2012 Blue Book by Coldwell Banker Commercial Year end market review

2012Blue Book

Year End Market Review
Supplement to Real Estate Forum

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CONTENTS
AL - Birmingham 3 MS - Gulfport/Biloxi 43
AL - Dothan/Houston County 3 MO - Springfield 43
AL - Montgomery 4 MO-KS - St. Joseph 44
AK - Anchorage 4 MT - Billings 44
AZ - Sedona/Verde Valley 5 NE - Lincoln 45
AR - Little Rock 5 NV - Reno/Sparks MSA 45
CA - Bakersfield 6 NJ - Central & Northern 46
CA - Chico 6 NJ - Northern 46
CA - Inland Empire 7 NJ - Ocean County 47
CA - Inland Empire North/Victor Valley 7 NM - Albuquerque 47
CA - Long Beach/South Bay 8 NY - Albany 48
CA - Los Angeles/Los Angeles, West 8 NY - Long Island 48
CA - Los Angeles, Westside 9 NY - New York City 49
CA - Merced MSA 9 NY - Rochester 49
CA - Modesto 10 NC - Charlotte 50
CA - Napa Valley/Napa County 10 NC - Henderson 50
CA - Newport Beach 11 ND - Fargo/Moorhead 51
CA - Oakland/East Bay 11 OH - Cincinnati 51
CA - Orange County 12 OH - Dayton 52
CA - Riverside/South West 12 OK - Oklahoma City Metro 52
CA - San Gabriel/San Fernando Valleys 13 OR - Portland 53
CA - San Mateo County/Peninsula 13 OR - Salem 53
CO - Western 14 OR - Southern 54
CT - Fairfield County 14 PA - Pittsburgh 54
DE - Sussex County 15 PA - Southeastern 55
FL - Boca Raton/Palm Beach County 15 SC - Charleston 55
FL - Daytona Beach/Ormond Beach 16 SC - Columbia 56
FL - Deltona 16 SC - Greenville 56
FL - Florida Keys/Key West 17 SC - Spartanburg 57
FL - Fort Lauderdale/Broward County 17 TN - Chattanooga Metro 57
FL - Gainesville 18 TN - East 58
FL - Jacksonville 18 TN - Nashville 58
FL - Lakeland/Winter Haven 19 TX - Amarillo 59
FL - Melbourne/Brevard County 19 TX - Austin 59
FL - Melbourne/Palm Bay/Titusville 20 TX - Bryan/College Station 60
FL - Miami/Dade 20 TX - El Paso 60
FL - Naples/Ft. Myers 21 TX - Houston 61
FL - Orlando 21 TX - Lubbock 61
FL - Palm Beach 22 TX - Rio Grande Valley 62
FL - Punta Gorda 22 TX - South/Central 62
FL - Sarasota/Manatee Counties 23 TX - Southeast 63
FL - St. Lucie County 23 TX - Victoria 63
FL - St. Lucie/Martin Counties 24 TX - Waco/McLennan County 64
FL - Tallahassee 24 UT - Salt Lake Market 64
FL - Tampa, Greater Area 25 VA - Fredericksburg Region 65
FL - Tampa/St. Petersburg 25 VA - Lynchburg 65
FL - Winter Haven 26 VA - Williamsburg/Hampton Roads 66
GA - Athens 26 WA - King County 66
GA - Atlanta 27 WA - Southwest 67
GA - Dalton/Whitfield County 27 WA - Tacoma 67
GA - Hinesville/Fort Stewart 28 WI - Janesville/Beloit 68
GA - Macon/Bibb County 28 WI - Madison, Greater 68
GA - Savannah 29 WY - Cheyenne Metro 69
HI - Honolulu 29
ID - Boise 30 INTERNATIONAL MARKETS
ID - Eastern 30 Bermuda 70
IL - Bloomington/Normal/McLean 31 Brazil - São Paulo City 70
IL - Central 31 Canada - Aurora, Ontario 71
IL - Champaign/Urbana 32 Canada - Barrie, Ontario 71
IL - Chicago, Southwest 32 Canada - Calgary, Alberta 72
IL - Chicagoland 33 Canada - Courtenay/Vancouver Island, BC 72
IL - Springfield 33 Canada - Innisfil, Ontario 73
IL - Tazewell County 34 Canada - Nanaimo/Vancouver Island, BC 73
IN - Fort Wayne 34 Canada - Newmarket, Ontario 74
IN - Indianapolis MSA 35 Canada - Orillia, Ontario 74
IN - Muncie 35 Canada - Ottawa, Ontario 75
KS - Garden City 36 Canada - Richmond Hill, Ontario 75
KS-MO - Kansas City Metro 36 Canada - Trail, British Columbia 76
KY - Lexington 37 Canada - Vaughan, Ontario 76
KY - Louisville Metro 37 Canada - Waterloo Region, Ontario 77
KY - Southern 38 Greece 77
LA - Acadiana 38 India - Mumbai 78
LA - New Orleans 39 Ireland - Dublin 78
ME - Midcoast 39 Italy 79
MD - Eastern Shore 40 Mexico - Mexico City 79
MI - East Lansing MSA 40 Panama 80
MI - Western 41 Puerto Rico 80
MN - Central 41 Spain - Barcelona/Cataluña Region 81
MN - Mankato 42 Spain 81
MN - Minneapolis/St. Paul Metro 42 United Arab Emirates - Dubai 82

AL - Birmingham AL - Dothan/Houston County

DEMOGRAPHICS MARKET HIGHLIGHTS DEMOGRAPHICS MARKET HIGHLIGHTS

Birmingham- • The Birmingham metro has two • The Alabama College of Osteopathic
CBSA notable Mixed-Use developments CBSA Dothan, AL Medicine is one of the 34 osteopathic
Hoover, AL
on the market now. The first, Lane colleges in the nation and the first
Parke, is a Mixed-Use redevelopment in Alabama. The Medical College is
Square Miles 5,298 planned for the current site of Square Miles 1,718 continuing to build with 150 students
Mountain Brook Shopping Center to begin enrollment in August 2013.
and Park Lane Apartments. The
Population 1,135,190 development will include Retail, Population 143,295 • Houston County unemployment rate
Office, and Residential. has dropped from 8.3 percent to 6.7
percent.
• The Industrial market hit a trifecta of
Households 451,751 Households 57,785 • Completed commercial construction
renewals in Q4: Sumitomo Electric
Wiring Systems Inc. renewed their in the area, such as Cheddar’s
lease on 140,400 SF at Moody Casual Café, Buffalo Wild Wings and
Household Household Academy Sports, will bring more job
$55,642 Commerce Park. Decoma Modular $43,656
Income Median Income Median
Systems renewed their lease on opportunities.
120,120 SF at Jefferson Metropolitan
Employees Industrial Park. Employees • With the healthcare industry
485,749 58,833
(Total) (Total) continuing to grow, Flowers Hospital
• Birmingham’s Industrial market’s celebrated the opening of their new
largest newsmaker is the amount Wound Care Center, and Southeast
Unemployment 5.80% of building sales occurring in Q4. Unemployment 6.40% Medical Center completed their
An estimated 850,000 total SF of Heart and Vascular Center expansion
Industrial buildings sold in Q4 of which was an investment of $31
2012. The top sale was Kamtek’s million.
purchase of a 292,506 SF building
in the Eastern submarket of • Southeast AL & Northwest FL
Birmingham. announced a mega site location.

• Top lease transactions in the Retail • Regional airport offers hangars for
CONTACT CONTACT
market were Restaurant Depot wide body aircraft.
Coldwell Banker Commercial leased 50,291 SF in Wildwood North; Coldwell Banker Commercial
Moore Company Realty Nordstrom Rack (Alabama’s first) Alfred Saliba Realty
2 Office Park Circle Suite 110 leased 35,000 SF in River Ridge; 410 N. Shady Lane
Birmingham, AL 35223 and to the delight of all families in Dothan, AL 36303
(205) 876-2717 the 280/459 trade area, Chuck E. (334) 793-6600
www.moorecompanyrealty.com Cheese leased 12,889 SF in Riverhills www.alfredsalibacommercial.com
Shopping Center.

OFFICE RETAIL OFFICE RETAIL

Vacancy q Vacancy q Vacancy q Vacancy n
Absorption p Absorption p Absorption p Absorption n
Rental Rates n Rental Rates n Rental Rates n Rental Rates n

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 n Rental Rates N/A Rental Rates p Rental Rates p
3

AL - Montgomery AK - Anchorage


Montgomery, • Alabama heats up as the place to • Bass Pro Shops announced it
CBSA do business: Expansion of Mercedes CBSA Anchorage, AK will open a 100,000 SF store in
AL
in Vance; Expansion of Hyundai in Anchorage in the Spring of 2013.
Montgomery; Expansion of Honda
Square Miles 2,725 in Lincoln; Airbus to open its North Square Miles 26,379 • Retail continues to be strong in
American plant in Mobile. Anchorage with vacancies dropping
from 5 to 4.71 percent.
Population 367,157 • Office vacancy is stabilizing. Targeted Population 378,904
Retail is succeeding in their desired • Vacancy and rental rates are
demographics. Call volume has forecasted to remain stable in 2013.
increased for all product types.
Households 147,017 Households 137,722 • The Class A Office vacancy is stable
• Restaurant and pub nears completion at 5.2 percent.
in downtown historic district.
Household Household • Companies like Auto Zone and Oil
$52,679 $72,444
Income Median Income Median and Vinegar entered the market in
• Budget homebuilders in the finished
price range of $80/SF find traction. late 2012.
Employees Employees
144,160 • With the expansion of Hyundai and 162,368 • Verizon, Texas Roadhouse and
(Total) (Total)
its ancillary jobs created, there is Massage Envy Spa will open in the
optimism in the market. market in 2013.
Unemployment 6.60% Unemployment 5.80%
• Montgomery can become the natural
cargo break point for intermodal
product arriving in the Port of
Mobile.

CONTACT CONTACT
Coldwell Banker Commercial Coldwell Banker Commercial
Moore Company Realty NRT - Anchorage
121 Coosa St., Suite 250 2600 Cordova Street, Ste 205
Montgomery, AL 36104 Anchorage, AK 99503
(334) 262-1958 (907) 222-1033
www.moorecompanyrealty.com www.coldwellutah.com


Vacancy q Vacancy q Vacancy q Vacancy q
Absorption p Absorption p Absorption p Absorption p
Rental Rates n Rental Rates n Rental Rates n Rental Rates n


Vacancy n Vacancy q Vacancy n Vacancy n
Absorption n Absorption p Absorption n Absorption n
Rental Rates n Rental Rates p Rental Rates n Rental Rates n
4

AZ - Sedona/Verde Valley AR - Little Rock


• Commercial vacancies are stable and Little Rock- • Inuvo announces HQ relocation
CBSA Flagstaff, AZ trending downward. North Little from NY City to Conway in Central
CBSA
Rock-Conway, Arkansas.
• State has finished upgrading lighting AR
Square Miles 18,617 in Sedona’s business district. • City of Little Rock seeks location for
Square Miles 4,090 new Little Rock Technology Park.
• Commercial property sales have
Population 130,596
increased 60 percent in number of • Walgreen’s purchase of USA Drug
transactions. is creating surplus Retail space
Population 690,456
scattered throughout state.
• Commercial property sales volume
Households 46,597 has increased by 236 percent. • Hotel construction continues to be
Households 276,042 strong in downtown’s River Market
• The 8th annual Sedona Marathon District.
Household drew the largest number of
$52,993
Income Median participants ever. Household • Bass Pro Shops was quickly under
$56,190
Income Median construction after announcing a
Employees • Lonely Planet named Sedona and 30-acre acquisition at the I-430/I-30
48,137 Verde Valley among the Top 10 U.S. interchange.
(Total) Employees
Travel Destinations for 2013. 290,765
(Total)
• New mid-rise Apartment
Unemployment 8.40% construction flourishes in Park
Unemployment 6.30% Avenue Mixed-Use development in
Midtown.

CONTACT CONTACT
First Affiliate Hathaway Group
195 West SR 89A 2100 Riverdale Rd. Suite 100
Sedona, AZ 86336 P.O Box 3730
(928) 340-5000 LIttle Rock, AR 72202
www.cbsedonacommercial.com (501) 663-5400
www.hathawaygroup.com


Vacancy q Vacancy n Vacancy n Vacancy q
Absorption p Absorption n Absorption n Absorption p
Rental Rates n Rental Rates n Rental Rates p Rental Rates n


Vacancy N/A Vacancy n Vacancy q Vacancy q
Absorption N/A Absorption n Absorption p Absorption p
Rental Rates N/A Rental Rates n Rental Rates q Rental Rates p
5

CA - Bakersfield CA - Chico


• There has been a boom within the oil • New 60,000 SF North Butte County
CBSA Bakersfield,CA field industry. CBSA Chico, CA Courthouse Complex scheduled for
construction in Chico.
• The unemployment rate is down and
Square Miles 8,141 home sales are the rise. Square Miles 1,639 • New 37,000 SF Butte County Hall of
Records scheduled for construction
• Builders are looking to boom out and in Oroville.
Population 813,502
are seeking Land to develop. Population 221,277
• A 65,000 SF Weiss McNair farm
• There is a shortage in housing equipment manufacturing facility is
in Kern County CA, but new under construction in Chico.
Households 267,652 construction is on the rise. Households 88,796
• Willows I-5 Commercial and
• The economy recovery is led by the Industrial Center entitled and ready
Household housing market. Household to serve Pacific West Coast market
$46,302 $43,239
along the Interstate 5 transportation
• There is affordable living in the area corridor.
Employees as well as a rise in employment. Employees
193,908 60,484 • The enrollment and number of CA
(Total) (Total)
State University, Chico students is
expanding.
• There are new major retailers in
the area including: Dick’s Sporting
Goods, Marshalls, Petco, Guitar
Center, Dollar General, Auto
Zone, Krispy Kreme and Walmart
Superstore.

CONTACT CONTACT
Preferred, Realtors DuFour Realty
1820 Westwind Dr. 1350 E. Lassen Ave. Suite 1
Bakersfield, CA 93301 Chico, CA 95973
(661) 327-2121 (530) 895-1545
www.cbcworldwide.com www.cbcworldwide.com


Vacancy p Vacancy p Vacancy q Vacancy q
Absorption p Absorption n Absorption p Absorption p
Rental Rates p Rental Rates n Rental Rates p Rental Rates p


Vacancy p 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
6

CA - Inland Empire CA - Inland Empire North/Victor Valley


Riverside-San • Yucaipa commercial real estate Riverside-San • Multi-Family units are in high
CBSA Bernardino- listings are rising. CBSA Bernardino- demand along with the upward
Ontario, CA Ontario, CA pressure on pricing.
• The Pass Area is primed for the next
Square Miles 27,260 commercial boom. Square Miles 27,260 • JCPenny is expanding their location
by 37,000 SF in 2013, and Macy’s is
• Many Beaumont and Banning scheduled to open Q1 of 2013.
commercial real estate locations are
Population 4,171,856 HUBZone certified. Population 4,171,856 • Newell Rubbermaid added nearly
180,000 SF at their SCLA location.
• Residential real estate in the Pass
Households 1,350,253 Area (Yucaipa, Calimesa, Beaumont, Households 1,350,253 • Walmart represented 261,000 SF of
Banning) is expanding. net absorption in 2012.

Household • Many citizens from the Inland Empire Household • Panera Bread, Pancho Villa’s, Freddy’s
$52,845 $52,845
Income Median are migrating to the Pass Area. Income Median Steak Burger were among many of
the new restaurants.
• The Pass Area includes two major
Employees Employees
(Total)
1,156,307 counties; San Bernardino and (Total)
1,156,307 • Land sales volume is up 8.5 percent
Riverside County. in 2012 over 2011. Housing market
experienced an increase of 14.4
Unemployment 10.90% Unemployment 10.90% percent in home values during 2012.

CONTACT CONTACT
Kivett Teeter Real Estate Solutions
32829 Yucaipa Blvd. 15500 W Sand St. 2nd Floor
Yucaipa, CA 92399 Victorville, CA 92392
(909) 797-9134 (760) 684-8000
www.cacommercialrealestate.com www.cbcdesert.com


Vacancy p Vacancy p Vacancy p Vacancy p
Absorption p Absorption p Absorption p Absorption q
Rental Rates q Rental Rates q Rental Rates q Rental Rates n


Vacancy p Vacancy q Vacancy p Vacancy q
Absorption p Absorption q Absorption p Absorption p
Rental Rates q Rental Rates p Rental Rates n Rental Rates n
7

CA - Long Beach/South Bay CA - Los Angeles/Los Angeles, West


Long Beach, • Industrial near the ports remains Los Angeles- • Very little available investment
CBSA strong. CBSA Long Beach- opportunities.
CA
Santa Ana, CA
• Market forecasts are cautiously • This area is experiencing shrinking
Square Miles 4,850 optimistic. Square Miles 4,850 Office/Retail vacancies.

• New zoning regulations will allow for • Office/Retail rents are rising.
Population 12,935,173
new developments.
Population 12,935,173 • Technology and Internet businesses
• Most market changes are minor but are absorbing space.
momentum is picking up.
Households 4,288,080 Households 4,288,080 • There is plenty of Apartment and
Mixed Use development activity.
Household Household • Owner/user market is very hot due to
$60,485 $60,485
Income Median Income Median availability of SBA loans.

Employees Employees
5,313,010 5,313,010
(Total) (Total)


CONTACT CONTACT
Blair Westmac WESTMAC
333 W. Broadway Suite 312 1515 S. Sepulveda Blvd.
Long Beach, CA 90802 Los Angeles, CA 90025
(562) 495-6070 (310) 478-7700
www.cbcblair.com www.westmac.com




8

CA - Los Angeles, Westside CA - Merced MSA


Los Angeles- • Multi-Family demand is driving most • Merced is the county seat of Merced
CBSA Long Beach- of the market activity but Single- CBSA Merced, CA County, California.
Santa Ana, CA Tenant NNN investments, Medical
Office and Industrial are also strong • Merced is home to University of
Square Miles 4,850 sectors (Strength in the Industrial Square Miles 1,929 California, Merced.
sector is due to scarcity of product
and ability to convert to Creative • Merced’s population has grown
Office uses). Population 246,043
faster than the state average since
Population 12,935,173 1980. Over the past nine years, the
• Demand greatly exceeds supply for annualized growth rate is about
the strongest sectors. 3.4%. This rapid expansion of
Households 4,288,080 Households 72,827 population has stimulated significant
• Multi-Family cap rates are 4 Retail growth since 1992. Several
percent-5.5 percent in A/B areas major Retail chain stores have
Household and 5.5 percent-8 percent in C/D Household entered Merced, adding over 750,000
$60,485 $43,534
areas. Lenders have developed new SF of new Retail space.
programs to compete with Fannie &
Employees
Freddie and to capture a share of the Employees
5,313,010 44,894
(Total) Multi-Family lending. (Total)

• Development Land for Condos,
Unemployment 10.20% Apartments and Mixed-Use is once Unemployment 17.20%
again in demand but prices are still
below pre-recession levels.

• Strongest sub-markets are: the Santa
Monica and Venice creative corridors,
Beverly Hills, Brentwood, West
Hollywood and Hollywood.
CONTACT CONTACT
NRT - Los Angeles Gonella Realty
11999 San Vicente Blvd. 3170 Collins Dr. Suite A
Los Angeles, CA 90049 Merced, CA 95348
(310) 820-6651 (209) 725-7253
www.cbcworldwide.com www.mercedcommercialrealestate.com


Vacancy q Vacancy p Vacancy n Vacancy p
Absorption p Absorption p Absorption n Absorption n
Rental Rates p Rental Rates p Rental Rates q Rental Rates q


Vacancy q Vacancy q Vacancy p Vacancy q
Absorption p Absorption p Absorption n Absorption p
Rental Rates p Rental Rates p Rental Rates q Rental Rates n
9

CA - Modesto CA - Napa Valley/Napa County


• Stanislaus County is located in the • The Shops at Napa Center, an open
CBSA Modesto, CA Central Valley. Many people in the CBSA Napa, CA air downtown Retail hub, is re-
surrounding areas shop in its county tenanting and positioning itself to
seat of Modesto. add a 180 room hotel.
Square Miles 1,494 Square Miles 754
• The major industry is AG-related, • Over 700,000 SF of temperature-
employing approximately 18,000 controlled high cube Warehouse
Population 512,221 people or 11.3 percent of the total Population 135,273 space was leased in Q4. Future
160,000 people that are employed. demand may require build-to-suit.
The unemployment rate varies due to
seasonal positions in the AG industry. • There was high demand from
Households 167,008 Households 52,057 investors seeking Multi-Family
• Well located shopping areas have properties of 5 or more units.
been attracting new tenants with
Household some major remodeling. Vacant Household • The Up Valley market, including
$49,395 $72,042
spaces, due to the lack of new Yountville, St. Helena and Calistoga,
construction, have been absorbed experienced a substantially tight
Employees as needed. Kaiser Permanente built Employees supply of commercial properties
140,743 60,343
(Total) a major hospital complex with (Total) available for sale and for lease.
Memorial Hospital building, a major
expansion.
• There have been major layoffs in
the government sector based on tax
assessments being lowered due to
the downturn in real estate values.
Leveling out has occurred, and all are
hoping real estate prices will start
to rise in 2012. This will only come if
CONTACT unemployment in the area starts to CONTACT
decline.
Vinson Chase, Realtor • The Office and Retail markets are Brokers of the Valley
220- C Standiford Ave. improving in good centers and 1775 Lincoln Ave.
Modesto, CA 95350 locations. Napa, CA 94558
(209) 577-2121 (707) 224-8454
www.cbcworldwide.com www.napacommercialproperties.com


Rental Rates n Rental Rates n Rental Rates p Rental Rates p


Vacancy n Vacancy q Vacancy q Vacancy q
Absorption n Absorption p Absorption p Absorption p
10

CA - Newport Beach CA - Oakland/East Bay


Los Angeles- • Vacancy rates within Office San Francisco- • A major transaction was Pacific Gas
CBSA Long Beach- properties continues to remain high. CBSA Oakland- & Electric in San Ramon with their
Santa Ana, CA Fremont, CA Office lease expansion of 145,000 SF.
• The Retail vacancy rate is moving
Square Miles 4,850 down slowly. Square Miles 2,473 • Steady economic growth is driving
the East Bay Market improvements.
• Commercial property sales are
increasing. • Low vacancy rates and rising
Population 12,935,173 Population 4,347,767 rents are spurring Multi-Family
• The Residential market is low on construction pipeline growth.
inventory.
Households 4,288,080 Households 1,661,661 • East Bay is a popular destination for
• The overpriced properties are not residential buyers priced out of San
moving. Francisco market.
Household Household
$60,485 $80,439
Income Median • Waterfront properties have held their Income Median • There is an amazing amount of cash
value in the area. entering the market.
Employees Employees
(Total)
5,313,010
(Total)
1,916,201 • The East Bay’s unique culture is more
laid back and uncomplicated than
that of its western neighbors.

CONTACT CONTACT
NRT - Balboa Island NRT - Pleasanton
201 Marine Ave. 5980 Stoneridge Dr. Suite 122
Balboa Island, CA 92662 Pleasanton, CA 94588
(949) 673-8700 (925) 847-2266


Vacancy n Vacancy q Vacancy q Vacancy p
Absorption q Absorption p Absorption p Absorption q
Rental Rates q Rental Rates p Rental Rates p Rental Rates q


Absorption n Absorption p Absorption p Absorption n
Rental Rates q Rental Rates p Rental Rates n Rental Rates p
11

CA - Orange County CA - Riverside/South West


Los Angeles- • Office vacancies are finally down to Riverside-San • The overall market continues to
CBSA Long Beach- 13.1 percent. CBSA Bernardino- strengthen and show increased
Santa Ana, CA Ontario, CA activity in all sectors.
• The commercial rent rates have
Square Miles 4,850 flattened out except for Multi-Family. Square Miles 27,260 • Industrial vacancy rates are falling,
leaving less availablity of inventory.
• Industrial vacancy is under 4% with
the rents slowly rising due to lack of • The new Temecula Valley Hospital is
Population 12,935,173 product. Population 4,171,856 under construction with completion
expected by end of Q1. This will draw
• The minimal Retail development is medical professionals into the area.
Households 4,288,080 keeping vacancy at under 6 percent. Households 1,350,253
• The unemployment rate has dropped
• Stabilization can be seen ahead with to 11.1 percent, down from 12.4
Household tenants renewing leases. Household percent from the previous year.
$60,485 $52,845
• Most major law firms trimmed their
space commitments.
Employees Employees
5,313,010 1,156,307
(Total) (Total)


CONTACT CONTACT
NRT - Newport Beach Sudweeks Group
4 San Joaquin Plz. Suite 260 27708 Jefferson Ave. Suite 201
Newport Beach, CA 92660 Temecula, CA 92590
(949) 644-1600 (951) 200-7683
www.cbcworldwide.com www.cbcsocalgroup.com


Absorption p Absorption p Absorption q Absorption q
Rental Rates n Rental Rates n Rental Rates n Rental Rates q


Vacancy n Vacancy q Vacancy n Vacancy N/A

Absorption q Absorption p Absorption p Absorption N/A

Rental Rates p Rental Rates p Rental Rates n Rental Rates N/A
12

CA - San Gabriel/San Fernando Valleys CA - San Mateo County/Peninsula


Los Angeles- • This area has low vacancy. San Diego- • Two Industrial construction projects
CBSA Long Beach- CBSA Carlsbad-San have been approved and are
Santa Ana, CA • There is an Increase in sale prices and Marcos, CA rumored to commence early to
lease rates in the area. mid-2013. The two projects: 213 East
Square Miles 4,850 Square Miles 4,200 Grand and 330 San Bruno Ave. They
• Speculative development is starting. are both R&D properties in South
San Francisco with an estimated total
• Net absorption is still low. of 550,000 SF.
Population 12,935,173 Population 3,071,264
• There is panic buying in multi-family • The largest investment sale was
properties. a purchase of ten buildings on
Households 4,288,080 Households 1,129,261 Embarcadero Rd. in Palo Alto by KBS
• The market is experiencing low Realty totaling 225,000 SF.
interest rates and too many buyers.
Household Household • The Mid Peninsula Coalition
$60,485 $66,264
Income Median Income Median completed their new 109 unit
complex at 636 El Camino Real in
Employees Employees
South San Francisco.
5,313,010 1,227,936
(Total) (Total)
• The asking rates in the Industrial
market remain relatively flat over the
Unemployment 10.20% Unemployment 8.10% Q4 in 2012.

• San Mateo’s job growth continues
as the unemployment rate falls 8.5
percent from the recession in 2010.

• Sales activity gains significant
momentum.
CONTACT CONTACT
North County Westbay Real Estate Group
701 N. Brand Blvd., Ste 180 1575 Bayshore Hwy. Suite 100
Glendale, CA 91203 Burlingame, CA 94010
818-334-1900 (650) 344-4300
www.cbcnco.com www.cbcburlingame.com


Vacancy q Vacancy n Vacancy q Vacancy q
Absorption n Absorption n Absorption p Absorption p


Vacancy q Vacancy q Vacancy p Vacancy q
Absorption p Absorption p Absorption q Absorption p
Rental Rates p Rental Rates p Rental Rates p Rental Rates p
13

CO - Western CT - Fairfield County


Grand • There are good signs of a market Bridgeport- • Fairfield County’s Office market
CBSA recovery. In the Industrial market, CBSA Stamford- ended the Q4 of 2012 with a vacancy
Junction, CO
General Electric signed a 10 year Norwalk, CT rate of 14.7 percent, up from 14.0
lease for a 70,000 SF facility that had percent with net absorption totaling
Square Miles 3,328 been on the market for several years. Square Miles 626 negative 349,245 SF, compared with
310,857 SF in the Q2. Vacant sublease
• Commercial foreclosure sales were a space increased to 1,073,617 SF up
Population 148,298 factor in the market, but values were from 850,551 SF at Q2.
Population 904,874
mostly at market prices.
• Fairfield County’s available, vacant-
• Over the past 2 years, Colorado Mesa sublease space increased across the
Households 60,317 University continues to grow with Households 336,733 board from Q2 in 2012. Office went
the addition of two new campus from 851,000 SF to 1,073,617 SF;
dormitories and another new Industrial from 81,000 SF to 118,148
Household dormitory slated for the 2013-2014 Household
$47,409 $91,039 SF and Retail from 21,000 SF to
school year. 30,407 SF.

Employees • There was low inventory of • Among the significant movements
54,564 Employees
(Total) residential MLS listings, but there 419,437 in 2012 were: UBS vacated 257,474
(Total)
are some new subdivisions under SF of Office space; Cervalis leased
construction. 167,691 SF of Office space; NBC
Unemployment 8.60% Unemployment 7.20% Sports Group moved into a 274,956
• There is Retail growth in the area. SF of Industrial space; Cytec
TJ Maxx and Tractor Supply both Industries Inc. vacated 144,000 SF of
opened stores in the fall. Sprouts Industrial space; and Sears vacated
grocery was constructed and opened 178,516 SF of Retail space.
in January 2013, and 2 new national
truck stops are slated for the I-70 • Notable construction projects of
interchange. Both Land sales for 2012 are: 112 Quarry Rd, a 74,726
CONTACT the truck stops closed in December CONTACT SF facility that is currently 32%
and were about 10 acres each, at occupied, and a 93,046 SF project
Coldwell Banker Commercial approximately $6 SF. Coldwell Banker Commercial is under way at 50 Corporate Dr. an
Prime Properties, LLC NRT - Wilton Industrial building already 65% pre-
550 Patterson Rd. Suite B 77 Old Ridgefield Rd. leased.
Grand Junction, CO 81506 Wilton, CT 06897
(970) 243-7375 (203) 831-4187 • The average quoted asking rate is
www.grandjunctioncommercial.com www.cbcworldwide.com $31.84 SF for Office and Industrial is
$7.50 SF.


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14

DE - Sussex County FL - Boca Raton/Palm Beach County


• Several new national tenants Boca Raton, • The Palm Beach County Office
CBSA Seaford, DE have opened on Coastal Highway, CBSA market enjoyed its healthiest
FL
including: TD Bank, Buffalo Wild performance during the Q4 of
Wings, Panera Bread and Chipotle’s. 2012. Although gains were modest,
Square Miles 938 Shore Bank and Keller-Williams have Square Miles 5,126 demand outpaced supply by the
also opened Offices. largest margin since the onset of the
recession.
Population 194,215 • Commercial activity has continued to Population 5,566,404
improve due to the rise in tourism, • Although much of the activity is still
more summer rental activity and comprised of lateral market moves,
rapidly increasing retirement influx. existing tenants are expanding
Households 78,981 Households 2,128,471
and entering into long-term lease
• While commercial construction is agreements instead of downsizing or
still slow, the level of residential a short-term commit, as this market
Household construction increased dramatically Household
$52,386 $57,415 has seen over the past 5 years.
over the past year.
• Leasing activity should see modest
Employees • Closed residential resale volume Employees growth as economic signals point to
68,986 2,069,525
(Total) increased 14.5 percent in 2012 over (Total) a recovering residential sector and
2011. could translate into increased space
needs. In spite of uptick in demand,
Unemployment 7.10% • Traffic volume on Route 1 and Unemployment 8.00% expect flat rent performance as
Coastal Highway remains at a very the vacancy rate remains relatively
high level making it one of the best high. Tenants will retain leverage at
Retail areas in the mid-Atlantic negotiation time.
region.
• Palm Beach County gained nearly
• Sussex County’s great accessibility 6,000 jobs during 2012. With a goal
to bays and the ocean coupled with to influence economic growth in the
low property taxes and no sales tax market, the Business Development
CONTACT CONTACT
continues to make it one of the top Board of Palm Beach County is
Coldwell Banker Commercial retiree destinations on the east coast. Coldwell Banker Commercial in partnership with the Board of
Resort Realty NRT - Boca Raton County Commissioners and the Palm
20184 Coastal Hwy. 1800 NW Corporate Blvd. Beach County Office of Economic
Rehoboth Beach, DE 19971 Suite 100 Sustainability for a collaborative
(302) 227-5000 Boca Raton, FL 33431 effort.
www.cbankercommercial.com (561) 479-5963
www.cbcworldwide.com


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15

FL - Daytona Beach/Ormond Beach FL - Deltona


Deltona- • Daytona Beach was ranked 6th Deltona- • New VA Hospital to open this fall;
Daytona- in Trip Advisor’s top 10 listing of Daytona- creating over 1,000 jobs.
CBSA CBSA
Ormond Travelers’ Choice Awards for US Ormond
Beach, FL beach destinations and ranked 17th Beach, FL • Unemployment is down for a second
in the Top 25 Beach Destinations in year in a row.
Square Miles 1,103 the World. Square Miles 1,103
• Central FL is getting a boost from the
• Bed tax collections from the opening of its first rail named Sun
resort area continue to edge up, Rail.
Population 495,625 Population 495,625
and boardings at Daytona Beach
International Airport continue to • New housing permits are on the rise.
climb.
Households 214,567 Households 214,567 • Fl state incentives of no state tax and
• Planning Board recently voted 11-0 sunny weather are attracting more
on a proposal to rezone a 4.5 acre companies.
Household ocean site for a 29 story condo with Household
$47,500 $47,500
Income Median 105 rooms and a 26 story hotel with Income Median
500 rooms.
Employees Employees
146,482 • A two tower, 4-star condo/hotel 146,482
(Total) (Total)
complex comprised of 1 million SF
of space with a 40,000 SF meeting
Unemployment 8.10% space is awaiting final approval from Unemployment 8.10%
city commissioners. Construction
of the first tower on 10 acres ocean
front site should begin late summer.

• Embry-Riddle University, Daytona
State University, Bethune Cookman,
CONTACT and University of Central FL continue CONTACT
to grow and receive national and
Coldwell Banker Commercial federal grants in their fields of Coldwell Banker Commercial
Benchmark expertise. AI Group
570 Memorial Circle Suite 300 1019 Town Center Dr. Suite 200
Ormond Beach, FL 32174 • A large modular home community Orange City, FL 32763
(386) 672-8530 sold for $26.4 million. The demand (386) 775-8633
www.benchmarkdaytona.com for assisted living facilities and Multi- www.cbcaigroup.com
Family developments continue to
rise.


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Vacancy p Vacancy q Vacancy p Vacancy n
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16

FL - Florida Keys/Key West FL - Fort Lauderdale/Broward County


• The sales of distressed properties are Miami-Fort • Cap rates are shrinking due to low
CBSA Key West, FL brisk, and new distressed listings are Lauderdale- interest rates and a limited supply of
CBSA
declining. Pompano product.
Beach, FL
Square Miles 997 • Hotel development and re- • New construction is finally taking
development is being driven by the Square Miles 5,126 place in the area.
high average ADR’s and Occupancy
Population 73,047 which lead the State of FL. • Multi-Family remains the strongest
market.
Population 5,566,404
• This market is experiencing renewed
interest from national tenants due to • The Office market has a lot of tenants
Households 32,553 prices being down and other existing shifting to other spaces.
opportunities. Households 2,128,471
• The Retail market is very active with
Household • The Barriers to entry based on new construction up and down major
$71,455
Income Median Household corridors.
development restrictions continue to $57,415
be a challenge. Income Median
Employees • The area continues to grow with the
29,685 • Please visit our website at www. expansion of the Fort Lauderdale
(Total) Employees
RealEstateFlordiaKeys.com to view 2,069,525 Airport and the rise of population.
(Total)
our most recent Newsletter which
Unemployment 4.30% discusses the market in detail.
Unemployment 8.10%
• Monroe County continues to enjoy
one of the lowest unemployment
rates in FL.

CONTACT CONTACT
Schmitt Real Estate Company NRT - Boca Raton
11100 Overseas Hwy. 1800 NW Corporate Blvd. Suite 100
Marathon, FL 33050 Boca Raton, FL 33431
(305) 289-6482 (561) 367-4111


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17

2012 Blue Book by Coldwell Banker Commercial Year end market review

2012 Blue Book by Coldwell Banker Commercial Year end market review

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2012 Blue Book by Coldwell Banker Commercial Year end market review