n Rental Rates q Rental Rates n Rental Rates q Rental Rates n Multi-Family Industrial Multi-Family Industrial Vacancy q Vacancy q Vacancy q Vacancy p Absorption p Absorption p Absorption p Absorption q Rental Rates n Rental Rates q Rental Rates n Rental Rates q 10
  13. 13. IL - Champaign County IL - Chicago Demographics Market Highlights Demographics Market Highlights Champaign- Chicago- MSA • The University of Illinois helps MSA Naperville- • There were several large Office Urbana, IL to drive the local economy and Joliet, IL-IN-WI leases in the Chicago market contributes to its stability. in 2010. The largest being UBS Square Miles 997 Square Miles 946 for 382,000 SF in downtown • The local healthcare industry Chicago. has remained strong and continues to be a regional draw • Vacancy has fallen because Population 197,011 for the community. Population 5,304,373 there was virtually no new construction and several large • Despite the economic downturn, new leases were secured. Households 85,107 new technology-related Households 1,953,418 enterprises have continued • There was only 778,000 SF to develop and expand in this of new construction in 2010, Household market. Household of which 571,000 SF was Income $61,502 Income $84,614 Average preleased. • Vacancy is at an all-time high Average in the Office sector, prompting • There was positive absorption Employees Employees (Total) 73,556 landlords to lower rents and offer 2,393,188 of 1,914,000 SF in the Chicago (Total) incentives to attract tenants. market in 2010. As a result, vacancy dropped and rental • The Retail sector is showing rates increased.Unemployment 7.5% signs of recovery with national Unemployment 8.6% Retailers beginning to re-enter • Tenants sense that the market the market. is starting to get better and, asTotal Consumer a result, are taking advantage of Total Consumer Expenditure $4,461,113 • The Multi-Family sector $107,386,591 competitive lease terms. Expenditure continues to experience growth and relatively low vacancy rates, • There was 5% employment especially with student housing. growth from 2009 to 2010. Contact Contact Chicago continues to have a diverse employment base. Coldwell Banker Commercial Coldwell Banker Commercial Devonshire Realty NRT - Chicago 201 W. Springfield Avenue 2215 Sanders Road, Suite 350 Champaign, IL 61820 (847) 313-4646 (217) 352-7712 www.cbcnrtchicago.com cbcdr.com Office Retail Office Retail Vacancy p Vacancy p Vacancy q Vacancy q Absorption q Absorption n Absorption p Absorption p Rental Rates q Rental Rates q Rental Rates p Rental Rates q Multi-Family Industrial Multi-Family Industrial Vacancy n Vacancy p Vacancy q Vacancy q Absorption n Absorption n Absorption p Absorption p Rental Rates n Rental Rates n Rental Rates p Rental Rates q 11
  14. 14. IL - DuPage IN - Delaware Demographics Market Highlights Demographics Market Highlights Chicago- MSA Naperville- • Rasmussen College and other MSA Muncie, IN • Three employers opened plants Joliet, IL-IN-WI educational services are creating a total of 800 jobs. expanding. Square Miles 393 • Industrial vacancy rate is falling Square Miles 334 • With large Office leases expiring, due to new employers. tenants are shopping for better deals and downsizing. • CBD Office vacancy is up 15% Population 935,405 Population 115,425 due to shrinking government • Central Dupage Hospital Cancer programs. Center increases its presence with new construction. Households 48,625 • CBD Rent rates are down 10- Households 338,513 15%. • There has been slow absorption Household of Retail Center space in the Household • Ivy Tech Community College Income $55,245 opened a Campus in CBD. Income $104,196 Chicago west suburbs. Average Average • Many Chicago suburban • Muncie has the most affordable Employees housing in Division 1-A Employees 622,755 communities expect that 42,446 (Total) (Total) absorption will not improve until communities. 2012-2013, when confidence in the market returns to Retail/Unemployment 8.6% Office. Unemployment 10.0%Total Consumer Total Consumer $21,956,832 $2,493,689 Expenditure Expenditure Contact Contact Coldwell Banker Commercial Coldwell Banker Commercial NRT - Chicago Lunsford Real Estate 1225 W. 22nd Street, Suite 130 3601 W. Bethel Avenue Oak Brook, IL, 60523 Muncie, IN 47304 (630) 954-4600 (765) 289-2228 www.cbcnrtchicago.com www.coldwellbankercommerciallunsford.com Office Retail Office Retail Vacancy p Vacancy p Vacancy p Vacancy q Absorption q Absorption p Absorption q Absorption p Rental Rates q Rental Rates q Rental Rates q Rental Rates n Multi-Family Industrial Multi-Family Industrial Vacancy q Vacancy p Vacancy n Vacancy q Absorption p Absorption p Absorption n Absorption p Rental Rates p Rental Rates q Rental Rates q Rental Rates n 12
  15. 15. KY - Louisville LA - Lafayette Demographics Market Highlights Demographics Market Highlights Louisville/ MSA Jefferson • Downtown Louisville is in a MSA Lafayette, LA • This market was directly affected County, KY-IN growth mode with the New YUM! by the Gulf Oil spill. Center. Square Miles 270 • Government has lifted the Square Miles 385 • UPS is a major employer and moratorium, but has not issued provides a logistics hub to many permits to drill. emerging companies. Population 723,786 Population 212,674 • Lack of new construction for • Retail vacancies are beginning to Industrial has kept this market fill up in major locations. stable. Minimal properties are Households 82,912 available for lease or sale. Households 302,589 • New constructions and new projects remain slow. • Several new large Multi-Family Household Household complexes has increased the • The demand for Multi-Family Income $75,497 Income $74,419 vacancy rate throughout the Average Average build sites is very strong. rental market. • The unemployment rate is Employees Employees 400,666 128,639 • Retail spending has remained (Total) (Total) dropping. high throughout the trade area. • The Louisville market is holding • Unemployment remains inUnemployment 9.8% steady. A Retail rebound, Multi- Unemployment 5.6% the 5% range, but continued Family and logistic positioning by government involvement in the companies using the UPS Hub oil industry will force many of are strengths in the Louisville local jobs out of the country.Total Consumer Total Consumer $16,376,009 area market. The market Expenditure $4,418,906 Expenditure include an MSA of about 1.2 million people. Office and new construction projects are slow areas of the commercial market Contact Contact right now. The emergence of Coldwell Banker Commercial downtown and the new KFC Coldwell Banker Commercial McMahan Co. YUM! Center make the area Pelican Real Estate 6402 Railroad Avenue interesting for commercial 806 East Saint Mary Boulevard Crestwood, Kentucky 40014 Lafayette, LA 70503 (502) 241-8811 investment. (337) 233-9541 www.cbmcmahan.com www.cbcpelican.com Office Retail Office Retail Vacancy n Vacancy q Vacancy p Vacancy p Absorption n Absorption p Absorption q Absorption q Rental Rates q Rental Rates n Rental Rates q Rental Rates q Multi-Family Industrial Multi-Family Industrial Vacancy n Vacancy q Vacancy n Vacancy q Absorption p Absorption p Absorption n Absorption p Rental Rates n Rental Rates n Rental Rates n Rental Rates q 13
  16. 16. ME - Midcoast / Southern Regions MN - Minneapolis Demographics Market Highlights Demographics Market Highlights Portland-South Minneapolis- MSA Portland- • Retail: Wal-Mart and Tractor St. Paul- • Microsoft is expanding again in MSA Biddeford, ME Supply will start construction in Bloomington, the Twin Cities. the fall of 2011. MN-WI • Investment property sales were Square Miles 991 • Vacancy Rates are falling due Square Miles 557 up in 2010. to lack of inventory of available space. • US Bank signs 340,000 SF lease Population 201,958 at Meridian Crossings. • There are several proposed Population 1,162,574 construction projects slated for • Office market sees signs of 2011. stabilization. Households 79,304 Households 485,989 • Rental rates are holding steady; • Apartment market shows Household Office rates are down a bit. positive trends. Income $68,728 Household Average • Midcoast Maine has been Income $94,537 • Signs of job growth reemerge at discovered because of its quality Average same rate as nation. Employees 56,526 of lifestyle and growing economy. (Total) Employees 834,033 (Total) • Unemployment is below state and national averages.Unemployment 5.9% Unemployment 6.5%Total Consumer $4,498,991 Expenditure Total Consumer $29,346,247 Expenditure Contact Contact Coldwell Banker Commercial Coldwell Banker Commercial SoundVest Properties Griffin Companies 147 Park Street 615 1st Avenue NE Suite 500 Rockland, ME 04841 Minneapolis, MN 55413 (207) 596-7478 (612) 338-2828 www.soundvest.com www.cbcgriffin.com Office Retail Office Retail Vacancy q Vacancy q Vacancy p Vacancy p Absorption p Absorption p Absorption p Absorption q Rental Rates q Rental Rates p Rental Rates q Rental Rates q Multi-Family Industrial Multi-Family Industrial Vacancy p Vacancy q Vacancy q Vacancy p Absorption q Absorption p Absorption p Absorption q Rental Rates n Rental Rates p Rental Rates p Rental Rates q 14
  17. 17. MO - Southwest MO - St. Louis Demographics Market Highlights Demographics Market Highlights Springfield, St. Louis and MSA • In August 2010, Expedia Inc. MSA 16 counties • Industrial, Retail and Multi- MO announced its intentions to bring across MO-IL Family vacancy levels have 500 new jobs to Springfield decreased for each of the past 4 Square Miles 675 to coincide with a move to Square Miles 8,458 quarters. The rates will continue Springfield’s old airport. to decrease due to the lack of new product available. • T-Mobile plans to hire 300 Population 271,195 people for its Springfield Population 2,812,896 • Office vacancy has remained flat customer care service center even though new construction next year; 100 of them during deliveries continue to be strong. Households 118,990 the first quarter of 2011. Households 736,952 • Net absorption was positive for • McLane Co. Inc. plans to build a past 4 quarters for the Industrial, Household 400,000 SF distribution center Household Retail and Multi-Family sectors. Income $58,871 Income $51,691 Average on Republic’s west side that Average • Net absorption for the Office would employ about 400 people. sector was mixed for the year, Employees Employees (Total) 145,282 • O’Reilly Hospitality Management 1,440,683 however, the last 2 quarters (Total) will complete its new 125-room ended with strong results. Hilton Garden Inn in March 2011 on Springfield’s south side.Unemployment 8.4% Unemployment 9.9%Total Consumer Total Consumer $6,303,682 $31,575,174 Expenditure Expenditure Contact Contact Coldwell Banker Commercial Coldwell Banker Commercial Vanguard, Realtors CRA LLC 1334 E. Republic Road 8820 Ladue Road Springfield, MO 65804 Saint Louis, MO 63124 (417) 887-5950 (314) 206-4600 www.cbcvanguard.com www.cbcstl.com Office Retail Office Retail Vacancy p Vacancy p Vacancy q Vacancy q Absorption q Absorption p Absorption p Absorption p Rental Rates q Rental Rates p Rental Rates p Rental Rates q Multi-Family Industrial Multi-Family Industrial Vacancy N/A Vacancy p Vacancy q Vacancy q Absorption N/A Absorption p Absorption p Absorption p Rental Rates N/A Rental Rates q Rental Rates p Rental Rates q 15
  18. 18. MO/KS - Kansas City MT - Billings Metro Demographics Market Highlights Demographics Market Highlights Kansas City, • Sprint’s 4,000,000 SF campus • Base economic industries; MSA MSA Billings, MT MO-KS in Overland Park now has Agriculture, Petroleum, Medical, 370,000 SF of subleased & Tourism remained even paced Square Miles 477 space, most at the expense of Square Miles 2,635 in 2010. downtown Kansas City, MO. • Area residential real estate has • The average Household Income not been impacted by national Population 546,679 for the Kansas City Metro for Population 145,900 factors. 2010 was $103,069. • New construction has been Households 210,513 • During 2010 modern bulk Households 59,768 curtailed by lack of regional distribution space had a positive financing. net absorption of 122,000 SF. Household Household • Lender REO activity has been Income $103,035 Income $69,258 • Modern warehousing had a minimal. Average Average 122,000 SF positive absorption in 2010. • Multi-Family occupancy indicates Employees Employees 317,994 67,577 further property expansion. (Total) (Total) • Wyandotte County lead the Metro area in new construction • Considerable 2010 4th quarter last year. activity tends to indicateUnemployment 8.6% Unemployment 5.5% a substantial increase in • Johnson County index of transaction volume during the consumer confidence was up 6% first quarter of 2011.Total Consumer in early 2011. Total Consumer Expenditure $13,553,993 Expenditure $3,344,037 • 2011 is projected to be a better year for commercial transaction activity. Contact Contact Coldwell Banker Commercial Coldwell Banker Commercial Fishman & Company The Brokers 1948 E Santa Fe Street 1215 24th Street, Suite 240 Olathe, KS 66062 Billings, MT 59102 (913) 782-9000 (406) 656-2001 www.cbcfishman.com www.cbcmontana.com Office Retail Office Retail Vacancy p Vacancy q Vacancy n Vacancy p Absorption q Absorption n Absorption n Absorption n Rental Rates p Rental Rates q Rental Rates q Rental Rates q Multi-Family Industrial Multi-Family Industrial Vacancy q Vacancy q Vacancy q Vacancy n Absorption n Absorption p Absorption p Absorption n Rental Rates N/A Rental Rates q Rental Rates p Rental Rates q 16

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