CBC Blue Book: Market Review

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 NC - Raleigh 18
AR - Hot Springs 2 NJ - Central 19
AR - Little Rock 3 NJ - Northern 19
CA - Coachella Valley 3 NM - Albuquerque 20
CA - Inland Empire / Victor Valley 4 NV - Carson City 20
CA - Los Angeles 4 NY - Manhattan 21
CA - San Diego 5 NY - Upstate 21
CA - San Fernando / San Gabriel Valley 5 OK - Oklahoma City 22
CO - Durango 6 OK - Tulsa 22
FL - Charlotte County 6 OR - Portland 23
FL - Jacksonville 7 OR - Salem 23
FL - Orlando 7 PA - Central Region 24
FL - Southern Region 8 PA - Pittsburgh 24
GA - Athens 8 SC - Charleston / Tri-County 25
GA - Atlanta 9 SC - Columbia 25
HI - Honolulu 9 SC - Greenville / Spartanburg 26
ID - Coeur d’Alene 10 TN - Chattanooga Metro Area 26
IL - Bloomington / Normal 10 TN - Knoxville 27
IL - Champaign County 11 TX - Dallas 27
IL - Chicago 11 TX - Lubbock 28
IL - DuPage 12 TX - San Antonio 28
IN - Delaware 12 TX - Southeast Region 29
KY - Louisville 13 TX - Tarrant County (Fort Worth area) 29
LA - Lafayette 13 TX - Victoria, Victoria County 30
ME - Midcoast / Southern Regions 14 UT - Salt Lake County 30
MN - Minneapolis 14 WA - Clark County 31
MO - Southwest 15 WA - Puyallup, Pierce County 31
MO - St. Louis 15 WI - Rock County / Stateline Area 32
MO/KS - Kansas City 16 Index by State 33
MT - Billings Metro 16 Index by Market 33
NC - Charlotte Metro Area 17
NC - Greensboro / High Point Metro 17
NC - Greenville 18
AL - Dothan, Houston County AR - Hot Springs
Demographics Market Highlights Demographics Market Highlights
• College of Osteopathic Medicine Hot Springs, • Sports Clips moved into the
MSA Dothan, AL MSA
AR
to be built by regional medical area.
center.
Square Miles 580 Square Miles 677 • Vacancy rates are falling.
• Creation of Interstate Highway
Connector remains probable. • Burger King, Subway, Orr
Honda and Jose’s are under
Population 100,673 • Country Crossing Entertainment Population 98,888 construction.
Complex plans to reopen.
• Competitive rental rates are
Households 40,642
• Fourth quarter 2010 showed Households 43,175
contributing to vacancy rates
improvement across the board falling.
for commercial real estate.
Household Household • Increased activity overall in the
Income $64,593 • Unemployment rate continues Income $56,350 market.
Average Average
to fall.
• No change in labor force.
Employees • Avoid higher operational costs in Employees
49,960 32,750
(Total) (Total)
Florida and Georgia by locating
to the very southeast corner
of Alabama and still be able to
Unemployment 8.0% service neighboring states. Unemployment 8.0%
Total Consumer Total Consumer

$2,085,853 $2,214,734
Expenditure Expenditure
Contact Contact
Coldwell Banker Commercial Coldwell Banker Commercial
Alfred Saliba Realty RPM
410 N. Shady Lane 401 Section Line Road
Dothan, AL 36303 Hot Springs, AR 71913
(334) 793-6600 (501) 520-4000
www.alfredsalibacommercial.com www.cbcrpm.com
Office Retail Office Retail
Vacancy n Vacancy q Vacancy q Vacancy q

Absorption n Absorption p Absorption p Absorption p
Rental Rates n Rental Rates n Rental Rates q Rental Rates n
Multi-Family Industrial Multi-Family Industrial
Vacancy q Vacancy n Vacancy N/A Vacancy q

Absorption p Absorption n Absorption N/A Absorption p
Rental Rates p Rental Rates n Rental Rates N/A Rental Rates q
2
AR - Little Rock CA - Coachella Valley

Little Rock- Riverside-San
North Little • Southwest Power Pool developed MSA Bernardino- • Lender foreclosures on
MSA
Rock-Conway, a $63m Office campus, Ontario, CA commercial properties has
AR employing 450 people with increased.
combined salaries and benefits Square Miles 7,207
Square Miles 771 of $53m. • Retail leasing is still very slow.
• St. Vincent Medical purchased • Sales of bargain priced

37 acres in West Little Rock Population 2,146,000 properties have improved.
Population 383,813 to develop an ambulatory
healthcare and wellness • Office tenants are taking
campus. advantage of low rental rates.
Households 713,238
Households 160,330
• New Office construction remains • Independent restaurants are
at its lowest level in many years, Household expanding.
Household while the market continues to Income $68,556
Income $76,375
deal with absorption. Average • Unemployment is still high.
Average
• The market is beginning to Employees • Slow recovery is still predicted

568,727
Employees
221,680 see quarterly improvement (Total) for the Coachella Valley
(Total) economy due to high national
in absorption rates for all
categories. unemployment and lack of
Unemployment 13.9% confidence in federal and state
Unemployment 6.9% government fiscal controls.
Total Consumer
$39,686,161
Total Consumer Expenditure
$8,409,840
Expenditure
Contact Contact
Hathaway Group Lyle & Associates
2100 Riverdale Road, Suite #100 78000 Fred Waring Drive, Suite 200
Little Rock, AR 72202 Palm Desert, CA 92211
(501) 663-5400 (760) 772-6400 x231
www.hathawaygroup.com www.cbclyle.com
Vacancy p Vacancy n Vacancy n Vacancy q

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

Absorption n Absorption n Absorption p Absorption n
Rental Rates p Rental Rates q Rental Rates n Rental Rates q
3
CA - Inland Empire / Victor Valley CA - Los Angeles

Riverside-San Los Angeles-
MSA Bernardino- • Significant shift of Office space MSA Long Beach- • Google has added 6,000 jobs,
Ontario, CA within the Victor Valley due Santa Ana, CA many in this area (along with
to relocation of major County three new leases).
Square Miles 20,052
Offices. Square Miles 4,061
• Rent declines have decelerated
• Retail: Golden Corral, Marshall’s, if not flattened; however, leasing
Burlington Coat Factory and concessions are still plentiful.
Population 2,025,856 Ross entered the market. Population 9,887,964
• No significant new construction
• New construction started in 4Q of commercial or Industrial
2010 for private jail expansion in buildings in Southern California.
Households 637,015 Households 3,285,297
Adelanto.
• Class A product in all categories
Household • In excess of 75% Multi-Family Household remains strong, B and C are
Income $66,077 in the Victor Valley were built Income $80,635 starting their recovery in many
Average between 1980 and 1989 and Average submarkets, but not all.
virtually no units have been
Employees
587,580 added since early 2000. Employees
3,818,423 • The biggest change is in
(Total) (Total) consumer’s attitudes, there is
• Investment, grade-A, single more confidence now than there
tenant Retail selling at 5.25% has been seen in the last 2-3
Unemployment 9.9% CAP rates. Unemployment 11.7% years.
• Builders are back in the market • Overall, in spite of some

buying finished and tentative remaining soft spots in the local
$34,859,808 lots. $182,904,681 real estate markets, this area is
seeing more and more signs of
improvement.
Contact Contact
Real Estate Solutions WESTMAC
15500 West Sand Street, 2nd Floor 1515 Sepulveda Boulevard
Victorville, CA 92392 Los Angeles, CA 90025
(760) 684-8000 (310) 478-7700
www.CBCdesert.com www.westmac.com
Vacancy p Vacancy n Vacancy p Vacancy n

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

Absorption p Absorption p Absorption p Absorption n
Rental Rates p Rental Rates q Rental Rates p Rental Rates n
4
CA - San Diego CA - San Fernando / San Gabriel Valley

San Diego- Los Angeles-
Carlsbad- • Callaway Golf announced this MSA Long Beach- • Office transactions: Los Angeles
MSA World Airports - 104,155 SF;
San Marcos, year that they will be moving Santa Ana, CA
CA some of their operations out of Live Nation, Inc - 100,500
the market. SF. Industrial: Casedge Inc
Square Miles 4,061 - 449,350 SF; CEVA Direct -
Square Miles 4,200 284,885 SF.
• Demand from owner/users for
well priced highly functional • Vacancy continued to increase in
buildings has helped to absorb Population 9,887,964 2010 although at a much slower
Population 3,071,264 much of the inventory of unsold rate. That trend is expected to
properties that were built at the reverse itself in 2011.
end of the previous cycle. Households 3,285,297
Households 1,129,261 • New construction is virtually
• New construction is mostly non-existent and does not
nonexistent with the exception Household impact this market. Due to the
Household of a handful of build-to-suits (Isis Income $80,635 perceived positive change in
Income $89,161
Pharmaceuticals, J&D Labs and Average market trends, developers are
Average looking at land again.
Amerillium)
Employees
3,818,423 • A light drop in vacancy is
Employees (Total)
(Total)
1,227,936 • Positive net absorption of 2m expected in all product types as
SF for 2010 should lead to absorption continues to outpace
increased rental rates in mid to the release of space in direct
late 2011. Unemployment 12.6% and sub-leasing. There does
Unemployment 10.1% not appear to be any rental rate
• Tenant activity in the large size growth in 2011.
segments is very strong, but
the smaller incubator market
Total Consumer
$182,904,681 • There is a more optimistic
Total Consumer Expenditure outlook in general and with a
$67,074,796 is still very weak with vacancy
Expenditure continuation of the momentum
almost double that of the overall from 2010, the market expects
Industrial market. better numbers in all product
Contact Contact types.
Coldwell Banker Commercial Coldwell Banker Commercial • The labor force has not shifted
Almar Real Estate Group North County significantly, which is what you
3655 Nobel Drive Suite 120 801 N Brand Boulavard, Suite 180 would expect in LA, due to its
San Diego, CA 92122 Glendale, CA 91203
(858) 200-8888 (818) 334-1900 diverse business demographic.
www.cbcsocal.com www.cbcnco.com
Vacancy q Vacancy n Vacancy n Vacancy n

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

Absorption p Absorption q Absorption p Absorption q
Rental Rates p Rental Rates n Rental Rates n Rental Rates q
5
CO - Durango FL - Charlotte County
• Vitamin Cottage Natural Grocers Punta Gorda, • This market has been pretty
MSA Durango, CO MSA
FL
opened in Durango. stagnant and there have been
no major changes.
Square Miles 1,692 • Aaron’s Rent-to-Own opened in Square Miles 694
Durango. • Vacancy rates are falling
because there are no jobs.
• Mercury Payment Systems plans
Population 51,899 a new Office village. Population 156,239 • There has been no new
construction in this market.
• Leasing activity in all categories
Households 21,722
is showing signs of improvement. Households 70,703
• The market will not improve until
people go back to work.
• Residential sales activity
Household improving. Household
Income $76,152 Income $66,208
Average • Healthcare sector of labor force Average
increasing.
Employees Employees
21,431 38,556
(Total) • Durango area commercial (Total)
construction has slowed, but
there are new projects on the
Unemployment 7.5% horizon for the coming year or Unemployment 12.0%
two. Retail vacancies are slowly
reducing, but rents are not
increasing. Durango is the major
Expenditure
$1,253,117 business and tourist center in Expenditure
$3,829,863
southwest Colorado and home
to Fort Lewis College. Along with
a new major trauma medical
center, the area has a varied
Contact Contact
labor base and relatively stable
Coldwell Banker Commercial economy. Coldwell Banker Commercial
Heritage House Realtors Sunstar Realty, Inc.
785 Main Avenue 970 Kings Highway, Suite 2
Durango, CO 81301 Port Charlotte, FL 33980
(970) 259-3333 (941) 255-3497
www.realestatedurango.com www.sunstarcommercial.com
Vacancy N/A Vacancy p Vacancy p Vacancy p

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

Absorption n Absorption p Absorption N/A Absorption n
Rental Rates n Rental Rates n Rental Rates N/A Rental Rates q
6
FL - Jacksonville FL - Orlando

Jacksonville, • Havertys Furniture Inc. sold an Orlando- • Constar vacated 350,000 SF in
MSA MSA
FL Kissimmee, FL
Industrial building located at Q4
7720 Philips Highway to Zawyer
Square Miles 774 Realty LLC for $2.72m (about Square Miles 907 • Industrial absorption is positive
$29 PSF). for two consecutive qtrs
• Wood Partners acquired a 168- • New Amway Arena opens

Population 859,268 unit Multi-Family building from Population 1,092,371
Focus Development for $14.2m • Overall markets appear to be
(about $84,524 per unit). stabilizing.
Households 338,464 Households 412,409
• Ironshore Capital acquired • The new Harry Potter Attraction
“Water’s Edge”, a seven-story grows Universal Studios
Household condominium building in Household attendance.
Average
Jacksonville Beach. Average • Unemployment declined by 30
• The City of Jacksonville has basis points.
Employees Employees
(Total)
434,366 awarded a $6.1m contract (Total)
626,718
to Petticoat-Schmitt Civil • The Central Florida market
Contractors to complete appears to have found or be
the San Marco Streetscape near a bottom in all property
Unemployment 11.0%
improvements. Unemployment 11.3% types. Prospects for 2011 are
positive as REO is absorbed.
• Stellar has been awarded a $3.5
Total Consumer million contract to construct a Total Consumer
$17,968,452 10,000 SF addition and a 7,000 $22,316,457
SF renovation at a Mandarin
nursing home.
Contact Contact
Benchmark NRT - FL
4348 Southpoint Boulevard, Suite 310 901 North Lake Destiny Drive, Suite 110
Jacksonville, FL 32216 Maitland, Florida 32751
(904) 281-1990 (407) 539-1000
www.cbcbenchmark.com www.cbcworldwide.com
Vacancy q Vacancy p Vacancy p Vacancy n

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

Absorption q Absorption q Absorption p Absorption p
7
FL - Southern Region GA - Athens

Miami-Fort Athens-Clarke
Lauderdale- • Multi-Family leads the way in MSA • The University of Georgia and the
MSA County, GA
Pompano South Florida. Medical College of Georgia have
Beach, FL partnered to establish a campus
• Industrial investment portfolio Square Miles 121 to be located on the 58-acre
Square Miles 1,205
deals show strength. former U.S. Navy Supply Corps
property in Athens, GA.
• Office market hurt by lack of new
tenants. Population 197,732 • Tripp Umbach, a medical
Population 1,773,268 education planning organization,
• Retail market vacancy at 6.7%. estimates that the regional
Households 49,910 economic impact of the Athens
• Office market vacancy at 14.7%. campus will be more than $567
Households 712,588
million annually, with 3,000 new
• Industrial market vacancy at Household
jobs and $17 million generated
Household 9.4%. Income $48,834
in local government revenue by
Income $78,939 Average
2020.
Average • Market is slowly improving on the
leasing side, with very few new Employees
(Total)
35,805 • Tripp Umbach also estimates
Employees
682,298 tenants entering the market. that at least $180 million will
(Total) Investment / Portfolio sales are be invested commercially as
picking up. Bank REO properties a result of medical research
are increasing and are of better Unemployment 7.6%
growth in the Athens area.
Unemployment 11.8% quality.
Total Consumer
$2,291,829
$39,517,826
Expenditure
Contact Contact
NRT - FL Upchurch Realty
3837 NW Boca Raton Boulevard, #200 2405 West Broad Street
Boca Raton, Florida 33431 Athens, GA 30606
(561) 479-1225 (706) 354-7870
www.cbcworldwide.com www.upchurchrealtycommercial.com
Vacancy q Vacancy q Vacancy n Vacancy p

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

Absorption p Absorption p Absorption n Absorption n
Rental Rates p Rental Rates q Rental Rates q Rental Rates n
8
GA - Atlanta HI - Honolulu

Atlanta-Sandy
MSA Springs- • HQ moves: Novelis, NCR and GE MSA Honolulu, HI • Hawaii’s economy is starting to
Marietta, GA Energy (357,000 SF) moved in. look better. University of Hawaii
Nuclear Regulatory Commission Economic Research Organization
Square Miles 529
(102,436 SF) moved to Square Miles 600 reports Oahu tourism is leading
downtown Atlanta in 2010. a modest recovery. Tourism
as major economic engine is
• Vacancy is relatively flat at expected to increase 4.1% to 7.3
19.2% for 2009 and 2010. Population 910,677
Population 1,044,336 million visitors in 2011.
• 8 buildings delivered in 2010 for • Hawaii’s construction is a replay

a total of 1,896,524 SF. Households 311,782 of 2010 for 2011, with only
Households 435,995
military and government projects
• Net absorption in 2010 was being awarded, attracting out-of-
821,275 SF. Office inventory Household
Household
Income $83,803
state firms to compete for these
Income $95,068 closed at 201 million SF. contracts.
Average Average
Vacancy fell by .3% since 2009.
Office rental rate fell 10 cents. • In 2010, unemployment rate was
Employees Employees
730,767 (Total)
365,718 at a low of 6.4% with 594,000
(Total) • Atlanta has 10 submarkets. people employed. This is
Sony Ericsson made a expected to expand to 602,300,
submarket move in 2010. primarily in the Hospitality
Unemployment 10.2% Unemployment 4.8%
sectors.
• Labor force continues to be
stable in Atlanta market. • Hawaii’s commercial investment
Total Consumer Total Consumer sales are expected to increase
$18,982,203
Expenditure
$23,738,587 Expenditure over 2010 as” capital freeze”
thaws. Significant sales in 2010
include: Bishop Square Office
Complex that sold for $230m
Contact Contact and Pearl Ridge Shopping Center
sold for $245m.
Metro Brokers NRT - Hawaii
3575 Piedmont Road NE, Piedmont Center 737 Bishop Street, Suite 2000
Bldg 15 Suite 950 Honolulu, HI 96813
Atlanta, GA 30305 (808) 526-0896
(678) 320-4800 www.cbcpacific.com
www.cbcworldwidemetro.com
Vacancy q Vacancy p Vacancy p Vacancy p

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

Absorption q Absorption q Absorption p Absorption q
Rental Rates q Rental Rates n Rental Rates p Rental Rates N/A
9
ID - Coeur d’Alene IL - Bloomington / Normal

Coeur d’Alene, • Development is limited to build- Bloomington- • Both major healthcare
MSA MSA
ID Normal, IL
to-suit activity. organizations have building
expansion projects underway.
Square Miles 1,245 • Tenants are using this Square Miles 1,184
opportunity to extend their • Mitsubishi Motors is adding
leases and lock in low rates. a new car model to its
production line, thus stabilizing
Population 140,628 • Beginning to see a trend Population 168,918 employment.
towards fewer concessions from
landlords. • Campus housing development at
Households 53,154 Households 70,687 Illinois State University is active.
• Asking rents have remained
steady, but this does not tell the • Heartland Community College
Household whole story. Effective rents have Household purchased 100 acres for future
dropped over the last year. growth.
Average Average
• Apartment market is beginning • Retail market starts slow

Employees Employees
49,226 to recover. This market expects 69,980 recovery as demand picks up.
(Total) (Total)
to see lower vacancies and
higher rents by the end of 2011.

$2,933,601 $4,038,011
Contact Contact
Schneidmiller Realty Heart of America Realtors
2000 Northwest Boulevard 802 S. Eldorado Road
Coeur d’Alene, ID 83814 Bloomington, IL 61704
(208) 765-4300 (309) 662-3377
www.cbcsr.com www.cbhoacommercial.com

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

Absorption p Absorption p Absorption p Absorption q
Rental Rates n Rental Rates q Rental Rates n Rental Rates q
10
IL - Champaign County IL - Chicago

Champaign- Chicago-
MSA • The University of Illinois helps MSA Naperville- • There were several large Office
Urbana, IL
to drive the local economy and Joliet, IL-IN-WI leases in the Chicago market
contributes to its stability. in 2010. The largest being UBS
Square Miles 997 Square Miles 946
for 382,000 SF in downtown
• The local healthcare industry Chicago.
has remained strong and
continues to be a regional draw • Vacancy has fallen because
Population 197,011 for the community. Population 5,304,373 there was virtually no new
construction and several large
• Despite the economic downturn, new leases were secured.
Households 85,107 new technology-related
Households 1,953,418
enterprises have continued • There was only 778,000 SF
to develop and expand in this of new construction in 2010,
Household market. Household of which 571,000 SF was
Average
preleased.
• Vacancy is at an all-time high Average
in the Office sector, prompting • There was positive absorption
Employees Employees
(Total)
73,556 landlords to lower rents and offer 2,393,188 of 1,914,000 SF in the Chicago
(Total)
incentives to attract tenants. market in 2010. As a result,
vacancy dropped and rental
• The Retail sector is showing rates increased.
Unemployment 7.5% signs of recovery with national Unemployment 8.6%
Retailers beginning to re-enter • Tenants sense that the market
the market. is starting to get better and, as
Total Consumer a result, are taking advantage of
Total Consumer
Expenditure
$4,461,113 • The Multi-Family sector $107,386,591 competitive lease terms.
Expenditure
continues to experience growth
and relatively low vacancy rates, • There was 5% employment
especially with student housing. growth from 2009 to 2010.
Contact Contact Chicago continues to have a
diverse employment base.
Devonshire Realty NRT - Chicago
201 W. Springfield Avenue 2215 Sanders Road, Suite 350
Champaign, IL 61820 (847) 313-4646
(217) 352-7712 www.cbcnrtchicago.com
cbcdr.com
Vacancy p Vacancy p Vacancy q Vacancy q

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

Absorption n Absorption n Absorption p Absorption p
Rental Rates n Rental Rates n Rental Rates p Rental Rates q
11
IL - DuPage IN - Delaware

Chicago-
MSA Naperville- • Rasmussen College and other MSA Muncie, IN • Three employers opened plants
Joliet, IL-IN-WI educational services are creating a total of 800 jobs.
expanding.
Square Miles 393 • Industrial vacancy rate is falling
Square Miles 334
• With large Office leases expiring, due to new employers.
tenants are shopping for better
deals and downsizing. • CBD Office vacancy is up 15%
Population 935,405 Population 115,425 due to shrinking government
• Central Dupage Hospital Cancer programs.
Center increases its presence
with new construction. Households 48,625
• CBD Rent rates are down 10-
Households 338,513
15%.
• There has been slow absorption
Household of Retail Center space in the Household • Ivy Tech Community College
Income $55,245 opened a Campus in CBD.
Income $104,196 Chicago west suburbs.
Average Average
• Many Chicago suburban • Muncie has the most affordable

Employees housing in Division 1-A
Employees
622,755 communities expect that 42,446
(Total) (Total)
absorption will not improve until communities.
2012-2013, when confidence
in the market returns to Retail/
Unemployment 8.6% Office. Unemployment 10.0%

$21,956,832 $2,493,689
Contact Contact
NRT - Chicago Lunsford Real Estate
1225 W. 22nd Street, Suite 130 3601 W. Bethel Avenue
Oak Brook, IL, 60523 Muncie, IN 47304
(630) 954-4600 (765) 289-2228
www.cbcnrtchicago.com www.coldwellbankercommerciallunsford.com
Vacancy p Vacancy p Vacancy p Vacancy q

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

Absorption p Absorption p Absorption n Absorption p
Rental Rates p Rental Rates q Rental Rates q Rental Rates n
12
KY - Louisville LA - Lafayette

Louisville/
MSA Jefferson • Downtown Louisville is in a MSA Lafayette, LA • This market was directly affected
County, KY-IN growth mode with the New YUM! by the Gulf Oil spill.
Center.
Square Miles 270 • Government has lifted the
Square Miles 385
• UPS is a major employer and moratorium, but has not issued
provides a logistics hub to many permits to drill.
emerging companies.
Population 723,786 Population 212,674 • Lack of new construction for
• Retail vacancies are beginning to Industrial has kept this market
fill up in major locations. stable. Minimal properties are
Households 82,912 available for lease or sale.
Households 302,589
• New constructions and new
projects remain slow. • Several new large Multi-Family
Household Household complexes has increased the
• The demand for Multi-Family Income $75,497
Income $74,419 vacancy rate throughout the
Average Average
build sites is very strong. rental market.
• The unemployment rate is Employees

Employees
400,666 128,639 • Retail spending has remained
(Total) (Total)
dropping. high throughout the trade area.
• The Louisville market is holding • Unemployment remains in

Unemployment 9.8% steady. A Retail rebound, Multi- Unemployment 5.6% the 5% range, but continued
Family and logistic positioning by government involvement in the
companies using the UPS Hub oil industry will force many of
are strengths in the Louisville local jobs out of the country.
$16,376,009 area market. The market Expenditure
$4,418,906
Expenditure
include an MSA of about 1.2
million people. Office and new
construction projects are slow
areas of the commercial market
Contact Contact
right now. The emergence of
Coldwell Banker Commercial downtown and the new KFC Coldwell Banker Commercial
McMahan Co. YUM! Center make the area Pelican Real Estate
6402 Railroad Avenue interesting for commercial 806 East Saint Mary Boulevard
Crestwood, Kentucky 40014 Lafayette, LA 70503
(502) 241-8811 investment. (337) 233-9541
www.cbmcmahan.com www.cbcpelican.com
Vacancy n Vacancy q Vacancy p Vacancy p

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

Rental Rates n Rental Rates n Rental Rates n Rental Rates q
13
ME - Midcoast / Southern Regions MN - Minneapolis

Portland-South Minneapolis-
MSA Portland- • Retail: Wal-Mart and Tractor St. Paul- • Microsoft is expanding again in
MSA
Biddeford, ME Supply will start construction in Bloomington, the Twin Cities.
the fall of 2011. MN-WI
• Investment property sales were
Square Miles 991
• Vacancy Rates are falling due Square Miles 557
up in 2010.
to lack of inventory of available
space. • US Bank signs 340,000 SF lease
Population 201,958 at Meridian Crossings.
• There are several proposed Population 1,162,574
construction projects slated for • Office market sees signs of
2011. stabilization.
Households 79,304
Households 485,989
• Rental rates are holding steady; • Apartment market shows
Household Office rates are down a bit. positive trends.
Income $68,728 Household
Average • Midcoast Maine has been Income $94,537 • Signs of job growth reemerge at
discovered because of its quality Average same rate as nation.
Employees
56,526 of lifestyle and growing economy.
(Total) Employees
834,033
(Total)
• Unemployment is below state
and national averages.
Unemployment 5.9%
Unemployment 6.5%
Total Consumer
$4,498,991
Expenditure Total Consumer
$29,346,247
Expenditure
Contact Contact
SoundVest Properties Griffin Companies
147 Park Street 615 1st Avenue NE Suite 500
Rockland, ME 04841 Minneapolis, MN 55413
(207) 596-7478 (612) 338-2828
www.soundvest.com www.cbcgriffin.com
Vacancy q Vacancy q Vacancy p Vacancy p

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

Absorption q Absorption p Absorption p Absorption q
Rental Rates n Rental Rates p Rental Rates p Rental Rates q
14
MO - Southwest MO - St. Louis

Springfield, St. Louis and
MSA • In August 2010, Expedia Inc. MSA 16 counties • Industrial, Retail and Multi-
MO
announced its intentions to bring across MO-IL Family vacancy levels have
500 new jobs to Springfield decreased for each of the past 4
Square Miles 675 to coincide with a move to Square Miles 8,458
quarters. The rates will continue
Springfield’s old airport. to decrease due to the lack of
new product available.
• T-Mobile plans to hire 300
Population 271,195 people for its Springfield Population 2,812,896 • Office vacancy has remained flat
customer care service center even though new construction
next year; 100 of them during deliveries continue to be strong.
Households 118,990 the first quarter of 2011. Households 736,952
• Net absorption was positive for
• McLane Co. Inc. plans to build a past 4 quarters for the Industrial,
Household 400,000 SF distribution center Household Retail and Multi-Family sectors.
Average
on Republic’s west side that
Average • Net absorption for the Office
would employ about 400 people.
sector was mixed for the year,
Employees Employees
(Total)
145,282 • O’Reilly Hospitality Management 1,440,683 however, the last 2 quarters
(Total)
will complete its new 125-room ended with strong results.
Hilton Garden Inn in March 2011
on Springfield’s south side.

$6,303,682 $31,575,174
Contact Contact
Vanguard, Realtors CRA LLC
1334 E. Republic Road 8820 Ladue Road
Springfield, MO 65804 Saint Louis, MO 63124
(417) 887-5950 (314) 206-4600
www.cbcvanguard.com www.cbcstl.com
Vacancy p Vacancy p Vacancy q Vacancy q

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

Absorption N/A Absorption p Absorption p Absorption p
Rental Rates N/A Rental Rates q Rental Rates p Rental Rates q
15
MO/KS - Kansas City MT - Billings Metro

Kansas City, • Sprint’s 4,000,000 SF campus • Base economic industries;
MSA MSA Billings, MT
MO-KS
in Overland Park now has Agriculture, Petroleum, Medical,
370,000 SF of subleased & Tourism remained even paced
Square Miles 477 space, most at the expense of Square Miles 2,635 in 2010.
downtown Kansas City, MO.
• Area residential real estate has
• The average Household Income not been impacted by national
Population 546,679 for the Kansas City Metro for Population 145,900 factors.
2010 was $103,069.
• New construction has been
Households 210,513 • During 2010 modern bulk Households 59,768 curtailed by lack of regional
distribution space had a positive financing.
net absorption of 122,000 SF.
Household Household • Lender REO activity has been
• Modern warehousing had a minimal.
Average Average
122,000 SF positive absorption
in 2010. • Multi-Family occupancy indicates
Employees Employees
317,994 67,577 further property expansion.
(Total) (Total)
• Wyandotte County lead the
Metro area in new construction • Considerable 2010 4th quarter
last year. activity tends to indicate
Unemployment 8.6% Unemployment 5.5% a substantial increase in
• Johnson County index of transaction volume during the
consumer confidence was up 6% first quarter of 2011.
Total Consumer
in early 2011. Total Consumer
Expenditure
$13,553,993
Expenditure
$3,344,037 • 2011 is projected to be a better
year for commercial transaction
activity.
Contact Contact
Fishman & Company The Brokers
1948 E Santa Fe Street 1215 24th Street, Suite 240
Olathe, KS 66062 Billings, MT 59102
(913) 782-9000 (406) 656-2001
www.cbcfishman.com www.cbcmontana.com
Vacancy p Vacancy q Vacancy n Vacancy p

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

Absorption n Absorption p Absorption p Absorption n
Rental Rates N/A Rental Rates q Rental Rates p Rental Rates q
16
NC - Charlotte Metro Area NC - Greensboro / High Point Metro

Charlotte- Greensboro-
MSA Gastonia- • A number of corporate MSA Winston Salem- • Dell and American Express
Concord, NC-SC relocations in 2010 paired with High Point, NC moved out of market. Caterpillar
the recent announcement of and FedEx Ground are moving in.
Square Miles 526
the 2012 Democratic National Square Miles 649
Convention being held in • Vacancy is rising because
Charlotte continue to keep the American Express and Dell are
region in the spotlight. closing and RJR is laying off
Population 924,534 Population 483,648 employees.
• Increasing demand for space
and lack of new development • A new Events Center in Eastern
has caused positive absorption. Davie is being constructed.
• Lack of new construction and • Fairly level status of vacancy at

Household signs of an improving economy Household high levels for all 2010.
Income $86,370 have had a positive influence on Income $70,444
Average Average • What is changing in this market?
vacancy rates.
There is a balance of losing
Employees
556,689 • Flattening of rental rates and Employees
256,183 companies with influx of logistic
(Total) (Total) companies.
even some slight positive
increases are a result of positive
absorption. • The labor force is moving
Unemployment 10.7% Unemployment 10.2% from manufacturing to skilled
• Charlotte geographic location, technology.
low cost of living, educated work
force and warm climate continue
Expenditure
$20,736,072 to benefit the region. Expenditure
$10,463,059
• Charlotte continues to benefit

from educated labor force which
Contact has been major influence in a Contact
number of corporate relocations
Coldwell Banker Commercial of both major companies as well Coldwell Banker Commercial
MECA as their vendors. Triad, Realtors
1815 S Tryon Street, Suite A 285 S. Stratford Road
Charlotte, NC 28203 Winston-Salem, NC 27103
(704) 971-2000 (336) 659-3259
www.cbcmeca.com www.cbctriad.com

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

17
NC - Greenville NC - Raleigh
• Greenville is the 10th Largest Raleigh-Cary, • Office vacancy came down in Q4

MSA Greenville, NC MSA
NC
City in North Carolina. for the first time in over a year.
Square Miles 652 • It is the Medical, Educational Square Miles 832 • Office leasing activity, proposals
and Retail Hub of Eastern North and showings are reported to
Carolina. have improved significantly since
January 1, 2011.
Population 160,713 • It is the home to East Carolina Population 911,865
University, which has 27,000+ • Retail activity remains solid in
students. the Triangle area.
• Greenville is in one of the states • The Warehouse market has
fastest growing counties. had almost 2 years of negative
Household Household absorption in the Triangle.
Average Average
Employees Employees
50,535 376,175
(Total) (Total)

$3,309,364 $21,082,407
Contact Contact
CoastalMark LLC Trademark
1516 S.E. Greenville Boulevard 1001 Wade Avenue, Suite 300
Greenville, NC 27858 Raleigh, NC 27605
(252) 355-5220 (919) 782-5552
www.cbccoastalmark.com www.cbctmp.com
Vacancy N/A Vacancy n Vacancy q Vacancy q

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

Rental Rates q Rental Rates q Rental Rates n Rental Rates q
18
NJ - Central NJ - Northern

Sommerset, NY-Northern
Middlesex, • Shift of Pharmaceutical New Jersey- • Panasonic is considering a move
MSA MSA
Hunterdon, Manufacturing out of New Long Island, to shovel-ready Newark, NJ.
Counties, NJ Jersey. NY-NJ-PA
• Positive absorption of vacancy
• Steady absorption of Office Square Miles 126
is expected from slight private
Square Miles 305
vacancy rates through sector job growth.
aggressive leasing programs.
• New construction/
Population 328,855 • Rejuvenation of state economic Population 771,178 redevelopment trend; MXD/
development programs to Retail Transit Village hubs.
business.
Households 286,718
• Increased tenant demand for
Households 120,619 Office space under 10,000 SF.
• Northern NJ still depends on
NYC to drive its economy.
Household Household • Soaring investor demand within
Income $137,536 • Aggressive local and state Income $95,195 the Multi-family sector.
Average Average
government spending cuts are
seen as way to keep business • Municipal cutbacks are
Employees placing downward pressure on
Employees
190,087 operating costs lower. (Total)
313,586
(Total) government job sector.
• Service industry is a major
growth sector of economy in a • Strong investor demand for
Unemployment 3.5% down market. Unemployment 2.1% value-added Retail centers
statewide. Uptick of Multi-
Family assets in receivership
will position CRE practitioners
Total Consumer
Total Consumer
$8,402,922 Expenditure
$15,019,822 experienced in BOV reporting as
Expenditure highly sought after commodities
for Lenders & 3rd-party affiliates.
Contact Contact
Feist & Feist Realty Corp. NRT - NJ
180 Mount Airy Road 1 Campus Drive
Basking Ridge, NJ 07920 Parsippany, NJ 07054
(908) 696-1500 (888) 829-0221
www.feistandfeist.com www.cbcnrtnewjersey.com
Vacancy n Vacancy p Vacancy p Vacancy p

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

19
NM - Albuquerque NV - Carson City

Albuquerque, • Kohl’s Dept. Store recently Carson City, • Chromalloy Nevada recently
MSA MSA
NM NV
leased 110,000 SF of former occupied a 41,700 SF Industrial
Mervyn’s space in the Coronado flex building in Carson City,
Square Miles 1,166 Mall. Square Miles 143 Nevada.
• Planet Fitness has opened 5 • Increased activity through the

locations in the Albuquerque Northern Nevada Development
Population 646,351 market, 3 in 2010. Population 55,156 Authority has resulted in a
significant decrease in the
• No significant new construction Industrial vacancy rate.
Households 258,990 is expected in 2011. Households 23,432
• Two significant Industrial build-
• Retail vacancy is moving down. to-suit projects have recently
Household Household broken ground totaling over
Income $66,597 • National and local small tenant Income $69,548
Average Average
200,000 SF of new Industrial
Retailers are backfilling existing space.
vacancy.
Employees Employees
(Total)
270,732
(Total)
25,284 • Retail rents continue to fall and
• There was no significant change are projected to end the year
in employment / unemployment. 10% below their current levels.
Unemployment 8.4% Unemployment 14.0% • Due to recent bills passed
by the California Legislature,
activity by companies interested
Total Consumer Total Consumer in relocating to Nevada has
$14,289,041 $1,324,454 increased significantly.
• Due to the high unemployment

rate in Northern Nevada (14%+),
Contact Contact there is an abundance of highly
skilled workers for companies
Coldwell Banker Commercial Coldwell Banker Commercial expanding and relocating.
Las Colinas Premier Brokers
4801 Lang Avenue NE, Suite 100 223 South Division Street
Albuquerque, NM 87109 Carson City, NV 89703
(505) 897-7227 (775) 888-6200 x1210
www.lcrealty.com www.CBNevada.com

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

Absorption p Absorption n Absorption n Absorption p
Rental Rates p Rental Rates q Rental Rates n Rental Rates p
20
NY - Manhattan NY - Upstate

NY-Northern Buffalo-
New Jersey- • Societe Generale will be MSA Niagara Falls, • Pent up demand, plentiful
MSA
Long Island, relocating to 245 Park Avenue NY supply and hungry Landlords
NY-NJ-PA from 1221 Avenue of the made 2010 a great year for
Americas taking 444,000 SF. Square Miles 1,044
Tenant Representation to those
Square Miles 23 companies fortunate enough to
• Vacancy rates in NYC / be able to take advantage of the
Manhattan Office has declined market.
to 7.7% at year end. Net Population 909,443
Population 1,628,834 absorption for the overall New • New construction in 2008
York City Office market was with more scheduled in 2011,
(-706,872). Households 377,859
coupled with tenant downsizing
Households 821,449 will cause vacancy to increase
• Approximately 1,429,393 of new through 2012.
Office space delivered during Household
Household 2010, with 11 Times Square, Income $67,419 • Paetec Communications and
Income $124,528 Average
1,111,960 being delivered in the Callfinity are moving to the
Average
3rd Qrt. revitalized Downtown.
Employees
407,833
Employees (Total)
(Total)
2,030,457 • Overall, more square footage • Rental rates remain stagnant
was leased in 2010 than in any especially for existing
other year. Activity rose over 61% construction.
from 2009. Unemployment 8.2%
Unemployment 8.2% • There has been continued
growth and significant financial
commitment to renovate and to
Total Consumer
$20,415,891 build new construction in CBD of
$47,881,394 Upstate NY markets.
Expenditure
• While growth has been slow,

Contact Contact commercial and residential
values have remained stable
Coldwell Banker Commercial Coldwell Banker Commercial or slightly increased contrary
REalta Group Meridian to what is occurring in many
1430 Broadway, 9th Floor 4498 Main Street
New York, NY 10018 Buffalo, NY 14226 markets.
(212) 344-0300 (716) 839-6100
www.cbcrealta.com www.coldwellbankermeridian.com

Vacancy q Vacancy N/A Vacancy p Vacancy p

Absorption n Absorption N/A Absorption p Absorption p
Rental Rates n Rental Rates N/A Rental Rates n Rental Rates n
21
OK - Oklahoma City OK - Tulsa

Oklahoma City, • Oklahoma City’s Outlet Shoppes • Office vacancies are increasing
MSA MSA Tulsa, OK
OK
is the largest Retail real estate as tenants contract.
investment project happening in
Square Miles 709 the country according to McGraw Square Miles 570 • Tulsa Industrial vacancies hit a
Hill Construction 2011 Outlook. 20-year high.
• Boeing is moving a division to • The Retail sector is seeing lower

Population 722,227 Oklahoma City because it is a Population 606,781 vacancies and lower rates.
right-to-work state.
• Multi-Family was relatively
Households 298,656 • Forbes ranked Oklahoma City as Households 249,702
stagnant in 2010.
“Americas #1 Most Affordable
City.”
Household Household
• Devon Building is the only
Average Average
50-floor Office buildings
being completed in Downtown
Employees Employees
(Total)
352,723 Oklahoma City. (Total)
319,678
• Business Facilities Magazine

named Oklahoma City a “Top
Unemployment 6.1% 10 Metro for Economic Growth Unemployment 7.4%
Potential” (July 2010).
Total Consumer
• Forbes ranked Oklahoma City as Total Consumer
Expenditure
$16,307,811 a “Top 5 Fastest-Growing City” Expenditure
$13,949,853
(October 11, 2010).
Contact Contact
Hocker & Associates Argue Properties
4323 N. Classen, Suite 100 401 South Boston, Suite 300
Oklahoma City, OK 73118 Tulsa, OK 74103
(405) 840-4545 (918) 587-1900
www.hocker.com www.argueproperties.com
Vacancy p Vacancy q Vacancy p Vacancy q

Absorption q Absorption p Absorption q Absorption p
Vacancy q Vacancy N/A Vacancy q Vacancy p

Absorption q Absorption N/A Absorption p Absorption q
Rental Rates p Rental Rates N/A Rental Rates n Rental Rates n
22
OR - Portland OR - Salem

Portland-
Vancouver- • The largest Retail leases in 2010 MSA Salem, OR • After years of speculation, Trader
MSA
Beaverton, included 51,350 SF by Mor Joe’s signed a lease in early
OR-WA Furniture on Hayden Meadows Summer 2010 for a South Salem
Drive and 48,815 SF by Dick’s Square Miles 1,184 location.
Square Miles 628 Sporting Goods on SE 82nd
Avenue. • Cascade Cardiology, a team
of local doctors, purchased a
• The largest Office leases in Population 320,368 commercial Office condo from
Population 435,677 2010 include: 191,573 SF by the lender and plans to complete
Nike in Southwest Portland and its new facility in 2011.
142,850 SF by Hewlett Packard Households 118,404
Households 159,003 in Clark County. • There has been limited new
construction due to costs for
• After many slow years of new Household new buildings exceeding the cost
Household Income $61,875
Multi-Family projects, developer Average
of comparable properties on the
Income $70,471
interest is beginning to pick up. market.
Average
Multi-Family development land is Employees
attracting more interest. (Total)
105,045 • Sales and leasing activity
Employees
(Total)
116,906 increased in 2010 over the
• Activity on the owner/user prior year with the majority of
side of the Industrial market is transactions being leases or
Unemployment 10.7%
picking up to take advantage of consulting work.
Unemployment 9.9% historic low interest rates and
favorable pricing. • Contrary to perception, large-
Total Consumer scale commercial foreclosures
• The metro area’s unemployment $6,417,955 have yet to be realized.
$9,158,947 edged down to 10.2 percent in
Expenditure
August, 20 basis points lower • There were virtually no
than July and 90 basis points investment sales within the
Contact less than prior year levels. It has Contact market and the medical
continued to slide down to 9.9%. profession is aggressively
Coldwell Banker Commercial Coldwell Banker Commercial expanding.
Mountain West Real Estate,LLC Mountain West Real Estate,LLC
2545 SW Spring Street, Suite 200 250 Division Street, NE
Portland, OR 97219 Salem, OR 97301
(503) 227-2934 (503) 588-3508
www.cbcre.com www.cbcre.com

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

Absorption p Absorption p Absorption n Absorption q
Rental Rates p Rental Rates q Rental Rates n Rental Rates q
23
PA - Central Region PA - Pittsburgh

York-Hanover, • Arm and Hammer moved into • Gas drilling companies have
MSA MSA Pittsburgh, PA
PA
the area with 300 new jobs. a major impact on sales and
leases in the area.
Square Miles 904 • Vacancy rates appear to be Square Miles 730
falling in all areas due to • Vacancy is falling due to the rise
increased leasing activity. in confidence in the economy.
Population 430,707 • There is very little new Population 1,219,061 • More jobs are being created
construction due to the amount by Marcellus Shale and related
of money that banks are industries.
Households 169,750 requiring as collateral and the Households 530,329
uncertainty in the market. • The Pittsburgh market is doing
better than other markets due
Household • Rental rates have remained Household to the increased value the
stable or increased slightly due purchaser/lessee receives for
Average Average
to the lack of new construction. their dollar.
Employees Employees
168,402 • In this market, there is a shift 675,494
(Total) (Total)
from new construction to
renovation and leasing.
Unemployment 7.9% • The shift in the labor force has Unemployment 7.5%
been less manufacturing and
more service jobs.
$9,444,630 $29,074,363
Contact Contact
Bennett Williams NRT - Pittsburgh
110 North George Street, 4th Floor 9600 Perry Highway, Suite 200
York, PA 17401 Pittsburgh, PA 15237
(717) 843-5555 (412) 548-1064
www.bennettwilliams.com www.cbcworldwide.com

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

Absorption p Absorption q Absorption p Absorption p
24
SC - Charleston / Tri-County SC - Columbia

Charleston-
MSA North • The Boeing Company started MSA Columbia, SC • The largest signings for 2010
Charleston, SC construction on a new plant to were: Office - AFLAC, Inc. 27,432
build the 787 Dreamliner, and SF; Retail - Planet Fitness
Square Miles 2,071
GE announced it would develop Square Miles 756 23,600 SF; Industrial - Dana OFF
its new wind turbines here. Highway Products, LLC 82,000
SF.
• Contractors and subcontractors
Population 649,315 will create 10,000 to 15,000 Population 375,193 • The Office and Retail market
new jobs in the next 5 years. have experienced 3 quarters
of positive absorption after
• Office, Industrial, Apartment and Households 156,493 experiencing negative absorption
Households 167,649
Retail developers are seeking in the first quarter. This is a
opportunities and will deliver trend that may hold through
new construction in 2012. Household
Household
Income $70,388
2011.
Income $64,801
Average Average
• Industrial space has made the • New construction is almost
best progress in the market, non-existent. Each market sector
Employees Employees
153,287 absorbing 1.6m SF in 2010. (Total)
177,047 delivered very minimal amounts
(Total)
in 2010.
• Expansion of Charleston’s
deep water harbor, new rail • Rental rates for Office and Retail
Unemployment development, and international Unemployment 9.0%
9.0% have increased from the first
airport are attracting industry. quarter 2010 while Industrial
lease rates have decreased.
• New jobs related to aviation and Total Consumer
Total Consumer
$6,657,034 other technologies will lead the Expenditure
$7,779,167 • It appears the Columbia market
Expenditure
growth of new jobs in Charleston. is experiencing an increase
Lack of labor unions is a factor. in activity over the previous
quarter, however, it is too early to
Contact Contact tell whether or not this increase
will get any traction.
Atlantic International, Inc United, Realtors
3506 West Montague Avenue, Suite 200 1711 Gervais Street
North Charleston, SC 29418 Columbia, SC 29201
(843) 744-9877 (803) 799-4663
www.cbcatlantic.com cbccarolinas.com

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

Absorption p Absorption p Absorption N/A Absorption q
Rental Rates p Rental Rates p Rental Rates N/A Rental Rates q
25
SC - Greenville / Spartanburg TN - Chattanooga Metro Area

Greenville- Chattanooga,
MSA Mauldin-Easley, • Continued positive business MSA • Amazon has leased a 1 million
TN-GA
SC announcements. SF building under construction
for a new distribution center that
• Downtown continues to boom. Square Miles 542 will create 250 new jobs.
Square Miles 790
• Business sentiment is bullish. • Wacker Chemie purchased 350
acres for a $5.4 billion new
Population 455,754 • BMW expands again. Population 338,740 plant to manufacture hyperpure
polycrystalline silicon. It will
• Charleston Port deepening employ 500 new workers.
has been a major issue of
discussion. • Volkswagen has a new assembly
plant that has begun production
Household • Temporarily, there has been little Household on the 2011 Passat. This plant
Income $68,514 new construction in any sector. Income $66,929
has created 2,000 new jobs.
Average Average
• Whirlpool Corporation has

Employees Employees
247,012 (Total)
167,178 broken ground on a new 1.4
(Total)
million SF green production
facility that will replace an older
plant.
• Commercial activity has
increased significantly in the last
Total Consumer quarter.
Total Consumer $7,308,183
$9,928,878 Expenditure
Expenditure
• This market is positioned for
tremendous growth in the
next 5 years. In addition to
Contact Contact Volkswagen, many automotive
suppliers are relocating to the
Coldwell Banker Commercial Coldwell Banker Commercial area.
Caine Hamilton & Associates
200 East Broad Street, Suite 200 2650 Peerles Road NW
Greenville, SC 29601 Cleveland, TN 37312
(864) 250-2800 (423) 476-5535
www.cbccaine.com www.hamiltoncommercial.com
Vacancy q Vacancy q Vacancy p Vacancy n

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

Rental Rates n Rental Rates q Rental Rates n Rental Rates n
26
TN - Knoxville TX - Dallas

Dallas-Fort
MSA Knoxville, TN • South College leased 85,000 MSA Worth-
• The Dallas/Fort Worth (DFW)
SF in the former Goody’s Arlington, TX
regional population increased 52%
Headquarters building. from 2000-2010 to a total of 6.5
million, making it the 4th largest
Square Miles 508 Square Miles 880 region in the US.
• Vacancy rates seem to have
stabilized in all sectors as the • Employment growth has tracked
economy starts to improve. population and currently stands at
Population 438,198 Population 2,471,817 3.9 million employees.
• New construction is centered
on medical facilities and the • DFW is HQ for 24 Fortune 500
Companies, 158 companies ranked
Households 189,397 University of Tennessee. in The Inc.’s 5000 Fastest Growing.
Households 896,689
DFW is the 6th largest economy in
• The Multi-Family sector the US and 14th in the World.
Household continues to be strong in the Household
Income $68,293 • Advantages: Central Time Zone, mild
Knoxville area with vacancy Income $81,321
Average Average climate and Forbes ranks it as the
rates dropping to 5.7% in the
4th quarter of 2010 according “#1 City to Earn a Living”.
Employees Employees
(Total)
211,528 to REIS. 1,308,495 • State benefits: Texas does not have
(Total)
a State Income Tax and is a right-to-
work state.
Unemployment 7.3% Unemployment 8.0% • Transportation: intersection of five
major interstate highways, rail hub
for BN/Santa Fe and UP, air hub for
AA and SW with 56m passengers
Total Consumer
$10,302,686 Total Consumer per year.
Expenditure $48,843,318
Expenditure
• 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
Contact Contact positive absorption of 614,000
SF and a vacancy at 11.8%. Retail
Wallace & Wallace, Realtors SA market had positive absorption of
124 N. Winston Road 3010 LBJ Freeway, Suite 1525 1.8m SF and a vacancy at 8.8%.
Knoxville, TN 37919 Dallas, TX 75234 Apartment market ended with an
(865) 690-1111 (972) 503-8600 net positive absorption of 17,800
www.cbcww.com www.coldwellbanker-sa.com units and an occupancy rate of
91.5%.
Vacancy n Vacancy n Vacancy q Vacancy q

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

Absorption p Absorption n Absorption p Absorption p
27
TX - Lubbock TX - San Antonio
• Lubbock’s Jobless rate of 5.8% San Antonio, • Major tenants moving into the
MSA Lubbock, TX MSA
TX
is the third lowest in the state. It market include: Medtronics
is being aided by private industry HQ, Brook Army Medical Center
Square Miles 899 hiring in several economic Square Miles 1,247 Expansion and the NSA.
sectors as well as hiring in
education and health services. • Vacancies are declining across
the board and the market
Population 273,181 • Lubbock’s growth is among top Population 1,667,290 enjoys growth in population and
in the US. Lubbock is ranked housing, with little expansion of
the 87th largest city in U.S. and product.
Households 108,923 the 36th fastest-growing city of Households 598,012
more than 100,000 people in • Federal Government/Military
the country. expansion has caused over $3
Household Household billion in new construction in the
Average
• Monsanto Company opened Average
past two years.
a new 50,000 SF cotton
technology center. The facility’s • Rental rates are stable to
Employees Employees
(Total)
100,513 cost of $10.5 million will have a (Total)
640,152 positive, Office is lagging, while
$6 million economic impact on Industrial enjoys rental rate
Lubbock. growth. Retail remains stable,
while Multi-Family is red-hot in
• X-Fab Texas and Cymbet will Class A.
collaborate on the world’s
highest-volume solid-state • Expansion is limited due to lack
Total Consumer battery production facility, a $12 Total Consumer of capital. Housing continues to
$5,577,425 $32,574,138 grow.
Expenditure million capital expenditure. Expenditure
• Texas Tech University set a • Texas created 48% of the new

record enrollment with 31,600 jobs in 2010. The market is
Contact students in 2010, a 5.3% growth Contact enjoying domestic immigration
over the previous year. In 2020, growth, adding upward pressure
Coldwell Banker Commercial enrollment is projected to be Coldwell Banker Commercial to housing and existing
Rick Canup, Realtors 40,000. Alamo City commercial product.
4924 S. Loop 289 18756 Stone Oak Parkway Suite 202
Lubbock, TX 79414 San Antonio, TX 78258
(806) 793-0888 (210) 483-6250
www.cbclubbock.com www.cbcalamo.com

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

Rental Rates p Rental Rates p Rental Rates p Rental Rates n
28
TX - Southeast Region TX - Tarrant County (Fort Worth area)

Beaumont- Dallas-
MSA • Zeep Energy announces a $1.6 MSA Fort Worth- • The Tarrant County Office market
Port Arthur, TX
billion new gasification plant. Arlington, TX (Fort Worth area) “bottomed
out” in 2010, with absorption
• Quantex Energy announces and rents projected to start
Square Miles 904
the newest refinery to join the Square Miles 863
increasing in 2011.
Industrial sector of southeast
Texas.
• McDonald’s (global) led
Population 244,019 Population 1,810,308 expansion in 2010 for the
• Motiva’s plant expansion enters
the final phase, contributing over market, followed by Subway and
$17 billion to the local economy Game Stop.
Households 97,015 and doubling the plant’s capacity Households 668,814
for crude oil. • The Dallas / Fort Worth market
is the 4th largest market in
Household • Total nears the end of its $2.2 Household the nation, with approximately
Income $65,220 billion expansion project and Income $80,196 11.8% vacancy, while the
Average is in the planning stages for Average
national average is about 10.1%.
another expansion.
Employees Employees
(Total)
106,185
• Richard Design Services 673,443 • The largest Dallas / Fort Worth
(Total)
executes a 34,000 SF Office Industrial deal in 2010 was the
lease as a result of demand for General Mills Lease, securing
engineering services in local 860,000 SF in the Alliance
Unemployment 11.0%
plants. Unemployment 7.9% Development.
• Local Retailers welcome • Texas was the No. 1 state for

Ulta Cosmetics, Jos. A. Bank doing business in 2009 and
Total Consumer
$4,833,329 Clothiers, Aaron Rents and Total Consumer
$38,035,953 2010, followed by North Carolina
Safelite Auto Glass to the and Tennessee (CNBC’s Top
southeast Texas market.
States for Business).
• After stalling in 2009 and 2010,
Contact the market is seeing increased Contact • Fort Worth / Arlington area
inquiries and interest in the ranked No. 4 among the best
Coldwell Banker Commercial area. Energy industries are Coldwell Banker Commercial cities for relocation, as the cost
Arnold and Associates expanding and locating to the Searcy Vasseur Group of living is nearly 14% cheaper
One Acadiana Court area again; spurring the need 6323 Camp Bowie Boulevard
Beaumont, TX 77706 Suite 101 than the national average
(409) 833-5055 for Retail, Office and additional Fort Worth, TX 76116 (Sperling’s Best Pages/CNBC).
www.cbcaaa.com housing. (817) 335-7575
www.cbcsvgroup.com

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

Absorption N/A Absorption p Absorption n Absorption q
Rental Rates N/A Rental Rates n Rental Rates n Rental Rates n
29
TX - Victoria, Victoria County UT - Salt Lake County
• Caterpillar began construction Salt Lake City, • Tenants moving into the market
MSA Victoria, TX MSA
UT
in early 2011 and plans to be in include: ATK - 615,000 SF
production by mid 2012. (Industrial), Northrop Grumman -
Square Miles 883 Square Miles 737 155,000 SF (Office).
• Eagle Ford Shale discovery west
of here has created a demand • Vacancy rates will remain
for industrial sites. steady in the high range as new
Population 88,311 Population 1,043,661 construction on some major
• The University of Houston projects begins.
Victoria announced a four-year
Households 31,757 campus and welcomed first Households 344,943 • Major developments include:
incoming freshman class. $1.5 billion dollar NSA data
center and City Creek Retail
Household • Retail Market remains flat Household Development of 876,000 SF.
although there has been a slight
Average Average
increase in office occupancy. • Vacancy rates are steady on the
higher side, absorption is on
Employees Employees
32,597 • There has not been any 529,957 the rise, rental rates are steady
(Total) (Total)
significant construction of new but expected to edge down ,
homes in the past several years. investment activity is on the rise.
No signification development of
Unemployment 7.2% building sites is planned at this Unemployment 6.8% • A sluggish local economy is
time. A change in the housing moving in a positive direction.
market is anticipated Utah is emerging from recession
Total Consumer Total Consumer better than most states.
Expenditure
$1,737,216 • Senior Citizen/Retirement Expenditure
$20,530,496
Services are considering several • Newsweek cited Salt Lake City
sites for retirement living, among the top 10 places in
assisted living and nursing home America poised for recovery.
Contact projects. Contact
Coldwell Banker Commercial • The petro-chemical plants Coldwell Banker Commercial
The Ron Brown Company have expansions plans and NRT - Salt Lake City, UT
2505 N Navarro Street a construction project at the 6550 South Millrock Drive, Suite 200
Victoria, TX 77901 Salt Lake City, UT 84121
(361) 573-6191 Coleto Creek Power Plant has (801) 947-8300
www.ronbrown.com also been announced. www.coldwellutah.com
Vacancy n Vacancy p Vacancy p Vacancy n

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

Absorption p Absorption p Absorption p Absorption p
Rental Rates p Rental Rates p Rental Rates q Rental Rates q
30
WA - Clark County WA - Puyallup, Pierce County

Portland- Seattle-
Vancouver- • Hewlett Packard sold its MSA Tacoma- • Local Military bases are bringing
MSA
Beaverton, Vancouver, WA campus to Bellevue, WA troops home, stabilizing the area
OR-WA SEH America, another hi-tech economy.
company, then leased space in Square Miles 1,679
Square Miles 628 the Natilus building as they are • Tenants not sure about the
downsizing. future are conservative about
growing and moving.
• City of Vancouver purchased a Population 802,016
Population 435,677 new City Hall. • Only Medical Office new
construction and SBA loans are
• Several new Retail funding.
Households 307,658
Households 159,003 developments, anchored by
big boxes such as Wal-Mart, • Absorption in Office was
Home Depot and Lowes were Household negative Q4 2010.
Household completed. Income $75,083
Income $70,471 Average • The Industrial market is stable
Average compared to last year.
• Even though there has been
significant increase in leasing, Employees
247,029
Employees (Total) • All in all, the market is stagnant
(Total)
116,906 vacancy is staying static because
of new move-outs. other than MOB’s. Diversify into
Property Management, REO’s
• Port of Vancouver rail Unemployment 8.8% and consulting.
Unemployment 9.9% improvements will be significant
in new industry and job creation.
Total Consumer
• Investors are beginning to focus $17,870,253
Expenditure
$9,158,947 on REO Subdivisions.
• The overall market in Vancouver,

Clark County, Washington has
Contact Contact
slowly been improving since
Coldwell Banker Commercial 4th quarter of 2010. Indicators Coldwell Banker Commercial
Jenkins-Bernhardt Associates suggest that it will continue to Offenbecher
1500 D Street improve albeit at a conservative/ 101 S Meridian
Vancouver, WA 98663 Puyallup, WA 98371
(360) 699-4494 slow rate. (253) 840-5574
www.CBCWorldWideNW.com www.offenbecher.com
Vacancy n Vacancy n Vacancy p Vacancy n

Absorption p Absorption p Absorption q Absorption n

Absorption n Absorption n Absorption n Absorption p
Rental Rates n Rental Rates n Rental Rates n Rental Rates n
31
WI - Rock County / Stateline Area
Demographics Market Highlights
MSA Janesville, WI • Melster Candy signed lease to

occupy a 102,000 SF building in
Janesville, WI.
Square Miles 720
• Vacancy is holding steady with
just one announcement of a
plant closing in the last quarter
Population 160,224 of 2010.
• One new plant was erected

Households 63,135 in Milton, WI, by Penn Color
(50,000 SF).
Household • Absorption is slow and lease
Income $63,711
rates have fallen about 24%.
Average
• Stoughton Trailer just announced

Employees
63,044 it may open its 350,000 SF
(Total)
trailer manufacturing building.
• A proposed reorganization of the

Unemployment 9.2% Wisconsin State Department of
Commerce may create a shift in
the labor force.
Total Consumer
$3,478,456
Expenditure
Contact
Coldwell Banker Commercial
McGuire Mears & Associates
400 Midland Court, Suite 101
Janesville, WI 53546
(608) 752-6325
www.mcguiremears.com
Office Retail
Vacancy n Vacancy p
Absorption p Absorption q
Rental Rates n Rental Rates q
Multi-Family Industrial
Vacancy N/A Vacancy n

Absorption N/A Absorption p
Rental Rates N/A Rental Rates n
32
Index by State Index by Market
AL - Dothan, Houston County 2 Albuquerque, NM 20

AR - Hot Springs 2 Athens, GA 8
AR - Little Rock 3 Atlanta, GA 9
CA - Coachella Valley 3 Billings Metro, MT 16
CA - Inland Empire / Victor Valley 4 Bloomington / Normal, IL 10
CA - Los Angeles 4 Carson City, NV 20
CA - San Diego 5 Central, NJ 19
CA - San Fernando / San Gabriel Valley 5 Central Region, PA 24
CO - Durango 6 Champaign County, IL 11
FL - Charlotte County 6 Charleston / Tri-County, SC 25
FL - Jacksonville 7 Charlotte County, FL 6
FL - Orlando 7 Charlotte Metro Area, NC 17
FL - Southern Region 8 Chattanooga Metro Area, TN 26
GA - Athens 8 Chicago, IL 11
GA - Atlanta 9 Clark County, WA 31
HI - Honolulu 9 Coachella Valley, CA 3
ID - Coeur d’Alene 10 Coeur d’Alene, ID 10
IL - Bloomington / Normal 10 Columbia, SC 25
IL - Champaign County 11 Dallas, TX 27
IL - Chicago 11 Delaware, IN 12
IL - DuPage 12 Dothan, Houston County, AL 2
IN - Delaware 12 DuPage, IL 12
KY - Louisville 13 Durango, CO 6
LA - Lafayette 13 Greensboro / High Point Metro, NC 17
ME - Midcoast / Southern Regions 14 Greenville / Spartanburg, SC 26
MN - Minneapolis 14 Greenville, NC 18
MO - Southwest 15 Honolulu, HI 9
MO - St. Louis 15 Hot Springs, AR 2
MO/KS - Kansas City 16 Inland Empire / Victor Valley, CA 4
MT - Billings Metro 16 Jacksonville, FL 7
NC - Charlotte Metro Area 17 Kansas City, MO/KS 16
NC - Greensboro / High Point Metro 17 Knoxville, TN 27
NC - Greenville 18 Lafayette, LA 13
NC - Raleigh 18 Little Rock, AR 3
NJ - Central 19 Los Angeles, CA 4
NJ - Central 19 Louisville, KY 13
NM - Albuquerque 20 Lubbock, TX 28
NV - Carson City 20 Manhattan, NY 21
NY - Manhattan 21 Midcoast / Southern Regions, ME 14
NY - Upstate 21 Minneapolis, MN 14
OK - Oklahoma City 22 Northern, NJ 19
OK - Tulsa 22 Oklahoma City, OK 22
OR - Portland 23 Orlando, FL 7
OR - Salem 23 Pittsburgh, PA 24
PA - Central Region 24 Portland, OR 23
PA - Pittsburgh 24 Puyallup, Pierce County, WA 31
SC - Charleston / Tri-County 25 Raleigh, NC 18
SC - Columbia 25 Rock County / Stateline Area, WI 32
SC - Greenville / Spartanburg 26 Salem, OR 23
TN - Chattanooga Metro Area 26 Salt Lake County, UT 30
TN - Knoxville 27 San Antonio, TX 28
TX - Dallas 27 San Diego, CA 5
TX - Lubbock 28 San Fernando / San Gabriel Valley, CA 5
TX - San Antonio 28 Southeast Region, TX 29
TX - Southeast Region 29 Southern Region, FL 8
TX - Tarrant County (Fort Worth area) 29 Southwest, MO 15
TX - Victoria, Victoria County 30 St. Louis, MO 15
UT - Salt Lake County 30 Tarrant County (Fort Worth area), TX 29
WA - Clark County 31 Tulsa, OK 22
WA - Puyallup, Pierce County 31 Upstate, NY 21
WI - Rock County / Stateline Area 32 Victoria, Victoria County, TX 30
cbcworldwide.com
©2011 Coldwell Banker Commercial Affiliates. A Realogy Company. All Rights Reserved. Coldwell Banker Commercial Affiliates fully supports
the principles of the Equal Opportunity Act. Each Office is Independently Owned and Operated. Coldwell Banker Commercial and the
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CBC Blue Book: Market Review

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2011

Coldwell Banker Commercial

• 200+ companies within the CBC organization

The CBC organization’s strong local market coverage combined with

Demographics Market Highlights Demographics Market Highlights

Total Consumer Total Consumer

Office Retail Office Retail

Vacancy n Vacancy q Vacancy q Vacancy q

Multi-Family Industrial Multi-Family Industrial

Vacancy q Vacancy n Vacancy N/A Vacancy q

Demographics Market Highlights Demographics Market Highlights

• St. Vincent Medical purchased • Sales of bargain priced

• The market is beginning to Employees • Slow recovery is still predicted

Office Retail Office Retail

Vacancy p Vacancy n Vacancy n Vacancy q

Multi-Family Industrial Multi-Family Industrial

Vacancy n Vacancy p Vacancy q Vacancy n

Demographics Market Highlights Demographics Market Highlights

• Builders are back in the market • Overall, in spite of some

Office Retail Office Retail

Vacancy p Vacancy n Vacancy p Vacancy n

Multi-Family Industrial Multi-Family Industrial

Vacancy q Vacancy q Vacancy q Vacancy n

Demographics Market Highlights Demographics Market Highlights

Office Retail Office Retail

Vacancy q Vacancy n Vacancy n Vacancy n

Multi-Family Industrial Multi-Family Industrial

Vacancy q Vacancy q Vacancy q Vacancy p

Demographics Market Highlights Demographics Market Highlights

Office Retail Office Retail

Vacancy N/A Vacancy p Vacancy p Vacancy p

Multi-Family Industrial Multi-Family Industrial

Vacancy n Vacancy q Vacancy N/A Vacancy n

Demographics Market Highlights Demographics Market Highlights

• Wood Partners acquired a 168- • New Amway Arena opens

Office Retail Office Retail

Vacancy q Vacancy p Vacancy p Vacancy n

Multi-Family Industrial Multi-Family Industrial

Vacancy q Vacancy n Vacancy q Vacancy p

Demographics Market Highlights Demographics Market Highlights

Office Retail Office Retail

Vacancy q Vacancy q Vacancy n Vacancy p

Multi-Family Industrial Multi-Family Industrial

Vacancy q Vacancy q Vacancy n Vacancy n

Demographics Market Highlights Demographics Market Highlights

• 8 buildings delivered in 2010 for • Hawaii’s construction is a replay

Vacancy q Vacancy p Vacancy p Vacancy p

Multi-Family Industrial Multi-Family Industrial

Vacancy p Vacancy q Vacancy n Vacancy p

Demographics Market Highlights Demographics Market Highlights

• Apartment market is beginning • Retail market starts slow

Total Consumer Total Consumer

Office Retail Office Retail

Vacancy q Vacancy q Vacancy n Vacancy n

Multi-Family Industrial Multi-Family Industrial

Vacancy q Vacancy q Vacancy q Vacancy p

Demographics Market Highlights Demographics Market Highlights

Office Retail Office Retail

Vacancy p Vacancy p Vacancy q Vacancy q

Multi-Family Industrial Multi-Family Industrial

Vacancy n Vacancy p Vacancy q Vacancy q

Demographics Market Highlights Demographics Market Highlights

• Many Chicago suburban • Muncie has the most affordable

Total Consumer Total Consumer