Coldwell Banker Commercial Blue Book

Page 1

2011

Coldwell Banker Commercial

Blue Book Market Review


About the Coldwell Banker Commercial® Blue Book. The CBC® Blue Book offers a unique market perspective with data generated by true commercial real estate market experts – the professionals of the Coldwell Banker Commercial companies. • •

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

The Blue Book highlights one of the strengths of the Coldwell Banker Commercial organization: our national footprint. The CBC organization’s strong local market coverage combined with our global reach is a key differentiator that helps our clients obtain real-time market information in order to make informed real estate decisions.

Sources of Information Each market information comes from the CBC affiliate listed as the contact. Information is deemed from sources considered reliable. Various sources of the data include but are not limited to: CoStar, Reis and LoopNet. Demographic information was pulled from EASI Demographics. Unemployment numbers were taken from Bureau of Labor Statistics.


Table of Contents

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

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

18 19 19 20 20 21 21 22 22 23 23 24 24 25 25 26 26 27 27 28 28 29 29 30 30 31 31 32 33 33


AL - Dothan, Houston County

Demographics MSA

Square Miles

Population

AR - Hot Springs

Demographics

Market Highlights

Dothan, AL

580

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

MSA

Square Miles

• Creation of Interstate Highway Connector remains probable.

100,673

• Country Crossing Entertainment Complex plans to reopen. • Fourth quarter 2010 showed improvement across the board for commercial real estate.

Households

40,642

Household Income Average

$64,593

• Unemployment rate continues to fall.

Employees (Total)

49,960

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

Unemployment

8.0%

Total Consumer Expenditure

$2,085,853

Population

Households

Market Highlights

Hot Springs, AR

677

• Vacancy rates are falling.

98,888

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

43,175

Household Income Average

$56,350

Employees (Total)

32,750

Unemployment

8.0%

Total Consumer Expenditure

$2,214,734

Contact

Coldwell Banker Commercial Alfred Saliba Realty 410 N. Shady Lane Dothan, AL 36303 (334) 793-6600 www.alfredsalibacommercial.com

Coldwell Banker Commercial RPM 401 Section Line Road Hot Springs, AR 71913 (501) 520-4000 www.cbcrpm.com

Retail

• Competitive rental rates are contributing to vacancy rates falling. • Increased activity overall in the market. • No change in labor force.

Contact

Office

• Sports Clips moved into the area.

Office

Retail

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

Multi-Family

Industrial

Multi-Family

Industrial

Vacancy

Vacancy

Vacancy

N/A

Vacancy

Absorption

Absorption

Absorption

N/A

Absorption

Rental Rates

Rental Rates

Rental Rates

N/A

Rental Rates

2


AR - Little Rock

Demographics MSA

Square Miles

Population

Households

CA - Coachella Valley

Demographics

Market Highlights

Little RockNorth Little Rock-Conway, AR 771

383,813

160,330

Household Income Average

$76,375

Employees (Total)

221,680

Unemployment

6.9%

Total Consumer Expenditure

$8,409,840

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

MSA

Square Miles

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

Population

Households

• New Office construction remains at its lowest level in many years, while the market continues to deal with absorption. • The market is beginning to see quarterly improvement in absorption rates for all categories.

Market Highlights

Riverside-San BernardinoOntario, CA 7,207

• Lender foreclosures on commercial properties has increased. • Retail leasing is still very slow.

2,146,000

713,238

• Sales of bargain priced properties have improved. • Office tenants are taking advantage of low rental rates. • Independent restaurants are expanding.

Household Income Average

$68,556

Employees (Total)

568,727

Unemployment

13.9%

Total Consumer Expenditure

$39,686,161

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

Contact

Contact

Coldwell Banker Commercial Hathaway Group 2100 Riverdale Road, Suite #100 Little Rock, AR 72202 (501) 663-5400 www.hathawaygroup.com

Coldwell Banker Commercial Lyle & Associates 78000 Fred Waring Drive, Suite 200 Palm Desert, CA 92211 (760) 772-6400 x231 www.cbclyle.com

Office

Retail

Office

Retail

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

Multi-Family

Industrial

Multi-Family

Industrial

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

3


CA - Inland Empire / Victor Valley

Demographics MSA

Square Miles

Population

Households

CA - Los Angeles

Demographics

Market Highlights

Riverside-San BernardinoOntario, CA 20,052

2,025,856

637,015

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

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

$66,077

Employees (Total)

587,580

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

9.9%

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

$34,859,808

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

Total Consumer Expenditure

Square Miles

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

Household Income Average

Unemployment

MSA

Market Highlights

Los AngelesLong BeachSanta Ana, CA 4,061

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

Population

9,887,964

Households

3,285,297

Household Income Average

$80,635

Employees (Total)

3,818,423

Unemployment

Total Consumer Expenditure

11.7%

$182,904,681

Contact

Contact

Coldwell Banker Commercial Real Estate Solutions 15500 West Sand Street, 2nd Floor Victorville, CA 92392 (760) 684-8000 www.CBCdesert.com

Coldwell Banker Commercial WESTMAC 1515 Sepulveda Boulevard Los Angeles, CA 90025 (310) 478-7700 www.westmac.com

Office

Retail

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

Office

• No significant new construction of commercial or Industrial buildings in Southern California. • Class A product in all categories remains strong, B and C are starting their recovery in many submarkets, but not all. • The biggest change is in consumer’s attitudes, there is more confidence now than there has been seen in the last 2-3 years. • Overall, in spite of some remaining soft spots in the local real estate markets, this area is seeing more and more signs of improvement.

Retail

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

Multi-Family

Industrial

Multi-Family

Industrial

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

4


CA - San Diego

Demographics MSA

Square Miles

San DiegoCarlsbadSan Marcos, CA 4,200

3,071,264

Households

1,129,261

Household Income Average

$89,161

Employees (Total)

1,227,936

Total Consumer Expenditure

Demographics

Market Highlights

Population

Unemployment

CA - San Fernando / San Gabriel Valley

10.1%

$67,074,796

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

MSA

Square Miles

• Demand from owner/users for well priced highly functional buildings has helped to absorb much of the inventory of unsold properties that were built at the end of the previous cycle. • New construction is mostly nonexistent with the exception of a handful of build-to-suits (Isis Pharmaceuticals, J&D Labs and Amerillium) • Positive net absorption of 2m SF for 2010 should lead to increased rental rates in mid to late 2011. • Tenant activity in the large size segments is very strong, but the smaller incubator market is still very weak with vacancy almost double that of the overall Industrial market.

Market Highlights

Los AngelesLong BeachSanta Ana, CA 4,061

Population

9,887,964

Households

3,285,297

Household Income Average

$80,635

Employees (Total)

3,818,423

Unemployment

12.6%

Total Consumer Expenditure

$182,904,681

• Office transactions: Los Angeles World Airports - 104,155 SF; Live Nation, Inc - 100,500 SF. Industrial: Casedge Inc - 449,350 SF; CEVA Direct 284,885 SF. • Vacancy continued to increase in 2010 although at a much slower rate. That trend is expected to reverse itself in 2011. • New construction is virtually non-existent and does not impact this market. Due to the perceived positive change in market trends, developers are looking at land again. • A light drop in vacancy is expected in all product types as absorption continues to outpace the release of space in direct and sub-leasing. There does not appear to be any rental rate growth in 2011. • There is a more optimistic outlook in general and with a continuation of the momentum from 2010, the market expects better numbers in all product types.

Contact

Contact

Coldwell Banker Commercial Almar Real Estate Group 3655 Nobel Drive Suite 120 San Diego, CA 92122 (858) 200-8888 www.cbcsocal.com

Coldwell Banker Commercial • North County 801 N Brand Boulavard, Suite 180 Glendale, CA 91203 (818) 334-1900 www.cbcnco.com

Office

Retail

Office

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

Retail

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

Multi-Family

Industrial

Multi-Family

Industrial

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

5


CO - Durango

FL - Charlotte County

Demographics MSA

Square Miles

Population

Households

Demographics

Market Highlights

Durango, CO

• Vitamin Cottage Natural Grocers opened in Durango.

1,692

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

MSA

Square Miles

Market Highlights

Punta Gorda, FL

694

• Vacancy rates are falling because there are no jobs.

51,899

• Mercury Payment Systems plans a new Office village.

Population

156,239

21,722

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

Households

70,703

Household Income Average

$66,208

Employees (Total)

38,556

Household Income Average

$76,152

Employees (Total)

21,431

• Residential sales activity improving. • Healthcare sector of labor force increasing.

Unemployment

7.5%

Total Consumer Expenditure

$1,253,117

Contact Coldwell Banker Commercial Heritage House Realtors 785 Main Avenue Durango, CO 81301 (970) 259-3333 www.realestatedurango.com

Office

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

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

Unemployment

12.0%

Total Consumer Expenditure

$3,829,863

• There has been no new construction in this market. • The market will not improve until people go back to work.

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

Retail

Office

Retail

Vacancy

N/A

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

Multi-Family

Industrial

Multi-Family

Industrial

Vacancy

Vacancy

Vacancy

N/A

Vacancy

Absorption

Absorption

Absorption

N/A

Absorption

Rental Rates

Rental Rates

Rental Rates

N/A

Rental Rates

6


FL - Jacksonville

Demographics MSA

Square Miles

Population

Jacksonville, FL

774

859,268

338,464

Household Income Average

$73,325

Unemployment

Total Consumer Expenditure

Demographics

Market Highlights

Households

Employees (Total)

FL - Orlando

434,366

11.0%

$17,968,452

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

MSA

Square Miles

Market Highlights

OrlandoKissimmee, FL

• Constar vacated 350,000 SF in Q4

907

• Industrial absorption is positive for two consecutive qtrs • New Amway Arena opens

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

Population

1,092,371

• Overall markets appear to be stabilizing.

• Ironshore Capital acquired “Water’s Edge”, a seven-story condominium building in Jacksonville Beach. • The City of Jacksonville has awarded a $6.1m contract to Petticoat-Schmitt Civil Contractors to complete the San Marco Streetscape improvements. • Stellar has been awarded a $3.5 million contract to construct a 10,000 SF addition and a 7,000 SF renovation at a Mandarin nursing home.

Households

412,409

Household Income Average

$71,611

Employees (Total)

626,718

• The new Harry Potter Attraction grows Universal Studios attendance. • Unemployment declined by 30 basis points.

Unemployment

11.3%

Total Consumer Expenditure

$22,316,457

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

Contact

Contact

Coldwell Banker Commercial Benchmark 4348 Southpoint Boulevard, Suite 310 Jacksonville, FL 32216 (904) 281-1990 www.cbcbenchmark.com

Coldwell Banker Commercial NRT - FL 901 North Lake Destiny Drive, Suite 110 Maitland, Florida 32751 (407) 539-1000 www.cbcworldwide.com

Office

Retail

Office

Retail

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

Multi-Family

Industrial

Multi-Family

Industrial

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

7


FL - Southern Region

Demographics MSA

Square Miles

GA - Athens

Demographics

Market Highlights

Miami-Fort LauderdalePompano Beach, FL

• Multi-Family leads the way in South Florida.

MSA

• Industrial investment portfolio deals show strength.

1,205

Square Miles

• Office market hurt by lack of new tenants. Population

Market Highlights

Athens-Clarke County, GA

121

Population

197,732

Households

49,910

1,773,268

• Retail market vacancy at 6.7%. Households Household Income Average Employees (Total)

Unemployment

Total Consumer Expenditure

712,588

• Office market vacancy at 14.7%. • Industrial market vacancy at 9.4%.

$78,939

682,298

11.8%

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

$39,517,826

Household Income Average

$48,834

Employees (Total)

35,805

Unemployment

7.6%

Total Consumer Expenditure

$2,291,829

• The University of Georgia and the Medical College of Georgia have partnered to establish a campus to be located on the 58-acre former U.S. Navy Supply Corps property in Athens, GA. • Tripp Umbach, a medical education planning organization, estimates that the regional economic impact of the Athens campus will be more than $567 million annually, with 3,000 new jobs and $17 million generated in local government revenue by 2020. • Tripp Umbach also estimates that at least $180 million will be invested commercially as a result of medical research growth in the Athens area.

Contact

Contact

Coldwell Banker Commercial NRT - FL 3837 NW Boca Raton Boulevard, #200 Boca Raton, Florida 33431 (561) 479-1225 www.cbcworldwide.com

Coldwell Banker Commercial Upchurch Realty 2405 West Broad Street Athens, GA 30606 (706) 354-7870 www.upchurchrealtycommercial.com

Office

Retail

Office

Retail

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

Multi-Family

Industrial

Multi-Family

Industrial

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

8


GA - Atlanta

HI - Honolulu

Demographics MSA

Square Miles

Population

Households

Atlanta-Sandy SpringsMarietta, GA 529

1,044,336

435,995

Household Income Average

$95,068

Employees (Total)

730,767

Unemployment

Total Consumer Expenditure

Demographics

Market Highlights

10.2%

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

MSA

Square Miles

• Vacancy is relatively flat at 19.2% for 2009 and 2010. • 8 buildings delivered in 2010 for a total of 1,896,524 SF. • Net absorption in 2010 was 821,275 SF. Office inventory closed at 201 million SF. Vacancy fell by .3% since 2009. Office rental rate fell 10 cents. • Atlanta has 10 submarkets. Sony Ericsson made a submarket move in 2010.

Market Highlights

Honolulu, HI

600

Population

910,677

Households

311,782

Household Income Average

$83,803

Employees (Total)

365,718

Unemployment

4.8%

• Labor force continues to be stable in Atlanta market. Total Consumer Expenditure

$23,738,587

$18,982,203

Contact

Contact

Coldwell Banker Commercial Metro Brokers 3575 Piedmont Road NE, Piedmont Center Bldg 15 Suite 950 Atlanta, GA 30305 (678) 320-4800 www.cbcworldwidemetro.com

Coldwell Banker Commercial NRT - Hawaii 737 Bishop Street, Suite 2000 Honolulu, HI 96813 (808) 526-0896 www.cbcpacific.com

Office

Office

Retail

• Hawaii’s economy is starting to look better. University of Hawaii Economic Research Organization reports Oahu tourism is leading a modest recovery. Tourism as major economic engine is expected to increase 4.1% to 7.3 million visitors in 2011. • Hawaii’s construction is a replay of 2010 for 2011, with only military and government projects being awarded, attracting out-ofstate firms to compete for these contracts. • In 2010, unemployment rate was at a low of 6.4% with 594,000 people employed. This is expected to expand to 602,300, primarily in the Hospitality sectors. • Hawaii’s commercial investment sales are expected to increase over 2010 as” capital freeze” thaws. Significant sales in 2010 include: Bishop Square Office Complex that sold for $230m and Pearl Ridge Shopping Center sold for $245m.

Retail

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

Multi-Family

Industrial

Multi-Family

Industrial

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

N/A

9


ID - Coeur d’Alene

Demographics MSA

Square Miles

IL - Bloomington / Normal

Demographics

Market Highlights

Coeur d’Alene, ID

• Development is limited to buildto-suit activity.

MSA

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

1,245

Population

140,628

Households

53,154

Household Income Average

$62,733

Employees (Total)

49,226

Square Miles

• Beginning to see a trend towards fewer concessions from landlords. • Asking rents have remained steady, but this does not tell the whole story. Effective rents have dropped over the last year. • Apartment market is beginning to recover. This market expects to see lower vacancies and higher rents by the end of 2011.

Market Highlights

BloomingtonNormal, IL

1,184

Population

168,918

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

Households

70,687

• Campus housing development at Illinois State University is active.

Household Income Average

$73,184

Employees (Total)

69,980

Unemployment

11.3%

Unemployment

6.7%

Total Consumer Expenditure

$2,933,601

Total Consumer Expenditure

$4,038,011

Contact

Contact

Coldwell Banker Commercial Schneidmiller Realty 2000 Northwest Boulevard Coeur d’Alene, ID 83814 (208) 765-4300 www.cbcsr.com

Coldwell Banker Commercial Heart of America Realtors 802 S. Eldorado Road Bloomington, IL 61704 (309) 662-3377 www.cbhoacommercial.com

Office

Retail

• Both major healthcare organizations have building expansion projects underway.

Office

• Heartland Community College purchased 100 acres for future growth. • Retail market starts slow recovery as demand picks up.

Retail

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

Multi-Family

Industrial

Multi-Family

Industrial

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

10


IL - Champaign County

Demographics MSA

Square Miles

ChampaignUrbana, IL

997

197,011

Households

85,107

Household Income Average

$61,502

Employees (Total)

73,556

Total Consumer Expenditure

Demographics

Market Highlights

Population

Unemployment

IL - Chicago

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

MSA

Square Miles

• The local healthcare industry has remained strong and continues to be a regional draw for the community. • Despite the economic downturn, new technology-related enterprises have continued to develop and expand in this market. • Vacancy is at an all-time high in the Office sector, prompting landlords to lower rents and offer incentives to attract tenants. • The Retail sector is showing signs of recovery with national Retailers beginning to re-enter the market.

7.5%

$4,461,113

ChicagoNapervilleJoliet, IL-IN-WI 946

Population

5,304,373

Households

1,953,418

Household Income Average

$84,614

Employees (Total)

2,393,188

Unemployment

Total Consumer Expenditure

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

Market Highlights

8.6%

$107,386,591

Contact

Contact

Coldwell Banker Commercial Devonshire Realty 201 W. Springfield Avenue Champaign, IL 61820 (217) 352-7712 cbcdr.com

Coldwell Banker Commercial NRT - Chicago 2215 Sanders Road, Suite 350 (847) 313-4646 www.cbcnrtchicago.com

Office

Retail

Office

• There were several large Office leases in the Chicago market in 2010. The largest being UBS for 382,000 SF in downtown Chicago. • Vacancy has fallen because there was virtually no new construction and several large new leases were secured. • There was only 778,000 SF of new construction in 2010, of which 571,000 SF was preleased. • There was positive absorption of 1,914,000 SF in the Chicago market in 2010. As a result, vacancy dropped and rental rates increased. • Tenants sense that the market is starting to get better and, as a result, are taking advantage of competitive lease terms. • There was 5% employment growth from 2009 to 2010. Chicago continues to have a diverse employment base.

Retail

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

Multi-Family

Industrial

Multi-Family

Industrial

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

11


IL - DuPage

IN - Delaware

Demographics MSA

Square Miles

ChicagoNapervilleJoliet, IL-IN-WI 334

935,405

Households

338,513

Employees (Total)

• Rasmussen College and other educational services are expanding.

$104,196

622,755

Unemployment

8.6%

Total Consumer Expenditure

$21,956,832

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

393

• Industrial vacancy rate is falling due to new employers.

Population

115,425

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

Households

48,625

• CBD Rent rates are down 1015%.

Household Income Average

$55,245

• Ivy Tech Community College opened a Campus in CBD.

Employees (Total)

42,446

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

Square Miles

• Central Dupage Hospital Cancer Center increases its presence with new construction. • There has been slow absorption of Retail Center space in the Chicago west suburbs. • Many Chicago suburban communities expect that absorption will not improve until 2012-2013, when confidence in the market returns to Retail/ Office.

Market Highlights

Muncie, IN

MSA

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

Population

Household Income Average

Demographics

Market Highlights

Unemployment

10.0%

Total Consumer Expenditure

$2,493,689

Contact

Contact

Coldwell Banker Commercial NRT - Chicago 1225 W. 22nd Street, Suite 130 Oak Brook, IL, 60523 (630) 954-4600 www.cbcnrtchicago.com

Coldwell Banker Commercial Lunsford Real Estate 3601 W. Bethel Avenue Muncie, IN 47304 (765) 289-2228 www.coldwellbankercommerciallunsford.com

Office

Retail

Office

Retail

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

Multi-Family

Industrial

Multi-Family

Industrial

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

12


KY - Louisville

LA - Lafayette

Demographics MSA

Square Miles

Demographics

Market Highlights

Louisville/ Jefferson County, KY-IN 385

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

MSA

Square Miles

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

Population

723,786

Households

302,589

Household Income Average

$74,419

Employees (Total)

400,666

Unemployment

9.8%

Total Consumer Expenditure

$16,376,009

Contact Coldwell Banker Commercial McMahan Co. 6402 Railroad Avenue Crestwood, Kentucky 40014 (502) 241-8811 www.cbmcmahan.com

Office

Market Highlights

Lafayette, LA

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

270

Population

212,674

Households

82,912

• Retail vacancies are beginning to fill up in major locations. • New constructions and new projects remain slow. • The demand for Multi-Family build sites is very strong. • The unemployment rate is dropping. • The Louisville market is holding steady. A Retail rebound, MultiFamily and logistic positioning by companies using the UPS Hub are strengths in the Louisville area market. The market include an MSA of about 1.2 million people. Office and new construction projects are slow areas of the commercial market right now. The emergence of downtown and the new KFC YUM! Center make the area interesting for commercial investment.

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

Household Income Average

$75,497

Employees (Total)

128,639

Unemployment

5.6%

Total Consumer Expenditure

$4,418,906

• Lack of new construction for Industrial has kept this market stable. Minimal properties are available for lease or sale. • Several new large Multi-Family complexes has increased the vacancy rate throughout the rental market. • Retail spending has remained high throughout the trade area. • Unemployment remains in the 5% range, but continued government involvement in the oil industry will force many of local jobs out of the country.

Contact Coldwell Banker Commercial Pelican Real Estate 806 East Saint Mary Boulevard Lafayette, LA 70503 (337) 233-9541 www.cbcpelican.com

Retail

Office

Retail

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

Multi-Family

Industrial

Multi-Family

Industrial

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

13


ME - Midcoast / Southern Regions

Demographics MSA

Square Miles

Population

Households

MN - Minneapolis

Demographics

Market Highlights

Portland-South PortlandBiddeford, ME 991

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

MSA

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

201,958

79,304

Square Miles

$68,728

Employees (Total)

56,526

• There are several proposed construction projects slated for 2011.

Population

Total Consumer Expenditure

• Microsoft is expanding again in the Twin Cities. • Investment property sales were up in 2010.

557

1,162,574

• Office market sees signs of stabilization.

• Midcoast Maine has been discovered because of its quality of lifestyle and growing economy. • Unemployment is below state and national averages.

Unemployment

MinneapolisSt. PaulBloomington, MN-WI

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

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

Household Income Average

Market Highlights

Households

485,989

• Apartment market shows positive trends.

Household Income Average

$94,537

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

Employees (Total)

834,033

5.9%

$4,498,991

Unemployment

6.5%

Total Consumer Expenditure

$29,346,247

Contact

Contact

Coldwell Banker Commercial SoundVest Properties 147 Park Street Rockland, ME 04841 (207) 596-7478 www.soundvest.com

Coldwell Banker Commercial Griffin Companies 615 1st Avenue NE Suite 500 Minneapolis, MN 55413 (612) 338-2828 www.cbcgriffin.com

Office

Retail

Office

Retail

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

Multi-Family

Industrial

Multi-Family

Industrial

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

14


MO - Southwest

Demographics MSA

Square Miles

MO - St. Louis

Demographics

Market Highlights

Springfield, MO

675

Population

271,195

Households

118,990

Household Income Average

$58,871

Employees (Total)

145,282

Unemployment

8.4%

Total Consumer Expenditure

$6,303,682

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

MSA

Square Miles

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

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

St. Louis and 16 counties across MO-IL 8,458

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

Households

736,952

Household Income Average

$51,691

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

Employees (Total)

1,440,683

Unemployment

9.9%

Total Consumer Expenditure

$31,575,174

Contact

Contact

Coldwell Banker Commercial Vanguard, Realtors 1334 E. Republic Road Springfield, MO 65804 (417) 887-5950 www.cbcvanguard.com

Coldwell Banker Commercial CRA LLC 8820 Ladue Road Saint Louis, MO 63124 (314) 206-4600 www.cbcstl.com

Office

Retail

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

2,812,896

Population

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

Market Highlights

Office

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

Retail

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

Multi-Family

Industrial

Multi-Family

Industrial

Vacancy

N/A

Vacancy

Vacancy

Vacancy

Absorption

N/A

Absorption

Absorption

Absorption

Rental Rates

N/A

Rental Rates

Rental Rates

Rental Rates

15


MO-KS - Kansas City

Demographics MSA

Square Miles

Kansas City, MO-KS

477

546,679

Households

210,513

Household Income Average

$103,035

Employees (Total)

317,994

Total Consumer Expenditure

Demographics

Market Highlights

Population

Unemployment

MT - Billings Metro

8.6%

$13,553,993

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

MSA

Square Miles

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

Population

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

• Wyandotte County lead the Metro area in new construction last year. • Johnson County index of consumer confidence was up 6% in early 2011.

2,635

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

145,900

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

Billings, MT

59,768

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

Household Income Average

$69,258

• Lender REO activity has been minimal.

Employees (Total)

67,577

Households

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

Market Highlights

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

Unemployment

5.5%

Total Consumer Expenditure

$3,344,037

Contact

Contact

Coldwell Banker Commercial Fishman & Company 1948 E Santa Fe Street Olathe, KS 66062 (913) 782-9000 www.cbcfishman.com

Coldwell Banker Commercial The Brokers 1215 24th Street, Suite 240 Billings, MT 59102 (406) 656-2001 www.cbcmontana.com

Office

Retail

• Multi-Family occupancy indicates further property expansion.

Office

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

Retail

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

Multi-Family

Industrial

Multi-Family

Industrial

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

N/A

Rental Rates

Rental Rates

Rental Rates

16


NC - Charlotte Metro Area

Demographics MSA

Square Miles

Population

Households

CharlotteGastoniaConcord, NC-SC 526

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

MSA

Square Miles

924,534

368,843

$86,370

Employees (Total)

556,689

Total Consumer Expenditure

Demographics

Market Highlights

Household Income Average

Unemployment

NC - Greensboro / High Point Metro

10.7%

$20,736,072

Contact Coldwell Banker Commercial MECA 1815 S Tryon Street, Suite A Charlotte, NC 28203 (704) 971-2000 www.cbcmeca.com

Office

• Increasing demand for space and lack of new development has caused positive absorption. • Lack of new construction and signs of an improving economy have had a positive influence on vacancy rates. • Flattening of rental rates and even some slight positive increases are a result of positive absorption. • Charlotte geographic location, low cost of living, educated work force and warm climate continue to benefit the region. • Charlotte continues to benefit from educated labor force which has been major influence in a number of corporate relocations of both major companies as well as their vendors.

Market Highlights

GreensboroWinston SalemHigh Point, NC 649

Population

483,648

Households

200,893

• Dell and American Express moved out of market. Caterpillar and FedEx Ground are moving in. • Vacancy is rising because American Express and Dell are closing and RJR is laying off employees. • A new Events Center in Eastern Davie is being constructed. • Fairly level status of vacancy at high levels for all 2010.

Household Income Average

$70,444

Employees (Total)

256,183

• What is changing in this market? There is a balance of losing companies with influx of logistic companies. • The labor force is moving from manufacturing to skilled technology.

Unemployment

10.2%

Total Consumer Expenditure

$10,463,059

Contact Coldwell Banker Commercial Triad, Realtors 285 S. Stratford Road Winston-Salem, NC 27103 (336) 659-3259 www.cbctriad.com

Retail

Office

Retail

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

Multi-Family

Industrial

Multi-Family

Industrial

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

17


NC - Greenville

Demographics MSA

Square Miles

Population

Households

NC - Raleigh

Demographics

Market Highlights

Greenville, NC

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

MSA

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

652

160,713

67,774

Square Miles

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

Population

Market Highlights

Raleigh-Cary, NC

832

911,865

• Office leasing activity, proposals and showings are reported to have improved significantly since January 1, 2011. • Retail activity remains solid in the Triangle area.

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

Households

363,974

Household Income Average

$61,325

Household Income Average

$83,226

Employees (Total)

50,535

Employees (Total)

376,175

Unemployment

9.5%

Unemployment

7.8%

Total Consumer Expenditure

$3,309,364

Total Consumer Expenditure

$21,082,407

Contact

Contact

Coldwell Banker Commercial CoastalMark LLC 1516 S.E. Greenville Boulevard Greenville, NC 27858 (252) 355-5220 www.cbccoastalmark.com

Coldwell Banker Commercial Trademark 1001 Wade Avenue, Suite 300 Raleigh, NC 27605 (919) 782-5552 www.cbctmp.com

Office

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

Retail

Office

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

Retail

Vacancy

N/A

Vacancy

Vacancy

Vacancy

Absorption

N/A

Absorption

Absorption

Absorption

Rental Rates

N/A

Rental Rates

Rental Rates

Rental Rates

Multi-Family

Industrial

Multi-Family

Industrial

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

18


NJ - Northern

NJ - Central

Demographics MSA

Square Miles

Demographics

Market Highlights

Sommerset, Middlesex, Hunterdon, Counties, NJ

• Shift of Pharmaceutical Manufacturing out of New Jersey.

MSA

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

305

Population

328,855

• Rejuvenation of state economic development programs to Retail business.

Households

120,619

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

Household Income Average

$137,536

Employees (Total)

190,087

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

Unemployment

3.5%

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

Total Consumer Expenditure

$8,402,922

Square Miles

Market Highlights

NY-Northern New JerseyLong Island, NY-NJ-PA

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

126

Population

771,178

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

Households

286,718

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

Household Income Average

$95,195

Employees (Total)

313,586

Unemployment

2.1%

Total Consumer Expenditure

$15,019,822

Contact

Contact

Coldwell Banker Commercial Feist & Feist Realty Corp. 180 Mount Airy Road Basking Ridge, NJ 07920 (908) 696-1500 www.feistandfeist.com

Coldwell Banker Commercial NRT - NJ 1 Campus Drive Parsippany, NJ 07054 (888) 829-0221 www.cbcnrtnewjersey.com

Office

Office

Retail

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

• Soaring investor demand within the Multi-family sector. • Municipal cutbacks are placing downward pressure on government job sector. • Strong investor demand for value-added Retail centers statewide. Uptick of MultiFamily assets in receivership will position CRE practitioners experienced in BOV reporting as highly sought after commodities for Lenders & 3rd-party affiliates.

Retail

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

Multi-Family

Multi-Family

Industrial

Industrial

Vacancy

Vacancy

Vacancy

Vacancy

N/A

Absorption

Absorption

Absorption

Absorption

N/A

Rental Rates

Rental Rates

Rental Rates

Rental Rates

N/A

19


NM - Albuquerque

Demographics

NV - Carson City

Demographics

Market Highlights

Albuquerque, NM

1,166

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

Population

646,351

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

Households

258,990

• No significant new construction is expected in 2011.

MSA

Square Miles

MSA

Square Miles

• Retail vacancy is moving down.

Household Income Average

$66,597

Employees (Total)

270,732

• National and local small tenant Retailers are backfilling existing vacancy. • There was no significant change in employment / unemployment.

Market Highlights

Carson City, NV

143

55,156

Households

23,432

Household Income Average

$69,548

Employees (Total)

25,284

• Retail rents continue to fall and are projected to end the year 10% below their current levels. • Due to recent bills passed by the California Legislature, activity by companies interested in relocating to Nevada has increased significantly.

8.4%

Unemployment

14.0%

Total Consumer Expenditure

$14,289,041

Total Consumer Expenditure

$1,324,454

Contact

Contact

Coldwell Banker Commercial Las Colinas 4801 Lang Avenue NE, Suite 100 Albuquerque, NM 87109 (505) 897-7227 www.lcrealty.com

Coldwell Banker Commercial Premier Brokers 223 South Division Street Carson City, NV 89703 (775) 888-6200 x1210 www.CBNevada.com

Retail

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

Population

Unemployment

Office

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

Office

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

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

Retail

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

Multi-Family

Industrial

Multi-Family

Industrial

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

20


NY - Manhattan

Demographics MSA

Square Miles

Population

Households

NY - Upstate

Demographics

Market Highlights

NY-Northern New JerseyLong Island, NY-NJ-PA 23

1,628,834

821,449

Household Income Average

$124,528

Employees (Total)

2,030,457

Unemployment

8.2%

Total Consumer Expenditure

$47,881,394

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

MSA

Square Miles

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

Population

• Approximately 1,429,393 of new Office space delivered during 2010, with 11 Times Square, 1,111,960 being delivered in the 3rd Qrt. • Overall, more square footage was leased in 2010 than in any other year. Activity rose over 61% from 2009.

Market Highlights

BuffaloNiagara Falls, NY 1,044

909,443

Households

377,859

Household Income Average

$67,419

Employees (Total)

407,833

Unemployment

Total Consumer Expenditure

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

8.2%

$20,415,891

• New construction in 2008 with more scheduled in 2011, coupled with tenant downsizing will cause vacancy to increase through 2012. • Paetec Communications and Callfinity are moving to the revitalized Downtown. • Rental rates remain stagnant especially for existing construction. • There has been continued growth and significant financial commitment to renovate and to build new construction in CBD of Upstate NY markets. • While growth has been slow, commercial and residential values have remained stable or slightly increased contrary to what is occurring in many markets.

Contact

Contact

Coldwell Banker Commercial REalta Group 1430 Broadway, 9th Floor New York, NY 10018 (212) 344-0300 www.cbcrealta.com

Coldwell Banker Commercial Meridian 4498 Main Street Buffalo, NY 14226 (716) 839-6100 www.coldwellbankermeridian.com

Office

Retail

Office

Retail

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

Multi-Family

Industrial

Multi-Family

Industrial

Vacancy

Vacancy

N/A

Vacancy

Vacancy

Absorption

Absorption

N/A

Absorption

Absorption

Rental Rates

Rental Rates

N/A

Rental Rates

Rental Rates

21


OK - Oklahoma City

Demographics MSA

Square Miles

Population

OK - Tulsa

Demographics

Market Highlights

Oklahoma City, OK

709

722,227

Households

298,656

Household Income Average

$76,263

Employees (Total)

352,723

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

MSA

Square Miles

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

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

Unemployment

6.1%

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

Total Consumer Expenditure

$16,307,811

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

Tulsa, OK

• Office vacancies are increasing as tenants contract.

570

• Tulsa Industrial vacancies hit a 20-year high.

606,781

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

Households

249,702

• Multi-Family was relatively stagnant in 2010.

Household Income Average

$77,509

Employees (Total)

319,678

Population

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

Market Highlights

Unemployment

7.4%

Total Consumer Expenditure

$13,949,853

Contact

Contact

Coldwell Banker Commercial Hocker & Associates 4323 N. Classen, Suite 100 Oklahoma City, OK 73118 (405) 840-4545 www.hocker.com

Coldwell Banker Commercial Argue Properties 401 South Boston, Suite 300 Tulsa, OK 74103 (918) 587-1900 www.argueproperties.com

Office

Retail

Office

Retail

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

Multi-Family

Industrial

Multi-Family

Industrial

Vacancy

Vacancy

N/A

Vacancy

Vacancy

Absorption

Absorption

N/A

Absorption

Absorption

Rental Rates

Rental Rates

N/A

Rental Rates

Rental Rates

22


OR - Portland

OR - Salem

Demographics MSA

Square Miles

PortlandVancouverBeaverton, OR-WA 628

Population

435,677

Households

159,003

Household Income Average Employees (Total)

Unemployment

Total Consumer Expenditure

Demographics

Market Highlights

$70,471

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

MSA

Square Miles

• The largest Office leases in 2010 include: 191,573 SF by Nike in Southwest Portland and 142,850 SF by Hewlett Packard in Clark County. • After many slow years of new Multi-Family projects, developer interest is beginning to pick up. Multi-Family development land is attracting more interest.

116,906

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

9.9%

$9,158,947

Contact Coldwell Banker Commercial Mountain West Real Estate,LLC 2545 SW Spring Street, Suite 200 Portland, OR 97219 (503) 227-2934 www.cbcre.com

Office

Salem, OR

1,184

Population

320,368

Households

118,404

Household Income Average

$61,875

Employees (Total)

105,045

Unemployment

Total Consumer Expenditure

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

Market Highlights

10.7%

$6,417,955

Contact Coldwell Banker Commercial Mountain West Real Estate,LLC 250 Division Street, NE Salem, OR 97301 (503) 588-3508 www.cbcre.com

Retail

Office

• After years of speculation, Trader Joe’s signed a lease in early Summer 2010 for a South Salem location. • Cascade Cardiology, a team of local doctors, purchased a commercial Office condo from the lender and plans to complete its new facility in 2011. • There has been limited new construction due to costs for new buildings exceeding the cost of comparable properties on the market. • Sales and leasing activity increased in 2010 over the prior year with the majority of transactions being leases or consulting work. • Contrary to perception, largescale commercial foreclosures have yet to be realized. • There were virtually no investment sales within the market and the medical profession is aggressively expanding.

Retail

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

Multi-Family

Industrial

Multi-Family

Industrial

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

23


PA - Central Region

Demographics MSA

Square Miles

PA - Pittsburgh

Demographics

Market Highlights

York-Hanover, PA

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

MSA

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

904

Population

430,707

Households

169,750

Household Income Average

$65,260

Employees (Total)

Square Miles

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

Population

Market Highlights

Pittsburgh, PA

730

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

1,219,061

Households

530,329

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

Household Income Average

$73,859

168,402

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

Employees (Total)

675,494

Unemployment

7.9%

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

Total Consumer Expenditure

$9,444,630

Unemployment

7.5%

Total Consumer Expenditure

$29,074,363

Contact

Contact

Coldwell Banker Commercial Bennett Williams 110 North George Street, 4th Floor York, PA 17401 (717) 843-5555 www.bennettwilliams.com

Coldwell Banker Commercial NRT - Pittsburgh 9600 Perry Highway, Suite 200 Pittsburgh, PA 15237 (412) 548-1064 www.cbcworldwide.com

Office

Retail

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

Office

• More jobs are being created by Marcellus Shale and related industries. • The Pittsburgh market is doing better than other markets due to the increased value the purchaser/lessee receives for their dollar.

Retail

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

Multi-Family

Industrial

Multi-Family

Industrial

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

24


SC - Charleston / Tri-County

Demographics MSA

Square Miles

Demographics

Market Highlights

CharlestonNorth Charleston, SC 2,071

Population

649,315

Households

167,649

Household Income Average

$64,801

Employees (Total)

SC - Columbia

153,287

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

MSA

Square Miles

• Contractors and subcontractors will create 10,000 to 15,000 new jobs in the next 5 years. • Office, Industrial, Apartment and Retail developers are seeking opportunities and will deliver new construction in 2012. • Industrial space has made the best progress in the market, absorbing 1.6m SF in 2010. • Expansion of Charleston’s deep water harbor, new rail development, and international airport are attracting industry.

Unemployment

9.0%

Total Consumer Expenditure

$6,657,034

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

Market Highlights

Columbia, SC

756

Population

375,193

Households

156,493

Household Income Average

$70,388

Employees (Total)

177,047

• The Office and Retail market have experienced 3 quarters of positive absorption after experiencing negative absorption in the first quarter. This is a trend that may hold through 2011. • New construction is almost non-existent. Each market sector delivered very minimal amounts in 2010. • Rental rates for Office and Retail have increased from the first quarter 2010 while Industrial lease rates have decreased.

Unemployment

9.0%

Total Consumer Expenditure

$7,779,167

Contact

Contact

Coldwell Banker Commercial Atlantic International, Inc 3506 West Montague Avenue, Suite 200 North Charleston, SC 29418 (843) 744-9877 www.cbcatlantic.com

Coldwell Banker Commercial United, Realtors 1711 Gervais Street Columbia, SC 29201 (803) 799-4663 cbccarolinas.com

Office

Office

Retail

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

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

Retail

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

Multi-Family

Industrial

Multi-Family

Industrial

Vacancy

Vacancy

Vacancy

N/A

Vacancy

Absorption

Absorption

Absorption

N/A

Absorption

Rental Rates

Rental Rates

Rental Rates

N/A

Rental Rates

25


SC - Greenville / Spartanburg

Demographics MSA

Square Miles

TN - Chattanooga Metro Area

Demographics

Market Highlights

GreenvilleMauldin-Easley, SC

• Continued positive business announcements.

MSA

• Downtown continues to boom.

790

Square Miles

Market Highlights

Chattanooga, TN-GA

542

• Business sentiment is bullish. 455,754

• BMW expands again.

Households

185,258

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

Household Income Average

$68,514

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

Employees (Total)

247,012

Population

Unemployment

Total Consumer Expenditure

Population

338,740

Households

139,388

Household Income Average

$66,929

Employees (Total)

167,178

Unemployment

9.2%

Total Consumer Expenditure

$9,928,878

8.3%

$7,308,183

Contact

Contact

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

Coldwell Banker Commercial Hamilton & Associates 2650 Peerles Road NW Cleveland, TN 37312 (423) 476-5535 www.hamiltoncommercial.com

Office

Retail

Office

• Amazon has leased a 1 million SF building under construction for a new distribution center that will create 250 new jobs. • Wacker Chemie purchased 350 acres for a $5.4 billion new plant to manufacture hyperpure polycrystalline silicon. It will employ 500 new workers. • Volkswagen has a new assembly plant that has begun production on the 2011 Passat. This plant has created 2,000 new jobs. • Whirlpool Corporation has broken ground on a new 1.4 million SF green production facility that will replace an older plant. • Commercial activity has increased significantly in the last quarter. • This market is positioned for tremendous growth in the next 5 years. In addition to Volkswagen, many automotive suppliers are relocating to the area.

Retail

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

Multi-Family

Industrial

Multi-Family

Industrial

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

26


TN - Knoxville

TX - Dallas

Demographics MSA

Square Miles

Population

Households

Demographics

Market Highlights

Knoxville, TN

508

438,198

189,397

Household Income Average

$68,293

Employees (Total)

211,528

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

MSA

Square Miles

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

Population

• New construction is centered on medical facilities and the University of Tennessee. • The Multi-Family sector continues to be strong in the Knoxville area with vacancy rates dropping to 5.7% in the 4th quarter of 2010 according to REIS.

Market Highlights

Dallas-Fort WorthArlington, TX 880

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

2,471,817

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

Households

896,689

Household Income Average

$81,321

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

Employees (Total)

1,308,495

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

Unemployment

7.3%

Unemployment

8.0%

Total Consumer Expenditure

$10,302,686

Total Consumer Expenditure

$48,843,318

Contact

Contact

Coldwell Banker Commercial Wallace & Wallace, Realtors 124 N. Winston Road Knoxville, TN 37919 (865) 690-1111 www.cbcww.com

Coldwell Banker Commercial SA 3010 LBJ Freeway, Suite 1525 Dallas, TX 75234 (972) 503-8600 www.coldwellbanker-sa.com

Office

Retail

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

Office

• Transportation: intersection of five major interstate highways, rail hub for BN/Santa Fe and UP, air hub for AA and SW with 56m passengers per year. • In 2010, The Office market ended with a positive absorption of 2.5m SF and a vacancy at 17.5%. Industrial market ended with a positive absorption of 614,000 SF and a vacancy at 11.8%. Retail market had positive absorption of 1.8m SF and a vacancy at 8.8%. Apartment market ended with an net positive absorption of 17,800 units and an occupancy rate of 91.5%.

Retail

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

Multi-Family

Industrial

Multi-Family

Industrial

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

27


TX - Lubbock

TX - San Antonio

Demographics MSA

Square Miles

Lubbock, TX

899

Population

273,181

Households

108,923

Household Income Average

$57,357

Employees (Total)

100,513

Unemployment

Total Consumer Expenditure

Demographics

Market Highlights

5.8%

$5,577,425

Contact Coldwell Banker Commercial Rick Canup, Realtors 4924 S. Loop 289 Lubbock, TX 79414 (806) 793-0888 www.cbclubbock.com

Office

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

MSA

Square Miles

Population

• Lubbock’s growth is among top in the US. Lubbock is ranked the 87th largest city in U.S. and the 36th fastest-growing city of more than 100,000 people in the country. • Monsanto Company opened a new 50,000 SF cotton technology center. The facility’s cost of $10.5 million will have a $6 million economic impact on Lubbock.

1,247

1,667,290

598,012

Household Income Average

$68,482

Employees (Total)

640,152

Total Consumer Expenditure

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

San Antonio, TX

Households

Unemployment

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

Market Highlights

7.3%

$32,574,138

• Major tenants moving into the market include: Medtronics HQ, Brook Army Medical Center Expansion and the NSA. • Vacancies are declining across the board and the market enjoys growth in population and housing, with little expansion of product. • Federal Government/Military expansion has caused over $3 billion in new construction in the past two years. • Rental rates are stable to positive, Office is lagging, while Industrial enjoys rental rate growth. Retail remains stable, while Multi-Family is red-hot in Class A. • Expansion is limited due to lack of capital. Housing continues to grow. • Texas created 48% of the new jobs in 2010. The market is enjoying domestic immigration growth, adding upward pressure to housing and existing commercial product.

Contact

Coldwell Banker Commercial Alamo City 18756 Stone Oak Parkway Suite 202 San Antonio, TX 78258 (210) 483-6250 www.cbcalamo.com

Retail

Office

Retail

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

Multi-Family

Industrial

Multi-Family

Industrial

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

28


TX - Southeast Region

Demographics MSA

Square Miles

BeaumontPort Arthur, TX

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

MSA

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

904

244,019

Households

97,015

Household Income Average

$65,220

Employees (Total)

106,185

Total Consumer Expenditure

Demographics

Market Highlights

Population

Unemployment

TX - Tarrant County (Fort Worth area)

11.0%

$4,833,329

Contact Coldwell Banker Commercial Arnold and Associates One Acadiana Court Beaumont, TX 77706 (409) 833-5055 www.cbcaaa.com

Office

Square Miles

Population

• Motiva’s plant expansion enters the final phase, contributing over $17 billion to the local economy and doubling the plant’s capacity for crude oil. • Total nears the end of its $2.2 billion expansion project and is in the planning stages for another expansion. • Richard Design Services executes a 34,000 SF Office lease as a result of demand for engineering services in local plants.

863

1,810,308

668,814

Household Income Average

$80,196

Employees (Total)

673,443

Total Consumer Expenditure

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

DallasFort WorthArlington, TX

Households

Unemployment

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

Market Highlights

7.9%

$38,035,953

Contact Coldwell Banker Commercial Searcy Vasseur Group 6323 Camp Bowie Boulevard Suite 101 Fort Worth, TX 76116 (817) 335-7575 www.cbcsvgroup.com

Retail

Office

• The Tarrant County Office market (Fort Worth area) “bottomed out” in 2010, with absorption and rents projected to start increasing in 2011. • McDonald’s (global) led expansion in 2010 for the market, followed by Subway and Game Stop. • The Dallas / Fort Worth market is the 4th largest market in the nation, with approximately 11.8% vacancy, while the national average is about 10.1%. • The largest Dallas / Fort Worth Industrial deal in 2010 was the General Mills Lease, securing 860,000 SF in the Alliance Development. • Texas was the No. 1 state for doing business in 2009 and 2010, followed by North Carolina and Tennessee (CNBC’s Top States for Business). • Fort Worth / Arlington area ranked No. 4 among the best cities for relocation, as the cost of living is nearly 14% cheaper than the national average (Sperling’s Best Pages/CNBC).

Retail

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

Multi-Family

Industrial

Multi-Family

Industrial

Vacancy

N/A

Vacancy

Vacancy

Vacancy

Absorption

N/A

Absorption

Absorption

Absorption

Rental Rates

N/A

Rental Rates

Rental Rates

Rental Rates

29


TX - Victoria, Victoria County

Demographics MSA

Square Miles

Population

UT - Salt Lake County

Demographics

Market Highlights

Victoria, TX

883

88,311

Households

31,757

Household Income Average

$68,767

Employees (Total)

32,597

Unemployment

7.2%

Total Consumer Expenditure

$1,737,216

Contact Coldwell Banker Commercial The Ron Brown Company 2505 N Navarro Street Victoria, TX 77901 (361) 573-6191 www.ronbrown.com

Office

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

MSA

Square Miles

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

Population

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

Market Highlights

Salt Lake City, UT

737

1,043,661

Households

344,943

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

Household Income Average

$81,224

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

Employees (Total)

529,957

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

Unemployment

6.8%

Total Consumer Expenditure

$20,530,496

• Tenants moving into the market include: ATK - 615,000 SF (Industrial), Northrop Grumman 155,000 SF (Office). • Vacancy rates will remain steady in the high range as new construction on some major projects begins. • Major developments include: $1.5 billion dollar NSA data center and City Creek Retail Development of 876,000 SF. • Vacancy rates are steady on the higher side, absorption is on the rise, rental rates are steady but expected to edge down , investment activity is on the rise. • A sluggish local economy is moving in a positive direction. Utah is emerging from recession better than most states. • Newsweek cited Salt Lake City among the top 10 places in America poised for recovery.

Contact

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

Coldwell Banker Commercial NRT - Salt Lake City, UT 6550 South Millrock Drive, Suite 200 Salt Lake City, UT 84121 (801) 947-8300 www.coldwellutah.com

Retail

Office

Retail

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

Multi-Family

Industrial

Multi-Family

Industrial

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

30


WA - Clark County

Demographics MSA

Square Miles

WA - Puyallup, Pierce County

Demographics

Market Highlights

PortlandVancouverBeaverton, OR-WA 628

Population

435,677

Households

159,003

Household Income Average

$70,471

Employees (Total)

116,906

Unemployment

9.9%

Total Consumer Expenditure

$9,158,947

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

MSA

Square Miles

• City of Vancouver purchased a new City Hall. • Several new Retail developments, anchored by big boxes such as Wal-Mart, Home Depot and Lowes were completed. • Even though there has been significant increase in leasing, vacancy is staying static because of new move-outs.

SeattleTacomaBellevue, WA 1,679

• Local Military bases are bringing troops home, stabilizing the area economy. • Tenants not sure about the future are conservative about growing and moving.

Population

802,016

Households

307,658

• Only Medical Office new construction and SBA loans are funding. • Absorption in Office was negative Q4 2010.

Household Income Average

$75,083

Employees (Total)

247,029

• The Industrial market is stable compared to last year.

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

Unemployment

8.8%

• Investors are beginning to focus on REO Subdivisions.

Total Consumer Expenditure

$17,870,253

• The overall market in Vancouver, Clark County, Washington has Contact slowly been improving since 4th quarter of 2010. Indicators Coldwell Banker Commercial Jenkins-Bernhardt Associates suggest that it will continue to 1500 D Street improve albeit at a conservative/ Vancouver, WA 98663 slow rate. (360) 699-4494

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

Contact Coldwell Banker Commercial Offenbecher 101 S Meridian Puyallup, WA 98371 (253) 840-5574 www.offenbecher.com

www.CBCWorldWideNW.com

Office

Market Highlights

Retail

Office

Retail

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

Multi-Family

Industrial

Multi-Family

Industrial

Vacancy

Vacancy

Vacancy

Vacancy

Absorption

Absorption

Absorption

Absorption

Rental Rates

Rental Rates

Rental Rates

Rental Rates

31


WI - Rock County / Stateline Area

Demographics MSA

Square Miles

Market Highlights

Janesville, WI

720

• Melster Candy signed lease to occupy a 102,000 SF building in Janesville, WI. • Vacancy is holding steady with just one announcement of a plant closing in the last quarter of 2010.

Population

160,224

Households

63,135

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

Household Income Average

$63,711

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

Employees (Total)

63,044

• Stoughton Trailer just announced it may open its 350,000 SF trailer manufacturing building. • A proposed reorganization of the Wisconsin State Department of Commerce may create a shift in the labor force.

Unemployment

9.2%

Total Consumer Expenditure

$3,478,456

Contact Coldwell Banker Commercial McGuire Mears & Associates 400 Midland Court, Suite 101 Janesville, WI 53546 (608) 752-6325 www.mcguiremears.com

Office

Retail

Vacancy

Vacancy

Absorption

Absorption

Rental Rates

Rental Rates

Multi-Family

Industrial

Vacancy

N/A

Vacancy

Absorption

N/A

Absorption

Rental Rates

N/A

Rental Rates

32


Index by State AL - Dothan, Houston County AR - Hot Springs AR - Little Rock CA - Coachella Valley CA - Inland Empire / Victor Valley CA - Los Angeles CA - San Diego CA - San Fernando / San Gabriel Valley CO - Durango FL - Charlotte County FL - Jacksonville FL - Orlando FL - Southern Region GA - Athens GA - Atlanta HI - Honolulu ID - Coeur d’Alene IL - Bloomington / Normal IL - Champaign County IL - Chicago IL - DuPage IN - Delaware KY - Louisville LA - Lafayette ME - Midcoast / Southern Regions MN - Minneapolis MO - Southwest MO - St. Louis MO-KS - Kansas City MT - Billings Metro NC - Charlotte Metro Area NC - Greensboro / High Point Metro NC - Greenville NC - Raleigh NJ - Northern NJ - Northern / Central NJ NM - Albuquerque NV - Carson City NY - Manhattan NY - Upstate OK - Oklahoma City OK - Tulsa OR - Portland OR - Salem PA - Central Region PA - Pittsburgh SC - Charleston / Tri-County SC - Columbia SC - Greenville / Spartanburg TN - Chattanooga Metro Area TN - Knoxville TX - Dallas TX - Lubbock TX - San Antonio TX - Southeast Region TX - Tarrant County (Fort Worth area) TX - Victoria, Victoria County UT - Salt Lake County WA - Clark County WA - Puyallup, Pierce County WI - Rock County / Stateline Area

Index by Market 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 11 12 12 13 13 14 14 15 15 16 16 17 17 18 18 19 19 20 20 21 21 22 22 23 23 24 24 25 25 26 26 27 27 28 28 29 29 30 30 31 31 32

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

20 8 9 16 10 20 24 11 25 6 17 26 11 31 3 10 25 27 12 2 12 6 17 26 18 9 2 4 7 16 27 13 3 4 13 28 21 14 14 19 19 22 7 24 23 31 18 32 23 30 28 5 5 29 8 15 15 29 22 21 30


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