2013 Blue Book
SEMI-ANNUAL Marketing Intelligent Report For Commercial Real Estate
Download at
CBCworldwide.com
CONTENTS AL - Houston County AL - Huntsville AL - Montgomery/Central AR - Little Rock CA - Roseville/Placer County CA - Antelope Valley CA - Carmel/Monterey Peninsula CA - Chico CA - Corona/Riverside CA - Inland Empire/Victor Valley CA - Long Beach/South Bay CA - Los Angeles/San Fernando/San Gabriel CA - Modesto MSA CA - Napa/Sonoma Valleys CA - Newport Beach CA - Orange County CA - Orange County Coast CA - Sacramento CA - San Bernardino/Inland Empire CA - San Diego CA - San Mateo County CA - Southwest Riverside County CA - West Los Angeles CO - Denver CO - Denver County CO - Western CT - Western FL - Brevard County FL - Daytona Beach/Ormond Beach FL - Florida Keys FL - Gainesville FL - Jacksonville FL - Lakeland/Winter Haven MSA FL - Melbourne/Palm Bay/Titusville FL - Miami-Dade County FL - Naples/Ft. Myers FL - Orange City/Debary FL - Orlando MSA FL - Port Orange/New Smyrna Beach FL - Port St Lucie FL - St Lucie County FL - Sarasota/Manatee/Charlotte FL - South Florida FL - Southeast FL - Tallahassee FL - Tampa Bay FL - Vero Beach GA - Athens GA - Atlanta MSA GA - Atlanta, Greater MSA GA - Macon, Bibb County GA - Peachtree City GA - Savannah HI - Honolulu ID - Kootenai County IL - Bloomington/Normal IL - Champaign/Urbana IL - Chicagoland IL - DuPage County IL - Tazewell County IN - Indianapolis KS - Garden City KS - Kansas City Metro Area KY - Louisville Metro KY - Paducah/McCracken County KY - Southern LA - Acadiana LA - New Orleans ME - Midcoast MN - Mankato MN - Minneapolis Metro MS - Gulfport/Biloxi MO - St. Joseph NE - Lincoln NV - Reno/Sparks MSA NJ - Central New Jersey NJ - Morris County NJ - Northern
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
NM - Albuquerque MSA NY - Albany/Capital Region NY - Buffalo/Rochester NY - Long Island NY - New York NC - Charlotte MSA NC - New Hanover County ND - Fargo/Moorhead OH - Cincinnati OK - Oklahoma City MSA OR - Portland OR - Salem/Keizer PA/NJ - Bucks Co, PA/Hunterdon Co, NJ PA - Lackawanna/Luzerne Counties PA - Pittsburgh SC - Charleston MSA SC - Columbia SC - Greenville SC - Myrtle Beach SC - Spartanburg SD - Rapid City TN - Chattanooga Metro TN - Knoxville - East TN - Nashville MSA TX - Austin TX - Bryan/College Station TX - Dallas/Ft. Worth TX - Houston TX - Lubbock TX - Rio Grande Valley TX - South/Central TX - Southeast TX - Waco UT - Salt Lake/Utah County VA - Fredericksburg VA - Lynchburg VA - Spotsylvania County VA - Williamsburg/Hampton Roads MSA WA - King County WA - Seattle WA - Tacoma/Puyallup WA - Vancouver & Southwest WI - Madison, Greater WI - Rock County WY - Cheyenne
43 43 44 44 45 45 46 46 47 47 48 48 49 49 50 50 51 51 52 52 53 53 54 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61 62 62 63 63 64 64 65
INTERNATIONAL MARKETS Australia - Gold Coast, Queensland 66 Bermuda 66 Canada - Aurora, Ontario 67 - Barrie, Ontario 67 - Campbell River, British Columbia 68 68 - Courtenay/Comox, British Columbia - Innisfil, Ontario 69 - Nanaimo, British Columbia 69 - Newmarket, Ontario 70 - Orillia, Ontario 70 - Ottawa, Ontario 71 - Richmond Hill, Ontario 71 - Vaughan, Ontario 72 - Victoria/Capital Regional, British Columbia 72 - Waterloo Region, Ontario 73 - Winnipeg Area, Manitoba 73 Cayman Islands - Grand Cayman 74 Costa Rica 74 France 75 Greece 75 Ireland - Republic of Ireland 76 Italy 76 México - México City 77 Puerto Rico 77 Spain 78 United Arab Emirates - Dubai 78
US TRENDS* The Coldwell Banker CommercialŽ (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, there are over 140 domestic and international markets covered in this edition of the Blue Book. Below are the US market statistics.
OFFICE
retail
industrial
mulTI-family
Q4 2012
Q4 2013
Q4 2012
Q4 2013
2012
2013
Q4 2012
Q4 2013
17.1%
16.9%
11.8%
11.3%
10.0%
9.5%
4.6%
4.1%
Absorption
3,110,000
8,867,000
1,841,000
2,195,000
96,277,000
94,263,000
41,967
50,627
Rental Rates
$28.47
$29.07
$18.00
$18.26
$4.61
$4.69
$1,097
$1,131
Vacancy
Source: Reis
The charts below represent how many of the 127 US markets submitted in this book are Up, Down or had No Change.*
OFFICE
Vacancy
Absorption
Rental Rates
p q n p q n p q n
23 Markets 73 Markets 24 Markets
71 Markets 20 Markets 26 Markets
51 Markets 21 Markets 45 Markets
retail
p q n p q n p q n
industrial
p q n
11 Markets 92 Markets 17 Markets
p q n
87 Markets 14 Markets 15 Markets
p q n
56 Markets 18 Markets 45 Markets
6 Markets 90 Markets 8 Markets
89 Markets 12 Markets 15 Markets
67 Markets 7 Markets 43 Markets
mulTI-family
p q n p q n p q n
14 Markets 76 Markets 7 Markets
75 Markets 11 Markets 19 Markets
73 Markets 8 Markets 26 Markets
*Based off 122 US Markets (Information was N/A in certain sectors)
UNEMPLOYMENT
p q n
4 Markets 116 Markets 2 Markets
Sources of Information Each market information comes from the CBC affiliate listed as the contact. Information is deemed from sources considered reliable. Various sources of the data include but are not limited to: CoStar, Reis and LoopNet. Demographic information was accessed from EASI Demographics and 2010 Census. A Core Based Statistical Area (CBSA) is a U.S. geographic area defined by the Office of Management and Budget (OMB) based around an urban center of at least 10,000 people and adjacent areas that are socioeconomically tied to the urban center by commuting. Unemployment numbers were taken from Bureau of Labor Statistics.
Dec 2012 vs Dec 2013 Source: Bureau of Labor Statistics
3
AL - Houston County
AL - Huntsville
DEMOGRAPHICS CBSA
Dothan, AL
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
1,718
143,295
57,785
$43,656
58,833
5.50%
CBSA
Huntsville
MARKET HIGHLIGHTS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
1,373
410,866
166,785
61,008
174,427
4.90%
MARKET HIGHLIGHTS
• In March, Houston County will be hosting the first meeting
• Job announcements encourage market in general. • Boeing announced 400 engineering jobs for Dreamliner
ever held in the United States of over 400 business owners from China who are interested in expansion into the US.
project.
• There are new major retailers in the area including Sports
• Remington announced 2,000 jobs for their manufacturing
Academy, Gander Mountain and Car Max.
plant.
• Tourism dollars for Houston County soar to $218 Million. • The Hospitality industry continues to grow. Lodging Tax
• Retail leasing has recommenced. • Downtown construction continues and is accelerating. • City invokes half-cent sales tax for $250 million for road
collection remains strong in Dothan, AL.
• Dothan, AL neighboring cities and counties benefit from major
improvements.
Industrial re-locations.
• The Osteopathic Medical College brings new development to the southside of Dothan.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
q
n
n
q
Vacancy
p
q
n
n
Absorption
p
n
n
p
Absorption
q
p
n
n
Rental Rates
n
n
n
p
Rental Rates
n
p
n
n
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Alfred Saliba Realty
410 N. Shady Lane Dothan, AL 36303 (334) 793-6600
www.alfredsalibacommercial.com
Coldwell Banker Commercial McLain Real Estate
4
Post Office Box 2199 Huntsville, AL 35804 (256) 533-3414
www.mclaincommercial.com
AL - Montgomery/Central
AR - Little Rock
DEMOGRAPHICS CBSA
Montgomery, AL
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
2,725
367,157
147,017
$52,679
144,160
5.90%
CBSA
Little Rock- North Little RockConway, AR
MARKET HIGHLIGHTS • 100 + year old Hancock Bank selects Montgomery, AL as its new corporate center, bringing 200 jobs. Ron Milliet, Hancock’s chief information officer, said it took two years to find its new location which was chosen due to the centrality of its five-state footprint, plus Montgomery is safe and has a good educational system. The Central Alabama corporate center will occupy approximately 40,000 SF at Montgomery’s Capitol Commerce Center off I-85. Hancock invested $500,000 in the opening of the new center, Milliet said, and expects to have an annual payroll of an estimated $3.5-4 million when all of the employees are hired.
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
4,090
690,456
276,042
$56,190
290,765
6.20%
MARKET HIGHLIGHTS
• Bass Pro Shops opened to huge holiday crowds at Gateway Town Center.
• Retail vacancy rate dipped to 5.3% by end of 2013, approximately half the national rate.
• New England Development Co. of Newton, MA., plans a
325,000 SF outlet mall called The Outlet at Little Rock near Bass Pro Shops at the Gateway Town Center.
• 212,000 SF Verizon Building and 147,000 SF Three Financial sold to local investors.
• Vacancy is falling due to the unique position Montgomery
• LR Technology Park selects downtown Little Rock as location,
finds itself in as the central interstate interchange and governmental hub in a state ripe with new auto manufacturing opportunities. Steel and aircraft manufacturing jobs are also blossoming throughout the state and region.
choosing it over suburban sites in a close vote.
• Forbes Travel Guide names Little Rock one of its “Five Secret Foodie Cities,” mentioning Whole Hog Cafe.
• A mix of Industrial facilities and bedroom communities, combined with downtown revitalization, is leading to a more balanced work/life atmosphere in the capital city. • All 5 major metro areas representing 70% of Alabama sales
have positive sales growth in 2013 led by Montgomery with year-over-year sales growth of 14.6%. Alabama residential sales in 2013 improved by 10.2% from the prior year. This represents the third consecutive year of positive sales growth for Alabama’s residential real estate industry. In 2012, sales grew 5.9% year-over-year. OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
q
n
q
q
Vacancy
q
q
q
p
Absorption
p
n
p
p
Absorption
p
p
p
q
Rental Rates
n
n
p
n
Rental Rates
p
n
n
n
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Moore Company Realty
121 Coosa St. Suite 250 Montgomery, AL 36104 (334) 262-1958
www.moorecompanyrealty.com
Coldwell Banker Commercial Hathaway Group
5
2100 Riverdale Rd. Suite 100 Little Rock, AR 72202 (501) 663-5400
www.hathawaygroup.com
CA - Roseville/Placer County
CA - Antelope Valley
DEMOGRAPHICS CBSA
SacramentoArdenArcadeRoseville, CA
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
5,094
2,141,658
801,834
61,184
727,825
7.60%
CBSA
Los AngelesLong BeachSanta Ana, CA
MARKET HIGHLIGHTS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
4,850
12,935,173
4,288,080
60,485
5,313,010
7.90%
MARKET HIGHLIGHTS
• Walmart is the major occupant in new Rocklin Super Center. • Builders are pre-selling homes. • Overseas investor buyers are making purchases in many
• City of Hope finished construction of a 56,195 SF full-service cancer facility in Lancaster.
• Kaiser Permanente broke ground on 136,000 SF Medical Office facility implementing a sustainable energy design slated to become their “signature” model for new Office construction.
markets.
• Large Land sales are happening. • Construction jobs are up 25%. • Skilled labor market is increasing in the market.
• Construction began on an 88-room Best Western and a 93room Town Place Suites by Marriott in Lancaster.
• Dick’s Sporting Goods began their move to former Gottschalks building in the Antelope Valley Mall.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
q
q
q
q
Vacancy
p
p
q
N/A
Absorption
p
p
p
p
Absorption
n
q
p
N/A
Rental Rates
n
p
p
p
Rental Rates
q
p
n
N/A
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial NRT
2200 B Douglas Blvd. Suite 200 Roseville, CA 95661 (916) 786-4600
www.cbcworldwide.com
Coldwell Banker Commercial Valley Realty
6
42402 10th St. West Suite E Lancaster, CA 93534 (661) 948-2644
www.cbcvalleyrealty.com
CA - Carmel/Monterey Peninsula
CA - Chico
DEMOGRAPHICS CBSA
Salinas, CA
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
3,322
413,103
133,220
65,355
120,633
11.00%
CBSA
Chico, CA
MARKET HIGHLIGHTS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
1,639
221,277
88,796
$43,239
60,484
9.10%
MARKET HIGHLIGHTS
• After decades of little to no development, the outlook is
• Employment levels are improving.
• The latest re-use proposal for the former Holman Building
• Housing market is stable after modest upward trend. • Excellent absorption of Warehouse lease space. Scarcity
changing on the Monterey Peninsula. The City of Monterey has approved and found water credits for over 100 new residential units in the heart of Downtown Monterey.
in Butte county in 2013.
There were 1,300 new jobs
of smaller units and some new Warehouse construction is planned.
was turned down by voters in Pacific Grove. This Hotel project has expired.
• New 60,000 SF North Butte County Courthouse is under
• Retail rents and vacancy are increasing in Downtown Carmel. • East Garrison development in the former Fort Ord is moving
construction in Chico.
• New Retailers in the area include: Dollar General, Dollar Tree,
forward and already selling new homes. Other developments within Fort Ord are selling homes; retailers and service providers are open for business; and the new movieplex opened.
Sportsman’s Warehouse, Goodwill, Jersey Mike’s, McDonalds and It’s a Grind Coffee.
• Agricultural industry is doing well. However, drought is a
• Voters are finally getting serious about finding a long term
major concern.
water solution.
• Retail and Office sectors at the mouth of the Valley are
filling in the huge vacancies that resulted from McGraw Hill relocating to Ryan Ranch. New tenants include Prim Hardware and Beverages, as well as others.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
q
q
n
q
Vacancy
q
q
q
N/A
Absorption
p
p
n
p
Absorption
p
p
p
N/A
Rental Rates
N/A
p
p
p
Rental Rates
n
n
p
N/A
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial NRT
3775 Via Nona Marie Carmel, CA 93921 (831) 601-3284
www.cbcworldwide.com
Coldwell Banker Commercial DuFour Realty
7
1350 E. Lassen Ave., Suite 1 Chico, CA 95973 (530) 895-1545
www.cbcworldwide.com
CA - Corona/Riverside
CA - Inland Empire/Victor Valley
DEMOGRAPHICS CBSA
RiversideSan BernardinoOntario, CA
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
27,260
4,171,856
1,350,253
52,845
1,156,307
8.90%
CBSA
RiversideSan Bernardino Ontario, CA
MARKET HIGHLIGHTS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
27,260
4,171,856
1,350,253
$52,845
1,156,307
8.90%
MARKET HIGHLIGHTS
• Industrial continues to be the strongest sector in the region
• Activity for land purchases were up 150% year over year. • The Southern California Logistics Airport (SCLA) Industrial
with a vacancy rate under 4%. Industrial construction has increased with buildings in the most desirable areas receiving offers before construction begins.
Park is near capacity. Industrial stats outside of SCLA ended the year at $3.36 lease rate and 7.6% vacancy.
• Office has seen the most dramatic recovery. Vacancy rates
• Regional home builders have returned in 2013 with median
have declined to 13% as the buildings constructed at the end of the previous building boom are being absorbed. Rental rates in the Class A buildings are increasing, and businesses in the area are expanding.
re-sale house prices up 32% year over year.
• Office vacancy rates showed steady decline, ending the year
at 6.0% with lease rates of $14.76. The majority of space was leased to small & medium format users.
• With construction activities increasing, the expansion of
the retail business is starting to surge. In turn, with more contractors working, the additional demand for Industrial product will rise.
• Retail expansion continued in 2013 with national & regional
brands including; Jersey Mike’s, Denny’s, Ulta Beauty, Big 5, Dollar General, Dick’s Sporting Goods and others. Retail vacancy rate fell from 12.2% in 2012 to 10.7% ending 2013, which included the absorption of 600,000 SF in new deliveries.
• Retail space in well anchored shopping centers is now at a
premium. The Retail projects constructed at the end of the building boom have been repositioned with new ownership at a much lower cost basis, allowing those owners to pass along more competitive rental rates.
• Two new super Walmarts opened in 2013, with a 3rd under construction and a 4th breaking ground in 2014.
• Multi-Family continues to perform well in the area. After
almost a decade of very limited construction, Multi-Family projects are now coming on line. Large scale luxury Apartment projects have opened in Corona and Riverside with strong absorption causing an uptick in rental rates.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
q
q
q
q
Vacancy
q
q
p
q
Absorption
p
p
p
p
Absorption
p
p
q
p
Rental Rates
p
n
p
p
Rental Rates
q
q
p
n
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Sudweeks Group
1260 Corona Pointe Ct. Suite 101 Corona, CA 92879 (951) 200-7683
www.cbcsocalgroup.com
Coldwell Banker Commercial Real Estate Solutions
8
15500 W Sand St. 2nd Floor Victorville, CA 92392 (760) 684-8000
www.cbcdesert.com
CA - Long Beach/South Bay
CA - Los Angeles/San Fernando/San Gabriel
DEMOGRAPHICS CBSA
Los AngelesLong BeachSanta Ana, CA
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
4,850
12,935,173
4,288,080
60,485
5,313,010
7.90%
CBSA
Los AngelesLong BeachSanta Ana, CA
MARKET HIGHLIGHTS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
4,850
12,935,173
4,288,080
60,485
5,313,010
7.90%
MARKET HIGHLIGHTS
• Mercedes Benz USA leased 1.1 million SF in the Long Beach
• Multi-Family: 4-6,000 high end rental units are under
• Virco Manufacturing renewed a lease of 559,490 SF in
• Office: Community Bank took 90,000 SF in Pasadena but the
• Multiple new Residential and Retail developments in
• Industrial: Vacancy is declining as existing inventory is leased
Airport area.
construction, and there are more buyers than ever before.
Torrance.
market continues to be soft in the tri-cities.
Downtown Long Beach are set to break ground in 2014.
or sold without new development of any significance in LA County.
• Multi-Family cap rates continue to stay low in the range of
• Retail: One of the most notable sale transactions in 2013 was
3-4%.
the sale of the 964,000 SF Valencia Town Center in Valencia, CA for $195,000,000.
• Scan Health Plan completed a lease renewal and expansion
transaction for a 202,804 SF Office space for 12 years at Kilroy Airport Center.
• Retail: The vacancy rate in Los Angeles has decreased to 5.2%.
• The 150,000 SF ocean front Retail center of Ports O’ Call in
San Pedro to begin a $1.2 Billion redevelopment led by the LA Waterfront Alliance.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
n
p
n
q
Vacancy
q
q
q
q
Absorption
N/A
q
n
n
Absorption
p
p
p
p
Rental Rates
p
p
p
p
Rental Rates
p
n
p
p
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Blair Westmac
333 W. Broadway Suite 312 Long Beach, CA 90802 (562) 495-6070
www.cbcblair.com
Coldwell Banker Commercial Alliance
9
701 North Brand Blvd. 850 Glendale, CA 91203 (818) 334-1900
www.cbcalliance.com
CA - Modesto MSA
CA - Napa/Sonoma Valleys
DEMOGRAPHICS CBSA
Modesto, CA
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
1,494
512,221
167,008
$49,395
140,743
12.20%
MARKET HIGHLIGHTS
CBSA
Napa, CA
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
754
135,273
52,057
$72,042
60,343
5.90%
MARKET HIGHLIGHTS
• Stanislaus County is located in the Central Valley.
• Upvalley, in Calistoga, two new restaurants, 1226 Washington
• The major industry is AG-related, employing approximately
• In St. Helena, commercial lease rates remained steady,
Many people in the surrounding areas shop in its county seat of Modesto.
and Hotel D ‘Amici Ristorante, were opened by new owners in previously shuttered locations.
18,000 people or 11.3 percent of the total 160,000 people that are employed. The unemployment rate varies due to seasonal positions in the AG industry.
hovering around $4 PSF on Main Street, with only a single 1,500 SF space available at year’s end.
• Redevelopment of the old Town Center in Napa, now called
• Well located shopping areas have been attracting new tenants
The Shops at Napa Center, got a boost with the naming of its new anchor, a 7-story luxury hotel, Archer Napa, to be developed by Zapolski Real Estate and LodgeWorks.
with some major remodeling. Vacant spaces, due to the lack of new construction, have been absorbed as needed. Kaiser Permanente built a major hospital complex with Memorial Hospital building a major expansion.
• Near the end of 2013, the Industrial vacancy rate was very low, below 2% for the City of Napa and in the business parks, as well, which are located in unincorporated areas of the county.
• There have been major layoffs in the government sector based on tax assessments being lowered due to the downturn in real estate values. Leveling out has occurred, and all are hoping real estate prices will start to rise more in 2014. This will only come if unemployment in the area starts to decline.
• CRE vacancy rate in American Canyon held steady at about 4.8%.
• In Sonoma Valley, the most coveted Retail spaces continue to exist on the History Plaza, in the center of Sonoma. Scarce inventory plus prime location command top dollar for rents.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
q
q
n
q
Vacancy
q
q
n
n
Absorption
p
p
q
p
Absorption
p
p
n
n
Rental Rates
p
p
n
p
Rental Rates
n
p
n
p
multi-family
CONTACT
CONTACT
Coldwell Banker Commercial Vinson Chase, Realtor
220- C Standiford Ave. Modesto, CA 95350 (209) 577-4747
www.cbcworldwide.com
Coldwell Banker Commercial Brokers of the Valley
10
1775 Lincoln Ave. Napa, CA 94558 (707) 224-8454
www.napacommercialproperties.com
multi-family
CA - Newport Beach
CA - Orange County
DEMOGRAPHICS CBSA
Los AngelesLong BeachSanta Ana, CA
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
4,850
12,935,173
4,288,080
60,485
5,313,010
7.90%
MARKET HIGHLIGHTS
CBSA
Los AngelesLong BeachSanta Ana, CA
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
4,850
12,935,173
4,288,080
60,485
5,313,010
7.90%
MARKET HIGHLIGHTS
• Retail vacancies are down in Newport Beach area. • Office vacancies are still high at 12% with the exception of
• OC’s Industrial market is tied with greater LA Industrial
market for the lowest Industrial vacancy rate in the country at 4.4%.
Fashion Island.
• OC’s Office market inches toward Landlord & Tenant
• Employment is up, and the area small business should be
equilibrium. Vacancy rates in low, mid, and high-rise buildings continue to drop, approaching single digit vacancy in some sectors.
increasing.
• Commercial activity in general is picking up.
• OC Apartments had a terrific year.
The housing demand continues to tighten on the rental market as many people are forced to rent as a result of the recent housing downturn.
• Sign of Retail recovery is clearly underway, led by the food
industry, especially quick-service restaurants. Throughout the recession, lunch crowds and families were drawn to fast, affordable, healthy alternatives.
• Investment sales of all types have led to a robust recovery in
OC. Declining cap rates have increased values and clearly indicate an increasing demand from investors for well located, income producing OC properties.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
p
q
q
q
Vacancy
q
q
q
q
Absorption
p
p
p
p
Absorption
p
p
p
p
Rental Rates
n
q
p
p
Rental Rates
p
p
p
p
multi-family
CONTACT
CONTACT
Coldwell Banker Commercial NRT
201 Marine Ave. Newport Beach, CA 92662 (949) 422-6657
www.cbcworldwide.com
Coldwell Banker Commercial Alliance
11
2600 Michelson Dr. Irvine, CA 92612 (949) 954-3700
www.cbcalliance.com
multi-family
CA - Orange County Coast
CA - Sacramento
DEMOGRAPHICS CBSA
Los AngelesLong BeachSanta Ana, CA
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
4,850
12,935,173
4,288,080
60,485
5,313,010
7.90%
MARKET HIGHLIGHTS
CBSA
Sacramento-ArdenArcade-Roseville, CA
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
5,094
2,141,658
801,834
61,184
727,825
7.60%
MARKET HIGHLIGHTS
• Orange County jobless rate dropped to 5.2%. • There is a shortage of housing so building permits are up. • Employment is still below the 2006 peak. • Home supply is low and resulted in a 19.7% increase in prices. • Construction growth is 15% higher than any other economic
• Over the past 6 months, no major tenants have moved out. • Rental rates are rising for multi Apartment units. • Construction improved past year but is still slow. • Residential market: inventory of REO is low. Residential prices have gone up due low inventory.
• The market is improving slowly in both Residential and
OC sector.
Commercial.
• Orange County is attractive to businesses because it is 75
• For investment properties, it is still a bargain area. Investors
degrees most all of the year.
can possibly still obtain 8-9% cap rate.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
p
q
q
q
Vacancy
p
p
q
q
Absorption
q
p
p
p
Absorption
n
p
p
p
Rental Rates
p
q
n
p
Rental Rates
n
n
n
q
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial NRT
4 San Joaquin Plz. Suite 260 Newport Beach, CA 92660 (714) 504-4649
www.cbcworldwide.com
Coldwell Banker Commercial NRT
12
730 Alhambra Blvd Sacramento, CA 95819 (916) 447-5900
www.cbcworldwide.com
CA - San Bernardino/Inland Empire
CA - San Diego
DEMOGRAPHICS CBSA
RiversideSan BernardinoOntario, CA
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
27,260
4,171,856
1,350,253
52,845
1,156,307
8.70%
MARKET HIGHLIGHTS
CBSA
San DiegoCarlsbadSan Marcos, CA
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
4,200
3,071,264
1,129,261
$66,264
1,227,936
6.40%
MARKET HIGHLIGHTS
• Large Industrial site values have spiked to accommodate
• The unemployment rate is at 6.4% in San Diego County. It is
• Notable Industrial leases over 300,000 SF: Amazon,
• Sempra Energy has signed a 25 year lease for 330,000 SF. • San Diego’s Q4 Office developments currently under
• Major transactions include: 303 E. Vanderbilt, San Bernardino
• Vacancy for all Retail center types, including sublease space,
large new Warehouse construction. 20 buildings, totaling 10,745,000 SF, are under construction and 5 buildings, totaling 2,095,00 SF, have been completed.
down 1.2%.
construction reached 921,266 SF, increasing more than 227,000 SF more than Q3, 2013.
Burlington Coat, Decker Outdoor, Kane Warehousing, Ross Dress for Less and Building Material Distributors, Inc.
was 5.3%.
- 69,000 SF; San Bernardino County leased investment: $1.85/ SF/FSG, 10 year term. Sales price was $7,250,000.
• Industrial vacancy rates have declined for 10 consecutive
• Unemployment has dropped to 8.7% from 10.9% over the past
quarters and should reach the pre-recession vacancy rate next year.
year.
• The Multi-Family market is one of the best in the country with average vacancy rates county wide at 2.1%.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
n
q
n
N/A
Vacancy
q
q
q
q
Absorption
n
n
p
N/A
Absorption
p
p
p
p
Rental Rates
p
p
p
N/A
Rental Rates
p
p
p
p
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Sudweeks Group
1901 Orange Tree Lane, Suite 250 Redlands, CA 92374 (909) 793-3600
www.cbcsocalgroup.com
Coldwell Banker Commercial Sudweeks Group
13
4365 Executive Drive, Suite 710 San Diego, CA 92121 (619) 344-0870
www.cbcsocalgroup.com
CA - San Mateo County
CA - Southwest Riverside County
DEMOGRAPHICS CBSA
San FranciscoOaklandFremont, CA
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
2,473
4,347,767
1,661,661
80,439
1,916,201
5.60%
MARKET HIGHLIGHTS
CBSA
RiversideSan BernardinoOntario, CA
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
27,260
4,171,856
1,350,253
$52,845
1,156,307
8.70%
MARKET HIGHLIGHTS
• This year was the strongest growth year in the Industrial
• Several Medical Office buildings have come on the market due
• The current average asking rent for Industrial space is down
• Delivery has resumed on the Truax Building, the only
market as over 1.2 million SF of space was absorbed with a huge deal with FedEx.
to the recent completion of the Temecula Valley Hospital at the end of 2013.
over 12% from one year ago.
professional Office building currently under construction in Southwest Riverside County. It is a four story, 64,891 SF Class A project in Old Town Temecula with a new anticipated delivery date of April 1, 2014.
• Cornerstone Real Estate buys 179,902 SF at 777 Mariners Island Blvd. in Foster City.
• Monster Cable renews 153,200 SF space in Brisbane. • Invesco Real Estate buys 462,316 SF in South San Francisco.
• The amount of construction of Retail product is up over Q3
with 59,294 SF currently under construction throughout the South West Riverside County Market.
• Industrial market continues to steadily increase in lease and sales transactions.
• The unemployment rate has dropped to 8.7%, down from 11.1% from the previous year.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
p
p
q
p
Vacancy
q
q
q
p
Absorption
q
q
p
q
Absorption
p
q
p
q
Rental Rates
p
p
p
p
Rental Rates
p
p
p
q
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Westbay Real Estate Group
1575 Bayshore Hwy. Suite 100 Burlingame, CA 94010 (650) 344-4300
www.cbcburlingame.com
Coldwell Banker Commercial Sudweeks Group
14
27708 Jefferson Ave. Suite 201 Temecula, CA 92590 (951) 200-7683
www.cbcsocalgroup.com
CA - West Los Angeles
CO - Denver
DEMOGRAPHICS CBSA
Los AngelesLong BeachSanta Ana, CA
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
4,850
12,935,173
4,288,080
$60,485
5,313,010
7.90%
MARKET HIGHLIGHTS
• Iconic Century Plaza Towers development in Century City is on the market for sale.
• Vacancies are trending down; 160,000 SF lease was signed in
CBSA
DenverAurora, CO
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
8,369
2,578,383
1,001,550
67,727
1,140,976
5.80%
MARKET HIGHLIGHTS • Year-to-date absorption arrived at 2,113,335 SF while vacancy decreased to 11.4%; this despite deliveries of 980,000 SF of new product. Rental rates increased in the CBD, NW, and SES submarkets between 8 and 12%.
• The largest lease signings of 2013 included: the 485,000 SF
West LA on a new development with Riot Games.
lease signed by DigitalGlobe at 1300 W 120th Ave in the North Denver market; the 280,000 SF lease signed by Starz, LLC at the Starz Encore building in the Southeast Denver market.
• There is some construction activity in Downtown LA, Hollywood and Playa Vista submarkets.
• Apartments are in high demand. • There is a high demand and low supply of available assets for
• The 2013 Office investment market held steady with 2012’s
• With no NFL team in #2 market in the country, multiple
• At the newly renovated building owned by Brookfield
performance. There were 120 total transactions with a sales volume of $2,092,712,239 as compared to the $1,932,333,338 covering 97 transactions in 2012.
sale.
developers/investors are trying to bring NFL to their respective projects.
Properties, 1801 California, 3 new leases with energy companies were signed resulting in a net absorption for the property of nearly 100,000 SF.
• Looking over the horizon at Denver’s CBD and the Denver
market in general, the future looks very bright. Fueled by continued expansion of energy services, telecom, and technology, factors coupled with the perceived quality of life are driving Denver’s commercial real estate.
• The Union Station transit center and DIA’s South Terminal
Redevelopment Program represented one of Denver’s most profound and strategic civic investments in a generation. In its entirety, the project carries a price tag of about $2.6 billion.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
n
n
n
n
Vacancy
q
q
q
q
Absorption
n
p
n
n
Absorption
p
q
q
p
Rental Rates
p
n
p
p
Rental Rates
p
n
p
p
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial WESTMAC
1515 S. Sepulveda Blvd. Los Angeles, CA 90025 (310) 478-7700
www.westmac.com
Coldwell Banker Commercial Alliance
15
999 18th Street, Suite 1350 Denver, CO 80202 (303) 238-7777
www.cbcalliance.com
CO - Denver County
CO - Western
DEMOGRAPHICS CBSA
DenverAurora, CO
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
8,369
2,578,383
1,001,550
67,727
1,140,976
5.80%
MARKET HIGHLIGHTS
CBSA
Grand Junction, CO
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
3,328
148,298
60,317
$47,409
54,564
6.90%
MARKET HIGHLIGHTS
• There are big growth opportunities in Denver. • Vacancy is decreasing because the economy is progressing. • Fitzsimons project (new CU Medical center) has increased the
• Western Colorado continues to have slow recovery as the
• Due to the lack of inventory in the Residential market,
• Vacancy rates, in general, are steady because new, small
• Rents are increasing in all markets. • Denver has highly educated individuals who bring companies
• New construction includes: a 87,000 SF Medical facility;
energy related business is volatile. Growth areas continue to be Medical and Retail. Medical Center began the next phase of construction which will be a $40M economic impact to the region.
value and potential of that area.
businesses are getting started in the market and owners are price conscious.
investors are looking into Commercial properties
an ew 17,000 SF pain management and ambulatory surgery center that opened Q3 and redevelopment of a 47,280 SF family fun center.
to this city.
• Residential market is up slightly with increased transactions and increased average sale price.
• Energy related business remains volatile making for a low absorption rate for Industrial properties.
• Number of building permits are down significantly from 2012 for the total MSA including unincorporated Mesa County. 2013, 3,333 total new building permits were issued; in 2012 there were 5,186 permits issued, down 64%.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
q
q
n
q
Vacancy
p
q
p
p
Absorption
p
p
n
p
Absorption
n
p
q
q
Rental Rates
p
p
n
p
Rental Rates
q
n
q
q
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial NRT
8490 E Crescent Pkwy Greenwood Village, CO 80111 (303) 843-1600
www.cbcworldwide.com
Coldwell Banker Commercial Prime Properties, LLC
16
2646 Patterson Rd., Suite B Grand Junction, CO 81506 (970) 243-7375
www.grandjunctioncommercial.com
CT - Western
FL - Brevard County
DEMOGRAPHICS CBSA
BridgeportStamfordNorwalk, CT
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
626
904,874
336,733
$91,039
419,437
6.30%
MARKET HIGHLIGHTS
CBSA
Palm BayMelbourneTitusville, FL
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
1,018
536,805
225,977
$56,299
181,926
6.50%
MARKET HIGHLIGHTS
• Fairfield County’s Office market ended Q4 2013 with a vacancy
• Missouri-based Bass Pro Shop opened its first Brevard store
rate of 15.3%. The vacancy rate was up over the previous Qtr., with net absorption totaling negative (51,256) SF in Q4. That compares to negative (20,283) SF in Q3, negative (115,900) SF Q2 and a positive 36,274 SF Q1 2013.
in Palm Bay in December 2013, adding 200 jobs to the area. The company purchased and renovated a 12.34-acre, 110,658 SF Retail building.
• Embraer Aircraft will add 600 jobs for a new 250,000 SF
• Fairfield County’s vacant office sublease space decreased in
luxury jet facility at Melbourne Int’l Airport, and another 200 will be employed at the company’s Engineering and Technology Center in late 2014, bringing the total to over 1,000 employees.
Q4, ending the qtr at 542,165 SF, from 814,274 SF at the end of Q3 2013. There was 841,779 SF vacant at the end of Q2 2013 and 841,466 SF at the end of Q12013. There was 173,403 SF still under construction at year end.
• Northrop Grumman’s new manned-aircraft engineering
• Rental rates ended Q4 at $33.73, an increase over the
center in Melbourne will bring 1,000 new jobs to the Space Coast.
previous Qtr. There was 173,403 SF still under construction at the end of the Qtr.
• Brevard’s Dec. 2013 Residential market average sale price is
• Among significant movements in 2013 were: Financial
$151,149. It is up over 11% over Dec. 2012 prices, and the Dec 2013 average days on the market of 66 has dropped 20% over Dec 2012.
Accounting Standards Board 70,936 SF at Merit 7, Sale of Hubbell world Headquarters to the University of New Haven 70,000 SF, Boehringer Pharmaceutical 327,000 SF at Matrix Center Danbury, Connecticut.
• Foreign Trade Zone 136 has a superior infrastructure for
national/international trade including the second busiest port in the world, a freight railway system and major interstate highways.
• The largest construction project underway is a 167,691 SF building for Cervalis LLC with 100% preleased.
• The average quoted asking rate is $33.73.
• “Space Coast” Brevard offers pro-business incentives, low
taxes, robust transportation infrastructure, high-tech labor force, 73 degree average temp, and 72 miles of pristine beach.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
p
p
n
N/A
Vacancy
p
q
n
q
Absorption
q
p
q
N/A
Absorption
q
p
p
p
Rental Rates
n
p
p
N/A
Rental Rates
p
q
p
p
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial NRT
77 Old Ridgefield Rd. Wilton, CT 06897 (203) 831-4187
www.cbcworldwide.com
Coldwell Banker Commercial Sun Land Realty of Florida
17
1920 Hwy A1A Indian Harbour Beach, FL 32937 (321) 777-7743 / (800) 940-1480
www.cbcsunlandrealty.com
FL - Daytona Beach/Ormond Beach
FL - Florida Keys
DEMOGRAPHICS CBSA
Deltona Daytona Ormond Beach, FL
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
1,103
495,625
214,567
$47,500
146,482
6.00%
MARKET HIGHLIGHTS
• Daytona Beach Shores Oceanfront 210-room resort sold for $39.5 million or $188,095 per door.
• Hilton Garden Inn flags 110-room ocean front hotel with over $5 million of improvements.
CBSA
Key West, FL
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
997
73,047
32,553
$71,455
29,685
6.40%
MARKET HIGHLIGHTS • Hospitality continues to lead the way with monumental sales of hotels up and down the Florida Keys reaching new heights based on some of the highest Occupancy, Rev Par and ADR’s in the U.S. These trends are fully expected to continue because of the existing moratoriums on new transient units.
• Beachside shopping center sells for $21 million as activity
• Commercial vacancies are low because of inherent limits on
• One Daytona, Jacoby Group and International Speedway
• Over 500 new hotel units are planned and under construction
new commercial development which have been in place since the mid 1980’s. Occupancy rates are high for similar reasons.
begins on beachside.
Corp. are well underway with the permitting of 1.1 million SF of Mixed-Use Retail and entertainment center with the announcement of Bass Pro Shops, Cobb Theatres and many others.
in the Middle Keys while nearly that many are being built and renovated in Key West. Hyatt and Marriott are adding new units to the marketplace.
• Residential sales increased by over 15% while listing
• Resort bed tax continues to climb, and boarding capacity at
inventories declined by over 10%, and average sales prices increased by 6% in 2013. Going forward, the impact of distressed sales will continue to decline as they only represent about 5% of the market.
Daytona Beach International Airport continues to increase with larger seating capacity planes.
• Embry-Riddle Aeronautical University in Dayton Beach installs largest university research telescope in the state of Florida.
• The market has clearly changed to a sellers market. Sales
price to list price ratios are growing at the same time that prices are rising. Prices are expected to grow at a faster pace in 2014 than they did in 2013 for all sectors.
• The Florida Keys enjoy the lowest unemployment rate in
Florida and the nation. Strict limits on development create significant barriers to new Commercial and Residential development.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
q
q
q
q
Vacancy
q
q
q
q
Absorption
p
p
p
p
Absorption
q
q
q
q
Rental Rates
n
n
n
n
Rental Rates
p
p
p
p
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Benchmark
570 Memorial Circle Suite 300 Ormond Beach, FL 32174 (386) 672-8530
www.benchmarkdaytona.com
Coldwell Banker Commercial Schmitt Real Estate Company
18
11100 Overseas Hwy. Marathon, FL 33050 (305) 743-5181
www.cbcworldwide.com
FL - Gainesville
FL - Jacksonville
DEMOGRAPHICS CBSA
Gainesville, FL
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
1,223
261,674
113,545
$45,060
87,322
5.70%
MARKET HIGHLIGHTS
CBSA
Jacksonville, FL
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
3,221
1,334,380
518,910
$60,216
551,254
5.60%
MARKET HIGHLIGHTS
• Retail leasing under 2,000 SF accounted for 60% of Retail
• There are three large signature Office buildings currently on
transactions, and those under 1,000 SF and priced right are very hot. Retail sales were few and far between.
the market for investors in Downtown Jacksonville: 30-story EverBank Center, 37-story Wells Fargo Center, and 42-story Bank of America Tower.
• Office leasing under 3,000 SF accounted for 78% of Office
• One of the largest Retail transactions that occurred within the
leases with the 1,000-2,000 SF range leading the charge. Office sales picked up considerably with over 50% of all deals in the 1,000-2,000 SF range.
last four Qtrs in the Jacksonville market is the sale of Markets at Town Center in Jacksonville. This 330,518 SF Retail center sold for $135,007,000, or $408.47 per SF, at a 6.14% cap rate.
• Industrial leasing from 1,000-3,000 SF accounted for 59%
• One of the largest Industrial transactions that occurred within
of all Industrial leases with high activity in the 7,000-10,000 SF range. Industrial sales are still very slow but light years better than 2012.
the last four Qtrs in the Jacksonville Riverside market is the sale of Winn Dixie Warehouse in Jacksonville. This 1,214,572 SF building sold for $99,768,414, or $82.14 per SF, at a 7.00% cap rate.
• Agriculture, farm, and timberland sales have picked up
greatly, with sales under 50 acres accounting for 74% of all Land sales.
• Multi-Family Sale in Jacksonville:
1401 Riverplace LLC paid American Land Ventures $53.3 million ($180,678 per unit) for The Strand, a 295-unit, Class A, 28-story high-rise in the Southside market area at a 5.6% cap rate.
• The Multi-Family market has recovered nicely but few sales
occur over 50 units. Over 60% of the Multi-Family sales in the market are duplexes and quadriplexes.
• Two natural gas companies will form a joint venture to
• Median days on the market. Times for each asset class are
develop a new liquefied natural gas plant in Jacksonville for TOTE Inc., the parent company of Sea Star Line. TOTE has issued a contract in excess of $350 million to build the world’s first LNG-powered container ships.
still rough: Industrial lease - 201 days; Industrial sales - 209 days; Retail lease - 593 days; Office lease - 298 days; Office sales - 140 days; Land - 431 days.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
q
q
q
n
Vacancy
p
q
n
q
Absorption
p
p
p
n
Absorption
q
p
q
p
Rental Rates
n
n
p
n
Rental Rates
p
q
q
p
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial M.M. Parrish Realtors
7515 W. University Ave. Suite 201 Gainesville, FL 32607 (352) 264-3772
www.mmparrish.com/commercial
Coldwell Banker Commercial Benchmark
19
4348 Southpoint Blvd., Suite 310 Jacksonville, FL 32216 (904) 281-1990
www.cbcbenchmark.com
FL - Lakeland/Winter Haven MSA
FL - Melbourne/Palm Bay/Titusville
DEMOGRAPHICS CBSA
Lakeland Winter Haven, FL
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
2,010
612,074
230,314
$41,582
248,100
6.80%
MARKET HIGHLIGHTS
CBSA
Palm BayMelbourneTitusville, FL
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
1,018
536,805
225,977
$56,299
181,926
6.50%
MARKET HIGHLIGHTS
• 1 M SF Amazon Warehouse is under construction on 112 acres
• Northrop Grumman 200,000 SF Aircraft Design Center is
located on County Line RD south of I-4.
under construction at Melbourne International Airport, bringing over 1,000 new high paying jobs.
• LEGOLand Florida starts construction on 152 room themed
• Retail, Office and Industrial vacancies have dropped due to
hotel. New restaurants nearby include Golden Corral, Taco Bell, and McDonalds.
increase of jobs and new companies relocating to Brevard County.
• NE Polk growth (I-4/US Hwy 27) continues; Polk County Tax
• Port Canaveral is constructing new terminals to handle the
Collector regional office is under construction. Ernie Caldwell Boulevard extension is underway. WaWa is planning to build a new store.
new mega 5,000 plus passenger ships.
• Residential market is up over 24% from last year.
DR. Horton broke ground on a new 1,200 unit subdivision in Palm Bay.
• Residential market is improving; time on market is down to
110 days, prices are up over 15%. New construction SFR is up nearly 40%
• Brevard Community College has become a 4 year state
college. Florida Institute of Technology continues to grow at a rapid pace and is now ranked as one of the best universities in the US.
• Lakeland CBD Office occupancy is up, but rents are still flat. Warehouse occupancy is strong and new spec buildings are being planned.
• The next generation of space exploration is being developed
• Polk still lags Florida and nation in job growth. Nov 2013
at the Space Center programs such as ORION deep space exploration. New space development companies continue to absorb NASA work force.
employment is 8%, which is below the peak in 2007. County is planning more economic incentives to attract new business.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
q
q
q
q
Vacancy
q
q
q
q
Absorption
p
p
p
p
Absorption
p
p
p
p
Rental Rates
n
q
n
p
Rental Rates
n
p
n
p
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Saunders Ralston Dantzler Realty
114 N Tennessee Ave. 3rd Floor Lakeland, FL 33801 (863) 877-2828
www.srdcommercial.com
Coldwell Banker Commercial Paradise
20
232 Fifth Ave. Indialantic, FL 32903 (321) 723-9500
cbc.flcoldwellbanker.com
FL - Miami-Dade County
FL - Naples/Ft. Myers
DEMOGRAPHICS CBSA
Miami-Fort LauderdalePompano Beach, FL
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
5,126
5,566,404
2,128,471
57,415
2,069,525
6.00%
MARKET HIGHLIGHTS
CBSA
NaplesMarco Island, FL
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
2,025
320,101
132,487
$76,515
115,960
5.40%
MARKET HIGHLIGHTS
• Vacancy rates are down; absorption and rental rates are up in
• Hertz Rental Cars World headquarters is moving to SW
• Brickell City Center, with an estimated cost of $1.05 billion
• Vacancy is falling because business is getting much better and
every category.
Florida.
and 5.4 million SF, is under construction.
there has been almost no new construction in the last 5 or 6 years.
• Port of Miami dredging for Post-Panamex ships is nearing • A high percentage of purchasing is being done by foreign all-
• The market is just now showing some signs of life. • The Residential market is rebounding, and new construction is
• 118 condo towers have been proposed in the Miami area,
• Residential construction is way up, and Commercial is just
• Whole Foods is under construction in the CBD, a sign of
• Naples is the place to buy or lease. The market is near the
completion.
cash investors.
well under way.
including 35 under construction.
starting to move up.
Downtown revitalization.
OFFICE
retail
industrial
Vacancy
q
q
q
q
Absorption
p
p
p
Rental Rates
p
p
p
bottom of the worse depression ever but is starting to bounce back.
OFFICE
retail
industrial
Vacancy
q
q
q
N/A
p
Absorption
p
p
p
N/A
p
Rental Rates
n
n
p
N/A
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Alliance
801 Brickell Ave. Miami, FL 33131 (305) 632-0200
www.cbcalliance.com
Coldwell Banker Commercial NRT
21
4851 North Tamiami Trail Naples, FL 34103 (239) 216-4949
www.cbcworldwide.com
FL - Orange City/Debary
FL - Orlando MSA
DEMOGRAPHICS CBSA
Deltona Daytona Ormond Beach, FL
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
1,103
495,625
214,567
$47,500
146,482
6.00%
MARKET HIGHLIGHTS
CBSA
OrlandoKissimmee, FL
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
3,491
2,093,845
799,047
$53,425
956,766
5.50%
MARKET HIGHLIGHTS
• Florida Hospital Fish Memorial to build a two-story outcare
• Orlando is ranked #1 Commercial market in U.S. The CBC
patient center in Deltona.
market comparison report showed Orlando as the only market to rank among the top 10 in the percent change of vacancy and rental rates in each sector. It also is the only market to rank among the top 10 in population and employment growth.
• ManpowerGroup just released its Employment Outlook survey stating that the No. 1 spot for companies looking to hire in Q1 2014 is the Deltona, FL metropolitan region, which includes Daytona Beach and Ormond Beach on the state’s east coast.
• Orlando remains #1 tourist destination with a record 56
million visitors in 2013 generating $50 billion in economic impact.
• Commercial construction building permits exceeded
$242,000,000 in Volusia County for 2014, the most since 2008.
• Lake Nona “Medical City” is expected to create 30,000 jobs
• New home permits rose the most since 2007 in Volusia County
and $7.6 billion in economic impact by 2017.
to an amount of $325,000,000.
• Orlando International Airport is preparing for a $1.1 billion
• Volusia County is transforming from a bedroom community to
expansion to host 45 million visitors by 2020.
a thriving region attracting new business.
• SunRail will begin service this year, running 61 miles from
• AARP named Volusia County as one of the top ten places to
Volusia County to Osceola County.
retire.
• Dr. Phillips Center for the Performing Arts opens this fall as does a new 18,000 seat soccer stadium that will be home to Orlando’s new MLS franchise.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
q
n
q
q
Vacancy
q
q
q
q
Absorption
p
n
p
p
Absorption
p
p
p
p
Rental Rates
n
n
p
p
Rental Rates
p
p
p
p
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial AI Group
1019 Town Center Dr. Suite 200 Orange City, FL 32763 (386) 775-8633
www.cbcaigroup.com
Coldwell Banker Commercial NRT
22
901 N Lake Destiny Dr., Suite 110 Maitland, FL 32751 (407) 539-1000
www.cbcworldwide.com
FL - Port Orange/New Smyrna Beach
FL - Port St Lucie
DEMOGRAPHICS CBSA
Deltona Daytona Ormond Beach, FL
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
1,103
495,625
214,567
47,500
146,482
6.00%
MARKET HIGHLIGHTS
CBSA
Miami-Fort LauderdalePompano Beach, FL
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
5,126
5,566,404
2,128,471
$57,415
2,069,525
6.00%
MARKET HIGHLIGHTS
• The City of Port Orange saw significant growth over 2013, with
• The Palm Beach Office market vacancy rate declined to 23.2%.
Bj’s, Starbucks, Chipolte, and LA Fitness, which is now going vertical. Out-parcels of established shopping centers are now beginning to develop as well.
Retail also declined by 3.7%.
• The area is seeing an increase in service related businesses
dollar investment by LIV Development out of Birmingham AL.
with the housing recovery along with more manufacturing companies relocated and expanding. Conditions are expected to continue to improve.
• The Intersection of Reed Canal and Clyde Morris has begun to
• Largest leases were signed in Boca Raton by Tyco Integrated
• New Smyrna continues to see development, both Downtown
• The Retail market was strong in Q4 2013 with positive 798,552
• Vacancies in Downtown Daytona Beach are down, with a slew
• Buyers are keeping a close eye on interest rates, and it soon
• Manufacturing businesses have even shined some light on the
• Palm Beach Outlet Mall had a grand opening in Feb. 2014. It
• The White Palms apartment is well underway, a $30 Million develop, with 7-Eleven taking the corner, and further Outparcels being planned.
Security for 72,235 SF and Boston Proper/Chicos for 65,000 SF.
and SR-44/I-95. Seeing a direct benefit from the City’s expedited development permitting.
SF absorbed, in comparison to negative (829,769) SF in Q3 2013.
of new shops, a microbrewery, and The Hub.
may be affecting offerings on multifamily investments.
New Smyrna Beach Airport.
OFFICE
retail
industrial
Vacancy
q
q
q
q
Absorption
p
p
p
Rental Rates
n
n
n
was a re-development featuring 80-100 outlet stores.
OFFICE
retail
industrial
Vacancy
q
q
q
q
p
Absorption
p
p
p
p
n
Rental Rates
n
p
p
p
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Coast Realty
5535 S Williamson Blvd. Suite 724 Port Orange, FL 32128 (386) 763-3323
www.cbccr.com
Coldwell Banker Commercial NRT
23
1800 NW Corporate Blvd. Suite 100 Boca Raton, FL 33431 (561) 479-5963
www.cbcworldwide.com
FL - St Lucie County
FL - Sarasota/Manatee/Charlotte
DEMOGRAPHICS CBSA
Port St. Lucie, FL
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
1,128
407,361
169,340
$53,266
117,662
7.20%
MARKET HIGHLIGHTS
CBSA
SarasotaBradentonVenice, FL
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
1,313
689,676
311,173
$58,236
230,801
5.70%
MARKET HIGHLIGHTS
• South Florida Investors are coming back strong to the area! • Southern St. Lucie County is poised for the next boom. Major
• Matter Brothers Furniture Store has purchased 100,000 SF in
the Parker Hannifan Building at 4675 Clark Rd. This building had been on the market for seven years, and Coldwell Banker NRT agents Jon Kleiber and Terry Eastman handled the transaction.
infrastructure is in place.
• Residential construction is rebounding. increasing 10 - 15% per year.
Home prices are
• Industrial sales have increased dramatically. • Private funds are the most prominent buyers of commercial
• Land investors are back in the market, especially for Residential parcels.
real estate.
• There is huge interest in the few remaining Oceanfront High
• Overall vacancy rates have decreased. • The I-75 corridor has the lowest vacancies for all types of
Rise sites.
• Loss of Digital Domain Film Studio was a set back for Port St.
commercial real estate.
Lucie. However, the new Bass Pro Shop is doing very well.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
n
q
q
p
Vacancy
q
q
q
q
Absorption
n
p
p
p
Absorption
p
p
p
p
Rental Rates
n
n
n
n
Rental Rates
n
p
p
p
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Paradise Hoyt Murphy, Realtors
411 N. U.S. Hwy. 1 Fort Pierce, FL 34950 (772) 461-3250
cbc.flcoldwellbanker.com
Coldwell Banker Commercial NRT
24
1800 2nd St., Suite 104 Sarasota, FL 34236 (941) 925-8586
www.cbcworldwide.com
FL - South Florida
FL - Southeast
DEMOGRAPHICS CBSA
Miami-Fort LauderdalePompano Beach, FL
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
5,126
5,566,404
2,128,471
$57,415
2,069,525
6.00%
MARKET HIGHLIGHTS
CBSA
Miami-Fort LauderdalePompano Beach, FL
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
5,126
5,566,404
2,128,471
57,415
2,069,525
6.00%
MARKET HIGHLIGHTS
• Multi-Family prices appear to be peaking.
• Tradition Center for Innovation has blossomed at Exit 118
This is the most sought after market in the State of Florida.
of I-95 in St Lucie West. Martin Memorial’s newest medical center is open for business. Other occupants of the Center are Torrey Pines Institute for Molecular Studies and Vaccine and Gene Therapy Institute.
• Retail activity is thriving, as Walmart, Whole Foods, Trader Joe’s and Lord & Taylor open stores in south Florida.
• Industrial sales activity is up. Cap rates have been lower, and
• CenterStar Development from NJ purchased 15 acres in
price per SF has averaged $63.00.
St Lucie West last year and is expecting their first building permits next month.
• Palm Beach County Office market vacancy rate declined to
• The market is currently in the preleasing stage for a 20,000
23.2%. Average direct lease rate remained stable at $17.00 per SF. There are no new Office projects underway in Palm Beach County.
SF office building. The developers are planning 10,000 SF of small retail service units, including a restaurant and a community theatre. Larger office buildings and 350 upscale apartments shall follow in 2015.
• Largest Office leases were signed in Boca Raton by Tyco
Integrated Security for 72,235 and Boston Proper/Chicos for 65,000 SF.
• Several builders are showcasing new communities in the town of Tradition. Buyers have begun to seek out Office and Retail locations to begin new businesses. Rents are still much lower than 2005, but inventory is dwindling. The market had nearly 500,000 SF of vacant flex space in St Lucie Westand absorbed. Some of the new buildings went to foreclosure, and new owners are offering space at approximately half of former rents.
• Vacancy rates are falling in Retail, Office and Warehouse. • Gatlin Blvd will be the most heavily travelled road in Port St Lucie by 2020.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
q
q
q
q
Vacancy
q
q
q
N/A
Absorption
p
p
p
p
Absorption
N/A
N/A
N/A
N/A
Rental Rates
p
p
p
p
Rental Rates
N/A
N/A
N/A
N/A
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial NRT
1800 NW Corporate Blvd. Suite 100 Boca Raton, FL 33431 (561) 367-4111
www.cbcworldwide.com
Coldwell Banker Commercial NRT
25
1973 SW Savage Blvd Port St Lucie, FL 34953 (772) 359-3242
www.cbcworldwide.com
FL - Tallahassee
FL - Tampa Bay
DEMOGRAPHICS CBSA
Tallahassee, FL
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
2,387
361,765
154,494
$47,364
111,973
5.30%
MARKET HIGHLIGHTS
CBSA
Tampa- St. PetersburgClearwater, FL
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
2,554
2,757,566
1,166,605
$49,596
1,059,081
5.90%
MARKET HIGHLIGHTS
• Four major new tenants opened stores in Q4 of 2013: Whole
• Amazon.com selected two sites in the Tampa Bay area for
Foods, Trader Joes, Dick’s Sporting Goods and Bass Pro Shops.
large fulfillment centers. Combined, they are expected to employ 1,400 permanent employees and considerably more during peak times.
• Vacancy rates are decreasing in all asset classes except the
• The Tampa Bay economy continues to expand, and both
Office market.
Hillsborough and Pinellas counties saw their jobless rates fall to 5.7 percent at the end of 2013, two full points less than 12 months prior.
• New construction is still brisk in student Multi-Family. • Tallahassee Memorial hospital completed a new Emergency
• Copa Airlines began the first-ever direct flights to Latin
Center in NE Tallahassee.
America (Panama City, Panama) from Tampa International Airport. The move opens doors for increased business opportunities throughout Central and South America.
• Residential sales were up 24% in 2013.
Average sale price improved over 2012 from $188,619 to $193,198 in 2013.
• Sales of commercial buildings were up considerably in
• Tampa-based HealthPlan Services, a leading administrative
2013. Construction of Cascades Park is well underway near downtown.
services provider, plans to create up to 1,023 new jobs by 2018 and will develop a 96,689 SF facility in eastern Hillsborough County.
• The Tallahassee MSA unemployment rate is now down to 5.3%.
• Bristol-Myers Squibb will open a 70,000 SF North American
Capability Center in Hillsborough County in 2014, creating up to 579 jobs and $21.2 million in capital investment.
• The broad base of job growth is quite promising, including key sectors like Construction and Hospitality. Pinellas County had another record-setting year for tourism. Clearly, the local economy has gained its footing.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
n
q
q
p
Vacancy
q
q
q
q
Absorption
n
p
p
n
Absorption
p
p
p
p
Rental Rates
n
p
n
q
Rental Rates
p
p
n
p
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Hartung & Noblin, Inc.
3303 Thomasville Rd. Tallahassee, FL 32308 (850) 386-6160
www.cbcworldwide.com
Coldwell Banker Commercial NRT
26
5010 W Kennedy Blvd., 2nd FL Tampa, FL 33609 (813) 286-2964
www.cbcworldwide.com
FL - Vero Beach
GA - Athens
DEMOGRAPHICS CBSA
SebastianVero Beach, FL
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
503
135,534
59,807
62,271
43,595
7.10%
MARKET HIGHLIGHTS
CBSA
AthensClarke County, GA
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
1,031
193,495
77,486
$40,278
60,760
5.20%
MARKET HIGHLIGHTS
• New Publix Center opened on Indian River Blvd and 53rd St. • Most REO’s have been liquidated by lenders. • Lots of activity in approved single family development sites. • Office space is being absorbed by users. • Unemployment rate is declining. • Apartment vacancy is low.
OFFICE
retail
industrial
Vacancy
q
q
q
q
Absorption
p
p
p
Rental Rates
n
n
q
• The Athens area is experiencing tremendous growth in the
Medical Office sector with several hundred thousand SF of space being constructed or slated to be developed in the next 18 months.
• The 444,000 SF, $76 million Epps Bridge Centre is complete and has just leased one of the few remaining spaces to Best Buy as Oconee County continues to show incredible growth.
• On the north side of Athens, the 150,000 SF Kroger center is expected to be complete late summer.
OFFICE
retail
industrial
Vacancy
n
p
q
p
p
Absorption
n
q
p
q
p
Rental Rates
n
q
n
n
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Ed Schlitt, Realtors
1950 US Hwy 1 Vero Beach, FL 32960 (772) 567-1181
cbc.flcoldwellbanker.com
Coldwell Banker Commercial Upchurch Realty
27
2405 W. Broad St. Suite 150 Athens, GA 30606 (706) 354-7870
www.upchurchrealtycommercial.com
GA - Atlanta MSA
GA - Atlanta, Greater MSA
DEMOGRAPHICS CBSA
AtlantaSandy SpringsMarietta, GA
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
8,376
5,521,582
2,028,400
$60,590
2,223,339
6.80%
MARKET HIGHLIGHTS
CBSA
AtlantaSandy SpringsMarietta, GA
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
8,376
5,521,582
2,028,400
60,590
2,223,339
6.80%
MARKET HIGHLIGHTS
• In Q4 2013, State Farm Insurance occupied 476,692 SF of
• Atlanta Braves will get a new stadium for the 2017 season at
Office space in the N Fulton/Forsyth County Submarket.
the cost of $672 million. The location will be in suburbia Cobb County (Cumberland Area) north of Atlanta.
• The Atlanta Office market ended Q4 2013 with a vacancy rate
• The Atlanta Apartment market has been slow except for
of 17.7%. This rate represents a decrease from the previous Qtr rate of 18.2%.
the Vinings area and the high end communities inside the Perimeter (Interstate 285).
• During Q4 2013, offices were constructed including Cox
• Largest Industrial lease in 2013 was 1,118,538 SF signed
Communications at 578,000 SF and Ponce City Market at 487,034 SF. Currently there is 2,002,654 SF of new Office projects under construction (12 buildings), an increase from this same time last year.
Home Depot in the south Atlanta market
by
• Atlanta’s Office vacancy decreased to 15.0%.
Cap rates are lower in 2013, averaging 7.9%. 2012 averaged 8.68%. Activity is strongest in the Atlanta sub-markets.
• At the close of Q4, an overall net absorption of 1,175,006 SF
was reported. Leasing activity was over 3.2 million SF for the fourth Qtr, up from the previous Qtr.
• Atlanta Retail vacancy decreased to 9.2%
Total sales for 2013 were up and over a billion dollars. Cap rates are up to almost 9% from 8.5%.
• The current overall quoted Atlanta Office rental rate of $19.61
PSF represented a $0.24 PSF increase in rental rates from the end of the previous Qtr, when rents were $19.37 PSF.
• Activity is up, and the area remains cautiously optimistic.
• The Atlanta 28-County Metropolitan Statistical Area currently
boasts a population of more than 5.5 million, making it the 9th largest MSA in the US. It covers 8,376 square miles with 146 cities.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
q
q
q
q
Vacancy
q
q
q
q
Absorption
p
p
p
p
Absorption
p
p
p
p
Rental Rates
p
q
p
q
Rental Rates
p
q
p
q
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Metro Brokers
3575 Piedmont Rd NE Building 15 Suite 950 Atlanta, GA 30305 (678) 320-4800
www.cbcmetrobrokers.com
Coldwell Banker Commercial NRT
28
37 Johnson Ferry Rd Marietta, GA 30068 (404) 705-1590
www.cbcworldwide.com
GA - Macon, Bibb County
GA - Peachtree City
DEMOGRAPHICS CBSA
Macon, GA
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
1,725
232,119
89,721
$47,145
83,398
7.60%
MARKET HIGHLIGHTS
CBSA
AtlantaSandy SpringsMarietta, GA
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
8,376
5,521,582
2,028,400
60,590
2,223,339
6.80%
MARKET HIGHLIGHTS
• Georgia’s first Charter School is slated to move into the
• Industrial and Office markets remain relatively flat with little
former GE Monogram Retail Services Building with 300,000 SF of space on 70 acres.
new development.
• Good professional Office space options are available with an
• As the exports increase at the Georgia Port, large
average of 14,300 SF in a primary office park.
manufacturing and distribution space is rapidly being occupied to support the effort.
• Vacancy is flat or slightly rising with challenging economic growth for small business segment.
• The Luce Heart Center addition to the Medical Center of
• World class Pinewood Studios opened in January 14 and will
central Georgia makes it the largest healing center in the south.
fuel significant growth in the market.
• Overall, economic depression remains a drag on new
• The Robins Air Force Base near Macon is still growing its
development.
mission, and because of that, single family residential is on the rise.
• Multi-Family development is the most visible new
development in the area with over one thousand units coming on-line this spring.
• Macon Georgia is home to the “mound-builder” native Indians. it is also home to the Allman Brothers Band.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
p
p
q
q
Vacancy
n
N/A
p
N/A
Absorption
q
q
p
p
Absorption
n
N/A
q
N/A
Rental Rates
q
q
p
p
Rental Rates
n
N/A
n
N/A
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Eberhardt and Barry
990 riverside drive Macon, GA 31201 (478) 746-8171
www.coldwellbankercommercialeb.com
Coldwell Banker Commercial Bullard
29
201 Prime Point Peachtree City, GA 30269 (770) 632-1774
www.cbcbullard.net
GA - Savannah
HI - Honolulu
DEMOGRAPHICS CBSA
Savannah, GA
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
1,359
361,941
130,609
$55,567
129,296
6.70%
MARKET HIGHLIGHTS
CBSA
Honolulu, HI
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
600
910,677
311,782
$67,192
365,718
3.80%
MARKET HIGHLIGHTS
• Georgia Ports Authority (GPA) is the 4th largest container and
• Hawaii’s economy remains healthy with unemployment at
fastest growing U.S. container Port. GPA is the 2nd busiest export facility in the U.S. achieving 8% growth in Fiscal Year 2014 and moving 14.36 Million tons of cargo, up from 13.3 Million tons over previous Fiscal Year.
3.8%.
• General Growth Properties broke ground on its Ala Moana
shopping center expansion, adding 340,000 GLA at a projected cost of $573 million dollars.
• Nordic Cold Storage blasts into Savannah opening a $30M
• DeBartolo Development initiates its ground breaking blessing
facility; phase I employs 150 with phase II plans to mirror existing infrastructure.
for its new $350 million dollar regional shopping center Ka Makana Alii.
• Gulfstream Aerospace continues to announce growth in both
Savannah and Brunswick facilities. It presently has exceeded the projected 2,500 employee increase, originally planned over 5 years.
• Tourism welcomed 12 million visitors; direct spending
increased by $160M over the previous year. Three new Hospitality sites broke ground in 2013 and are due to be completed in Q1 2014.
• Ben Carter Properties and Tanger Outlets announced/
broke ground to develop 560,000 SF of high end Retail and restaurants at the SW quadrant of I-95 and Pooler Parkway, which also connects to I-16. Projected opening is Fall 2014. The site can accommodate an additional 560,000 SF of stores and restaurants.
• Health care services remain strong with 3 hospitals in area
and 2 of the largest ones announced expansion plans in 2013. OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
N/A
q
q
q
Vacancy
q
q
q
n
Absorption
N/A
p
p
p
Absorption
p
p
p
n
Rental Rates
N/A
p
p
n
Rental Rates
p
p
p
n
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Platinum Partners
128 Habersham St. Savannah, GA 31401 (888) 232-7120
www.cbcplatinum.com
Coldwell Banker Commercial NRT
30
737 Bishop St. Suite 2000 Honolulu, HI 96813 (808) 526-0896
www.cbcpacific.com
ID - Kootenai County
IL - Bloomington/Normal
DEMOGRAPHICS CBSA
Coeur d’Alene, ID
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
1,245
140,628
53,154
50,618
49,226
6.70%
MARKET HIGHLIGHTS
CBSA
BloomingtonNormal, IL
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
1,184
168,918
70,687
$59,825
69,980
7.10%
MARKET HIGHLIGHTS
• Spring Hill Suites by Marriott and a Winco completed
• Overall, markets were steady through 2013 in major sectors.
• Vacancy has fallen, but not dramatically. Rental rates remain
• Local housing market is up 15%. • Retail: Upbeat through Q3 and Q4.
construction and opened in the spring of 2013.
Recovery with uncertainty is present.
stable, but with the amount of inventory, they will rise as vacancy continues to decrease.
vacancy.
• There were pockets of new construction.
Most was in the Medical Office sector or in very specific areas.
• Office: Strong start then activity leveled off, settling at 15% vacancy.
• The Residential market showed significant improvements
• Industrial: Slow sector with few transactions and 20%
with higher median price, lowered days on market, and new construction on the rise.
vacancy.
• There are few quality investment property opportunities.
• Investors and companies from primary markets and
Apartment vacancies up.
secondary markets are looking for higher returns, and the market is seeing the return of investors.
OFFICE
retail
industrial
Vacancy
q
q
q
p
Absorption
N/A
N/A
N/A
Rental Rates
n
n
n
Rates are level, with 10%
OFFICE
retail
industrial
Vacancy
q
q
n
p
N/A
Absorption
p
p
n
q
q
Rental Rates
n
n
n
n
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Schneidmiller Realty
2000 Northwest Blvd. Suite 200 Coeur d’Alene, ID 83814 (208) 664-1461
www.cbcsr.com
Coldwell Banker Commercial Heart of America Realtors
31
802 S. Eldorado Rd. Bloomington, IL 61704 (309) 662-3377
www.cbhoacommercial.com
IL - Champaign/Urbana
IL - Chicagoland
DEMOGRAPHICS CBSA
ChampaignUrbana, IL
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
1,923
227,494
97,325
$47,851
80,156
8.30%
MARKET HIGHLIGHTS
CBSA
Chicago Naperville Joliet, ILIN- WI
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
7,212
9,617,804
3,484,370
$66,775
4,186,171
8.20%
MARKET HIGHLIGHTS
• Interest in Retail redevelopment along the South Neil Street
• The Chicago Office market continued to improve. There was
corridor is spurring new activity in several sites including the 17 acre Carriage Center site and the 10 acre WDWS site at Neil & Windsor.
2.6 million SF of positive absorption in 2013, and the vacancy rate dropped to 14.3%. Three of the largest leases signed were Go Go, Inc. for 234,000 SF, Zebra Technologies for 233,000 SF and McDermott Will and Emery for 232,000 SF.
• Yahoo! has been granted incentives by the City of Champaign
• The vacancy rate for Industrial properties dropped to 8.7%
to lease a new office being built-to-suit in the University of Illinois Research Park.
with over 14M SF of positive absorption. Retail had positive absorption for the year; however, in the 4th Qtr absorption was negative 3.5M SF. The negative absorption was due to Dominick’s Foods closing in Chicago and vacating 4.5 M SF.
• Several new student housing developments are underway in Campustown.
• The City of Champaign has granted incentives to a developer
• There was 2.3M SF of new Retail space built in 2013
to help renovate and back-fill one of the last remaining vacant big box spaces.
with another 1.6M SF under construction. 840,000 SF of Office space was built in 2013 with another 1.5M SF under construction. 3.2M SF of Industrial space was built in 2013 with another 5M SF under construction.
• Work has begun at the University of Illinois’ State Farm
Center. The multi-phase project is expected to cost $160 million to upgrade the 50 year old sport and entertainment venue.
• The residential market continues to improve. There is more
demand than there is supply of single family homes and prices are rising. The Apartment market continues to be strong but rents have leveled off due to a large supply of new product having been delivered to the market.
• All commercial property types continue to show improvement. There is more new construction to meet demand, property values continue to increase and cap rates are decreasing for most property types.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
n
q
n
q
Vacancy
q
q
q
n
Absorption
n
p
n
p
Absorption
p
p
p
n
Rental Rates
q
n
n
p
Rental Rates
p
p
p
n
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Devonshire Realty
201 W. Springfield 11th Floor Champaign, IL 61820 (217) 352-7712
www.cbcdr.com
Coldwell Banker Commercial NRT
32
2215 Sanders Rd. Northbrook, IL 60062 (847) 313-6500
www.cbcnrtchicago.com
IL - DuPage County
IL - Tazewell County
DEMOGRAPHICS CBSA
Chicago Naperville Joliet, ILIN- WI
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
7,212
9,617,804
3,484,370
$66,775
4,186,171
8.20%
MARKET HIGHLIGHTS
CBSA
Peoria, IL
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
2,470
377,630
153,377
60,133
157,932
9.20%
MARKET HIGHLIGHTS
• Data centers are pushing demand in urban corridors. • Vacancy remains low for Multi-Family. • Assisted Living Centers are making a comeback. • New Luxury Apartments continue to break ground. • Vacant Retail Centers are showing gains with new tenants. • Restaurant that serve steak, seafood and craft beer are seeing
• Industrial and Distribution continues to be strong in the region with the I-55/I-74 corridor providing ample shipping and receiving traffic.
• As Industrial stays steady, independent Medical continues to
decline as individuals and small groups recede back into large Hospital groups. Class A Office has experienced growth as has Retail in both the downtown and north Peoria District.
• Monsanto Companies expanded a second location in Tazewell
County with a 100,000 SF facility built-to-suit. National Retailers and Restaurant have signed heavily in the East Peoria sector. Morton, IL is reviewing its first PUD, and Peoria has landed several new national retailers.
the most growth.
• Residential inventory reduced and prices increased. Forecasts for 2014 are positive.
• A Louisville Slugger 120,000 SF indoor baseball facility
proposed for North Peoria could bring a substantial amount of business into the area, potentially catalyzing Retail and Restaurant growth for the region.
• As the home of Caterpillar headquarters, alongside three
major hospitals and a fresh Warehouse district, the Central Illinois market is well positioned for a strong rebound.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
q
q
q
q
Vacancy
n
q
q
q
Absorption
p
p
p
p
Absorption
q
q
q
q
Rental Rates
q
n
p
p
Rental Rates
n
n
p
p
multi-family
CONTACT
CONTACT
Coldwell Banker Commercial NRT
1225 W. 22nd St. Suite 130 Oak Brook, IL 60523 (630) 954-4600
www.cbcnrtchicago.com
Coldwell Banker Commercial Honig-Bell
33
113 N. Main St. Morton, IL 61550 (309) 263-7400
www.cbchb.com
multi-family
IN - Indianapolis
KS - Garden City
DEMOGRAPHICS CBSA
Indianapolis, IN
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
3,863
1,755,394
690,844
$60,003
787,836
5.80%
MARKET HIGHLIGHTS
CBSA
Garden City, KS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
1,302
42,609
13,697
$43,008
13,558
4.30%
MARKET HIGHLIGHTS
• Office vacancies decreased slightly through Q3 and Q4 of
• Shopping center construction is underway. • This market is aggressive in all property sectors. • More Apartment construction is needed. • Available properties are low in number and need major
2013, down to 9.0%, with most of the occupancy growth in the suburbs.
• The Industrial market saw the completion of 795,000 SF of
new space in the second half of 2013. The net absorption rate increased to offset the new space and keep the overall vacancy rate essentially unchanged at 6.8%.
development.
• The market is agricultural based and strong, along with
• The Retail sector is continuing to strengthen. Rental rates
having a strong Retail market
increased slightly while overall vacancy rates essentially were unchanged at 7.4%.
• This market is the Retail and oil and gas center of Southwest KS.
• Multi-Family continues its growth in central Indiana with
more than 2,600 units under construction. 1,900 units are expected to come into the market in 2014, but vacancy rates are not forecasted to be affected by the new supply. Downtown vacancy rates are at a 12-year low of 3.5%.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
q
q
n
q
Vacancy
q
q
q
q
Absorption
p
p
p
p
Absorption
p
p
p
p
Rental Rates
p
p
n
p
Rental Rates
p
p
n
p
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Realty Services
8888 Keystone Crossing Suite 120 Indianapolis, IN 46240 (317) 249-9000
www.cbcrs.com
Coldwell Banker Commercial The Real Estate Shoppe, Inc.
34
1135 College Dr. Suite E Garden City, KS 67846 (620) 275-7421
www.cbcworldwide.com
KS - Kansas City Metro Area
KY - Louisville Metro
DEMOGRAPHICS CBSA
Kansas City, MO-KS
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
7,857
2,076,653
819,900
$60,301
914,989
5.40%
MARKET HIGHLIGHTS
CBSA
Louisville Jefferson County, KY-IN
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
4,135
1,263,217
506,857
$54,741
549,941
6.80%
MARKET HIGHLIGHTS
• Private employment is up with the highest growth of 7.15 in
• Louisville employment continues its upswing, driven by
Leisure and Hospitality.
investment (Ford: $1.2 billion; GE: $800 million) and jobs created by UPS National Airhub, YUM! brands, medical industry (Humana and University of Louisville Nucleus Innovation Park) and Amazon.com. Forbes rates Louisville housing extremely high for stability.
• 60% of the Retail growth for next year is expected to be for restaurants.
• Apartment construction is expected to be the most since 2001. • Several Retail projects have been slowed by the economy and
• Louisville Multi-Family remains strong, benefiting from
employment gains. Occupancy is high, and rents are up. Investment interest is high, with demand exceeding supply in desired product, whether A, B or C property, stable or valueadd. Cap rates are much higher than the west or east coast.
are not under construction.
• Cerner continues to be a major player in the Kansas City area growth.
• Louisville Retail continues to recover as the national economy
• Residential projects are now returning to all areas of the
rebounds. In 2013, Cabela’s, Nordstrom Rack, H & M, and a new Cinemark Theatre opened.
Metro.
• Louisville Industrial is leading the recovery with net
absorption of more than 2 million SF in 2013. Ecommerce distribution, shipping of temperature-sensitive pharmaceuticals, and supplying the two Ford plants have helped drive vacancy below 6%. Developers are building spec buildings.
• Louisville Office market has stabilized and has begun to
improve, but occupancy is uneven; for Class A, 9.3% in the suburbs, and 14.7% downtown. Class B is 14.6% overall.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
n
q
q
q
Vacancy
q
q
q
q
Absorption
p
p
p
p
Absorption
p
p
p
p
Rental Rates
p
p
p
p
Rental Rates
p
p
p
p
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Fishman & Company
10985 Cody, Suite 220 Overland Park, KS 66210 (913) 782-9000
www.cbcfishman.com
Coldwell Banker Commercial McMahan Co.
35
10600 Timberwood Circle Suite 7 Louisville, KY 40223 (502) 425-8800
www.cbcworldwide.com
KY - Paducah/McCracken County
KY - Southern
DEMOGRAPHICS CBSA
Paducah, KY-IL
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
1,057
98,841
42,059
45,006
48,915
8.10%
MARKET HIGHLIGHTS
CBSA
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
848
121,646
50,840
$46,805
50,727
6.20%
Bowling Green, KY
MARKET HIGHLIGHTS
• General Electric as Global Laser Enrichment have committed
• New Dick’s Sporting Goods, Kirkland’s and Pet Smart opening
to over $1 billion investment to create a state-of-the-art Laser Enrichment Technology at the local DOE site, creating thousands of construction jobs and hundreds of permanent jobs.
adjacent to Home Depot and Meijer’s.
• German-based Bilstein Group to establish a production plant in South Central Kentucky.
• Whitehall Industries is slated to develop an aluminum
• Hyatt Place opening new property in downtown Bowling
• Colorado based Tele Tech Holdings announced 450 jobs in
• National Corvette Museum $20,000,000 Dual Motor Sports
• Ohio River Triple Rail megasite was announced. • Macco Organiques announced expansion into Paducah market
• Residential new construction is on the rise with thriving local
Green.
extrusion manufacturing company creating 150 jobs.
Track to open in August 2014.
new customer service call center.
economy.
• Residential sales are up which is causing prices to rise.
with pharmaceuticals
• Overall Retail and Office space are flat.
Industrial is active. Multi-Family has activity with new construction.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
n
n
q
q
Vacancy
q
q
n
p
Absorption
n
n
p
p
Absorption
p
p
n
q
Rental Rates
q
p
n
q
Rental Rates
p
p
n
n
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Purchase Realty Group
3906 Hinkleville Rd. Paducah, KY 42001 (270) 444-7444
www.cbcpaducah.com
Coldwell Banker Commercial Legacy Real Estate Group
36
2435 Fitzgerald Industral Dr. Suite 102 Bowling Green, KY 42104 (270) 781-3844
www.cbclegacy.com
LA - Acadiana
LA - New Orleans
DEMOGRAPHICS CBSA
Lafayette, LA
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
1,010
264,966
101,487
$54,248
139,997
3.30%
MARKET HIGHLIGHTS
CBSA
New OrleansMetairieKenner, LA
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
3,153
1,230,886
469,474
$58,413
458,428
4.70%
MARKET HIGHLIGHTS
• The commercial real estate market ended 2013 much like it
• International Shipholding Corporation returning to New
began, on an upswing and another record setting year.
Orleans after relocating to Mobile, AL for eight years following Hurricane Katrina.
• Industrial sector still leads the way with very little existing
• Mixed-Use developments in the New Orleans CBD are at a
inventory, and Industrial developments have more pre-sold build projects. Builders are still confident with speculative builds.
twenty year high and fueling an increase in rental rates and occupancy rates in Multi-Family, Office and Retail segments of Orleans Parish.
• Both existing Hospitality and Multi-Family are typically sold
• Mid-City Market, a regional grocery anchored shopping
prior to being exposed to the market. New developments are being planned for 2014 with some currently under construction.
center, opened late last year with more than 90% occupancy and is located near the 424 bed teaching hospital currently under construction.
• Retail and Office sectors have both remained stable and
• Residential inventory is experiencing the lowest supply in 15
continue to absorb existing inventory because of lack of new product available.
years.
• Residential sales in 2013 were $100 million dollars above the
• Port is expanding closer to the mouth of the Mississippi River
• The market will continue to be driven by the oil and gas
• New Orleans International Airport is building a world class
previous record, and the market has not suffered from price reductions during the previous 5 years.
with plans to provide expanded Bulk Cargo services further downstream.
industry along with a strong medical base. The tourist industry in South Louisiana has always been strong, and over the years many of those visitors have chosen to live here because of the quality of life.
OFFICE
retail
industrial
Vacancy
q
q
q
q
Absorption
p
p
p
Rental Rates
p
p
p
$826 Million terminal at the north end of its air field.
OFFICE
retail
industrial
Vacancy
q
n
q
q
p
Absorption
p
p
p
p
n
Rental Rates
n
n
p
p
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Pelican Real Estate
806 E St.Mary Blvd. Lafayette, LA 70503 (337) 233-9541
www.cbcpelican.com
Coldwell Banker Commercial TEC Realtors
37
701 Loyola Ave. Suite 401 New Orleans, LA 70150 (504) 566-1777
www.cbctec.com
ME - Midcoast
MN - Mankato
DEMOGRAPHICS CBSA
Rockland, ME
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
366
40,753
23,744
$52,132
15,971
6.10%
MARKET HIGHLIGHTS
CBSA
MankatoNorth Mankato, MN
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
1,205
93,650
39,391
$51,381
49,122
3.60%
MARKET HIGHLIGHTS
• Retail development is on the rise with the recent opening of a
• New construction for Multi-family developments continues to
• Vacancy rates for Retail and Industrial properties continue to
• Warehouse space is in high demand in the Industrial market. • Mixed-Use space downtown has been redeveloped. • There is a steady demand for student housing as university
Super Wal-Mart and Tractor Supply.
be strong.
be less than 2.5%.
• There are four medium Retail and Industrial projects being planned for 2014.
enrollment increases.
• Residential sales of existing homes are up 3%. • Expecting to see continued migration of businesses and
• National retailers continue to show interest in the area.
people into the area over the next year or two.
• Midcoast Maine continues to draw media attention due to the nationally known festivals, lifestyle and oceanfront location.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
n
q
q
n
Vacancy
n
q
q
q
Absorption
n
p
p
p
Absorption
n
p
p
p
Rental Rates
q
n
p
p
Rental Rates
p
p
p
p
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial SoundVest Properties
147 Park St. Rockland, ME 04841 (207) 596-7478
www.soundvest.com
Coldwell Banker Commercial Fisher Group
38
1961 Premier Drive, Ste. 404 Mankato, MN 56001 (507) 625-4715
www.cbcfishergroup.com
MN - Minneapolis Metro
MS - Gulfport/Biloxi
DEMOGRAPHICS CBSA
MinneapolisSt. PaulBloomington, MN-WI
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
6,063
3,286,547
1,267,913
$71,301
1,695,892
4.30%
MARKET HIGHLIGHTS
CBSA
GulfportBiloxi, MS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
1,503
240,010
94,854
$53,669
86,844
6.90%
MARKET HIGHLIGHTS
• Downtown West: Mayo Clinic, Minnesota Timberwolves and
• New Minor League Baseball stadium broke ground. • Expansion of many casinos. • New Casinos have been approved. • New Commercial construction is on the rise.
Minnesota Lynx announced partnership that will revive Block E in downtown Minneapolis. Plans for a sports medicine and practice facility will cover nearly half of $50 million needed to revive the 213,000 SF Block E building in downtown.
• Downtown East: Wells Fargo & Co. signed an agreement to
purchase from developer Ryan Cos. a pair of 18-story Office towers, totaling 1.1 million SF, as part of the planned $400 million Downtown East development near the new Vikings stadium in Minneapolis.
• Apartment: Demand is high – Q4 2013 saw 1,315 Units
constructed, 1,003 Units absorbed - and rents continue to rise. Vacancy rates across the metro fell slightly to 2.5 percent from 2.7 percent last year.
• Investment: An affiliate of JP Morgan purchased 3 Industrial Warehouse buildings totaling 470,000 SF in Shakopee and Savage for $32.5 million.
• Office Renovation: TransWestern purchased 276,000 SF
Minnesota Center in Bloomington. Significant capital will be invested to increase the property’s occupancy above 75%.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
q
q
q
n
Vacancy
n
q
q
n
Absorption
q
q
p
n
Absorption
n
p
p
n
Rental Rates
n
p
p
p
Rental Rates
n
n
n
n
multi-family
CONTACT
CONTACT
Coldwell Banker Commercial Griffin Companies
1221 Nicollet Ave. S. Suite 300 Minneapolis, MN 55403 (612) 904-7833
www.cbcgriffin.com
Coldwell Banker Commercial Alfonso Realty, LLC
39
625 Courthouse Rd. Gulfport, MS 39507 (228) 596-4471
www.cbcworldwide.com
multi-family
MO - St. Joseph
NE - Lincoln
DEMOGRAPHICS CBSA
St. Joseph, MO-KS
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
1,661
127,090
51,821
$44,333
48,146
4.80%
MARKET HIGHLIGHTS
CBSA
Lincoln, NE
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
1,414
299,958
126,751
$55,280
142,514
3.10%
MARKET HIGHLIGHTS
• St. Joseph is located just 35 minutes north of the Kansas City
• The new arena is bringing concert goers and basketball fans
International Airport with access to I-29, a major north-south Interstate Highway, providing a corridor between Mexico and Canada and US Hwy 36, a major east-west route thru Northern Missouri.
to downtown Lincoln.
• 42 new restaurants were opened in 2013. • 46% of the new restaurants opened in 2013 were national
• This market is located in the heart of the Life Sciences
chains.
Industry with 5 of the major companies located here.
• Residential sector needs more development to keep up with
• Boehringer Ingelheim Vetmedica is still expanding and
growth demands.
building a 260,000 SF distribution center.
• Major intersections and areas are being redeveloped for
• The new Eastowne Business Park is complete and offering
higher paying tenants.
excellent Industrial building sites. A 50,000 SF shell building was completed and is available for immediate occupancy.
• IBM purchased Kenexa, bolstering Lincoln’s employment.
• Rosecrans Memorial Airport, which serves civilian and
military needs, is located 3 miles west of the city. It boasts ILS and GPS approach runways and provides capacity for any size aircraft.
• St. Joseph is served by the Union Pacific Railway and the Burlington Northern-Santa Fe Railway to provide direct access to all parts of North America.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
q
q
q
q
Vacancy
q
q
q
N/A
Absorption
p
p
p
p
Absorption
p
p
p
N/A
Rental Rates
q
n
q
p
Rental Rates
p
n
n
N/A
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial General Properties
2700 N. Belt Hwy. St. Joseph, MO 64506 (816) 364-2700
www.cbcstjoseph.com
Coldwell Banker Commercial Thompson Realty Group
40
620 N 48th St. Suite 101 Lincoln, NE 68504 (402) 421-7700
www.cbcthompson.com
NV - Reno/Sparks MSA
NJ - Central New Jersey
DEMOGRAPHICS CBSA
RenoSparks, NV
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
6,606
420,676
164,527
$61,308
208,488
8.40%
MARKET HIGHLIGHTS
CBSA
NY- Northern NJ- Long Island
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
6,726
19,124,092
7,086,346
$65,253
7,711,074
6.60%
MARKET HIGHLIGHTS
• New Industrial 500,000 SF plus projects are underway in
• Valeant Pharmaceuticals International Inc. leased 310,000 SF
• Hobby Lobby, Cheesecake Factory, Floor & Décor, Chipotle
• The Office sector saw the vacancy rate drop almost a full
North Valleys and Tahoe Reno Industrial Center.
in Bridgewater.
and Raising Cain entered the market.
point in Central NJ. A major factor was pharma and medical companies taking spaces.
• The majority of new construction is Retail ranging from 6,000 to 65,000.
• The Central NJ market is starting to see more activity.
There are a lot of larger medical users entering into the market as well as the return of the small start-up user.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
q
q
q
q
Vacancy
q
q
q
p
Absorption
p
p
p
p
Absorption
p
p
q
q
Rental Rates
p
n
p
p
Rental Rates
q
n
p
p
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Clay & Associates, Inc
5011 Meadowood Circle Suite 301 Reno, NV 89502 (775) 829-5900
www.cbcreno.com
Coldwell Banker Commercial Feist & Feist Realty Corp.
41
180 Mount Airy Rd., Suite 200 Basking Ridge, NJ 07920 (908) 696-1500
www.feistandfeist.com
NJ - Morris County
NJ - Northern
DEMOGRAPHICS CBSA
NY- Northern NJ- Long Island
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
6,726
19,124,092
7,086,346
$65,253
7,711,074
6.60%
MARKET HIGHLIGHTS
CBSA
NY- Northern NJ- Long Island
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
6,726
19,124,092
7,086,346
$65,253
7,711,074
6.60%
MARKET HIGHLIGHTS
• With so many telecommuters and such a high vacancy level
• Realogy has relocated its 275,000 SF headquarters from
• New construction is not popular. There are many existing
• The slowly improving economy is beginning to reduce vacancy
of Class A Office space, there are quite a few good deals out there.
Parsippany to 175,000 SF in Madison while retaining the same size work force.
buildings that can be purchased for a fraction of the construction costs of a new building.
rates in some markets.
• There was an increase in Commercial construction projects
• The Residential market is hot as sellers are finally willing to
throughout the state.
sell their homes at today’s market prices.
• Sales numbers and prices of single family home have
• North Jersey is a great location with its close proximity to
increased.
New York and nice suburban neighborhoods. The Commercial market is hot with many commercial tenants looking for opportunities to own at the lower prices. The market may have bottomed out and is on the rise.
• New Jersey continues to offer tax incentives for businesses that come to or agree to stay in the state.
• NJDOT has been resurfacing portions of many of NJ highways.
• Morris County has a good demographic mix and a great labor pool of talented people. It is a great place to live and work.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
p
q
p
q
Vacancy
n
p
q
q
Absorption
q
p
q
p
Absorption
n
q
p
p
Rental Rates
q
q
q
p
Rental Rates
q
q
p
p
multi-family
CONTACT
CONTACT
Coldwell Banker Commercial NRT
1767 Route 10 East Morris Plains, NJ 07950 (973) 267-3030
www.cbcworldwide.com
Coldwell Banker Commercial NRT
42
175 Park Ave. Madison, NJ 07940 (973) 407-5480
www.cbcnrtnewjersey.com
multi-family
NM - Albuquerque MSA
NY - Albany/Capital Region
DEMOGRAPHICS CBSA
Albuquerque, NM
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
9,288
863,887
333,497
$49,381
313,234
6.50%
MARKET HIGHLIGHTS
CBSA
AlbanySchenectadyTroy, NY
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
2,817
859,707
358,803
$58,611
351,131
5.40%
MARKET HIGHLIGHTS
• Presbyterian Healthcare Services will move into its new $22
• GlobalFoundries announced a $10 billion expansion to its
• Retail vacancy is down. Office vacancy is up. • Movie & TV production in ABQ continues its hot pace. • Residential market continues to improve in both new
• Shelter Cove, a $60 million residential/retail complex, is
million, 195,000 SF administrative headquarters in North I-25.
semiconductor manufacturing facility, located just north of Albany. The company employs 2,100 people today and expects to add another 1,000 jobs by year’s end. being developed along the historic Mohawk River, just north of Albany, by Prime Companies, the parent entity of Coldwell Banker Commercial Prime Companies. When finished, the development will feature 200 apartments and 111 singlefamily homes, two Office buildings and a clubhouse.
construction and resale of existing homes.
• Innovate ABQ to anchor “Innovation Corridor” from Old Town
to Nob Hill. University of New Mexico will purchase the former First Baptist Church near Downtown. Innovate ABQ is to be a business incubator catering to startups and companies looking to commercialize technology from UNM or Sandia National.
• Voters have approved a New York state constitutional
amendment allowing up to seven commercially operated casinos. Investors are already “placing their bets” on where the gambling palaces might be located. Gov. Andrew Cuomo and other supporters believe the new casinos will help revive struggling upstate regions and reclaim gambling dollars being spent in other states.
• State of New Mexico is considering additional tax incentives to lure company relocations in addition to significant tax incentives passed in 2013.
• Major residential development projects for downtown Albany,
Schenectady, Troy and Saratoga Springs have been announced as reverse migration to the city is taking hold.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
p
q
q
q
Vacancy
n
q
q
n
Absorption
n
p
p
n
Absorption
n
p
p
n
Rental Rates
N/A
p
p
n
Rental Rates
n
n
p
n
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Las Colinas
4801 Lang Ave. NE Suite 100 Albuquerque, NM 87109 (505) 897-7227
www.lcrealty.com
Coldwell Banker Commercial Prime Properties
43
621 Columbia Street Albany, NY 12047 (518) 785-9000
www.coldwellbankeralbany.com
NY - Buffalo/Rochester
NY - Long Island
DEMOGRAPHICS CBSA
BuffaloRochester, NY, Niagra Falls
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
2,931
1,540,152
638,078
$64,205
712,415
5.30%
MARKET HIGHLIGHTS
CBSA
NY- Northern NJ- Long Island
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
6,726
19,124,092
7,086,346
$65,253
7,711,074
6.60%
MARKET HIGHLIGHTS
• Candy and food distributor Wythe Will Tzetzo LLC has
• Industrial vacancy rate ended the year at 4.8% Island-wide, a
selected Zaepfel Development for a design build of a 307,000 SF Manufacturing and Distribution facility in the Town of Tonawanda for a long term lease.
full percentage point decrease over the start of the year.
• Office vacancy rate fell to 10.8% Island-wide, a 4/10th’s of a percent decrease over the start of the year.
• Muller Quaker Dairy and PepsiCo, Inc. begin manufacturing
• Industrial asking rental rates are up $.40 PSF over the start of
operations at their 370,000 SF yogurt facility.
the year.
• Trader Joe’s opens in Amherst at Benderson’s Boulevard
• Office asking rental rates are up $.17 PSF over the start of the
Consumer Square.
year.
• Downtown Buffalo is “HOT”.
New restaurants and breweries are either open or coming soon. These include: Oshun, Tappo, Big Ditch Brewery, Resurgence Brewing, Dinosaur BBQ, The Lodge, and Buffalo Iron Works.
• Largest Office lease of the year was 59,218 SF by Falconware Software, Inc. at 2 Huntington Quadrangle, Melville.
• The largest Industrial lease of year was a 111,310 SF Wal-
• Cabela’s announces its first New York location on Walden
Mart Warehouse at 230 Duffy Avenue, Hicksville, NY.
Avenue across from the one million SF Walden Galleria Mall.
• Departure of HSBC from One Seneca Tower affects the Office vacancy rate in the Buffalo CBD.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
p
q
q
q
Vacancy
q
q
q
q
Absorption
p
p
p
p
Absorption
q
p
p
p
Rental Rates
q
p
p
p
Rental Rates
p
p
p
p
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Meridian
4498 Main St., Suite 9 Buffalo, NY 14226 (716) 839-6100
www.coldwellbankermeridian.com
Coldwell Banker Commercial Island Corporate Services
44
1601 Veterans Memorial Hwy. Suite 420 Islandia, NY 11749 (631) 232-4400
www.cbcli.com
NY - New York
NC - Charlotte MSA
DEMOGRAPHICS CBSA
NY- Northern NJ- Long Island
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
6,726
19,124,092
7,086,346
$65,253
7,711,074
6.60%
MARKET HIGHLIGHTS
CBSA
Charlotte, NC
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
3,098
1,765,472
683,991
$60,618
815,105
6.60%
MARKET HIGHLIGHTS
• Notable Office lease signings in 2013: Morgan Stanley Smith
• One Wells Fargo sold for $245M or $248.65/SF for 985,315 SF
Barney LLC 1,869,752 SF (Downtown); Citgroup Global Markets Inc. 764,718 SF (Downtown); GroupM Worldwide 515,457 SF (Downtown); CME Group, Inc. 449,000 SF (Downtown).
at a 6.67% rate.
• Large Industrial leases were 345,545 SF by Michelin, 303,188 SF by Shutterfly and 300,000 SF by Conn.
• The Office vacancy rate in the New York City market increased
• Retail vacancy decreased to 7.4% from 8.1% to start the year
• Net absorption for the overall New York City Office market
• Office saw vacancy decrease to 10.9% from 12.5% at the
with a total of 865,515 SF constructed during that time.
to 8.3% at the end of Qtr 4 2013.
beginning of year. Large signings were BOA 408,106 SF, MetLife 275,506 SF, Charlotte School of law 243,803 SF and Wells Fargo 224,522 SF
was negative 330,529 SF in Q4 2013.
• The average quoted rate within Class A space was $57.40 at the end of Q4 2013, class-B was $48.62, and class-C rates were $43.68.
• Market growth and employment is outpacing most other US markets.
• Total Office inventory in the New York City market area
• NBA Bobcats are changing their name back to the Hornets.
amounted to 552,186,191 SF in 3,884 buildings at the end of Q4 2013.
• CAP rates have been higher in 2013, averaging 5.43%
compared to the same period in 2012 when they averaged 4.7%.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
p
N/A
N/A
N/A
Vacancy
q
q
q
p
Absorption
q
N/A
N/A
N/A
Absorption
n
p
p
p
Rental Rates
p
N/A
N/A
N/A
Rental Rates
n
n
n
p
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Alliance
1430 Broadway 9th Floor New York, NY 10018 (212) 344-0300
www.cbcalliance.com
Coldwell Banker Commercial MECA
45
1815 S. Tryon St. Suite A Charlotte, NC 28203 (704) 971-2000
www.cbcmeca.com
NC - New Hanover County
ND - Fargo/Moorhead
DEMOGRAPHICS CBSA
Wilmington, NC
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
1,924
357,853
151,270
50,107
126,764
7.10%
MARKET HIGHLIGHTS
CBSA
Fargo, NDMN
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
2,810
202,280
86,119
$53,008
105,993
3.00%
MARKET HIGHLIGHTS
• Dick’s Sporting Goods announced a move to Mayfaire. • New student Apartment community began construction. • Walmart selected a new site in Porters Neck area. • Residential housing started on the increase. • GE continued to add jobs. • Obamacare caused medical practices consolidation.
• Multi-Family continues to be very strong with approximately 1,600 units under construction in 2013, and 2014 looks to be another strong year for construction.
• Vacancy rates for Multi-Family are around 3%. • Industrial market is very strong, due in part to the strong local economy and also to the oil activity in the western portion of the North Dakota.
• New home construction continues to be very strong, and several new developments have sprung up.
• Sam’s Club is opening a 2nd store in the market this spring. • ESPN Gameday came to Fargo, and NDSU won their third
consecutive national championship in FCS. NDSU has brought a lot of attention to Fargo, and activity is picking up as a result of it.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
p
q
q
q
Vacancy
n
n
q
q
Absorption
n
p
p
p
Absorption
n
n
p
p
Rental Rates
n
p
n
p
Rental Rates
n
n
p
p
multi-family
CONTACT
CONTACT
Coldwell Banker Commercial Sun Coast Partners, LLC
1430 Commonwealth Dr. Suite 102 Wilmington, NC 28403 (910) 350-1200
www.cbcsuncoast.com
Coldwell Banker Commercial First Realty
46
2731 12th Ave. S. Fargo, ND 58106 (701) 237-3369
www.cbcfirstrealty.com
multi-family
OH - Cincinnati
OK - Oklahoma City MSA
DEMOGRAPHICS CBSA
CincinnatiMiddletown, OH-KY-IN
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
4,398
2,179,105
856,456
$58,530
932,959
6.20%
MARKET HIGHLIGHTS
CBSA
Oklahoma City, OK
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
5,518
1,237,539
500,869
$57,129
502,994
4.80%
MARKET HIGHLIGHTS
• Kroger Co. expects to spend $120 million in 2014 to expand
• Continued expansion of the energy sector places constant
• Bass Pro Outdoor World LLC bought nearly 22 acres of land in
• Negligible amount of speculative development in the market. • Most new construction is for build-to-suits. There are large
stores and add new locations in Greater Cincinnati, including building a new Florence Marketplace store and remodeling the store in Mount Zion.
pressure on 7,000 to 15,000 SF Industrial facilities with yard.
Class A projects in the suburbs and CBD coming online soon.
West Chester along Civic Centre Boulevard for more than $6.5 million on November 27th. It will build a new 150,000 SF store with a more than 10,000 SF restaurant and bowling alley on the site. Construction is set to begin in 2014.
• 2,000 people per week are moving into the MSA. • The market has become an interesting mix of government,
aerospace, energy, agriculture and distribution with national tenants taking serious looks.
• The University of Cincinnati Research Institute and GE Aviation announced the creation of a $100 million new collaborative research center in Evendale.
• Businesses are discovering the fabulous work force existing
here with the geographic location of being in the center of the country.
• Cincinnati Children’s Hospital Medical Center will begin
construction on two projects located at the intersection of I-75 and State Route 129 in Butler County’s Liberty Township that are expected to cost a total of $162 million and be completed within the next three years.
• The Christ Hospital Health Network will break ground on a
$52 million outpatient center; the 78,000 SF building located just north of Interstate 275 at 11140 Montgomery Road in Montgomery will open in spring 2015.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
q
q
q
N/A
Vacancy
p
q
q
q
Absorption
p
p
p
N/A
Absorption
q
p
p
p
Rental Rates
p
p
n
N/A
Rental Rates
p
p
p
p
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Reliant Realty
1125 West 8th St. Suite 200 Cincinnati, OH 45203 (513) 241-8725
www.cbcreliantrealty.com
Coldwell Banker Commercial Hocker & Associates
47
4323 Classen Blvd. Suite 100 Oklahoma City, OK 73118 (405) 840-4545
www.hocker.com
OR - Portland
OR - Salem/Keizer
DEMOGRAPHICS CBSA
PortlandVancouverBeaverton, OR-WA
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
6,684
2,261,246
878,239
$58,563
952,611
6.20%
MARKET HIGHLIGHTS
CBSA
Salem, OR
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
1,925
399,131
148,354
$49,102
119,269
7.30%
MARKET HIGHLIGHTS
• Industrial is poised to tighten as inventory shrinks due in
• Salem’s CBD continues to see activity as the former Boise
• The largest Industrial lease signings were by Georgia-Pacific,
• The City of Salem acquired a 3-acre parcel in downtown Salem
part to the new trend of creative office and loft spaces being transformed out of functionally obsolete industrial spaces.
Cascade site is currently under construction with high-end Apartments, Retail/Office space and a Medical building.
Bridgestone Tire and Microsoft with sizes ranging from 165,814 SF to 402,450 SF.
for the expansion of Riverfront Park.
• Mor Furniture has opened in the former Big Lots location in
• The Retail market remained relatively stable with a slight
North Salem.
decrease in vacancy to 5.3%. Two KMarts closed their doors as well as a Burlington Coat Factory. Openings included Sportsman’s Warehouse and Natural Grocers.
• The State of Oregon is aggressively working to lower its lease rates in privately-owned buildings.
• The City of Salem is considering a $70 million renovation of
• Multi-Family remains the “golden child” of Commercial real
City Hall.
estate. Though vacancy was slightly higher at 2.67%, rental rates, permits and construction increased. High quality properties garnered low 5% cap rates with stiff competition.
• Salem Clinic has opened a new South Salem location along
Battlecreek Road at Kuebler, and Kaiser Permanente will be constructing a new facility at Keizer Station.
• The Portland Office market has seen renewed confidence
within the CBD as demand for new high-quality space counterbalances the recent exodus of absorption to the outlying suburban markets.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
n
q
q
p
Vacancy
n
q
p
N/A
Absorption
p
p
p
p
Absorption
q
p
q
N/A
Rental Rates
p
p
q
p
Rental Rates
p
p
p
N/A
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Mountain West Real Estate
2545 SW Spring St., Suite 200 Portland, OR 97219 (503) 587-4777
www.cbcre.com
Coldwell Banker Commercial Mountain West Real Estate
48
960 Liberty St. Suite 250 Salem, OR 97302 (503) 587-4777
www.cbcre.com
PA/NJ - Bucks Co, PA/Hunterdon Co, NJ
PA - Lackawanna/Luzerne Counties
DEMOGRAPHICS CBSA
PhiladelphiaCamdenWilmington, PA-NJ-DE
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
4,630
5,979,545
2,318,224
$65,847
2,533,973
6.40%
MARKET HIGHLIGHTS
CBSA
ScrantonWilkesBarre, PA
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
1,747
549,920
233,775
45,396
245,015
7.70%
MARKET HIGHLIGHTS
• Coldwell Banker Hearthside’s residential group leased 17,000
• Geisinger Health Systems is expanding in this market. • Mohegan Sun opened a new Hotel/Convention Center. Two
SF in Newtown, PA for a new regional sales center.
• Improving small business confidence is creating small lease
new hotels are being built in the vicinity.
space absorption.
• Announcement of a 2M SF distribution center to be built in
• Leasing activity in the 1,000-3,000 SF range is improving.
Luzerne County.
• Retail is expanding in this market, especially in food uses.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
p
n
q
n
Vacancy
n
q
n
q
Absorption
p
n
p
n
Absorption
n
N/A
N/A
N/A
Rental Rates
p
q
n
n
Rental Rates
n
n
n
n
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial CBH
1094 Second St. Pike Richboro, PA 18913 (215) 357-2880
www.cbhcommercial.com
Coldwell Banker Commercial Town & Country
49
651 Northern Blvd. Clarks Summit, PA 18411 (570) 587-5500
www.cbcworldwide.com
PA - Pittsburgh
SC - Charleston MSA
DEMOGRAPHICS CBSA
Pittsburgh, PA
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
5,280
2,355,582
991,049
$52,255
1,064,896
5.70%
MARKET HIGHLIGHTS
CBSA
CharlestonNorth Charleston, SC
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
2,591
665,272
262,007
$57,059
253,170
5.20%
MARKET HIGHLIGHTS
• Major increase in Office space. • Major increase in Multi-Family home development. • Pittsburgh has seen a surge in demand for Office space
• Boeing continues to purchase land and expand on its presence in the Charleston area.
• There has been an increase in 1031 Exchange money. • Increase in Residential construction is leading the way in job
and Multi-Family development. Most of this is due to the expansion of major businesses in the area.
creation.
• Manufacturing jobs increase 2.1% from 12 months ago. • Increase in consumer spending and job creation are pushing local economic recovery.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
q
q
q
q
Vacancy
p
n
q
n
Absorption
p
p
p
p
Absorption
q
q
p
q
Rental Rates
p
n
n
p
Rental Rates
q
p
N/A
p
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial NRT
9600 Perry Hwy. Suite 200 Pittsburgh, PA 15237 (412) 548-1064
www.cbcnrtpittsburgh.com
Coldwell Banker Commercial Atlantic International, Inc.
50
3506 W. Montague Ave. Suite 200 Charleston, SC 29418 (843) 744-9877
www.cbcatlantic.com
SC - Columbia
SC - Greenville
DEMOGRAPHICS CBSA
Columbia, SC
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
3,701
751,082
300,796
$52,689
287,817
5.50%
MARKET HIGHLIGHTS
CBSA
GreenvilleMauldinEasley, SC
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
2,002
644,419
263,044
$49,487
288,021
5.00%
MARKET HIGHLIGHTS
• Dana Corporation moved into 152,959 SF. • Very little new construction has caused existing inventory to
• SC Inland Port opened in October. This facility will initially
convert 25,000 container movements annually from truck to rail.
be absorbed.
• There has been $6.7 billion of capital investment in SC by
• 511,500 SF of Industrial space is under construction. • Housing projects for University of SC total 2,500 new beds,
foreign owned firms since 2011. SC ranks #1 nationally in employment by foreign owned firms. Upstate activity is anchored by BMW and Michelin.
creating a renaissance involving Retailers, Restaurants & bars, and a strong influx of banks to the Innovista & Vista area surrounding the campus.
• Cabela’s is set to open at Eastside’s Magnolia Park, site of former Greenville Mall. Adjacent tenants include Costco, Jaryd Jewelers, Rooms To Go and Firebirds.
• Innovista in Columbia connects businesses, industry, and
• An +/- 800 acre site south of downtown received state
entrepreneurs to the myriad of resources of the University of SC to create jobs, accelerate innovation, and drive economic prosperity in the Midlands region, South Carolina, and around the world.
certification for Industrial/Distribution anchored Mixed-Use development. It is touted by economic development agencies as one of state’s premier development sites.
• First office tenants move into the ONE Development in CBD, joining Retail tenants that include Brooks Brothers and Anthropologie.
• Recent announcements include the planned construction of
800 Apartment units and several hotels including Embassy Suites and Aloft by Starwood. Proposed convention center site announcement is imminent.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
q
q
q
N/A
Vacancy
q
q
q
q
Absorption
p
p
p
N/A
Absorption
p
p
p
p
Rental Rates
q
q
p
N/A
Rental Rates
p
q
p
p
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial United, Realtors
1711 Gervais St. Suite 300 Columbia, SC 29201 (803) 799-4663
www.cbccarolinas.com
Coldwell Banker Commercial Caine
51
117 Williams St. Greenville, SC 29681 (864) 250-2800
www.cbccaine.com
SC - Myrtle Beach
SC - Spartanburg
DEMOGRAPHICS CBSA
Myrtle BeachConwayNorth Myrtle Beach, SC
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
1,134
266,384
110,858
43,184
112,291
7.80%
MARKET HIGHLIGHTS
CBSA
Spartanburg, SC
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
811
288,938
114,780
46,521
107,889
5.90%
MARKET HIGHLIGHTS
• New Retail includes: two new Publix, three Lowes Foods and
• City of Spartanburg starts year 2 of its successful Main St
one new Walmart
Challenge, an entrepreneurial start-up competition that will assist 3 chosen businesses. Start ups will receive $12,000 in rental assistance along with marketing, printing, accounting, etc. to help with their new business opening.
• Vacancy is falling due to improved demand and lower inventory.
• Very strong new housing and Retail. • The market has cleared out a ton of foreclosed inventory. • There is improved consumer outlook and a steady flow of
• 24 new businesses opened or made major renovations in the central business district.
• Northside Initiative continues to gain momentum around
the Medical School and Wofford College. A partnership with the City, Sptbg Housing Authority, Public Safety, Mary Black Foundation is lead by former Mayor and Northside Development. The vision is a thriving, diverse, Mixed-Use neighborhood.
frozen retirees.
• The market is host to three new reality TV shows and strong tourism.
• 4 privately funded spec Industrial buildings are under
construction or approved and will begin in Q1/Q2 with over 550,000 SF. This is the result of a private market recognizing the much documented shortage of Class A Industrial buildings. This is a direct result of local Economic Dev team selling to development community.
• Inland Port opened in October, extending the Port of
Charleston’s reach 212 miles inland to Spartanburg County. The inland port boosts efficiency for international freight movements between the Port of Charleston and companies located across the Southeast.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
q
n
q
q
Vacancy
q
q
q
q
Absorption
p
n
p
p
Absorption
p
p
p
p
Rental Rates
p
p
n
p
Rental Rates
p
p
p
p
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Chicora Real Estate
10225 North Kings Hwy. Myrtle Beach, SC 29572 (843) 272-8700
www.cbcchicora.com
Coldwell Banker Commercial Caine
52
340 E Main St. Suite 100 Spartanburg, SC 29302 (864) 342-2322
www.cbccaine.com
SD - Rapid City
TN - Chattanooga Metro
DEMOGRAPHICS CBSA
Rapid City, SD
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
6,247
125,797
50,124
52,281
51,878
3.80%
MARKET HIGHLIGHTS
CBSA
Chattanooga, TN-GA
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
2,089
526,490
211,265
$47,279
208,265
6.80%
MARKET HIGHLIGHTS
• Walmart adds 2nd store, Scheels is adding on, and the New
• Tourism growth in Bradley County is the highest in TN year
• Vacancy of retail space is minimal. • New construction of boxes is up. Residential sector is
• Amazon and Volkswagen continue to drive job growth in the
• Shortage of inventory. Sellers are experiencing the benefit of
• Wacker Chemie AG construction continues on pace. The new
• Prices are moving up. Inventory is low. • Retail and Medical community are doing great.
• A new 300 acre Industrial site has just become available in
Outdoor Mall is a success.
over year.
area. Volkswagen is considering expanding their plant to produce a new line of SUV’s. Two shifts are operating in the existing plant, and a third shift is possible.
growing.
multiple offers. Buyers must be aware of competition.
integrated site is Wacker’s first polysilicon production facility outside Germany. This billion dollar investment will further drive job growth. southern McMinn County. The site has highway and railroad access. It is less than six miles from I-75.
• Plans for the new Spring Branch Industrial Park along I-75 are being finalized.
• The Cleveland/Bradley County area is home to 12 Fortune
500 companies. This market is positioned for tremendous growth in the next 5 years. Chattanooga, Hamilton County, and Bradley County governments actively support area growth initiatives.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
n
q
N/A
q
Vacancy
N/A
q
q
q
Absorption
n
p
N/A
p
Absorption
N/A
N/A
p
n
Rental Rates
n
n
N/A
p
Rental Rates
N/A
n
n
p
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Lewis-Kirkeby-Hall
2700 West Main Street Rapid City, SD 57702 (605) 343-2700
www.cbcworldwide.com
Coldwell Banker Commercial Hamilton & Associates
53
2650 Peerless Rd. Cleveland, TN 37312 (423) 476-5535
www.hamiltoncommercial.com
TN - Knoxville - East
TN - Nashville MSA
DEMOGRAPHICS CBSA
Knoxville, TN
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
1,857
702,994
297,456
$48,362
307,125
6.00%
MARKET HIGHLIGHTS
CBSA
NashvilleDavidsonFranklin, TN
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
5,687
1,595,554
635,077
$56,636
725,719
5.50%
MARKET HIGHLIGHTS
• Knoxville was designated a Platinum Valley Sustainable
• Music City Convention Center is open and operating. • Construction of a new Baseball Stadium is underway. • Tourism Is soaring. • Hotel occupancy is doing well. • Apartment development is strong. • Medical Office expansion is underway.
Community by TVA; it’s the first city to be so designated.
• The economy continues to improve which is causing vacancy rates for most sectors to either decline or remain steady.
• 2013 saw a continued growth in Retail construction with a
Kroger Marketplace being built in Oak Ridge and a new Retail center under construction in west Knoxville close to a new Kroger Marketplace.
• The Residential market continues to improve with a 15%
increase of units sold for 2013 vs. 2012 for the Knoxville Metro area.
• The Commercial real estate sector continues to recover with an emphasis on high grade investment properties.
• Knoxville was ranked in “Top 10 Best Places to Retire” by Livability.com.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
q
n
n
q
Vacancy
q
n
q
q
Absorption
p
n
n
p
Absorption
p
n
p
p
Rental Rates
q
n
n
p
Rental Rates
n
n
n
p
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Wallace & Wallace, Realtors
124 N. Winston Rd. Knoxville, TN 37919 (865) 690-1111
www.cbcww.com
Coldwell Banker Commercial Professionals
54
114 Cool Springs Blvd. Franklin, TN 37067 (615) 465-3737
www.cbcworldwide.com
TX - Austin
TX - Bryan/College Station
DEMOGRAPHICS CBSA
AustinRound Rock, TX
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
4,224
1,730,983
665,762
$57,641
622,577
4.50%
MARKET HIGHLIGHTS
CBSA
College StationBryan, TX
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
2,106
214,971
88,655
$39,968
60,491
4.60%
MARKET HIGHLIGHTS
• About 1.2 million SF of office space was absorbed in 2012 with
• Bryan/College Station MSA population is exploding! • Existing Office is slower to lease up, but new construction is
companies growing and relocating to Austin.
• Since 2006, the area has added 343,832 residents, but
on the rise again.
apartment construction and single family permits haven’t come close to keeping up
• Retail and Hospitality are very strong, especially Hotels. • Bryan/College Station is ranked #5 by Forbes as the “Best
• Parkway Properties, Inc now owns 2.4 million SF of Office
Small Places For Business and Careers”, and #8 in job growth. Kiplinger ranks Bryan/College Station #3 in the 10 “Best Places To Live”.
space in downtown Austin including the iconic Frost Bank Tower.
• A Houston investment firm has purchased 22.5 acres near
• Bryan/College Station continues to be the new hub for Bio
the Hill Country Galleria and plans to prepare the property for Retail development with an investment of $1.4 million in infrastructure.
Sciences.
• Texas A&M began the $450 million renovation of Kyle Field.
• Forbes ranks Austin #14 in “Best Places For Business & Careers” and #2 in job growth.
• Kiplinger ranks Austin the #6 Best City to live, work, and
play in because it offers a mix of professional opportunities, economic growth and lots of entertainment options.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
q
q
q
q
Vacancy
q
q
N/A
q
Absorption
p
p
p
p
Absorption
p
p
N/A
p
Rental Rates
p
p
p
p
Rental Rates
q
p
N/A
p
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial United, Realtors
2121 Sage Rd. Suite 150 Houston, TX 77056 (713) 840-5000
www.cbcunitedrealtors.com
Coldwell Banker Commercial United, Realtors
55
2121 Sage Rd. Suite 150 Houston, TX 77056 (713) 840-5000
www.cbcunitedrealtors.com
TX - Dallas/Ft. Worth
TX - Houston
DEMOGRAPHICS CBSA
Dallas-Fort WorthArlington, TX
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
8,990
6,521,652
2,375,452
63,092
2,621,455
5.40%
MARKET HIGHLIGHTS
CBSA
HoustonSugar LandBaytown, TX
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
8,928
5,937,339
2,084,052
$65,395
2,246,860
5.50%
MARKET HIGHLIGHTS
• After 18 months of construction, Sundance Square, a 35-block
• Forbes Magazine has named Houston “America’s next great
Office, Retail and entertainment development in downtown Fort Worth, has finished a one-acre outdoor plaza featuring two new Class A Office buildings, several new restaurants, retail shops, a multi-purpose stage, and pavilion.
global city” and has rated it third best for future growth, #25 in “Best Places For Business & Careers”, and #7 in job growth.
• Kiplinger ranks Houston #1 of the “Best Cities to Live,
• At Alliance Airport: Motorola and Google moved in. • #1 rated housing market by Forbes. • Wal-Mart, Motorola, and Amazon have all started investing in
Work and Play” because it offers a mix of professional opportunities, economic growth and lots of entertainment options.
• According to US Bureau of Labor Statistics, non farm
facilities.
employment is up 3% from last year following a gain of 4.1% over the preceding year.
• Fort Worth is #4 “Best Big City for Jobs” by Forbes. • Fort Worth is #6 on “Fastest growing cities after the
• ExxonMobil plans to move to a major new campus now under development in north Houston near The Woodlands.
recession”.
• BP, ConocoPhillips, and Shell Oil are on hiring sprees in the Energy Corridor while Air Liquide is planning their move from their Galleria Headquarters to new buildings under development near Memorial City.
• The Industrial market is thriving. Growth in trade through
the port facilities provides a broad base of product including Warehouse/Distribution and Manufacturing space.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
q
p
q
q
Vacancy
q
q
q
q
Absorption
p
p
p
p
Absorption
p
p
p
p
Rental Rates
p
q
p
p
Rental Rates
p
p
p
p
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Alliance
255 N. Center St. Arlington, TX 76011 (817) 226-0000
www.cbcalliance.com
Coldwell Banker Commercial United, Realtors
56
2121 Sage Rd. Suite 150 Houston, TX 77056 (713) 840-5000
www.cbcunitedrealtors.com
TX - Lubbock
TX - Rio Grande Valley
DEMOGRAPHICS CBSA
Lubbock, TX
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
1,799
279,239
111,087
$41,203
101,281
4.30%
MARKET HIGHLIGHTS
CBSA
McAllenEdinburgMission, TX
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
1,570
751,544
204,655
$31,886
168,988
10.40%
MARKET HIGHLIGHTS
• Jackson Dean Construction has started construction on
• Rio South Texas continues to be the largest border region
• The Lubbock economic index, ramrodded by home sales and
• The Rio Grande Valley is expected to grow by 15% in the next 4
an $18.2 million new Costco store including a 151,999 SF Warehouse and a 2,816 SF fuel facility.
in the entire country ultimately leading to tremendous, Industrial growth.
Retail activity, hit a record high in April, with early indications suggesting no sign of cooling this summer.
years increasing the demand for Multi-Family facilities.
• Mexican national spending showed increases in the range of
• Lubbock ranked among the top 20 cities for college students
35% and shows no signs of slowing.
in the American Institute for Economic Research’s (AIER) College Destinations Index.
• McAllen, TX ranked #1 in the Nation in long term job growth
and continues to be one of the fastest growing metro areas in the Nation.
• Lubbock’s expansion is on solid footing as employment
continues to reach new highs. Nearly all industries are adding jobs.
• Retail development continues at a rapid rate, attracting new concepts to the area.
• Texas Tech University helped sustain nearly 15,000 jobs and
• The Rio Grande Valley is ranked by Forbes as one of the
contributed $1.26 billion to the economic pulse of Lubbock County, according to The Economic Impact of Texas Tech University study.
OFFICE
retail
industrial
Vacancy
q
n
q
n
Absorption
p
n
p
Rental Rates
n
p
p
Nation’s best areas for recession recovery and continues to attract investors from all parts of the country.
OFFICE
retail
industrial
Vacancy
n
n
n
q
n
Absorption
n
n
n
p
p
Rental Rates
n
p
n
n
multi-family
CONTACT
CONTACT
Coldwell Banker Commercial Rick Canup, Realtors
4924 S. Loop 289 Lubbock, TX 79414 (806) 793-0888
www.cbclubbock.com
Coldwell Banker Commercial La Mansion
57
508 E. Dove Ave. McAllen, TX 78504 (956) 631-1322
www.cbclamansion.com
multi-family
TX - South/Central
TX - Southeast
DEMOGRAPHICS CBSA
San Antonio, TX
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
7,340
2,093,608
749,986
$52,389
730,244
5.30%
MARKET HIGHLIGHTS
CBSA
BeaumontPort Arthur, TX
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
2,154
379,235
147,015
$49,974
136,945
9.00%
MARKET HIGHLIGHTS
• Medical facilities and Office continue to expand, Oil and Gas
• OCI has announced a $1B investment in a new plant in
• Less product is coming into the market. • It continues to be difficult to acquire capital for speculative
• Energy Industrial growth is pushing the demand for
activities continue to rise.
southeast Texas.
Warehouse/Laydown Yard and Office space for contractors and suppliers to these developments and expansions.
projects; however, capital is readily available for owner users.
• New Industrial construction on a large scale begins in 2014. • Residential development remains stagnant, and house sales
• Prices, new starts, and existing home sales continue to rise. • Changes for the better are seen across all product lines. • Employment remains stable, job growth is modest in San
are relatively flat.
• There is approval and funding to deepen the ship channel in
Antonio, and migration to Texas remains strong.
order to accept larger ships going through the Panama Canal.
• Major interstate and highway construction is underway and will be completed in 2 years.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
q
q
q
n
Vacancy
q
n
q
N/A
Absorption
p
p
p
p
Absorption
p
n
p
N/A
Rental Rates
p
n
p
n
Rental Rates
n
n
n
N/A
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Alamo City
18756 Stone Oak Pkwy. Suite 202 San Antonio, TX 78259 (210) 483-6250
www.cbcalamo.com
Coldwell Banker Commercial Arnold and Associates
58
One Acadiana Ct. Beaumont, TX 77706 (409) 833-5055
www.cbcaaa.com
TX - Waco
UT - Salt Lake/Utah County
DEMOGRAPHICS CBSA
Waco, TX
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
1,042
234,783
91,531
$44,485
94,029
5.20%
MARKET HIGHLIGHTS
CBSA
Salt Lake City, UT
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
9,539
1,140,107
376,706
$66,176
567,447
3.50%
MARKET HIGHLIGHTS
• Cabela’s opened their first central Texas location in Waco. • The Waco Industrial Foundation purchased 600 acres at the SE
• Xactware is nearly complete with their 200,000 SF space,
housing 1,000 employees. Adobe’s 100 million SF campus in Lehi Utah houses 1,100 employees with future expansion planned. Walmart continues to roll out Neighborhood Market concepts. Popeye’s continues to expand. Mall expansions have been very successful.
corner of I-35 and Hwy 6.
• The NE corner of I-35 and Hwy 6 was sold to a developer.
• High levels of absorption have contributed to vacancy rates falling to healthy levels on all disciplines.
• Construction has decreased as speculative properties fill up
quickly. At this continued rate, it is foreseen that construction will tick up.
• Asking rates will have upward pressure with the new product in the market. Absorption continues to outpace new product.
• With pockets of growth in Southern Salt Lake County and
Northern Utah County, the blending of market boundaries will change. Office campuses, Retail development, and Flex space parks are planned or under construction.
• Utah continues to stay on top as national and international tenants and investors move into the market.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
n
n
n
n
Vacancy
q
q
q
n
Absorption
n
n
p
n
Absorption
p
p
p
n
Rental Rates
q
n
n
n
Rental Rates
p
p
p
n
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Jim Stewart, Realtors
500 N. Valley Mills Dr. Waco, TX 76710 (254) 776-0000
www.coldwellbankercommercialwaco.com
Coldwell Banker Commercial Intermountain
59
6550 South Millrock Dr. Suite 200 Salt Lake City, UT 84121 (801) 947-8300
www.coldwellutah.com
VA - Fredericksburg
VA - Lynchburg
DEMOGRAPHICS CBSA
WashingtonArlingtonAlexandria, DC-VA-MD
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
5,627
5,523,778
2,103,127
$84,548
2,492,165
4.60%
MARKET HIGHLIGHTS
CBSA
Lynchburg, VA
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
2,124
248,585
100,680
$46,100
96,796
5.30%
MARKET HIGHLIGHTS
• Absorption is slowing, which is eroding the vacancies in most
• Lynchburg’s first ever Zaxby’s restaurant broke ground on a
asset classes.
new location with plans to open several more in this market in the near future.
• A fair amount of the Office leasing is a reshuffling of tenants
• Liberty University currently has nearly $500M worth of new
rather than new business entering the market.
construction underway on campus with $300M on the board to start soon. These projects total over 525,000 SF.
• New development in the area is dominated by Residential housing & new Retail (banks, gas, grocery).
• The Residential sector continues to see growth with new
• Spotsylvania Co has rezoned land for 4,000 Home sites since
construction on the rise for medium to high end homes while new Commercial construction remains slow.
July 2013.
• There remains a lot of pent up demand in most sectors facing
• With Liberty University’s new construction of 6,000 on-
the headwinds of Obamacare and government uncertainty.
campus student housing units, Multi-Family developers have broken ground on several projects geared towards young professionals rather than student housing.
• A new minor league baseball Stadium & NASCAR Circuit Track are in development.
• Several new hotels are currently under construction or have sites under contract in the Lynchburg market.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
n
q
p
N/A
Vacancy
p
q
q
q
Absorption
n
p
p
N/A
Absorption
q
p
p
p
Rental Rates
n
p
p
N/A
Rental Rates
n
p
n
n
multi-family
CONTACT
CONTACT
Coldwell Banker Commercial Elite
1201 Central Park Blvd. Fredericksburg, VA 22401 (540) 786-1402
www.cbcelite.com
Coldwell Banker Commercial Read & Co.
60
101 Annjo Ct. Forest, VA 24551 (434) 455-2285
www.cbcread.com
multi-family
VA - Spotsylvania County
VA - Williamsburg/Hampton Roads MSA
DEMOGRAPHICS CBSA
WashingtonArlingtonAlexandria, DC-VA-MD
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
5,627
5,523,778
2,103,127
$84,548
2,492,165
4.60%
MARKET HIGHLIGHTS • Many new restaurants and retail businesses have opened in the Fredericksburg, VA area.
CBSA Virginia BeachNorfolkNewport News, VA-NC
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
2,628
1,677,195
648,009
$59,887
637,163
5.30%
MARKET HIGHLIGHTS
• At 50 feet, the Port of Virginia offers the deepest shipping
channels on the U.S. East Coast, which is a significant factor for growth of the Industrial markets of Chesapeake, Suffolk, Norfolk, Portsmouth, Newport News, Hampton and Williamsburg.
• A new Hyatt Hotel has just been completed in the University of Mary Washington’s (UMW) Eagle Village.
• A new VRE Commuter Rail Station and a NASCAR Circuit Track is planned for Spotsylvania County and a new Minor League Baseball Stadium is planned for Fredericksburg, VA.
• The region’s unemployment rate drops from 6.1 percent in
December 2012 to 5.3 percent this past December as the labor force added several thousand workers to the work force.
• Many new industrial businesses are looking at the Fredericksburg, VA for their next location.
• Office inventory amounted to 48 million SF as of the end of Q4 2013. Class A Office sector consists of 12 million SF.
• The Naval Surface Weapons Center at Dahlgren, VA has attracted some new contractors, a new UMW University Center and a Walmart shopping center.
• Residential saw a 20% increase in the number of units
sold and 27% increase in the sales volume relating to a 6% appreciation in home values as well as a movement in the luxury home market.
• New construction of residential homes, Apartments and luxury Condos are strong.
• International profile continues to grow, hosting 164
• Commercial construction of retail convenience stores and
international firms representing 28 countries.
medical facilities are beginning to take place.
• Residential rents are continuing to rise. Retail, Office and Industrial rents are remaining static.
• The market is stronger than most with an unemployment
rate approx. 2% lower than the national average and unique because of the proximity to the Washington, DC market, the Marine Base and FBI Facilit at Quantico, VA and the Naval Surface Weapons Center at Dahlgren, VA. OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
q
p
n
q
Vacancy
q
q
q
N/A
Absorption
n
n
n
p
Absorption
p
p
p
N/A
Rental Rates
q
q
q
n
Rental Rates
n
n
n
N/A
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Carriage House Realty
520 William St. Fredericksburg, VA 22401 (540) 373-0100
www.carriagehousesells.com
Coldwell Banker Commercial Brooks Real Estate
61
312-B Lightfoot Road Williamsburg, VA 23188 (757) 229-1507
www.cbcbrooks.com
WA - King County
WA - Seattle
DEMOGRAPHICS CBSA
SeattleTacomaBellevue, WA
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
5,894
3,433,786
1,373,207
$67,763
1,502,591
5.40%
MARKET HIGHLIGHTS
CBSA
SeattleTacomaBellevue, WA
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
5,894
3,433,786
1,373,207
$67,763
1,502,591
5.40%
MARKET HIGHLIGHTS
• Quality investment properties are in high demand.
• In-city Multi-Family properties remain strong. • Employers are expanding - but cautiously. • Investors are returning to Industrial properties. • There is an increase in competition among investors for good
National and international investors like the strength of the Puget Sound market.
• Industrial market is expanding. popping up all over the county.
Spec Warehouse projects are
• Land prices continue to increase, mainly Retail, Multi-Family
Multi-Family properties.
and Industrial.
• In-city dirt is still affordable. • Retail is in a quandary. Expansion is on a case by case basis.
• The outlook is good for the overall market.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
q
q
q
q
Vacancy
q
p
n
n
Absorption
p
p
p
p
Absorption
p
q
n
n
Rental Rates
n
p
p
p
Rental Rates
n
q
n
p
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Danforth & Associates
33313 First Way South Federal Way, WA 98003 (253) 874-3200
www.cbcdanforth.com
Coldwell Banker Commercial Danforth & Associates
62
33313 First Way South Federal Way, WA 98003 (253) 874-3200
www.cbcdanforth.com
WA - Tacoma/Puyallup
WA - Vancouver & Southwest
DEMOGRAPHICS CBSA
SeattleTacomaBellevue, WA
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
5,894
3,433,786
1,373,207
$67,763
1,502,591
5.40%
MARKET HIGHLIGHTS
CBSA
PortlandVancouverBeaverton, OR-WA
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
6,684
2,261,246
878,239
$58,563
952,611
6.20%
MARKET HIGHLIGHTS
• Niagra acquired 30 acres in Frederickson for a large
• Expectations are that 2014 will be a strong “come back” year.
• Absorption has been steady, primarily due to job growth and
• Clark County and Vancouver, in particular, were never
Distribution Warehouse. In Tacoma, the 300,000 SF Russel building was absorbed by State Farm.
Activity in all sectors of the Commercial market is stronger than it’s been in the past three years.
consumer confidence.
overbuilt in any of the Commercial sectors. Vacant space did remain unoccupied for longer periods of time during the past economic downturn, but at levels most owners were able to handle.
• Repurposing of big box retail was in, along with BTS for strong tenants/restaurants. Industrial returned with several BTS and even spec DC’s in the market.
• New construction continues at a steady, measured pace.
That said, the majority of new construction has been supported by signed leases with strong tenants. There has been very little true speculative development.
• Steady growth (11% year over year) and construction activity in Residential
• Strong investment sales (NNN and Apartments) with well-
• Residential real estate values have increased by about 12%,
priced properties with cash flow/yield.
spurring an exceptionally strong demand for Residential land. Multi-Family construction is literally going wild, with a large share of it being on the upper end rent scale.
• Strengths of the Puget Sound include Aerospace (Boeing),
Tech (Amazon, Microsoft and Verizon), Healthcare (UW Medical, Franciscans and MultiCare) and the military (Joint Base Lewis McChord).
• The major change in this market is the return of strong optimism.
• Clark County and Vancouver have historically been the
bedroom community for the Portland, Oregon metro area. That’s steadily changing in favor of Southwest Washington having its own identity. Washington does not have a state income tax, and the cost of living is less than in Oregon.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
q
q
q
p
Vacancy
q
q
q
q
Absorption
p
p
p
n
Absorption
p
p
p
p
Rental Rates
n
n
p
n
Rental Rates
p
n
p
p
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Offenbecher
929 East Main # 320 Puyallup, WA 98372 (253) 840-5574
www.offenbecher.com
Coldwell Banker Commercial Jenkins & Associates
63
300 West 15th St. Suite 201 Vancouver, WA 98660 (360) 699-4494
www.cbcorldwidenw.com
WI - Madison, Greater
WI - Rock County
DEMOGRAPHICS CBSA
Madison, WI
DEMOGRAPHICS
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
2,738
574,245
242,725
$65,668
281,044
4.00%
MARKET HIGHLIGHTS
CBSA
Janesville, WI
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
720
160,224
63,135
$54,346
63,044
7.00%
MARKET HIGHLIGHTS
• Epic Systems, a Madison area health care software company,
• Lowest unemployment rate in 5 years posted during the final
is expanding their campus with plans to increase employment from 6,000 to 10,000.
Qtr of 2013.
• The Residential market experienced the highest price points
• Spectrum Brands moved into their new world headquarters. • Apartment vacancy rates in Madison were at 2.05% in Q4 of
in the last four years.
• Retail new construction totaled 33,000 SF, and 31,000 SF of
2013. Several new Apartment projects are coming online.
existing Retail was rehabbed. 2013 set a sales tax record with collections amounting to $10.6 million.
• Madison unemployment rate is at 4%, vs 4.7% the end of 2012. • TDS Communications renewed lease for 320,000 SF in
• There were 12 major projects in 2013- 6 were Manufacturing,
• Recovering housing market with 22% increase of sales over
• The Residential market continues to improve, though
• SF building permits are up 50% in 2013. • Greater Madison economy is the most stable and prosperous
• Multiple Family foreclosure rate dropped 48% in 2013.
4 Logistics and 2 Medical, amounting to 399,000 SF leased or sold.
Madison.
2012, increasing sale prices, decreasing foreclosures and growing new construction activity.
gradually, with average prices increasing (see above). Foreclosures are declining, and upper end housing sales are beginning to come out of the doldrums. Price per unit grew to a healthy $39,250 per unit, up from $31,570 in 2012.
in the state, with the UW-Madison, state government, health care, and expanding bio-tech and info-tech communities growing at steady pace.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
p
n
n
q
Vacancy
p
q
q
q
Absorption
q
p
n
p
Absorption
q
p
p
p
Rental Rates
n
p
n
p
Rental Rates
q
n
p
p
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Success
7609 Elmwood Ave. Suite 102 Middleton, WI 53562 (608) 662-1110
www.cbcommercialsuccess.com
Coldwell Banker Commercial McGuire Mears & Associates
64
400 Midland Ct. Suite 101 Janesville, WI 53546 (608) 752-6325
www.mcguiremears.com
WY - Cheyenne
International Markets DEMOGRAPHICS CBSA
Cheyenne, WY
Square Miles
Population
Households
Household Income Median
Employees (Total)
Unemployment
2,686
89,439
36,986
$60,634
31,977
4.70%
MARKET HIGHLIGHTS
• Strong Technological, Industrial, Distribution and
Manufacturing growth in Cheyenne in 2013 with continued growth expected in 2014.
• Multiple Microsoft investments are under construction in the Cheyenne area, including two new $112 million “Cloud” data centers as well as a “green” fuel cell-powered data center designed to run on biogas generated from a local water treatment plant.
• Gun manufacturing company Magpul Industries is moving to Cheyenne in 2014 and constructing a new $15 million manufacturing Warehouse in the Cheyenne Business Parkway.
• Swan Ranch Industrial Park development continues to bring
regional and national oil and gas operators to the region. Industrial absorption in the area is beginning to be dominated by oil and gas.
• NCAR (National Center for Atmospheric Research) Super
Computer, one of the top 20 super computers in the world, is up and running in the Cheyenne North Range Business Park
• Residential values continue to rise with overall sales and
values at their highest levels since 2007. Several large Apartment and Multi-Family developments are scheduled to break ground in 2014. OFFICE
retail
industrial
Vacancy
p
q
q
q
Absorption
q
q
p
p
Rental Rates
q
n
p
p
multi-family
CONTACT Coldwell Banker Commercial The Property Exchange
255 Storey Blvd. Cheyenne, WY 82009 (307) 632-6481
www.WyomingCommercialBrokers.com
65
Australia - Gold Coast, Queensland
Bermuda
DEMOGRAPHICS CBSA
Gold Coast, Queensland
DEMOGRAPHICS
Square Miles
Population
Households
541
592,000
196,000
Household Income Median
Employees (Total)
Unemployment
$53,000 AUD
231,600
5.66%
CBSA
Bermuda
Square Miles
Population
Households
21
65,400
34,110
Household Income Median
Employees (Total)
Unemployment
$69,183 BD
39,457
3%
MARKET HIGHLIGHTS • On exiting 2013, the general observations were that sentiment MARKET HIGHLIGHTS has improved across Commercial property sectors in general, • Bermuda has the capacity to accommodate growth in Office and that there was an expectation that 2014 was going to deliver and Residential at the most competitive rates. better times. If the tourist accommodation sector is another pointer, holiday makers have flocked to the Gold Coast over the • Government policy changes have been implemented to encourage international companies to set up in Bermuda. current summer period with many operators reporting the best occupancies for many years. • Increased sales inventory and strong buyer interest from both occupiers and investors created 8 commercial property sales • The light rail project has progressed to the extent that a high in 2013. proportion of the infrastructure is now in place, safety fencing removed and trains are testing the line in Southport in readiness • The Rental market is showing a move to quality space at for commissioning by mid 2014. As the infrastructure has prices similar to those paid for spaces leased 5 years ago. unfolded visually, there has been a corresponding sense of
heightened anticipation from traders, local residents and visitors alike, plus increased interest from investors as to available commercial property opportunities along the rail route.
• 2013 also saw the opening of the new $700 million University
Hospital at Parkwood; the continuation of infrastructure construction for the 2018 Gold Coast Commonwealth Games; the announcement of the winning architect for the proposed $300 million City of Gold Coast’s cultural precinct design competition; and ongoing consideration of options for a possible cruise ship/ casino/resort development.
• The majority of leasing interest is internal, but the island is seeing an encouraging increase in external interest.
• As an island destination, foreigners often look to purchase in
Bermuda. The government has recently reduced the licensing fees to 6 and 8% from 18 and 25%.
• 2014 has already seen Pacific Fair partially closed to enable
AMP Capital to instigate their $670 million refurbishment and expansion program, which is scheduled for completion in late 2016. The facility is set to become Queensland’s biggest shopping centre at 150,000 Sq m. OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
q
q
q
q
Vacancy
n
p
n
N/A
Absorption
n
n
n
n
Absorption
p
q
n
N/A
Rental Rates
n
n
p
p
Rental Rates
n
q
n
N/A
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial GC Property Group
Shop 1, 29 Tedder Ave. Main Beach Gold Coast, Queensland 4217 +61 7 5528 3088
www.cbcommercial.com.au
Coldwell Banker Commercial Bermuda Realty
66
11 Par la Ville Rd. Hamilton, Bermuda HM HX +1 (441) 292-1793
www.bermudacommercial.com
Canada - Aurora, Ontario
Canada - Barrie, Ontario
DEMOGRAPHICS CBSA
Aurora, Ontario
DEMOGRAPHICS
Square Miles
Population
Households
19
56,931
19,027
Household Income Median
Employees (Total)
Unemployment
$157,000 CAD
27,500
1.20%
MARKET HIGHLIGHTS
CBSA
Barrie, Ontario
Square Miles
Population
Households
30
136,063
51,400
Household Income Median
Employees (Total)
Unemployment
$67,500 CAD
97,657
4.30%
MARKET HIGHLIGHTS
• Aurora is home to the Magna International headquarters and
• IBM opened a Smart Data Centre in Barrie. • Low tax rates and high tech employment keep vacancy low. • The Barrie population is one of the fastest growing in Canada. • Housing remains strong in Barrie. • Greenspace just outside city limits was approved for
Desjardins (previously Statefarm) national head office.
• Aurora is a highly affluent town about 20kms north of Toronto. • New construction currently resides on the east and west side of Leslie Street.
• Resale home prices continue to rise in high demand Aurora. • Aurora’s population is expected to reach 70,000 by 2020. • Aurora is a twin city of Leksand, Sweden.
OFFICE
retail
industrial
Vacancy
q
p
n
q
Absorption
p
q
n
Rental Rates
p
n
n
development.
• Redevelopment of the downtown core continues to change the face of the city.
OFFICE
retail
industrial
Vacancy
n
q
n
n
p
Absorption
n
p
n
n
p
Rental Rates
n
n
n
n
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial The Real Estate Centre
2162 Major Mackenzie Dr. Vaughan, Ontario L6A 1P7 (905) 895-8615
www.cbtreccommercial.com
Coldwell Banker Commercial The Real Estate Centre
67
2162 Major Mackenzie Dr. Vaughan, Ontario L6A 1P7 (705) 722-8191
www.cbtreccommercial.com
Canada - Campbell River, British Columbia
Canada - Courtenay/Comox, British Columbia
DEMOGRAPHICS CBSA
Campbell River, BC
DEMOGRAPHICS
Square Miles
Population
Households
55
42,000
15,420
Household Income Median
Employees (Total)
Unemployment
$69,342 CAD
15,240
6.20%
MARKET HIGHLIGHTS
CBSA Courtenay/ Comox/ Comox Regional District, BC
Square Miles
Population
Households
660
65,100
16,043
Household Income Median
Employees (Total)
Unemployment
$71,347 CAD
49,140
6.50%
MARKET HIGHLIGHTS
• British Colombia is in the midst of a construction boom. • The $1.35 billion 5 year John Hart Dam construction project
• A $365 million regional hospital was awarded by the VIHA. • The 146,000 SF Costco Store (largest on Vancouver Island)
• A $266 million regional hospital has been awarded by VIHA. • Quicksilver Resources announced plans for a LNG plant at Elk
• The new Thrifty Mall opened in 2013.
started in 2013.
opened in June 2011.
and Office space to the market.
It provided new Retail
Falls mill site.
• Campbell River is the recreational salmon fishing capital of North America.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
q
q
q
q
Vacancy
p
p
p
q
Absorption
p
p
p
p
Absorption
N/A
q
N/A
N/A
Rental Rates
p
p
p
p
Rental Rates
q
q
q
p
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Slegg Realty
350 17th St. Courtenay, Vancouver Island V9N 1Y4 (250) 898-8790
www.cbcworldwide.com
Coldwell Banker Commercial Slegg Realty
68
350 17th St. Courtenay, Vancouver Island V 9N 1Y4 (250) 898-8790
www.cbcworldwide.com
Canada - Innisfil, Ontario
Canada - Nanaimo, British Columbia
DEMOGRAPHICS CBSA
DEMOGRAPHICS
Square Miles
Population
Households
109
32,727
13,797
Innisfil, Ontario
Household Income Median
Employees (Total)
Unemployment
$71,676 CAD
12,040
4.30%
MARKET HIGHLIGHTS
CBSA
Nanaimo, British Columbia
Square Miles
Population
Households
91.3
102,500
41,900
Household Income Median
Employees (Total)
Unemployment
$27,840 CAD
32,560
4.20%
MARKET HIGHLIGHTS
• Located just outside Barrie, Innisfil is becoming a high
• Target has moved into the area. • A 100,000 SF Canadian Tire was built. • A $50 Million 4-Star International Hotel Tower is being built.
demand community to live in.
• Innisfil’s Commercial core is being revitalized to suit new business.
This will result in 70,000 Chinese tourists and investors visiting the city each year.
• Innisfil’s new home construction is growing by about 6.1% per year.
• The Residential market is on the rise. • Over 30 businesses were sold in the last 12 months to foreign
• Cottage lakefront properties located on Lake Simcoe are in high demand.
immigrants.
• The market is host to large amounts of rural areas with
• A new high speed foot passenger ferry to downtown
redevelopment potential.
Vancouver is coming this spring.
• Georgian Downs Harness Racetrack is located along the highway in Innisfil.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
n
p
n
n
Vacancy
p
p
p
p
Absorption
n
n
n
n
Absorption
q
q
q
p
Rental Rates
n
n
n
n
Rental Rates
q
q
p
n
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial The Real Estate Centre
2162 Major Mackenzie Dr. Vaughan, Ontario L6A 1P7 (705) 436-5111
www.cbtreccommercial.com
Coldwell Banker Commercial Slegg Realty
69
#17-4980 Rutherford Rd. Nanaimo, British Columbia V9T 4Z4 (866) 664-3444
www.cbcworldwide.com
Canada - Newmarket, Ontario
Canada - Orillia, Ontario
DEMOGRAPHICS CBSA
Newmarket, Ontario
DEMOGRAPHICS
Square Miles
Population
Households
14
83,000
26,000
Household Income Median
Employees (Total)
Unemployment
$96,680 CAD
66,305
1.30%
MARKET HIGHLIGHTS
CBSA
Orillia, Ontario
Square Miles
Population
Households
11
30,586
11,234
Household Income Median
Employees (Total)
Unemployment
$56,951 CAD
11,324
4.30%
MARKET HIGHLIGHTS
• Magna is still a major employer for the Newmarket area. • Vacancy is falling due to successful local business climate. • Rapid transit project for Davis Drive nears the halfway point. • Residential development continues in north-west and south-
• Casino Rama remains Orillia’s largest employer. • Downtown revitalization brings new small businesses. • The city has experienced moderate growth at rates around 1.9%.
• New homes are being constructed in the north-west section of
east sections of the town.
the city.
• Redevelopment of Davis Drive will change the face of
• The Ontario provincial police headquarters remains a large
Newmarket.
public sector employer.
• Newmarket is home to Southlake Regional Health Centre and
• Orillia is known as the “sunshine city” or “mariposa”, taking
Stronach Cancer Centre.
the moniker from the sunshine sketches of a little town by Stephen Leacock.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
n
p
n
q
Vacancy
p
p
n
n
Absorption
n
q
n
p
Absorption
n
n
n
n
Rental Rates
n
n
n
p
Rental Rates
q
n
n
n
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial The Real Estate Centre
2162 Major Mackenzie Dr. Vaughan, Ontario L6A 1P7 (905) 895-8615
www.cbtreccommercial.com
Coldwell Banker Commercial The Real Estate Centre
70
2162 Major Mackenzie Dr. Vaughan, Ontario L6A 1P7 (705) 325-5055
www.cbtreccommercial.com
Canada - Ottawa, Ontario
Canada - Richmond Hill, Ontario
DEMOGRAPHICS CBSA
Ottawa, Ontario
DEMOGRAPHICS
Square Miles
Population
Households
1,801
1,200,000
420,000
Household Income Median
Employees (Total)
Unemployment
$93,280 USD
695,000
6.90%
MARKET HIGHLIGHTS • Unemployment rate in National Capital Region increases for 3rd straight month. The federal government, the largest employer (25% of workforce and occupying 60% of office space in Ottawa) sheds 10,600 employees in 2013. Other contributors are Retail and Construction. This has had a substantial impact on the local market and is expected to continue into 2014.
CBSA
Richmond Hill, Ontario
Square Miles
Population
Households
39
185,541
46,075
Household Income Median
Employees (Total)
Unemployment
$84,000 CAD
95,432
3.70%
MARKET HIGHLIGHTS
• Rapid transit via TTC is a major boost to the local economy. • Vacancy is falling due to successful local business climate. • Yonge Street’s Condo Development is tremendous. • Most new developed resides along Sefferson Sideroad and multiple Infill projects across the town.
• Office vacancy rates increased in downtown market while
• Most business in Richmond Hill are small businesses, with
they decreased in the suburbs. Overall vacancy rate is at 10.7% (793,000 SF). Landlords reduced rents and increased inducements to retain and attract tenants.
more than half of all employers in the town having four workers or fewer.
• Once considered the “rose capital of the world”, Richmond
• Industrial vacancy rate increased 0.1% to reach 6.1%. West
Hill has in recent years seen a huge population upsurge, being Canada’s fastest-growing community in the 1990s.
Suburbs increased from 8.9% to 9.4%, while East Suburbs decreased from 4.1% to 4.0%. Overall negative absorption of 30,000 SF. Rental rates are stable.
• New 360,000 SF Class A downtown Office building at 150 Elgin Street (Morguard Investments) is leasing well, attracting tenants from Class A, B & C buildings located in core and also fringe markets. This is attracting new businesses into Ottawa as well as core at below market rates.
• Residential condo developments continue to be active and
in demand. A municipal program to increase densification in older, central neighborhoods is in play. Traffic and parking may become an issue. Ottawa’s new LRT line, designed to ease congestion in and out of core, is under construction. OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
p
n
n
q
Vacancy
q
n
p
q
Absorption
q
q
q
p
Absorption
p
n
n
n
Rental Rates
q
n
n
p
Rental Rates
n
n
n
n
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial First Ottawa Realty, Brokerage
1749 Woodward Dr. Ottawa, Ontario K2C 0P9 (613) 728-2664
www.ottawacommercialproperties.com
Coldwell Banker Commercial The Real Estate Centre
71
2162 Major Mackenzie Dr. Vaughan, Ontario L6A 1P7 (905) 737-5700
www.cbtreccommercial.com
Canada - Vaughan, Ontario
Canada - Victoria/Capital Regional, BC
DEMOGRAPHICS CBSA
Vaughan, Ontario
DEMOGRAPHICS
Square Miles
Population
Households
105
290,000
85,000
Household Income Median
Employees (Total)
Unemployment
$105,000 CAD
210,100
2.80%
MARKET HIGHLIGHTS
CBSA
Victoria/ Capital Regional District, BC
Square Miles
Population
Households
904
360,000
153,300
Household Income Median
Employees (Total)
Unemployment
$79,350 CAD
183,700
5.20%
MARKET HIGHLIGHTS
• Home to Canada’s Wonderland and the McMichael Art Gallery. • Vacancy is falling due to successful local business climate. • Industrial development along highway 400 dominates real
• Provincial (State) capital has been providing large number of government employees and profits from their spending.
• BC is home to three universities. • Esquimalt Naval Base houses Canada’ Pacific Fleet. • The above 3 facts provide economic stability, high employment
estate development.
• Vaughan is one of southern Ontario’s fastest growing cities.
According to Canadian statistics, the population grew 37.3% in a mere four-year period (more than 9.3% annually).
& high incomes.
• Seaspan Shipyards recently won a large government
• The population has doubled since 1991. • Mackenzie Vaughan Hospital is the new hospital proposed
shipbuilding contract in British Columbia.
• There is an increasing number of Multi-Family buyers
along major Mackenzie Drive (between highway 400 and Jane Street).
OFFICE
retail
industrial
Vacancy
n
n
q
q
Absorption
n
n
p
Rental Rates
p
n
n
entering market from offshore.
OFFICE
retail
industrial
Vacancy
p
q
p
p
p
Absorption
q
p
p
q
n
Rental Rates
q
p
q
p
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial The Real Estate Centre
2162 Major Mackenzie Dr. Vaughan, Ontario L6A 1P7 (905) 737-5700
www.cbtreccommercial.com
Coldwell Banker Commercial Slegg Realty
72
3194 Douglas Ave. Victoria, British Columbia V8Z 3K6 (250) 383-1500
www.cbcworldwide.com
Canada - Waterloo Region, Ontario
Canada - Winnipeg Area, Manitoba
DEMOGRAPHICS CBSA
Waterloo Region, Ontario
DEMOGRAPHICS
Square Miles
Population
Households
528
553,000
202,121
Household Income Median
Employees (Total)
Unemployment
$79,020 CAD
296,700
7%
MARKET HIGHLIGHTS • In December, BlackBerry announced the sale of five office buildings in Waterloo to the University of Waterloo in a $41-million deal that is scheduled to close Feb. 14. U of W plans to occupy three of the buildings and lease back the other two to BlackBerry for a period of up to five years.
CBSA
Winnipeg Area, Manitoba
Square Miles
Population
Households
184
750,000
262,000
Household Income Median
Employees (Total)
Unemployment
$47,000 CAD
350,000
5.20%
MARKET HIGHLIGHTS
• CentrePort Transportation hub is located near the geographical center of Canada and the US.
• Immigration is putting pressure on all areas. • New major tenants include: Ikea, Cabela’s and Facebook. • Cheap electricity rates are a major draw for manufacturing. • The Canadian Museum of Human Rights is set to open in 2014. • Major expansion is occurring at the Winnipeg Convention
• The BlackBerry portfolio in Canada has now been brought
to market. This includes 13 buildings in Waterloo and 2 in Cambridge, totaling more than 3 million SF of space opening up opportunity for many companies in the region looking for Class A space. “BlackBerry remains committed to being headquartered in Waterloo,” CEO John Chen said in the news release and plans to lease back some of the space.
Center.
• Development has begun along the rail lines in preparation for Light Rail Transit in Waterloo Region. Properties have been purchased, buildings are being removed, and stations are under construction. Construction could begin this summer on a 19km stretch of track that is part of stage 1 of the plan.
• Aeryon Labs Inc announced a new office location and
expansion for the second time in two years, now occupying 40,000 SF of Office and Manufacturing space in Waterloo. The move is a result of significant growth that the company has realized in the last few years. The company is a provider of the small Unmanned Aerial System (sUAS) to civil and military customers and other commercial business partners around the globe. John Hoffman, sales representative, Coldwell Banker Peter Benninger Realty, represented the Landlord. OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
n
n
p
p
Vacancy
N/A
N/A
N/A
n
Absorption
p
n
n
q
Absorption
N/A
N/A
N/A
N/A
Rental Rates
n
n
q
p
Rental Rates
N/A
N/A
N/A
p
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Peter Benninger Realty, Brokerage
508 Riverbend Dr. Kitchener, Ontario N2K 3S2 (519) 743-5211
www.coldwellbankercommercial.ca
Coldwell Banker Commercial Preferred
73
5-1530 Taylor Ave. Winnipeg, Manitoba R23N 1Y1 (204) 985-4300
www.coldwellbanker-winnipeg.com
Cayman Islands - Grand Cayman
Costa Rica
DEMOGRAPHICS CBSA
Grand Cayman
DEMOGRAPHICS
Square Miles
Population
Households
75
55,000
15,000
Household Income Median
Employees (Total)
Unemployment
$6,5000 USD
38,500
6%
MARKET HIGHLIGHTS
CBSA
Costa Rica
Square Miles
Population
Households
19,653
4,586,353
1,300,000
Household Income Median
Employees (Total)
Unemployment
$12,600 CRC
2,198,000
7.50%
MARKET HIGHLIGHTS
• Grand Cayman is home to the largest Office market of all the
• Starbucks opened its first location in Costa Rica. • There has been a 57% Increase in gross sales volume for
offshore financial centers in the Caribbean.
• Demand for first generation Class A Office space remains
Coldwell Banker Costa Rica.
high.
• GDP has grown by 5.1% in 2012. • Free Trade Zones continue to expand, which is attracting
• The demand for 2nd and 3rd generation Class B space softens as new developments outside of downtown Georgetown are built.
international companies.
• Major improvements in highway and transportation continue.
• Retail remains strong with 5.8% vacancy, which mostly exists in areas with low exposure.
• Overall Office rates have stabilized in Cayman’s 3 million SF Office market.
• Retail rents have stabilized in Grand Cayman’s 1.2 million SF Retail market.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
n
n
n
n
Vacancy
p
p
q
p
Absorption
n
n
n
n
Absorption
q
q
p
q
Rental Rates
n
n
q
n
Rental Rates
q
q
p
q
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Cayman Islands Realty
1364 Bay Rd. Georgetown, Grand Cayman PO BOX 32308 1 345 945-4411
www.caymanislandsrealty.com
Coldwell Banker Commercial Costa Rica
74
50 Meters North of Hotel Roca Verde Dominical, Puntarenas 8000 (877) 211-5275
www.coldwellbankercostarica.com
France
Greece
DEMOGRAPHICS Square Miles
CBSA
France
DEMOGRAPHICS
674 843 km²
Population
Households
Household Income Median
Employees (Total)
Unemployment
65,700,000
N/A
N/A
N/A
5.70%
MARKET HIGHLIGHTS
CBSA
Square Miles
Population
Households
Greece
50,949
10,815,197
3,664,392
Household Income Median
Employees (Total)
Unemployment
€21,888 EUR
3,793,100
24.20%
MARKET HIGHLIGHTS
• Company owners anticipate an economic growth: 2/3 of
• 2013 ended with the sale/privatization of “Astir Vouliagmenis”
• 54% of French companies take a maximum of 6 months to find
• Vacancy in all types of real estate is constantly rising due to
the company’s office search is linked to the economy’s improvement.
to Jermyn Street Real Estate Fund IV LP following the improved financial offer amounting to €400 million.
their offices (against 44% in 2012). Less than 20% of French companies have a year to find their office (1/3 in 2012).
ongoing recession for a record 6th consecutive year.
• Real estate deals in Greece totalled €1.8 billion for 2013. 2013
• French companies are attracted by short-term office solutions
ranks as one of the best years of late.
(like business centers): 1/4 of French companies follow that trend (3 times more than in 2012).
• The resurrection of the Residential market depends upon
foreign buyers wishing to purchase vacation homes and take advantage of the new Greek residence permit law.
• 80% of companies’ managers consider online websites for their office search.
• A stable property taxation system has finally been
• In Q3 2013, GNP shows a decrease of 0.1% after a 0.6 increase
established. Greece is hoping to attract overseas investments.
in Q2 2013. In 2013, unemployment rate increased to 5.7% (approx. 3 million unemployed, which impacts the Offices market).
OFFICE
retail
industrial
Vacancy
p
q
q
n
Absorption
q
q
p
Rental Rates
q
q
n
• Property prices have fallen as much as 50% from 2009, making Greece very attractive to investors.
OFFICE
retail
industrial
Vacancy
p
p
N/A
p
n
Absorption
q
q
N/A
q
n
Rental Rates
q
q
N/A
q
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial France & Monaco
8 Rue Lamennais Paris, Ile de France 75008 +33 01 83 53 53 53
www.coldwellbanker.fr
Coldwell Banker Commercial Hellas
75
Omirou 8 Athens, Attica 10564 (+30) (210) 322-8228
www.cbcworldwide.com
Ireland - Republic of Ireland
Italy
DEMOGRAPHICS CBSA
Republic of Ireland
DEMOGRAPHICS
Square Miles
Population
Households
45,000
4,600,000
1,850,000
Household Income Median
Employees (Total)
Unemployment
€33,000 EUR
2,000,000
12.50%
MARKET HIGHLIGHTS
Square Miles
CBSA
Italy
Population
Households
116,303 60,900,000 25,000,000
Household Income Median
Employees (Total)
Unemployment
€32,650 EUR
22,750,000
12%
MARKET HIGHLIGHTS
• Ireland exits Bailout Program with IMF and EU. • Capital values rose for the first time since 2008. • Annual value of transactions has doubled throughout 2012. • Dublin sees the largest increases in values. • Irish economic growth is predicted to top the EU. • Finance availability has improved slightly, but remains poor.
• The sentiment of the Italian real estate market has become positive due to the fact that Italy is back on the foreign investors’ radar.
• In 2013, the Italian real estate industry, especially in Q3 and
Q4, has shown a strong interest by institutional investors, mostly foreign, especially in the Retail and Hospitality sectors.
• As a result, an analysis of the Italian Real Estate investment
volume has highlighted a positive trend: Q4 has more than doubled ($1.8 billion) in terms of volume compared to the first, scoring a total volume on an annual basis to $4.8 billion.
• This recovery is mainly due to an increase of Italian political and financial stability as well as an effective policy of repricing.
• The prime market values remain stable. The demand for
quality products placed in central locations with a low risk profile remain highly valued by investors.
• The Office market in general is down and has recorded
decreases in the values of prime rent. However, the supply of office space has increased again since companies are reducing the space occupied. This trend will continue as a growth of employment should occur before the end of 2014.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
q
n
q
q
Vacancy
p
q
p
n
Absorption
p
n
p
p
Absorption
n
p
q
n
Rental Rates
p
n
n
p
Rental Rates
q
n
q
n
multi-family
CONTACT
CONTACT
Coldwell Banker Commercial Property Consultants
32 Lower Leeson St. Dublin, Ireland 2 (+ 353) (1) 411-0012
www.coldwellbankercommercial.ie
Coldwell Banker Commercial S.p.A.
76
Via Sardegna, 50 Rome, Italy 00187 +39 06 3974.0456
www.cbcommercial.it
multi-family
México - México City
Puerto Rico
DEMOGRAPHICS Square Miles
CBSA
México
DEMOGRAPHICS Population
1,964,375 119,426,000 km2
Households
Household Income Median
Employees (Total)
Unemployment
N/A
N/A
52,309,335
N/A
MARKET HIGHLIGHTS
• During 2013, performance of domestic demand was somewhat slow, mainly due to the economic conditions of the country, which led to a drop in consumption.
• It is estimated that in 2014, there will be a GDP growth
CBSA
Puerto Rico
Square Miles
Population
Households
3,562
3,526,677
854,987
Household Income Median
Employees (Total)
Unemployment
$31,000 USD
1,197,200
15.40%
MARKET HIGHLIGHTS • Major Retail & food industry franchises are opening shop inside the island. Their main focus has been in the central of the island and other larger cities with higher density. Consumer product purchase is high with a 10% increase from last year.
between 3.5% and 4%, with inflation at less than 3.7%, which will help revive domestic consumption and growth for the Retail sector as in previous years.
• Several large scale energy suppliers and services have been speculating sectors inside the island while making large purchases of land on the central and south end of the island.
• This year started with defined reforms.
This allows companies to focus on their strategies for either expansion or reduction, by generating movements in the property market in the first quarter of the year.
• Hotel and Hospitality sectors have seen an increase of over 25% with new chains absorbing independent hotel owners. Financial investment and upgrades have given a positive impact to the island in these acquisitions.
• The investment performed by the government and private
• The lack of funding for Commercial structures inside the
entities in past years on infrastructure and connectivity, along with the certainty of changes in structural reforms, leads the way for a market recovery, providing logistical and cost benefits to markets motivated by connectivity.
island has caused a decrease in market value as well as an increased the buyers pool of outside investors who are attracted to the high commercial rent and lower property tax.
• According to reports from the National Association of
• Foreclosure of Land and Commercial buildings are on
• In the period 2014-2017, more than 1.3 million Sq m will be
• Many of the Tax Incentives that were offered to outside
the rise, giving investors great opportunities. Financial institutions are more open to price negotiation with their Commercial properties.
Supermarkets and Department Stores (ANTAD), this year the market accumulated a nominal 5.2% growth in total stores, including all openings in the last 13 months.
inventors and over seas investors have been eliminated, but there are future legislative bills that hope to establish new Tax Incentives in and outside of the Commercial Real Estate sector.
constructed in 42 buildings, within 10 Office submarkets.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
p
q
p
N/A
Vacancy
p
n
p
q
Absorption
p
p
p
N/A
Absorption
q
q
q
p
Rental Rates
p
n
q
N/A
Rental Rates
q
q
q
p
multi-family
CONTACT
multi-family
CONTACT
Coldwell Banker Commercial Mexico
Montes Urales 415 1 Lomas de Chapultepec Mexico, Mexico 11000 (55) 4162-1000
www.cbcmexico.mx
Coldwell Banker Commercial KF Real Estate
77
530 Constitution Ave. San Juan, Puerto Rico 00901 (787) 433-0077
www.cbcommercialpr.com
Spain
United Arab Emirates - Dubai
DEMOGRAPHICS Square Miles
CBSA
Spain
DEMOGRAPHICS Population
Households
504,782 45,000,000 15,000,000
Household Income Median
Employees (Total)
Unemployment
$24,000 USD
23,000,000
25%
MARKET HIGHLIGHTS
Square Miles
Population
Households
2550.68
2,106,000
148785
CBSA
Dubai
Household Income Median
Employees (Total)
Unemployment
18,248.6 AED
N/A
N/A
MARKET HIGHLIGHTS
• Spain is recovering faster than expected. Foreign investment
• The major tenant that moved into the market was a large
• The crisis has decimated the real estate sector, leaving
• Vacancy is falling because of UAE regulation and tax free
• The lack of backing from the financial sector and the locals
• New construction is going on. • There are big changes in the Residential market according to
flows to Spain again.
multinational oil company.
incredible opportunities behind.
initiatives. This is attracting companies to move in.
opens the door to foreign investors, who are taking advantage of low prices.
the demand. There are more than 400 new companies opening every month with new employees moving from all around the world to Dubai.
• The Residential market in premium areas of Barcelona and
Madrid is expected to go up again in 2014. There is a need of new construction in the downtown areas of Barcelona and Madrid.
• New companies have moved in, and investors have started to invest again in good opportunities and bulk deals.
• The unemployment rate is still high in Spain. This is directly
• The most interest in the area is in tax free country, high
affecting local consumption and of course real estate prices, mainly all over the country.
end property, rules and regulation, and good investment opportunities.
• As seen in the last 12 months, Spain has reached the turning point, and this is the entry point for foreign investors.
OFFICE
retail
industrial
OFFICE
retail
industrial
Vacancy
n
n
q
n
Vacancy
q
q
q
q
Absorption
p
p
p
p
Absorption
N/A
N/A
N/A
N/A
Rental Rates
n
n
n
n
Rental Rates
p
p
p
p
multi-family
CONTACT
CONTACT
Coldwell Banker Commercial Spain
Avda. Diagonal 433, 3º 2ª Barcelona, Cataluña 8036 (+34) 93 241 30 82
www.cbc-spain.com
Coldwell Banker Commercial UAE (Mega Homes Real Estate)
78
Citadel Tower Dubai, U.A.E 73618 +971 4 439 1200
www.coldwellbanker-ae.com
multi-family
INDEX BY MARKET Acadiana, LA Albany/Capital Region, NY Albuquerque MSA, NM Antelope Valley, CA Athens, GA Atlanta MSA, GA Atlanta, Greater MSA, GA Austin, TX Bloomington/Normal, IL Brevard County, FL Bryan/College Station, TX Bucks Co, PA/Hunterdon Co, NJ, PA/NJ Buffalo/Rochester, NY Carmel/Monterey Peninsula, CA Central New Jersey, NJ Champaign/Urbana, IL Charleston MSA, SC Charlotte MSA, NC Chattanooga Metro, TN Cheyenne, WY Chicagoland, IL Chico, CA Cincinnati, OH Columbia, SC Corona/Riverside, CA Dallas/Ft. Worth, TX Daytona Beach/Ormond Beach, FL Denver County, CO Denver, CO DuPage County, IL Fargo/Moorhead, ND Florida Keys, FL Fredericksburg, VA Gainesville, FL Garden City, KS Greenville, SC Gulfport/Biloxi, MS Honolulu, HI Houston County, AL Houston, TX Huntsville, AL Indianapolis, IN Inland Empire/Victor Valley, CA Jacksonville, FL Kansas City Metro Area, KS King County, WA Knoxville - East, TN Kootenai County, ID Lackawanna/Luzerne Counties, PA Lakeland/Winter Haven MSA, FL Lincoln, NE Little Rock, AR Long Beach/South Bay, CA Long Island, NY Los Angeles/San Fernando/San Gabriel, CA Louisville Metro, KY Lubbock, TX Lynchburg, VA Macon, Bibb County, GA Madison, Greater, WI Mankato, MN Melbourne/Palm Bay/Titusville, FL Miami-Dade County, FL Midcoast, ME Minneapolis Metro, MN Modesto MSA, CA Montgomery/Central, AL Morris County, NJ Myrtle Beach, SC Napa/Sonoma Valleys, CA Naples/Ft. Myers, FL Nashville MSA, TN New Hanover County, NC New Orleans, LA New York, NY Newport Beach, CA
37 43 43 6 27 28 28 55 31 17 55 49 44 7 41 32 50 45 53 65 32 7 47 51 8 56 18 16 15 33 46 18 60 19 34 51 39 30 4 56 4 34 8 19 35 62 54 31 49 20 40 5 9 44 9 35 57 60 29 64 38 20 21 38 39 10 5 42 52 10 21 54 46 37 45 11
Northern, NJ Oklahoma City MSA, OK Orange City/Debary, FL Orange County Coast, CA Orange County, CA Orlando MSA, FL Paducah/McCracken County, KY Peachtree City, GA Pittsburgh, PA Port Orange/New Smyrna Beach, FL Port St Lucie, FL Portland, OR Rapid City, SD Reno/Sparks MSA, NV Rio Grande Valley, TX Rock County, WI Roseville/Placer County, CA Sacramento, CA Salem/Keizer, OR Salt Lake/Utah County, UT San Bernardino/Inland Empire, CA San Diego, CA San Mateo County, CA Sarasota/Manatee/Charlotte, FL Savannah, GA Seattle, WA South Florida, FL South/Central, TX Southeast, FL Southeast, TX Southern, KY Southwest Riverside County, CA Spartanburg, SC Spotsylvania County, VA St Lucie County, FL St. Joseph, MO Tacoma/Puyallup, WA Tallahassee, FL Tampa Bay, FL Tazewell County, IL Vancouver & Southwest, WA Vero Beach, FL Waco, TX West Los Angeles, CA Western, CO Western, CT Williamsburg/Hampton Roads MSA, VA
42 47 22 12 11 22 36 29 50 23 23 48 53 41 57 64 6 12 48 59 13 13 14 24 30 62 25 58 25 58 36 14 52 61 24 40 63 26 26 33 63 27 59 15 16 17 61
INTERNATIONAL Bermuda 66 Canada - Aurora, Ontario 67 - Barrie, Ontario 67 - Campbell River, British Columbia 68 - Courtenay/Comox, British Columbia 68 - Innisfil, Ontario 69 - Nanaimo, British Columbia 69 - Newmarket, Ontario 70 - Orillia, Ontario 70 - Ottawa, Ontario 71 - Richmond Hill, Ontario 71 - Vaughan, Ontario 72 - Victoria/Capital Regional, British Columbia 72 - Waterloo Region, Ontario 73 - Winnipeg Area, Manitoba 73 Cayman Islands - Grand Cayman 74 Costa Rica 74 France 75 Greece 75 Ireland - Republic of Ireland 76 Italy 76 México - México City 77 Puerto Rico 77 Spain 78 United Arab Emirates - Dubai 78
Sources of Information & Disclaimer Each market information comes from the CBC affiliate listed as the contact. Information is deemed from sources considered reliable. Various sources of the data include but are not limited to: CoStar, Reis and LoopNet. Demographic information was accessed from EASI Demographics and 2010 Census. A Core Based Statistical Area (CBSA) is a U.S. geographic area defined by the Office of Management and Budget (OMB) based around an urban center of at least 10,000 people and adjacent areas that are socioeconomically tied to the urban center by commuting. Unemployment numbers were taken from Bureau of Labor Statistics. ©2014 Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates. All Rights Reserved. Coldwell Banker Commercial Affiliates fully supports the principles of the Equal Opportunity Act. Each Office is Independently Owned and Operated. Coldwell Banker Commercial and the Coldwell Banker Commercial Logo are registered service marks owned by Coldwell Banker Real Estate LLC.
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