MARKET INTELLIGENCE
FOR COMMERCIAL REAL ESTATE
Download the digital edition at
CBCworldwide.com
US TRENDS* The Coldwell Banker Commercial® (CBC) Blue Book offers a unique market perspective with data generated by true commercial real estate market experts – the professionals of the Coldwell Banker Commercial companies within the local markets. In total, there are over 165 domestic and international markets covered in this edition of the Blue Book. Below are the US market statistics. Office
Vacancy Absorption Rental Rates
MF
Retail
Industrial
Q4 2013
Q4 2014
Q4 2013
Q4 2014
Q4 2013
Q4 2014
Q4 2013
Q4 2014
16.9%
16.7%
10.4%
10.2%
4.3%
4.2%
9.5%
9.0%
25,348,000
33,489,000
12,979,000
10,779,000
159,723
161,187
96,277,000 107,653,000
$29.08
$29.94
$19.34
$19.69
$1,133
$1,172
$4.69
$4.80
Source: Reis
The charts below represent how many of the 132 US markets submitted in this book are Up, Down or had No Change.*
Vacancy
9 Markets 95 Markets 26 Markets
11 Markets 97 Markets 20 Markets
17 Markets 80 Markets 13 Markets
9 Markets 95 Markets 21 Markets
Absorption
87 Markets 14 Markets 26 Markets
98 Markets 14 Markets 15 Markets
79 Markets 9 Markets 19 Markets
92 Markets 11 Markets 22 Markets
Rental Rates
66 Markets 20 Markets 44 Markets
81 Markets 8 Markets 39 Markets
88 Markets 5 Markets 17 Markets
78 Markets 9 Markets 38 Markets
*Based off 132 US Markets (Information was N/A in certain sectors)
Unemployment
10 Markets 119 Markets 3 Markets
Dec 2013 vs Dec 2014 Source: Bureau of Labor Statistics
Sources of Information Market information is derived from the CBC affiliate listed as the contact in such Market. Information from sources considered is deemed reliable, but has not been independently further evaluated or verified by Coldwell Banker Commercial. Various sources of the data include but are not limited to: CoStar, Reis and LoopNet. Demographic information was accessed from United States Census Bureau American Fact Finder DP03 and DP05, providing 2013 demographic info unless submitted by the CBC affiliate listed as the contact. A Metropolitan Statistical Area (MSA) 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.
Contents
AL - Birmingham AL - Madison/Limestone MSA AL - Mobile/Baldwin Counties AL - Montgomery AZ - Flagstaff/Northern Arizona AR - Little Rock CA - Antelope Valley CA - Chico CA - Inland Empire/Victorville CA - Long Beach/South Bay CA - Los Angeles County/San Fernando Valley/San Gabriel Valley CA - Los Angeles, West CA - Napa/Sonoma Valleys CA - Orange County CA - Riverside County (Southwest) CA - Sacramento Valley (Northern) CA - San Bernardino/Inland Empire CA - San Diego CA - San Francisco/Peninsula Bay Area CA - Yuba/Sutter Counties CO - Denver CO - Western CT - Fairfield County DE - Sussex County FL - Brevard County FL - Charlotte County FL - Daytona Beach/Ormond Beach, Volusia County FL - Florida Keys and Key West FL - Gainesville FL - Jacksonville FL - Lakeland-Winter Haven MSA FL - Manatee County FL - Miami-Dade FL - Miami-Dade County FL - Orlando MSA FL - Palm Beach County FL - Putnam County FL - Sarasota County FL - Sebastian/Vero Beach FL - Southeast FL - Southwest FL - St. Lucie County FL - Tallahassee MSA FL - Tampa Bay FL - Volusia County GA - Athens GA - Atlanta GA - Atlanta MSA GA - Columbus GA - Dalton GA - Fayette County/Peachtree City GA - Greene/Putnam/Morgan GA - Hinesville/Fort Stewart MSA GA - Macon MSA GA - Savannah HI - Honolulu ID - Pocatello IL - Bloomington/Normal IL - Champaign IL - Chicagoland IL - Madison/St Clair Counties IL - Tazewell County KS - Garden City KS - Kansas City MSA KY - Lexington/Fayette MSA KY - Louisville MSA KY - Shelby County KY - Southern LA - Lafayette LA - New Orleans ME - Midcoast/Southern MD - Suburban Maryland/Washington, DC MI - Lansing MSA MI - Northern MN - Mankato MN - Minneapolis/St. Paul MN - Saint Cloud MSA/Central MN MS - Gulfport/Biloxi MO - Springfield MO - St. Joseph MT - Billings NE - Lincoln NV - Reno/Sparks MSA 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 43 43 44 44 45 45
NM - Albuquerque NY - Long Island NY - New York ND - Fargo/Moorhead OH - Cincinnati OH - Cleveland OH - Cleveland Greater Metro OK - Oklahoma City OK - Tulsa/Tulsa County OR - Portland OR - Salem/Keizer PA - Hunterdon County/Southeastern PA PA - Lackawanna/Luzerne Counties PA - Western SC - Charleston MSA SC - Columbia SC - Greenville SC - Myrtle Beach SC - Spartanburg SD - Rapid City TN - Chattanooga MSA TN - Knoxville Area/East Tennessee TN - Nashville TX - Amarillo MSA TX - Austin TX - Bryan/College Station TX - Dallas/Fort Worth TX - El Paso TX - Houston TX - Lubbock MSA TX - Rio Grande Valley TX - South/Central TX - Southeast Texas TX - Victoria TX - Waco UT - Salt Lake City UT - St. George UT - Utah County VA - Fredericksburg VA - Lynchburg VA - Williamsburg/Hamptons Roads MSA WA - Anacortes WA - King County WA - Tacoma/Pierce County WA - Vacouver/SW Washington WI - Dane County WI - Janesville/Beloit MSA WY - Cheyenne
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 65 66 66 67 67 68 68 69 69
INTERNATIONAL MARKETS Australia - Brisbane, Queensland Australia - Brisbane (South), Queensland Australia - Gold Coast, Queensland Australia - Perth Australia - Sydney Bermuda Canada - Calgary CBD, Alberta Canada - Campbell River & District, British Columbia Canada - Courtenay/Comox, British Columbia Canada - Edmonton, Alberta Canada - Nanaimo/Regional District of Nanaimo, British Columbia Canada - Nanaimo, British Columbia Canada - Oakville/Mississauga/Burlington, Ontario Canada - Ottawa, Ontario Canada - Vancouver, British Columbia Canada - Victoria/Capital Regional District, British Columbia Canada - Waterloo Region, Ontario Cayman Islands - Grand Cayman France Guatemala - Republic of India - Bengaluru India - Hyderabad India - Mumbai Ireland Ireland - Dublin Italy Mexico - Mexico City Puerto Rico - San Juan Puerto Rico Romania - Bucharest Saint Kitts and Nevis Spain United Arab Emirates - Dubai
70 71 71 72 72 73 73 74 74 75 75 76 76 77 77 78 78 79 79 80 80 81 81 82 82 83 83 84 84 85 85 86 86
AL - Birmingham
Population of MSA
Office
1,135,513
Retail
MF
Industrial
Households in MSA
501,800
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
c
c
Household Median Income
$47,886 Unemployment of MSA
4.70%
MARKET HIGHLIGHTS
•
Industrial inventory is unchanged from 2013, increasing only .65%. Net absorption of existing space drastically increased in 2014 over 2013 by 362%. Inventory of Industrial has become scarce.
•
Central Business District gains momentum with growing interest in residential development; businesses have a renewed interest in locating in CBD, and new Retail development led by Publix Grocery store is providing much needed community support.
•
Retail development is focused on the reuse of existing space, and few majors continue to add locations except: Walmart Neighborhood Market and Publix. New-to-market retailers are showing interest in the market such as the about-to-be-complete Field & Stream store.
•
Residential development is on the rise with home sales up 15% over the prior year. Apartment development continues to be strong with unit values on the rise in the midst of stagnant growth in employment and wages.
•
The Office sector is experiencing positive absorption, leading to lower vacancy. Rental rates in Class A Office space are firming up and starting to increase. The strongest occupancy is in midtown to CBD. Overall vacancy rate for all markets is 9.2%. It is a healthy Office market. Look for technology to impact this sector more in the future.
INTERESTING FACT: Above average public education is available per capita. Hilly terrain provides beautiful vistas. There are four distinct seasons. Automotive production is now listed as a base industry in the MSA, which is a shift from steel production of the past. CONTACT
Coldwell Banker Commercial Moore Company Realty
402 Office Park Drive, Suite 205 Birmingham, AL 35223
(334) 262-1958 www.moorecompanyrealty.com
4
AL - Madison/Limestone MSA
Population of MSA
Office
430,367
Retail
MF
Industrial
Households in MSA
185,606
Vacancy
g
z yg
g
Absorption
c
c
c
Rental Rates
c
c
c
c
Household Median Income
$54,838 Unemployment of MSA
MARKET HIGHLIGHTS
4.80%
•
In December, Remington Arms announced 2,000 jobs in advanced manufacturing of firearms in Huntsville. Polaris followed suit in January 2015 with 1,700 jobs and a new 453 acre facility.
• • • •
Job creation in the Huntsville market is excellent, with about 3,400 jobs added in 2014. Four new downtown Mixed-Use projects are in the works and should all break ground in 2015. New residential construction and lot development have returned. New development is active in all sectors, particularly Retail and Mixed-Use.
INTERESTING FACT: Huntsville rocket scientists made and managed the Saturn V and Space Shuttle and are now working on the advanced heavy-lift rocket.
CONTACT
Coldwell Banker Commercial McLain Real Estate
2800 Bob Wallace Avenue S.W. Post Office Box 2199 Huntsville, AL 35805
(256) 533-3414 www.mclaincommercial.com
AL - Mobile/Baldwin Counties
Population of MSA
Office
413,553
Retail
MF
Industrial
Households in MSA
179,982 Household Median Income
$42,618
Vacancy
g
z yg
c
g
Absorption
c
c
g
c
Rental Rates
Unemployment of MSA
MARKET HIGHLIGHTS
4.90%
•
The $600 M Airbus Assembly Plant will be ready for production to begin in Alabama during summer 2015 with first delivery from Mobile expected in 2016. The facility will require a 1,000 person workforce. Mobile County’s expected boost in annual economic activity is $348 M once the plant reaches full employment.
•
An increase in Mobile County, AL manufacturing jobs of 14.4% with manufacturing wages increasing by over 15%. The past five years have seen 34 announcements through the Mobile Chamber of Commerce of new companies in aerospace, chemical, oil, gas and steel industries. Average salary for the new and expanding companies is over $50,000.
•
Over 170 new businesses started last year. Baldwin County is home to over 6,000 businesses. Named by Forbes magazine as one of the top 50 places to start and grow a business, Baldwin County is gaining a national reputation for its outstanding economic development. The BCEDA’s five-year goals of attracting and supporting business and industry include $250 M in new capital investment.
•
With access to several major highways, four airports, rail, and the ports of Mobile Bay, Baldwin County and Mobile County are ideal locations for businesses to distribute products across the country and around the globe.
•
Blue Collar Country’s 500-acre entertainment development and city sports complex is estimated to generate more than $100 M in annual sales and employ nearly 3,000 people. The project will add to south Baldwin’s growing sports tourism industry. The area hosted 88 events in 2012, generating 64,076 room nights and $22.4 M in direct spending.
CONTACT
Coldwell Banker Commercial Gulf South
20757 Marina Road Orange Beach, AL 36561
(251) 981-8000 www.cbcgulfsouth.com
5
AL - Montgomery
Population of MSA
Office
375,756
Retail
MF
Industrial
Households in MSA
162,377 Household Median Income
$45,878
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
c
Unemployment of MSA
MARKET HIGHLIGHTS
5.50%
•
Two new urban Apartment complexes have broken ground in Downtown Montgomery; 1 project which repurposed Offices into Apartments is complete. Six new downtown leases have also been announced, in addition to one new Hotel development downtown.
• • • •
All sectors of the market are showing improvement. Starbucks is relocating to achieve more frontage. Several new restaurants are opening in East Chase Lifestyle Center. Montgomery area residential sales were up 11% in December; 2014 sales were up 8%. Hyundai set new sales records; Gander Mountain entered the market.
INTERESTING FACT: Hotel occupancy is second only to Hunstville in Alabama.
CONTACT
Coldwell Banker Commercial Moore Company Realty, Inc.
312 Catoma Street, Suite 200 Montgomery, AL 36104
(334) 262-1958 www.moorecompanyrealty.com
AZ - Flagstaff/Northern Arizona
Population of MSA
Office
135,522
Retail
MF
Industrial
Households in MSA
64,065
Vacancy
g
z yg
N/A
Absorption
c
c
c
Rental Rates
c
c
c
Household Median Income
$47,478 Unemployment of MSA
MARKET HIGHLIGHTS
7.90%
•
The Flagstaff, Arizona market is growing from the 20,000 student enrollment at Northern Arizona University. It is expanding regional medical services, becoming a hub for research and development companies with commitment to the Dark Skies coalition and city sponsored incubation centers, and is capitalizing on its location at 7,000 SF to attract second home buyers and other investors from Phoenix.
•
Due to the number of students attending Northern Arizona University and the many people seeking heat relief from the Phoenix, Tucson and Las Vegas markets, rentals are at an all time high for demand.
•
Flagstaff does not have enough development-ready residential projects online. As the city reaches the 100,000 mark in population, the need for commercial goods and services is growing rapidly.
•
Flagstaff average prices have caught up considerably since the recession and are now at $286,000 as compared to $340,000 in 2006.
•
Flagstaff is growing in banking, private schools, university support services and goods-providing entities, a VA hospital and all regional medical, educational and service industries.
INTERESTING FACT: Flagstaff is located at the foot of the San Francisco Peaks which reach almost 13,000 feet into the sky. Flagstaff is 79 miles south of the Grand Canyon and is known for its beautiful scenery and clean air. CONTACT
Coldwell Banker Commercial Narico
1120 W University Ave., Suite 200 Flagstaff, AZ 86001
(928) 226-3188 www.cbnarico.com
6
AR - Little Rock
Population of MSA
Office
717,700
Retail
MF
Industrial
Households in MSA
312,643 Household Median Income
$48,472
Vacancy
g
z y
c
g
Absorption
c
c
Rental Rates
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
5.00%
•
The historic 12-story Boyle Building at the corner of Main Street and Capitol Avenue in downtown Little Rock is currently being redeveloped into an Aloft Hotel.
•
The Outlets at Little Rock, a 75-store premium outlet mall being developed by New England Development, is under construction next to Bass Pro Shops at I-430 and I-30.
• •
350,000 SF distribution center is being planned for a south Little Rock site for Federal Express.
•
The Office market is strong and vacancy rates have declined 2.5% year over year.
Little Rock Technology Park Authority selects downtown’s Creative Corridor as site for new research and technology center and begins property acquisition negotiations.
INTERESTING FACT: Clinton Presidential Center and Library celebrated its 10-year anniversary with a visit from President Clinton. $2.5 B economic impact for area cited in study.
CONTACT
Coldwell Banker Commercial Hathaway Group
2100 Riverdale Road, Suite 100. PO Box: 3730 LIttle Rock, AR 72202
(501) 663-5400 www.hathawaygroup.com
CA - Antelope Valley
Population of MSA
Office
156,633
Retail
MF
Industrial
Households in MSA
52,866
Vacancy
z y
g
Absorption
c
Rental Rates
g
c
Household Median Income
$50,193 Unemployment of MSA
MARKET HIGHLIGHTS
10.70%
•
Home builder KB Home resumed building more than 300 homes in Anaverde to finish out phase one of the master-planned community.
• • •
Industrial real estate has experienced upward absorption and rental rate trends. Over 300,000 SF of new Medical space opened in 2014. The Greater Antelope Valley ranked ‘Excellent or Very Good’, the two highest categories of the 2014 Kosmont-Rose Survey, in ‘Overall Advantages’ for a place to do business in Southern California.
INTERESTING FACT: Home to Edwards Air Force Base, Air Force Plant 42 and the Mojave Air and Spaceport with total personnel over 26,000, the Greater Antelope Valley continues to be a leader in Aerospace technology. With plenty of sunshine, the Greater Antelope Valley is home to many alternative energy projects including the nation’s largest wind energy delivery infrastructure.
CONTACT
Coldwell Banker Commercial Valley Realty
42402 10th Street West, Suite E Lancaster, CA 93534
(661) 948-2644 www.cbcvalleyrealty.com
7
CA - Chico
Population of MSA
Office
221,006
Retail
MF
Industrial
Households in MSA
96,543 Household Median Income
$41,114
Vacancy
g
z yg
N/A
g
Absorption
c
c
N/A
c
Rental Rates
c
N/A
c
Unemployment of MSA
MARKET HIGHLIGHTS
7.50%
•
The Tech industry is booming. Facebook, Build.com, 11Main (Alibaba), Milestone Technologies and other tech companies are currently expanding in Chico.
•
Downtown Chico is heating up. Food tech innovation company Mary’s Gone Crackers, Inc., is expanding to the city center. Other new businesses include Wanderful Media tech company, North Valley Community Foundation, Wild Ink Press and several “foodie” start ups including Crepeville, Winchester Goose, B Street Public House and Denine’s Cupcakes. Boutique Hotel Diamond is planning to expand.
•
Meriam Park Development in Chico is gaining traction. New 60,000 SF courthouse is almost complete, and construction of a 40,000 SF Northern Valley Indian Health center is underway.
• •
New Walmart Supercenter in Oroville has cleared all legal challenges and is scheduled for construction in 2015. Multi-Family residential development is strengthening. California State University, Chico is doing well and several student housing projects are in the pipeline. Middle income and senior housing projects are also being built. New Single family residential units are being built and selling briskly.
INTERESTING FACT: Chico is home to the popular Sierra Nevada Brewing Company, which has just opened up a second brewery in Mills River, North Carolina. CONTACT
Coldwell Banker Commercial DuFour Realty
1350 E. Lassen Ave. Suite 1 Chico, CA 95973
(530) 895-1545 www.cbcworldwide.com
CA - Inland Empire/Victorville
Population of MSA
Office
2,035,210
Retail
MF
Industrial
Households in MSA
701,332
Vacancy
g
z yg
g
c
Absorption
c
c
c
g
Rental Rates
c
c
g
Household Median Income
$54,090 Unemployment of MSA
7.20%
MARKET HIGHLIGHTS
•
In 2014, Retail development was on the rise, and the market saw a steady decline in vacancy rates. New additions include: Fiat Auto, Tilted Kilt Irish Pub, Charlotte Russe, Planet Fitness and the first Southern California Steak N Shake. The area’s 4th Super Walmart opened in 2014 with the addition of 213,000 SF.
•
Industrial net absorption was slightly negative, and vacancy rates have increased slightly. Rents are slightly lower, but appear to have bottomed out.
•
While price per SF remained relatively flat in the Multi-Family sector, unit pricing increased 21%, along with rents, which increased 3.7% year-over-year.
• •
Retail and Multi-Family Land were in high demand for developers, and demand is expected to increase in 2015. The housing recovery remains strong, with the median sales price increasing 22% year-over-year. Median sales price per SF ended 2014 at $103 PSF for residential resale homes.
INTERESTING FACT:
CONTACT
Coldwell Banker Commercial Real Estate Solutions
15500 West Sand Street, 2nd Floor Victorville, CA 92392
(760) 684-8000 www.cbcdesert.com
8
CA - Long Beach/South Bay
Population of MSA
Office
462,257
Retail
MF
Industrial
Households in MSA
175,755 Household Median Income
$52,711
Vacancy
g
z yc
g
g
Absorption
g
c
c
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
6.70%
Rental Rates
•
The Pike, an oceanfront Retail center in Downtown Long Beach, is currently undergoing a $65 M renovation that will culminate in it being converted to a fashion outlet center.
•
The sales of Multi-Family continued to be strong in 2014. Sales volume was up 139% with 2014 sales totaling $415,871,500 vs. $186,184,822 in 2013; the total number of sales transactions increased 253%, with transactions in 2014 totaling 253 vs. 186. This increase in volume resulted in increases for both the average price per unit and average price per SF of 14.5% and 16.1% respectively.
• • •
Cranes are back in Downtown Long Beach with over 900 residential units currently under or slated for construction. Unemployment is now at its lowest level since 2008, and with it, Office vacancy rates continue to fall. The scarcity of land and available properties has driven up Industrial rents and sales prices. Additionally, many larger tenants who cannot find properties to purchase or land to build on are now pursuing property in the Inland Empire at a great discount.
INTERESTING FACT: The Port of Long Beach is one of America’s premier seaports with an annual trade value of more than $140 B passing through the port annually. CONTACT
Coldwell Banker Commercial BLAIR WESTMAC
333 W. Broadway, Suite 302 Long Beach, CA 90802
(562) 495-6070 www.cbcblair.com
CA - Los Angeles County/San Fernando Valley/San Gabriel Valley Population of MSA
Office
13,035,870
Retail
MF
Industrial
Households in MSA
4,514,373
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
c
c
c
c
Household Median Income
$58,569 Unemployment of MSA
6.50%
MARKET HIGHLIGHTS
•
Overall, Industrial vacancy in the Los Angeles County area dropped to 3.2% with a year end absorption of 14,343,000 SF. Leading the charge were major leases completed with 99 Cents Stores for 620,000 SF and 522,000 SF to Sony.
• • •
800 to 2,000 new Multi-Family units will be available by the end of 2015. The average unit price is $2.25 to $3.00 per SF.
•
Office vacancy is moderately decreasing because of job growth.
Residential development with Retail on the ground floor is very active. Pasadena Playhouse Plaza is under construction. The plaza will be a 5-story 153,000 SF Office building located at 600 E Colorado Boulevard.
INTERESTING FACT: By 1923, Los Angeles produced one-quarter of the world’s oil. It still sits atop the third largest oil field in the
country.
CONTACT
Coldwell Banker Commercial Alliance - LA County
701 N. Brand Blvd., Suite 800 Glendale, CA 91203
(818) 334-1900 www.cbcalliance.com
9
CA - Los Angeles, West
Population of MSA
Office
524,753
Retail
MF
Industrial
Households in MSA
233,396 Household Median Income
$87,515
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
c
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
8.30%
•
Playa Vista is a tech hot bed with Google buying 12 acres for development. Upon completion, they will have over 1,000,000 SF of space and 6,000 well paying jobs.
•
Hines buys into partnership of Century Park, which includes Century Plaza Towers, valuing the buildings at over $750/SF for over 3 million SF.
• • •
The Apple Store on Third Street Promenade sold for a record price of $5,700/SF for 17,550 SF which was less than a 3% cap rate. Riot Games expanded again, taking 77,000 SF, bringing their total occupancy to over 350,000 SF for West L.A. West Los Angeles continues to strengthen with higher rents and lower vacancies. The hot areas include Beverly Hills, Santa Monica, Venice, Brentwood, Malibu, Pacific Palisades, Culver City, Playa Vista, Marina Del Rey and Westwood.
INTERESTING FACT: The owner of the St. Louis Rams plans to build an NFL stadium in Inglewood, which could pave the way for the league’s return to Los Angeles.
CONTACT
Coldwell Banker Commercial WESTMAC
1515 Sepulveda Blvd. Los Angeles, CA 90025
(310) 478-7700 www.westmac.com
CA - Napa/Sonoma Valleys
Population of MSA
Office
139,042
Retail
MF
Industrial
Households in MSA
54,950 Household Median Income
$67,203
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
5.10%
Rental Rates
•
The 6.0 earthquake that rocked Napa Valley in August 2014 caused significant damage to both residential and commercial properties, especially in downtown Napa.
• •
Inventory across all sectors of the commercial market remained very tight.
•
Up Valley, especially in Calistoga, the market trended upward with many new clients wanting to ride the coattails of the bustling Hotel/Hospitality sector.
•
The availability of Multi-Family residential investment properties was especially scarce throughout the region.
After a 30-year absence, two-way thoroughfares returned to downtown Napa, much to the delight of merchants, especially after all related construction projects were finished.
INTERESTING FACT: Only 4% of California’s wine grapes come from the Napa Valley and only 9% of Napa County is planted in grapes.
CONTACT
Coldwell Banker Commercial Brokers of the Valley
1775 Lincoln Avenue Napa, CA 94558
(707) 224-8454 www.napacommercialproperties.com
10
CA - Orange County
Population of MSA
Office
85,186
Retail
MF
Industrial
Households in MSA
43,460 Household Median Income
$106,333
Vacancy
g
z yg
g
c
Absorption
c
c
c
g
Rental Rates
c
Unemployment of MSA
MARKET HIGHLIGHTS
• • •
2.70%
Irvine Company has a 425,000 SF spec Office tower under construction in the Irvine Spectrum. Investment cap rates remain low in the coastal areas. Angel Stadium’s 825 acre Platinum Triangle is getting ready for the 2nd phase of development.
INTERESTING FACT: John Wayne Airport, named after the actor who famously made Orange County his home in the years before his death, is considered one of the nations busiest airports, not for its commercial flights, but because of the hundreds of small private aircraft that use it on a regular basis.
CONTACT
Coldwell Banker Commercial NRT - Newport Beach CA
840 Newport Center Drive, Suite 100 Newport Beach, CA 92660
(714) 504-4649 www.cbcworldwide.com
CA - Riverside County (Southwest)
Population of MSA
Office
2,292,507
Retail
MF
Industrial
Households in MSA
98,444
Vacancy
g
z yg
g
g
Absorption
c
g
c
c
c
c
c
Household Median Income
$78,356 Unemployment of MSA
MARKET HIGHLIGHTS
7.40%
Rental Rates
•
Transition Properties, LP purchased 27565 Diaz Road, Temecula, CA - a 131,843 SF Industrial/Distribution building on a sale-lease back basis to Southwest Traders for $10.3M.
•
The recently completed Makena Medical Office Project in Temecula is the first of several medical office projects to be completed near the recently opened Temecula Valley Hospital.
•
All Industrial buildings currently under construction in the Southwest Riverside region are 100,000+, with the majority of new development occurring in the City of Perris, CA.
• •
All sectors continue to improve as rental prices continue to rise, and vacancies continue to fall. The unemployment rate in Riverside County is now at 7.4%, down from 8.9% in the previous year.
INTERESTING FACT: Riverside county is the 11th most populous county in America.
CONTACT
Coldwell Banker Commercial Sudweeks Group
One BetterWorld Circle, Suite 301 Temecula, CA 92590
(951) 200-7683 www.cbcsocalgroup.com
11
CA - Sacramento Valley (Northern)
Population of MSA
Office
2,194,978
Retail
MF
Industrial
Households in MSA
877,029 Household Median Income
$57,217
Vacancy
g
z y
g
Absorption
c
c
c
Rental Rates
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
• • • • •
7.00%
Retail vacancy has been holding steady despite the closure of a 60,000 SF grocery store. Several food tenants are in the market, but good sites are hard to find. At least 2 shopping centers have entered early phases of design/development and entitlements. Residential construction is still struggling, though fundamentals suggest 2015 will be a strong year. Slowly recovering economy gives modest encouragement to local retailers.
INTERESTING FACT: Redding is the home of the world famous Sundial Bridge and is less than 1 hour from 7 State or National Parks. The Sacramento River runs through town, and Mt. Shasta & Lassen are less than 70 miles away.
CONTACT
Coldwell Banker Commercial C&C Properties
2155 Larkspur Ln., Suite A Redding, CA 96002
(530) 222-2011 www.cbcnorthstate.com
CA - San Bernardino/Inland Empire
Population of MSA
Office
2,035,210
Retail
MF
Industrial
Households in MSA
701,332
Vacancy
g
z yg
N/A
g
Absorption
c
c
N/A
c
Rental Rates
c
c
N/A
c
Household Median Income
$54,090 Unemployment of MSA
MARKET HIGHLIGHTS
7.00%
•
The two largest leases were the 1,445,200 SF Industrial building lease signed by Walmart at Majestic Chino Gateway and 718,025 SF Industrial building deal signed by Ozburn-Hessey Logistics LLC at I-210 Logistics Center I.
• •
The Inland Empire continued to improve in all sectors with higher rental rates and decreases in vacancy.
•
The unemployment rate for San Bernardino County fell to 7.0 % in December 2014, down from 7.6 % the previous year.
While 2014 saw new construction in both the Retail and the Industrial sectors in the Inland Empire, there was no new Office construction.
INTERESTING FACT:
CONTACT
Coldwell Banker Commercial Sudweeks Group
1901 Orange Tree Lane, Suite 250 Redlands, CA 92374
(909) 793-3600 www.cbcsocalgroup.com
12
CA - San Diego
Population of MSA
Office
3,175,313
Retail
MF
Industrial
Households in MSA
1,173,066 Household Median Income
$61,382
Vacancy
g
z yg
c
g
Absorption
c
c
c
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
5.80%
Rental Rates
•
The One La Jolla Center, a 305,952 SF 14-story Office building, is currently under construction in the prestigious UTC area of San Diego and is expected to be completed in August 2015.
• • •
CEVA Logistics at Mission Trails Industrial Park signed the largest lease at 125,000 SF.
•
The Unemployment Rate in San Diego is steadily decreasing. In December 2014, it was 5.8 %, down from 6.5 % in December 2013. This trend is expected to continue into 2015.
Across all sectors, the conditions continue to improve with rates rising and vacancies falling from the previous year. 2015 is expected to be a steady and strong year for the housing market in San Diego as both housing prices and interest rates are predicted to increase as the year progresses.
INTERESTING FACT: The San Diego Harbor sees off over 200 cruise ships each year.
CONTACT
Coldwell Banker Commercial Sudweeks Group
4365 Executive Drive, Suite 710 San Diego, CA 92121
(858) 300-6777 www.cbcsocalgroup.com
CA - San Francisco/Peninsula Bay Area Population of MSA
Office
4,455,411
Retail
MF
Industrial
Households in MSA
1,751,920
Vacancy
g
z yg
g
g
Absorption
c
g
g
g
Rental Rates
c
c
c
c
Household Median Income
$76,767 Unemployment of MSA
4.40%
MARKET HIGHLIGHTS
•
Major tenants that have moved into the region include: Google, buying a 1,481,921 SF facility in Redwood City; Tesla, expanding in Fremont to 302,564 SF; Apple, also expanding in Fremont to 102,919 SF; Salesforce, buying a 817,412 SF facility in San Francisco.
• • •
2014 was the strongest year for occupancy growth in the Bay Area.
•
Asking rates will continue to remain aggressive as space becomes increasingly limited.
Demand continues to be driven by tech companies, which account for 80% of all occupancy growth. Even though there is quality space at cheaper rents and access to workforce is readily available in the East Bay, tech users continue to cluster in San Francisco and Silicon Valley.
INTERESTING FACT: The computer mouse was invented in the Silicon Valley.
CONTACT
Coldwell Banker Commercial Westbay Real Estate Group
1575 Bayshore Hwy., Suite 100 Burlingame, CA 94010
(650) 344-4300 www.cbcburlingame.com
13
CA - Yuba/Sutter Counties
Population of MSA
Office
167,874
Retail
MF
Industrial
Households in MSA
61,733 Household Median Income
$47,276
Vacancy
z y
g
Absorption
N/A
N/A
Rental Rates
c
Unemployment of MSA
MARKET HIGHLIGHTS
13.10%
•
Agricultural land prices are at an all time high with low inventory. Continued drought and high commodity prices will keep land prices high.
• • • •
Continued drought conditions have hampered a full recovery of the local agricultural based economy. New construction continues on the Sutter County Courthouse and Sierra Central Corporate Headquarters. Construction was completed on two new state-of-the-art auto dealerships. Residential values have stabilized with a major decline in foreclosures and short sales.
INTERESTING FACT: Sutter County is home to the world’s smallest mountain range, the Sutter Buttes.
CONTACT
Coldwell Banker Commercial Valley Brokers
1307 Franklin Road Yuba City, CA 95993
(530) 673-6614 www.cbcyc.com
CO - Denver
Population of MSA
Office
2,648,027
Retail
MF
Industrial
Households in MSA
1,089,113 Household Median Income
$62,229
Vacancy
g
z yg
N/A
g
Absorption
g
c
N/A
c
Rental Rates
c
c
N/A
c
Unemployment of MSA
MARKET HIGHLIGHTS
3.90%
•
Denver is ranked as the Top Commercial Real Estate Market in the country by the Coldwell Banker Commercial Comparison Report. The report examined more than 80 markets based on the percent change in vacancy and rental rates for the office, retail and multi-family sectors from Q3 2013 through Q3 2014, as well as population and unemployment changes over the same time.
•
The Denver Office Market ended Q4 2014 with a vacancy rate of 10.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 783,730 SF in Q4, ending the quarter at 1,183,487 SF vacant. Rental rates ended the quarter at $23.26 - an increase over the previous quarter.
•
Top 3 sales in Denver 2013-2014: Republic Plaza, 370 17th Street, Denver CO, $240 M Buyer: MetLife Inc.; Park Central Plaza, 1515 Arapahoe Street, Denver CO, $213 M Buyer: Invesco LTD.; Avaya Building, 1300 W 120th Ave. Westminster CO, $92 M Buyer: Griffin Capital Essential Asset REIT, Inc.
•
The Denver Retail market remained relatively flat with regard to market conditions in Q4 of 2014. The vacancy rate went from 5.8% in the previous quarter to 5.7% in the current quarter. Net absorption was positive 435,814 SF, and vacant sublease space increased by 3,997 SF. Quoted rental rates increased from 3Q 2014 levels, ending at $15.17/SF per year.
•
The Denver Industrial Market ended the 4Q 2014 with a vacancy rate of 4.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,457,613 SF in the 4Q. Vacant sublease space increased, ending the quarter at 1,060,683 SF. Rental rates ended the 4Q at $7.29, an increase over the previous quarter.
CONTACT
Coldwell Banker Commercial Alliance
999 18th Street, Suite 1350S Denver, CO 80202
(303) 238-7777 www.cbcalliance.com
14
CO - Western
Population of MSA
Office
147,614
Retail
MF
Industrial
Households in MSA
63,043 Household Median Income
$47,401
Vacancy
z y
g
c
Absorption
c
c
g
Rental Rates
g
Unemployment of MSA
MARKET HIGHLIGHTS
• • • • •
5.30%
Q4 sales in all markets have improved from the previous year; otherwise, 2014 overall sales trended similarly to those in 2013. Industrial vacancy rates are rising as energy service companies vacate some long-term tenancies. New construction is now beginning to grow, primarily due to hospital expansion and growth in the entire medical industry. Housing prices are rising again, a trend that began in Q2 of 2011. Investors once again returned to the local market in 2014. Single-tenant NNN investment sales led the way in many of the year’s largest sales.
INTERESTING FACT: The Grand Junction to Palisade area in western Colorado is home to the state’s greatest peach crop and a growing wine industry. Colorado wines have gained international favor. The mild, 4-season climate is great for orchards and vineyards, and the local monuments and mountains help the area rank high in tourism for the state.
CONTACT
Coldwell Banker Commercial Prime Properties
2499 Hwy 6 & 50 Grand Junction, CO 81505
(970) 243-7375 www.grandjunctioncommercial.com
CT - Fairfield County
Population of MSA
Office
933,794
Retail
MF
Industrial
Households in MSA
361,659 Household Median Income
$81,368
Vacancy
g
z y
N/A
g
Absorption
c
c
N/A
c
Rental Rates
g
c
N/A
c
Unemployment of MSA
MARKET HIGHLIGHTS
3.90%
•
Fairfield County’s Office market ended Q4 of 2014 with a vacancy rate of 14.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 66,119 SF in Q4.
• •
Fairfield County’s available vacant-sublease space decreased in the quarter, ending at 204,413 SF.
•
Among the significant movements in 2013 were: 137,375 SF lease Deloitte at BLT Financial Centre, 126,017 SF deal Starwood Hotels & Resorts Worldwide Inc. at Stamford Harbor Park, 103,596 SF lease United Healthcare at Reservoir Corporate Centre Phase 1. The average quoted asking rental rate was $32.91.
•
Notable construction project in 2014: Maple Medical Center Building 2, at 28,000 SF.
Rental rates ended the quarter at $32.91, a decrease over the previous quarter. One building delivered to the market totaling 5,712 SF, with 62,000 SF still under construction at the end of the quarter.
INTERESTING FACT: Fairfield county contains Connecticut’s “Gold Coast” which ranks 6th in per-capita personal income in the entire
United States.
CONTACT
Coldwell Banker Commercial NRT - Wilton CT
77 Old Ridgefield Road Wilton, CT 06897
(203) 831-4187 www.cbcworldwide.com
15
DE - Sussex County
Population of MSA
Office
197,145
Retail
MF
Industrial
Households in MSA
124,188 Household Median Income
$52,710
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
5.20%
•
Since the early part of the year, Delaware has begun to improve across all sectors. The Resort area (Sussex County) has seen year over year improvement and some increase in values.
• • •
Milford Hospital has announced the start of construction of a new facility estimated to be completed in 2017.
•
In Sussex County, a debate is on the horizon relating to a proposal to build a major shopping center in a 114 acre plot of farmland. The location is in Lewes-Milton. The land is located on Coastal Highway Northbound. If you combine all of the Tanger Outlets together located in Sussex County Delaware, it would only make up about half of this proposed site.
Vacancies in the commercial market are slowly improving and lease rates are stabilizing. $3.2 M approved for Frederica Sports Complex. After three years of tireless meetings, debates and presentations by GDC, the Delaware Infrastructure Investment Committee approved more than $3.2 M for the project that has a predicted $18 M annual economic impact.
INTERESTING FACT: Home of the infamous Pumpkin Chunkin World Championships. This area is a beautiful resort area in the southern part of the state and is also home of the Apple Scrabble Festival in Bridgeville. CONTACT
Coldwell Banker Commercial Resort Realty
20184 Coastal Highway Rehoboth Beach, DE 19971
(302) 227-5000 www.cbcworldwide.com
FL - Brevard County
Population of MSA
Office
549,664
Retail
MF
Industrial
Households in MSA
233,404 Household Median Income
$47,839
Vacancy
N/A
z yN/A N/A
c
N/A
Absorption
c
c
c
c
Rental Rates
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
5.70%
•
Bass Pro Shops opened at Palm Bay Road & I-95. Viera continues to attract new retailers such as TJ Maxx, Home Goods and Fresh Market in the Suntree area.
•
Vacancy rates are falling due to the large hiring numbers in the thousands with companies such as Northrop Grumman Advanced Aviation Design Center, Embraer with its private jet manufacturing, which includes the Phenom & Legacy private jets, and the private space launch companies such as Boing & Space X.
•
Largest LNG Plant in the US approved in Titusville is being developed by Flagler Investments. The $250 M project will employ several hundred people. Port Canaveral expands with an Inland Port distribution center and a 9,000 car parking garage for automobile processing.
•
Residential market throughout Brevard County is flourishing. Existing home inventory is down to 3 months. New starts are up dramatically. Viera is exploding with thousands of new housing units with 4 new 2,000 acre villages in the near future.
•
The greatest change in the Brevard County market is the privatization of space with the former NASA job loss being absorbed by companies like Boing & Space X. Port Canaveral is expanding cruise terminals to handle 5,000 passenger mega ships. The channel is being dredged to handle the super cargo ships from the Panama Canal.
INTERESTING FACT: The Melbourne area is home to over 14 fortune 500 companies, including the world headquarters of Harris Corp. CONTACT
Coldwell Banker Commercial Paradise
232 Fifth Ave Indialantic, FL 32903
(321) 951-3300 http://cbc.flcoldwellbanker.com
16
FL - Charlotte County
Population of MSA
Office
159,978
Retail
MF
Industrial
Households in MSA
100,663 Household Median Income
$44,378
Vacancy
z yc
g
g
Absorption
c
c
c
Rental Rates
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
5.10%
•
In Charlotte County, the building permit for the Chaney Brothers’ new distribution facility has been issued. The 345,000 SF center will be located on Piper Rd at the Charlotte County Airport in the Punta Gorda Interstate Airport Park located off I-75. It is anticipated that Cheney Brothers’ will employ 300 people and become one of the largest private employers in the county.
•
Vacancy in most sectors of the Charlotte County commercial market is falling or being reduced. Gray shell Office/Retail space is slowly being absorbed in the 1,000-3,000 SF range. Demand for Class A newer Medical is picking up which may lead to the construction of new Medical complexes and completion of the approximately 60,000 SF of dirt floor shell Medical that has laid dormant since 2005.
• • •
New construction of Commercial speculation space is non-existent. The market has seen a small increase in owner-user space. Charlotte Multi-Family vacancy by unit mix is between 0-2% with rents increasing steadily. After a decade of being passed over by the Retail site selector’s, Charlotte County has seen a great increase in site exploration for HH Greg and Costco. In acquisitions and development, deals have been done with LongHorn Steak House, Culvers, O’Reilly Auto Parts, Gordon Foods, Walmart neighborhood centers and 7 Eleven.
INTERESTING FACT: Charlotte County’s population is about 159,978. It boasts to having the largest and cleanest bodies of water, and the eco tour and clean environment attracts the baby boomers to the community. It has been known to be one of the most affordable CONTACT
Coldwell Banker Commercial NRT-Sarasota
1800 2nd Street, Suite 104 Sarasota, FL 34236
(941) 925-8586 www.cbcworldwide.com
FL - Daytona Beach/Ormond Beach, Volusia County Population of MSA
595,919
Office
Retail
MF
Industrial
Households in MSA
303,064
Vacancy
c
z yc
g
g
Absorption
g
g
c
c
Rental Rates
g
g
c
Household Median Income
$41,174 Unemployment of MSA
MARKET HIGHLIGHTS
5.30%
•
To supply Trader Joe’s growing store count in the Sunshine State, an 868,000 SF Warehouse, cold storage and distribution center is presently under construction along I-95 in Daytona Beach. Blue Coast Bakers recently relocated from out of state to a 200,000 SF location in Ormond Beach. These two companies alone will create up to 750 new jobs.
•
Daytona International Auto Mall, along I-95, is expanding from 9 to 12 acres with the addition of two new dealerships that will sell Maseratis and Mini Coopers.
•
Daytona International Speedway continues to move forward on the $480 M Daytona Rising project, which is a total renovation and addition to the world’s largest motorsports stadium. Stay up to date with the earthcam.net construction camera which is updated every 15 minutes.
•
Increased event activity at the Ocean Center Convention complex continues to push up occupancy and average daily room rates for Hotels/Motels, along the “World’s Most Famous Beach”. Three large beachside hotels have completed their full renovations with several others in the process of partial renovations or complete “major” renovations.
•
Daytona Beach International Airport passenger count continues to rise with the 2014 passenger count being higher than 2013. The total passenger traffic for 2014 was the highest level of annual passenger traffic since 2007.
INTERESTING FACT: Volusia announces another 21 projects in the pipeline of companies either expanding or relocating to the county that could potentially create more than 1,000 jobs. CONTACT
Coldwell Banker Commercial Benchmark
570 Memorial Circle, Suite 300 Ormond Beach, FL 32174
(386) 672-8530 www.benchmarkcommercialfl.com
FL - Florida Keys and Key West
Population of MSA
Office
75,076
Retail
17
MF
Industrial
Households in MSA
52,716 Household Median Income
$52,804
Vacancy
g
z yg
g
g
Absorption
g
g
g
g
Rental Rates
c
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
3.20%
•
Publix is expanding its footprint in the Keys, adding to its existing 4 stores by acquiring a site in Islamorada and expanding its store in Marathon. Dollar Tree has added two new stores, one in Key Largo and one in Marathon. Starbucks is also adding another store in Key West.
•
The economic recovery driven locally by increased tourism has resulted in absorption of most of the vacancy in Retail and Office space. The high cost of new construction along with the significant constraints on development insulate the market from any overdevelopment of commercial space.
•
Significant new construction in the Hospitality sector Keys-wide includes the Hyatt Place and Marriott Courtyard in Marathon, Marker Resort in Key West and the Marriott Autograph in Key Largo.
•
The State of Florida has extended the Rate of Growth and Building Permit allocation systems in the Keys providing for continued measured residential growth; allowing for 3,500 new homes over the next 10 years. The moratorium on new transient units has been continued, which only provides for redevelopment of existing hotels, motels and RV parks.
•
The number of listings for sale (and lease) continues to decline while sales increase, resulting in price increases averaging almost 1% per month during 2014.
INTERESTING FACT: The Florida Keys and Key West economies are largely tourism driven and enjoy some of the highest ADR and occupancy rates in the country with unique attractions and activities from Key Largo to Key West. CONTACT
Coldwell Banker Commercial Schmitt Real Estate,Co
11050 Overseas Hwy. Marathon, FL 33050
(305) 289-6482 www.cbcworldwide.com
FL - Gainesville
Population of MSA
Office
268,559
Retail
MF
Industrial
Households in MSA
120,202 Household Median Income
$41,211
Vacancy
g
z yg
g
g
Absorption
c
c
c
Rental Rates
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
4.30%
•
Percentage of commercial sales vs. leases is significantly up. Last year, there were far more leases, but sales are back on the upswing.
• •
Nearly every big box Industrial Warehouse was leased or sold in 2014, after sitting dark for years prior.
• •
Office sale prices have crept up slightly to $95-110/SF on average.
Apartment occupancy averages 95+%, rents have increased, and there is a major desire for value added deals; for example, deals closer to University of Florida and senior housing.
Retail leasing under 1,500 SF is hot; many big box stores are coming to town in new large developments, and Gainesville has really been put on the map with most of the top Retailers.
INTERESTING FACT: Gainesville has been voted ‘Best Place to Live’ by a number of national magazines and survey outlets.
CONTACT
Coldwell Banker Commercial M.M. Parrish
7515 W. University Avenue, Suite 201 Gainesville, FL 32607
(352) 264-3772 www.mmparrish.com/commercial
18
FL - Jacksonville
Population of MSA
Office
1,377,993
Retail
MF
Industrial
Households in MSA
603,863 Household Median Income
$51,016
Vacancy
g
z yg
c
g
Absorption
c
c
g
c
Rental Rates
c
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
5.10%
•
Jacksonville’s new professional soccer team “Armada FC” opened their inaugural season in February hosting MLS’ Philadelphia Union at EverBank Field (Home of the Jacksonville Jaguars). The team will be supported by three branches of the U. S. military: Navy, Marines and Coast Guard. 500 members of the military and their families have been invited to attend the opening match.
•
A new report from the Small Business Administration’s Office of Advocacy shows that Florida is home to 2,180,556 small businesses that employ 3,000,167 workers. Top industries include health care & social assistance, accommodation & food services, and professional, scientific and technical services. North Florida leads the state in SBA activity and has increased its SBA lending by 25%.
•
The buyer of the Seagrass Apartments on San Pablo Road are newcomers to the Jacksonville Multi-Family market. The 397-unit community is one of the largest single Multi-Family sales in that part of the city in recent years. The InterTech Group Inc., which paid $56 M for the property, is a family-owned holding company based out of North Charleston, South Carolina.
•
UF Health Jacksonville will open a new hospital near Jacksonville International Airport. The project involves opening a medical office building, including an emergency room and operating suites in early 2015, and then opening a “hospital bed tower” in 2017.
•
The Harrell Construction Company Inc. will build a $4.3 M base station for the Anastasia Mosquito Control District of St. Johns County in St. Augustine. The buildings will have a total of 22,000 SF.
CONTACT
Coldwell Banker Commercial Benchmark
4348 Southpoint Blvd Jacksonville, FL 32216
(904) 281-1990 www.cbcbenchmark.com
FL - Lakeland-Winter Haven MSA
Population of MSA
Office
630,000
Retail
MF
Industrial
Households in MSA
280,258 Household Median Income
$41,983
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
c
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
6.10%
•
The Lakeland-Winter Haven metropolitan statistical area is enjoying strong population growth, now over 630,000 and is growing 45% faster than the rest of the US.
•
Employment is recovering. Particularly notable is expansion of Publix and Mosaic, as well as healthcare and distribution. Limited new construction means that vacancy is falling.
•
Ramco Gershsenson opened the 211,000 SF Lakeland Park Center shopping center at I-4/US-98. There is continued Warehouse Distribution expansion including 1,000,000 SF Amazon at County Line Road. Also, there is a new Federal Express warehouse planned at US-27/I-4.
•
Home sales numbers and prices as well as permit activity are up nearly 20% over 2013. Subdivisions and lots that have been dormant since the recession began are now ramping up.
•
Lakeland-Winter Haven has a locational advantage as “center of Florida” and the “middle of the I-4 corridor” that fuels increased Warehouse distribution activity. Prices are lower than Orlando or Tampa, so continued strong demand is anticipated for years to come.
INTERESTING FACT: Florida Poly, Florida’s 12th university, opened in Fall 2014, creating attention to STEM and related jobs. The LEDC business incubator in downtown Lakeland is drawing attention and spinning off new businesses. LEGOLAND Florida and Streamsong are helping drive increased tourism (up nearly 10%). Lakeland Hospital is planning a $250 M expansion. CONTACT
Coldwell Banker Commercial Saunders Ralston Dantzler Realty
114 N Tennessee, 3rd Floor Lakeland, FL 33801
(863) 648-1528 www.srdcommercial.com
19
FL - Manatee County
Population of MSA
Office
379,448
Retail
MF
Industrial
Households in MSA
228,395 Household Median Income
$49,052
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
4.90%
•
The Port of Manatee in Manatee County is an economic driver for the area. Expansion of the Panama Canal and future normalization of U.S. trade relations with Cuba may provide additional opportunities for the Port.
•
Office vacancy rates are falling near I-75, but downtown Bradenton still has a high vacancy at 31%. Downtown Bradenton needs some new Class A buildings to draw the larger corporate tenants to the area.
•
Lakewood Ranch, Palmetto, Ellenton, and Parish have seen the highest levels of new residential construction, primarily single family.
• •
Local, national and international residential development companies continue to buy vacant, undeveloped land. The area is becoming more diverse in its population. People are moving here from all over the world.
INTERESTING FACT: Bradenton is doing a lot of redevelopment of Retail in the older portions of town. Lakewood Ranch has Medical, Dental and Pharmaceutical Colleges.
CONTACT
Coldwell Banker Commercial NRT-Sarasota
1800 2nd Street, Suite 104 Sarasota, FL 34236
(941) 925-8586 www.cbcworldwide.com
FL - Miami-Dade
Population of MSA
Office
5,759,926
Retail
MF
Industrial
Households in MSA
2,469,802
Vacancy
g
z yg
g
c
Absorption
c
c
c
c
Rental Rates
c
c
c
Household Median Income
$46,982 Unemployment of MSA
5.60%
MARKET HIGHLIGHTS
• •
Vacancy rates are down in the region; absorption and rental rates are positive, but modest.
•
While Miami-Dade’s recovery proceeded slowly at first, increasing rates of job creation have now redeemed all recession-related losses. As of November, employment was up 39,500 jobs (3.7%) from the total recorded 12 months prior, following a gain of 22,900 jobs (2.2%) over the preceding 12 months.
•
Foreign investments continue to be key to Miami’s transformation as foreign investors view the market as a safe haven for investments.
•
A combined total of 3,409 market-rate apartments are currently under construction, the majority of which are located in the Miami and South Beach/Bayshore submarkets.
Brickell City Centre, with an estimated cost of $1.05 billion and 54 M SF, is under construction. Miami Worldcenter, with an estimated cost of $1.06 billion and 20M SF, is also under construction.
INTERESTING FACT: Recent data show vigorous strength in nearly all major private industry sectors. Miami’s strong international trade connections are a significant factor. Additional benefits are expected from the dredging of the port of Miami intended to help capture the larger Panamax ships that will traverse the expanded Panama Canal beginning in 2016. CONTACT
Coldwell Banker Commercial Alliance Miami
801 Brickell Avenue, Suite 1600 Miami, FL 33131
(305) 560-5000 www.cbcalliance.com
20
FL - Miami-Dade County
Population of MSA
Office
5,759,926
Retail
MF
Industrial
Households in MSA
2,469,802 Household Median Income
$46,982
Vacancy
g
z y
g
g
Absorption
c
c
c
c
Rental Rates
c
c
g
Unemployment of MSA
MARKET HIGHLIGHTS
5.60%
•
The Miami-Dade market is extremely unique as it has become a safe haven for foreign investors from all over the world to invest their capital in a safe and secure environment. There is a tremendous amount of capital chasing deals.
•
One of the largest Office transactions in 2014 was the sale of 220 Alhambra Circle in Coral Gables, which is a highly desired submarket in Miami-Dade County. The 180,000 SF Office building sold for $75,000,000 or $416.67/ SF and closed in October 2014.
•
Large Office leases in 2014 included: 117,705 SF signed by Akerman Senterfitt LLP at Brickell city Centre Green; 73,290 SF signed by Miami Children’s Hospital at 5301 Waterford in the Miami Airport Market; and 60,514 SF signed by Merril Lynch & Co. at 355 Alhambra Circle in Coral Gables.
•
One of the largest Retail transactions in 2014 was the sale of 800 Lincoln Road in Miami Beach, which is a 17,642 SF Retail Center that sold for $88,200,000 or $4,999.43/SF and closed in October 2014.
•
One of the largest Industrial transactions in 2014 was the sale of 1151 NW 1st Place in Miami which is a 65,000 SF Industrial building that sold for $53,000,000 or $827.69/SF and closed in September 2014 as a sale-leaseback.
INTERESTING FACT: Miami-Dade is home to Miami Marlins Baseball, Miami Heat Basketball and Miami Dolphins Football. Known for the beautiful beaches and tropical weather, Miami-Dade has now become a home for International trade, business, finance and banking. CONTACT
Coldwell Banker Commercial NRT- Boca Raton
1800 NW Corporate Blvd, Suite 100 Boca Raton, FL 33431
(561) 367-4111 www.cbcworldwide.com
FL - Orlando MSA
Population of MSA
Office
2,221,842
Retail
MF
Industrial
Households in MSA
950,913 Household Median Income
$47,119
Vacancy
g
z yg
g
g
Absorption
g
c
c
c
Rental Rates
c
c
c
c
Unemployment of MSA
•
5.00%
MARKET HIGHLIGHTS
With the advent of the Orlando area’s new SunRail, the new Dr. Phillips Performing Arts Center and multiple other area projects, new jobs and falling vacancies have returned Orlando to one of the top growing areas in the country!
•
New jobs emerging in multiple economic sectors, including the return of baby boomer retirees, have dramatically increased the migration to the Orlando area as the landing pad of Florida.
•
New construction has continued to blossom in all real estate sectors, with new projects in the Lake Nona “Medical City” area and several infill projects in Winter Park and Downtown Orlando, including new municipal projects like the Orlando City Soccer Stadium.
•
Residential transactions and values have gone up significantly over the last 12 months, including home builders ramping up new developments in emerging areas. Additionally, re-profiling infill urban residential and suburban subdivision remains strong as custom builders look to take advantage of existing lots and redevelopment projects left over from the downturn.
•
The Orlando area continues to grow beyond the economic boundaries of tourism, real estate and agriculture. New Technologies and their manufacturers continue to seek out Orlando as a home for their corporate offices, as well as their research/development and logistics.
INTERESTING FACT: Orlando is known as the #1 tourist destination in the world! Destinations like World Walt Disney World, Universal Studios, SeaWorld and others draw over 55 million visitors per year! Little known fact: Orlando intends to become the Biomedical Capital of the South with Lake Nona’s “Medical City” featuring Burnham Research, UCF, UF and FIT!
CONTACT
Coldwell Banker Commercial NRT-Maitland
901 North Lake Destiny Drive, Suite 110 Maitland, FL 32751
FL - Palm Beach County
Population of MSA
(407) 539-1000 www.cbcworldwide.com
Office
1,320,134
Retail
21
MF
Industrial
Households in MSA
665,665 Household Median Income
$52,432
Vacancy
g
z yN/A N/A
N/A
N/A
Absorption
c
N/A
N/A
N/A
Rental Rates
g
N/A
N/A
N/A
Unemployment of MSA
MARKET HIGHLIGHTS
4.80%
•
The Palm Beach County Office market is shifting to a landlord’s favor with an overall decrease in vacancy rate to approximately 21%.
• •
The largest Office lease signed in Palm Beach County (Boca Raton) was 77,340 SF by the Cancer Treatment Centers of America. Properties are changing hands with the expectation that value-added improvements will allow for increased rents and an improving market will decrease vacancy. The properties changing hands are primarily Class A.
INTERESTING FACT: More than 2M people visit Palm Beach County each year, and spend around $3 billion while they are visiting.
CONTACT
Coldwell Banker Commercial NRT - FL
1800 NW Corporate Blvd., Suite 100 Boca Raton, FL 33431
(561) 479-1225 www.cbcworldwide.com
FL - Putnam County
Population of MSA
Office
73,212
Retail
MF
Industrial
Households in MSA
36,716 Household Median Income
$32,069
Vacancy
z y
Absorption
Rental Rates
Unemployment of MSA
MARKET HIGHLIGHTS
• • • • •
7.10%
Goody’s clothing store moved out of the major business district of Palatka, FL. The vacancy rate in Putnam County, FL is remaining stable. Walmart Express is currently under construction in Interlachen, FL. It is the first prototype of its kind in the State of Florida. The number of residential properties sold in Putnam County, FL is up 12%. The average sales price is $82,208. The general market in Putnam County, FL continues to be a stable market. Palatka and Putnam County are the hub of North Central Florida. It is less than an hours drive from St. Augustine, Gainesville, Jacksonville and Ocala and only 2 hours from Orlando.
INTERESTING FACT: Putnam County, FL is the Bass Capital of the World. Several major bass tournaments have been held in Palatka. Palatka was also the base for William Bartram’s Florida expeditions.
CONTACT
Coldwell Banker Commercial Ben Bates, Inc.
3400 Crill Avenue, Suite 1 Palatka, FL 32177
(386) 328-6716 www.cbcworldwide.com
22
FL - Sarasota County
Population of MSA
Office
379,448
Retail
MF
Industrial
Households in MSA
228,395 Household Median Income
$49,052
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
4.90%
•
The University Town Center Mall opened in October of 2014 in Sarasota County. This is a Benderson/Taubman collaboration of 880,000 SF. It is the only new mall to open in the USA in 2014. The land at the Quay has been purchased. There is a grass roots movement called 20/20 Bayfront which is working with the local government for recommendations as to the highest and best use for this valuable property.
•
The vacancies are decreasing in all sectors of the commercial real estate market. This is due to more businesses and individuals who are looking for the quality of life this area has to offer.
•
There are an estimated 284,692 SF of residential apartments, condominiums, townhouses, and hotel rooms projected for completion within the next two years in the downtown Sarasota market. This includes 996 apartments, 1,434 condominiums & townhouses, and 1,123 hotel rooms.
•
Vacant residential Land is still in high demand. Single family home new construction has increased dramatically with local, international and national companies buying land for future developments.
•
With the opening of the mall at UTC, traffic along I-75 and the interchanges in both Bradenton and Sarasota have increased proportionately. A divergent diamond is proposed for the University Parkway interchange.
INTERESTING FACT: The area is known for beautiful beaches, wonderful weather and cultural opportunities. CONTACT
Coldwell Banker Commercial NRT-Sarasota
1800 2nd Street, Suite 104 Sarasota, FL 34236
(941) 925-8586 www.cbcworldwide.com
FL - Sebastian/Vero Beach
Population of MSA
Office
140,509
Retail
MF
Industrial
Households in MSA
76,576 Household Median Income
$41,775
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
c
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
6.00%
•
Health Care Industry expansions continue in Indian River County with the ground breaking of the $40M Indian River Medical Center’s (IRMC) Scully-Welsh Cancer Center. This deepens IRMC’s long affiliation with Duke Medical Center having opened the Duke Heart Center in 2009. Medical Office buildings (MOB’s) have traded in the $1M - $12M range with CAP Rates between 6-9%.
•
With Governor Scott’s significant statewide investment and commitment to tourism, the tourist industry continues to expand statewide. To meet the growing demand, Vero Beach broke ground on a new $12M 90 room Hampton Inn & Suites, scheduled to open in March 2015. It will be centrally located in Vero Beach along the popular Retail hub of Miracle Mile.
•
Retail expansion continues to increase. In 2014, two new Cumberland Farms stores opened, and in 2015 a Wawa convenience store and a Walmart Neighborhood Market are well into their planning stages. Vero Beach Outlets, a 329,000 SF outlet center, was purchased by Wharton Realty Group (WRG). In addition, in Vero Beach, McDonald’s, Chipotle, and Aspen Dental all opened new stores in 2014.
•
In 2014, Vero Beach and Sebastian ranked #1 in overall growth statewide in sales of single family homes with an 18.2% change from 2013. Median sale prices in both single family homes/town homes and condos continued to rise to $162,000 and $115,000 respectively.
•
Infrastructure continues to be a priority for the county with the widening of I-95 and US HWY- 1 to 6 lanes scheduled to be completed in 2015. The expanded lanes encourage access to and from the major markets of Orlando and Fort Lauderdale/Miami.
CONTACT
Coldwell Banker Commercial Paradise
1950 U.S. Highway 1 Vero Beach, FL 32960
(772) 460-2081 http://cbc.flcoldwellbanker.com
23
FL - Southeast
Population of MSA
Office
5,759,926
Retail
MF
Industrial
Households in MSA
2,469,802 Household Median Income
$46,982
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
4.10%
•
Vacancy is decreasing in all product types throughout the Southeast Florida market. There is a tremendous amount of capital chasing deals, and there is a shortage of well priced product.
•
One of the largest Office transactions within 2014 was the sale of 525 Okeechobee Blvd in West Palm Beach, which is a 295,933 SF Office building that sold for $150,000,000 or $506.87/SF in August of 2014.
•
One of the largest Office new construction projects being developed is the Brickell City Centre Green, which is a 134,523 SF building that is 89% pre-leased.
•
One of the largest Retail transactions in 2014 was the sale of the 11701 Lake Victoria Gardens in Palm Beach Gardens which is a 338,925 SF Retail center that sold for $141,500,000 and $417.50/SF at a 6.25% CAP.
•
As to the largest Retail leases: Ikea leased 416,000 SF; Macy’s leased 195,000 SF; Champion Porsche leased 118,197 SF; and Sak’s Fifth Avenue leased 107,000 SF.
INTERESTING FACT: Southeast Florida is known for the great weather, the wonderful beaches, and is a destination for international banking, business and tourism. Once known mostly for the tourist and produce industries, today South Florida is now home to many international corporations, banks and technology firms. CONTACT
Coldwell Banker Commercial NRT- Boca Raton
1800 NW Corporate Blvd, Suite 100 Boca Raton, FL 33431
(561) 367-4111 www.cbcworldwide.com
FL - Southwest
Population of MSA
Office
990,268
Retail
MF
Industrial
Households in MSA
411,928
Vacancy
z y
N/A
g
Absorption
c
c
N/A
c
Rental Rates
c
c
N/A
c
Household Median Income
$49,028 Unemployment of MSA
MARKET HIGHLIGHTS
4.70%
•
Southwest Florida, Naples and Fort Myers have finally recovered from the 6 year depression. Housing start-ups and developments are starting to increase again, although at a much slower rate than seen in the booming years of 2005-2007.
•
With the recovery of Residential, the Commercial markets are starting to pick up. Prices are up, but are anticipated to increase at higher percentages in the next two years. Rent rates are also increasing and probably will for several years.
•
Retail is king. Vacancy is down to 7.3%. Rates are increasing with Fifth Avenue South in Naples going for $50 or more PSF and $7.50 SF pass-throughs when and if you can find space. Old Time Pottery leased 70,000 SF in Bonita Beach; 39,795 SF to RLR Logistics in Fort Myers; and 25,000 SF to The Ranch. Naples is almost fully leased with limited availabilities in small spaces at higher rates.
•
The Office market is recovering, but the vacancy rate sits at 12.5%. Hertz is moving their world headquarters to Estero. Other nationals are giving the area a close look; more announcements are expected soon.
•
The Industrial market is extremely tight in Naples. Vacancy is only 4%, and there is no spec building because rents are too low. Fort Myers has a vacancy rate of 8%.
INTERESTING FACT: This is a great time to invest in Southwest Florida. There has been little new construction in 6 years. The strong residential market is expected to drive the demand for commercial and Industrial. CONTACT
Coldwell Banker Commercial NRT- Naples
4851 N.Tamiami Tr., Suite 100 Naples, FL 34103
(239) 216-4949 www.cbcworldwide.com
24
FL - St. Lucie County
Population of MSA
Office
277,789
Retail
MF
Industrial
Households in MSA
136,914 Household Median Income
$43,413
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
c
c
Unemployment of MSA
•
MARKET HIGHLIGHTS
5.90%
Tradition Medical Center, which opened in 2014, is already at capacity with plans for continued expansion to its full 300 bed capacity. Nearby, Mann Research Center, which also opened in 2014, continues to lease its 45,000 SF Medical Office center. Together, both are merely the first phase in a multi-year commitment to create at 22-acre Medical Office and Life Sciences complex.
•
National chains and investors are eyeing the Sunshine State. Statewide, WaWa continues to build and open new stores with 25 opened in 2014 and 25 stores expected in 2015. Several will be located in St. Lucie County and on the Treasure Coast. Two national chains that are also coming to the Treasure Coast are Cumberland Farms and O’Reilly Auto Parts.
•
The Commercial market in St. Lucie County is poised for growth. Due to its central location between Orlando and Miami, South Florida commercial investors are coming back strong. With undeveloped parcels and land available for development, Land investors are back in the market. Another good sign is that several older Retail plazas are undergoing renovations and are re-tenanting.
•
Shrinking inventory, steady economic improvement and consumer confidence led to overall gains in the local housing market. In St. Lucie County, median single family homes prices rose 11.6% over last year to $155,000, placing it fourth in the state overall for median price growth. In addition, with 500 new construction jobs added in St. Lucie 2014, residential construction is rebounding.
•
Infrastructure projects have once again become a priority for the county, with expansion plans announced for several key artery roads including Floresta, Becker and the announcement of a Crosstown Parkway Bridge.
CONTACT
Coldwell Banker Commercial Paradise
411 North US Hwy 1 Fort Pierce, FL 34950
(772) 460-2081 http://cbc.flcoldwellbanker.com
FL - Tallahassee MSA
Population of MSA
Office
373,245
Retail
MF
Industrial
Households in MSA
163,558
Vacancy
g
z yg
c
g
Absorption
c
c
g
c
Rental Rates
c
c
Household Median Income
$45,683 Unemployment of MSA
MARKET HIGHLIGHTS
4.80%
•
The 50,000 SF Mixed-Use Gateway Center was completed in 2014. This Class A building Downtown is anchored by a Walgreens, and the Morgan and Morgan law firm. The failing 1970’s Tallahassee Mall was purchased in 2014 and will be redeveloped and repurposed.
•
Occupancies in all sectors are improving. Even the Office market is seeing improvement in occupancy and rental rates, especially in select submarkets. Weakness remains in the older and larger Class B and C properties, which were vacated by State of Florida agencies over the last several years.
•
New medical construction and expansion is well underway. The new VA Outpatient Clinic is under construction in Southeast Tallahassee, and the Capital Regional Medical Center is undergoing an $11.5 M expansion. The largest new private development under construction is the new 128,000 SF facility for FedEx Ground in the Summit East business park.
•
Existing single family home sales in the Tallahassee MSA increased 13.4% in 2014 over 2013. New home construction increased as well. Inventory levels remained stable at 6 months or less for all price ranges under $400,000.
•
The Tallahassee area continues to enjoy low unemployment rates with the Tallahassee MSA declining to 4.8% in December 2014. This is down from 5.3% December 2013.
INTERESTING FACT: Cascades Park opened in 2014 and has become one of Tallahassee’s most popular destinations. College Town has also become a popular destination with new restaurants and shops including Urban Outfitters. CONTACT
Coldwell Banker Commercial Hartung and Noblin, Inc.
FL - Tampa Bay
3303 Thomasville Road Tallahassee, FL 32308
(850) 386-6160 www.cbcworldwide.com
Population of MSA
Office
2,847,767
Retail
25
MF
Industrial
Households in MSA
1,357,866
Vacancy
g
z y
c
g
Absorption
c
c
c
c
Rental Rates
c
c
c
c
Household Median Income
$45,492 Unemployment of MSA
MARKET HIGHLIGHTS
5.50%
•
Tampa and Saint Petersburg are both experiencing a surge in urban core Apartment construction. Channelside, Harbour Island, Seminole Heights, Tampa Heights, SoHo and Ybor City all have projects under way or online. St. Petersburg also delivered multiple high-end Apartment projects and is riding a boom partially spurred by the craft brewery industry that has taken root in that city’s core.
•
Major Industrial expansions by Amazon, FedEx and other distribution industries bode well for job expansion along the I-4 corridor. USAA announced a 420,000 SF expansion in Brandon as well. Economic expansion at a moderate pace is expected to continue.
•
The Office market rebounded slightly in 2014 as Bristol-Myers Squibb moved into 70,000 SF in Tampa. Laser Spine Institute leased 175,998 SF in Tampa’s Westshore District, the largest Office district in Florida.
•
Sun Dial, a 71,000 SF Retail development in burgeoning downtown St. Petersburg opened with great fanfare, including Locale Market, a 22,000 SF gourmet grocery store/restaurant that requires 60 to 80 chefs. Trader Joe’s is also set to open its second Tampa Bay location this spring. Ground was broken on a Simon Property Group 110-Retailer outlet mall in Wesley Chapel.
•
Tampa Bay Lightning owner Jeff Vinik and Bill Gates’ Cascade Investment announced they are partnering on an ambitious, 24-acre $1 billion project in downtown Tampa that includes Hospitality, Retail, Office, residential and a USF medical school. Vinik hopes to see dirt moving this summer.
CONTACT
Coldwell Banker Commercial NRT- Tampa
5010 W. Kennedy Blvd, 2nd FL Tampa, FL 33609
(813) 769-1612 www.cbcworldwide.com
FL - Volusia County
Population of MSA
Office
494,593
Retail
MF
Industrial
Households in MSA
254,103
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
c
Household Median Income
$42,457 Unemployment of MSA
MARKET HIGHLIGHTS
• • • • •
5.30%
Trader Joe’s will be opening a regional distribution center. Strong job growth is causing vacancy rates to fall. New commercial construction is up 30% to $324,585,000. New residential construction is back as the year ended with over 1,182 permits. Sun-Rail opened Debary station, the first rail-transportation in Central Florida.
CONTACT
Coldwell Banker Commercial AI Group
1019 Town Center Drive Orange City, FL 32763
(386) 775-8633 www.cbcaigroup.com
26
GA - Athens
Population of MSA
Office
196,309
Retail
MF
Industrial
Households in MSA
81,755
Vacancy
z y
Absorption
c
Rental Rates
c
c
Household Median Income
$39,291 Unemployment of MSA
MARKET HIGHLIGHTS
5.30%
•
Downtown Athens continues to experience tremendous growth in the student housing sector. Over 1,000 bedrooms have come online in the last 18 months; an additional 1,200+ bedrooms are under construction; and several other projects are in the planning phase.
•
The 1,000,000+ SF Caterpillar Plant on the west side of Athens is now at 960 employees with plans to add another 400 jobs by 2018.
•
The Athens area is experiencing tremendous growth in the Medical Office sector with several hundred thousand SF of new Medical Office space now completed and occupied.
•
German based auto manufacturer Häring will locate its first United States manufacturing facility, creating 800 jobs by 2025 and investing $54 M into the project over the next five years, just north of Athens in Hartwell, Georgia.
INTERESTING FACT: Athens Georgia is home to The University of Georgia, The Georgia Bulldogs, R.E.M. and the B-52s, the city Rolling Stone named “#1 College Music Scene in America.”
CONTACT
Coldwell Banker Commercial Upchurch Realty
2405 West Broad Street, Suite 150 Athens, GA 30606
(706) 354-7870 www.upchurchrealtycommercial.com
GA - Atlanta
Population of MSA
Office
5,450,291
Retail
MF
Industrial
Households in MSA
2,182,345 Household Median Income
$55,295
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
4.90%
•
The largest lease transaction in Q4 2014 was signed by WorldPay US: 130,000 SF at Atlantic Station in Midtown. The largest sale transaction in Q4 was Cousins Properties’ purchase of Northpark Town Center’s Portfolio: 1.53M SF Office complex for $348M or approximately $227 PSF.
•
Just over 20.3 million SF of net absorption was recorded in Atlanta’s Industrial market in 2014, a record annual amount for the city. The Atlanta Industrial market continues to be a focal point for companies structuring warehousing and distribution networks to serve their growing business.
•
The Central Perimeter Office market is swarming with new construction. Currently, 1.2M SF is underway in that market, with rumors of more corporate tenants entering in Q1 2015. Lease rates increased overall by nearly $0.40 PSF to $20.37 PSF, with Class A rising $0.57 PSF. The market remains a landlord market, but tenants are now gearing occupancy towards efficiency more than cost.
•
Favorable signs are emanating from the Atlanta housing market. The new home market is bouncing back in an impressive way. Builders are reporting that it is challenging to meet the level of demand within the Atlanta marketplace. Median metro area sales prices were up 13.9% over 2013.
•
At almost 9 million SF, Q4 2014 Industrial absorption was the highest in Atlanta in 13.5 years. The average quarterly absorption totaled over 5 million SF. As a result, Atlanta’s Industrial vacancy rate fell below 10% for the first time since 2001.
CONTACT
Coldwell Banker Commercial Metro Brokers
3575 Piedmont Road NE Bldg 15 Suite 950 Atlanta, GA 30305
(678) 320-4800 www.cbcmetrobrokers.com
27
GA - Atlanta MSA
Population of MSA
Office
5,450,291
Retail
MF
Industrial
Households in MSA
2,182,345 Household Median Income
$55,295
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
c
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
6.40%
•
NCR moved to Atlanta (midtown) from Gwinnett County. The move will create 1,200 new jobs, and the new location will be the world headquarters for NCR.
• • •
The overall market shows improvement and so do consumer attitudes. Also, gas prices at the pump are down!
•
The overall real estate market in Metro Atlanta continues to improve.
Industrial, Retail and Office sectors saw positive new construction growth in 2014. The Residential sector has improved and stablized. From Nov. 2013 to Nov. 2014, the market showed a 4.9% increase in value. (Atlanta Journal 1.28.15)
INTERESTING FACT: Atlanta is home to the world’s largest aquarium, as well as the Atlanta Hawks, Braves, and Falcons professional sports teams. Rumor has that Atlanta will soon have a Pro Soccer team.
CONTACT
Coldwell Banker Commercial NRT-Marietta
37 Johnson Ferry Road Marietta, GA 30068
(404) 705-1590 www.cbcworldwide.com
GA - Columbus
Population of MSA
Office
309,087
Retail
MF
Industrial
Households in MSA
113,239 Household Median Income
$37,779
Vacancy
g
z yg
c
g
Absorption
c
c
c
Rental Rates
g
Unemployment of MSA
MARKET HIGHLIGHTS
7.20%
• •
Heatcraft Inc. has expanded into additional 132,000 SF manufacturing space, which has created 100+ jobs.
• • •
Ollie’s Bargain Outlet opens, absorbing 28,800 SF of Retail space on Milgen Road.
Construction was announced and has begun on the new Blue Cross/Blue Shield call and customer service center. The total investment of $62M will be creating 750 new jobs.
Pratt & Whitney expands its manufacturing operation into an additional 100,000 SF, creating 300 new jobs. Several well-known companies have their headquarters in the region, including Aflac, Carmike Cinemas, Masterbuilt, Realtree, Synovus, TSYS and the W.C Bradley Company. What’s more, internationally-recognized companies like Heatcraft Kysor/Warren, Kia, NCR, Pratt & Whitney and Synder’s-Lance have major operations in the region.
INTERESTING FACT: Columbus is the home of the US Army’s Manuever Center of Excellence (combined Infantry and Armour branches) and the longest suburban whitewater rafting course in the United States.
CONTACT
Coldwell Banker Commercial Kennon, Parker, Duncan & Davis
4621 River Road Suite C Columbus, GA 31904
(706) 256-1000 www.commercialcolumbusga.com
28
GA - Dalton
Population of MSA
Office
142,365
Retail
MF
Industrial
Households in MSA
55,441 Household Median Income
$36,842
Vacancy
z yg
g
g
Absorption
c
c
c
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
8.20%
Rental Rates
•
Engineered Floors, LLC is nearing completion of their second Dalton plant, which will bring total manufacturing space to approximately 2.7 M SF. This project has the potential to bring close to 2,000 jobs to the area.
•
Dalton State College, a 4 year institution, has more than 5,700 students with on-campus housing available. Georgia Northwestern Technical College with a Whitfield County campus is Northwest Georgia’s premier college for workforce development.
•
The average residential sales price in Whitfield County increased 12.5% from 2013 to 2014, according to Dalton Multiple Listing Service, Inc.
• •
Walmart Neighborhood Market is re-developing a site near the center of town. Voters approved Tax Allocation Districts (TADS) in November 2014 to increase the opportunity for additional Retail development.
INTERESTING FACT: Dalton GA is widely known as “The Carpet Capital of the World.” More than 60% of the world’s carpet is manufactured in the Northwest Georgia area.
CONTACT
Coldwell Banker Commercial Kinard Realty
704 S. Thornton Avenue Dalton, GA 30720
(706) 226-1985 www.cbcworldwide.com
GA - Fayette County/Peachtree City
Population of MSA
Office
34,364
Retail
MF
Industrial
Households in MSA
13,407 Household Median Income
$87,652
Vacancy
g
z yN/A N/A
N/A
g
Absorption
c
N/A
N/A
c
Rental Rates
c
N/A
N/A
Unemployment of MSA
6.30%
MARKET HIGHLIGHTS
• • • •
Osmose Utilities Services is creating a new headquarters building in Peachtree City, bringing as many as 100 new jobs. Vacancy rates are holding steady in most sectors. In addition to Osmose headquarters, many existing businesses are expanding. The Residential market is experiencing low inventory, resulting in competition for listed properties.
INTERESTING FACT:
CONTACT
Coldwell Banker Commercial Bullard
201 Prime Point Peachtree City, GA 30269
(770) 632-1774 www.cbcbullard.net
29
GA - Greene/Putnam/Morgan
Population of MSA
Office
55,258
Retail
MF
Industrial
Households in MSA
23,615 Household Median Income
$38,954
Vacancy
g
z y
N/A
N/A
Absorption
c
N/A
N/A
Rental Rates
c
N/A
N/A
Unemployment of MSA
MARKET HIGHLIGHTS
8.30%
•
The Harbor at Harmony Crossing is now open. Combining advanced technology with compassionate care, The Harbor at Harmony Crossing provides residents with top-tier care while supporting their dignity and independence, all in a luxurious, resort-quality environment.
•
In 2013, Greene County’s tourism industry: supported 520 jobs, generated $46.48 M in direct tourist spending, created $1.91 M in state tax revenues, and generated $1.4 M in local tax revenues.
•
Since the 2000’s, Putnam county has seen a housing boom due to its close proximity to major highways, Lake Oconee, as well as major employment hubs such as Atlanta, Athens, and Macon.
•
A growing number of national and international corporations are choosing Madison for their corporate headquarters. The outstanding workforce and the close proximity to major distribution networks have made Morgan County the choice location for high-tech manufacturing, located in a region described as being as beautiful as walking through a Norman Rockwell painting.
INTERESTING FACT: The Bruce Weiner Microcar Museum is the largest collection of Microcars in the world, the collection can be viewed in Madison, Georgia.
CONTACT
Coldwell Banker Commercial Lake Country
1020 Greensboro Road, NE Eatonton, GA 31024
(706) 485-0124 www.cbclakecountry.com
GA - Hinesville/Fort Stewart MSA
Population of MSA
Office
80,915
Retail
MF
Industrial
Households in MSA
33,119 Household Median Income
$42,429
Vacancy
z yg
g
Absorption
c
c
Rental Rates
c
Unemployment of MSA
MARKET HIGHLIGHTS
7.60%
• • •
Hinesville welcomed a new 20,000 SF Veterans Administration clinic, which opened in June 2014.
•
Armstrong Atlantic State University is currently under construction for the new 21,000 SF Liberty Center, slated to open January 2016.
•
Commercial construction in the Hinesville MSA includes a Walmart Neighborhood Market, a 42 unit Senior Housing tax credit project, a new public library, and a new Navy Federal Credit Union location.
Fort Stewart continues to grow with an additional 450 troops being added in July of 2015. Hinestville MSA was recently featured in the top 2% of MSAs nationwide for its workforce (attributed in Area Development Magazine’s 100 leading locations of 2014).
INTERESTING FACT: Two signers of the Declaration of Independence hail from Liberty County. They are Button Gwinnett and Lyman
Hall.
CONTACT
Coldwell Banker Commercial Holtzman Realtors
730 General Stewart Way Hinesville, GA 31313
(912) 408-4040 www.cbcworldwide.com
30
GA - Macon MSA
Population of MSA
Office
377,816
Retail
MF
Industrial
Households in MSA
144,519 Household Median Income
$53,898
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
8.10%
•
Tractor Supply Co. has recently opened its new 750,000 SF distribution facility along I-75 in the new Southside Industrial Park, employing over 250 full time persons.
•
The Savannah Port received Federal EPD permits to dredge the Savannah Port to allow super container vessels in 2017. In anticipation, the portage distribution companies are scrambling to locate large scale Industrial distribution facilities across the central and southeastern parts of Georgia (including Macon). Savannah Port and Macon are the terminus points of I-16.
•
Khumo Tire Company has their 2,000,000 SF automotive tire manufacturing facility under construction, and it is slated to open in 2017. The Khoumo Tire facility is located on rail in the new Norfolk Southern Industrial Park along HWY- 247.
•
There was an increased number of existing single family home sales this past year, trending up in 2015. Average home prices are on the rise, and new single family home starts are flat. Multi-family development is evident in every income sector in the area.
•
Increased job and population growth have spurred large scale Retail development on the North side of Macon. The recently completed Shoppes at River Crossing (580,000 SF) is a posh new lifestyle center experiencing rapid growth and many new nationally recognized Retail stores
INTERESTING FACT: Macon Georgia is known for its two-week Cherry Blossom Festival in the spring of each year, as several thousand Yoshino Cherry trees bloom. Several million visitors have attended this event in the past few years. CONTACT
Coldwell Banker Commercial Eberhardt and Barry
990 Riverside Drive Macon, GA 31201
(478) 746-8171 www.coldwellbankercommercialeb.com
GA - Savannah
Population of MSA
Office
361,495
Retail
MF
Industrial
Households in MSA
153,131 Household Median Income
$48,852
Vacancy
g
z yg
g
g
Absorption
c
c
Rental Rates
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
6.20%
•
The Savannah Harbor Expansion Project received all necessary state and federal funds. The 15 year old, $706M project, will deepen the Savannah Harbor to 47 feet. The Army Corps of Engineers estimated it will net $174M yearly to the US economy. The project is set to be completed in 2020. The Port of Savannah is the largest single container terminal in North America and moved 3.34 million TEUs in 2014.
•
Ben Carter Enterprises bought dozens of Broughton Street Retail buildings and announced a $75 M revitalization plan and streetscape improvements. Tenants will include: L’Occitane, H&M, lululemon Athletica, J. Crew, Palm Avenue and local tenants. The Grand Opening of Tanger Savannah will be in April 2015. Tenants include: Michael Kors, J. Crew, White House Black Market, Brooks Brothers, Coach, Nike and Abercrombie.
•
58-acre environmentally distressed Savannah River port site was acquired and redeveloped by Commercial Development Company Inc. CDC Inc. and its affiliates will work with Georgia EPD to address the environmental hazards. The site is adjacent to the Georgia Port Authority’s Garden City Terminal, the country’s fastest growing container port.
•
A Coldwell Banker Commercial Platinum Partners agent assembled 6 acres of 33 residential lots to market to retail developers. A developer contracted to purchase the site and then retained the brokerage to work with the Savannah Metropolitan Planning Committee and assemble two additional residential sites totaling 12 acres.
•
Over 13M Savannah tourists pumped $2.3B into the local economy, and guests stayed an average of 2.4 days. With a high barrier to entry, developers sought infill locations such as a Bridgestone Firestone service center and a decommissioned fire station.
CONTACT
Coldwell Banker Commercial Platinum Partners
HI - Honolulu
6349 Abercorn Streetreet Savannah, GA 31405
(912) 790-6999 www.cbcplatinum.com
Population of MSA
Office
910,677
31
Retail
MF
Industrial
Households in MSA
311,782 Household Median Income
$67,192
Vacancy
c
z yg
Absorption
g
c
Rental Rates
g
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
• • • • •
3.80%
Hawaii’s economy remains healthy with unemployment 200 basis points below the national average at 3.8%. General Growth Properties adds a condominium component to its $575 M dollar GLA expansion. Numerous development projects and Hotel development and renovation projects place upward pressure on construction costs. Hawaii’s market is anticipated to remain strong in 2015, driven by increased tourism and employment gains in key industries. Debartolo Development of new $350 M regional shopping center Ka Makana Alii announces the following signed tenants: Macy’s, GAP, Forever 21, H&M, Old Navy and Bannana Republic, with projected openings in 2016.
INTERESTING FACT: Waikiki in Honolulu attracts 72,000 visitors on any given day. That’s as much as 44 percent of all tourists present in the entire state of Hawaii.
CONTACT
Coldwell Banker Commercial Pacific Properties- NRT
737 Bishop Street, Suite 2000 Honolulu, HI 96813
(808) 526-0896 www.cbcpacific.com
ID - Pocatello
Population of MSA
Office
83,487
Retail
MF
Industrial
Households in MSA
33,180
Vacancy
z y
N/A
g
Absorption
N/A
c
N/A
c
Rental Rates
g
g
N/A
Household Median Income
$42,610 Unemployment of MSA
3.90%
MARKET HIGHLIGHTS
• • •
CAL Ranch relocated to 60,240 SF in the Pine Mall. Commercial vacancy rates are declining; Retail and Restaurant occupancy is up. The area has experienced Retail and Industrial growth.
INTERESTING FACT: Financial Times’ Magazine found Pocatello/Chubbuck to be one of the top ten Micro Cities of the Future and ranked it 2nd in Best Economic Potential.
CONTACT
Coldwell Banker Commercial Advisors
2043 E. Center Street Pocatello, ID 83201
(208) 269-7328 www.cbcadvisors.com
32
IL - Bloomington/Normal
Population of MSA
Office
189,028
Retail
MF
Industrial
Households in MSA
77,822
Vacancy
z yg
c
Absorption
c
g
Rental Rates
Household Median Income
$61,108 Unemployment of MSA
MARKET HIGHLIGHTS
• • • • •
5.30%
The region’s overall economy is healthy, and unemployment rates have continued to fall. Local housing market is steady, but is off slightly from last year. Retail has been stable through Q3 and Q4. Rates are level, with 10% vacancy. Slowed Office activity, stable rents, 15% vacancy. Industrial growth is very slow with few transactions and 20% vacancy.
INTERESTING FACT: There are a few quality investment opportunities.
CONTACT
Coldwell Banker Commercial Heart of America Realtors
802 S. Eldorado Road Bloomington, IL 61704
Apartment vacancies are up.
(309) 662-3377 www.cbhoacommercial.com
IL - Champaign
Population of MSA
Office
234,055
Retail
MF
Industrial
Households in MSA
101,725
Vacancy
g
z yg
g
c
Absorption
c
c
c
g
Rental Rates
c
c
g
Household Median Income
$46,629 Unemployment of MSA
MARKET HIGHLIGHTS
5.50%
•
Commercial building permits for Champaign-Urbana totaled nearly $250 M in 2014 (up from $170 M in 2013). Numerous large projects are currently under construction, including H.E.R.E. Champaign Apartments ($46.9 M), Campus Circle Apartments ($36 M), Marriott Hotel and Campus Center ($29 M), Providence Circle ($25.5 M), and the West Quad ($15.8 M).
•
The Research Park at the University of Illinois at Urbana-Champaign saw Abbvie opening an Innovation Center; Caterpillar celebrated 15 years at the Research Park and announced a planned expansion; and Yahoo! expanded into a new 40,000 SF building. The park currently houses over 90 companies in 663,000 SF.
•
Kraft Foods completed a 730,000 SF distribution warehouse adjacent to their 1.2 million SF plant in West Champaign, making it the largest Kraft facility worldwide by SF and volume produced. BRG Sports (formerly Easton-Bell) fully integrated into their new 815,000 SF facility along I- 57 in Rantoul.
• •
The residential market is on the rise with a 6.43% increase in volume from 2013 to 2014. The Retail market continued to remain red hot, with a high-level of activity occuring around the North Prospect Retail corridor, and along South Neil Street, led by the 17-acre Carriage Center redevelopment. General Growth Properties has begun the demolition of the former Sears (160,000 SF) at Market Place Mall, but has yet to announce any fill-in plans.
INTERESTING FACT: Champaign-Urbana is home to the state’s flagship campus, the University of Illinois, which employs over 10,000 faculty and staff, and enrolls 44,250 students across 17 colleges and instructional units. CONTACT
Coldwell Banker Commercial Devonshire Realty
IL - Chicagoland
201 W. Springfield Ave, 11th Floor Champaign, IL 61820
(217) 352-7712 www.cbcdr.com
Population of MSA
Office
9,514,212
33
Retail
MF
Industrial
Households in MSA
3,792,770
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
c
c
c
c
Household Median Income
$60,140 Unemployment of MSA
MARKET HIGHLIGHTS
5.60%
•
The Chicago Industrial market continued to improve in Q4 of 2014 with 5,225,000 SF of net absorption. Some of the large leases signed were Pactiv Corp. for 898,560 SF, Ferrara Candy for 747,152 SF and Midwest Warehouse and Distribution for 650,494 SF.
•
The year end vacancy rate for Industrial properties was 7.9% with 9,800,000 SF of positive net absorption. Office had a year end vacancy rate of 13.7% and 2,750,000 SF of positive net absorption. The Retail year end vacancy rate was 8.3% and had a positive net absorption of 6,600,000 SF for the year.
•
There was 11,750,000 SF of Industrial space, 6,080,000 SF of Office space and 1,535,000 SF of Retail space under construction at the end of 2014.
•
The Apartment market continues to be strong with low vacancy and a large new supply of Apartments recently built and more coming online. The single family home market is still active with prices increasing in some submarkets.
•
All Commercial property types continue to show improvement. There is more new construction to meet the demand; property values continue to increase; and cap rates continue to decrease.
INTERESTING FACT: The Chicago Blackhawks NHL team, which plays at Chicago’s United Center, has won 5 Stanley Cups since their
founding.
CONTACT
Coldwell Banker Commercial NRT - IL
2215 Sanders Road, Suite 350 Northbrook, IL 60062
(847) 313-4600 www.cbcnrtchicago.com
IL - Madison/St Clair Counties
Population of MSA
Office
24,293
Retail
MF
Industrial
Households in MSA
9,138 Household Median Income
$69,037
Vacancy
g
z y
c
Absorption
c
c
c
Rental Rates
g
Unemployment of MSA
MARKET HIGHLIGHTS
5.60%
• • • •
Housing market has been improving for the last three years. New construction is picking up, but not robustly.
•
Healthcare market is strong with two new hospitals on the drawing board.
Retail activity is still increasing. Vacancy rates are low, and new space is being absorbed quickly. Office market is slow and slightly overbuilt. Multi-Family vacancy is increasing. Three new student housing projects are 100% leased with a waiting list. This has put pressure on the rest of the market.
INTERESTING FACT: Madison County was named in 1812 after president James Madison.
CONTACT
Coldwell Banker Commercial Brown Realtors
2205-B South State Rt. 157 Edwardsville, IL 62025
(618) 656-2278 www.brownrealtorscommercial.com
34
IL - Tazewell County
Population of MSA
Office
2,035,210
Retail
MF
Industrial
Households in MSA
701,332 Household Median Income
$54,090
Vacancy
g
z yg
c
Absorption
c
N/A
Rental Rates
c
g
Unemployment of MSA
MARKET HIGHLIGHTS
6.30%
•
Late 2014 announcements from Caterpillar confirmed mid-year expectations that the company would construct a new corporate headquarters and campus in Downtown Peoria, Illinois. This news should catalyze commercial real estate Office, Distribution and Industrial growth for the local area.
•
Private/Public development on the new Louisville Slugger Sports Complex in North Peoria has begun after some delay. This $40 M development is expected to bring additional Retail, service development and tenants to the area.
•
Tazewell County experienced substantial growth with the Levee District in downtown East Peoria. Anchors such as Target, Costco and a new Office headquarters for The Community Banks have seen excellent traffic, and surrounding non-anchor Retail has filled up quickly. Large Retail boxes were created in Morton, IL, immediately off I-74, for a new Farm & Fleet facility, as well as a local car dealership.
•
Residential real estate improved in 2014; interest rates reduced further; and additional jobs moved into the area.
INTERESTING FACT: The proposed oil pipeline that would connect from Illinois to Oklahoma before continuing south, would cut through part of Tazewell County.
CONTACT
Coldwell Banker Commercial Honig-Bell
950 Essington Road Joliet, IL 61550
(309) 263-7400 www.cbchonigbell.com
KS - Garden City
Population of MSA
Office
41,487
Retail
MF
Industrial
Households in MSA
14,905 Household Median Income
$47,384
Vacancy
g
z yg
g
g
Absorption
g
g
c
c
Rental Rates
c
c
c
c
Unemployment of MSA
3.10%
MARKET HIGHLIGHTS
• • • • •
The Garden City region looks forward to the addition of a 200,000 SF shopping center. New development in all segments of the economy. Over 250 new Apartment units are now under construction. There is an increase in demand for housing. Trade is expanding in the area.
INTERESTING FACT: Garden CIty is home to the Lee Richardson Zoo, the largest zoological park in western Kansas.
CONTACT
Coldwell Banker Commercial The Real Estate Shoppe Inc.
1135 College Ave., Suite E Garden City, KS 67846
(620) 275-7421 www.cbcworldwide.com
35
KS - Kansas City MSA
Population of MSA
Office
2,039,318
Retail
MF
Industrial
Households in MSA
874,680 Household Median Income
$55,664
Vacancy
g
z y
g
Absorption
g
g
c
Rental Rates
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
5.00%
• •
The $100 M street car project is underway in Downtown Kansas City, MO.
• • •
Cerner is proposing their third major expansion with a new Mixed-Use campus in south Kansas City.
There is continuous conversion of buildings to Apartments in the urban core, and many new Apartment projects are under construction in the suburban areas.
Retail trade and consumer services continue to be the largest employing industries in the area. Private sector employment continues to grow.
INTERESTING FACT: Kansas City is called the City of Fountains.
CONTACT
Coldwell Banker Commercial Fishman & Co.
10985 Cody, Suite 220 Overland Park, KS 66210
(913) 782-9000 www.cbcfishman.com
KY - Lexington/Fayette MSA
Population of MSA
Office
484,246
Retail
MF
Industrial
Households in MSA
211,586
Vacancy
c
z yg
g
g
Absorption
c
c
c
c
Rental Rates
g
c
c
c
Household Median Income
$49,044 Unemployment of MSA
MARKET HIGHLIGHTS
4.00%
•
Multi-Family and student housing is in strong demand and is fueled by strong job growth and the University of Kentucky. Current Multi-Family vacancy is at 5% trending downward. The just completed 252 unit Springs at Winchester has leased quickly. Thistle Station, a proposed 16-story development on the west side of Lexington’s CBD, will add another 200 units along with street level Retail and restaurant space.
•
Retail vacancy drops to 4.9% overall and 3.1% for community/power centers. Construction is beginning at The Summit at Fritz Farm, a 450,000 SF Mixed-Use development, and is scheduled to open in 2016. Bayer Properties has announced Whole Foods as an anchor and has seen strong pre-leasing activity. The development is less than one mile from Fayette Mall, which is currently less than 1% vacant.
•
The Industrial - Warehouse market in Central Kentucky continued on a positive track as vacancy rates fell by over 12% in 2014 to 5.7%. Expansion in automotive, research and distribution fueled the absorption, which is projected to continue through 2015.
•
Toyota Motor Manufacturing, 20 miles north of Lexington, is investing $360 M dollars in its Georgetown, KY plant and adding 750 new jobs to produce the Lexus ES 350. Toyota plans to build 50,000 of the ES 350 annually, bringing the Georgetown plants annual production to 550,000 vehicles.
•
New home construction was up by 4% in 2014 and the median sale price in Lexington-Fayette rose 2.75% over 2013. Continued historically low interest rates paired with pent up demand from the recession is driving these increases, which are forecast to continue trending upward in 2015.
CONTACT
Coldwell Banker Commercial McMahan Co.
KY - Louisville MSA
2350 Regency Road, Suite B Lexington, KY 40503
(859) 219-0080 www.cbcworldwide.com
Population of MSA
Office
1,252,860
Retail
36
MF
Industrial
Households in MSA
542,228
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
c
c
c
c
Household Median Income
$50,039 Unemployment of MSA
MARKET HIGHLIGHTS
4.80%
•
Louisville employment has conquered the recession with significant growth in healthcare (Humana), logistics (UPS and Amazon), and manufacturing (Ford and GE). All sectors have benefited; new construction is underway.
•
Louisville Apartment occupancy remains strong overall, with volunteered averages near 96%. Rents have risen an average of 4.9%, with central Louisville showing a 6.7% increase. There was construction of 1,000 units in 2014, and more will be underway in 2015.
•
Retail spending is reaping the positive effects of job gains, leading to declining vacancy, rise in rents, and construction of new space [Middletown Commons (250,000 SF), Jefferson Commons (230,000 SF) and Outlet Shoppes at Louisville (370,000 SF)].
•
Industrial net absorption for 2014 is nearly 3 million SF. Rents are up 5%, and construction is at an all-time high, with over 1.7 million SF under way for mid-2015.
•
Louisville Office sector is showing improvement with overall vacancy declining and rents up. Suburban market continues to benefit at expense of downtown Offices.
INTERESTING FACT: Lousiville has a vast amount of tourist attractions including: Kentucky Derby, 2014 PGA Championship, 2007 Ryder Cup (last US victory), Louisville Slugger and Muhammed Ali Museums and a Triple-A baseball team. Medical advances include: heart transplants, hand transplants and oncology. It is dubbed the “City of Parks” and has a 100-mile bike/walk loop; Olmsted-designed parks and the largest urban forest in US. CONTACT
Coldwell Banker Commercial McMahan Co.
10600 Timberwood Circle, Suite 7 Louisville, KY 40223
(502) 425-8800 www.cbcworldwide.com
KY - Shelby County
Population of MSA
Office
42,074
Retail
MF
Industrial
Households in MSA
16,685 Household Median Income
$57,298
Vacancy
g
z yg
g
Absorption
c
c
c
Rental Rates
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
4.10%
•
The Outlet Shoppes of the Bluegrass, an outlet mall built in Simpsonville, Shelby County, has spurred development and construction in the immediate area, as well as out towards Shelbyville. A new bypass, Freedom’s Way, was constructed through Shelbyville several years ago leading to light Industrial and other commercial construction projects beginning along the road.
•
Rents appear to be increasing due to an influx of residents from the Louisville area, as well as those moving to the area for work. Rental availability is becoming limited.
•
There are two new distilleries coming to Shelby County, the Rut N’ Strut Craft Distillery in 2015-2016 and Diageo Distillery, a large operation, opening in 2016.
•
The residential market has continued to improve with new construction gaining traction. 2012 through 2014 residential home sales have increased year over year with 2014 bringing a 5% increase over 2013 and average sales price have increased 7% in 2014.
•
Shelby County is growing both in terms of construction and population. Given the proximity to Frankfort, the state capital, and that it is in between the two highest population metro areas of KY, Lexington and Louisville; it should continue on a growth trend.
INTERESTING FACT: Shelbyville Kentucky is known as the American Saddlebred Capital of the World, and each year hosts the Shelbyville Horse Show, which is attended by riders and horses from all over the United States. CONTACT
Coldwell Banker Commercial Larry K Rogers
820 Main Street Shelbyville, KY 40065
(502) 647-3415 www.cbcrogers.com
37
KY - Southern
Population of MSA
Office
162,070
Retail
MF
Industrial
Households in MSA
69,997 Household Median Income
$41,502
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
c
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
4.00%
•
Bowling Green-Warren County is attracting the top investments in the state, according to the July edition of the Lane Report. The article featured a ranked list of Economic Development announcements in the Commonwealth from June 1, 2013 to May 31, 2014. Bowling Green and Warren County claimed the top investment and the third largest investment, as well as three others on the list.
•
Petco, Five Below, and Party City are opening in the Commercial Center with Best Buy. New fast-casual and sit-down restaurants are opening monthly.
• •
SHOP HQ, Bendix Brake, Kapstone Container Corporation, Bluegrass Supply Chain, and Afni all announced expansions for 2015.
•
Low Inventory of Residential Single Family Homes is starting to apply upward pressure to sales prices.
Nemesis Arms, a leader in precision firearms, announced today the relocation of their operations from California to Edmonson County, Kentucky. Soon to be located in the Edmonson County Industrial Park, Nemesis Arms will bring production of their innovative firearms to Southern Kentucky.
INTERESTING FACT: Home to the National Corvette Museum, GM’s only Corvette Plant, Fruit of the Loom International headquarters, Mammoth Cave, Western Kentucky University, Bowling Green Hot Rods, Historic Beech Bend Raceway, and more. CONTACT
Coldwell Banker Commercial Legacy Real Estate Group
2435 Fitzgerald Industrial Drive, Suite 102 Bowling Green, KY 42104
(270) 781-3844 www.cbclegacy.com
LA - Lafayette
Population of MSA
Office
221,578
Retail
MF
Industrial
Households in MSA
94,372
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
c
c
c
c
Household Median Income
$51,462 Unemployment of MSA
MARKET HIGHLIGHTS
4.60%
•
The 2014 Commercial real estate market ended with another record year, much like it began. All sectors of the market absorbed existing inventory, and new construction projects were situated in all areas of Acadiana. Industrial lead the way again, followed by national retailers developing several new projects. New developments along both Interstate corridors in all 4 directions continues.
•
Several new hotels have been built complementing existing hotels that have sold and changed their flagships. The Multi-Family sector has added new units, mainly with expansions to existing complexes. The University area has added student housing both on and off campus.
•
The Office sector is stable with most of the existing inventory absorbed during the year. No new high rise Office was added in 2014, but a new single story detached Medical Office is being built and sold.
•
Residential sales in 2014 surpassed the previous record year of 2013. The residential market has remained strong for the past 5 years in both new construction and existing homes. Days on the market consistently average less than 90 days.
•
The market will continue to be driven by the Oil and Gas industry. It will be challenged in 2015 if the price of oil remains less than $60 per barrel. Deep water drilling and natural gas production will be impacted less by the lower pricing. The key factors affecting supply and demand are independence from foreign oil imports because of increased U.S. production and the slow Global economy.
INTERESTING FACT: Lafayette’s economy has diversified since the last oil crisis in the 80’s and we have four strong industry legs now; Oil, Medical, The University and Technology. Entertainment and Tourism are just for FUN!
CONTACT
Coldwell Banker Commercial Pelican
LA - New Orleans
806 E St. Mary Blvd Lafayette, LA 70503
(337) 233-9540 www.cbcpelican.com
Population of MSA
Office
1,227,529
Retail
38
MF
Industrial
Households in MSA
549,265
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
c
c
c
Household Median Income
$45,592 Unemployment of MSA
MARKET HIGHLIGHTS
6.10%
•
Chiquita Banana relocated its Gulf Coast shipping facility to the Port of New Orleans with shipments arriving in Q1 of 2015 and the addition of over 300 new jobs to the New Orleans region.
•
Vacancy across all sectors is decreasing due to increased population in the CBD, which has also resulted in the re-positioning of several failing properties to alternative uses like an office conversion to multi-family or office conversion to hotel.
•
Howard Hughes Corporation completed its conversion of the 250,000 SF River Walk Retail development, which is the nation’s first downtown outlet Retail center. River Walk was originally built in 1984 as part of the World’s Fair and spent much of the last decade in a state of disrepair prior to the acquisition and conversion by Howard Hughes Corp.
•
Approximately 1,500 new units of Multi-Family housing are slated for delivery in 2015 in the New Orleans CBD as a result of increased demand for rental housing near the city’s center.
•
The market is experiencing growth in the technology, medical, film, entrepreneurial industries, and port business. As a result, New Orleans is experiencing positive net inward migration with a young demographic group for the first time in 30 years.
INTERESTING FACT: Louisiana surpassed California and New York in 2014 for film production, dubbing the area “Hollywood South.” CONTACT
Coldwell Banker Commercial TEC, REALTORS
1010 Common Street, Suite 2750 New Orleans, LA 70112
(504) 566-1777 www.cbctec.com
ME - Midcoast/Southern
Population of MSA
Office
517,920
Retail
MF
Industrial
Households in MSA
263,554
Vacancy
c
z yg
g
c
Absorption
g
c
c
g
Rental Rates
g
c
Household Median Income
$55,489 Unemployment of MSA
MARKET HIGHLIGHTS
3.70%
•
Retail development continues to be on the rise with the recent openings of Ocean State Job Lots, Dollar Tree, Walmart Super Center, and Tractor Supply Company.
•
Vacancy rates for Retail and Industrial properties continue to be below 2.5%. Office building vacancy rates are showing a slight increase over the previous year.
• • •
Two new hotels are planned to start construction in 2015. Residential sales continue to be strong. Sales of existing homes are up approximately 5% over the previous twelve month period. Midcoast Maine continues to draw national and international media attention due to its public events, festivals, lifestyle, tourist attractions and oceanfront location.
INTERESTING FACT: Midcoast Maine was originally known for its lime kilns and the exporting of granite to New England States and foreign countries. The area is also known for Thomaston Schooners, which were labeled as “Ambassadors from the U.S.A.”
CONTACT
Coldwell Banker Commercial SoundVest Properties
147 Park Street Rockland, ME 04841
(207) 596-7478 (207) 596-6095 www.soundvest.com
39
MD - Suburban Maryland/Washington, DC Population of MSA
Office
5,861,318
Retail
MF
Industrial
Households in MSA
2,261,410 Household Median Income
$89,605
Vacancy
g
z yc
Absorption
c
g
c
Rental Rates
c
c
c
g
Unemployment of MSA
MARKET HIGHLIGHTS
• • • • •
4.50%
Growth has remained steady for yet another year within the Maryland area. Apartment vacancy has remained relatively low. The area is waiting for middle income job creation to assist with Industrial and Retail demand. Changes in government spending has caused concern for the future. Maryland’s economy is a direct result of Washington DC government spending.
INTERESTING FACT: Maryland’s new governor is predicted to make much needed budget cuts to solidify Maryland’s economy. Interesting fact: Governor Hogan is also the owner of The Hogan Companies, a commercial real estate firm in Maryland, so he truly understand small business needs.
CONTACT
Coldwell Banker Commercial NRT- Ellicott City
6031 University Boulevard, Suite 140 Ellicott City, MD 21043
(410) 625-0234 www.cbcnrtmidatlantic.com
MI - Lansing MSA
Population of MSA
Office
466,342
Retail
MF
Industrial
Households in MSA
198,892 Household Median Income
$48,962
Vacancy
g
z yg
g
Absorption
c
c
c
Rental Rates
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
4.10%
•
No real notable “new” move-ins in 2014, but the market has seen quite a bit of expansions of existing businesses in 2014, Jackson National, Delta Dental, State of Michigan and Dart Containe, all increased their space in 2014.
•
Vacancies decreased slightly as the demand for leasing space has increased. The for-sale properties have also decreased slightly due to an uptick in demand.
• • •
Jackson National, Delta Dental and Dart Container have all had significant construction to their expansions in 2014. The Residential market has continued its increase over 2013 albeit slightly, but prices have increased almost 10% over 2013. There has been job expansion by the larger employers: Jackson National, Sparrow Hospital, MacLaren, Delta Dental, and Dart Container. Most all of these companies have created physical expansion to match their job expansions.
INTERESTING FACT: Lansing is the capital of Michigan, as well as the former “car capital” of the US. General Motors still has two modern car manufacturing facilities here.
CONTACT
Coldwell Banker Commercial Hubbell Briarwood
1020 S. Creyts Road Lansing, MI 48917
(517) 321-5000 www.cbc-hb.com
40
MI - Northern
Population of MSA
Office
145,273
Retail
MF
Industrial
Households in MSA
81,046 Household Median Income
$49,729
Vacancy
z yg
g
g
Absorption
c
c
c
Rental Rates
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
4.80%
• •
Major new development expansions are ahead in Northern Michigan.
• •
There has been new construction in Retail and Apartment sectors.
With the addition of mega-store Meijer and the redevelopment on the East side of town, major new retailers are coming to the market.
Residential new construction is driving down unemployment rates, and consumers are spending in the area.
INTERESTING FACT: The Northern Michigan region was named “The Most Beautiful Place in America” by Good Morning America of ABC.
CONTACT
Coldwell Banker Commercial Schmidt Real Estate
522 E. Front Street Traverse City, MI 49686
(231) 922-2350 www.cbgreatlakes.com
MN - Mankato
Population of MSA
Office
97,949
Retail
MF
Industrial
Households in MSA
39,502
Vacancy
c
z y
g
Absorption
g
c
c
Rental Rates
c
c
c
Household Median Income
$52,331 Unemployment of MSA
2.60%
MARKET HIGHLIGHTS
•
Two major developments are opening this year in Mankato: Mills Fleet Farm facility (37 acres of property) and Walmart Distribution Center (138 acres of property). Both are expected to create approximately 600 jobs in the area.
• •
Warehouse, Distribution and light Industrial space continues to be in high demand.
• •
Several new Multi-Family and Apartment building developments are on mark to be completed this year.
The entire block of Front Street in downtown Mankato has been redeveloped into Office, higher end Apartment living, a new parking ramp and Hospitality space, giving the City Center a more metropolitan feel.
There is a concern of the increase in Office supply with the new downtown developments. With large and small Office users shifting to newer spaces, it is expected that there will be more vacancy to come within existing Office buildings.
INTERESTING FACT: Mankato was ranked #3 in Forbes’s “Best Small Places For Business and Careers” in 2014.
CONTACT
Coldwell Banker Commercial Fisher Group
1961 Premier Drive, Suite 404 Mankato, MN 56001
(507) 625-4715 www.cbcfishergroup.com
41
MN - Minneapolis/St. Paul
Population of MSA
Office
3,280,000
Retail
MF
Industrial
Households in MSA
1,332,170
Vacancy
g
z yg
c
g
Absorption
c
c
c
c
Rental Rates
c
c
c
c
Household Median Income
$67,976 Unemployment of MSA
MARKET HIGHLIGHTS
3.30%
• •
Hobby Lobby has helped expand the region’s Retail market by recently signing a 57,000 SF lease at Northtown Mall.
• • •
STAG Savage, LLC paid $9,300,000 for 245,291 SF of Industrial space for a Warehouse in Savage. The seller was Meritex.
Industrial growth leads the way in recovery outside of Multi-Family. Room and Board signed a 485,000 SF lease at Gateway Business Center in Otsego with Duke Realty.
Barr Engineering signed a 150,000 SF Office lease at One MarketPointe in Bloomington. TCF signed a 108,018 SF Office lease at Plymouth Corporate Center in Plymouth.
INTERESTING FACT: New $1.1 Billion Vikings Stadium is under construction and will host the 2018 Superbowl and the Final Four in 2019.
CONTACT
Coldwell Banker Commercial Griffin
1221 Nicollet Ave. So., Suite 300 Minneapolis, MN 55403
(612) 338-2828 www.cbcgriffin.com
MN - Saint Cloud MSA/Central MN
Population of MSA
Office
250,000
Retail
MF
Industrial
Households in MSA
78,525 Household Median Income
$54,995
Vacancy
z yc
g
Absorption
g
c
Rental Rates
c
Unemployment of MSA
MARKET HIGHLIGHTS
3.90%
• • •
An announcement has been made for a 2 hotel development totaling approx. $25 M to commence in Summer of 2015.
•
Residential market remains healthy in terms of transactional activity, with values stable and steadily increasing.
Retail vacancy is increasing (specifically medium-big box) due to consumer preferences and online shopping. Demand has increased for downtown Retail and Office space. Investment transactional velocity remains strong for well performing assets.
INTERESTING FACT: Saint Cloud MSA serves approximately 250,000 people. Major employers include Saint Cloud Hospital/ Centracare, Electrolux and Saint Cloud State University. Major employment sectors include manufacturing, agriculture, education.
CONTACT
Coldwell Banker Commercial Orion Real Estate
630 First Street South Waite Park, MN 56387
(320) 251-1177 www.cbcorion.com
42
MS - Gulfport/Biloxi
Population of MSA
Office
246,000
Retail
MF
Industrial
Households in MSA
93,182 Household Median Income
$33,714
Vacancy
z yg
g
Absorption
c
g
c
c
c
g
Unemployment of MSA
MARKET HIGHLIGHTS
6.80%
Rental Rates
•
The new minor league baseball stadium in Downtown Biloxi, home to the relocating Milwaukee Brewers farm team, is to be complete in May 2015.
• • •
Hotel development is on the rise. New casino In D’Iberville is now taking shape. Large casino expansion projects are in the works.
INTERESTING FACT: The name of Biloxi in French was “Bilocci” and the name was sometimes translated into English as “Fort Bilocci” on maps updated circa year 1710/1725.
CONTACT
Coldwell Banker Commercial Alfonso Realty
625 Courthouse Road Gulfport, MS 39507
(228) 287-1000 www.alfonsocommercial.com
MO - Springfield
Population of MSA
Office
444,527
Retail
MF
Industrial
Households in MSA
194,124 Household Median Income
$42,161
Vacancy
g
z y
N/A
g
Absorption
c
N/A
c
Rental Rates
c
N/A
c
Unemployment of MSA
MARKET HIGHLIGHTS
4.30%
• •
KPM CPAs has relocated to their new corporate offices with 100 employees.
• • •
Select speculative construction is taking place in the Industrial market.
Job growth is good with expansion of both existing and new companies taking place. There has benn 8.5% workforce growth over the last 4 years.
Vacant Residential lots are becoming increasingly hard to locate, and several new subdivisions are planned. Increased pressure on rental rates have reduced concession, and rates are increasing in select markets and property types.
INTERESTING FACT: Springfield is the third largest city in Missouri with a metro population of 450,000. It’s home to Bass Pro Shop, O’Reilly Automotive, BKD and over 30,000 higher educated students. It was recently ranked a Top 40 city for quality of life. Housing costs are 25% below the national average.
CONTACT
Coldwell Banker Commercial Vanguard Realtors
1334 E Republic Road Springfield, MO 65804
(417) 887-5950 www.cbcvanguard.com
43
MO - St. Joseph
Population of MSA
Office
127,773
Retail
MF
Industrial
Households in MSA
53,212 Household Median Income
$45,533
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
g
c
g
Unemployment of MSA
MARKET HIGHLIGHTS
4.20%
•
St. Joseph is located just 35 minutes north of the Kansas City International Airport with access to I-29, a major north-south Interstate Highway that provides a corridor between Mexico and Canada and US Hwy-36, a major east-west route through Northern Missouri.
• • •
This market is located in the heart of the Life Sciences Industry with 5 of the major companies located here.
•
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.
Boehringer Ingelheim Vetmedica is still expanding and building a 260,000 SF distribution center. The new Eastowne Business Park is complete and offering excellent Industrial building sites. A 50,000 SF shell building was completed and is available for immediate occupancy.
INTERESTING FACT: 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.
CONTACT
Coldwell Banker Commercial General Properties
2700 N. Belt Hwy. St. Joseph, MO 64506
(816) 364-2700 www.cbcstjoseph.com
MT - Billings
Population of MSA
Office
163,042
Retail
MF
Industrial
Households in MSA
71,653 Household Median Income
$50,472
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
3.00%
•
Billing’s quickly growing Shiloh Road Corridor is surrounded by new Retail and Residential developments, including a 220,000 SF Scheels Sporting Goods store, Cadillac, GMC and Volkswagen dealerships , Verizon, Steak N Shake and over 1,000 Multi-Family units. A new 40,000 SF Retail center opened in 2014 and quickly filled with local and national tenants.
•
Billings, the largest city in Montana with no sales tax, attracts shoppers from neighboring states. Montana itself has the 4th lowest foreclosure rate in the country and has a favorable business climate. Montana ranks 6th out of 50 states due to the local government that is developer-friendly. It is also a trade and distribution hub for MT, WY, ND and SD.
• •
The number of residential units sold in 2014 surpassed 2013 by 4.4%. There is currently a tight 3 month supply of inventory.
•
Yellowstone County is pursuing the establishment of a Targeted Economic Development District (TEDD) for an Industrial park in Lockwood. The Industrial park would offer much needed rail service to regional and national companies.
The nearly 50% decline in oil prices has had little impact on the local market so far. This is attributed primarily to the broad diversification of the Billings market.
INTERESTING FACT: Billings’ geographic location serves as a major transportation and distribution center. It is situated amidst the large coal reserves as well as large oil and natural gas fields. Billings is also the banking and medical capital of this region. The city’s unemployment rate is currently at 3.8%. CONTACT
Coldwell Banker Commercial CBS
1215 24th St Suite 240 Billings, MT 59102
(406) 656-2001 www.cbcmontana.com
44
NE - Lincoln
Population of MSA
Office
310,311
Retail
MF
Industrial
Households in MSA
129,352 Household Median Income
$51,337
Vacancy
z yg
N/A
g
Absorption
c
c
N/A
c
Rental Rates
c
N/A
Unemployment of MSA
MARKET HIGHLIGHTS
2.50%
•
The Nebraska Innovation Campus is open for use, boasting a state of the art lecture hall, meeting rooms, and an invention space for students and the public. It also adds over 200,000 SF of research space that supports new product research and growth, leveraging the University’s think tank.
•
Chick-fil-A and Dunkin’ Donuts have entered the market. A new Slim Chicken restaurant operator is opening 3 new sites. Fresh Tyme Market, an organic food market, is opening a new store.
•
New shopping development is filling up with Home Goods, a mattress store, Marshalls, Sketchers and Rue 21. The second free standing ALDI grocery has opened in Lincoln.
•
Many Nebraska companies, such as Sandhills Publishing, are expanding and climbing the Inc. 5000 lists. Included is Hudl, the fastest growing private company in Nebraska.
•
Rapid growth in South Lincoln has opened many opportunities for commercial projects. Nebraska University’s projected growth has attracted several national student housing projects, adding over 3,000 new bedrooms in the Downtown market.
INTERESTING FACT: Named after the U.S.’s 16th president, Lincoln is the second most populated city in Nebraska. CONTACT
Coldwell Banker Commercial Thompson Realty Group
620 N 48th ST, Suite 101 Lincoln, NE 68504
(402) 421-7700 www.cbcthompson.com
NV - Reno/Sparks MSA
Population of MSA
Office
433,609
Retail
MF
Industrial
Households in MSA
187,206 Household Median Income
$51,916
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
8.20%
•
Tesla announced the construction of their 5,000,000 SF gigafactory battery plant. This venture is set to create 6,500 jobs directly and 22,000 jobs indirectly. Also, electric vehicle manufacturer Cenntro Automotive, opened their new headquarters in an 80,000 SF building.
•
Switch, a Southern Nevada based cloud storage company, announced their 3,000,000 SF new data center project on the outskirts of Reno near the Tesla facility. They are investing over $1 billion and will be the largest data center in the world.
•
Amazon moved one of their distribution warehouses into a 680,000 SF e-commerce high clearance building in Reno, employing an estimated 1,000 employees.
•
Floor and Décor and Natural Grocers opened in 2014. Dunkin’ Donuts, Panera Bread and Nordstrom Rack are opening in 2015. Recently sold were a Whole Foods anchored 80,000 SF center for $18.8 M and Raising Cane’s single tenant investment for $3.74 M. Economic Development Agency announced 50,000 new jobs in Reno/Sparks over the next 5 years.
•
Major new Retail developments are starting in 2015, and a few major projects are due for 2016.
INTERESTING FACT: Northern Nevada’s Tahoe Reno Industrial Center (TRIC) is the world’s largest Industrial park (117,000 Acres). TRIC is the new home of Tesla/Panasonic Battery Factory (5,000,000 SF), Switch’s 3,000,000 SF data center, Apple’s Cloud Center and many others. Northern Nevada is the place to be to serve the Western States, and there are no state taxes! CONTACT
Coldwell Banker Commercial Business Properties
5011 Meadowood Mall Circle, Suite 301 Reno, NV 89502
(775) 829-5900 www.cbcreno.com
45
NJ - Northern
Population of MSA
Office
19,839,700
Retail
MF
Industrial
Households in MSA
7,808,318 Household Median Income
$65,253
Vacancy
g
z yc
g
g
Absorption
c
c
c
c
Rental Rates
c
g
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
4.20%
• • •
Mercedes-Benz is moving from Montvale, NJ to Atlanta, GA, taking with it up to 1,000 jobs.
• •
The number of 2014 Residential sales units were down compared to 2013.
Office absorption continues to increase in New Jersey due to an improving economy. NJ Governor Christie signed the Permit Extension Act (A3815), first enacted in 2008, which should result in an increase in both Commercial and Residential construction in 2015.
North Jersey Commercial real estate roared back in 2014, with remarkably strong Industrial and Multi-Family sectors.
INTERESTING FACT: In 2014, NJ was the #3 state in the nation for millionaire households per capita.
International).
CONTACT
Coldwell Banker Commercial NRT- Madison
175 Park Avenue Madison, NJ 07940
(973) 407-5480 www.cbcworldwide.com
(Re: Phoenix Marketing
NM - Albuquerque
Population of MSA
Office
545,852
Retail
MF
Industrial
Households in MSA
240,277 Household Median Income
$47,989
Vacancy
z yc
c
c
Absorption
c
c
Rental Rates
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
5.60%
•
United Poly Systems just leased a 60,000 SF building in Mesa del Sol, located in Southeast Albuquerque, to manufacture high density polyethylene pipes for the oil & gas industry, water industry and others.
• •
Vacancy rates in Retail and Industrial are the lowest in years, and Office rates remain unchanged.
•
Downtown Albuquerque is undergoing a revitalization with new Apartment complexes and a new grocery store now under construction.
•
After several years of lagging the rest of the surrounding states, Albuquerque and New Mexico are starting to see rising home prices, new homes construction and new industry throughout.
A new Retail center in southwest Albuquerque, Las Estancias, continues to add tenants to the Super Walmart anchored center, including the area’s 10th Planet Fitness. Carmike Theatres just broke ground.
INTERESTING FACT: Albuquerque is home of the International Balloon Fiesta every October. The city is a mile high with a temperate climate and low humidity, offering year-round outdoor activities. Santa Fe is world-renowned for its arts and restaurants and ranks annually at the top of tourist destinations. CONTACT
Coldwell Banker Commercial Las Colinas
4801 Lang Avenue NE Albuquerque, NM 87109
(505) 897-7227 www.lcrealty.com
46
NY - Long Island
Population of MSA
Office
19,839,700
Retail
MF
Industrial
Households in MSA
7,808,318 Household Median Income
$65,253
Vacancy
g
z yg
g
g
Absorption
c
c
g
g
Rental Rates
g
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
4.50%
•
The Office market ended the year with a vacancy rate under 10% with a 6/10th drop in overall vacancy rate compared to year end 2013. Average rental rates ended the year at $25.59 PSF, a decrease of slightly less than 1% compared to year end 2013.
•
The Industrial market ends the year with a vacancy rate of 4.7% with a slight drop in overall vacancy rate compared to year end 2013. Average rental rates ended the year at $9.44 PSF, an increase of 4% compared to year end 2013.
•
The Retail market ended the year with a vacancy rate of 4.7% with a 6% drop in overall vacancy rate compared to year end 2013. Average rental rates ended the year at $24.50 PSF, an increase of 4% compared to year-end 2013.
•
Largest Office lease signing was a 310,632 SF renewal by Cablevision in Jericho, NY, followed by a 233,090 SF lease with Dealertrack Technologies Inc. in Lake Success, NY.
•
Largest Industrial lease signing was a 542,300 SF lease by ELM Global Logistics in Brentwood, NY, followed by a 181,000 SF lease with Looploc Corp in Hauppauge, NY.
INTERESTING FACT: There’s a famous story about how Englishman Richard Smith jumped on a bull named Whisper, and traced out the boundaries of Smithtown. It makes for a wonderful tale. It’s also not true. But the legend lives on, and a 14-foot-tall bull, which was placed atop a concrete pedestal in 1941, remains the iconic symbol of the Suffolk County town. CONTACT
Coldwell Banker Commercial Island Corporate Services
1601 Veterans Memorial Highway, Suite 420 Islandia, NY 11749
(631) 232-4400 www.cbcli.com
NY - New York
Population of MSA
Office
19,839,700
Retail
MF
Industrial
Households in MSA
7,808,318 Household Median Income
$65,253
Vacancy
g
z yN/A N/A
N/A
N/A
Absorption
c
N/A
N/A
N/A
Rental Rates
c
N/A
N/A
N/A
Unemployment of MSA
MARKET HIGHLIGHTS
6.60%
•
Notable Office lease signings in 2014: Credit Suisse Branch 1,066,132 SF, Time Warner 943,438 SF, Time Inc. 727,529 SF, Sony Corporation of America 547,996 SF, The Blackstone Group LP 474,705 SF.
• • •
The Office vacancy rate in New York City market decreased to 7.8% at the end of Q4 2014.
•
Total Office inventory in the New York city market area amounted to 558,211,997 SF in 3,849 buildings at the end of Q4 2014.
Net absorption for the overall New York City market was positive 3,894,934 SF in Q4 2014. The Class A quoted rental rates at the end of Q4 2014 in the New York City market were: $88.20/SF for Midtown South, $66.13/SF for Midtown and $49.88/SF for Downtown.
INTERESTING FACT: CAP rates have been lower in 2014, averaging 4.38% compared to the same period in 2013 when they averaged
5.50%.
CONTACT
Coldwell Banker Commercial Alliance
1430 Broadway, 9th floor New York, NY 10018
(212) 344-0300 www.cbcalliance.com
47
ND - Fargo/Moorhead
Population of MSA
Office
217,656
Retail
MF
Industrial
Households in MSA
95,073 Household Median Income
$52,391
Vacancy
g
z yg
g
Absorption
c
c
c
c
Rental Rates
c
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
2.90%
•
Sanford Health continues to work on their campus, which has spurred Commercial real estate development immensely. The facility will see 4,200 patients per day.
• •
The market has seen a tremendous amount of Retail growth in the past 24 months and plans to have a strong 2015 as well.
•
Residential market continues to be very strong after a record breaking 2014.
As of December 2014, the market had 2,600 Multi-Family/Townhome units under construction. Vacancy rate is 4%, up from the past few years.
INTERESTING FACT: Fargo has hosted ESPN’s popular College Game Day for two consecutive years, and has also won 4 consecutive FCS National Football Championships.
CONTACT
Coldwell Banker Commercial First Realty
2731 12th Ave S Fargo, ND 58103
(701) 237-3367 www.cbcfirstrealty.com
OH - Cincinnati
Population of MSA
Office
2,129,899
Retail
MF
Industrial
Households in MSA
913,711 Household Median Income
$53,722
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
c
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
4.10%
•
Menards and Costco were officially announced as anchor tenants for the new Florence Heights development. Costco will occupy a 135,000 SF store that is expected to open in Fall 2015, and Menards will operate in a 170,000 SF store that is on schedule for a spring 2016 opening.
• •
Voice of America Centre, a 435,000 SF Retail center in West Chester sold to MetLife Core Property Fund GP LLC for $68.6 M.
•
The $80 M Aqua on the Levee expansion of Newport on the Levee will include the Greater Cincinnati regions first Aloft Hotel. The hotel will feature 144-rooms and the entire project is expected to be completed in 21 months.
•
Mercy Health (formerly Catholic Health Partners) broke ground on its new $71 M Cincinnati campus. The approximately 365,000SF Office space will include two connected buildings with a central common space and house 1,000 employees. The new facility is expected to open in Q2 of 2016.
Ramco-Gershenson Properties Trust purchased two Cincinnati area shopping centers; 278,000-SF Buttermilk Towne Center for $42 M and Bridgewater Falls, a 630,000-SF center, for $85.5 M.
INTERESTING FACT: GE Aviation is building a 13,492-SF medical Office building on the west side of the GE Aviation campus in Evendale to offer primary medical care for its 7,000 local employees, their dependents and GE retirees in Greater Cincinnati. CONTACT
Coldwell Banker Commercial Reliant Realty
1125 W. 8th Street, Suite 200 Cincinnati, OH 45203
(513) 241-8725 www.cbcreliantrealty.com
48
OH - Cleveland
Population of MSA
Office
2,066,023
Retail
MF
Industrial
Households in MSA
954,079 Household Median Income
$48,407
Vacancy
g
z yc
g
g
Absorption
c
g
N/A
c
Rental Rates
g
c
Unemployment of MSA
•
MARKET HIGHLIGHTS
6.00%
Cleveland was named the host city for the 2016 Republican National Convention, validating the investment in a new convention center and galvanizing the resurgence of downtown Cleveland. Preparations for the convention include new hotel construction throughout the region and a significant upgrade of data service downtown.
•
Growing demand for urban rental apartments is driving the transformation and redevelopment of obsolete office buildings in downtown Cleveland. This demand is also driving new Restaurant and Retail development, including the first grocery store courtesy of upscale grocer Heinens.
•
Eaton Corporation moved into its new headquarters in Beachwood, and American Greetings has begun construction on its Westlake headquarters. Giant Eagle opened its new prototype store in Strongsville. TimkenSteel announced the construction of a $40 M plant in Perry Township, Stark County.
•
Residential development and investment continues to thrive. The Vue is near completion in Beachwood. Nearby in Shaker Heights, the $75 M Van Aken redevelopment is under way. Finally, plans are announced for nuCLEus, a 500 unit apartment and 350,000 SF commercial development in downtown Cleveland that will transform the skyline.
•
In both Akron and Cleveland, hospital systems and universities continue to grow their footprints and create opportunities for surrounding areas.
INTERESTING FACT: Cleveland last hosted a national convention for 17,000 delegates in 1936. Next year’s convention is projected to attract over 50,000 visitors and generate an economic impact of over $200 Million.
CONTACT
Coldwell Banker Commercial Emmco Realty Group
3681 S. Green Road Suite 201 Beachwood, OH 44122
(216) 292-3700 www.EmmcoRealtyGroup.com
OH - Cleveland Greater Metro
Population of MSA
Office
2,066,023
Retail
MF
Industrial
Households in MSA
954,079
Vacancy
g
z yg
c
g
Absorption
c
g
g
c
Rental Rates
c
c
c
c
Household Median Income
$48,407 Unemployment of MSA
MARKET HIGHLIGHTS
6.00%
•
Even with over 400 market rate Multi-Family Apartments added in the downtown area, Cleveland’s occupancy rate still rose to 97.8%. Millennials and Baby Boomers are among the fastest growing group of residents in Downtown Cleveland.
•
Midtown Cleveland (District 36) development projected ideal conversions due to proximity of Landmarks, Retail and Industrial sites.
• • •
Cleveland Clinic announces plans to build a $276 M Cancer Center. Industrial absorption rate continues to show signs of strength, stability and recovery throughout Ohio and the Midwest region. With the upcoming 2016 Republican National Convention held in Cleveland, available housing and Office space is expected to increase demand, inventory and rental rates.
INTERESTING FACT: Cleveland recently ranked as a 2015 ‘Top Destination for Travel’ by national publications due to its growing economy, cultural attractions, vibrant restaurants, entertainment scene and hotel accommodations. Featured landmarks include the Rock & Roll Hall of Fame, Playhouse Square and University Circle, and the area is home to several museums, Botanical Gardens, Severance Hall and more. CONTACT
Coldwell Banker Commercial Hunter Realty
25101 Chagrin Blvd., Suite 170 Beachwood, OH 44122
(216) 831-2911 www.cbhunter.com
49
OK - Oklahoma City
Population of MSA
Office
1,297,831
Retail
MF
Industrial
Households in MSA
545,059
Vacancy
g
z yc
g
Absorption
c
g
c
Rental Rates
c
c
Household Median Income
$49,552 Unemployment of MSA
MARKET HIGHLIGHTS
3.60%
• • •
National outdoor Retailer, Cabela’s, has chosen Oklahoma City for their next market expansion with a 65,000 SF facility.
• •
Multi-Family new construction is on fire with much interest shown in or near the downtown area.
Vacancy in Class A Office space in the CBD is under 1%. The growing energy sector has taken most of the prime space. Five new towers are scheduled to begin construction in the CBD. With the drop in oil prices, several may be postponed until the market returns.
What has changed the most is the apprehension regarding the full effect of the current energy market.
INTERESTING FACT: Having one of the most exciting NBA teams in the country-The Thunder- has done a tremendous job of selling
Oklahoma City.
CONTACT
Coldwell Banker Commercial Hocker & Associates
4323 N. Classen Blvd., Suite.100 Oklahoma City, OK 73118
(405) 840-4545 www.hocker.com
OK - Tulsa/Tulsa County
Population of MSA
Office
953,120
Retail
MF
Industrial
Households in MSA
414,393
Vacancy
g
z yg
g
g
Absorption
c
c
c
Rental Rates
c
c
g
c
Household Median Income
$48,184 Unemployment of MSA
MARKET HIGHLIGHTS
4.00%
•
SM Energy, a Denver-based oil and gas exploration & production company, plans to sell its assets in the Midcontinent region and close the Tulsa office. The largest lease transaction of the year was executed by Harsco Industrial Air-X-Changers. Harsco has relocated to 556,000 SF at CenterPointe, allowing the company to consolidate and expand their market presence by a total of 200,000 SF.
•
The Tulsa economy is driven strongly by the oil and gas industry and is currently feeling the impact from the slump over the last few quarters. A few large industry employers will lay off employees as a result of the falling price of crude oil. Despite plummeting oil prices, the local Industrial market had a strong year, and momentum is going to carry into 2015.
•
Macy’s has begun construction on a massive order fulfillment center on the west side of Owasso, bringing 1,500 full and part-time jobs to the area. A new Retail development broke ground in west Tulsa, just one day after learning of a new outlet mall proposal near Tulsa Hills. Developers are ready to start building The Walk in Tulsa Hills, two miles from the proposed outlet mall.
•
Closed Residential listings are up 3.76% over 2013 and up 13.12% over 2012. Pending listings are up 5.14% over 2013 and up 13.64% over 2012. New Listings are down 2.30% from 2013 and down 6.09% from 2012. Average list price at closing is up 0.60% over 2013 and up 5.80% over 2012. Average percent of list price to selling price was 96.63% in 2014, 96.46% in 2013, and 96.07% in 2012. Average days on market was 52 in 2014.
•
The Tulsa Office market is strong and stable. The economy will continue to be driven by energy related companies, and unemployment is projected to remain under 5.0%. Vacancy will continue to decline in Class A and B buildings.
CONTACT
Coldwell Banker Commercial Select
OR - Portland
8522 E 61st St. Tulsa, OK 74133
(918) 394-0700 www.cbcworldwide.com
Population of MSA
Office
2,288,014
Retail
50
MF
Industrial
Households in MSA
930,807
Vacancy
g
z yg
N/A
g
Absorption
c
c
N/A
c
Rental Rates
g
g
N/A
g
Household Median Income
$57,732 Unemployment of MSA
•
MARKET HIGHLIGHTS
5.80%
The largest lease signings occurring in 2014 included: the 83,260 SF lease signed by Burlington Coat Factory at 10510 SE 82nd Ave; the 60,479 SF deal signed by Big Al’s at Eastside Spectrum; and the 40,354 SF lease signed by Wilco Farmers at 162nd Place.
•
The General Retail sector of the market, which includes all freestanding Retail buildings except those contained within a center, reported a vacancy rate of 2.9% at the end of Q4 2014. There was a total of 1,589,707 SF vacant at that time. The General Retail sector in Portland currently has average rental rates of $15.63 per SF per year.
•
The Portland Office market ended Q4 2014 with a vacancy rate of 8.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 397,471 SF in Q4.
•
Total Office building sales activity in 2014 was up compared to 2013. In the first nine months of 2014, the market saw 44 Office sales transactions with a total volume of $383,970,082. The price per SF averaged $138.48. In the same first nine months of 2013, the market posted 31 transactions with a total volume of $287,131,547. The price per SF averaged $173.54.
•
During Q4 of 2014, five Industrial buildings totaling 590,700 SF were completed in the Portland market area. This compares to zero buildings completed in Q3 of 2014, six buildings totaling 505,601 SF completed in Q2 of 2014, and no buildings completed in Q1 of 2014.
INTERESTING FACT: Portland was named by the flip of a coin. If it had landed on the other side, Portland would be known as Boston, Oregon.
CONTACT
Coldwell Banker Commercial Mountain West Real Estate
2545 SW Spring Street, Suite 200 Portland, OR 97219
(503) 587-4777 www.cbcre.com
OR - Salem/Keizer
Population of MSA
Office
154,637
Retail
MF
Industrial
Households in MSA
62,038
Vacancy
g
z yg
N/A
g
Absorption
c
c
N/A
c
Rental Rates
g
g
N/A
c
Household Median Income
$45,971 Unemployment of MSA
MARKET HIGHLIGHTS
6.40%
•
Park Center South (former home of Regency Blue Cross/Blue Shield) has sold for $10 M to a private investor and has been leased to three State agencies: Construction Contractors Board, Department of Human Services and the Public Utility Commission.
•
Watch for the rumored Goodwill Store expansion and additional Retail opportunities at the corner of Wallace Road and Edgewater in West Salem.
•
1031 tax-deferred exchanges are on the rise as a result of increased transaction activity further signaling that the economy is on the mend.
• •
Major hotel chains are actively seeking sites along I-5 in Salem. Firehouse Crossing, south Salem’s newest premier Retail development, is under construction and will feature Verizon Wireless, MOD Pizza, Qdoba Mexican Grill, Jersey Mikes Subs and Supercuts.
INTERESTING FACT: The 45th Parallel (halfway between the North Pole and the Equator) passes through Salem’s city limits.
CONTACT
Coldwell Banker Commercial Mountain West Real Estate
960 Liberty Street SE, Suite 250 Salem, OR 97302
(503) 587-4777 www.cbcre.com
51
PA - Hunterdon County/Southeastern PA Population of MSA
Office
6,563
Retail
MF
Industrial
Households in MSA
2,175 Household Median Income
$119,400
Vacancy
z y
g
Absorption
c
g
c
Unemployment of MSA
MARKET HIGHLIGHTS
•
4.20%
Rental Rates
Select projects are underway in Central Bucks County, PA. Given vacancy rates for Office and Retail, builders are securing tenants for 70% of sites before breaking ground.
INTERESTING FACT: Bucks County, PA is still attractive for business relocations from Philadelphia and Southwestern NJ, mainly for
tax relief.
CONTACT
Coldwell Banker Commercial CBH
1094 Second Streetreet Pike Richboro, PA 18954
(215) 357-2880 www.cbhcommercial.com
PA - Lackawanna/Luzerne Counties
Population of MSA
Office
563,295
Retail
MF
Industrial
Households in MSA
258,042
Vacancy
g
z y
N/A
N/A
Absorption
N/A
N/A
N/A
N/A
Rental Rates
N/A
N/A
Household Median Income
$44,794 Unemployment of MSA
MARKET HIGHLIGHTS
5.20%
•
Regional Hospitals are upgrading facilities to expand service. Geisinger Group and Commonwealth Health are very strong in this area.
•
Casual Fast Food is on the rise. Buffalo Wild Wings has opened two locations. Chipotle is in the process of opening two locations. Moe’s Southwest Grill has two locations open and one in process. Food seems to be a shining star in the real estate market.
•
This area has become a hub for national chain distribution. Walmart, Lowes, Home Depot and TJ Maxx are some of the Retailers with distribution centers in this area.
•
Office rental is somewhat better although there is still quite a bit of available space.
INTERESTING FACT: The area is home to Scranton/Wilkes-Barre RailRiders (NY Yankees farm team) and the Wilkes-Barre/Scranton Penguins (Pittsburgh Penguins farm team).
CONTACT
Coldwell Banker Commercial Town & Country Properties
651 Northern Blvd. Clarks Summit, PA 18411
(570) 587-5500 www.cbcworldwide.com
52
PA - Western
Population of MSA
Office
2,360,546
Retail
MF
Industrial
Households in MSA
1,101,149
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
N/A
N/A
N/A
N/A
Household Median Income
$51,059 Unemployment of MSA
MARKET HIGHLIGHTS
• •
4.30%
Office growth is on the rise as construction has commenced on a major new Office building in the CBD. Large increase of investors developing Multi-Family housing in urban areas.
INTERESTING FACT: The first all-motion-picture theater in the world was opened on Smithfield Street in Pittsburgh on June 19, 1905.
CONTACT
Coldwell Banker Commercial NRT- Pittsburgh
9600 Perry Highway, Suite 200 Pittsburgh, PA 15237
(412) 548-1064 www.cbcworldwide.com
SC - Charleston MSA
Population of MSA
Office
697,116
Retail
MF
Industrial
Households in MSA
303,916
Vacancy
g
z yg
c
g
Absorption
c
c
c
c
Rental Rates
c
c
c
c
Household Median Income
$51,580 Unemployment of MSA
MARKET HIGHLIGHTS
• • • • •
5.40%
Boeing is developing a facility for the 787 Dreamliner; they have committed to investing $1.1 billion over the next eight years. A growing population in Charleston is due to the publicized, high quality of life. Retail in Downtown Charleston is in high demand with limited space available for under $45 per SF. The Port of Charleston will be deepening its port to allow larger ships access. Multi-Family occupancy rates have increased to a post-recession high of 96%.
INTERESTING FACT: Conde Nast Traveler Magazine named Charleston the “Best City in the World,” which may explain the 4-million tourists it welcomes each year.
CONTACT
Coldwell Banker Commercial Atlantic
3506 W Montague Ave, Suite 200 N. Charleston, SC 29418
(843) 744-9877 www.cbcatlantic.com
53
SC - Columbia
Population of MSA
Office
784,970
Retail
MF
Industrial
Households in MSA
335,462 Household Median Income
$48,263
Vacancy
g
z yg
N/A
g
Absorption
c
c
N/A
c
Rental Rates
g
c
N/A
g
Unemployment of MSA
MARKET HIGHLIGHTS
5.70%
•
Some major tenants are moving in, such as Nephron Pharmaceuticals with a 473,000 SF at 12th Street Extension; Element Electronics 311,972 SF at 392 US Hwy-321 Bypass North; AllSouth Federal Credit Union 60,000 SF at Elmwood Ave; Teleperformance 86,000 SF at Broad River Rd; BB&T 35,000 SF at Capitol Center and Nordstrom Rack 27,241 SF at Harbison Court.
•
The growth at the University of South Carolina is having a positive impact on vacancy, particularly in the Vista and the Main Street corridor.
•
63,336 SF of Office space was delivered in the previous two quarters with 64,558 SF under construction. Over the past four quarters, a total of 84,666 SF has been built dedicated to Retail in Columbia with 46,400 SF under construction. A total of 518,210 SF of Industrial was delivered in 2014 with 130,500 SF under construction.
INTERESTING FACT: Located just minutes south of Columbia on Hwy 48 (Bluff Road), Congaree National Park preserves the largest tract of old growth bottomland hardwood forest left in the United States. Park rangers and volunteers offer a variety of guided walks, talks and presentations throughout the year.
CONTACT
Coldwell Banker Commercial United, Realtors
1711 Gervais Street Columbia, SC 29201
(803) 799-8035 www.cbccarolinas.com
SC - Greenville
Population of MSA
Office
842,097
Retail
MF
Industrial
Households in MSA
363,479 Household Median Income
$44,195
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
c
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
4.80%
•
BMW is investing $1 Billion in their Greer, SC plant. This expansion will allow the plant to produce 450,000 vehicles per year, including the X7 SUV, X4 sports car, and the X5 SUV. This expansion will result in 800 new jobs, bringing the total employment of the plant to 8,800 people.
•
GE plans to invest $400 M over the next 10 years in their Greenville, SC plant in order to expand the company’s manufacturing capacity. This expansion will allow GE to design, test, iterate, and bring its products to the market quicker than ever. GE currently has over 3,000 employees in Greenville.
•
Harris Teeter is coming to Lewis Plaza on Augusta St. in Greenville, SC. This one of a kind 50,000 SF space will include a mezzanine level with a wine bar and terrace seating. Along with the expansive grocery departments, there will be a Starbucks and a full-service pharmacy. This transformation will dramatically change what Lewis Plaza has looked like since it first opened in 1948.
• •
Cabela’s opened their doors in April, 2014 at Magnolia Park on Woodruff Rd. in Greenville, SC. New Apartment project announcements are popping up each week. The city of Greenville currently has 516 Apartments permitted and under construction, 1,043 Multi-Family units in the permitting process and 156 more are planned and approved.
INTERESTING FACT: In 1917, Greenville was known as the “Textile Center of the World.” CONTACT
Coldwell Banker Commercial Caine
117 Williams Street Greenville, SC 29601
(864) 250-2800 www.cbccaine.com
54
SC - Myrtle Beach
Population of MSA
Office
394,997
Retail
MF
Industrial
Households in MSA
266,822 Household Median Income
$42,401
Vacancy
c
z yg
g
g
Absorption
g
c
c
c
Rental Rates
g
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
8.10%
• • •
Strong and growing Retail market has attracted nationally recognized companies to the region.
• •
Solid increase in student housing at Coastal Carolina University and very strong single family homes under $250,000.00.
Vacancy is falling due to increased demand and finalizations of new business deals. New construction includes the opening of Publix, Dicks Sporting Goods, Hobby Lobby, Gander Mountain, Lowes, and Walmart Neighborhood Market.
Fewer foreclosures. Most bank owned inventory has been cleared out and sold.
INTERESTING FACT: Great beaches, affordable golf courses, and now Chinese buyers have purchased 8 golf courses in this market and are looking to continue expansion.
CONTACT
Coldwell Banker Commercial CHICORA
10225 North Kinds Highway Myrtle Beach, SC 29572
(843) 272-8700 www.cbcchicora.com
SC - Spartanburg
Population of MSA
Office
316,949
Retail
MF
Industrial
Households in MSA
136,868 Household Median Income
$41,112
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
c
c
c
c
Unemployment of MSA
•
MARKET HIGHLIGHTS
5.50%
Rite Aid Corporation announced plans to build a 900,000 SF distribution center. The new distribution center is expected to employ nearly 600 people and will support the inventory and fulfillment needs of approximately 1,000 Rite Aid stores in the southeastern United States. The distribution center, a $90 M project, will be Rite Aid’s first new distribution facility in 15 years.
•
Outdoor retail giant Bass Pro Shops is setting up shop in Spartanburg County. The company will be building the 120,000 SF store near the BMW facility at the intersection of HWY-101 and I-85. It is planned to be the anchor for developments including other Retail stores, hotels and restaurants. The store, the company’s third in South Carolina, is set to open in 2016.
•
Toray Industries, a Tokyo-based manufacturer of fibers and textiles, plastic resins, films and carbon fiber composite materials, has selected Spartanburg County, SC for its next global facility. The $1 billion investment is expected to create 500 new jobs and represents one of the largest initial capital investments in SC’s history. Toray has also acquired 400 acres along Hwy 290.
•
Pacolet Milliken Enterprises, Inc. announced the renovation and redevelopment of the new Drayton Mills Lofts located at 1800 Drayton Road in Spartanburg. TMS Development purchased the two 111-year-old former mill buildings from Pacolet Milliken in 2013 and will turn them into 289 luxury Apartment homes. The Lofts are expected to be completed in early 2016.
•
The Inland Port handled 3,741 rail moves in December, completing its first full calendar year of operation in 2014 with 42,555 total rail moves.
INTERESTING FACT: Spartanburg County has the highest per capita international investment in the country. (NY Times) CONTACT
Coldwell Banker Commercial Caine
SD - Rapid City
340 E Main Street, Suite 100 Spartanburg, SC 29302
(864) 342-2322 www.cbccaine.com
Population of MSA
Office
138,852
55
Retail
MF
Industrial
Households in MSA
61,289 Household Median Income
$50,760
Vacancy
z yg
g
Absorption
c
c
Rental Rates
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
3.50%
• • • •
Five Guys, expansion of Scheels, Popeye’s and expansion of a large strip mall are adding 10 new stores to the area.
•
Both the medical community and Retail growth have helped drive the economy.
Cattle prices have remained up allowing Retail to expand. Office vacancy rates are even with those in 2013. Lots of road construction and an addition to a strip mall are occurring. The housing market has low inventory, which is allowing sellers to dictate prices. The YOY is slightly ahead of 2013 volume. The average price is up 2.5%.
INTERESTING FACT: Rapid City is the gateway to the Black Hills. Downtown is experiencing a resurgence with the added Main Street plaza including Presidential Statues, skating rink and Hot Summer Nights Festival.
CONTACT
Coldwell Banker Commercial Lewis Kirkeby Hall
2710 West Main Street Rapid City, SD 57702
(605) 343-2700 www.cbcworldwide.com
TN - Chattanooga MSA
Population of MSA
Office
537,584
Retail
MF
Industrial
Households in MSA
235,376 Household Median Income
$45,702
Vacancy
z yg
g
Absorption
c
c
Rental Rates
g
Unemployment of MSA
MARKET HIGHLIGHTS
6.10%
•
The Chattanooga MSA is home to over 34,000 businesses. Key reasons include location, infrastructure, workforce, institutions of higher learning, water supply, and quality of life.
•
Amazon and Volkswagen drive job growth in the region. The Ooltewah exit on I-75 has some of the strongest economic growth in the Southeast. Volkswagen is expected to build a new line of SUVs at the Chattanooga facility employing an additional 2,000 workers.
•
Wacker Chemie AG is expected to start operations at their new $2.4 billion facility in Bradley County during Q4 of 2015. This facility is expected to hire 650 workers at full operation.
•
Final design of the Spring Branch Industrial Park near Exit 20 on I-75 increased the potential building area to 3 million SF. The new interchange on APD 40 granting access to Spring Branch is scheduled for completion in mid 2016.
•
The Hospitality industry continues to grow in southeast Tennessee based on business and tourism growth. Multi-Family complexes supporting senior living are a strong growth area in the region.
INTERESTING FACT: The Chattanooga/Cleveland area is home to 13 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. CONTACT
Coldwell Banker Commercial Hamilton & Associates, LLC
2650 Peerless Road NW Cleveland, TN 37312
(423) 476-5535 www.hamiltoncommercial.com
56
TN - Knoxville Area/East Tennessee
Population of MSA
Office
847,916
Retail
MF
Industrial
Households in MSA
382,926 Household Median Income
$43,925
Vacancy
c
z yc
g
N/A
Absorption
c
c
N/A
Rental Rates
c
c
N/A
Unemployment of MSA
MARKET HIGHLIGHTS
5.40%
•
In January, the Brookings Institute released a report that ranked Knoxville 99th among the world’s 300 largest metro economies for its economic performance in 2014 compared to 2013.
•
The Brookings Institute announced that Knoxville leads Tennessee in the number of advanced industry jobs and ranks Knoxville 32nd among major metropolitan areas.
•
President Barack Obama announced during his recent visit to East Tennessee that the University of Tennessee will lead the Institute for Advanced Composites Manufacturing Innovation, or IACMI, a venture that includes a $70 M commitment from the U.S. Department of Energy. IACMI will be one of five federally designated innovation hubs focused on advanced manufacturing.
•
According to KAAR, the 2014 residential market in the Knoxville area remained somewhat flat when compared to 2013 with a modest 3.6% increase in the number of units sold. But, the amount of time it took to sell a house or condo decreased dramatically with 31% of the units being sold within 30 days, up from 6%, while the number of units that stayed on the market for more than 120 days fell to 30%.
•
Commercial real estate activity continues to improve with Multi-Family and NNN properties being in high demand. Construction activity close to the University of Tennessee campus continues to increase with several large student housing developments coming out of the ground.
INTERESTING FACT: Knoxville was the host of the 1982 World’s Fair with a theme of “Energy Turns the World”. The iconic Sunsphere, with its golden, globe shaped top being home to a night club, catering business and other uses. CONTACT
Coldwell Banker Commercial Wallace and Wallace, Realtors
124 N. Winston Road Knoxville, TN 37919
(865) 690-1111 www.cbcww.com
TN - Nashville
Population of MSA
Office
1,727,612
Retail
MF
Industrial
Households in MSA
712,375 Household Median Income
$51,825
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
5.00%
•
The new Music City Center is open and booking for new convention and business. Additionally, Bridgestone America is currently building their new corporate headquarters Downtown.
• • •
Nashville has been designated as an “IT City” by the IT Industry; Google has selected the city for high speed fiber optic installation.
•
General strengthening in the overall economy; attractive lifestyle city for young professionals.
New Downtown Office buildings and a new Minor League Baseball park have opened. New condominiums have been announced for Downtown, and there is a high demand for upper priced Single family homes in the suburbs.
INTERESTING FACT: Home of the Grand Ole Opry, Tennessee Titans NFL Team, and the Nashville Predators
CONTACT
Coldwell Banker Commercial Professionals
114 Cool Springs Blvd. Franklin, TN 37067
NHL Team.
(615) 465-3737 www.cbcprofessionals.com
57
TX - Amarillo MSA
Population of MSA
Office
256,766
Retail
MF
Industrial
Households in MSA
104,762 Household Median Income
$47,779
Vacancy
z yg
g
Absorption
c
c
c
Rental Rates
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
4.00%
• •
National and regional Retail space demand is challenged by a lack of available Class A space.
•
Interest in single-tenant free-standing buildings or build-to-suit sites is brisk but also challenged by a shortage of Class A locations.
•
Several major renovations of Retail space between I-40 and 26th St on Georgia have re-energized that traditional Retail corridor into one of the hottest plays in the market.
•
The single family residential market was up nearly 2.5% in 2014, the fourth best year in Amarillo’s history.
The Williams Group’s Town Square development, one of the most ambitious developments in city history, will occupy its office building during Q1 and the Mixed-Use space by late Q2.
INTERESTING FACT: The chronic shortage of single family lots available for construction may come to an end in 2015 as nearly 800 lots are scheduled for delivery to the market.
CONTACT
Coldwell Banker Commercial First Equity, Realtors
2101 South Coulter Amarillo, TX 79106
(806) 354-3500 www.cbcamarillo.com
TX - Austin
Population of MSA
Office
1,833,344
Retail
MF
Industrial
Households in MSA
727,821 Household Median Income
$60,443
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
c
c
c
c
Unemployment of MSA
3.40%
MARKET HIGHLIGHTS
•
Coldwell Banker Commercial Market Comparison Report ranks Austin as #9 overall Commercial Real Estate Market in the country.
• • • •
Forbes magazine has ranked Austin #1 in Job Growth and #19 “Best Places for Business and Careers”. Two Austin companies have been named to Forbes list of “America’s 100 Most Promising Companies.” The Austin area’s population is projected to grow by more than 30 % over the next 15 years. Data shows almost 18,000 Apartment units are now under construction in the metro area with some new complexes in smaller submarkets.
INTERESTING FACT: Austin, the state capital of Texas, is home to Dell and Whole Foods Market, and the University of Texas. South by Southwest (SXSW) has grown to provide economic benefits to the city of Austin totaling $315 M in 2014.
CONTACT
Coldwell Banker Commercial United, Realtors
2121 Sage Road, Suite 150 Houston, TX 77056
(713) 840-5000 www.cbcunitedrealtors.com
58
TX - Bryan/College Station
Population of MSA
Office
234,165
Retail
MF
Industrial
Households in MSA
97,388 Household Median Income
$38,580
Vacancy
g
z yg
g
N/A
Absorption
c
c
c
N/A
Rental Rates
c
c
c
N/A
Unemployment of MSA
MARKET HIGHLIGHTS
4.10%
• • •
Forbes Magazine ranks Bryan/College Station #2 “Best Small Places for Business and Careers” and #8 in Job Growth.
• •
Retail and Hospitality continue to flourish in the area with many new restaurants having opened in 2014.
Cost of Living is 3.7% below the national average. Work continues on the renovation of Kyle Field at Texas A&M University, causing a shortage of labor for the growing commercial construction in the area.
Texas A&M’s triple designation as a Land, Sea, and Space-Grant institution reflects the broad scope of the research endeavors it brings to the city.
INTERESTING FACT: Bryan/College Station has a small-town feel, big-city features and is home to George Bush Library and Texas
A&M University.
CONTACT
Coldwell Banker Commercial United, Realtors
2121 Sage Road, Suite 150 Houston, TX 77056
(713) 840-5000 www.cbcunitedrealtors.com
TX - Dallas/Fort Worth
Population of MSA
Office
6,694,889
Retail
MF
Industrial
Households in MSA
2,573,046
Vacancy
g
z yg
c
c
Absorption
c
g
c
c
Rental Rates
c
c
c
Household Median Income
$57,630 Unemployment of MSA
MARKET HIGHLIGHTS
• • • • •
4.00%
Toyota’s corporate headquarters relocates from California to Plano bringing in 3,000 jobs. Arlington is ranked #2 as the “Best City for People 35 and Under”, according to Vocativ’s Livability Index. Fort Worth’s population has grown 42.34% since 2000. The Texas Workforce Commission announced 441,200 new jobs in Texas in 2014, about 1/3 of all new jobs in the US. Texas has the lowest jobless rate of 2.8%, 3 points below the national average.
INTERESTING FACT: Arlington is home to the Texas Rangers professional baseball team and the Dallas Cowboys football team.
CONTACT
Coldwell Banker Commercial Alliance
255 North Center Street, Suite 200 Arlington, TX 76011
(817) 226-0000 www.cbcalliance.com
59
TX - El Paso
Population of MSA
Office
828,372
Retail
MF
Industrial
Households in MSA
279,863
Vacancy
g
z yg
g
g
Absorption
c
c
c
Rental Rates
c
g
c
c
Household Median Income
$40,595 Unemployment of MSA
MARKET HIGHLIGHTS
5.70%
•
El Paso’s economic activity continues to expand, according to the Dallas Fed. The unemployment rate fell by 1.6% at a much greater rate than 2013. While home sales increased from the year earlier, the median home sales price fell. However, inventory levels have declined. While El Paso Trade numbers fell slightly in 2014, manufacturing and employment in the El Paso/Juarez metro area have improved.
•
Retail vacancy rates decreased during Q4 to 4.9% according to CoStar. While quoted rents decreased slightly, rates have increased significantly over the past eighteen months, and certain premium shopping center locations are achieving rental rates in excess of $22.00 per SF per year.
•
The strong performance of the Retail sector coupled with much of the Retail properties being controlled by a few owners, a shortage of quality investment properties exists, with owners demanding record low cap rates.
•
With Office vacancy hovering just below 10%, the market has tightened. While the El Paso market is enjoying better occupancy than the national average, rental rate growth was lower compared to the national rate. Some significant Office transactions have been reported in the market, showing good demand for Class B and Class C properties that appear to offer a good opportunity for repositioning.
•
Mostly due to a couple of large tenants moving out of their buildings (Hoover vacating 423,000 SF, and Electrolux giving up 355,000 SF), the Industrial market took a slight dip in occupancy in Q4 of 2014. However, leasing activity on smaller inventory has been strong enough to reflect a positive absorption, allowing owners to increase asking rents.
CONTACT
Coldwell Banker Commercial Lewis Realty Group, Inc.
7338 Remcon Circle, Suite 100 El Paso, TX 79912
(915) 544-5205 www.cbclewisrealtygroup.com
TX - Houston
Population of MSA
Office
6,180,966
Retail
MF
Industrial
Households in MSA
2,353,177 Household Median Income
$56,889
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
c
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
4.10%
•
Coldwell Banker Commercial Market Comparison Report ranks Houston as #3 overall Commercial Real Estate Market in the country.
• •
Forbes Magazine has ranked Houston #15 “Best Places for Business and Careers”, #4 in Job Growth up over last year.
•
Urban Land Institute and PwC named Houston the #1 “Real Estate Market to Watch” in 2015. Houston ranked #1 in both investment and development prospects.
•
N.Y. developer unveils plans for massive Kirby Mixed-Use property, and a 21-acre Industrial site near downtown Houston is reportedly under contract.
There’s 5.4M SF of Office space under construction just in the Katy Freeway submarket, including the Energy Corridor and Memorial City.
INTERESTING FACT: Houston is america’s fourth-largest city and is a cosmopolitan destination filled with world-class dining, arts, hotels, shopping and nightlife. Spend the day exploring the Museum District, head down to Space Center Houston or see one of the award-winning and internationally acclaimed performing arts groups. CONTACT
Coldwell Banker Commercial United, Realtors
2121 Sage Road, Suite 150 Houston, TX 77056
(713) 840-5000 www.cbcunitedrealtors.com
60
TX - Lubbock MSA
Population of MSA
Office
299,428
Retail
MF
Industrial
Households in MSA
123,220 Household Median Income
$44,523
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
c
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
3.00%
• •
Major tenants that moved into the market: Costco, Cabella’s, Sunbelt and Alamo Drafthouse.
• • •
New Power Center opened in “West End;” tenants include: Cabella’s, Costco, Marshalls, Homegoods and Aspen Creek.
There is population growth, with a strong local and regional economy—a benefiting from medical, education, agricultural, and energy drivers.
Market is very strong for sellers. Inventory is very low, and pricing has continued upward around 4%. There is new development in all sectors. Several national chains are moving into the region.
INTERESTING FACT: Texas Tech University and three other higher education institutions create a massive student demographic for
the region.
CONTACT
Coldwell Banker Commercial Rick Canup Realtors
4924 S Loop 289 Lubbock, TX 79414
(806) 784-3200 www.cbclubbock.com
TX - Rio Grande Valley
Population of MSA
Office
129,877
Retail
MF
Industrial
Households in MSA
48,186 Household Median Income
$41,163
Vacancy
g
z yg
g
Absorption
c
c
c
Rental Rates
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
7.80%
• •
Main Event, America’s fastest-growing entertainment center, has elected to open its newest location in the Rio Grande Valley.
• • •
Residential and Commercial construction continue at rapid rates in various trade areas.
The University of Texas Pan American and the University of Texas at Brownsville are merging, becoming The University of Texas Rio Grande Valley, and are adding a Medical program.
Single family subdivisions continue to be developed in large numbers. The Rio Grande Valley is expected to grow 15% in the next 5 years.
INTERESTING FACT: Located just one hour from sunny South Padre Island.
CONTACT
Coldwell Banker Commercial La Mansion
508 E. Dove Ave. McAllen, TX 78504
(956) 631-1322 www.cbclamansion.com
61
TX - South/Central
Population of MSA
Office
1,327,407
Retail
MF
Industrial
Households in MSA
528,607 Household Median Income
$45,722
Vacancy
g
z yg
g
Absorption
c
c
c
c
Rental Rates
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
4.10%
•
Harland Clarke American has relocated to a new Class A 130,000 SF facility. Kinetic Concepts relocated their national headquarters to a new 100,000+ Class A facility. Existing Class A Office properties have the lowest vacancy rates. SYSCO and Amazon have both recently established distribution centers. Keystone Automotive occupied 125,000 SF in Q4, while Mattress Firm booked 70,000 SF.
•
Across all property types, demand is exceeding supply of new properties. Many National/Regional players are relocating to the market, requiring Class A and B space.
•
Multi-Family leads the list of new product, with Office and Retail next. New Industrial is slower to expand. Hospitality has rebounded.
•
New and existing home sales continue to advance. 2014 sales levels were 2nd best on record, following the same results in 2013. 2015 is projected to remain at the same levels. Prices continue to rise, averaging a 10% increase YOY.
•
Flow of local bank credit continues to improve. The lower price of energy will have some influence on employment and relocation. Some lay-offs have occurred, but with unemployment steady at 4.1% locally and 4.6% state wide, migration to Texas continues.
INTERESTING FACT: Home to the most recognized symbol of Freedom and Independence in the world, the Alamo continues to be the #1 tourist attraction in the state, with over 11 million visitors annually. The area also hosts the largest indoor Rodeo in the country, with over 1 million participants and attendees from all 50 states. The “Riverwalk” continues to be expanded. CONTACT
Coldwell Banker Commercial Alamo City
18756 Stone Oak Parkway, Suite 202 San Antonio, TX 78258
(210) 483-6250 www.cbcalamo.com
TX - Southeast Texas
Population of MSA
Office
404,580
Retail
MF
Industrial
Households in MSA
171,824 Household Median Income
$44,387
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
Unemployment of MSA
MARKET HIGHLIGHTS
5.80%
• • • •
OCI Natgasoline has begun their $1.3B project in southeast Texas.
•
The energy corridor of southeast Texas is gaining strength with expected increases in commercial development to follow.
The energy corridor of southeast Texas is expanding with Industrial service expansions and relocations to the area. New construction is primarily in the Industrial field, with limited new Office/Retail being built. The Residential market is stable in the larger cities, but is growing in the submarket areas. New home sales prices are increasing in these submarkets.
INTERESTING FACT: The Sabine Neches Waterway is approved for a deepening project which will allow the port to handle large container ships from the Panama Canal.
CONTACT
Coldwell Banker Commercial Arnold and Associates
1 Acadiana Court Beaumont, TX 77706
(409) 833-5055 www.cbcaaa.com
62
TX - Victoria
Population of MSA
Office
96,291
Retail
MF
Industrial
Households in MSA
39,199 Household Median Income
$49,766
Vacancy
z yg
c
Absorption
c
c
Rental Rates
c
Unemployment of MSA
MARKET HIGHLIGHTS
3.10%
•
Walmart opened its second location in the northeast sector of Victoria, with Dollar Tree following suit. Also entering the market is Anytime Fitness.
•
The Industrial sector remains unchanged with near capacity occupancy rates. Housing remains solid with under four months inventory available. Retail is beginning to shows signs of life with a slight increase in absorption with mainly fill-in tenants. The Office sector remains unchanged.
• •
Over 1,000 Apartment units are now under construction.
•
The current price of oil has created cautious optimism.
Year-end numbers reflect a leveling off of home sales in the Victoria market. 82% of sales were below $250,000. Two things contributed to a slightly under performing year end: lack of inventory in the lower half of the market, and some concern over the price of oil and its effect on the job market. Average sales price is up over 7%.
INTERESTING FACT: Victoria is known as the Crossroads Area. It is located in the center of Austin, San Antonio, Corpus Christi and Houston. State HWYs 59, 87 and 77 all pass through Victoria. CONTACT
Coldwell Banker Commercial The Ron Brown Company
2505 N. Navarro Street Victoria, TX 77901
(361) 573-6191 (361) 575-1446 www.cbcworldwide.com
TX - Waco
Population of MSA
Office
257,293
Retail
MF
Industrial
Households in MSA
103,709
Vacancy
z y
g
Absorption
c
c
Rental Rates
Household Median Income
$40,760 Unemployment of MSA
MARKET HIGHLIGHTS
4.20%
•
More retail development in the Central Texas Marketplace is in the works. New additions to the area include World Market, Bed Bath and Beyond, Designer Shoe Warehouse and Cavender’s.
• •
A new Gander Mountain opened in the region. New Restaurant/Retail has developed near Baylor University.
INTERESTING FACT: All of the Starburst candies sold in North America and 75% of all Snickers Candy Bars are made at the Mars candy plant in Waco, TX. Waco is also the birthplace of Dr Pepper and Big Red, created in 1885 & 1937, respectively.
CONTACT
Coldwell Banker Commercial Jim Stewart, Realtors
500 N. Valley Mills Drive Waco, TX 76710
(254) 776-0000 www.coldwellbankercommercialwaco.com
63
UT - Salt Lake City
Population of MSA
Office
1,123,902
Retail
MF
Industrial
Households in MSA
388,769 Household Median Income
$60,322
Vacancy
g
z yg
N/A
g
Absorption
c
c
N/A
c
Rental Rates
c
c
N/A
c
Unemployment of MSA
MARKET HIGHLIGHTS
3.00%
•
Total absorption has returned to pre-recession numbers. Tenants are utilizing space more efficiently as employee density increases.
•
Tenants continue to gravitate toward new Class A properties. The South Valley submarkets contributed to extremely low vacancy rates in Salt Lake County.
•
New construction will continue, and re-development projects will put the upmost priority on cost effectiveness and efficiency in maintaining future growth.
•
Economic stability has painted an optimistic outlook for institutional investment organizations now looking at Utah as a viable alternative to major markets like New York, Los Angeles and Chicago.
•
With vacancy rates steadily declining, expect to see Land acquisition increase in the coming year.
INTERESTING FACT: Forbes ranked Utah 1st in their “Best State for Business 2014.” Utah offers a pro-business climate, low energy costs, and an expanding economy for the past 5 years. This growth has resulted in Utah markets ranking as one of the top cities in the country for technology venture capital invested on a per-average-deal basis. CONTACT
Coldwell Banker Commercial Advisors
6550 South Millrock Drive, Suite 200 Salt Lake City, UT 84121
(801) 947-8300 www.cbcworldwide.com
UT - St. George
Population of MSA
Office
144,664
Retail
MF
Industrial
Households in MSA
59,450 Household Median Income
$47,447
Vacancy
c
z yg
g
g
Absorption
c
c
Rental Rates
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
3.70%
•
The 160,000 SF Blue Bunny manufacturing plant was vacated in 2014. The CBC office in St. George is co-listing the building with DTZ Barry (Formerly Cassidy Turley). There are currently prospects considering the opportunity.
•
Vacancy rates across the board have fallen to historic lows due to an influx of new companies over the last few years, resulting in the absorption of most of the available properties in the market. Another contributing factor was employment growth, which has been steady throughout 2014.
•
A cursor of growth is the advent of new grocery stores coming into a market. Currently, there are 3 different grocery chains that have announced additional sites in Washington County.
•
REO and other bank owned properties have been absorbed. Several major residential subdivisions that were on hold are now in expansion mode.
•
St. George has seen continued growth in the Industrial sector. Major tenants that have located within the Fort Pierce Industrial Park in 2014 include: Viracon (235,000 SF - glass manufacturer); Industrial Brush Corporation (52,000 SF - relocated from California); Environmental Stoneworks (32,000 SF - expansion) and FedEx (25,000 SF expansion into a LEED certified facility that is under construction).
INTERESTING FACT: St. George is located within 1.5 hours of Las Vegas. It is consistently voted as one of the top 50 cities to live and work. St. George is close to Zion, Bryce Canyon, Glen Canyon and Grand Canyon National Parks. CONTACT
Coldwell Banker Commercial Advisors
UT - Utah County
335 East Street George Blvd., Suite 301B St. George, UT 84770
Population of MSA
(435) 688-9161 www.cbcadvisors.com
Office
516,564
Retail
64
MF
Industrial
Households in MSA
150,377 Household Median Income
$60,196
Vacancy
g
z yg
N/A
g
Absorption
c
c
N/A
c
Rental Rates
c
c
N/A
c
Unemployment of MSA
MARKET HIGHLIGHTS
2.80%
•
The newly branded “Silicon Slopes” is considered one of the hottest markets in the nation, experiencing 636,160 SF of net positive absorption. Most of this absorption comes from large users seeking 25,000 SF or more. North Utah County had the most significant amount of positive absorption for any one submarket along the Wasatch Front.
•
Notable transactions observed this year included: Xactware, who moved into their 200,000 SF headquarters at Traverse Mountain in April; Henry Schein’s 100,000 SF new 4-story building at North Pointe Business Park; and Vivint occupying 125,000 SF at Thanksgiving Center. Thanksgiving Park completed its 100% leased Building 5 in 2014.
•
Thanksgiving Point/Traverse Mountain erected over 1.6 million SF of new space during the past 7 years. Pre-leasing success not only occurred in Thanksgiving Park: Traverse Ridge Center I and Thanksgiving Center also leased the entirety of their buildings prior to receiving the building’s certificate of occupancy in 2014.
•
Residential areas continue to grow as companies such as Adobe, IM Flash, Oracle, Microsoft, AtTask, Domo and Xactware have created an appealing and synergistic tech hub. The new $2 billion NSA facility will only add to this hyper-growth environment.
•
The level of net positive absorption in Utah county is even more impressive when comparing the Salt Lake and Utah County markets’ base square footage amounts. Utah County is approximately 1/3 the size of Salt Lake’s market base with approximately 12 million total SF of Office product, compared to 33 million SF in Salt Lake County.
CONTACT
Coldwell Banker Commercial Advisors
825 E. 1180 S., Suite. 300 American Fork, UT 84003
(801) 947-8300 www.cbcadvisors.com
VA - Fredericksburg
Population of MSA
Office
344,631
Retail
MF
Industrial
Households in MSA
177,969 Household Median Income
$81,394
Vacancy
c
z yg
c
g
Absorption
g
g
Rental Rates
g
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
4.60%
•
Significant Infrastructure projects were completed in 2014 including the I-95 HOT lane expansion from the Capital Beltway to Stafford County (Cost:$940M). Stafford County Regional Airport completed a 10,000 SF Terminal. “Dark-Fiber” was delivered to the Fredericksburg Region via SummitIG for a 170 mile Fiber Network project extending from Ashburn to Richmond, VA.
•
Retail rental rates in the region increased by 5.0% in 2014, making a slow recovery to pre-recession rates. The City of Fredericksburg and King George County witnessed the strongest growth in Retail rental rates, both with growth over $2.00 from 2013 to 2014.
•
A 72,000 SF Multi-Tenant Retail building broke ground at King George Gateway Shopping Center in King George, VA. The Building will open 100% leased. Dominion Raceway & Entertainment-NASCAR Circuit Track and Entertainment Venue broke ground and is estimated to be completed Q2-2015.
•
Residential construction is increasing significantly. Stafford and Spotsylvania Counties have approved over 6,000 new homes in the last 24 months, and large residential projects such as Embrey Mill (1,827 Home/Unit Approved) in Stafford, VA are well underway. Significant Multi-Family Projects are planned for the next few years, and overall Multi-Family rental rates are increasing yearly.
•
2014 was a year of free-standing Retail construction representing over 90% of Retail construction deliveries. Goodyear, Sheetz and Family Dollar each added 2 stores. CVS and Dollar General opened a new store, and each have 1 new location planned for 2015. Fast Casual/Quick-Service Restaurants are quickly expanding, such as Cook-Out (3 Locations), Chipotle (1 new-2014).
CONTACT
Coldwell Banker Commercial Elite
VA - Lynchburg
1201 Central Park Boulevard Fredericksburg, VA 22401
(540) 786-1402 www.cbcelite.com
Population of MSA
Office
255,129
65
Retail
MF
Industrial
Households in MSA
113,181 Household Median Income
$46,619
Vacancy
z yg
g
Absorption
c
c
g
c
Unemployment of MSA
MARKET HIGHLIGHTS
5.10%
Rental Rates
•
Walmart Neighborhood Market stores have moved into the Lynchburg and Forest, VA market and are scheduled to open their doors in Q1 of 2015.
• •
Vacancy rates remain steady as most landlords continue to trade tenants.
•
New construction of mid to high-end single family homes is on the rise again. New Multi-Family construction continues to steadily grow, despite the 6,000 student housing units currently being built on Liberty University’s campus.
Liberty University continues to grow; therefore, many new projects such as student housing and recreational facilities are surfacing on campus.
INTERESTING FACT: Liberty University, Lynchburg’s second largest employer, is the largest Evangelical Christian university in the
world.
CONTACT
Coldwell Banker Commercial Read & Co., Realtors
101 Annjo Court Forest, VA 24551
(434) 455-2285 www.cbcread.com
VA - Williamsburg/Hamptons Roads MSA Population of MSA
Office
1,697,545
Retail
MF
Industrial
Households in MSA
695,507
Vacancy
g
z yg
N/A
g
Absorption
c
c
N/A
c
Rental Rates
N/A
Household Median Income
$57,148 Unemployment of MSA
MARKET HIGHLIGHTS
6.60%
•
At 50 feet, the Port of Virginia offers the deepest shipping channels on the U.S. Coast, which is a significant factor for growth of the Industrial markets of Chesapeake, Suffolk, Norfolk, Portsmouth, Newport News, Hampton and Williamsburg.
• •
Retail continues to experience interest from several national chains. New construction allows for diverse site selection.
•
The Residential sector saw a 12.7% increase in total sales from the previous year. Total Residential pending sales were up by 23.03%.
Office inventory amounted to over 48 million SF as of the end of Q3 of 2014. Class A Office sector consisted of 13 million SF. At the end of Q3, there was an estimated 131,315 SF of Office space under construction.
INTERESTING FACT: Hampton Roads hosts approximately 140 international businesses from over 26 different countries.
CONTACT
Coldwell Banker Commercial Brooks Real Estate
312-B Lightfoot Road Williamsburg, VA 23188
(757) 585-2959 www.cbcbrooks.com
66
WA - Anacortes
Population of MSA
Office
118,225
Retail
MF
Industrial
Households in MSA
51,519
Vacancy
g
z yg
g
g
Absorption
Rental Rates
c
Household Median Income
$53,182 Unemployment of MSA
MARKET HIGHLIGHTS
7.60%
• • •
There is a high demand for quality investment, Multi-Family, and Industrial properties in this deep water sea port.
• •
With lower interest rates, it is still a seller’s market, and houses are selling strong.
There are few deep-water ports from Seattle to Canada, creating high demand for this port and for future growth. Over 1,000,000 people travel through Anacortes annually to or from the Washington State ferry terminal to San Juan and Vancouver Island.
There is strong investment interest from national and international buyers.
INTERESTING FACT: Recently named 20th in the “Top 100 Livable Small Towns in America.”
CONTACT
Coldwell Banker Commercial Bain
3110 Commercial Ave, Suite 101 Anacortes, WA 98221
(360) 293-4511 www.cbcworldwide.com
WA - King County
Population of MSA
Office
1,931,249
Retail
MF
Industrial
Households in MSA
856,720
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
c
c
Household Median Income
$71,811 Unemployment of MSA
4.60%
MARKET HIGHLIGHTS
• • • • •
The overall market is on the upswing. Multi-Family investment and development make this region a hot bed for continued growth. City of Seattle is looking to add 50,000 new jobs in 2015, with many high paying tech sector jobs. There is high demand for quality medical investment properties. Industrial Land pricing is back to its pre-recession highs.
INTERESTING FACT: The Seattle / Puget Sound Market is benefiting from strong job growth in the manufacturing and tech sectors. These are high paying jobs, and all of the commercial sectors are profiting from it.
CONTACT
Coldwell Banker Commercial Danforth
33313 First Way South Federal Way, WA 98003
(206) 595-7232 www.cbcdanforth.com
67
WA - Tacoma/Pierce County
Population of MSA
Office
795,225
Retail
MF
Industrial
Households in MSA
326,854 Household Median Income
$59,204
Vacancy
z yc
g
g
Absorption
g
g
c
c
Rental Rates
g
g
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
4.80%
•
REIS reports that Multi-Family vacancy in Pierce County is down to 4.2% and expected to go to 3.5%. This should continue through 2015 unless the Fed decides to increase interest rates in 2016. The units completed and absorbed are about equal, driving rents up and CAP Rates down.
•
The Seaport Alliance, signed in October, is expected to benefit both Seattle and Tacoma Port authorities. The outlook for Industrial in the greater Pierce/South King County is that modest growth will keep vacancy down and rents slowly rising. Notable sales include 24th St Industrial Park at $17.5 M, represented by CBCO, and The Park in Puyallup for $11.6 M.
•
State Farm Insurance will occupy 220,000 SF in downtown Tacoma, which is a welcome change to the sub-zero absorption rates for the previous 3 years. REIS reports that B/C properties in Pierce County are stable at 16.5% for 2014, with a significant downward trend in the next two years.
•
Bass Pro Shops and Hobby Lobby both made their debut in Pierce County with the backfill of a former Lowes Home Improvement and K-Mart, respectively. The vacancy for Neighborhood Community Centers in Pierce County was 12.9%, up 120 basis points for the year.
•
Medical Office Buildings, on and off hospital campus, continue to attract tenants and buyers. Good Samaritan Medical Office Building leased 6,000 SF to Multi-Care Healthcare, and Franciscan Health Services has occupied a 45,000 SF clinic in Boney Lake.
INTERESTING FACT: Industrial Sales in Metro Tacoma exceeded $502,000,000 in 2014. CONTACT
Coldwell Banker Commercial Offenbecher
929 E. Main, Suite 320 Puyallup, WA 98372
(253) 840-5574 www.offenbecher.com
WA - Vacouver/SW Washington
Population of MSA
Office
161,791
Retail
MF
Industrial
Households in MSA
70,006
Vacancy
g
z yg
g
c
Absorption
c
c
c
g
Rental Rates
c
c
c
Household Median Income
$48,979 Unemployment of MSA
MARKET HIGHLIGHTS
5.80%
•
Optimism for a strong 2015 in Vancouver is high. Healthcare, education and government remain the largest employers in the Vancouver/Clark County area. Companies located within the county have access to a labor force of more than a million workers within a 30-mile radius.
•
Vacancy has been falling against moderate demand due largely to the fact there was never an overabundance of available space in any sector. Rates have remained steady with lease concessions.
• •
The most active sector experiencing new construction is Residential. There is very little true speculative Office development.
•
Multiple jurisdictions in Clark County currently offer fee-holidays on a range of traffic, building, site and engineering permitting, impact and development fees. The developer of a large project could expect to save over $100,000.00.
The Residential market continues to be hot. Land for Single and Multi-Family development sells quickly at ever increasing prices. Industrial properties remain in strong demand. Commercial development is steady at a measured pace supported by “leases in hand.”
INTERESTING FACT: Vancouver offers all the amenities of a big city, accompanied by affordability. The favorable business tax structure and zero personal taxes complement the low cost of living. I-5 connects the area to all the major markets along the West Coast. Washington is ranked #1 in the US when it comes to the concentration of science, tech, engineering and math jobs. CONTACT
Coldwell Banker Commercial Jenkins & Associates
300 West 15th Street, Suite 201 Vancouver, WA 98660
(360) 699-4494 www.CBCWorldwideNW.com
68
WI - Dane County
Population of MSA
Office
488,073
Retail
MF
Industrial
Households in MSA
217,104 Household Median Income
$61,721
Vacancy
z yg
g
g
Absorption
c
c
c
Rental Rates
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
3.20%
•
Epic, a major healthcare software company, is designing and planning significant campus expansions. Employee count currently exceeds 7,000, and potentially may exceed 10,000 in the future.
• • •
Pharma and start-ups are helping to drive growth of the leasing market.
•
Influence of UW-Madison, state capital, insurance industry, health care, bio-tech, and many other private business sectors continues to help the area’s stability and growth.
Over 800 new apartments are coming in downtown Madison in Spring 2015. Vacancy rates are now at historic lows. While the number of home sales declined year-over-year, prices continued to increase. Inventory is still at low levels at the beginning of 2015. Building permits and home sizes are growing.
INTERESTING FACT: Entertainment venues, including restaurant and bar establishments, are increasing in the downtown area.
CONTACT
Coldwell Banker Commercial Success
7609 Elmwood Ave, Suite 102 Middleton, WI 53562
(800) 747-9962 www.cbcsuccess.com
WI - Janesville/Beloit MSA
Population of MSA
Office
160,359
Retail
MF
Industrial
Households in MSA
68,229 Household Median Income
$47,735
Vacancy
z yg
g
Absorption
g
c
c
Rental Rates
g
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
5.70%
•
Chicago Fittings and Pratt Industries announced new construction for 2015 in Beloit’s Gateway Park; Pratt will construct a 350,000 SF manufacturing plant; Chicago Fittings 30,000 SF.
•
Dick’s Sporting Goods is now leasing 45,000 SF recently vacated by J.C. Penney. Retail activity in Janesville and Beloit has seen new construction and absorption of vacant space.
• •
Rock County sales and use tax collections set a new annual record of $11.8 M.
•
Available Industrial space is getting tight with a vacancy rate of less than 6%, with the vacant GM assembly plant excluded.
The Residential market is at its highest Q4 price point in 7 years. Average selling price is up 8%, and inventory in some price ranges is getting tight.
INTERESTING FACT: The Gideon Bible organization was founded in 1899 at the Janesville YMCA. Beloit College is the oldest continually operating college in Wisconsin and is sometimes referred to as the Harvard of the Midwest.
CONTACT
Coldwell Banker Commercial McGuire Mears & Assoc.
400 Midland Court, Suite 101 Janesville, WI 53546
(608) 752-6325 www.mcguiremears.com
69
WY - Cheyenne
Population of MSA
Office
94,294
Retail
MF
Industrial
Households in MSA
40,759 Household Median Income
$58,963
Vacancy
z yg
g
g
Absorption
g
g
c
c
Rental Rates
g
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
4.50%
•
Strong technology, Industrial and Warehouse demand is expected to continue through 2015. Market growth is supported by Cheyenne’s strategic location at the intersection of I-25 and I-80.
•
Continued growth in the technological market with ongoing construction on a large Microsoft data center(s) project and the addition of the new “Greenhouse Data” data center.
• • •
Swan Ranch Industrial Park development continues to bring regional and national Industrial companies to the region. There is strong growth in Multi-Family with several 100+ unit projects in the books, and city wide vacancy is below 5%. Residential values continue to rise with overall sales and values at their highest levels since 2007.
INTERESTING FACT: Office space throughout the community continues to have high vacancy.
CONTACT
Coldwell Banker Commercial The Property Exchange
255 Storey Blvd Cheyenne, WY 82009
(307) 632-6481 www.WyomingCommercialBrokers.com
International Markets
70
Australia - Brisbane, Queensland
Population of MSA
Office
2,200,000
Retail
MF
Industrial
Households in MSA
700,100 Household Median Income
$109,200
Vacancy
g
z y
g
Absorption
c
c
Rental Rates
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
6.10%
• • • •
Free trade with China has provided secure opportunities for investors and businesses entering into the Brisbane market.
•
Vacancy is falling due to business confidence, the global economy, and lending issues.
The Asian investment sector in Brisbane is performing well, releasing greater return rates compared to investments in Asia. Lending rates are at a record low of around 5%, which is also providing a favorable environment. As motor trade businesses are not performing as expected, developers are taking the opportunity to secure sites they once occupied for development opportunities.
INTERESTING FACT: Brisbane is the capital and most populous city in the Australian state of Queensland, the third most populous city in Australia. Brisbane’s metropolitan area has a population of just over 2.2 million, and the Southeast Queensland urban conurbation, centered around Brisbane encompasses a population of more than 3 million.
CONTACT
Coldwell Banker Commercial F & J Group
2A/45 Sanders Street, Upper Mt Gravatt Brisbane, Queensland 4122
(07) 3067 2010 www.coldwellbankercommercial.com.au
Australia - Brisbane (South), Queensland Population of MSA
Office
2,200,000
Retail
MF
Industrial
Households in MSA
700,100
Vacancy
N/A
z yN/A N/A
N/A
g
Absorption
N/A
N/A
N/A
c
Rental Rates
N/A
N/A
N/A
Household Median Income
$109,200 Unemployment of MSA
MARKET HIGHLIGHTS
6.10%
•
International company Liebherr Mobile Cranes and Earthmoving Equipment leased a 3,041sqm facility equipped with a new 16 and 5 tonne gantry cranes and heavy vehicle external washbay. International company Flexopack secures 5x5 year lease on a 2,528sqm facility backing onto M1 Pacific Motorway in Yatala.
•
The first half of 2014 struggled to gain momentum, mostly due to a slowing of the mining sector resulting in a overall lack of confidence in consumer spending and the willingness for businesses to consider expanding. Q4 of 2014 saw an increase in sale and leasing activity due to progressive increases in consumer and business confidence and forecasts of lower interest rates.
•
Construction has mostly been led by private developers with the ability to oversee and subcontract trades to reduce margins and provide viable leasing opportunities for Industrial tenants.
•
There is a dramatic uplift in residential towers being pre-sold off the plan to Chinese investors, and “Mum and Dad” investors via self-managed Super Funds.
•
An increase in Industrial leasing activity is driving the sale of Industrial land.
INTERESTING FACT: Prominent Industrial suburb Yatala, located midway between Brisbane and the Gold Coast, was home to Bullens African Lion Safari Park in the 1970’s and visitors could drive through to see camels, water buffalo, tigers, hyenas, elephants and lions. The park is now owned by the Telford family who has created a highly successful Industrial estate. CONTACT
Coldwell Banker Commercial Property Group
6/2 Booran Drive Underwood, QLD 4119
07 3056 0588 www.cbcpropertygroup.com.au
71
Australia - Gold Coast, Queensland
Population of MSA
Office
595,000
Retail
MF
Industrial
Households in MSA
240,744 Household Median Income
$70,128
Vacancy
g
z yg
g
Absorption
Rental Rates
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
5.80%
•
The Gold Coast, located in Southeast Queensland, Australia and defined by its spectacular beaches, hinterland ranges, forests, waterways and vibrant communities, is an outstanding global city, which is proudly looking towards the future.
•
Gold Coast holiday markets are clearly back in vogue, as the sun is shining on the Gold Coast, one of Queensland’s largest holiday markets. Industry figures show that the Gold Coast accommodation market picked up in the past peak season after several quiet years due to poor weather and a high Australian dollar. Improvements in the Queensland economy and an increase in tourism from Asia have helped the market.
•
Further boosting tourism on the Gold Coast will be new multi-million dollar developments to attract tourists. Among the exciting new developments are the new $1 billion luxury hotel and apartments, “Jewel,” and the Jupiter’s Casino makeover. The project will consist of a luxury five-star hotel and two towers with restaurants, conference rooms and a beachfront park.
•
Taking a look at the prospects for Commercial property on the Gold Coast, Australia’s regional cities are increasingly seen by investors as an opportunity to add Commercial property to their portfolio at a lower entry price than in major cities such as Sydney, Brisbane or Melbourne. While there are plenty of challenges, there are also plenty of opportunities for the canny investor.
•
The quality of local government and business leadership is an element many investors overlook. A push is underway in Australia’s fastest growing city, the Gold Coast, which has seen the introduction of a new light rail service, a new Chinatown in Southport and with lots of employment and development opportunities with the Commonwealth Games in 2018 fast approaching.
CONTACT
Coldwell Banker Commercial GC Property Group
1176 Gold Coast Highway Palm Beach, Gold Coast, Queensland QLD 4221
+61 7 5598 1000 www.cbcpropertygroup.com.au
Australia - Perth
Population of MSA
Office
1,970,000
Retail
MF
Industrial
Households in MSA
675,000 Household Median Income
$96,200
Vacancy
c
z yc
c
g
Absorption
g
g
g
g
Rental Rates
g
g
g
c
Unemployment of MSA
MARKET HIGHLIGHTS
5.70%
•
The Office market in Perth is the barometer for the State’s economy. The lack of demand is a reflection of Western Australia’s (WA) economic performance. At the same time, Perth is undergoing a spike in CBD Office stock with over 145,000 SM due to come online in 2015.
•
Premium-grade buildings were the only category to report a single digit vacancy rate at just over 8%, almost double its rate in July. These results are in line with what the industry was expecting and preparing for.
•
Long term, there is great optimism for Perth as the commercial Office market stabilizes. The Office market in West Perth is feeling the pinch. It is anticipated that this will remain steady, with no additional stock coming online in the near future. There will be greater moves for Office building refurbishment, and the government has a role in incentivizing these changes.
•
The WA economy is still holding up well and is expected to do so for the medium term at least. Growth in WA’s gross state product has consistently outperformed national GDP growth since 2000, and while it is expected to slip slightly below the national growth rate in 2014-2015, forecasters are tipping a quick return to form thereafter.
•
The increased availability of space in combination with softer demand has seen incentives increase in Q2 to an average of 10% in Osborne Park/Herdsman and other non-CBD or suburban precincts, and 25% in the West Perth precinct.
INTERESTING FACT: Perth is the capital and largest city of the Australian state of Western Australia (WA). It is the fourth most populous city in Australia, with an estimated population of 1.97 million (30 June 2013) living in Greater Perth. CONTACT
Coldwell Banker Commercial Property Studio
Australia - Sydney
1/863 Wellington Street West Perth, (WA) 6005
(08) 9221 2556 www.cbpropertystudio.com.au
Population of MSA
Office
4,500,000
Retail
72
MF
Industrial
Households in MSA
1,700,000 Household Median Income
$130,000
Vacancy
g
z yg
g
g
Absorption
g
g
g
Rental Rates
c
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
6.00%
•
Most metro markets in Sydney are seeing declining vacancy rates, driven by continuing tenant demand and a limited supply of stock.
•
Residential developments are becoming increasingly popular throughout Sydney, and this is influencing metropolitan commercial markets. Some metro markets have seen a reduction as a result of residential conversions, whilst, in others, development sites that would once have been developed for commercial use are being developed for residential.
•
Leasing has been steady across metro markets in the first half 2014. Tenants have been cautious though, seeking to renew leases rather than upgrade. Tenant inquiry has been increasing, and as business confidence grows nationally, greater activity occurred in the second half 2014.
•
Lack of new Commercial floor space supply has been inhibiting metro markets with low vacancy rates. Tenants are therefore being forced to consider other locations in order to access stock, in particular, large contiguous A Grade floor space.
•
Sydney’s metro markets have experienced a flow-on effect from the rapidly increasing acquisition costs of CBD commercial sites. The influx of foreign investor capital has brought pressure on domestic purchasers to compress their feasibilities.
INTERESTING FACT: Sydney is the state capital of New South Wales and the most populous city in Australia. Located on Australia’s east coast, the metropolis surrounds one of the world’s largest natural harbors, Sydney Harbor. Residents are together known as “Sydneysiders” and constitute the most multicultural city in Australia and one of the most multicultural cities in the world. CONTACT
Coldwell Banker Commercial South West Realty
50 Australis Avenue Wattle Grove Shopping Plaza Sydney, New South Wales NSW2173
61 2 9426 2000/// (02) 9825 2100 www.cbrealestate.com.au
Bermuda
Population of MSA
Office
65,400
Retail
MF
Industrial
Households in MSA
34,110 Household Median Income
$69,183 BD
Vacancy
z yc
N/A
Absorption
c
N/A
c
Rental Rates
g
N/A
g
Unemployment of MSA
MARKET HIGHLIGHTS
3.00%
• • •
Bermuda has the capacity to accommodate growth in Office and Residential sectors at the most competitive rates.
• •
The majority of leasing interest is internal, but the island is seeing an encouraging increase in external interest.
Government policy changes have been implemented to encourage international companies to set-up in Bermuda. Increased sales inventory and strong buyer interest from both occupiers and investors have created 9 commercial property sales in 2014.
As an island destination, foreigners often look to purchase in Bermuda. The government has reduced the licensing fees to 6% and 8% from 18% and 25%.
INTERESTING FACT: Bermuda has been chosen as the home for the 2017 America’s Cup.
CONTACT
Coldwell Banker Commercial Bermuda Realty
11 Par-la-Ville Road Hamilton, Bermuda HM 11
+1 (441) 292-1793 www.bermudacommercial.com
73
Canada - Calgary CBD, Alberta
Population of MSA
Office
1,295,000
Retail
MF
Industrial
Households in MSA
478,200 Household Median Income
$98,300 USD
Vacancy
c
z y
N/A
c
Absorption
g
N/A
g
Rental Rates
g
N/A
g
Unemployment of MSA
MARKET HIGHLIGHTS
4.60%
•
Calgary’s CBD (Downtown and Beltline) has just over 47 million SF of Office space. There are several new towers under construction including the 56-story Brookfield Place that will add as much as five million SF of new inventory to Calgary’s downtown by 2017.
•
Calgary’s downtown vacancy rate finished the year at 8.8%, up 2% from Q3. The Beltline, which is adjacent to the downtown core, has a 13% vacancy, up 1% from Q3. The expectation is that this trend will continue through Q1 of 2015.
• •
The Calgary suburban market has over 16.5 million SF of Office space and is sitting at a 11% vacancy rate, up 1% from Q3.
•
Alberta produces nearly 70% of Canada’s crude oil and almost 80% of its natural gas. 1 in 13 jobs are dependent on the oil industry in Alberta.
Calgary is Canada’s energy capital. Here you will find the head office of every major oil and gas company in the country and the industry’s major trade associations. Among Canada’s six most populated Census Metropolitan Areas, Calgary ranks first in head office concentration.
INTERESTING FACT: Calgary is a vibrant, active city and located just one hour from Banff and skiing & hiking in the spectacular Rocky Mountains. The area has the most extensive urban pathway and bikeway system in North America and world-class cultural and sporting amenities. Calgary is home to the Calgary Stampede, the “Greatest Outdoor Show on Earth,” and a 10 day city wide party as well as the Calgary Flames NHL Hockey team. CONTACT
Coldwell Banker Commercial West
1208, 734 7th Avenue SW Calgary, Alberta T2P3P8
(403) 984-9879 www.coldwellbankercalgary.com
Canada - Campbell River & District, British Columbia Population of MSA
Office
42,198
Retail
MF
Industrial
Households in MSA
19,109 Household Median Income
N/A
Vacancy
g
z yc
g
g
Absorption
c
g
c
c
Rental Rates
g
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
6.00%
•
Target has announced the closure of its Canadian stores (133 in total). Its large Campbell River store will be closing shortly, leaving a very large Retail space unoccupied.
•
The $1.35 Billion 5-year John Hart Dam construction project announced in 2013 is now well underway. Completion is estimated in 2018, thereby providing many high-paying professional and construction jobs for several years to come.
•
Berwick’s 6th floor, 132-suite retirement home opened in October 2014, and the Comfort Inn & Suites 55-room hotel just opened in February 2015.
•
Construction on the $275 M 95-bed regional hospital is now well underway, and Seymour Pacific’s 5-story, 50,000 SF head Office opened in 2014.
•
Construction is booming in Campbell River, thanks to a very progressive, development-oriented mayor and city council.
INTERESTING FACT: Campbell River is the recreational salmon fishing capital of North America, and 2014 produced a near-record run of fish returning to spawn.
CONTACT
Coldwell Banker Commercial Slegg Realty
3194 Douglas Street Victoria, BC V8Z3K6
(250) 383-1500 www.cbcworldwide.com
74
Canada - Courtenay/Comox, British Columbia Population of MSA
65,709
Office
Retail
MF
Industrial
Households in MSA
29,717 Household Median Income
$72,000 USD
Vacancy
c
z yc
g
c
Absorption
g
g
c
c
Rental Rates
g
g
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
• • • •
5.50%
Construction has started on the $332 M, 153-bed regional Hospital, which is scheduled to be completed in 2017. Target has announced the closure of its Canadian stores (133 in total). The large Courtenay store will close soon. Construction has started on a 2 building, 94-suite rental Apartment development in Downtown Courtenay. Prices and sales in the Residential real estate market have both increased in 2014 over 2013, and 2015 is forecast to surpass 2014.
INTERESTING FACT: Comox is home to the 19th Wing of the Royal Canadian Air Force and the 442 Transport and Rescue Squadron. Further, the Air Force shares the airport with Comox’s commercial airlines.
CONTACT
Coldwell Banker Commercial Slegg Realty
3194 Douglas Street Victoria, BC V8Z3K6
(250) 383-1500 www.cbcworldwide.com
Canada - Edmonton, Alberta
Population of MSA
Office
1,159,869
Retail
MF
Industrial
Households in MSA
450,786
Vacancy
z yg
g
g
Absorption
g
g
c
c
Rental Rates
g
g
c
c
Household Median Income
$79,075 Unemployment of MSA
MARKET HIGHLIGHTS
4.8%
• • • •
Retail vacancy rate was at 2.2%. Over 450,000 SF of Retail space was added to the market.
•
As of 2014, the estimated value of major projects within Edmonton Capital region was $57.8 billion; of which $34.4 billion are within the oil and gas, oil sands and pipeline sector.
•
The Edmonton region has been rated as one of the most diverse economies in Canada by the Conference Board of Canada, and it has some unique drivers that form the backbone of economic growth: Alberta’s oil sands, the government sector and entrepreneurship.
The Office market net absorption for 2014 was over 210,000 SF. There was $693.5 M in investment sales completed in 2014. Volatility in the crude oil market is projected to continue throughout 2015. Despite that, Edmonton is known for the large number of oil and gas maintenance, repair and service business that continues to be active in both heavy oil and oil sands markets.
INTERESTING FACT: North America’s longest corridor of connected urban parkland runs along Edmonton’s river valley. Minutes from the commercial stretch of Whyte Avenue and Downtown, a set of trails leads to paths of one of Canada’s greenest cities, an area comprising over 20 major parks that is 22 times larger than New York City’s Central Park. CONTACT
Coldwell Banker Commercial Venture Realty
11224 - 143 Street Edmonton, AB T5M1V5
(780) 483-0605 www.cbcommercialrealestate.com
75
Canada - Nanaimo/Regional District of Nanaimo, British Columbia Population of MSA
Office
107,607
Retail
MF
Industrial
Households in MSA
47,198 Household Median Income
$49,468 CDN
Vacancy
c
z yc
g
c
Absorption
g
g
c
g
Rental Rates
g
g
c
g
Unemployment of MSA
MARKET HIGHLIGHTS
4.00%
•
Target has announced the closure of its Canadian stores (133 in total). The Nanaimo store will be closing down shortly, vacating a very large Retail building.
•
A $50 M 4-Star international hotel tower is being built by a Chinese youth tour company. This is forecast to bring 70,000 Chinese tourists and investors to Nanaimo annually.
•
Nanaimo is the second largest city on Vancouver Island behind Victoria and is ideally located mid-island, serving as an active transportation hub.
•
The construction of large Multi-Family rental buildings in Nanaimo is accelerating, as the Residential rental market is definitely improving. A 121-suite development completed 2 years ago and was fully rented out, has just been sold. Another similar building, totaling over 100-suites, is in the planning stages. Further, a 46-suite Apartment complex was completed recently, rented, and is currently for sale.
•
A new provincial (state) program called the Provincial Nominee Program (PNP) fosters entrepreneurial investment for immigrants. Furthermore, it has been very successful in dramatically increasing sales of local businesses and properties to new well-heeled immigrants.
INTERESTING FACT: A $22 M cruise ship terminal was opened in March 2011 in downtown Nanaimo, serving the Vancouver and Victoria-to-Alaska routes. Further, Travel + Leisure magazine has named Vancouver Island one of the world’s top ten islands. CONTACT
Coldwell Banker Commercial Slegg Realty
3194 Douglas Street Victoria, BC V8Z3K6
(250) 383-1500 www.cbcworldwide.com
Canada - Nanaimo, British Columbia
Population of MSA
Office
107,607
Retail
MF
Industrial
Households in MSA
47,198
Vacancy
z yg
g
g
Absorption
c
c
c
Rental Rates
c
c
c
Household Median Income
$49,468 CAD Unemployment of MSA
MARKET HIGHLIGHTS
• • • • •
4.00%
Retail has continued to grow with the addition of a Cabela’s in North Nanaimo. New mayor was elected, bringing an optimistic vision and support for downtown development. Hilton Hotels has filed a re-zoning application for a waterfront hotel; approvals from the city are pending. The Residential sector is having a building boom with multiple projects underway. Nanaimo is having an immigration surge with enormous business sales that will result in the same type of residential sales once new immigrants are approved to enter Canada.
INTERESTING FACT: Overall, Nanaimo is positioned to double or triple in size. It’s proximity to Vancouver via float plane or ferry make it an undeniable investment choice and a hot bed for immigration.
CONTACT
Coldwell Banker Commercial Slegg Realty
17-4890 Rutherford Road Nanaimo, British Columbia V9T 4Z4
(866) 664-3444 www.cbcworldwide.com
76
Canada - Oakville/Mississauga/Burlington, Ontario Population of MSA
6,000,000
Office
Retail
MF
Industrial
Households in MSA
2,000,000
Vacancy
g
z yN/A N/A
N/A
g
Absorption
g
N/A
N/A
g
Rental Rates
N/A
N/A
Household Median Income
$68,110 Unemployment of MSA
MARKET HIGHLIGHTS
• • • • •
7.00%
Construction activity is up; the average Industrial asking rate is $5.10 PSF. With 800,000,000 SF of Industrial inventory, vacancy is <5%. 1.2 million SF of new Industrial space was added in Q3 of 2014. There was a continued rise in the number of home sales and prices throughout the greater Toronto area (GTA). Relatively low interest rates and immigration to Canada are driving the economy.
INTERESTING FACT: Probably the second or third largest inventory of Industrial space in North America.
CONTACT
Coldwell Banker Commercial Integrity Real Estate, Brokerage
1155 North Service Rd W., Suite 7 Oakville, Ontario L7M 0R3
(289) 291-5067 www.cbci.ca
Canada - Ottawa, Ontario
Population of MSA
Office
1,283,000
Retail
MF
Industrial
Households in MSA
420,000 Household Median Income
$93,500 USD
Vacancy
c
z yc
g
g
Absorption
g
g
c
c
Rental Rates
g
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
5.70%
•
The Office Market in 2014 did not end on a high note. 2015 looks like a continued “Tenant’s Market” as downtown’s core and most suburban markets are experiencing higher vacancy rates. Landlords continue to offer various incentives to attract and retain tenants. The overall vacancy rate is currently at 11.4%.
•
With limited new supply and continued demand, Ottawa’s Industrial scene continues to flourish. Rental rates continue to be healthy and are approaching $10 per SF. This trend is expected to continue into 2015 as tenants are looking for quality, welllocated spaces with exposure and good access to main highways.
•
KRP, Kanata’s largest Office landlord, acquired 7 more Office properties from GM Pension Fund to control over 50% of all Class A and B Office inventory in Kanata. Monopolistic play is expected to cause ripple effects as rental rates are on the rise and inducement packages are in restraint. Expect tenant concerns!
•
New Residential high-rise condo developments are slowing as the market becomes saturated. Selective developments are planned over time.
•
Ottawa’s new $2B LRT project is under construction with 2.5 KM of tunnel-drilling under the downtown core being active. Landlords are now looking to accommodate access points along the surface. Sun Life Financial Centre is planning a major retrofit for a transit station on site.
CONTACT
Coldwell Banker Commercial First Ottawa Realty
1749 Woodward Drive Ottawa, Ontario K2C 0P9
(613) 728-2664 www.ottawacommercialproperties.com
77
Canada - Vancouver, British Columbia
Population of MSA
Office
N/A
Retail
MF
Industrial
Households in MSA
N/A Household Median Income
N/A Unemployment of MSA
N/A
MARKET HIGHLIGHTS
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
c
c
c
c
•
Vancouver’s Commercial real estate market continues to see record sales and low vacancy rates driven by net migration, low interest rates and a world class safe environment.
• •
B.C. will experience net immigration in 2015 of about 34,600 immigrants and 2,600 provincial migrants.
•
Vancouver has very low square footage of Retail space per capita (13 SF), compared to a Canadian per capita rate of 19 SF and the U.S.’s 30 SF.
“China Widens the Door to Outbound Investment” noted that offshore Chinese investment is encouraged, rather than directly in the financial district. The area expects a huge increase in sales of B.C. Commercial real estate to buyers from China.
INTERESTING FACT: Vancouver is experiencing its most mild winter in history with next to zero snowfall and above normal warm temperatures. Famous for the natural beauty of the Pacific Coastal mountains and scenic waterfront setting, Vancouver attracts tourists and immigrants.
CONTACT
Coldwell Banker Commercial Westburn Realty
5489 Kingsway Burnaby, BC V5H2G1
(604) 437-1123 www.cbcworldwide.com
Canada - Victoria/Capital Regional District, British Columbia Population of MSA
Office
375,823
Retail
MF
Industrial
Households in MSA
160,634 Household Median Income
$81,580 CAD
Vacancy
c
z yc
g
g
Absorption
g
g
c
c
Rental Rates
g
c
g
Unemployment of MSA
MARKET HIGHLIGHTS
4.80%
•
Target has announced the closure of its Canadian stores (133 in total). Their 2 stores in the Capital Regional District will soon be closed.
•
The 477-room iconic Fairmont Empress Hotel in Victoria has been bought by the Bosa family for $50 M. The Bosa family is a large Real Estate developer in both Canada and the US, originally in San Diego.
• •
In December 2014, new home construction fell by 15%.
•
There is an increasing number of Multi-Family and Hospitality real estate buyers entering the region from offshore, particularly Asia.
The Capital Regional District is home to 3 universities, and Victoria is the provincial (state) capital of British Columbia. Furthermore, Esquimalt Naval Base houses Canada’s Pacific Fleet. All of which provide for a very stable employment and economy.
INTERESTING FACT: Victoria is the largest city of British Columbia and boasts the most annual hours of sun on Vancouver island.
CONTACT
Coldwell Banker Commercial Slegg Realty
3194 Douglas Street Victoria, BC V8Z3K6
(250) 383-1500 www.cbcworldwide.com
78
Canada - Waterloo Region, Ontario
Population of MSA
Office
563,000
Retail
MF
Industrial
Households in MSA
201,080 Household Median Income
$80,570 CAD
Vacancy
c
z yc
c
Absorption
c
Rental Rates
g
Unemployment of MSA
•
MARKET HIGHLIGHTS
6.90%
Moody’s has awarded the Region of Waterloo the highest credit rating possible for the 15th year in a row. Waterloo Region has maintained its AAA credit rating thanks to the region’s diverse and robust local economy, consistent and positive operating results, strong management practices, and a mature and supportive institutional framework.
•
Cambridge and Kitchener topped the list of real estate investment opportunities in Ontario according to a report released by REIN (Real Estate Investment Network), and Waterloo was in the top five. The report analyzes current and future prospects in the province for the next decade. The area “has transformed itself over the years to become a high-tech area with a growing economy.”
•
The federal government is providing the Waterloo Accelerator Centre with up to $8 M to expand its AC JumpStart Program. The new funding is expected to help 180 high-potential businesses grow, which will result in the creation of an estimated 700 jobs.
•
Investor Michael Wekerle has bought several former Blackberry buildings in Waterloo and has started leasing to promising startups and young tech firms, with a vision of building an urban village for tech companies and tech workers. The project has been named the “Waterloo Innovation Network,” with the former Mayor of Waterloo, Brenda Halloran, recently hired as CEO.
•
Sysco Corporation has opened a new sales support center in Waterloo, occupying 35,000 SF in a former Blackberry building. Google is expanding from 60,000 SF in downtown Kitchener to 185,000 SF. Fastenal consolidated their distribution center and expanded to 150,000 SF in Kitchener. Kodiak Group Holdings has relocated Terra Nova Shoes to Cambridge, ON from Newfoundland.
INTERESTING FACT: Kitchener-Waterloo is home to the largest Oktoberfest celebration outside of Munich, Germany, now in its 46th year. CONTACT
Coldwell Banker Commercial Peter Benninger Realty, Brokerage
508 Riverbend Dr. Kitchener, Ontario N2K 3S2
(519) 743-5211 www.coldwellbankercommercial.ca
Cayman Islands - Grand Cayman
Population of MSA
Office
55,000
Retail
MF
Industrial
Households in MSA
15,000 Household Median Income
$56,000 USD
Vacancy
z y
g
Absorption
c
Rental Rates
c
Unemployment of MSA
MARKET HIGHLIGHTS
6.00%
• •
Grand Cayman is home to the largest Office market of any offshore financial center in the Caribbean.
•
Five hotel projects have been announced and/or are underway. Leading the way is a $200 M Kimpton Hotel anchored resort project on Seven Mile Beach.
•
Major expansion was announced in Cayman’s knowledge and technology based Cayman Enterprise City; an Economic Zone offering incentives to incoming businesses.
•
The Office Market remains stable despite FATCA and other pressures for offshore financial institutions to improve their transparency. Vacancy for Class A space remains around 6% with an overall Market vacancy rate of 12%.
The financial and tourism sectors continue to improve and serve as the main drivers for Office and Retail space in the marketplace.
INTERESTING FACT: Cayman Islands offers the highest standard of living in the Caribbean with the 14th highest GDP per capita in the
world.
CONTACT
Coldwell Banker Commercial Cayman Islands Realty
1364 West Bay Road//PO Box 32308 Georgetown, Grand Cayman KYI-1209
1 345 945-4411 www.caymanislandsrealty.com
79
France
Population of MSA
Office
65,700,000
Retail
MF
Industrial
Households in MSA
25,689,000 Household Median Income
$33,665
Vacancy
c
z yg
g
g
Absorption
g
c
c
c
Rental Rates
g
g
c
Unemployment of MSA
MARKET HIGHLIGHTS
9.90%
•
With its low interest rate environment, there is expected recovery in the Eurozone in 2015. However, France may stay behind with less than 1% GDP growth.
•
There is uncertainty due to potential escalation of situations for Greece, Russia-Ukraine and ISIS. There is a positive impact of oil prices, and a negative inflation risk.
• • •
Office leasing activity will improve in 2015 due to an increase in demand. The supply of modern stock is limited in prime locations. Hotel and top luxury resort spots are still in very high demand in Paris while there is erratic demand for offices in Paris. Retailers continue to seek out highly selective new locations in luxury spots in the area. Shopping center development activity is expected to increase in 2015.
INTERESTING FACT: Increased demand is expected for 2015 for Industrial and Logistics due to increasing trade levels.
CONTACT
Coldwell Banker Commercial France Monaco
8 Rue Lamennais Paris, France 75008
+ 33 183 535 353 www.coldwellbanker.fr
Guatemala - Republic of
Population of MSA
Office
15,500,000
Retail
MF
Industrial
Households in MSA
N/A
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
c
c
Household Median Income
$5,200 Unemployment of MSA
MARKET HIGHLIGHTS
4.10%
•
Construction and lease of Retail, shopping centers, malls and strip malls have increased nationwide; but most projects are located in Guatemala City. Due to high ROI, commercial projects are mainly for lease on the market.
•
Mixed-Use projects have increased offers and demand, and consumers are much more aware and interested in projects that combine commercial (Retail), corporate, institutional and/or residential use.
•
Absorption rate in corporate Office demand has increased, specially in spaces up to 200SM. Call centers and BPOs are key players in this market. Buildings adequate to their specific needs are in demand.
•
Offers on Patrimonial buildings and complexes have increased in Multi-Family and Retail sectors. These options are on the market for rent only.
•
Successful Neo-Urbanism projects such as Cayala, Majadas, Concepcion and Condado Naranjo, and other ambitious Retail projects are attracting international franchises and brands that have accelerated and energized the Commercial market.
INTERESTING FACT: Guatemalan market has been stable and dynamic. Five hotel franchises will open their doors, and brands, such as Forever 21, Fresco Grill, KFC, Walmart, Express, GAP and Banana Republic, are opening stores in the future months. The presence of European and Latin brands and companies has increased due to the high consumption per capita ratio because of remittances. CONTACT
Coldwell Banker Commercial Master Realtor of Guatemala
Avenida las Americas, 13-37 zona 14, 01014 Guatemala, Guatemala 1014
502 34342454 www.coldwellbanker.com.gt
80
India - Bengaluru
Population of MSA
Office
61,095,297
Retail
MF
Industrial
Households in MSA
17,999,066
Vacancy
g
z yN/A N/A
N/A
N/A
Absorption
c
N/A
N/A
N/A
Rental Rates
c
N/A
N/A
N/A
Household Median Income
$52,191 Unemployment of MSA
MARKET HIGHLIGHTS
1.00%
•
The Bengaluru Commercial real estate market is driven by the IT/ITES and the e-commerce sector. There are a few back offices of many leading banks. The BFSI sector is occupying large chunks of office space.
•
The State government has proposed to invest INR 3,577 crs for infrastructure development of the city, including roads, flyovers, bridges and underpasses across railways, protection of lakes and waste disposal. The city roads are also expected to be widened.
• •
The city has the highest occupied stock of Commercial real estate in the country. The market has seen a surge in supply and demand for luxury Residential projects in the past 2-3 years.
INTERESTING FACT:
CONTACT
Coldwell Banker Commercial Realty Experts
Unit no. 303, Raheja Chambers Museum Rd, Bengaluru Karnataka, India 560001
+91 22 6736 4000 www.coldwellbanker.in
India - Hyderabad
Population of MSA
Office
84,580,777
Retail
MF
Industrial
Households in MSA
25,594,996 Household Median Income
$52,814
Vacancy
g
z yN/A N/A
N/A
N/A
Absorption
c
N/A
N/A
N/A
Rental Rates
c
N/A
N/A
N/A
Unemployment of MSA
MARKET HIGHLIGHTS
2.00%
• •
Hyderabad is an IT and life sciences research and manufacturing hub of India.
• •
The city has seen the largest growth of Office space absorption, with a growth rate of about 26% and about 5 million SF absorbed.
•
The city has the lowest Office vacancy levels at about 16%. The rental values have seen a marginal increase harboring a very conducive atmosphere for businesses.
The government is planning to make the city an IT start-up capital of India. It has already started construction of a 60,000 SF facility at the International Institute of Information Technology-Hyderabad (IIIT-H).
Though the Commercial Office space in the city was historically dominated by IT/ITES sectors, today, other services such as media companies, designing and consulting make up almost half of the total Office space demand in the city.
INTERESTING FACT:
CONTACT
Coldwell Banker Commercial India
301, Glacis Tower, Linking Road, Khar (West) Mumbai, India 400 052
+91 22 6736 4000 www.coldwellbanker.in
81
India - Mumbai
Population of MSA
Office
112,374,333
Retail
MF
Industrial
Households in MSA
33,569,762 Household Median Income
$74,027
Vacancy
c
z yN/A N/A
N/A
N/A
Absorption
c
N/A
N/A
N/A
Rental Rates
c
N/A
N/A
N/A
Unemployment of MSA
MARKET HIGHLIGHTS
1.00%
•
“Mumbai Next” is an initiative by the state government to transform the country’s financial capital into a global financial and entertainment center. The geographical location of the city between Singapore and London is best placed strategically in terms of time zone to become an international finance center.
•
The city has close proximity to: Pune - a budding IT hub; GIFT City, which is a proposed international financial center by the Gujarat Government; and Nagpur, a proposed international logistics center.
•
The Chief Minister and the government are seeking tax sops, while the financial regulators are mulling over new sets of norms to be applicable to the IFSC (International Finance Service Center).
•
While the infrastructural support has to be upgraded tremendously, both the central and the state government have extended their support and have approved many projects for the same. The chief minister has cleared 25 infrastructure projects in the past two months, including a logistics hub in Bhiwandi near Thane and Navi Mumbai Airport Influence Notified Area (NAINA).
•
Absorption of the commercial Office space is at three year high and has increased by about 18%, while the lease rentals have increased by about 9% year over year.
INTERESTING FACT: The Mumbai market is characterized by concentration of the BFSI sector while the IT sector is concentrated in the Secondary Business District and the Periphery Business District. The Manufacturing sector is the least occupier of commercial CONTACT
Coldwell Banker Commercial India
301, Glacis Tower, Linking Road, Khar (West) Mumbai, India 400 052
+91 22 6736 4000 www.coldwellbanker.in
Ireland
Population of MSA
Office
4,610,000
Retail
MF
Industrial
Households in MSA
1,658,243 Household Median Income
€ 32,000
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
10.60%
•
Dublin residential prices have leveled out. After 2 years of +10 % growth in Dublin, home prices, albeit from depressed values, are now modifying to comfortable growth levels.
• • • •
Moody’s and Standard & Poor continue to issue upgrades for the Irish economy. Dublin and Cork were rated as the “Best European cities for Property Investment.” Inquiries into a global tech firm’s tax arrangements may mean billions of tax payments are due to Ireland. The Irish Government continues to demand that Europe share in the bailout costs of 2 banks that Ireland assumed to save the Eurozone.
INTERESTING FACT: Growth rate is expected to be the highest of all EU countries.
CONTACT
Coldwell Banker Commercial Ireland
28 Lower Leeson Street Dublin, Ireland 2
+ 354 0 00000000 www.coldwellbankercommercial.ie
82
Ireland - Dublin
Population of MSA
Office
4,610,000
Retail
MF
Industrial
Households in MSA
1,658,243 Household Median Income
€ 32,000
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
c
c
c
c
Unemployment of MSA
MARKET HIGHLIGHTS
10.60%
• • •
Facebook has secured 120,000 SF of new Offices in Dublin’s Grand Canal.
•
Property prices in Ireland are now rising at a higher rate than anywhere else in the EU, according to figures from Eurostat. The agency’s latest property price barometer indicates house prices here rose by 15% in the 12 months to the end of September last year, more than six times the EU average of 2.3%.
•
All Primary Markets of Investment, Retail, Office, Industrial & Logistics and Residential have seen hardening of yields and price increases year over year.
Vacancy levels are falling due to a lack of new Office building projects. Only 8,000 new homes have been built in Ireland compared to 90,000 in 2007. Society of Chartered Surveyors Ireland say 30,000 homes are needed per Annum.
INTERESTING FACT: ESRI expects GNP to grow 4.6% in 2015. Taking the first nine months of the year together, the recovery is still by far the strongest in Europe and continues to see a revival of the domestic economy. Investment in the first nine months of the year is up 11% while personal consumption is up 0.7%. CONTACT
Coldwell Banker Commercial Ireland
32 Lower Leeson Street Dublin, Ireland 2
+ 353 1 4110012 www.coldwellbankercommercial.ie
Italy
Population of MSA
Office
59,000,000
Retail
MF
Industrial
Households in MSA
25,000,000 Household Median Income
€ 29.000
Vacancy
c
z yc
c
c
Absorption
g
g
g
g
Unemployment of MSA
MARKET HIGHLIGHTS
13.40%
Rental Rates
• •
The Italian real estate market grew once again in Q3 of 2014, with a positive trend rate for total sales.
•
As investments in the Retail and Industrial sectors rise, Nomisma’s outlook for 2014 highlighted that in Italy investments in construction continued to fall, declining by 0.9% for houses, and 1% for non-residential buildings in Q2 compared to Q1.
•
The recovery of the Italian real estate market in 2015 will be supported by Real Estate funds, which closed 2014 with positive results and are preparing for further expansion in 2015, thanks to a greater presence of large international investors.
•
According to Scenari Immobiliari, in the last 15 years, Italian funds have had the best performance in Europe, increasing 16-fold.
The Residential sector, with 94,861 transactions of real estate units, gained more than four percentage points in Q3 of 2013. The Retail sector and the Industrial sector also are showing positive trends.
INTERESTING FACT: The Hospitality sector is continuously growing, thanks to the new openings of international chains that are willing to invest into the Italian market. The most requested locations are Rome and Milan, as well as Florence, Naples and Venice.
CONTACT
Coldwell Banker Commercial Realty Advisory S.p.A.
Via Sardegna N 50 Rome, Italy 00187
+39 0639740456 www.cbcommercial.it
83
Mexico - Mexico City
Population of MSA
Office
122,300,000
Retail
MF
Industrial
Households in MSA
33,200,000 Household Median Income
$10,444 USD
Vacancy
g
z y
N/A
c
Absorption
c
c
N/A
c
Rental Rates
c
N/A
c
Unemployment of MSA
MARKET HIGHLIGHTS
3.76%
•
At the end of 2014, Class A and A+ Office building inventory in Mexico City totaled 4.8 million SM, representing a 12.6% increase compared to the end of 2013. Virreyes and Montes Urales 445 in Lomas Palmas, Bancomer’s back Office in Polanco and Bancomer’s corporate building in Reforma, among other buildings, were completed in 2014 adding 450,000 SM to the inventory.
•
From 2015 to 2017, more than 1.5 million SM will be completed within the 10 Office submarkets. Reforma will be the submarket to add the most SM to its inventory with the completion of nine buildings. Today, there are 49 buildings in development and 36 buildings in project.
•
At the end of the year, more than 630,000 SM were put under contract, making Santa Fe, Insurgentes and Lomas Palmas the most active submarkets in the city. The average lease price is $27.5 USD/SM/month with an increase of a 4% compared to the same period in 2013. The vacancy rate ended the year at 10.1%, with approximately 500 SM available.
•
At the end of 2014, the existing Industrial inventory Class A in Mexico City and its Metropolitan area totaled 7.2 million SM. The most SM is located in 3 submarkets: Cuautitlan, Toluca and Tultitlan. Together they represent 71% of the total Industrial inventory. It is expected that in 2015, more than 500,000 SM Class A buildings will be incorporated to the Industrial market.
•
In 2014, 440,000 SM Class A buildings in the Industrial market were put under contract, a lower figure compared to the one last year that marketed 600,000 SM. In 2015, it is expected to rise to over 500,000 SM. Average lease prices showed a slight increase compared to the end of 2013, standing at the close of 2014 at $4.9 USD/SM/month.
CONTACT
Coldwell Banker Commercial Mexico
Pedregal 24, 6 Lomas de Chapultepec, Montes (55) 41621000 Urales 415 Piso 1 www.cbcmexico.mx Mexico City, Distrito Federal 11000
Puerto Rico - San Juan
Population of MSA
Office
3,215,000
Retail
MF
Industrial
Households in MSA
825,235
Vacancy
c
z yc
Absorption
g
g
Rental Rates
g
g
g
g
Household Median Income
$31,000 USD Unemployment of MSA
MARKET HIGHLIGHTS
16.12%
• •
Puerto Rico offers a highly enticing incentive package for attracting business.
• • •
Good living due to a comfortable and affordable lifestyle.
Puerto Rico contains 11 airports, a modern transportation network that totals more than 24,000 miles and numerous seaports, making it a hub for transshipment between the Americas and Europe. It has 9 modern maritime ports, telecommunications, and abundant electricity and water.
Historic sites from San Juan to San German. Beautiful beaches from Rincon to Culebra. The best place to begin your business or grow your existing one.
INTERESTING FACT: Tourism, agriculture, biotechnology and more are all seeing economic growth in Puerto Rico.
CONTACT
Coldwell Banker Commercial Sonia Nunez Real Estate
P.O. Box 140796 Arecibo, Puerto Rico 00614
(939) 642-2308 www.coldwellbankercommercialpur.com
84
Puerto Rico
Population of MSA
Office
3,215,000
Retail
MF
Industrial
Households in MSA
825,235 Household Median Income
$31,000 USD
Vacancy
c
z yc
g
c
Absorption
g
c
g
c
g
Unemployment of MSA
MARKET HIGHLIGHTS
16.12%
Rental Rates
•
Several large scale energy suppliers and services have been opening in sectors inside the island and are making large purchases of land in the central and south regions. This includes two new recycling plants on the island.
•
Hotel and Hospitality sectors have seen an increase of over 20% with new chains absorbing independent hotel owners. Financial investment and upgrades have given a positive forecast, and two new large scale luxury hotels are soon opening on the island.
•
The lack of funding for Commercial structures on the island has caused a decrease in market value. The buyers pool of outside investors who are looking to buy Commercial buildings have increased due to their attraction to the high rents, and lower property tax benefits.
•
Foreclosures of Land and Commercial buildings are leveling off, giving investors great opportunities. Financial institutions are more open to price negotiation with their Commercial properties.
•
Major Retail and food industry franchises are opening shop on the island. Their main focus has been in the center of the island and other larger cities with higher density. Consumer product purchase is high with a 15% increase from last year.
INTERESTING FACT: Many of the tax incentives that were offered to outside inventors and overseas investors have been brought back after they were eliminated. Tax incentives in and outside of the Commercial real estate sector have attracted more small-to-midsized investors. CONTACT
Coldwell Banker Commercial KF Real Estate
530 Constitution Ave San Juan, Puerto Rico 00901
(787) 433-0077 www.cbcommercialpr.com
Romania - Bucharest
Population of MSA
Office
N/A
Retail
MF
Industrial
Households in MSA
N/A Household Median Income
N/A Unemployment of MSA
N/A
MARKET HIGHLIGHTS
Vacancy
g
z y
c
g
Absorption
c
c
c
Rental Rates
g
•
Top three Romanian telecom players will move their actual headquarters, as Orange leased 13,700 SM in Green Court. Developed by Skanska in Barbu Vacarescu area, Vodafone chose the same area and pre-leased 5,733 SM in Bucharest One, while Telekom Romania pre-leased approximately 25,000 SM in Globalworth Campus from the Pipera area. Globalworth investment fund is the owner of these three buildings.
•
Bucharest prime Office rent remained stable at 18.75 euro/SM while the vacancy rate slightly decreased to around 14% for the whole market. Barbu Vacarescu is the hottest area facing rapid take-up, new developments in progress, and was offered the largest transaction in the past 5 years when NEPI bought Promenada Mall for €148M and totaled more than €300M investment in 2014.
•
Bucharest’s outskirt areas recorded in the last 3 years a boom in terms of new Residential construction. Projects like Cosmopolis, Military Residence, Confort Urban or Sud Residential delivered last year more than 1,000 apartments, accounting for more than 40% of the total market. Most of the investors have Romanian nationality compared to the 2005-2008 period when the majority of investors were foreign.
•
More than 80% of the residential new market is focused on affordable dwellings that meet “Prima Casa” government program standards with less than 70,000 Euro criterion. Recently delivered projects offer small size apartments with less than 70 SM and 1 or 2 bedrooms at average prices ranging from 600 to 900 euro/SM. This trend was driven by stringent financing polices and low GDP growth.
•
The Real Estate market in Bucharest has strongly developed towards a more standardized market with well established segmentation. Speculative investments are over, off-plan sales are no longer sustainable and the end-users are generally well informed.
CONTACT
Coldwell Banker Commercial AR Research & Valuation Advisors
Saint Kitts and Nevis
Strada Arh. Savulescu Alexandru, Nr. 27, Et. 1, Sector 2, Bucuresti, cod 021981 District 1, Bucharest 11454
Population of MSA
40212003949//0212003949 www.cbvaluation.ro
85
Office
54,000
Retail
MF
Industrial
Households in MSA
15,900 Household Median Income
$14,000
Vacancy
z y
N/A
Absorption
N/A
N/A
N/A
Rental Rates
Unemployment of MSA
MARKET HIGHLIGHTS
4.50%
• • •
The “Citizenship By Investment” program continues to dominate the real estate sales in St. Kitts and Nevis.
• •
The second-home leisure market is finally showing improvement in sales.
Villa rentals and hotel occupancy show some improvement in occupancy, but still have not recovered to pre-recession levels. Several new “Citizenship by Investment” projects in St. Kitts and Nevis have received planning approval or have already broken ground, including The Kingfisher Club on Nevis.
Commercial opportunities include rental accommodation for offshore medical and veterinary school attendees.
INTERESTING FACT: The economy of Saint Kitts and Nevis continues to improve and is receiving high praise from the IMF, as it is one of the best performing economies in the Caribbean region. Government debt fell drastically from 200% to 85% of GDP and continues to fall each year.
CONTACT
Coldwell Banker Commercial St Kitts Nevis Realty
Oualie Bay Charlestown, Nevis, Saint Kitts and Nevis 162
(869) 469-9403 www.coldwellbankerstkittsnevis.com
Spain
Population of MSA
Office
45,000,000
Retail
MF
Industrial
Households in MSA
15,000,000 Household Median Income
$24,000 USD
Vacancy
g
z yg
g
g
Absorption
c
c
c
c
Rental Rates
c
c
Unemployment of MSA
24%
MARKET HIGHLIGHTS
• •
Spain is recovering faster than expected from one of the deepest crises in history.
•
The crisis decimated the real estate sector, leaving incredible opportunities behind. Investors are taking advantage of these opportunities, which is driving the market upwards.
•
The lack of backing from the financial sector and the locals opened the door to foreign investors, who were taking advantage of low prices. The situation has now changed, with Spanish Banks opening financing to the locals. This, together with the ECB support through the new QE programs, will drive the market in the coming months.
•
The Residential market in premium areas of Barcelona and Madrid is expected to trend up again in 2015. There is a need for new construction in the downtown areas of Barcelona and Madrid.
In 2015, Spain is expected to be the fastest recovering market in Europe. During 2014 and 2015, foreign investment is flowing to Spain again.
INTERESTING FACT: Spain also includes the Balearic Islands in the Mediterranean Sea, the Canary Islands in the Atlantic Ocean and a number of uninhabited islands on the Mediterranean side of the Strait of Gibraltar, known as plazas de soberanía (territories under Spanish sovereignty), such as the Chafarinas Islands, Alhucemas, and the tiny Perejil islet. CONTACT
Coldwell Banker Commercial Spain
Av. Diagonal 433 3 2 Barcelona, Spain 8036
34-93-241.30.82 www.cbc-spain.com
86
United Arab Emirates - Dubai
Population of MSA
Office
N/A
Retail
MF
Industrial
Households in MSA
N/A Household Median Income
N/A Unemployment of MSA
N/A
MARKET HIGHLIGHTS
Vacancy
g
z yc
c
Absorption
c
c
c
c
Rental Rates
c
g
c
• • •
Large companies, such as Apple, have moved to Dubai.
•
Prices have appreciated a lot in 2014 and are now decreasing for residential properties. The market is expecting to be stable in the next 2 months.
•
Developers are taking an interest in buying plots for residential projects as there is a great demand for residential projects.
Vacancy levels have increased due to a rapid increase in population. Developers have started construction on all projects that were on hold during the recession because of strict instructions from the Dubai Land Department. They have to complete their projects by 2016.
INTERESTING FACT: Dubai is famous for the best hospitality in the world and some landmark structures like the tallest building in the world (Burj Khalifa) and the best shopping malls, like Dubai Mall, Mall of the Emirates, etc.
CONTACT
Coldwell Banker Commercial Mega Homes Real Estate
Citadel Tower, Office No. 2810, Business Bay Dubai, U.A.E 73618
+971 4 439 1234 www.coldwellbanker-ae.com
Index by Market
Albuquerque, NM Amarillo MSA, TX Anacortes, WA Antelope Valley, CA Athens, GA Atlanta MSA, GA Atlanta, GA Austin, TX Billings, MT Birmingham, AL Bloomington/Normal, IL Brevard County, FL Bryan/College Station, TX Champaign, IL Charleston MSA, SC Charlotte County, FL Chattanooga MSA, TN Cheyenne, WY Chicagoland, IL Chico, CA Cincinnati, OH Cleveland Greater Metro, OH Cleveland, OH Columbia, SC Columbus, GA Dallas/Fort Worth, TX Dalton, GA Dane County, WI Daytona Beach/Ormond Beach, Volusia County, FL Denver, CO El Paso, TX Fairfield County, CT Fargo/Moorhead, ND Fayette County/Peachtree City, GA Flagstaff/Northern Arizona, AZ Florida Keys and Key West, FL Fredericksburg, VA Gainesville, FL Garden City, KS Greene/Putnam/Morgan, GA Greenville, SC Gulfport/Biloxi, MS Hinesville/Fort Stewart MSA, GA Honolulu, HI Houston, TX Hunterdon County/Southeastern PA, PA Inland Empire/Victorville, CA Jacksonville, FL Janesville/Beloit MSA, WI Kansas City MSA, KS King County, WA Knoxville Area/East Tennessee, TN Lackawanna/Luzerne Counties, PA Lafayette, LA Lakeland-Winter Haven MSA, FL Lansing MSA, MI Lexington/Fayette MSA, KY Lincoln, NE Little Rock, AR Long Beach/South Bay, CA Long Island, NY Los Angeles County/San Fernando Valley/San Gabriel Valley, CA Los Angeles, West, CA Louisville MSA, KY Lubbock MSA, TX Lynchburg, VA Macon MSA, GA Madison/Limestone MSA, AL Madison/St Clair Counties, IL Manatee County, FL Mankato, MN Miami-Dade County, FL Miami-Dade, FL Midcoast/Southern, ME Minneapolis/St. Paul, MN Mobile/Baldwin Counties, AL Montgomery, AL Myrtle Beach, SC Napa/Sonoma Valleys, CA Nashville, TN New Orleans, LA New York, NY Northern, MI Northern, NJ Oklahoma City, OK
46 57 66 7 26 27 27 58 44 4 32 16 58 33 53 16 56 69 33 7 48 49 48 53 28 59 28 68 17 14 59 15 47 29 6 17 65 18 35 29 54 42 30 31 60 51 8 18 69 35 67 56 52 38 19 40 36 44 6 8 46 9 9 36 60 65 30 4 34 19 41 20 20 39 41 5 5 54 10 57 38 47 40 45 49
Orange County, CA Orlando MSA, FL Palm Beach County, FL Pocatello, ID Portland, OR Putnam County, FL Rapid City, SD Reno/Sparks MSA, NV Rio Grande Valley, TX Riverside County (Southwest), CA Sacramento Valley (Northern), CA Saint Cloud MSA/Central MN, MN Salem/Keizer, OR Salt Lake City, UT San Bernardino/Inland Empire, CA San Diego, CA San Francisco/Peninsula Bay Area, CA Sarasota County, FL Savannah, GA Sebastian/Vero Beach, FL Shelby County, KY South/Central, TX Southeast Texas, TX Southeast, FL Southern, KY Southwest, FL Spartanburg, SC Springfield, MO St. George, UT St. Joseph, MO St. Lucie County, FL Suburban Maryland/Washington, DC, MD Sussex County, DE Tacoma/Pierce County, WA Tallahassee MSA, FL Tampa Bay, FL Tazewell County, IL Tulsa/Tulsa County, OK Utah County, UT Vacouver/SW Washington, WA Victoria, TX Volusia County, FL Waco, TX Western, CO Western, PA Williamsburg/Hamptons Roads MSA, VA Yuba/Sutter Counties, CA
10 21 21 32 50 22 55 45 61 11 11 42 51 63 12 12 13 22 31 23 37 61 62 23 37 24 55 43 64 43 24 39 15 67 25 25 34 50 64 68 62 26 63 14 52 66 13
INTERNATIONAL MARKETS Australia - Brisbane, Queensland Australia - Brisbane (South), Queensland Australia - Gold Coast, Queensland Australia - Perth Australia - Sydney Bermuda Canada - Calgary CBD, Alberta Canada - Campbell River & District, British Columbia Canada - Courtenay/Comox, British Columbia Canada - Edmonton, Alberta Canada - Nanaimo/Regional District of Nanaimo, British Columbia Canada - Nanaimo, British Columbia Canada - Oakville/Mississauga/Burlington, Ontario Canada - Ottawa, Ontario Canada - Vancouver, British Columbia Canada - Victoria/Capital Regional District, British Columbia Canada - Waterloo Region, Ontario Cayman Islands - Grand Cayman France Guatemala - Republic of India - Bengaluru India - Hyderabad India - Mumbai Ireland Ireland - Dublin Italy Mexico - Mexico City Puerto Rico - San Juan Puerto Rico Romania - Bucharest Saint Kitts and Nevis Spain United Arab Emirates - Dubai
74 75 75 76 76 77 77 78 78 79 79 80 80 81 81 82 82 83 83 84 84 85 85 86 86 87 87 88 88 89 89 90 90
Top
2014
MARKETS COMPARED BY 5 FACTORS
Š 2015 Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates. All Rights Reserved. Coldwell Banker Real Estate LLC, dba 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, dba Coldwell Banker Commercial Affiliates. Each sales representative and broker is responsible for complying with any consumer disclosure laws or regulations.