Download - 2012 CBC Market Review: Blue Book

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2012Market Review

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TABLE OF CONTENTS

ABOUT THE CBC® BLUE BOOK

The CBC® Blue Book offers a unique market perspective with data generated by true commercial real estate market experts – the professionals of the Coldwell Banker Commercial companies within the local markets. In total, the Blue Book contains over 110 markets.

The Blue Book highlights one of the strengths of the Coldwell Banker Commercial organization: our national footprint.

The CBC organization’s strong local market coverage combined with our global reach helps our clients obtain real-time market information in order to make informed real estate decisions.

AL - Dothan, Houston County 3AL - Huntsville 3AL - Montgomery 4AR - Hot Springs 4AR - Little Rock 5CA - Humboldt County 5CA - Inland Empire / Palm Springs 6CA - Inland Empire North / Victor Valley 6CA - Los Angeles 7CA - Los Angeles Westside 7CA - Modesto 8CA - Monterey / San Benito Counties 8CA - Monterey Peninsula 9CA - Orange County 9CA - Redding 10CA - Rowland Heights 10CA - San Diego 11CA - San Fernando / San Gabriel Valley 11CA - San Francisco 12CA - San Gabriel Valley North 12CA - Southwest Riverside County 13CO - Western 13CT - Danbury / New Haven County 14CT - Fairfi eld County 14DE - Sussex County 15FL - Alachua County 15FL - Deltona-Daytona / Ormond Beach 16FL - Jacksonville 16FL - Lakeland / Winterhaven 17FL - Manatee, Sarasota, Charlotte Counties 17FL - Port St. Lucie 18FL - South 18FL - Southwest 19FL - Tampa / St. Petersburg 19FL - The Florida Keys 20FL - Vero Beach / Indian River County 20GA - Athens 21GA - Atlanta Greater MSA 21GA - Atlanta MSA 22GA - Greene / Morgan / Putnam Counties 22GA - Savannah 23HI - Honolulu 23ID - Boise 24ID - Kootenai County 24IL - Bloomington / Normal 25IL - Champaign / Urbana 25IL - Chicagoland 26IL - Springfi eld 26KS - Kansas City Metro Area 27KY - Louisville Metro 27KY - Southern 28LA - Lafayette 28LA - New Orleans 29ME - Midcoast 29MI - Middle 30MN - Mankato 30

MN - Minneapolis / St. Paul Metro Area 31MN - St. Cloud / Central 31MO - Springfi eld Area 32MO - St. Joseph 32MT - Billings 33NE - Lincoln 33NJ - Morris County 34NJ - Northern 34NM - Albuquerque Metro 35NY - Albany (NY Capital Region) 35NY - New York 36NV - Reno / Sparks MSA 36NC - New Hanover County 37NC - Outer Banks 37NC - Research Triangle 38NC - Winston-Salem 38ND - Fargo / Moorhead 39OR - Portland 39OR - Salem 40PA - Central 40PA - Northeastern 41PA - Southwestern 41SC - Charleston 42SC - Columbia 42SC - Greenville / Spartanburg 43SC - Myrtle Beach 43SC - Sumter 44TN - Chattanooga / North GA 44TN - Knoxville / East Tennessee 45TX - Austin 45TX - Bryan / College Station 46TX - Central 46TX - East 47TX - Houston 47TX - Lubbock 48TX - Victoria County 48UT - Salt Lake City 49VA - Lynchburg 49WA - Clark County 50WA - King County 50WA - South Puget Sound 51WA - Tacoma 51WI - Madison 52

INTERNATIONAL MARKETSBermuda 53Canada - Ontario (Eastern) 53Canada - Greater Toronto Area 54Canada - Waterloo Region 54Czech Republic 55France 55Greece 56Ireland 56Mexico - Mexico City 57Perú - Lima 57Puerto Rico 58Spain 58

3

• New Medical school broke ground with the first class to be admitted in August 2013. $40 million has been secured for the first phase of construction.

• Healthcare industry drives the Dothan market with 70% of patients traveling from outside of Dothan.

• Cost of Living Index is one of the lowest in the nation.

• Tourism industry is at record volume for Alabama and Dothan Area.

• Employment rate continues to outperform state and national levels.

• City and County offer advantage sites ready for development.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

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

CBSA Dothan, AL

Square Miles 1,718

Population 143,295

Households 57,785

Household Income

Average$58,837

Employees (Total) 58,833

Unemployment 7.1%

OFFICE RETAIL

INDUSTRIAL MULTI-FAMILY

DEMOGRAPHICS MARKET HIGHLIGHTS

CONTACT

AL - Dothan, Houston County

• Target adds third store to market.

• Huntsville ranked very highly by numerous evaluating organizations.

• Target, Kohl’s, Wal-Mart, Kroger, a hospital, three strip centers and more, are under construction.

• Market is improving, although prices are slightly lower.

• Potential of another BRAC could benefit Huntsville in 2013.

• This region has more PhDs per capita than anywhere in USA.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialMcLain Real Estate2800 Bob Wallace Ave. S.W.Huntsville, AL 35805(256) 533-3414www.mclaincommercial.com

CBSA Huntsville, AL

Square Miles 1,373

Population 410,866

Households 166,785

Household Income

Average$76,572


Unemployment 6.4%

OFFICE RETAIL



CONTACT

AL - Huntsville

4

• Hewlett Packard leased 60,000 SF of Colonial Bank Groups former Class A structure.

• Office vacancy continues to rise with bank foreclosures, REO offerings and a general reduction in demand.

• Retirement Systems of Alabama completed a new 400,000 SF Class A building downtown. Warehouse space began to see some tightening. Retail space is recovering as well. One new 200+ Unit Apartment Complex was completed in East Montgomery.

• The residential market continues to struggle, except for one bright spot of new development that is selling new homes at bargain prices due to sales of shovel ready but foreclosed upon REO subdivisions.

• Mom and pops are trying to recover and looking to get back to investing in the new economy.

• Investors continue to pour money into the CBD, and tenants are rewarding them with the first look.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialMoore Company Realty121 Coosa St., Suite 250Montgomery, AL 36104(334) 262-1958www.cbcmcr.com

CBSA Montgomery, AL

Square Miles 2,725

Population 367,157

Households 147,017

Household Income

Average$68,657


Unemployment 7.7%

OFFICE RETAIL



CONTACT

AL - Montgomery

OFFICE

INDUSTRIAL

• Eldercare relocated to their new facility in late 2011. PetSmart, Mattress King and New Life Christian Book Store opened new locations in Fairgrounds Crossing.

• The Office vacancy rate continues to rise and new tenants are interested in smaller suites. Several landlords have provided tenant improvements and divided large suites.

• Construction of the Arkansas School for Math and Science Living Center is nearing completion. A new Apartment project has been approved for construction in the Hwy. 70 West area.

• There has been an increase in residential sales volume in 2012. Sales prices continue to remain steady, particularly in lakefront properties.

• Baxley/LogPro have expanded their operation in Hot Springs. Land has been purchased for the new county jail and construction is scheduled to begin this year.

• Two building expansions are underway in Mid-America Industrial Park. One of the companies is a new entity to Garland County.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy N/A

Absorption N/A

Rental Rates N/A

Coldwell Banker CommercialRPM401 Section Line Rd., Suite FHot Springs, AR 71913(501) 520-4000www.cbcrpm.com

CBSA Hot Springs, AR

Square Miles 677

Population 98,888

Households 43,175

Household Income

Average$56,350


Unemployment 7.4%

RETAIL

MULTI-FAMILY


CONTACT

AR - Hot Springs

5

• A 3-building complex was acquired from Verizon Wireless by local investors and offered to market as new multi-tenant inventory.

• Retail market had over 115,000 SF of positive absorption in 4th Quarter of 2011.

• Kum & Go convenience store chain entered the market for major expansion and opened two stores in 4Q 2011.

• Dillard’s established internet fulfillment center and brought 300 jobs to area.

• French company Saint-Gobain made $100 million investment and created 140 jobs in Saline County.

• Forbes.com named Little Rock the “6th best mid-size city for jobs” and the ”14th best metro for young professionals.”

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

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

CBSA

Little Rock-North Little RockConway, AR

Square Miles 4,090

Population 690,456

Households 276,042

Household Income

Average$71,848


Unemployment 6.5%

OFFICE RETAIL



CONTACT

AR - Little Rock

• Wal-Mart to open its first store in Humboldt County in 2012. Shell has proposed construction of a 25 turbine wind farm.

• New construction of 48,000 SF Safeway store completed in 2011 and 100,000 SF hospital addition to be completed in spring of 2012.

• Confidence in investing in commercial real estate slowly improved in 2011. Total commercial sales volume in 2011 increased by 5% from 2010 & Multi-Family sales volume is slightly up. Leasing remained strong in 2011. Although Retail & Warehouse rents decreased while Office rents were up significantly.

• The number of sold residential listings in 2011 was slightly higher than the previous year. However, the sold median residential price was down slightly, as were residential rental rates.

• Humboldt County’s unemployment rate was slightly lower than the state average in 2011. The largest employers include Humboldt State University, St. Joseph Hospital and County of Humboldt.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption N/A

Rental Rates

Coldwell Banker CommercialPacifi c Partners Real Estate1036 5th St., Suite AEureka, CA 95501(707) 442-2222pacifi cpartnerscommercial.com

CBSAEurekaArcataFortuna, CA

Square Miles 3,572

Population 130,076

Households 54,341

Household Income

Average$53,630


Unemployment 10.6%

OFFICE RETAIL



CONTACT

CA - Humboldt County

6

• Strongest property sector is Multi-Family investments.

• There is excellent financing for apartment buildings in this market.

• Increase in Land acquisition by builders and developers for Multi-Family and Manufacturing properties.

• Skechers USA has moved into over 1 million SF.

• Hewlett Packard has moved into over 1 million SF.

• Office, Retail and Industrial are improving in buildings that have a good location or are top properties.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialNRT-Southern California1081 North Palm Canyon Dr Palm Springs, CA 92263(949) 280-2530www.cbcworldwide.com

CBSA

Riverside-San Bernardino-Ontario, CA

Square Miles 27,260

Population 4,171,856

Households 1,350,253

Household Income

Average$67,386

Employees (Total) 1,156,307

Unemployment 7.8%

OFFICE RETAIL



CONTACT

CA - Inland Empire / Palm Springs

• Macy’s was announced as a new mall anchor, replacing empty Gottschalks.

• JCPenney announced it is doubling in size.

• 500k Industrial space was absorbed at SCLA by furniture manufacturing.

• 2011 Multi-Family prices increased over 2010.

• 3 Super Wal-Marts broke ground in past 8 months; 3 additional are slated for 2012.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialReal Estate Solutions15500 W. Sand St., 2nd FloorVictorville, CA 92392(760) 684-8000www.cbcdesert.com

CBSA

Riverside-San Bernardino-Ontario, CA

Square Miles 27,260



Household Income

Average$67,386


Unemployment 11.9%

OFFICE RETAIL



CONTACT

CA - Inland Empire North / Victor Valley

7

• Owner-users are purchasing buildings.

• Developers are in the market looking for Mixed-Use projects and Apartments.

• Multi-Family is in high demand.

• Creative office space is in high demand.

• Coastal submarkets, including Santa Monica and Venice, are flourishing.

• Technology and entertainment companies are expanding.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialWESTMAC1515 S. Sepulveda Blvd.Los Angeles, CA 90025(310) 478-7700www.westmac.com

CBSA

Los Angeles-Long Beach-Santa Ana, CA

Square Miles 4,850



Household Income

Average$87,517


Unemployment 10.6%

OFFICE RETAIL



CONTACT

CA - Los Angeles

• Strongest property sectors are Multi-Family, single-tenant NNN investments, Medical Office and Industrial (due to the scarcity of the product and ability to convert to creative office uses).

• The strongest sub-markets are the Santa Monica-Venice creative corridors, Beverly Hills, West Hollywood and Brentwood.

• Multi-Family market is very active and financing is readily available. Cap rates in A/B areas are 4%-5%, B/C areas range from 4.75%-6.5%.

• A lot of cash is on the sidelines, much of it chasing similar product – well located property with strong tenants and/or upside potential. Most investors continue to be risk-averse and opt for lower returns on less risky investments.

• Developers are looking for opportunities to build with several-hundred-thousand SF of Multi-Family, creative Office and Mixed-Use developments in the pipeline, slated to come on line in 2013-2015.

• Single family/condo market is trending upwards with more offer activity, more sales and shorter marketing times.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialNRT - Los Angeles11999 San Vicente Blvd.Suite 100Los Angeles, CA 90049(310) 820-6651www.cbcworldwide.com

CBSA


Square Miles 4,850



Household Income

Average$87,517


Unemployment 10.6%

OFFICE RETAIL



CONTACT

CA - Los Angeles Westside

8

• Stanislaus County is located in the Central Valley. Its county seat is Modesto, which is where many people in the surrounding areas shop.

• The major industry is AG-related, employing approximately 18,000 people or 11.3% of the total 160,000 people that are employed. Unemployment varies based on the fact that most of the AG jobs are seasonal.

• Shopping areas that are well located have been attracting new tenants with some major remodeling. Due to lack of new construction, the vacant space has been absorbed as needs arise. Kaiser Permanente built a major hospital complex with Memorial Hospital making a major expansion.

• There has been major layoffs in the government sector based on tax assessments being lowered by a downturn in real estate values. Leveling out has occurred and all are hoping real estate prices will start to rise in 2012. This will only come if the unemployment in the area starts to decline.

• Office and Retail are improving in good centers and locations.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialVinson Chase, Realtors220-C Standiford Ave.Modesto, CA 95350(209) 577-2121www.cbcworldwide.com

CBSA Modesto, CA

Square Miles 1,494

Population 512,221

Households 167,008

Household Income

Average$63,534


Unemployment 16.1%

OFFICE RETAIL



CONTACT

CA - Modesto

• Hampton Brown/National Geographic vacated a large portion (approximately 30,000 SF of space) on Carmel Rancho Blvd., Carmel and relocated to Ryan Ranch Business Park, Monterey.

• San Miguel Market/PAQ Inc. relocated to a 40,000 SF space in the Santa Lucia Shopping Center, Greenfield, CA on a 10 year lease deal.

• Retail activity is up, especially in downtown Carmel-by-the-Sea, where demands are up and rents per SF are up. Khaki’s just relocated to Carmel.

• Downtown Monterey, the Core Center, is looking at a new plan. The city and business community is focused and moving forward with a redevelopment plan to increase the Mixed-Use properties and a large conference service expansion. There are currently 2-3 major projects in the work for this area.

• Office space rental rates are slightly down, and there is a large amount of Office space available.

• Shrinking inventory and prices are stabilizing in residential.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialNRT - Carmel3775 Via Nona MarieCarmel, CA 93923(831) 626-2200www.cbcworldwide.com

CBSA Salinas, CA

Square Miles 3,322

Population 413,103

Households 133,220

Household Income

Average$86,472


Unemployment 14.9%

OFFICE RETAIL



CONTACT

CA - Monterey / San Benito Counties

9

• Tuesday Morning, a national tenant, leased 10,000 SF.

• There has been no change in vacancy in this market.

• Limited new construction in this market.

• Trend of the last few years continues.

• The area has restricted access to water; consequently new business activity is limited to what water is actually available on site.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialNRT - Carmel3775 Via None MarieCarmel, CA 93923(831) 626-2200www.cbcworldwide.com

CBSA Salinas, CA

Square Miles 3,322

Population 413,103

Households 133,220

Household Income

Average$86,472


Unemployment 14.9%

OFFICE RETAIL



CONTACT

CA - Monterey Peninsula

• Class A High Rise outperformed the balance of the market.

• Retail Shopping Center construction is still on hold.

• 2050 Main Street in Irvine sold for $108.5 million.

• Sale-leasebacks are making a comeback.

• LA Fitness inked a 91,023 SF long-term lease.

• Multi-Family market is hot.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialNRT - Newport Beach4 San Joaquin Plz., Suite 260Newport Beach, CA 92660(949) 644-1600www.cbcworldwide.com

CBSA


Square Miles 4,850



Household Income

Average$87,517


Unemployment 7.8%

OFFICE RETAIL



CONTACT

CA - Orange County

10

• Retail vacancy rate fell 2% in 2011.

• Government lease dominated the Office market.

• One hotel is under construction and another is about to break ground.

• Distress/foreclosure opportunities are fading.

• Retail rents are stable and possibly on the rise.

• Unemployment rate has fallen for 4 consecutive months.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialC&C Properties2155 Larkspur Ln.Redding, CA 96002(530) 222-2011www.cbcnorthstate.com

CBSA Redding, CA

Square Miles 3,785

Population 181,457

Households 71,491

Household Income

Average$60,230


Unemployment 13.4%

OFFICE RETAIL



CONTACT

CA - Redding

• Team One Employment Specialist (Skechers) closed its 3 locations in Ontario totaling 1.31m SF building as of 10/31/2011.

• Continued lack of consumer confidence is making business owners downsize. Vacancy is still fluctuating.

• Residential market is still struggling because of REOs; the market is expecting the most foreclosure homes in 2012.

• Lack of confidence still makes the overall market unstable, but it is expected to see a clear turning point by the end of 2014.

• The area is mostly downsizing, but pretty stable compared to other cities in U.S.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialGeorge Realty19220 E. Colima Rd.Rowland Heights, CA 91748(626) 457-2300www.cbcworldwide.com

CBSA


Square Miles 4,850



Household Income

Average$87,517


Unemployment 11.6%

OFFICE RETAIL



CONTACT

CA - Rowland Heights

11

• Sales activity for Retail buildings is up and cap rates are down.

• This market is experiencing a rise in prices due to very low new construction activity.

• Overall vacancy for Office increased to 16.9%.

• Illumina moved into 171,340 SF at Bldg 1 at 5200 Research Place and 159,272 SF at Bldg 2.

• Industrial vacancies are up to 10.8%.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialNRT - La Mesa9332 Fuerte DriveLa Mesa, CA 91941(619) 460-6600www.cbcworldwide.com

CBSASan Diego-Carlsbad-San Marcos, CA

Square Miles 4,200



Household Income

Average$89,161


Unemployment 8.9%

OFFICE RETAIL



CONTACT

CA - San Diego

• Green Dot Corporation moved to Pasadena and leased 143,000 SF.

• Office users are slowly hiring and leasing additional space. Vacancy is slowly decreasing.

• There are many proposed Office buildings; however, no new Office developments have commenced construction.

• Retail vacancies are decreasing due to the local and regional tenant activity, which landlords are accepting in lieu of disappearing national credit activity.

• There is a high demand for Multi-Family properties due to: 1) income 2) desire for conservative investments 3) low interest rates and financing availability.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

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

CBSA


Square Miles 4,850



Household Income

Average$87,517


Unemployment 11.6%

OFFICE RETAIL



CONTACT

CA - San Fernando / San Gabriel Valley

12

• Salesforce.com has signed a 400,000 SF lease in San Francisco, the largest Office deal in the city in a decade.

• Several tech companies have seen substantial growth and demand for public offerings.

• South of Market construction has rebounded slowly and will continue in Mission Bay, highlighted by the erection of UCSF’s new medical center.

• Median prices for residential properties remain flat, although the sales volume has increased.

• As high profile service industry leaders such as Bank of America continue to face economic hardships, technology and biotech firms will continue to drive the city’s employment and real estate market.

• San Francisco’s citywide Office vacancy rate was 14.7% in the fourth quarter of 2011, the ninth-lowest among 79 metropolitan areas. Asking rates in South of Market climbed 22% in the fourth quarter from a year earlier to $46 a SF, the fastest growth rate for that area since 2000.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialWestbay Real Estate Group1575 Bayshore Hwy., Suite 100Burlingame, CA 94010(650) 344-4300www.cbcburlingame.com

CBSASan Francisco-Oakland-Fremont, CA

Square Miles 2,473



Household Income

Average$113,164


Unemployment 7.3%

OFFICE RETAIL



CONTACT

CA - San Francisco

• Pricing and demand increasing slightly but positively.

• Class A product and smaller buildings have retained their value better.

• Industrial vacancy is 4-5%. Office vacancy is 13-14%.

• Virtually no construction for Office and Retail. It will require increase in space demand and rates.

• Many tenants are renewing leases 1-2 years early at current market rates.

• Very few commercial foreclosures partially due to large down payments. SBA is seeing more foreclosures due to low down payments in the 10-20% range.

• Demand for large Hotels is increasing with several in the pre-development stage.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption N/A

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialNRT - Arcadia15 E. Foothill Blvd.Arcadia, CA 91006(800) 445-5500www.cbcworldwide.com

CBSA


Square Miles 4,850



Household Income

Average$87,517


Unemployment 11.6%

OFFICE RETAIL



CONTACT

CA - San Gabriel Valley North

13

• EB-5 money floods the market, closing over 200,000 SF in Industrial.

• Industrial leases on the rise, Office vacancy is down, Retail lease rates are up.

• 160,000 SF of corporate Office space was completed for Professional Hospital Supply’s headquarters.

• 191,000 SF of Industrial space leased to Abbott Laboratories under a 4 year agreement.

• Unemployment rate has dropped from 15% to 12.5%, building optimism in business owners.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy N/A

Absorption N/A

Rental Rates N/A

Coldwell Banker CommercialSudweeks Group27708 Jefferson Ave., Suite 201Temecula, CA 92591(951) 200-7683www.cbcsuds.com

CBSARiverside-San Bernardino-Ontario, CA

Square Miles 27,260



Household Income

Average$67,386


Unemployment 12.5%

OFFICE RETAIL



CONTACT

CA - Southwest Riverside County

• Industrial sector leads all sectors in western Colorado.

• Vacancy levels stable across the board.

• Retail vacancies are up slightly.

• Residential sales numbers grow, while prices decline.

• Unemployment still at 9% and has not subsided. The economy is expected to be flat for the next year or two.

• Western Colorado is the emerging wine capital of Rocky Mountains.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialPrime Properties, LLC550 Patterson Rd., Suite BGrand Junction, CO 81506(970) 243-7375www.grandjunctioncommercial.com

CBSA Grand Junction, CO

Square Miles 3,328

Population 148,298

Households 60,317

Household Income

Average$61,730


Unemployment 9.0%

OFFICE RETAIL



CONTACT

CO - Western

14

• Forever 21, Dick’s Sporting Goods, Cheesecake Factory and Brio have landed at the Danbury Fair Mall. General Motors Northeast Regional Sales Division occupied 26,000 SF of Class A Office space at The Matrix Corporate Center. PepsiCo has also chosen to locate in Danbury, with 10,665 SF of Class A Office space.

• Area vacancy rates are down due in part to low supply and an influx of commuting professionals now residing in neighboring Brewster, NY. Key transportation outlets allow them to commute to lower Fairfield County, New York City and Boston, while enjoying a more affordable lifestyle locally.

• Construction in the area includes: $33.8M / 95,000 SF Armed Forces Reserve Center in Danbury, CT. Brookfield, CT. Costco (12,000 SF) is increasing existing building by 15,000 SF and will also construct a gas station on abutting 1.25 acre pad site. Danbury Regional Hospice to construct a 30,000 SF center.

• Despite lower mortgage rates, single family home sales volume and pricing are down, remaining approximately 28% and 30% below the 2005 peak.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialScalzo Group2 Stony Hill Rd., Suite 101Bethel, CT 06801(203) 744-7077www.coldwellbankerscalzo.com

CBSABridgeport-Stamford-Norwalk, CT

Square Miles 626

Population 904,874

Households 336,733

Household Income

Average$149,604


Unemployment 6.0%

OFFICE RETAIL



CONTACT

CT - Danbury / New Haven County

• Significant 2011 leases include: Largest Industrial - 275k SF, NBC Sports at The Campus (former Clairol site); Largest Offices are 230k SF for Bridgewater Assoc at 20 Westport Rd and GE Asset Mgmt expanded from Stamford Sq. w/ 147k into 158k SF at 1600 Summer St.

• Fairfield County’s available, vacant-sublease space decreased across the board. Office went from 860k SF to 599k SF, Industrial from 111k SF to 74k SF and Retail from 50k SF to 16k SF.

• The total new construction completed was 950k SF; 547k SF of Office, 148k SF of Industrial and 254k SF of Retail.

• There is 172M SF of existing commercial space in Fairfield County with 67M SF of Office; 58M SF of Industrial and 47M SF of Retail.

• Commercial Sales have increased by 30% over 2010 and Connecticut is the 15th most popular state for a Fortune 500 corporate headquarter locations.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy N/A

Absorption N/A

Rental Rates N/A

Coldwell Banker CommercialNRT - CT77 Old Ridgefi eld RoadWilton, CT 06897(203) 831-4187www.cbcworldwide.com

CBSABridgeport-Stamford-Norwalk, CT

Square Miles 626

Population 904,874

Households 336,733

Household Income

Average$149,604


Unemployment 6.9%

OFFICE RETAIL



CONTACT

CT - Fairfi eld County

15

• Several national tenants are currently in negotiations for space on Coastal Highway near Rehoboth.

• Commercial activity in Eastern Sussex is starting to improve after more than three years in the doldrums.

• Very little new commercial construction is causing absorption of existing Retail and Office space.

• Volume for closed residential sales was up 9% for 2011.

• Eastern Sussex County is the leading retiree destination for the mid-Atlantic states.

• Property taxes in Sussex County are so low that many buyers think they are being quoted a monthly rate.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy N/A

Absorption N/A

Rental Rates N/A

Vacancy N/A

Absorption N/A

Rental Rates N/A

Coldwell Banker CommercialResort Realty20184 Coastal Hwy.Rehoboth Beach, DE 19971(302) 227-5000www.cbcworldwide.com

CBSA Seaford, DE

Square Miles 938

Population 194,215

Households 78,981

Household Income

Average$67,088


Unemployment 7.7%

OFFICE RETAIL



CONTACT

DE - Sussex County

• 266 Office lease listings totaling 811,790 SF are currently on the market.

• Average gross Office lease rate is $13.05/SF, a decrease of 1.87% since 4th Qtr 2010.

• Average Office lease listing is on the market 413 days.

• 192 Retail lease listings totaling 779,897 SF are on the market.

• Average NNN Retail lease rate is $15.14/SF, a decrease of 1.65% since 4th Qtr 2010.

• Average Retail lease listing is on the market 530 days.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialM.M. Parrish Realtors3870 N.W. 83rd St.Gainesville, FL 32606(352) 264-3800www.cbcworldwide.com

CBSA Gainesville, FL

Square Miles 1,223

Population 261,674

Households 113,545

Household Income

Average$62,879


Unemployment 7.6%

OFFICE RETAIL



CONTACT

FL - Alachua County

16

• Daytona Beach International Airport reports that boardings are up and Jet Blue and Southwest are in discussions to begin service this year.

• Resort and Bed tax collections are up and the Hospitality industry is seeing increased projections.

• Multiple large and small beach front Hotel/Motel operations are going through major renovations and upgrades, with multiple large ocean front property sales being completed for future development.

• This is one of 19 communities across the country to be selected as a “Forward Next Generation Learning Community.”

• Embry-Riddle Aeronautical University of Daytona Beach has been selected as one of three Next-Gen test beds for the modernization of the National Airspace System.

• Teledyne is doubling their production square footage for their fiber optic and electrical interconnect systems.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialBenchmark570 Memorial Cir., Suite 300Daytona Beach Ormond Beach, FL 32174(386) 672-8530www.cbcbenchmark.com

CBSA

DeltonaDaytonaOrmond Beach, FL

Square Miles 1,103

Population 495,625

Households 214,567

Household Income

Average$62,419


Unemployment 10.1%

OFFICE RETAIL



CONTACT

FL - Deltona-Daytona / Ormond Beach

• EverBank Financial Corporation leased 270,000 SF, covering nine floors, at the AT&T Tower. The building will be renamed “EverBank Tower.” The move should help to revitalize the downtown area.

• Bi-Lo, the Greenville, SC-based supermarket chain, agreed to buy Winn-Dixie Stores, Inc. for $560 Million. The new company will have around 687 grocery stores and a workforce of 63,000 in eight states throughout the Southeast.

• The $55 million sale of a Gate Parkway Apartment Complex is an indicator that the city’s rental market is improving and should continue to trend upward in 2012.

• Acosta, Inc. expects to hire 2,000 employees in the first quarter of 2012, 40 to 50 of whom will be in their Jacksonville office.

• The restaurant industry was on the mend locally in 2011. New national and regional restaurant chains to the area include: Seasons 52, BJ’s Restaurant & Brewhouse, Logan’s Roadhouse, Smashburger, First Watch and Poe’s Tavern.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

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

CBSA Jacksonville, FL

Square Miles 3,221


Households 518,910

Household Income

Average$76,866


Unemployment 9.2%

OFFICE RETAIL



CONTACT

FL - Jacksonville

17

• Several new Industrial users have made announcements including Mission Foods.

• The focus on start-up businesses is helping small space occupancy in Retail and Office.

• USF Polytechnic located at I-4 and Polk Parkway is in first phase of construction.

• Foreclosures are driving increased demand for Apartments.

• Several banks are offering attractive rates for commercial-industrial loans; increasing demand for owner-user commercial space.

• LEGOLAND Florida in Winter Haven is fully operational and attendance is meeting expectations.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialSaunders Ralston Dantzler Realty114 N. Tennessee Ave.Lakeland, FL 33801(863) 648-1528www.srdcommercial.com

CBSALakeland-Winter Haven, FL

Square Miles 2,010

Population 599,564

Households 233,208

Household Income

Average$55,323


Unemployment 10.7%

OFFICE RETAIL



CONTACT

FL - Lakeland / Winterhaven

• Ringling Brothers & Barnum & Bailey Circus are bringing their Headquarters back to Manatee County.

• Industrial leasing and sales in Sarasota have increased.

• Residential construction is picking up steam in this market.

• Home sales are on the rise.

• It has been speculated that the commercial market has hit bottom.

• This area has the #1 beach in the country and a pro business attitude.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialNRT - Sarasota100 N. Tamiami Trl.Sarasota, FL 34236(941) 925-8586www.cbcworldwide.com

CBSASarasota-Bradenton-Venice, FL

Square Miles 1,313

Population 689,676

Households 311,173

Household Income

Average$79,698


Unemployment 9.8%

OFFICE RETAIL



CONTACT

FL - Manatee, Sarasota, Charlotte Counties

18

• Government tenants are demanding improvements and some landlords cannot finance the construction.

• More Retail is being absorbed at rents of approximately 35% of 2008.

• No new construction in St. Lucie County.

• Owners who purchased Land or buildings in 2005 cannot refinance their notes. They find their property is now worth 50% of 2005 and are losing ownership.

• Torry Pines Institute, VGTI (Vaccine and Gene therapy Institute) and Digital Domain have all opened large biotech labs in last 18 months. Outlook for better jobs in future.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy N/A

Absorption N/A

Rental Rates N/A

Coldwell Banker CommercialNRT - Port St. Lucie1973 S.W. Savage Blvd.Boca Raton/Port St. Lucie, FL 34953(561) 995-7564www.stluciewestcommercialrealestate.com

CBSA Port St. Lucie, FL

Square Miles 1,128

Population 407,361

Households 169,340

Household Income

Average$74,600


Unemployment 11.2%

OFFICE RETAIL



CONTACT

FL - Port St. Lucie

• Absorption is up across all sectors.

• Multi-Family investment is soaring in this region.

• Retail rental rates starting to stabilize.

• Housing market is seeing strong international investment.

• New construction is non existent.

• Banks are starting to use short sales as an option.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialNRT - Boca Raton1800 N.W. Corporate Blvd.Boca Raton, FL 33431(561) 479-1225www.cbcworldwide.com

CBSA

Miami-Fort Lauderdale-Pompano Beach, FL

Square Miles 5,126



Household Income

Average$82,033


Unemployment 9.7%

OFFICE RETAIL



CONTACT

FL - South

19

• Now is the time to buy in SW Florida. Many properties are at 20 year lows and are far below replacement cost.

• Vacancies are falling in Retail, Office and Industrial.

• Residential market has turned around.

• Housing is starting to move upward.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy N/A

Absorption N/A

Rental Rates N/A

Coldwell Banker CommercialNRT - Naples550 Fifth Ave. S.Naples, FL 34102(239) 596-6130www.cbcworldwide.com

CBSA Naples-Marco Island, FL

Square Miles 2,025

Population 320,101

Households 132,487

Household Income

Average$118,854


Unemployment 9.5%

OFFICE RETAIL



CONTACT

FL - Southwest

• Tampa ranked as the third “best performing” large metropolitan areas for job growth in the nation, according to a report released by Headlight LLC.

• The Sunshine State was ranked first in the nation for its workforce in CNBC’s fourth annual “America’s Top States for Business” rankings.

• Tampa was ranked #1 as the “most cost-competitive large city for doing business” among 22 major U.S. cities. The ranking was based on a variety of business operating costs including labor, taxes, real estate and utilities (KPMG, 4/2010).

• Office Leasing: best net absorption since 2005.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy N/A

Absorption N/A

Rental Rates N/A

Coldwell Banker CommercialNRT - Tampa5010 W. Kennedy Blvd., 2nd FloorTampa, FL 33609(813) 286-2964www.cbcworldwide.com

CBSA

Tampa-St. Petersburg-Clearwater, FL

Square Miles 2,554



Household Income

Average$67,904


Unemployment 10.0%

OFFICE RETAIL



CONTACT

FL - Tampa / St. Petersburg

20

• Border Patrol Office and Winn-Dixie have recently expansed.

• This area has the lowest unemployment rate in Florida; hotel occupancy and ADR is the highest in the State.

• Dunkin Donuts, Walgreens and Holiday Inn Express opened recently.

• Inventory is down by double digits and sales are up equally.

• Urgency has re-entered the marketplace.

• Severe development restrictions provide significant barriers to entry.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialSchmitt Real Estate Company11050 Overseas Hwy.Marathon, FL 33050(305) 743-5181www.commercialfl oridakeys.com

CBSA Key West, FL

Square Miles 997

Population 73,047

Households 32,553

Household Income

Average$98,489


Unemployment 6.2%

OFFICE RETAIL



CONTACT

FL - The Florida Keys

• Market is showing slow improvement.

• Income properties sell as occupancy and rents increase.

• Unemployment is down but is still a challenge.

• Indian River county is offering job grant incentives.

• New construction remains soft.

• Owners are starting to offer financing due to bank financing challenges.

• The area is an excellent central distribution location 300 miles from 80% of the state’s population.

• Bio fuel companies like this area due to quantity of agricultural land.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialEd Schlitt, L.C.1950 U. S. Hwy. 1Vero Beach, FL 32960(772) 778-1801cbc.fl coldwellbanker.com

CBSASebastianVero Beach, FL

Square Miles 503

Population 135,534

Households 59,807

Household Income

Average$94,759


Unemployment 11.4%

OFFICE RETAIL



CONTACT

FL - Vero Beach / Indian River County

21

• Notable commercial growth includes the opening of a new LEED certified downtown Athens parking deck. The 265,000 SF facility includes 540 parking spaces, as well as Retail space, Offices, and a rooftop garden. The project represents the first public-private partnership in Athens.

• New tenants include Waffle House, Fuzzy’s Taco Shop, Yoforia, Momma Goldberg Deli and Partner Software.

• Commercial growth is expected in Oconee County along the newly completed Oconee Connector/Jennings Mill Pkwy extension off GA Hwy 316. The Georgia DOT helped fund the $13.6 million project, which has already resulted in developers submitting plans for future commercial projects.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialUpchurch Realty2405 W. Broad St.Athens, GA 30606(706) 354-7870www.upchurchrealtycommercial.com

CBSA Athens-Clarke County, GA

Square Miles 1,031

Population 193,495

Households 77,486

Household Income

Average$57,618


Unemployment 7.3%

OFFICE RETAIL



CONTACT

GA - Athens

• The Atlanta Office market ended 2011 with its strongest quarter of Office absorption in 4.5 years. Office occupancy increased by 556,476 SF in the fourth quarter, bringing the 2011 year end total to just over 811,000 SF. All space types and the market as a whole are 17.8% vacant.

• Buckhead led all Atlanta Office submarkets, accounting for almost all of 2011’s space absorption. Six of the top ten largest move-ins of the year occurred in the fourth quarter.

• Atlanta 2011 year-end market construction was up in Office, Retail and Industrial.

• InComm doubled its 90,000 SF downtown space; Regions Bank consolidated from multiple Offices across the market into 80,000 SF at Atlantic Center Plaza in Midtown; and the Reznick Group consolidated Offices into 77,049 SF in Buckhead.

• The foremost trend in the Office market in 2011 was the flight to quality by tenants. Tenants chose Class A properties overwhelmingly, taking advantage of favorable rental rates and absorbing over 1.6M SF of space in 2011.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

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

CBSAAtlanta-Sandy SpringsMarietta, GA

Square Miles 8,376



Household Income

Average$77,990


Unemployment 9.4%

OFFICE RETAIL



CONTACT

GA - Atlanta Greater MSA

22

• The overall market continues to firm up with increased activity in most sectors.

• The Atlanta MSA consists of 28 counties, over 7 million in population and includes the world’s busiest airport, superior intermodal connections, making it the distribution hub for the southeast.

• The Bank of America Plaza, one of the biggest emblems of Atlanta’s Real Estate Boom, was sold at auction for $250 million.

• Throughout metro Atlanta, important changes to flood hazard maps are underway. These changes may impact closings and existing loans for residents and business owners.

• Owings Corning completed a giant lease consolidating in a building that once housed consumer giant Unilever. Owings Corning will occupy a little more than 1 million SF in the building.

• Georgia Pacific LLC is developing a 900,000 SF distribution center in Henry County.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialNRT - Atlanta6285 Barfi eld Rd.Atlanta, GA 30328(404) 705-1590www.cbcworldwide.com

CBSA

Atlanta-Sandy SpringsMarietta, GA

Square Miles 8,376



Household Income

Average$77,990


Unemployment 9.4%

OFFICE RETAIL



CONTACT

GA - Atlanta MSA

• Overall market pricing is beginning to stabilize.

• Liquidation priced REO’s have increased.

• Residential homes sales are up in this market.

• The new Rock Eagle Science & Technology Park is currently under construction. The project, partially funded by a $500,000 grant from Georgia One, consists of 130-acre tract of Land planned for 21 parcels to be marketed for small to medium-sized technology companies.

• The Lake Area consists of a tri-county trade area, including Morgan, Greene and Putnam Counties. The area is a resort area with two recreational lakes (Oconee and Sinclair).

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy N/A

Absorption N/A

Rental Rates N/A

Coldwell Banker CommercialLake Country1020 Greensboro Rd. N.E.,Eatonton, GA 31024(706) 485-0124www.cbcworldwide.com

CBSA Greene County, GA

Square Miles 345

Population 21,218

Households 8,601

Household Income

Average$71,671


Unemployment 11.1%

OFFICE RETAIL



CONTACT

GA - Greene / Morgan / Putnam Counties

23

• Full steam ahead for Mitsubishi Power Systems.

• Great Dane to expand in Savannah.

• Savannah ranks as a “Top 5 Container Port” in the United States.

• Metro Savannah unemployment continues to fall.

• Gulfstream Aerospace plans $500 million expansion to add 1,000+ jobs to the market.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialPlatinum Partners128 Habersham St.Savannah, GA 31401(912) 232-7120www.cbcplatinum.com

CBSA Savannah, GA

Square Miles 1,359

Population 347,453

Households 130,609

Household Income

Average$74,653


Unemployment 8.8%

OFFICE RETAIL



CONTACT

GA - Savannah

• Hawaii’s economy remains healthier than the Continental U.S. However, it is slowing due to stagnant labor markets and limited construction. Tourism remains a bright spot posting a record spending of $1.3 billion in 2011.

• Hawaii’s construction is a replay of 2011 for 2012, with only military and government projects being awarded, attracting out-of-state firms to compete for these contracts.

• In 2011, unemployment rate rose to 6.6% with 41,900 unemployed. This is expected to increase due to HMC layoffs.

• Hawaii’s commercial investment sales are expected to increase over 2011 as “capital freeze” thaws. Significant sales in 2011 include: Pearlridge Uptown II for $36.7 million, $42.5 million for portion of leased fee under Hyatt Hotel Waikiki.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialNRT- Honolulu737 Bishop St., Suite 2000Honolulu, HI 96813(808) 526-0896www.cbcpacifi c.com

CBSA Honolulu, HI

Square Miles 600

Population 910,677

Households 311,782

Household Income

Average$83,803


Unemployment 6.6%

OFFICE RETAIL



CONTACT

HI - Honolulu

24

• Grocery store expansion remains on the forefront of the Retail market for the Treasure Valley. New to the market are Whole Foods and Rosauers. Fred Meyer and Wal-Mart continue to expand.

• Vacancy remained stable throughout 2011, ending the year 12.3% across the Treasure Valley.

• 2012 could see the most new construction in over 5 years. CenterCal Properties broke ground on 1 million SF of Retail and Restaurant space on a 100-acre Retail site.

• Positive signs heading into 2012 with home sales increasing by 34% in 2011. Realtor.com ranked Boise as #8 in the “Top 10 turn-around towns.”

• Landlord concessions will continue to be less favorable for tenants. Class A space remains in high demand.

• Investor and lending appetite all display positive signs that Boise will show resurgence in the Investment market.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialNRT - Boise4105 N Legacy Woods Ave.Meridian, ID 83646(208) 888-1825www.coldwellutah.com

CBSA Boise City-Nampa, ID

Square Miles 11,788

Population 610,611

Households 224,823

Household Income

Average$69,877


Unemployment 8.4%

OFFICE RETAIL



CONTACT

ID - Boise

• Major Industrial employer expanding to include 85,000 SF building and 125 additional employees.

• KTEC, a new 54,000 SF technology center, has been approved by voters in 3 districts.

• Construction of Beck Road Interchange in Post Falls will increase access to retail area.

• Apartment renters are increasing due to the economy. New construction of apartments is underway.

• 6 acres have been re-zoned for a new hospital residency program.

• 2011 commercial properties sold doubled 2010 figures.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

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

CBSA Coeur d’Alene, ID

Square Miles 1,245

Population 140,628

Households 53,154

Household Income

Average$62,733


Unemployment 10.2%

OFFICE RETAIL



CONTACT

ID - Kootenai County

25

• State Farm Insurance plans to add 300 employees.

• Uptown Normal is busy with Transportation Center and other projects in the works.

• ISU campus Apartment development is active.

• Healthcare expansions for Advocate Bromenn and OSF.

• Local jobless rate stays consistently best.

• Forbes rates area #22 best on their list of “Best Small Places for Business and Careers. ”

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

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

CBSA Bloomington-Normal, IL

Square Miles 1,184

Population 168,918

Households 70,687

Household Income

Average$73,184


Unemployment 7.0%

OFFICE RETAIL



CONTACT

IL - Bloomington / Normal

• The local CRE market appears to have hit the bottom in 2011.

• Buyers and tenants are responding to opportunities.

• Financing is available for owner-occupied buyers.

• Student housing remains a hot commodity.

• The unemployment rate has leveled out.

• 2012 looks to be another year of steady improvement.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialDevonshire Realty201 W. Springfi eld Ave., 11th FloorChampaign, IL 61820(217) 352-7712www.cbcdr.com

CBSA Champaign-Urbana, IL

Square Miles 1,923

Population 227,494

Households 97,325

Household Income

Average$61,774


Unemployment 7.9%

OFFICE RETAIL



CONTACT

IL - Champaign / Urbana

26

• The Chicago Industrial market continued to improve in the 4th quarter of 2011. There was 1,550,000 SF of net absorption in the 4th quarter. The largest leases signed in 2011 were Clorox for 1,350,000 SF, Home Depot for 658,000 SF, 3M for 651,000 SF and Samsung for 649,000 SF.

• The vacancy rate in Industrial and Office space decreased in the 4th quarter of 2011 while the vacancy rate for Retail increased. The main reasons for the lower vacancy rate in Industrial and Office are because several large blocks of space were leased and there was virtually no new construction.

• There has been virtually no new construction of Retail, Industrial or Office space in 2011 and almost all of the new construction completed has been build-to-suits or space that was pre-leased.

• The residential market continues to struggle for sales of single family homes and condominiums. However, the Apartment market continues to flourish with low vacancies and increasing rents. There are also several new high end Apartment buildings being built.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialNRT - Northbrook2215 Sanders Rd., Suite 350Northbrook, IL 60062(847) 313-4646www.cbcnrt.com

CBSA

ChicagoNaperville-Joliet, IL-IN-WI

Square Miles 7,212



Household Income

Average$88,029


Unemployment 9.3%

OFFICE RETAIL



CONTACT

IL - Chicagoland

• Scheels opened a 200,000 + SF store.

• Springfield market has good stability because of a large work force employed by the medical community and State Government.

• St. John’s Hospital is doing approximately $180,000,000 in new development and redevelopment of its campus. This adds jobs to the medical community and to other sectors of the economy.

• Residential market is slightly up from previous year and continues to improve.

• Gradual increases are a result of stability of work force and the large area of Central Illinois that the Springfield market services.

• Springfield is located approximately 3 hours from Chicago, 1 1/2 hours from St. Louis and has Interstate 55 that goes from St. Louis to Chicago and Interstate 72 that runs from Eastern Illinois through Champaign to Missouri. The town is centrally located for all types of commercial activity.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialDevonshire Realty3201 Old jacksonville Rd.Springfi eld, IL 62711(217) 546-6650www.cbcdr.com

CBSA Springfi eld, IL

Square Miles 1,182

Population 208,696

Households 87,497

Household Income

Average$70,814


Unemployment 7.5%

OFFICE RETAIL



CONTACT

IL - Springfi eld

27

• The Kansas City Metro manufacturing sector saw a 2.8% employment growth in 2011.

• Ford Motor Company plans on investing $1.1 billion in the metro area.

• The average Metro Household Income is $107,505.

• Several large-format Retail centers are scheduled for construction in 2012.

• Housing sales were up 13% for the year.

• Cerner Corporation has continued to expand in the Metro Area.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialFishman and Company1948 E. Santa Fe St.Olathe, KS 66062(913) 782-9000www.cbcfi shman.com

CBSA Kansas City, MO-KS

Square Miles 7,857


Households 819,900

Household Income

Average$107,505


Unemployment 7.3%

OFFICE RETAIL



CONTACT

KS - Kansas City Metro Area

• Demand for Apartments remains high.

• Unemployment is down. UPS is the area’s largest employer.

• New construction activity is picking up.

• There are plenty of Retail vacancies.

• The Office market remains flat.

• The Louisville economy has remained stable.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialMcMahan Co.6402 Railroad Ave.Crestwood, KY 40014(502) 241-8811www.cbcworldwide.com

CBSA

Louisville/Jefferson County, KY-IN

Square Miles 4,135


Households 506,857

Household Income

Average$71,165


Unemployment 8.7%

OFFICE RETAIL



CONTACT

KY - Louisville Metro

28

• Kentucky Transpark located in Bowling Green, KY, was chosen as a national CSX Select Site.

• Bowling Green is a “Top Five Location for Business and Careers” in Forbes Annual Survey.

• New business growth is on the rise in Southern Kentucky.

• Residential market continues to rise in Southern Kentucky.

• Bowling Green is the home of the Minor League Baseball Team - Bowling Green Hot Rods.

• Bowling Green downtown continues to grow with Southern Kentucky Performing Arts Center (SKYPAC).

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialLegacy Real Estate Group2435 Fitzgerald Industrial Dr., Suite 100Bowling Green, KY 42104(270) 781-3844www.cbclegacy.com

CBSA Bowling Green, KY

Square Miles 848

Population 121,646

Households 50,840

Household Income

Average$61,970


Unemployment 7.3%

OFFICE RETAIL



CONTACT

KY - Southern

• Oil industry both onshore and offshore has stabilized and continues to increase.

• Very few quality Industrial buildings are available in market area.

• This is an active market for Industrial new construction with high demand and low availability for either sale or lease.

• Office market vacancies have decreased.

• Previous excess Retail space is being absorbed.

• Residential new construction is steady and values have been maintained.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialPelican Real Estate806 E. Saint Mary Blvd.Lafayette, LA 70503(337) 233-9541www.cbcpelican.com

CBSA Lafayette, LA

Square Miles 1,010

Population 264,966

Households 101,487

Household Income

Average$72,004


Unemployment 4.6%

OFFICE RETAIL



CONTACT

LA - Lafayette

29

• Oschner Hospital continued expansion by signing an 80,000 SF Office lease in the recently renovated Benson Tower adjacent to the Mercedes-Benz Superdome.

• Vacancy rates have increased in Retail and Office due to continued reductions in space by tenants and the addition of several large properties in the area.

• Expansion of the State Hospital System is underway with the construction of a 424-bed Hospital facility in New Orleans.

• The Multi-Family product has seen an increase in occupancy and rental rates, while single family inventory has fallen and pricing seems to be stabilizing or increasing depending on location.

• New Orleans’s culture has often been perceived as an obstacle to growth, but is now the reason why so many young and entrepreneurial people are seeking this city to conduct business and raise a family.

• Louisiana exports increased 45% in 2011, which is the most of any state in the country, placing 7th among all states for export volume in the United States.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialTEC Realtors701 Loyola Ave., Suite 401New Orleans, LA 70150(504) 566-1777www.cbctec.com

CBSANew Orleans-MetairieKenner, LA

Square Miles 3,153


Households 469,474

Household Income

Average$83,382


Unemployment 6.4%

OFFICE RETAIL



CONTACT

LA - New Orleans

• Super Wal-Mart, McDonald’s and Nuria C-Store have all moved into the area.

• Vacancy is rising slightly due to Wal-Mart moving out of their existing space into a much larger building.

• New construction includes a 150,000 SF Center.

• Units sold is increasing, and prices are stabilizing.

• The region has experienced higher tourist numbers.

• There has been substantial increase in national media attention due to major events and activity.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

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

CBSA Rockland, ME

Square Miles 366

Population 40,753

Households 17,284

Household Income

Average$65,601


Unemployment 7.0%

OFFICE RETAIL



CONTACT

ME - Midcoast

30

• General Motors has added a third shift with production of the new Cadillac, creating over 600 jobs.

• The State of Michigan is getting its budget under control, and has found a surplus for 2012.

• New construction still lags behind, but the new Broad Art Museum is scheduled to open this fall.

• Residential sales appear to have made an upward turn with January sales 40% greater than in 2011.

• Consumer confidence has improved for the first time in five years.

• Technology jobs are on the rise, state government seems to be on solid footing, Michigan State University is continuing with the new Cyclotron, and employment is now below the national average in Mid Michigan.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialHubbell Briarwood1020 S. Creyts Rd.Lansing, MI 48917(517) 321-5000www.cbcworldwide.com

CBSA Lansing-East Lansing, MI

Square Miles 1,707

Population 453,378

Households 184,334

Household Income

Average$67,460


Unemployment 6.9%

OFFICE RETAIL



CONTACT

MI - Middle

• Efforts by community leaders are paying off as vacancy in the City Center is at the lowest rate in more than a decade.

• A proposed expansion of the Verizon Civic Center will further enhance downtown vitality.

• New construction continues to be focused on trucking and agriculture-related businesses.

• Sales of development land continue to be sluggish.

• Retail vacancy continues to be lower than other Minnesota MSA’s, with very little change in absorption during the recession.

• Medical Office and treatment space continues to be in demand as regional residents look to the community to provide services previously only offered in Rochester or the Twin Cities metro area.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialFisher Group1400 Madison Ave., Suite 616Mankato, MN 56001(507) 625-4715www.cbcfi shergroup.com

CBSAMankato-North Mankato, MN

Square Miles 1,205

Population 93,650

Households 39,391

Household Income

Average$63,447


Unemployment 4.5%

OFFICE RETAIL



CONTACT

MN - Mankato

31

• Construction is underway for a Wal-Mart Super Center to be completed Fall 2012.

• Area has improved fundaments and a decline in the local unemployment rate to 5.8%.

• Recent Civic Center expansion completed in Winter 2011.

• Existing home inventory in local area is at a 5 year low.

• Market is heating up for quality investment offerings, also REO and distressed properties, and strategic buyers account for majority of transactions.

• Central MN market consists of 300,000+/- MSA. Major local employment sectors include Education, Medical and Manufacturing.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialOrion Real Estate630 1st St. S.Waite Park, MN 56387(320) 251-1177www.cbcorion.com

CBSA St. Cloud, MN

Square Miles 1,753

Population 189,957

Households 73,818

Household Income

Average$66,444


Unemployment 5.8%

OFFICE RETAIL



CONTACT

MN - St. Cloud / Central

• Chart industries leases 141,000 SF for 100+ manufacturing jobs in Owatonna.

• Unemployment drops to 5.4%.

• Target is adding 300,000 SF to their Brooklyn Park campus.

• Apartment market staged to add 1,100 units in 2012.

• Private sector added 22,000 jobs.

• 356,000 SF in 3 net leased buildings were acquired by Duke.

• Shakopee lands 3 Industrial expansions for over 1 million SF.

• Strong investor interest in 24-32’ high Industrial and Multi Family.

• Retail space is benefiting from medical user demand.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialGriffi n Companies1221 Nicollet Ave. S., Suite 300Minneapolis, MN 55403(612) 338-2828www.cbcgriffi n.com

CBSA

Minneapolis-St. Paul-Bloomington, MN-WI

Square Miles 6,063



Household Income

Average$89,359


Unemployment 5.4%

OFFICE RETAIL



CONTACT

MN - Minneapolis / St. Paul Metro Area

32

• Mercy Health started construction on a 199,000 SF, $105 million Orthopedic Hospital. Wal-Mart’s Neighborhood Market is building 6 new grocery stores. The Wonder of Wildlife Museum is continuing their $80 million expansion/renovation.

• The Assembly of God Financial Solutions just finished their 60,000 SF, $10 million headquarters office building. Hy-Vee Grocery store opened its first Springfield location a $17 million 86,000 SF store.

• The local economy is diverse and has weathered the turmoil with better numbers than the national economic indicators.

• Springfield unemployment rate dropped below 7% and ended the year at 6.7%.

• Springfield ranked third among American cities for job growth and named in a top five nationwide for economic strength.

• Springfield metro area ranks 9th in all metro area nationwide for job growth, a 4.4% increase over the last year with labor force numbers reaching over 223,500.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy N/A

Absorption N/A

Rental Rates N/A

Coldwell Banker CommercialVanguard Realtors1334 E. Republic Rd.Springfi eld, MO 65804(417) 887-5950www.cbcvanguard.com

CBSA Springfi eld, MO

Square Miles 3,010

Population 433,579

Households 180,772

Household Income

Average$56,651


Unemployment 6.7%

OFFICE RETAIL



CONTACT

MO - Springfi eld Area

• St Joseph is located just 35 minutes north of the Kansas City International Airport on the Missouri River. It has access to I-29, a major north-south Interstate Highway providing a corridor between Mexico and Canada and US Hwy 36, which is the major east-west route thru Northern Missouri.

• This market is in the heart of the Life Sciences Industry with over 30 of the major companies located here.

• Boehringer Ingelheim Vetmedica is expanding and building a 100,000 SF Office building.

• The new Easttown Business Park is complete and offering excellent Industrial building sites. A 60,000 SF shell building is planned to be built in 2012.

• Rosecrans Memorial Airport, which serves civilian and military needs, is located 3 miles west of the city . It boasts two fully ILS-equipped runways and provides capacity for any size aircraft.

• St Joseph is served by the Union Pacific Railway and the Burlington Northern-Santa Fe Railway to provide direct access to all parts of North America.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialGeneral Properties2700 N. Belt Hwy.St. Joseph, MO 64506(816) 364-2700www.cbcommercialgeneral.com

CBSA St. Joseph, MO-KS

Square Miles 1,661

Population 127,090

Households 51,821

Household Income

Average$55,753


Unemployment 6.7%

OFFICE RETAIL



CONTACT

MO - St. Joseph

33

• Sanjel moved into Billings in 2012.

• Vacancy is falling due to the strong demand created by jobs in Energy, Retail and Medical.

• Announcement of a new 220,000 SF Scheels Sporting Goods Store scheduled to open in 2014. New Volkswagen dealership scheduled to open Spring of 2012.

• Decrease in home construction has led to a stable residential market and increased demand for Multi-Family units.

• Energy and agricultural industries are driving growth.

• Billings is the nearest commercial hub to the Bakken oil boom.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

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

CBSA Billings, MT

Square Miles 4,683

Population 155,673

Households 63,905

Household Income

Average$68,486


Unemployment 4.8%

OFFICE RETAIL



CONTACT

MT - Billings

• Gallup Poll shows Lincoln, NE as #2 on the “List of 10 Happiest Cities.”

• Over $38 million in building permits were pulled for Retail improvements in the 2nd half of 2011.

• Pinnacle Bank Arena and the expansion of Memorial Stadium have cranes busy in Lincoln.

• New businesses include: ULTA, Cheddar’s, Vitamin Cottage, Pancheros, Topper’s Pizza, Cherry Berry and many more.

• The roadways near downtown have been improved due to the Antelope Valley Project.

• Sam’s Club has broken ground on a 2nd location in South Lincoln.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy N/A

Absorption N/A

Rental Rates N/A

Coldwell Banker CommercialThompson Realty Group620 N. 48th St., Suite 101Lincoln, NE 68504(402) 421-7700www.cbcthompson.com

CBSA Lincoln, NE

Square Miles 1,414

Population 299,958

Households 126,751

Household Income

Average$68,288


Unemployment 3.6%

OFFICE RETAIL



CONTACT

NE - Lincoln

34

• Leasing activity remains slow, but several large build-to-suits are in progress.

• Corporations remain reluctant to make leasing commitments, despite depressed lease rates.

• The pace of Multi-Family construction has increased.

• Stable Multi-Family properties are achieving impressive sales prices due to demand and the availability of financing.

• In general, this market is shifting away from large corporate users toward smaller users as large corporations seek CBD locations.

• 50 of the Fortune 500 companies have operations in Morris County.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialFeist & Feist Realty Corp.1100 The American Rd.Morris Plains, NJ 07950(973) 829-1900www.feistandfeist.com

CBSANY-Northern NJ-Long Island

Square Miles 6,726



Household Income

Average$95,352


Unemployment 8.2%

OFFICE RETAIL



CONTACT

NJ - Morris County

• Panasonic North America HQ is relocating to Newark.

• Multi-Family vacancy rates are falling, and the demand for rentals is increasing.

• Marriott Hotel broke ground in downtown Newark.

• Downward slope in Residential property values has lessened.

• Uptick in Urban Transit Villages/MXD Projects.

• Garden State is becoming more business-friendly (i.e. tax credits/EDA incentive programs).

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialNRT - Livingston2 E. Mount Pleasant Ave.Livingston, NJ 07039(888) 829-0221www.cbcnrtnewjersey.com


Square Miles 6,726



Household Income

Average$95,352


Unemployment 8.2%

OFFICE RETAIL



CONTACT

NJ - Northern

35

• Lowes announces new Customer Support Center in Albuquerque - 60,000 SF, providing up to 600 new jobs.

• Dick’s Sporting Goods is coming to northwest Albuquerque. First Dick’s in the market.

• Chipotle opens in northeast Albuquerque. First of several locations planned for the market.

• Planet Fitness opens two more locations in the ABQ / Rio Rancho market. Plans for additional stores in Rio Rancho and Santa Fe.

• Multi-Family market has several new projects ready to break ground, including a 240 unit Apartment complex and a 225 unit Senior complex both on the west side of ABQ.

• Albuquerque Public Schools is building a new elementary school, new high school and sports complex on west side, including a new 7,000 seat football stadium.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialLas Colinas4801 Lang Ave. N.E., Suite 100Albuquerque, NM 87109(505) 897-7227www.lcrealty.com

CBSA Albuquerque, NM

Square Miles 9,288

Population 863,887

Households 333,497

Household Income

Average$65,279


Unemployment 6.8%

OFFICE RETAIL



CONTACT

NM - Albuquerque Metro

• Friendly’s closed 11 Capital Region restaurants to help exit Chapter 11 bankruptcy protection.

• SUNY Nanotech campus constructing a 500,000 SF NanoFab building for a coalition of companies including Global Foundries, IBM, Intel, Samsung and Taiwan Semiconductor Manufacturing Company.

• Trader Joes announces the opening of its first store in the Albany market, taking over and renovating a former Office Max store.

• Butternut Beer Brewery to acquire a 460,000 SF facility in Cobleskill for new operations center.

• Multi-Family market continues to dominate the real estate industry in the area with high demands and one of the lowest vacancy rates in the US at around 3%.

• Urban, Downtown Office space continues to be the weakest sector with blended vacancy rates climbing to 22.4%.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialPrime Properties621 Columbia St.Cohoes (ALBANY), NY 12047(518) 785-9000www.coldwellbankeralbany.com

CBSAAlbanySchenectady-Troy, NY

Square Miles 2,817

Population 859,707

Households 358,803

Household Income

Average$73,105


Unemployment 6.9%

OFFICE RETAIL



CONTACT

NY - Albany (NY Capital Region)

36

• I-MAX Theaters and Lowes comes to Sparks Marina.

• Urban Outfitter completed new space in Reno.

• Industrial absorption is at the highest level since 2006.

• This market is experiencing stabilization of base lease rates in Office and Industrial.

• Alexandria Apartments is 70% complete.

• Apartment rates increased and vacancy rates decreased for 9 straight quarters.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialClay & Associates5011 Meadowood Mall Way, Suite 201Reno, NV 89502(775) 829-5900www.cbcreno.com

CBSA Reno-Sparks, NV

Square Miles 6,606

Population 420,676

Households 164,527

Household Income

Average$79,751


Unemployment 11.9%

OFFICE RETAIL



CONTACT

NV - Reno / Sparks MSA

• The New York City business district Office market ended the fourth quarter 2011 with the vacancy rate of 8.5 percent. Net absorption for overall New York City office market was a positive 1,000,478 SF.

• The average quoted asking rental rate for available space, all classes, was $47.34 per rentable SF; this represented a 2% increase in quoted rental rates from the end of the third quarter.

• A few of the top Office lease transactions for 2011 were Condé Nast publications for 1,046,260 SF; Nomura Securities International for 901,181 SF and Li & Fung for 482,399 SF.

• The New York City Retail vacancy ended the fourth quarter at 1.9%, with net absorption at 125,302 SF. Retail rental rates have trended down over the past 10 quarters.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy N/A

Absorption N/A

Rental Rates N/A

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialHunter Realty1430 Broadway, 9th FloorNew York, NY 10018(212) 201-0260www.cbchunterorg.com


Square Miles 6,726



Household Income

Average$95,352


Unemployment 8.2%

OFFICE RETAIL



CONTACT

NY - New York

37

• Wells Fargo Advisors consolidated offices to Mayfaire.

• Whole Foods begins construction on first store in Wilmington area.

• New 36,000 SF building begins construction and is 100% pre-leased.

• Coldwell Banker Commercial Sun Coast Partners’ Team Silivanch leads the market in Retail leasing.

• Retail rental rates have stabilized and have had a slow turn upward over the last six months.

• Investor interest is strong from outside of the market.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialSun Coast Partners, LLC1430 Commonwealth Dr., Suite 102Wilmington, NC 28403(910) 350-1200www.cbcsuncoast.com

CBSA Wilmington, NC

Square Miles 1,924

Population 357,853

Households 151,270

Household Income

Average$65,863


Unemployment 9.7%

OFFICE RETAIL



CONTACT

NC - New Hanover County

• The economy of the Outer Banks area of North Carolina continues to be reliant upon the tourist community and associated demand: accommodations and food service, retail trade, and real estate sales and rentals.

• Dare County building permit values showed a 24% increase from 2010. Notable new commercial projects in 2011 included a 158,000 SF Lowes and two new regional banks: First Bank and Towne Bank of Currituck.

• Occupancy receipts for the Outer Banks counties showed promising increases from 2010, even with the impact of Hurricane Earl just before Labor Day weekend.

• Retail receipts continued a modest decline in 2011. Retail and food and beverage receipts were severely impacted by Hurricane Earl in August and September.

• Sales of existing homes continued to be flat, but steady. Buyers are taking advantage of the continued decline of median home prices, lower interest rates and the available inventory of resort and retirement homes.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy N/A

Absorption N/A

Rental Rates N/A

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialSeaside Realty4900 N. Croatan Hwy.Kitty Hawk, NC 27949(252) 255-6596www.cbcworldwide.com

CBSA Kill Devil Hills, NC

Square Miles 384

Population 34,403

Households 14,352

Household Income

Average$76,503


Unemployment 15.7%

OFFICE RETAIL



CONTACT

NC - Outer Banks

38

• Vacancy fell from 16.18% to 15.64% across all property types.

• There is a trend for Office and Flex users wanting to buy space rather than lease.

• Other than 2 hospital expansions, there has been no new construction.

• Downtown Raleigh remains the strongest submarket and Research Triangle Park has the highest vacancy.

• There are a few submarkets reporting increases in Class A Office rents.

• Multi-Family is the strongest investment category with Class A Apartments trading at sub 5 cap rates.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialTradeMark Properties1001 Wade Ave., Suite 300Raleigh, NC 27605(919) 782-5552www.cbctmp.com

CBSA Raleigh-Cary, NC

Square Miles 2,116


Households 452,721

Household Income

Average$78,408


Unemployment 8.0%

OFFICE RETAIL



CONTACT

NC - Research Triangle

• Caterpillar is opening in 2012.

• Class A Office remains strong. Class B still suffers from a 22% vacancy rate.

• Two new community based hospitals are scheduled for construction starting in 2012.

• Eastern Beltway Loop timeline has been moved up.

• Major furniture manufacturers are looking at Davie County.

• Winston-Salem Downtown Research Park to open new building for research and start-ups this spring.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialTriad, Realtors285 S. Stratford Rd., Suite 351Winston-Salem, NC 27103(336) 761-5934www.cbctriad.com

CBSA Winston-Salem, NC

Square Miles 1,462

Population 487,010

Households 201,455

Household Income

Average$65,788


Unemployment 9.1%

OFFICE RETAIL



CONTACT

NC - Winston-Salem

39

• Commercial vacancy within each sector decreased in the 4th Qtr 2011. Industrial vacancy lowered to 8% while Retail showed a slight improvement to 5.4%. Office remains in double digits at 10.4%.

• In 2011, Wilsonville Old Town Square, which is now 94% occupied, delivered 250,000 SF including a 145,000 SF space for Fred Meyer.

• In the Office sector, Cap Rates increased in 2011, averaging 8.2% compared to the same period in 2010 when they averaged 7.78%.

• Two of the largest Office projects underway at the end of 2011 include a fully pre-leased 135,000 SF FBI Building and a 98% pre-leased Meier & Frank Building consisting of 133,000 SF.

• Georgia-Pacific, LLC relocated from Marine Drive Center to a larger 275,000 SF facility at the I-5 Logistics Center in Wilsonville.

• Portland’s increasingly tight Multi-Family market has motivated developers to start building especially targeting areas closer to the city’s core with high demand and mass transit capabilities.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

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

CBSA

PortlandVancouver-Beaverton, OR-WA

Square Miles 6,684


Households 878,239

Household Income

Average$73,445


Unemployment 8.1%

OFFICE RETAIL



CONTACT

OR - Portland

• Western North Dakota’s oil patch has boosted the Fargo/Moorhead market, as well as the state of North Dakota’s economy.

• Agriculture in the Red River Valley has been strong and commodity prices remain high.

• Sanford Health unveiled plans for a 300-bed, state-of-the-art, new hospital that will employ 2,700.

• Microsoft’s Fargo campus continues to expand in the market due to the educated workforce.

• Costco announced plans to break ground in 2014, which shall spur development along I-29 in Fargo.

• In the fourth quarter of 2011, the Multi-Family sector had a 4.3% vacancy rate, spurring investors to build more apartments.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialFirst Realty2731 12th Ave. S.Fargo, ND 58103(701) 237-3369www.cbcworldwide.com

CBSA Fargo, ND-MN

Square Miles 2,810

Population 202,280

Households 86,119

Household Income

Average$67,293


Unemployment 3.7%

OFFICE RETAIL



CONTACT

ND - Fargo / Moorhead

40

• Approximately 70 transactions in the major commercial sectors occurred in 2011, totaling nearly $136 million in the Salem-Keizer market.

• Vacancy rates remained stable with no large swings finishing the year with 6.8% in Office, 6% in Retail and 8.6% in Industrial/Flex.

• The largest commercial sales in the area were Multi-Family complexes, with the exception of Capitol City Business Center that was purchased by Government Properties Income Trust.

• Average marketing times ranged from 19 months to over 24 months.

• Cap rates increased approximately one percent from 7.4% in 4Q 2010 to 8.6% at the end of 4Q 2011.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialMountain West Real Estate, LLC960 Liberty St. S.E., Suite 250Salem, OR 97302(503) 588-3508www.cbcre.com

CBSA Salem, OR

Square Miles 1,925

Population 399,131

Households 148,354

Household Income

Average$61,094


Unemployment 9.2%

OFFICE RETAIL



CONTACT

OR - Salem

• Home Goods moved into the Manchester Crossroads.

• Throughout the central Pennsylvania market, vacancy has begun to fall. The one exception would be the Harrisburg Office market, but it has been speculated that too should begin to see improvement in the second quarter of 2012.

• As with the rest of the country, it is less expensive to buy existing buildings rather than build. Changes are on the horizon as developers are looking for sites. A new shopping center in Lancaster was announced and more are on the way.

• The residential market is beginning to see activity. Prices are expected to stabilize in the second quarter throughout central Pennsylvania.

• The area is ready for expansion in all areas.

• Tourism is big business in central Pennsylvania. Hershey has its amusement park. Dauphin County is the state capital. Both Lancaster and York were, at one time, capitols of the United States. Reading, (Berks County), is known as the outlet capitol of the world.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

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

CBSA York-Hanover, PA

Square Miles 904

Population 430,707

Households 169,750

Household Income

Average$65,260


Unemployment 7.1%

OFFICE RETAIL



CONTACT

PA - Central

41

• The market has seen increased activity due to Marcellus Shale Industry (Wyoming, Susquehanna, Pike & Wayne counties).

• The Commonwealth Medical College (TCMC) is still in the initial stages of development in Scranton.

• There is increased activity around Mohegan Sun Casino.

• Stable local real estate economy; median home prices falling slightly.

• Revitalization of downtown Scranton is taking place.

• Residential foreclosures have created a slight demand for more lease opportunities.

• New movie theatre in downtown Wilkes-Barre has rejuvenated the area and the $25 million Intermodal Transportation Center will add 752 parking spots, making the businesses along Public Square more accessible to patrons.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialTown & Country651 Northern Blvd.Clarks Summit, PA 18411(570) 587-5500www.cbcworldwide.com

CBSAScranton-Wilkes-Barre, PA

Square Miles 1,747

Population 549,920

Households 233,775

Household Income

Average$58,775


Unemployment 8.5%

OFFICE RETAIL



CONTACT

PA - Northeastern

• Marcellus Shale related companies are moving into the area.

• Industrial buildings, Warehouses, Flex-Space are being sold and/or leased to drilling companies.

• The occupancy rate for Office space in the area is higher than the national average, and the vacancy rate is lower than the national average.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

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

CBSA Pittsburgh, PA

Square Miles 5,280


Households 991,049

Household Income

Average$69,762


Unemployment 6.6%

OFFICE RETAIL



CONTACT

PA - Southwestern

42

• TIG HITCO, an aviation supplier, took 150,000 SF.

• Pent up demand has caused the absorption of vacant space and there has been no new major developments.

• There is new construction in Medical buildings.

• In the residential market, sales are stabilizing and there is new growth in homes under $300,000.

• There is an increase in overall demand with good financing terms helping sales.

• Boeing settled NLRB labor dispute and will deliver it’s first Charleston 787 in the Spring to Air India.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialAtlantic International, Inc.3506 W. Montague Ave., Suite 200North Charleston, SC 29418(843) 744-9877www.cbcatlantic.com

CBSA

Charleston-North Charleston, SC

Square Miles 2,591

Population 665,272

Households 262,007

Household Income

Average$72,395


Unemployment 7.9%

OFFICE RETAIL



CONTACT

SC - Charleston

• Amazon opened a 1,253,748 SF distribution facility in 4Q 2011 that is 100% occupied.

• Aside from Amazon, there was very little new construction delivered in 2011. Retail led the way with a 4th quarter total of 389,889 SF.

• 8 out of 10 (80%) residential builders in 2008 are out of business.

• Columbia is home to Ft. Jackson, the University of South Carolina and the State Capital.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy N/A

Absorption N/A

Rental Rates N/A

Coldwell Banker CommercialUnited, Realtors1711 Gervais St., Suite 300Columbia, SC 29201(803) 799-4663www.cbccarolinas.com

CBSA Columbia, SC

Square Miles 3,701

Population 751,082

Households 300,796

Household Income

Average$67,472


Unemployment 8.0%

OFFICE RETAIL



CONTACT

SC - Columbia

43

• Amazon announced a $50 million investment for a 1 million SF fulfillment center, creating up to 800 new jobs.

• 175,000 SF Class A Office development on Greenville’s Main St. will include: Haynsworth Law firm and the headquarters for newcomer Certus Bank. Additional downtown construction includes 90,000 SF Mixed-Use development.

• Educational and Research initiatives abound in support of demand for trained workers. Greenville is now home to Clemson MBA Program in addition to Clemson University International Center for Automotive Research, (CU;ICAR), Greenville Tech., ITT, and ECPI. Recent announcements also from USC and MUSC.

• TD Bank completed acquisition of South Financial and announced regional operational center with accompanying job growth. BMW will have another expansion with BMW supplier ZF announcing a 950,000 SF manufacturing facility.

• Seven new Apartment downtown and suburban projects are scheduled, totaling 1,200 units.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialCaine117 Williams StreetGreenville, SC 29601(864) 250-2800www.cbccaine.com

CBSAGreenville-MauldinEasley, SC

Square Miles 2,002

Population 644,419

Households 263,044

Household Income

Average$64,851


Unemployment 8.2%

OFFICE RETAIL



CONTACT

SC - Greenville / Spartanburg

• New Target superstore with PetSmart at Rt 17 and Rt 554.

• This area is experiencing a slow down in the economy and high unemployment.

• Ross and hhgregg have recently built in the market.

• The market is seeing continued decline in values and working through foreclosed inventory.

• There is little new construction in Residential and Multi-Family.

• Coastal Carolina University hires new football coach which may lead to growth in student enrollment.

• Retail sales and Resort tourism remain strong and steady.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialChicora10225 N. Kings Hwy.Myrtle Beach, SC 29572(843) 272-8700www.cbcommercialchicora.com

CBSA

Myrtle Beach-Conway-North Myrtle Beach, SC

Square Miles 1,134

Population 266,384

Households 110,858

Household Income

Average$54,792


Unemployment 11.6%

OFFICE RETAIL



CONTACT

SC - Myrtle Beach

44

• Continental Tire announces $500M tire manufacturing facility in Sumter, the largest Industrial investment ever made in the county. 10-year economic impact is projected to be $1.82 Billion and nearly 6,000 new jobs.

• Third Army Headquarters relocation from Fort McPherson in Atlanta to Shaw Air Force Base in Sumter is nearly complete as troops occupied the new $100M facility late last year. 1,400 new military personnel and their families will be a huge boost to the Sumter market this year.

• Au’some Candy opens plant in 1st Qtr 2012. The Hong Kong based candy company’s $6M investment is their first North American facility and will generate 120 new jobs over the next 5 years.

• Multi-Family sector continues to be underserved and ripe for development. Vacancy rates remain low and several Multi-Family properties have waiting lists.

• Overall sales and leasing activity is up in the first quarter after a slow 2011. Steady improvement is expected throughout 2012 based on Industrial and military job creation.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialCornerstone38 N. Main St.Sumter, SC 29150(803) 778-1139www.cbccornerstone.com

CBSA Sumter, SC

Square Miles 665

Population 104,624

Households 39,583

Household Income

Average$57,912


Unemployment 10.3%

OFFICE RETAIL



CONTACT

SC - Sumter

• Wacker Chemie AG began construction on a fully integrated polysilicon production site which will create 650 permanent jobs and invest $1.5 billion.

• Amazon opened two fulfillment centers, creating over 1,300 new jobs and $135 million in investment to the area. With 3 facilities in Tennessee, Amazon has created 3,300 jobs and more than $270 million in investment in the state.

• Whirlpool replaced an existing 100-year old manufacturing plant with a new LEED-certified facility. The new facility will add 130 new jobs at an investment of $120 million.

• Residential rental market is booming in the area.

• Volkswagen continues to expand their workforce by adding 300 new jobs this year.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialHamilton & Associates2650 Peerless Rd. N.W.Cleveland, TN 37312(423) 476-5535www.hamiltoncommercial.com

CBSA Chattanooga, TN-GA

Square Miles 2,089

Population 526,490

Households 211,265

Household Income

Average$62,455


Unemployment 7.3%

OFFICE RETAIL



CONTACT

TN - Chattanooga / North GA

45

• Costco has purchased 21 acres in West Knoxville (Farragut) for $5,500,000.

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

• A Publix/Wal-Mart development has been announced on a site next to the campus of the University of Tennessee.

• The residential market is still declining but seems to be stabilizing. Number of units sold and volume is down, but not as sharply as a year ago.

• Retail development seems to be the strongest segment with at least 5 developments already underway or recently announced.

• Knoxville has been ranked 9th in Forbes’ 2011 “Best Cities for Jobs. ”

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

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

CBSA Knoxville, TN

Square Miles 1,857

Population 702,994

Households 297,456

Household Income

Average$64,861


Unemployment 6.4%

OFFICE RETAIL



CONTACT

TN - Knoxville / East Tennessee

• A pair of buyers acquired three buildings, totaling approximately 508,112 SF, in two separate transactions for approximately $95 million.

• A 1,026-bed student housing community, located just one block from the University of Texas, was acquired in December 2011 for $86.2 million.

• The Industrial market is increasing its footing in stable territory. Absorption improved significantly with 465,975 SF in the fourth quarter 2011.

• Fourth quarter 2011 marked ten quarters in a row of positive net absorption for Austin’s Office leasing market, ending the fourth quarter with 275,900 SF of positive net absorption.

• Forecasted job growth in 2012 leads to expectations of plunging Apartment vacancies and rising rental rates.

• Another residential tower is planned for downtown Austin. The 23-story, 320-unit complex will include “significant” Retail space.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialUnited, Realtors2121 Sage Rd., Suite 150Houston, TX 77056(713) 840-5000www.cbcunitedrealtors.com

CBSA Austin-Round Rock, TX

Square Miles 4,224


Households 665,762

Household Income

Average$74,027


Unemployment 6.3%

OFFICE RETAIL



CONTACT

TX - Austin

46

• Multi-Family remains strong with recent projects including Campus View, a 1,600-bed project; Cottage Homes, an Aspen Heights Project; and an addition to the Calloway Villas.

• Hotel redevelopment is also very strong in the Bryan-College Station market. Four Seasons purchased the former Holiday Inn; the Former Plaza Hotel has been purchased and planned Mixed-Use development, including student housing and Retail, is expected; and the former Aggieland Inn is under contract.

• New Retail development is strong along the Greensprairie Corridor.

• Scott & White Hospital, a 100-bed facility, is under construction and planned for 2013 opening.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates


CBSAHouston-Sugar Land-Baytown, TX

Square Miles 8,928



Household Income

Average$87,941


Unemployment 5.5%

OFFICE RETAIL



CONTACT

TX - Bryan / College Station

• Domestic immigration continues to increase, and legal immigration from Mexico remains robust. Texas and San Antonio continue to lead the nation in new job creation.

• The market is seeing continue absorption of existing space in all disciplines.

• Very limited new construction projects, due to lack of available credit.

• Residential market remains stable with a 3% annual rise in new home sales. Home prices remain stable to slightly increasing, and new home inventory is well managed and remains at about a 6 month inventory.

• Leasing activity has become more robust, while acquisitions remain slow.

• Federal spending remains active in the San Antonio area. Benefits range from Military retirees locating here as well as new projects nearing completion, such as the National Security Agency. A recent Oil & Gas development in adjacent counties has brought Oilfield Companies such as Halliburton.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

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

CBSA San Antonio, TX

Square Miles 7,340


Households 749,986

Household Income

Average$69,352


Unemployment 6.8%

OFFICE RETAIL



CONTACT

TX - Central

47

• Weatherford combined 5 of their operations under 1 roof.

• There has been steady interest in the market due to oil/gas activity in the region.

• Office/Warehouse demand is still positive.

• Residential activity increased over prior year.

• Absorption of existing Office/Retail is improving.

• This area has relatively low unemployment compared to many other areas.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialLenhart Properties304 E. Loop 281, Suite CLongview, TX 75605(903) 297-1444www.cbcworldwide.com

CBSA Longview, TX

Square Miles 1,785

Population 208,154

Households 81,170

Household Income

Average$65,286


Unemployment 5.9%

OFFICE RETAIL



CONTACT

TX - East

• Houston is the first major metropolitan region to regain all the jobs it lost in the recession, adding about 76,000 jobs last year, according to the Texas Workforce Commission.

• Shell has renewed a 15-year lease for 804,491 SF in One Shell Plaza and 471,934 SF in Two Shell Plaza, a combined 1.22 million SF of Office space, the largest Office lease transaction in the world in 2011.

• Multi-Family continues to be attractive to investors: Mosaic Residential Inc. purchased the 274-unit Westborough Crossing Multi-Family complex in Katy for $12.9 million.

• A study released by PWC ranked Houston #1 in the world in terms of cost of living advantage and purchasing power.

• Oil prices continued their upward movement, reaching $95-$100/barrel.

• Houston named “City of the Year” by Fast Company because of small business and entrepreneurial attraction.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates


CBSAHouston-Sugar Land-Baytown, TX

Square Miles 8,928



Household Income

Average$87,941


Unemployment 5.5%

OFFICE RETAIL



CONTACT

TX - Houston

48

• The Lubbock Economic Index finished the year on an upward trend, increasing for each of the last three months, and five of the last seven months.

• Real spending in Lubbock was solid in the 4th quarter of 2011, with inflation-adjusted taxable Retail spending per Lubbock sales tax receipts in the 4th quarter up 6.5% compared to the fourth quarter 2010.

• There was no employment sector that lost jobs in 2011; even the government sector grew by nearly 2% year-over-year.

• The December 2011 unemployment for the South Plains was 5.5 percent, with the Lubbock unemployment rate at 5.3 percent.

• Lubbock will start off 2012 with a $4.1 million sales tax distribution payment. That figure is 6.2 percent higher than the $3.8 million the city received in January 2010.

• Texas Tech has completed the $70 million, 150,000 SF Jerry Rawls College of Business building for the Spring semester.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

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

CBSA Lubbock, TX

Square Miles 1,799

Population 279,239

Households 111,087

Household Income

Average$57,245


Unemployment 5.3%

OFFICE RETAIL



CONTACT

TX - Lubbock

• Burk’s Outlet, Shoe Dept., Encore and Pier One Imports open for business.

• Eagle Ford Shale and Caterpillar draw people to the area.

• 244-unit market rent Apartment complex was constructed.

• There is less than six months in housing inventory in the market.

• Housing demand increases while inventory decreases and new home construction is lagging behind demand..

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialThe Ron Brown Company2505 N. Navarro St.Victoria, TX 77901(361) 573-6191www.cbcworldwide.com

CBSA Victoria, TX

Square Miles 2,248

Population 115,980

Households 41,805

Household Income

Average$66,662


Unemployment 5.8%

OFFICE RETAIL



CONTACT

TX - Victoria County

49

• Adobe, Goldman Sachs, EMC, Microsoft, eBay, Crate & Barrel, North Face and Marshall’s have entered the market.

• Utah has one of the lowest corporate tax rates in the country.

• City Creek, the impressive downtown Salt Lake City redevelopment project with the LDS Church and Taubman Company is scheduled to open March 2012.

• For the second year straight, Forbes Magazine has listed Utah as “the Best State in the Country for Business and Careers.”

• In spite of a difficult lending environment, a significant number of building projects launched in Utah’s Office market. Speculative development is back.

• Vacancy rates overall are decreasing. Net absorption is up and lease rates remain the same but are a lagging market indicator.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialNRT - Salt Lake City6550 S. Millrock Dr., Suite 200Salt Lake City, UT 84121(801) 947-8300www.coldwellutah.com

CBSA Salt Lake City, UT

Square Miles 9,539


Households 376,706

Household Income

Average$82,120


Unemployment 5.4%

OFFICE RETAIL



CONTACT

UT - Salt Lake City

• Lynchburg continues to hold on to larger tenants due mostly in part to the steady economy in this area.

• Vacancy rates are continuing to slowly fall due to several smaller tenants branching out to the Central VA area.

• New construction is slowly creeping up and new additions/alterations are remaining steady.

• Developers are taking advantage of the various tax credits, and therefore many adaptive, re-use projects are taking place in the downtown market.

• Investors are starting to favor Multi-Family developments more now than in the past when CRE was the main focus.

• This area is becoming more attractive to outside developers/investors mostly due in part to the various incentives the city offers to revamp the downtown market.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialRead & Co.2508 Langhorne Rd.Lynchburg, VA 24501(434) 455-2285www.cbcread.com

CBSA Lynchburg, VA

Square Miles 2,124

Population 248,585

Households 100,680

Household Income

Average$58,652


Unemployment 6.5%

OFFICE RETAIL



CONTACT

VA - Lynchburg

50

• The Columbia River Crossing - the new I-5 Bridge (which is in the final planning stage) - will connect Vancouver, WA with neighboring Portland, OR. It is anticipated that the new bridge will boost the regional economy and directly benefit the Clark County business community through improved freight mobility.

• In Spring 2012, Washington State University Vancouver will open the new Engineering and Computer Science Center – a $43.5 million, 56,000 SF building.

• Apartments continue to be a hot sector in the investment market. Cap rates remain strong in favor of sellers in the 6+% range. Low interest loans in the 4+% range are spurring sales.

• It’s a buyer’s market for Land. Commercial Land on major arterials is selling at 70% of its 2008 peak value, with residential Land selling at 50% of its 2008 peak value.

• The Columbia River Economic Development Council recently released a 20 year plan call for establishing Clark County as a regional center of growth and innovation in the information technology sector.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialJenkins-Bernhardt Associates1500 D St.Vancouver, WA 98663(360) 699-4494www.cbcworldwidenw.com

CBSA

PortlandVancouver-Beaverton, OR-WA

Square Miles 6,684


Households 878,239

Household Income

Average$73,445


Unemployment 9.2%

OFFICE RETAIL



CONTACT

WA - Clark County

• Overall sales and leasing of Office and Industrial properties are picking up.

• The Multi-Family sector is still very strong. Rental rates are predicted to increase for the next 3-5 years.

• Residential prices fell in 2011, and sales continue to improve.

• Boeing and other companies are experiencing a once in a lifetime market. Companies are building or moving into larger facilities.

• King County is bordered by the Puget Sound to the West and the Cascade Mountains to the East. People can do many different activities such as fishing, skiing, bicycling within an hour of where they live. King County is one of the best places to live and work in the U.S.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialDanforth & Associates33313 First Way S.Federal Way, WA 98003(253) 874-3200www.cbcdanforth.com

CBSASeattleTacomaBellevue, WA

Square Miles 5,894



Household Income

Average$86,419


Unemployment 7.2%

OFFICE RETAIL



CONTACT

WA - King County

51

• In Retail, WinCo Foods and Trader Joe’s have experienced good success moving into the market. REI launch proved very successful, as well. The Office sector is still undergoing a correction as the state of Washington consolidates operations.

• Multi-Family stats are up significantly as the rental market continues to improve as a result of foreclosures and short sales, which account for 31% of the residential sales in this market.

• Industrial vacancies continue to climb as contraction in the construction markets continues.

• Some notable properties have been foreclosed by creditors and are being marketed now. The Gateway project in Lacey, anchored by retailer Cabela’s, is a 200+ acre Mixed-Use development that is receiving strong interest from developers. Prices on land, however, continue to soften.

• The Residential markets are beginning to pick up. After reaching a bottom last winter, sales picked up steam as the year went on. Around the Sound, 2011 sales were up more than 7% over 2010.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialEvergreen Olympic Realty, Inc.3333 Capitol Blvd. S.Olympia, WA 98501(360) 352-7651www.cbcworldwide.com

CBSA Olympia, WA

Square Miles 727

Population 253,654

Households 100,414

Household Income

Average$74,489


Unemployment 7.9%

OFFICE RETAIL



CONTACT

WA - South Puget Sound

• New Warehouse distribution centers include Amazon and Brooks of 500k SF each.

• Russell Company purchased the WAMU building in downtown Seattle, pulling the largest private employer out of Tacoma. This is creating opportunities for new tenants to occupy Class A space in Tacoma that was previously unavailable.

• Multicare, Franciscans and Group Health are all building aggressively to meet changing needs in healthcare.

• Vulcan project in South Lake Union Seattle has over 1M SF of preleased Office.

• In Retail, re-tenanting big boxes currently is a focus, with build-to-suits almost exclusively relying on sit-down food and bank pads.

• Boeing has over 7 years backlog on its books, so aerospace manufacturing/supply is in the rise.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

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

CBSASeattleTacomaBellevue, WA

Square Miles 5,894



Household Income

Average$86,419


Unemployment 9.1%

OFFICE RETAIL



CONTACT

WA - Tacoma

52

• Madison is Wisconsin’s state capitol.

• Amazon.com leased 205,000 SF as the largest Office lease in 2011.

• Office vacancy is decreasing overall in the Madison area primarily because of bio-tech industry growth.

• The area has an abundance of highly skilled labor for manufacturing companies.

• There is large scale construction at the University of Wisconsin, plus bio-tech companies in Madison and suburbs.

• Residential market remains fairly solid, with low rental vacancy rates and median sales prices slowly increasing.

• Madison area is supported with excellent school systems.

• There are also many housing options for company executives.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialSuccess7609 Elmwood Ave., Suite 102Middleton, WI 53562(608) 662-1110www.cbcsuccess.com

CBSA Madison, WI

Square Miles 2,738

Population 574,245

Households 242,725

Household Income

Average$79,455


Unemployment 4.7%

OFFICE RETAIL



CONTACT

WI - Madison

•

•

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

,

CBSA

Square Miles

Population

Households

Household Income

Average

Employees (Total)

Unemployment

OFFICE RETAIL



CONTACT

-

INTERNATIONAL MARKETS

53

• 141 Front Street, a showcase building in the City of Hamilton, completed in September 2010, has been a huge success with 75% occupancy.

• Vacancy level in secondary space has increased due to high level of new space on the market at affordable prices.

• Waterloo House, approx 20,000 SF of premier waterfront property in Hamilton, is on track with completion expected in 2013; 40% is already preleased.

• Residential data for 2011 (gov’t records) is incomplete, but it is expected that 2011 sales totals will be similar to 2010 with average price of property lower.

• Slowly, more people are looking to purchase in this market but with longer transaction times.

• As an island destination, foreigners often look to purchase in Bermuda. It is expected that government will soon relax purchasing requirements for foreigners.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy N/A

Absorption N/A

Rental Rates N/A

Coldwell Banker CommercialBermuda Realty11 Par la Ville Rd.Hamilton, Bermuda HM HX(441) 292-1793www.bermudacommercial.com

CBSA Bermuda

Square Miles 21

Population 64,237

Households 34,110

Household Income

Average$67,183 USD


Unemployment 6.0%

OFFICE RETAIL



CONTACT

Bermuda

• Kellogg’s leased 400,000 SF.

• Industrial vacancy rates remain relatively low based on little or no new construction in the last 3-5 years.

• Little new construction in the area.

• The Residential sector is stable.

• Vacant Land is starting to sell, based on the possibility of new construction.

• This region is close to the US markets and central to Ontario with a stable and affordable housing market.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Coldwell Banker CommercialEkort Realty100 Bell Blvd., Suite 200Belleville, ON K8P 4Y7(613) 969-9901

CBSABelleville, Brighton, Quinte West

Square Miles 372.14 m2

Population 103,468

Households 45,214

Household Income

Average $52,803 USD


Unemployment 6.33%

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CONTACT

Canada - Ontario (Eastern)

54

• Industrial vacancy continues decline to approximately 7% with inventory of 800,000,000 SF.

• Little new Industrial product has been built in recent years.

• Office market is doing reasonably well.

Vacancy

Absorption

Rental Rates

Vacancy N/A

Absorption N/A

Rental Rates N/A

Vacancy

Absorption

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Vacancy N/A

Absorption N/A

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Coldwell Banker CommercialIntegrity Real Estate, Brokerage1384A Cornwall Rd.Oakville, ON L6J 7W5(905) 338-8877www.cbci.ca

CBSA Toronto, CA

Square Miles 2,279



Household Income

Average$63,500 USD


Unemployment 7.2%

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CONTACT

Canada - Greater Toronto Area

• Business changes at Research in Motion affect the local Office market, but substantial growth at Google, Desire to Learn and many other technology companies help offset the impacts. 300 new tech companies founded in 2011 and 450 startup jobs created.

• Waterloo Region Council approved a new Light Rail Transit system, with an estimated cost of $818 million dollars.

• Construction includes: a new $103 million dollar business school at Wilfrid Laurier University, a new $74.3 million dollar campus for Conestoga College and three new buildings at the University of Waterloo totaling $88.3 million.

• The Stephen Hawking Wing of the Perimeter Institute for Theoretical Physics and the new Balsillie School of International Affairs have opened.

• Toyota built 458,000 vehicles at its two local plants.

• New Retailers such as Lowe’s, Wal-Mart and Empire Theatres open at The Boardwalk, a new 1,000,000 SF Office and Retail complex.

Vacancy

Absorption

Rental Rates

Vacancy N/A

Absorption N/A

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Vacancy

Absorption

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Vacancy

Absorption N/A

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Coldwell Banker CommercialPeter Benninger Realty, Brokerage508 Riverbend Dr.Kitchener, ON N2K 3S2(519) 743-5211www.coldwellbankercommercial.ca

CBSAKitchener, ON (Waterloo Region)

Square Miles 528

Population 543,700

Households 194,890

Household Income

Average$65,522 USD


Unemployment 6.4%

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Canada - Waterloo Region

55

• Siemens, Holesovice is a major Office development in the region.

• European financial situation reducing foreign direct investment.

• Retail Centre Krakov, consisting of 29,000 m2, was recently constructed.

• Residential market has been stagnant in 2011.

• Some exposure to European financial crisis but domestic companies are competitive and have good market share.

• This location in Central Europe gives good access to high value markets such as Germany, Austria and the Czech Republic.

Vacancy

Absorption

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Vacancy

Absorption

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Vacancy

Absorption

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Vacancy

Absorption

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Coldwell Banker CommercialTop Czech Partners Commercial s.r.o.Podebradska 88/55Prague, Czech Republic 190 00+420 222 329 004www.cbcommercial.cz

CBSA Czech Republic

Square Miles 30,450



Household Income

Average$32,000 USD

Employees (Total) N/A

Unemployment 6.5%

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Czech Republic

• One very important and re-occurring trend is the preference for town-centre sites, but retailers will have to deal with the supply shortage and the high level of rents.

• Seeing that the population will continue to have a hard time budgeting, the financial situation of retailers will be under pressure. This will make retailers cautious and very selective when choosing sites, leading to long and complex real estate negotiations.

• The average price of new flats in France continued to climb, going up by 6.5%. The price increase in 2010 was essentially linked to the decrease in lending rates and the low level of supply while demand remained high. According to developers, construction costs are expected to increase.

• Market for new housing: the large share of investors were hit by changes in the tax regime and the elimination of certain incentives. Many investors sold their Apartments because of this new law. Prices continue to rise in Paris; and in regional markets, prices have tended to stabilize .

Vacancy

Absorption

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Vacancy

Absorption

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Vacancy

Absorption

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Vacancy

Absorption

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Coldwell Banker CommercialFrance & Monaco8 rue LamennaisParis, N/A 75008+33 1 83535353

CBSA France

Square Miles 260,558

Population 63,100


Household Income

Average€56,064


Unemployment 9.3%

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France

56

• Greek market is open to investments and legislation is being simplified in order to favor investors and big construction projects.

• Vacancy is rising as the general economic activity is shrinking and enterprises, as well as households, reduce their activities or move to smaller size spaces.

• New construction is limited due to new taxation on land property. Private construction activity in 2011 decreased by 36.9% (10 months).

• The residential market is at a standstill in anticipation of new economic development policies.

• Economic prospects are improving with recent efforts for market stabilization.

• Excellent location for tourist and residential development. As prices are becoming lower, new opportunities emerge for long term investments. It’s a buyer’s market.

Vacancy

Absorption

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Vacancy

Absorption

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Vacancy

Absorption

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Vacancy

Absorption

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Coldwell Banker CommercialGreece8 Omirou street & Panepistimiou Ave.Athens, Greece 10564+30 32 28228

CBSA Greece

Square Miles 50,949



Household Income

Average€20,751


Unemployment 20.9%

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CONTACT

Greece

• Twitter set up its European headquarters in Dublin.

• Vacancy rates are rising as Nama is releasing more and more property on the market.

• There hasn’t been any significant construction in this market.

• Prices continue to fall, but transactions are increasing very modestly.

• Market is still quite stagnant, but commercial market expected to improve this year from overseas investment.

• The area is experiencing the biggest property slump of any OECD country ever recorded.

Vacancy

Absorption

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Vacancy

Absorption

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Vacancy

Absorption

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Vacancy

Absorption

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Coldwell Banker CommercialProperty Consultants2 Upper Fitzwilliam St.Dublin, Co Dublin Dublin 2+353 1 4110012www.coldwellbankercommercial.ie

CBSA Ireland

Square Miles 27,027



Household Income

Average€35,000


Unemployment 14.0%

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CONTACT

Ireland

57

• The Office market increased by 10% compared with the 2010 year end; absorption decreased by 25% while the average rent price remained the same.

• Some of the most significant transactions in the Office market: Ericsson Telecom (184,000 SF) and Siemens (176,000 SF).

• The total SF of Office buildings built in 2011 was 4.1 million SF and it is expected that over 3.1 million SF will be built during 2012.

• In the Industrial market, Bonafont leased a 333,000 SF facility near Mexico City.

• During the last quarter of 2011, the Retail prices remained stable and the demand for commercial spaces grew.

• Consumer recovery after the latest financial international crisis, along with the conceptual evolution in shopping centers, reposition Mexico beside Brazil and Colombia in the arena of expanding potential Retail markets in Latin America.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy N/A

Absorption N/A

Rental Rates N/A

Coldwell Banker CommercialMexicoMontes Urales No. 415 1 Lomas de ChapultpepecMexico City, Mexico 11000+52 55 41621000

CBSA Mexico City, MX

Square Miles 80


Households N/A

Household Income

Average$31,000 MXN


Unemployment 4.8%

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CONTACT

Mexico - Mexico City

• This market is seeing some new construction for residential and commercial.

• The interest rate is falling.

• The market is experiencing growth and evolution of cities.

• New infrastructure for tourism are in progress (new hotels) as well as new construction of Malls.

• There are several projects in place involving the government to develop housing.

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

Rental Rates

Vacancy

Absorption

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Vacancy

Absorption

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Coldwell Banker CommercialPerúAv. Javier Prado 3361 San Borja LimaLima, Perú L41+51 13 462900

CBSA Lima, Peru

Square Miles 27



Household Income

Average$800 USD


Unemployment 9.0%

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CONTACT

Perú - Lima

58

• Unemployment rate dropped by 3% with positive job growth.

• Puerto Rico SBA loans up 36% with small business owners projected to absorb some vacant commercial lease units.

• Puerto Rico government purchased the old Roosevelt Roads Naval Base on the east side of the island. The government invested $2.5 Billion in the 8.654 acres to promote and sell Land for commercial and residential projects.

• Agriculture Department and Energy Affairs Administration of Puerto Rico invested over $3 Million in assisting local and US mainland investors in purchasing Land to develop solar and wind farm projects.

• Puerto Rico legislature approves Act 113 of 2011, the law to promote and develop the cruise ship industry. 1.2 million tourist visited Puerto Rico in 2011.

• Puerto Rico legislature approves Act 3657, a Tax Incentive Law for individuals who buy commercial properties that produce trade, employment and goods in Puerto Rico.

Vacancy

Absorption

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Vacancy

Absorption

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Vacancy

Absorption

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Vacancy

Absorption

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Coldwell Banker CommercialKF Real Estate530 Constitution Ave.San Juan, PR 901(787) 433-0077www.cbcommercialpr.com

CBSA Puerto Rico

Square Miles 3,400



Household Income

Average$27,017 USD


Unemployment 13.2%

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CONTACT

Puerto Rico

• Public administration must pay their debts within the established guidelines of 60 days, not 400.

• Labor reform is a priority, so each business sector is able to negotiate labor contracts on a sector and local basis and is incented to hire employees full time without excessive burdens of severance pay for each year worked.

• The unemployment rate is 21% in Spain.

• The high unemployment rate has had a negative impact on the social climate and on the unemployment compensation system within the social security economic framework.

• Local and National Government spending has exceeded European guidelines.

• The economic dependence on construction has created severe problems for bank liquidity and labor unemployment.

Vacancy

Absorption

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Vacancy

Absorption

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Vacancy

Absorption

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Vacancy

Absorption

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Coldwell Banker CommercialLas RozasPlaya del Sardinero 18Las Rozas de Madrid, Spain 28290+34 91 636 3780

CBSA Spain

Square Miles 194,897



Household Income

Average$31,900 USD


Unemployment 21.0%

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CONTACT

Spain

Sources of InformationEach 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 accessed from EASI Demographics and 2010 Census. A Core Based Statistical Area (CBSA) is a U.S. geographic area defi ned by the Offi ce 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.

Alachua County, FL 15Albany (NY Capital Region), NY 35Albuquerque Metro, NM 35Athens, GA 21Atlanta Greater MSA, GA 21Atlanta MSA, GA 22Austin, TX 45Billings, MT 33Bloomington / Normal, IL 25Boise, ID 24Bryan / College Station, TX 46Central, PA 40Central, TX 46Champaign / Urbana, IL 25Charleston, SC 42Chattanooga / North GA, TN 44Chicagoland, IL 26Clark County, WA 50Columbia, SC 42Danbury / New Haven County, CT 14Deltona-Daytona / Ormond Beach, FL 16Dothan, Houston County, AL 3East, TX 47Fairfi eld County, CT 14Fargo / Moorhead, ND 39Greene / Morgan / Putnam Counties, GA 22Greenville / Spartanburg, SC 43Honolulu, HI 23Hot Springs, AR 4Houston, TX 47Humboldt County, CA 5Huntsville, AL 3Inland Empire / Palm Springs, CA 6Inland Empire North / Victor Valley, CA 6Jacksonville, FL 16Kansas City Metro Area, KS 27King County, WA 50Knoxville / East Tennessee, TN 45Kootenai County, ID 24Lafayette, LA 28Lakeland / Winterhaven, FL 17Lincoln, NE 33Little Rock, AR 5Los Angeles Westside, CA 7Los Angeles, CA 7Louisville Metro, KY 27Lubbock, TX 48Lynchburg, VA 49Madison, WI 52Manatee, Sarasota, Charlotte Counties, FL 17Mankato, MN 30Midcoast, ME 29Middle, MI 30Minneapolis / St. Paul Metro Area, MN 31Modesto, CA 8Monterey / San Benito Counties, CA 8Monterey Peninsula, CA 9

Montgomery, AL 4Morris County, NJ 34Myrtle Beach, SC 43New Hanover County, NC 37New Orleans, LA 29New York, NY 36Northeastern, PA 41Northern, NJ 34Orange County, CA 9Outer Banks, NC 37Port St. Lucie, FL 18Portland, OR 39Redding, CA 10Reno / Sparks MSA, NV 36Research Triangle, NC 38Rowland Heights, CA 10Salem, OR 40Salt Lake City, UT 49San Diego, CA 11San Fernando / San Gabriel Valley, CA 11San Francisco, CA 12San Gabriel Valley North, CA 12Savannah, GA 23South Puget Sound, WA 51South, FL 18Southern, KY 28Southwest Riverside County, CA 13Southwest, FL 19Southwestern, PA 41Springfi eld Area, MO 32Springfi eld, IL 26St. Cloud / Central, MN 31St. Joseph, MO 32Sumter, SC 44Sussex County, DE 15Tacoma, WA 51Tampa / St. Petersburg, FL 19The Florida Keys, FL 20Vero Beach / Indian River County, FL 20Victoria County, TX 48Western, CO 13Winston-Salem, NC 38

INTERNATIONAL MARKETSBermuda 53Czech Republic 55France 55Greater Toronto Area, Canada 54Greece 56Ireland 56Mexico City, Mexico 57Ontario (Eastern), Canada 53Peru 57Puerto Rico 58Spain 58Waterloo Region, Canada 54

INDEX BY MARKET

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