cbc blue book market review

Blue BookColdwell Banker Commercial2011Market Review

About the Coldwell Banker Commercial® 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.

• 200+ companies within the CBC organization• Over 60 U.S. markets submitted

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 is a key differentiator that 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 affi liate 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 pulled from EASI Demographics. Unemployment numbers were taken from Bureau of Labor Statistics.

Table of Contents

ContentsAL - Dothan, Houston County 2AR - Hot Springs 2AR - Little Rock 3CA - Coachella Valley 3CA - Inland Empire / Victor Valley 4CA - Los Angeles 4CA - San Diego 5CA - San Fernando / San Gabriel Valley 5CO - Durango 6FL - Charlotte County 6FL - Jacksonville 7FL - Orlando 7FL - Southern Region 8GA - Athens 8GA - Atlanta 9HI - Honolulu 9ID - Coeur d’Alene 10IL - Bloomington / Normal 10IL - Champaign County 11IL - Chicago 11IL - DuPage 12IN - Delaware 12KY - Louisville 13LA - Lafayette 13ME - Midcoast / Southern Regions 14MN - Minneapolis 14MO - Southwest 15MO - St. Louis 15MO/KS - Kansas City 16MT - Billings Metro 16NC - Charlotte Metro Area 17NC - Greensboro / High Point Metro 17NC - Greenville 18

NC - Raleigh 18NJ - Central 19NJ - Northern 19NM - Albuquerque 20NV - Carson City 20NY - Manhattan 21NY - Upstate 21OK - Oklahoma City 22OK - Tulsa 22OR - Portland 23OR - Salem 23PA - Central Region 24PA - Pittsburgh 24SC - Charleston / Tri-County 25SC - Columbia 25SC - Greenville / Spartanburg 26TN - Chattanooga Metro Area 26TN - Knoxville 27TX - Dallas 27TX - Lubbock 28TX - San Antonio 28TX - Southeast Region 29TX - Tarrant County (Fort Worth area) 29TX - Victoria, Victoria County 30UT - Salt Lake County 30WA - Clark County 31WA - Puyallup, Pierce County 31WI - Rock County / Stateline Area 32Index by State 33Index by Market 33

2

Market Highlights

• College of Osteopathic Medicine to be built by regional medical center.

• Creation of Interstate Highway Connector remains probable.

• Country Crossing Entertainment Complex plans to reopen.

• Fourth quarter 2010 showed improvement across the board for commercial real estate.

• Unemployment rate continues to fall.

• Avoid higher operational costs in Florida and Georgia by locating to the very southeast corner of Alabama and still be able to service neighboring states.

Office Retail

Multi-Family Industrial

Demographics

Vacancy n

Absorption n

Rental Rates n

Vacancy q

Absorption p

Rental Rates n

Vacancy q

Absorption p

Rental Rates p

Vacancy n

Absorption n

Rental Rates n

Contact Coldwell Banker CommercialAlfred Saliba Realty410 N. Shady LaneDothan, AL 36303(334) 793-6600www.alfredsalibacommercial.com

MSA Dothan, AL

Square Miles 580

Population 100,673

Households 40,642

Household Income

Average$64,593

Employees (Total) 49,960

Unemployment 8.0%

Total Consumer Expenditure $2,085,853

AL - Dothan, Houston County

Market Highlights

• Sports Clips moved into the area.

• Vacancy rates are falling.

• Burger King, Subway, Orr Honda and Jose’s are under construction.

• Competitive rental rates are contributing to vacancy rates falling.

• Increased activity overall in the market.

• No change in labor force.

Office Retail


Demographics

Vacancy q

Absorption p

Rental Rates q

Vacancy q

Absorption p

Rental Rates n

Vacancy N/A

Absorption N/A

Rental Rates N/A

Vacancy q

Absorption p

Rental Rates q

Contact Coldwell Banker CommercialRPM401 Section Line RoadHot Springs, AR 71913(501) 520-4000www.cbcrpm.com

MSA Hot Springs, AR

Square Miles 677

Population 98,888

Households 43,175

Household Income

Average$56,350


Unemployment 8.0%


AR - Hot Springs

3

Market Highlights

• Southwest Power Pool developed a $63m Office campus, employing 450 people with combined salaries and benefits of $53m.

• St. Vincent Medical purchased 37 acres in West Little Rock to develop an ambulatory healthcare and wellness campus.

• New Office construction remains at its lowest level in many years, while the market continues to deal with absorption.

• The market is beginning to see quarterly improvement in absorption rates for all categories.

Office Retail


Demographics

Vacancy p

Absorption n

Rental Rates q

Vacancy n

Absorption p

Rental Rates q

Vacancy n

Absorption n

Rental Rates p

Vacancy p

Absorption n

Rental Rates q

Contact Coldwell Banker CommercialHathaway Group2100 Riverdale Road, Suite #100Little Rock, AR 72202(501) 663-5400www.hathawaygroup.com

MSA

Little Rock-North Little Rock-Conway, AR

Square Miles 771

Population 383,813

Households 160,330

Household Income

Average$76,375


Unemployment 6.9%


AR - Little Rock

Market Highlights

• Lender foreclosures on commercial properties has increased.

• Retail leasing is still very slow.

• Sales of bargain priced properties have improved.

• Office tenants are taking advantage of low rental rates.

• Independent restaurants are expanding.

• Unemployment is still high.

• Slow recovery is still predicted for the Coachella Valley economy due to high national unemployment and lack of confidence in federal and state government fiscal controls.

Office Retail


Demographics

Vacancy n

Absorption n

Rental Rates q

Vacancy q

Absorption p

Rental Rates n

Vacancy q

Absorption p

Rental Rates n

Vacancy n

Absorption n

Rental Rates q

Contact Coldwell Banker CommercialLyle & Associates78000 Fred Waring Drive, Suite 200Palm Desert, CA 92211(760) 772-6400 x231www.cbclyle.com

MSARiverside-San Bernardino-Ontario, CA

Square Miles 7,207

Population 2,146,000

Households 713,238

Household Income

Average$68,556


Unemployment 13.9%


CA - Coachella Valley

4

Market Highlights

• Google has added 6,000 jobs, many in this area (along with three new leases).

• Rent declines have decelerated if not flattened; however, leasing concessions are still plentiful.

• No significant new construction of commercial or Industrial buildings in Southern California.

• Class A product in all categories remains strong, B and C are starting their recovery in many submarkets, but not all.

• The biggest change is in consumer’s attitudes, there is more confidence now than there has been seen in the last 2-3 years.

• Overall, in spite of some remaining soft spots in the local real estate markets, this area is seeing more and more signs of improvement.

Office Retail


Demographics

Vacancy p

Absorption q

Rental Rates n

Vacancy n

Absorption n

Rental Rates n

Vacancy q

Absorption p

Rental Rates p

Vacancy n

Absorption n

Rental Rates n

Contact Coldwell Banker CommercialWESTMAC1515 Sepulveda BoulevardLos Angeles, CA 90025(310) 478-7700www.westmac.com

MSALos Angeles-Long Beach-Santa Ana, CA

Square Miles 4,061


Households 3,285,297

Household Income

Average$80,635

Employees (Total) 3,818,423

Unemployment 11.7%


CA - Los Angeles

Market Highlights

• Significant shift of Office space within the Victor Valley due to relocation of major County Offices.

• Retail: Golden Corral, Marshall’s, Burlington Coat Factory and Ross entered the market.

• New construction started in 4Q 2010 for private jail expansion in Adelanto.

• In excess of 75% Multi-Family in the Victor Valley were built between 1980 and 1989 and virtually no units have been added since early 2000.

• Investment, grade-A, single tenant Retail selling at 5.25% CAP rates.

• Builders are back in the market buying finished and tentative lots.

Office Retail


Demographics

Vacancy p

Absorption n

Rental Rates q

Vacancy n

Absorption p

Rental Rates q

Vacancy q

Absorption p

Rental Rates p

Vacancy q

Absorption p

Rental Rates q

Contact Coldwell Banker CommercialReal Estate Solutions15500 West Sand Street, 2nd FloorVictorville, CA 92392(760) 684-8000www.CBCdesert.com

MSARiverside-San Bernardino-Ontario, CA

Square Miles 20,052


Households 637,015

Household Income

Average$66,077


Unemployment 9.9%


CA - Inland Empire / Victor Valley

5

Market Highlights

• Callaway Golf announced this year that they will be moving some of their operations out of the market.

• Demand from owner/users for well priced highly functional buildings has helped to absorb much of the inventory of unsold properties that were built at the end of the previous cycle.

• New construction is mostly nonexistent with the exception of a handful of build-to-suits (Isis Pharmaceuticals, J&D Labs and Amerillium)

• Positive net absorption of 2m SF for 2010 should lead to increased rental rates in mid to late 2011.

• Tenant activity in the large size segments is very strong, but the smaller incubator market is still very weak with vacancy almost double that of the overall Industrial market.

Office Retail


Demographics

Vacancy q

Absorption p

Rental Rates p

Vacancy n

Absorption q

Rental Rates q

Vacancy q

Absorption p

Rental Rates p

Vacancy q

Absorption q

Rental Rates n

Contact Coldwell Banker CommercialAlmar Real Estate Group3655 Nobel Drive Suite 120San Diego, CA 92122(858) 200-8888www.cbcsocal.com

MSA

San Diego-Carlsbad- San Marcos, CA

Square Miles 4,200



Household Income

Average$89,161


Unemployment 10.1%


CA - San Diego

Market Highlights

• Office transactions: Los Angeles World Airports - 104,155 SF; Live Nation, Inc - 100,500 SF. Industrial: Casedge Inc - 449,350 SF; CEVA Direct - 284,885 SF.

• Vacancy continued to increase in 2010 although at a much slower rate. That trend is expected to reverse itself in 2011.

• New construction is virtually non-existent and does not impact this market. Due to the perceived positive change in market trends, developers are looking at land again.

• A light drop in vacancy is expected in all product types as absorption continues to outpace the release of space in direct and sub-leasing. There does not appear to be any rental rate growth in 2011.

• There is a more optimistic outlook in general and with a continuation of the momentum from 2010, the market expects better numbers in all product types.

• The labor force has not shifted significantly, which is what you would expect in LA, due to its diverse business demographic.

Office Retail


Demographics

Vacancy n

Absorption n

Rental Rates p

Vacancy n

Absorption q

Rental Rates q

Vacancy q

Absorption p

Rental Rates n

Vacancy p

Absorption q

Rental Rates q

Contact Coldwell Banker CommercialNorth County801 N Brand Boulavard, Suite 180Glendale, CA 91203(818) 334-1900www.cbcnco.com

MSALos Angeles-Long Beach-Santa Ana, CA

Square Miles 4,061



Household Income

Average$80,635


Unemployment 12.6%


CA - San Fernando / San Gabriel Valley

6

Market Highlights

• Vitamin Cottage Natural Grocers opened in Durango.

• Aaron’s Rent-to-Own opened in Durango.

• Mercury Payment Systems plans a new Office village.

• Leasing activity in all categories is showing signs of improvement.

• Residential sales activity improving.

• Healthcare sector of labor force increasing.

• Durango area commercial construction has slowed, but there are new projects on the horizon for the coming year or two. Retail vacancies are slowly reducing, but rents are not increasing. Durango is the major business and tourist center in southwest Colorado and home to Fort Lewis College. Along with a new major trauma medical center, the area has a varied labor base and relatively stable economy.

Office Retail


Demographics

Vacancy N/A

Absorption p

Rental Rates q

Vacancy p

Absorption q

Rental Rates q

Vacancy n

Absorption n

Rental Rates n

Vacancy q

Absorption p

Rental Rates n

Contact Coldwell Banker CommercialHeritage House Realtors785 Main AvenueDurango, CO 81301(970) 259-3333www.realestatedurango.com

MSA Durango, CO

Square Miles 1,692

Population 51,899

Households 21,722

Household Income

Average$76,152


Unemployment 7.5%


CO - Durango

Market Highlights

• This market has been pretty stagnant and there have been no major changes.

• Vacancy rates are falling because there are no jobs.

• There has been no new construction in this market.

• The market will not improve until people go back to work.

Office Retail


Demographics

Vacancy p

Absorption q

Rental Rates q

Vacancy p

Absorption n

Rental Rates q

Vacancy N/A

Absorption N/A

Rental Rates N/A

Vacancy n

Absorption n

Rental Rates q

Contact Coldwell Banker CommercialSunstar Realty, Inc.970 Kings Highway, Suite 2Port Charlotte, FL 33980(941) 255-3497www.sunstarcommercial.com

MSA Punta Gorda, FL

Square Miles 694

Population 156,239

Households 70,703

Household Income

Average$66,208


Unemployment 12.0%


FL - Charlotte County

7

Market Highlights

• Havertys Furniture Inc. sold an Industrial building located at 7720 Philips Highway to Zawyer Realty LLC for $2.72m (about $29 PSF).

• Wood Partners acquired a 168-unit Multi-Family building from Focus Development for $14.2m (about $84,524 per unit).

• Ironshore Capital acquired “Water’s Edge”, a seven-story condominium building in Jacksonville Beach.

• The City of Jacksonville has awarded a $6.1m contract to Petticoat-Schmitt Civil Contractors to complete the San Marco Streetscape improvements.

• Stellar has been awarded a $3.5 million contract to construct a 10,000 SF addition and a 7,000 SF renovation at a Mandarin nursing home.

Office Retail


Demographics

Vacancy q

Absorption p

Rental Rates q

Vacancy p

Absorption q

Rental Rates p

Vacancy q

Absorption q

Rental Rates p

Vacancy n

Absorption q

Rental Rates q

Contact Coldwell Banker CommercialBenchmark4348 Southpoint Boulevard, Suite 310Jacksonville, FL 32216(904) 281-1990www.cbcbenchmark.com

MSA Jacksonville, FL

Square Miles 774

Population 859,268

Households 338,464

Household Income

Average$73,325


Unemployment 11.0%


FL - Jacksonville

Market Highlights

• Constar vacated 350,000 SF in Q4

• Industrial absorption is positive for two consecutive qtrs

• New Amway Arena opens

• Overall markets appear to be stabilizing.

• The new Harry Potter Attraction grows Universal Studios attendance.

• Unemployment declined by 30 basis points.

• The Central Florida market appears to have found or be near a bottom in all property types. Prospects for 2011 are positive as REO is absorbed.

Office Retail


Demographics

Vacancy p

Absorption p

Rental Rates q

Vacancy n

Absorption q

Rental Rates q

Vacancy q

Absorption p

Rental Rates p

Vacancy p

Absorption p

Rental Rates q

Contact Coldwell Banker CommercialNRT - FL901 North Lake Destiny Drive, Suite 110Maitland, Florida 32751(407) 539-1000 www.cbcworldwide.com

MSA Orlando- Kissimmee, FL

Square Miles 907


Households 412,409

Household Income

Average$71,611


Unemployment 11.3%


FL - Orlando

8

Market Highlights

• Multi-Family leads the way in South Florida.

• Industrial investment portfolio deals show strength.

• Office market hurt by lack of new tenants.

• Retail market vacancy at 6.7%.

• Office market vacancy at 14.7%.

• Industrial market vacancy at 9.4%.

• Market is slowly improving on the leasing side, with very few new tenants entering the market. Investment / Portfolio sales are picking up. Bank REO properties are increasing and are of better quality.

Office Retail


Demographics

Vacancy q

Absorption p

Rental Rates q

Vacancy q

Absorption q

Rental Rates q

Vacancy q

Absorption p

Rental Rates p

Vacancy q

Absorption p

Rental Rates q

Contact Coldwell Banker CommercialNRT - FL3837 NW Boca Raton Boulevard, #200Boca Raton, Florida 33431(561) 479-1225www.cbcworldwide.com

MSA

Miami-Fort Lauderdale-Pompano Beach, FL

Square Miles 1,205


Households 712,588

Household Income

Average$78,939


Unemployment 11.8%


FL - Southern Region

Market Highlights

• The University of Georgia and the Medical College of Georgia have partnered to establish a campus to be located on the 58-acre former U.S. Navy Supply Corps property in Athens, GA.

• Tripp Umbach, a medical education planning organization, estimates that the regional economic impact of the Athens campus will be more than $567 million annually, with 3,000 new jobs and $17 million generated in local government revenue by 2020.

• Tripp Umbach also estimates that at least $180 million will be invested commercially as a result of medical research growth in the Athens area.

Office Retail


Demographics

Vacancy n

Absorption p

Rental Rates q

Vacancy p

Absorption n

Rental Rates q

Vacancy n

Absorption n

Rental Rates q

Vacancy n

Absorption n

Rental Rates n

Contact Coldwell Banker CommercialUpchurch Realty2405 West Broad StreetAthens, GA 30606(706) 354-7870www.upchurchrealtycommercial.com

MSA Athens-Clarke County, GA

Square Miles 121

Population 197,732

Households 49,910

Household Income

Average$48,834


Unemployment 7.6%


GA - Athens

9

Market Highlights

• HQ moves: Novelis, NCR and GE Energy (357,000 SF) moved in. Nuclear Regulatory Commission (102,436 SF) moved to downtown Atlanta in 2010.

• Vacancy is relatively flat at 19.2% for 2009 and 2010.

• 8 buildings delivered in 2010 for a total of 1,896,524 SF.

• Net absorption in 2010 was 821,275 SF. Office inventory closed at 201 million SF. Vacancy fell by .3% since 2009. Office rental rate fell 10 cents.

• Atlanta has 10 submarkets. Sony Ericsson made a submarket move in 2010.

• Labor force continues to be stable in Atlanta market.

Office Retail


Demographics

Vacancy q

Absorption p

Rental Rates q

Vacancy p

Absorption q

Rental Rates q

Vacancy p

Absorption q

Rental Rates q

Vacancy q

Absorption q

Rental Rates n

Contact Coldwell Banker CommercialMetro Brokers3575 Piedmont Road NE, Piedmont Center Bldg 15 Suite 950Atlanta, GA 30305(678) 320-4800www.cbcworldwidemetro.com

MSAAtlanta-Sandy Springs- Marietta, GA

Square Miles 529


Households 435,995

Household Income

Average$95,068


Unemployment 10.2%


GA - Atlanta

Market Highlights

• Hawaii’s economy is starting to look better. University of Hawaii Economic Research Organization reports Oahu tourism is leading a modest recovery. Tourism as major economic engine is expected to increase 4.1% to 7.3 million visitors in 2011.

• Hawaii’s construction is a replay of 2010 for 2011, with only military and government projects being awarded, attracting out-of-state firms to compete for these contracts.

• In 2010, unemployment rate was at a low of 6.4% with 594,000 people employed. This is expected to expand to 602,300, primarily in the Hospitality sectors.

• Hawaii’s commercial investment sales are expected to increase over 2010 as” capital freeze” thaws. Significant sales in 2010 include: Bishop Square Office Complex that sold for $230m and Pearl Ridge Shopping Center sold for $245m.

Office Retail


Demographics

Vacancy p

Absorption q

Rental Rates q

Vacancy p

Absorption q

Rental Rates q

Vacancy n

Absorption p

Rental Rates p

Vacancy p

Absorption q

Rental Rates N/A

Contact Coldwell Banker CommercialNRT - Hawaii737 Bishop Street, Suite 2000Honolulu, HI 96813(808) 526-0896www.cbcpacific.com

MSA Honolulu, HI

Square Miles 600

Population 910,677

Households 311,782

Household Income

Average$83,803


Unemployment 4.8%


HI - Honolulu

10

Market Highlights

• Development is limited to build-to-suit activity.

• Tenants are using this opportunity to extend their leases and lock in low rates.

• Beginning to see a trend towards fewer concessions from landlords.

• Asking rents have remained steady, but this does not tell the whole story. Effective rents have dropped over the last year.

• Apartment market is beginning to recover. This market expects to see lower vacancies and higher rents by the end of 2011.

Office Retail


Demographics

Vacancy q

Absorption p

Rental Rates q

Vacancy q

Absorption p

Rental Rates n

Vacancy q

Absorption p

Rental Rates n

Vacancy q

Absorption p

Rental Rates q

Contact Coldwell Banker CommercialSchneidmiller Realty2000 Northwest BoulevardCoeur d’Alene, ID 83814(208) 765-4300www.cbcsr.com

MSA Coeur d’Alene, ID

Square Miles 1,245

Population 140,628

Households 53,154

Household Income

Average$62,733


Unemployment 11.3%


ID - Coeur d’Alene

Market Highlights

• Both major healthcare organizations have building expansion projects underway.

• Mitsubishi Motors is adding a new car model to its production line, thus stabilizing employment.

• Campus housing development at Illinois State University is active.

• Heartland Community College purchased 100 acres for future growth.

• Retail market starts slow recovery as demand picks up.

Office Retail


Demographics

Vacancy n

Absorption n

Rental Rates q

Vacancy n

Absorption n

Rental Rates n

Vacancy q

Absorption p

Rental Rates n

Vacancy p

Absorption q

Rental Rates q

Contact Coldwell Banker CommercialHeart of America Realtors802 S. Eldorado RoadBloomington, IL 61704(309) 662-3377www.cbhoacommercial.com

MSA Bloomington-Normal, IL

Square Miles 1,184

Population 168,918

Households 70,687

Household Income

Average$73,184


Unemployment 6.7%


IL - Bloomington / Normal

11

Market Highlights

• The University of Illinois helps to drive the local economy and contributes to its stability.

• The local healthcare industry has remained strong and continues to be a regional draw for the community.

• Despite the economic downturn, new technology-related enterprises have continued to develop and expand in this market.

• Vacancy is at an all-time high in the Office sector, prompting landlords to lower rents and offer incentives to attract tenants.

• The Retail sector is showing signs of recovery with national Retailers beginning to re-enter the market.

• The Multi-Family sector continues to experience growth and relatively low vacancy rates, especially with student housing.

Office Retail


Demographics

Vacancy p

Absorption q

Rental Rates q

Vacancy p

Absorption n

Rental Rates q

Vacancy n

Absorption n

Rental Rates n

Vacancy p

Absorption n

Rental Rates n

Contact Coldwell Banker CommercialDevonshire Realty201 W. Springfield AvenueChampaign, IL 61820(217) 352-7712cbcdr.com

MSA Champaign-Urbana, IL

Square Miles 997

Population 197,011

Households 85,107

Household Income

Average$61,502


Unemployment 7.5%


IL - Champaign County

Market Highlights

• There were several large Office leases in the Chicago market in 2010. The largest being UBS for 382,000 SF in downtown Chicago.

• Vacancy has fallen because there was virtually no new construction and several large new leases were secured.

• There was only 778,000 SF of new construction in 2010, of which 571,000 SF was preleased.

• There was positive absorption of 1,914,000 SF in the Chicago market in 2010. As a result, vacancy dropped and rental rates increased.

• Tenants sense that the market is starting to get better and, as a result, are taking advantage of competitive lease terms.

• There was 5% employment growth from 2009 to 2010. Chicago continues to have a diverse employment base.

Office Retail


Demographics

Vacancy q

Absorption p

Rental Rates p

Vacancy q

Absorption p

Rental Rates q

Vacancy q

Absorption p

Rental Rates p

Vacancy q

Absorption p

Rental Rates q

Contact Coldwell Banker CommercialNRT - Chicago2215 Sanders Road, Suite 350(847) 313-4646www.cbcnrtchicago.com

MSAChicago- Naperville-Joliet, IL-IN-WI

Square Miles 946



Household Income

Average$84,614


Unemployment 8.6%


IL - Chicago

12

Market Highlights

• Rasmussen College and other educational services are expanding.

• With large Office leases expiring, tenants are shopping for better deals and downsizing.

• Central Dupage Hospital Cancer Center increases its presence with new construction.

• There has been slow absorption of Retail Center space in the Chicago west suburbs.

• Many Chicago suburban communities expect that absorption will not improve until 2012-2013, when confidence in the market returns to Retail/Office.

Office Retail


Demographics

Vacancy p

Absorption q

Rental Rates q

Vacancy p

Absorption p

Rental Rates q

Vacancy q

Absorption p

Rental Rates p

Vacancy p

Absorption p

Rental Rates q

Contact Coldwell Banker CommercialNRT - Chicago1225 W. 22nd Street, Suite 130Oak Brook, IL, 60523(630) 954-4600www.cbcnrtchicago.com

MSAChicago- Naperville-Joliet, IL-IN-WI

Square Miles 334

Population 935,405

Households 338,513

Household Income

Average$104,196


Unemployment 8.6%


IL - DuPage

Market Highlights

• Three employers opened plants creating a total of 800 jobs.

• Industrial vacancy rate is falling due to new employers.

• CBD Office vacancy is up 15% due to shrinking government programs.

• CBD Rent rates are down 10-15%.

• Ivy Tech Community College opened a Campus in CBD.

• Muncie has the most affordable housing in Division 1-A communities.

Office Retail


Demographics

Vacancy p

Absorption q

Rental Rates q

Vacancy q

Absorption p

Rental Rates n

Vacancy n

Absorption n

Rental Rates q

Vacancy q

Absorption p

Rental Rates n

Contact Coldwell Banker CommercialLunsford Real Estate3601 W. Bethel AvenueMuncie, IN 47304(765) 289-2228www.coldwellbankercommerciallunsford.com

MSA Muncie, IN

Square Miles 393

Population 115,425

Households 48,625

Household Income

Average$55,245


Unemployment 10.0%


IN - Delaware

13

Market Highlights

• Downtown Louisville is in a growth mode with the New YUM! Center.

• UPS is a major employer and provides a logistics hub to many emerging companies.

• Retail vacancies are beginning to fill up in major locations.

• New constructions and new projects remain slow.

• The demand for Multi-Family build sites is very strong.

• The unemployment rate is dropping.

• The Louisville market is holding steady. A Retail rebound, Multi-Family and logistic positioning by companies using the UPS Hub are strengths in the Louisville area market. The market include an MSA of about 1.2 million people. Office and new construction projects are slow areas of the commercial market right now. The emergence of downtown and the new KFC YUM! Center make the area interesting for commercial investment.

Office Retail


Demographics

Vacancy n

Absorption n

Rental Rates q

Vacancy q

Absorption p

Rental Rates n

Vacancy n

Absorption p

Rental Rates n

Vacancy q

Absorption p

Rental Rates n

Contact Coldwell Banker CommercialMcMahan Co.6402 Railroad AvenueCrestwood, Kentucky 40014(502) 241-8811www.cbmcmahan.com

MSALouisville/ Jefferson County, KY-IN

Square Miles 385

Population 723,786

Households 302,589

Household Income

Average$74,419


Unemployment 9.8%


KY - Louisville

Market Highlights

• This market was directly affected by the Gulf Oil spill.

• Government has lifted the moratorium, but has not issued permits to drill.

• Lack of new construction for Industrial has kept this market stable. Minimal properties are available for lease or sale.

• Several new large Multi-Family complexes has increased the vacancy rate throughout the rental market.

• Retail spending has remained high throughout the trade area.

• Unemployment remains in the 5% range, but continued government involvement in the oil industry will force many of local jobs out of the country.

Office Retail


Demographics

Vacancy p

Absorption q

Rental Rates q

Vacancy p

Absorption q

Rental Rates q

Vacancy n

Absorption n

Rental Rates n

Vacancy q

Absorption p

Rental Rates q

Contact Coldwell Banker CommercialPelican Real Estate806 East Saint Mary BoulevardLafayette, LA 70503(337) 233-9541www.cbcpelican.com

MSA Lafayette, LA

Square Miles 270

Population 212,674

Households 82,912

Household Income

Average$75,497


Unemployment 5.6%


LA - Lafayette

14

Market Highlights

• Retail: Wal-Mart and Tractor Supply will start construction in the fall of 2011.

• Vacancy Rates are falling due to lack of inventory of available space.

• There are several proposed construction projects slated for 2011.

• Rental rates are holding steady; Office rates are down a bit.

• Midcoast Maine has been discovered because of its quality of lifestyle and growing economy.

• Unemployment is below state and national averages.

Office Retail


Demographics

Vacancy q

Absorption p

Rental Rates q

Vacancy q

Absorption p

Rental Rates p

Vacancy p

Absorption q

Rental Rates n

Vacancy q

Absorption p

Rental Rates p

Contact Coldwell Banker CommercialSoundVest Properties147 Park StreetRockland, ME 04841(207) 596-7478www.soundvest.com

MSAPortland-South Portland- Biddeford, ME

Square Miles 991

Population 201,958

Households 79,304

Household Income

Average$68,728


Unemployment 5.9%


ME - Midcoast / Southern Regions

Market Highlights

• Microsoft is expanding again in the Twin Cities.

• Investment property sales were up in 2010.

• US Bank signs 340,000 SF lease at Meridian Crossings.

• Office market sees signs of stabilization.

• Apartment market shows positive trends.

• Signs of job growth reemerge at same rate as nation.

Office Retail


Demographics

Vacancy p

Absorption p

Rental Rates q

Vacancy p

Absorption q

Rental Rates q

Vacancy q

Absorption p

Rental Rates p

Vacancy p

Absorption q

Rental Rates q

Contact Coldwell Banker CommercialGriffin Companies615 1st Avenue NE Suite 500Minneapolis, MN 55413(612) 338-2828www.cbcgriffin.com

MSA

Minneapolis- St. Paul- Bloomington, MN-WI

Square Miles 557


Households 485,989

Household Income

Average$94,537


Unemployment 6.5%


MN - Minneapolis

15

Market Highlights

• In August 2010, Expedia Inc. announced its intentions to bring 500 new jobs to Springfield to coincide with a move to Springfield’s old airport.

• T-Mobile plans to hire 300 people for its Springfield customer care service center next year; 100 of them during the first quarter of 2011.

• McLane Co. Inc. plans to build a 400,000 SF distribution center on Republic’s west side that would employ about 400 people.

• O’Reilly Hospitality Management will complete its new 125-room Hilton Garden Inn in March 2011 on Springfield’s south side.

Office Retail


Demographics

Vacancy p

Absorption q

Rental Rates q

Vacancy p

Absorption p

Rental Rates p

Vacancy N/A

Absorption N/A

Rental Rates N/A

Vacancy p

Absorption p

Rental Rates q

Contact Coldwell Banker CommercialVanguard, Realtors1334 E. Republic RoadSpringfield, MO 65804(417) 887-5950www.cbcvanguard.com

MSA Springfield, MO

Square Miles 675

Population 271,195

Households 118,990

Household Income

Average$58,871


Unemployment 8.4%


MO - Southwest

Market Highlights

• Industrial, Retail and Multi-Family vacancy levels have decreased for each of the past 4 quarters. The rates will continue to decrease due to the lack of new product available.

• Office vacancy has remained flat even though new construction deliveries continue to be strong.

• Net absorption was positive for past 4 quarters for the Industrial, Retail and Multi-Family sectors.

• Net absorption for the Office sector was mixed for the year, however, the last 2 quarters ended with strong results.

Office Retail


Demographics

Vacancy q

Absorption p

Rental Rates p

Vacancy q

Absorption p

Rental Rates q

Vacancy q

Absorption p

Rental Rates p

Vacancy q

Absorption p

Rental Rates q

Contact Coldwell Banker CommercialCRA LLC8820 Ladue RoadSaint Louis, MO 63124(314) 206-4600www.cbcstl.com

MSASt. Louis and 16 counties across MO-IL

Square Miles 8,458


Households 736,952

Household Income

Average$51,691


Unemployment 9.9%


MO - St. Louis

16

Market Highlights

• Sprint’s 4,000,000 SF campus in Overland Park now has 370,000 SF of subleased space, most at the expense of downtown Kansas City, MO.

• The average Household Income for the Kansas City Metro for 2010 was $103,069.

• During 2010 modern bulk distribution space had a positive net absorption of 122,000 SF.

• Modern warehousing had a 122,000 SF positive absorption in 2010.

• Wyandotte County lead the Metro area in new construction last year.

• Johnson County index of consumer confidence was up 6% in early 2011.

Office Retail


Demographics

Vacancy p

Absorption q

Rental Rates p

Vacancy q

Absorption n

Rental Rates q

Vacancy q

Absorption n

Rental Rates N/A

Vacancy q

Absorption p

Rental Rates q

Contact Coldwell Banker CommercialFishman & Company1948 E Santa Fe StreetOlathe, KS 66062(913) 782-9000www.cbcfishman.com

MSA Kansas City, MO-KS

Square Miles 477

Population 546,679

Households 210,513

Household Income

Average$103,035


Unemployment 8.6%


MO/KS - Kansas City

Market Highlights

• Base economic industries; Agriculture, Petroleum, Medical, & Tourism remained even paced in 2010.

• Area residential real estate has not been impacted by national factors.

• New construction has been curtailed by lack of regional financing.

• Lender REO activity has been minimal.

• Multi-Family occupancy indicates further property expansion.

• Considerable 2010 4th quarter activity tends to indicate a substantial increase in transaction volume during the first quarter of 2011.

• 2011 is projected to be a better year for commercial transaction activity.

Office Retail


Demographics

Vacancy n

Absorption n

Rental Rates q

Vacancy p

Absorption n

Rental Rates q

Vacancy q

Absorption p

Rental Rates p

Vacancy n

Absorption n

Rental Rates q

Contact Coldwell Banker CommercialThe Brokers1215 24th Street, Suite 240Billings, MT 59102(406) 656-2001www.cbcmontana.com

MSA Billings, MT

Square Miles 2,635

Population 145,900

Households 59,768

Household Income

Average$69,258


Unemployment 5.5%


MT - Billings Metro

17

Market Highlights

• A number of corporate relocations in 2010 paired with the recent announcement of the 2012 Democratic National Convention being held in Charlotte continue to keep the region in the spotlight.

• Increasing demand for space and lack of new development has caused positive absorption.

• Lack of new construction and signs of an improving economy have had a positive influence on vacancy rates.

• Flattening of rental rates and even some slight positive increases are a result of positive absorption.

• Charlotte geographic location, low cost of living, educated work force and warm climate continue to benefit the region.

• Charlotte continues to benefit from educated labor force which has been major influence in a number of corporate relocations of both major companies as well as their vendors.

Office Retail


Demographics

Vacancy q

Absorption p

Rental Rates n

Vacancy q

Absorption p

Rental Rates n

Vacancy q

Absorption p

Rental Rates p

Vacancy q

Absorption p

Rental Rates n

Contact Coldwell Banker CommercialMECA1815 S Tryon Street, Suite ACharlotte, NC 28203(704) 971-2000www.cbcmeca.com

MSACharlotte- Gastonia- Concord, NC-SC

Square Miles 526

Population 924,534

Households 368,843

Household Income

Average$86,370


Unemployment 10.7%


NC - Charlotte Metro Area

Market Highlights

• Dell and American Express moved out of market. Caterpillar and FedEx Ground are moving in.

• Vacancy is rising because American Express and Dell are closing and RJR is laying off employees.

• A new Events Center in Eastern Davie is being constructed.

• Fairly level status of vacancy at high levels for all 2010.

• What is changing in this market? There is a balance of losing companies with influx of logistic companies.

• The labor force is moving from manufacturing to skilled technology.

Office Retail


Demographics

Vacancy p

Absorption n

Rental Rates q

Vacancy p

Absorption n

Rental Rates q

Vacancy q

Absorption p

Rental Rates n

Vacancy p

Absorption q

Rental Rates q

Contact Coldwell Banker CommercialTriad, Realtors285 S. Stratford RoadWinston-Salem, NC 27103(336) 659-3259www.cbctriad.com

MSAGreensboro-Winston Salem- High Point, NC

Square Miles 649

Population 483,648

Households 200,893

Household Income

Average$70,444


Unemployment 10.2%


NC - Greensboro / High Point Metro

18

Market Highlights

• Greenville is the 10th Largest City in North Carolina.

• It is the Medical, Educational and Retail Hub of Eastern North Carolina.

• It is the home to East Carolina University, which has 27,000+ students.

• Greenville is in one of the states fastest growing counties.

Office Retail


Demographics

Vacancy N/A

Absorption N/A

Rental Rates N/A

Vacancy n

Absorption p

Rental Rates n

Vacancy q

Absorption p

Rental Rates q

Vacancy p

Absorption q

Rental Rates q

Contact Coldwell Banker CommercialCoastalMark LLC1516 S.E. Greenville BoulevardGreenville, NC 27858(252) 355-5220www.cbccoastalmark.com

MSA Greenville, NC

Square Miles 652

Population 160,713

Households 67,774

Household Income

Average$61,325


Unemployment 9.5%


NC - Greenville

Market Highlights

• Office vacancy came down in Q4 for the first time in over a year.

• Office leasing activity, proposals and showings are reported to have improved significantly since January 1, 2011.

• Retail activity remains solid in the Triangle area.

• The Warehouse market has had almost 2 years of negative absorption in the Triangle.

Office Retail


Demographics

Vacancy q

Absorption p

Rental Rates q

Vacancy q

Absorption p

Rental Rates n

Vacancy q

Absorption p

Rental Rates n

Vacancy p

Absorption q

Rental Rates q

Contact Coldwell Banker CommercialTrademark1001 Wade Avenue, Suite 300Raleigh, NC 27605(919) 782-5552www.cbctmp.com

MSA Raleigh-Cary, NC

Square Miles 832

Population 911,865

Households 363,974

Household Income

Average$83,226


Unemployment 7.8%


NC - Raleigh

19

Market Highlights

• Panasonic is considering a move to shovel-ready Newark, NJ.

• Positive absorption of vacancy is expected from slight private sector job growth.

• New construction/redevelopment trend; MXD/Transit Village hubs.

• Increased tenant demand for Office space under 10,000 SF.

• Soaring investor demand within the Multi-family sector.

• Municipal cutbacks are placing downward pressure on government job sector.

• Strong investor demand for value-added Retail centers statewide. Uptick of Multi-Family assets in receivership will position CRE practitioners experienced in BOV reporting as highly sought after commodities for Lenders & 3rd-party affiliates.

Office Retail


Demographics

Vacancy p

Absorption q

Rental Rates q

Vacancy p

Absorption q

Rental Rates q

Vacancy q

Absorption p

Rental Rates p

Vacancy N/A

Absorption N/A

Rental Rates N/A

Contact Coldwell Banker CommercialNRT - NJ1 Campus DriveParsippany, NJ 07054(888) 829-0221www.cbcnrtnewjersey.com

MSA

NY-Northern New Jersey-Long Island, NY-NJ-PA

Square Miles 126

Population 771,178

Households 286,718

Household Income

Average$95,195


Unemployment 2.1%


NJ - Northern

Market Highlights

• Shift of Pharmaceutical Manufacturing out of New Jersey.

• Steady absorption of Office vacancy rates through aggressive leasing programs.

• Rejuvenation of state economic development programs to Retail business.

• Northern NJ still depends on NYC to drive its economy.

• Aggressive local and state government spending cuts are seen as way to keep business operating costs lower.

• Service industry is a major growth sector of economy in a down market.

Office Retail


Demographics

Vacancy n

Absorption p

Rental Rates q

Vacancy p

Absorption q

Rental Rates q

Vacancy n

Absorption n

Rental Rates n

Vacancy q

Absorption p

Rental Rates n

Contact Coldwell Banker CommercialFeist & Feist Realty Corp.180 Mount Airy RoadBasking Ridge, NJ 07920(908) 696-1500www.feistandfeist.com

MSA

Sommerset, Middlesex, Hunterdon, Counties, NJ

Square Miles 305

Population 328,855

Households 120,619

Household Income

Average$137,536


Unemployment 3.5%


NJ - Central

20

Market Highlights

• Kohl’s Dept. Store recently leased 110,000 SF of former Mervyn’s space in the Coronado Mall.

• Planet Fitness has opened 5 locations in the Albuquerque market, 3 in 2010.

• No significant new construction is expected in 2011.

• Retail vacancy is moving down.

• National and local small tenant Retailers are backfilling existing vacancy.

• There was no significant change in employment / unemployment.

Office Retail


Demographics

Vacancy n

Absorption p

Rental Rates q

Vacancy q

Absorption p

Rental Rates n

Vacancy q

Absorption p

Rental Rates p

Vacancy n

Absorption n

Rental Rates q

Contact Coldwell Banker CommercialLas Colinas4801 Lang Avenue NE, Suite 100Albuquerque, NM 87109(505) 897-7227www.lcrealty.com

MSA Albuquerque, NM

Square Miles 1,166

Population 646,351

Households 258,990

Household Income

Average$66,597


Unemployment 8.4%


NM - Albuquerque

Market Highlights

• Chromalloy Nevada recently occupied a 41,700 SF Industrial flex building in Carson City, Nevada.

• Increased activity through the Northern Nevada Development Authority has resulted in a significant decrease in the Industrial vacancy rate.

• Two significant Industrial build-to-suit projects have recently broken ground totaling over 200,000 SF of new Industrial space.

• Retail rents continue to fall and are projected to end the year 10% below their current levels.

• Due to recent bills passed by the California Legislature, activity by companies interested in relocating to Nevada has increased significantly.

• Due to the high unemployment rate in Northern Nevada (14%+), there is an abundance of highly skilled workers for companies expanding and relocating.

Office Retail


Demographics

Vacancy n

Absorption n

Rental Rates q

Vacancy q

Absorption p

Rental Rates q

Vacancy n

Absorption n

Rental Rates n

Vacancy q

Absorption p

Rental Rates p

Contact Coldwell Banker CommercialPremier Brokers223 South Division StreetCarson City, NV 89703(775) 888-6200 x1210www.CBNevada.com

MSA Carson City, NV

Square Miles 143

Population 55,156

Households 23,432

Household Income

Average$69,548


Unemployment 14.0%


NV - Carson City

21

Market Highlights

• Societe Generale will be relocating to 245 Park Avenue from 1221 Avenue of the Americas taking 444,000 SF.

• Vacancy rates in NYC / Manhattan Office has declined to 7.7% at year end. Net absorption for the overall New York City Office market was (-706,872).

• Approximately 1,429,393 of new Office space delivered during 2010, with 11 Times Square, 1,111,960 being delivered in the 3rd Qrt.

• Overall, more square footage was leased in 2010 than in any other year. Activity rose over 61% from 2009.

Office Retail


Demographics

Vacancy q

Absorption p

Rental Rates p

Vacancy q

Absorption p

Rental Rates n

Vacancy q

Absorption n

Rental Rates n

Vacancy N/A

Absorption N/A

Rental Rates N/A

Contact Coldwell Banker CommercialREalta Group1430 Broadway, 9th FloorNew York, NY 10018(212) 344-0300www.cbcrealta.com

MSA

NY-Northern New Jersey-Long Island, NY-NJ-PA

Square Miles 23


Households 821,449

Household Income

Average$124,528


Unemployment 8.2%


NY - Manhattan

Market Highlights

• Pent up demand, plentiful supply and hungry Landlords made 2010 a great year for Tenant Representation to those companies fortunate enough to be able to take advantage of the market.

• New construction in 2008 with more scheduled in 2011, coupled with tenant downsizing will cause vacancy to increase through 2012.

• Paetec Communications and Callfinity are moving to the revitalized Downtown.

• Rental rates remain stagnant especially for existing construction.

• There has been continued growth and significant financial commitment to renovate and to build new construction in CBD of Upstate NY markets.

• While growth has been slow, commercial and residential values have remained stable or slightly increased contrary to what is occurring in many markets.

Office Retail


Demographics

Vacancy p

Absorption p

Rental Rates n

Vacancy p

Absorption q

Rental Rates q

Vacancy p

Absorption p

Rental Rates n

Vacancy p

Absorption p

Rental Rates n

Contact Coldwell Banker CommercialMeridian4498 Main StreetBuffalo, NY 14226(716) 839-6100www.coldwellbankermeridian.com

MSABuffalo- Niagara Falls, NY

Square Miles 1,044

Population 909,443

Households 377,859

Household Income

Average$67,419


Unemployment 8.2%


NY - Upstate

22

Market Highlights

• Oklahoma City’s Outlet Shoppes is the largest Retail real estate investment project happening in the country according to McGraw Hill Construction 2011 Outlook.

• Boeing is moving a division to Oklahoma City because it is a right-to-work state.

• Forbes ranked Oklahoma City as “Americas #1 Most Affordable City.”

• Devon Building is the only 50-floor Office buildings being completed in Downtown Oklahoma City.

• Business Facilities Magazine named Oklahoma City a “Top 10 Metro for Economic Growth Potential” (July 2010).

• Forbes ranked Oklahoma City as a “Top 5 Fastest-Growing City” (October 11, 2010).

Office Retail


Demographics

Vacancy p

Absorption q

Rental Rates p

Vacancy q

Absorption p

Rental Rates q

Vacancy q

Absorption q

Rental Rates p

Vacancy N/A

Absorption N/A

Rental Rates N/A

Contact Coldwell Banker CommercialHocker & Associates4323 N. Classen, Suite 100Oklahoma City, OK 73118(405) 840-4545www.hocker.com

MSA Oklahoma City, OK

Square Miles 709

Population 722,227

Households 298,656

Household Income

Average$76,263


Unemployment 6.1%


OK - Oklahoma City

Market Highlights

• Office vacancies are increasing as tenants contract.

• Tulsa Industrial vacancies hit a 20-year high.

• The Retail sector is seeing lower vacancies and lower rates.

• Multi-Family was relatively stagnant in 2010.

Office Retail


Demographics

Vacancy p

Absorption q

Rental Rates p

Vacancy q

Absorption p

Rental Rates q

Vacancy q

Absorption p

Rental Rates n

Vacancy p

Absorption q

Rental Rates n

Contact Coldwell Banker CommercialArgue Properties401 South Boston, Suite 300Tulsa, OK 74103(918) 587-1900www.argueproperties.com

MSA Tulsa, OK

Square Miles 570

Population 606,781

Households 249,702

Household Income

Average$77,509


Unemployment 7.4%


OK - Tulsa

23

Market Highlights

• The largest Retail leases in 2010 included 51,350 SF by Mor Furniture on Hayden Meadows Drive and 48,815 SF by Dick’s Sporting Goods on SE 82nd Avenue.

• The largest Office leases in 2010 include: 191,573 SF by Nike in Southwest Portland and 142,850 SF by Hewlett Packard in Clark County.

• After many slow years of new Multi-Family projects, developer interest is beginning to pick up. Multi-Family development land is attracting more interest.

• Activity on the owner/user side of the Industrial market is picking up to take advantage of historic low interest rates and favorable pricing.

• The metro area’s unemployment edged down to 10.2 percent in August, 20 basis points lower than July and 90 basis points less than prior year levels. It has continued to slide down to 9.9%.

Office Retail


Demographics

Vacancy q

Absorption p

Rental Rates p

Vacancy q

Absorption p

Rental Rates q

Vacancy q

Absorption p

Rental Rates p

Vacancy q

Absorption p

Rental Rates q

Contact Coldwell Banker CommercialMountain West Real Estate,LLC2545 SW Spring Street, Suite 200Portland, OR 97219(503) 227-2934www.cbcre.com

MSA

Portland- Vancouver- Beaverton, OR-WA

Square Miles 628

Population 435,677

Households 159,003

Household Income

Average$70,471


Unemployment 9.9%


OR - Portland

Market Highlights

• After years of speculation, Trader Joe’s signed a lease in early Summer 2010 for a South Salem location.

• Cascade Cardiology, a team of local doctors, purchased a commercial Office condo from the lender and plans to complete its new facility in 2011.

• There has been limited new construction due to costs for new buildings exceeding the cost of comparable properties on the market.

• Sales and leasing activity increased in 2010 over the prior year with the majority of transactions being leases or consulting work.

• Contrary to perception, large-scale commercial foreclosures have yet to be realized.

• There were virtually no investment sales within the market and the medical profession is aggressively expanding.

Office Retail


Demographics

Vacancy p

Absorption q

Rental Rates q

Vacancy p

Absorption q

Rental Rates q

Vacancy q

Absorption n

Rental Rates n

Vacancy p

Absorption q

Rental Rates q

Contact Coldwell Banker CommercialMountain West Real Estate,LLC250 Division Street, NESalem, OR 97301(503) 588-3508www.cbcre.com

MSA Salem, OR

Square Miles 1,184

Population 320,368

Households 118,404

Household Income

Average$61,875


Unemployment 10.7%


OR - Salem

24

Market Highlights

• Arm and Hammer moved into the area with 300 new jobs.

• Vacancy rates appear to be falling in all areas due to increased leasing activity.

• There is very little new construction due to the amount of money that banks are requiring as collateral and the uncertainty in the market.

• Rental rates have remained stable or increased slightly due to the lack of new construction.

• In this market, there is a shift from new construction to renovation and leasing.

• The shift in the labor force has been less manufacturing and more service jobs.

Office Retail


Demographics

Vacancy n

Absorption n

Rental Rates n

Vacancy q

Absorption p

Rental Rates p

Vacancy q

Absorption p

Rental Rates p

Vacancy p

Absorption q

Rental Rates q

Contact Coldwell Banker CommercialBennett Williams110 North George Street, 4th FloorYork, PA 17401(717) 843-5555www.bennettwilliams.com

MSA York-Hanover, PA

Square Miles 904

Population 430,707

Households 169,750

Household Income

Average$65,260


Unemployment 7.9%


PA - Central Region

Market Highlights

• Gas drilling companies have a major impact on sales and leases in the area.

• Vacancy is falling due to the rise in confidence in the economy.

• More jobs are being created by Marcellus Shale and related industries.

• The Pittsburgh market is doing better than other markets due to the increased value the purchaser/lessee receives for their dollar.

Office Retail


Demographics

Vacancy q

Absorption p

Rental Rates n

Vacancy q

Absorption p

Rental Rates p

Vacancy q

Absorption p

Rental Rates p

Vacancy q

Absorption p

Rental Rates n

Contact Coldwell Banker CommercialNRT - Pittsburgh9600 Perry Highway, Suite 200 Pittsburgh, PA 15237(412) 548-1064www.cbcworldwide.com

MSA Pittsburgh, PA

Square Miles 730


Households 530,329

Household Income

Average$73,859


Unemployment 7.5%


PA - Pittsburgh

25

Market Highlights

• The Boeing Company started construction on a new plant to build the 787 Dreamliner, and GE announced it would develop its new wind turbines here.

• Contractors and subcontractors will create 10,000 to 15,000 new jobs in the next 5 years.

• Office, Industrial, Apartment and Retail developers are seeking opportunities and will deliver new construction in 2012.

• Industrial space has made the best progress in the market, absorbing 1.6m SF in 2010.

• Expansion of Charleston’s deep water harbor, new rail development, and international airport are attracting industry.

• New jobs related to aviation and other technologies will lead the growth of new jobs in Charleston. Lack of labor unions is a factor.

Office Retail


Demographics

Vacancy q

Absorption p

Rental Rates n

Vacancy q

Absorption p

Rental Rates n

Vacancy q

Absorption p

Rental Rates p

Vacancy q

Absorption p

Rental Rates p

Contact Coldwell Banker CommercialAtlantic International, Inc3506 West Montague Avenue, Suite 200North Charleston, SC 29418(843) 744-9877www.cbcatlantic.com

MSACharleston-North Charleston, SC

Square Miles 2,071

Population 649,315

Households 167,649

Household Income

Average$64,801


Unemployment 9.0%


SC - Charleston / Tri-County

Market Highlights

• The largest signings for 2010 were: Office - AFLAC, Inc. 27,432 SF; Retail - Planet Fitness 23,600 SF; Industrial - Dana OFF Highway Products, LLC 82,000 SF.

• The Office and Retail market have experienced 3 quarters of positive absorption after experiencing negative absorption in the first quarter. This is a trend that may hold through 2011.

• New construction is almost non-existent. Each market sector delivered very minimal amounts in 2010.

• Rental rates for Office and Retail have increased from the first quarter 2010 while Industrial lease rates have decreased.

• It appears the Columbia market is experiencing an increase in activity over the previous quarter, however, it is too early to tell whether or not this increase will get any traction.

Office Retail


Demographics

Vacancy n

Absorption p

Rental Rates p

Vacancy n

Absorption n

Rental Rates p

Vacancy N/A

Absorption N/A

Rental Rates N/A

Vacancy p

Absorption q

Rental Rates q

Contact Coldwell Banker CommercialUnited, Realtors1711 Gervais StreetColumbia, SC 29201(803) 799-4663cbccarolinas.com

MSA Columbia, SC

Square Miles 756

Population 375,193

Households 156,493

Household Income

Average$70,388


Unemployment 9.0%


SC - Columbia

26

Market Highlights

• Continued positive business announcements.

• Downtown continues to boom.

• Business sentiment is bullish.

• BMW expands again.

• Charleston Port deepening has been a major issue of discussion.

• Temporarily, there has been little new construction in any sector.

Office Retail


Demographics

Vacancy q

Absorption p

Rental Rates p

Vacancy q

Absorption p

Rental Rates p

Vacancy q

Absorption p

Rental Rates n

Vacancy q

Absorption p

Rental Rates q

Contact Coldwell Banker CommercialCaine200 East Broad Street, Suite 200Greenville, SC 29601(864) 250-2800www.cbccaine.com

MSAGreenville-Mauldin-Easley, SC

Square Miles 790

Population 455,754

Households 185,258

Household Income

Average$68,514


Unemployment 9.2%


SC - Greenville / Spartanburg

Market Highlights

• Amazon has leased a 1 million SF building under construction for a new distribution center that will create 250 new jobs.

• Wacker Chemie purchased 350 acres for a $5.4 billion new plant to manufacture hyperpure polycrystalline silicon. It will employ 500 new workers.

• Volkswagen has a new assembly plant that has begun production on the 2011 Passat. This plant has created 2,000 new jobs.

• Whirlpool Corporation has broken ground on a new 1.4 million SF green production facility that will replace an older plant.

• Commercial activity has increased significantly in the last quarter.

• This market is positioned for tremendous growth in the next 5 years. In addition to Volkswagen, many automotive suppliers are relocating to the area.

Office Retail


Demographics

Vacancy p

Absorption q

Rental Rates q

Vacancy n

Absorption n

Rental Rates n

Vacancy q

Absorption p

Rental Rates n

Vacancy n

Absorption n

Rental Rates n

Contact Coldwell Banker CommercialHamilton & Associates2650 Peerles Road NWCleveland, TN 37312(423) 476-5535www.hamiltoncommercial.com

MSA Chattanooga, TN-GA

Square Miles 542

Population 338,740

Households 139,388

Household Income

Average$66,929


Unemployment 8.3%


TN - Chattanooga Metro Area

27

Market Highlights

• South College leased 85,000 SF in the former Goody’s Headquarters building.

• Vacancy rates seem to have stabilized in all sectors as the economy starts to improve.

• New construction is centered on medical facilities and the University of Tennessee.

• The Multi-Family sector continues to be strong in the Knoxville area with vacancy rates dropping to 5.7% in the 4th quarter of 2010 according to REIS.

Office Retail


Demographics

Vacancy n

Absorption n

Rental Rates q

Vacancy n

Absorption n

Rental Rates q

Vacancy q

Absorption p

Rental Rates p

Vacancy n

Absorption n

Rental Rates q

Contact Coldwell Banker CommercialWallace & Wallace, Realtors124 N. Winston RoadKnoxville, TN 37919(865) 690-1111www.cbcww.com

MSA Knoxville, TN

Square Miles 508

Population 438,198

Households 189,397

Household Income

Average$68,293


Unemployment 7.3%


TN - Knoxville

Market Highlights

• The Dallas/Fort Worth (DFW) regional population increased 52% from 2000-2010 to a total of 6.5 million, making it the 4th largest region in the US.

• Employment growth has tracked population and currently stands at 3.9 million employees.

• DFW is HQ for 24 Fortune 500 Companies, 158 companies ranked in The Inc.’s 5000 Fastest Growing. DFW is the 6th largest economy in the US and 14th in the World.

• Advantages: Central Time Zone, mild climate and Forbes ranks it as the “#1 City to Earn a Living”.

• State benefits: Texas does not have a State Income Tax and is a right-to-work state.

• Transportation: intersection of five major interstate highways, rail hub for BN/Santa Fe and UP, air hub for AA and SW with 56m passengers per year.

• In 2010, The Office market ended with a positive absorption of 2.5m SF and a vacancy at 17.5%. Industrial market ended with a positive absorption of 614,000 SF and a vacancy at 11.8%. Retail market had positive absorption of 1.8m SF and a vacancy at 8.8%. Apartment market ended with an net positive absorption of 17,800 units and an occupancy rate of 91.5%.

Office Retail


Demographics

Vacancy q

Absorption p

Rental Rates n

Vacancy q

Absorption p

Rental Rates q

Vacancy q

Absorption p

Rental Rates p

Vacancy q

Absorption p

Rental Rates n

Contact Coldwell Banker CommercialSA3010 LBJ Freeway, Suite 1525Dallas, TX 75234(972) 503-8600www.coldwellbanker-sa.com

MSADallas-Fort Worth- Arlington, TX

Square Miles 880


Households 896,689

Household Income

Average$81,321


Unemployment 8.0%


TX - Dallas

28

Market Highlights

• Lubbock’s Jobless rate of 5.8% is the third lowest in the state. It is being aided by private industry hiring in several economic sectors as well as hiring in education and health services.

• Lubbock’s growth is among top in the US. Lubbock is ranked the 87th largest city in U.S. and the 36th fastest-growing city of more than 100,000 people in the country.

• Monsanto Company opened a new 50,000 SF cotton technology center. The facility’s cost of $10.5 million will have a $6 million economic impact on Lubbock.

• X-Fab Texas and Cymbet will collaborate on the world’s highest-volume solid-state battery production facility, a $12 million capital expenditure.

• Texas Tech University set a record enrollment with 31,600 students in 2010, a 5.3% growth over the previous year. In 2020, enrollment is projected to be 40,000.

Office Retail


Demographics

Vacancy n

Absorption p

Rental Rates p

Vacancy q

Absorption p

Rental Rates n

Vacancy q

Absorption p

Rental Rates p

Vacancy q

Absorption p

Rental Rates p

Contact Coldwell Banker CommercialRick Canup, Realtors4924 S. Loop 289Lubbock, TX 79414(806) 793-0888www.cbclubbock.com

MSA Lubbock, TX

Square Miles 899

Population 273,181

Households 108,923

Household Income

Average$57,357


Unemployment 5.8%


TX - Lubbock

Market Highlights

• Major tenants moving into the market include: Medtronics HQ, Brook Army Medical Center Expansion and the NSA.

• Vacancies are declining across the board and the market enjoys growth in population and housing, with little expansion of product.

• Federal Government/Military expansion has caused over $3 billion in new construction in the past two years.

• Rental rates are stable to positive, Office is lagging, while Industrial enjoys rental rate growth. Retail remains stable, while Multi-Family is red-hot in Class A.

• Expansion is limited due to lack of capital. Housing continues to grow.

• Texas created 48% of the new jobs in 2010. The market is enjoying domestic immigration growth, adding upward pressure to housing and existing commercial product.

Office Retail


Demographics

Vacancy q

Absorption n

Rental Rates q

Vacancy q

Absorption p

Rental Rates n

Vacancy q

Absorption n

Rental Rates p

Vacancy q

Absorption p

Rental Rates n

Contact Coldwell Banker CommercialAlamo City18756 Stone Oak Parkway Suite 202San Antonio, TX 78258(210) 483-6250www.cbcalamo.com

MSA San Antonio, TX

Square Miles 1,247


Households 598,012

Household Income

Average$68,482


Unemployment 7.3%


TX - San Antonio

29

Market Highlights

• Zeep Energy announces a $1.6 billion new gasification plant.

• Quantex Energy announces the newest refinery to join the Industrial sector of southeast Texas.

• Motiva’s plant expansion enters the final phase, contributing over $17 billion to the local economy and doubling the plant’s capacity for crude oil.

• Total nears the end of its $2.2 billion expansion project and is in the planning stages for another expansion.

• Richard Design Services executes a 34,000 SF Office lease as a result of demand for engineering services in local plants.

• Local Retailers welcome Ulta Cosmetics, Jos. A. Bank Clothiers, Aaron Rents and Safelite Auto Glass to the southeast Texas market.

• After stalling in 2009 and 2010, the market is seeing increased inquiries and interest in the area. Energy industries are expanding and locating to the area again; spurring the need for Retail, Office and additional housing.

Office Retail


Demographics

Vacancy q

Absorption p

Rental Rates n

Vacancy q

Absorption p

Rental Rates n

Vacancy N/A

Absorption N/A

Rental Rates N/A

Vacancy q

Absorption p

Rental Rates n

Contact Coldwell Banker CommercialArnold and AssociatesOne Acadiana CourtBeaumont, TX 77706(409) 833-5055www.cbcaaa.com

MSA Beaumont- Port Arthur, TX

Square Miles 904

Population 244,019

Households 97,015

Household Income

Average$65,220


Unemployment 11.0%


TX - Southeast Region

Market Highlights

• The Tarrant County Office market (Fort Worth area) “bottomed out” in 2010, with absorption and rents projected to start increasing in 2011.

• McDonald’s (global) led expansion in 2010 for the market, followed by Subway and Game Stop.

• The Dallas / Fort Worth market is the 4th largest market in the nation, with approximately 11.8% vacancy, while the national average is about 10.1%.

• The largest Dallas / Fort Worth Industrial deal in 2010 was the General Mills Lease, securing 860,000 SF in the Alliance Development.

• Texas was the No. 1 state for doing business in 2009 and 2010, followed by North Carolina and Tennessee (CNBC’s Top States for Business).

• Fort Worth / Arlington area ranked No. 4 among the best cities for relocation, as the cost of living is nearly 14% cheaper than the national average (Sperling’s Best Pages/CNBC).

Office Retail


Demographics

Vacancy n

Absorption q

Rental Rates q

Vacancy n

Absorption q

Rental Rates q

Vacancy n

Absorption n

Rental Rates n

Vacancy n

Absorption q

Rental Rates n

Contact Coldwell Banker CommercialSearcy Vasseur Group6323 Camp Bowie Boulevard Suite 101Fort Worth, TX 76116(817) 335-7575www.cbcsvgroup.com

MSADallas- Fort Worth-Arlington, TX

Square Miles 863


Households 668,814

Household Income

Average$80,196


Unemployment 7.9%


TX - Tarrant County (Fort Worth area)

30

Market Highlights

• Caterpillar began construction in early 2011 and plans to be in production by mid 2012.

• Eagle Ford Shale discovery west of here has created a demand for industrial sites.

• The University of Houston Victoria announced a four-year campus and welcomed first incoming freshman class.

• Retail Market remains flat although there has been a slight increase in office occupancy.

• There has not been any significant construction of new homes in the past several years. No signification development of building sites is planned at this time. A change in the housing market is anticipated

• Senior Citizen/Retirement Services are considering several sites for retirement living, assisted living and nursing home projects.

• The petro-chemical plants have expansions plans and a construction project at the Coleto Creek Power Plant has also been announced.

Office Retail


Demographics

Vacancy n

Absorption n

Rental Rates n

Vacancy p

Absorption q

Rental Rates n

Vacancy q

Absorption p

Rental Rates p

Vacancy q

Absorption p

Rental Rates p

Contact Coldwell Banker CommercialThe Ron Brown Company2505 N Navarro StreetVictoria, TX 77901(361) 573-6191www.ronbrown.com

MSA Victoria, TX

Square Miles 883

Population 88,311

Households 31,757

Household Income

Average$68,767


Unemployment 7.2%


TX - Victoria, Victoria County

Market Highlights

• Tenants moving into the market include: ATK - 615,000 SF (Industrial), Northrop Grumman - 155,000 SF (Office).

• Vacancy rates will remain steady in the high range as new construction on some major projects begins.

• Major developments include: $1.5 billion dollar NSA data center and City Creek Retail Development of 876,000 SF.

• Vacancy rates are steady on the higher side, absorption is on the rise, rental rates are steady but expected to edge down , investment activity is on the rise.

• A sluggish local economy is moving in a positive direction. Utah is emerging from recession better than most states.

• Newsweek cited Salt Lake City among the top 10 places in America poised for recovery.

Office Retail


Demographics

Vacancy p

Absorption p

Rental Rates q

Vacancy n

Absorption p

Rental Rates q

Vacancy q

Absorption p

Rental Rates q

Vacancy q

Absorption p

Rental Rates q

Contact Coldwell Banker CommercialNRT - Salt Lake City, UT6550 South Millrock Drive, Suite 200Salt Lake City, UT 84121(801) 947-8300www.coldwellutah.com

MSA Salt Lake City, UT

Square Miles 737


Households 344,943

Household Income

Average$81,224


Unemployment 6.8%


UT - Salt Lake County

31

Market Highlights

• Hewlett Packard sold its Vancouver, WA campus to SEH America, another hi-tech company, then leased space in the Natilus building as they are downsizing.

• City of Vancouver purchased a new City Hall.

• Several new Retail developments, anchored by big boxes such as Wal-Mart, Home Depot and Lowes were completed.

• Even though there has been significant increase in leasing, vacancy is staying static because of new move-outs.

• Port of Vancouver rail improvements will be significant in new industry and job creation.

• Investors are beginning to focus on REO Subdivisions.

• The overall market in Vancouver, Clark County, Washington has slowly been improving since 4th quarter of 2010. Indicators suggest that it will continue to improve albeit at a conservative/slow rate.

Office Retail


Demographics

Vacancy n

Absorption p

Rental Rates q

Vacancy n

Absorption p

Rental Rates q

Vacancy n

Absorption n

Rental Rates n

Vacancy q

Absorption n

Rental Rates n

Contact Coldwell Banker CommercialJenkins-Bernhardt Associates1500 D StreetVancouver, WA 98663(360) 699-4494www.CBCWorldWideNW.com

MSA

Portland- Vancouver- Beaverton, OR-WA

Square Miles 628

Population 435,677

Households 159,003

Household Income

Average$70,471


Unemployment 9.9%


WA - Clark County

Market Highlights

• Local Military bases are bringing troops home, stabilizing the area economy.

• Tenants not sure about the future are conservative about growing and moving.

• Only Medical Office new construction and SBA loans are funding.

• Absorption in Office was negative Q4 2010.

• The Industrial market is stable compared to last year.

• All in all, the market is stagnant other than MOB’s. Diversify into Property Management, REO’s and consulting.

Office Retail


Demographics

Vacancy p

Absorption q

Rental Rates q

Vacancy n

Absorption n

Rental Rates q

Vacancy n

Absorption n

Rental Rates n

Vacancy q

Absorption p

Rental Rates n

Contact Coldwell Banker CommercialOffenbecher101 S MeridianPuyallup, WA 98371(253) 840-5574www.offenbecher.com

MSASeattle- Tacoma- Bellevue, WA

Square Miles 1,679

Population 802,016

Households 307,658

Household Income

Average$75,083


Unemployment 8.8%


WA - Puyallup, Pierce County

32

Market Highlights

• Melster Candy signed lease to occupy a 102,000 SF building in Janesville, WI.

• Vacancy is holding steady with just one announcement of a plant closing in the last quarter of 2010.

• One new plant was erected in Milton, WI, by Penn Color (50,000 SF).

• Absorption is slow and lease rates have fallen about 24%.

• Stoughton Trailer just announced it may open its 350,000 SF trailer manufacturing building.

• A proposed reorganization of the Wisconsin State Department of Commerce may create a shift in the labor force.

Office Retail


Demographics

Vacancy n

Absorption p

Rental Rates n

Vacancy p

Absorption q

Rental Rates q

Vacancy N/A

Absorption N/A

Rental Rates N/A

Vacancy n

Absorption p

Rental Rates n

Contact Coldwell Banker CommercialMcGuire Mears & Associates400 Midland Court, Suite 101Janesville, WI 53546(608) 752-6325www.mcguiremears.com

MSA Janesville, WI

Square Miles 720

Population 160,224

Households 63,135

Household Income

Average$63,711


Unemployment 9.2%


WI - Rock County / Stateline Area

AL - Dothan, Houston County 2AR - Hot Springs 2AR - Little Rock 3CA - Coachella Valley 3CA - Inland Empire / Victor Valley 4CA - Los Angeles 4CA - San Diego 5CA - San Fernando / San Gabriel Valley 5CO - Durango 6FL - Charlotte County 6FL - Jacksonville 7FL - Orlando 7FL - Southern Region 8GA - Athens 8GA - Atlanta 9HI - Honolulu 9ID - Coeur d’Alene 10IL - Bloomington / Normal 10IL - Champaign County 11IL - Chicago 11IL - DuPage 12IN - Delaware 12KY - Louisville 13LA - Lafayette 13ME - Midcoast / Southern Regions 14MN - Minneapolis 14MO - Southwest 15MO - St. Louis 15MO/KS - Kansas City 16MT - Billings Metro 16NC - Charlotte Metro Area 17NC - Greensboro / High Point Metro 17NC - Greenville 18NC - Raleigh 18NJ - Central 19NJ - Central 19NM - Albuquerque 20NV - Carson City 20NY - Manhattan 21NY - Upstate 21OK - Oklahoma City 22OK - Tulsa 22OR - Portland 23OR - Salem 23PA - Central Region 24PA - Pittsburgh 24SC - Charleston / Tri-County 25SC - Columbia 25SC - Greenville / Spartanburg 26TN - Chattanooga Metro Area 26TN - Knoxville 27TX - Dallas 27TX - Lubbock 28TX - San Antonio 28TX - Southeast Region 29TX - Tarrant County (Fort Worth area) 29TX - Victoria, Victoria County 30UT - Salt Lake County 30WA - Clark County 31WA - Puyallup, Pierce County 31WI - Rock County / Stateline Area 32

Index by State

Albuquerque, NM 20Athens, GA 8Atlanta, GA 9Billings Metro, MT 16Bloomington / Normal, IL 10Carson City, NV 20Central, NJ 19Central Region, PA 24Champaign County, IL 11Charleston / Tri-County, SC 25Charlotte County, FL 6Charlotte Metro Area, NC 17Chattanooga Metro Area, TN 26Chicago, IL 11Clark County, WA 31Coachella Valley, CA 3Coeur d’Alene, ID 10Columbia, SC 25Dallas, TX 27Delaware, IN 12Dothan, Houston County, AL 2DuPage, IL 12Durango, CO 6Greensboro / High Point Metro, NC 17Greenville / Spartanburg, SC 26Greenville, NC 18Honolulu, HI 9Hot Springs, AR 2Inland Empire / Victor Valley, CA 4Jacksonville, FL 7Kansas City, MO/KS 16Knoxville, TN 27Lafayette, LA 13Little Rock, AR 3Los Angeles, CA 4Louisville, KY 13Lubbock, TX 28Manhattan, NY 21Midcoast / Southern Regions, ME 14Minneapolis, MN 14Northern, NJ 19Oklahoma City, OK 22Orlando, FL 7Pittsburgh, PA 24Portland, OR 23Puyallup, Pierce County, WA 31Raleigh, NC 18Rock County / Stateline Area, WI 32Salem, OR 23Salt Lake County, UT 30San Antonio, TX 28San Diego, CA 5San Fernando / San Gabriel Valley, CA 5Southeast Region, TX 29Southern Region, FL 8Southwest, MO 15St. Louis, MO 15Tarrant County (Fort Worth area), TX 29Tulsa, OK 22Upstate, NY 21Victoria, Victoria County, TX 30

Index by Market

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