2012
Coldwell Banker Commercial
Blue Book Market Review
Check out the NEW
MARKET SNAPSHOTS cbcworldwide.com
ABOUT THE CBC® BLUE BOOK The CBC® Blue Book offers a unique market perspective with data generated by true commercial real estate market experts – the professionals of the Coldwell Banker Commercial companies within the local markets. In total, the Blue Book contains over 110 markets. The Blue Book highlights one of the strengths of the Coldwell Banker Commercial organization: our national footprint. The CBC organization’s strong local market coverage combined with our global reach helps our clients obtain real-time market information in order to make informed real estate decisions.
TABLE OF CONTENTS AL - Dothan, Houston County AL - Huntsville AL - Montgomery AR - Hot Springs AR - Little Rock CA - Humboldt County CA - Inland Empire / Palm Springs CA - Inland Empire North / Victor Valley CA - Los Angeles CA - Los Angeles Westside CA - Modesto CA - Monterey / San Benito Counties CA - Monterey Peninsula CA - Orange County CA - Redding CA - Rowland Heights CA - San Diego CA - San Fernando / San Gabriel Valley CA - San Francisco CA - San Gabriel Valley North CA - Southwest Riverside County CO - Western CT - Danbury / New Haven County CT - Fairfield County DE - Sussex County FL - Alachua County FL - Deltona-Daytona / Ormond Beach FL - Jacksonville FL - Lakeland / Winterhaven FL - Manatee, Sarasota, Charlotte Counties FL - Port St. Lucie FL - South FL - Southwest FL - Tampa / St. Petersburg FL - The Florida Keys FL - Vero Beach / Indian River County GA - Athens GA - Atlanta Greater MSA GA - Atlanta MSA GA - Greene / Morgan / Putnam Counties GA - Savannah HI - Honolulu ID - Boise ID - Kootenai County IL - Bloomington / Normal IL - Champaign / Urbana IL - Chicagoland IL - Springfield KS - Kansas City Metro Area KY - Louisville Metro KY - Southern LA - Lafayette LA - New Orleans ME - Midcoast MI - Middle MN - Mankato
3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 11 12 12 13 13 14 14 15 15 16 16 17 17 18 18 19 19 20 20 21 21 22 22 23 23 24 24 25 25 26 26 27 27 28 28 29 29 30 30
MN - Minneapolis / St. Paul Metro Area MN - St. Cloud / Central MO - Springfield Area MO - St. Joseph MT - Billings NE - Lincoln NJ - Morris County NJ - Northern NM - Albuquerque Metro NY - Albany (NY Capital Region) NY - New York NV - Reno / Sparks MSA NC - New Hanover County NC - Outer Banks NC - Research Triangle NC - Winston-Salem ND - Fargo / Moorhead OR - Portland OR - Salem PA - Central PA - Northeastern PA - Southwestern SC - Charleston SC - Columbia SC - Greenville / Spartanburg SC - Myrtle Beach SC - Sumter TN - Chattanooga / North GA TN - Knoxville / East Tennessee TX - Austin TX - Bryan / College Station TX - Central TX - East TX - Houston TX - Lubbock TX - Victoria County UT - Salt Lake City VA - Lynchburg WA - Clark County WA - King County WA - South Puget Sound WA - Tacoma WI - Madison INTERNATIONAL MARKETS Bermuda Canada - Ontario (Eastern) Canada - Greater Toronto Area Canada - Waterloo Region Czech Republic France Greece Ireland Mexico - Mexico City Perú - Lima Puerto Rico Spain
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 46 46 47 47 48 48 49 49 50 50 51 51 52 53 53 54 54 55 55 56 56 57 57 58 58
AL - Dothan, Houston County
AL - Huntsville
DEMOGRAPHICS
DEMOGRAPHICS
MARKET HIGHLIGHTS • New Medical school broke
CBSA
Square Miles
ground with the first class to be admitted in August 2013. $40 million has been secured for the first phase of construction.
Dothan, AL
1,718
CBSA
Huntsville, AL
143,295
Households
57,785
Household Income Average
Square Miles
Employees (Total)
Unemployment
• Cost of Living Index is one of
the lowest in the nation.
by numerous evaluating organizations.
1,373
volume for Alabama and Dothan Area.
• Employment rate continues to
outperform state and national levels.
410,866
Households
166,785
Kroger, a hospital, three strip centers and more, are under construction.
• Market is improving, although
Household Income Average
$76,572
• Potential of another BRAC
Employees (Total)
174,427
• This region has more PhDs per
could benefit Huntsville in 2013. capita than anywhere in USA.
• City and County offer advantage
7.1%
Population
prices are slightly lower.
• Tourism industry is at record
58,833
market.
• Target, Kohl’s, Wal-Mart,
Dothan market with 70% of patients traveling from outside of Dothan.
$58,837
• Target adds third store to • Huntsville ranked very highly
• Healthcare industry drives the Population
MARKET HIGHLIGHTS
Unemployment
sites ready for development.
CONTACT
6.4%
CONTACT
Coldwell Banker Commercial Alfred Saliba Realty 410 N. Shady Ln. Dothan, AL 36303 (334) 793-6600 www.alfredsalibacommercial.com
OFFICE
Coldwell Banker Commercial McLain Real Estate 2800 Bob Wallace Ave. S.W. Huntsville, AL 35805 (256) 533-3414 www.mclaincommercial.com
RETAIL
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
3
AL - Montgomery
DEMOGRAPHICS CBSA
Square Miles
Population
Households
Montgomery, AL
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Hewlett Packard leased 60,000
SF of Colonial Bank Groups former Class A structure.
CBSA
• Office vacancy continues to
2,725
Square Miles
rise with bank foreclosures, REO offerings and a general reduction in demand.
367,157
147,017
Household Income Average
$68,657
Employees (Total)
144,160
Unemployment
AR - Hot Springs
• Retirement Systems of Alabama
completed a new 400,000 SF Class A building downtown. Warehouse space began to see some tightening. Retail space is recovering as well. One new 200+ Unit Apartment Complex was completed in East Montgomery.
Coldwell Banker Commercial Moore Company Realty 121 Coosa St., Suite 250 Montgomery, AL 36104 (334) 262-1958 www.cbcmcr.com
OFFICE
Population
98,888
Households
43,175
facility in late 2011. PetSmart, Mattress King and New Life Christian Book Store opened new locations in Fairgrounds Crossing. to rise and new tenants are interested in smaller suites. Several landlords have provided tenant improvements and divided large suites.
• Construction of the Arkansas Household Income Average Employees (Total)
• The residential market
$56,350
32,750
School for Math and Science Living Center is nearing completion. A new Apartment project has been approved for construction in the Hwy. 70 West area.
• There has been an increase in Unemployment
residential sales volume in 2012. Sales prices continue to remain steady, particularly in lakefront properties.
7.4%
• Baxley/LogPro have expanded
• Mom and pops are trying to
CONTACT
677
• Eldercare relocated to their new
• The Office vacancy rate continues
continues to struggle, except for one bright spot of new development that is selling new homes at bargain prices due to sales of shovel ready but foreclosed upon REO subdivisions.
7.7%
Hot Springs, AR
MARKET HIGHLIGHTS
CONTACT
recover and looking to get back to investing in the new economy.
Coldwell Banker Commercial RPM 401 Section Line Rd., Suite F Hot Springs, AR 71913 (501) 520-4000 www.cbcrpm.com
• Investors continue to pour
money into the CBD, and tenants are rewarding them with the first look.
OFFICE
RETAIL
their operation in Hot Springs. Land has been purchased for the new county jail and construction is scheduled to begin this year.
• Two building expansions are
underway in Mid-America Industrial Park. One of the companies is a new entity to Garland County.
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
INDUSTRIAL
MULTI-FAMILY
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
N/A
Absorption
Absorption
Absorption
Absorption
N/A
Rental Rates
Rental Rates
Rental Rates
Rental Rates
N/A
4
AR - Little Rock
DEMOGRAPHICS CBSA
Square Miles
Little RockNorth Little Rock Conway, AR
4,090
CA - Humboldt County
MARKET HIGHLIGHTS
DEMOGRAPHICS
• A 3-building complex was
acquired from Verizon Wireless by local investors and offered to market as new multi-tenant inventory.
CBSA
Square Miles
Households
690,456
276,042
chain entered the market for major expansion and opened two stores in 4Q 2011.
$71,848
Employees (Total)
290,765
fulfillment center and brought 300 jobs to area.
• French company Saint-Gobain
made $100 million investment and created 140 jobs in Saline County.
• Wal-Mart to open its first store in
Humboldt County in 2012. Shell has proposed construction of a 25 turbine wind farm.
• New construction of 48,000 SF
Population
130,076
Households
54,341
Household Income Average
$53,630
• Kum & Go convenience store
• Dillard’s established internet
Household Income Average
Unemployment
3,572
• Retail market had over 115,000
SF of positive absorption in 4th Quarter of 2011.
Population
Eureka Arcata Fortuna, CA
MARKET HIGHLIGHTS
Safeway store completed in 2011 and 100,000 SF hospital addition to be completed in spring of 2012.
• Confidence in investing in
Employees (Total)
36,951
Unemployment
10.6%
commercial real estate slowly improved in 2011. Total commercial sales volume in 2011 increased by 5% from 2010 & Multi-Family sales volume is slightly up. Leasing remained strong in 2011. Although Retail & Warehouse rents decreased while Office rents were up significantly.
• The number of sold residential
listings in 2011 was slightly higher than the previous year. However, the sold median residential price was down slightly, as were residential rental rates.
• Forbes.com named Little Rock
6.5%
the “6th best mid-size city for jobs” and the ”14th best metro for young professionals.”
CONTACT
CONTACT Coldwell Banker Commercial • Pacific Partners Real Estate 1036 5th St., Suite A Eureka, CA 95501 (707) 442-2222 pacificpartnerscommercial.com
Coldwell Banker Commercial Hathaway Group 2100 Riverdale Rd., Suite 100 Little Rock, AR 72202 (501) 663-5400 www.hathawaygroup.com
OFFICE
RETAIL
OFFICE
Humboldt County’s unemployment rate was slightly lower than the state average in 2011. The largest employers include Humboldt State University, St. Joseph Hospital and County of Humboldt.
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
N/A
Rental Rates
Rental Rates
Rental Rates
Rental Rates
5
CA - Inland Empire / Palm Springs
CA - Inland Empire North / Victor Valley
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Square Miles
RiversideSan BernardinoOntario, CA
27,260
MARKET HIGHLIGHTS • Strongest property sector is
Multi-Family investments.
CBSA
• There is excellent financing
for apartment buildings in this market.
RiversideSan BernardinoOntario, CA
Households Household Income Average Employees (Total)
Unemployment
4,171,856
Population
27,260
Households
over 1 million SF.
4,171,856
absorbed at SCLA by furniture manufacturing. increased over 2010.
1,350,253
• 3 Super Wal-Marts broke Household Income Average
over 1 million SF.
• Office, Retail and Industrial are 1,156,307
doubling in size.
• 2011 Multi-Family prices
• Hewlett Packard has moved into $67,386
mall anchor, replacing empty Gottschalks.
• 500k Industrial space was
by builders and developers for Multi-Family and Manufacturing properties.
• Skechers USA has moved into 1,350,253
• Macy’s was announced as a new
• JCPenney announced it is Square Miles
• Increase in Land acquisition Population
MARKET HIGHLIGHTS
improving in buildings that have a good location or are top properties.
Employees (Total)
Unemployment
7.8%
CONTACT
$67,386
ground in past 8 months; 3 additional are slated for 2012.
1,156,307
11.9%
CONTACT
Coldwell Banker Commercial NRT-Southern California 1081 North Palm Canyon Dr Palm Springs, CA 92263 (949) 280-2530 www.cbcworldwide.com
OFFICE
Coldwell Banker Commercial Real Estate Solutions 15500 W. Sand St., 2nd Floor Victorville, CA 92392 (760) 684-8000 www.cbcdesert.com
RETAIL
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
6
CA - Los Angeles Westside
CA - Los Angeles
DEMOGRAPHICS CBSA
Square Miles
Los AngelesLong BeachSanta Ana, CA
DEMOGRAPHICS
MARKET HIGHLIGHTS • Owner-users are purchasing
buildings.
CBSA
• Developers are in the market
looking for Mixed-Use projects and Apartments.
4,850
Square Miles
Los AngelesLong BeachSanta Ana, CA
4,850
• Multi-Family is in high demand. Population
12,935,173
Households
4,288,080
Household Income Average Employees (Total)
Unemployment
• Strongest property sectors are
Multi-Family, single-tenant NNN investments, Medical Office and Industrial (due to the scarcity of the product and ability to convert to creative office uses).
• The strongest sub-markets are
• Creative office space is in high
demand.
• Coastal submarkets, including
$87,517
MARKET HIGHLIGHTS
Santa Monica and Venice, are flourishing.
Population
12,935,173
Households
4,288,080
Household Income Average
• Technology and entertainment
companies are expanding.
Employees (Total)
5,313,010
Unemployment
10.6%
the Santa Monica-Venice creative corridors, Beverly Hills, West Hollywood and Brentwood.
• Multi-Family market is very active
$87,517
5,313,010
10.6%
and financing is readily available. Cap rates in A/B areas are 4%-5%, B/C areas range from 4.75%-6.5%.
• A lot of cash is on the sidelines,
much of it chasing similar product – well located property with strong tenants and/or upside potential. Most investors continue to be risk-averse and opt for lower returns on less risky investments.
• Developers are looking for
opportunities to build with several-hundred-thousand SF of Multi-Family, creative Office and Mixed-Use developments in the pipeline, slated to come on line in 2013-2015.
CONTACT
CONTACT
Coldwell Banker Commercial NRT - Los Angeles 11999 San Vicente Blvd. Suite 100 Los Angeles, CA 90049 • Single family/condo market is (310) 820-6651 trending upwards with more offer www.cbcworldwide.com
Coldwell Banker Commercial WESTMAC 1515 S. Sepulveda Blvd. Los Angeles, CA 90025 (310) 478-7700 www.westmac.com
activity, more sales and shorter marketing times.
OFFICE
OFFICE
RETAIL
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
INDUSTRIAL
MULTI-FAMILY
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
7
CA - Modesto
CA - Monterey / San Benito Counties
DEMOGRAPHICS
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Stanislaus County is located in CBSA
Square Miles
Modesto, CA
1,494
• Hampton Brown/National
the Central Valley. Its county seat is Modesto, which is where many people in the surrounding areas shop.
CBSA
Square Miles
Salinas, CA
3,322
• The major industry is Population
512,221
Households
167,008
Household Income Average
$63,534
Employees (Total)
140,743
Unemployment
16.1%
AG-related, employing approximately 18,000 people or 11.3% of the total 160,000 people that are employed. Unemployment varies based on the fact that most of the AG jobs are seasonal.
• Shopping areas that are well
located have been attracting new tenants with some major remodeling. Due to lack of new construction, the vacant space has been absorbed as needs arise. Kaiser Permanente built a major hospital complex with Memorial Hospital making a major expansion.
Population
413,103
Households
133,220
Household Income Average
$86,472
Employees (Total)
120,633
Coldwell Banker Commercial Vinson Chase, Realtors 220-C Standiford Ave. Modesto, CA 95350 (209) 577-2121 www.cbcworldwide.com
• San Miguel Market/PAQ Inc.
relocated to a 40,000 SF space in the Santa Lucia Shopping Center, Greenfield, CA on a 10 year lease deal. in downtown Carmel-by-theSea, where demands are up and rents per SF are up. Khaki’s just relocated to Carmel.
• Downtown Monterey, the Unemployment
14.9%
the government sector based on tax assessments being lowered by a downturn in real estate values. Leveling out has occurred and all are hoping real estate prices will start to rise in 2012. This will only come if the unemployment in the area starts to decline.
CONTACT Coldwell Banker Commercial NRT - Carmel 3775 Via Nona Marie Carmel, CA 93923 (831) 626-2200 www.cbcworldwide.com
Core Center, is looking at a new plan. The city and business community is focused and moving forward with a redevelopment plan to increase the Mixed-Use properties and a large conference service expansion. There are currently 2-3 major projects in the work for this area.
• Office space rental rates are
slightly down, and there is a large amount of Office space available.
• Shrinking inventory and prices
• Office and Retail are improving
in good centers and locations.
OFFICE
Geographic vacated a large portion (approximately 30,000 SF of space) on Carmel Rancho Blvd., Carmel and relocated to Ryan Ranch Business Park, Monterey.
• Retail activity is up, especially
• There has been major layoffs in
CONTACT
MARKET HIGHLIGHTS
RETAIL
are stabilizing in residential.
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
8
CA - Monterey Peninsula
CA - Orange County
DEMOGRAPHICS
DEMOGRAPHICS
MARKET HIGHLIGHTS • Tuesday Morning, a national
CBSA
Salinas, CA
tenant, leased 10,000 SF.
CBSA
• There has been no change in Square Miles
vacancy in this market.
3,322
Los AngelesLong BeachSanta Ana, CA
Square Miles
4,850
133,220
Household Income Average
$86,472
Employees (Total)
120,633
• Trend of the last few years
Population
12,935,173
Households
4,288,080
• The area has restricted access
to water; consequently new business activity is limited to what water is actually available on site.
Household Income Average Employees (Total)
Unemployment
• Retail Shopping Center
for $108.5 million.
continues.
Households
the balance of the market.
• 2050 Main Street in Irvine sold
this market.
413,103
• Class A High Rise outperformed
construction is still on hold.
• Limited new construction in Population
MARKET HIGHLIGHTS
• Sale-leasebacks are making a
comeback.
• LA Fitness inked a 91,023 SF
long-term lease.
• Multi-Family market is hot. $87,517
5,313,010
14.9% Unemployment
CONTACT
7.8%
CONTACT
Coldwell Banker Commercial NRT - Carmel 3775 Via None Marie Carmel, CA 93923 (831) 626-2200 www.cbcworldwide.com
OFFICE
Coldwell Banker Commercial NRT - Newport Beach 4 San Joaquin Plz., Suite 260 Newport Beach, CA 92660 (949) 644-1600 www.cbcworldwide.com
RETAIL
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
9
CA - Redding
CA - Rowland Heights
DEMOGRAPHICS
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Retail vacancy rate fell 2% in CBSA
Redding, CA
2011.
CBSA
• Government lease dominated Square Miles
the Office market.
3,785
Square Miles
• One hotel is under construction Population
181,457
71,491
Population
Employees (Total)
Specialist (Skechers) closed its 3 locations in Ontario totaling 1.31m SF building as of 10/31/2011. confidence is making business owners downsize. Vacancy is still fluctuating.
• Residential market is still Households Household Income Average
• Unemployment rate has fallen
for 4 consecutive months.
4,288,080
$87,517
53,468 Employees (Total)
Unemployment
12,935,173
possibly on the rise.
$60,230
• Team One Employment
• Continued lack of consumer
opportunities are fading.
• Retail rents are stable and Household Income Average
4,850
and another is about to break ground.
• Distress/foreclosure Households
Los AngelesLong BeachSanta Ana, CA
MARKET HIGHLIGHTS
5,313,010
struggling because of REOs; the market is expecting the most foreclosure homes in 2012.
• Lack of confidence still makes
the overall market unstable, but it is expected to see a clear turning point by the end of 2014.
• The area is mostly downsizing,
13.4% Unemployment
CONTACT
but pretty stable compared to other cities in U.S.
11.6%
CONTACT
Coldwell Banker Commercial C&C Properties 2155 Larkspur Ln. Redding, CA 96002 (530) 222-2011 www.cbcnorthstate.com
OFFICE
Coldwell Banker Commercial George Realty 19220 E. Colima Rd. Rowland Heights, CA 91748 (626) 457-2300 www.cbcworldwide.com
RETAIL
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
10
CA - San Diego
DEMOGRAPHICS CBSA
Square Miles
San DiegoCarlsbad-San Marcos, CA
CA - San Fernando / San Gabriel Valley
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Sales activity for Retail buildings
is up and cap rates are down.
CBSA
• This market is experiencing a
rise in prices due to very low new construction activity.
4,200
Los AngelesLong BeachSanta Ana, CA
3,071,264
Household Income Average Employees (Total)
1,129,261
• There are many proposed
at Bldg 1 at 5200 Research Place and 159,272 SF at Bldg 2.
Population
12,935,173
Households
4,288,080
• Industrial vacancies are up to $89,161
10.8%.
Household Income Average
$87,517
Office buildings; however, no new Office developments have commenced construction.
• Retail vacancies are decreasing
due to the local and regional tenant activity, which landlords are accepting in lieu of disappearing national credit activity.
1,227,936 Employees (Total)
Unemployment
to Pasadena and leased 143,000 SF. and leasing additional space. Vacancy is slowly decreasing.
4,850
increased to 16.9%.
• Illumina moved into 171,340 SF Households
• Green Dot Corporation moved
• Office users are slowly hiring Square Miles
• Overall vacancy for Office Population
MARKET HIGHLIGHTS
5,313,010
Multi-Family properties due to: 1) income 2) desire for conservative investments 3) low interest rates and financing availability.
8.9% Unemployment
CONTACT
• There is a high demand for
11.6%
CONTACT
Coldwell Banker Commercial NRT - La Mesa 9332 Fuerte Drive La Mesa, CA 91941 (619) 460-6600 www.cbcworldwide.com
OFFICE
Coldwell Banker Commercial North County 801 N. Brand Blvd., Suite 180 Glendale, CA 91203 (818) 334-1900 www.cbcnco.com
RETAIL
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
11
CA - San Francisco
DEMOGRAPHICS CBSA
Square Miles
San FranciscoOaklandFremont, CA
2,473
CA - San Gabriel Valley North
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Salesforce.com has signed
a 400,000 SF lease in San Francisco, the largest Office deal in the city in a decade.
CBSA
• Several tech companies have
Square Miles
seen substantial growth and demand for public offerings.
Population
Households Household Income Average Employees (Total)
Unemployment
4,347,767
1,661,661
$113,164
1,916,201
Coldwell Banker Commercial Westbay Real Estate Group 1575 Bayshore Hwy., Suite 100 Burlingame, CA 94010 (650) 344-4300 www.cbcburlingame.com
OFFICE
slightly but positively.
• Class A product and smaller
buildings have retained their value better.
4,850
Office vacancy is 13-14%.
• South of Market construction
Population
has rebounded slowly and will continue in Mission Bay, highlighted by the erection of UCSF’s new medical center.
Households
• Median prices for residential
Household Income Average
properties remain flat, although the sales volume has increased.
• As high profile service industry
Employees (Total)
Unemployment
12,935,173
4,288,080
• Virtually no construction for
Office and Retail. It will require increase in space demand and rates.
• Many tenants are renewing $87,517
leases 1-2 years early at current market rates.
• Very few commercial 5,313,010
11.6%
foreclosures partially due to large down payments. SBA is seeing more foreclosures due to low down payments in the 10-20% range.
• Demand for large Hotels is
increasing with several in the pre-development stage.
• San Francisco’s citywide Office
CONTACT
• Pricing and demand increasing
• Industrial vacancy is 4-5%.
leaders such as Bank of America continue to face economic hardships, technology and biotech firms will continue to drive the city’s employment and real estate market.
7.3%
Los AngelesLong BeachSanta Ana, CA
MARKET HIGHLIGHTS
vacancy rate was 14.7% in the fourth quarter of 2011, the ninth-lowest among 79 metropolitan areas. Asking rates in South of Market climbed 22% in the fourth quarter from a year earlier to $46 a SF, the fastest growth rate for that area since 2000.
CONTACT Coldwell Banker Commercial NRT - Arcadia 15 E. Foothill Blvd. Arcadia, CA 91006 (800) 445-5500 www.cbcworldwide.com
RETAIL
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
N/A
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
12
CA - Southwest Riverside County
CO - Western
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Square Miles
Riverside-San BernardinoOntario, CA
27,260
Population
4,171,856
Households
1,350,253
MARKET HIGHLIGHTS • EB-5 money floods the market,
closing over 200,000 SF in Industrial.
CBSA
Grand Junction, CO
Employees (Total)
Unemployment
$67,386
Square Miles
Office vacancy is down, Retail lease rates are up.
sectors in western Colorado. board.
3,328
• Retail vacancies are up slightly.
• 160,000 SF of corporate Office
space was completed for Professional Hospital Supply’s headquarters. leased to Abbott Laboratories under a 4 year agreement.
• Unemployment rate has 1,156,307
• Industrial sector leads all
• Vacancy levels stable across the
• Industrial leases on the rise,
Population
148,298
Households
60,317
Household Income Average
$61,730
• 191,000 SF of Industrial space Household Income Average
MARKET HIGHLIGHTS
dropped from 15% to 12.5%, building optimism in business owners.
Employees (Total)
Unemployment
12.5%
CONTACT
54,564
• Residential sales numbers grow,
while prices decline.
• Unemployment still at 9% and
has not subsided. The economy is expected to be flat for the next year or two.
• Western Colorado is the
emerging wine capital of Rocky Mountains.
9.0%
CONTACT
Coldwell Banker Commercial Sudweeks Group 27708 Jefferson Ave., Suite 201 Temecula, CA 92591 (951) 200-7683 www.cbcsuds.com
OFFICE
Coldwell Banker Commercial Prime Properties, LLC 550 Patterson Rd., Suite B Grand Junction, CO 81506 (970) 243-7375 www.grandjunctioncommercial.com
RETAIL
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
N/A
Vacancy
Vacancy
Absorption
Absorption
N/A
Absorption
Absorption
Rental Rates
Rental Rates
N/A
Rental Rates
Rental Rates
13
CT - Danbury / New Haven County
CT - Fairfield County
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Square Miles
Population
Households Household Income Average Employees (Total)
Unemployment
BridgeportStamfordNorwalk, CT
626
904,874
336,733
$149,604
419,437
MARKET HIGHLIGHTS • Forever 21, Dick’s Sporting
Goods, Cheesecake Factory and Brio have landed at the Danbury Fair Mall. General Motors Northeast Regional Sales Division occupied 26,000 SF of Class A Office space at The Matrix Corporate Center. PepsiCo has also chosen to locate in Danbury, with 10,665 SF of Class A Office space.
CBSA
Square Miles
Population
• Area vacancy rates are down
due in part to low supply and an influx of commuting professionals now residing in neighboring Brewster, NY. Key transportation outlets allow them to commute to lower Fairfield County, New York City and Boston, while enjoying a more affordable lifestyle locally.
336,733
Household Income Average
$149,604
Unemployment
Largest Industrial - 275k SF, NBC Sports at The Campus (former Clairol site); Largest Offices are 230k SF for Bridgewater Assoc at 20 Westport Rd and GE Asset Mgmt expanded from Stamford Sq. w/ 147k into 158k SF at 1600 Summer St. vacant-sublease space decreased across the board. Office went from 860k SF to 599k SF, Industrial from 111k SF to 74k SF and Retail from 50k SF to 16k SF.
• The total new construction 419,437
completed was 950k SF; 547k SF of Office, 148k SF of Industrial and 254k SF of Retail.
• There is 172M SF of existing
6.9%
commercial space in Fairfield County with 67M SF of Office; 58M SF of Industrial and 47M SF of Retail.
CONTACT
Coldwell Banker Commercial Scalzo Group 2 Stony Hill Rd., Suite 101 Bethel, CT 06801 • Despite lower mortgage rates, (203) 744-7077 single family home sales volume www.coldwellbankerscalzo.com
• Commercial Sales have
Coldwell Banker Commercial NRT - CT 77 Old Ridgefield Road Wilton, CT 06897 (203) 831-4187 www.cbcworldwide.com
and pricing are down, remaining approximately 28% and 30% below the 2005 peak.
OFFICE
904,874
Households
Employees (Total)
$33.8M / 95,000 SF Armed Forces Reserve Center in Danbury, CT. Brookfield, CT. Costco (12,000 SF) is increasing existing building by 15,000 SF and will also construct a gas station on abutting 1.25 acre pad site. Danbury Regional Hospice to construct a 30,000 SF center.
CONTACT
626
• Significant 2011 leases include:
• Fairfield County’s available,
• Construction in the area includes:
6.0%
BridgeportStamfordNorwalk, CT
MARKET HIGHLIGHTS
RETAIL
OFFICE
increased by 30% over 2010 and Connecticut is the 15th most popular state for a Fortune 500 corporate headquarter locations.
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
N/A
Absorption
Absorption
Absorption
Absorption
N/A
Rental Rates
Rental Rates
Rental Rates
Rental Rates
N/A
14
DE - Sussex County
FL - Alachua County
DEMOGRAPHICS
DEMOGRAPHICS
MARKET HIGHLIGHTS • Several national tenants are
CBSA
Square Miles
Population
Seaford, DE
938
currently in negotiations for space on Coastal Highway near Rehoboth.
CBSA
194,215
Sussex is starting to improve after more than three years in the doldrums.
78,981
Household Income Average
$67,088
Employees (Total)
Unemployment
68,986
construction is causing absorption of existing Retail and Office space.
• Volume for closed residential
sales was up 9% for 2011.
• Eastern Sussex County is the
Population
261,674
• Average Office lease listing is on
Households
113,545
Household Income Average
$62,879
Employees (Total)
leading retiree destination for the mid-Atlantic states.
• Property taxes in Sussex County
7.7%
Unemployment
are so low that many buyers think they are being quoted a monthly rate.
CONTACT
811,790 SF are currently on the market.
• Average gross Office lease
rate is $13.05/SF, a decrease of 1.87% since 4th Qtr 2010.
• Very little new commercial Households
• 266 Office lease listings totaling
1,223
Square Miles
• Commercial activity in Eastern
Gainesville, FL
MARKET HIGHLIGHTS
the market 413 days.
• 192 Retail lease listings totaling
779,897 SF are on the market.
• Average NNN Retail lease rate is
87,322
$15.14/SF, a decrease of 1.65% since 4th Qtr 2010.
• Average Retail lease listing is on
the market 530 days.
7.6%
CONTACT
Coldwell Banker Commercial Resort Realty 20184 Coastal Hwy. Rehoboth Beach, DE 19971 (302) 227-5000 www.cbcworldwide.com
OFFICE
Coldwell Banker Commercial M.M. Parrish Realtors 3870 N.W. 83rd St. Gainesville, FL 32606 (352) 264-3800 www.cbcworldwide.com
RETAIL
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
N/A
Vacancy
N/A
Vacancy
Vacancy
Absorption
N/A
Absorption
N/A
Absorption
Absorption
Rental Rates
N/A
Rental Rates
N/A
Rental Rates
Rental Rates
15
FL - Deltona-Daytona / Ormond Beach
FL - Jacksonville
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Square Miles
Population
Deltona Daytona Ormond Beach, FL
1,103
MARKET HIGHLIGHTS • Daytona Beach International
Airport reports that boardings are up and Jet Blue and Southwest are in discussions to begin service this year.
CBSA
Square Miles
Household Income Average Employees (Total)
Unemployment
• EverBank Financial Corporation
leased 270,000 SF, covering nine floors, at the AT&T Tower. The building will be renamed “EverBank Tower.” The move should help to revitalize the downtown area.
3,221
• Resort and Bed tax collections
495,625
are up and the Hospitality industry is seeing increased projections.
Population
• Multiple large and small beach Households
Jacksonville, FL
MARKET HIGHLIGHTS
214,567
$62,419
front Hotel/Motel operations are going through major renovations and upgrades, with multiple large ocean front property sales being completed for future development.
10.1%
Households
518,910
Household Income Average
$76,866
Employees (Total)
551,254
across the country to be selected as a “Forward Next Generation Learning Community.”
Unemployment
Coldwell Banker Commercial Benchmark 570 Memorial Cir., Suite 300 Daytona Beach Ormond Beach, FL 32174 (386) 672-8530 www.cbcbenchmark.com
OFFICE
supermarket chain, agreed to buy Winn-Dixie Stores, Inc. for $560 Million. The new company will have around 687 grocery stores and a workforce of 63,000 in eight states throughout the Southeast. Parkway Apartment Complex is an indicator that the city’s rental market is improving and should continue to trend upward in 2012.
9.2%
• Acosta, Inc. expects to hire
• Embry-Riddle Aeronautical
CONTACT
• Bi-Lo, the Greenville, SC-based
• The $55 million sale of a Gate
• This is one of 19 communities 146,482
1,334,380
University of Daytona Beach has been selected as one of three Next-Gen test beds for the modernization of the National Airspace System.
2,000 employees in the first quarter of 2012, 40 to 50 of whom will be in their Jacksonville office.
CONTACT Coldwell Banker Commercial • Benchmark 4348 Southpoint Blvd., Suite 310 Jacksonville, FL 32216 (904) 281-1990 www.cbcbenchmark.com
• Teledyne is doubling their
production square footage for their fiber optic and electrical interconnect systems.
RETAIL
OFFICE
The restaurant industry was on the mend locally in 2011. New national and regional restaurant chains to the area include: Seasons 52, BJ’s Restaurant & Brewhouse, Logan’s Roadhouse, Smashburger, First Watch and Poe’s Tavern.
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
16
FL - Lakeland / Winterhaven
FL - Manatee, Sarasota, Charlotte Counties
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Square Miles
Population
Households
LakelandWinter Haven, FL
MARKET HIGHLIGHTS • Several new Industrial users
have made announcements including Mission Foods.
CBSA
• The focus on start-up
2,010
Square Miles
businesses is helping small space occupancy in Retail and Office.
599,564
SarasotaBradentonVenice, FL
1,313
Employees (Total)
and Polk Parkway is in first phase of construction.
Population
689,676
Households
311,173
Unemployment
increased demand for Apartments.
• Several banks are offering
attractive rates for commercialindustrial loans; increasing demand for owner-user commercial space.
Household Income Average
$79,698
Employees (Total)
230,801
Unemployment
• LEGOLAND Florida in Winter
10.7%
• Residential construction is
picking up steam in this market.
• Home sales are on the rise.
233,208
239,100
Bailey Circus are bringing their Headquarters back to Manatee County. Sarasota have increased.
• USF Polytechnic located at I-4
$55,323
• Ringling Brothers & Barnum &
• Industrial leasing and sales in
• Foreclosures are driving Household Income Average
MARKET HIGHLIGHTS
• It has been speculated that
the commercial market has hit bottom.
• This area has the #1 beach in
the country and a pro business attitude.
9.8%
Haven is fully operational and attendance is meeting expectations.
CONTACT
CONTACT
Coldwell Banker Commercial Saunders Ralston Dantzler Realty 114 N. Tennessee Ave. Lakeland, FL 33801 (863) 648-1528 www.srdcommercial.com
OFFICE
Coldwell Banker Commercial NRT - Sarasota 100 N. Tamiami Trl. Sarasota, FL 34236 (941) 925-8586 www.cbcworldwide.com
RETAIL
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
17
FL - Port St. Lucie
DEMOGRAPHICS CBSA
Square Miles
Port St. Lucie, FL
1,128
FL - South
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Government tenants are
demanding improvements and some landlords cannot finance the construction.
CBSA
407,361
Square Miles
169,340
Household Income Average
$74,600
Employees (Total)
117,662
Unemployment
• No new construction in St. Lucie • Owners who purchased Land
or buildings in 2005 cannot refinance their notes. They find their property is now worth 50% of 2005 and are losing ownership.
5,126
• Multi-Family investment is • Retail rental rates starting to
Population
5,566,404
Households
2,128,471
Household Income Average
• Torry Pines Institute, VGTI
Employees (Total)
(Vaccine and Gene therapy Institute) and Digital Domain have all opened large biotech labs in last 18 months. Outlook for better jobs in future.
11.2%
sectors.
stabilize.
County.
Households
• Absorption is up across all
soaring in this region.
• More Retail is being absorbed
at rents of approximately 35% of 2008.
Population
Miami-Fort LauderdalePompano Beach, FL
MARKET HIGHLIGHTS
Unemployment
CONTACT
• Housing market is seeing strong
international investment.
• New construction is non
existent.
• Banks are starting to use short $82,033
sales as an option.
2,069,525
9.7%
CONTACT
Coldwell Banker Commercial NRT - Port St. Lucie 1973 S.W. Savage Blvd. Boca Raton/Port St. Lucie, FL 34953 (561) 995-7564 www.stluciewestcommercialrealestate.com
OFFICE
Coldwell Banker Commercial NRT - Boca Raton 1800 N.W. Corporate Blvd. Boca Raton, FL 33431 (561) 479-1225 www.cbcworldwide.com
RETAIL
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
N/A
Vacancy
Vacancy
Absorption
Absorption
N/A
Absorption
Absorption
Rental Rates
Rental Rates
N/A
Rental Rates
Rental Rates
18
FL - Southwest
DEMOGRAPHICS CBSA
Square Miles
Naples-Marco Island, FL
2,025
FL - Tampa / St. Petersburg
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Now is the time to buy in SW
Florida. Many properties are at 20 year lows and are far below replacement cost.
CBSA
• Vacancies are falling in Retail,
Square Miles
Office and Industrial.
Population
Households Household Income Average Employees (Total)
320,101
132,487
2,554
• Tampa ranked as the third “best
performing” large metropolitan areas for job growth in the nation, according to a report released by Headlight LLC.
• The Sunshine State was
ranked first in the nation for its workforce in CNBC’s fourth annual “America’s Top States for Business” rankings.
• Residential market has turned
around.
Population
2,757,566
Households
1,166,605
• Housing is starting to move
upward.
$118,854
Household Income Average
• Tampa was ranked #1 as
the “most cost-competitive large city for doing business” among 22 major U.S. cities. The ranking was based on a variety of business operating costs including labor, taxes, real estate and utilities (KPMG, 4/2010).
$67,904
115,960 Employees (Total)
Unemployment
Tampa-St. PetersburgClearwater, FL
MARKET HIGHLIGHTS
1,059,081
• Office Leasing: best net
9.5% Unemployment
CONTACT
absorption since 2005.
10.0%
CONTACT
Coldwell Banker Commercial NRT - Naples 550 Fifth Ave. S. Naples, FL 34102 (239) 596-6130 www.cbcworldwide.com
OFFICE
Coldwell Banker Commercial NRT - Tampa 5010 W. Kennedy Blvd., 2nd Floor Tampa, FL 33609 (813) 286-2964 www.cbcworldwide.com
RETAIL
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
N/A
Vacancy
Vacancy
N/A
Absorption
Absorption
N/A
Absorption
Absorption
N/A
Rental Rates
Rental Rates
N/A
Rental Rates
Rental Rates
N/A
19
FL - The Florida Keys
FL - Vero Beach / Indian River County
DEMOGRAPHICS
DEMOGRAPHICS
MARKET HIGHLIGHTS • Border Patrol Office and Winn-
CBSA
Dixie have recently expansed.
Key West, FL
CBSA
• This area has the lowest Square Miles
Population
Households
unemployment rate in Florida; hotel occupancy and ADR is the highest in the State.
997
73,047
32,553
Square Miles
Sebastian Vero Beach, FL
Employees (Total)
Unemployment
$98,489
29,685
• Market is showing slow
improvement.
• Income properties sell as
occupancy and rents increase.
503
• Unemployment is down but is
still a challenge.
• Dunkin Donuts, Walgreens and
Population
Holiday Inn Express opened recently.
135,534
• Indian River county is offering
job grant incentives.
• Inventory is down by double
Households
59,807
digits and sales are up equally.
Household Income Average
MARKET HIGHLIGHTS
Household Income Average
• Urgency has re-entered the
marketplace.
• New construction remains soft. • Owners are starting to offer
$94,759
financing due to bank financing challenges.
• The area is an excellent central
• Severe development restrictions
provide significant barriers to entry.
6.2%
Employees (Total)
43,595
distribution location 300 miles from 80% of the state’s population.
Unemployment
11.4%
• Bio fuel companies like this area
due to quantity of agricultural land.
CONTACT
CONTACT
Coldwell Banker Commercial Schmitt Real Estate Company 11050 Overseas Hwy. Marathon, FL 33050 (305) 743-5181 www.commercialfloridakeys.com
OFFICE
Coldwell Banker Commercial Ed Schlitt, L.C. 1950 U. S. Hwy. 1 Vero Beach, FL 32960 (772) 778-1801 cbc.flcoldwellbanker.com
RETAIL
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
20
GA - Athens
GA - Atlanta Greater MSA
DEMOGRAPHICS CBSA
Square Miles
Population
Athens-Clarke County, GA
1,031
193,495
Households
77,486
Household Income Average
$57,618
Employees (Total)
Unemployment
60,760
7.3%
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Notable commercial growth
includes the opening of a new LEED certified downtown Athens parking deck. The 265,000 SF facility includes 540 parking spaces, as well as Retail space, Offices, and a rooftop garden. The project represents the first public-private partnership in Athens.
CBSA
Square Miles
Population
Atlanta-Sandy Springs Marietta, GA
8,376
5,521,582
• The Atlanta Office market ended
2011 with its strongest quarter of Office absorption in 4.5 years. Office occupancy increased by 556,476 SF in the fourth quarter, bringing the 2011 year end total to just over 811,000 SF. All space types and the market as a whole are 17.8% vacant.
• Buckhead led all Atlanta Office
• New tenants include Waffle
House, Fuzzy’s Taco Shop, Yoforia, Momma Goldberg Deli and Partner Software.
Households Household Income Average
• Commercial growth is expected
in Oconee County along the newly completed Oconee Connector/Jennings Mill Pkwy extension off GA Hwy 316. The Georgia DOT helped fund the $13.6 million project, which has already resulted in developers submitting plans for future commercial projects.
Employees (Total)
2,028,400
$77,990
submarkets, accounting for almost all of 2011’s space absorption. Six of the top ten largest move-ins of the year occurred in the fourth quarter.
• Atlanta 2011 year-end market 2,223,339
construction was up in Office, Retail and Industrial.
• InComm doubled its 90,000 SF Unemployment
CONTACT
downtown space; Regions Bank consolidated from multiple Offices across the market into 80,000 SF at Atlantic Center Plaza in Midtown; and the Reznick Group consolidated Offices into 77,049 SF in Buckhead.
9.4%
CONTACT
Coldwell Banker Commercial Upchurch Realty 2405 W. Broad St. Athens, GA 30606 (706) 354-7870 www.upchurchrealtycommercial.com
OFFICE
MARKET HIGHLIGHTS
Coldwell Banker Commercial • The foremost trend in the Office Metro Brokers market in 2011 was the flight 3575 Piedmont Rd. N.E., Piedmont Center, Bldg. 15, to quality by tenants. Tenants Suite 950 chose Class A properties Atlanta, GA 30305 overwhelmingly, taking (678) 320-4800 advantage of favorable rental www.cbcworldwidemetro.com
RETAIL
rates and absorbing over 1.6M SF of space in 2011.
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
21
GA - Atlanta MSA
DEMOGRAPHICS CBSA
AtlantaSandy Springs Marietta, GA
GA - Greene / Morgan / Putnam Counties
MARKET HIGHLIGHTS
DEMOGRAPHICS
• The overall market continues to
firm up with increased activity in most sectors.
CBSA
8,376
Population
5,521,582
Households
2,028,400
Household Income Average Employees (Total)
Unemployment
Square Miles
28 counties, over 7 million in population and includes the world’s busiest airport, superior intermodal connections, making it the distribution hub for the southeast.
2,223,339
9.4%
increased.
345
in this market.
Population
Households
one of the biggest emblems of Atlanta’s Real Estate Boom, was sold at auction for $250 million.
Household Income Average
• Throughout metro Atlanta,
important changes to flood hazard maps are underway. These changes may impact closings and existing loans for residents and business owners.
Employees (Total)
21,218
8,601
$71,671
5,263
Coldwell Banker Commercial NRT - Atlanta 6285 Barfield Rd. Atlanta, GA 30328 (404) 705-1590 www.cbcworldwide.com
OFFICE
• The new Rock Eagle Science
& Technology Park is currently under construction. The project, partially funded by a $500,000 grant from Georgia One, consists of 130-acre tract of Land planned for 21 parcels to be marketed for small to medium-sized technology companies.
• The Lake Area consists of a Unemployment
tri-county trade area, including Morgan, Greene and Putnam Counties. The area is a resort area with two recreational lakes (Oconee and Sinclair).
11.1%
• Owings Corning completed a
CONTACT
beginning to stabilize.
• Residential homes sales are up
• The Bank of America Plaza,
$77,990
• Overall market pricing is • Liquidation priced REO’s have
• The Atlanta MSA consists of Square Miles
Greene County, GA
MARKET HIGHLIGHTS
giant lease consolidating in a building that once housed consumer giant Unilever. Owings Corning will occupy a little more than 1 million SF in the building.
CONTACT Coldwell Banker Commercial Lake Country 1020 Greensboro Rd. N.E., Eatonton, GA 31024 (706) 485-0124 www.cbcworldwide.com
• Georgia Pacific LLC is
developing a 900,000 SF distribution center in Henry County.
RETAIL
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
N/A
Absorption
Absorption
Absorption
Absorption
N/A
Rental Rates
Rental Rates
Rental Rates
Rental Rates
N/A
22
GA - Savannah
DEMOGRAPHICS CBSA
Savannah, GA
HI - Honolulu
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Full steam ahead for Mitsubishi
• Hawaii’s economy remains
Power Systems.
CBSA
Honolulu, HI
• Great Dane to expand in Square Miles
Savannah.
1,359
Square Miles
600
• Savannah ranks as a “Top 5 Population
347,453
Container Port” in the United States.
Population
130,609
• Hawaii’s construction is a
continues to fall.
Households
311,782
Household Income Average
$83,803
Employees (Total)
365,718
• Gulfstream Aerospace plans Household Income Average
$74,653
Employees (Total)
129,296
healthier than the Continental U.S. However, it is slowing due to stagnant labor markets and limited construction. Tourism remains a bright spot posting a record spending of $1.3 billion in 2011.
910,677
• Metro Savannah unemployment Households
MARKET HIGHLIGHTS
$500 million expansion to add 1,000+ jobs to the market.
replay of 2011 for 2012, with only military and government projects being awarded, attracting out-of-state firms to compete for these contracts.
• In 2011, unemployment rate
rose to 6.6% with 41,900 unemployed. This is expected to increase due to HMC layoffs.
• Hawaii’s commercial investment Unemployment
Unemployment
8.8%
CONTACT
sales are expected to increase over 2011 as “capital freeze” thaws. Significant sales in 2011 include: Pearlridge Uptown II for $36.7 million, $42.5 million for portion of leased fee under Hyatt Hotel Waikiki.
6.6%
CONTACT
Coldwell Banker Commercial Platinum Partners 128 Habersham St. Savannah, GA 31401 (912) 232-7120 www.cbcplatinum.com
OFFICE
Coldwell Banker Commercial NRT- Honolulu 737 Bishop St., Suite 2000 Honolulu, HI 96813 (808) 526-0896 www.cbcpacific.com
RETAIL
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
23
ID - Boise
ID - Kootenai County
DEMOGRAPHICS CBSA
Square Miles
Population
Households
Boise CityNampa, ID
11,788
610,611
224,823
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Grocery store expansion
remains on the forefront of the Retail market for the Treasure Valley. New to the market are Whole Foods and Rosauers. Fred Meyer and Wal-Mart continue to expand.
CBSA
Square Miles
• Vacancy remained stable
Population
throughout 2011, ending the year 12.3% across the Treasure Valley.
Coeur d’Alene, ID
1,245
$69,877
Employees (Total)
232,386
140,628
construction in over 5 years. CenterCal Properties broke ground on 1 million SF of Retail and Restaurant space on a 100acre Retail site.
Households
53,154
Household Income Average
$62,733
Employees (Total)
technology center, has been approved by voters in 3 districts. Interchange in Post Falls will increase access to retail area.
• Apartment renters are
49,226
increasing due to the economy. New construction of apartments is underway.
• 6 acres have been re-zoned
for a new hospital residency program.
with home sales increasing by 34% in 2011. Realtor.com ranked Boise as #8 in the “Top 10 turn-around towns.”
8.4%
expanding to include 85,000 SF building and 125 additional employees.
• Construction of Beck Road
• Positive signs heading into 2012 Unemployment
• Major Industrial employer
• KTEC, a new 54,000 SF
• 2012 could see the most new Household Income Average
MARKET HIGHLIGHTS
Unemployment
10.2%
• 2011 commercial properties
sold doubled 2010 figures.
• Landlord concessions will
continue to be less favorable for tenants. Class A space remains in high demand.
CONTACT Coldwell Banker Commercial NRT - Boise 4105 N Legacy Woods Ave. Meridian, ID 83646 (208) 888-1825 www.coldwellutah.com
OFFICE
CONTACT Coldwell Banker Commercial Schneidmiller Realty 2000 Northwest Blvd. Coeur d’Alene, ID 83814 (208) 765-4300 www.cbcsr.com
• Investor and lending appetite
all display positive signs that Boise will show resurgence in the Investment market.
RETAIL
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
24
IL - Bloomington / Normal
IL - Champaign / Urbana
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
BloomingtonNormal, IL
MARKET HIGHLIGHTS • State Farm Insurance plans to
add 300 employees.
CBSA
ChampaignUrbana, IL
• Uptown Normal is busy with Square Miles
Square Miles
168,918
responding to opportunities.
• Financing is available for owner-
occupied buyers.
development is active.
Population
227,494
70,687
Advocate Bromenn and OSF.
Households
97,325
Employees (Total)
Unemployment
consistently best.
$73,184
69,980
• The unemployment rate has
leveled out.
• Local jobless rate stays Household Income Average
• Student housing remains a hot
commodity.
• Healthcare expansions for Households
have hit the bottom in 2011.
1,923
• ISU campus Apartment Population
• The local CRE market appears to • Buyers and tenants are
Transportation Center and other projects in the works.
1,184
MARKET HIGHLIGHTS
Household Income Average
• Forbes rates area #22 best on
their list of “Best Small Places for Business and Careers.”
Employees (Total)
Unemployment
7.0%
CONTACT
$61,774
• 2012 looks to be another year of
steady improvement.
80,156
7.9%
CONTACT
Coldwell Banker Commercial Heart of America Realtors 802 S. Eldorado Rd. Bloomington, IL 61704 (309) 662-3377 www.cbhoacommercial.com
OFFICE
Coldwell Banker Commercial Devonshire Realty 201 W. Springfield Ave., 11th Floor Champaign, IL 61820 (217) 352-7712 www.cbcdr.com
RETAIL
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
25
IL - Chicagoland
DEMOGRAPHICS CBSA
Square Miles
Population
Chicago NapervilleJoliet, ILIN-WI
7,212
9,617,804
IL - Springfield
MARKET HIGHLIGHTS
DEMOGRAPHICS
• The Chicago Industrial market
• Scheels opened a 200,000 + SF
continued to improve in the 4th quarter of 2011. There was 1,550,000 SF of net absorption in the 4th quarter. The largest leases signed in 2011 were Clorox for 1,350,000 SF, Home Depot for 658,000 SF, 3M for 651,000 SF and Samsung for 649,000 SF.
CBSA
Household Income Average Employees (Total)
3,484,370
$88,029
4,186,171
Square Miles
Population
and Office space decreased in the 4th quarter of 2011 while the vacancy rate for Retail increased. The main reasons for the lower vacancy rate in Industrial and Office are because several large blocks of space were leased and there was virtually no new construction.
CONTACT Coldwell Banker Commercial NRT - Northbrook 2215 Sanders Rd., Suite 350 Northbrook, IL 60062 (847) 313-4646 www.cbcnrt.com
OFFICE
208,696
87,497
Household Income Average
$70,814
• St. John’s Hospital is doing
approximately $180,000,000 in new development and redevelopment of its campus. This adds jobs to the medical community and to other sectors of the economy.
• Residential market is slightly 85,028
up from previous year and continues to improve.
• Gradual increases are a result of Unemployment
new construction of Retail, Industrial or Office space in 2011 and almost all of the new construction completed has been build-to-suits or space that was pre-leased.
9.3%
store.
stability because of a large work force employed by the medical community and State Government.
1,182
Households
Employees (Total)
• There has been virtually no Unemployment
Springfield, IL
• Springfield market has good
• The vacancy rate in Industrial Households
MARKET HIGHLIGHTS
stability of work force and the large area of Central Illinois that the Springfield market services.
7.5%
• Springfield is located
CONTACT
• The residential market
Coldwell Banker Commercial Devonshire Realty 3201 Old jacksonville Rd. Springfield, IL 62711 (217) 546-6650 www.cbcdr.com
continues to struggle for sales of single family homes and condominiums. However, the Apartment market continues to flourish with low vacancies and increasing rents. There are also several new high end Apartment buildings being built.
RETAIL
OFFICE
approximately 3 hours from Chicago, 1 1/2 hours from St. Louis and has Interstate 55 that goes from St. Louis to Chicago and Interstate 72 that runs from Eastern Illinois through Champaign to Missouri. The town is centrally located for all types of commercial activity.
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
26
KS - Kansas City Metro Area
KY - Louisville Metro
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Square Miles
Population
Kansas City, MO-KS
7,857
MARKET HIGHLIGHTS • The Kansas City Metro
manufacturing sector saw a 2.8% employment growth in 2011.
CBSA
on investing $1.1 billion in the metro area.
Square Miles
Household Income Average Employees (Total)
819,900
• The average Metro Household
Population
• Several large-format Retail
Households
centers are scheduled for construction in 2012.
$107,505
• Housing sales were up 13% for • Cerner Corporation has
continued to expand in the Metro Area.
Unemployment
• Unemployment is down. UPS is
4,135
• New construction activity is
1,263,217
• There are plenty of Retail
vacancies.
• The Office market remains flat. 506,857
• The Louisville economy has
the year.
914,989
remains high.
picking up.
Income is $107,505.
Households
• Demand for Apartments
the area’s largest employer.
• Ford Motor Company plans
2,076,653
Louisville/ Jefferson County, KY-IN
MARKET HIGHLIGHTS
remained stable.
Household Income Average
$71,165
Employees (Total)
549,941
7.3% Unemployment
CONTACT
8.7%
CONTACT
Coldwell Banker Commercial Fishman and Company 1948 E. Santa Fe St. Olathe, KS 66062 (913) 782-9000 www.cbcfishman.com
OFFICE
Coldwell Banker Commercial McMahan Co. 6402 Railroad Ave. Crestwood, KY 40014 (502) 241-8811 www.cbcworldwide.com
RETAIL
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
27
KY - Southern
DEMOGRAPHICS CBSA
Square Miles
Population
Bowling Green, KY
LA - Lafayette
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Kentucky Transpark located in
• Oil industry both onshore and
Bowling Green, KY, was chosen as a national CSX Select Site.
CBSA
• Bowling Green is a “Top Five
848
• New business growth is on the
Lafayette, LA
• Very few quality Industrial
Population
264,966
• This is an active market for
Households
101,487
Household Income Average
$72,004
Employees (Total)
139,997
buildings are available in market area.
rise in Southern Kentucky.
Households
50,840
• Residential market continues to
rise in Southern Kentucky.
Household Income Average Employees (Total)
Unemployment
$61,970
50,727
• Bowling Green is the home of
the Minor League Baseball Team - Bowling Green Hot Rods.
• Bowling Green downtown
continues to grow with Southern Kentucky Performing Arts Center (SKYPAC).
7.3%
offshore has stabilized and continues to increase.
1,010
Square Miles
Location for Business and Careers” in Forbes Annual Survey.
121,646
MARKET HIGHLIGHTS
Industrial new construction with high demand and low availability for either sale or lease.
• Office market vacancies have
decreased.
• Previous excess Retail space is
being absorbed.
• Residential new construction Unemployment
CONTACT
is steady and values have been maintained.
4.6%
CONTACT
Coldwell Banker Commercial Legacy Real Estate Group 2435 Fitzgerald Industrial Dr., Suite 100 Bowling Green, KY 42104 (270) 781-3844 www.cbclegacy.com
OFFICE
Coldwell Banker Commercial Pelican Real Estate 806 E. Saint Mary Blvd. Lafayette, LA 70503 (337) 233-9541 www.cbcpelican.com
RETAIL
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
28
LA - New Orleans
ME - Midcoast
DEMOGRAPHICS CBSA
Square Miles
MARKET HIGHLIGHTS
New Orleans- • Metairie Kenner, LA
3,153
DEMOGRAPHICS
Oschner Hospital continued expansion by signing an 80,000 SF Office lease in the recently renovated Benson Tower adjacent to the Mercedes-Benz Superdome.
CBSA
Square Miles
Rockland, ME
Households
469,474
Household Income Average
$83,382
Employees (Total)
458,428
Unemployment
Retail and Office due to continued reductions in space by tenants and the addition of several large properties in the area.
1,230,886
Population
and Nuria C-Store have all moved into the area.
Wal-Mart moving out of their existing space into a much larger building.
40,753
• New construction includes a
150,000 SF Center.
Households
• Expansion of the State Hospital
17,284
• Units sold is increasing, and
prices are stabilizing.
System is underway with the construction of a 424-bed Hospital facility in New Orleans.
Household Income Average
• The Multi-Family product has
seen an increase in occupancy and rental rates, while single family inventory has fallen and pricing seems to be stabilizing or increasing depending on location.
6.4%
• Super Wal-Mart, McDonald’s
• Vacancy is rising slightly due to
366
• Vacancy rates have increased in Population
MARKET HIGHLIGHTS
Employees (Total)
Unemployment
$65,601
15,971
• The region has experienced
higher tourist numbers.
• There has been substantial
increase in national media attention due to major events and activity.
7.0%
• New Orleans’s culture has often
CONTACT Coldwell Banker Commercial TEC Realtors 701 Loyola Ave., Suite 401 • New Orleans, LA 70150 (504) 566-1777 www.cbctec.com
OFFICE
been perceived as an obstacle to growth, but is now the reason why so many young and entrepreneurial people are seeking this city to conduct business and raise a family.
CONTACT Coldwell Banker Commercial SoundVest Properties 147 Park St. Rockland, ME 04841 (207) 596-7478 www.soundvest.com
Louisiana exports increased 45% in 2011, which is the most of any state in the country, placing 7th among all states for export volume in the United States.
RETAIL
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
29
MI - Middle
MN - Mankato
DEMOGRAPHICS CBSA
Square Miles
Lansing-East Lansing, MI
1,707
MARKET HIGHLIGHTS
DEMOGRAPHICS
• General Motors has added a
third shift with production of the new Cadillac, creating over 600 jobs.
CBSA
Square Miles
• The State of Michigan is getting
MankatoNorth Mankato, MN
1,205
Households
453,378
184,334
$67,460
Employees (Total)
165,594
Population
• New construction still lags
behind, but the new Broad Art Museum is scheduled to open this fall.
Households
93,650
6.9%
39,391
• Sales of development land Household Income Average
have made an upward turn with January sales 40% greater than in 2011.
• Consumer confidence has
Employees (Total)
continue to be sluggish.
$63,447
49,122
Unemployment
state government seems to be on solid footing, Michigan State University is continuing with the new Cyclotron, and employment is now below the national average in Mid Michigan.
lower than other Minnesota MSA’s, with very little change in absorption during the recession. space continues to be in demand as regional residents look to the community to provide services previously only offered in Rochester or the Twin Cities metro area.
4.5%
CONTACT
Coldwell Banker Commercial Hubbell Briarwood 1020 S. Creyts Rd. Lansing, MI 48917 (517) 321-5000 www.cbcworldwide.com
OFFICE
• Retail vacancy continues to be
• Medical Office and treatment
• Technology jobs are on the rise,
CONTACT
• New construction continues
to be focused on trucking and agriculture-related businesses.
improved for the first time in five years.
Unemployment
are paying off as vacancy in the City Center is at the lowest rate in more than a decade. Verizon Civic Center will further enhance downtown vitality.
• Residential sales appear to
Household Income Average
• Efforts by community leaders
• A proposed expansion of the
its budget under control, and has found a surplus for 2012.
Population
MARKET HIGHLIGHTS
Coldwell Banker Commercial Fisher Group 1400 Madison Ave., Suite 616 Mankato, MN 56001 (507) 625-4715 www.cbcfishergroup.com
RETAIL
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
30
MN - Minneapolis / St. Paul Metro Area
MN - St. Cloud / Central
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
MARKET HIGHLIGHTS
MinneapolisSt. PaulBloomington, MN-WI
• Chart industries leases 141,000
SF for 100+ manufacturing jobs in Owatonna.
CBSA
• Unemployment drops to 5.4%. Square Miles
6,063
St. Cloud, MN
Households Household Income Average
• Apartment market staged to
Population
189,957
• Recent Civic Center expansion
Households
73,818
Household Income Average
$66,444
and a decline in the local unemployment rate to 5.8%.
add 1,100 units in 2012.
• Private sector added 22,000 1,267,913
jobs.
• 356,000 SF in 3 net leased $89,359
buildings were acquired by Duke.
Employees (Total)
• Shakopee lands 3 Industrial Employees (Total)
1,695,892
• Existing home inventory in local
area is at a 5 year low.
91,676
investment offerings, also REO and distressed properties, and strategic buyers account for majority of transactions.
• Central MN market consists Unemployment
32’ high Industrial and Multi Family.
5.4%
completed in Winter 2011.
• Market is heating up for quality
expansions for over 1 million SF.
• Strong investor interest in 24Unemployment
a Wal-Mart Super Center to be completed Fall 2012.
• Area has improved fundaments
• Target is adding 300,000 SF to
3,286,547
• Construction is underway for
1,753
Square Miles
their Brooklyn Park campus.
Population
MARKET HIGHLIGHTS
of 300,000+/- MSA. Major local employment sectors include Education, Medical and Manufacturing.
5.8%
• Retail space is benefiting from
medical user demand.
CONTACT
CONTACT
Coldwell Banker Commercial Griffin Companies 1221 Nicollet Ave. S., Suite 300 Minneapolis, MN 55403 (612) 338-2828 www.cbcgriffin.com
OFFICE
Coldwell Banker Commercial Orion Real Estate 630 1st St. S. Waite Park, MN 56387 (320) 251-1177 www.cbcorion.com
RETAIL
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
31
MO - Springfield Area
MO - St. Joseph
DEMOGRAPHICS
DEMOGRAPHICS
MARKET HIGHLIGHTS • Mercy Health started
CBSA
Square Miles
Population
Springfield, MO
3,010
433,579
• St Joseph is located just 35
construction on a 199,000 SF, $105 million Orthopedic Hospital. Wal-Mart’s Neighborhood Market is building 6 new grocery stores. The Wonder of Wildlife Museum is continuing their $80 million expansion/renovation.
CBSA
Square Miles
St. Joseph, MO-KS
1,661
Population
127,090
Households
51,821
Household Income Average
$55,753
• The Assembly of God Financial Households
180,772
Household Income Average
$56,651
Employees (Total)
Unemployment
Solutions just finished their 60,000 SF, $10 million headquarters office building. Hy-Vee Grocery store opened its first Springfield location a $17 million 86,000 SF store.
• The local economy is diverse 174,753
6.7%
Employees (Total)
and has weathered the turmoil with better numbers than the national economic indicators.
• This market is in the heart of
• Boehringer Ingelheim Vetmedica
48,146
Unemployment
is complete and offering excellent Industrial building sites. A 60,000 SF shell building is planned to be built in 2012.
6.7%
• Rosecrans Memorial Airport,
• Springfield ranked third
OFFICE
the Life Sciences Industry with over 30 of the major companies located here. is expanding and building a 100,000 SF Office building.
dropped below 7% and ended the year at 6.7%.
Coldwell Banker Commercial Vanguard Realtors 1334 E. Republic Rd. Springfield, MO 65804 (417) 887-5950 www.cbcvanguard.com
minutes north of the Kansas City International Airport on the Missouri River. It has access to I-29, a major north-south Interstate Highway providing a corridor between Mexico and Canada and US Hwy 36, which is the major east-west route thru Northern Missouri.
• The new Easttown Business Park
• Springfield unemployment rate
CONTACT
MARKET HIGHLIGHTS
among American cities for job growth and named in a top five nationwide for economic strength.
which serves civilian and military needs, is located 3 miles west of the city . It boasts two fully ILSequipped runways and provides capacity for any size aircraft.
CONTACT
Coldwell Banker Commercial General Properties 2700 N. Belt Hwy. • St Joseph is served by the Union St. Joseph, MO 64506 (816) 364-2700 Pacific Railway and the Burlington www.cbcommercialgeneral.com Northern-Santa Fe Railway to
• Springfield metro area ranks
9th in all metro area nationwide for job growth, a 4.4% increase over the last year with labor force numbers reaching over 223,500.
provide direct access to all parts of North America.
RETAIL
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
N/A
Vacancy
Vacancy
Absorption
Absorption
N/A
Absorption
Absorption
Rental Rates
Rental Rates
N/A
Rental Rates
Rental Rates
32
MT - Billings
NE - Lincoln
DEMOGRAPHICS
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Sanjel moved into Billings in CBSA
Billings, MT
• Gallup Poll shows Lincoln, NE as
2012.
CBSA
Lincoln, NE
• Vacancy is falling due to the Square Miles
strong demand created by jobs in Energy, Retail and Medical.
4,683
Square Miles
Households Household Income Average Employees (Total)
155,673
63,905
220,000 SF Scheels Sporting Goods Store scheduled to open in 2014. New Volkswagen dealership scheduled to open Spring of 2012.
Population
Households
permits were pulled for Retail improvements in the 2nd half of 2011.
69,806
299,958
126,751
has led to a stable residential market and increased demand for Multi-Family units.
• Energy and agricultural
Household Income Average
$68,288
Employees (Total)
142,514
industries are driving growth.
Unemployment
• Billings is the nearest
4.8%
• Pinnacle Bank Arena and the
expansion of Memorial Stadium have cranes busy in Lincoln.
• New businesses include: ULTA,
• Decrease in home construction $68,486
#2 on the “List of 10 Happiest Cities.”
• Over $38 million in building
1,414
• Announcement of a new Population
MARKET HIGHLIGHTS
Unemployment
commercial hub to the Bakken oil boom.
CONTACT
Cheddar’s, Vitamin Cottage, Pancheros, Topper’s Pizza, Cherry Berry and many more.
• The roadways near downtown
have been improved due to the Antelope Valley Project.
• Sam’s Club has broken ground
3.6%
on a 2nd location in South Lincoln.
CONTACT
Coldwell Banker Commercial The Brokers 1215 24th St. W. Suite 240 Billings, MT 59102 (406) 656-2001 www.cbcmontana.com
OFFICE
Coldwell Banker Commercial Thompson Realty Group 620 N. 48th St., Suite 101 Lincoln, NE 68504 (402) 421-7700 www.cbcthompson.com
RETAIL
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
N/A
Absorption
Absorption
Absorption
Absorption
N/A
Rental Rates
Rental Rates
Rental Rates
Rental Rates
N/A
33
NJ - Morris County
NJ - Northern
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Square Miles
Population
NY-Northern NJ-Long Island
MARKET HIGHLIGHTS • Leasing activity remains slow,
but several large build-to-suits are in progress.
CBSA
• Corporations remain reluctant
6,726
Square Miles
to make leasing commitments, despite depressed lease rates.
19,124,092
NY-Northern NJ-Long Island
Household Income Average Employees (Total)
Unemployment
7,086,346
$95,352
7,711,074
relocating to Newark.
• Multi-Family vacancy rates are
• Marriott Hotel broke ground in
• The pace of Multi-Family
Population
construction has increased.
19,124,092
downtown Newark.
• Downward slope in Residential
property values has lessened.
are achieving impressive sales prices due to demand and the availability of financing.
Households Household Income Average
• In general, this market is
shifting away from large corporate users toward smaller users as large corporations seek CBD locations.
Employees (Total)
• 50 of the Fortune 500
Unemployment
companies have operations in Morris County.
8.2%
• Panasonic North America HQ is
falling, and the demand for rentals is increasing.
6,726
• Stable Multi-Family properties Households
MARKET HIGHLIGHTS
CONTACT
7,086,346
• Uptick in Urban Transit Villages/
MXD Projects.
$95,352
7,711,074
• Garden State is becoming
more business-friendly (i.e. tax credits/EDA incentive programs).
8.2%
CONTACT
Coldwell Banker Commercial Feist & Feist Realty Corp. 1100 The American Rd. Morris Plains, NJ 07950 (973) 829-1900 www.feistandfeist.com
OFFICE
Coldwell Banker Commercial NRT - Livingston 2 E. Mount Pleasant Ave. Livingston, NJ 07039 (888) 829-0221 www.cbcnrtnewjersey.com
RETAIL
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
34
NM - Albuquerque Metro
NY - Albany (NY Capital Region)
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Square Miles
Albuquerque, NM
9,288
MARKET HIGHLIGHTS • Lowes announces new Customer
Support Center in Albuquerque - 60,000 SF, providing up to 600 new jobs.
CBSA
Square Miles
• Dick’s Sporting Goods is coming
Albany SchenectadyTroy, NY
2,817
Households
863,887
333,497
• Chipotle opens in northeast
Albuquerque. First of several locations planned for the market.
$65,279
Employees (Total)
313,234
Population
859,707
Households
358,803
more locations in the ABQ / Rio Rancho market. Plans for additional stores in Rio Rancho and Santa Fe.
Household Income Average
$73,105
Employees (Total)
351,131
• Multi-Family market has several Unemployment
new projects ready to break ground, including a 240 unit Apartment complex and a 225 unit Senior complex both on the west side of ABQ.
6.8%
Region restaurants to help exit Chapter 11 bankruptcy protection.
constructing a 500,000 SF NanoFab building for a coalition of companies including Global Foundries, IBM, Intel, Samsung and Taiwan Semiconductor Manufacturing Company.
• Trader Joes announces the
• Planet Fitness opens two
Household Income Average
• Friendly’s closed 11 Capital
• SUNY Nanotech campus
to northwest Albuquerque. First Dick’s in the market.
Population
MARKET HIGHLIGHTS
Unemployment
opening of its first store in the Albany market, taking over and renovating a former Office Max store.
• Butternut Beer Brewery to
acquire a 460,000 SF facility in Cobleskill for new operations center.
6.9%
• Multi-Family market continues
to dominate the real estate industry in the area with high demands and one of the lowest vacancy rates in the US at around 3%.
• Albuquerque Public Schools
CONTACT Coldwell Banker Commercial Las Colinas 4801 Lang Ave. N.E., Suite 100 Albuquerque, NM 87109 (505) 897-7227 www.lcrealty.com
OFFICE
is building a new elementary school, new high school and sports complex on west side, including a new 7,000 seat football stadium.
CONTACT Coldwell Banker Commercial • Prime Properties 621 Columbia St. Cohoes (ALBANY), NY 12047 (518) 785-9000 www.coldwellbankeralbany.com
RETAIL
OFFICE
Urban, Downtown Office space continues to be the weakest sector with blended vacancy rates climbing to 22.4%.
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
35
NY - New York
DEMOGRAPHICS CBSA
Square Miles
Population
Households Household Income Average Employees (Total)
Unemployment
NY-Northern NJ-Long Island
6,726
19,124,092
7,086,346
$95,352
7,711,074
NV - Reno / Sparks MSA
MARKET HIGHLIGHTS
DEMOGRAPHICS
• The New York City business
district Office market ended the fourth quarter 2011 with the vacancy rate of 8.5 percent. Net absorption for overall New York City office market was a positive 1,000,478 SF.
CBSA
Square Miles
space in Reno.
6,606
highest level since 2006.
• The average quoted asking
Population
rental rate for available space, all classes, was $47.34 per rentable SF; this represented a 2% increase in quoted rental rates from the end of the third quarter.
Households
420,676
164,527
• This market is experiencing
stabilization of base lease rates in Office and Industrial.
• Alexandria Apartments is 70%
• A few of the top Office lease
transactions for 2011 were Condé Nast publications for 1,046,260 SF; Nomura Securities International for 901,181 SF and Li & Fung for 482,399 SF.
complete.
Household Income Average
$79,751
Employees (Total)
208,488
Unemployment
• Apartment rates increased and
vacancy rates decreased for 9 straight quarters.
11.9%
CONTACT
Coldwell Banker Commercial Hunter Realty 1430 Broadway, 9th Floor New York, NY 10018 (212) 201-0260 www.cbchunterorg.com
OFFICE
comes to Sparks Marina.
• Industrial absorption is at the
vacancy ended the fourth quarter at 1.9%, with net absorption at 125,302 SF. Retail rental rates have trended down over the past 10 quarters.
CONTACT
• I-MAX Theaters and Lowes • Urban Outfitter completed new
• The New York City Retail
8.2%
Reno-Sparks, NV
MARKET HIGHLIGHTS
Coldwell Banker Commercial Clay & Associates 5011 Meadowood Mall Way, Suite 201 Reno, NV 89502 (775) 829-5900 www.cbcreno.com
RETAIL
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
N/A
Vacancy
Vacancy
Vacancy
Absorption
N/A
Absorption
Absorption
Absorption
Rental Rates
N/A
Rental Rates
Rental Rates
Rental Rates
36
NC - New Hanover County
NC - Outer Banks
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Wilmington, NC
MARKET HIGHLIGHTS
• The economy of the Outer
• Wells Fargo Advisors
consolidated offices to Mayfaire.
CBSA
Kill Devil Hills, NC
• Whole Foods begins Square Miles
construction on first store in Wilmington area.
1,924
Square Miles
384
• New 36,000 SF building begins Population
357,853
Households
151,270
Household Income Average
$65,863
Employees (Total)
126,764
construction and is 100% preleased.
Population
• Coldwell Banker Commercial
Sun Coast Partners’ Team Silivanch leads the market in Retail leasing.
• Retail rental rates have
stabilized and have had a slow turn upward over the last six months.
34,403
Households
14,352
Household Income Average
$76,503
outside of the market.
9.7%
Banks area of North Carolina continues to be reliant upon the tourist community and associated demand: accommodations and food service, retail trade, and real estate sales and rentals.
• Dare County building permit
values showed a 24% increase from 2010. Notable new commercial projects in 2011 included a 158,000 SF Lowes and two new regional banks: First Bank and Towne Bank of Currituck.
• Occupancy receipts for the
Employees (Total)
15,324
Unemployment
15.7%
• Investor interest is strong from Unemployment
MARKET HIGHLIGHTS
Outer Banks counties showed promising increases from 2010, even with the impact of Hurricane Earl just before Labor Day weekend.
• Retail receipts continued a
CONTACT
CONTACT
Coldwell Banker Commercial Sun Coast Partners, LLC 1430 Commonwealth Dr., Suite 102 Wilmington, NC 28403 (910) 350-1200 www.cbcsuncoast.com
OFFICE
Coldwell Banker Commercial Seaside Realty 4900 N. Croatan Hwy. Kitty Hawk, NC 27949 (252) 255-6596 www.cbcworldwide.com
RETAIL
OFFICE
modest decline in 2011. Retail and food and beverage receipts were severely impacted by Hurricane Earl in August and September.
• Sales of existing homes
continued to be flat, but steady. Buyers are taking advantage of the continued decline of median home prices, lower interest rates and the available inventory of resort and retirement homes.
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
N/A
Vacancy
Absorption
Absorption
Absorption
N/A
Absorption
Rental Rates
Rental Rates
Rental Rates
N/A
Rental Rates
37
NC - Research Triangle
NC - Winston-Salem
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Square Miles
Population
Households Household Income Average Employees (Total)
Raleigh-Cary, NC
MARKET HIGHLIGHTS • Vacancy fell from 16.18% to
15.64% across all property types.
CBSA
• There is a trend for Office and
2,116
Square Miles
Flex users wanting to buy space rather than lease.
1,143,659
452,721
$78,408
• Caterpillar is opening in 2012. • Class A Office remains strong.
Class B still suffers from a 22% vacancy rate.
1,462
• Two new community based
• Other than 2 hospital
Population
expansions, there has been no new construction.
487,010
hospitals are scheduled for construction starting in 2012.
• Eastern Beltway Loop timeline Households
• Downtown Raleigh remains
201,455
has been moved up.
• Major furniture manufacturers
the strongest submarket and Research Triangle Park has the highest vacancy.
• There are a few submarkets 441,442
WinstonSalem, NC
MARKET HIGHLIGHTS
reporting increases in Class A Office rents.
are looking at Davie County.
Household Income Average
$65,788
Employees (Total)
185,107
• Winston-Salem Downtown
Research Park to open new building for research and startups this spring.
• Multi-Family is the strongest Unemployment
investment category with Class A Apartments trading at sub 5 cap rates.
8.0%
Unemployment
9.1%
CONTACT
CONTACT
Coldwell Banker Commercial Triad, Realtors 285 S. Stratford Rd., Suite 351 Winston-Salem, NC 27103 (336) 761-5934 www.cbctriad.com
Coldwell Banker Commercial TradeMark Properties 1001 Wade Ave., Suite 300 Raleigh, NC 27605 (919) 782-5552 www.cbctmp.com
OFFICE
OFFICE
RETAIL
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
INDUSTRIAL
MULTI-FAMILY
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
38
ND - Fargo / Moorhead
OR - Portland
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Square Miles
Fargo, NDMN
2,810
MARKET HIGHLIGHTS • Western North Dakota’s oil
patch has boosted the Fargo/ Moorhead market, as well as the state of North Dakota’s economy.
CBSA
Square Miles
• Agriculture in the Red River Population
202,280
Portland VancouverBeaverton, OR-WA
MARKET HIGHLIGHTS • Commercial vacancy within each
sector decreased in the 4th Qtr 2011. Industrial vacancy lowered to 8% while Retail showed a slight improvement to 5.4%. Office remains in double digits at 10.4%.
6,684
Valley has been strong and commodity prices remain high.
• In 2011, Wilsonville Old Town Population
Square, which is now 94% occupied, delivered 250,000 SF including a 145,000 SF space for Fred Meyer.
2,261,246
• Sanford Health unveiled plans Households
for a 300-bed, state-of-the-art, new hospital that will employ 2,700.
86,119
Household Income Average
$67,293
Employees (Total)
105,993
Households
• Microsoft’s Fargo campus
continues to expand in the market due to the educated workforce. break ground in 2014, which shall spur development along I-29 in Fargo.
3.7%
• In the Office sector, Cap Rates
Household Income Average
$73,445
Employees (Total)
952,611
Unemployment
• Georgia-Pacific, LLC relocated
the Multi-Family sector had a 4.3% vacancy rate, spurring investors to build more apartments.
from Marine Drive Center to a larger 275,000 SF facility at the I-5 Logistics Center in Wilsonville.
CONTACT Coldwell Banker Commercial Mountain West Real Estate, LLC • 2545 SW Spring Street, Suite 200 Portland, OR 97219 (503) 227-2934 www.cbcre.com
Coldwell Banker Commercial First Realty 2731 12th Ave. S. Fargo, ND 58103 (701) 237-3369 www.cbcworldwide.com
OFFICE
underway at the end of 2011 include a fully pre-leased 135,000 SF FBI Building and a 98% preleased Meier & Frank Building consisting of 133,000 SF.
8.1%
• In the fourth quarter of 2011,
CONTACT
increased in 2011, averaging 8.2% compared to the same period in 2010 when they averaged 7.78%.
• Two of the largest Office projects
• Costco announced plans to Unemployment
878,239
OFFICE
RETAIL
Portland’s increasingly tight Multi-Family market has motivated developers to start building especially targeting areas closer to the city’s core with high demand and mass transit capabilities.
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
INDUSTRIAL
MULTI-FAMILY
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
39
OR - Salem
PA - Central
DEMOGRAPHICS
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Approximately 70 transactions CBSA
Square Miles
Salem, OR
1,925
in the major commercial sectors occurred in 2011, totaling nearly $136 million in the Salem-Keizer market.
CBSA
York-Hanover, PA
399,131
Households
148,354
Household Income Average
$61,094
Employees (Total)
119,269
Square Miles
904
with no large swings finishing the year with 6.8% in Office, 6% in Retail and 8.6% in Industrial/ Flex.
• The largest commercial sales
in the area were Multi-Family complexes, with the exception of Capitol City Business Center that was purchased by Government Properties Income Trust.
Population
430,707
Households
169,750
Household Income Average
$65,260
Employees (Total)
168,402
• Average marketing times Unemployment
ranged from 19 months to over 24 months.
9.2%
Manchester Crossroads.
Pennsylvania market, vacancy has begun to fall. The one exception would be the Harrisburg Office market, but it has been speculated that too should begin to see improvement in the second quarter of 2012.
• As with the rest of the country, it
is less expensive to buy existing buildings rather than build. Changes are on the horizon as developers are looking for sites. A new shopping center in Lancaster was announced and more are on the way.
• The residential market is beginning Unemployment
to see activity. Prices are expected to stabilize in the second quarter throughout central Pennsylvania.
7.1%
• Cap rates increased
approximately one percent from 7.4% in 4Q 2010 to 8.6% at the end of 4Q 2011.
• The area is ready for expansion in
all areas.
CONTACT
CONTACT
Coldwell Banker Commercial Mountain West Real Estate, LLC 960 Liberty St. S.E., Suite 250 Salem, OR 97302 (503) 588-3508 www.cbcre.com
OFFICE
• Home Goods moved into the • Throughout the central
• Vacancy rates remained stable Population
MARKET HIGHLIGHTS
• Tourism is big business in central
Coldwell Banker Commercial Bennett Williams 110 N. George St., 4th Floor York, PA 17401 (717) 843-5555 www.bennettwilliams.com
RETAIL
OFFICE
Pennsylvania. Hershey has its amusement park. Dauphin County is the state capital. Both Lancaster and York were, at one time, capitols of the United States. Reading, (Berks County), is known as the outlet capitol of the world.
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
40
PA - Northeastern
DEMOGRAPHICS CBSA
Square Miles
ScrantonWilkes-Barre, PA
1,747
PA - Southwestern
MARKET HIGHLIGHTS
DEMOGRAPHICS
• The market has seen increased
activity due to Marcellus Shale Industry (Wyoming, Susquehanna, Pike & Wayne counties).
CBSA
Square Miles
Pittsburgh, PA
Households
549,920
College (TCMC) is still in the initial stages of development in Scranton.
Population
• There is increased activity 233,775
around Mohegan Sun Casino.
• Stable local real estate
Household Income Average
$58,775
Employees (Total)
245,015
economy; median home prices falling slightly.
• Revitalization of downtown
companies are moving into the area. Warehouses, Flex-Space are being sold and/or leased to drilling companies.
2,355,582
Households
991,049
Household Income Average
$69,762
Employees (Total)
Scranton is taking place.
• Marcellus Shale related
• Industrial buildings,
5,280
• The Commonwealth Medical Population
MARKET HIGHLIGHTS
• The occupancy rate for Office
space in the area is higher than the national average, and the vacancy rate is lower than the national average.
1,064,896
• Residential foreclosures have Unemployment
created a slight demand for more lease opportunities.
8.5%
Unemployment
6.6%
• New movie theatre in
CONTACT Coldwell Banker Commercial Town & Country 651 Northern Blvd. Clarks Summit, PA 18411 (570) 587-5500 www.cbcworldwide.com
OFFICE
downtown Wilkes-Barre has rejuvenated the area and the $25 million Intermodal Transportation Center will add 752 parking spots, making the businesses along Public Square more accessible to patrons.
CONTACT Coldwell Banker Commercial NRT - Pittsburgh 9600 Perry Hwy., Suite 200 Pittsburgh, PA 15237 (412) 548-1064 www.cbcworldwide.com
RETAIL
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
41
SC - Charleston
DEMOGRAPHICS CBSA
Square Miles
CharlestonNorth Charleston, SC
SC - Columbia
MARKET HIGHLIGHTS
DEMOGRAPHICS
• TIG HITCO, an aviation supplier,
took 150,000 SF.
CBSA
• Pent up demand has caused the
absorption of vacant space and there has been no new major developments.
2,591
Square Miles
• There is new construction in Population
Population
Medical buildings.
665,272
are stabilizing and there is new growth in homes under $300,000.
262,007
Household Income Average
$72,395
• There is an increase in overall
Employees (Total)
253,170
• Boeing settled NLRB labor
Unemployment
demand with good financing terms helping sales.
dispute and will deliver it’s first Charleston 787 in the Spring to Air India.
7.9%
• Amazon opened a 1,253,748 SF
distribution facility in 4Q 2011 that is 100% occupied.
• Aside from Amazon, there was
3,701
751,082
very little new construction delivered in 2011. Retail led the way with a 4th quarter total of 389,889 SF.
• 8 out of 10 (80%) residential
• In the residential market, sales Households
Columbia, SC
MARKET HIGHLIGHTS
Households
300,796
Household Income Average
$67,472
Employees (Total)
287,817
Unemployment
CONTACT
builders in 2008 are out of business.
• Columbia is home to Ft. Jackson,
the University of South Carolina and the State Capital.
8.0%
CONTACT
Coldwell Banker Commercial Atlantic International, Inc. 3506 W. Montague Ave., Suite 200 North Charleston, SC 29418 (843) 744-9877 www.cbcatlantic.com
OFFICE
Coldwell Banker Commercial United, Realtors 1711 Gervais St., Suite 300 Columbia, SC 29201 (803) 799-4663 www.cbccarolinas.com
RETAIL
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
N/A
Absorption
Absorption
Absorption
Absorption
N/A
Rental Rates
Rental Rates
Rental Rates
Rental Rates
N/A
42
SC - Greenville / Spartanburg
SC - Myrtle Beach
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Square Miles
Population
Households
GreenvilleMauldin Easley, SC
2,002
• Amazon announced a $50 million
investment for a 1 million SF fulfillment center, creating up to 800 new jobs.
CBSA
• 175,000 SF Class A Office
644,419
263,044
Square Miles
development on Greenville’s Main St. will include: Haynsworth Law firm and the headquarters for newcomer Certus Bank. Additional downtown construction includes 90,000 SF Mixed-Use development.
MARKET HIGHLIGHTS
Myrtle BeachConwayNorth Myrtle Beach, SC
$64,851
Employees (Total)
288,021
8.2%
• New Target superstore with
PetSmart at Rt 17 and Rt 554.
• This area is experiencing a slow
down in the economy and high unemployment.
1,134
• Ross and hhgregg have recently
built in the market.
Population
Households
266,384
• The market is seeing continued
decline in values and working through foreclosed inventory.
110,858
• There is little new construction
• Educational and Research
Household Income Average
Unemployment
MARKET HIGHLIGHTS
initiatives abound in support of demand for trained workers. Greenville is now home to Clemson MBA Program in addition to Clemson University International Center for Automotive Research, (CU;ICAR), Greenville Tech., ITT, and ECPI. Recent announcements also from USC and MUSC.
in Residential and Multi-Family.
Household Income Average
$54,792
Employees (Total)
112,291
• Coastal Carolina University
hires new football coach which may lead to growth in student enrollment.
• Retail sales and Resort tourism Unemployment
remain strong and steady.
11.6%
• TD Bank completed acquisition of
South Financial and announced regional operational center with accompanying job growth. BMW will have another expansion with BMW supplier ZF announcing a 950,000 SF manufacturing facility.
CONTACT
CONTACT
Coldwell Banker Commercial Caine 117 Williams Street Greenville, SC 29601 (864) 250-2800 • Seven new Apartment downtown www.cbccaine.com
Coldwell Banker Commercial Chicora 10225 N. Kings Hwy. Myrtle Beach, SC 29572 (843) 272-8700 www.cbcommercialchicora.com
and suburban projects are scheduled, totaling 1,200 units.
OFFICE
RETAIL
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
43
SC - Sumter
TN - Chattanooga / North GA
DEMOGRAPHICS
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Continental Tire announces CBSA
Square Miles
Sumter, SC
665
Population
104,624
Households
39,583
Household Income Average
$57,912
$500M tire manufacturing facility in Sumter, the largest Industrial investment ever made in the county. 10-year economic impact is projected to be $1.82 Billion and nearly 6,000 new jobs.
CBSA
Square Miles
33,348
Unemployment
10.3%
2,089
relocation from Fort McPherson in Atlanta to Shaw Air Force Base in Sumter is nearly complete as troops occupied the new $100M facility late last year. 1,400 new military personnel and their families will be a huge boost to the Sumter market this year. Qtr 2012. The Hong Kong based candy company’s $6M investment is their first North American facility and will generate 120 new jobs over the next 5 years.
Population
526,490
Households
211,265
Household Income Average
$62,455
Employees (Total)
208,265
Unemployment
7.3%
construction on a fully integrated polysilicon production site which will create 650 permanent jobs and invest $1.5 billion. centers, creating over 1,300 new jobs and $135 million in investment to the area. With 3 facilities in Tennessee, Amazon has created 3,300 jobs and more than $270 million in investment in the state.
• Whirlpool replaced an existing
100-year old manufacturing plant with a new LEED-certified facility. The new facility will add 130 new jobs at an investment of $120 million.
• Residential rental market is
booming in the area.
• Multi-Family sector continues
to be underserved and ripe for development. Vacancy rates remain low and several MultiFamily properties have waiting lists.
CONTACT
• Wacker Chemie AG began
• Amazon opened two fulfillment
• Third Army Headquarters
• Au’some Candy opens plant in 1st
Employees (Total)
Chattanooga, TN-GA
MARKET HIGHLIGHTS
• Volkswagen continues to
expand their workforce by adding 300 new jobs this year.
CONTACT
Coldwell Banker Commercial Cornerstone • Overall sales and leasing activity 38 N. Main St. Sumter, SC 29150 is up in the first quarter after a (803) 778-1139 slow 2011. Steady improvement www.cbccornerstone.com is expected throughout 2012
Coldwell Banker Commercial Hamilton & Associates 2650 Peerless Rd. N.W. Cleveland, TN 37312 (423) 476-5535 www.hamiltoncommercial.com
based on Industrial and military job creation.
OFFICE
RETAIL
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
44
TN - Knoxville / East Tennessee
TX - Austin
DEMOGRAPHICS
DEMOGRAPHICS
MARKET HIGHLIGHTS • Costco has purchased 21 acres
CBSA
Square Miles
Knoxville, TN
in West Knoxville (Farragut) for $5,500,000.
CBSA
• Vacancy rates seem to have
1,857
Square Miles
stabilized in all sectors as the economy starts to improve.
Population
702,994
Households
297,456
Austin-Round Rock, TX
4,224
$64,861
Employees (Total)
307,125
Unemployment
• A Publix/Wal-Mart development
Population
has been announced on a site next to the campus of the University of Tennessee.
Households
1,730,983
665,762
• Retail development seems
Household Income Average
$74,027
Employees (Total)
622,577
community, located just one block from the University of Texas, was acquired in December 2011 for $86.2 million.
Unemployment
increasing its footing in stable territory. Absorption improved significantly with 465,975 SF in the fourth quarter 2011.
• Fourth quarter 2011 marked ten
quarters in a row of positive net absorption for Austin’s Office leasing market, ending the fourth quarter with 275,900 SF of positive net absorption.
6.3%
• Knoxville has been ranked 9th
in Forbes’ 2011 “Best Cities for Jobs.”
• Forecasted job growth in
CONTACT
2012 leads to expectations of plunging Apartment vacancies and rising rental rates.
CONTACT
Coldwell Banker Commercial Wallace & Wallace, Realtors 124 N. Winston Rd. Knoxville, TN 37919 (865) 690-1111 www.cbcww.com
OFFICE
three buildings, totaling approximately 508,112 SF, in two separate transactions for approximately $95 million.
• The Industrial market is
declining but seems to be stabilizing. Number of units sold and volume is down, but not as sharply as a year ago. to be the strongest segment with at least 5 developments already underway or recently announced.
6.4%
• A pair of buyers acquired
• A 1,026-bed student housing
• The residential market is still Household Income Average
MARKET HIGHLIGHTS
Coldwell Banker Commercial United, Realtors 2121 Sage Rd., Suite 150 Houston, TX 77056 (713) 840-5000 www.cbcunitedrealtors.com
RETAIL
OFFICE
• Another residential tower is
planned for downtown Austin. The 23-story, 320-unit complex will include “significant” Retail space.
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
45
TX - Bryan / College Station
TX - Central
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Square Miles
HoustonSugar LandBaytown, TX
8,928
MARKET HIGHLIGHTS • Multi-Family remains strong
with recent projects including Campus View, a 1,600-bed project; Cottage Homes, an Aspen Heights Project; and an addition to the Calloway Villas.
CBSA
Square Miles
San Antonio, TX
5,937,339
Households
2,084,052
Household Income Average Employees (Total)
$87,941
2,246,860
• Domestic immigration
continues to increase, and legal immigration from Mexico remains robust. Texas and San Antonio continue to lead the nation in new job creation.
7,340
• Hotel redevelopment is also Population
MARKET HIGHLIGHTS
• The market is seeing continue
very strong in the BryanCollege Station market. Four Seasons purchased the former Holiday Inn; the Former Plaza Hotel has been purchased and planned Mixed-Use development, including student housing and Retail, is expected; and the former Aggieland Inn is under contract.
Population
• New Retail development is
absorption of existing space in all disciplines.
2,093,608
Households
749,986
Household Income Average
$69,352
Employees (Total)
730,244
• Very limited new construction
projects, due to lack of available credit.
• Residential market remains
stable with a 3% annual rise in new home sales. Home prices remain stable to slightly increasing, and new home inventory is well managed and remains at about a 6 month inventory.
strong along the Greensprairie Corridor.
Unemployment
Unemployment
• Scott & White Hospital, a
5.5%
6.8%
• Leasing activity has become
100-bed facility, is under construction and planned for 2013 opening.
more robust, while acquisitions remain slow.
CONTACT
• Federal spending remains active
CONTACT
Coldwell Banker Commercial United, Realtors 2121 Sage Rd., Suite 150 Houston, TX 77056 (713) 840-5000 www.cbcunitedrealtors.com
OFFICE
Coldwell Banker Commercial Alamo City 18756 Stone Oak Pkwy, Suite 202 San Antonio, TX 78258 (210) 483-6250 www.cbcalamo.com
RETAIL
OFFICE
in the San Antonio area. Benefits range from Military retirees locating here as well as new projects nearing completion, such as the National Security Agency. A recent Oil & Gas development in adjacent counties has brought Oilfield Companies such as Halliburton.
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
46
TX - East
TX - Houston
DEMOGRAPHICS
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Weatherford combined 5 of CBSA
Longview, TX
their operations under 1 roof.
CBSA
• There has been steady interest Square Miles
in the market due to oil/gas activity in the region.
1,785
Square Miles
HoustonSugar LandBaytown, TX
8,928
• Office/Warehouse demand is Population
208,154
81,170
Population
5,937,339
Households
2,084,052
over prior year.
• Absorption of existing Office/ Household Income Average Employees (Total)
Unemployment
Retail is improving.
$65,286
79,368
Household Income Average
• This area has relatively low
unemployment compared to many other areas.
Employees (Total)
5.9%
Unemployment
CONTACT
$87,941
2,246,860
metropolitan region to regain all the jobs it lost in the recession, adding about 76,000 jobs last year, according to the Texas Workforce Commission.
Coldwell Banker Commercial Lenhart Properties 304 E. Loop 281, Suite C Longview, TX 75605 (903) 297-1444 www.cbcworldwide.com
• Multi-Family continues to be
attractive to investors: Mosaic Residential Inc. purchased the 274-unit Westborough Crossing Multi-Family complex in Katy for $12.9 million. ranked Houston #1 in the world in terms of cost of living advantage and purchasing power.
• Oil prices continued their
Coldwell Banker Commercial United, Realtors 2121 Sage Rd., Suite 150 Houston, TX 77056 (713) 840-5000 www.cbcunitedrealtors.com
RETAIL
lease for 804,491 SF in One Shell Plaza and 471,934 SF in Two Shell Plaza, a combined 1.22 million SF of Office space, the largest Office lease transaction in the world in 2011.
• A study released by PWC
5.5%
CONTACT
OFFICE
• Houston is the first major
• Shell has renewed a 15-year
still positive.
• Residential activity increased Households
MARKET HIGHLIGHTS
OFFICE
upward movement, reaching $95-$100/barrel.
• Houston named “City of
the Year” by Fast Company because of small business and entrepreneurial attraction.
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
47
TX - Lubbock
TX - Victoria County
DEMOGRAPHICS
MARKET HIGHLIGHTS
DEMOGRAPHICS
• The Lubbock Economic Index CBSA
Square Miles
Lubbock, TX
1,799
• Burk’s Outlet, Shoe Dept.,
finished the year on an upward trend, increasing for each of the last three months, and five of the last seven months.
CBSA
Square Miles
Victoria, TX
Households
279,239
111,087
draw people to the area.
• 244-unit market rent Apartment
solid in the 4th quarter of 2011, with inflation-adjusted taxable Retail spending per Lubbock sales tax receipts in the 4th quarter up 6.5% compared to the fourth quarter 2010.
Population
$57,245
Employees (Total)
101,281
115,980
complex was constructed.
• There is less than six months in Households
41,805
housing inventory in the market.
• Housing demand increases
• There was no employment
Household Income Average
Encore and Pier One Imports open for business.
• Eagle Ford Shale and Caterpillar
2,248
• Real spending in Lubbock was Population
MARKET HIGHLIGHTS
Household Income Average
sector that lost jobs in 2011; even the government sector grew by nearly 2% year-overyear.
Employees (Total)
$66,662
while inventory decreases and new home construction is lagging behind demand..
41,963
• The December 2011 Unemployment
unemployment for the South Plains was 5.5 percent, with the Lubbock unemployment rate at 5.3 percent.
5.3%
Unemployment
5.8%
• Lubbock will start off 2012
CONTACT Coldwell Banker Commercial Rick Canup, Realtors 4924 S. Loop 289 Lubbock, TX 79414 (806) 793-0888 www.cbclubbock.com
OFFICE
with a $4.1 million sales tax distribution payment. That figure is 6.2 percent higher than the $3.8 million the city received in January 2010.
CONTACT Coldwell Banker Commercial The Ron Brown Company 2505 N. Navarro St. Victoria, TX 77901 (361) 573-6191 www.cbcworldwide.com
• Texas Tech has completed the
$70 million, 150,000 SF Jerry Rawls College of Business building for the Spring semester.
RETAIL
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
48
UT - Salt Lake City
DEMOGRAPHICS CBSA
Square Miles
Salt Lake City, UT
9,539
VA - Lynchburg
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Adobe, Goldman Sachs, EMC,
Microsoft, eBay, Crate & Barrel, North Face and Marshall’s have entered the market.
CBSA
Square Miles
• Utah has one of the lowest
Lynchburg, VA
2,124
1,140,107
Households
376,706
Household Income Average
$82,120
Employees (Total)
567,447
Population
• City Creek, the impressive
downtown Salt Lake City redevelopment project with the LDS Church and Taubman Company is scheduled to open March 2012.
248,585
• For the second year straight,
Forbes Magazine has listed Utah as “the Best State in the Country for Business and Careers.”
Households
100,680
Household Income Average
$58,652
Employees (Total)
Unemployment
Coldwell Banker Commercial NRT - Salt Lake City 6550 S. Millrock Dr., Suite 200 Salt Lake City, UT 84121 (801) 947-8300 www.coldwellutah.com
OFFICE
creeping up and new additions/ alterations are remaining steady.
• Developers are taking
96,796
advantage of the various tax credits, and therefore many adaptive, re-use projects are taking place in the downtown market. Multi-Family developments more now than in the past when CRE was the main focus.
6.5%
• This area is becoming more
• Vacancy rates overall are
CONTACT
slowly fall due to several smaller tenants branching out to the Central VA area.
• Investors are starting to favor
environment, a significant number of building projects launched in Utah’s Office market. Speculative development is back.
5.4%
to larger tenants due mostly in part to the steady economy in this area.
• New construction is slowly
• In spite of a difficult lending Unemployment
• Lynchburg continues to hold on
• Vacancy rates are continuing to
corporate tax rates in the country.
Population
MARKET HIGHLIGHTS
CONTACT
decreasing. Net absorption is up and lease rates remain the same but are a lagging market indicator.
Coldwell Banker Commercial Read & Co. 2508 Langhorne Rd. Lynchburg, VA 24501 (434) 455-2285 www.cbcread.com
RETAIL
OFFICE
attractive to outside developers/ investors mostly due in part to the various incentives the city offers to revamp the downtown market.
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
49
WA - Clark County
DEMOGRAPHICS CBSA
Square Miles
Population
Portland VancouverBeaverton, OR-WA
6,684
2,261,246
WA - King County
MARKET HIGHLIGHTS
DEMOGRAPHICS
• The Columbia River Crossing - the
new I-5 Bridge (which is in the final planning stage) - will connect Vancouver, WA with neighboring Portland, OR. It is anticipated that the new bridge will boost the regional economy and directly benefit the Clark County business community through improved freight mobility.
CBSA
Square Miles
Population
Seattle Tacoma Bellevue, WA
Household Income Average Employees (Total)
Unemployment
878,239
$73,445
952,611
3,433,786
• Residential prices fell in 2011,
and sales continue to improve.
University Vancouver will open the new Engineering and Computer Science Center – a $43.5 million, 56,000 SF building.
Households Household Income Average
• Apartments continue to be a hot
sector in the investment market. Cap rates remain strong in favor of sellers in the 6+% range. Low interest loans in the 4+% range are spurring sales.
Employees (Total)
Unemployment
Commercial Land on major arterials is selling at 70% of its 2008 peak value, with residential Land selling at 50% of its 2008 peak value.
CONTACT
Office and Industrial properties are picking up. very strong. Rental rates are predicted to increase for the next 3-5 years.
1,373,207
$86,419
• Boeing and other companies are
experiencing a once in a lifetime market. Companies are building or moving into larger facilities.
• King County is bordered by 1,502,591
7.2%
• It’s a buyer’s market for Land.
9.2%
• Overall sales and leasing of
• The Multi-Family sector is still
5,894
• In Spring 2012, Washington State Households
MARKET HIGHLIGHTS
the Puget Sound to the West and the Cascade Mountains to the East. People can do many different activities such as fishing, skiing, bicycling within an hour of where they live. King County is one of the best places to live and work in the U.S.
CONTACT
Coldwell Banker Commercial Jenkins-Bernhardt Associates • The Columbia River Economic Development Council recently 1500 D St. Vancouver, WA 98663 released a 20 year plan call for (360) 699-4494 establishing Clark County as a www.cbcworldwidenw.com regional center of growth and
Coldwell Banker Commercial Danforth & Associates 33313 First Way S. Federal Way, WA 98003 (253) 874-3200 www.cbcdanforth.com
innovation in the information technology sector.
OFFICE
RETAIL
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
50
WA - South Puget Sound
WA - Tacoma
DEMOGRAPHICS
DEMOGRAPHICS
MARKET HIGHLIGHTS • In Retail, WinCo Foods and Trader
CBSA
Square Miles
Population
Joe’s have experienced good success moving into the market. REI launch proved very successful, as well. The Office sector is still undergoing a correction as the state of Washington consolidates operations.
Olympia, WA
727
CBSA
Square Miles
253,654
• Multi-Family stats are up Households Household Income Average Employees (Total)
significantly as the rental market continues to improve as a result of foreclosures and short sales, which account for 31% of the residential sales in this market.
100,414
$74,489
3,433,786
Households
1,373,207
to climb as contraction in the construction markets continues.
Employees (Total)
been foreclosed by creditors and are being marketed now. The Gateway project in Lacey, anchored by retailer Cabela’s, is a 200+ acre Mixed-Use development that is receiving strong interest from developers. Prices on land, however, continue to soften.
7.9%
CONTACT Coldwell Banker Commercial • Evergreen Olympic Realty, Inc. 3333 Capitol Blvd. S. Olympia, WA 98501 (360) 352-7651 www.cbcworldwide.com
OFFICE
centers include Amazon and Brooks of 500k SF each.
WAMU building in downtown Seattle, pulling the largest private employer out of Tacoma. This is creating opportunities for new tenants to occupy Class A space in Tacoma that was previously unavailable.
• Multicare, Franciscans and $86,419
Unemployment
boxes currently is a focus, with build-to-suits almost exclusively relying on sit-down food and bank pads.
• Boeing has over 7 years backlog
Coldwell Banker Commercial Offenbecher 101 S. Meridian Puyallup, WA 98371 (253) 840-5574 www.offenbecher.com
RETAIL
Union Seattle has over 1M SF of preleased Office.
• In Retail, re-tenanting big 9.1%
CONTACT
The Residential markets are beginning to pick up. After reaching a bottom last winter, sales picked up steam as the year went on. Around the Sound, 2011 sales were up more than 7% over 2010.
Group Health are all building aggressively to meet changing needs in healthcare.
• Vulcan project in South Lake 1,502,591
• Some notable properties have Unemployment
• New Warehouse distribution
• Russell Company purchased the
5,894
Population
Household Income Average
• Industrial vacancies continue
68,733
Seattle Tacoma Bellevue, WA
MARKET HIGHLIGHTS
OFFICE
on its books, so aerospace manufacturing/supply is in the rise.
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
51
-
WI - Madison
INTERNATIONAL MARKETS
DEMOGRAPHICS
DEMOGRAPHICS
MARKET HIGHLIGHTS
•
• Madison is Wisconsin’s state CBSA
Madison, WI
CBSA
capitol.
• Amazon.com leased 205,000 Square Miles
SF as the largest Office lease in 2011.
2,738
574,245
Households
242,725
Population
overall in the Madison area primarily because of bio-tech industry growth.
Households
• The area has an abundance
of highly skilled labor for manufacturing companies.
Household Income Average
$79,455
Employees (Total)
281,044
•
Square Miles
• Office vacancy is decreasing Population
MARKET HIGHLIGHTS
Household Income Average
• There is large scale construction
at the University of Wisconsin, plus bio-tech companies in Madison and suburbs.
Employees (Total)
• Residential market remains Unemployment
fairly solid, with low rental vacancy rates and median sales prices slowly increasing.
4.7%
Unemployment
• Madison area is supported with
excellent school systems.
CONTACT
CONTACT
• There are also many housing
Coldwell Banker Commercial Success 7609 Elmwood Ave., Suite 102 Middleton, WI 53562 (608) 662-1110 www.cbcsuccess.com
OFFICE
options for company executives.
,
OFFICE
RETAIL
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
INDUSTRIAL
MULTI-FAMILY
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
52
Bermuda
Canada - Ontario (Eastern)
DEMOGRAPHICS
MARKET HIGHLIGHTS
DEMOGRAPHICS
• 141 Front Street, a showcase CBSA
Square Miles
Bermuda
21
building in the City of Hamilton, completed in September 2010, has been a huge success with 75% occupancy.
CBSA
Square Miles
Belleville, Brighton, Quinte West 372.14 m2
• Vacancy level in secondary Population
Households Household Income Average Employees (Total)
Unemployment
64,237
$67,183 USD
Population
6.0%
• Industrial vacancy rates remain
relatively low based on little or no new construction in the last 3-5 years.
103,468
area.
• The Residential sector is stable.
SF of premier waterfront property in Hamilton, is on track with completion expected in 2013; 40% is already preleased.
Households Household Income Average
• Residential data for 2011 (gov’t 39,457
• Kellogg’s leased 400,000 SF.
• Little new construction in the
space has increased due to high level of new space on the market at affordable prices.
• Waterloo House, approx 20,000
34,110
MARKET HIGHLIGHTS
records) is incomplete, but it is expected that 2011 sales totals will be similar to 2010 with average price of property lower.
• Slowly, more people are looking
45,214
• Vacant Land is starting to sell,
$52,803 USD
• This region is close to the US
Employees (Total)
48,760
Unemployment
6.33%
based on the possibility of new construction. markets and central to Ontario with a stable and affordable housing market.
to purchase in this market but with longer transaction times.
• As an island destination,
CONTACT Coldwell Banker Commercial Bermuda Realty 11 Par la Ville Rd. Hamilton, Bermuda HM HX (441) 292-1793 www.bermudacommercial.com
OFFICE
foreigners often look to purchase in Bermuda. It is expected that government will soon relax purchasing requirements for foreigners.
CONTACT Coldwell Banker Commercial Ekort Realty 100 Bell Blvd., Suite 200 Belleville, ON K8P 4Y7 (613) 969-9901
RETAIL
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
N/A
Vacancy
Vacancy
Absorption
Absorption
N/A
Absorption
Absorption
Rental Rates
Rental Rates
N/A
Rental Rates
Rental Rates
53
Canada - Greater Toronto Area
Canada - Waterloo Region
DEMOGRAPHICS
DEMOGRAPHICS
MARKET HIGHLIGHTS • Industrial vacancy continues
CBSA
Square Miles
Toronto, CA
2,279
decline to approximately 7% with inventory of 800,000,000 SF.
CBSA
Square Miles
• Little new Industrial product has
Kitchener, ON (Waterloo Region)
MARKET HIGHLIGHTS • Business changes at Research
in Motion affect the local Office market, but substantial growth at Google, Desire to Learn and many other technology companies help offset the impacts. 300 new tech companies founded in 2011 and 450 startup jobs created.
528
been built in recent years.
Population
Households Household Income Average Employees (Total)
Unemployment
5,583,064
• Office market is doing
Population
reasonably well.
543,700
• Waterloo Region Council
1,800,000
Households Household Income Average
$63,500 USD
2,919,410
Employees (Total)
7.2%
Unemployment
approved a new Light Rail Transit system, with an estimated cost of $818 million dollars.
194,890
$65,522 USD
• Construction includes: a new
$103 million dollar business school at Wilfrid Laurier University, a new $74.3 million dollar campus for Conestoga College and three new buildings at the University of Waterloo totaling $88.3 million.
282,300
6.4%
• The Stephen Hawking Wing
CONTACT
of the Perimeter Institute for Theoretical Physics and the new Balsillie School of International Affairs have opened.
CONTACT
Coldwell Banker Commercial Integrity Real Estate, Brokerage 1384A Cornwall Rd. Oakville, ON L6J 7W5 (905) 338-8877 www.cbci.ca
OFFICE
Coldwell Banker Commercial • Peter Benninger Realty, Brokerage 508 Riverbend Dr. Kitchener, ON N2K 3S2 • (519) 743-5211 www.coldwellbankercommercial.ca
RETAIL
OFFICE
Toyota built 458,000 vehicles at its two local plants. New Retailers such as Lowe’s, Wal-Mart and Empire Theatres open at The Boardwalk, a new 1,000,000 SF Office and Retail complex.
RETAIL
Vacancy
Vacancy
N/A
Vacancy
Vacancy
N/A
Absorption
Absorption
N/A
Absorption
Absorption
N/A
Rental Rates
Rental Rates
N/A
Rental Rates
Rental Rates
N/A
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
N/A
Vacancy
Vacancy
Absorption
Absorption
N/A
Absorption
Absorption
N/A
Rental Rates
Rental Rates
N/A
Rental Rates
Rental Rates
54
Czech Republic
DEMOGRAPHICS CBSA
Czech Republic
France
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Siemens, Holesovice is a major
• One very important and
Office development in the region.
CBSA
30,450
• European financial situation
Population
10,500,000
• Retail Centre Krakov, consisting
Households
2,500,000
• Residential market has been
Households
• Some exposure to European
Household Income Average
Square Miles
Square Miles
reducing foreign direct investment.
France
260,558
Employees (Total)
$32,000 USD
N/A
of 29,000 m2, was recently constructed.
63,100
23,008,000
financial crisis but domestic companies are competitive and have good market share.
€56,064
gives good access to high value markets such as Germany, Austria and the Czech Republic.
6.5%
Unemployment
CONTACT
26,053
9.3%
Coldwell Banker Commercial Top Czech Partners Commercial s.r.o. Podebradska 88/55 Prague, Czech Republic 190 00 +420 222 329 004 www.cbcommercial.cz
Coldwell Banker Commercial France & Monaco 8 rue Lamennais Paris, N/A 75008 +33 1 83535353
RETAIL
in France continued to climb, going up by 6.5%. The price increase in 2010 was essentially linked to the decrease in lending rates and the low level of supply while demand remained high. According to developers, construction costs are expected to increase.
• Market for new housing: the
CONTACT
OFFICE
will continue to have a hard time budgeting, the financial situation of retailers will be under pressure. This will make retailers cautious and very selective when choosing sites, leading to long and complex real estate negotiations.
• The average price of new flats Employees (Total)
• This location in Central Europe Unemployment
re-occurring trend is the preference for town-centre sites, but retailers will have to deal with the supply shortage and the high level of rents.
• Seeing that the population Population
stagnant in 2011.
Household Income Average
MARKET HIGHLIGHTS
OFFICE
large share of investors were hit by changes in the tax regime and the elimination of certain incentives. Many investors sold their Apartments because of this new law. Prices continue to rise in Paris; and in regional markets, prices have tended to stabilize.
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
55
Greece
Ireland
DEMOGRAPHICS
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Greek market is open to CBSA
Square Miles
Greece
50,949
• Twitter set up its European
investments and legislation is being simplified in order to favor investors and big construction projects.
CBSA
10,787,690
Households
3,664,392
headquarters in Dublin.
Ireland
• Vacancy rates are rising as Square Miles
Nama is releasing more and more property on the market.
27,027
• Vacancy is rising as the general Population
MARKET HIGHLIGHTS
• There hasn’t been any
economic activity is shrinking and enterprises, as well as households, reduce their activities or move to smaller size spaces.
Population
4,400,000
Households
1,900,000
significant construction in this market.
• Prices continue to fall, but
transactions are increasing very modestly.
• New construction is limited Household Income Average Employees (Total)
€20,751
3,901,269
due to new taxation on land property. Private construction activity in 2011 decreased by 36.9% (10 months).
Household Income Average Employees (Total)
• The residential market is at a
€35,000
20.9%
but commercial market expected to improve this year from overseas investment.
2,100,000
• The area is experiencing the
standstill in anticipation of new economic development policies.
Unemployment
• Market is still quite stagnant,
Unemployment
• Economic prospects are
biggest property slump of any OECD country ever recorded.
14.0%
improving with recent efforts for market stabilization.
• Excellent location for tourist
CONTACT Coldwell Banker Commercial Greece 8 Omirou street & Panepistimiou Ave. Athens, Greece 10564 +30 32 28228
OFFICE
and residential development. As prices are becoming lower, new opportunities emerge for long term investments. It’s a buyer’s market.
CONTACT Coldwell Banker Commercial Property Consultants 2 Upper Fitzwilliam St. Dublin, Co Dublin Dublin 2 +353 1 4110012 www.coldwellbankercommercial.ie
RETAIL
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
56
Mexico - Mexico City
Perú - Lima
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Square Miles
Mexico City, MX
80
MARKET HIGHLIGHTS • The Office market increased by
• This market is seeing some new
10% compared with the 2010 year end; absorption decreased by 25% while the average rent price remained the same.
CBSA
Square Miles
Lima, Peru
Households Household Income Average Employees (Total)
Unemployment
23,000,000
N/A
• The market is experiencing
growth and evolution of cities.
transactions in the Office market: Ericsson Telecom (184,000 SF) and Siemens (176,000 SF).
Population
• The total SF of Office buildings
$31,000 MXN
8,400,000
built in 2011 was 4.1 million SF and it is expected that over 3.1 million SF will be built during 2012.
• In the Industrial market,
6,033,000
Household Income Average
$800 USD
Unemployment
the Retail prices remained stable and the demand for commercial spaces grew.
30,165,000
Households
Employees (Total)
Bonafont leased a 333,000 SF facility near Mexico City.
• During the last quarter of 2011,
4.8%
construction for residential and commercial.
• The interest rate is falling.
27
• Some of the most significant Population
MARKET HIGHLIGHTS
• New infrastructure for tourism
are in progress (new hotels) as well as new construction of Malls.
• There are several projects in
place involving the government to develop housing.
15,900,000
9.0%
• Consumer recovery after the
CONTACT Coldwell Banker Commercial Mexico Montes Urales No. 415 1 Lomas de Chapultpepec Mexico City, Mexico 11000 +52 55 41621000
OFFICE
latest financial international crisis, along with the conceptual evolution in shopping centers, reposition Mexico beside Brazil and Colombia in the arena of expanding potential Retail markets in Latin America.
CONTACT Coldwell Banker Commercial Perú Av. Javier Prado 3361 San Borja Lima Lima, Perú L41 +51 13 462900
RETAIL
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
N/A
Vacancy
Vacancy
Absorption
Absorption
N/A
Absorption
Absorption
Rental Rates
Rental Rates
N/A
Rental Rates
Rental Rates
57
Puerto Rico
Spain
DEMOGRAPHICS
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Unemployment rate dropped CBSA
Puerto Rico
• Public administration must
by 3% with positive job growth.
CBSA
pay their debts within the established guidelines of 60 days, not 400.
Spain
• Puerto Rico SBA loans up 36% Square Miles
with small business owners projected to absorb some vacant commercial lease units.
3,400
Population
3,725,789
Households
1,181,112
Household Income Average Employees (Total)
Unemployment
$27,017 USD
689,086
13.2%
Square Miles
• Puerto Rico government
purchased the old Roosevelt Roads Naval Base on the east side of the island. The government invested $2.5 Billion in the 8.654 acres to promote and sell Land for commercial and residential projects.
Population
41,000,000
Households
14,200,000
Household Income Average
• Agriculture Department and
Employees (Total)
Energy Affairs Administration of Puerto Rico invested over $3 Million in assisting local and US mainland investors in purchasing Land to develop solar and wind farm projects.
194,897
Unemployment
Coldwell Banker Commercial KF Real Estate 530 Constitution Ave. San Juan, PR 901 (787) 433-0077 www.cbcommercialpr.com
OFFICE
• Labor reform is a priority, so
each business sector is able to negotiate labor contracts on a sector and local basis and is incented to hire employees full time without excessive burdens of severance pay for each year worked.
• The unemployment rate is 21% $31,900 USD
in Spain.
• The high unemployment rate 23,800,000
21.0%
has had a negative impact on the social climate and on the unemployment compensation system within the social security economic framework.
• Local and National Government
spending has exceeded European guidelines.
• Puerto Rico legislature approves
CONTACT
MARKET HIGHLIGHTS
Act 113 of 2011, the law to promote and develop the cruise ship industry. 1.2 million tourist visited Puerto Rico in 2011.
• The economic dependence on
CONTACT
construction has created severe
problems for bank liquidity and Coldwell Banker Commercial labor unemployment. Las Rozas Playa del Sardinero 18 Las Rozas de Madrid, Spain 28290 +34 91 636 3780
• Puerto Rico legislature approves
Act 3657, a Tax Incentive Law for individuals who buy commercial properties that produce trade, employment and goods in Puerto Rico.
RETAIL
OFFICE
RETAIL
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
Vacancy
Vacancy
Vacancy
Absorption
Absorption
Absorption
Absorption
Rental Rates
Rental Rates
Rental Rates
Rental Rates
58
INDEX BY MARKET Alachua County, FL Albany (NY Capital Region), NY Albuquerque Metro, NM Athens, GA Atlanta Greater MSA, GA Atlanta MSA, GA Austin, TX Billings, MT Bloomington / Normal, IL Boise, ID Bryan / College Station, TX Central, PA Central, TX Champaign / Urbana, IL Charleston, SC Chattanooga / North GA, TN Chicagoland, IL Clark County, WA Columbia, SC Danbury / New Haven County, CT Deltona-Daytona / Ormond Beach, FL Dothan, Houston County, AL East, TX Fairfield County, CT Fargo / Moorhead, ND Greene / Morgan / Putnam Counties, GA Greenville / Spartanburg, SC Honolulu, HI Hot Springs, AR Houston, TX Humboldt County, CA Huntsville, AL Inland Empire / Palm Springs, CA Inland Empire North / Victor Valley, CA Jacksonville, FL Kansas City Metro Area, KS King County, WA Knoxville / East Tennessee, TN Kootenai County, ID Lafayette, LA Lakeland / Winterhaven, FL Lincoln, NE Little Rock, AR Los Angeles Westside, CA Los Angeles, CA Louisville Metro, KY Lubbock, TX Lynchburg, VA Madison, WI Manatee, Sarasota, Charlotte Counties, FL Mankato, MN Midcoast, ME Middle, MI Minneapolis / St. Paul Metro Area, MN Modesto, CA Monterey / San Benito Counties, CA Monterey Peninsula, CA
Sources of Information
15 35 35 21 21 22 45 33 25 24 46 40 46 25 42 44 26 50 42 14 16 3 47 14 39 22 43 23 4 47 5 3 6 6 16 27 50 45 24 28 17 33 5 7 7 27 48 49 52 17 30 29 30 31 8 8 9
Montgomery, AL Morris County, NJ Myrtle Beach, SC New Hanover County, NC New Orleans, LA New York, NY Northeastern, PA Northern, NJ Orange County, CA Outer Banks, NC Port St. Lucie, FL Portland, OR Redding, CA Reno / Sparks MSA, NV Research Triangle, NC Rowland Heights, CA Salem, OR Salt Lake City, UT San Diego, CA San Fernando / San Gabriel Valley, CA San Francisco, CA San Gabriel Valley North, CA Savannah, GA South Puget Sound, WA South, FL Southern, KY Southwest Riverside County, CA Southwest, FL Southwestern, PA Springfield Area, MO Springfield, IL St. Cloud / Central, MN St. Joseph, MO Sumter, SC Sussex County, DE Tacoma, WA Tampa / St. Petersburg, FL The Florida Keys, FL Vero Beach / Indian River County, FL Victoria County, TX Western, CO Winston-Salem, NC
4 34 43 37 29 36 41 34 9 37 18 39 10 36 38 10 40 49 11 11 12 12 23 51 18 28 13 19 41 32 26 31 32 44 15 51 19 20 20 48 13 38
INTERNATIONAL MARKETS Bermuda Czech Republic France Greater Toronto Area, Canada Greece Ireland Mexico City, Mexico Ontario (Eastern), Canada Peru Puerto Rico Spain Waterloo Region, Canada
53 55 55 54 56 56 57 53 57 58 58 54
Each market information comes from the CBC affiliate listed as the contact. Information is deemed from sources considered reliable. Various sources of the data include but are not limited to: CoStar, Reis and LoopNet. Demographic information was accessed from EASI Demographics and 2010 Census. A Core Based Statistical Area (CBSA) is a U.S. geographic area defined by the Office of Management and Budget (OMB) based around an urban center of at least 10,000 people and adjacent areas that are socioeconomically tied to the urban center by commuting. Unemployment numbers were taken from Bureau of Labor Statistics.
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