2011
Coldwell Banker Commercial
Blue Book Mid Year Market Review
About the CBC® Blue Book The CBC® Blue Book offers a unique market perspective with data generated by true commercial real estate market experts – the professionals of the Coldwell Banker Commercial companies within the local markets. In total, the Blue Book contains over 80 North American markets. The Blue Book highlights one of the strengths of the Coldwell Banker Commercial organization: our national footprint. The CBC organization’s strong local market coverage combined with our global reach helps our clients obtain real-time market information in order to make informed real estate decisions.
Sources of 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 pulled from EASI Demographics. 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.
Table of Contents AL AL AR AR CA CA CA CA CA CA CA CA CA CA CO CO FL FL FL FL FL FL FL FL FL GA GA GA GA GA ID ID IL IL IL IL IN KS KY KY LA LA
- Dothan, Houston County - Montgomery County - Hot Springs - Little Rock - Inland Empire/Victor Valley - Los Angeles - Los Angeles, Westside - Modesto, Stanislaus County - Northern California/Bay area - Orange County - Redding - Sacramento - Temecula - San Fernando/San Gabriel Valley - Mesa County - Southwest - Daytona Beach-Ormond Beach - Florida Keys - Jacksonville - Lakeland-Winter Haven - Orlando - Port St. Lucie - Sarasota, Manatee, Charlotte Counties - South - Southwest - Athens - Atlanta - Atlanta Greater MSA - Dalton, Whitfield County - Savannah - Boise - Coeur d’Alene - Bloomington-Normal, McLean County - Champaign County - Chicago - Chicagoland - Delaware County - Kansas City Metro Area - Bowling Green - Louisville, Lexington & Elizabethtown - Lafayette - New Orleans
2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 11 12 12 13 13 14 14 15 15 16 16 17 17 18 18 19 19 20 20 21 21 22 22
ME - Midcoast Region MN - Mankato MN - Minneapolis Metro MO - St. Louis Metro MT - Billings Metro NC - New Hanover County NC - Raleigh NE - Lincoln NJ - Cape May County NJ - Northern NM - Albuquerque NV - Carson City NV - Reno/Sparks NY - Albany NY - New York City ON - Greater Toronto Area OR - Portland OR - Salem PA - Northeastern PA - Southwestern Region SC - Charleston Metro SC - Columbia SC - Greenville/Spartanburg TN - Knoxville/East Tennessee TN - Metro Chattanooga, TN-GA TX - Austin TX - Brenham TX - Bryan-College Station TX - Fort Worth TX - Houston TX - Lubbock TX - San Antonio TX - South Central TX - Victoria County UT - Salt Lake County VA - Lynchburg WA - Clark County WA - Puyallup, Pierce County WA - South King County WA - Thurston County WI - Janesville/Beloit
23 23 24 24 25 25 26 26 27 27 28 28 29 29 30 30 31 31 32 32 33 33 34 34 35 35 36 36 37 37 38 38 39 39 40 40 41 41 42 42 43
AL - Dothan, Houston County
Market Highlights
Demographics CBSA
Square Miles
Population
AL - Montgomery County
Dothan, AL
• Medical industry growth continues to fuel the economy.
CBSA
• College of Osteopathic Medicine to be constructed in southeast AL.
1,718
143,295
Market Highlights
Demographics
Square Miles
• Houston County continues as top Alabama county for out-shopping per capita.
Households
57,785
Household Income Average
58,837
• Cost of Living Index for Dothan one of the lowest in the nation.
Employees (Total)
58,833
• Last census showed significant population growth in city and county.
• Publix opens third grocery store within one year.
Montgomery, AL
2,725
Population
367,157
Households
147,017
Household Income Average
68,657
Employees (Total)
144,160
Unemployment
9.9%
Unemployment
10.5%
Total Consumer Expenditure
$2,897,311
Total Consumer Expenditure
$7,403,292
Contact
Contact
Coldwell Banker Commercial Alfred Saliba Realty 410 North Shady Ln. Dothan, AL 36303 (334) 793-6600 www.alfredsalibacommercial.com
Coldwell Banker Commercial Moore Company Realty 121 Coosa St. Suite 250 Montgomery, AL 36104 (334) 262-1958 www.cbcmcr.com
Office
Retail
Office
• According to a Moody’s Economy report, Montgomery ranks 32nd out of 387 U.S. metro areas in Employment Growth Rank projected for 2010-2015. Hyundai, Mobis, Hyundai Heavy, Kia, and expansion of the Mobile port have all contributed to this growth. • Montgomery ranked #8 for Potential Job Growth in Forbes Magazine’s 2010 Best Places for Business and Careers. • 200,000 SF Class A suburban former Colonial Headquarters lands its first major tenant since Colonial’s collapse. Hewlett Packard takes roughly 50,000 SF. • Retirement System’s of Alabama (RSA’s) new 400,000 SF Class A downtown building lands key tenant with BB&T taking signage rights and 11,000 SF. Office competition with RSA having State money to spend remains fierce. • Former class B Regions CBD Buildings enter the market for sale with little occupancy. • Class A CBD, former Colonial Financial Center (prior to Headquarters) back on the marketfor sale with about 70% occupancy.
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
2
AR - Hot Springs
Market Highlights
Demographics CBSA
Square Miles
Population
Households
677
98,888
• A sales tax election will be held in October to fund a new $45M county jail.
43,175
56,350
Employees (Total)
32,750
Total Consumer Expenditure
8.4%
$2,214,734
Market Highlights
Demographics
• Construction is underway for a new Children’s Dental Clinic and a Medical Clinic adjacent to a major healthcare facility.
Hot Springs, AR
Household Income Average
Unemployment
AR - Little Rock
CBSA
Square Miles
Population
• New tenants in the area include Ross Dress, Newk’s Cafe, Home Goods and Logan’s Roadhouse. • Sales volume of residential properties is down but prices have remained steady in the area. • The unemployment rate has risen slightly to 8.4%. Enrollment at the community college has increased this year.
4,090
690,456
• Super Target opens to anchor Park Ave. Mixed-use development in Midtown; Residential and Restaurant components to follow, as well as more Retail Stores.
Household Income Average
71,848
Employees (Total)
290,765
• Three market-rate Apartment developments announced in mid-2011.
7.5%
• 280,000 SF Shackleford Crossings lifestyle center sells out of foreclosure for $40M+.
$14,773,932
• Nike and Apple stores join tenant roster at upscale Promenade at Chenal.
Total Consumer Expenditure
Contact
Coldwell Banker Commercial RPM 401 Section Line Rd. Hot Springs, AR 71913 (501) 520-4000 www.cbcrpm.com
Coldwell Banker Commercial Hathaway Group 2100 Riverdale Rd. Suite 100 Little Rock, AR 72202 (501) 663-5400 www.hathawaygroup.com
Retail
• Baptist Health joins medical migration to suburbs with 20 acre site acquisition.
276,042
Contact
Office
• 150,000 SF headquarters campus for Southwest Power Pool nears its Q2 2012 completion.
Households
Unemployment
• Local economy centers on tourism - the state’s largest convention center continues to increase scheduled events.
Little RockNorth Little Rock-Conway, AR
Office
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
N/A
Vacancy
Vacancy
Absorption
Absorption
N/A
Absorption
Absorption
Rental Rates
Rental Rates
N/A
Rental Rates
Rental Rates
3
CA - Inland Empire/Victor Valley
Market Highlights
Demographics CBSA
Square Miles
CA - Los Angeles
Riverside-San BernardinoOntario, CA 27,260
Market Highlights
Demographics
• 65.4% increase in commercial sales and leasing volume in market area Q2 2011 over Q2 2010.
CBSA
Square Miles
Los AngelesLong BeachSanta Ana, CA 4,850
• Retail and Office continue with spotty rental weakness.
Population
12,935,173
Households
4,288,080
• Latest Wall Street and Washington announcements cause many to hit the “pause” button.
• Increase in land acquisition by builders and developers. Population
4,171,856
Households
1,350,253
Household Income Average Employees (Total)
67,386
1,156,307
• Increased demand for agricultural land. • Two Super Wal-Marts held ground-breaking ceremonies with three additional planned for construction in 2012. • Multi-Family average sales price PSF increased 15% Q2 - 2011 over Q1 - 2011.
• Investors have cash, but are not sure if we are yet at the bottom.
Household Income Average
87,517
Employees (Total)
5,313,010
• Not much observable growth (positive absorption minimal).
Unemployment
14.2%
Unemployment
11.6%
Total Consumer Expenditure
$74,545,969
Total Consumer Expenditure
$247,828,803
Contact
Contact
Coldwell Banker Commercial Real Estate Solutions 15500 W Sand St., 2nd Floor Victorville, CA 92392 (760) 684-8000 www.CBCdesert.com
Coldwell Banker Commercial WESTMAC 1515 Sepulveda Blvd. Los Angeles, CA 90025 (310) 478-7700 www.westmac.com
Office
Retail
• Stronger property sectors are: Apartments, Medical Office, and Industrial.
Office
• Unlike 2008, there is more resiliency (and a bit more optimism).
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
4
CA - Los Angeles, Westside
Market Highlights
Demographics CBSA
Square Miles
CA - Modesto, Stanislaus County
Los AngelesLong BeachSanta Ana, CA
• Google leases 100,000 SF in Venice to house hundreds of employees.
4,850
• Multi-Family market very competitive in “A” areas.
Population
12,935,173
• Demand is high for quality assets in quality areas.
Households
4,288,080
Household Income Average Employees (Total)
Market Highlights
Demographics CBSA
Square Miles
• Demand is high for 100+ Apartment units.
87,517
• Residential and Mixed-Use developers hunt for prime land.
5,313,010
• Investment money all chasing the same product.
Modesto, CA
1,494
Population
517,685
Households
165,312
Household Income Average
62,281
Employees (Total)
160,100
Unemployment
11.6%
Unemployment
17.2%
Total Consumer Expenditure
$247,828,803
Total Consumer Expenditure
$9,093,539
Contact
Contact
Coldwell Banker Commercial NRT- Los Angeles 11999 San Vicente Blvd. Suite 100 Los Angeles, CA 90049 (310) 979-4990 www.cbcworldwide.com
Coldwell Banker Commercial Vinson Chase, Realtors 220-A Standiford Ave. Modesto, CA 95350 (209) 577-2121 www.cbcworldwide.com
Office
Retail
Office
• Stanislaus County is located in the Central Valley. It’s county seat is Modesto, which is where many people in the surrounding areas shop. • The major industry is AG-related, employing approximately 18,000 people or 11.3% of a total of 160,000 people who are employed. Unemployment varies based on the fact that most of the AG jobs are seasonal. • Shopping areas that are well located have been attracting new tenants with some major remodeling. Due to lack of new construction, the vacant space has been absorbed as needs arise. Kaiser Permanente built a major hospital complex with Memorial Hospital making a major expansion. • Major layoffs in government sector based on tax assessments being lowered by a 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 the unemployment in the area starts to decline. • Office and Retail are improving in good centers and locations.
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
5
CA - Northern California/Bay area
Market Highlights
Demographics CBSA
Square Miles
Population
CA - Orange County
San Jose-Sunnyvale, Santa Clara, CA 2,680
1,854,885
Households
628,862
Household Income Average
122,345
Employees (Total)
895,978
Unemployment
10.5%
Total Consumer Expenditure
$42,651,616
Market Highlights
Demographics
• Apple Inc. has expanded their presence in the area.
CBSA
• Tesla, the electric car company, has opened a retail location in Santa Row, San Jose as well as taking over the Nummi plant in Fremont.
Square Miles
• In general, new construction still remains slow but two new Multi-Family projects have been completed. • Due to the current economy, the number of short sales has risen as well the REA properties in general. • Since the Bay Area is a hightech market, the stock market does have a significant effect on market changes. The Bay Area is a leader in green technology and is benefitting from government support/funding.
Los AngelesLong BeachSanta Ana, CA 4,850
• Office market is still out but Retail and Industrial are showing signs of tightening.
Population
12,935,173
Households
4,288,080
• Residential absorption is still way off and market is flat.
Household Income Average
87,517
• Trophy properties are being snapped up, while B,C and D types are still sitting.
Employees (Total)
5,313,010
Unemployment
11.6%
Total Consumer Expenditure
$247,828,803
Contact
Contact
Coldwell Banker Commercial Bay 20490 Los Gatos Rd. Saratoga, CA 95070 (408) 835-7030 www.cbcworldwide.com
Coldwell Banker Commercial NRT - Newport Beach 4 San Joaquin Plz Suite 260 Newport Beach, CA 92660 (949) 644-1600 www.cbcworldwide.com
Office
Retail
• Irvine Company building a 380,000 SF build-to-suit for PIMCO in Newport Beach.
Office
• Very little new commercial construction except Multi-Family.
• The Orange County market has shown signs of stabilization in the commercial arena. There has not been a lot of new tenants or buyers entering the market just yet.
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
6
CA - Redding
CA - Sacramento
Market Highlights
Demographics CBSA
Square Miles
Redding, CA
• Stillwater Business Park has 100+ acres in escrow.
CBSA
• Multi-Family market is strong.
3,785
Market Highlights
Demographics
Square Miles
Sacramento-Arden-Arcade-Roseville, CA 5,094
• Government leases dominating the office sector. Population
181,457
Population
• Industrial activity is generally sluggish. Households
71,491
Household Income Average
60,230
Employees (Total)
53,468
Unemployment
15.0%
Total Consumer Expenditure
$3,836,110
Contact Coldwell Banker Commercial C&C Properties 2155 Larkspur Ln. Redding, CA 96002 (530) 222-2011 www.cbcnorthstate.com
Office
Households
• Unemployment rate stuck at 15%. • Commercial foreclosures keeping downward pressure on values. • Overall health of the market is better than last year, but fundamental problems persist. High unemployment and slow housing market are keeping offices vacant (i.e. fewer title companies, loan offices, etc). 3 of the market’s 4 largest industrial buildings have been foreclosed (and remain vacant). • Retail has turned for the better with a nearly 3% drop in vacancy in 12 months. MultiFamily occupancy levels have remained stable and rents are rising, making this a safe-haven investment alternative. Financing remains difficult to obtain, but much improved over last year.
2,141,658
801,834
Household Income Average
77,526
Employees (Total)
727,825
• Prime Residential sold the 612unit Multi-Family property Slate Creek at Johnson Ranch in north suburban Roseville, for $76.5 million. • KBS Capital Advisors paid Opus West Corporation $47.4 million ($206 PSF) for 230,000 SF of Office in Gateway Corporate Center Buildings A and B. • HomeGoods and a Jo-Ann Fabrics and Craft stores, have signed on for a combined total of 45,590 SF, partially filling a former Mervyn’s space at Folsom Square. • The Promenade at Sacramento Gateway has landed Bed Bath & Beyond to fill a 28,000 SF anchor space.
Unemployment
12.3%
Total Consumer Expenditure
$46,256,089
Contact Coldwell Banker Commercial NRT - Sacramento 730 Alhambra Blvd. Sacramento, CA 95816 (916) 447-5900 www.cbcworldwide.com
Retail
Office
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
7
CA - Temecula
Market Highlights
Demographics CBSA
Square Miles
Population
Households
CA - San Fernando/San Gabriel Valley
Riverside-San BernardinoOntario, CA 27,260
4,171,856
• There has been a slight drop in office vacancy rates (19.7% from 19.4%).
CBSA
Square Miles
• Average Office lease rates increased from $1.517 to $1.525
Population
• Industrial vacancy rates decreased from 9.8% - 9.3%
1,350,253
• Industrial lease rates declined from $0.478 to $0.475
Household Income Average
67,386
• Industrial lease rates have slid for 11 of the last 12 quarters.
Employees (Total)
1,156,307
Unemployment
Market Highlights
Demographics
Households
• There has been a slight increase in Retail vacancy from 9.6% – 10.1%
10.4%
Los AngelesLong BeachSanta Ana, CA 4,850
12,935,173
4,288,080
• Major tenants moving in: 99 Cents Stores - 622,000 SF; Nova Inc. - 259,000 SF, and Phoenix Warehouse 22,000 SF. • No new speculation development because of a 16.2% office vacancy rate. • Green Dot, an expansion of a credit card company, may lease 110,000 SF of Office space.
Household Income Average
87,517
Employees (Total)
5,313,010
• Many companies want to move to or remain in Pasadena because it has international name identification and superb retail amenities.
11.6%
• There has been a slight improvement in the market due to increased optimism.
Unemployment
• Port activity continues to drop. Total Consumer Expenditure
Total Consumer Expenditure
$74,545,969
$247,828,803
Contact
Contact
Coldwell Banker Commercial Sudweeks Group 27708 Jefferson Ave. Suite 201 Temecula, CA 92591 (951) 200-7683 www.cbcsuds.com
Coldwell Banker Commercial North County 801 N. Brand Blvd. Suite 180 Glendale, CA 91203 (818) 334-1900 www.cbcnco.com
Office
Retail
Office
• Medical and social media companies are expanding.
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
8
CO - Mesa County
Market Highlights
Demographics CBSA
Square Miles
Population
CO - Southwest
Grand Junction, CO
3,328
• New major tenant moving into the market: Energy Capital of Western Colorado.
CBSA
Square Miles
• Retail continues to roll.
148,298
Households
60,317
Household Income Average
61,730
Employees (Total)
54,564
Market Highlights
Demographics Durango, CO
• T.J. Maxx to open in Durango.
1,692
• Downtown vacancies are decreasing. • Residential market showing significant improvement.
• Residential market finding a floor.
Population
• This wonderful community is working to ease business regulation and providing incentives for large employers to both grow and locate here. • Uranium, coal and natural gas exploration expands. • Local wineries had a banner year.
51,899
Households
21,722
Household Income Average
76,152
Employees (Total)
21,431
Unemployment
10.3%
Unemployment
7.5%
Total Consumer Expenditure
$3,278,410
Total Consumer Expenditure
$1,253,117
Contact
Contact
Coldwell Banker Commercial Prime Properties, LLC 550 Patterson Rd. Suite B Grand Junction, CO 81506 (970) 243-7375 www.grandjunctioncommercial.com
Coldwell Banker Commercial Heritage House Realtors 785 Main Ave. Durango, Colorado 81301 (970) 259-3333 www.realestatedurango.com
Office
Retail
Office
• New construction still lagging but more business inquires occurring and a few large projects are on the horizon. • Gas exploration is still an economic driver. • The number of airlines serving the area has increased, making Durango an easier and more economical destination for business and visitors. This includes several United and Frontier flights to Denver Daily, as well as American Eagle flights to Dallas.
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
9
FL - Daytona Beach-Ormond Beach
Market Highlights
Demographics CBSA
Square Miles
DeltonaDaytona Beach-Ormond Beach, FL 1,103
Population
495,625
Households
214,567
Household Income Average Employees (Total)
Unemployment
Total Consumer Expenditure
FL - Florida Keys
62,419
146,482
11.0%
$11,430,585
Contact Coldwell Banker Commercial Benchmark 570 Memorial Cir. Suite 300 Ormond Beach, FL 32174 (386) 672-8530 www.cbcbenchmark.com
Office
Market Highlights
Demographics
• ARK Technology and OEM Auto Parts are using a fully-computerized CNC operation with 40 employees and new 45,000 SF manufacturing facility. • Five major universities, two of the top 10 high schools in the nation, and the third best school district in the southeast, are located in Volusia County. • Daytona Beach Live, 76,000 SF Office Complex for NASCAR and the Daytona Speedway World Center of Racing, home of the Daytona 500 has recently been developed. • Two brand new hospitals built. One had the first robotic surgery performed in the U.S., the other has the newest oncology center. Both hospitals represent 1,221 new beds in the area. • A new business incubator that is part of the University of Central Florida, is now open, and has a number one ranking in the nation for this type of program • 28 miles of beachfront with 15 miles in a core Resort-Hospitality related industry that has the infrastructure in place as well as pricing for the next movement in the market. The ResortVacation-Hospitality industry is up over last year to date.
Retail
CBSA
Square Miles
Key West, FL
997
• Walgreens, Dollar Tree, Mattress Firm are expanding or entering the market. • Vacancy is falling due to increased demand. • New Walgreens and Holiday Inn Express in the market.
Population
73,047
Households
32,553
Household Income Average
98,489
Employees (Total)
29,685
• Tourism is a major local industry and hospitality enjoys the highest ADR & occupancy in the state.
Unemployment
7.0%
• Significant development restrictions create high barriers to entry.
Total Consumer Expenditure
$1,953,037
• Prices are rising and inventory is falling; only about 10% of which is distressed.
Contact Coldwell Banker Commercial Schmitt Real Estate Company 11050 Overseas Highway Marathon, Florida 33050 (305) 743-5181 www.commercialfloridakeys.com
Office
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
10
FL - Jacksonville
Market Highlights
Demographics CBSA
Square Miles
Population
FL - Lakeland-Winter Haven
Jacksonville, FL
3,221
1,334,380
Households
518,910
Household Income Average
76,866
Employees (Total)
551,254
Unemployment
10.3%
Total Consumer Expenditure
$28,590,862
• The Jacksonville Port Authority is continuing negotiations to purchase 23 acres of property on Talleyrand Ave across from the Port HQ building. The purchase price is reported to be $2M and should close in October 2011.
CBSA
Square Miles
• The St. Johns Town Center, consisting of 1.23M SF continues to attract new tenants to remain fully leased. The center will gain six new retailers this fall, and four of them are new to North East FL. • Ashburg LLC purchased an 18,462 SF office building in Marsh Landing Office Park for $2.25M or about $122 PSF. • The University of North Florida makes Number 19 on Forbes ‘Best Buy Colleges List.’ UNF ranked on the America’s Best Colleges 2011 list. • The top three public company employers for 2011 in NE Florida are: CSX Corp., Winn-Dixie Stores Inc., & Fidelity National Financial Inc.
Contact
Lakeland Winter Haven, FL 2,010
• Florida Southern College named “most beautiful campus in US” by Princenton Review. • USF Poly starts construction on 172-acre campus at I-4 & Polk Parkway -- rumored to be re-branded as Florida’s 1st polytechnical university.
Population
599,564
Households
233,208
Household Income Average
55,323
Employees (Total)
239,100
• Legoland Florida, which is scheduled to open October 15th -- hires 1,000 new employees.
Unemployment
11.7%
• CSX intermodal (300+ acres) in south Winter Haven to begin construction later in 2011.
Total Consumer Expenditure
$12,107,983
• Polk economy continues to lag. Brookings reports housing prices down 46.2% from peak.
• Publix supermarkets announces 2nd quarter sales of $6.6 billion, a 9.7% increase, and first half sales of $13.4 billion, a 5.7% increase.
• Lakeland-Winter Haven market has lagged the state, which has Contact lagged the nation. This presents excellent buying opportunities. Coldwell Banker Commercial Saunders Ralston Dantzler Realty Owner/user financing is readily 114 N Tennessee Ave. available at attractive rates. Lakeland, FL 33801
Coldwell Banker Commercial Benchmark • Several tenants have moved into 4348 Southpoint Blvd. Suite 310 large blocks of space: PNC Bank Jacksonville, FL 32216 57,865 SF and Fortegra Financial (904) 281-1990 www.cbcbenchmark.com - 48,864 SF.
Office
Market Highlights
Demographics
(866) 937-2246 www.SRDcommercial.com
Retail
Office
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
11
FL - Orlando
FL - Port St. Lucie
Market Highlights
Demographics CBSA
Square Miles
Population
Orlando, Kissimmee, FL
3,491
• Industrial and Office have improved over the first two quarters.
CBSA
Square Miles
• Retail, while not improving, is at least flat.
2,093,845
Market Highlights
Demographics
• Office has 703,332 SF of new construction.
Port St. Lucie, FL
1,128
Population
407,361
169,340
Households
799,047
• More commercial REO properties are coming on the market.
Households
Household Income Average
70,380
• Commercial lending is beginning to return to normal.
Household Income Average
74,600
Employees (Total)
956,766
• Interest in investment with commercial real estate is improving.
Employees (Total)
117,662
Unemployment
Total Consumer Expenditure
10.4%
Unemployment
Total Consumer Expenditure
$43,646,748
12.5%
$9,326,748
Contact
Coldwell Banker Commercial NRT-Maitland 901 N Lake Destiny Dr. Suite 110 Maitland, FL 32751 (407) 539-1000 www.cbcworldwide.com
Coldwell Banker Commercial NRT-Port St. Lucie 1973 SW Savage Blvd. Port St Lucie, FL 34953 (561) 995-7564 www.cbcworldwide.com
Retail
• Two contracts have been executed on vacant land for the first time in several years. One parcel for office in St. Lucie West, and the second will be retail on U.S. One in Stuart, adjacent to Wal-Mart. • St. Lucie Economic Development Council is working on more deals than any time the in past five years. Several pharmaceutical companies want to locate near Torrey Pines and VGTI in Tradition in Port St. Lucie. • New office buildings are gaining tenants. 60,000 SF have been absorbed in St. Lucie West since last fall. • Small Retail locations are leasing at NNN rates between $7 PSF and $15 PSF. • Several restaurant chains have expanded to Port St. Lucie.
Contact
Office
• Two recent ten-year Retail leases signed this month in Port St. Lucie.
Office
• Flex space was overbuilt following 2004 hurricanes. The residential market is dead. Home prices are at 1999 levels. There are many start up businesses. Tenants are upgrading to better space within the city.
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
N/A
Absorption
Absorption
Absorption
Absorption
N/A
Rental Rates
Rental Rates
Rental Rates
Rental Rates
N/A
12
FL - Sarasota, Manatee, Charlotte Counties
Market Highlights
Demographics CBSA
Square Miles
Population
Households Household Income Average Employees (Total)
Unemployment
Total Consumer Expenditure
FL - South
Sarasota, Bradenton, Venice, FL 1,313
689,676
311,173
79,698
230,801
Market Highlights
Demographics
• Office vacancy is on the rise.
CBSA
• Office space is at negative absorption. Square Miles
• Industrial lease rates and vacancy at a juxtaposition. Industrial seems to be the strongest market in this area, which reflects on more jobs.
Miami-Fort LauderdalePompano Beach, FL
• Multi-Family is the strongest sector of the market. • Retail, Office, and Industrial vacancy rates are declining.
5,126
• Absorption is positive across all markets. Population
5,566,404
• Residential markets are improving in ASP and units.
• Retail is steady.
Households
• Inventory for commercial is at six months. • In Sarasota and Manatee, the average time on the market for housing is from 18-22 months.
2,128,471
• Foreign investment is increasing. • Rental rates may have bottomed.
Household Income Average
82,033
Employees (Total)
2,069,525
• Multi-Family is strong in this market.
10.9%
$17,718,836
Unemployment
11.8%
Total Consumer Expenditure
$117,802,559
Contact
Contact
Coldwell Banker Commercial NRT- Sarasota 100 N Tamiami Trl. Sarasota, FL 34236 (941) 925-8586 www.cbcworldwide.com
Coldwell Banker Commercial NRT- Boca Raton 3837 NW Boca Raton Blvd. Suite 200 Boca Raton, FL 33431 (561) 479-1225 www.cbcworldwide.com
Office
Retail
Office
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
13
FL - Southwest
Market Highlights
Demographics CBSA
Square Miles
GA - Athens
Naples-Marco Island, FL
2,025
Market Highlights
Demographics
• Arthrex is expanding; buying 240,000 SF warehouse and building 120,000 SF manufacturing location.
CBSA
Square Miles
Athens-Clarke County, GA
1,031
• Vacancies slowly dropping. Population
Households
320,101
132,487
Household Income Average
118,854
Employees (Total)
115,960
• New construction of commercial product is almost non-existent until home construction picks up.
Population
• Inventory is way down and sales are up. • $1,000,000+ homes and condos are rising in price.
193,495
Households
77,486
Household Income Average
57,618
Employees (Total)
60,760
Unemployment
11.3%
Unemployment
8.4%
Total Consumer Expenditure
$8,298,345
Total Consumer Expenditure
3,833,666.80
• According to University of Georgia President Michael Adams, UGA enrollment is at an all-time high and the class of 2015 is likely to be the largest freshman class in the school’s history. • The University of Georgia and the Medical College of Georgia have partnered to establish an Athens campus that will be located on the 58-acre former U.S. Navy Supply Corps property in Athens, GA. • Tripp Umbach, a medical education planning organization, estimates that at least $180 million will be invested commercially as a result of medical research growth in the Athens area.
Contact
Contact
Coldwell Banker Commercial NRT- Naples 550 Fifth Ave. South Naples, Florida 34102 (239) 596-6130 www.cbcworldwide.com
Coldwell Banker Commercial Upchurch Realty 2405 W Broad St. Athens, Georgia 30606 (706) 354-7870 www.upchurchrealtycommercial.com
Office
Retail
Office
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
14
GA - Atlanta
GA - Atlanta Greater MSA
Market Highlights
Demographics CBSA
Square Miles
Population
Households
Atlanta-Sandy Springs, Marietta, GA
• Clorox’s move out of 607,650 SF was the largest in the 2nd quarter.
CBSA
8,376
• Office absorption totaled nearly 400,000 SF in the 2nd quarter.
Square Miles
5,521,582
• Cox Communication’s build-tosuits are the only significant buildings under second quarter construction.
Population
2,028,400
Household Income Average
77,990
Employees (Total)
2,223,339
Market Highlights
Demographics
Households
• 15,000 to 40,000 SF moveins included Agilysys, Kaiser Permanente, North American Electric Reliability Corporation, ThyssenKrupp IT and Turner Broadcasting.
Atlanta-Sandy Springs, Marietta, GA 8,376
5,521,582
2,028,400
Household Income Average
77,990
Employees (Total)
2,223,339
• Office rental rates decreased for the 11th time in 12 quarters. Unemployment
9.9%
Total Consumer Expenditure
$110,119,865
• Over the past four quarters, a total of 167,416 SF of Retail space has been built in Atlanta.
Unemployment
9.9%
Total Consumer Expenditure
$110,119,865
Contact
Contact
Coldwell Banker Commercial Metro Brokers 3575 Piedmont Rd. NE Piedmont Center Building 15, Suite 950 Atlanta, GA 30305 (678) 320-4800 www.cbcworldwidemetro.com
Coldwell Banker Commercial NRT-Atlanta 6285 Barfield Rd. Suite 100 Atlanta, Georgia 30328 (404) 705-1590 www.cbcworldwide.com
Office
Office
Retail
• Wells Fargo Bank signed a lease to occupy 38,197 SF, which included an expansion of 21,540 SF. • Lack of supply and new construction in Multi-Family has pushed rents higher and vacancies lower. • Retail has seen a net absorption of 134,000 SF. • The first quarter of 2011 saw office building sales prices rise to $183 PSF, compared to the same period in 2010 at $143 PSF. • The overall market continues to firm up with increased activity in most sectors. • According to the National Association of Women Business Owners, Georgia/Atlanta ranks number one in percent growth in number, employment and sales for women-owned firms. • The Atlanta MSA consists of 28 counties, over 7 million in population and includes the world’s busiest airport, superior intermodal connections making it the distribution hub for the southeast; Atlanta’s median household income is 13% higher than the national average.
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
15
GA - Dalton, Whitfield County
Market Highlights
Demographics CBSA
Square Miles
Population
Dalton, GA
634
134,366
Households
46,872
Household Income Average
60,458
Employees (Total)
64,498
Unemployment
GA - Savannah
12.1%
Market Highlights
Demographics
• Carbondale Business Park, a 184-acre public-owned Industrial/Commercial Park is under construction. Located just off I-75 with available lots from 3-50 acres with all utilities.
CBSA
Square Miles
• XL Brands, LLC, a subsidiary of Textile Rubber Corp. is expanding its production and shipping capacity with the purchase of 16.3 acres in the Carbondale Business Park. Construction has already started on a new 122,000 SF facility. • Engineered Floors, LLC., a carpet manufacturer, has purchased 52 acres in South Whitfield County to build a 211,000 SF facility with plans for future expansion.
Savannah, GA
1,359
• Gulfstream Aerospace plans a $500 million expansion to add 1,000+ jobs to the market. • 2011 Savannah Tourism Industry outpacing 2010 record year.
Population
347,453
Households
130,609
Household Income Average
74,653
Employees (Total)
129,296
Unemployment
9.5%
Total Consumer Expenditure
$6,804,089
• Mitsubishi Power Systems growing faster than expected. • Plans for river deepening in anticipation of Savannah Port Expansion. • Savannah ranks as a Top 5 container port in the United States. • JCB officially marks 65th anniversary as robust earnings are restored.
• New Kohl’s opening Fall of 2011. Total Consumer Expenditure
$2,494,255
Contact Coldwell Banker Commercial Kinard Realty 704 S Thornton Ave. Dalton, GA 30720 (706) 226-1985 www.cbcnorthgeorgia.com
Office
• Upscale Retail development sites available. • Dalton State College contributed nearly $115 million into the regional economy according to the University System of Georgia.
Contact Coldwell Banker Commercial Platinum Partners 128 Habersham St. Savannah, GA 31401 (912) 232-7120 www.cbcplatinum.com
Retail
Office
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
N/A
Absorption
Absorption
Absorption
Absorption
N/A
Rental Rates
Rental Rates
Rental Rates
Rental Rates
N/A
16
ID - Boise
ID - Coeur d’Alene
Market Highlights
Demographics CBSA
Square Miles
Boise CityNampa, ID
11,788
Population
610,611
Households
224,823
Household Income Average
69,877
Employees (Total)
232,386
Unemployment
Total Consumer Expenditure
9.5%
$12,789,857
Office
Coeur d’Alene, ID
• Major grocery store expansion in the Boise area is the top retail story for 2011. New to the market are Whole Foods and Rosauers Supermarkets. Fred Meyer and Wal-Mart continue to expand and generate a positive buzz throughout the community.
Square Miles
Population
140,628
• A slight decline in overall vacancies is due to the increased activity among local, regional and national tenants.
Households
53,154
Household Income Average
62,733
Employees (Total)
49,226
CBSA
• Overall market is beginning to stabilize. • Plenty of REO inventory.
1,245
• Leasing has picked up in 2011.
• Government work led the pack with 37 new projects, including road and educational-related projects. Private construction increased this year with 27 new projects. Office/Retail dipped a bit with a total of 5 new projects. • Housing prices continue to decline, with current median home sale prices below the 2005 level in all submarkets.
• The Boise area has seen modest improvements over the last year. Manufacturing has been Contact performing well and services like Coldwell Banker Commercial Healthcare and Retail are starting NRT- Salt Lake City to experience job growth. 6550 South Millrock Dr., Suite 200 Salt Lake City, UT 84121 (801) 947-8300 www.coldwellutah.com
Market Highlights
Demographics
Unemployment
10.5%
Total Consumer Expenditure
$2,933,601
• Development is limited to buildto-suit activity.
Contact Coldwell Banker Commercial Schneidmiller Realty 2000 Northwest Blvd. Coeur d’Alene, ID 83814 (208) 765-4300 www.cbcsr.com
• Unemployment is showing signs of stabilization.
Retail
Office
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
17
IL - Bloomington-Normal, McLean County
Market Highlights
Demographics CBSA
Square Miles
Population
Households
IL - Champaign County
BloomingtonNormal, IL
1,184
168,918
70,687
Household Income Average
73,184
Employees (Total)
69,980
• Forbes rates BloomingtonNormal #22 on the list of best small places for business and careers.
CBSA
Square Miles
• Retail sales up over 3% in the first quarter.
Population
• Both major healthcare organizations have building expansion projects underway. • Mitsubishi Motors is adding a new car model to its production line, thus stabilizing employment. • Campus housing development at Illinois State University is active. • Heartland Community College purchased 100 acres for future growth.
Unemployment
7.0%
Total Consumer Expenditure
$4,038,011
Market Highlights
Demographics ChampaignUrbana, IL
• Carle Hospital has begun work on a North tower expansion.
1,923
• The Office vacancy rate has begun to stabilize.
227,494
Households
97,325
Household Income Average
61,774
Employees (Total)
80,156
Unemployment
8.6%
Total Consumer Expenditure
$5,136,400
Contact
Contact
Coldwell Banker Commercial Heart of America Realtors 802 S Eldorado Rd. Bloomington, IL 61704 (309) 662-3377 www.cbhoacommercial.com
Coldwell Banker Commercial Devonshire Realty 201 W Springfield Ave. Champaign, IL 61820 (217) 352-7712 www.cbcdr.com
Office
Retail
Office
• New retailers have become more active looking for space. • The developer of the UI Research Park has been awarded a contract extension for the next phase of the park. • University Ave. streetscape improvements are underway.
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
18
IL - Chicago
IL - Chicagoland
Market Highlights
Demographics CBSA
Square Miles
Chicago, Naperville, Joliet, IL-IN-WI 7,212
Population
9,617,804
Households
3,484,370
Household Income Average
88,029
Employees (Total)
4,186,171
Unemployment
Total Consumer Expenditure
10.1%
$201,753,353
Contact Coldwell Banker Commercial NRT- Northbrook 2215 Sanders Rd. Suite 350 Northbrook, IL 60062 (847) 313-4646 www.cbcnrtchicago.com
Office
Market Highlights
Demographics
• The Chicago Industrial market, which is one of the largest in the country; had several large lease transactions and several large tenants move out of their space. The largest lease was 3M for 650,000 SF, and Share Your Soles Foundation (300,000 SF) was the largest tenant moving out of their space.
CBSA
Square Miles
• After two consecutive quarters of falling vacancies and increased absorption in Retail, Office and Industrial, there was an increase in vacancy in all three asset types, primarily in Industrial space. The Multi-Family market continued to remain strong with lower vacancies and higher rental rates. • There has been virtually no new construction of Retail or Office space in 2011 and almost all of the new construction completed has been build-to-suits or preleased. • The residential market has shifted. The rental market is very strong and sales of single family homes and condominiums continue to struggle. The value of homes have also continued to fall.
Chicago, Naperville, Joliet, IL-IN-WI
• Chicago apartments posted a 5% or less vacancy rate. • Retail, Multi-Family and Office construction has remained anemic for first half of 2011.
7,212
Population
9,617,804
• In all property types, only a handful of new construction has been brought to market.
Households
3,484,370
• The residential market continues to flounder through 2012.
Household Income Average
88,029
Employees (Total)
4,186,171
• Location, Location, Locationholds very true within the Chicagoland market. Many high profile Office, Retail, MultiFamily and Industrial sales have taken place and for the most part have been well-located, and in areas with increasing job opportunities.
Unemployment
10.1%
Total Consumer Expenditure
$201,753,353
Contact
• According to many reliable sources, the Chicagoland market is seeing a light at the end of the tunnel, and most likely will be an extremely active and profitable market very soon.
Coldwell Banker Commercial NRT- Northbrook 2215 Sanders Rd. Suite 350 Northbrook, IL 60062 (847) 313-4646 www.cbcnrtchicago.com
Retail
Office
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
19
IN - Delaware County
Market Highlights
Demographics CBSA
Square Miles
KS - Kansas City Metro Area
Muncie, IN
• Absorption of suburban Office space is positive.
Square Miles
• IBM expands call center in Daleville, IN.
Population
115,425
Households
48,625
• Absorption of Industrial space is positive.
Household Income Average
55,245
• Retail absorption is slow and rent rates decline slightly.
42,446
• Vacancy in CBD Office remains high. Rents are trending down.
Employees (Total)
CBSA
• County Economic Development Arm building new Industrial shell building.
393
Population
• Overall activity has increased. Tenants and buyers are returning to the market to take advantage of depressed lease rates and prices.
Unemployment
10.1%
Total Consumer Expenditure
2,493,688.50
Market Highlights
Demographics Kansas City, MO-KS
8,696
2,332,148
Households
819,900
Household Income Average
75,785
Employees (Total)
914,989
• The Kansas City Metro Region consists of 15 counties with an estimated population of 2,332,148, and 8,696 square miles. • The Kansas City Region has the nation’s largest Foreign Trade Zone. • Non-residential building construction is up 52% over the same period last year in Johnson County, KS. • Google is constructing new ultra high-speed digital communications in both Kansas City, KS and Kansas City, MO.
Unemployment
8.5%
Total Consumer Expenditure
$46,391,185
Contact
Contact
Coldwell Banker Commercial Lunsford 3601 W Bethel Ave. Muncie, IN 47304 (765) 289-2228 www.coldwellbankercommerciallunsford.com
Coldwell Banker Commercial Fishman & Company 1948 E Santa Fe St. Olathe, KS 66062 (913) 782-9000 www.cbcfishman.com
Office
Office
Retail
• 60% of the nation’s animalhealth research and commerce takes place within 100 miles of the Kansas City region.
• Wyandotte County, KS is expecting over 300 million in commercial building permits in 2011.
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
20
KY - Bowling Green
Market Highlights
Demographics CBSA
Square Miles
Population
KY - Louisville, Lexington & Elizabethtown
Bowling Green, KY
848
121,646
Households
50,840
Household Income Average
61,970
Employees (Total)
50,727
Market Highlights
Demographics
• The General Motors Corvette plant announced a $131 million expansion for its new Corvette model.
CBSA
Square Miles
• Bowling Green is a top-five location for business and careers, according to Forbes Magazine.
Population
Louisville, Jefferson County, KY-IN
• Some new regional retailers have come to Louisville.
4,135
• Borders closed three stores in the area.
1,263,217
• Office leasing is flat.
• Bowling Green is a Top-Ranked Metro by Site Selection magazine.
Households
• Residential market prices began to rise in the 2nd Quarter 2011. • Residential home sales are up.
506,857
Household Income Average
71,165
Employees (Total)
549,941
8.4%
Total Consumer Expenditure
$2,689,729
Unemployment
9.5%
Total Consumer Expenditure
$27,777,175
Contact
Contact
Coldwell Banker Commercial Legacy Real Estate Group 2435 Fitzgerald Industrial Dr. Suite 102 Bowling Green, KY 42104 (270) 781-3844 www.CBCLegacy.com
Coldwell Banker Commercial McMahan Co. 6402 Railroad Ave. Crestwood, Kentucky 40014 (502) 241-8811 www.cbmcmahan.com
Office
Retail
• Downtown arena (YUM Center) brings new buzz to downtown Louisville. • Ford recently hired 1,800 workers for their two plants in the area. • This market remains steady with some good employment news at Ford, a good Chamber of Commerce, a new basketball arena downtown and UPS as a major employer in the area.
• Western Kentucky University is located in Bowling Green, KY.
Unemployment
• Residential constructions is down.
Office
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
21
LA - Lafayette
LA - New Orleans
Market Highlights
Demographics CBSA
Square Miles
Lafayette, LA
1,010
Population
264,966
Households
101,487
Household Income Average
72,004
Employees (Total)
139,997
Unemployment
Total Consumer Expenditure
8.1%
$5,316,929
Contact Coldwell Banker Commercial Pelican 806 E St. Mary Blvd. Lafayette, LA 70503 (337) 233-9541 www.cbcpelican.com
Office
Market Highlights
Demographics
• Offshore oil drilling has resumed with several permits issued since the oil spill. Three offshore platforms have been lost to foreign markets, but the net effect has been positive.
CBSA
Square Miles
• The BP Oil spill fund has helped in the recovery of the highly affected areas. The funding of the areas was the salvation for many small businesses, which otherwise would have been devastated.
Population
• Very few substantial real estate deals were done because of the spill. Most real estate deals were short-term leases for overmarket prices. • The market has stabilized now and is in a normal growth cycle. There is a shortage of industrial buildings and no speculative commercial construction of any type in this market.
3,153
1,230,886
Households
469,474
Household Income Average
83,382
Employees (Total)
458,428
Unemployment
Total Consumer Expenditure
• Medical investment in new hospitals and renovations to existing medical facilities has been strong for the past 12 months. This growth in medical should continue for the next several years.
New OrleansMetairie, Kenner, LA
8.0%
$24,830,976
Contact Coldwell Banker Commercial TEC Realtors 701 Loyola Ave. Suite 401 New Orleans, LA 70150 (504) 566-1777 www.cbctec.com
Retail
Office
• Ground broken on development of a $1.2 Billion 424-bed hospital just outside New Orleans. CBD to accommodate the region’s largest teaching hospital. • Ground broken on development of a new regional Veterans Administration Hospital adjacent to the new University Medical Center. • New Orleans Bio-Innovation Center open and operating upwards of 65,000 SF to provide space for start-up Bio-Tech Companies. • Benson Tower: the area’s first LEED certified Office Tower in CBD is now open, adding 500,000 SF of class A inventory to the New Orleans Office market. • 1,193-room Hyatt Regency to reopen on October 19, 2011. Provides over 200,000 SF of exhibition space, conference space, and nine restaurants; a monumental milestone in the postKatrina recovery. • RTA anticipates completing construction on expansion of street car line in New Orleans CBD to French Quarter. This is bringing more Retail, Hospitality, and Office development.
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
22
ME - Midcoast Region
Market Highlights
Demographics CBSA
Square Miles
MN - Mankato
Rockland, ME
366
• Retail: Wal-Mart, Tractor Supply and a McDonald’s Restaurant plan to be opened in 2012.
40,753
Households
17,284
• Midcoast Maine continues to be discovered for its family lifestyle and growing economy.
65,601
Employees (Total)
15,971
• Midcoast Maine has long been a great area to work, play and raise a family.
7.8%
• Unemployment in the area is well below the state and national averages.
Total Consumer Expenditure
Square Miles
• Prices are experiencing a slight decrease, with an increase in the inventory of available singlefamily homes.
Household Income Average
Unemployment
CBSA
• Vacancy rates continue to fall due to lack of inventory.
Population
Market Highlights
Demographics
1,205
Population
93,650
Households
39,391
Household Income Average
63,447
Employees (Total)
49,122
Unemployment
Total Consumer Expenditure
$956,887
Mankato-North Mankato, MN
5.9%
$2,158,743
Contact
Coldwell Banker Commercial SoundVest Properties 147 Park St. Rockland, ME 04841 (207) 596-7478 www.soundvest.com
Coldwell Banker Commercial Fisher Group 1400 Madison Ave. Suite #616 Mankato, Minnesota 56001 (507) 625-4715 www.cbcfishergroup.com
Retail
• Retail vacancy continues to be low due to a lack of over-development in our community prior to the recession. • Coldwell Banker Commercial Fisher Group has been contracted to develop a 30,000 SF Industrial property for Volk Transfer. • There has been an increase in quality investment property listings.
Contact
Office
• Coldwell Banker Commercial Fisher Group office recently leased 16,000 SF in the Mankato City Center to Mayo Clinic Health Systems. As a result, Office vacancy in the downtown area is considerably lower than in the past several years.
Office
• Several larger Industrial properties have come on the market in 2011. This had previously been an area in which there were very few existing options for tenants/ owners. • Greater Mankato recently became an MSA. This designation will further establish the community as one of the key areas in which to locate a business in Minnesota.
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
23
MN - Minneapolis Metro
Market Highlights
Demographics CBSA
Square Miles
MO - St. Louis Metro
MinneapolisSt. Paul, Bloomington, MN-WI 6,063
• Uline continues to move forward with plans to move its distribution facility from Eagan to a new 640,000 SF warehouse and Office building in Hudson, WI.
Population
3,286,547
• Regency Centers closed on 125,000 SF Rockridge Center anchored by Cub Foods.
Households
1,267,913
• Minneapolis Apartment rents continue to increase.
89,359
• Apartment and Grocery redevelopment making progress for downtown Jaguar site.
Household Income Average Employees (Total)
Unemployment
Total Consumer Expenditure
Market Highlights
Demographics CBSA
Square Miles
Population
Households
1,695,892
St. Louis, MO-IL
9,392
2,858,935
1,125,496
Household Income Average
74,314
Employees (Total)
1,261,660
Unemployment
9.0%
Total Consumer Expenditure
$61,986,258
• Office: Nestle Purina PetCare Co. is in the market for 100,000 SF. • Industrial: Express Scripts is expanding into a new 200,000 SF building in the Northpark development. • Nordstrom will open a 144,000 SF full-line store in the Saint Louis Galleria in Richmond Heights in September. • Retail: American TV & Appliance closed its four local stores (each 140,000 SF), and Borders’ books closed three stores of 30,000 SF each and is liquidating its remaining six stores.
6.9%
$77,327,395
Contact
Contact
Coldwell Banker Commercial Griffin Companies 615 First Ave NE, Suite 500 Minneapolis, MN 55413 (612) 338-2828 www.cbcgriffin.com
Coldwell Banker Commercial CRA LLC 8820 Ladue Rd., Suite 200 St. Louis, MO 63124 (314) 206-4600 www.cbcstl.com
Office
Retail
Office
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
24
MT - Billings Metro
Market Highlights
Demographics CBSA
Square Miles
Billings, MT
4,683
Population
155,673
Households
63,905
Household Income Average
68,486
Employees (Total)
69,806
Unemployment
Total Consumer Expenditure
NC - New Hanover County
• Base economic drivers; Agriculture, Petroleum, Healthcare, Mining and Tourism are seeing moderate expansion.
CBSA
Square Miles
• Area residential real estate has been impacted by national confidence factors but not local market factors. • New commercial and residential construction is off of its 20062007 highs but has rebounded in the 1st half of 2011. • Foreclosure activity has been minimal in both commercial and residential. • Regional financing has increased moderately over 2010 levels.
6.1%
$3,565,123
Market Highlights
Demographics
• Transaction activity indicates further expansion in all commercial economic area sectors.
Wilmington, NC
• Wachovia Mortgage vacates 90,000 SF.
1,924
• New 36,000 SF Office condo breaks ground.
Population
357,853
Households
151,270
Household Income Average
65,863
Employees (Total)
126,764
Unemployment
10.4%
Total Consumer Expenditure
$8,055,986
• Office is still very sluggish with major concessions being offered. Some concessions are as high as 50%. • Industrial is also weak, but there is a fair amount of activity. Distribution companies are the major players. • Retail seems to be on the mend. A number of retailers are taking advantage of the low rates. The pressure on securing the lease is the number of fixed rate renewals that the tenant is demanding. Percentage rents are often non-existent or extremely low percentages.
Contact
Contact
Coldwell Banker Commercial The Brokers 1215 24th St. Suite 240 Billings, MT 59102 (406) 656-2001 www.cbcmontana.com
Coldwell Banker Commercial Sun Coast Partners, LLC 1430 Commonwealth Dr. Suite 102 Wilmington, NC 28403 (910) 350-1200 x5861 www.cbcsuncoast.com
Office
Retail
Office
Retail
Vacancy
Vacancy
Vacancy
N/A
Vacancy
N/A
Absorption
Absorption
Absorption
N/A
Absorption
N/A
Rental Rates
Rental Rates
Rental Rates
N/A
Rental Rates
N/A
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
N/A
Vacancy
N/A
Absorption
Absorption
Absorption
N/A
Absorption
N/A
Rental Rates
Rental Rates
Rental Rates
N/A
Rental Rates
N/A
25
NC - Raleigh
NE - Lincoln
Market Highlights
Demographics CBSA
Square Miles
Population
Raleigh-Cary, NC
2,116
1,143,659
Market Highlights
Demographics
• Many office tenants upgrading from B to A space, creating absorption in A class.
CBSA
Square Miles
• Flex space vacancy dropped for the first time in several quarters from 18% to 17.25%. • There is little to no commercial construction in the Triangle region; only one small office building, and two medical projects.
Households
452,721
Household Income Average
78,408
• One shopping center of 275,000 GLA under construction.
Employees (Total)
441,442
• Downtown Raleigh remains strongest submarket.
Lincoln, NE
• Retail and Office market moving in a positive direction. • National retailers are expanding to Lincoln: Trader Joe’s, and The Vitamin Shoppe.
1,414
Population
299,958
Households
126,751
Household Income Average
68,288
Employees (Total)
142,514
Unemployment
8.5%
Unemployment
4.1%
Total Consumer Expenditure
$25,677,307
Total Consumer Expenditure
$7,086,678
• New construction includes Nebraska Technology Park, (a joint project with the University of Nebraska), the University Foundation, and private sector investors. • New local businesses or instate businesses are filling the vacancies at shopping centers. • Lincoln has the 2nd lowest unemployment rate in the country.
Contact
Contact
Coldwell Banker Commercial TradeMark Properties 1001 Wade Ave. Suite 300 Raleigh, NC 27605 (919) 782-5552 www.cbctmp.com
Coldwell Banker Commercial Thompson Realty Group 5617 Thompson Creek Blvd. Suite 7 Lincoln, NE 68516 (402) 421-7700 www.cbcthompson.com
Office
Retail
Office
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
N/A
Absorption
Absorption
Absorption
Absorption
N/A
Rental Rates
Rental Rates
Rental Rates
Rental Rates
N/A
26
NJ - Cape May County
Market Highlights
Demographics CBSA
Square Miles
NJ - Northern
Ocean City, NJ
• Commercial values are becoming pragmatic.
CBSA
Households
• Residential foreclosures creating demand for Apartment rentals.
Population
19,124,092
• Courtyard by Marriott is the first new hotel in downtown Newark in over 3 decades.
Households
7,086,346
40,463
78,656
Employees (Total)
29,003
Total Consumer Expenditure
• Panasonic is relocating its headquarters to Newark.
6,726
95,922
Household Income Average
Unemployment
New YorkNorthern New Jersey-Long Island, NY
255 Square Miles
Population
Market Highlights
Demographics
Household Income Average
95,352
Employees (Total)
7,711,074
• Discounts on REO Properties are receding. • Apartments are strong, like they are everywhere. Most deals are being done direct, with the exception of development deals. • Demand in Multi-Family remains extremely high.
9.5%
$2,306,527
Unemployment
9.5%
Total Consumer Expenditure
$406,546,460
Contact
Contact
Coldwell Banker Commercial Sol Needles 512 Washington St. Cape May, NJ 8204 (609) 884-8428 www.cbcworldwide.com
Coldwell Banker Commercial NRT-Parsippany 1 Campus Dr. Parsippany, NJ 7054 (888) 829-0221 www.cbcnrtnewjersey.com
Office
Retail
Office
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
N/A
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
N/A
Vacancy
Vacancy
Vacancy
Absorption
N/A
Absorption
N/A
Absorption
Absorption
Rental Rates
N/A
Rental Rates
Rental Rates
Rental Rates
27
NM - Albuquerque
Market Highlights
Demographics CBSA
Square Miles
Population
Albuquerque, NM
9,288
863,887
Households
333,497
Household Income Average
65,279
Employees (Total)
313,234
Unemployment
Total Consumer Expenditure
NV - Carson City
8.2%
$18,367,936
Contact Coldwell Banker Commercial Las Colinas 4801 Lang Ave NE, Suite 100 Albuquerque, NM 87109 (505) 563-4650 www.lcrealty.com
Office
Market Highlights
Demographics
• Planet Fitness continues to expand in the metro area with five stores currently open and two more scheduled to open before the end of the year.
CBSA
Square Miles
• Dick’s Sporting Goods is entering the market, as is Panera Bread, and Chipotle Mexican Grill.
Population
Carson City, NV
• The market has seen a major drop in Industrial vacancy rate.
143
• Commercial sales volume is increasing.
55,156
• Rents stabilizing across all property types. • Leasing activity is strong.
• There are several new Office construction projects currently under way. Federal agencies and some local firms are building new facilities to accommodate growth. • The residential market remains flat with little new home construction and prices of existing homes remaining level. • Retail continues to rebound, as several new chains to Albuquerque are backfilling space left vacant by the exit of Mervyn’s, Circuit City, Linens & Things and Borders. • Unemployment remains below national levels.
Households
23,432
Household Income Average
69,548
Employees (Total)
25,284
Unemployment
12.5%
Total Consumer Expenditure
$1,324,454
• Commercial bank-owned properties are hitting the market. • Multi-Family market is making a comeback.
Contact Coldwell Banker Commercial Premier Brokers 223 S Division St. Carson City, NV 89703 (775) 888-6200 www.CBNevada.com
Retail
Office
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
28
NV - Reno/Sparks
Market Highlights
Demographics CBSA
Square Miles
Population
Households
NY - Albany
Reno-Sparks, NV
6,606
420,676
164,527
Household Income Average
79,751
Employees (Total)
208,488
Market Highlights
Demographics
• New construction of a Toy’s “R” Us distribution center of 300,000 SF.
CBSA
Square Miles
• Mountain Shadow LLC defaults on a $35,000,000 note on an Apartment complex. • New construction of an Urban Outfitters distribution center of 460,000 SF. • Total Wine and More enters the Reno/Sparks MSA with 18,000 SF store. • Survey conducted by Clay & Associates shows confidence is building in the business environment.
Albany, Schenectady, Troy, NY 2,817
• ShopRite Supermarkets entering Albany, NY market.
Population
859,707
Households
358,803
• Construction of the Waters View Apartments, with 222 units on the Hudson River, is expected to have first tenants move in this December.
Household Income Average
73,105
Employees (Total)
351,131
Unemployment
13.0%
Unemployment
7.2%
Total Consumer Expenditure
$9,586,214
Total Consumer Expenditure
$20,261,924
Contact
Contact
Coldwell Banker Commercial Clay & Associates 5011 Meadowood Mall Cir. Suite 201 Reno, NV 89502 (775) 829-5900 www.cbcreno.com
Coldwell Banker Commercial Prime Properties 621 Columbia St. Cohoes (Albany), NY 12047 (518) 785-9000 www.coldwellbankeralbany.com
Office
Retail
• GlobalFoundries $4.6 billion chip fabrication plant is under construction in Malta, NY.
Office
• First Niagara Bank acquires 195 HSBC branches in upstate NY and CT.
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
29
NY - New York City
Market Highlights
Demographics CBSA
Square Miles
Population
Households Household Income Average Employees (Total)
Unemployment
Total Consumer Expenditure
ON - Greater Toronto Area
New YorkNorthern New Jersey-Long Island, NY
• Conde Nast Publications took 1,046,260 SF in the World Trade Center.
CBSA
Square Miles
• No new construction in New York City’s Manhattan market since 3rd Quarter of 2010.
6,726
19,124,092
7,086,346
95,352
Market Highlights
Demographics
Population
• No new construction of any significance is anticipated until 1st Quarter 2013; where it is estimated in excess of 9,000,000 SF of construction taking place in the ensuing 18-month period.
Households
7,711,074
Toronto, Canada
2,279
5,555,912
• Vacancy is stabilizing as businesses are doing new leases. There has been little new construction.
1,800,000
• 700,000 SF of new office space, which represents about 2% growth.
Household Income Average
63,500
Employees (Total)
2,919,410
Unemployment
7.2%
Total Consumer Expenditure
$150,924,600
8.6%
$406,546,460
• Canadian Central Office markets delivered far better results in 2010 than expected. Toronto was the strongest city in North America. Canada’s Office markets are expected to see steady growth. Central market vacancies are at historic lows. Most of the downtown Office markets experienced gains during the downturn. • Industrial demand experienced clear improvements and rates are expected to increase.
• Retail: some retailers scaled back or closed their doors, but others Contact seized the opportunity to expand Coldwell Banker Commercial and/or introduce new formats. Integrity Real Estate, Brokerage Retail was the most sought-after 1384A Cornwall Rd. property among investors over Oakville, ON L6J7W5 the past year, equal to 31% of the (905) 338-8877 x228 www.cbci.ca overall investment volume.
Contact Coldwell Banker Commercial REalta Group 1430 Broadway, 9th Floor New York, NY 10018 (212) 344-0300 www.cbcrealta.com
Office
• Canadian Tire Acceptance moved in and took 25,000 SF of flex space.
Retail
Office
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
N/A
Vacancy
Vacancy
Vacancy
N/A
Absorption
N/A
Absorption
Absorption
Absorption
N/A
Rental Rates
N/A
Rental Rates
Rental Rates
Rental Rates
N/A
30
OR - Portland
OR - Salem
Market Highlights
Demographics CBSA
Square Miles
Population
Households Household Income Average Employees (Total)
Unemployment
Total Consumer Expenditure
Portland, Vancouver, Beaverton, OR-WA 6,684
• Overall, Multi-Family rents have been slowly but steadily rising and were up about $40/unit year-over-year.
CBSA
Square Miles
• Total Office building sales activity in 2011 is up compared to 2010.
2,261,246
878,239
73,445
952,611
Population
• The largest Retail project currently underway is Wilsonville Old Town Square, a 250,000 SF center that is approximately 60% pre-leased. • Retail cap rates have decreased in 2011, averaging 7.43% compared to the same period in 2010, when they averaged 8.54%. • In the Industrial sector, Intel is building a 1,800,000 SF building and Subaru is constructing a 413,700 SF facility that is 100% pre-leased.
9.2%
$50,356,316
Contact
• Industrial vacancy hovers around 9%, while Retail is a healthy 5.8% and Office is in the double digits at 11.0%.
Salem, OR
1,925
399,131
Households
148,354
Household Income Average
61,094
Employees (Total)
119,269
• Closings increased 10% during the first half of 2011 versus the last half of 2010. • Lease rates and property values are beginning to stabilize from the 25 - 30% compression throughout 2010. • New construction remains slow, although existing projects are leasing up, signaling the beginning of a new real estate cycle. • Two residential condominium projects (+/- 100 units) continue to struggle and search for a solution. • With the opening of Trader Joe’s, South Salem sees revitalization and enjoys renewed market activity.
Unemployment
10.0%
Total Consumer Expenditure
$8,037,740
Contact
Coldwell Banker Commercial Mountain West Real Estate 2545 SW Spring St. Suite 200 Portland, OR 97219 (503) 227-2934 www.cbcre.com
Office
Market Highlights
Demographics
Coldwell Banker Commercial Mountain West Real Estate 960 Liberty St. SE, Suite 250 Salem, OR 97302 (503) 588-3508 www.cbcre.com
Retail
Office
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
31
PA - Northeastern
Market Highlights
Demographics CBSA
Square Miles
PA - Southwestern Region
ScrantonWilkes-Barre, PA 1,747
Market Highlights
Demographics
• There is increased activity due to Marcellus Shale Industry (Wyoming, Susquehanna, Pike & Wayne counties).
CBSA
Square Miles
• Medical College (TCMC) is being built in Scranton.
Population
Pittsburgh, PA
• Steady growth in the Pittsburgh area.
5,280
• Stronger market than most of the country.
2,355,582
Population
549,920
Households
233,775
Household Income Average
58,775
Household Income Average
69,762
Employees (Total)
245,015
Employees (Total)
1,064,896
• Increased activity around Mohegan Sun Casino. Households
• Stable local real estate economy; median home prices falling slightly.
991,049
Unemployment
9.2%
Unemployment
7.4%
Total Consumer Expenditure
$12,418,233
Total Consumer Expenditure
$54,309,411
Contact
Contact
Coldwell Banker Commercial Town & Country 651 Northern Blvd. Clarks Summit, PA 18411 (570) 587-5550 www.cbcworldwide.com
Coldwell Banker Commercial NRT - Pittsburgh 9600 Perry Hwy. Suite 200 Pittsburgh, PA 15237 (412) 548-1064 www.cbcworldwide.com
Office
Retail
• Gas companies are buying and leasing properties.
Office
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
32
SC - Charleston Metro
Market Highlights
Demographics CBSA
Square Miles
SC - Columbia
CharlestonNorth Charleston, SC 2,591
Population
665,272
Households
262,007
Household Income Average
72,395
Employees (Total)
253,170
Unemployment
9.8%
Total Consumer Expenditure
$13,814,976
Contact Coldwell Banker Commercial Atlantic International, Inc. 3506 W Montague Ave. Suite 200 North Charleston, SC 29418 (843) 744-9877 www.cbcatlantic.com
Office
Market Highlights
Demographics
• Trader Joe’s plans to open its first location in the Charleston Metro Area at the end of July, a 14,700 SF space, formerly an Antique Mall site.
CBSA
Square Miles
• Assembly of the first Boeing 787 plane at the new assembly plant in North Charleston is under way. • A reported 10 new Multi-Family developments are on the board for the region, with a combined rental unit count over 2,200. • The Port of Charleston sees its largest container ship to date, the 9,200-TEU MSC Bruxelles. This is heightening the anticipated increase of post-Panamax vessels once the Panama Canal expansion is completed in 2014. • Charleston Metro residential sales saw a 29% increase in July 2011 from July 2010. • The 2012 PGA Championship is being held at Kiawah Island Golf Resort and is expected to have an economic impact on the state of over $190 million.
Columbia, SC
3,701
Population
751,082
Households
300,796
Household Income Average
67,472
Employees (Total)
287,817
Unemployment
10.0%
Total Consumer Expenditure
$15,418,638
Contact Coldwell Banker Commercial United, Realtors 1711 Gervais St. Columbia, SC 29201 (803) 799-4663 www.cbccarolinas.com
Retail
Office
• The largest lease signings for the fist 6 months of 2011: Office - SC Chamber of Commerce 14,371 SF; Retail - Steinmart 31,675 SF; Industrial - Interstate Resource Group 185,600 SF. • Office and Retail have had positive absorption for the first two quarters of 2011 of 80,286 SF and 244,575 SF respectively. Industrial has had negative absorption of SF. • The Office market delivered two buildings totaling 6,000 SF in 2011 and there is 11,825 SF under construction. Retail delivered 8 buildings totaling 138,330 SF and there is 145,915 under construction. Industrial has delivered one building for 2,400 SF and has no new space under construction. • Columbia has shown a slight increase of 1.3% in median home prices, which could indicate some stabilization in the residential market. • Rental rates for Office and Retail have increased very slightly in 2011, while Industrial rates have decreased.
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
33
SC - Greenville/Spartanburg
Market Highlights
Demographics CBSA
Square Miles
TN - Knoxville/East Tennessee
GreenvilleMauldin-Easley, SC
• Recently, there has been downtown Apartment and Office construction.
2,002
• TD Bank transition complete; Certus Bank comes to upstate.
Population
644,419
• GE driving green initiative with the City of Greenville.
Households
263,044
Household Income Average
64,851
Employees (Total)
288,021
CBSA
Square Miles
• Charleston Port deepening study-funding approved; upstate responsible for 60% of port activity. • Tangible spin-off business in the upstate has been a result of Boeing locating in Charleston. • BMW and Michelin continue to drive ICAR campus growth.
Unemployment
Total Consumer Expenditure
Market Highlights
Demographics
702,994
Households
297,456
Household Income Average
64,861
Employees (Total)
307,125
Total Consumer Expenditure
$13,898,824
1,857
Population
Unemployment
9.8%
Knoxville, TN
8.3%
$16,066,241
• Aldi and Academy Sports have broken ground for new stores in West Knoxville. • Cosco has plans approved for a new store in Farragut, a suburb in west Knox County, close to the ever growing Turkey Creek Retail Development. • Whole Foods has announced it will be opening its first store West Knoxville.
• Knoxville ranked 9th in Forbes’ 2011 “Best Cities for Jobs.”
Contact
Coldwell Banker Commercial Caine 200 East Broad St. Suite 200 Greenville, SC 29601 (864) 250-2000 www.cbccaine.com
Coldwell Banker Commercial Wallace and Wallace 124 N Winston Rd. Knoxville, TN 37919 (865) 690-1111 www.cbcww.com
Retail
• The Kroger Company has broken ground on a 117,000 SF Kroger Market Place plus 18,000 SF of local shops in West Knoxville.
• The Residential market continues a modest recovery.
Contact
Office
• Publix and Target have announced plans to locate in the new Northshore Town Center. Publix plans to have its second Knoxville location in the Turkey Creek Retail Development.
Office
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
34
TN - Metro Chattanooga, TN-GA
Market Highlights
Demographics CBSA
Square Miles
Population
Households
Chattanooga, TN-GA
2,089
526,490
211,265
Household Income Average
62,455
Employees (Total)
208,265
Unemployment
Total Consumer Expenditure
TX - Austin
• Amazon has leased a 1 million SF building under construction for a new distribution center that will create 250 new jobs.
CBSA
Square Miles
• Wacker Chemie, a German company, has purchased 350 acres for a $5.4 billion new plant to manufacture hyperpure polycrystalline silicon. They will employ 650 new workers and is scheduled to open in 2013.
Population
Households
• Volkswagen has a new assembly plant that has begun production on the 2011 Passat. This plant has created 2,000 new jobs. • Whirlpool Corporation has broken ground on a new 1.4 million SF green production facility that will replace an older plant.
9.1%
$11,057,222
Contact Coldwell Banker Commercial Hamilton & Associates, LLC 2650 Peerless Rd. NW Cleveland, TN 37312 (423) 476-5535 www.hamiltoncommercial.com
Office
Market Highlights
Demographics Austin-Round Rock, TX
4,224
1,730,983
665,762
Household Income Average
74,027
Employees (Total)
622,577
Unemployment
7.6%
• 223,000 SF Macy’s at Highland Mall, which was bought by the Austin Community College District for $5 million ($22 PSF). The school later purchased the JC Penny’s at the mall and now owns all of it. • The 336-unit Colonial Grand changed hands for $28.4 million or $84,500 per unit. • $19.89 million in construction financing was originated for Lotus Village Apartments, a 222unit apartment community that will be located at 300 Ferguson Dr. in Austin. The community will consist of 10 three- or four-story buildings with an average 922 SF per unit. • Austin’s Crossroads Center sold for $14.25 M.
• Commercial activity has increased significantly in the last quarter.
Total Consumer Expenditure
• This market is positioned for tremendous growth in the next 5 years. In addition to Volkswagen, many automotive suppliers are relocating to the area.
$37,736,918
Contact Coldwell Banker Commercial United, Realtors 2121 Sage Rd. Suite 150 Houston, TX 77056 (713) 840-5000 www.cbcunitedrealtors.com
Retail
Office
• Austin Office vacancies are at the lowest point since 2008. • The 97,550 SF Jefferson Building in Austin sold for $13.5 million ($138 PSF).
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
35
TX - Brenham
TX - Bryan-College Station
Market Highlights
Demographics CBSA
Square Miles
Population
Brenham, TX
• Commercial is still sluggish.
CBSA
• Cash buyers of Land and Ranch increasing from Houston and Austin.
609
33,135
Market Highlights
Demographics
Square Miles
• Interest in new residential development is accelerating.
College StationBryan, TX
2,106
13,498
Household Income Average
61,055
Employees (Total)
12,090
• Multi-Family, Land and Ranch are leading real estate segments. • International interest is significantly increasing.
214,971
Households
88,655
Household Income Average
58,938
• Housing remains relatively flat.
Employees (Total)
60,491
• Office market remains stable with new construction around the Park Hudson development.
Unemployment
8.2%
Unemployment
7.3%
Total Consumer Expenditure
$688,949
Total Consumer Expenditure
$4,475,811
Contact
Contact
Coldwell Banker Commercial Southwest Partners 850 FM 390 Rd. E Brenham, TX 77833 (979) 421-9996 www.cbcsouthwestpartners.com
Coldwell Banker Commercial United, Realtors 2121 Sage Rd. Suite 150 Houston, TX 77056 (713) 840-5000 www.cbcunitedrealtors.com
Office
Retail
• Multi-Family is exceptionally strong. 3,000 units are either under construction or in the permitting phase.
Population
• Residential inventory is tight. Households
• Texas A&M building continues to be strong especially in the Health Science/Bio-Medical Fields.
Office
• Retail growth remains stable. New Lowes Center and H-E-B anchored centers are leasing up.
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
36
TX - Fort Worth
Market Highlights
Demographics CBSA
Square Miles
Population
Households
TX - Houston
Dallas-Fort Worth-Arlington, TX 8,990
• The city plans $30 million in capital improvements to jump start redevelopment. The Lake Worth Vision land-use plan includes a Town Center sector that would help the revitalization of the Casino Beach area.
CBSA
Square Miles
6,521,652
2,375,452
Household Income Average
82,482
Employees (Total)
2,621,455
Market Highlights
Demographics
• $37m in financing has been made available for Broadstone Centreport, a 452-unit Apartment complex in Fort Worth. • Coppell Industrial Center, a 375,000 industrial building recently sold.
HoustonSugar LandBaytown, TX 8,928
Population
5,937,339
Households
2,084,052
Household Income Average
87,941
Employees (Total)
2,246,860
8.6%
Unemployment
9.0%
Total Consumer Expenditure
$135,840,719
Total Consumer Expenditure
$119,698,033
Contact
Contact
Coldwell Banker Commercial Searcy Vasseur Group 6323 Camp Bowie Blvd. Suite 101 Fort Worth, TX 76116 (817) 335-7575 www.cbcsvgroup.com
Coldwell Banker Commercial United, Realtors 2121 Sage Rd. Suite 150 Houston, TX 77056 (713) 840-5000 www.cbcunitedrealtors.com
Retail
• ExxonMobil confirms that it will construct an Office campus on 385 acres in North Houston, just south of the Woodlands. Construction will begin in 2014 with full-occupancy by late 2015. • NASA and the Houston-Clear Lake Market brace for impact of the retirement of the space shuttle program. • A study released by PWC ranked Houston #1 in the world in terms of cost of living advantage and purchasing power.
Unemployment
Office
• Chevron purchases a 50-story downtown office tower for $340 million from Brookfield Properties, who acquired the property for $120 million in 2006.
Office
• Oil prices continued their upward movement, reaching $114 before returning to more normalized levels. • Houston named “City of the Year” by Fast Company because of small business and entrepreneurial attraction.
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
37
TX - Lubbock
TX - San Antonio
Market Highlights
Demographics CBSA
Square Miles
Lubbock, TX
1,799
Population
279,239
Households
111,087
Household Income Average
57,245
Employees (Total)
101,281
Unemployment
7.3%
Total Consumer Expenditure
5,682,097.2
Contact Coldwell Banker Commercial Rick Canup, Realtors 4924 S. Loop 289 Lubbock, TX 79414 (806) 793-0888 www.cbclubbock.com
Office
Market Highlights
Demographics
• Economist, M. Ray Perryman, President of the Perryman Group, indicated Texas in general, and Lubbock in particular, should be out of the gate fastest with a national recovery picking up momentum in the second half of 2011 with a growth rate of about 4.5% per year.
CBSA
Square Miles
Population
• Retail sales continue to show improvement and are up 3.5% over 2010’s year-to-date levels. Second quarter results for 2011 were almost 2% ahead of second quarter 2010. • The Texas Tech University System ranked 46th out of the nation’s Top 100 institutions as it attempts to complete its capital campaign of raising $1 billion by the end of 2013 – a ranking improvement of 14 spots over 2009. • Texas Tech University will partner with Sandia National Laboratories and Group NIRE to build and operate a new wind energy testing facility expected to be operational soon.
San Antonio, TX
7,340
• San Antonio is turning the corner; several undeveloped commercial tracts are moving. • Several Multi-Family acquisitions in 2011.
2,093,608
Households
749,986
Household Income Average
69,352
Employees (Total)
730,244
• Several strip shopping center transactions in the $10-$25M range in 2011. • $28M data center and $4.5M FEX distribution transactions in 2011. • Texas A&M breaking ground on new campus in San Antonio
Unemployment
8.1%
Total Consumer Expenditure
$41,231,261
• Bottoms close in Multi-Family while other segments are still searching for bottoms.
Contact Coldwell Banker Commercial Southwest Partners 850 FM 390 Rd. E Brenham, TX 77833 (979) 421-9996 www.cbcsouthwestpartners.com
• Construction has been completed on the $10.8 million, 112,000 SF corporate headquarters for Standard Sales Company.
Retail
Office
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
38
TX - South Central
Market Highlights
Demographics CBSA
Square Miles
Population
Households
TX - Victoria County
San Antonio, TX
• National Security Agency occupied a new facility.
7,340
• Medtronic moves its headquarters to San Antonio.
2,093,608
Market Highlights
Demographics CBSA
Square Miles
• Boeing continues expansion, with high employment.
Population
Victoria, TX
• Gold’s Gym and Pier One Imports announces new store openings.
2,248
• Retail occupancy remains unchanged.
115,980
• Caterpillar announces an additional facility.
41,805
• Housing market remains tight due to Eagle Ford Shale.
749,986
Households
Household Income Average
69,352
Household Income Average
66,662
Employees (Total)
730,244
Employees (Total)
41,963
• This market is headed for a housing shortage.
Unemployment
8.1%
Unemployment
7.7%
Total Consumer Expenditure
$41,231,261
Total Consumer Expenditure
$2,262,143
Contact
Contact
Coldwell Banker Commercial Alamo City 18756 Stone Oak Pkwy., Suite 202 San Antonio, TX 78258 (210) 483-6250 www.cbcalamo.com
Coldwell Banker Commercial The Ron Brown Company 2505 N Navarro St. Victoria, Texas 77901 (361) 573-6191 www.ronbrown.com
Office
Retail
• Industrial and Office sectors experiencing positive absorption.
Office
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
39
UT - Salt Lake County
Market Highlights
Demographics CBSA
Square Miles
Population
Salt Lake City, UT
9,539
1,140,107
Households
376,706
Household Income Average
82,120
Employees (Total)
567,447
Unemployment
Total Consumer Expenditure
VA - Lynchburg
• Kraftmaid Industrial facility 867,494; Backcountry.com Industrial 325,800; Fusion-IO Office 150,000; Unisys Office 154,797; Scheel’s Retail 220,000; O’Reilly Auto parts all sever locations.
CBSA
Square Miles
Population
• Utah’s economy as a whole continues to outperform the nation and remains one of the most fundamentally sound.
$22,480,594
2,124
• Lynchburg has been able to keep all the larger tenants in the area but hasn’t seen any new ones come in.
248,585
• Vacancy rates are generally falling due to the slight uptick in the local economy.
Lynchburg, VA
Households
100,680
• Under construction - Industrial 2,000,000 SF; Office 125,000 SF, and Retail 325,000 SF.
Household Income Average
58,652
• UT has a low unemployment rate compared to national levels.
Employees (Total)
96,796
• Rate of national firms expanding in Utah is increasing.
7.6%
Market Highlights
Demographics
Unemployment
• Ranked by Forbes as the #1 best state for business careers.
Total Consumer Expenditure
• The Residential side is still down with no movement in the highend houses, although low to midrange houses are still moving.
7.1%
$5,133,427
Contact
Contact
Coldwell Banker Commercial NRT- Salt Lake City 6550 South Millrock Dr., Suite 200 Salt Lake City, UT 84121 (801) 947-8300 www.coldwellutah.com
Coldwell Banker Commercial Read and Co. 2508 Langhorne Rd. Lynchburg, VA 24501 (434) 455-2285 www.cbcworldwide.com
Office
Retail
• Minimal construction is taking place in the Central Virginia area, especially with respect to large scale jobs. A new car dealership has just broken ground, and a local credit union is about halfway done with another branch location.
Office
• The unemployment rate is showing a hint of downward motion. • The Lynchburg market is generally a stable market that tends not to follow the major swings in the economy that many other localities are tied to. This is due in part to the diversified Industrial base.
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
N/A
Vacancy
Vacancy
Absorption
Absorption
N/A
Absorption
Absorption
Rental Rates
Rental Rates
N/A
Rental Rates
Rental Rates
40
WA - Clark County
Market Highlights
Demographics CBSA
Square Miles
Population
Households Household Income Average Employees (Total)
WA - Puyallup, Pierce County
PortlandVancouverBeaverton, OR-WA 6,684
2,261,246
878,239
73,445
952,611
Unemployment
9.2%
Total Consumer Expenditure
$50,356,316
Contact Coldwell Banker Commercial Jenkins-Bernhardt Associates 1500 D St. Vancouver, WA 98663 (360) 699-4494 www.CBCWorldWideNW.com
Office
Market Highlights
Demographics
• Development of the Vancouver waterfront will reconnect 35 acres along the Columbia River to the city’s historic core, creating a vibrant community for all to explore.
CBSA
Square Miles
• Apartment vacancies are low, hovering around 4%. Rent is moving upwards slowly due to 9% unemployment rates. Institutional investors are investing in the local apartment market.
Population
Households Household Income Average
• Development land prices continue to drop with no increase in interest from buyers.
Employees (Total)
• Small industrial companies are very active and a few large companies are becoming active. Banks are getting more aggressive and holding rates low while extending terms. • Several Big Box retail development projects have been completed, including: Costco, WalMart, Home Depot and Lowes.
SeattleTacomaBellevue, WA 5,894
3,433,786
1,373,207
86,419
• Home prices continue to slide.
1,502,591
• The national and global economy has stalled investor interest in CRE in the Q3 2011. • Joint Forces Lewis-McCord military bases keep our local economy more stable than most tertiary markets.
Unemployment
9.3%
Total Consumer Expenditure
$82,749,123
Coldwell Banker Commercial Offenbecher 101 S Meridian Puyallup, WA 98371 (253) 840-5574 www.offenbecher.com
Retail
• Vacancies in all types of CRE remain stable or slightly on the increase. • Hospital expansion, Medical Office buildings and Hospitality expansion comprise most of the new construction the area.
Contact
• The Ports of Clark County (Vancouver, Camas and Washougal) have brought in new businesses that are stimulating job creation.
• Parametrix 37,000 SF, Lucamerica 80,000 SF and Westwood Shipping Lines 20,000 SF all landed new corporate headquarters.
Office
• Port of Tacoma is a strong economic engine for the South Puget Sound and is a major gateway to Asia and Alaska. The port is among the largest container and automotive ports in North America. Several large land tracks in Pierce County are planned with rail to serve the NW in Pierce County creating opportunities for distribution centers.
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Multi-Family
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
41
WA - South King County
Market Highlights
Demographics CBSA
Square Miles
SeattleTacomaBellevue, WA 5,894
Population
3,433,786
Households
1,373,207
Household Income Average
86,419
Employees (Total)
1,502,591
Unemployment
Total Consumer Expenditure
WA - Thurston County
9.3%
$82,749,123
Contact Coldwell Banker Commercial Danforth & Associates 33313 First Way S Federal Way, WA 98003 (253) 874-3200 www.cbcdanforth.com
Office
Market Highlights
Demographics
• Weyerhaeuser has been selling off subsidiaries. They are transitioning from a forest products giant to a smaller real estate investment trust.
CBSA
Square Miles
• Overall vacancy rates are leveling off due to landlords lowering their rates to true market levels. • The Multi-Family sector is strong. Rising rents and falling vacancy rates have developers lining up at the permit counter. Some are saying that this sector may be overheating. • Residential prices are stabilizing. Year-over-year sales continue to grow.
253,654
Households
100,414
Household Income Average
74,489
Employees (Total)
68,733
Total Consumer Expenditure
• South King County is bordered by the Puget Sound to the West and the Cascade Mountains to the East. People can do many different activities such as fishing, skiing, or bicycling within an hour of where they live. One of the best places in the U.S. to live and work.
727
Population
Unemployment
• Boeing and other aerospace companies are at the beginning of another 10-year boom cycle. This should help the region see faster growth.
Olympia, WA
8.5%
$5,844,779
• REI has moved to the area; stimulating additional Retail activity in and around the area’s largest mall. Unemployment rate is much lower than surrounding counties. New construction Multi-Family projects are starting up, as vacancy rates are low and the forecast looks bright well into the future. • Some significant large Office buildings have gone through foreclosure. The state has consolidated operations is creating higher vacancies in the Office sector. • New construction in Office and Industrial is low due to oversupply. Retail and Multi-Family are seeing some activity. • The residential markets are bottoming out with many properties selling at or just above prices from 2009-10. Overall demand is still low while consumers rebuild confidence.
• Market is transitioning from a government-based economy Coldwell Banker Commercial to a private-sector-base. The Evergreen Olympic Realty, Inc. government budget is stalling 3333 Capitol Blvd. S activity, but has set market prices Olympia, WA 98501 at levels not seen in approximately (360) 352-7651 www.cbcworldwide.com a decade.
Contact
Retail
Office
Retail
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
Industrial
Industrial
Industrial
Multi-Family
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
42
WI - Janesville/Beloit
Market Highlights
Demographics CBSA
Square Miles
Population
Janesville, WI
720
160,224
Households
63,135
Household Income Average
63,711
Employees (Total)
63,044
Unemployment
10.1%
Total Consumer Expenditure
$3,478,456
• St. Mary’s Dean new 313,000 SF hospital scheduled to open at the end of the year. • Food-related manufacturers invested $65.9 million in new facilities and operations, creating approximately 300 jobs. • NorthStar Medical Radioisotopes announces $150M / 82,000 SF facility in Beloit’s Gateway Park. • Blain Supply Inc. (Blain’s Farm & Fleet) expanded its corporate campus and distribution facility. Blain Supply Inc. has close to 600,000 SF in warehouse, and added 43,000 SF to its corporate headquarters building.
Contact Coldwell Banker Commercial McGuire Mears & Associates 400 Midland Ct. Suite 101 Janesville, WI 53546 (608) 752-6325 www.mcguiremears.com
Office
Retail
Vacancy
Vacancy
Absorption
Absorption
Rental Rates
Rental Rates
Industrial
Multi-Family
Vacancy
Vacancy
N/A
Absorption
Absorption
N/A
Rental Rates
Rental Rates
N/A
43
Index by State AL - Dothan, Houston County AL - Montgomery County AR - Hot Springs AR - Little Rock CA - Inland Empire/Victor Valley CA - Los Angeles CA - Los Angeles, Westside CA - Modesto, Stanislaus County CA - Northern California/Bay area CA - Orange County CA - Redding CA - Sacramento CA - Temecula CA - San Fernando/San Gabriel Valley CO - Mesa County CO - Southwest FL - Daytona Beach-Ormond Beach FL - Florida Keys FL - Jacksonville FL - Lakeland-Winter Haven FL - Orlando FL - Port St. Lucie FL - Sarasota, Manatee, Charlotte Counties FL - South FL - Southwest GA - Athens GA - Atlanta GA - Atlanta Greater MSA GA - Dalton, Whitfield County GA - Savannah ID - Boise ID - Coeur d’Alene IL - Bloomington-Normal, McLean County IL - Champaign County IL - Chicago IL - Chicagoland IN - Delaware County KS - Kansas City Metro Area KY - Bowling Green KY - Louisville, Lexington & Elizabethtown LA - Lafayette LA - New Orleans ME - Midcoast Region MN - Mankato MN - Minneapolis Metro MO - St. Louis Metro MT - Billings Metro NC - New Hanover County NC - Raleigh NE - Lincoln NJ - Cape May County NJ - Northern NM - Albuquerque NV - Carson City NV - Reno/Sparks NY - Albany NY - New York City ON - Greater Toronto Area OR - Portland OR - Salem PA - Northeastern PA - Southwestern Region SC - Charleston Metro SC - Columbia SC - Greenville/Spartanburg TN - Knoxville/East Tennessee TN - Metro Chattanooga, TN-GA TX - Austin TX - Brenham TX - Bryan-College Station TX - Fort Worth TX - Houston TX - Lubbock TX - San Antonio TX - South Central TX - Victoria County UT - Salt Lake County VA - Lynchburg WA - Clark County WA - Puyallup, Pierce County WA - South King County WA - Thurston County WI - Janesville/Beloit
Index by Market 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 11 12 12 13 13 14 14 15 15 16 16 17 17 18 18 19 19 20 20 21 21 22 22 23 23 24 24 25 25 26 26 27 27 28 28 29 29 30 30 31 31 32 32 33 33 34 34 35 35 36 36 37 37 38 38 39 39 40 40 41 41 42 42 43
Albany, NY Albuquerque, NM Athens, GA Atlanta Greater MSA, GA Atlanta, GA Austin, TX Billings Metro, MT Bloomington-Normal, McLean County, IL Boise, ID Bowling Green, KY Brenham, TX Bryan-College Station, TX Cape May County, NJ Carson City, NV Champaign County, IL Charleston Metro, SC Chicago, IL Chicagoland, IL Clark County, WA Coeur d’Alene, ID Columbia, SC Dalton, Whitfield County, GA Daytona Beach-Ormond Beach, FL Delaware County, IN Dothan, Houston County, AL Florida Keys, FL Fort Worth, TX Greater Toronto Area, ON Greenville/Spartanburg, SC Hot Springs, AR Houston, TX Inland Empire/Victor Valley, CA Jacksonville, FL Janesville/Beloit, WI Kansas City Metro Area, KS Knoxville/East Tennessee, TN Lafayette, LA Lakeland-Winter Haven, FL Lincoln, NE Little Rock, AR Los Angeles, CA Los Angeles, Westside, CA Louisville, Lexington & Elizabethtown, KY Lubbock, TX Lynchburg, VA Mankato, MN Mesa County, CO Metro Chattanooga, TN-GA, TN Midcoast Region, ME Minneapolis Metro, MN Modesto, Stanislaus County, CA Montgomery County, AL New Hanover County, NC New Orleans, LA New York City, NY Northeastern, PA Northern California/Bay area, CA Northern, NJ Orange County, CA Orlando, FL Port St. Lucie, FL Portland, OR Puyallup, Pierce County, WA Raleigh, NC Redding, CA Reno/Sparks, NV Sacramento, CA Salem, OR Salt Lake County, UT San Antonio, TX San Fernando/San Gabriel Valley, CA Sarasota, Manatee, Charlotte Counties, FL Savannah, GA South Central, TX South King County, WA South, FL Southwest, CO Southwest, FL Southwestern Region, PA St. Louis Metro, MO Temecula, CA Thurston County, WA Victoria County, TX
29 28 14 15 15 35 25 18 17 21 36 36 27 28 18 33 19 19 41 17 33 16 10 20 2 10 37 30 34 3 37 4 11 43 20 34 22 11 26 3 4 5 21 38 40 23 9 35 23 24 5 2 25 22 30 32 6 27 6 12 12 31 41 26 7 29 7 31 40 38 8 13 16 39 42 13 9 14 32 24 8 42 39
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