2012 Mid-Year Blue Book

2012Blue Book
Coldwell Banker Commercial® Mid Year Market Review

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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 4 MI - Western 38
AL - Dothan, Houston County 4 MN - Mankato 38
AL - Montgomery 5 MN - Minneapolis/St. Paul Metro Area 39
AK - Anchorage 5 MN - St. Cloud/Central 39
AR - Hot Springs 6 MO - St. Joseph 40
AR - Jonesboro 6 MS - Gulfport/Biloxi 40
AR - Little Rock 7 MT - Billings 41
AZ - Sedona/Verde Valley 7 NE - Lincoln 41
CA - Arcadia 8 NV - Reno/Sparks 42
CA - Inland Empire North/Victor Valley 8 NJ - Central 42
CA - Los Angeles 9 NJ - Morris County 43
CA - Los Angeles, Westside 9 NJ - Northern 43
CA - Modesto 10 NM - Albuquerque 44
CA - Napa Valley/Napa County 10 NY - Albany 44
CA - Orange County 11 NY - Long Island 45
CA - Redding 11 NY - New York City 45
CA - Sacramento Greater Area 12 NC - Southeastern 46
CA - San Gabriel/San Fernando Valley 12 NC - Triad Area 46
CA - Southwest Riverside County 13 NC - Triangle 47
CO - Western 13 ND - Fargo/Moorhead 47
CT - Danbury/Upper Fairfield/New Haven 14 OH - Lorain County 48
CT - Fairfield County 14 OK - Oklahoma City 48
DE - Sussex County 15 OR - Portland 49
FL - Brevard County 15 OR - Salem 49
FL - Charlotte/Sarasota Counties 16 PA - Pittsburgh 50
FL - Daytona/Ormond Beach, Volusia County 16 PA - Southeastern 50
FL - Destin 17 PA - York/Lancaster/Harrisburg 51
FL - Florida Keys 17 SC - Charleston 51
FL - Gainesville 18 SC - Columbia 52
FL - Indian River County 18 SC - Greenville/Spartanburg 52
FL - Jacksonville 19 SC - Myrtle Beach 53
FL - Lakeland/Winter Haven 19 SD - Rapid City 53
FL - Melbourne/Brevard County 20 TN - Chattanooga Metro Area 54
FL - Naples/Ft. Myers 20 TN - Knoxville/East 54
FL - Orlando 21 TX - Abilene 55
FL - Polk County 21 TX - Austin 55
FL - Sarasota/Manatee/Charlotte Counties 22 TX - Bryan/College Station 56
FL - Southern 22 TX - Dallas/Fort Worth 56
FL - St. Lucie County 23 TX - Houston 57
FL - Tallahassee 23 TX - Lubbock 57
FL - Tampa/St. Petersburg 24 TX - Rio Grande Valley 58
GA - Athens 24 TX - San Antonio 58
GA - Atlanta 25 TX - Waco, McLennan County 59
GA - Chatham County 25 UT - Salt Lake County 59
GA - Columbus 26 VA - Lynchburg 60
GA - Hinesville/Fort Stewart 26 WA - King County 60
GA - Lake Oconee/Lake Sinclair 27 WA - South Puget Sound 61
GA - Macon, Bibb County 27 WA - Tacoma 61
HI - Honolulu 28 WA - Vancouver & Southwest 62
ID - Boise 28 WI - Janesville/Beloit 62
ID - Coeur d’ Alene 29 WY - Cheyenne Metro 63
IL - Bloomington/Normal, McLean County 29
IL - Champaign/Urbana 30 INTERNATIONAL MARKETS
IL - Chicagoland 30 Bermuda 64
IL - Madison/St. Clair Counties 31 Canada - Belleville 64
IL - Peoria County 31 Canada - Greater Toronto Area 65
IL - Sangamon County 32 Canada - Kelowna/West Kelowna 65
IN - Delaware County 32 Canada - Nanaimo, BC 66
KS - Garden City 33 Canada - Ottawa, Ontario 66
KS - Kansas City Metro Area 33 Canada - Waterloo Region 67
KY - Louisville Metro 34 Colombia - Cartagena 67
KY - Southern 34 Greece 68
LA - Acadiana 35 Ireland 68
LA - New Orleans 35 Mexico - Mexico City 69
ME - Midcoast 36 The Netherlands 69
MD - Suburban 36 Turkey - Istanbul 70
MA - Pioneer Valley 37 United Arab Emirates 70
MI - Middle 37

AL - Birmingham AL - Dothan, Houston County

DEMOGRAPHICS MARKET HIGHLIGHTS DEMOGRAPHICS MARKET HIGHLIGHTS

Birmingham- • The construction of a new ballpark • New Medical College is under
CBSA in Birmingham’s Southside has CBSA Dothan, AL construction with the first class
Hoover, AL
spawned a number of real estate admitting in August 2013.
transactions in the Industrial sector.
Square Miles 5,298 Also due in part to the new ballpark Square Miles 1,718 • Hotel occupancy rate remains high.
development, the Central submarket
experienced the largest amount of • Healthcare Industry drives the
positive absorption in the Q2. Dothan economy and continues to
Population 1,135,190 Population 143,295 grow.
• Riverchase Galleria announced Von
Maur department store is leasing • Cost of Living Index is one of lowest
Households 451,751 187,000 SF and will be the fifth Households 57,785 in the nation.
department store in the mall.
• Southeast Alabama & Northwest
Household • Birmingham is seeing more casual Household Florida announce mega site location.
Income $55,642 dining enter the market. New Income $43,656
Median Median • Regional Airport offers hangers for
restaurants like Which Wich, Lime
Fresh Mexican Grill, Little Donkey, wide body aircraft.
Employees (Total) 485,749 Tellini’s Italiano and Seasons 52 have Employees (Total) 58,833
either just opened or will open soon.

• Chicago-based Accretive Health
Unemployment 7.90% Services leased 21,000 + SF at The Unemployment 8.30%
Forum Building. Accretive Health is
new to Birmingham, and Birmingham
was chosen over several other cities
in the Southeast.

CONTACT • Mercy Medical, a medical facility for CONTACT
senior citizens, leased the 45,540 SF
Coldwell Banker Commercial former Haverty’s Furniture Showroom Coldwell Banker Commercial
Moore Company Realty in Irondale. Alfred Saliba Realty
2 Office Park Circle, Suite 110 410 North Shady Lane
Birmingham, AL 35223 Dothan, AL 36303
(205) 871-2088 (334) 793-6600
www.cbcmcr.com www.alfredsalibacommercial.com

OFFICE 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 Rental Rates p Rental Rates n Rental Rates n

4

AL - Montgomery AK - Anchorage


Montgomery, • Alabama heats up as the place to • In July of 2012, Cabela’s announced
CBSA do business: Expansion of Mercedes CBSA Anchorage, AK plans to build a 100,000 SF store in
AL
in Vance; Expansion of Hyundai in Anchorage. New national retailers
Montgomery; Expansion of Honda continue to have success moving into
Square Miles 2,725 in Lincoln; Airbus to open its North Square Miles 26,379 the market, including Olive Garden
American plant in Mobile. and Buffalo Wild Wings.

• Office vacancy is stabilizing. Targeted • Anchorage Office market continues
Population 367,157 Population 378,904
Retail is succeeding in their desired to have a low vacancy rate of 6.1%.
demographics. Call volume has
increased for all product types. • The Alaska market continues on its
Households 147,017 Households 137,722 upward growth path
• Restaurant and pub nears completion
in downtown historic district. • Retailers are moving to better
Household Household locations as their current leases
Income $52,679 • Budget homebuilders in the finished Income $72,444 expire, creating new construction
Median price range of $80/SF find traction. Median projects and leaving behind older
vacant facilities.
Employees (Total) 144,160 • With the expansion of Hyundai and Employees (Total) 162,368
its ancillary jobs created, there is • The Industrial market is tight
optimism in the market. with vacancy - the only product
available is less desirable facilities
Unemployment 8.90% • Montgomery can become the natural Unemployment 6.90% due to ceiling height and electrical
cargo break point for intermodal capabilities.
product arriving in the Port of Mobile.

CONTACT CONTACT
Coldwell Banker Commercial Coldwell Banker Commercial
Moore Company Realty NRT - AK
121 Coosa St., Suite 250, 6550 South Millrock Dr.
Montgomery, AL 36104 Suite 200
(334) 262-1958 Salt Lake City, UT 84121
www.cbcmcr.com (907) 694-4944
www.coldwellutah.com


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


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 AR - Jonesboro


Hot Springs, • New tenants in the market include • NEA Baptist Hospital is building a
CBSA TCBY and Orange Leaf. CBSA Jonesboro, AR new facility with new technology
AR
and a new health care model for
• Foreclosures in commercial real Northeast Arkansas.
Square Miles 677 estate in the area have remained Square Miles 711
minimal. • Arkansas State University is always
expanding and was named in the
• Two parcels of land are currently Best Colleges Regional Universities
Population 98,888 under contract for the construction of Population 96,443
South 2012.
two new hotels.
• New restaurants are moving into
Households 43,175 • More residential units have been sold Households 39,977 Jonesboro: Cheddar’s, Five Guys
this year but the average price/unit Burgers, Buffalo Wild Wings and
was reduced. Panera.
Household Household
Income $42,222 • The City of Hot Springs, along Income $42,931 • New stores are coming into
Median with the Chamber of Commerce, Median Jonesboro: Academy Sports,
is working on plans to further Kirkland’s and Sissy’s Log Cabin.
Employees (Total) 32,750 the revitalization of the historic Employees (Total) 37,743
downtown.

• Commercial sales and leasing activity
Unemployment 7.60% through Q2 of 2012 have exceeded Unemployment 7.00%
the year 2011 sales.

CONTACT CONTACT
RPM Village Communities
401 Section Line Rd., Suite F 2704 S. Culberhouse, Suite A
Hot Springs, AR 71913 Jonesboro, AR 72401
(501) 520-4000 (870) 935-7800
www.cbcrpm.com www.cbcworldwide.com


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Absorption n Absorption p Absorption n Absorption n
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Vacancy n Vacancy N/A Vacancy n Vacancy q
Absorption n Absorption N/A Absorption n Absorption p
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6

AR - Little Rock AZ - Sedona/Verde Valley


Little Rock- • Welspun Corp. Ltd. announces $100m • Historic Oak Creek Canyon Resort
North Little expansion of its pipe-manufacturing CBSA Flagstaff, AZ was sold and revitalized.
CBSA
Rock-Conway, facility in LR Port, adding 200 jobs.
AR
• Commercial vacancies are steady and
• Southwest Power Pool celebrates Square Miles 18,617 trending downward.
Square Miles 4,090 July grand opening of its new $62m,
190,000 SF Corporate Center in West • State is upgrading lighting in Sedona
Little Rock. business corridor.
Population 130,596
Population 690,456 • Custom Aircraft Cabinets doubles • Residential units sales are strong with
employment and invests $6m in a 6-year low inventory.
expansion/relocation to Sherwood Households 46,597
facility. • Sedona Hotel occupancy is up 10%
Households 276,042
YTD for Q1 and Sedona Marathon up
• Industrial market has 5th consecutive Household 20%.
Household quarter of positive absorption. Income $52,993
Income $56,190 Median • Sedona internet inquiries are up 43%
Median • Local developers announce Mixed- for Q1 of 2012.
Use Mann Building project in CBD, Employees (Total) 48,137
Employees (Total) 290,765
to include Multi-Family, Retail and
Office.

• Windstream Hosted Solutions opens Unemployment 8.30%
Unemployment 6.60% 30,000 SF state-of-the-art data center
in West Little Rock.

CONTACT CONTACT
Hathaway Group First Affiliate
2100 Riverdale Rd., Suite 100 195 W. State Route 89A
LIttle Rock, AR 72202 Sedona, AZ 86336
(501) 663-5400 (928) 282-4666
www.hathawaygroup.com www.cbsedonacommercial.com


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

7

CA - Arcadia CA - Inland Empire North/Victor Valley


Los Angeles- • This market is experiencing slow Riverside-San • Macy’s, JCPenney and Fitness 19 are
CBSA Long Beach- recovery for Commercial Real Estate. CBSA Bernardino- under construction.
Santa Ana, CA Ontario, CA
• Increase on BPO orders for banks & • Number of Multi-Family sales Q2 vs.
Square Miles 4,850 investors. Square Miles 27,260 Q1 is up 26%.

• This area is experiencing high • Increase in owner/users purchasing
vacancy. vacant Industrial buildings.
Population 12,935,173 Population 4,171,856
• Limited commercial lending is • Industrial tenants are relocating
available. to similar or larger SF buildings;
taking advantage of low rates,
Households 4,288,080 Households 1,350,253
• There is a big gap between buyer & better locations &/or more suitable
seller expectations. facilities.
Household Household
Income $60,485 • Buyers are still sitting on the fence. Income $52,845 • Office leasing activity is improving,
Median Median there are signs of expansion from
out of the area users with space
requirements ranging from 1,000 SF
Employees (Total) 5,313,010 Employees (Total) 1,156,307
to 1,500 SF.

• Office sector landlords are typically
doing 1-3 year lease terms with
Unemployment 10.30% Unemployment 12.60%
minimal concessions and TI
allowances with options at market.

CONTACT CONTACT
George Realty Real Estate Solutions
660 W. Huntington Dr. 15500 W Sand St., 2nd Floor
Arcadia, CA 91007 Victorville, CA 92392
(626) 445-6660 (760) 684-8000
www.cbcworldwide.com www.cbcdesert.com


Vacancy p Vacancy p Vacancy q Vacancy q
Absorption q Absorption q Absorption p Absorption p
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Vacancy p Vacancy q Vacancy q Vacancy q
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8

CA - Los Angeles CA - Los Angeles, Westside


Los Angeles- • Apple is opening a mega store in Los Angeles- • Strongest property sectors are
CBSA Long Beach- Santa Monica, CA. CBSA Long Beach- Multi-Family, single-tenant NNN
Santa Ana, CA Santa Ana, CA Investments, Medical Office and
• Office market is tightening up, rates Industrial (due to the scarcity of the
Square Miles 4,850 climbing slowly. Square Miles 4,850 product and ability to convert to
creative Office uses).
• Owner/user investment continues to
remain strong. • The strongest sub-markets are
Population 12,935,173 Population 12,935,173 the Santa Monica-Venice creative
• Creative Office continues to attract corridors, Beverly Hills, West
tenants. Hollywood and Brentwood.
Households 4,288,080 Households 4,288,080
• Multi-Family market is very active
and financing is readily available. Cap
Household Household rates in A/B areas are 4%-5%; B/C
Income $60,485 Income $60,485 areas range from 4.75%-6.5%.
Median Median
• A lot of cash is on the sidelines,
much of it chasing similar product
Employees (Total) 5,313,010 Employees (Total) 5,313,010
– well located property with strong
tenants and/or upside potential. Most
Investors continue to be risk-averse
Unemployment 10.30% Unemployment 10.30% and opt for lower returns on less risky
Investments.

• Developers are looking for
opportunities to build with several-
hundred-thousand SF of Multi-Family,
CONTACT CONTACT creative Office and Mixed-Use
developments in the pipeline, slated
Coldwell Banker Commercial Coldwell Banker Commercial to come on line in 2014-2016.
WESTMAC NRT - Los Angeles
1515 Sepulveda Blvd. 11999 San Vicente Blvd.
• Single Family/Condo market is
Los Angeles, CA 90025 Suite 100
(310) 478-7700 Los Angeles, CA 90049 trending upwards with more offer
www.westmac.com (310) 820-6651 activity, more sales and shorter
www.cbcworldwide.com marketing times.


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Vacancy q Vacancy q Vacancy q Vacancy n
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9

CA - Modesto CA - Napa Valley/Napa County


• Stanislaus County is located in • Napa City Council approved the
CBSA Modesto, CA the Central Valley. Its county seat CBSA Napa, CA Downtown Specific Plan, making
is Modesto, which is where many way for more favorable development
people in the surrounding areas guidelines, options for downtown
Square Miles 1,494 shop. Square Miles 754 living, more green areas, bike-friendly
paths and the return of two-way
• The major industry is AG-related, streets.
employing approximately 18,000
people or 11.3% of the total • Developer Todd Zapolski purchased
160,000 people that are employed. the Napa Town Center. His proposed
Unemployment varies based on the rejuvenation project is expected to
Households 167,008 fact that most of the AG jobs are Households 52,057 attract more world-class retailers and
seasonal. restaurateurs.
Household • Shopping areas that are well located Household • Multi-Family Office vacancy rates in
Income $49,395 have been attracting new tenants Income $72,042 the city of Napa have declined to
Median Median
with some major remodeling. Due to about 14%.
lack of new construction, the vacant
Employees (Total) 140,743 space has been absorbed as needs Employees (Total) 60,343 • The total Industrial market in Napa
arise. Kaiser Permanente built a major County consists of over 16 million
hospital complex with Memorial SF, with a current vacancy rate of less
Hospital making a major expansion. than 8%.
• There have been major layoffs in • During the first six months of 2012,
government sector based on tax the Up Valley (Calistoga, St. Helena
assessments being lowered due and Yountville) Commercial real
to downturn in real estate values. estate market saw a resurgence of
Leveling out has occurred and all are sales and leasing activity.
CONTACT hoping real estate prices will start to CONTACT
rise in 2012. This will only come if the • Buyers, especially developers,
Coldwell Banker Commercial unemployment in the area starts to Coldwell Banker Commercial appear to be coming back into the
Vinson Chase, Realtor Brokers of the Valley commercial marketplace, eager to
decline.
220- C Standiford Ave 1775 Lincoln Ave.
make the most of attractive prices
Modesto, CA 95305 Napa, CA 94558
(209) 577-2121 • Office and Retail are improving in (707) 224-8454 and low interest rates.
www.cbcworldwide.com good centers and locations. www.napacommercialproperties.com


Vacancy q Vacancy q Vacancy q Vacancy q
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10

CA - Orange County CA - Redding


Los Angeles- • Office market has nearly 1,000,000 SF • Retail markets show surprising
CBSA Long Beach- of positive absorption in Q2. CBSA Redding, CA resilience.
Santa Ana, CA
• Retail construction activity is still low • Vacancy rate is falling as shortage
Square Miles 4,850 but starting. Square Miles 3,785 looms.

• Orange County commercial activity is • Housing construction is starting up
picking up. again.
Population 12,935,173 Population 181,457
• Orchard Retail Center sells for $122 • Commercial foreclosures are slowing.
million or $434/SF.
Households 71,491 • Slow but positive absorption is seen
Households 4,288,080
• A new Apartment development with in the Office market.
758 units will built by The Irvine
Household Company in Tustin. Household • Industrial market is still lagging.
Income $60,485 Income $45,729
Median • Orange County’s largest private Median
companies posted their 3rd year of
sales gains. Employees (Total) 53,468
Employees (Total) 5,313,010


CONTACT CONTACT
NRT - Newport Beach C&C Properties
4 San Joaquin Plaza Suite 260 2155 Larkspur Lane, Unit A
Newport Beach, CA 92660 Redding, CA 96002
(949) 644-1600 (530) 221-9638
www.cbcworldwide.com www.cbcnorthstate.com


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Vacancy q Vacancy q Vacancy n Vacancy q
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11

CA - Sacramento Greater Area CA - San Gabriel/San Fernando Valley


Sacramento- • Greater Sacramento area commercial Los Angeles- • The area is experiencing heavy
CBSA -Arden-Arcade- market is still very slow. Sales of CBSA Long Beach- investor and user activity due to low
-Roseville, CA some small free-standing Retail Santa Ana, CA interest rates and low vacancy.
properties have been picking up
Square Miles 5,094 lately. Square Miles 4,850 • Look for lease rates and sales prices
to jump in the next 6 months.
• Office rents have stabilized.
• Retailers are back and so is their
Population 2,141,658 • There has been little to no new Population 12,935,173 appetite for large distribution space.
construction in this area.
• 1,700 upscale Apartments are
• The 540,000 SF Palladio at currently under construction in
Households 801,834 Households 4,288,080
Broadstone lifestyle center in Glendale.
suburban Folsom is still under
Household construction and is expected to be Household
Income $61,184 completed 2013. Income $60,485
Median Median

Employees (Total) 727,825 Employees (Total) 5,313,010


CONTACT CONTACT
NRT - Sacramento North County
730 Alhambra Blvd., Suite 150 801 N Brand Blvd., Suite 180
Sacramento, CA 95816 Glendale, CA 91203
(926) 447-5900 (818) 334-1900
www.cbcworldwide.com www.cbcnco.com


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Vacancy q Vacancy N/A Vacancy q Vacancy q
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12

CA - Southwest Riverside County CO - Western


Riverside-San • The overall market continues to Grand • The healthcare system in the Grand
CBSA Bernardino- stabilize with increased activity in all CBSA Valley is nationally renowned, highly
Junction, CO
Ontario, CA sectors. integrated, community-focused and
unique to Western Colorado. The
Square Miles 27,260 • Vacancy levels are stable across the Square Miles 3,328 Physician-created Health Plan boosts
Office, Industrial and Retail markets. care quality, lowers costs and is touted
as a National model.
• Anti Gravity Sports is moving into
Population 4,171,856 two major markets with over 70,000 Population 148,298
• Western Colorado is the Retail hub for
SF. Western Colorado and Eastern Utah.
The City of Grand Junction sales and
• The unemployment rate remain at Households 60,317 use tax revenue increased by 1.7% from
Households 1,350,253
12.5%, down from 15%, bringing June of 2011 to June 2012. The Sales
optimism among business owners. and use tax revenues comprise more
Household Household than 40% of the City of Grand Junction’s
Income $52,845 • Land sales are on the rise with 93 Income $47,409 total revenues.
Median acres recently sold in Lake Elsinore, Median
CA for $1,500,000. • Western Colorado is a tourist
Employees (Total) 1,156,307 Employees (Total) 54,564 destination. The area offers world
renowned mountain bike trails, growing
agri-tourism industry, and the largest
concentration of vineyards and wineries
Unemployment 12.60% Unemployment 9.40% in the state. The lodging taxes collected
in Q2 of 2012 had an increase of 6.3%.

• The new construction building permits
are up more than 13% in the Q1 2012.
City of Grand Junction building permit
CONTACT CONTACT valuation is down in Q2 more than 18%
compared to Q1 2012. However, year-
Coldwell Banker Commercial Coldwell Banker Commercial to-date new construction permits are up
Sudweeks Group Prime Properties, LLC
more than 37% from June 2011.
27708 Jefferson Ave., Suite 201 2646 Patterson Rd., Suite B
Temecula, CA 92590 Grand Junction, CO 81506
(951) 200-7683 (970) 243-7375 • Colorado Mesa University Campus
www.cbcsuds.com www.grandjunctioncommercial.com continues to expand including a state-
of-the-art learning facilities on 78-acres
in the heart of Grand Junction.


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13

CT - Danbury/Upper Fairfield/New Haven CT - Fairfield County


Bridgeport- • LL Bean (16,000 SF) is the latest NNN Bridgeport- • Fairfield County’s Office market
CBSA Stamford- tenant to take space at Danbury CBSA Stamford- ended the Q2 of 2012 with a vacancy
Norwalk, CT Fair Mall. Others include: Forever Norwalk, CT rate of 14.0% up from 13.5% with net
21, Brio, Cheesecake Factory and absorption totaling negative 310,857
Square Miles 626 Dick’s Sporting Goods. Guidepost Square Miles 626 SF, compared with 68,806 SF in the
Publications has leased 54,000 SF Q1. Vacant sublease space increased
of Class A Office space at the Matrix to 850,551 SF up from 807,000 SF at
Corporate Center, in Danbury, CT. Year End 2011.
• Area vacancy rates are down due • Fairfield County’s available, vacant-
in part to low supply, and an influx sublease space increased across the
of commuting professionals is board from 2011 Year End. Office
Households 336,733 Households 336,733
now redesigning neighborhoods went from 599,000 SF to 851,000 SF;
in Brewster, NY. Key transportation Industrial from 74,000 SF to 81,000 SF
Household outlets allow them to commute to Household and Retail from 16,000 SF to 21,000
Income $91,039 lower Fairfield County, New York City, Income $91,039 SF.
Median DC and Boston; while enjoying a Median
more affordable lifestyle. • Significant movements: Western CT
Employees (Total) 419,437 Employees (Total) 419,437
Healthcare Research Institute leased
• New construction includes: $33.8m 15,000 SF of Office. Gamma Aviation
/ 95,000 SF Armed Forces Reserve leased 15,000 SF of Industrial. Terrain
Center in Danbury, CT; Brookfield, Inc. leased 22,000 SF of Retail. UBS
Unemployment 7.80% CT. Costco is increasing existing Unemployment 7.80% vacated 110,000 SF of Office. Patio.
building by 15,000 SF w/ a gas com vacated 20,000 SF of Industrial,
station; Danbury Regional Hospice to and Chase Bank vacated 15,000 SF
construct a 30,000 SF center. Retail/Office.

• Due in part to lower mortgage rates, • The 150,000 SF Lockworks building
CONTACT and multi-generational buyers, CONTACT was completed in 2012, plus an
single family home sales volume and additional 313,000 SF of Retail is
Coldwell Banker Commercial pricing have improved. Danbury has Coldwell Banker Commercial still under construction, however no
Scalzo Group NRT - CT
placed in the Top 10 in the nation for Office or Industrial construction was
2 Stony Hill Rd., Suite 101 77 Old Ridgefield Rd.
Bethel, CT 6801 multi-generational living scenarios. Wilton, CT 6897 completed, yet. There is 166,000 SF
(203) 744-7077 (203) 831-4187 still under construction, the largest is
www.coldwellbankerscalzo.com • An increase in hiring since Q3 2010 www.cbcworldwide.com 110 Quarry Rd with 74,726 SF.
continues to bolster Retail rentals,
while the weaker housing sector is • The average quoted asking rate is
stimulating Apartment rentals. $31.68 /SF for Office.

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


Vacancy n Vacancy n Vacancy p Vacancy N/A

Absorption n Absorption n Absorption q Absorption N/A

Rental Rates q Rental Rates p Rental Rates p Rental Rates N/A

14

DE - Sussex County FL - Brevard County


• Panera Bread opened a new, free- Palm Bay- • “Space Coast” Brevard County offers
CBSA Seaford, DE standing store on Coastal Highway CBSA Melbourne- pro-business incentives, low taxes,
between Lewes and Rehoboth this Titusville, FL robust transportation infrastructure,
spring. Several other national tenants high-tech labor force, 73 degree
Square Miles 938 are reportedly looking at the Route 1 Square Miles 1,018 average temp, and 72 miles of pristine
corridor. beach.

• The vacancy rate in eastern Sussex • Foreign Trade Zone 136 has a superior
County continues to fall. Absorption infrastructure for national/international
was strong this spring, and most trade including: the second busiest
prime Office space has been leased. port in the world, a freight railway
Households 78,981 Some prime Retail locations remain system and major interstate highways.
Households 225,977
available but absorption has been
good. The three outlet malls continue • Embraer Aircraft is expanding its
Household their long history of strong Retail Household operations at Melbourne International
Income $52,386 sales. Income $56,299 Airport with a new research and
Median Median development facility and 200 new
• Residential construction remains engineering jobs .
Employees (Total) 68,986 strong in eastern Sussex. Commercial Employees (Total) 181,926
construction remains slow but • BlueWare, Inc., a healthcare IT
availability of financing has improved. company, is relocating its operations
to Melbourne and expects to hire
Unemployment 8.70% • For the first half of 2012, the Sussex Unemployment 9.40% 190 employees to have an economic
County Association of Realtors impact estimated to be over $22.4
reported a 22% increase in home million.
sales by volume. The average home
price was up 17% over 2011 YTD. • Rocket Crafters’ move to the Space
Coast Regional Airport in Titusville will
CONTACT • Sussex County continues to be a CONTACT have an economic impact over $48m.
prime destination for retirees. Very Bertram Yacht’s new facility in Merritt
Coldwell Banker Commercial low property taxes and NO sales tax Coldwell Banker Commercial Island will have a projected economic
Resort Realty are strong draws for those on fixed Sun Land Realty impact of over $26.3m.
20184 Coastal Highway 1920 Highway A1A
Rehoboth, DE 19971 incomes. Indian Harbour Beach, FL 32937
(302) 227-5000 (321) 777-7743 • Brevard’s June 2012 residential market
www.cbankercommercial.com • Sussex County is one of the largest www.commercialsunlandrealty.com average sale price of $147,500 is up
counties east of the Mississippi based almost 13% over 2011 prices and the
on square miles, but the population average days on the market of 119 has
is less than 200,000. dropped 16% over 2011.

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


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 q Rental Rates q

15

FL - Charlotte/Sarasota Counties FL - Daytona/Ormond Beach, Volusia County


Sarasota • A major new development in the area Deltona • Joe’s Crab Shack, a 19,000 SF eating
CBSA Bradenton- is the Cocoplum Village Shops. Daytona area and 6,725 SF deck, opened July
CBSA
Venice, FL Ormond 1 and is the largest Joe’s Crab Shack
Beach, FL
• Vacancy is falling due to the on a pier over the Atlantic ocean.
Square Miles 1,313 economy and lost jobs. It is the beginning of the recently
Square Miles 1,103 created entertainment district.
• There has been some Retail and a
Hospital expansion, but other than • 3 large ocean front raw land
Population 689,676 that, not much new commercial properties sold, with one major
construction. Population 495,625 project being announced by a
Canadian development company
• The Residential market is currently planning on building one of the
Households 311,173
flat. area’s largest hotel/condo projects.
Households 214,567

Household • The market has not changed in • 11 start up companies are
Income $58,236 general. Household celebrating the first anniversary of
Median Income $47,500 the UCF Incubator at Daytona Beach
Median International Airport.
• Embry Riddle University is selected as
a drone test site as well as Next-gen
test area.
Unemployment 8.80%
Unemployment 9.10% • Boardings continue to rise at Daytona
Beach International Airport, and bed
taxes continue to rise in the Hotel/
Motel resort area.

CONTACT CONTACT • 800 ft Volusia County - city of
Ormond Beach oceanfront park
Coldwell Banker Commercial Coldwell Banker Commercial breaks ground.
Sunstar Realty, Inc. Benchmark
970 Kings Hwy., Suite 1 570 Memorial Circle, Suite 300
Port Charlotte, FL 33980 Ormond Beach, FL 32174
(941) 255-3497 (386) 672-8530
www.sunstarcommercial.com www.benchmarkdaytona.com


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


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


Fort Walton • There has been increased velocity in • Fast Buck Freddies closed in Key West
Beach income producing assets. CBSA Key West, FL from internet competition.
CBSA
Crestview
Destin, FL
• There is a strong speculative interest • Grocery and Pharmacy are doing well
in land as inventory diminishes. Square Miles 997 and expanding. Retail is contracting.
Square Miles 936 Hospitality and Restaurants are doing
• Condo absorption is at a four well.
year low, with less than 1 year of
inventory. Population 73,047 • Valero/Dunkin Donuts has built a new
Population 178,019 store in the Middle Keys. Publix has
• REO assets are working through the opened a second store in Key West.
process with price reductions. Households 32,553 Bank branches are consolidating.
Households 72,513
• Inventory levels are declining at
Household the rate of 10% annually. Distressed
Household Income $71,455 properties represent only 13% of all
Income $60,945 Median properties for sale.
Median
Employees (Total) 29,685 • Hospitality and tourism are
booming with the highest ADR’s and
occupancies in the state.

Unemployment 4.40% • Barriers to entry are significant
Unemployment 6.10% related to the availability of building
permits.

CONTACT CONTACT
United, Realtors Schmitt Real Estate, Co
4458 Legendary Dr. 11100 Overseas Hwy.
Destin, FL 32541 Marathon, FL 33050
(850) 376-7289 (305) 743-5181
www.cbcunitedgulfcoast.com www.cbcworldwide.com


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


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

17

FL - Gainesville FL - Indian River County


• 91 percent of deals being done in the Sebastian-Vero • Large grocery store closed on US 1.
CBSA Gainesville, FL local CBC office are leasing. CBSA
Beach, FL
• Overall market conditions are
• Of those properties being leased, 71 gradually improving.
Square Miles 1,223 percent were Office and 15 percent Square Miles 503
Retail. • Development interest is returning.

• 18,000 SF positive Office lease • New construction in residential single
Population 261,674 absorption and a 3,600 SF positive Population 135,534 family is up in 2012.
lease absorption.
• Owner users are the primary buyers
Households 113,545 • Average Office lease rate is $13.33/SF Households 59,807 for Office and Retail.
gross and average Retail lease rate is
$15.72/SF NNN. • New corporate interest in moving to
Household Household Indian River County.
Income $45,060 • Average Office listing is on the Income $62,271
Median market 426 days and average Retail Median
listing is on the market 585 days.
Employees (Total) 87,322 Employees (Total) 43,595
• Even though time on market is high,
there is a tremendous amount of
lease activity occurring, but little sale
Unemployment 7.30% activity. Unemployment 11.30%

CONTACT CONTACT
M.M. Parrish Realtors Ed Schlitt, L.C.
3870 NW 83rd St. 1950 U. S. 1
Gainesville, FL 32606 Vero Beach, FL 32960
(352) 264-3772 (772) 460-2081
www.mmparrish.com/commercial www.cbc.flcoldwellbanker.com


Vacancy q Vacancy q Vacancy n Vacancy q
Rental Rates n Rental Rates n Rental Rates q Rental Rates n


Absorption p Absorption n Absorption n Absorption p
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18

2012 Mid-Year Blue Book

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2012 Mid-Year Blue Book