2012Blue Book
Coldwell Banker Commercial® Mid Year 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 130 markets.
The Blue Book highlights one of the strengths of the Coldwell Banker
Commercial organization: our national footprint.
The CBC organization’s strong local market coverage combined with our
global reach helps our clients obtain real-time market information in order
to make informed real estate decisions.
Sources of Information
Each market information comes from the CBC affiliate listed as the contact. Information is deemed
from sources considered reliable. Various sources of the data include but are not limited to: CoStar,
Reis and LoopNet. Demographic information was 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.
Table of Contents
AL - Birmingham
AL - Dothan, Houston County
AL - Montgomery
AK - Anchorage
AR - Hot Springs
AR - Jonesboro
AR - Little Rock
AZ - Sedona/Verde Valley
CA - Arcadia
CA - Inland Empire North/Victor Valley
CA - Los Angeles
CA - Los Angeles, Westside
CA - Modesto
CA - Napa Valley/Napa County
CA - Orange County
CA - Redding
CA - Sacramento Greater Area
CA - San Gabriel/San Fernando Valley
CA - Southwest Riverside County
CO - Western
CT - Danbury/Upper Fairfield/New Haven
CT - Fairfield County
DE - Sussex County
FL - Brevard County
FL - Charlotte/Sarasota Counties
FL - Daytona/Ormond Beach, Volusia County
FL - Destin
FL - Florida Keys
FL - Gainesville
FL - Indian River County
FL - Jacksonville
FL - Lakeland/Winter Haven
FL - Melbourne/Brevard County
FL - Naples/Ft. Myers
FL - Orlando
FL - Polk County
FL - Sarasota/Manatee/Charlotte Counties
FL - Southern
FL - St. Lucie County
FL - Tallahassee
FL - Tampa/St. Petersburg
GA - Athens
GA - Atlanta
GA - Chatham County
GA - Columbus
GA - Hinesville/Fort Stewart
GA - Lake Oconee/Lake Sinclair
GA - Macon, Bibb County
HI - Honolulu
ID - Boise
ID - Coeur d’ Alene
IL - Bloomington/Normal, McLean County
IL - Champaign/Urbana
IL - Chicagoland
IL - Madison/St. Clair Counties
IL - Peoria County
IL - Sangamon County
IN - Delaware County
KS - Garden City
KS - Kansas City Metro Area
KY - Louisville Metro
KY - Southern
LA - Acadiana
LA - New Orleans
ME - Midcoast
MD - Suburban
MA - Pioneer Valley
MI - Middle
4
4
5
5
6
6
7
7
8
8
9
9
10
10
11
11
12
12
13
13
14
14
15
15
16
16
17
17
18
18
19
19
20
20
21
21
22
22
23
23
24
24
25
25
26
26
27
27
28
28
29
29
30
30
31
31
32
32
33
33
34
34
35
35
36
36
37
37
MI - Western
MN - Mankato
MN - Minneapolis/St. Paul Metro Area
MN - St. Cloud/Central
MO - St. Joseph
MS - Gulfport/Biloxi
MT - Billings
NE - Lincoln
NV - Reno/Sparks
NJ - Central
NJ - Morris County
NJ - Northern
NM - Albuquerque
NY - Albany
NY - Long Island
NY - New York City
NC - Southeastern
NC - Triad Area
NC - Triangle
ND - Fargo/Moorhead
OH - Lorain County
OK - Oklahoma City
OR - Portland
OR - Salem
PA - Pittsburgh
PA - Southeastern
PA - York/Lancaster/Harrisburg
SC - Charleston
SC - Columbia
SC - Greenville/Spartanburg
SC - Myrtle Beach
SD - Rapid City
TN - Chattanooga Metro Area
TN - Knoxville/East
TX - Abilene
TX - Austin
TX - Bryan/College Station
TX - Dallas/Fort Worth
TX - Houston
TX - Lubbock
TX - Rio Grande Valley
TX - San Antonio
TX - Waco, McLennan County
UT - Salt Lake County
VA - Lynchburg
WA - King County
WA - South Puget Sound
WA - Tacoma
WA - Vancouver & Southwest
WI - Janesville/Beloit
WY - Cheyenne Metro
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
52
53
53
54
54
55
55
56
56
57
57
58
58
59
59
60
60
61
61
62
62
63
INTERNATIONAL MARKETS
Bermuda Canada - Belleville
Canada - Greater Toronto Area
Canada - Kelowna/West Kelowna
Canada - Nanaimo, BC
Canada - Ottawa, Ontario
Canada - Waterloo Region
Colombia - Cartagena
Greece Ireland Mexico - Mexico City
The Netherlands Turkey - Istanbul
United Arab Emirates 64
64
65
65
66
66
67
67
68
68
69
69
70
70
AL - Birmingham
DEMOGRAPHICS
CBSA
Square Miles
Population
BirminghamHoover, AL
5,298
1,135,190
AL - Dothan, Houston County
MARKET HIGHLIGHTS
DEMOGRAPHICS
• The construction of a new ballpark
CBSA
in Birmingham’s Southside has
spawned a number of real estate
transactions in the Industrial sector.
Also due in part to the new ballpark
development, the Central submarket
experienced the largest amount of
positive absorption in the Q2.
Square Miles
Dothan, AL
451,751
Household
Income
Median
$55,642
Employees (Total)
485,749
Unemployment
Population
Households
Household
Income
Median
• Birmingham is seeing more casual
dining enter the market. New
restaurants like Which Wich, Lime
Fresh Mexican Grill, Little Donkey,
Tellini’s Italiano and Seasons 52 have
either just opened or will open soon.
OFFICE
in the nation.
57,785
• Southeast Alabama & Northwest
Florida announce mega site location.
$43,656
• Regional Airport offers hangers for
wide body aircraft.
Employees (Total)
58,833
Unemployment
8.30%
CONTACT
• Mercy Medical, a medical facility for
Coldwell Banker Commercial
Moore Company Realty
2 Office Park Circle, Suite 110
Birmingham, AL 35223
(205) 871-2088
www.cbcmcr.com
Dothan economy and continues to
grow.
143,295
• Cost of Living Index is one of lowest
Maur department store is leasing
187,000 SF and will be the fifth
department store in the mall.
Services leased 21,000 + SF at The
Forum Building. Accretive Health is
new to Birmingham, and Birmingham
was chosen over several other cities
in the Southeast.
CONTACT
construction with the first class
admitting in August 2013.
• Healthcare Industry drives the
• Chicago-based Accretive Health
7.90%
• New Medical College is under
• Hotel occupancy rate remains high.
1,718
• Riverchase Galleria announced Von
Households
MARKET HIGHLIGHTS
senior citizens, leased the 45,540 SF
former Haverty’s Furniture Showroom
in Irondale.
Coldwell Banker Commercial
Alfred Saliba Realty
410 North Shady Lane
Dothan, AL 36303
(334) 793-6600
www.alfredsalibacommercial.com
RETAIL
OFFICE
RETAIL
Vacancy
n
Vacancy
q
Vacancy
n
Vacancy
q
Absorption
p
Absorption
p
Absorption
n
Absorption
p
Rental Rates
q
Rental Rates
n
Rental Rates
n
Rental Rates
p
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
p
Vacancy
q
Vacancy
n
Vacancy
n
Absorption
q
Absorption
p
Absorption
n
Absorption
n
Rental Rates
p
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p
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n
Rental Rates
n
4
AL - Montgomery
DEMOGRAPHICS
CBSA
Square Miles
Montgomery,
AL
2,725
Population
367,157
Households
147,017
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Alabama heats up as the place to
CBSA
do business: Expansion of Mercedes
in Vance; Expansion of Hyundai in
Montgomery; Expansion of Honda
in Lincoln; Airbus to open its North
American plant in Mobile.
Square Miles
• Office vacancy is stabilizing. Targeted
Retail is succeeding in their desired
demographics. Call volume has
increased for all product types.
$52,679
Employees (Total)
144,160
• Restaurant and pub nears completion
26,379
Population
378,904
Households
137,722
• In July of 2012, Cabela’s announced
plans to build a 100,000 SF store in
Anchorage. New national retailers
continue to have success moving into
the market, including Olive Garden
and Buffalo Wild Wings.
• Anchorage Office market continues
to have a low vacancy rate of 6.1%.
$72,444
price range of $80/SF find traction.
• With the expansion of Hyundai and
Employees (Total)
162,368
• Budget homebuilders in the finished
its ancillary jobs created, there is
optimism in the market.
Unemployment
cargo break point for intermodal
product arriving in the Port of Mobile.
CONTACT
upward growth path
• Retailers are moving to better
Household
Income
Median
• Montgomery can become the natural
8.90%
Anchorage, AK
MARKET HIGHLIGHTS
• The Alaska market continues on its
in downtown historic district.
Household
Income
Median
Unemployment
AK - Anchorage
locations as their current leases
expire, creating new construction
projects and leaving behind older
vacant facilities.
• The Industrial market is tight
with vacancy - the only product
available is less desirable facilities
due to ceiling height and electrical
capabilities.
6.90%
CONTACT
Coldwell Banker Commercial
Moore Company Realty
121 Coosa St., Suite 250,
Montgomery, AL 36104
(334) 262-1958
www.cbcmcr.com
OFFICE
Coldwell Banker Commercial
NRT - AK
6550 South Millrock Dr.
Suite 200
Salt Lake City, UT 84121
(907) 694-4944
www.coldwellutah.com
RETAIL
OFFICE
RETAIL
Vacancy
q
Vacancy
q
Vacancy
n
Vacancy
n
Absorption
p
Absorption
p
Absorption
n
Absorption
p
Rental Rates
n
Rental Rates
n
Rental Rates
n
Rental Rates
p
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
n
Vacancy
q
Vacancy
n
Vacancy
n
Absorption
n
Absorption
p
Absorption
n
Absorption
p
Rental Rates
n
Rental Rates
p
Rental Rates
p
Rental Rates
n
5
AR - Hot Springs
DEMOGRAPHICS
CBSA
Square Miles
Hot Springs,
AR
AR - Jonesboro
MARKET HIGHLIGHTS
DEMOGRAPHICS
• New tenants in the market include
CBSA
TCBY and Orange Leaf.
• Foreclosures in commercial real
estate in the area have remained
minimal.
677
Population
98,888
Households
Household
Income
Median
Square Miles
• Two parcels of land are currently
Jonesboro, AR
711
Population
96,443
43,175
• More residential units have been sold
Households
39,977
$42,222
• The City of Hot Springs, along
Household
Income
Median
$42,931
32,750
Unemployment
7.60%
• NEA Baptist Hospital is building a
new facility with new technology
and a new health care model for
Northeast Arkansas.
• Arkansas State University is always
under contract for the construction of
two new hotels.
Employees (Total)
MARKET HIGHLIGHTS
expanding and was named in the
Best Colleges Regional Universities
South 2012.
• New restaurants are moving into
this year but the average price/unit
was reduced.
with the Chamber of Commerce,
is working on plans to further
the revitalization of the historic
downtown.
Jonesboro: Cheddar’s, Five Guys
Burgers, Buffalo Wild Wings and
Panera.
• New stores are coming into
Jonesboro: Academy Sports,
Kirkland’s and Sissy’s Log Cabin.
Employees (Total)
37,743
Unemployment
7.00%
• Commercial sales and leasing activity
through Q2 of 2012 have exceeded
the year 2011 sales.
CONTACT
CONTACT
Coldwell Banker Commercial
RPM
401 Section Line Rd., Suite F
Hot Springs, AR 71913
(501) 520-4000
www.cbcrpm.com
OFFICE
Coldwell Banker Commercial
Village Communities
2704 S. Culberhouse, Suite A
Jonesboro, AR 72401
(870) 935-7800
www.cbcworldwide.com
RETAIL
OFFICE
RETAIL
Vacancy
n
Vacancy
q
Vacancy
n
Vacancy
q
Absorption
n
Absorption
p
Absorption
n
Absorption
n
Rental Rates
n
Rental Rates
n
Rental Rates
n
Rental Rates
n
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
n
Vacancy
N/A
Vacancy
n
Vacancy
q
Absorption
n
Absorption
N/A
Absorption
n
Absorption
p
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q
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N/A
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n
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6
AR - Little Rock
DEMOGRAPHICS
CBSA
Little RockNorth Little
Rock-Conway,
AR
AZ - Sedona/Verde Valley
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Welspun Corp. Ltd. announces $100m
CBSA
expansion of its pipe-manufacturing
facility in LR Port, adding 200 jobs.
• Southwest Power Pool celebrates
Square Miles
Population
Households
Household
Income
Median
Employees (Total)
Square Miles
July grand opening of its new $62m,
190,000 SF Corporate Center in West
Little Rock.
4,090
690,456
276,042
290,765
Population
was sold and revitalized.
• Commercial vacancies are steady and
trending downward.
business corridor.
• Residential units sales are strong with
a 6-year low inventory.
employment and invests $6m in
expansion/relocation to Sherwood
facility.
Households
Household
Income
Median
quarter of positive absorption.
46,597
$52,993
• Sedona Hotel occupancy is up 10%
YTD for Q1 and Sedona Marathon up
20%.
• Sedona internet inquiries are up 43%
for Q1 of 2012.
• Local developers announce Mixed-
Use Mann Building project in CBD,
to include Multi-Family, Retail and
Office.
30,000 SF state-of-the-art data center
in West Little Rock.
6.60%
130,596
• Custom Aircraft Cabinets doubles
• Windstream Hosted Solutions opens
Unemployment
18,617
• Historic Oak Creek Canyon Resort
• State is upgrading lighting in Sedona
• Industrial market has 5th consecutive
$56,190
Flagstaff, AZ
MARKET HIGHLIGHTS
CONTACT
Employees (Total)
48,137
Unemployment
8.30%
CONTACT
Coldwell Banker Commercial
Hathaway Group
2100 Riverdale Rd., Suite 100
LIttle Rock, AR 72202
(501) 663-5400
www.hathawaygroup.com
OFFICE
Coldwell Banker Commercial
First Affiliate
195 W. State Route 89A
Sedona, AZ 86336
(928) 282-4666
www.cbsedonacommercial.com
RETAIL
OFFICE
RETAIL
Vacancy
q
Vacancy
n
Vacancy
n
Vacancy
p
Absorption
p
Absorption
p
Absorption
n
Absorption
q
Rental Rates
n
Rental Rates
n
Rental Rates
q
Rental Rates
n
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
q
Vacancy
n
Vacancy
n
Vacancy
q
Absorption
q
Absorption
q
Absorption
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7
CA - Arcadia
CA - Inland Empire North/Victor Valley
DEMOGRAPHICS
CBSA
Los AngelesLong BeachSanta Ana, CA
MARKET HIGHLIGHTS
DEMOGRAPHICS
• This market is experiencing slow
CBSA
recovery for Commercial Real Estate.
Riverside-San
BernardinoOntario, CA
• Increase on BPO orders for banks &
Square Miles
Square Miles
27,260
• This area is experiencing high
Population
12,935,173
4,288,080
Population
• Limited commercial lending is
4,171,856
Households
• There is a big gap between buyer &
1,350,253
seller expectations.
Household
Income
Median
Employees (Total)
$60,485
under construction.
Q1 is up 26%.
• Increase in owner/users purchasing
vacancy.
available.
Households
• Macy’s, JCPenney and Fitness 19 are
• Number of Multi-Family sales Q2 vs.
investors.
4,850
MARKET HIGHLIGHTS
Household
Income
Median
• Buyers are still sitting on the fence.
Employees (Total)
5,313,010
$52,845
1,156,307
vacant Industrial buildings.
• Industrial tenants are relocating
to similar or larger SF buildings;
taking advantage of low rates,
better locations &/or more suitable
facilities.
• Office leasing activity is improving,
there are signs of expansion from
out of the area users with space
requirements ranging from 1,000 SF
to 1,500 SF.
• Office sector landlords are typically
Unemployment
Unemployment
10.30%
CONTACT
12.60%
doing 1-3 year lease terms with
minimal concessions and TI
allowances with options at market.
CONTACT
Coldwell Banker Commercial
George Realty
660 W. Huntington Dr.
Arcadia, CA 91007
(626) 445-6660
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
p
Vacancy
p
Vacancy
q
Vacancy
q
Absorption
q
Absorption
q
Absorption
p
Absorption
p
Rental Rates
q
Rental Rates
q
Rental Rates
n
Rental Rates
n
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
p
Vacancy
q
Vacancy
q
Vacancy
q
Absorption
q
Absorption
p
Absorption
p
Absorption
p
Rental Rates
q
Rental Rates
n
Rental Rates
q
Rental Rates
p
8
CA - Los Angeles
DEMOGRAPHICS
CBSA
Los AngelesLong BeachSanta Ana, CA
CA - Los Angeles, Westside
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Apple is opening a mega store in
CBSA
Santa Monica, CA.
Los AngelesLong BeachSanta Ana, CA
• Office market is tightening up, rates
Square Miles
climbing slowly.
4,850
Square Miles
4,850
• Owner/user investment continues to
Population
12,935,173
remain strong.
• Creative Office continues to attract
Population
12,935,173
Households
4,288,080
tenants.
Households
Household
Income
Median
4,288,080
Household
Income
Median
$60,485
$60,485
MARKET HIGHLIGHTS
• 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
the Santa Monica-Venice creative
corridors, Beverly Hills, West
Hollywood and Brentwood.
• Multi-Family market is very active
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,
Employees (Total)
Unemployment
Employees (Total)
5,313,010
Unemployment
10.30%
5,313,010
10.30%
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
CONTACT
CONTACT
Coldwell Banker Commercial
WESTMAC
1515 Sepulveda Blvd.
Los Angeles, CA 90025
(310) 478-7700
www.westmac.com
OFFICE
Coldwell Banker Commercial
NRT - Los Angeles
11999 San Vicente Blvd.
Suite 100
Los Angeles, CA 90049
(310) 820-6651
www.cbcworldwide.com
RETAIL
OFFICE
opportunities to build with severalhundred-thousand SF of Multi-Family,
creative Office and Mixed-Use
developments in the pipeline, slated
to come on line in 2014-2016.
• Single Family/Condo market is
trending upwards with more offer
activity, more sales and shorter
marketing times.
RETAIL
Vacancy
q
Vacancy
q
Vacancy
q
Vacancy
n
Absorption
p
Absorption
p
Absorption
p
Absorption
p
Rental Rates
p
Rental Rates
p
Rental Rates
p
Rental Rates
p
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
q
Vacancy
q
Vacancy
q
Vacancy
n
Absorption
p
Absorption
p
Absorption
p
Absorption
q
Rental Rates
q
Rental Rates
p
Rental Rates
p
Rental Rates
p
9
CA - Modesto
CA - Napa Valley/Napa County
DEMOGRAPHICS
CBSA
Square Miles
Modesto, CA
1,494
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Stanislaus County is located in
CBSA
the Central Valley. Its county seat
is Modesto, which is where many
people in the surrounding areas
shop.
Square Miles
Napa, CA
754
• The major industry is AG-related,
Population
512,221
Households
167,008
Household
Income
Median
$49,395
Employees (Total)
140,743
Unemployment
15.80%
CONTACT
Coldwell Banker Commercial
Vinson Chase, Realtor
220- C Standiford Ave
Modesto, CA 95305
(209) 577-2121
www.cbcworldwide.com
OFFICE
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.
Population
• 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.
• There have been major layoffs in
government sector based on tax
assessments being lowered due
to 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.
135,273
Households
52,057
Household
Income
Median
$72,042
Employees (Total)
60,343
Unemployment
7.80%
MARKET HIGHLIGHTS
• Napa City Council approved the
Downtown Specific Plan, making
way for more favorable development
guidelines, options for downtown
living, more green areas, bike-friendly
paths and the return of two-way
streets.
• Developer Todd Zapolski purchased
the Napa Town Center. His proposed
rejuvenation project is expected to
attract more world-class retailers and
restaurateurs.
• Multi-Family Office vacancy rates in
the city of Napa have declined to
about 14%.
• The total Industrial market in Napa
County consists of over 16 million
SF, with a current vacancy rate of less
than 8%.
• During the first six months of 2012,
the Up Valley (Calistoga, St. Helena
and Yountville) Commercial real
estate market saw a resurgence of
sales and leasing activity.
CONTACT
• Buyers, especially developers,
Coldwell Banker Commercial
appear to be coming back into the
Brokers of the Valley
commercial marketplace, eager to
1775 Lincoln Ave.
make the most of attractive prices
Napa, CA 94558
and low interest rates.
(707) 224-8454
www.napacommercialproperties.com
• Office and Retail are improving in
good centers and locations.
RETAIL
OFFICE
RETAIL
Vacancy
q
Vacancy
q
Vacancy
q
Vacancy
q
Absorption
p
Absorption
p
Absorption
p
Absorption
p
Rental Rates
n
Rental Rates
n
Rental Rates
p
Rental Rates
p
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
n
Vacancy
q
Vacancy
q
Vacancy
q
Absorption
n
Absorption
p
Absorption
p
Absorption
p
Rental Rates
n
Rental Rates
p
Rental Rates
p
Rental Rates
p
10
CA - Orange County
CA - Redding
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Los AngelesLong BeachSanta Ana, CA
MARKET HIGHLIGHTS
• Office market has nearly 1,000,000 SF
CBSA
of positive absorption in Q2.
• Retail construction activity is still low
Square Miles
but starting.
4,850
Square Miles
Redding, CA
12,935,173
Household
Income
Median
Employees (Total)
Unemployment
4,288,080
• Housing construction is starting up
picking up.
Population
181,457
• Orchard Retail Center sells for $122
5,313,010
again.
• Commercial foreclosures are slowing.
• A new Apartment development with
758 units will built by The Irvine
Company in Tustin.
$60,485
resilience.
looms.
million or $434/SF.
Households
• Retail markets show surprising
• Vacancy rate is falling as shortage
3,785
• Orange County commercial activity is
Population
MARKET HIGHLIGHTS
• Orange County’s largest private
companies posted their 3rd year of
sales gains.
Households
71,491
Household
Income
Median
$45,729
Employees (Total)
Unemployment
10.30%
CONTACT
• Slow but positive absorption is seen
in the Office market.
• Industrial market is still lagging.
53,468
13.10%
CONTACT
Coldwell Banker Commercial
NRT - Newport Beach
4 San Joaquin Plaza Suite 260
Newport Beach, CA 92660
(949) 644-1600
www.cbcworldwide.com
OFFICE
Coldwell Banker Commercial
C&C Properties
2155 Larkspur Lane, Unit A
Redding, CA 96002
(530) 221-9638
www.cbcnorthstate.com
RETAIL
OFFICE
RETAIL
Vacancy
q
Vacancy
n
Vacancy
q
Vacancy
q
Absorption
p
Absorption
p
Absorption
p
Absorption
p
Rental Rates
q
Rental Rates
q
Rental Rates
n
Rental Rates
p
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
q
Vacancy
q
Vacancy
n
Vacancy
q
Absorption
p
Absorption
p
Absorption
n
Absorption
p
Rental Rates
n
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p
Rental Rates
n
Rental Rates
p
11
CA - Sacramento Greater Area
CA - San Gabriel/San Fernando Valley
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Square Miles
Sacramento-Arden-Arcade-Roseville, CA
5,094
MARKET HIGHLIGHTS
• Greater Sacramento area commercial
CBSA
market is still very slow. Sales of
some small free-standing Retail
properties have been picking up
lately.
Square Miles
Los AngelesLong BeachSanta Ana, CA
• The area is experiencing heavy
4,850
• Look for lease rates and sales prices
2,141,658
Population
• There has been little to no new
investor and user activity due to low
interest rates and low vacancy.
to jump in the next 6 months.
• Office rents have stabilized.
Population
MARKET HIGHLIGHTS
12,935,173
construction in this area.
• Retailers are back and so is their
appetite for large distribution space.
• 1,700 upscale Apartments are
• The 540,000 SF Palladio at
Households
801,834
Households
Household
Income
Median
$61,184
Employees (Total)
727,825
Employees (Total)
Unemployment
10.80%
Unemployment
Broadstone lifestyle center in
suburban Folsom is still under
construction and is expected to be
completed 2013.
Household
Income
Median
CONTACT
4,288,080
currently under construction in
Glendale.
$60,485
5,313,010
10.30%
CONTACT
Coldwell Banker Commercial
NRT - Sacramento
730 Alhambra Blvd., Suite 150
Sacramento, CA 95816
(926) 447-5900
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
n
Vacancy
q
Vacancy
q
Vacancy
n
Absorption
n
Absorption
p
Absorption
n
Absorption
n
Rental Rates
n
Rental Rates
n
Rental Rates
p
Rental Rates
n
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
q
Vacancy
N/A
Vacancy
q
Vacancy
q
Absorption
p
Absorption
n
Absorption
p
Absorption
p
Rental Rates
q
Rental Rates
p
Rental Rates
n
Rental Rates
p
12
CA - Southwest Riverside County
CO - Western
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Square Miles
Population
Households
Household
Income
Median
Employees (Total)
Unemployment
MARKET HIGHLIGHTS
Riverside-San
BernardinoOntario, CA
• The overall market continues to
27,260
• Vacancy levels are stable across the
4,171,856
1,350,253
$52,845
CBSA
stabilize with increased activity in all
sectors.
Square Miles
Office, Industrial and Retail markets.
• Anti Gravity Sports is moving into
Population
two major markets with over 70,000
SF.
Grand
Junction, CO
3,328
148,298
• The unemployment rate remain at
Households
60,317
• Land sales are on the rise with 93
Household
Income
Median
$47,409
12.5%, down from 15%, bringing
optimism among business owners.
acres recently sold in Lake Elsinore,
CA for $1,500,000.
MARKET HIGHLIGHTS
• The healthcare system in the Grand
Valley is nationally renowned, highly
integrated, community-focused and
unique to Western Colorado. The
Physician-created Health Plan boosts
care quality, lowers costs and is touted
as a National model.
• Western Colorado is the Retail hub for
Western Colorado and Eastern Utah.
The City of Grand Junction sales and
use tax revenue increased by 1.7% from
June of 2011 to June 2012. The Sales
and use tax revenues comprise more
than 40% of the City of Grand Junction’s
total revenues.
• Western Colorado is a tourist
1,156,307
12.60%
Employees (Total)
54,564
Unemployment
9.40%
destination. The area offers world
renowned mountain bike trails, growing
agri-tourism industry, and the largest
concentration of vineyards and wineries
in the state. The lodging taxes collected
in Q2 of 2012 had an increase of 6.3%.
• The new construction building permits
CONTACT
are up more than 13% in the Q1 2012.
City of Grand Junction building permit
valuation is down in Q2 more than 18%
compared to Q1 2012. However, yearto-date new construction permits are up
more than 37% from June 2011.
CONTACT
Coldwell Banker Commercial
Sudweeks Group
27708 Jefferson Ave., Suite 201
Temecula, CA 92590
(951) 200-7683
www.cbcsuds.com
OFFICE
Coldwell Banker Commercial
Prime Properties, LLC
2646 Patterson Rd., Suite B
Grand Junction, CO 81506
• Colorado Mesa University Campus
(970) 243-7375
www.grandjunctioncommercial.com continues to expand including a state-
of-the-art learning facilities on 78-acres
in the heart of Grand Junction.
RETAIL
OFFICE
RETAIL
Vacancy
p
Vacancy
q
Vacancy
p
Vacancy
q
Absorption
q
Absorption
p
Absorption
n
Absorption
p
Rental Rates
n
Rental Rates
p
Rental Rates
q
Rental Rates
q
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
q
Vacancy
N/A
Vacancy
p
Vacancy
n
Absorption
p
Absorption
N/A
Absorption
q
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n
Rental Rates
n
Rental Rates
N/A
Rental Rates
q
Rental Rates
n
13
CT - Danbury/Upper Fairfield/New Haven
CT - Fairfield County
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Square Miles
Population
BridgeportStamfordNorwalk, CT
626
904,874
MARKET HIGHLIGHTS
• LL Bean (16,000 SF) is the latest NNN
CBSA
tenant to take space at Danbury
Fair Mall. Others include: Forever
21, Brio, Cheesecake Factory and
Dick’s Sporting Goods. Guidepost
Publications has leased 54,000 SF
of Class A Office space at the Matrix
Corporate Center, in Danbury, CT.
Square Miles
Population
BridgeportStamfordNorwalk, CT
626
904,874
• Area vacancy rates are down due
Households
336,733
Household
Income
Median
$91,039
Employees (Total)
Unemployment
419,437
Households
336,733
Household
Income
Median
$91,039
Employees (Total)
• New construction includes: $33.8m
Unemployment
419,437
7.80%
sublease space increased across the
board from 2011 Year End. Office
went from 599,000 SF to 851,000 SF;
Industrial from 74,000 SF to 81,000 SF
and Retail from 16,000 SF to 21,000
SF.
Coldwell Banker Commercial
Scalzo Group
2 Stony Hill Rd., Suite 101
Bethel, CT 6801
(203) 744-7077
www.coldwellbankerscalzo.com • An increase in hiring since Q3 2010
Coldwell Banker Commercial
NRT - CT
77 Old Ridgefield Rd.
Wilton, CT 6897
(203) 831-4187
www.cbcworldwide.com
continues to bolster Retail rentals,
while the weaker housing sector is
stimulating Apartment rentals.
Healthcare Research Institute leased
15,000 SF of Office. Gamma Aviation
leased 15,000 SF of Industrial. Terrain
Inc. leased 22,000 SF of Retail. UBS
vacated 110,000 SF of Office. Patio.
com vacated 20,000 SF of Industrial,
and Chase Bank vacated 15,000 SF
Retail/Office.
• The 150,000 SF Lockworks building
CONTACT
and multi-generational buyers,
single family home sales volume and
pricing have improved. Danbury has
placed in the Top 10 in the nation for
multi-generational living scenarios.
OFFICE
ended the Q2 of 2012 with a vacancy
rate of 14.0% up from 13.5% with net
absorption totaling negative 310,857
SF, compared with 68,806 SF in the
Q1. Vacant sublease space increased
to 850,551 SF up from 807,000 SF at
Year End 2011.
• Significant movements: Western CT
• Due in part to lower mortgage rates,
CONTACT
• Fairfield County’s Office market
• Fairfield County’s available, vacant-
in part to low supply, and an influx
of commuting professionals is
now redesigning neighborhoods
in Brewster, NY. Key transportation
outlets allow them to commute to
lower Fairfield County, New York City,
DC and Boston; while enjoying a
more affordable lifestyle.
/ 95,000 SF Armed Forces Reserve
Center in Danbury, CT; Brookfield,
CT. Costco is increasing existing
building by 15,000 SF w/ a gas
station; Danbury Regional Hospice to
construct a 30,000 SF center.
7.80%
MARKET HIGHLIGHTS
was completed in 2012, plus an
additional 313,000 SF of Retail is
still under construction, however no
Office or Industrial construction was
completed, yet. There is 166,000 SF
still under construction, the largest is
110 Quarry Rd with 74,726 SF.
• The average quoted asking rate is
$31.68 /SF for Office.
RETAIL
OFFICE
RETAIL
Vacancy
q
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n
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p
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p
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p
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n
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p
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q
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q
Rental Rates
n
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q
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q
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
n
Vacancy
n
Vacancy
p
Vacancy
N/A
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n
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n
Absorption
q
Absorption
N/A
Rental Rates
q
Rental Rates
p
Rental Rates
p
Rental Rates
N/A
14
DE - Sussex County
DEMOGRAPHICS
CBSA
Square Miles
Seaford, DE
938
Population
194,215
Households
78,981
Household
Income
Median
$52,386
FL - Brevard County
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Panera Bread opened a new, free-
CBSA
standing store on Coastal Highway
between Lewes and Rehoboth this
spring. Several other national tenants
are reportedly looking at the Route 1
corridor.
Square Miles
• The vacancy rate in eastern Sussex
County continues to fall. Absorption
was strong this spring, and most
prime Office space has been leased.
Some prime Retail locations remain
available but absorption has been
good. The three outlet malls continue
their long history of strong Retail
sales.
Palm BayMelbourneTitusville, FL
1,018
Population
536,805
Households
225,977
Unemployment
68,986
strong in eastern Sussex. Commercial
construction remains slow but
availability of financing has improved.
• For the first half of 2012, the Sussex
8.70%
$56,299
Employees (Total)
181,926
Unemployment
County Association of Realtors
reported a 22% increase in home
sales by volume. The average home
price was up 17% over 2011 YTD.
CONTACT
OFFICE
pro-business incentives, low taxes,
robust transportation infrastructure,
high-tech labor force, 73 degree
average temp, and 72 miles of pristine
beach.
• Foreign Trade Zone 136 has a superior
infrastructure for national/international
trade including: the second busiest
port in the world, a freight railway
system and major interstate highways.
operations at Melbourne International
Airport with a new research and
development facility and 200 new
engineering jobs .
• BlueWare, Inc., a healthcare IT
company, is relocating its operations
to Melbourne and expects to hire
190 employees to have an economic
impact estimated to be over $22.4
million.
9.40%
• Rocket Crafters’ move to the Space
Coast Regional Airport in Titusville will
have an economic impact over $48m.
Bertram Yacht’s new facility in Merritt
Island will have a projected economic
impact of over $26.3m.
CONTACT
• Sussex County continues to be a
Coldwell Banker Commercial
Resort Realty
20184 Coastal Highway
Rehoboth, DE 19971
(302) 227-5000
www.cbankercommercial.com
• “Space Coast” Brevard County offers
• Embraer Aircraft is expanding its
Household
Income
Median
• Residential construction remains
Employees (Total)
MARKET HIGHLIGHTS
prime destination for retirees. Very
low property taxes and NO sales tax
are strong draws for those on fixed
incomes.
Coldwell Banker Commercial
Sun Land Realty
1920 Highway A1A
Indian Harbour Beach, FL 32937
• Brevard’s June 2012 residential market
(321) 777-7743
www.commercialsunlandrealty.com average sale price of $147,500 is up
• Sussex County is one of the largest
counties east of the Mississippi based
on square miles, but the population
is less than 200,000.
almost 13% over 2011 prices and the
average days on the market of 119 has
dropped 16% over 2011.
RETAIL
OFFICE
RETAIL
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q
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q
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q
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q
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p
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p
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p
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n
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INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
N/A
Vacancy
N/A
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q
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q
Absorption
N/A
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N/A
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p
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p
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15
FL - Charlotte/Sarasota Counties
FL - Daytona/Ormond Beach, Volusia County
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Sarasota
BradentonVenice, FL
MARKET HIGHLIGHTS
• A major new development in the area
is the Cocoplum Village Shops.
CBSA
• Vacancy is falling due to the
Square Miles
economy and lost jobs.
1,313
Square Miles
• There has been some Retail and a
Population
689,676
Households
311,173
Household
Income
Median
$58,236
Employees (Total)
230,801
Unemployment
Deltona
Daytona
Ormond
Beach, FL
Hospital expansion, but other than
that, not much new commercial
construction.
1,103
• Joe’s Crab Shack, a 19,000 SF eating
area and 6,725 SF deck, opened July
1 and is the largest Joe’s Crab Shack
on a pier over the Atlantic ocean.
It is the beginning of the recently
created entertainment district.
• 3 large ocean front raw land
Population
495,625
Households
214,567
• The Residential market is currently
flat.
• The market has not changed in
general.
8.80%
CONTACT
• 11 start up companies are
$47,500
Employees (Total)
146,482
• Embry Riddle University is selected as
9.10%
• Boardings continue to rise at Daytona
a drone test site as well as Next-gen
test area.
• 800 ft Volusia County - city of
Coldwell Banker Commercial
Benchmark
570 Memorial Circle, Suite 300
Ormond Beach, FL 32174
(386) 672-8530
www.benchmarkdaytona.com
RETAIL
celebrating the first anniversary of
the UCF Incubator at Daytona Beach
International Airport.
Beach International Airport, and bed
taxes continue to rise in the Hotel/
Motel resort area.
CONTACT
Coldwell Banker Commercial
Sunstar Realty, Inc.
970 Kings Hwy., Suite 1
Port Charlotte, FL 33980
(941) 255-3497
www.sunstarcommercial.com
properties sold, with one major
project being announced by a
Canadian development company
planning on building one of the
area’s largest hotel/condo projects.
Household
Income
Median
Unemployment
OFFICE
MARKET HIGHLIGHTS
OFFICE
Ormond Beach oceanfront park
breaks ground.
RETAIL
Vacancy
q
Vacancy
q
Vacancy
p
Vacancy
p
Absorption
q
Absorption
q
Absorption
q
Absorption
q
Rental Rates
q
Rental Rates
q
Rental Rates
q
Rental Rates
q
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
q
Vacancy
n
Vacancy
n
Vacancy
q
Absorption
q
Absorption
n
Absorption
n
Absorption
p
Rental Rates
q
Rental Rates
n
Rental Rates
n
Rental Rates
p
16
FL - Destin
FL - Florida Keys
DEMOGRAPHICS
CBSA
Fort Walton
Beach
Crestview
Destin, FL
MARKET HIGHLIGHTS
DEMOGRAPHICS
• There has been increased velocity in
CBSA
income producing assets.
• There is a strong speculative interest
in land as inventory diminishes.
Square Miles
Population
936
Square Miles
Key West, FL
178,019
Population
process with price reductions.
Household
Income
Median
Households
73,047
32,553
72,513
Household
Income
Median
$60,945
Employees (Total)
67,600
Unemployment
6.10%
CONTACT
from internet competition.
and expanding. Retail is contracting.
Hospitality and Restaurants are doing
well.
• REO assets are working through the
Households
• Fast Buck Freddies closed in Key West
• Grocery and Pharmacy are doing well
997
• Condo absorption is at a four
year low, with less than 1 year of
inventory.
MARKET HIGHLIGHTS
• Valero/Dunkin Donuts has built a new
store in the Middle Keys. Publix has
opened a second store in Key West.
Bank branches are consolidating.
• Inventory levels are declining at
$71,455
the rate of 10% annually. Distressed
properties represent only 13% of all
properties for sale.
Employees (Total)
29,685
• Hospitality and tourism are
Unemployment
4.40%
• Barriers to entry are significant
booming with the highest ADR’s and
occupancies in the state.
related to the availability of building
permits.
CONTACT
Coldwell Banker Commercial
United, Realtors
4458 Legendary Dr.
Destin, FL 32541
(850) 376-7289
www.cbcunitedgulfcoast.com
OFFICE
Coldwell Banker Commercial
Schmitt Real Estate, Co
11100 Overseas Hwy.
Marathon, FL 33050
(305) 743-5181
www.cbcworldwide.com
RETAIL
OFFICE
RETAIL
Vacancy
n
Vacancy
p
Vacancy
n
Vacancy
n
Absorption
p
Absorption
p
Absorption
n
Absorption
p
Rental Rates
n
Rental Rates
q
Rental Rates
q
Rental Rates
n
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
p
Vacancy
p
Vacancy
n
Vacancy
n
Absorption
p
Absorption
p
Absorption
n
Absorption
n
Rental Rates
n
Rental Rates
n
Rental Rates
n
Rental Rates
p
17
FL - Gainesville
DEMOGRAPHICS
CBSA
Square Miles
Population
Households
Household
Income
Median
Employees (Total)
Unemployment
Gainesville, FL
FL - Indian River County
MARKET HIGHLIGHTS
DEMOGRAPHICS
• 91 percent of deals being done in the
CBSA
local CBC office are leasing.
• Of those properties being leased, 71
percent were Office and 15 percent
Retail.
1,223
261,674
113,545
$45,060
Square Miles
• 18,000 SF positive Office lease
absorption and a 3,600 SF positive
lease absorption.
Population
• Average Office lease rate is $13.33/SF
Households
gross and average Retail lease rate is
$15.72/SF NNN.
Household
Income
Median
• Average Office listing is on the
• Even though time on market is high,
there is a tremendous amount of
lease activity occurring, but little sale
activity.
7.30%
• Large grocery store closed on US 1.
• Overall market conditions are
gradually improving.
503
• Development interest is returning.
135,534
• New construction in residential single
family is up in 2012.
• Owner users are the primary buyers
market 426 days and average Retail
listing is on the market 585 days.
87,322
Sebastian-Vero
Beach, FL
MARKET HIGHLIGHTS
CONTACT
59,807
for Office and Retail.
• New corporate interest in moving to
$62,271
Employees (Total)
43,595
Unemployment
11.30%
Indian River County.
CONTACT
Coldwell Banker Commercial
M.M. Parrish Realtors
3870 NW 83rd St.
Gainesville, FL 32606
(352) 264-3772
www.mmparrish.com/commercial
OFFICE
Coldwell Banker Commercial
Ed Schlitt, L.C.
1950 U. S. 1
Vero Beach, FL 32960
(772) 460-2081
www.cbc.flcoldwellbanker.com
RETAIL
OFFICE
RETAIL
Vacancy
q
Vacancy
q
Vacancy
n
Vacancy
q
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p
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p
Absorption
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p
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n
Rental Rates
n
Rental Rates
q
Rental Rates
n
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
q
Vacancy
n
Vacancy
n
Vacancy
q
Absorption
p
Absorption
n
Absorption
n
Absorption
p
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n
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p
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q
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p
18
FL - Jacksonville
DEMOGRAPHICS
CBSA
Square Miles
Population
Jacksonville,
FL
3,221
1,334,380
FL - Lakeland/Winter Haven
MARKET HIGHLIGHTS
DEMOGRAPHICS
• The medical practice of Dr. Scott
CBSA
and Karen Warren purchased a 7,886
SF Retail building in Ponte Vedra
Beach, FL for just under $1.79m.
CBC Benchmark’s Colin Nicholson
and Travis Lemley represented the
Heritage Bank of Florida in the REO
sale.
Square Miles
Lakeland
Winter Haven,
FL
518,910
Household
Income
Median
$60,216
Employees (Total)
Unemployment
8.50%
Apartment property sold for $38.6m
or $150,194/unit. The sale is just
less than last year’s highest perunit transaction, $153,405/unit, of
Tattersail at Tapestry Park.
Population
606,019
Households
228,998
Household
Income
Median
$40,730
Employees (Total)
245,900
Unemployment
Warehouse to 1 million SF.
Industrial space. No large blocks of
space (over 100,000) are immediately
available.
• Florida Polytechnic launched as
Florida’s 12th University. Expect
demand for R & D space in NE
Lakeland.
for expanded call center operation
and will hire over 300 employees.
10.00%
• Foreclosure activity continues to
and golf headed to the Olympics in
2016, there is increased international
interest in golf properties. Visit www.
cbcgolfcoursesales.com for more
information. Five new course listings
have been added in the last two
months.
drive demand for Apartments;
Vacancy is at all time low.
CONTACT
Coldwell Banker Commercial
Benchmark
4348 Southpoint Blvd., Suite 310
• The Summit Contracting Group
Jacksonville, FL 32216
of Jacksonville has won a $24.6m
(904) 281-1990
contract to build a 230 unit student
www.cbcbenchmark.com
Coldwell Banker Commercial
Saunders Ralston Dantzler Realty
114 N Tennessee Ave., 3rd Floor
Lakeland, FL 33801
(863) 648-1528
www.srdcommercial.com
housing project next to the University
of Virginia in Charlottesville, VA.
OFFICE
• Publix expands County Line RD
• Sykes leases 90,000 SF of Office space
• With the Olympics in full swing,
CONTACT
exceeding expectations. The water
park opened in May 2012. CBC
Saunders Ralston Dantzler launch
commercial sites at Legoland for
restaurants and hotels.
• Little or no vacancy of high-quality
based REIT, agreed to purchase the
Samsonite distribution facility at
Imeson Industrial Park in Jacksonville,
FL. The 817,680 SF building sold for
$42.5m or $52/SF
• The Villas at St. Johns, a Riverside
551,254
• LEGOLAND Florida attendance
2,010
• Global Income Trust Inc., an OrlandoHouseholds
MARKET HIGHLIGHTS
RETAIL
OFFICE
RETAIL
Vacancy
q
Vacancy
n
Vacancy
q
Vacancy
n
Absorption
p
Absorption
n
Absorption
p
Absorption
n
Rental Rates
p
Rental Rates
q
Rental Rates
n
Rental Rates
n
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
q
Vacancy
q
Vacancy
q
Vacancy
q
Absorption
p
Absorption
p
Absorption
p
Absorption
p
Rental Rates
q
Rental Rates
p
Rental Rates
n
Rental Rates
p
19
FL - Melbourne/Brevard County
FL - Naples/Ft. Myers
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Palm BayMelbourneTitusville, FL
MARKET HIGHLIGHTS
• Embraer expands, and Mid Air
CBSA
constructs 180,000 SF.
• Commercial leasing is recovering.
Square Miles
Population
Port Canaveral growth continues
with more than 3 million cruise
passengers in 2011.
1,018
536,805
Square Miles
Population
• Numerous large hire companies are
Naples-Marco
Island, FL
• This is the time to buy in Naples/Ft.
2,025
• Retail improves with vacancy down
225,977
Household
Income
Median
$56,299
Employees (Total)
181,926
Unemployment
Myers because prices are at historic
lows.
to 7.6%.
320,101
relocating to Brevard County.
Households
MARKET HIGHLIGHTS
• Office continues with vacancy at
15.1%.
• Industrial has a long way to go. There
• Residential market is recovering. New
construction taking place in Viera.
Inventory is down.
• National tenants are seeking sites.
Households
132,487
Household
Income
Median
$76,515
Employees (Total)
115,960
are many bargains at this time.
• Private space sector is replacing
NASA and hiring NASA Engineers.
Unemployment
9.40%
CONTACT
8.80%
CONTACT
Coldwell Banker Commercial
Ed Schlitt, L.C.
235 Fifth Ave.
Indialantic, FL 32903
(321) 723-9500
www.cbc.flcoldwellbanker.com
OFFICE
Coldwell Banker Commercial
NRT - Naples
550 Fifth Ave. South
Naples, FL 34102
(239) 596-6130
www.cbcworldwide.com
RETAIL
OFFICE
RETAIL
Vacancy
q
Vacancy
q
Vacancy
q
Vacancy
q
Absorption
p
Absorption
p
Absorption
n
Absorption
p
Rental Rates
n
Rental Rates
n
Rental Rates
p
Rental Rates
q
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
q
Vacancy
q
Vacancy
q
Vacancy
N/A
Absorption
p
Absorption
p
Absorption
p
Absorption
N/A
Rental Rates
n
Rental Rates
n
Rental Rates
q
Rental Rates
N/A
20
FL - Orlando
FL - Polk County
DEMOGRAPHICS
CBSA
Square Miles
Orlando
Kissimmee, FL
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Baer’s Furniture moved out of 35,000
CBSA
SF in Altamonte Springs.
Lakeland
Winter Haven,
FL
• 75,000 SF of Office space was leased
Square Miles
of Retail space were completed in
Orlando.
2,093,845
Population
606,019
Households
228,998
Household
Income
Median
$40,730
Employees (Total)
239,100
Unemployment
10.00%
• Class-B Office space net absorption
Households
Household
Income
Median
+322,116 SF; Class-C: + 32,006 SF.
799,047
• Amcor Rigid Plastics USA is moving
into 500,000 SF of Industrial Space.
$53,425
• Flex building recorded net absorption
of positive 91,666 SF.
Employees (Total)
Unemployment
$13,472,900.
were down slightly from the Q4 of
2011.
2,010
• 10 buildings totaling 137,403 SF
Population
• Lakeland Industrial building sells for
• Rental rates for Retail in Polk County
by Florida Institute of Technology.
3,491
MARKET HIGHLIGHTS
956,766
8.70%
CONTACT
• John Deere Landscaping leased
8,190 SF on 2700 Combee Rd. in Polk
County.
• Office vacancy and rental rates in
Polk County remained virtually
unchanged. Slight increases in
absorption were noted.
• One of the largest transactions
that has occurred within the last
four Quarters in the Tampa/St. Pete
market is the sale of 1515 W. Bella
Vista St. in Lakeland. This 180,000
SF Industrial building sold for
$13,472,900 or $74.85 per SF on
9/9/11.
CONTACT
Coldwell Banker Commercial
NRT - Maitland
901 N Lake Destiny Dr., Suite 110
Maitland, FL 32751
(407) 571-5294
www.cbcworldwide.com
OFFICE
Coldwell Banker Commercial
NRT - Winter Haven
290 Cypress Gardens Blvd..
Winter Haven, FL 33880
(863) 294-7541
www.cbcworldwide.com
RETAIL
OFFICE
RETAIL
Vacancy
q
Vacancy
p
Vacancy
n
Vacancy
p
Absorption
p
Absorption
q
Absorption
p
Absorption
p
Rental Rates
q
Rental Rates
q
Rental Rates
n
Rental Rates
q
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
q
Vacancy
N/A
Vacancy
q
Vacancy
N/A
Absorption
p
Absorption
N/A
Absorption
p
Absorption
N/A
Rental Rates
N/A
Rental Rates
N/A
Rental Rates
q
Rental Rates
N/A
21
FL - Sarasota/Manatee/Charlotte Counties
FL - Southern
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Square Miles
SarasotaBradentonVenice, FL
MARKET HIGHLIGHTS
• Industrial absorption is picking up.
CBSA
• Manatee County-Feld Industry and
Dentsply purchased 750,000 SF
Industrial.
1,313
Key West, FL
Square Miles
689,676
Households
311,173
Household
Income
Median
$58,236
Employees (Total)
230,801
Population
• Multi-Family properties are in high
• Publix opened a second store in Key
West, and is planning a new store in
Islamorada.
997
• Vacancies are falling due to
73,047
• Dunkin Donuts is expanding into
expansions and new business moving
to the Keys.
• New home sales have picked up.
Population
MARKET HIGHLIGHTS
demand.
Marathon with a new store.
• Unemployment dropped from 12% to
8% percent overall.
• International tourism was a big factor
in this years season.
Households
32,553
• Residential inventories are going
Household
Income
Median
$71,455
• The Keys enjoy the highest ADR and
Employees (Total)
down over 10% per year for the past
2 years.
occupancy in the state. Tourism is
driving the recovery.
29,685
• Barriers to entry are very high given
land use and environmental issues.
Unemployment
Unemployment
9.00%
CONTACT
4.40%
CONTACT
Coldwell Banker Commercial
NRT - Sarasota
100 N. Tamiami Trail
Sarasota, FL 34236
(941) 925-8586
www.cbcworldwide.com
OFFICE
Coldwell Banker Commercial
Schmitt Real Estate, Co.
11050 Overseas Hwy.
Key West, FL 33050
(305) 743-5181
www.cbcworldwide.com
RETAIL
OFFICE
RETAIL
Vacancy
q
Vacancy
q
Vacancy
n
Vacancy
q
Absorption
p
Absorption
p
Absorption
n
Absorption
p
Rental Rates
n
Rental Rates
q
Rental Rates
n
Rental Rates
n
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
q
Vacancy
q
Vacancy
n
Vacancy
q
Absorption
p
Absorption
p
Absorption
n
Absorption
p
Rental Rates
n
Rental Rates
p
Rental Rates
n
Rental Rates
p
22
FL - St. Lucie County
FL - Tallahassee
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Square Miles
Population
MARKET HIGHLIGHTS
Port St. Lucie,
FL
• Vacancy in Retail seems to be at
1,128
• Residential market has improved
407,361
• There have been more land sales this
CBSA
a standstill. Small office space is
moving (mostly 3,000 SF and under).
Square Miles
greatly in the St. Lucie County, FL
area. Inventory is low.
Population
MARKET HIGHLIGHTS
Tallahassee,
FL
• Whole Foods is planned to open in
2,387
• Office vacancy is rising and stands at
361,765
year than in the past three years!
2013. Academy Sports opened in
2012.
22%. The major reason is the state
of Florida is vacating several large
spaces.
• VA Hospital is planned to open in
Households
169,340
Households
154,494
Household
Income
Median
$53,266
Household
Income
Median
$47,364
Employees (Total)
117,662
Employees (Total)
111,973
2013. There are also multiple FSU
student Multi-Family projects in
progress in College Town.
• Residential transaction volume is up
6% the first half of 2012. Inventory
is decreasing; prices are stable and
increasing in certain areas.
• Unemployment is down to 7.2% vs
7.9% this time last year, one of the
lowest rates in the state.
Unemployment
Unemployment
10.90%
CONTACT
7.20%
• Gaines Street Retail Re-development
CONTACT
Coldwell Banker Commercial
NRT - Port St. Lucie
1973 SW Savage Blvd.
Port St. Lucie, FL 34953
(772) 621-7518
www.cbcworldwide.com
OFFICE
Coldwell Banker Commercial
Hartung & Noblin Inc.
3303 Thomasville Rd.
Tallahassee, FL 32308
(850) 386-6160
www.cbcworldwide.com
RETAIL
OFFICE
is finally happening. Mid-town is
continuing it’s Retail expansion. New
FSU Student housing projects coming
on line (approximately 4,500 beds)
in the next few years. Tallahassee
has also become a national top
retirement destination.
RETAIL
Vacancy
p
Vacancy
N/A
Vacancy
p
Vacancy
p
Absorption
N/A
Absorption
n
Absorption
q
Absorption
q
Rental Rates
q
Rental Rates
n
Rental Rates
N/A
Rental Rates
p
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
p
Vacancy
N/A
Vacancy
q
Vacancy
q
Absorption
N/A
Absorption
N/A
Absorption
p
Absorption
p
Rental Rates
q
Rental Rates
N/A
Rental Rates
q
Rental Rates
p
23
FL - Tampa/St. Petersburg
GA - Athens
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Tampa-St.
PetersburgClearwater, FL
MARKET HIGHLIGHTS
• Moffit Cancer Center is moving into
CBSA
100,000 SF on Telcom Dr.
• Tampa/St. Petersburg Office vacancy
Square Miles
ended unchanged in Q2 of 2012.
2,554
Square Miles
Athens-Clarke
County, GA
• In spring of 2012, Caterpillar Inc.
1,031
• The plant will be located on an
• Retail net absorption was slightly
Population
2,757,566
positive in Tampa/St. Petersburg.
Household
Income
Median
Employees (Total)
Unemployment
1,166,605
$49,596
1,059,081
9.00%
CONTACT
announced the relocation of a $200
million plant to Athens, GA.
860 acre Industrial parcel between
U.S. Highway 78 and GA Hwy 316
in Clarke and Oconee Counties.
Caterpillar has already broken ground
and will start production in 2013.
Population
193,495
Households
77,486
• Wages will be at or above the median
Household
Income
Median
$40,278
• In addition to the 1,400 factory jobs
• During Q2, two buildings totaling
162,196 SF were completed.
Households
MARKET HIGHLIGHTS
Employees (Total)
60,760
Unemployment
7.50%
incomes of Clarke and Oconee
Counties.
created, Caterpillar will indirectly
create another 2,800 jobs through
its $57 million payroll and $39
million in increased retail spending,
generating $1 million in annual
sales tax revenue. Georgia Governor
Nathan Deal called the relocation a
“game-changer” for Athens and the
surrounding counties.
CONTACT
Coldwell Banker Commercial
NRT - Tampa
5010 W. Kennedy Blvd., 2nd Floor
Tampa, FL 33609
(813) 286-2964
www.cbcworldwide.com
OFFICE
Coldwell Banker Commercial
Upchurch Realty
2405 W. Broad St.
Athens, GA 30606
(706) 354-7870
www.upchurchrealtycommercial.com
RETAIL
OFFICE
RETAIL
Vacancy
n
Vacancy
n
Vacancy
n
Vacancy
q
Absorption
p
Absorption
p
Absorption
n
Absorption
n
Rental Rates
q
Rental Rates
p
Rental Rates
q
Rental Rates
q
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
n
Vacancy
N/A
Vacancy
n
Vacancy
p
Absorption
q
Absorption
N/A
Absorption
n
Absorption
n
Rental Rates
q
Rental Rates
N/A
Rental Rates
n
Rental Rates
p
24
GA - Atlanta
GA - Chatham County
DEMOGRAPHICS
CBSA
Square Miles
Atlanta-Sandy
Springs
Marietta, GA
8,376
Population
5,521,582
Households
2,028,400
Household
Income
Median
Employees (Total)
Unemployment
$60,590
2,223,339
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Atlanta’s office market began 2012
CBSA
with absorption totaling just over
625,000 SF, an amount equal to almost
all of last year’s total. Atlanta’s office
market recovery continues to show
signs of strengthening.
Square Miles
• On the whole, Retail absorption
topped 240,000 SF in Q1 of 2012 with
shopping centers seeing the bulk of
the occupancy gains.
• At mid-year 2012, the recovery of
Atlanta’s industrial market remains
solid. Q2 absorption topped 2.5
million SF, which is the second highest
amount of industrial space absorbed
in the past four quarters.
• Since the end of 2009, the overall retail
vacancy rate in the Atlanta region has
essentially remained unchanged. The
occupancy gains experienced during
this period of time have been matched
almost equally by the amount of
vacant space added to the market.
9.30%
Coldwell Banker Commercial
Metro Brokers
3575 Piedmont Rd.
N.E. Building 15, Suite 950
Atlanta, GA 30305
(404) 495-8915
www.cbcmetrobrokers.com
OFFICE
1,359
• Gulfstream has launched a $500m,
seven-year expansion program at
its Savannah facility. As part of the
program, Gulfstream will add 1,000
jobs, increasing the workforce to
about 6,500 employees in Savannah.
• Mitsubishi Power Systems Americas
Population
347,453
Households
130,609
Household
Income
Median
$55,567
Employees (Total)
129,296
• New construction includes a Nordic
9.10%
• Groundbreaking for West Chatham
Unemployment
dedicated its new $325 million
Savannah Machinery Works, a
state-of-the-art facility that will
manufacture goods to provide power
to the electric grid both in the U.S.
and around the world. The complex
will employ some 500 people and
create millions of dollars in economic
activity for Georgia.
Logistics and Warehousing 400,000
SF cold storage facility.
water park / IMAX theater complex.
• One West Victory, $20 million Mixed-
use facility, has broken ground.
• While housing starts are only
CONTACT
Savannah, GA
MARKET HIGHLIGHTS
CONTACT
just beginning to show an uptick,
anecdotal evidence indicates supply
for new housing in desirable locations
is running low.
• Construction of 700+ unit Multi-
Coldwell Banker Commercial
Platinum Partners
6349 Abercorn St.
Savannah, GA 31405
(912) 352-1222
www.cbcplatinum.com
• On the whole, Atlanta’s office market
will likely see less absorption in the Q3
thanks to a number of consolidations
set to occur; yet still remain in positive
territory.
RETAIL
OFFICE
Family project is taking place with
more planned.
RETAIL
Vacancy
q
Vacancy
n
Vacancy
q
Vacancy
p
Absorption
q
Absorption
p
Absorption
p
Absorption
n
Rental Rates
n
Rental Rates
q
Rental Rates
n
Rental Rates
n
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
q
Vacancy
q
Vacancy
q
Vacancy
q
Absorption
p
Absorption
p
Absorption
p
Absorption
p
Rental Rates
n
Rental Rates
p
Rental Rates
p
Rental Rates
p
25
GA - Columbus
DEMOGRAPHICS
CBSA
Square Miles
Columbus,
GA-AL
1,937
GA - Hinesville/Fort Stewart
MARKET HIGHLIGHTS
DEMOGRAPHICS
• AFS America, a primary supplier for
CBSA
Hyundai and Kia, has chosen Columbus
for a new manufacturing plant, which
will bring 65 new jobs. It is expected to
be completed by early 2013.
Square Miles
Hinesville-Fort
Stewart, GA
• The Hinesville/Fort Stewart MSA was
920
• The Hinesville/Fort Stewart MSA was
Households
Household
Income
Median
Employees (Total)
Unemployment
293,977
117,712
$49,432
93,485
9.80%
Martin Army Community Hospital to
house 75 beds, with a total Investment
of $408 million.
Population
73,844
• Fort Stewart is the largest military
the 3rd fastest growing MSA in the
US 2010/2011.
the 4th fastest growing MSA for Job
growth 2010/2011.
• Construction has started on a new
Population
MARKET HIGHLIGHTS
installation east of the Mississippi
River.
• Columbus is opening a branch of the
Households
Mercer Medical School by way of a
partnership between Mercer, Columbus
Regional Healthcare and St Francis
Hospital. The first 14 students are
studying here now.
Household
Income
Median
• Overall housing market in Columbus,
Employees (Total)
GA is projected to recover slowly
with steady growth. Overall price
points combined with low interest
rates and rising income provide for an
affordability index that is at historic
highs. 26,115
• Fort Stewart has a $7.13 billion
economic impact on the region.
$48,667
• Liberty County is centrally located
between 4 deep water ports, 2 within
45 minutes.
12,145
• Liberty county has a highly
disciplined, motivated and trained
military retiree work force.
Unemployment
9.60%
• Columbus market has enjoyed stability,
with periods of growth primarily due
to the expansion and reallocation of
troops coming into Ft. Benning - the
new Maneuver Center of Excellence.
CONTACT
CONTACT
Coldwell Banker Commercial
Kennon, Parker, Duncan & Key
4621 River Rd. Suite C
• Moody’s long term assessment for
Columbus, GA 31904
Columbus is that it will outperform
(706) 256-1500
www.commercialcolumbusga.com the nation over the next two years.
Coldwell Banker Commercial
Holtzman Realtors
730 General Stewart Way
Hinesville, GA 31313
(912) 408-4040
www.cbcholtzman.com
Overall, southern metropolitan areas
are expected to outpace the nation at
even greater numbers.
OFFICE
RETAIL
OFFICE
RETAIL
Vacancy
p
Vacancy
p
Vacancy
n
Vacancy
q
Absorption
q
Absorption
p
Absorption
n
Absorption
p
Rental Rates
p
Rental Rates
p
Rental Rates
n
Rental Rates
p
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
q
Vacancy
p
Vacancy
N/A
Vacancy
q
Absorption
p
Absorption
q
Absorption
N/A
Absorption
p
Rental Rates
q
Rental Rates
n
Rental Rates
N/A
Rental Rates
p
26
GA - Lake Oconee/Lake Sinclair
GA - Macon, Bibb County
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Square Miles
Greene
County, GA
345
Population
21,218
Households
8,601
Household
Income
Median
Employees (Total)
Unemployment
$50,485
5,263
9.40%
MARKET HIGHLIGHTS
• MetLife completes acquisition of
CBSA
Reynolds Plantation. Purchase
included six championship golf
courses, dining, swimming pools,
pedestrian trails, marinas, a tennis
center and a wellness campus.
Square Miles
• Also included was the Ritz-Carlton
Lodge, a 251-room lakefront resort
and spa, which was named as a
2012 AAA Five Diamond Lodging,
and hundreds of acres of prime
commercial real estate.
leader in biologic medical therapies,
has announced it will build a new
state-of-the-art manufacturing
facility nearby to support growth
of its plasma-based treatments,
resulting in the creation of more than
1,500 full-time positions in GA.
1,725
232,119
Households
89,721
construction of its 700,000 SF
regional distribution facility that will
employ 200 people.
$47,145
world’s most dependable sources of
aftermarket A/C parts, has leased a
110,000 SF Warehouse in Macon that
will serve the Southeast Region and
employ over 50 positions.
• Vacancy is falling because of high
level of manufacturer/distributors
being located near the Port of
Savannah along Interstate 16 and 75.
• NW Technologies is constructing a
Employees (Total)
Unemployment
• The number of units sold has
83,398
10.10%
increased in both the local
Commercial and Residential market,
compared YTD in 2011.
CONTACT
CONTACT
Coldwell Banker Commercial
Lake Country
1020 Greensboro Rd., NE
Eatonton, GA 31024
(706) 485-0124
www.cbclakecountry.com
OFFICE
• Tractor Supply has begun
• Global Parts Distributors, one of the
Population
Household
Income
Median
• Baxter International Inc., a global
Macon, GA
MARKET HIGHLIGHTS
$20,000,000 polar and wind products
manufacturing facility here that will
employ over 150 new positions.
• The residential market is keeping
with national trends; new housing
starts are mostly non-existent and
resales of existing homes are up
2% over year end 2010. Several
new Multi-Family Apartment
developments are under way, started
in 2011 to be finished in 2012.
Coldwell Banker Commercial
Eberhardt & Barry
• Local voters approved a
990 Riverside Dr.
consolidation of City and County
Macon, GA 31201
Governments.
(478) 746-8171
www.coldwellbankercommercialeb.com
RETAIL
OFFICE
RETAIL
Vacancy
q
Vacancy
p
Vacancy
p
Vacancy
p
Absorption
p
Absorption
q
Absorption
q
Absorption
q
Rental Rates
n
Rental Rates
q
Rental Rates
q
Rental Rates
q
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
N/A
Vacancy
N/A
Vacancy
q
Vacancy
q
Absorption
N/A
Absorption
N/A
Absorption
p
Absorption
p
Rental Rates
N/A
Rental Rates
N/A
Rental Rates
n
Rental Rates
n
27
HI - Honolulu
DEMOGRAPHICS
CBSA
Square Miles
Population
Honolulu, HI
600
910,677
Households
311,782
Household
Income
Median
$67,192
Employees (Total)
365,718
ID - Boise
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Hawaii’s economy remains healthier
CBSA
than the continental U.S. However,
it is slowing due to stagnant labor
markets and limited construction.
Tourism remains a bright spot
posting an 8.5% increase in visitor
arrivals over 2011 levels.
Square Miles
Population
• Hawaii’s construction is a replay of
2011 for 2012, with only military and
government projects being awarded,
attracting out-of-state firms to
compete for these contracts.
• In 2012, the unemployment rate
decreased to 6.4%.
Boise CityNampa, ID
11,788
610,611
Households
224,823
Household
Income
Median
$55,100
Employees (Total)
232,386
• Larry Ellison, CEO of Oracle,
Unemployment
• Major grocer openings in the Boise
area market in 2012 include: Fred
Meyer, Rosauer’s Supermarket and
Whole Foods opening November
2012. Walmart will open two new
locations in 2013/2014 in Meridian,
ID.
• Meridian Town Center, a 500,000 SF,
$250m Retail project in Meridian,
Idaho, is underway. Developer,
CenterCal Properties has leased over
200,000 SF of the project’s space.
Tenants include Gordman’s, Marshalls,
Petco, Gap Outlet, Chick-fil-A,
Cinema West and Big Al’s Sports Bar.
• The number of new home sales is
purchased the Island of Lanai, the
6th largest island in the state. The
purchase price is estimated upwards
of $500 million.
Unemployment
6.40%
CONTACT
Coldwell Banker Commercial
Pacific Properties
737 Bishop St., Suite 2000
Honolulu, HI 96813
(808) 526-0896
www.cbcpacific.com
economic improvement characterized
by steady, broad-based job growth
and increasing property values, both
residential and commercial.
• Idaho’s unemployment rate dropped
Coldwell Banker Commercial
NRT - Boise
6550 South Millrock Dr.
Suite 200
Salt Lake City, UT 84121
(208) 888-1825
www.coldwellutah.com
RETAIL
up an incredible 100% for the Q1 of
2012 compared to 2011.
• The Boise area has seen marked
7.30%
CONTACT
OFFICE
MARKET HIGHLIGHTS
OFFICE
a tenth of a point to 7.8% in June
2012 the lowest since September
2009.
RETAIL
Vacancy
q
Vacancy
p
Vacancy
q
Vacancy
q
Absorption
p
Absorption
q
Absorption
p
Absorption
p
Rental Rates
n
Rental Rates
q
Rental Rates
q
Rental Rates
p
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
p
Vacancy
n
Vacancy
q
Vacancy
q
Absorption
q
Absorption
n
Absorption
p
Absorption
p
Rental Rates
q
Rental Rates
n
Rental Rates
n
Rental Rates
n
28
ID - Coeur d’ Alene
DEMOGRAPHICS
CBSA
Square Miles
Population
Coeur d’Alene,
ID
IL - Bloomington/Normal, McLean County
MARKET HIGHLIGHTS
DEMOGRAPHICS
• WinCo anchored Shopping Center
CBSA
planned for construction in 2013.
• Lack of new construction for Multi-
Family projects is helping with
absorption.
1,245
140,628
Square Miles
• There has been a fair amount of
Population
Owner Occupied new construction.
BloomingtonNormal, IL
Household
Income
Median
53,154
$50,618
• State Farm Insurance continues
employment growth.
• Uptown Normal is busy with a
Transportation Center and other
projects in the works.
1,184
168,918
• Rental rates continue to stay
Households
MARKET HIGHLIGHTS
• ISU campus apartment development
is active.
• Healthcare expansions are planned
stagnant, but Landlord concessions
are starting to drop.
Households
Household
Income
Median
• Continues to be a buyers market ripe
with Owner Occupied opportunities.
70,687
• Local jobless rate stays consistently
$59,825
best in the state.
• The local housing market is up 25%.
Employees (Total)
49,226
Employees (Total)
69,980
Unemployment
8.00%
Unemployment
7.60%
CONTACT
for Advocate BroMenn and OSF.
CONTACT
Coldwell Banker Commercial
Schneidmiller Realty
2000 Northwest Blvd.; Suite 200
Coeur d’Alene, ID 83814
(208) 664-1461
www.cbcsr.com
OFFICE
Coldwell Banker Commercial
Heart of America Realtors
802 S. Eldorado Rd.
Bloomington, IL 61704
(309) 662-3377
www.cbhoacommercial.com
RETAIL
OFFICE
RETAIL
Vacancy
q
Vacancy
n
Vacancy
q
Vacancy
q
Absorption
p
Absorption
n
Absorption
p
Absorption
p
Rental Rates
n
Rental Rates
n
Rental Rates
n
Rental Rates
n
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
q
Vacancy
q
Vacancy
n
Vacancy
q
Absorption
p
Absorption
p
Absorption
n
Absorption
p
Rental Rates
n
Rental Rates
p
Rental Rates
n
Rental Rates
p
29
IL - Champaign/Urbana
IL - Chicagoland
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Square Miles
Population
MARKET HIGHLIGHTS
ChampaignUrbana, IL
• Carle Hospital has announced plans
1,923
• Parkland College has completed
227,494
CBSA
for expansion of their Emergency
Room department.
Square Miles
their new Applied Technology Center
and begun work on a new Student
Services addition.
Population
Chicago
Naperville
Joliet, IL-IN-WI
7,212
9,617,804
• Easton-Bell Sports has announced
Households
Household
Income
Median
97,325
Households
and has seen a lot of activity in the
first half of 2012.
Household
Income
Median
• The student housing market remains
Employees (Total)
80,156
Unemployment
9.10%
very hot with cap rates falling below
6% on the University of Illinois
Campus.
Employees (Total)
• The University of Illinois is continuing
Unemployment
work on their new Ikenberry
Commons residence halls and has
begun work on a new building on the
Engineering Campus.
CONTACT
3,484,370
$66,775
4,186,171
9.30%
continued to improve in the Q2 of
2012. There was 5,817,000 SF of net
absorption. The vacancy rate decreased
to 10.6 %. The largest leases signed
in 2012 so far are M Block & Sons for
916,000 SF and Bridgestone for 406,000
SF.
Coldwell Banker Commercial
Devonshire Realty
201 W. Springfield, 11th Floor
Champaign, IL 61820
(217) 352-7712
www.cbcdr.com
Coldwell Banker Commercial
NRT - Chicago
2215 Sanders Rd.
Northbrook, IL 60062
(847) 313-4600
www.cbcworldwide.com
RETAIL
decreased in the Q2 and Retail vacancy
only increased slightly. The reason the
vacancy has fallen is because there was
very little new construction, and several
large new leases were signed.
• There was 453,000 SF of new Industrial
space, 425,000 SF of new Office space
and 117,000 SF of new Retail space
constructed. These are very nominal
amounts of new space when compared
to the size of the overall markets.
• The residential market has shown
CONTACT
OFFICE
• The Chicago Industrial market
• The vacancy rate in Industrial and Office
plans for a 800,000 SF facility in
Rantoul.
• The Retail segment bounced back
$47,851
MARKET HIGHLIGHTS
OFFICE
dramatic improvement. Sales of
single family homes have increased
significantly and prices are starting
to increase. The Apartment market
continues to flourish with low
vacancies, increasing rents and several
new projects being built.
• The Industrial market has been very
active with large absorption over the
last 3 Quarters. Office has also shown
significant improvement, but vacancy
rates in the suburban markets are still
over 16%.
RETAIL
Vacancy
n
Vacancy
q
Vacancy
q
Vacancy
p
Absorption
n
Absorption
p
Absorption
p
Absorption
q
Rental Rates
q
Rental Rates
n
Rental Rates
p
Rental Rates
q
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
q
Vacancy
q
Vacancy
q
Vacancy
q
Absorption
p
Absorption
p
Absorption
p
Absorption
p
Rental Rates
n
Rental Rates
p
Rental Rates
p
Rental Rates
p
30
IL - Madison/St. Clair Counties
IL - Peoria County
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Square Miles
Population
MARKET HIGHLIGHTS
St. Louis,
MO-IL
• Sam’s Store purchased property in
9,392
• Southern Illinois University
CBSA
Glen Carbon. This is the second store
in the Metro East St. Louis market.
Square Miles
Edwardsville is completing $200
million + in construction projects this
year.
2,858,935
Peoria, IL
2,470
Household
Income
Median
leased, and two more projects are
under consideration.
1,125,496
Force Base.
• Three Hospital projects are under
1,261,660
377,630
Households
153,377
Household
Income
Median
$60,133
• A major sands oil refining project was
Employees (Total)
157,932
• Commercial market is definitely
7.90%
• Unemployment in the Tri County
just completed by Conoco Phillips.
Unemployment
Economic uncertainty is the biggest
factor.
Population
consideration.
Employees (Total)
expand in the area. Big R has now
leased two large vacant centers in the
area. CAT announced a major retrofit
of general offices.
• New commercial construction
• This market is home to Scott Air
$57,785
• Healthcare Industry continues to
• Vacancy in this region is fairly static.
• New student housing project is fully
Households
MARKET HIGHLIGHTS
Unemployment
9.00%
CONTACT
is spotty, but there are huge
improvements from two years ago.
• The Residential market has
construction starting, and home
purchasing is on the upswing.
improving, both property sales and
leasing.
area continues to decline. Caterpillar
continues as a major force in Peoria
and surrounding areas.
CONTACT
Coldwell Banker Commercial
Brown Realtors
2205 South State Route 157
Edwardsville, IL 62025
(618) 692-7290
www.brownrealtorscommercial.com
OFFICE
Coldwell Banker Commercial
Devonshire Realty
4507 N. Sterling Ave., Suite 203
Peoria, IL 61615
(309) 692-7707
www.cbcdr.com
RETAIL
OFFICE
RETAIL
Vacancy
p
Vacancy
n
Vacancy
n
Vacancy
q
Absorption
n
Absorption
n
Absorption
N/A
Absorption
p
Rental Rates
q
Rental Rates
n
Rental Rates
q
Rental Rates
q
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
q
Vacancy
n
Vacancy
q
Vacancy
q
Absorption
p
Absorption
n
Absorption
p
Absorption
p
Rental Rates
n
Rental Rates
n
Rental Rates
q
Rental Rates
n
31
IL - Sangamon County
IN - Delaware County
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Square Miles
Springfield, IL
MARKET HIGHLIGHTS
• There is a very strong medical
CBSA
influence in this market.
• Capitol of Illinois adds to strong
employment base.
868
Square Miles
Muncie, IN
196,269
influence in this area.
Population
115,425
Household
Income
Median
• There is lower than average
unemployment in this area.
$56,722
• A new Auto Mall is being developed
on 72 acre site.
the past 7 months.
82,636
new jobs.
extend leases and IBM is expanding
at Heartland Business Center in
Daleville.
• Residential market has been up for
Households
• Sallie Mae added 50,000 SF and 200
• Jarden Home Brands and IBM
393
• There is a strong agricultural
Population
MARKET HIGHLIGHTS
• Springfield has a strong tourism draw
with Lincoln sites.
Households
48,625
• Three new student housing projects
Household
Income
Median
$40,907
• Residential Market - unit sale up
totaling 350 units to be completed in
2012-2013.
12.3% and average price up 8.9%.
Employees (Total)
83,238
Employees (Total)
42,446
Unemployment
7.70%
Unemployment
9.70%
• Magna Power Trac is adding 50,000
SF and 50 jobs.
• Delaware Advancement Corporation
announces completion of new 40,000
SF Industrial shell building.
• New 50,000 SF light Industrial
CONTACT
building being constructed at
Heartland Business Center in
Daleville.
CONTACT
Coldwell Banker Commercial
Devonshire Realty
3201 Old Jacksonville Rd.
Springfield, IL 62711
(217) 547-6650
www.cbcdr.com
OFFICE
Coldwell Banker Commercial
Lunsford
3601 W. Bethel Ave.
Muncie, IN 47304
(765) 289-2228
www.cblcre.com
RETAIL
OFFICE
• Spartech Packaging Technologies
making a $19 million capital
investment and adding 32 jobs.
RETAIL
Vacancy
q
Vacancy
q
Vacancy
n
Vacancy
p
Absorption
p
Absorption
p
Absorption
n
Absorption
q
Rental Rates
p
Rental Rates
p
Rental Rates
q
Rental Rates
q
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
n
Vacancy
q
Vacancy
q
Vacancy
n
Absorption
p
Absorption
p
Absorption
p
Absorption
n
Rental Rates
n
Rental Rates
p
Rental Rates
q
Rental Rates
n
32
KS - Garden City
DEMOGRAPHICS
CBSA
Square Miles
Population
Garden City,
KS
KS - Kansas City Metro Area
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Aztec Oil Company has moved into
CBSA
the area.
• Vacancy is falling because this area is
center for Oil & Gas + a major Retail
Center.
1,302
42,609
Square Miles
Kansas City,
MO-KS
Household
Income
Median
• Retail sales in the Metro area are
• New construction is starting again.
Population
2,076,653
up. New Retail and entertainment
construction is underway.
• Home sales in the metro area are up.
Households
• This area is growing as a Major Retail
Center.
$43,008
in the Metro and 5.8% in Kansas.
under construction.
strong.
13,697
• Unemployment has lowered to 7.6%
• The new Ford Claycomo plant is
7,857
• This residential market is stable and
Households
MARKET HIGHLIGHTS
• This is an Aggressive Market Area.
$60,301
914,989
13,558
Employees (Total)
Unemployment
4.20%
Unemployment
• Surveys show that business executive
confidence is up.
Household
Income
Median
Employees (Total)
CONTACT
819,900
• The continued good farm economy is
having a positive effect on the Metro
area.
6.80%
CONTACT
Coldwell Banker Commercial
The Real Estate Shoppe Inc
1135 College Dr. Suite E
Garden City, KS 67846
(620) 275-7421
www.cbcworldwide.com
OFFICE
Coldwell Banker Commercial
Fishman & Company
1948 E. Santa Fe
Olathe, KS 66062
(913) 782-9000
www.cbcfishman.com
RETAIL
OFFICE
RETAIL
Vacancy
q
Vacancy
q
Vacancy
n
Vacancy
n
Absorption
p
Absorption
p
Absorption
q
Absorption
n
Rental Rates
p
Rental Rates
p
Rental Rates
p
Rental Rates
p
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
n
Vacancy
q
Vacancy
n
Vacancy
q
Absorption
n
Absorption
p
Absorption
p
Absorption
q
Rental Rates
p
Rental Rates
p
Rental Rates
n
Rental Rates
p
33
KY - Louisville Metro
KY - Southern
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Square Miles
Population
Louisville
Jefferson
County, KY-IN
4,135
1,263,217
Households
506,857
Household
Income
Median
$54,741
Employees (Total)
Unemployment
MARKET HIGHLIGHTS
• Louisville employment has been stronger
than many markets during the last two
years. Contributors have included the
UPS National Airhub, the Ford plants, GE
Appliance Park, YUM! Brands, and the
vitality of the medical industry (example:
Humana acquired Kindred of St. Louis in
2011).
CBSA
Square Miles
• Investor interest in Louisville Multi-Family
is high, and cap rates are significantly
higher than in glitzier markets. The
problem, as elsewhere, is a lack of product
as owners hang on to their properties in
this time of rising rents and occupancy.
There is some new construction.
• Retail in Louisville is flat as in much of
549,941
8.30%
the country. There is low double-digit
vacancy. It’s probably poised to bounce
back quickly when national economy
rebounds. Newcomers such as Nike
Factory Outlet, Trader Joe’s, Urban
Outfitters and others are hopefully the
vanguard.
Bowling Green,
KY
MARKET HIGHLIGHTS
• Holley Performance Products
announces $7 million+ expansion.
• Fruit of the Loom continues to grow
international headquarters in Bowling
Green.
848
• Corvette Plant announces 60th
Population
121,646
Households
50,840
• Warren County has been ranked as
Household
Income
Median
$46,805
• Newsweek Ranks WKU’s Gatton
Employees (Total)
Anniversary Model. All Corvettes are
built in Bowling Green, KY.
Kentucky’s #1 County for Private
Sector Growth for 10 Years.
Academy as #1 High School in the
Country.
50,727
• Taggart Solar to locate in Edmonson
County Industrial Park.
Unemployment
7.40%
• Industrial Louisville leasing activity is
CONTACT
Coldwell Banker Commercial
McMahan Co.
10600 Timberwood Circle
Suite 7
Louisville, KY 40223
(502) 425-8800
www.cbcworldwide.com
OFFICE
strongest in five years, except for 2008.
Rates are fairly flat over last five years.
Vacancy has dropped below 8% for first
time in last five years.
CONTACT
• Louisville Office remains a weak sector,
but with some improvement, especially in
Class A. Vacancy above 10% for Class A;
mid-teens for B; and high teens for C. Flat
rental rates. Total leasing activity best in
several years, but well shy of 2007.
RETAIL
Coldwell Banker Commercial
Legacy Real Estate Group
2435 Fitzgerald Industrial Dr., Suite 101
Bowling Green, KY 42104
(270) 781-3844
www.cbclegacy.com
OFFICE
RETAIL
Vacancy
n
Vacancy
n
Vacancy
q
Vacancy
q
Absorption
n
Absorption
n
Absorption
p
Absorption
p
Rental Rates
n
Rental Rates
n
Rental Rates
p
Rental Rates
p
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
q
Vacancy
q
Vacancy
n
Vacancy
q
Absorption
p
Absorption
p
Absorption
p
Absorption
p
Rental Rates
n
Rental Rates
p
Rental Rates
p
Rental Rates
p
34
LA - Acadiana
DEMOGRAPHICS
CBSA
Square Miles
Population
Households
Lafayette, LA
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Oil and gas industry continues to
CBSA
drive all segments of the Arcadiania
market.
1,010
• New Medical facilities on the south
Square Miles
264,966
• Halliburton recently opened a new
Population
side of the city are increasing activity
both commercially and residentially.
101,487
manufacturing facility in Lafayette
North. This activity has spurred new
growth along the I-49 corridor.
$54,248
Employees (Total)
139,997
• GE Capital Center brings 300 direct
3,153
• Vacancy rates are falling across most
1,230,886
Households
469,474
or lease are statistically non-existent,
which continues to foster new Land
developments and new construction
of Industrial buildings of all sizes.
Household
Income
Median
$58,413
• Existing building renovations
Employees (Total)
458,428
medical facility upgrades are leading
to increased demand for space in the
New Orleans area.
• Residential inventory is nearing
2005 levels of supply, and demand
has improved, which is leading to
increased pricing.
fastest growing market in America.
Unemployment
remains a challenge but has loosened
considerably in 2012.
8.70%
• Due to tax incentives, quality of life
and a positive business climate,
young entrepreneurs are choosing
New Orleans to open their businesses
for the first time since the 1960’s.
CONTACT
Coldwell Banker Commercial
Pelican Real Estate
806 East Saint Mary Blvd.
Lafayette, LA 70503
(337) 233-9541
www.cbcpelican.com
OFFICE
product types due to expanding
technology in the medical and biomedical employment sectors in this
market.
• Forbes named New Orleans the
• Funding for speculative projects
CONTACT
jobs to New Orleans in its technology
center.
• Substantial transportation and
are a hot market, not only in the
traditional in-fill areas, but also
in older Industrial areas where an
infrastructure is in place and land
values reasonably priced.
6.20%
MARKET HIGHLIGHTS
New OrleansMetairie
Kenner, LA
• Industrial buildings available for sale
Household
Income
Median
Unemployment
LA - New Orleans
Coldwell Banker Commercial
TEC Realtors
701 Loyola Ave., Suite 401,
P.O. Box 50070
New Orleans, LA 70150
(504) 566-1777
www.cbctec.com
RETAIL
OFFICE
RETAIL
Vacancy
n
Vacancy
q
Vacancy
n
Vacancy
p
Absorption
n
Absorption
q
Absorption
n
Absorption
q
Rental Rates
n
Rental Rates
n
Rental Rates
n
Rental Rates
n
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
q
Vacancy
q
Vacancy
q
Vacancy
q
Absorption
q
Absorption
q
Absorption
p
Absorption
p
Rental Rates
p
Rental Rates
n
Rental Rates
p
Rental Rates
p
35
ME - Midcoast
DEMOGRAPHICS
CBSA
Square Miles
Population
Rockland, ME
366
40,753
MD - Suburban
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Midcoast Maine is starting to
CBSA
see substantial increase in Retail
development. Walmart is breaking
ground on their new Super Walmart
150,000 SF Retail center in August
2012. Tractor Supply will follow
shortly thereafter with their new
20,000 SF Retail building.
Square Miles
Population
BaltimoreTowson, MD
• BRAC (Base Realignment and Closure)
2,609
• Tenants moving into large blocks of
2,697,935
23,744
Household
Income
Median
$52,132
and attractive lifestyle, Midcoast
Maine is seeing further growth in the
sale of residential properties. Prices
have increased 12% over the past
twelve month period.
Households
Household
Income
Median
• Many Flags Regional School/College
Employees (Total)
15,971
Unemployment
6.90%
Campus is closer to becoming
a reality with the State of Maine
now seeking ways to fund the
development of the one-of-a-kind
campus.
Employees (Total)
Unemployment
• Tourism traffic is ahead of 2011
for the area. The outlook for the
immediate future is looking very
promising despite the economic
news.
CONTACT
Coldwell Banker Commercial
SoundVest Properties
147 Park St.
Rockland, ME 04841
(207) 596-7478
www.cbcworldwide.com
OFFICE
continues to fuel Defense Contractor
activity in the Fort Meade area.
Office space include the US Navy,
67,334 SF in Annapolis and Ciena
Corp, 88,405 in Hanover.
• A flat economy and flat job growth
• Due to continued national exposure
Households
MARKET HIGHLIGHTS
1,053,696
has caused Office absorption and
rental rates to decline.
$70,020
1,099,602
7.80%
CONTACT
• Retail sales continue to be up. One
Coldwell Banker Commercial
NRT - Annapolis
170 Jennifer Rd., Suite 102
Annapolis, MD 21401
(410) 224-2200
www.cbcbannapolis.com
example, a national Retail lumber
store continues to see increases
in their year-over-year sales since
opening approximately six years ago.
The outlook for them and others
in the area continues to look good.
Retail trade area -114,000 residents.
RETAIL
OFFICE
RETAIL
Vacancy
n
Vacancy
q
Vacancy
n
Vacancy
n
Absorption
n
Absorption
p
Absorption
q
Absorption
p
Rental Rates
n
Rental Rates
N/A
Rental Rates
q
Rental Rates
N/A
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
q
Vacancy
q
Vacancy
n
Vacancy
N/A
Absorption
p
Absorption
p
Absorption
p
Absorption
N/A
Rental Rates
n
Rental Rates
n
Rental Rates
p
Rental Rates
N/A
36
MA - Pioneer Valley
MI - Middle
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Springfield, MA
MARKET HIGHLIGHTS
• Bargains are here.
CBSA
• This is a small city with big
Square Miles
opportunities.
1,849
Square Miles
• Brand new casino is coming to the
Lansing-East
Lansing, MI
1,707
area soon!
Population
699,962
286,180
Household
Income
Median
$54,006
Employees (Total)
244,160
• Emergent Biosolutions has been
awarded military contracts and
building additions that will nearly
double their current office and
production facility.
• There is growing demand for Office
space of 10,000 SF and higher, while
Office space less than 10,000 SF
remains flat.
• Longmeadow provides easy highway
Population
453,378
• Longmeadow is triangulated between
Households
184,334
• Residential construction had a Q1
Household
Income
Median
$54,211
• Residential sales are up for the first
Employees (Total)
165,594
access.
Households
MARKET HIGHLIGHTS
NYC, Hartford, Boston and Albany.
rebounded, but has slowed over the
Q2.
half of 2012 by nearly 20%, making
11 consecutive months of positive
growth in mid-Michigan.
• Unemployment in mid-Michigan
Unemployment
Unemployment
7.50%
is below the State and National
average, and the real estate market
appears to be making a gradual
positive turn.
7.70%
• All 4 sectors of mid-Michigan
CONTACT
CONTACT
Coldwell Banker Commercial
NRT - MA
136 Dwight Rd.
Longmeadow, MA 01106
(413) 575-1970
www.cbcworldwide.com
OFFICE
Coldwell Banker Commercial
Hubbell BriarWood
830 W. Lake Lansing Rd.
East Lansing, MI 48823
(517) 321-5100
www.cbcworldwide.com
RETAIL
OFFICE
employment are showing signs of
economic improvement, including
1. Michigan State University 2. State
Government 3. General Motors
4. Hub for national insurance
companies.
RETAIL
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37
MI - Western
MN - Mankato
DEMOGRAPHICS
CBSA
Square Miles
Grand RapidsWyoming, MI
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Cabela’s moved into the area.
CBSA
• Demand for Healthcare, Professional
Care and Manufacturing contribute to
vacancy rates.
2,828
Square Miles
Mankato-North
Mankato, MN
• Forbes recently ranked Greater
1,205
• Greater Mankato is now designated
• New construction includes Gordon
Population
Food Service HQ, Cabela’s and MSU
Medical.
779,129
Population
93,650
Households
39,391
Household
Income
Median
$51,381
• For residential, there is less than 6
Households
Household
Income
Median
Employees (Total)
• Both demand and lack of inventory
are changes in this market.
$55,111
• University Growth, Healthcare and
358,125
Mankato as 11th of “Best Small Places
for Business and Careers.”
as a Level 1 Trade Center, further
establishing the area as a key Retail
and service hub for southern MN and
Northern IA.
• Several new neighborhood strip
month supply.
293,209
MARKET HIGHLIGHTS
branding of a city are all important
features of the area.
Employees (Total)
49,122
centers are in development as a
result of renewed interest from
national Retailers.
• Area Medical facilities continue to
receive high quality rankings as they
further expand their services in the
region.
• Development land sales continue to
be sluggish.
Unemployment
Unemployment
7.30%
5.10%
• Mankato is located just over an hour
south of the Twin Cities Metro Area.
CONTACT
CONTACT
Coldwell Banker Commercial
Schmidt, Realtors
2168 WEALTHY ST SE
East Grand Rapids, MI 49504
(616) 459-0400
www.cbgreatlakescommercial.com
OFFICE
Coldwell Banker Commercial
Fisher Group
1400 Madison Ave. Suite 616
Mankato, MN 56001
(507) 625-4715
www.cbcfishergroup.com
RETAIL
OFFICE
RETAIL
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38
MN - Minneapolis/St. Paul Metro Area
MN - St. Cloud/Central
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Square Miles
Population
MinneapolisSt. PaulBloomington,
MN-WI
MARKET HIGHLIGHTS
• Piper Jaffrey & Co. renews 112,823 SF
CBSA
lease for 11 years.
• Expanding retailers commit to prime
space in strongest markets as a result
of the gap being narrowed between
their expectations and those of
landlords.
6,063
3,286,547
Square Miles
Household
Income
Median
Employees (Total)
1,267,913
$71,301
1,695,892
Population
• Five new Multi-Family buildings are
189,957
Households
73,818
million SF addition for additional
Retail space, a medical tower for
Mayo Clinic and a Hotel Tower.
Household
Income
Median
$54,959
• Well located Industrial properties
Employees (Total)
91,676
Unemployment
5.60%
• Mall of America announces 200
with high ceilings show lease terms
favoring landlords.
4,200 jobs between March 2011 and
March 2012 statewide.
5.80%
Walmart Super Center.
• Unemployment rate remains at 5.6%.
1,753
• Xcel commits to 212,000 SF Opus
• The manufacturing sector added
Unemployment
• Construction nearing completion for
currently under construction.
built Office building in downtown
Minneapolis.
Households
St. Cloud, MN
MARKET HIGHLIGHTS
CONTACT
• Multi-Family continues to be
strongest sector for highest
transaction volume in area.
Distressed and bank owned
properties account for the majority of
transactions.
• Central MN market consists of
200,000 +/- MSA. Major employment
sectors include Manufacturing,
Agricultural, Education and Medical.
CONTACT
Coldwell Banker Commercial
Griffin Companies
1221 Nicollet Ave. S
Minneapolis, MN 55403
(612) 904-7833
www.cbcgriffin.com
OFFICE
Coldwell Banker Commercial
Orion Real Estate
630 First St. South
Waite Park, MN 56387
(320) 251-1177
www.cbcorion.com
RETAIL
OFFICE
RETAIL
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39
MO - St. Joseph
DEMOGRAPHICS
CBSA
Square Miles
St. Joseph,
MO-KS
1,661
Population
127,090
Households
51,821
Household
Income
Median
$44,333
MS - Gulfport/Biloxi
MARKET HIGHLIGHTS
DEMOGRAPHICS
• St Joseph is located just 35 minutes
CBSA
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.
Square Miles
Gulfport-Biloxi,
MS
MARKET HIGHLIGHTS
• Port of Gulfport expansion begins.
• Margaritaville casino (a 68,000 SF
property) opens, bringing over 1,000
jobs to the community.
1,503
• Subdivision buyers return.
Population
240,010
Households
94,854
Household
Income
Median
$53,669
• New Hotels begin construction.
• This market is located in the heart of
Employees (Total)
Unemployment
the Life Sciences Industry with over
30 of the major companies located
here.
• Boehringer Ingelheim Vetmedica is
expanding and building a 100,000 SF
Office building.
48,146
• The new Easttown Business Park
is complete and offering excellent
Industrial building sites. A 60,000 SF
shell building is planned to be built
in 2012.
6.70%
Employees (Total)
86,844
Unemployment
8.90%
• Rosecrans Memorial Airport, which
CONTACT
Coldwell Banker Commercial
General Properties
2700 N. Belt Hwy.
St. Joseph, MO 64506
(816) 364-2700
OFFICE
serves civilian and military needs,
is located 3 miles west of the city
. It boasts two fully ILS-equipped
runways and provides capacity for
any size aircraft.
CONTACT
Coldwell Banker Commercial
Alfonso Realty, LLC
625 Courthouse Rd.
Gulfport, MS 39507
(228) 287-1200
www.cbcworldwide.com
• St Joseph is served by the Union
Pacific Railway and the Burlington
Northern-Santa Fe Railway to provide
direct access to all parts of North
America.
RETAIL
OFFICE
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40
MT - Billings
NE - Lincoln
DEMOGRAPHICS
CBSA
Square Miles
Population
Billings, MT
MARKET HIGHLIGHTS
DEMOGRAPHICS
• New 220,000 SF Scheels Sporting
CBSA
Goods store under construction.
• Vacancy is falling due to the strong
demand created by jobs in Energy,
Retail & Medical.
4,683
155,673
Households
63,905
Household
Income
Median
$53,585
Square Miles
• Over 1,000 Multi-Family units
Lincoln, NE
69,806
• Westfield Mall was purchased in a
group of malls by Starwood.
• Completion of 175,000 SF
headquarters for Assurity Life near
downtown Lincoln.
1,414
planned or under construction in
2012/2013.
Population
• Contributing factors to increased
Households
126,751
Household
Income
Median
$55,280
Employees (Total)
142,514
299,958
• $13.7 million in permits provided for
new Industrial space.
• Whole Foods planned as anchor
home sales include low
unemployment and population
growth due to the booming energy
sector.
tenant with Public Schools building
taking 30,000 SF with 11,600
SF adjacent Retail space in the
development.
• Lincoln boasts second lowest
• Energy and agricultural industries are
Employees (Total)
MARKET HIGHLIGHTS
unemployment in the nation.
driving growth in Eastern Montana.
• Billings is the nearest commercial
hub to the Bakken oil boom.
Unemployment
Unemployment
4.90%
CONTACT
3.70%
CONTACT
Coldwell Banker Commercial
CBS
1215 24th St West
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
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41
NV - Reno/Sparks
DEMOGRAPHICS
CBSA
Square Miles
Reno-Sparks,
NV
NJ - Central
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Delucchi Lane, with 206 units, is on
CBSA
the market for $9.8 million.
• Apple will invest $1 billion in Reno
over the decade.
6,606
Square Miles
NY-Northern
NJ-Long Island
6,726
• Renown Health purchased a 39,000
Population
SF building in Downtown.
420,676
Population
19,124,092
• Apple is building a 320 acre
164,527
Household
Income
Median
$61,308
Employees (Total)
208,488
• Hoffman LaRoche’s announcement of
the closing of their Nutley, NJ facility
and shedding of 1,000 jobs was a
major blow to the area. However,
small and medium size bio-tech
companies are filling many voids left
by larger pharmaceutical companies.
• Vacancy is leveling off, with realistic
pricing beginning to match demand.
datacenter 15 miles east of Reno.
Households
MARKET HIGHLIGHTS
Households
• A 99 Cent Store opened in July 2012.
Household
Income
Median
• Average Multi-Family price is
$30,000-35,000 per unit.
Employees (Total)
7,086,346
• Most new construction is limited
$65,253
• The Residential market is picking up
7,711,074
to public works and build to suit
projects.
with lower interest rates and sellers
adjusting pricing to meet market
demand.
• Trimmed down small and medium
companies are forging ahead.
Unemployment
Unemployment
11.70%
9.60%
• It is the most affordable suburb of
Manhattan.
CONTACT
CONTACT
Coldwell Banker Commercial
Clay and Associates
5011 Meadowood Circle, Suite 201
Reno, NV 89502
(775) 829-5900
www.cbcreno.com
OFFICE
Coldwell Banker Commercial
Feist & Feist Realty Corp.
180 Mt. Airy Road, Suite 200
Basking Ridge, NJ 07920
(908) 696-1500
www.feistandfeist.com
RETAIL
OFFICE
RETAIL
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INDUSTRIAL
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42
NJ - Morris County
DEMOGRAPHICS
CBSA
Square Miles
Population
NY-Northern
NJ-Long Island
6,726
NJ - Northern
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Northern NJ continues to be a
CBSA
bargain for Class A and B Office
space. The vacancy rate is high and
the prices are very reasonable.
Square Miles
• The Retail space is hot in NJ. There
19,124,092
are some great locations available
and quite a few high end markets for
Retail growth.
NY-Northern
NJ-Long Island
6,726
Household
Income
Median
Employees (Total)
7,086,346
$65,253
• Drug Maker Hoffman LaRoche will
be leaving New Jersey closing their
facility in Nutley and eliminating
1,000 jobs.
• Realogy is relocating to a 250,000 SF
Office facility in Madison.
Population
19,124,092
• If you are interested in building new
Households
MARKET HIGHLIGHTS
commercial buildings the land is very
reasonably priced.
Households
Household
Income
Median
• North Jersey is a great melting pot
of businesses, and most national
franchises find their way into the
market.
Employees (Total)
7,711,074
7,086,346
• There is little new construction with
fewer than 400 new commercial
construction permits taken out in NJ
in 2012 .
• Vacancy rates in most asset classes
$65,253
are remaining stable.
• Residential real estate sales are
7,711,074
increasing but prices are remaining
soft.
• New Jersey’s unemployment rate
Unemployment
Unemployment
9.60%
CONTACT
is 9.6% as of July 2012, making it a
great location for new companies
to relocate to. A great number of
educated, experienced and talented
unemployed people are available.
9.60%
CONTACT
Coldwell Banker Commercial
NRT - Morris Plains
1767 Route 10
Morris Plains, NJ 07960
(973) 267-3030
www.cbcworldwide.com
OFFICE
Coldwell Banker Commercial
NRT - Parsippany
1 Campus Dr.
Parsippany, NJ 07728
(888) 829-0221
www.cbcnrtnewjersey.com
RETAIL
OFFICE
RETAIL
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p
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43
NM - Albuquerque
DEMOGRAPHICS
CBSA
Square Miles
Albuquerque,
NM
9,288
NY - Albany
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Target is currently building a new
CBSA
155,481 SF store in Winrock Town
Center, in NE Albuquerque. Lulu
Lemon and J. Crew open new stores
in ABQ Uptown.
Square Miles
Albany
SchenectadyTroy, NY
2,817
• Multi-Family continues to excel.
Population
863,887
Several new Apartment complexes
are either under construction or
planned for construction.
Households
333,497
• Vacancy rates for Retail have declined
Household
Income
Median
$49,381
• Two new hospitals open in Rio
Employees (Total)
313,234
Population
from 13% a year ago to 12.1% in Q2
of 2012.
Rancho. Senior continuing care
facility on tap for Corrales.
859,707
Households
358,803
Household
Income
Median
$58,611
7.40%
• GlobalFoundries announced a $2.3 b
expansion of the cleanroom at its Fab
8 semiconductor facility, located just
north of Albany, NY. When completed,
the semiconductor facility will
represent a $6.9 b capital Investment
and 1,600 new jobs.
• NY’s Center for Economic Growth has
contracted with Prime Regional Center,
LLC, a sister company of Coldwell
Banker Commercial Prime Properties of
Albany, to create and operate an EB-5
Immigrant Investor Program Regional
Center that will attract foreign
Investment and create jobs in Upstate.
• General Electric Co.’s new $100 m
Employees (Total)
• City of Albuquerque continues
351,131
to pursue a grocery store for the
“Downtown Area”.
Unemployment
MARKET HIGHLIGHTS
Unemployment
• More Retail space was occupied
7.90%
during the first half of 2012 than in
the past 3 years.
battery factory in Schenectady, NY has
announced plans to double the plant’s
capacity. That means another $70 m
in local spending by the conglomerate
— and another 100 jobs, bringing
total employment at the facility to 450
people.
• President Barack Obama made his
CONTACT
third trip to the Capital Region. He
used the University at Albany’s College
of Nanoscale Science and Engineering
to tout his economic agenda.
CONTACT
Coldwell Banker Commercial
Las Colinas
4801 Lang Ave. NE, Suite 100
Albuquerque, NM 87109
(505) 897-7227
www.lcrealty.com
OFFICE
Coldwell Banker Commercial
Prime Properties
621 Columbia St.
• General Electric Co. plans to reorganize
Cohoes, NY 12047
its energy business into three
(518) 785-9000
standalone businesses in the Q4 of
www.coldwellbankeralbany.com
2012, with GE Power and Water to be
headquartered in Schenectady, NY.
RETAIL
OFFICE
RETAIL
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44
NY - Long Island
DEMOGRAPHICS
CBSA
Square Miles
NY-Northern
NJ-Long Island
6,726
NY - New York City
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Office Market: Q2 2012 vacancy rate
CBSA
rose to 10.1%. Rental Rates down
1.5%. Net absorption down 161,448
SF.
Square Miles
• Industrial Market: Q2 2012 vacancy
Population
19,124,092
Households
7,086,346
rate up slightly to 5.6%. Rental Rates
up 2.4%. Net absorption positive at
338,752 SF.
NY-Northern
NJ-Long Island
6,726
MARKET HIGHLIGHTS
• Q2 vacancy rate ended at 7.1%,
with a positive absorption rate of
1,263,000. Total positive absorption
for of 625,000 SF 2012.
• Class A Office market recorded a net
Population
19,124,092
Households
7,086,346
absorption of positive 324,240 SF
in the Q2, total positive absorption
of 535,933 SF for first half of 2012.
Class B Office market recorded a net
absorption 457,672 SF in Q2 with
total positive absorption of 95,369 SF
for first half of 2012. Class C Office
market recorded a net absorption
of 481,713 SF in Q2, total positive
absorption of 644,500 SF in the first
half of 2012.
• Retail: Nassau and Suffolk County’s
Household
Income
Median
vacancy rises to 5.5%.
• Largest 2nd Quarter Office Lease:
$65,253
Household
Income
Median
25,000 SF deal signed by Lewis Johs
Avallone & Aviles in Islandia.
$65,253
• Largest Q2 Industrial Lease: 43,000
Employees (Total)
7,711,074
SF lease signed by W.B. Mason in
Hauppauge.
Employees (Total)
7,711,074
• Office Rental Rates Mid-Year
2012: Class A, B, C overall:
Downtown:$38.42, Midtown:$55.43,
Midtown South:$45.31
• Largest Q2 Retail lease: 68,000 SF
Unemployment
signed by Fairway in Westbury.
9.60%
Unemployment
CONTACT
9.60%
• Largest Office lease signings 2012:
Viacom Inc. (renewal)-Midtown
1,606,000 SF;Morgan Stanley
(renewal)-Downtown 1,152,763 SF;
Citibank (renewal)-Midtown 484,040
SF.
CONTACT
Coldwell Banker Commercial
Rosner & Associates
3124 Expressway Dr. S.
Islandia, NY 11749
(631) 232-4400
www.cbcli.com
OFFICE
Coldwell Banker Commercial
•
Alliance
1140 Avenue of Americas, 7th Floor
New York, NY 10036
(212) 344-0300
www.cbcalliance.com
RETAIL
OFFICE
Construction Activity - Office:
Downtown: 8,279,280 SF with
3,216,072 SF preleased; Midtown:
1,803,428 SF with 755,324 SF
preleased; Midtown South: 400,000
SF with 36,000 SF preleased.
RETAIL
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INDUSTRIAL
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INDUSTRIAL
MULTI-FAMILY
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45
NC - Southeastern
DEMOGRAPHICS
CBSA
Square Miles
Wilmington,
NC
NC - Triad Area
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Whole Foods opens its first store in
CBSA
New Hanover County.
• Several new Apartment complexes
are under construction.
1,924
Square Miles
WinstonSalem, NC
• There has been an increase in misc.
Population
487,010
• There is a shortage of finished
Households
Household
Income
Median
Households
• Medical practice mergers continue
to grow.
$50,107
• Triad is seeing little momentum
for sales from clothing to building
materials.
residential lots in New Hanover
County.
151,270
projects are underway.
manufacturing jobs in Triad.
construction.
357,853
• New Multi-Family development
• Biotech has boosted Triad job market.
1,462
• Two new Office buildings are under
Population
MARKET HIGHLIGHTS
• Time Warner building sells to Medical
201,455
Household
Income
Median
$49,845
185,107
• Healthcare industry continues
to grow and expand facilities
throughout the Triad.
• Triad home sales are up 2%, the best
Practice for $5 Million.
improvement since 2006.
Employees (Total)
126,764
Employees (Total)
Unemployment
10.00%
Unemployment
CONTACT
9.30%
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
Triad, Realtors
1505 Westover Terrace
Greensboro, NC 27408
(336) 761-5934
www.cbctriad.com
RETAIL
OFFICE
RETAIL
Vacancy
n
Vacancy
q
Vacancy
p
Vacancy
n
Absorption
n
Absorption
p
Absorption
n
Absorption
n
Rental Rates
n
Rental Rates
p
Rental Rates
n
Rental Rates
n
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
n
Vacancy
q
Vacancy
n
Vacancy
n
Absorption
n
Absorption
p
Absorption
q
Absorption
N/A
Rental Rates
q
Rental Rates
p
Rental Rates
n
Rental Rates
n
46
NC - Triangle
ND - Fargo/Moorhead
DEMOGRAPHICS
CBSA
Square Miles
Population
Raleigh-Cary,
NC
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Total Triangle vacancy decreased in
CBSA
Q2 2012 to 14.9%.
• Most of the vacancy decreases
occurred in Class A Office and Flex
space.
2,116
1,143,659
Households
452,721
Household
Income
Median
$63,406
Employees (Total)
441,442
Square Miles
• Strongest performing submarkets
Population
are Downtown Raleigh and Cameron
Village.
Fargo, ND-MN
2,810
• North Dakota has become the
United States number 2 state in oil
production, bolstering the economy
in Fargo and throughout the state.
• Costco broke ground on a new store
202,280
spurring development along I-94,
southwest Fargo and West Fargo.
• Apartment vacancy level is just below
5%. In the Fargo/Moorhead market,
approximately 1,000 units will be
built in 2012.
• Highest vacancy submarkets are N
Households
• 1.9 million SF of sublease space is
Household
Income
Median
$53,008
Employees (Total)
105,993
Durham and RTP.
active in Triangle.
86,119
• Many properties are trading as
Unemployment
MARKET HIGHLIGHTS
Raleigh/Durham remains high on
investors’ radar.
Unemployment
8.00%
CONTACT
• Healthy agriculture remains a major
contributing factor to the Red River
Valley’s healthy economy.
• The unemployment rate in Fargo/
Moorhead remains consistently low,
currently sitting at approximately
3.6%.
3.60%
CONTACT
Coldwell Banker Commercial
TradeMark Properties
1001 Wade Ave., Suite 300
Raleigh, NC 27605
(919) 782-5552
www.cbctmp.com
OFFICE
Coldwell Banker Commercial
First Realty
2731 12th Ave. S
Fargo, ND 58103
(701) 237-3369
www.cbcfirstrealty.com
RETAIL
OFFICE
RETAIL
Vacancy
q
Vacancy
n
Vacancy
q
Vacancy
q
Absorption
p
Absorption
n
Absorption
p
Absorption
p
Rental Rates
n
Rental Rates
q
Rental Rates
n
Rental Rates
n
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
q
Vacancy
q
Vacancy
q
Vacancy
q
Absorption
p
Absorption
p
Absorption
p
Absorption
p
Rental Rates
n
Rental Rates
p
Rental Rates
n
Rental Rates
p
47
OH - Lorain County
DEMOGRAPHICS
CBSA
ClevelandElyria-Mentor,
OH
OK - Oklahoma City
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Metals Fabricating Business moved
CBSA
into Lorain County.
• Local economy jobs & manufacturing
Square Miles
Population
moved out due to downsizing,
politics and overseas.
2,004
2,090,148
Square Miles
• New construction is slowly picking up
Population
in Lorain County.
Oklahoma City,
OK
• The energy sector is one of the
5,518
• Continental Resources moved their
1,237,539
• Residential market in Lorain County is
Households
838,741
sluggishly improving.
Households
• Home values declined to
Household
Income
Median
$54,591
Employees (Total)
954,471
Unemployment
accommodate lower income
infrastructure Jobs (i.e. Retail -vsManufacturing).
• Lorain county is positioned very
excellently on shores of Lake Erie
with great potential for recreation &
import / export industry.
CONTACT
500,869
driving factors behind the unusual
absorption.
headquarters from Enid, OK into the
CBD of Oklahoma City. They took
over the home office tower of Devon
Energy that contained 19 floors with
300,000 SF. Devon Energy completed
their 50 story tower for their home
office.
• The energy service businesses have
Household
Income
Median
$57,129
Employees (Total)
502,994
Unemployment
7.50%
MARKET HIGHLIGHTS
taken nearly all of the 6,000 -12,000
ft buildings with any yard space.
There is very little new product being
brought into the market place.
• The Outlet Mall containing 370,000
SF that recently opened in Aug. 2011
on the west side of OKC was the
largest retail development completed
in the U.S. The initial sales volume
surprised the developers so they are
already planning expansion.
5.00%
CONTACT
Coldwell Banker Commercial
Hunter Realty
24600 Detroit Rd., Suite 245
Westlake, OH 44145
(440) 892-7040
www.cbchunter.com
OFFICE
Coldwell Banker Commercial
Hocker & Associates
4323 Classen Blvd. Suite 100
Oklahoma City, OK 73118
(405) 840-4545
www.hocker.com
RETAIL
OFFICE
RETAIL
Vacancy
p
Vacancy
p
Vacancy
q
Vacancy
q
Absorption
n
Absorption
n
Absorption
n
Absorption
p
Rental Rates
q
Rental Rates
q
Rental Rates
p
Rental Rates
p
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
p
Vacancy
n
Vacancy
q
Vacancy
q
Absorption
n
Absorption
n
Absorption
p
Absorption
p
Rental Rates
q
Rental Rates
n
Rental Rates
p
Rental Rates
p
48
OR - Portland
DEMOGRAPHICS
CBSA
Square Miles
Population
OR - Salem
MARKET HIGHLIGHTS
DEMOGRAPHICS
Portland
VancouverBeaverton,
OR-WA
• Commercial vacancy in Office and
6,684
• The largest Retail signings include
2,261,246
CBSA
Retail increased slightly to 5.4% and
10.8%, respectively. Industrial vacancy
decreased to 7.2%.
Square Miles
a 25,436 SF Barnes & Noble and a
28,490 SF Punch Bowl Social, a new
restaurant/entertainment concept.
Population
Salem, OR
1,925
Household
Income
Median
Employees (Total)
878,239
$58,563
952,611
399,131
averaged 7.7% for the first half of
2012 with sales activity down over
the same period in 2011 and $152
average price per SF.
• Clear Channel and Daimler Truck
America signed two of the largest
Office leases in the Portland market
this year.
Households
148,354
Household
Income
Median
$49,102
Employees (Total)
119,269
Unemployment
Coldwell Banker Commercial
Mountain West Real Estate
960 Liberty St SE, Suite 250
Salem, OR 97302
(503) 587-4777
www.cbcre.com
OFFICE
bank control, The Meridian was
purchased by Killian Pacific with
exciting plans for the future,
including long-term ownership and
substantial Investment upgrades.
• Petco recently opened next to Trader
Joes and Planet Fitness signed a lease
in North Salem. Buffalo Wild Wings
also opened its first Valley eatery.
will be relocating to Fairview
Industrial Park in South Salem.
9.10%
• PacTrust is pushing dirt on its first
• Multi-Family vacancy fell slightly to
CONTACT
units are being added with the
majority of activity in West Salem.
• The Department of Fish & Wildlife
lease for over 300,000 SF at the Nike
Distribution Center, and Industrial
sales are averaging $59/SF on 28
transactions in 2012.
8.00%
around I-5 and major arterials with
activity focused on existing and repurposed properties.
• Formerly the largest project under
• Pacific Foods signed an Industrial
Unemployment
• Commercial activity is centered
• Approximately 300 - 400 Multi-Family
• In the Office sector, cap rates
Households
MARKET HIGHLIGHTS
medical building along Kuebler Blvd.
at Battlecreek.
CONTACT
2.6% keeping it below 3% for more
than a year while rental rates are
rising at a moderate pace.
Coldwell Banker Commercial
Mountain West Real Estate
960 Liberty St SE, Suite 250
Salem, OR 97302
(503) 587-4777
www.cbcre.com
RETAIL
OFFICE
RETAIL
Vacancy
p
Vacancy
p
Vacancy
p
Vacancy
n
Absorption
q
Absorption
q
Absorption
q
Absorption
q
Rental Rates
p
Rental Rates
q
Rental Rates
p
Rental Rates
p
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
q
Vacancy
q
Vacancy
p
Vacancy
N/A
Absorption
p
Absorption
p
Absorption
q
Absorption
N/A
Rental Rates
p
Rental Rates
p
Rental Rates
q
Rental Rates
N/A
49
PA - Pittsburgh
DEMOGRAPHICS
CBSA
Pittsburgh, PA
PA - Southeastern
MARKET HIGHLIGHTS
DEMOGRAPHICS
• CBD development is on the rise.
CBSA
• Office occupancy rate is higher than
Square Miles
national average.
5,280
Square Miles
Employees (Total)
• Multiple new construction sites in the
works. Commercial and Retail sectors
are struggling to lure tenants.
$52,255
Household
Income
Median
2,318,224
$65,847
1,064,896
Employees (Total)
Unemployment
5,979,545
991,049
Households
Household
Income
Median
and tertiary areas are near all time
high levels.
areas to higher density business
centers; employees want convenient
access to Retail and food services.
4,630
2,355,582
Population
Households
• Office vacancy rates for secondary
• Office vacancy is on rise in remote
• There is an increase in sales of
investment property.
Population
PhiladelphiaCamdenWilmington,
PA-NJ-DE-MD
MARKET HIGHLIGHTS
2,533,973
7.30%
Unemployment
CONTACT
• Sellers are coming to realization that
the commercial property market will
recover very slowly and that rental
rates will take many years to return to
2005 levels.
• Bucks County is still a haven
for company relocation out of
Philadelphia and New Jersey seeking
tax relief.
7.50%
CONTACT
Coldwell Banker Commercial
NRT - Pittsburgh
9600 Perry Highway, Suite 200
Pittsburgh, PA 15237
(412) 548-1064
www.cbcworldwide.com
OFFICE
Coldwell Banker Commercial
CBH
1094 Second St. Pike
Richboro, PA 18954
(215) 357-2880
www.cbchearthside.com
RETAIL
OFFICE
RETAIL
Vacancy
N/A
Vacancy
N/A
Vacancy
p
Vacancy
p
Absorption
p
Absorption
p
Absorption
q
Absorption
q
Rental Rates
p
Rental Rates
n
Rental Rates
q
Rental Rates
p
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
N/A
Vacancy
N/A
Vacancy
q
Vacancy
q
Absorption
p
Absorption
p
Absorption
p
Absorption
p
Rental Rates
n
Rental Rates
p
Rental Rates
p
Rental Rates
p
50
PA - York/Lancaster/Harrisburg
SC - Charleston
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Square Miles
York-Hanover,
PA
MARKET HIGHLIGHTS
• Kingston Shopping Center sold for
CBSA
$7.6 million at an 8% cap rate.
CharlestonNorth
Charleston, SC
is planned in York Township.
Square Miles
2,591
430,707
Pleasant.
especially Retail, coming out of the
ground in central PA.
169,750
Population
665,272
• Vacancy is falling due to greater
demand for Charleston MSA.
sales were up 5% compared to 2011.
Households
262,007
Household
Income
Median
$57,059
Employees (Total)
253,170
• Multi-Family market has increased by
• IRS & Social Security began
Household
Income
Median
$55,365
construction on a new office on
Industrial Highway in York. 70 new
jobs will be created.
Employees (Total)
168,402
• Central PA is very tourist oriented:
Unemployment
$85 million on its first North
American facility located in the
Charleston Area.
• 40,000 SF Hobby Lobby moves to Mt.
• For the first 5 months, residential
Households
• Cable manufacturer Nexans invests
• A 99-room Hampton Inn and Suites
904
• There are signs of new projects,
Population
MARKET HIGHLIGHTS
8.10%
20 minutes to the Gettysburg battle
fields, 30 minutes to the Amish
farms of Lancaster and 30 minutes to
Hershey Park and other attractions.
Unemployment
CONTACT
1,000 units.
8.50%
CONTACT
Coldwell Banker Commercial
Bennett Williams
110 N. George St. 4th Floor
York, PA 17401
(717) 843-5555
www.bennettwilliams.com
OFFICE
Coldwell Banker Commercial
Atlantic International, Inc.
3506 W. Montague Ave. Suite 200
Charleston, SC 29418
(843) 744-9877
www.cbcatlantic.com
RETAIL
OFFICE
RETAIL
Vacancy
n
Vacancy
q
Vacancy
q
Vacancy
q
Absorption
n
Absorption
p
Absorption
p
Absorption
p
Rental Rates
n
Rental Rates
p
Rental Rates
p
Rental Rates
p
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
q
Vacancy
q
Vacancy
q
Vacancy
q
Absorption
p
Absorption
p
Absorption
p
Absorption
p
Rental Rates
n
Rental Rates
p
Rental Rates
n
Rental Rates
p
51
SC - Columbia
DEMOGRAPHICS
CBSA
Square Miles
Columbia, SC
3,701
SC - Greenville/Spartanburg
MARKET HIGHLIGHTS
DEMOGRAPHICS
• The largest signing in 2012 across
CBSA
all asset classes is 186,000 SF Office
lease for SC Department of Revenue
at 300 Outlet Pointe Blvd.
Square Miles
• New Construction deliveries in 2012:
Population
751,082
Households
300,796
Household
Income
Median
$52,689
Employees (Total)
287,817
Office - 1 building 4,000 SF; Industrial
- 0 (1 building under construction);
Retail - 1 building 2,937 SF.
GreenvilleMauldin
Easley, SC
2,002
15% reduction in inventory YTD as
compared with the same period last
year.
• The Main St. corridor is heating up
with several new merchants. Also,
the University of SC is attempting to
put student housing in an existing
450,000 SF Office building on Main
St.
• There are 12 Colleges or Universities
9.10%
Population
644,419
Households
263,044
Household
Income
Median
$49,487
Employees (Total)
288,021
Unemployment
in Columbia, including the University
of South Carolina, and Educational
Services account for 12% of
Columbia’s employment.
present in the Upstate SC market.
250 companies from 27 countries are
represented including: Adidas, BASF,
BMW, Electrolux, Freightliner, Fujifilm,
Robert Bosch and Siemens.
and created an additional 300 new jobs.
Total employment at the 4m SF plant
is 7,500. Since BMW came to South
Carolina, the plant has produced 2m
vehicles; 70% for export.
• Greenville based Michelin announced a
8.60%
$750m investment in multiple facilities
within the state including Upstate
Anderson County.
• GE Aviation has expanded their R&D
facility in Greenville resulting in
additional hires. The plant designs and
manufactures blades used in their jet
engines.
• Additional recent announcements
CONTACT
CONTACT
Coldwell Banker Commercial
United, Realtors
1711 Gervais St., Suite 300
Columbia, SC 29201
(803) 799-4663
www.cbccarolinas.com
OFFICE
• The global economy is increasingly
• BMW made another $900m investment
• The residential market has seen a
Unemployment
MARKET HIGHLIGHTS
Coldwell Banker Commercial
Caine
117 Williams St.
Greenville, SC 29601
(864) 250-2800
www.cbccaine.com
RETAIL
OFFICE
include those by SEW-Euro Dr. in
Spartanburg, a manufacturer of
Industrial gear motors and electronics;
AVX, a global manufacturer of electrical
and interconnect components; Belgian
company Picanol with a machine repair
and replacement parts facility.
• Downtown Greenville continues to
attract Office users, residents to newly
constructed Apartment and Condo
projects and the accompanying dining
and entertainment facilities.
RETAIL
Vacancy
p
Vacancy
p
Vacancy
q
Vacancy
p
Absorption
q
Absorption
q
Absorption
p
Absorption
q
Rental Rates
p
Rental Rates
p
Rental Rates
q
Rental Rates
q
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
p
Vacancy
N/A
Vacancy
q
Vacancy
q
Absorption
q
Absorption
N/A
Absorption
p
Absorption
p
Rental Rates
q
Rental Rates
N/A
Rental Rates
p
Rental Rates
p
52
SC - Myrtle Beach
DEMOGRAPHICS
CBSA
Square Miles
Myrtle BeachConway-North
Myrtle Beach,
SC
SD - Rapid City
MARKET HIGHLIGHTS
DEMOGRAPHICS
• New to the area are Target, Marshalls
CBSA
and three Petco’s.
• Vacancy is finally falling. Landlords
are seeing reduced rent and trying
what ever it takes to make deals.
1,134
Square Miles
• New Retail in the area include:
Population
Households
Household
Income
Median
266,384
110,858
$43,184
Employees (Total)
112,291
Unemployment
10.10%
Population
Walgreens, three Petcos, nine Dollar
Generals, Dollar Tree and two
McDonalds.
Rapid City, SD
MARKET HIGHLIGHTS
• Walmart adds second store to
market. Sam’s Club expands. Target
adds Super Store.
6,247
• Healthcare and Retail Industry drives
125,797
• New construction is up 10% YOY.
marketplace with over 300,000
served.
• Residential sales are up 10% YOY.
Households
• For the residential market, lower
prices and better sales are working
through bank inventory.
Household
Income
Median
• Foreclosures are a great deal and get
50,124
$52,281
Employees (Total)
51,878
Unemployment
4.20%
accommodation and Retail sales tax
reports revenue was up 7 to 8 % YTD.
CONTACT
values have been stable throughout
the downturn.
• Rapid City is the gateway to the
sold at a brisk pace.
• Over the summer season,
• Healthcare and Retail real estate
Black Hills located in Western South
Dakota. Abundant recreation for the
outdoor enthusiast with amenities
such as: snow skiing, snowmobiling,
boating, hiking, hunting, fishing and
much more.
CONTACT
Coldwell Banker Commercial
Chicora Real Estate
10225 North Kings Hwy.
Myrtle Beach, SC 29572
(843) 272-8700
www.cbcommercialchicora.com
OFFICE
Coldwell Banker Commercial
Lewis Kirkeby Hall
2710 West Main St.
Rapid City, SD 57702
(605) 343-2700
www.cbcworldwide.com
RETAIL
OFFICE
RETAIL
Vacancy
q
Vacancy
q
Vacancy
n
Vacancy
n
Absorption
p
Absorption
p
Absorption
n
Absorption
n
Rental Rates
q
Rental Rates
q
Rental Rates
n
Rental Rates
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
q
Vacancy
q
Vacancy
N/A
Vacancy
q
Absorption
n
Absorption
p
Absorption
N/A
Absorption
p
Rental Rates
q
Rental Rates
p
Rental Rates
N/A
Rental Rates
p
53
TN - Chattanooga Metro Area
TN - Knoxville/East
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Square Miles
Population
Households
Chattanooga,
TN-GA
• Amazon opened two distribution
2,089
• Volkswagen opened a new assembly
526,490
• Whirlpool has opened a new 1.4
CBSA
centers in 2011, creating over 2,000
jobs.
Square Miles
plant which produces the Passat. The
plant will employ 3,500 by year’s end.
211,265
Household
Income
Median
$47,279
Employees (Total)
208,265
Unemployment
MARKET HIGHLIGHTS
Population
million SF green production facility.
They are phasing in production lines
and will be at full capacity by end
of year. Whirlpool employs 1,600
workers.
Households
• Wacker Chemie purchased 350
acres for a $5.4 billion new
plant to manufacture hyperpure
polycrystalline silicon. This facility is
scheduled to open in 2014 and will
employ 650 workers.
Coldwell Banker Commercial
Hamilton & Associates, LLC
2650 Peerless Rd. NW
Cleveland, TN 37312
(423) 476-5535
www.hamiltoncommercial.com
OFFICE
702,994
297,456
City for Jobs,” Forbes, 2012; “8th
Fastest Growing City in the U.S.,” CNN
Money, 2012; “Best City for Jobs for
Spring, Manpower, 2012”; #4 High
Tech Hub, Business Facilities, 2011;
#1 for Green Job Growth, Brookings
Institute, 2011.
falling or unchanged because of the
improving economy.
• A $150,000,000 Proton Therapy
Household
Income
Median
$48,362
Employees (Total)
307,125
Unemployment
tremendous growth in the next
5 years. In addition to the new
manufacturing facilities, many
supporting suppliers are looking to
relocate to the area.
CONTACT
1,857
• Knoxville’s recent rankings: “6th Best
• In most sectors, the vacancy rate is
• This market is positioned for
8.20%
Knoxville, TN
MARKET HIGHLIGHTS
7.00%
Center is being constructed in the
Dowell Springs Office Park in West
Knox County.
• Academy Sports and Outdoor
building was sold for $9,500,000.
The 12 story Kimberly-Clark building
in downtown Knoxville was sold for
$3,550,000.
• Knoxville continues to be a haven
for restaurants with the third
Cheddar’s being built and the TexMex restaurant Chuy’s, both under
construction in West Knoxville.
CONTACT
• Commercial activity is still somewhat
Coldwell Banker Commercial
Wallace and Wallace
124 N. Winston Rd.
Knoxville, TN 37919
(865) 690-1111
www.cbcww.com
flat.
RETAIL
OFFICE
• The first five months of this year saw
a significant increase in the single
family residential market; it was up
27% from January through May of
this year compared to the same time
period in 2011.
RETAIL
Vacancy
q
Vacancy
p
Vacancy
q
Vacancy
q
Absorption
p
Absorption
q
Absorption
p
Absorption
p
Rental Rates
q
Rental Rates
q
Rental Rates
p
Rental Rates
p
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
n
Vacancy
q
Vacancy
n
Vacancy
q
Absorption
n
Absorption
p
Absorption
n
Absorption
p
Rental Rates
n
Rental Rates
p
Rental Rates
n
Rental Rates
n
54
TX - Abilene
TX - Austin
DEMOGRAPHICS
CBSA
Square Miles
Abilene, TX
MARKET HIGHLIGHTS
DEMOGRAPHICS
• A new sports rehab center has been
CBSA
built in the area.
• Most new construction is built to suit.
2,745
Square Miles
• Residential market is very active.
Austin-Round
Rock, TX
4,224
Average sale price is increasing.
Population
160,753
Household
Income
Median
64,687
• This area is active in the oil and wind
Population
• Abilene is the host of the 2nd largest
Households
wind farm in the world.
$43,771
1,730,983
Forbes’ list of “The Best Cities for
Jobs” due to its strong growth in
manufacturing, technology-related
employment and business services.
622,577
Employees (Total)
Unemployment
6.30%
Unemployment
6.40%
Coldwell Banker Commercial
United, Realtors
2121 Sage Rd., Suite 150
Houston, TX 77056
(713) 840-5000
www.cbcunitedrealtors.com
RETAIL
downtown Multi-Family community,
to be called Eleven. The Eleven
Apartments, along with several
new Mixed-Use Retail and Office
buildings, restoration projects, and
city Investment will contribute to
the area turning the corner into a
growing district.
• The groundbreaking of a Multi-Family
CONTACT
Coldwell Banker Commercial
Panian & Mash Realtors
2500 S. Willis
Abilene, TX 79605
(325) 690-4055
www.cbcworldwide.com
in America: precisely 14.97% of the
homes in the Austin area have been
built since 2005, according to an
On Numbers analysis of U.S. Census
Bureau data.
• Development is soon to begin on a
$57,641
60,543
CONTACT
665,762
Household
Income
Median
Employees (Total)
OFFICE
• Austin ranked first place in
• Austin has the newest housing stock
industries.
Households
MARKET HIGHLIGHTS
OFFICE
housing project near the University
of Texas, a $26 million commercial
high-rise student housing project,
marks the largest privately funded
Asian commercial real estate project
to date in Austin.
• IKEA completed the expansion of
its Central Texas store in Round
Rock in June 2012. The store grew
nearly 54,000 SF to the new size of
approximately 306,000 SF.
RETAIL
Vacancy
n
Vacancy
n
Vacancy
q
Vacancy
q
Absorption
N/A
Absorption
N/A
Absorption
p
Absorption
p
Rental Rates
N/A
Rental Rates
N/A
Rental Rates
q
Rental Rates
p
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
q
Vacancy
q
Vacancy
q
Vacancy
q
Absorption
N/A
Absorption
N/A
Absorption
p
Absorption
q
Rental Rates
N/A
Rental Rates
N/A
Rental Rates
q
Rental Rates
q
55
TX - Bryan/College Station
TX - Dallas/Fort Worth
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Square Miles
Population
MARKET HIGHLIGHTS
College
Station-Bryan,
TX
• There is an influx of over 3,500 Class
2,106
• The former Plaza Hotel has been
214,971
CBSA
A beds coming on line within the
2013 year.
Square Miles
imploded, and site preparations
are underway for the new Student
Housing and Retail project.
Dallas-Fort
Worth-Arlington, TX
8,990
Population
6,521,652
Households
2,375,452
• Retail is stable along the
Households
Household
Income
Median
88,655
Greensprairie corridor with the
addition of a Taco Bell, two Banks,
and The Pool Guy Supply store.
Household
Income
Median
$39,968
Employees (Total)
60,491
Employees (Total)
Unemployment
6.80%
Unemployment
$63,092
2,621,455
MARKET HIGHLIGHTS
• Dallas/Fort Worth’s “DFW” regional
population increased 52% between
2000 and 2010 to a total of 6.5m,
making it the 4th largest region in
the U.S. Population is expected to
reach 9.8m by 2035.
• Employment growth has tracked
population and currently stands at
3.9m employees. Employment is
expected to reach 6.1m by 2035.
• DFW by the numbers: headquarters
to 24 Fortune 500 Companies;
158 Companies ranked in The Inc
5000’s Fastest Growing; 6th largest
Economy in the US and 14th in the
World. Forbes Magazine ranks it as
#5 “Where a Paycheck Stretches the
Furthest”.
• Dallas has the advantage of a Central
Time Zone and mild climate.
7.40%
• Texas does not have a State Income
Tax and is a right-to-work state.
CONTACT
• Dallas is located at the intersection
CONTACT
Coldwell Banker Commercial
United, Realtors
2121 Sage Rd., Suite 150
Houston, TX 77056
(713) 840-5000
www.cbcunitedrealtors.com
OFFICE
Coldwell Banker Commercial
S.A.
3010 LBJ Freeway
Dallas, TX 75234
(972) 503-8600
www.coldwellbanker-sa.com
RETAIL
OFFICE
of five major interstate highways, is
a rail hub for Burlington Northern/
Santa Fe and Union Pacific, and is an
air hub for American and Southwest
airlines with over 56m passengers
through DFW airport.
RETAIL
Vacancy
n
Vacancy
n
Vacancy
q
Vacancy
q
Absorption
n
Absorption
n
Absorption
p
Absorption
p
Rental Rates
n
Rental Rates
n
Rental Rates
n
Rental Rates
n
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
n
Vacancy
p
Vacancy
q
Vacancy
q
Absorption
n
Absorption
q
Absorption
p
Absorption
p
Rental Rates
n
Rental Rates
q
Rental Rates
n
Rental Rates
p
56
TX - Houston
TX - Lubbock
DEMOGRAPHICS
CBSA
Square Miles
Population
Households
Household
Income
Median
Employees (Total)
Houston-Sugar
Land-Baytown,
TX
8,928
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Houston ranked second place in
CBSA
Forbes’ list of “The Best Cities for
Jobs”, and 20th on their list of “The
Best Places for Business and Careers.”
Square Miles
• Houston ranked third on Yahoo
5,937,339
2,084,052
$65,395
2,246,860
Real Estate’s list of popular moving
destinations this year due to available
job opportunities, a reasonable cost
of living, and plenty to do for singles,
couples and families.
Population
Households
• Residential sales prices broke records
in May, according to the Houston
Association of Realtors: the average
price for single-family homes rose
8.5% to $237,083, the highest level
ever in Houston, while the sales
volume reached the highest level in
four years.
7.50%
CONTACT
Coldwell Banker Commercial
United, Realtors
2121 Sage Rd., Suite 150
Houston, TX 77056
(713) 840-5000
www.cbcunitedrealtors.com
OFFICE
• Lubbock Unemployment Rate at 5.7%
as of August 1, 2012.
• Lubbock ranks on Forbes list of “Best
Cities For Jobs.” Lubbock is ranked
9th out of the 242 metropolitan areas
ranked.
1,799
279,239
111,087
• Lubbock County named in Top 10
Mid-Sized Counties In Nation – based
on 2012 Fourth Economy Index
Listing.
• Lubbock Economic Index continues
Household
Income
Median
$41,203
Employees (Total)
101,281
upward trend – up 3.5% in the first
half of the year and 2.6% in Q2.
• Lubbock housing market is strong –
June 2012 sales are up 12% over June
2011.
• Squeezing The Shale: Hydraulic
• A major East End property along
Unemployment
Lubbock, TX
MARKET HIGHLIGHTS
Buffalo Bayou, consisting of 136
acres, was recently introduced onto
the market, offering the possibility
of significant near-downtown
redevelopment. The new Dynamo
Stadium and planned light-rail line
are other substantial projects in the
East End area.
Unemployment
Fracturing Releases The Oil - Four
Sevens Exploration Company LTD,
leased mineral rights from the City
of Lubbock for 6,261.94 acres in the
area for $2.19 million.
6.50%
CONTACT
Coldwell Banker Commercial
Rick Canup, Realtors
4924 S. Loop 289
Lubbock, TX 79414
(806) 793-0888
www.cbclubbock.com
• Phase 1 of Generation Park, a 3,635
acre master-planned commercial
development, has begun in
northeast Houston. The development
will straddle the Sam Houston
Tollway and is the first ESE Energy
Development in the world.
RETAIL
OFFICE
RETAIL
Vacancy
q
Vacancy
q
Vacancy
q
Vacancy
q
Absorption
p
Absorption
p
Absorption
p
Absorption
p
Rental Rates
p
Rental Rates
p
Rental Rates
n
Rental Rates
p
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
q
Vacancy
q
Vacancy
q
Vacancy
q
Absorption
p
Absorption
p
Absorption
p
Absorption
p
Rental Rates
p
Rental Rates
p
Rental Rates
p
Rental Rates
p
57
TX - Rio Grande Valley
TX - San Antonio
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Square Miles
Rio Grande
City-Roma, TX
MARKET HIGHLIGHTS
• Molina Healthcare of Texas comes to
CBSA
Edinburg, TX.
• New Sam’s Club and Costco open at
same time.
1,223
Square Miles
MARKET HIGHLIGHTS
San Antonio,
TX
• This area is seeing considerable
7,340
• There is net absorption across all
2,093,608
• There is limited construction in the
activity from Financial Service
Centers.
product lines due to limited new
construction.
• Office occupancy rising significantly.
Population
63,261
Population
• Land prices are rising significantly.
area and most is primarily Owner/
User.
• Low inventory of climate controlled
Households
Household
Income
Median
16,766
Warehouse space.
Households
• New brand names are coming to the
$23,550
area rapidly.
749,986
Household
Income
Median
$52,389
Employees (Total)
730,244
• The residential market has substantial
improvements, 13+ percent year over
year in existing and new home sales
due to well managed new inventory.
• Changes in the market include: job
Employees (Total)
Unemployment
8,935
Unemployment
12.00%
7.30%
creation, lower unemployment,
domestic immigration, as well as
legal international immigration,
primarily from Mexico.
• Federal spending has been reduced
substantially, and replaced with
private-sector activity, but credit
remains tight.
CONTACT
CONTACT
Coldwell Banker Commercial
La Mansion
508 E. Dove
McAllen, TX 78504
(956) 631-1322
www.cbclamansion.com
OFFICE
Coldwell Banker Commercial
Alamo City
18756 Stone Oak Pwky., Suite 202
San Antonio, TX 78258
(210) 483-6250
www.cbcAlamo.com
RETAIL
OFFICE
RETAIL
Vacancy
q
Vacancy
q
Vacancy
q
Vacancy
q
Absorption
p
Absorption
p
Absorption
p
Absorption
p
Rental Rates
n
Rental Rates
p
Rental Rates
n
Rental Rates
n
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
n
Vacancy
q
Vacancy
q
Vacancy
n
Absorption
n
Absorption
p
Absorption
p
Absorption
n
Rental Rates
n
Rental Rates
n
Rental Rates
p
Rental Rates
n
58
TX - Waco, McLennan County
UT - Salt Lake County
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Square Miles
Waco, TX
1,042
MARKET HIGHLIGHTS
• Baylor University approved the
CBSA
construction of a new football
stadium to be located on I-35 and
the Brazos River.
Square Miles
• Baylor University, the City of Waco,
Salt Lake City,
UT
9,539
Population
234,783
and Texas State Technical College
have partnered to build the “BRIC”
- Baylor Research and Innovation
Collaboration.
Households
91,531
• Space X is expanding their operation
Households
376,706
Household
Income
Median
$44,485
• Carter Blood Care is breaking ground
Household
Income
Median
$66,176
Employees (Total)
567,447
Employees (Total)
94,029
Unemployment
7.40%
MARKET HIGHLIGHTS
• Major Office, Retail, and Industrial
tenants are moving into the market
such as Adobe, McCann-Erickson, Sun
Products, Trader Joes, Scheel’s Sporting
Goods, and Longhorn Steakhouse.
• Class A Office vacancy rates edged
just outside of Waco in McGregor, TX.
on their new regional headquarters
in August 2012.
• Renovations to the Waco Convention
Center were recently completed.
Population
Unemployment
1,140,107
6.00%
down. Retail vacancy rates have
stabilized as tenants move to more
quality space. Industrial vacancy
edged upwards 1-2%. As absorption
edges up, vacancy rates will continue
to slowly move down to healthier
levels.
• Big box Industrial construction
delivered close to 900,000 speculative
construction. In Office, speculative
construction has returned after a few
years. Owner user construction has
been fueled by a couple of major
transactions. Construction in Retail is
fueled by large freestanding tenants.
• Residential development land sales are
up as activity heats up.
CONTACT
• Local economic reports brightened in
CONTACT
Coldwell Banker Commercial
Jim Stewart, Realtors
500 N. Valley Mills Dr.
Waco, TX 76710
(254) 776-0000
www.cbc-waco.com
OFFICE
January 2012, an improvement from
the past couple of downturn years
fueling an optimistic outlook for the
remainder of the year.
Coldwell Banker Commercial
NRT - Salt Lake City
6550 South Millrock Dr., Suite 200
Salt Lake City, UT 84121
• Liquor laws are becoming more
(801) 947-8300
business friendly attracting larger sit
www.coldwellutah.com
down restaurants. Employment is
projected to grow 2.5% which more
than double the national average.
RETAIL
OFFICE
RETAIL
Vacancy
n
Vacancy
n
Vacancy
q
Vacancy
p
Absorption
n
Absorption
n
Absorption
p
Absorption
p
Rental Rates
q
Rental Rates
n
Rental Rates
p
Rental Rates
p
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
n
Vacancy
n
Vacancy
p
Vacancy
q
Absorption
n
Absorption
n
Absorption
n
Absorption
p
Rental Rates
n
Rental Rates
n
Rental Rates
p
Rental Rates
p
59
VA - Lynchburg
DEMOGRAPHICS
CBSA
Square Miles
Population
Lynchburg, VA
2,124
WA - King County
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Lynchburg continues to hold on to
CBSA
their larger tenants due mostly in
part to the steady economy in this
area.
Household
Income
Median
Employees (Total)
100,680
$46,100
96,796
don’t seem to be rising or falling at
this time.
Population
3,433,786
place throughout the Lynchburg area,
with more emphasis on expanding or
altering existing buildings.
Households
1,373,207
Household
Income
Median
continual growth in the low to mid
price ranges. Higher end houses are
slowly starting to move at discounted
prices.
Employees (Total)
their toes back into the water. Some
speculative land purchases have
taken place in the first two Quarters
of 2012.
$67,763
1,502,591
to look for good deals on fully
developed plats. Most of the fully
developed plats have already been
purchased, and developers are
starting to consider buying raw land.
• Overall Puget Sound employment
a slight downward motion but many
businesses are hesitant with the
approaching election.
7.10%
• Retail developers are starting to dip
• Residential developers continue
• The Residential market is seeing
• The unemployment rate is showing
Unemployment
trading at extremely low CAP rates.
strong. Rental rates continue to rise
along with sale prices.
5,894
• Small construction projects are taking
Households
• Institutional Investment sales are
• The Multi-Family sector is still very
Square Miles
• Vacancy rates have leveled out and
248,585
Seattle
Tacoma
Bellevue, WA
MARKET HIGHLIGHTS
outlook is very positive.
Unemployment
7.80%
• This area continues to be an
CONTACT
Coldwell Banker Commercial
Read & Co.
2508 Langhorne Rd.
Lynchburg, VA 24501
(434) 455-2285
www.cbcread.com
OFFICE
attractive market to outside
developers/investors mostly due in
part to the various incentives the
city offers to revamp the downtown
market.
CONTACT
Coldwell Banker Commercial
Danforth
33313 First Way South
Federal Way, WA 98003
(253) 874-3200
www.cbcdanforth.com
RETAIL
OFFICE
RETAIL
Vacancy
n
Vacancy
q
Vacancy
n
Vacancy
n
Absorption
n
Absorption
p
Absorption
p
Absorption
p
Rental Rates
q
Rental Rates
p
Rental Rates
p
Rental Rates
p
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
n
Vacancy
q
Vacancy
q
Vacancy
q
Absorption
n
Absorption
p
Absorption
p
Absorption
p
Rental Rates
n
Rental Rates
n
Rental Rates
n
Rental Rates
p
60
WA - South Puget Sound
WA - Tacoma
DEMOGRAPHICS
DEMOGRAPHICS
MARKET HIGHLIGHTS
• In Retail, WinCo Foods and Trader
CBSA
Square Miles
Olympia, WA
727
Population
253,654
Households
100,414
Household
Income
Median
Employees (Total)
Unemployment
Joe’s have experienced great 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.
CBSA
Square Miles
• Multi-Family stats are up 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.
5,894
Population
3,433,786
Households
1,373,207
Household
Income
Median
as contraction in the construction
markets continues.
$67,763
• Some notable properties have been
68,733
7.70%
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.
Employees (Total)
1,502,591
Coldwell Banker Commercial
Evergreen Olympic Realty, Inc.
3333 Capitol Blvd. S.
Olympia, WA 98501
(360) 352-7651
www.cbcworldwide.com
OFFICE
somewhat stagnant with only 1
new Office building delivered in the
last year in Tacoma and 4 others in
suburban Pierce County, primarily
medical. Net absorption is negative
through the first half of 2012, but
expected to finish around zero by
year end, with vacancies.
construction delivered only 50 units
in Tacoma in 2011 with almost
600 expected by the end of 2012.
Vacancies are still tight at 4.6%, down
from 5% by EOY 201 so rent growth
is accelerating. New projects in the
pipeline will likely curb rent growth
into 2013.
• Industrial absorption is still largely
Unemployment
dominated by aerospace, with the
recent activity and forecast for
Boeing subcontractors. However,
there has been activity with smaller
users between 5000-50,000 SF doing
deals in small bay/incubator space.
7.80%
• The Residential markets are beginning
CONTACT
• Office activity has been up but
• Apartment activity for new
• Industrial vacancies continue to climb
$62,921
SeattleTacomaBellevue, WA
MARKET HIGHLIGHTS
to pick up. After reaching a bottom in
pace of sales last winter, sales picked
up steam as the year went on. Around
the Sound, 2011 sales were up more
than 7% over 2010.
CONTACT
• Retail – Pierce County absorption in
Coldwell Banker Commercial
Offenbecher
929 East Main Suite 320
Puyallup, WA 98371
(253) 840-5574
www.offenbecher.com
• Owner-occupied commercial spaces
continue to enjoy favor with lenders in
the market.
RETAIL
OFFICE
Retail has been negative for several
years, leaving landlords with stiff
competition and tenants salivating
for great opportunities with big
incentives for quality tenants willing
to do long term deals. Point Ruston,
a 250,000 SF Mixed-Use lifestyle
center, is bringing tenants to the area.
RETAIL
Vacancy
q
Vacancy
q
Vacancy
q
Vacancy
n
Absorption
p
Absorption
p
Absorption
p
Absorption
q
Rental Rates
q
Rental Rates
q
Rental Rates
n
Rental Rates
q
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
p
Vacancy
q
Vacancy
n
Vacancy
q
Absorption
q
Absorption
p
Absorption
n
Absorption
p
Rental Rates
q
Rental Rates
n
Rental Rates
n
Rental Rates
p
61
WA - Vancouver & Southwest
WI - Janesville/Beloit
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Square Miles
Population
MARKET HIGHLIGHTS
PortlandVancouverBeaverton,
OR-WA
• The largest major tenant moving
6,684
• The commercial market is gradually
2,261,246
CBSA
into Vancouver is the Farwest Steel
Corporation that will occupy a
350,000 SF custom built facility.
Square Miles
improving in all sectors. Absorption
is up, in part due to very little new
construction being added to the
existing.
Population
Household
Income
Median
Employees (Total)
878,239
$58,563
952,611
building is a 350,000 SF
manufacturing facility. The cost of
construction was $50,000,000.
• Residential development is cautiously
increasing. Developers are having
their best sales success with
moderately priced homes in the
$150,000 range.
in the Portland, Oregon metropolitan
area. The cost of living is less in
Vancouver, and to a certain degree,
is considered a bedroom community
for Portland’s larger employment
base.
8.00%
CONTACT
Coldwell Banker Commercial
Jenkins & Associates
1500 D St.
Vancouver, WA 98663
(360) 699-4494
www.cbcworldwidenw.com
OFFICE
160,224
of neighboring Walworth County
took possession of 250,000 SF of
a 700,000 SF former GM logistics
building in Janesville. This occupancy
is on the heels of John Deere’s
logistics company, Landair, which
took 237,500 SF in Q1.
Households
63,135
Household
Income
Median
$54,346
area of WI & IL are experiencing an
Industrial vacancy rate of about 12%,
which rivals the greater Chicago area.
Proximity to markets, easy access to I
39/90 & available logistics buildings
have been a plus.
• The city of Janesville broke ground
• Vancouver is one of the four counties
Unemployment
720
• Miniature Precision Components Inc
• Janesville/Beloit and the Stateline
• The Farwest Steel Corporation
Households
Janesville, WI
MARKET HIGHLIGHTS
Employees (Total)
63,044
Unemployment
9.40%
on a $1.2 m innovation center which
will provide a 22,000 SF flex space
for startups. Kerry Americas added
30,000 SF to its 260,000 SF campus
and North American corporate
headquarters.
• Residential transactions are up 8%
for the first two Quarters of 2012 &
average values up 3%.
CONTACT
Coldwell Banker Commercial
McGuire Mears & Associates
400 Midland Court, Suite 101
Janesville, WI 53546
(608) 752-6325
www.mcguiremears.com
• Washington does not have a state
income tax while it does have sales
tax. Oregon is the opposite - there’s
a graduated state income tax but no
sales tax. As a result, Portland has
the major Retail presence and a much
higher concentration of Office space.
RETAIL
OFFICE
• Retail is beginning to reawaken.
Former high profile locations that
were experiencing vacancies are
starting to fill up, and interest by
nationals is increasing with several
letters of intent pending contracts for
purchase and lease.
RETAIL
Vacancy
q
Vacancy
n
Vacancy
n
Vacancy
q
Absorption
p
Absorption
p
Absorption
n
Absorption
p
Rental Rates
p
Rental Rates
n
Rental Rates
n
Rental Rates
n
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
q
Vacancy
q
Vacancy
q
Vacancy
n
Absorption
p
Absorption
p
Absorption
p
Absorption
n
Rental Rates
n
Rental Rates
p
Rental Rates
n
Rental Rates
n
62
WY - Cheyenne Metro
2012Blue Book
DEMOGRAPHICS
CBSA
Square Miles
Cheyenne, WY
2,686
MARKET HIGHLIGHTS
• NCAR (National Center for
Atmospheric Research) super
computer center will be operational
this year. This will create high paying
jobs and a new research platform.
International Markets
• Microsoft data center is to begin
construction soon. New construction
jobs and new positions will open up
down stream.
Population
89,439
Households
36,986
• Niobrara oil development is
Household
Income
Median
$60,634
• Residential real estate market is
continuing but at a slower pace than
initially expected.
heating up.
Employees (Total)
31,977
Unemployment
6.30%
• Swan Ranch Industrial Development
is continuing. New rail spurs are now
available.
CONTACT
Coldwell Banker Commercial
The Property Exchange
255 Storey Blvd.
Cheyenne, WY 82009
(307) 632-6481
www.wyomingcommercialbrokers.com
OFFICE
RETAIL
Vacancy
n
Vacancy
n
Absorption
q
Absorption
q
Rental Rates
q
Rental Rates
q
INDUSTRIAL
MULTI-FAMILY
Vacancy
q
Vacancy
q
Absorption
p
Absorption
p
Rental Rates
n
Rental Rates
p
63
Bermuda
Canada - Belleville
DEMOGRAPHICS
CBSA
Square Miles
Bermuda
21
MARKET HIGHLIGHTS
DEMOGRAPHICS
CBSA
Canada
Eastern
Ontario
Square Miles
372 m2
• 141 Front Street, a showcase
building in the City of Hamilton
was completed in September 2010,
has been a huge success with 75%
occupancy.
Population
Households
Household
Income
Average
64,237
34,110
• Waterloo House, approx 20,000 SF
$67,183 USD
39,457
Unemployment
6.00%
remains solid.
been absorbed.
• Little new construction in
Population
100,000
Commercial/Retail/Multi-Family
sectors.
• Multi-Family units are selling at never
Households
of premier waterfront property in
Hamilton, is on track with completion
expected in 2013; 40% is already
preleased.
seen before low CAP rates.
30000
• Besides Multi-Family, the market
Household
Income
Average
remains cautious
$52,803 USD
• Residential data for 2011
Employees (Total)
• Eastern Ontario Industrial market
• Many power of sale properties have
• Vacancy level in secondary space has
increased due to high level of new
space on the market at affordable
prices.
MARKET HIGHLIGHTS
(government 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 to
Employees (Total)
48,760
Unemployment
6.30%
• CFB Trenton will have close to 1
billion in infrastructure upgrades over
the next 10 years
purchase in this market but with
longer transaction time.
• As an island destination, foreigners
CONTACT
Coldwell Banker Commercial
Bermuda Realty
11 Par la Ville Rd.
Hamilton, n/a HM HX
(441) 292-1793
www.bermudacommercial.com
OFFICE
CONTACT
often look to purchase in Bermuda.
It is expected that government will
soon relax purchasing requirements
for foreigners.
Coldwell Banker Commercial
Ekort Realty, Brokerage
100 Bell Blvd. Suite 200
Belleville, Ontario K8P 4Y7
(613) 969-9901
www.cbcommercial.ca
RETAIL
OFFICE
RETAIL
Vacancy
p
Vacancy
p
Vacancy
n
Vacancy
n
Absorption
q
Absorption
q
Absorption
n
Absorption
n
Rental Rates
q
Rental Rates
q
Rental Rates
q
Rental Rates
q
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
p
Vacancy
N/A
Vacancy
n
Vacancy
n
Absorption
q
Absorption
N/A
Absorption
n
Absorption
n
Rental Rates
q
Rental Rates
N/A
Rental Rates
n
Rental Rates
p
64
Canada - Greater Toronto Area
Canada - Kelowna/West Kelowna
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Canada
Greater
Toronto Area
MARKET HIGHLIGHTS
• Target leases 180,000 SF of Office in
CBSA
the Toronto Airport Corporate Centre.
Canada Kelowna/West
Kelowna
MARKET HIGHLIGHTS
• Highly desirable lifestyle region of
Canada strategically located between
Vancouver, Calgary and Edmonton/
Fort McMurray.
• Greater Toronto Area (GTA) Office
Square Miles
vacancy is 5.1% and Industrial is
3.5%.
2,279
Population
5,583,064
Households
1,800,000
Household
Income
Average
Employees (Total)
Unemployment
$63,500 USD
2,919,410
Square Miles
• Across the GTA, 5.1 million SF of
Office and 4.5 million SF of Industrial
are under construction.
• Strong sales growth in the first half
of 2012, sale prices up 7.1% year over
year.
space , 26+ FT clear heights.
• Locally, Oakville has the highest net
187,234
Households
67,000
Employees (Total)
Office rates in West GTA at $17.76
per SF.
Unemployment
7.20%
• Many smaller wholesale/distributors
Population
Household
Income
Median
• There is strong demand for logistics
1,142
$60,524 CND
have vacated the market in favor of
servicing this area from their nearest
large regional centre. Absorption of
these vacant units is proving difficult.
• Key infrastructure includes the UBCO
campus, a new bridge, new hospitals
in Vernon and Kelowna, highway
upgrades, and airport expansion.
• The Residential market has lost
values over the past 5 years and
there is an unbalanced inventory
with excess inventory forcing prices
downward.
100,278
• New development in the past 5 years
7.20%
includes 8 major businesses plus a
Walmart.
• Kelowna is the largest market
CONTACT
between Greater Vancouver and
Calgary.
CONTACT
Coldwell Banker Commercial
Integrity Real Estate, Brokerage
1384 Cornwall Rd.
Oakville, Ontario L6J 2R4
(905) 338-8877 x228
www.cbci.ca
OFFICE
Coldwell Banker Commercial
Horizon Realty
#14-1470 Harvey Ave.
Kelowna, British Columbia V1Y 9K8
(250) 763-4343
www.bccommerciallands.com
RETAIL
OFFICE
RETAIL
Vacancy
n
Vacancy
N/A
Vacancy
p
Vacancy
p
Absorption
n
Absorption
N/A
Absorption
q
Absorption
q
Rental Rates
p
Rental Rates
N/A
Rental Rates
q
Rental Rates
q
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
n
Vacancy
N/A
Vacancy
p
Vacancy
q
Absorption
p
Absorption
N/A
Absorption
q
Absorption
p
Rental Rates
p
Rental Rates
N/A
Rental Rates
q
Rental Rates
q
65
Canada - Nanaimo, BC
Canada - Ottawa, Ontario
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Square Miles
Canada
Nanaimo, BC
MARKET HIGHLIGHTS
• Wholesale Sports Outdoor Outfitters
CBSA
came to Nanaimo.
Canada
Ottawa,
Ontario
• Nanaimo vacancy stays low, business
sales strong.
494
Square Miles
1,801
• City reports many new development
Population
permits ready to go.
83,810
Population
• Nanaimo residential sales strong
1,200,000
Household
Income
Median
Employees (Total)
Unemployment
N/A
Households
• Overall investor confidence is high in
420,000
Nanaimo.
$45,937 USD
• Federal Government continues
relocation of departments to suburbs.
EDC relocation within downtown frees
up 300,000 SF. Canada Council (85,000
SF) is relocating to new 150 Elgin in
2013. Smart Centers and Target invade
suburban retail developments. More
large U.S. retailers are expected.
• Vacancy rates in Downtown office
again for another year.
Households
MARKET HIGHLIGHTS
Household
Income
Median
• Nanaimo is an ocean side University
City, with low crime rates and lots of
jobs.
N/A
Employees (Total)
4.80%
Unemployment
$93,280 USD
743,100
6.20%
(6.2%) are expected to decline slightly
to end 2012 with an increase to 6.5%
by end 2014. Suburban vacancy (9.5%)
is expected to decline to 8% by end
2014. Many factors contribute such as
the lack of government programs and
world investment funds.
• New Downtown office towers (840,000
SF) and East Suburban office tower
(270,000 SF) are the ‘good news’ items
in commercial real estate. Residential
condos and large suburban retail
centers are rising on regular basis.
• Residential condo developments close
CONTACT
to downtown and affluent suburban
neighborhoods are in demand and
construction is very active. This new
trend will drive the need for new retail
developments.
CONTACT
Coldwell Banker Commercial
Vancouver Island Realty Ltd
17-4890 Rutherford Rd.
Nanaimo, British Columbia V9R-4Z4
(250) 756-9700
www.cbcworldwide.com
OFFICE
Coldwell Banker Commercial
First Ottawa Realty, Brokerage
1419 Carling Ave., Suite 219
• Recent Federal Government layoffs
Ottawa, Ontario K1Z 7L6
have hindered overall growth in the
(613) 728-2664
www.ottawacommercialproperties.com local economy, including business
expansion plans.
RETAIL
OFFICE
RETAIL
Vacancy
q
Vacancy
p
Vacancy
q
Vacancy
n
Absorption
p
Absorption
p
Absorption
p
Absorption
q
Rental Rates
n
Rental Rates
p
Rental Rates
n
Rental Rates
p
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
q
Vacancy
q
Vacancy
q
Vacancy
n
Absorption
p
Absorption
p
Absorption
p
Absorption
n
Rental Rates
n
Rental Rates
p
Rental Rates
n
Rental Rates
p
66
Canada - Waterloo Region
Colombia - Cartagena
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Square Miles
Canada
Waterloo
Region
528
Population
543,700
Households
194,890
MARKET HIGHLIGHTS
• The City of Kitchener has introduced
CBSA
plans to develop an “innovation
district” in the downtown core, part
of its overall economic development
and growth management strategy.
The plan would effectively convert
an eight-acre property owned by
the city into an urban research and
business park.
Square Miles
Colombia Cartagena
372 m2
Employees (Total)
Unemployment
$74,490 CDN
282,300
6.40%
Population
1,230,443 designed to attract creative talent,
build on the cluster of high-tech
companies moving into the nearby
Tannery district and intensify
development along the new transit
corridor.
Households
Household
Income
Average
• Wilfrid Laurier University has become
a student landlord with a $58.9m
purchase of 12 apartment buildings
adjacent to its main campus. Eric
Reiner of CBC Peter Benninger Realty
facilitated the deal.
302,149
$77,760,000
COL
Employees (Total)
364,285
Unemployment
10.40%
is and will be the second most
appealing country for investment
in Latin America over the next three
years.
• In a comparison of 183 countries, the
World Bank (doing business 2011)
described Colombia as the fifth
country in the world and the first in
Latin America in protecting Investors.
• Cartagena-Colombia is a UNESCO
World Heritage Site and is a favorite
vacation and retirement destination
for many thousands of Europeans
and North Americans.
best cities to live in Colombia and
South America.
(Research in Motion) emphasized
that they are committed to Waterloo
Region and plan to remain one of
the community’s largest employers,
currently employing approximately
9,000 in the region.
CONTACT
Coldwell Banker Commercial
Peter Benninger Realty, Brokerage
508 Riverbend Dr.
Kitchener, Ontario N2K 3S2
• Employment in the region is up
(519) 743-5211
www.coldwellbankercommercial.ca with an increase of 14,000 jobs.
• New construction of high rise
Coldwell Banker Commercial
Cartagena de Indias
Bocagrande, Ave San Martin
Calle 7 Local 8
Cartagena, Bolivar n/a
57 (5) 6658800
www.cbcartagenadeindias.com
Manufacturing is also up.
OFFICE
- Standard and Poor’s, Moody’s and
Fitch - guarantee that Colombia is
a safe place to invest, providing the
country with a BBB investment grade.
• Cartagena is considered one of the
• At their recent annual meeting, RIM
CONTACT
• The top three global risk rating firms
• According to JP Morgan, Colombia
• The “innovation district” is a plan
Household
Income
Median
MARKET HIGHLIGHTS
RETAIL
OFFICE
buildings, major chain hotels and
shopping centers are taking over
Cartagena de Indias.
RETAIL
Vacancy
p
Vacancy
p
Vacancy
q
Vacancy
q
Absorption
p
Absorption
p
Absorption
p
Absorption
n
Rental Rates
n
Rental Rates
q
Rental Rates
p
Rental Rates
p
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
p
Vacancy
q
Vacancy
N/A
Vacancy
N/A
Absorption
p
Absorption
p
Absorption
N/A
Absorption
N/A
Rental Rates
q
Rental Rates
p
Rental Rates
N/A
Rental Rates
N/A
67
Greece
Ireland
DEMOGRAPHICS
CBSA
Greece
Square Miles
50,949
Population
MARKET HIGHLIGHTS
DEMOGRAPHICS
• Investors are in anticipation for major
CBSA
Ireland
Square Miles
27,027
privatization projects of Hellenic
Republic Assets.
• Vacancy is rising as the general
economic activity is shrinking and
enterprises, as well as households,
reduce their activities or move to
smaller size spaces.
11,354,000
Population
Household
Income
Average
Employees (Total)
€ 20,751
3,813,601
€2billion in unfinished developments.
• ECB cuts interest rate to 0.75%, its
lowest ever level.
Dublin for 3 straight months.
4,400,000
• Residential prices outside Dublin
continue to fall but at a slower rate.
first 4 months of 2012 decreased by
39.2%.
3,664,392
• State Agency NAMA plans to invest
• Residential prices rise marginally in
• Private construction activity in the
Households
MARKET HIGHLIGHTS
Households
Household
Income
Median
• Residential transactions are on a
downturn for the fifth consecutive
year. This is the same for property
prices.
Employees (Total)
• Recent national elections created
1,800,000
• Commercial property market is
showing signs of stabilizing.
€ 33,000
• Residential bank lending continues
to retract.
2,000,000
optimism on the market for
economic stabilization and growth.
Unemployment
22.60%
Unemployment
• There are several opportunities in the
Greek real estate market-especially
in second/vacation home market and
premium properties because prices
are very low.
CONTACT
CONTACT
Coldwell Banker Commercial
Hellas
8 Omirou St. & Panepistimiou Ave.
Athens, Attica 10564
+30 32 28228
www.coldwellbanker.gr
OFFICE
14.50%
Coldwell Banker Commercial
Property Consultants
23 Lower Leeson St.
Dublin, Dublin Dublin 2
+ 353 1 4110012
www.coldwellbankercommercial.ie
RETAIL
OFFICE
RETAIL
Vacancy
p
Vacancy
p
Vacancy
q
Vacancy
p
Absorption
q
Absorption
q
Absorption
q
Absorption
q
Rental Rates
q
Rental Rates
q
Rental Rates
n
Rental Rates
q
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
p
Vacancy
p
Vacancy
q
Vacancy
q
Absorption
q
Absorption
q
Absorption
p
Absorption
p
Rental Rates
q
Rental Rates
q
Rental Rates
n
Rental Rates
q
68
Mexico - Mexico City
The Netherlands
DEMOGRAPHICS
DEMOGRAPHICS
CBSA
Square Miles
Mexico
80
MARKET HIGHLIGHTS
• Cinemex bought the string “Lumiere”
CBSA
as part of its expansion plan. Cinemex
was acquired four years ago by GM
Entertainment Company (owner of
MM Cinemas) for $315 million.
Square Miles
MARKET HIGHLIGHTS
The
Netherlands
41,528
• “Corproación Mexicana de
Population
Households
Household
Income
Average
Employees (Total)
23,000,000
N/A
Restaurantes” will bring to Mexico
“Olive Garden”, “Red Lobster” and
“The Capital Grille” Walmart de
Mexico reported a 4.1% annual
increase in sales through promotions.
8,400,000
16,800,000
Households
7,500,000
Household
Income
Average
€ 36,000
approximately 500,000 SF in Q2
2012 and it is expected that over the
next two years, 2 million SF will be
incorporated to the inventory.
4.80%
Employees (Total)
• Absorption of office space reached
Unemployment
• The construction activity reports
10,000,000
OFFICE
industrial and office markets have
remained stable in the first six
months of 2012.
improving significantly. The
temporarily lowered transfer tax has
not increased transactions on the
residential market.
• The yield levels for Office buildings
Coldwell Banker Commercial
The Netherlands
A. van Leeuwenhoekweg 38 C20
Alphen aan den Rijn
Holland 2408 AN
(3162) 9494090
www.coldwellbanker.nl
RETAIL
The 4 large cities in the Netherlands
have demanded signed agreements
with tenants in case of a new
development.
use and transformation of office
space. This is an excellent solution
for the demand of more Mixed-Use
areas.
CONTACT
• The average rent prices in the
Coldwell Banker Commercial
Mexico
Montes Urales 415
1 Lomas de Chapultepec
Mexico, Mexico 11000
01 52 55 41621000
www.cbcmexico.mx
transaction, the total volume
of transactions has increased
significantly (18% in the Q1).
• There is a strong focus on alternative
5.50%
that more than 10 million SF will be
incorporated into the inventory in the
next three years.
CONTACT
• Despite the lower volume per
• The residential market is not
more than 2 million SF - a record
quarter in this market.
Unemployment
agreement for more than 26,000 sq.
meters in a high quality renovated
building.
• New developments are very limited.
• The industrial market increased
$31,000 MXN
Population
• Nuon Energy signed a lease
OFFICE
are becoming higher and higher.
Due to forced sales a large number
of opportunities will come to the
market. This will offer interesting
opportunities for new strong focused
developers/investors.
RETAIL
Vacancy
p
Vacancy
n
Vacancy
p
Vacancy
p
Absorption
p
Absorption
p
Absorption
p
Absorption
n
Rental Rates
n
Rental Rates
n
Rental Rates
q
Rental Rates
p
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
q
Vacancy
N/A
Vacancy
p
Vacancy
p
Absorption
q
Absorption
N/A
Absorption
n
Absorption
q
Rental Rates
n
Rental Rates
N/A
Rental Rates
q
Rental Rates
q
69
Turkey - Istanbul
DEMOGRAPHICS
CBSA
Square Miles
Turkey Istanbul
United Arab Emirates
MARKET HIGHLIGHTS
DEMOGRAPHICS
• The economy is very strong right
CBSA
now.
• Foreign investments are increasing.
2,205
Square Miles
• Real estate laws are changing in favor
United Arab
Emirates
32,278
of foreign investors.
Population
12,000,000
Population
• High return rate of investments in
8,264,070
rentals, app. annual 8%-10%.
Households
Household
Income
Median
Employees (Total)
Unemployment
2,800,000
MARKET HIGHLIGHTS
• Tim Hortons, a major Canadian QSR,
opened its first franchise in the UAE
with 127 more to come in the GCC
region.
• The start of this year marked an
increase in the population by crossing
the 2 million mark for the emirate of
Dubai.
• The news of Dubai being one of the
• Very high investments predicted by
the government in real estate over
the next 10 years.
N/A
Households
N/A
Household
Income
Median
N/A
Employees (Total)
3,570,000
Unemployment
9.80%
strongest contenders for World EXPO
2020 has put a renewed confidence in
the business fraternity of Dubai.
• The Arab uprising contributed to a
4,100,000
surge in demands for the Residential
as well as the Commercial property
market. And once again, Dubai has
proved to be a safer bet in the Middle
East.
• Emaar Properties, the leading
N/A
developer of Dubai, announced their
first off-plan project in Q2 of 2012.
• The key feature of UAE being a tax-
CONTACT
free and a duty-free haven with strong
trading hub serving the GCC/AFRICA/
CIS countries has attracted all the
major players to have a base in U.A.E.
CONTACT
Coldwell Banker Commercial
Turkey
Ridvanpasa sok. 12,Goztepe, Kadikoy
Istanbul, Turkey 34760
+90 216 4118030
www.coldwellbanker.com.tr
OFFICE
Coldwell Banker Commercial
U.A.E.
(Mega Homes Real Estate Brokerage L.L.C.)
Office # 2804, Citadel Tower
Business Bay
Dubai, Dubai P.O. Box 73618
+971 (4) 439 1200
www.coldwellbanker-ae.com
RETAIL
OFFICE
RETAIL
Vacancy
p
Vacancy
p
Vacancy
q
Vacancy
q
Absorption
p
Absorption
p
Absorption
p
Absorption
p
Rental Rates
p
Rental Rates
p
Rental Rates
p
Rental Rates
p
INDUSTRIAL
MULTI-FAMILY
INDUSTRIAL
MULTI-FAMILY
Vacancy
n
Vacancy
p
Vacancy
p
Vacancy
q
Absorption
n
Absorption
N/A
Absorption
q
Absorption
p
Rental Rates
n
Rental Rates
p
Rental Rates
q
Rental Rates
p
70
Index by Market
Abilene, TX
Acadiana, LA
Albany, NY
Albuquerque, NM
Anchorage, AK
Arcadia, CA
Athens, GA
Atlanta, GA
Austin, TX
Billings, MT
Birmingham, AL
Bloomington/Normal, McLean County, IL
Boise, ID
Brevard County, FL
Bryan/College Station, TX
Central, NJ
Champaign/Urbana, IL
Charleston, SC
Charlotte/Sarasota Counties, FL
Chatham County, GA
Chattanooga Metro Area, TN
Cheyenne Metro, WY
Chicagoland, IL
Coeur d’ Alene, ID
Columbia, SC
Columbus, GA
Dallas/Fort Worth, TX
Danbury/Upper Fairfield/New Haven, CT
Daytona/Ormond Beach, Volusia County, FL
Delaware County, IN
Destin, FL
Dothan, Houston County, AL
Fairfield County, CT
Fargo/Moorhead, ND
Florida Keys, FL
Gainesville, FL
Garden City, KS
Greenville/Spartanburg, SC
Gulfport/Biloxi, MS
Hinesville/Fort Stewart, GA
Honolulu, HI
Hot Springs, AR
Houston, TX
Indian River County, FL
Inland Empire North/Victor Valley, CA
Jacksonville, FL
Janesville/Beloit, WI
Jonesboro, AR
Kansas City Metro Area, KS
King County, WA
Knoxville/East, TN
Lake Oconee/Lake Sinclair, GA
Lakeland/Winter Haven, FL
Lincoln, NE
Little Rock, AR
Long Island, NY
Lorain County, OH
Los Angeles, CA
Los Angeles, Westside, CA
Louisville Metro, KY
Lubbock, TX
Lynchburg, VA
Macon, Bibb County, GA
Madison/St. Clair Counties, IL
Mankato, MN
Melbourne/Brevard County, FL
Midcoast, ME
Middle, MI
55
35
44
44
5
8
24
25
55
41
4
29
28
15
56
42
30
51
16
25
54
63
30
29
52
26
56
14
16
32
17
4
14
47
17
18
33
52
40
26
28
6
57
18
8
19
62
6
33
60
54
27
19
41
7
45
48
9
9
34
57
60
27
31
38
20
36
37
Minneapolis/St. Paul Metro Area, MN
Modesto, CA
Montgomery, AL
Morris County, NJ
Myrtle Beach, SC
Napa Valley/Napa County, CA
Naples/Ft. Myers, FL
New Orleans, LA
New York City, NY
Northern, NJ
Oklahoma City, OK
Orange County, CA
Orlando, FL
Peoria County, IL
Pioneer Valley, MA
Pittsburgh, PA
Polk County, FL
Portland, OR
Rapid City, SD
Redding, CA
Reno/Sparks, NV
Rio Grande Valley, TX
Sacramento Greater Area, CA
Salem, OR
Salt Lake County, UT
San Antonio, TX
San Gabriel/San Fernando Valley, CA
Sangamon County, IL
Sarasota/Manatee/Charlotte Counties, FL
Sedona/Verde Valley, AZ
South Puget Sound, WA
Southeastern, NC
Southeastern, PA
Southern, FL
Southern, KY
Southwest Riverside County, CA
St. Cloud/Central, MN
St. Joseph, MO
St. Lucie County, FL
Suburban, MD
Sussex County, DE
Tacoma, WA
Tallahassee, FL
Tampa/St. Petersburg, FL
Triad Area, NC
Triangle, NC
Vancouver & Southwest, WA
Waco, McLennan County, TX
Western, CO
Western, MI
York/Lancaster/Harrisburg, PA
INTERNATIONAL MARKETS
Bermuda Canada
- Belleville
- Greater Toronto Area
- Kelowna/West Kelowna
- Nanaimo, BC
- Ottawa, Ontario
- Waterloo Region
Colombia - Cartagena
Greece Ireland Mexico - Mexico City
The Netherlands Turkey - Istanbul
United Arab Emirates 39
10
5
43
53
10
20
35
45
43
48
11
21
31
37
50
21
49
53
11
42
58
12
49
59
58
12
32
22
7
61
46
50
22
34
13
39
40
23
36
15
61
23
24
46
47
62
59
13
38
51
63
64
64
65
65
66
66
67
67
68
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Global Real Estate Services
- Over 2,500 leading Commercial Real Estate Professionals in 26 countries.
- Proven track record servicing all property sectors
- Highly educated professionals to assist you in making informed decisions
- Services include:
• Acquisition, Disposition and Leasing
• Asset & Property Management
• Market Research and Analysis
• Corporate Services
cbcworldwide.com
©2012 Coldwell Banker Commercial Affiliates. A Realogy Company. All Rights Reserved. Coldwell Banker Commercial Affiliates fully supports the principles of the Equal Opportunity Act. Each Office
is Independently Owned and Operated. Coldwell Banker Commercial and the Coldwell Banker Commercial Logo are registered service marks licensed to Coldwell Banker Commercial Affiliates.