2012 Year-End Bluebook

2012 Blue Book

Year End Market Review
Supplement to Real Estate Forum

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MARKET SNAPSHOTS
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CONTENTS
AL - Birmingham 4 MS - Gulfport/Biloxi 44
AL - Dothan/Houston County 4 MO - Springfield 44
AL - Montgomery 5 MO-KS - St. Joseph 45
AK - Anchorage 5 MT - Billings 45
AZ - Sedona/Verde Valley 6 NE - Lincoln 46
AR - Little Rock 6 NV - Reno/Sparks MSA 46
CA - Bakersfield 7 NJ - Central & Northern 47
CA - Chico 7 NJ - Northern 47
CA - Inland Empire 8 NJ - Ocean County 48
CA - Inland Empire North/Victor Valley 8 NM - Albuquerque 48
CA - Long Beach/South Bay 9 NY - Albany 49
CA - Los Angeles/Los Angeles, West 9 NY - Long Island 49
CA - Los Angeles, Westside 10 NY - New York City 50
CA - Merced MSA 10 NY - Rochester 50
CA - Modesto 11 NC - Charlotte 51
CA - Napa Valley/Napa County 11 NC - Henderson 51
CA - Newport Beach 12 ND - Fargo/Moorhead 52
CA - Oakland/East Bay 12 OH - Cincinnati 52
CA - Orange County 13 OH - Dayton 53
CA - Riverside/South West 13 OK - Oklahoma City Metro 53
CA - San Gabriel/San Fernando Valleys 14 OR - Portland 54
CA - San Mateo County/Peninsula 14 OR - Salem 54
CO - Western 15 OR - Southern 55
CT - Fairfield County 15 PA - Pittsburgh 55
DE - Sussex County 16 PA - Southeastern 56
FL - Boca Raton/Palm Beach County 16 SC - Charleston 56
FL - Daytona Beach/Ormond Beach 17 SC - Columbia 57
FL - Deltona 17 SC - Greenville 57
FL - Florida Keys/Key West 18 SC - Spartanburg 58
FL - Fort Lauderdale/Broward County 18 TN - Chattanooga Metro 58
FL - Gainesville 19 TN - East 59
FL - Jacksonville 19 TN - Nashville 59
FL - Lakeland/Winter Haven 20 TX - Amarillo 60
FL - Melbourne/Brevard County 20 TX - Austin 60
FL - Melbourne/Palm Bay/Titusville 21 TX - Bryan/College Station 61
FL - Miami/Dade 21 TX - El Paso 61
FL - Naples/Ft. Myers 22 TX - Houston 62
FL - Orlando 22 TX - Lubbock 62
FL - Palm Beach 23 TX - Rio Grande Valley 63
FL - Punta Gorda 23 TX - South/Central 63
FL - Sarasota/Manatee Counties 24 TX - Southeast 64
FL - St. Lucie County 24 TX - Victoria 64
FL - St. Lucie/Martin Counties 25 TX - Waco/McLennan County 65
FL - Tallahassee 25 UT - Salt Lake Market 65
FL - Tampa, Greater Area 26 VA - Fredericksburg Region 66
FL - Tampa/St. Petersburg 26 VA - Lynchburg 66
FL - Winter Haven 27 VA - Williamsburg/Hampton Roads 67
GA - Athens 27 WA - King County 67
GA - Atlanta 28 WA - Southwest 68
GA - Dalton/Whitfield County 28 WA - Tacoma 68
GA - Hinesville/Fort Stewart 29 WI - Janesville/Beloit 69
GA - Macon/Bibb County 29 WI - Madison, Greater 69
GA - Savannah 30 WY - Cheyenne Metro 70
HI - Honolulu 30
ID - Boise 31 INTERNATIONAL MARKETS
ID - Eastern 31 Bermuda 71
IL - Bloomington/Normal/McLean 32 Brazil - São Paulo City 71
IL - Central 32 Canada - Aurora, Ontario 72
IL - Champaign/Urbana 33 Canada - Barrie, Ontario 72
IL - Chicago, Southwest 33 Canada - Calgary, Alberta 73
IL - Chicagoland 34 Canada - Courtenay/Vancouver Island, BC 73
IL - Springfield 34 Canada - Innisfil, Ontario 74
IL - Tazewell County 35 Canada - Nanaimo/Vancouver Island, BC 74
IN - Fort Wayne 35 Canada - Newmarket, Ontario 75
IN - Indianapolis MSA 36 Canada - Orillia, Ontario 75
IN - Muncie 36 Canada - Ottawa, Ontario 76
KS - Garden City 37 Canada - Richmond Hill, Ontario 76
KS-MO - Kansas City Metro 37 Canada - Trail, British Columbia 77
KY - Lexington 38 Canada - Vaughan, Ontario 77
KY - Louisville Metro 38 Canada - Waterloo Region, Ontario 78
KY - Southern 39 Greece 78
LA - Acadiana 39 India - Mumbai 79
LA - New Orleans 40 Ireland - Dublin 79
ME - Midcoast 40 Italy 80
MD - Eastern Shore 41 Mexico - Mexico City 80
MI - East Lansing MSA 41 Panama 81
MI - Western 42 Puerto Rico 81
MN - Central 42 Spain - Barcelona/Cataluña Region 82
MN - Mankato 43 Spain 82
MN - Minneapolis/St. Paul Metro 43 United Arab Emirates - Dubai 83

US TRENDS*

The Coldwell Banker Commercial® (CBC) Blue Book offers a unique market perspective with data generated by true commercial
real estate market experts – the professionals of the Coldwell Banker Commercial companies within the local markets. In total,
over 130 US markets were analyzed and here are the national trends.

OFFICE retail

Vacancy 17.1% Vacancy 10.7%

Absorption 17,383,300 Absorption 9,526,000

Rental Rates $28.47 Rental Rates $19.08

Industrial Multi-Family

Vacancy 10.0% Vacancy 4.5%

Absorption 96,277,000 Absorption 140,124

Rental Rates $4.61 Rental Rates $1,097

Source: Reis

OFFICE retail

Vacancy Absorption Rental Rates Vacancy Absorption Rental Rates

p 18 Markets 79 Markets 44 Markets p 24 Markets 89 Markets 42 Markets

q 76 Markets 20 Markets 31 Markets q 81 Markets 16 Markets 32 Markets

n 38 Markets 31 Markets 56 Markets n 27 Markets 25 Markets 56 Markets


Vacancy Absorption Rental Rates Vacancy Absorption Rental Rates

p 20 Markets 80 Markets 42 Markets p 6 Markets 90 Markets 88 Markets

q 74 Markets 19 Markets 23 Markets q 98 Markets 9 Markets 3 Markets

n 30 Markets 26 Markets 59 Markets n 14 Markets 18 Markets 26 Markets

*Based off 133 US Markets (Information was N/A in certain sectors)

AL - Birmingham AL - Dothan/Houston County

demographics market highlights demographics market highlights

Birmingham- • The Birmingham metro has two • The Alabama College of Osteopathic
CBSA notable Mixed-Use developments CBSA Dothan, AL Medicine is one of the 34 osteopathic
Hoover, AL
on the market now. The first, Lane colleges in the nation and the first
Parke, is a Mixed-Use redevelopment in Alabama. The Medical College is
Square Miles 5,298 planned for the current site of Square Miles 1,718 continuing to build with 150 students
Mountain Brook Shopping Center to begin enrollment in August 2013.
and Park Lane Apartments. The
Population 1,135,190 development will include Retail, Population 143,295 • Houston County unemployment rate
Office, and Residential. has dropped from 8.3 percent to 6.7
percent.
• The Industrial market hit a trifecta of
Households 451,751 Households 57,785 • Completed commercial construction
renewals in Q4: Sumitomo Electric
Wiring Systems Inc. renewed their in the area, such as Cheddar’s
lease on 140,400 SF at Moody Casual Café, Buffalo Wild Wings and
Household Household Academy Sports, will bring more job
$55,642 Commerce Park. Decoma Modular $43,656
Income Median Income Median
Systems renewed their lease on opportunities.
120,120 SF at Jefferson Metropolitan
Employees Industrial Park. Employees • With the healthcare industry
485,749 58,833
(Total) (Total) continuing to grow, Flowers Hospital
• Birmingham’s Industrial market’s celebrated the opening of their new
largest newsmaker is the amount Wound Care Center, and Southeast
Unemployment 5.80% of building sales occurring in Q4. Unemployment 6.40% Medical Center completed their
An estimated 850,000 total SF of Heart and Vascular Center expansion
Industrial buildings sold in Q4 of which was an investment of $31
2012. The top sale was Kamtek’s million.
purchase of a 292,506 SF building
in the Eastern submarket of • Southeast AL & Northwest FL
Birmingham. announced a mega site location.

• Top lease transactions in the Retail • Regional airport offers hangars for
contact contact
market were Restaurant Depot wide body aircraft.
Coldwell Banker Commercial leased 50,291 SF in Wildwood North; Coldwell Banker Commercial
Moore Company Realty Nordstrom Rack (Alabama’s first) Alfred Saliba Realty
2 Office Park Circle Suite 110 leased 35,000 SF in River Ridge; 410 N. Shady Lane
Birmingham, AL 35223 and to the delight of all families in Dothan, AL 36303
(205) 876-2717 the 280/459 trade area, Chuck E. (334) 793-6600
www.moorecompanyrealty.com Cheese leased 12,889 SF in Riverhills www.alfredsalibacommercial.com
Shopping Center.

OFFICE retail OFFICE retail

Vacancy q Vacancy q Vacancy q Vacancy n
Absorption p Absorption p Absorption p Absorption n
Rental Rates n Rental Rates n Rental Rates n Rental Rates n

Industrial Multi-Family Industrial Multi-Family

Vacancy p Vacancy N/A Vacancy q Vacancy q
Absorption q Absorption N/A Absorption p Absorption p
Rental Rates n Rental Rates N/A Rental Rates p Rental Rates p
4

AL - Montgomery AK - Anchorage


Montgomery, • Alabama heats up as the place to • Bass Pro Shops announced it
CBSA do business: Expansion of Mercedes CBSA Anchorage, AK will open a 100,000 SF store in
AL
in Vance; Expansion of Hyundai in Anchorage in the Spring of 2013.
Montgomery; Expansion of Honda
Square Miles 2,725 in Lincoln; Airbus to open its North Square Miles 26,379 • Retail continues to be strong in
American plant in Mobile. Anchorage with vacancies dropping
from 5 to 4.71 percent.
Population 367,157 • Office vacancy is stabilizing. Targeted Population 378,904
Retail is succeeding in their desired • Vacancy and rental rates are
demographics. Call volume has forecasted to remain stable in 2013.
increased for all product types.
Households 147,017 Households 137,722 • The Class A Office vacancy is stable
• Restaurant and pub nears completion at 5.2 percent.
in downtown historic district.
Household Household • Companies like Auto Zone and Oil
$52,679 $72,444
• Budget homebuilders in the finished and Vinegar entered the market in
price range of $80/SF find traction. late 2012.
Employees Employees
144,160 • With the expansion of Hyundai and 162,368 • Verizon, Texas Roadhouse and
(Total) (Total)
its ancillary jobs created, there is Massage Envy Spa will open in the
optimism in the market. market in 2013.
Unemployment 6.60% Unemployment 5.80%
• Montgomery can become the natural
cargo break point for intermodal
product arriving in the Port of
Mobile.

contact contact
Coldwell Banker Commercial Coldwell Banker Commercial
Moore Company Realty NRT - Anchorage
121 Coosa St., Suite 250 2600 Cordova Street, Ste 205
Montgomery, AL 36104 Anchorage, AK 99503
(334) 262-1958 (907) 222-1033
www.moorecompanyrealty.com www.coldwellutah.com


Vacancy q Vacancy q Vacancy q Vacancy q
Absorption p Absorption p Absorption p Absorption p


Vacancy n Vacancy q Vacancy n Vacancy n
Absorption n Absorption p Absorption n Absorption n
Rental Rates n Rental Rates p Rental Rates n Rental Rates n
5

AZ - Sedona/Verde Valley AR - Little Rock


• Commercial vacancies are stable and Little Rock- • Inuvo announces HQ relocation
CBSA Flagstaff, AZ trending downward. North Little from NY City to Conway in Central
CBSA
Rock-Conway, Arkansas.
• State has finished upgrading lighting AR
Square Miles 18,617 in Sedona’s business district. • City of Little Rock seeks location for
Square Miles 4,090 new Little Rock Technology Park.
• Commercial property sales have
Population 130,596
increased 60 percent in number of • Walgreen’s purchase of USA Drug
transactions. is creating surplus Retail space
Population 690,456
scattered throughout state.
• Commercial property sales volume
Households 46,597 has increased by 236 percent. • Hotel construction continues to be
Households 276,042 strong in downtown’s River Market
• The 8th annual Sedona Marathon District.
Household drew the largest number of
$52,993
Income Median Household
participants ever. $56,190 • Bass Pro Shops was quickly under
Income Median construction after announcing a
Employees • Lonely Planet named Sedona and 30-acre acquisition at the I-430/I-30
48,137 Verde Valley among the Top 10 U.S. interchange.
(Total) Employees
Travel Destinations for 2013. 290,765
(Total)
• New mid-rise Apartment
Unemployment 8.40% construction flourishes in Park
Unemployment 6.30% Avenue Mixed-Use development in
Midtown.

contact contact
First Affiliate Hathaway Group
195 West SR 89A 2100 Riverdale Rd. Suite 100
Sedona, AZ 86336 P.O Box 3730
(928) 340-5000 LIttle Rock, AR 72202
www.cbsedonacommercial.com (501) 663-5400
www.hathawaygroup.com


Vacancy q Vacancy n Vacancy n Vacancy q
Absorption p Absorption n Absorption n Absorption p
Rental Rates n Rental Rates n Rental Rates p Rental Rates n


Vacancy N/A Vacancy n Vacancy q Vacancy q
Absorption N/A Absorption n Absorption p Absorption p
Rental Rates N/A Rental Rates n Rental Rates q Rental Rates p
6

CA - Bakersfield CA - Chico


• There has been a boom within the oil • New 60,000 SF North Butte County
CBSA Bakersfield,CA field industry. CBSA Chico, CA Courthouse Complex scheduled for
construction in Chico.
• The unemployment rate is down and
Square Miles 8,141 home sales are the rise. Square Miles 1,639 • New 37,000 SF Butte County Hall of
Records scheduled for construction
• Builders are looking to boom out and in Oroville.
Population 813,502
are seeking Land to develop. Population 221,277
• A 65,000 SF Weiss McNair farm
• There is a shortage in housing equipment manufacturing facility is
in Kern County CA, but new under construction in Chico.
Households 267,652 construction is on the rise. Households 88,796
• Willows I-5 Commercial and
• The economy recovery is led by the Industrial Center entitled and ready
Household housing market. Household to serve Pacific West Coast market
$46,302 $43,239
along the Interstate 5 transportation
• There is affordable living in the area corridor.
Employees as well as a rise in employment. Employees
193,908 60,484 • The enrollment and number of CA
(Total) (Total)
State University, Chico students is
expanding.
• There are new major retailers in
the area including: Dick’s Sporting
Goods, Marshalls, Petco, Guitar
Center, Dollar General, Auto
Zone, Krispy Kreme and Walmart
Superstore.

contact contact
Preferred, Realtors DuFour Realty
1820 Westwind Dr. 1350 E. Lassen Ave. Suite 1
Bakersfield, CA 93301 Chico, CA 95973
(661) 327-2121 (530) 895-1545
www.cbcworldwide.com www.cbcworldwide.com


Vacancy p Vacancy p Vacancy q Vacancy q
Absorption p Absorption n Absorption p Absorption p
Rental Rates p Rental Rates n Rental Rates p Rental Rates p


Vacancy p Vacancy q Vacancy q Vacancy q
Absorption n Absorption p Absorption p Absorption p
Rental Rates n Rental Rates p Rental Rates p Rental Rates p
7

CA - Inland Empire CA - Inland Empire North/Victor Valley


Riverside-San • Yucaipa commercial real estate Riverside-San • Multi-Family units are in high
CBSA Bernardino- listings are rising. CBSA Bernardino- demand along with the upward
Ontario, CA Ontario, CA pressure on pricing.
• The Pass Area is primed for the next
Square Miles 27,260 commercial boom. Square Miles 27,260 • JCPenny is expanding their location
by 37,000 SF in 2013, and Macy’s is
• Many Beaumont and Banning scheduled to open Q1 of 2013.
commercial real estate locations are
Population 4,171,856 HUBZone certified. Population 4,171,856 • Newell Rubbermaid added nearly
180,000 SF at their SCLA location.
• Residential real estate in the Pass
Households 1,350,253 Area (Yucaipa, Calimesa, Beaumont, Households 1,350,253 • Walmart represented 261,000 SF of
Banning) is expanding. net absorption in 2012.

Household • Many citizens from the Inland Empire Household • Panera Bread, Pancho Villa’s, Freddy’s
$52,845 $52,845
Income Median are migrating to the Pass Area. Income Median Steak Burger were among many of
the new restaurants.
• The Pass Area includes two major
Employees Employees
(Total)
1,156,307 counties; San Bernardino and (Total)
1,156,307 • Land sales volume is up 8.5 percent
Riverside County. in 2012 over 2011. Housing market
experienced an increase of 14.4
Unemployment 10.90% Unemployment 10.90% percent in home values during 2012.

contact contact
Kivett Teeter Real Estate Solutions
32829 Yucaipa Blvd. 15500 W Sand St. 2nd Floor
Yucaipa, CA 92399 Victorville, CA 92392
(909) 797-9134 (760) 684-8000
www.cacommercialrealestate.com www.cbcdesert.com


Vacancy p Vacancy p Vacancy p Vacancy p
Absorption p Absorption p Absorption p Absorption q
Rental Rates q Rental Rates q Rental Rates q Rental Rates n


Vacancy p Vacancy q Vacancy p Vacancy q
Absorption p Absorption q Absorption p Absorption p
Rental Rates q Rental Rates p Rental Rates n Rental Rates n
8

CA - Long Beach/South Bay CA - Los Angeles/Los Angeles, West


Long Beach, • Industrial near the ports remains Los Angeles- • Very little available investment
CBSA strong. CBSA Long Beach- opportunities.
CA
Santa Ana, CA
• Market forecasts are cautiously • This area is experiencing shrinking
Square Miles 4,850 optimistic. Square Miles 4,850 Office/Retail vacancies.

• New zoning regulations will allow for • Office/Retail rents are rising.
Population 12,935,173
new developments.
Population 12,935,173 • Technology and Internet businesses
• Most market changes are minor but are absorbing space.
momentum is picking up.
Households 4,288,080 Households 4,288,080 • There is plenty of Apartment and
Mixed Use development activity.
Household Household • Owner/user market is very hot due to
$60,485 $60,485
Income Median Income Median availability of SBA loans.

Employees Employees
5,313,010 5,313,010
(Total) (Total)


contact contact
Blair Westmac WESTMAC
333 W. Broadway Suite 312 1515 S. Sepulveda Blvd.
Long Beach, CA 90802 Los Angeles, CA 90025
(562) 495-6070 (310) 478-7700
www.cbcblair.com www.westmac.com




9

CA - Los Angeles, Westside CA - Merced MSA


Los Angeles- • Multi-Family demand is driving most • Merced is the county seat of Merced
CBSA Long Beach- of the market activity but Single- CBSA Merced, CA County, California.
Santa Ana, CA Tenant NNN investments, Medical
Office and Industrial are also strong • Merced is home to University of
Square Miles 4,850 sectors (Strength in the Industrial Square Miles 1,929 California, Merced.
sector is due to scarcity of product
and ability to convert to Creative • Merced’s population has grown
Office uses). Population 246,043
faster than the state average since
Population 12,935,173 1980. Over the past nine years, the
• Demand greatly exceeds supply for annualized growth rate is about
the strongest sectors. 3.4%. This rapid expansion of
Households 4,288,080 Households 72,827 population has stimulated significant
• Multi-Family cap rates are 4 Retail growth since 1992. Several
percent-5.5 percent in A/B areas major Retail chain stores have
Household and 5.5 percent-8 percent in C/D Household entered Merced, adding over 750,000
$60,485 $43,534
areas. Lenders have developed new SF of new Retail space.
programs to compete with Fannie &
Employees
Freddie and to capture a share of the Employees
5,313,010 44,894
(Total) Multi-Family lending. (Total)

• Development Land for Condos,
Unemployment 10.20% Apartments and Mixed-Use is once Unemployment 17.20%
again in demand but prices are still
below pre-recession levels.

• Strongest sub-markets are: the Santa
Monica and Venice creative corridors,
Beverly Hills, Brentwood, West
Hollywood and Hollywood.
contact contact
NRT - Los Angeles Gonella Realty
11999 San Vicente Blvd. 3170 Collins Dr. Suite A
Los Angeles, CA 90049 Merced, CA 95348
(310) 820-6651 (209) 725-7253
www.cbcworldwide.com www.mercedcommercialrealestate.com


Vacancy q Vacancy p Vacancy n Vacancy p
Absorption p Absorption p Absorption n Absorption n
Rental Rates p Rental Rates p Rental Rates q Rental Rates q


Vacancy q Vacancy q Vacancy p Vacancy q
Absorption p Absorption p Absorption n Absorption p
Rental Rates p Rental Rates p Rental Rates q Rental Rates n
10

CA - Modesto CA - Napa Valley/Napa County


• Stanislaus County is located in the • The Shops at Napa Center, an open
CBSA Modesto, CA Central Valley. Many people in the CBSA Napa, CA air downtown Retail hub, is re-
surrounding areas shop in its county tenanting and positioning itself to
seat of Modesto. add a 180 room hotel.
Square Miles 1,494 Square Miles 754
• The major industry is AG-related, • Over 700,000 SF of temperature-
employing approximately 18,000 controlled high cube Warehouse
Population 512,221 people or 11.3 percent of the total Population 135,273 space was leased in Q4. Future
160,000 people that are employed. demand may require build-to-suit.
The unemployment rate varies due to
seasonal positions in the AG industry. • There was high demand from
Households 167,008 Households 52,057 investors seeking Multi-Family
• Well located shopping areas have properties of 5 or more units.
been attracting new tenants with
Household some major remodeling. Vacant Household • The Up Valley market, including
$49,395 $72,042
spaces, due to the lack of new Yountville, St. Helena and Calistoga,
construction, have been absorbed experienced a substantially tight
Employees as needed. Kaiser Permanente built Employees supply of commercial properties
140,743 60,343
(Total) a major hospital complex with (Total) available for sale and for lease.
Memorial Hospital building, a major
expansion.
• 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
contact unemployment in the area starts to contact
decline.
Vinson Chase, Realtor • The Office and Retail markets are Brokers of the Valley
220- C Standiford Ave. improving in good centers and 1775 Lincoln Ave.
Modesto, CA 95350 locations. Napa, CA 94558
(209) 577-2121 (707) 224-8454
www.cbcworldwide.com www.napacommercialproperties.com


Rental Rates n Rental Rates n Rental Rates p Rental Rates p


Vacancy n Vacancy q Vacancy q Vacancy q
11

CA - Newport Beach CA - Oakland/East Bay


Los Angeles- • Vacancy rates within Office San Francisco- • A major transaction was Pacific Gas
CBSA Long Beach- properties continues to remain high. CBSA Oakland- & Electric in San Ramon with their
Santa Ana, CA Fremont, CA Office lease expansion of 145,000 SF.
• The Retail vacancy rate is moving
Square Miles 4,850 down slowly. Square Miles 2,473 • Steady economic growth is driving
the East Bay Market improvements.
• Commercial property sales are
increasing. • Low vacancy rates and rising
Population 12,935,173 Population 4,347,767 rents are spurring Multi-Family
• The Residential market is low on construction pipeline growth.
inventory.
Households 4,288,080 Households 1,661,661 • East Bay is a popular destination for
• The overpriced properties are not residential buyers priced out of San
moving. Francisco market.
Household Household
$60,485 $80,439
Income Median • Waterfront properties have held their Income Median • There is an amazing amount of cash
value in the area. entering the market.
Employees Employees
(Total)
5,313,010
(Total)
1,916,201 • The East Bay’s unique culture is more
laid back and uncomplicated than
that of its western neighbors.

contact contact
NRT - Balboa Island NRT - Pleasanton
201 Marine Ave. 5980 Stoneridge Dr. Suite 122
Balboa Island, CA 92662 Pleasanton, CA 94588
(949) 673-8700 (925) 847-2266


Vacancy n Vacancy q Vacancy q Vacancy p
Absorption q Absorption p Absorption p Absorption q
Rental Rates q Rental Rates p Rental Rates p Rental Rates q


Absorption n Absorption p Absorption p Absorption n
Rental Rates q Rental Rates p Rental Rates n Rental Rates p
12

CA - Orange County CA - Riverside/South West


Los Angeles- • Office vacancies are finally down to Riverside-San • The overall market continues to
CBSA Long Beach- 13.1 percent. CBSA Bernardino- strengthen and show increased
Santa Ana, CA Ontario, CA activity in all sectors.
• The commercial rent rates have
Square Miles 4,850 flattened out except for Multi-Family. Square Miles 27,260 • Industrial vacancy rates are falling,
leaving less availablity of inventory.
• Industrial vacancy is under 4% with
the rents slowly rising due to lack of • The new Temecula Valley Hospital is
Population 12,935,173 product. Population 4,171,856 under construction with completion
expected by end of Q1. This will draw
• The minimal Retail development is medical professionals into the area.
Households 4,288,080 keeping vacancy at under 6 percent. Households 1,350,253
• The unemployment rate has dropped
• Stabilization can be seen ahead with to 11.1 percent, down from 12.4
Household tenants renewing leases. Household percent from the previous year.
$60,485 $52,845
• Most major law firms trimmed their
space commitments.
Employees Employees
5,313,010 1,156,307
(Total) (Total)


contact contact
NRT - Newport Beach Sudweeks Group
4 San Joaquin Plz. Suite 260 27708 Jefferson Ave. Suite 201
Newport Beach, CA 92660 Temecula, CA 92590
(949) 644-1600 (951) 200-7683
www.cbcworldwide.com www.cbcsocalgroup.com


Absorption p Absorption p Absorption q Absorption q
Rental Rates n Rental Rates n Rental Rates n Rental Rates q


Vacancy n Vacancy q Vacancy n Vacancy N/A

Absorption q Absorption p Absorption p Absorption N/A

Rental Rates p Rental Rates p Rental Rates n Rental Rates N/A
13

CA - San Gabriel/San Fernando Valleys CA - San Mateo County/Peninsula


Los Angeles- • This area has low vacancy. San Diego- • Two Industrial construction projects
CBSA Long Beach- CBSA Carlsbad-San have been approved and are
Santa Ana, CA • There is an Increase in sale prices and Marcos, CA rumored to commence early to
lease rates in the area. mid-2013. The two projects: 213 East
Square Miles 4,850 Square Miles 4,200 Grand and 330 San Bruno Ave. They
• Speculative development is starting. are both R&D properties in South
San Francisco with an estimated total
• Net absorption is still low. of 550,000 SF.
Population 12,935,173 Population 3,071,264
• There is panic buying in multi-family • The largest investment sale was
properties. a purchase of ten buildings on
Households 4,288,080 Households 1,129,261 Embarcadero Rd. in Palo Alto by KBS
• The market is experiencing low Realty totaling 225,000 SF.
interest rates and too many buyers.
Household Household • The Mid Peninsula Coalition
$60,485 $66,264
Income Median Income Median completed their new 109 unit
complex at 636 El Camino Real in
Employees Employees
South San Francisco.
5,313,010 1,227,936
(Total) (Total)
• The asking rates in the Industrial
market remain relatively flat over the
Unemployment 10.20% Unemployment 8.10% Q4 in 2012.

• San Mateo’s job growth continues
as the unemployment rate falls 8.5
percent from the recession in 2010.

• Sales activity gains significant
momentum.
contact contact
North County Westbay Real Estate Group
701 N. Brand Blvd., Ste 180 1575 Bayshore Hwy. Suite 100
Glendale, CA 91203 Burlingame, CA 94010
818-334-1900 (650) 344-4300
www.cbcnco.com www.cbcburlingame.com


Vacancy q Vacancy n Vacancy q Vacancy q
Absorption n Absorption n Absorption p Absorption p


Absorption p Absorption p Absorption q Absorption p
Rental Rates p Rental Rates p Rental Rates p Rental Rates p
14

CO - Western CT - Fairfield County


Grand • There are good signs of a market Bridgeport- • Fairfield County’s Office market
CBSA recovery. In the Industrial market, CBSA Stamford- ended the Q4 of 2012 with a vacancy
Junction, CO
General Electric signed a 10 year Norwalk, CT rate of 14.7 percent, up from 14.0
lease for a 70,000 SF facility that had percent with net absorption totaling
Square Miles 3,328 been on the market for several years. Square Miles 626 negative 349,245 SF, compared with
310,857 SF in the Q2. Vacant sublease
• Commercial foreclosure sales were a space increased to 1,073,617 SF up
Population 148,298 factor in the market, but values were from 850,551 SF at Q2.
Population 904,874
mostly at market prices.
• Fairfield County’s available, vacant-
• Over the past 2 years, Colorado Mesa sublease space increased across the
Households 60,317 University continues to grow with Households 336,733 board from Q2 in 2012. Office went
the addition of two new campus from 851,000 SF to 1,073,617 SF;
dormitories and another new Industrial from 81,000 SF to 118,148
Household dormitory slated for the 2013-2014 Household
$47,409 $91,039 SF and Retail from 21,000 SF to
school year. 30,407 SF.

Employees • There was low inventory of • Among the significant movements
54,564 Employees
(Total) residential MLS listings, but there 419,437 in 2012 were: UBS vacated 257,474
(Total)
are some new subdivisions under SF of Office space; Cervalis leased
construction. 167,691 SF of Office space; NBC
Unemployment 8.60% Unemployment 7.20% Sports Group moved into a 274,956
• There is Retail growth in the area. SF of Industrial space; Cytec
TJ Maxx and Tractor Supply both Industries Inc. vacated 144,000 SF of
opened stores in the fall. Sprouts Industrial space; and Sears vacated
grocery was constructed and opened 178,516 SF of Retail space.
in January 2013, and 2 new national
truck stops are slated for the I-70 • Notable construction projects of
interchange. Both Land sales for 2012 are: 112 Quarry Rd, a 74,726
contact the truck stops closed in December contact SF facility that is currently 32%
and were about 10 acres each, at occupied, and a 93,046 SF project
Coldwell Banker Commercial approximately $6 SF. Coldwell Banker Commercial is under way at 50 Corporate Dr. an
Prime Properties, LLC NRT - Wilton Industrial building already 65% pre-
550 Patterson Rd. Suite B 77 Old Ridgefield Rd. leased.
Grand Junction, CO 81506 Wilton, CT 06897
(970) 243-7375 (203) 831-4187 • The average quoted asking rate is
www.grandjunctioncommercial.com www.cbcworldwide.com $31.84 SF for Office and Industrial is
$7.50 SF.


Vacancy q Vacancy q Vacancy q Vacancy p
Absorption p Absorption p Absorption q Absorption n
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Vacancy p Vacancy q Vacancy N/A Vacancy q
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15

DE - Sussex County FL - Boca Raton/Palm Beach County


• Several new national tenants Boca Raton, • The Palm Beach County Office
CBSA Seaford, DE have opened on Coastal Highway, CBSA market enjoyed its healthiest
FL
including: TD Bank, Buffalo Wild performance during the Q4 of
Wings, Panera Bread and Chipotle’s. 2012. Although gains were modest,
Square Miles 938 Shore Bank and Keller-Williams have Square Miles 5,126 demand outpaced supply by the
also opened Offices. largest margin since the onset of the
recession.
Population 194,215 • Commercial activity has continued to Population 5,566,404
improve due to the rise in tourism, • Although much of the activity is still
more summer rental activity and comprised of lateral market moves,
rapidly increasing retirement influx. existing tenants are expanding
Households 78,981 Households 2,128,471
and entering into long-term lease
• While commercial construction is agreements instead of downsizing or
still slow, the level of residential a short-term commit, as this market
Household construction increased dramatically Household
$52,386 $57,415 has seen over the past 5 years.
over the past year.
• Leasing activity should see modest
Employees • Closed residential resale volume Employees growth as economic signals point to
68,986 2,069,525
(Total) increased 14.5 percent in 2012 over (Total) a recovering residential sector and
2011. could translate into increased space
needs. In spite of uptick in demand,
Unemployment 7.10% • Traffic volume on Route 1 and Unemployment 8.00% expect flat rent performance as
Coastal Highway remains at a very the vacancy rate remains relatively
high level making it one of the best high. Tenants will retain leverage at
Retail areas in the mid-Atlantic negotiation time.
region.
• Palm Beach County gained nearly
• Sussex County’s great accessibility 6,000 jobs during 2012. With a goal
to bays and the ocean coupled with to influence economic growth in the
low property taxes and no sales tax market, the Business Development
contact contact
continues to make it one of the top Board of Palm Beach County is
Coldwell Banker Commercial retiree destinations on the east coast. Coldwell Banker Commercial in partnership with the Board of
Resort Realty NRT - Boca Raton County Commissioners and the Palm
20184 Coastal Hwy. 1800 NW Corporate Blvd. Beach County Office of Economic
Rehoboth Beach, DE 19971 Suite 100 Sustainability for a collaborative
(302) 227-5000 Boca Raton, FL 33431 effort.
www.cbankercommercial.com (561) 479-5963
www.cbcworldwide.com




Vacancy N/A Vacancy N/A Vacancy n Vacancy q
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16

FL - Daytona Beach/Ormond Beach FL - Deltona


Deltona- • Daytona Beach was ranked 6th Deltona- • New VA Hospital to open this fall;
Daytona- in Trip Advisor’s top 10 listing of Daytona- creating over 1,000 jobs.
CBSA CBSA
Ormond Travelers’ Choice Awards for US Ormond
Beach, FL beach destinations and ranked 17th Beach, FL • Unemployment is down for a second
in the Top 25 Beach Destinations in year in a row.
Square Miles 1,103 the World. Square Miles 1,103
• Central FL is getting a boost from the
• Bed tax collections from the opening of its first rail named Sun
resort area continue to edge up, Rail.
Population 495,625 Population 495,625
and boardings at Daytona Beach
International Airport continue to • New housing permits are on the rise.
climb.
Households 214,567 Households 214,567 • Fl state incentives of no state tax and
• Planning Board recently voted 11-0 sunny weather are attracting more
on a proposal to rezone a 4.5 acre companies.
Household ocean site for a 29 story condo with Household
$47,500 $47,500
Income Median 105 rooms and a 26 story hotel with Income Median
500 rooms.
Employees Employees
146,482 • A two tower, 4-star condo/hotel 146,482
(Total) (Total)
complex comprised of 1 million SF
of space with a 40,000 SF meeting
Unemployment 8.10% space is awaiting final approval from Unemployment 8.10%
city commissioners. Construction
of the first tower on 10 acres ocean
front site should begin late summer.

• Embry-Riddle University, Daytona
State University, Bethune Cookman,
contact and University of Central FL continue contact
to grow and receive national and
Coldwell Banker Commercial federal grants in their fields of Coldwell Banker Commercial
Benchmark expertise. AI Group
570 Memorial Circle Suite 300 1019 Town Center Dr. Suite 200
Ormond Beach, FL 32174 • A large modular home community Orange City, FL 32763
(386) 672-8530 sold for $26.4 million. The demand (386) 775-8633
www.benchmarkdaytona.com for assisted living facilities and Multi- www.cbcaigroup.com
Family developments continue to
rise.


Absorption q Absorption p Absorption p Absorption p
Rental Rates p Rental Rates q Rental Rates n Rental Rates n


Vacancy p Vacancy q Vacancy p Vacancy n
Absorption q Absorption p Absorption q Absorption n
Rental Rates p Rental Rates p Rental Rates n Rental Rates n
17

FL - Florida Keys/Key West FL - Fort Lauderdale/Broward County


• The sales of distressed properties are Miami-Fort • Cap rates are shrinking due to low
CBSA Key West, FL brisk, and new distressed listings are Lauderdale- interest rates and a limited supply of
CBSA
declining. Pompano product.
Beach, FL
Square Miles 997 • Hotel development and re- • New construction is finally taking
development is being driven by the Square Miles 5,126 place in the area.
high average ADR’s and Occupancy
Population 73,047 which lead the State of FL. • Multi-Family remains the strongest
market.
• This market is experiencing renewed
interest from national tenants due to • The Office market has a lot of tenants
Households 32,553 prices being down and other existing shifting to other spaces.
opportunities. Households 2,128,471
• The Retail market is very active with
Household • The Barriers to entry based on new construction up and down major
$71,455
development restrictions continue to $57,415 corridors.
be a challenge. Income Median
Employees • The area continues to grow with the
29,685 • Please visit our website at www. expansion of the Fort Lauderdale
(Total) Employees
RealEstateFlordiaKeys.com to view 2,069,525 Airport and the rise of population.
(Total)
our most recent Newsletter which
Unemployment 4.30% discusses the market in detail.
Unemployment 8.10%
• Monroe County continues to enjoy
one of the lowest unemployment
rates in FL.

contact contact
Schmitt Real Estate Company NRT - Boca Raton
11100 Overseas Hwy. 1800 NW Corporate Blvd. Suite 100
Marathon, FL 33050 Boca Raton, FL 33431
(305) 289-6482 (561) 367-4111


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18

FL - Gainesville FL - Jacksonville


• Average closed Office lease rate was Jacksonville, • Ladies apparel company Body Central
CBSA Gainesville, FL $12.89 SF gross. CBSA leased 360,000 SF of Industrial
FL
space in Imeson Center in North
• Average asking Office lease rate is Jacksonville. The group intends to
Square Miles 1,223 $13.39 SF gross. Square Miles 3,221 move into the 1.5 million SF complex
this summer.
• The average closed Retail lease rate
Population 261,674
was $14.46 SF. Population 1,334,380 • Body Central deal paved the way for
Samsonite expansion in Jacksonville.
• The average asking Retail lease rate Samsonite had occupied 200,000 SF
is $15.39 SF. in One Imeson and will move into a
Households 113,545 Households 518,910
240,000 SF of distribution space at
• The year over year Office area 10089 North Main St. This space is
available went down 5.0 percent and in addition to an 800,000 SF facility
Household Retail area increased 15.0 percent. Household
$45,060 $60,216 located on Yeager Rd. in North
Jacksonville.
• Activity is very high in both the
Employees Office and Retail markets with Employees • Catamount Constructors Inc. of
87,322 vacancies expected to decrease for 551,254
(Total) (Total) Atlanta pulled building permits last
both in 2013. week for the $26.8 million Deerwood
Lake Lofts Apartment complex on
Unemployment 6.20% Unemployment 7.40% Jacksonville’s Southside.

• Capital Advisors has arranged $16.2
million in refinancing for Oasis at
Mandarin Apartments, a 256-unit
Multi-Family community at 3355
Claire Lane in Jacksonville.

contact contact • A year and a month into his tenure as
Jaguars owner, Shad Khan introduced
Coldwell Banker Commercial Coldwell Banker Commercial a new logo for the franchise, a
M.M. Parrish Realtors Benchmark critical component of the first major
7515 W. University Ave. Suite 201 4348 Southpoint Blvd. rebranding for the organization since
Gainesville, FL 32607 Suite 310 the team began play during the 1995
(352) 264-3800 Jacksonville, FL 32216 NFL season.
www.mmparrish.com/commercial (904) 281-1990
www.cbcbenchmark.com


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19

FL - Lakeland/Winter Haven FL - Melbourne/Brevard County


Lakeland- • Sykes leased a 96,000 SF location in Palm Bay- • Bass Pro Outlet locating to Palm Bay
CBSA Winter Haven, North Lakeland for a call center. CBSA Melbourne- Rd. & I-95.
FL Titusville, FL
• O’Reilly Automotive announces a • Numerous high-tech & aviation
Square Miles 2,010 350,000 SF distribution regional Square Miles 1,018 companies locating to Melbourne
Office at 3300 County Line Rd. in area & Brevard County are reducing
Lakeland. vacancies.
Population 606,019 • CSX acquired 300 acres south of Population 536,805 • Port Canaveral has a new cruise
Winter Haven and an additional 900 terminal; Harris Corp campus is
acres for a 8 million SF intermodal expanding by 450,000 SF; and AFTA’s
Households 228,998 center. Households 225,977 nuclear detection complex at Patrick
Air Force Base is 276,000 SF.
• Florida Polytechnic University breaks
Household ground on main building by world Household • Residential sales are up and
$40,730 $56,299
Income Median famous architect Santiago Calatrava. Income Median inventory is down.

• Downtown Winter Haven is • The privatization of space has
Employees Employees
(Total)
245,900 emerging as the home of data center (Total)
181,926 attracted many space companies and
companies. created thousands of jobs.

Unemployment 8.60% • Lakeland Regional Medical Center Unemployment 8.30% • Melbourne area is becoming an
aligned with USF medical school and aviation industry center in FL.
will become a teaching hospital.

contact contact
Saunders Ralston Dantzler Realty Ed Schlitt, L.C.
114 N Tennessee Ave. 3rd Floor 232 Fifth Ave.
Lakeland, FL 33801 Indialantic, FL 32903
(863) 877-2828 (321) 723-9500
www.srdcommercial.com www.cbc.flcoldwellbanker.com


Vacancy n Vacancy n Vacancy q Vacancy q


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20

FL - Melbourne/Palm Bay/Titusville FL - Miami/Dade


Palm Bay- • “Space Coast” Brevard offers pro- Miami-Dade, • Consistently a top market for foreign
CBSA Melbourne- business incentives: low taxes, robust CBSA buyers, Miami has experienced
FL
Titusville, FL transportation infrastructure, and robust sales activity since 2008. Local
high-tech labor force, as well as, an demand is also fueled by vacation
Square Miles 1,018 average temperature of 73 degree Square Miles 5,126 and second home buyers for baby
and 72 miles of pristine beach. boomers and from net migration
from other states.
• The $100 million Harris Technology Population 5,566,404
Population 536,805
Center project breaks ground in • Unmatched accessibility: unrivaled
Palm Bay. The 6-story, 450,000 global transportation connections
SF facility will create 100 new available through Miami International
permanent technical and support Airport (MIA) and the Port of Miami.
jobs and is projected to add up to The Port of Miami-Dade is both
300 construction jobs over the next the world’s leading port for cruise
Household Household
$56,299 3 years. $57,415 line passenger traffic and the top
container port in the State of FL.
• U.S. Navy breaks ground on new
Employees
Strategic Weapons System Ashore Employees • Miami-Dade County is one of the
181,926 2,069,525
(Total) (SWS Ashore) facility to create 100 (Total) world’s leading metropolitan areas
jobs in 3 years with average salaries for global companies with a roster
of $90,000 and an 85 percent rate of more than 1,000 multi-national
Unemployment 8.30% of the projected workforce local to Unemployment 9.10% corporations that include Apple,
include former Shuttle workers. Oracle, IBM, Clorox, Burger King
and Porsche. It is home to the third
• Global Technology Company, Nuance largest consular corps in the United
Communications, will expand its States.
operations in Melbourne to create
115 new jobs by the end of 2013 and • There is a high quality of life with a
raise its total projected economic wide range of housing options, year-
contact impact by 66 percent to nearly $24.4 contact round outdoor recreational activities,
million. renowned cultural institutions and
Coldwell Banker Commercial Coldwell Banker Commercial four major professional sports
Sun Land Realty of Florida • Professional Aircraft Accessories NRT - Coral Gables franchises.
1920 Hwy A1A opened its 20,000 SF, $1.5 M 1500 San Remo Suite 110
Indian Harbour Beach expansion facility at Space Coast Coral Gables, FL 33146
FL 32937 Regional Airport adding 65 jobs to (305) 302-6737
(321) 777-7743 boost PAA’s total economic impact to www.cbcworldwide.com
www.cbcsunlandrealty.com over $28 million.




Vacancy n Vacancy q Vacancy q Vacancy N/A

Absorption n Absorption p Absorption p Absorption N/A

Rental Rates n Rental Rates p Rental Rates p Rental Rates N/A
21

FL - Naples/Ft. Myers FL - Orlando


Naples-Marco • Arthrex is building a 600,000+ SF Orlando- • Amcor Rigid Plastics USA relocated
CBSA factory in Ave Maria. CBSA from 230,000 to 500,000 SF.
Island, FL Kissimmee, FL

• Retail and Industrial are improving, • Orlando has had four consecutive
Square Miles 2,025 but Office lags. Square Miles 3,491 Quarters of positive absorption,
encouraging news coming from
• There will be very little new the Retail sector and the Housing
Population 320,101
construction until vacancies rates Population 2,093,845 market. Rents should stabilize and
come down more. the interest rates are still low. This
entices companies to consider
• The residential market is rapidly buying a building rather than leasing,
Households 132,487 improving and prices are up, but Households 799,047
which has helped Industrial sales.
there is still a large overhang of
foreclosed properties. • It appears that build-to-suits in the
Household Household 50,000-100,000 SF range will come
$76,515 $53,425
• The Commercial market should online this year.
slowly improve, but is a year or two
Employees away from normal times. Employees • Improvements in residential
115,960 956,766
(Total) (Total) construction (17 percent) from the
• The baby boomers are coming again! 3Q, continued low interest rates and
attractive sales prices have bolstered
Unemployment 7.30% Unemployment 7.60% the residential market overall.

• Lease rates and building sales prices
are beginning to recover; which
should spur investment activity.

• The Hospitality and Retail markets
continue to drive the Orlando
market. Lake Nona’s growing Medical
contact contact
City will likely affect the south
Coldwell Banker Commercial Coldwell Banker Commercial Orlando Industrial market positively
NRT - Naples NRT - Maitland in 2013.
550 Fifth Ave. S. 901 N. Lake Destiny Dr.
Naples, FL 34102 Maitland, FL 32751
(239) 216-4949 (407) 571-5294


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22

FL - Palm Beach FL - Punta Gorda


Miami-Fort • Digital Domain closed. Punta Gorda, • There is a large medical clinic in the
Lauderdale- CBSA area.
CBSA FL
Pompano • Absorption rates are up for Retail,
Beach, FL Office and Warehouse locations. • Vacancy rates remain the same.
Square Miles 694
Square Miles 5,126 • There is a new Bass Pro Shop in the • The new Publix Center is located on
area. Peachland Blvd. in Pt Charlotte.
Population 156,239
• Inventory is down and prices are • The residential market is improving.
going up.
• There is no new change in the market
• Buyers are willing to buy at market Households 70,703 at this point.
Households 2,128,471 price with very little negotiation.
• There is a sub-secondary market
• The area is the best place to live, Household between Sarasota and Fort Myers, FL.
$50,696
Household work and play. Income Median
$57,415
Income Median
Employees
38,556
Employees (Total)
2,069,525
(Total)

Unemployment 8.00%
Unemployment 8.10%

contact contact
Thomas J. White Realty Sunstar Realty, Inc
1555 NW St. Lucie West Blvd. 1980 Kings Hwy.
Port Saint Lucie, FL 34986 Port Charlotte, FL 33980
(772) 340-4001 (941) 255-7223
www.tjwcommercial.com www.sunstarcommercial.com


Vacancy q Vacancy q Vacancy p Vacancy n
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23

FL - Sarasota/Manatee Counties FL - St. Lucie County


Sarasota- • Commercial sales and leasing are up. Port St. Lucie, • Port St. Lucie saw the collapse of
CBSA Bradenton- CBSA Digital Domain in 2012. However,
FL
Venice, FL • Low Lease rates are bringing new Martin Memorial Hospital will open
Tenants soon in Southern St. Lucie County.
Square Miles 1,313 Square Miles 1,128
• Q4 sales were fueled by the fiscal • Commercial sector vacancies are still
cliff. high, but prime. Well-maintained
Population 407,361 Retail and Offices are seeing better
Population 689,676 • Banks seem to be releasing more than average occupancy and rates.
foreclosed property.
• A new Federal Court House was
Households 311,173 Households 169,340 recently completed in Downtown
Fort Pierce, but there is limited
construction in the Commercial
Household Household sector.
$58,236 $53,266
• Inventory of existing homes is
Employees Employees substantially lower; median price is
230,801 117,662
(Total) (Total) increasing; and new home sales are
improving.

Unemployment 7.80% Unemployment 9.50% • The residential construction has
rebounded on the Treasure Coast.
The rental rates for Industrial and
Retail space are expected to improve.

• St. Lucie County continues to be the
“Pro Growth” county on the Treasure
Coast. It is only a two hour drive
from 80 percent of the population
contact contact
of FL. The affordable home prices
Coldwell Banker Commercial Coldwell Banker Commercial continue to attract new residents.
NRT - Sarasota Ed Schlitt, L.C.
100 North Tamiami Trl. 411 N. U.S. Highway 1
Sarasota, FL 34236 Fort Pierce, FL 34950
(941) 925-8586 (772) 461-3250
www.cbcworldwide.com www.cbc.flcoldwellbanker.com


Vacancy q Vacancy n Vacancy n Vacancy n


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Rental Rates n Rental Rates p Rental Rates q Rental Rates p
24

FL - St. Lucie/Martin Counties FL - Tallahassee


Port St. Lucie, • Bass Pro Shops are opening a Tallahassee, • Bass Pro Shops has announced its
CBSA 100,000 SF store in Port St Lucie. CBSA entry into the market, backfilling
FL FL
the vacant 70,000 SF Sportsmans
• Martin Memorial is breaking ground Warehouse in the Fallschase
Square Miles 1,128 for new hospital in Town of Tradition. Square Miles 2,387 commercial development.

• The Residential market is improving • Office vacancy remains at 20
Population 407,361
with low inventory and an increase in Population 361,765 percent due to State of FL agencies
home prices. continuing to downsize or moving
into State owned buildings.
• Bio Tech Industry is located in Port
Households 169,340 St Lucie. Households 154,494 • Residential construction is improving.
Commercial construction is strong
• St Lucie County is to review the in Multi-Family student housing, but
Household comprehensive port plan in Fort Household weak in other areas.
$53,266 $47,364
Pierce.
• The residential market improved in
Employees Employees 2012 with sales up 13 percent over
117,662 111,973
(Total) (Total) 2011 and the average sale price up
14 percent.

Unemployment 9.50% Unemployment 6.60% • Sales are finally happening of
properties that have been on the
market for a long time. It is hopeful
that with inventory declining, the
market will improve.

• Tallahassee continues to lead the
State of FL with one of the lowest
unemployment rates at 7 percent.
contact contact
NRT - Port St Lucie Hartung & Noblin, Inc.
1973 SW Savage Blvd. 3303 Thomasville Rd.
Port St. Lucie, FL 34953 Tallahassee, FL 32308
(772) 370-2320 (850)386-6160


Vacancy q Vacancy n Vacancy n Vacancy q
Absorption p Absorption n Absorption q Absorption p
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25

FL - Tampa, Greater Area FL - Tampa/St. Petersburg

• Walmart has moved into a 145,000 • Retailers like Wawa, The Container
Tampa-St. Tampa-St.
SF at River Club Plaza. Highland Store, Dollar General & Family
CBSA Petersburg- CBSA Petersburg-
Clearwater, FL
Packaging Solutions signed a 243,903 Clearwater, FL Dollar are expanding into the Tampa
SF Industrial lease at 141410 Gordon market.
Food Service Dr. in East Hillsborough
Square Miles 2,554 City. Nedco Health at Netpark signed Square Miles 2,554 • The Office investment property
a 143,274 SF Office lease in the 1-75 market is heating up. Parmenter
Corridor market. Realty Partners purchased 2
Population 2,757,566 Population 2,757,566 buildings on Rocky Point for $85.5m;
• During the Q4 of 2012, six Office Feldman Equities purchased Wells
buildings totaling 169,607 SF Fargo Center downtown for $44.8m;
were completed in the Tampa/ Parkway Properties purchased The
Households 1,166,605 Households 1,166,605
St. Petersburg market area. This is Point on Rocky Point for $46.8m; and
compared to one building totaling there are several other similar deals
6,000 SF completed in the Q3 of 2012. currently under contract.
Household Household
$49,596 $49,596
• In Tampa, 1,537 single-family units • Office leasing has picked up in
were started in 3Q 2012. This Q4 of 2012 in the Westshore
Employees represents an increase of 31.0% Employees and Downtown Tampa markets.
1,059,081 1,059,081
(Total) compared to last year’s rate of (Total) Pricewaterhouse Coopers recently
1,173 units. The annual starts rate, signed a 248,000 SF build-to-
compared to last year, increased by suit office deal with MetWest
Unemployment 7.90% 24.0%, to 4,739 annual starts. Single- Unemployment 7.90% International across from Tampa
family Quarterly closings totaled International Airport.
1,269 units, which is 0.2% higher.
• Coca-Cola USA completed the build
• The Tampa market area is growing out of a 202,500 SF lease in Q4, one
at a moderate pace and the above of the few remaining large blocks
average payroll growth is providing of Industrial space. Rents for those
a lift to wage gains in Tampa. A property types have inched up as a
contact combination of stronger job creation contact result of scarcity.
and improved housing affordability
Coldwell Banker Commercial is boosting migration. As a result, the Coldwell Banker Commercial • Multifamily and healthcare are
NRT - Tampa area’s population growth surpassed Sage Corporate Advisors some of the sectors seeing the most
5010 W. Kennedy Blvd. the US in 2011 for the first time since 400 N Tampa St. Suite 2430 activity. Universities also continue to
Tampa, FL 33609 Tampa, FL 33602
(813) 286-2964 2006. Strong demographic trends and (813) 999-4944 expand in the area.
www.cbcworldwide.com low interest rates are creating the best www.cbcsage.com
environment to invest in Multi-Family • Banks are loosening credit and
housing in 100 years, as quoted by making financing more readily
the TBBJ. available compared to last year.

Rental Rates q Rental Rates q Rental Rates p Rental Rates p


26

FL - Winter Haven GA - Athens


Lakeland- • Winter Haven, a sub-market of the Athens-Clarke • Ethicon Inc., a subsidiary of Johnson
CBSA Winter Haven, Tampa Bay metro area, is opening CBSA & Johnson, will invest $185 million in
County, GA
FL several eateries. Locations such as a new 100,000 SF production facility
Starbucks, Chick-Fil-A, Panera Bread, in Athens, GA. The company will
Square Miles 2,010 and Fire have either opened or are Square Miles 1,031 produce specialized surgical sutures
opening soon. and is expected to create 75 new
jobs.
• FL Governor Rick Scott lauded the Population 193,495
Population 606,019
vision and potential for the Winter • Downtown Athens, GA continues
Haven Intermodal Terminal and to thrive as approximately $140
noted that Panama Canal shipping million worth of investment is
will double after the widened slated to be spent within the next 2
waterway opens in 2014. He added years. Projects include: a $24 million
“FL’s strategic position is a perfect expansion of The Classic Center;The
Household Household
$40,730 opportunity for the state to become $40,278 construction of a $36 million Hyatt
an international shipping hub.” Hotel; The development of a $30
million student housing complex
Employees
• The Evansville Western Terminal Employees called ‘The Standard’; A $50 million
245,900 60,760
(Total) will be a key element of the state’s (Total) Broad Street project, consisting of
growing international influence. four commercial buildings
Surrounding the site on 900+
Unemployment 8.60% additional acres, the terminal will Unemployment 6.60%
lead to the construction of a business
and warehousing park.

• The long term economic impact
of this project will enhance Winter
Haven and Central FL’s future for
generations to come.
contact contact
NRT - Winter Haven Upchurch Realty
290 Cypress Gardens Blvd. 2405 W. Broad St. Suite 150
Winter Haven, FL 33880 Athens, GA 30606
(863) 294-7541 (706) 354-7870
www.cbcworldwide.com www.upchurchrealtycommercial.com


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27

GA - Atlanta GA - Dalton/Whitfield County

• Atlanta is ranked among the best in
Atlanta-Sandy • Carbondale Business Park is a shovel-
CBSA Springs-
the nation for the lowest cost of doing CBSA Dalton,GA ready Industrial and Commercial
Marietta, GA business and holds the 8th position for
site located on I-75, ready for
the largest economy in America.
manufacturing, warehousing,
Square Miles 8,376 • There are currently 15,319 prospective Square Miles 634 and distribution. Publicly owned,
Apartment units in Atlanta’s pipeline, available lots range from 3 to 50
3,329 units under construction and acres with all utilities.
Population 5,521,582 388 units being redeveloped. In the Population 134,366
• Engineered Floors, LLC is currently
second half of 2012, Atlanta witnessed
undergoing a 200,000 SF expansion
39 apartment sales totaling just over
to their existing 200,000 SF
Households 2,028,400
$500 million. Households 46,872
manufacturing facility.
• Overall Q4 vacancy declined to 15.9
• Academy Sports, Kohl’s and Petco are
Household
percent as the Atlanta Office market Household
$60,590 $46,511 located in a new Retail development
Income Median posted four consecutive Quarters of Income Median
off of I-75.
positive absorption for the first time
since 2007.
Employees • Average residential sales price
Employees 64,498
2,223,339 (Total) increased by 17 percent from 2011
(Total) • Horizon Group’s Outlet Shoppes at
to 2012.
Atlanta, a 370,000 SF Retail outlet
center in Woodstock, broke ground
Unemployment 8.40% Unemployment 11.30% • A 5 year education SPLOST passed
in 2012 while Avalon, North American
county-wide in 2012.
Properties’ 550,000-SF Mixed-Use
development in Alpharetta, is expected • Dalton State College has
to begin construction in the Q1 of approximately 6,000 students. Along
2013. with offering 19 bachelor degrees,
DSC is introducing intercollegiate
• The Atlanta Industrial sector exhibited
athletics with basketball in fall 2013.
healthy demand growth throughout
contact 2012, adding 1.3 million SF of occupied contact
space in Q4.
Metro Brokers • Key Industrial lease transactions during Kinard Realty
3575 Piedmont Rd 2012 included Home Depot, which 704 S. Thornton Ave.
NE Building 15 Suite 950 Dalton, GA 30720
Atlanta, GA 30305 completed a 1.1 million SF build-to- (706) 226-1985
(404) 320-4800 suit lease in the I-75 South submarket www.cbcnorthgeorgia.com
www.cbcmetrobrokers.com and International Paper, which leased
356,000 SF at 300 Horizon Pkwy. in the
Northeast Atlanta submarket.

Vacancy p Vacancy q Vacancy n Vacancy n


28

GA - Hinesville/Fort Stewart GA - Macon/Bibb County


Hinesville-Fort • The Hinesville/Fort Stewart MSA was • Tractor Supply located a half million
CBSA the third Fastest Growing MSA in the CBSA Macon, GA SF distribution facility in Macon, GA
Stewart, GA
U.S. in 2011-2012. to be completed in 2013.

Square Miles 920 • The Hinesville/Fort Stewart MSA Square Miles 1,725 • Vacancies are falling as Savannah
is among the top 4 leaders in Port creates new distribution
employment growth rates since pre- opportunities in Macon, GA.
Population 73,844 recession. Population 232,119
• New construction of speculative
• Fort Stewart is the largest military Industrial spaces are at an all time
installation east of the Mississippi low.
Households 26,115 River and is 5th in the nation in Households 89,721
military population. • Residential development consists
primarily of three new large scale
Household • Fort Stewart has a $5.2 billion Household Apartment complexes.
$48,667 $47,145
economic impact on the region as of
July of 2012. • The City and County governments
Employees Employees were consolidated by a local election
12,145 • Liberty County is centrally located 83,398 in 2012 and the consolidation is
(Total) (Total)
between 4 deep water ports and 2 expected to be completed in 2013.
are within 45 minutes of the site.
Unemployment 8.90% Unemployment 9.20% • Macon is home to the World’s
• Liberty county has a highly Largest Cherry Blossom Festival;
disciplined, motivated and trained with over one million visitors in
military retiree work force. attendance the last three years.

contact contact
Holtzman Realtors Eberhardt & Barry
730 General Stewart Way 990 Riverside Dr.
Hinesville, GA 31313 Macon, GA 31201
(912) 408-4040 (478) 746-8171
www.cbcholtzman.com www.coldwellbankercommercialeb.com


Vacancy n Vacancy q Vacancy n Vacancy p
Absorption n Absorption p Absorption q Absorption q
Rental Rates n Rental Rates p Rental Rates q Rental Rates q


Rental Rates n Rental Rates n Rental Rates n Rental Rates p
29

GA - Savannah HI - Honolulu


• Posting the highest volume in 2012, • Hawaii’s economy remains healthier
CBSA Savannah, GA Port of Savannah is the 4th largest CBSA Honolulu, HI than the continental U.S. with
and fastest growing U.S. container tourism posting a 10 percent
port. increase in visitor arrivals over 2011
Square Miles 1,359 Square Miles 600 levels and setting record highs over
• A 4,000,000 SF Warehouse space is 2007.
available close to port.
Population 347,453 Population 910,677 • Hawaii’s construction has improved
• Gulfstream enters 12 year lease of over 2011, by attracting out-of-
70,000 SF Office building, showing state firm competition for awarded
commitment to grow and hire 1,000 contracts with military and
Households 130,609 new employees. Households 311,782
government projects.

• A 170 acre 560,000 SF luxury outlet • In 2012, the unemployment rate
Household mall is projected to open summer Household decreased to 5.3 percent.
$55,567 $67,192
2014 in Pooler.

Employees • The Industrial and Warehouse space Employees
129,296 vacancy rate fell to 12.4 percent, 365,718
(Total) (Total)
spurring construction of 850,000 SF.

Unemployment 8.20% • Room tax revenues passed pre- Unemployment 5.30%
recession peak as the Hospitality
industry surged when Savannah was
ranked within the ‘Top Ten World’s
Best Cities’ by AmEx Publishing Corp.

contact contact
Platinum Partners NRT -Hawaii
128 Habersham St. 737 Bishop St. Suite 2000
Savannah, GA 31401 Honolulu, HI 96813
(912) 232-7120 (808) 526-0896
www.cbcplatinum.com www.cbcpacific.com




30

ID - Boise ID - Eastern


Boise City- • The major grocer openings in the • WINCO will relocate to a new 92,000
CBSA Treasure Valley for 2012 include: CBSA Pocatello, ID SF building March 15, 2013.
Nampa, ID
Fred Meyer, Rosauer’s Supermarket
and Whole Foods in downtown • Medical space has increased in the
Square Miles 11,788 Boise. Construction is underway on Square Miles 2,519 area.
Walmart’s first neighborhood market
in Boise. Gordman’s opened two • Dicks Sporting Goods opened a new
Population 610,611 locations in Meridian and Nampa, Population 120,040
store in 2012.
Idaho.
• Knudsen Corner, a 67 acre Retail
• Transaction activity increased professional developmen, kicks off in
Households 224,823 Households 42,871 the spring of 2013.
significantly in 2012 due to pent-
up demand from 2008 to 2011.
Many retailers that previously put
Household Household
$55,100 expansion plans on hold during the $40,842
recession have decided to move
forward with plans in 2012.
Employees Employees
232,386 28,908
(Total) • There have been several new (Total)
developments in the area including:
the Meridian Town Center at 500,000
Unemployment 6.20% SF and a $250 million retail project Unemployment 5.70%
in Meridian, Idaho. CenterCal
Properties has leased over 250,000
SF of the project’s space with tenants
to include: Gordman’s, Marshalls,
Petco, Gap Outlet, Nike Outlet,
Babies R Us, Toys R Us, Cinema West
and Big Al’s.
contact contact
• Permits for Multi-Family
Coldwell Banker Commercial developments, along with projects Coldwell Banker Commercial
NRT - Salt Lake City already under way, may lead to an NRT - Salt Lake City
6550 South Millrock Dr. overbuilt Multi-Family sector. Multi- 6550 South Millrock Dr. Suite 200
Suite 200 Family developers must still compete Salt Lake City, UT 84121
Salt Lake City, UT 84121 with low mortgage payments on (801) 947-8300
(801) 947-8300 starter homes. www.coldwellidaho.com
www.coldwellidaho.com
• Vacancy should continue to decline.


Absorption p Absorption p Absorption p Absorption N/A

Rental Rates p Rental Rates p Rental Rates q Rental Rates q


Vacancy q Vacancy p Vacancy q Vacancy N/A

Absorption p Absorption p Absorption p Absorption N/A

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31

IL - Bloomington/Normal/McLean IL - Central


Bloomington- • State Farm Insurance continues • Caterpillar Inc. has continued
CBSA employment growth. CBSA Peoria, IL to progress their plans for a
Normal, IL
new headquarters. The City of
• Local jobless rate stays consistently Peoria has proactively supported
Square Miles 1,184 best in the state. Square Miles 2,470 redevelopment in the CBD, River
Front, and Warehouse District. This
• The local housing market is up 20 is being done specifically to enhance
Population 168,918
percent for 2012. Population 377,630 marketability of Peoria to the 25-41
year old demographic.
• Retail market is improving as
vacancies decrease. • Existing supply of Industrial space
has been absorbed, and there is need
• Apartment market is experiencing for 25,000-100,000 SF of Industrial
low vacancy rates. space.
Household Household
$59,825 $60,133
• There is new construction in Retail.
Build-to-suit construction continues
Employees Employees to progress with new retailers
69,980 157,932
(Total) (Total) entering the market.

• New construction in residential is
Unemployment 6.30% Unemployment 8.30% performing well and in shortage
within the $225,000-$325,000 price
point.

• Many companies located in high rise
Office buildings in the CBD have
relocated north to single story Office
space.
contact contact
• The general feeling is that the market
Coldwell Banker Commercial Coldwell Banker Commercial is stable, and vacancy rates are
Heart of America Realtors Devonshire Realty declining with values being stable.
802 S. Eldorado Rd. 4507 N. Sterling Ave. Suite 203
Bloomington, IL 61704 Peoria, IL 61615
(309) 662-3377 (309)692-7707
www.cbhoacommercial.com www.cbcdr.com


Absorption p Absorption p Absorption N/A Absorption p


Rental Rates n Rental Rates p Rental Rates n Rental Rates p
32

IL - Champaign/Urbana IL - Chicago, Southwest


Champaign- • Carle Hospital continues construction Chicago- • The greater Will County area has
CBSA of their new “North Tower” and has CBSA Naperville- seen many large box Warehouses
Urbana, IL
announced plans to expand their Joliet, IL-IN-WI starting to fill in 2012. WW Grainger
emergency room. Co. purchased a 850,00 SF warehouse
Square Miles 1,923 Square Miles 7,212 in Minooka for another major
• Parkland College has begun work on distribution location. International
their new Student Services addition. Harvester Truck Division purchased a
Population 227,494 700,000 SF Warehouse.
• Construction is underway for the new Population 9,617,804
800,000 SF facility for Easten-Bell • The vacancy rate on Industrial
Sports in Rantoul. property is falling as the spec
Households 97,325 Households 3,484,370 buildings are being filled. Commercial
• The University of Illinois continues spaces are very slow and the rental
to work on the Ikenberry Commons rates are below cost to construct.
Household residence hall redevelopment Household
$47,851 $66,775
and on the Electrical & Computer • New construction is still slow in all
Engineering building. aspects of the market unless there is
Employees Employees
a specific need for a company. The
80,156 • The market for student Multi-Family 4,186,171
(Total) (Total) trend will continue until the banks’
buildings continues to be very inventories have been absorbed.
strong. Multiple student housing
Unemployment 7.40% developments are being planned or Unemployment 8.60% • There is movement in this market
underway. of developed Land being purchased
from the banks. Most are great buys,
• The Retail market continues its and buyers have to be willing to wait.
recovery as vacancy is slowly
falling and “A” locations have been • The biggest change is in the way
redeveloped. The South Neil St. people are looking at investments
corridor is poised for continued and lenders. The people with money
growth with several development are expecting high returns if they
contact contact
and redevelopment plans are giving up cash. While lenders
Coldwell Banker Commercial announced. Coldwell Banker Commercial claim they have money to lend, the
Devonshire Realty Honig-Bell requirements to get it are almost
201 W. Springfield 11th Floor 950 Essington Rd. impossible to meet.
Champaign, IL 61820 Joliet, IL 60435
(217) 352-7712 (815) 725-8500 • The greater Will County, IL area
www.cbcdr.com www.cbchonigbell.com has position itself to be the
nations crossroad for all types of
transportation.




Vacancy n Vacancy q Vacancy q Vacancy n
Absorption n Absorption p Absorption p Absorption q
33

IL - Chicagoland IL - Springfield


Chicago- • The Chicago Industrial market • Heyl Royster relocated to 10,000 SF
CBSA Naperville- continued to improve in the Q4 of CBSA Springfield, IL stand alone facility.
Joliet, IL-IN-WI 2012. There was 5,835,000 SF of net
absorption. Some of the large leases • There is strong demand for Class A
Square Miles 7,212 signed in 2012 were Nippon Express Square Miles 868 space but demand for Class B space
for 500,000 SF and Pactiv Corp. for is moderate.
490,000 SF.
Population 196,269
• Most new construction is related to
Population 9,617,804 the medical field.
• The vacancy rate in Industrial,
Office and Retail all decreased in
2012. There was very little new • Residential Market is showing strong
Households 3,484,370 Households 82,636 increase in volume and moderate
construction in 2012 in all three
property types, but there are a increase in pricing.
number of new Industrial and Retail
Household Household • New Medical and Retail sectors
$66,775 projects being built and proposed in $56,722
2013. continue to grow, and the
economic certainty is opening new
• There was 2.5m SF of Industrial space Employees opportunities.
Employees 83,238
4,186,171 built in 2012 and an additional 2m is (Total)
(Total)
currently under construction. In 2012, • The area is the State Capitol and is
there was 830,000 SF of Office space centrally located in Illinois
Unemployment 8.60% delivered with an additional 812,000 Unemployment 7.20%
SF currently under construction. A
775,000 SF of Retail space was also
built in 2012 and an additional 1.6m
SF is currently under construction.

• The Residential market continues
to show improvement. Sales of
contact single family homes have increased contact
with fewer foreclosures, and prices
Coldwell Banker Commercial continue to increase. The Apartment Coldwell Banker Commercial
NRT - Northbrook market continues to be strong with Devonshire Realty
2215 Sanders Rd. low vacancies, increasing rents and 3201 Old Jacksonville Rd.
Northbrook, IL 60062 several new projects being built and Springfield, IL 62711
(847) 313-4600 many being proposed. (217) 547-6650
www.cbcworldwide.com www.cbcdr.com
• The Industrial and Retail markets
continue to show improvement.




34

IL - Tazewell County IN - Fort Wayne


• CAT continues to expand and Fort Wayne, • Fort Wayne is the second largest city
CBSA Peoria, IL invest, including key acquisitions CBSA in Indiana.
IN
in the downtown Peoria market.
Tazewell County has seen • The new Harrison Apartment
Square Miles 2,470 development in Industrial markets Square Miles 1,363 complex which overlooks the
with new construction and planned Parkview Field, a minor league
development for the coming year. baseball stadium, on the third and
Population 377,630 Local hospitals continue their Population 415,734 fourth levels of the building has been
planned expansion. completed. The complex also houses
an Irish pub and a credit union on
• Commercial development in the lower level and a law firm on the
East Peoria has sustained with second level.
large Retailers attracting smaller
development in the area. Vacancies • The Martin Luther King Bridge Jr.
Household Household Memorial Bridge was completed in
$60,133 are down, and rents have remained $52,180
steady. 2012. It provides a grand entrance to
downtown by Headwaters Park and
Employees • The Multi-Family arena continues to Employees has improved the downtown district.
157,932 198,804
(Total) be strong with many investors due to (Total) The bridge includes 25 plaques with
the low interest rates and vacancies. quotes from Dr. King, a soaring 50-
foot high arch and state-of-the-art
Unemployment 8.30% • Regional unemployment has receded Unemployment 7.90% lighting.
with local businesses hiring. A
slow-down in development and new • Parkview Regional Medical Center,
construction may curtail gains. a state-of-the-art new 446 bed
hospital, has created more traffic on
• Private Healthcare has slowed the NW side of Fort Wayne. This
with multiple deals drying up in traffic has caused a new exit to be
anticipation of pending health care put in on I-69 at Union Chapel Rd..
contact reform. The concern over aged contact
receivables appears to be paramount. • All I-69 exits in Fort Wayne were
Coldwell Banker Commercial Coldwell Banker Commercial recently renumbered to reflect
Honig-Bell • The Residential market is showing Roth Wehrly Graber the expansion plans to extend the
4039 Route 59 strong signs of improvement, likely 1206 E Dupont Rd. interstate to Southern Indiana.
Naperville, IL 60564 a portent of stronger economic Fort Wayne, IN 46825
(309) 263-7400 growth and commercial market (260) 255-5501
www.cbchonigbell.com improvement. www.commercialindiana.com


Vacancy n Vacancy p Vacancy n Vacancy n
Absorption N/A Absorption p Absorption n Absorption n
Rental Rates n Rental Rates n Rental Rates q Rental Rates n


Vacancy q Vacancy q Vacancy N/A Vacancy N/A

Absorption p Absorption n Absorption N/A Absorption N/A

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35

IN - Indianapolis MSA IN - Muncie


Indianapolis, • Office vacancies decreased to 9.3 • Magna announces 60,000 SF
CBSA percent in Q4, becoming the 4th CBSA Muncie, IN expansion.
IN
straight decreasing quarter of the
year. • Ground broken on new 276 unit
Square Miles 3,863 Square Miles 393 Student Apartment Complex.
• The Industrial vacancy rate rose
slightly to 6.7 percent with spec • A new Auto Mall center has broken
Population 1,755,394 construction on the way. Population 115,425
ground.

• Retail made a slight comeback with • In 2012, Residential unit sales
a decreased vacancy to 7.3 percent increased 14.5 percent and on
Households 690,844 and a positive absorption of over Households 48,625 average the price is up 5 percent.
440,000 SF.
• Spartech Corporation completed a
Household • REO and Special Asset sales slowed Household 60,000 SF expansion.
$60,003 $40,907
overall in 2012 and are down 42
percent from the previous year. • Progress Rail is renovating 40,000
Employees Employees SF of existing Office space for their
787,836 • There is confidence returning to 42,446 engineering department.
(Total) (Total)
Indianapolis and Central Indiana
companies, both large and small,
Unemployment 8.00% through new projects, minimal hiring Unemployment 9.30%
and increased planning activity.

• Indianapolis is poised for several
new construction projects in
the Industrial, Multi-Family and
Restaurant arenas.

contact contact
Realty Services Lunsford Real Estate
8888 Keystone Crossing Suite 120 3601 W. Bethel Ave.
Indianapolis, IN 46240 Muncie, IN 47304
(317) 249-9000 (765) 289-2228
www.cbcrs.com www.cblcre.com




Vacancy p Vacancy q Vacancy n Vacancy n
Absorption q Absorption p Absorption n Absorption n
36

KS - Garden City KS-MO - Kansas City Metro


Garden City, • Vacancies are declining with the Kansas City, • New construction is back. REI and
CBSA increased interest in Garden City, KS. CBSA IKEA have announced new stores and
KS MO-KS
AMC, a new corporate Office.
• There is an increase of new
Square Miles 1,302 companies coming into the Square Miles 7,857 • 614 Apartment units were built in
city, creating the need for new 2012, and 377 units are already
construction. under way for 2013.
Population 42,609 Population 2,076,653
• The Residential market is very strong. • Prairiefire is a new Retail and
Apartment project with the Museum
• The market has never had a down- of Natural History underway.
Households 13,697 turn, so now with increased activity, Households 819,900
the market is increasing in value. • Metro home sales are up 20 percent
over last year.
Household • The community has always had a Household
$43,008 $60,301
strong economy. • Kansas is keeping track of natural gas
development as the reserves in the
Employees Employees western part of the state are under
13,558 914,989 consideration for mining.
(Total) (Total)

• 660,860 SF of Industrial space was
Unemployment 4.90% Unemployment 6.40% absorbed in the last quarter.

contact contact
The Real Estate Shoppe, Inc. Fishman & Company
1135 College Dr. Suite E 1948 E. Santa Fe
Garden City, KS 67846 Olathe, KS 66062
(620) 275-7421 (913) 782-9000
www.cbcworldwide.com www.cbcfishman.com




37

KY - Lexington KY - Louisville Metro


• Bingham McCutchen Law Firm hires Louisville - • Louisville employment has been
CBSA Lexington, KY 250 people. CBSA Jefferson stronger than many markets during
County, KY-IN the last two years. Contributors have
• Medical and Technology are sectors included the UPS National Airhub, the
Square Miles 1,479 experiencing growth. Square Miles 4,135 Ford plants, GE Appliance Park, YUM!
Brands, the vitality of the medical
• Unemployment was down two industry (example: Humana acquired
Population 473,956
percent in December of 2012. Kindred of St. Louis in 2011), and
Amazon.com.
• Lexington’s 2012 housing sales are
up 17 percent over 2011. • Investor interest in Louisville Multi-
Households 202,332 Households 506,857 Family is high, with cap rates higher
• There are state and local incentives than in glitzier markets. The problem,
available for new development. as elsewhere, is a lack of product.
Household Household
$53,106 $54,741 Occupancy is above 93 percent for
Income Median • The Lexington area is within a one Income Median upscale and 90-93 percent for lower.
day drive to approximately 2/3 of the A significant number of sales closed
Employees U.S. population. in 2011 and 2012. New construction
220,981 Employees
(Total) 549,941 is underway.
(Total)

• Retail in Louisville is flat and causing
Unemployment 6.10% Unemployment 7.60% low double-digit vacancies. Poised
to bounce back once the national
economy rebounds; newcomers
like Nike Outlet, Trader Joe’s, Urban
Outfitters, Cabela’s and others create
a good beginning.

• Industrial Louisville leasing activity
contact contact is strongest in five years. Rates have
been fairly flat, but are starting to rise.
Coldwell Banker Commercial Coldwell Banker Commercial Vacancy has dropped below 7 percent
McMahan Co. McMahan Co. for the first time in the last five years,
444 Lewis Hargett Circle Suite 240 10600 Timberwood Circle spurred by growth of e-commerce
Lexington, KY 40503 Suite 7 distribution.
(859) 219-0080 Louisville, KY 40223
www.cbcworldwide.com (502) 425-8800 • Louisville Office remains a weak
www.cbcworldwide.com sector but with some improvement,
especially in Class A.




Vacancy N/A Vacancy p Vacancy q Vacancy q
Absorption N/A Absorption q Absorption p Absorption p
Rental Rates N/A Rental Rates p Rental Rates n Rental Rates p
38

KY - Southern LA - Acadiana


Bowling • RC Components expands operations • The oil and gas industry continues to
CBSA in Bowling Green. CBSA Lafayette, LA drive our market with new companies
Green, KY
moving into the area and expansion
• Corvette introduces 2014 Stingray to of existing facilities.
Square Miles 848 be built in Bowling Green. Square Miles 1,010
• The mild hurricane season caused no
• GM Announces expansion in Bowling operational disruptions. The offshore
Population 121,646
Green with a new high performance Population 264,966 drilling in the Gulf of Mexico has
engine line. resumed to full capacity.

• KOBE Aluminum is expanding • New construction in both commercial
Households 50,840 operations in Bowling Green. Households 101,487 and residential is at record levels.

• Davert USA to establishe operations • Travel and tourism continues to
Household in Bowling Green and create 20 Jobs. Household attract visitors to the Acadiana
$46,805 $54,248
Region which drives a strong
• The average home price rose 5 Hospitality market.
Employees percent in 2012. Employees
50,727 139,997 • There are very few commercial loan
(Total) (Total)
defaults in the area, therefore the
local banks remain strong and have
Unemployment 6.70% Unemployment 3.70% acquired other financial institutions
throughout the southeast.

• The closed commercial sales in
2012 exceeded all previous years,
and 2013 is anticipated to stay on
a similar track through the first 6
months.
contact contact
Legacy Real Estate Group Pelican Real Estate
2435 Fitzgerald Industral Dr. 806 E St Mary Blvd.
Suite 102 Lafayette, LA 70503
Bowling Green, KY 42104 (337) 233-9541
(270) 781-3844 www.cbcpelican.com
www.cbclegacy.com




39

LA - New Orleans ME - Midcoast


New Orleans- • A 424 bed University Hospital and a • Retail development is on the
CBSA Metairie- VA Hospital are under construction; CBSA Rockland, ME upswing with the construction of
Kenner, LA spurring real estate investments in the new Super Walmart and Tractor
surrounding area. Supply Center. A 170,000 SF Retail
Square Miles 3,153 Square Miles 366 center is also due to open in Fall
• Due to New Orleans’ ability to 2013.
attract companies and entrepreneurs
because of improved business Population 40,753 • Due to continued national exposure
incentives, tax structure, and political and attractive lifestyle, the Midcoast
climate, vacancies are falling. area is seeing an increased activity in
sales of residential properties.
Households 469,474 • The South Market District in New Households 23,744
Orleans CBD will add 170,000 SF • The Many Flags Regional Campus for
of Retail and 573 Apartment units high school and college students is
Household starting February 13, 2013. Household closer to becoming a reality.
$58,413 $52,132
• Residential market showed signs • Retail sales were ahead in 2012 for
Employees
of improvement with 3 percent Employees the region, and the outlook for 2013
458,428 15,971
(Total) appreciation to average sales price (Total) is looking good for businesses and
and increase in unit sales. Retail sales.

Unemployment 5.50% • Loyola Streetcar Line is now open Unemployment 6.10% • Tourism and hotel bookings are also
and providing visitors with another looking very good for 2013.
public transit option to the Train and
Bus Station in the New Orleans CBD. • Trade area for the Midcoast Region
includes 114,000 residents.
• New Orleans 2013 Super Bowl
proved that the city is built to handle
the week of events.
contact contact
TEC Realtors SoundVest Properties
701 Loyola Ave. Suite 401 147 Park St.
New Orleans, LA 70150 Rockland, ME 04841
(504) 566-1777 (207) 596-7478
www.cbctec.com www.soundvest.com


Vacancy q Vacancy n Vacancy p Vacancy n
Absorption p Absorption n Absorption q Absorption n
Rental Rates p Rental Rates q Rental Rates q Rental Rates n


Vacancy q Vacancy n Vacancy p Vacancy q
Absorption p Absorption n Absorption q Absorption p
40

MD - Eastern Shore MI - East Lansing MSA


• With the exception of Black and Lansing-East • Dart Container is expanding and
CBSA Easton, MD Decker moving some years ago, CBSA bringing approximately 100 white
Lansing, MI
there has been real lag in new collar jobs to mid-Michigan from the
tenants. Chicagoland area.
Square Miles 269 Square Miles 1,707
• While the mid-shore market isn’t • There is positive business growth in
exposed to large national tenants, the Lansing/mid-Michigan area. Much
Population 36,349 the Retail sector is beginning to show Population 453,378 of that growth in major business and
signs of interest. industry has been through expansion
of their own facilities instead of
• In the past 4 years, new commercial absorption of existing Industrial space.
Households 15,546 construction has followed the path Households 184,334
of the Washington-Baltimore metro • Both Residential and Industrial new
area. The mid-shore area has been construction has increased in 2012 and
Household dominated by smaller infill projects. Household should continue to increase in 2013.
$67,241 $54,211
• The residential market has responded • Residential sales grew by 15 percent
Employees well to the new market values. The Employees in 2012, and the sales volume was up
18,511 165,594
(Total) activity is very positive. (Total) 24 percent. The number of homes on
the market continues to decrease and
• The most significant change is sellers is starting to drive up the real estate
Unemployment 6.80% recognizing the change in market Unemployment 6.70% values.
values and pricing their properties
accordingly. • Employment locally continues to
improve as a result of small business
• The mid-shore offers a terrific expansions, as well as, growth with
lifestyle for families. The convenience major employers like General Motors,
of being within an hour and half of the Medical industry and services,
the center of Washington D.C. and Emergent Biosolution, and FRIB/
Baltimore is a fact that is becoming cyclotron federal funding at Michigan
contact contact
more appealing to businesses, State University.
Coldwell Banker Commercial residential clients and customers. Coldwell Banker Commercial
Chesapeake Real Estate Company Hubbell BriarWood • Local government and private business
8707 Commerce Dr. 1020 S. Creyts Rd. have funded the Lansing Economic
Easton, MD 21601 East Lansing, MI 48917 Area Partnership (LEAP), which has
(410) 822-9000 (517) 321-5000 succussfully impacted regional
www.cbcworldwide.com www.cbcworldwide.com businesses and job opportunities.


Vacancy n Vacancy p Vacancy n Vacancy q
Absorption n Absorption q Absorption n Absorption p
Rental Rates q Rental Rates q Rental Rates n Rental Rates n


Vacancy p Vacancy n Vacancy n Vacancy q
Absorption q Absorption n Absorption n Absorption p
Rental Rates q Rental Rates n Rental Rates n Rental Rates n
41

MI - Western MN - Central


Grand Rapids- • The Mixed-Use and Rental • Walmart Super Center completed
CBSA development markets are exploding. CBSA St. Cloud, MN construction in winter of 2012.
Wyoming, MI

• The area is primed for Hotel and • The unemployment rate in area
Square Miles 2,828 Mixed-Use. Square Miles 1,753 remains at 5.8 percent.

• There was an increase of new • Numerous Multi-Family buildings are
Population 779,129
breweries, restaurants and other Population 189,957
currently under construction.
establishments.
• Multi-Family continues to be
• Home inventories are at record low. strongest sector for highest
Households 293,209 Households 73,818 transaction volume in area.
• The emerging markets are creating Distressed and bank owned
building demands. properties account for majority of
Household Household transactions in the area.
$55,111 $54,959
• Central MN market consists of
Employees Employees 200,000 +/- MSA with major
358,125 91,676 employment sectors including
(Total) (Total)
Manufacturing, Agricultural,
Education, and Medical.

contact contact
Schmidt, Realtors Orion Real Estate
2168 Wealthy St. SE 630 First St. S.
East Grand Rapids, MI 49506 Waite Park, MN 56387
(616) 459-0400 (320) 251-1177
www.cbcworldwide.com www.cbcorion.com




42

MN - Mankato MN - Minneapolis/St. Paul Metro


Mankato-North • Significant transportation Minneapolis- • Office development is concentrated
CBSA improvements including the opening St. Paul- around corporate users with over
Mankato, MN CBSA
of a new Highway between I-35 Bloomington, 900,000 SF under construction.
and Mankato, the new Highway 14 MN-WI
Square Miles 1,205 interchange with County Road 12 • Retail - 417,000 SF Galleria Sells for
and the reconstruction of commercial Square Miles 6,063 $127 million ($305 SF).
thoroughfare Madison Ave.
Population 93,650
• In the Industrial sector, there is a
• Commercial building permits have strong demand for 32 Ft clear bulk
rebounded and are at a 3 year high. Warehouse. Corporate users are
turning to development because of
Households 39,391 • Health care growth continues with the lack of options.
the opening of Mayo Clinic Health Households 1,267,913
System’s new ER and other medical • Multi-Family development remains
Household facilities. active resulting in strong interest
$51,381
$71,301 in Land and redevelopment in the
• The Hospitality industry has grown Income Median urban core.
Employees as multiple new businesses have
49,122 • A 1.7 million SF Normandale Lakes
(Total) opened their doors in 2012. Employees
1,695,892 Office Park sold for $268 million
(Total)
• Multi-Family land purchases and ($157/SF).
Unemployment 4.40% developments are on a record pace.
Unemployment 5.10% • Saks Fifth Avenue Off 5th will anchor
a new outlet mall near Mall of
America.

contact contact
Fisher Group Griffin Companies
1961 Premier Dr., Suite 404 1221 Nicollet Ave. S. Suite 300
Mankato, MN 56001 Minneapolis, MN 55403
(507) 625-4715 (612) 904-7833
www.cbcfishergroup.com www.cbcgriffin.com


Vacancy q Vacancy p Vacancy n Vacancy p
Absorption p Absorption p Absorption n Absorption q
Rental Rates n Rental Rates p Rental Rates p Rental Rates n


43

MS - Gulfport/Biloxi MO - Springfield


Gulfport-Biloxi, • Casino expansion is taking place. Springfield, • Mercy Health Systems announced
CBSA CBSA plans to build two 60,000 SF area
MS MO
• Ingalls to hire 5,000 new workers. clinics.

Square Miles 1,503 • Gulfport is the second largest Square Miles 3,010 • A new 106 room Hampton Inn was
city in Mississippi after the state announced in southeast Springfield.
capitol, Jackson.
• Greene County, Springfield was
• Gulfport is the location of Gulfport- recently ranked nationally in the top
Biloxi International Airport. The 5 for economic strength.
airport suffered extensive damage
Households 94,854 due to Hurricane Katrina. A major Households 180,772 • Springfield recently ranked in the top
renovation project is for the most 25 most promising cities to buy a
part completed, and it has resumed new home.
Household commercial air service. New airlines Household
$53,669 $43,704
are being regularly added. • Recent area unemployment rates
dropped to less than 5.5 percent.
Employees Employees
86,844 174,753
(Total) (Total)


contact contact
Alfonso Realty, LLC Vanguard, Realtors
625 Courthouse Rd. 1334 E Republic Rd.
Gulfport, MS 39507 Springfield, MO 65804
(228) 287-1200 (417) 887-5950
www.cbcworldwide.com www.cbcvanguard.com


Vacancy n Vacancy p Vacancy n Vacancy n
Absorption n Absorption q Absorption n Absorption n
Rental Rates q Rental Rates n Rental Rates n Rental Rates p


Vacancy q Vacancy q Vacancy q Vacancy N/A

Absorption n Absorption n Absorption p Absorption N/A

Rental Rates q Rental Rates n Rental Rates p Rental Rates N/A
44

MO-KS - St. Joseph MT - Billings


St. Joseph, • St. Joseph is located just 35 minutes • Over 1,000 Multi-Family units are
CBSA north of the Kansas City International CBSA Billings, MT under construction or planned for
MO-KS
Airport with access to I-29, a major 2013 & 2014.
north- south Interstate Highway
Square Miles 1,661 providing a corridor between Mexico Square Miles 4,683 • Residential permits are up 80% over
and Canada and US Hwy 36, a the prior year.
major east-west route thru Northern
Population 127,090 Missouri. Population 155,673
• The energy, agriculture,
transportation and medical sectors
• This market is located in the heart of are driving growth.
the Life Sciences Industry with 5 of
Households 51,821 Households 63,905 • The new 220,000 SF Scheels Sporting
the major companies located here.
Goods store is under construction.
• Boehringer Ingelheim Vetmedica
Household is still expanding and building a Household • Office vacancy remains high, and
$44,333 $53,585
260,000 SF distribution center. retail lease rates have yet to return to
pre-recession prices.
Employees • The new Eastowne Business Park Employees
48,146 69,806 • Demand for income generating
(Total) is complete and offering excellent (Total)
Industrial building sites. A 50,000 investment property has outpaced
SF shell building was completed in supply.
Unemployment 5.10% 2012. Unemployment 4.10%

• Rosecrans Memorial Airport, which
serves civilian and military needs, is
located 3 miles west of the city. It
boasts one ILS and GPS approach
runways and provides capacity for
any size aircraft.
contact contact
• St. Joseph is served by the Union
Coldwell Banker Commercial Pacific Railway and the Burlington Coldwell Banker Commercial
General Properties Northern-Santa Fe Railway to CBS
2700 N. Belt Hwy. provide direct access to all parts of 1215 24th St West
St. Joseph, MO 64506 North America. Billings, MT 59102
(816) 364-2700 (406) 656-2001
www.cbcommercialgeneral.com www.cbcmontana.com


Rental Rates q Rental Rates q Rental Rates q Rental Rates n


45

NE - Lincoln NV - Reno/Sparks MSA


• For the second year, the Small Reno-Sparks, • The View Apartments sold 308 units
CBSA Lincoln, NE Business Administration had a record CBSA for $35 million.
NV
year making loans in Nebraska. The
amount of loans for business start-up • Apple will invest $1 billion in Reno
Square Miles 1,414 was almost double the nationwide Square Miles 6,606 over the decade.
average.
• Rural Nevada is booming as gold
Population 299,958 • In 2012, a total of 3,859 homes were Population 420,676
prices go up.
sold in Lincoln with a median price of
$137,000. • There are 1031 buyers back in the
market.
Households 126,751 • $364 million is being spent on Households 164,527
building the new Pinnacle Bank • Shoppers Square Annex was sold for
Arena in Lincoln. $12.2 Million.
Household Household
$55,280 $61,308
Income Median Income Median • The 99 Cent Only stores have opened
• IBM bought Kenexa and is planning
on bringing hundreds more jobs two locations.
Employees to the area. Coldwell Banker Employees
142,514 208,488
(Total) Commercial Thompson Realty Group (Total)
is the property manager for Kenexa’s
Lincoln locations.

contact contact
Thompson Realty Group Clay & Associates, Inc
620 N 48th St. Suite 101 5011 Meadowood Circle Suite 201
Lincoln, NE 68504 Reno, NV 89502
(402) 421-7700 (775) 829-5900
www.cbcthompson.com www.cbcreno.com


Rental Rates p Rental Rates p Rental Rates n Rental Rates q


46

NJ - Central & Northern NJ - Northern


NY-Northern • Amazon.com moved in to NJ, NY-Northern • Hess will close their Woodbridge
CBSA while Merck is moving its global CBSA petroleum refinery, laying off 170
NJ-Long Island NJ-Long Island
headquarters out of NJ. employees.

Square Miles 6,726 • After static to increasing vacancy Square Miles 6,726 • After the 1st of the year, some
rates for most of 2012, Q4 saw investor and employers have become
vacancy rates drop somewhat. This more optimistic about the economy
Population 19,124,092 was mostly attributed to renewing Population 19,124,092
tenants taking additional space. • Goya foods Inc., the nation’s largest
Hispanic-owned food company,
• Most of the new construction in is looking to build a 600,000 SF
Households 7,086,346 the area has been build-to-suit for Households 7,086,346 headquarters and Warehouse in
tenants like BASF and Realogy. Jersey City. New Jersey awarded Goya
$82 million in tax breaks to remain in
Household • Rental rates in the area saw a steady Household New Jersey.
$65,253 $65,253
decline in 2012 as absorption
remained flat through out the • New Jersey residential inventory
Employees market. Employees is low, and prices are beginning to
7,711,074 7,711,074
(Total) (Total) increase in several areas of the state.

• Apartments are now the asset of
Unemployment 8.50% Unemployment 8.50% choice with more Apartment projects
being approved.

• According to the state of NJ, the Q4
of 2012 showed a decrease in the
northern NJ Office vacancy rate to
15.4 percent.

contact contact
Feist & Feist Realty Corp. NRT - Parsippany
180 Mount Airy Rd 1 Campus Dr.
Basking Ridge, NJ 07920 Parsippany, NJ 07054
(908) 696-1500 x10 (973) 407-5480
www.feistandfeist.com www.cbcworldwide.com


Vacancy q Vacancy p Vacancy q Vacancy p
Absorption n Absorption q Absorption p Absorption q
Rental Rates q Rental Rates q Rental Rates q Rental Rates N/A


Vacancy q Vacancy N/A Vacancy q Vacancy q
Absorption n Absorption N/A Absorption p Absorption p
Rental Rates n Rental Rates N/A Rental Rates q Rental Rates p
47

NJ - Ocean County NM - Albuquerque


NY-Northern • Foodtown is closing its Toms River, Albuquerque, • Paeeo del Norte Interchange rebuild
CBSA NJ location because people have CBSA was approved by voters.
NJ-Long Island NM
decided to shop at lower price stores.
• New Retail construction is at its
Square Miles 6,726 • There has been no recent new Square Miles 9,288 highest since 2009.
construction.
• Multi-Family effective rentals
• There are no residental market Population 863,887
continue to climb.
changes.
• Industrial rents continue to be low
• There are more Dollar Stores in the due to continued vacancy.
Households 7,086,346 area. Households 333,497
• Downtown Albuquerque is seeing an
• Senior citizens are watching their increase in Retail activity.
Household money. Household
$65,253 $49,381
Income Median Income Median • The housing market is increasing.

Employees Employees
7,711,074 313,234
(Total) (Total)


contact contact
Riviera Realty, Inc. Las Colinas
550 Brick Blvd. 4801 Lang Ave. NE Suite 100
Brick, NJ 08723 Albuquerque, NM 87109
(732) 477-6800 (505) 897-7227
www.cbcworldwide.com www.lcrealty.com


Absorption N/A Absorption q Absorption q Absorption p
Rental Rates N/A Rental Rates q Rental Rates n Rental Rates n


Vacancy N/A Vacancy N/A Vacancy p Vacancy p
Absorption N/A Absorption N/A Absorption p Absorption q
Rental Rates N/A Rental Rates N/A Rental Rates n Rental Rates n
48

NY - Albany NY - Long Island


Albany- • GlobalFoundries is building a $2 NY-Northern • In 2012, Travelers Insurance Co.
CBSA Schenectady- billion R&D Facility on their campus CBSA signed the largest Office lease for
NJ-Long Island
Troy, NY in Malta, NY. 76,315 SF in Melville, NY.

Square Miles 2,817 • Whole Foods Market begins Square Miles 6,726 • In 2012, Tritech Health Mgmt signed
construction on its first store in the the largest Industrial lease for a
region at Colonie Center Mall. 66,565 SF space in Melville, NY.
Population 859,707 Population 19,124,092
• There are plans for a $25 million • In 2012, Fairway Market was the
renovation to a historic building in largest retail lease in Westbury, NY.
Schenectady for 155 low income
Households 358,803 Apartments. Households 7,086,346 • Office lease rates are up modestly,
and vacancy rates are stable at 10
• Shelter Cove, a Mixed-Use project percent.
Household in Colonie, NY, breaks ground. The Household
$58,611 $65,253
project will include 200 Apartments, • Industrial lease rates are up modestly.
117 Homes and an Office building. Vacancy rates edge up to 5.6 percent
Employees from 5.2 percent in Q1.
Employees 7,711,074
(Total)
351,131 • Fresh Market plans to open a second (Total)
store in the region in Saratoga • Retail lease and vacancy rates are up
Springs. slightly.

contact contact
Prime Properties Rosner & Associates
621 Columbia St. 3124 Expressway Dr. S
Cohoes, NY 12047 Islandia, NY 11749
(518) 785-9000 (631) 232-4400
www.coldwellbankeralbany.com www.cbcli.com


Vacancy p Vacancy q Vacancy p Vacancy p


49

NY - New York City NY - Rochester


NY-Northern • Largest Office lease signings 2012: • Redevelopment of Midtown Tower is
CBSA Viacom Inc. 1,605,043 SF (Midtown); CBSA Rochester, NY underway.
NJ-Long Island
Citibank, N.A. 490,527 SF (Midtown);
Morgan Stanley Smith Barney LLC • Yogurt Plant selected Batavia, NY as
Square Miles 6,726 1,152,763 SF (Downtown). Square Miles 2,931 their new home.

• Class A Office market recorded a • Construction has begun on 2 hotels
Population 19,124,092 net absorption of positive 571,333 Population 1,037,427
as well as 1 additional hotel already
SF in the Q4; Class B Office market approved.
recorded a net absorption of positive
201,996 SF in the Q4; and Class • Downtown Rochester was selected
Households 7,086,346 Households 413,826 for new MCC Campus.
C Office market recorded a net
absorption of positive 438,317 SF in
the Q4 in 2012. • The downtown revitalization is
Household Household gaining momentum.
$65,253 $56,838
• The Office vacancy rate in the New
York City market decreased to 7.4 • There is an abundancy of natural
Employees percent at the end of the Q4 in 2012. Employees resources and a great quality of life
7,711,074 419,431 in upstate NY.
(Total) (Total)
• Vacant sublease space in the New
York City market has increased to
Unemployment 8.50% 4,944,077 SF in the Q4 of 2012. Unemployment 8.00%

• The average Office rental rates at the
end of Q4 are Class A at $56.77 SF,
Class B at $45.40 SF, and Class C at
$39.63 SF.

• Total Office inventory in the New
York City market area amounted to
contact contact
544,800,444 SF in 3,930 buildings at
Coldwell Banker Commercial the end of the Q4 of 2012. Coldwell Banker Commercial
Alliance Meridian
1430 Broadway 9th Floor 4498 Main St.
New York, NY 10018 Buffalo, NY 14226
(212) 344-0300 (585)730-0446
www.cbcalliance.com www.coldwellbankermeridian.com


Vacancy q Vacancy N/A Vacancy n Vacancy q
Absorption p Absorption N/A Absorption p Absorption p
Rental Rates p Rental Rates N/A Rental Rates n Rental Rates p


Vacancy N/A Vacancy N/A Vacancy q Vacancy q
Absorption N/A Absorption N/A Absorption p Absorption p
50

NC - Charlotte NC - Henderson


• Chiquita finalizes the relocation of its Henderson, • This market is located at intersection
CBSA Charlotte, NC Corporate HQ to Charlotte. CBSA of I-85 and US Rte 1 in northeastern
NC
NC.
• Ballantyne in Charlotte has largest
Square Miles 3,098 speculative Office construction in the Square Miles 254 • Awesome 50 minutes to downtown
country. Raleigh, NC.

• Charlotte market expects 3,500 new Population 43,081
• Kerr Lake, an 800 mile shoreline lake,
Multi-Family units to come on line in is in Vance County.
2013.
• This is a great place to locate your
Households 683,991 • Residential sales prices and volume Households 16,458 business.
were up in 2012.
• Interstate 85 and US Rte 1 now run
Household Household thru this location.
$60,618 38,558
• The area is a wonderful place to live,
Employees Employees work and play.
815,105 13,579
(Total) (Total)


contact contact
MECA Advantage
1815 S. Tryon St. Suite A 7610 Six Forks Road Suite 100
Charlotte, NC 28203 Raleigh, NC 27615
(704) 971-2000 (919) 863-0200
www.cbcmeca.com www.cbcadvantage.com


Vacancy q Vacancy q Vacancy n Vacancy n


Vacancy q Vacancy p Vacancy n Vacancy q
51

ND - Fargo/Moorhead OH - Cincinnati


• Costco just opened and has spurred • According to the On Numbers
CBSA Fargo, ND-MN Retail development, as well as Multi- CBSA Cincinnati, OH Economic Index, Cincinnati’s
Family on the southwest side of the economy is the 15th strongest
Fargo-Moorhead area. economy in the nation. The index
Square Miles 2,810 Square Miles 4,398 measures the economic health of 102
• Sanford Health (hospital) broke major metropolitan areas.
ground on a new Campus as well as
Population 202,280 a new clinic. Population 2,179,105 • Ohio ranked second in Site Selection
magazine for best business climate
• Multi-Family vacancy rates in the in the nation. Ranking was based on
Fargo-Moorhead Metro area are at responses to the publication’s survey
Households 86,119 4.9 percent. Households 856,456
of corporate real estate executives
regarding where businesses invest
• Low interest rates and a stable capital.
Household economy have kept the residential Household
$53,008 $58,530
market prospering. • Great American Tower at Queen City
Square in downtown Cincinnati tied
Employees • The strong agriculture in the Red Employees for 4th place for the 2011 Emporis
105,993 River Valley and high commodity 932,959
(Total) (Total) Skyscraper Award with two other
prices have helped the area maintain buildings out of the 220 skyscrapers
a strong economy. completed that year.
• The oil boom in the western portion • The Hilton Cincinnati Netherland
of the state has resulted in investors Plaza began a $10 million renovation
entering our market. last month, and it’s expected to
be completed by year 2013. The
561-room hotel is Cincinnati’s third
largest and last underwent a major
renovation in the early 2000s.
contact contact
• With Phase 1A of The Banks now at
Coldwell Banker Commercial Coldwell Banker Commercial capacity, the development team is
First Realty Reliant Realty looking to move forward to the next
2731 12th Ave. S. 1125 West 8th St. Suite 200 phase which includes an Office tower
Fargo, ND 58103 Cincinnati, OH 45203 at Second and Walnut streets, a Hotel
(701) 237-3369 (513) 241-8725 at Freedom Way and Main St., 300
www.cbcfirstrealty.com www.cbcreliantrealty.com Apartments, and ground level Retail
along Vine Street.


Rental Rates n Rental Rates n Rental Rates p Rental Rates q


52

OH - Dayton OK - Oklahoma City Metro


• Continued expansion at Wright Oklahoma • Devon Energy moved into a
CBSA Dayton, OH Patterson Air Base. CBSA 1,800,000 SF tower.
City, OK

• Generally a soft market, especially • Pressure on Class A space. Industrial
Square Miles 1,708 City of Dayton. Square Miles 5,518 market is picked over and new Retail
is being added.
• Residential has increased but
Population 834,458
there has been minimal increase Population 1,237,539
• Apartment and Retail markets are
commercially. seeing new construction.

• In 2012, the local market was up 16.4 • Apartment rate yields are higher in
Households 343,482 percent. Households 500,869 this market than both coasts.

• There is a gradual improvement in • Unemployment is at its lowest in
Household consumer and business confidence.. Household nation, and there is a continued
$51,612 $57,129
expansion in energy sector.

Employees Employees • The world now knows about OKC
341,548 502,994 market as well as the NBA team.
(Total) (Total)


contact contact
Heritage Realtors Hocker & Associates
535 North Main St. 4323 Classen Blvd. Suite 100
Springboro, OH 45066 Oklahoma City, OK 73118
(937) 429-4500 (405) 840-4545
www.cbcworldwide.com www.hocker.com


Vacancy n Vacancy n Vacancy q Vacancy n
Rental Rates q Rental Rates q Rental Rates n Rental Rates n


Vacancy n Vacancy q Vacancy q Vacancy n
Rental Rates q Rental Rates p Rental Rates p Rental Rates n
53

OR - Portland OR - Salem


Portland- • Office vacancy decreased to 10.3 • Veterans Administration leased
Vancouver- percent, while Retail increased to CBSA Salem, OR 26,150 SF for ten years at Salmon
CBSA
Beaverton, 5.7 percent and Industrial remained Run.
OR-WA stable at 7.2 percent.
Square Miles 1,925 • Hilfiker Square anchored by Trader
Square Miles 6,684 • 2012 largest Retail leases include Joe’s and PetCo sold for a reported
a 60,000 SF Kohl’s and two fitness $8 million for approximately 45,000
facilities averaging 35,000 SF each. Population 399,131 SF in December 2012.
• In the Office sector, cap rates • Two iconic properties, the Statesman
increased to an average of 8.43 Journal Facilities and the Greyhound
percent with an average sale price of Households 148,354 Bus Depot, in Salem’s Downtown
Households 878,239 $168 SF. Central Business District are now for
sale.
• Pace Health moved into 162,216 SF Household
$49,102
Household Income Median
$58,563 at Columbia Tech Center, and Vestas • Over 100 Apartment units are
Income Median American Wind Technology moved scheduled to be constructed on
into 133,258 SF at the Meier & Frank Employees the former Boise Cascade site
119,269
Employees Building. (Total) in Downtown Salem adjacent to
952,611 Riverfront Park.
(Total)
• There was 2,136,447 SF of Industrial
space under construction in the Unemployment 8.90% • The State of Oregon has hired a
Unemployment 7.50% Portland market at the end of Q4 of consultant to evaluate current state
2012. leases.

• The 2012 Multi-Family market • Two large properties within Fairview
was very strong for Portland with Industrial Park (the 60,000 SF former
low vacancies and rising rents Sunwest Management Headquarters
encouraging more development. and a 150,000 SF location in Cascadia
Canyon South) which were foreclosed
contact contact
upon in 2012, recently sold to local
Coldwell Banker Commercial Coldwell Banker Commercial investors.
Mountain West Real Estate Mountain West Real Estate
960 Liberty St. SE Suite 250 960 Liberty St. SE Suite 250
Salem, OR 97302 Salem, OR 97302
(503) 587-4777 (503) 587-4777
www.cbcre.com www.cbcre.com


Vacancy q Vacancy p Vacancy p Vacancy p
Rental Rates p Rental Rates p Rental Rates p Rental Rates q


Vacancy n Vacancy p Vacancy n Vacancy N/A

Absorption q Absorption q Absorption p Absorption N/A

Rental Rates p Rental Rates p Rental Rates p Rental Rates N/A
54

OR - Southern PA - Pittsburgh


• Motorcycle USA purchased a 43,000 • The Office vacancy rate is lower than
CBSA Medford, OR SF building for their Headquarters. CBSA Pittsburgh, PA national average.

• Retail vacancy is falling due to • Retail vacancy rate is also lower than
Square Miles 2,785 increased demand. Square Miles 5,280 national average.

• The new Northgate Shopping • Multi-family vacancy rate is lower
Population 201,887
Center was fully leased at end of Population 2,355,582
than national average.
construction.
• Office, Retail and Multi-Family
• Developers have started to buy Land developments are strong in the
Households 80,376 for residential development. Households 991,049 market.

• The economic optimism has
Household increased the CRE activity. Household
$48,826 $52,255
• The southern Oregon area has similar
Employees rainfall amounts with San Francisco. Employees
74,943 1,064,896
(Total) (Total)


contact contact
NW NRT - Pittsburgh
1744 East McAndrews Rd. Suite J 9600 Perry Hwy. Suite 200
Medford, OR 97504 Pittsburgh, PA 15237
(541) 779-4466 (412) 548-1064
www.cbcommercialnw.com www.cbcnrtpittsburgh.com


Rental Rates q Rental Rates p Rental Rates N/A Rental Rates N/A


Rental Rates n Rental Rates p Rental Rates N/A Rental Rates
55

PA - Southeastern SC - Charleston


Philadelphia- • Office vacancy rates for secondary Charleston- • Southern Season announced plans
Camden- and tertiary areas remain at all time North to open a store in Charleston early
CBSA CBSA
Wilmington, high levels. Charleston, summer 2013.
PA-NJ-DE-MD SC
• Office vacancy is on the rise in • Boeing is expanding its real estate
Square Miles 4,630 remote areas to higher density Square Miles 2,591 holdings in North Charleston, SC
business centers. Employees want through a deal to buy three Office
convenient access to Retail and food buildings, totaling 178,000 SF on
services. about 20 acres next to its existing
Population 5,979,545 Population 665,272
787 campus.
• Though multiple new construction
sites are in the works, Commercial
Households 2,318,224 and Retail sectors are struggling to Households 262,007
lure tenants as well as dealing with
downward price pressure.
Household Household
$65,847 $57,059
Income Median • Sellers are coming to a realization Income Median
that the Commercial property market
Employees will recover very slowly and that Employees
2,533,973 rental rates will take many years to 253,170
(Total) (Total)
return to 2005 levels.

Unemployment 8.10% • Bucks County is still a haven Unemployment 7.10%
for company relocation out of
Philadelphia and New Jersey seeking
tax relief.

contact contact
CBH Atlantic International, Inc.
1094 Second St. Pike 3506 W. Montague Ave. Suite 200
Richboro, PA 18954 Charleston, SC 29418
(215) 357-2880 (843) 744-9877
www.cbhcommercial.com www.cbcatlantic.com


Vacancy p Vacancy p Vacancy q Vacancy n
Absorption q Absorption n Absorption q Absorption q


Vacancy q Vacancy q Vacancy N/A Vacancy q
Absorption p Absorption p Absorption N/A Absorption q
Rental Rates n Rental Rates p Rental Rates N/A Rental Rates p
56

SC - Columbia SC - Greenville


• The first Whole Foods in Columbia Greenville- • Greenville is rated #1 in the nation by
CBSA Columbia, SC has moved into a 75,000 SF location CBSA Mauldin- Site Selection magazine for both new
in Cross Hill Market. Easley, SC and expanding international firms in
last decade.
Square Miles 3,701 • Chicago Based Core Campus Square Miles 2,002
purchased the vacant 435,000 SF • Plans, approvals and financing
Palmetto Center on Main St. and is continue apace in connection with
Population 751,082 planning on turning it into a 850 the SC Inland Port. It’ll link Greer
Population 644,419
student dorm. with Charleston Harbor via Southern
rail, a major economic boost for the
• New construction deliveries upstate.
Households 300,796 were very weak in 2012 with no Households 263,044
significant Office or Retail space • Nearby private tracts and GSP
under construction. There is 1.2 International owned tracts, totaling
Household million SF of Industrial space under Household 1,500 acres, are being prepared for
$52,689 $49,487
construction, set to deliver in 2013. development in support of the 150
acre inland port development.
Employees • Residential sales were up 7 percent
287,817 Employees
(Total) plus, over the worst its ever been. 288,021 • BMW opens new line to produce
(Total)
the X4. The number one luxury
• University of South Carolina is auto brand in America now directly
Unemployment 7.60% expanding with new buildings in the Unemployment 7.10% employs 7,000 associates and is
athletics village. A new 260,000 SF producing nearly 1,000 vehicles per
Darla Moore Business School is under day at the Greer based plant.
construction, and a new Law School
is to begin construction within the • Clemson University’s MBA program
year. and the Masters in Real Estate
program are both now based in
• Innovista, a research arm of the downtown Greenville.
University of South Carolina,
contact contact
connects entrepreneurs, business and • The new Office construction at the
Coldwell Banker Commercial industry with the resources, talent Coldwell Banker Commercial One Building is almost complete.
United, Realtors and University inspired innovations Caine Tenants to the building will include
1711 Gervais St. Suite 300 to create greater success for all. 117 Williams St. Haynsworth Law Firm and Certus
Columbia, SC 29201 Greenville, SC 29601 Bank. Apartment construction is also
(803)799-4663 (864) 250-2800 a hot sector with several planned
www.cbccarolinas.com www.cbccaine.com developments offering up to 750
new mid-priced units.


Vacancy q Vacancy p Vacancy n Vacancy n
Rental Rates p Rental Rates q Rental Rates p Rental Rates p


Vacancy q Vacancy N/A Vacancy n Vacancy n
Rental Rates q Rental Rates N/A Rental Rates n Rental Rates p
57

SC - Spartanburg TN - Chattanooga Metro


Greenville- • The SC Ports Authority announced a Chattanooga, • Amazon is now operational with over
CBSA Mauldin- $24 million, 40+ acre development CBSA 2,000 new jobs created in our area.
TN-GA
Easley, SC of an Inland Port in Greer. The land
will abut the Greenville Spartanburg • Volkswagen’s production is beyond
Square Miles 2,002 International Airport. Norfolk Square Miles 2,089 expectation. It is operating two shifts
Southern will operate trains serving and looking to expand.
the facility.
Population 526,490
• Whirlpool has moved into its new
Population 644,419 1.4 million SF green facility with
• American Credit Acceptance
continues to dominate the downtown production lines expecting to be at
presence by bringing 900+ jobs to full capacity by year end.
the city and occupying over 100,000
SF of Class A Office space. • Wacker Chemie AG, a Germany-
based company, is constructing a
Household • Amazon completed and moved into Household new facility in Bradley County with
$49,487 $47,279
a 1,000,000 SF fulfillment center on an estimated capital investment of
240 acres at the intersection of John $1 billion and initial employment
Employees
Dodd Rd. and I-26. The new center Employees of approximately 500 highly skilled
288,021 208,265
(Total) could provide over 1,000 new jobs (Total) workers. The new integrated site
during peak seasons. will be Wacker’s first polysilicon
production outside Germany.
Unemployment 7.10% • BMW continues to provide an Unemployment 7.20%
economic boost to the upstate by • Industrial sales and demand have
announcing a $1 Billion expansion increased over the last year, and
that will create another 1,000 jobs by Retail activity remains somewhat flat.
2014. The expansion will allow BMW
to build the new X4 crossover at the • The Cleveland/Bradley County
Spartanburg facility. area is home to 12 Fortune 500
companies. This market is positioned
• The Edward Via College of for tremendous growth in the next
contact contact
Osteopathic Medicine Carolina 5 years. In addition to the new
Coldwell Banker Commercial campus continues to bring in 150 Coldwell Banker Commercial manufacturing facilities, many
Caine new medical students each year. The Hamilton & Associates supporting suppliers are looking to
340 E Main St. Suite 100 growth of the school has created 2650 Peerless Rd. relocate to the area.
Spartanburg, SC 29302 an economic boost to a dilapidated Cleveland, TN 37312
(864) 342-2322 neighborhood and inspired a $2.7m (423) 476-5535
www.cbccaine.com Magnolia Lofts consisting of 27 www.hamiltoncommercial.com
Apartments opening spring of 2013.


Vacancy p Vacancy p Vacancy n Vacancy n
Absorption p Absorption n Absorption n Absorption n


58

TN - East TN - Nashville


• Tennova Healthcare has optioned Nashville- • The new Nashville Convention Center
CBSA Knoxville, TN 110 acres in West Knoxville and is Davidson- will open Summer 2013, resulting
CBSA
considering building a new hospital Murfreesboro- in a number of new Hotels that are
and healthcare campus. Franklin, TN under construction or are planned.
Square Miles 1,857
• The economy is improving, causing Square Miles 5,687 • Downtown Nashville and the Cool
vacancy rates for most sectors to Springs Area are experiencing new
Population 702,994 either decline or remain steady. Multi-Family development.
• A new $119,000,000 proton therapy • Nissan and General Motors are
center is being built in the Dowell adding employees in the Smyrna and
Households 297,456 Springs Business Park. Spring Hill locations due to increased
Households 635,077 demand for their models.
• The residential market continues to
Household improve with a 23 percent increase of • Investors have acquired a number of
$48,362
sold units for 2012 vs. 2011. $56,636 Rental Communities.
Income Median
Employees • Commercial real estate seems to be • Major Office headquarters for
307,125 moving again with an up-tick in sales Hospital Corporation of America
(Total) Employees
and leasing all across the board. 725,719 and Tractor Supply Company
(Total)
are underway in Downtown and
Unemployment 6.00% • In November, the Brookings Brentwood.
Institution announced Knoxville as Unemployment 6.10%
one of only three U.S. Metro areas • Mixed-Use development continues
that is experiencing economic to have strong interest led by a
recovery. Knoxville is joining Dallas proposed 900,000 SF development in
and Pittsburgh in this elite group. Brentwood.

contact contact
Wallace & Wallace, Realtors Professionals
124 N. Winston Rd. 114 Cool Springs Blvd.
Knoxville, TN 37919 Franklin, TN 37067
(865) 690-1111 (615) 465-3737
www.cbcww.com www.cbcworldwide.com




59

TX - Amarillo TX - Austin


• Healthy surge of commercial activity Austin-Round • For the third consecutive year, Austin
CBSA Amarillo, TX at the end of 2012 headed into 2013. CBSA takes the top spot as one of the
Rock, TX
fastest growing cities.
• United Supermarket breaks ground
Square Miles 3,660 on 19 acre supermarket, shop space Square Miles 4,224 • A real estate industry tracking
and pad sites. website has ranked Austin’s housing
market 5th among the 10 healthiest
Population 247,964
• There is an increased national and Population 1,730,983 markets for 2013.
regional Retail interest in Amarillo.
• The Business Journal recently named
• Residential market up 13 percent Austin the most “connected city”
Households 97,166 from 2011 to 2012, and prices up Households 665,762 in America based on its use of IT
near 5 percent. to manage the electric power grid.
These cities typically have higher
Household • Job creation is up 4,200 in 2012. Household growth rates, lower unemployment
$46,698 $57,641
and higher Office occupancy.
• The Residential lot shortage
Employees challenges home builders and Employees • The largest gain in employment was
89,400 Apartments are essentially full. 622,577
(Total) (Total) in the Professional and Business
Services.

Unemployment 4.10% Unemployment 5.00% • A recently formed venture paid $859
million to buy an eight-building,
3 million SF portfolio of Office
buildings located in the Central
Business District and suburbs.

• A joint venture has sold the 172,637
SF Capitol Tower Office building,
a Class A tower located in Austin,
contact contact
for $49 million which included
Coldwell Banker Commercial Coldwell Banker Commercial a comprehensive $10 million
First Equity, Realtors United, Realtors renovation program following its
2101 S. Coulter 2121 Sage Rd. Suite 150 purchase in 2006.
Amarillo, TX 79106 Houston, TX 77056
(806) 354-3500 (713) 840-5000
www.cbcamarillo.com www.cbcunitedrealtors.com


Rental Rates n Rental Rates p Rental Rates p Rental Rates n


Vacancy N/A Vacancy q Vacancy q Vacancy q
Rental Rates p Rental Rates p Rental Rates q Rental Rates p
60

TX - Bryan/College Station TX - El Paso


College • College Station, TX was recently • The El Paso economy continues to
CBSA Station-Bryan, recognized by Forbes as the 6th CBSA El Paso, TX grow during the economic recession,
TX “Best Small Place for Business and thanks to the growth of Ft. Bliss
Careers” and ranked 4th in the area and its $4.8 Billion in construction
Square Miles 2,106 for finding a job. Square Miles 1,013 projects throughout the past 3
years and the influx of over 60,000
• Residential is looking very robust soldiers that is expected to increase
with year over year sales volume Population 758,030 the El Paso and surrounding area
Population 214,971
increased by 20 percent and with population by 144,000 people by
appreciation up 4 percent across the 2025.
board.
• The Multi-Family sector continues
• Price is up in Retail and vacancy is to experience strong demand
down, while Office remains flat and characteristics with occupancy
Household Industrial vacancies are down and Household
$39,968 $44,689 rates pushing to 96% and many of
prices are slightly up. the newer developments enjoying
over 98% occupancy. With the
• Multi-Family is now stable after 3,500 Employees new units completed in 2012 and
Employees 209,837
60,491 Class A bed constructions in 2012 (Total) those currently under construction,
(Total)
with a move-in date estimated to be occupancy is expected to dip slightly
online for August 2013. as developers continue to build in
Unemployment 5.00% Unemployment 8.40% order to meet the shortage of units
• Hotels and motels are now in high attributed to the growth of Ft. Bliss.
demand with TX A&M becoming a
member of SEC. • Some major retail corridors are
experiencing vacancy rates below
• College Station just announced 5% which has helped push rents
a new 72 Bed Mental Health upward, and some developers have
Rehabilitation Center, proving that broken ground on new centers.
Medical is very strong. Also, breaking ground in 2012 is the
contact contact
600,000 plus square foot Fountains at
Coldwell Banker Commercial Coldwell Banker Commercial Farah retail center that is scheduled
United, Realtors Lewis Realty Group, Inc. to be completed by November 2013.
2121 Sage Rd. Suite 150 7338 Remcon Circle Suite 100
Houston, TX 77056 El Paso, TX 79912 • The Office sector remains relatively
(713) 840-5000 (915) 544-5205 stable with no real significant
www.cbcunitedrealtors.com www.cbclewisrealtygroup.com change in 2012. However, the CBD
Submarket has experienced some
leasing activity.




Vacancy q Vacancy p Vacancy q Vacancy q
Rental Rates p Rental Rates n Rental Rates q Rental Rates p
61

TX - Houston TX - Lubbock


Houston-Sugar • Houston was ranked as one of the • Lubbock’s unemployment rate has
CBSA Land-Baytown, best cities for your career in 2013 by CBSA Lubbock, TX decreased significantly over the past
TX Yahoo! and the coolest city in the year, dropping from 5.4 percent to
nation by Forbes. 4.7 percent.
Square Miles 8,928 Square Miles 1,799
• Houston area ranks sixth among the • Lubbock ranked 20th on Milken
nation’s top 100 metropolitan areas Institute’s 2012 Top 25 Best
in terms of economic recovery and Population 279,239 Performing Cities which is based on
5th in employment recovery. jobs created and sustained in large
metro areas.
• A recent report projects that Houston
Households 2,084,052 will have the healthiest housing Households 111,087 • Lubbock’s employment base grew 3.7
market in the country in 2013. percent and was the 9th fastest in the
nation.
Household • Construction has been completed Household
$65,395 $41,203
on a $16.5 million renovation of • A study released by Pitney Bowes
the 65,000 SF Building 12 at the projects that Lubbock will expand by
Employees
NASA Johnson Space Center located Employees 5,700 households from 2012 to 2017,
2,246,860 101,281
(Total) in Houston. Features will include (Total) a growth rate of 5.3 percent which
lighting controls, wind turbines, makes Lubbock the 31st fastest
high-efficiency plumbing fixtures and growing metropolitan area in the U.S.
Unemployment 6.00% roof garden. Unemployment 4.70%
• The Lubbock Economic Index was
• Phillips 66 has plans to build its new up a remarkable 7.2 percent from
global Headquarters. The campus November of 2011.
will include Office space, conference
capabilities, training facilities and • November’s 2012 Year-to-Date
wellness and dining options. housing sales are up by nearly 18
percent compared to November’s
• The area’s Greenway Plaza property 2011 Year-to-Date with prices up a
contact contact
is LEED Gold certified with 84.5 healthy 3.6 percent over the same
Coldwell Banker Commercial percent already leased and has sold Coldwell Banker Commercial period.
United, Realtors for $124.5 million. Rick Canup, Realtors
2121 Sage Rd. Suite 150 4924 S. Loop 289
Houston, TX 77056 Lubbock, TX 79414
(713) 840-5000 (806) 793-0888
www.cbcunitedrealtors.com www.cbclubbock.com




62

TX - Rio Grande Valley TX - South/Central


McAllen- • Cinemark announces two locations in San Antonio, • All oilfield service companies
CBSA Edinburg- Edinburg, TX and Pharr, TX. CBSA (Halliburton, Weatherford, and Baker
TX
Mission, TX Huges), continue to have an increase
• The Rio Grande Valley is still in activities, boosting employment.
Square Miles 1,570 experiencing rapid Retail growth. Square Miles 7,340
• Net absorption continues to improve.
• REO Sales continue at a steady
pace allowing for new business Population 2,093,608
• Net absorption has occurred in all
Population 751,544 opportunities. sectors, especially Retail and Office.

• New franchises continue to open • The residential market continues to
Households 204,655 their doors across the Rio Grande Households 749,986 expand. The new and existing sales
Valley. are returning to 2008 levels, and
prices are continuing to rise.
Household • Office occupancy continues to rise as Household
$31,886 $52,389
unemployment remains low. • There is a return of private sector
construction, and capital is more
• 7-Eleven announced the buy out Employees available to investors and users.
Employees 730,244
(Total)
168,988 of Speedy Stop and plans to have (Total)
approximately 7 locations in the Rio • Population and employment
Grande Valley. continue to grow in TX as well as San
Unemployment 10.30% Unemployment 5.70% Antonio’s continuation to outpace
most of the Country.

contact contact
La Mansion Alamo City
508 E. Dove 18756 Stone Oak Pkwy. Suite 202
McAllen, TX 78504 San Antonio, TX 78258
(956) 631-1322 (210) 483-6250
www.cbclamansion.com www.cbcalamo.com




63

TX - Southeast TX - Victoria


Beaumont, • 17 story Edison Plaza becomes the • Wal-Mart begins construction on the
CBSA first Class A building in southeast TX CBSA Victoria, TX second supercenter.
TX
after extensive renovations.
• Five hundred new hotel rooms are
Square Miles 2,154 • Medical facilities continue to locate Square Miles 2,248 under construction.
and grow with surgical centers,
hospice and urgent care. • Twin Pines Nursing Home began
their construction.
• Energy sector remains strong with
news of refinery and chemical plant • Petro-Chemical Industry continues its
expansions, new pipeline facilities plant expansions.
Households 147,015 and industrial services. Households 41,805
• Port of Victoria has has an increase
• Retail centers in high profile areas do in activity.
Household not have enough available space to Household
$49,974 $50,344
Income Median Income Median • Kirkland’s, Beef O’Brady’s and Twin
service the demand.
Liquors are all open for business.
Employees • Most new construction is limited to Employees
136,945 medical facilities and services, energy 41,963
(Total) (Total)
related industry and tax credit Multi-
Family housing.
• Cities and counties have established
a cooperative effort in southeast TX
to procure economic development
for the entire region.

contact contact
Arnold and Associates The Ron Brown Company
One Acadiana Ct. 2505 N Navarro
Beaumont, TX 77706 Victoria, TX 77901
(409) 833-5055 (361) 573-6191
www.cbcaaa.com www.cbcworldwide.com




64

TX - Waco/McLennan County UT - Salt Lake Market


• Bob Mills Furniture purchased the Salt Lake City, • Utah has one of the best economies
CBSA Waco, TX former Roomstore facility and will CBSA in the country. From 2009 to
UT
open a new Retail location and 2012, Utah’s unemployment rate
distribution center for central TX. has dropped from 7.5 percent
Square Miles 1,042 Square Miles 9,539 down to 5.2 percent, becoming
• Increased Retail activity has absorbed one of the lowest rates nationally.
the majority of the “big box” Retail In comparison, the national
Population 234,783 space. Population 1,140,107 unemployment rate reached a high
of 10 percent and has decreased to
• The first Aldi Food Market in Waco 7.9 percent.
has completed the construction of
Households 91,531 their new grocery store. Households 376,706
• Utah’s commercial real estate
market is showing continued signs
• Waco ISD sold the former University of a moderate recovery. Pockets of
Household High School property to a developer Household
$44,485 $66,176 Salt Lake are seeing net absorption
out of Dallas, TX. increases, vacancy rates decreasing,
and a more positive outlook on the
Employees • Baylor University completed Employees future which in turn is driving new
94,029 construction of the BRIC (Baylor 567,447
(Total) (Total) construction.
Research and Innovation
Collaborative), and tenants are • In 2012, the state of Utah was a
Unemployment 5.60% now applying for space within the Unemployment 4.90% bright spot for the U.S. as it relates
building. to Retail development. To highlight
a few major achievements, Utah had
the only regional mall in the country
open in March with City Creek Center
in downtown Salt Lake City.

• One of the most frequently cited
contact contact indicators of overall economic health
is housing. According to Donna
Coldwell Banker Commercial Coldwell Banker Commercial Pozzuoli, President of the Salt Lake
Jim Stewart, Realtors NRT - Salt Lake City Board of Realtors, “Salt Lake City
500 N. Valley Mills Dr. 6550 South Millrock Dr. ranks among the top 25 major U.S.
Waco, TX 76710 Suite 200 cities showing the biggest home
(254) 776-0000 Salt Lake City, UT 84121 price increases.”
www.cbc-waco.com (801) 947-8300
www.coldwellutah.com • Utah is pro-business and a leader in
economic growth.


Vacancy n Vacancy q Vacancy q Vacancy p
Absorption n Absorption p Absorption q Absorption p
Rental Rates q Rental Rates n Rental Rates p Rental Rates p


Vacancy n Vacancy n Vacancy p Vacancy q
Absorption n Absorption n Absorption q Absorption p
65

VA - Fredericksburg Region VA - Lynchburg


Washington- • Year to date leasing activity for • Fresh Market began construction on
Arlington- Industrial increased 70 percent in CBSA Lynchburg, VA a new store scheduled to open fall
CBSA Alexandria, 2012. This is mainly due to some of 2013.
DC-VA-MD- larger deals such as Regency Polymer
WV
Materials leasing 48,320 SF and Square Miles 2,124 • Vacancy rates are continuing to
relocating from Maryland to the slowly fall in all sectors due to several
Square Miles 5,627 region. smaller tenants branching out to the
Population 248,585 Central VA area.
• The population is climbing in the
area. It is expected that the region’s • S.J. Collins began construction on a
population will increase 29 percent 51,000 SF shopping center anchored
Households 100,680 by The Fresh Market.
by 2020 according to the Weldon
Cooper Center for Public Service at
Households 2,103,127 • Liberty University announced the
the University of Virginia.
Household construction of a 6,000 unit student
$46,100
Income Median
• The Quantico Corporate Center was housing project which caused several
Household the leader in office leasing efforts Multi-Family developers to put
$84,548
Income Median
with the following leases signed: Employees proposed developments on hold.
96,796
SAIC with 26,175 SF; Regus with (Total)
Employees 13,500 SF; TrustComm Inc. with • 2010 Census shows that the
2,492,165 overall population of Lynchburg
(Total) 13,000 SF; and Computer Sciences
Corporation with 9,957 SF. Building Unemployment 6.00% has increased by 2.2 percent with
4 is now 100% occupied, and pre- Liberty University’s growth being a
Unemployment 5.30% leasing on Building 5 has begun. contributing factor.

• Several larger retailers moved into • New construction for single family
the region. The retailers are: And homes seems to be steadily rising as
That with a 42,000 SF space; Buy Buy interest rates remain low.
Baby with a 36,000 SF space; Barnes
contact & Noble with a 24,000 SF space; contact
and Home Goods with a 22,500 SF
Coldwell Banker Commercial location. Coldwell Banker Commercial
Elite Read & Co.
1201 Central Park Blvd. • In two years, the City of 101 Annjo Ct.
Fredericksburg, VA 22401 Fredericksburg’s population grew Forest, VA 24551
(540) 659-2141 7.3 percent and was well above the (434) 455-2285
www.cbcworldwide.com state average of just 2.3 percent. The www.cbcread.com
growth has been attributed to jobs
relocating.


Vacancy p Vacancy q Vacancy n Vacancy q


Absorption p Absorption N/A Absorption n Absorption p
66

VA - Williamsburg/Hampton Roads WA - King County


Virginia • REIS reports a decline in vacancy for Seattle- • Overall, Puget Sound employment
Beach-Norfolk- Office, Retail & Industrial in Hampton CBSA Tacoma outlook is very positive. Amazon,
CBSA
Newport Roads. Bellevue, WA Boeing, Microsoft and many other
News, VA-NC employers are in expansion mode.
• James City County Economic Square Miles 5,894
Square Miles 2,628 Authority lists six Fortune 500 • The Multi-Family sector is still very
Companies that are located in strong. Rental rates continue to rise
Williamsburg: Ball Metal, Caterpillar, along with sale prices. The question
Northrop Grumman, Owen-Illinois, is how long can this continue.
SmithField Foods and Walmart
Import Distribution Centers. • Retail developers and tenants are
Households 1,373,207 starting to dip their toes back into
Households 648,009 • At 50-feet, the Port of Virginia offers the water. There have been some
the deepest shipping channels on the speculative Land purchases in 2012
U.S. East Coast, which is a significant Household and a number of national retailers
$67,763
Household factor for the growth of the Industrial Income Median are looking at this market.
$59,887
Income Median markets of Chesapeake, Suffolk,
Norfolk, Portsmouth, Newport News, • Residential prices increased in 2012
Employees
Hampton and Williamsburg. 1,502,591 and sales continue to improve.
Employees (Total)
637,163
(Total)
• Hotel occupancy rates in Hampton • The aerospace industry continues to
Roads MSA saw a third straight year Unemployment 6.70% grow. Coldwell Banker Commercial
Unemployment 6.00% of gains in 2012. Danforth just closed on a Land
transaction with Orion Industries
• Riverside Doctors’ Hospital is and will consult with them on the
scheduled to open Q1 of 2013. construction of a 100K SF facility.
The facility will sit on a beautifully
landscaped campus at the • Institutional investment sales are
intersection of Route 199 and Route trading at extremely low CAP rates.
contact 60 in Williamsburg. The campus is contact
over 25 acres and is a component
Coldwell Banker Commercial of the 380+ acre multi-use Coldwell Banker Commercial
Brooks Real Estate development named Quarterpath. Danforth & Associates
4071 Ironbound Rd. Suite 100 33313 First Way South
Williamsburg, VA 23188 Federal Way, WA 98003
(757) 585-2959 (253) 874-3200
www.cbcbrooks.com www.cbcdanforth.com


Rental Rates q Rental Rates n Rental Rates n Rental Rates n


Rental Rates n Rental Rates N/A Rental Rates n Rental Rates p
67

WA - Southwest WA - Tacoma


Portland- • The volume of commercially zoned Seattle- • Newer Class A Office continues to
Vancouver- Land sales is increasing at a steady CBSA Tacoma- struggle to hold up rates, while there
CBSA
Beaverton, pace, leading into new development Bellevue, WA is an increase of internal migration to
OR-WA activity. Among the largest Class B/C Offices. This will continue
commercial Land sales was a 16 acre Square Miles 5,894 until the market purges remaining
Square Miles 6,684 parcel brokered by our firm. distressed projects. Vacancies are still
high at 16.5 percent and expected
• The commercial market is gradually to remain flat or with nominal
improving in all sectors. Absorption improvement over the next several
is up followed by cautious increases years.
in rental rates.
Households 1,373,207 • An increase in Industrial space,
Households 878,239 • Owner and user purchases are evident by build-to-suit distribution
providing the strongest demand for centers like the 1 million SF Amazon
moderately priced Office buildings in Household deal in DuPont. Unprecedented
$67,763
Household the $3,000,000 price range. Income Median low SBA rates are driving owner/
$58,563
Income Median
user activity in manufacturing and
• The largest leases have been in the aerospace acquisitions. Overall
Employees
20,000 SF range both in the Industrial 1,502,591 vacancy in Tacoma submarket is
Employees (Total)
952,611 and Retail sectors. 5.6%, with 724,000 net positive
(Total)
absorption. Several requirements
• Apartment sales have been strong Unemployment 6.70% over 500k SF should make for a
Unemployment 7.50% with CAP Rates for Class “B” strong year in 2013.
properties being in the 6.5 percent
to 7 percent range. Several new • Apartment vacancies are down to 4.1
Apartment projects are currently percent, and submarket statistics for
under development. Class B/C Apartments are hovering at
a staggering 1.8 percent. This means
rents are up 2.4 percent in 2012
contact contact and forecasted at over a 4 percent
average growth for 2013, 2014 and
Coldwell Banker Commercial Coldwell Banker Commercial 2015. Garden style Apartments
Jenkins & Associates Offenbecher are still the darling investments of
300 West 15th St. Suite 201 929 East Main Suite 320 suburbia.
Vancouver, WA 98660 Puyallup, WA 98372
(360) 699-4494 (253) 840-5574
www.cbcworldwidenw.com www.offenbecher.com




68

WI - Janesville/Beloit WI - Madison, Greater


• Miniature Precision Components • Spectrum Brands is staying local and
CBSA Janesville, WI Inc. leased 350,000 SF in a 700,000 CBSA Madison, WI will build a new headquarters.
SF building in Janesville. Beloit
saw major investments in plant • The University of Wisconsin
Square Miles 720 improvements and expansion by Square Miles 2,738 continues new construction.
Kerry Ingredients, Kettle (Diamond
Foods) and Dupont. • The $120 million renovation and
expansion of Edgewater Hotel
• The Industrial sector finished begins.
stronger with a vacancy percentage
less than 8 percent, down from a Q2 • Promega, which makes 2,000
Households 63,135 Households 242,725 molecular-based products
12 percent.
for medical diagnostic use, is
• A 22,000 SF Innovation Center constructing a 260,000 SF building
Household providing space for startup Household on its Fitchburg campus. The $110
$54,346 $65,668
companies and emerging existing million facility is designed to be in
companies was completed in synch with standards in the global
Employees Janesville. Employees regulatory bodies.
63,044 281,044
(Total) (Total)
• The residential market finished • Epic Systems, the international
strong with an 18 percent increase electronic medical records company,
Unemployment 8.00% in transactions, with average home Unemployment 4.60% is adding to its sprawling Verona
values up 17 percent. campus, this phase known as the
“Farm Campus”. This addition to Epic
• Buyers are beginning to emerge, will include 1,000 offices, a parking
and the market is seeing an uptick ramp for 1,000 vehicles, a huge
in interest from national retailers in auditorium and a field of energy
the Janesville/Beloit market. Quaker generating solar panels.
Steak and Lube and Bob Evans both
contact announced projects at the end of the contact
Q4, and several other national brands
Coldwell Banker Commercial have LOI’s on vacant sites. Coldwell Banker Commercial
McGuire Mears & Associates Success
400 Midland Ct. Suite 101 • The Janesville/Beloit area is at the 7609 Elmwood Ave. Suite 102
Janesville, WI 53546 epicenter of the Accelerators in Middleton, WI 53562
(608) 752-6325 Medicine Corridor. Two companies (608) 662-1110
www.mcguiremears.com have announced their intent to www.cbcommercialsuccess.com
build facilities to supply the medical
isotope Moly-99.


Absorption n Absorption q Absorption n Absorption n


69

WY - Cheyenne Metro

demographics market highlights

• Strong technological business
CBSA Cheyenne, WY investments in Cheyenne throughout
2012 with more expected in 2013.

Square Miles 2,686 • Multiple Microsoft investments into
Cheyenne area include two new
$112 million “Cloud” data centers as
Population 89,439 well as a “green” fuel cell-powered
data center designed to run on
biogas generated from a local water
treatment plant.
International Markets
Households 36,986
• NCAR (National Center for
Atmospheric Research) Super
Household Computer, one of the top 20 super
$60,634
Income Median
computers in the world, began
operations in 2012.
Employees
31,977
(Total) • Swan Ranch Industrial Park
development continues to bring
regional and national oil and gas
Unemployment 5.60% operators to the region. Industrial
absorption in the area beginning to
be dominated by oil and gas.

• Residential values continue to rise
with overall sales and values at their
highest levels since 2007. Several
large Apartment and Multi-Family
contact developments are scheduled to break
ground in 2013.
Coldwell Banker Commercial
The Property Exchange
255 Storey Blvd.
Cheyenne, WY 82009
(307) 632-6481
www.WyomingCommercialBrokers.com

OFFICE retail

Vacancy n Vacancy q
Absorption q Absorption p
Rental Rates q Rental Rates n


Vacancy q Vacancy q
Absorption p Absorption p
Rental Rates p Rental Rates p
70

Bermuda Brazil - São Paulo City


• A showcase building in the City São Paulo • The Real Estate Funds in 2012
CBSA Bermuda of Hamilton, located at 141 Front CBSA achieved an average return of 40
City
St., was completed in September percent per annual.
2010 and is currently at 80 percent
Square Miles 21 occupancy. Square Miles 3,070 • According to the index FipeZap,
property used appreciated 13.7
• Vacancy level in secondary space has percent per annual.
Population 64,268 increased due to high level of new Population 11,500,000
space on the market at affordable • New developed properties increased
prices. 31 percent in 2012.
Households 34,110 • Waterloo House, approximately Households N/A • There was a slowdown in deliveries
20,000 SF of premier waterfront of new buildings due to lack of
property in Hamilton, is on track with manpower and finishing materials.
Household completion expected in 2013 with 90 Household
$69,183 USD R$39.450
percent already preleased. • The granting of mortgage loans in
2013 will increase 15 percent.
Employees • The inventory of commercial Employees
38,097 N/A • Real estate loans quadrupled from
(Total) properties listed islandwide for sale (Total)
has grown tremendously in the last 2008 to 2012.
couple years to record levels of $90
Unemployment 6.00% million. Unemployment 10.50%

• Demand has increased marginally
over 2011 levels, but residential
transactions are approximately 70
percent down from 2008.

• As an island destination, foreigners
often look to purchase in Bermuda.
contact contact
It is expected that government will
Coldwell Banker Commercial soon relax purchasing requirements Coldwell Banker Commercial
Bermuda Realty for foreigners. Brasil - SP
11 Par la Ville Rd. Av. Paulista 2518 cj. 82
Hamilton, Bermuda HM HX São Paulo, SP, Brazil 01 310-300
(441) 292-1793 (+55) (11) 4508-1018
www.bermudacommercial.com www.coldwellbankercommercial.com.br


Absorption q Absorption q Absorption p Absorption p


Vacancy p Vacancy N/A Vacancy q Vacancy q
Absorption q Absorption N/A Absorption p Absorption p
Rental Rates q Rental Rates N/A Rental Rates p Rental Rates p
71

Canada - Aurora, Ontario Canada - Barrie, Ontario


Aurora, • Aurora is home to the Magna Barrie, • IBM opened a Smart Data Centre in
CBSA International Headquarters and State CBSA Barrie.
Ontario Ontario
Farm’s national head offices.
• Low tax rates and high tech
Square Miles 19 • Aurora is a highly affluent town Square Miles 30 employment are keeping vacancy
about 20kms north of Toronto. rates low.

Population 53,203
• New construction currently resides Population 136,063
• The Barrie population is one of the
on the east and west sides of Leslie fastest growing in Canada.
Street.
• The housing market remains strong
Households 16,000 • Resale home prices continue to rise Households 51,305 in Barrie.
in high demand in Aurora.
• Greenspace just outside city limits
Household • Aurora’s population is expected to Household has been approved for development.
$155,463 $67,500
reach 70,000 by 2020.

Employees • Aurora’s twin city is Leksand, Sweden. Employees
24,509 97,657
(Total) (Total)


contact contact
The Real Estate Centre The Real Estate Centre
2162 Major Mackenzie Dr. 2162 Major Mackenzie Dr.
Vaughan, Ontario L6A 1P7 Vaughan, Ontario L6A 1P7
(905) 737-5700 (905) 737-5700
www.CBTRECCommercial.com www.CBTRECCommercial.com




72

Canada - Calgary, Alberta Canada - Courtenay/Vancouver Island, BC


Calgary, • There was more than 1.8 million SF • New Hospital construction starting
CBSA of positive absorption in Calgary’s CBSA Courtenay, BC 2013 valued at $550,000,000.
Alberta
downtown core in 2012. This is
down from 2.8 million SF absorption. • A new $28,000,000 electricity
Square Miles 280 Square Miles 1,724 sub-station will be located at the
• More than a million SF of new north of Buckey Bay.
downtown Office space was added in
Population 1,214,839 2012, all of which is fully leased. Population 66,385
• Among the changes in the area are
the new 142,000 SF Costco, new
• Two new towers, currently under Value Village, and the renovation
construction, will add 1.7 million SF and expansion of both Target and
Households N/A to the downtown inventory and are Households 25,819 Walmart Supercenters.
projected to be completed in 2014
and 2016. Much of the space has • Recently built was a new Crown Isle
Household been pre-leased. Household Shopping Centre with anchor tenant
$89,490 $33,030
Thrifty Foods, CIBC.
• Five additional towers totaling over
Employees 2.75 million SF have applied for Employees • $156,000,000 worth of permits were
N/A N/A taken out in 2012.
(Total) development or re-development (Total)
permits.
• Phase 1 (69 lots) of a new 300 lot
Unemployment 4.20% • Two major downtown tenants Unemployment 5.80% residential subdivision is selling.
have announced a move out of General Housing rates started down,
the downtown core to suburban but are stable.
locations. This will free up more than
800,000 SF of a Class A Office space
in 2014.

contact contact
West Real Estate Slegg Realty
1150, 1122 4th St. SW 350 17th St.
Calgary, Alberta T2R 1M1 Courtenay, British
(403) 984-9877 Columbia V9N 1Y4
www.cbcwestrealestate.ca (250) 898-8790


Vacancy q Vacancy q Vacancy q Vacancy p
Rental Rates p Rental Rates n Rental Rates n Rental Rates p


73

Canada - Innisfil, Ontario Canada - Nanaimo/Vancouver Island, BC


Innisfil, • Located just outside Barrie, Innisfil Nanaimo/ • Target has moved into the area.
CBSA is becoming a high demand CBSA Vancouver
Ontario
community to live in. Island, BC • Vacancy is on the decline due to
an increase in immigration and
Square Miles 109 • Innisfil’s commercial core is being Square Miles 494 relocation into Nanaimo.
revitalized to suit new business.
• New commercial construction is on
Population 32,727
• Innisfil new home construction is the steady rise with numerous strata
growing by an estimated 6.1 percent Population 154,227 Office space coming to the market
annually. to meet the growing demand of
ownership.
Households 13,797 • Located on Lake Simcoe, Cottage Households 35,000
Lakefront properties are in high • The residential market is still active
demand. with considerable new developments
Household Household on the rise.
$71,676 $37,657
• The area is host to large amounts of
rural areas with loads of potential. • The market is now influxed with the
Employees shipping container port highly active,
12,040 Employees
(Total) • The Georgian Downs Harness (Total)
80,000 making business in the island more
Racetrack is located Along the affordable as it is a ferry ride or sea
highway in Innisfil. plane ride away from the second
Unemployment 4.30% Unemployment 7.60% hottest real estate market in the
world - Vancouver.

• Nanaimo is the hub city with its
centralization on the island. The
international University, and
affordable oceanfront living make
it the number one choice for new
immigrants and retiring baby
contact contact
boomers.
The Real Estate Centre Slegg Realty
2162 Major Mackenzie Dr. #17-4980 Rutherford Rd.
Vaughan, Ontario L6A 1P7 Nanaimo, British
(905) 737-5700 Columbia V9T 4Z4
www.CBTRECCommercial.com (866) 664-3444


Absorption n Absorption q Absorption p Absorption n
Rental Rates n Rental Rates q Rental Rates n Rental Rates p


74

Canada - Newmarket, Ontario Canada - Orillia, Ontario


Newmarket, • Magna is still a major employer for • Casino Rama remains Orillia’s largest
CBSA the Newmarket Area. CBSA Orillia, Ontario employer in the area.
Ontario

• Vacancy is falling due to the • The downtown revitalization is
Square Miles 14 successful local business climate. Square Miles 11 bringing new small businesses into
the area.
• The rapid transit project for Davis
Population 83,000
Drive nears its halfway point. Population 30,586
• The city has experienced moderate
growth at rates around 1.9 percent.
• Residential development continues in
north-west and south-east sections • New homes are being constructed in
Households 26,000 of the town. Households 11,234 the north-west section of the city.

• Redevelopment of Davis Drive will • The large public sector employer
Household change the face of Newmarket. Household remains the Ontario Provincal Police
$96,680 $56,951
Headquarters.
• Newmarket is home to Southlake
Employees Regional Health Centre and Stronach Employees • Orillia is known as the “Sunshine
66,305 Cancer Centre. 11,324 City” or “Mariposa”, taking the
(Total) (Total)
moniker from the Sunshine Sketches
of a Little Town by Stephen Leacock.

contact contact
The Real Estate Centre The Real Estate Centre
2162 Major Mackenzie Dr. 2162 Major Mackenzie Dr.
Vaughan, Ontario L6A 1P7 Vaughan, Ontario L6A 1P7
(905) 737-5700 (905) 737-5700
www.CBTRECCommercial.com www.CBTRECCommercial.com


Absorption q Absorption p Absorption n Absorption p


Vacancy q Vacancy q Vacancy n Vacancy p
Rental Rates p Rental Rates p Rental Rates n Rental Rates q
75

Canada - Ottawa, Ontario Canada - Richmond Hill, Ontario

• Federal Government continues to
Ottawa, • In 1999, Industrial, Commercial and
CBSA relocate departments to the suburbs, CBSA Richmond Hill Institutional growths were valued at
Ontario
thereby creating opportunities for $88.9 million and were up from $67.9
current downtown private sector million in 1998.
Square Miles 1,801
tenants to reduce rental costs via Square Miles 39
relocations and suburban tenants • Yonge Street’s condo development is
looking to relocate closer to downtown tremendous.
to take advantage of lease deals.
Population 1,200,000 Population 185,541
• Most new developments reside
• Overall vacancy rates are expected along Jefferson Sideroad, but there
to increase across the region while are multiple infill projects across the
Households 420,000 downtown remains static (6.7 percent) Households 46,075 town.
in 2013, and Kanata’s vacancy is
expected to decline (to 9.8 percent) • Most business in Richmond Hill
Household as landlords experience both new and Household consist of small businesses with more
$93,280 USD $80,121
Income Median expanded tenancies. Income Median
than half of all employers in the town
having four workers or less.
• New developments include Westboro,
Employees Employees
(Total)
760,200 the redevelopment of Lansdowne Park (Total)
95,432 • Once considered the “Rose Capital
and Bayshore Shopping Mall (160,000 of the World”, Richmond Hill has in
SF expansion). They are expected to recent years seen a huge population
Unemployment 5.90% attract new retail tenants and increase Unemployment 3.77% upsurge, being Canada’s fastest-
employment opportunities. growing community in the 1990s.
• Residential condo developments
continue to be active and in demand
for both Residential and Retail clients.

• New community mall developments
are attracting large U.S. retailers like
contact Target and Loews in the suburban contact
markets.
First Ottawa realty, • Local and national economy are The Real Estate Centre
Brokerage 2162 Major Mackenzie Dr.
1419 Carling Ave., Suite 219 affecting the manufacturing sector. Vaughan, Ontario L6A 1P7
Ottawa, Ontario K1Z 7L6 Large plants and operations are (905) 737-5700
(613) 728-2664 looking to trim expenses by relocating www.CBTRECCommercial.com
www.ottawacommercialproperties.com to larger centers (Toronto, Montreal) or
by consolidating operations.


Vacancy n Vacancy p Vacancy q Vacancy q


76

Canada - Trail, British Columbia Canada - Vaughan, Ontario


• The portion of Canada strategically Vaughan, • The area is home to Canada’s
CBSA Trail, BC located between Vancouver, Calgary CBSA Wonderland and the McMichael Art
Ontario
and the USA Border is a highly Gallery.
desirable region.
Square Miles 13 Square Miles 273,500 • Vacancy is falling due to successful
• Key infastructure includes Selkirk local business climate.
College, Regional Hospital, Teck
Population 19,208 Resources (#1 employer with a high Population 288,301
• Industrial development along
expansion planned) High Tech Junior Highway 400 dominates the real
Companies and E-Waste Recycling. estate development.
Households 8,540 • The Residential market has lost value Households 69,535 • Vaughan is one of southern Ontario’s
over the past 5 years, and there is an fastest growing cities. According to
unbalanced inventory with excess Statistics Canada, the population
Household inventory forcing prices downward. Household grew 37.3 percent in a mere four-
$63,237 $84,312
year period (more than 9.3 percent
• New developement in the past 5 annually).
Employees years includes 4 major businesses Employees
4,932 210,100 • The population has doubled since
(Total) plus a Walmart. (Total)
1991.
• West Kootenay Area is nicely located
Unemployment 6.30% just 2 hours North of Spokane Unemployment 3.20% • Mackenzie Vaughan Hospital is the
Washington which is a major new hospital proposed along Major
shopping and transportation hub as Mackenzie Drive (between Highway
well as an international airport. 400 and Jane Street).

• This is highly desirable lifestyle with
beautiful ski hills with the largest
expansion, great golfing, warm lakes,
mountain biking and hiking. Life
contact contact
here is as good as it gets!
1st Trail Real Estate Ltd. The Real Estate Centre
1252 Bay Ave. 2162 Major Mackenzie Dr.
Trail, British Columbia V1R4A6 Vaughan, Ontario L6A 1P7
(250) 368-5222 (905) 737-5700
www.cbcworldwide.com www.CBTRECCommercial.com


Rental Rates N/A Rental Rates q Rental Rates p Rental Rates p


77

Canada - Waterloo Region, Ontario Greece


Waterloo • Over 200 thousand SF of Office space Athens, • In spite of global recession, tourism
CBSA offered up by Research in Motion CBSA is a growing sector in Greece and
Region Greece
(now known as BlackBerry) was forecasts for 2013 foresee further
quickly absorbed in the marketplace growth. As a result, a significant
Square Miles 528 with another major employer in the Square Miles 50,949 mobility from foreign and domestic
region, ManuLife Financial, taking investors is observed the last few
over 100 thousand. months. Tourism as a spearhead
Population 543,700 Population 10,815,197 of Greek economy creates great
• The Light Rail Transit project (LRT) is opportunities in Vacation/Second
drawing builders and investors to the home Greek market.
region. This project, set to open in
2017, is fueling real estate values in • The business environment is
the downtown areas. becoming significantly more friendly.
As a result, there has been significant
Household • Four new significant Retail Household
$74,490 CDN 20,202 simplification of structures and
developments are currently planned administrative procedures, facilitating
or undergoing construction. investments in tourism. Furthermore,
Employees Employees new investment products such
282,300 3,837,900
(Total) • Coldwell Banker Commercial Peter (Total) as ‘tourist villages’ are currently
Benninger Realty was privileged considered to be introduced.
once again to host a luncheon for
Unemployment 6.60% the 17th annual Passport to Success Unemployment 27% • Residential and commercial property
Event, a complimentary two-day transactions and prices are still
business event held annually during on a downturn creating huge
Oktoberfest, North America’s largest opportunities in the Greek Real
Bavarian festival, hosted by Waterloo Estate market for buyers.
Region.
• In addition, a large number of public
• Passport to Success introduces properties (ports, marinas, airports,
contact companies and businesses to the contact sites for commercial and tourist
Waterloo Region as a potential development, etc.) are becoming
Coldwell Banker Commercial location to consider for future Coldwell Banker Commercial available for privatization through
Peter Benninger Realty, development or investment. Guests Hellas Hellenic Republic Asset Development
Brokerage tour the region and network with the 8 Omirou St. & Fund SA, aiming to bring foreign
508 Riverbend Dr. thriving business community, and Panepistimiou Ave. investments and estimated to
Kitchener-Waterloo, this year guests from as far away as Athens, Attica 10564 generate 23 billion euros in the
Ontario N2K 3S2 China attended. (+30) (210) 322-8228 Greek economy.
(519) 743-5211
www.coldwellbankercommercial.ca


Vacancy p Vacancy p Vacancy p Vacancy p
Absorption q Absorption q Absorption n Absorption n
Rental Rates q Rental Rates n Rental Rates q Rental Rates q


Vacancy n Vacancy n Vacancy p Vacancy n
Absorption n Absorption n Absorption n Absorption n
78

India - Mumbai Ireland - Dublin


• Business Systems & Solutions and • Discount retailers have helped
CBSA Mumbai Cabott which leased space in Kesar CBSA Dublin, Ireland absorb supply of retail units.
Solitaire at Nerul and Enam Securities
leased space in Express Towers at • The Georgian office market is seeing
Square Miles 233 Nariman Point. Square Miles 70,280 activity in trading.

• Vacancy is rising due to higher • AIB Bank is expected to double its
Population 20,500,000 supply then demand of commercial Population 4,450,000
residential mortgage lending in 2013.
spaces and not much commercial
demand • Dublin residential home prices have
stabilized.
Households 2,051,000 • Pinnacle Tower at BKC (SBD BKC) and Households 1,850,000
Mindspace 1 Building 1 at Airoli have • Mortgage rates have increased.
changed the vacancy rate.
Household Household • Ireland assumes Presidency of EU for
6,326 € 33,000
Income Median Income Median first 6 months of 2013.
• Residential sales declined in June,
but decline was primarily in the
Employees luxury segment. Employees
N/A 2,000,000
(Total) (Total)
• There was not much of a change in
the commercial markert from 2011,
Unemployment N/A but residential saw marginal increase Unemployment 14%
from 2011.

• Phase 1 of Mumbai Mon Rail,
connecting Wadla to Chembur, is
expected to be completed by 2013.

contact contact
Goodwill Consultants Property Consultants
515, Arun Chambers, Tardeo 32 Lower Leeson St.
Mumbai, Maharasthra 400034 Dublin, Ireland 2
(+91) (22) 6662-7090 (+ 353) (1) 411-0012
www.coldwellbankergc.com www.coldwellbankercommercial.ie




Absorption N/A Absorption p Absorption p Absorption p
Rental Rates N/A Rental Rates p Rental Rates n Rental Rates p
79

Italy Mexico - Mexico City


• Corporate investments were stable • Mexico has managed to position
CBSA Rome, Italy in the period 2009 to 2011 (average CBSA Mexico City itself as one of the 20 most attractive
approximately 4.2 billion) but were markets at an international level for
reduced to one third in 2012 (1.2 to the construction of department and
Square Miles 301 1.8 billion - of which, 40 percent are Square Miles 571 convenience stores.
Offices and 24 percent are Hotels).
• Outlined by stiff competition, the
Population 60,900,000 • Operators do not predict large drops Population 23,000,000 Retail sector is becoming more
in prices. The repricing in Italy should important every day. These markets
not be profound; rather, there will be are essential in the paths that
a further decrease of less than 5%. create synergies, partnerships and
Households 25,000,000 Households N/A
efficiencies.
• In Real Estate Funds in 2012, there
was a further increase in assets to • During 2012, sales on department
Household about € 40 billion, although the Household stores grew 8.1 percent compared to
32,712 $35,000 MXN
number of funds has dropped due 2011.
to the closure of many “familiar”
Employees funds that were penalized by Employees • The total stock in the Mexico City
22,723,000 8,600,000
(Total) taxation. The composition of funds (Total) Class A+ to A Office market has 3.9
consists of Offices representing million SF at 2012 year-end, which
60%, Commercial 19%, Logistics and represents an increase of 4.6 percent
Unemployment 11.20% Industrial 6%, Residential 3% and the Unemployment 3.90% compared to the end of 2011.
development funds 12%.
• 2012 was a record year in Office
• The Hotel market continues a space absorption exceeding the half
positive interest in the Art’s Cities. a million SM (530 SM), of which 62
Qatar Holding Fund is ready to invest percent was in the Insurgentes, Santa
a billion dollars to make the Emerald Fe and Polanco corridors.
contact Coast in Sardinia, a luxury tourist
hub. • The average rent price remained
Coldwell Banker Commercial contact
stable throughout 2012 at $25.6 USD
S.p.A.
Galleria del Corso, 2
• In Shopping Mall Centers, rents Coldwell Banker Commercial SM per month.
are confirmed stable in established Mexico
Milan, Italy 20122
centers. The frequent renegotiations Montes Urales 415
Via Sardegna, 50 and commercialization in the area 1 Lomas de Chapultepec
Rome, Italy, 00187 generally require more time. In the Mexico, Mexico 11000
High Street of the main Italian cities, (152) (554) 162-1000
(+39) (063) 974-0456 due to limited availability, demand www.cbcmexico.mx
www.cbcommercial.it remains strong for the best positions.


Rental Rates q Rental Rates q Rental Rates n Rental Rates p


Vacancy p Vacancy p Vacancy q Vacancy N/A

Absorption q Absorption q Absorption n Absorption N/A

Rental Rates q Rental Rates q Rental Rates p Rental Rates N/A
80

Panama Puerto Rico


• Panama has a great connectivity through • Several major franchises are locating
CBSA Panama land, sea and air. An open service CBSA Puerto Rico to the island, including: Winn Dixie,
economy, economic political and social Olive Garden, Red Lobster and CVS.
stability, a dollarized economy, an
Square Miles 29,762 international financial center, and a world Square Miles 3,562 • Vacancy is high due to several major
class logistics platform make Panama Industrial operations relocating to
the ideal site for doing business in the the U.S. mainland.
Population 3,405,813 region. Population 1,375,002
• New construction is down 30 percent
• Panama is very pro-business and has but sales are up due to Island tax
enacted tax breaks and broad economic incentives.
Households 1,063,209 Households 856,231
initiatives to incentivize companies to
relocate. Multinational companies have • Increase in residential real estate
been setting up shop in Panama since inventory due to many locals
Household Household relocating and foreclosed homes.
$958.43 USD 2007, and these executive relocations $32,543
mean furnished rental demand in certain
sectors of Panama City. • Property values on both Residential
Employees Employees and commercial have dropped 30
1,500,854 642,346 percent from last year.
(Total) • Families moving from other countries are (Total)
drawn to Panama for its comparatively
affordable lifestyle, excellent private • Many foreign buyers are taking
Unemployment 3% school system and its relatively Unemployment 12.50% advantage of the great tax incentives
safe urban center in Panama City. for buying real estate in Puerto Rico.
Furthermore, many Asian and European
countries are just starting to discover
Panama tourism.

• Panama’s banks are continuing to
write mortgages while flush with cash,
contact meaning there is ample credit for buyers. contact
Coldwell Banker Commercial• The government is consistently investing Coldwell Banker Commercial
Location Realty, S.A. in new infrastructure to make the KF Real Estate
Punta Pacifica city more attractive and more livable. 530 Constitution Ave.
Pacific Village Offices Tower Examples include: fast tracking pro- San Juan, Puerto Rico 00901
2nd Floor, Suite 2 business laws and policies, including free (787) 433-0077
Panama City, Panama trade agreements, and tax incentives and www.cbcommercialpr.com
(507) 300-1010 government sponsored initiatives.
www.cblocationrealty.com


Vacancy p Vacancy n Vacancy p Vacancy n
Absorption n Absorption p Absorption q Absorption n


Vacancy n Vacancy n Vacancy p Vacancy q
Rental Rates n Rental Rates p Rental Rates q Rental Rates q
81

Spain - Barcelona/Cataluña Region Spain


Barcelona/ • Changes in the area include: Spanish • It is a perfect time to invest in Spain.
CBSA Cataluña investor Pontegadea’s acquisition CBSA Spain Property prices are at a 7 year low,
Region of Torre Picasso in Madrid, BBVA and owners are willing to study
headquarters location in Barcelona, offers.
Square Miles 1,249 and the Apple store location in Paseo Square Miles 504,782
de Gracia, Barcelona for approx. • The economic crisis in Spain has
€580M. decimated the Commercial sector,
Population 45,000,000 leaving incredible opportunities
• Spain’s country risk has lessened. The behind.
drop in property prices has reflected
the changes. This has forced vacancy • Due to the glut of commercial space
Households 17,100,000 Households 15,000,000 available, new construction is not
down and made the country an
attractive investment opportunity. occurring at this time.

Household • Las Vegas Sands corporation’s Household • The residential market is now at the
17,960 EUR $23,541 USD
€22bn “Euro Vegas” project will same level as 2002, but continues to
see the construction of Europe’s decline.
Employees
biggest casino resort in Alcorcón, Employees
16,900,000 23,000,000 • There is practically no bank financing
(Total) near Madrid. The Marina Port (Total)
Vell, in Barcelona, is undergoing available for individual buyers. Due
major redevelopment for berthing to the property stock level of the
Unemployment 26.02% super yachts. The theme park Port Unemployment 25% banks, they want to sell their own
Aventura (Salou, near Barcelona) is product before financing properties
redeveloping its water park. outside their system.

• Despite five years of falling • The unemployment rate in Spain
transactions, 2012 saw Residential is at an all time high and until this
property transactions rise by 58 situation improves, commercial and
percent over the previous year. This housing prices will continue to fall.
contact may be attributed to tax concessions contact
with newly built properties. Property
Coldwell Banker Commercial asking prices have fallen, and Spain Coldwell Banker Commercial
Spain continues to attract foreign buyers. Las Rozas de Madrid, Spain
Avda. Diagonal 433, 3º 2ª Calle Playa del Sardinero 18
Barcelona, Cataluña 8036 • Discounted property from Spain’s Las Rozas de Madrid, Spain 28290
(+34) (93) 241-3082 virtual ‘Bad Bank’ offers significant (+34) (91) 636-3780
www.coldwellbanker.es discounts [up to 85 percent] on new www.cblasrozas.com
builds and second-hand properties
plus undeveloped land.




Rental Rates n Rental Rates q Rental Rates q Rental Rates q
82

United Arab Emirates - Dubai

demographics market highlights

• JW Marriott Marquis opened its
CBSA Dubai, UAB doors for operations in the Business
Bay district, becoming the world’s
tallest hotel in the world.
Square Miles 4,110
• With the consumer/investor
confidence growing, there is a high
Population 2,003,170 level of demand in every sector
(Retail/Residential/Commercial/
Hospitality/Industry)
Households 203,140 • Princess Tower, the tallest residential
tower, was completed and ready for
occupation.
Household
327
Income Median
• The overall residential market has
recorded a positive year, with the villa
Employees market continuing to outperform the
1,325,949
(Total) Apartment sector. Prime projects in
well established locations continue
to see improved performance, but
Unemployment N/A secondary locations are still suffering
from rental and pricing declines

• After 2008 and for the first time in
2012, Dubai’s market witnessed the
sales of off-plan projects and plots
for development.
contact
• Emaar and Dubai Holding unveiled
Coldwell Banker Commercial the first project as part of their joint
UAE venture launched in November, the
(Mega Homes Real Estate)
Suite 2804 Mohammed Bin Rashid City (MBR
The Citadel Corporate Tower City). The mega project will include
Business Bay the world’s biggest shopping mall,
Dubai, United Arab Emirates a Universal family theme park and a
P.O. Box 73618 park that is a third bigger than Hyde
(+971) (4) 439-1200 Park in London.
www.coldwellbanker-ae.com

OFFICE retail

Vacancy q Vacancy q
Absorption p Absorption p
Rental Rates p Rental Rates p


Vacancy q Vacancy N/A

Absorption p Absorption N/A

Rental Rates n Rental Rates N/A
83

Index by Market
Acadiana, LA 39 Muncie, IN 36
Albany, NY 49 Napa Valley/Napa County, CA 11
Albuquerque, NM 48 Naples/Ft. Myers, FL 22
Amarillo, TX 60 Nashville, TN 59
Anchorage, AK 5 New Orleans, LA 40
Athens, GA 27 New York City, NY 50
Atlanta, GA 28 Newport Beach, CA 12
Austin, TX 60 Northern, NJ 47
Bakersfield, CA 7 Oakland/East Bay, CA 12
Billings, MT 45 Ocean County, NJ 48
Birmingham, AL 4 Oklahoma City Metro, OK 53
Bloomington/Normal/McLean, IL 32 Orange County, CA 13
Boca Raton/Palm Beach County, FL 16 Orlando, FL 22
Boise, ID 31 Palm Beach, FL 23
Bryan/College Station, TX 61 Pittsburgh, PA 55
Central & Northern, NJ 47 Portland, OR 54
Central, IL 32 Punta Gorda, FL 23
Central, MN 42 Reno/Sparks MSA, NV 46
Champaign/Urbana, IL 33 Rio Grande Valley, TX 63
Charleston, SC 56 Riverside/South West, CA 13
Charlotte, NC 51 Rochester, NY 50
Chattanooga Metro, TN 58 Salem, OR 54
Cheyenne Metro, WY 70 Salt Lake Market, UT 65
Chicago, Southwest, IL 33 San Gabriel/San Fernando Valleys, CA 14
Chicagoland, IL 34 San Mateo County/Peninsula, CA 14
Chico, CA 7 Sarasota/Manatee Counties, FL 24
Cincinnati, OH 52 Savannah, GA 30
Columbia, SC 57 Sedona/Verde Valley, AZ 6
Dalton/Whitfield County, GA 28 South/Central, TX 63
Dayton, OH 53 Southeast, TX 64
Daytona Beach/Ormond Beach, FL 17 Southeastern, PA 56
Deltona, FL 17 Southern, KY 39
Dothan/Houston County, AL 4 Southern, OR 55
East Lansing MSA, MI 41 Southwest, WA 68
East, TN 59 Spartanburg, SC 58
Eastern Shore, MD 41 Springfield, IL 34
Eastern, ID 31 Springfield, MO 44
El Paso, TX 61 St. Joseph, MO-KS 45
Fairfield County, CT 15 St. Lucie County, FL 24
Fargo/Moorhead, ND 52 St. Lucie/Martin Counties, FL 25
Florida Keys/Key West, FL 18 Sussex County, DE 16
Fort Lauderdale/Broward County, FL 18 Tacoma, WA 68
Fort Wayne, IN 35 Tallahassee, FL 25
Fredericksburg Region, VA 66 Tampa, Greater Area, FL 26
Gainesville, FL 19 Tampa/St. Petersburg, FL 26
Garden City, KS 37 Tazewell County, IL 35
Greenville, SC 57 Victoria, TX 64
Gulfport/Biloxi, MS 44 Waco/McLennan County, TX 65
Henderson, NC 51 Western, CO 15
Hinesville/Fort Stewart, GA 29 Western, MI 42
Honolulu, HI 30 Williamsburg/Hampton Roads, VA 67
Houston, TX 62 Winter Haven, FL 27
Indianapolis MSA, IN 36
Inland Empire North/Victor Valley, CA 8
Inland Empire, CA 8 INTERNATIONAL MARKETS
Jacksonville, FL 19 Bermuda 71
Janesville/Beloit, WI 69 Brazil - São Paulo City 71
Kansas City Metro, KS-MO 37 Canada
King County, WA 67 Aurora, Ontario 72
Lakeland/Winter Haven, FL 20 Barrie, Ontario 72
Lexington, KY 38 Calgary, Alberta 73
Lincoln, NE 46 Courtenay/Vancouver Island, BC 73
Little Rock, AR 6 Innisfil, Ontario 74
Long Beach/South Bay, CA 9 Nanaimo/Vancouver Island, BC 74
Long Island, NY 49 Newmarket, Ontario 75
Los Angeles, Westside, CA 10 Orillia, Ontario 75
Los Angeles/Los Angeles, West, CA 9 Ottawa, Ontario 76
Louisville Metro, KY 38 Richmond Hill, Ontario 76
Lubbock, TX 62 Trail, British Columbia 77
Lynchburg, VA 66 Vaughan, Ontario 77
Macon/Bibb County, GA 29 Waterloo Region, Ontario 78
Madison, Greater, WI 69 Greece 78
Mankato, MN 43 India - Mumbai 79
Melbourne/Brevard County, FL 20 Ireland - Dublin 79
Melbourne/Palm Bay/Titusville, FL 21 Italy 80
Merced MSA, CA 10 Mexico - Mexico City 80
Miami/Dade, FL 21 Panama 81
Midcoast, ME 40 Puerto Rico 81
Minneapolis/St. Paul Metro, MN 43 Spain - Barcelona/Cataluña Region 82
Modesto, CA 11 Spain 82
Montgomery, AL 5 United Arab Emirates - Dubai 83

Sources of Information
Each market information comes from the CBC affiliate listed as the contact. Information is deemed from sources considered reliable. Various
sources of the data include but are not limited to: CoStar, Reis and LoopNet. Demographic information was accessed from EASI Demographics
and 2010 Census. A Core Based Statistical Area (CBSA) is a U.S. geographic area defined by the Office of Management and Budget (OMB)
based around an urban center of at least 10,000 people and adjacent areas that are socioeconomically tied to the urban center by commuting.
Unemployment numbers were taken from Bureau of Labor Statistics.

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2012 Year-End Bluebook

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2012 Year-End Bluebook