Coldwell Banker Commercial Market Comparison Report Ranks Denver As Top Commercial Real Estate Market in The Country

Top
2014
MARKETS COMPARED BY 5 FACTORS
The Coldwell Banker Commercial brand took on the task of finding the
Top Markets for Commercial Real Estate.

Over
80
markets were ranked on
2 categories for each property sector (Office, Retail, Multi-Family),

Then 2 additional final categories:
% Change in Vacancy
from Q3 2013 and Q3 2014 within the market1
% Change in Rental Rates
% Change in Population
% Change in Unemployment
from Sep 2013 and Sep 2014 within the market2
1 source: Reismarket reports Q3 2014

2source: Bureau of Labor Statisticsunemployment report Sep 2014
Top Commercial RE Markets
1. Denver, CO
Total
27. San Bernardino/Riverside, CA
56. Greensboro/Winston-Salem, NC
28. Los Angeles, CA
56. Suburban Virginia, VA
2. San Francisco, CA
29. Dayton, OH
58. Little Rock, AR
3. Houston, TX
30. Charlotte, NC
58. Providence, RI
4. Dallas, TX
31. Tulsa, OK
60. Columbia, SC
5. San Jose, CA
32. Omaha, NE
61. Memphis, TN
6. Phoenix, AZ
33. Chicago, IL
62. Birmingham, AL
33. Seattle, WA
63. Northern New Jersey, NJ
35. Portland, OR
64. Westchester, NY
36. Philadelphia, PA
65. Jacksonville, FL
37. Charleston, SC
66. Suburban Maryland, MD
37. Long Island, NY
67. Detroit, MI
39. Salt Lake City, UT
68. New Haven, CT
11. Colorado Springs, CO
40. Columbus, OH
69. Syracuse, NY
12. Miami, FL
40. Oklahoma City, OK
70. Richmond, VA
14. Palm Beach, FL
42. Raleigh-Durham, NC
71. Kansas City, MO
15. San Diego, CA
43. Hartford, CT
72. Buffalo, NY
16. Fort Worth, TX
43. Nashville, TN
73. Wichita, KS
17. Fort Lauderdale, FL
45. Central New Jersey, NJ
74. Rochester, NY
18. Oakland-East Bay, CA
45. St. Louis, MO
75. Albuquerque, NM
19. Orlando, FL
47. Cleveland, OH
76. Chattanooga, TN
20. Atlanta, GA
48. District of Columbia, DC
77. Greenville, SC
21. Boston, MA
49. Baltimore, MD
78. Tucson, AZ
22. New York Metro, NY
50. Indianapolis, IN
79. Milwaukee, WI
23. Cincinnati, OH
50. Tacoma, WA
80. Fairfield County, CT
23. Tampa-St. Petersburg, FL
52. Pittsburgh, PA
81. New Orleans, LA
25. Louisville, KY
53. Ventura County, CA
82. Norfolk/Hampton Roads, VA
7. San Antonio, TX
8. Las Vegas, NV
9. Austin, TX
10. Orange County, CA
12. Sacramento, CA
54. Knoxville, TN
26. Minneapolis, MN
55. Lexington, KY
Top Ranked Market
#1 Denver, CO
Office
Rank
Retail
Rank
MF
Rank
Pop.
Rank
Unemp.
Rank
Cumulative
Score
Final Rank
28
11
52
Why Denver is Growing

According to Ben Gilliam, of Coldwell Banker Commercial Alliance in Denver,
while economists downgraded expectations for the U.S. economy, Denver continues to
break records in job growth, construction and economic expansion in energy, healthcare
and technology. Additionally Denvers multifamily market is skyrocketing in rent growth and
construction. The market is expected to exceed 9,000 new apartment units at the end of
2014.
Denver has recovered from the Great Recession and moved into expansion mode with
positive market absorption in every market segment including 1.6 million square feet in
retail, 2.7 million square feet in industrial and 1.6 million in office properties. Denver
continues to attract vigorous investment activity from the East and West Coast. It is
anticipated that with the recent grand opening of the new Union Station/Central transit hub,
Denver could see its first $1,000.00 or more per square foot investment sale around that
development in the Central Business District.
Investor confidence has led to a resurgence in development with 13 new office projects, 7
new industrial projects and 2 new retail projects in recent months. Several other projects
are in pre-leasing mode as developers continue to act in a more methodical manner to
help manage risk.
Denver expects to reach several Rocky Mountain Highs in real estate valuations, job
growth and development as it approaches 2015.
Ben Gilliam, Coldwell Banker Commercial Alliance, Denver, CO
Top Markets: Rankings

Metro
Denver, CO
San Francisco, CA
Houston, TX
Dallas, TX
San Jose, CA
Phoenix, AZ
San Antonio, TX
Las Vegas, NV
Austin, TX
Orange County, CA
Colorado Springs, CO
Miami, FL
Sacramento, CA
Palm Beach, FL
San Diego, CA
Fort Worth, TX
Fort Lauderdale, FL
Oakland-East Bay, CA
Orlando, FL
Atlanta, GA
Boston, MA
New York Metro, NY
Cincinnati, OH
Tampa-St. Petersburg, FL
Louisville, KY
Minneapolis, MN
San Bernardino/Riverside, CA
Los Angeles, CA
Dayton, OH
Charlotte, NC
Tulsa, OK
Omaha, NE
Chicago, IL
Seattle, WA
Portland, OR
Philadelphia, PA
Charleston, SC
Long Island, NY
Salt Lake City, UT
Columbus, OH
Oklahoma City, OK
Source: Reismarket reports Q3 2014
Final
Rank
1
2
3
4
5
6
7
8
9
10
11
12
12
14
15
16
17
18
19
20
21
22
23
23
25
26
27
28
29
30
31
32
33
33
35
36
37
37
39
40
40
2013 Diff 13- Office Retail

MF
Pop Unemp Cumulative
Rank 14 Rank Rank Rank Rank Rank Rank
Score
10
-9
8
4
28
11
1
52 View Listings
22
-20
17
35
23
77 View Listings
-1
26
13
30
79 View Listings
16
11
13
39
83 View Listings
14
-9
60
22
91 View Listings
19
-13
20
11
12
50
98 View Listings
21
-14
21
27
41
20
115 View Listings
18
-10
59
18
25
116 View Listings
10
26
55
31
123 View Listings
11
-1
23
16
40
43
127 View Listings
30
-19
34
57
22
15
130 View Listings
38
-26
15
52
52
131 View Listings
46
-34
38
15
33
36
131 View Listings
15
-1
23
41
13
52
136 View Listings
14
35
30
25
33
137 View Listings
40
52
39
138 View Listings
27
-10
49
19
20
52
142 View Listings
20
-2
13
48
51
23
143 View Listings
18
32
10
50
58
152 View Listings
25
-5
12
39
18
79
153 View Listings
41
-20
20
48
28
56
155 View Listings
48
-26
29
30
38
48
11
156 View Listings
51
-28
35
29
30
59
158 View Listings
31
-8
11
12
35
39
61
158 View Listings
47
-22
26
61
63
160 View Listings
21
25
30
55
34
19
163 View Listings
43
-16
24
59
14
28
43
168 View Listings
42
-14
67
53
38
169 View Listings
81
-52
51
20
23
77
175 View Listings
16
14
29
43
50
49
176 View Listings
34
-3
53
23
30
31
41
178 View Listings
36
-4
26
64
20
69
182 View Listings
63
-30
21
73
19
64
183 View Listings
12
21
65
28
19
66
183 View Listings
33
18
39
39
36
62
194 View Listings
75
-39
42
52
18
66
17
195 View Listings
13
24
29
23
45
23
77
197 View Listings
77
-40
42
33
45
66
11
197 View Listings
17
22
46
76
41
16
26
205 View Listings
32
45
-5
72
58
47
52
41
45
45
22
3
31
208 View Listings

208 View Listings
Quotes from Top 10 Markets

Here are a few thoughts from independent professional agents affiliated with the Coldwell Banker
Commercial organization on why their market is in the top 10.
Dallas, TX
The Dallas / Fort Worth (DFW) Metropolitan Statistical area is the fourth largest MSA in the
country (behind NYC, LA, and Chicago), and over the last decade its population increased
by over 1.3 million people, making it one of the fastest growing metropolitan areas in the
United States. On top of this, experts project the DFW population to increase an additional
37% to over 9.2 million people by 2030. This population boom has mitigated the 2008
recessions effect on real estate, and has provided steady business/job growth.
In late 2013, the Milken Institute ranked the DFW economy among the top 20 global
economies in the world. This economy is diverse and consistently growing; it added 67,100
net new jobs last year. Also, 18 Fortune 500 companies are headquartered in the DFW
Metroplex. With its steady job growth, low cost of living, broad variety of entertainment
options, and rapidly growing public transportation system, the sprawling DFW Metroplex
has become an attractive place to live and work.
Gary Walker, Coldwell Banker Commercial Alliance, Arlington, TX
San Antonio, TX
San Antonio, as most of Texas, has been experiencing an unprecedented rate of domestic
and foreign immigration over the past 5 years, which has helped shelter our economy from
the worst effects of the downturn experienced by most of the country. The Texas political
climate supports a Pro-Business Environment encouraging business expansion and job
growth.
The area has been able to maintain an unemployment rate below 6%, and now is hovering
about 5.3%, for several years. A couple of the leading factors contributing to this growth are
the U.S. Armed Forces, and the discovery and development of the Eagle Ford Shale, one
of the leading Oil and Gas developments in recent history. San Antonio has also recently
been identified as the number 1 tourist destination in Texas.
Nick Rispoli, Coldwell Banker Commercial Alamo City, San Antonio, TX
Top Markets: Rankings

Metro
Raleigh-Durham, NC
Hartford, CT
Nashville, TN
Central New Jersey, NJ
St. Louis, MO
Cleveland, OH
District of Columbia, DC
Baltimore, MD
Indianapolis, IN
Tacoma, WA
Pittsburgh, PA
Ventura County, CA
Knoxville, TN
Lexington, KY
Greensboro/Winston-Salem, NC
Suburban Virginia, VA
Little Rock, AR
Providence, RI
Columbia, SC
Memphis, TN
Birmingham, AL
Northern New Jersey, NJ
Westchester, NY
Jacksonville, FL
Suburban Maryland, MD
Detroit, MI
New Haven, CT
Syracuse, NY
Richmond, VA
Kansas City, MO
Buffalo, NY
Wichita, KS
Rochester, NY
Albuquerque, NM
Chattanooga, TN
Greenville, SC
Tucson, AZ
Milwaukee, WI
Fairfield County, CT
New Orleans, LA
Norfolk/Hampton Roads, VA
Final
Rank
42
43
43
45
45
47
48
49
50
50
52
53
54
55
56
56
58
58
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
2013 Diff 13- Office Retail MF

Pop Unemp Cumulative
Rank 14 Rank Rank Rank Rank Rank Rank
Score
8
34
36
56
52
57
210 View Listings
39
50
52
79
21
211 View Listings
26
17
61
67
11
30
42
211 View Listings
40
45
22
78
57
11
213 View Listings
79
-34
18
28
25
72
70
213 View Listings
80
-33
17
13
55
82
47
214 View Listings
66
-18
14
45
82
10
71
222 View Listings
35
14
32
72
50
65
228 View Listings
37
13
70
74
55
24
10
233 View Listings
28
22
64
37
21
45
66
233 View Listings
67
-15
67
57
34
72
239 View Listings
53
72
45
41
42
43
243 View Listings
29
25
79
71
37
48
244 View Listings
72
-17
80
35
68
49
16
248 View Listings
44
12
65
30
49
61
46
251 View Listings
58
-2
74
18
74
14
71
251 View Listings
60
-2
66
37
80
40
29
252 View Listings
69
-11
78
44
23
70
37
252 View Listings
55
38
52
68
17
78
253 View Listings
64
-3
46
50
62
43
55
256 View Listings
62
76
17
35
55
74
257 View Listings
52
11
41
78
66
62
11
258 View Listings
74
-10
69
49
75
58
11
262 View Listings
24
41
77
72
25
26
63
263 View Listings
71
-5
61
79
47
71
266 View Listings
61
42
41
39
81
64
267 View Listings
56
12
52
62
60
78
18
270 View Listings
59
10
36
70
76
66
28
276 View Listings
33
37
56
59
52
38
80
285 View Listings
57
14
48
80
35
44
82
289 View Listings
54
18
81
34
68
74
35
292 View Listings
76
-3
60
82
15
76
60
293 View Listings
50
24
67
68
59
69
34
297 View Listings
78
-3
55
65
30
80
68
298 View Listings
82
-6
63
59
63
56
59
300 View Listings
23
54
54
75
71
26
76
302 View Listings
68
10
81
77
63
32
51
304 View Listings
73
75
68
73
71
25
312 View Listings
65
15
57
79
76
75
26
313 View Listings
70
11
50
81
65
65
81
342 View Listings
49
33
71
63
81
54
75
344 View Listings
Market Rebuttals
With any survey, the results will depend on what variables you look at and how you look at them. That's why we spoke
to independent agents in a few markets ranked in the bottom 10 to get their views about the positives in their markets.
New Orleans, LA
By nearly all accounts, Greater New Orleans is a great place to live, work, and raise a family. In
economic development, the area is at its highest point, in every economic ranking, in history. Recently,
the state was ranked #2 Business Climate in the USA - the highest position ever. Encouragingly, talented
people are voting with their feet, choosing this region to build a career and start a family.
In fact, Louisiana has enjoyed six straight years of net in-migration for the first time in decades, according
to the U.S. Census Bureau. And as more and more people make New Orleans their home, their talents
come with them, evidenced by the city's ranking as #1 for in-migration for workers in their prime,
according to Forbes. Families can also do more with less in New Orleans, which was recently ranked in
the top 5 most affordable households in the USA by Intuit as well as America's Favorite City by Travel
and Leisure.
Mark Inman, JD, CCIM, Coldwell Banker Commercial TEC, New Orleans, LA
Greenville, SC
Greenville, SC is located equidistant between Atlanta and Charlotte, NC in the Charlanta Corridor, one of
the mega corridors predicted to dominate future commercial activity in the US. This area is experiencing
continued growth in the Office, Retail and Industrial sectors.
The Greenville/ Spartanburg markets enjoy the highest per capita foreign investment in North America as
was named Top 50 Cities for Global Trade by Global Trade Magazine. This area has headquarters and
manufacturing companies like Michelin, GE Energy, BMW (all X Models are produced here with 70%
going abroad), Bosch and Flour, to name a few.
Greenville was named the 5th Fastest Growing U.S. City by CNN, Top Ten Best America Downtown by
Forbes and the 3rd Strongest Job Market by Bloomberg Business. Trammell Crow has just announced a
400,000 SF mixed use project on Main Street which joins over 100 restaurants, the majority of which are
unique and locally owned. Downtown Greenville is experiencing an explosion of multifamily with 1,000
units under construction and another 1,000 about to break ground. Condominiums are once again under
construction along the river that bisects Main and heads over a 42 foot waterfall beneath a 380 ft.
suspension bridge.
A sampling of new retail includes Anthropologie, Brooks Brothers, Orvis, Dave and Busters, Cabelas,
Nordstrom Rack and Bass Pro Shops. With the completion of the Inland port, Greenville is now
connected by rail to the Port of Charleston, SC and is becoming a major logistics center with truck service
to 70% of the US population in one day. Currently demand exceeds supply for quality industrial space.
Brad Halter, GRI, Coldwell Banker Commercial Caine, Greenville, SC
Office
2. San Jose, CA
OFFICE
26. Louisville, KY
55. Albuquerque, NM
26. Omaha, NE
29. Charleston, SC
56. Richmond, VA
29. Charlotte, NC
32. Baltimore, MD
59. Las Vegas, NV
5. Seattle, WA
32. Orlando, FL
60. Wichita, KS
7. Miami, FL
61. Nashville, TN
8. Denver, CO
35. Cincinnati, OH
63. Chattanooga, TN
36. Syracuse, NY
64. Tacoma, WA
38. Columbia, SC
38. Sacramento, CA
66. Little Rock, AR
40. Fort Worth, TX
67. Pittsburgh, PA
3. Boston, MA
4. Los Angeles, CA
9. Hartford, CT
10. Austin, TX
12. Atlanta, GA
14. San Diego, CA
16. Dallas, TX
17. Cleveland, OH
18. Portland, OR
18. St. Louis, MO
20. Phoenix, AZ
21. Chicago, IL
21. San Antonio, TX
23. Palm Beach, FL
25. Minneapolis, MN
26. Houston, TX
67. Rochester, NY
69. Westchester, NY
42. Detroit, MI
42. Long Island, NY

72. Columbus, OH
46. Memphis, TN
48. Kansas City, MO
75. Milwaukee, WI
76. Birmingham, AL
50. New Orleans, LA
51. Dayton, OH
78. Providence, RI
52. New Haven, CT
79. Knoxville, TN
53. Tulsa, OK
80. Lexington, KY
54. Greenville, SC
81. Buffalo, NY
81. Tucson, AZ
Top 5 Ranked Office Markets
Sources: 1-Reis; 2-Real Capital Analytics
1) San Francisco, CA
The 91-million-SF San Francisco West Bay general purpose, multi-tenant office market moved strongly ahead in Q2 of 2014.
While Reis data supports the idea that the market is landlord favorable, it does not show the sort of manic conditions seen
here in the past. The vacancy rate is still above 10.0%, compared with just 2.0% at year-end 1999, and rent gains over the
past year have been just under 5.0%, compared with gains in excess of 50.0% in 2000 and in excess of 15.0% in 2007. Other
market watchers, however, report frantic conditions. The average asking commercial rent in San Francisco has jumped by
80.0% over the last four years and continues to grow at a very fast pace, according to the San Francisco Business Times,
making this the hottest office real estate market by far in the Unites States and arguably in the world right now .1
YTD $7.3 billion in sales 102 Transactions2
2) San Jose, CA
Another tech boom is under way. A related boom in office development has followed in its wake. By Reis count, the delivery
of 1.55 million SF of new competitive office product last year met with 1.78 million SF of net absorption. As the boom
continued, demand fell arrears of new supply during the first half of 2014957,000 absorbed net versus some 1.23 million
SF of newly completed construction. July-August followed with 630,000 SF of new supply and 756,000 in net absorption.
Included in the new supply were three buildings with a combined total of 581,400 SF completed in Sunnyvale in August for
social media giant LinkedIn. A 125,000-SF fourth building at the same complex is under construction for the firm for
completion in December. Other major recent deliveries include 465,800 SF in three projects at The Irvine Companys Santa
Clara Gateway in Santa Clara in April. A total of 466,000 SF completed in three phases of the development last year. 1
3) Boston, MA
The 128-million-SF Boston general purpose, multi-tenant office market paused in the second quarter of 2014, with slightly
negative net absorption after a series of strongly positive quarters. Rents continued rising at a moderate pace. This market
has never recovered the vitality of the 1980s and 1990s despite record employment levels, as structural trends, such as the
decrease in space per worker, have offset the job gains. Limited new supply and the removal of inventory in office to
residential conversions, however, have kept the market relatively healthy. 1
4) Los Angeles, CA
The 196-million-SF Los Angeles general purpose, multi-tenant office market continued to struggle forward in the second
quarter. Rents showed solid quarterly growth, but vacancy remained in the double-digits, keeping the overall market
performance down. The Class A rate of 14.1% is unchanged over the quarter and down 130 basis points over 12 months.
The Class A space gives the appearance that the market is healthier than it is. 1
YTD $6.3 billion in sales 214Transactions2
5) Orange County, CA
The sluggish recent job growth seen in Orange County has been accompanied by a slowdown in demand for office space
and a slow recovery overall for the market, which was badly mauled by the recession and its impacts on the large financial
sector tenant base. Office-using firms have been adding employees, but at a slower pace in the last several quarters. The
decline in the vacancy rate seen during the recent period has effectively stalled. Rents, however, show greater vigor, and
investor acquisition of office properties has remained robust. Recent construction has consisted mainly of a couple of major
build-to-suit projects; speculative development in significant volume has not returnedwith the exception of a single major
development under way in Newport Beach. Others, however, are moving forward. 1
5) Seattle, WA
Citing the expanding presence of Amazon.com, a recent study by The Brookings Institution called the South Lake Union area
an example of an Innovation District, where one major anchor tenant draws hundreds of other businesses, retailers,
residential, and commercial developments, Moreover, a massive 3.1-millionsquare- foot, 38-story, three-tower campus is
under development for the online retailer in the nearby Denny Triangle area. 1
Top Markets: OFFICE

Metro
RANKS
Q3 2014 % Change
Vac % Q3 13-Q3 14
Vac
Rank
Asking %Change Rent Rate

Rent $ Q3 13-Q3 14 Rank
Final
Rank
San Francisco, CA
12.2
-8.27%
$45.92
5.10%
San Jose, CA
17.7
-4.84%
$33.76
6.53%
Boston, MA
13.2
-5.04%
$38.33
3.48%
Los Angeles, CA
14.9
-6.29%
$33.83
3.30%
10
Orange County, CA
16.7
-3.47%
15
$28.44
3.61%
Seattle, WA
13.2
-3.65%
13
$30.90
3.45%
Miami, FL
16.1
-4.73%
$30.92
1.54%
19
Denver, CO
16.9
-3.43%
16
$22.59
2.03%
13
Hartford, CT
20.3
-5.14%
$21.54
1.17%
28
Austin, TX
16.0
-2.44%
22
$27.11
1.99%
14
21.4
-3.60%
14
$21.63
1.41%
23
Atlanta, GA
19.7
-3.43%
16
$21.93
1.34%
24
17.6
-1.68%
31
$26.81
2.09%
12
9.4
-2.08%
28
$50.99
1.74%
17
San Diego, CA
16.1
-1.23%
36
$29.55
3.36%
Dallas, TX
23.1
0.00%
45
$21.31
5.18%
Cleveland, OH
23.1
-3.75%
12
$18.84
0.80%
41
Portland, OR
13.5
-0.74%
38
$22.20
1.65%
18
St. Louis, MO
17.6
-1.68%
31
$20.81
1.27%
25
Phoenix, AZ
25.5
-0.39%
43
$22.95
1.91%
16
Chicago, IL
18.7
0.00%
45
$28.53
1.97%
15
San Antonio, TX
17.5
-3.31%
18
$20.42
0.79%
42
Palm Beach, FL
17.6
-7.85%
$28.56
0.56%
59
23.6
-1.67%
33
$21.51
1.08%
30
Minneapolis, MN
16.8
-2.89%
20
$22.49
0.76%
45
Houston, TX
14.4
1.41%
62
$26.81
4.44%
Louisville, KY
15.5
-1.90%
30
$16.52
0.98%
36
Omaha, NE
15.2
-3.18%
19
$17.40
0.75%
47
Charleston, SC
14.3
-6.54%
$21.58
0.42%
66
Charlotte, NC
17.7
-0.56%
41
$22.16
1.14%
29
9.9
2.06%
65
$63.51
3.84%
Baltimore, MD
16.5
0.00%
45
$23.68
1.20%
26
Orlando, FL
17.4
-4.40%
10
$21.54
0.51%
61
18.7
-4.10%
11
$16.57
0.49%
63
Cincinnati, OH
20.4
-1.92%
29
$18.83
0.75%
47
Raleigh-Durham, NC
15.2
0.66%
58
$20.67
1.47%
21
Syracuse, NY
14.9
-8.59%
$15.97
0.00%
78
Columbia, SC
17.9
-2.19%
26
$16.04
0.63%
54
Sacramento, CA
20.8
-2.35%
23
$23.85
0.59%
57
Fort Worth, TX
16.5
1.23%
61
$19.92
1.48%
20
18.7
0.00%
45
$28.08
0.97%
37
New York Metro, NY
1
2
3
4
5
5
7
8
9
10
11
12
13
14
14
16
17
18
18
20
21
21
23
24
25
26
26
26
29
29
29
32
32
34
35
36
36
38
38
40
41
Top Markets: OFFICE Cont.

Metro
Detroit, MI
Long Island, NY
Philadelphia, PA
Memphis, TN
Salt Lake City, UT
Kansas City, MO
Fort Lauderdale, FL
New Orleans, LA
Dayton, OH
New Haven, CT
Tulsa, OK
Greenville, SC
Albuquerque, NM
Richmond, VA
Oklahoma City, OK
Las Vegas, NV
Wichita, KS
Nashville, TN
Chattanooga, TN
Tacoma, WA
Little Rock, AR
Pittsburgh, PA
Rochester, NY
Westchester, NY
Indianapolis, IN
Columbus, OH
Ventura County, CA
Milwaukee, WI
Birmingham, AL
Jacksonville, FL
Providence, RI
Knoxville, TN
Lexington, KY
Buffalo, NY
Tucson, AZ
RANKS
Q3 2014 % Change
Vac % Q3 13-Q3 14
Vac
Rank
Asking %Change Rent Rate

Rent $ Q3 13-Q3 14 Rank
25.4
-1.55%
34
$19.13
0.74%
49
13.6
-2.16%
27
$26.97
0.60%
56
14.1
0.00%
45
$25.02
0.89%
38
21.7
-0.46%
42
$24.16
0.79%
42
23.8
0.42%
54
$18.43
1.04%
31
17.7
1.72%
64
$18.68
1.47%
21
17.4
1.16%
59
$19.51
1.19%
27
19.8
0.51%
55
$25.78
1.02%
33
13.4
-0.74%
38
$18.48
0.71%
51
26.7
0.38%
53
$14.76
0.82%
40
17.4
-2.25%
25
$20.91
0.38%
70
16.8
-2.33%
24
$14.84
0.34%
72
19.5
1.56%
63
$17.02
1.01%
34
17.9
-1.10%
37
$16.33
0.49%
63
14.7
0.00%
45
$18.68
0.59%
57
22.2
-1.33%
35
$34.92
0.40%
69
17.4
3.57%
72
$15.15
1.00%
35
25.8
-0.39%
43
$23.81
0.42%
66
17.7
0.00%
45
$14.39
0.42%
66
13.5
4.65%
74
$20.51
0.89%
38
16.3
7.24%
80
$28.52
1.03%
32
17.1
1.18%
60
$14.81
0.61%
55
16.0
-0.62%
40
$20.20
0.15%
76
21.9
4.78%
75
$16.55
0.79%
42
12.0
0.00%
45
$15.81
0.19%
75
16.7
6.37%
77
$21.29
0.76%
45
17.4
2.96%
69
$16.40
0.68%
53
19.2
2.67%
67
$28.72
0.56%
59
19.7
2.60%
66
$18.00
0.50%
62
16.7
7.05%
79
$19.28
0.73%
50
18.8
0.53%
56
$18.13
0.22%
74
18.5
6.94%
78
$24.42
0.70%
52
17.6
3.53%
71
$32.24
0.47%
65
18.9
0.53%
56
$18.98
-0.68%
83
13.9
4.51%
73
$19.19
0.37%
71
21.4
2.88%
68
$18.50
-0.11%
79
16.1
3.21%
70
$20.44
-0.63%
82
15.0
4.90%
76
$16.03
0.06%
77
17.1
10.32%
81
$17.12
0.29%
73
16.0
12.68%
82
$16.95
-0.41%
81
17.5
15.13%
83
$21.36
-0.23%
80
Final
Rank
42
42
42
45
46
46
48
49
50
51
52
53
54
55
56
57
58
59
60
61
61
63
64
65
66
67
67
69
70
71
72
72
74
75
76
77
78
79
80
81
81
Retail
Retail
27. San Antonio, TX
28. St. Louis, MO

29. Cincinnati, OH
4. Denver, CO
30. Minneapolis, MN
57. Pittsburgh, PA
5. Phoenix, AZ
59. Chattanooga, TN
6. San Jose, CA
33. Long Island, NY
59. Richmond, VA
7. Los Angeles, CA
34. Buffalo, NY
35. Lexington, KY
62. New Haven, CT
35. San Diego, CA
37. Little Rock, AR
64. Omaha, NE
37. Tacoma, WA
65. Albuquerque, NM
39. Atlanta, GA
65. Seattle, WA
39. Portland, OR
67. Nashville, TN
2. Louisville, KY
9. Baltimore, MD
10. Orlando, FL
11. Dallas, TX
68. Milwaukee, WI
13. Cleveland, OH
41. Detroit, MI
13. Houston, TX
41. Palm Beach, FL
15. Miami, FL
43. Charlotte, NC
70. Syracuse, NY
15. Sacramento, CA
44. Providence, RI
71. Knoxville, TN
17. Birmingham, AL
18. Las Vegas, NV
73. Chicago, IL
47. Columbus, OH
20. Boston, MA
75. Greenville, SC
20. Dayton, OH
49. Westchester, NY
50. Hartford, CT
77. Tucson, AZ
23. Charleston, SC
50. Memphis, TN
52. Columbia, SC
23. Tulsa, OK
52. Fort Worth, TX
80. Kansas City, MO
81. New Orleans, LA
26. Austin, TX
69. Rochester, NY
82. Wichita, KS
Top 5 Ranked Retail Markets
1) San Francisco, CA
Rent gains have started to accelerate in both the West Bays small 9.7 million SF community-neighborhood shopping center
market and the power center market, according to second quarter data from Reis. The vacancy rate is about as low as it can
go, but new supply is picking up by the standards of this constricted market. Demand is currently being driven by retailers
seeking either newly developed space or Class A product. The retail space added last year throughout the broader Bay Area
was overwhelmingly pre-leased before completion and what little was vacant upon delivery didnt stay empty for long. 1
YTD $621million in sales 68 Transactions2
2) Fort Lauderdale, FL
With favorable demand and a virtual lack of recent new construction, the health of the Broward County communityneighborhood shopping center retail market has continued to improve. With no new space delivering during the first half of
2014, net absorption ran at 162,000 SF The total for the second quarter alone was 20,000. July, also with no additions to
supply, saw net absorption at 9,000 SF. Community-neighborhood sector vacancy ended the latest quarter at 10.1%, a decline
of 10 basis points for the period, a loss of 60 year-over-year. The national second quarter same property rate, for the sake of
perspective, was similar at 10.3%. Rent growth, running at about 2.0% per year on average over the past two years, is
accelerating. At $19.57 psf and $16.64 psf, average asking and effective lease rates for the second quarter were up 0.8% each
for the period, following gains at and near 1.0% the quarter before. July followed with increases of 0.1% for both mean rents
and no change in the vacancy rate.1
YTD $601 million in sales 54 Transactions (Broward County) 2
2) Louisville, KY
Rents posted another increase in the second quarter of 2014 in Louisvilles community neighborhood shopping center market.
Reis reports asking and effective rents of $16.15 psf and $14.22 psf, up 0.8% and 0.9% from the previous quarter and up 1.3%
and 1.5%, respectively, over 12 months. Monthly data from Reis show 0.3% and 0.4% asking and effective rent gains in July,
followed by 0.1% gains for both measures in August. Asking and effective gains of 2.5% and 2.6% are forecast for 2014,
followed by 2.9% gains by both measures in 2015. For 2016 Reis forecasts a notable 4.0% gain in asking rents 1
3) Denver, CO
The Denver area retail real estate market remains sluggish on the development front but is relatively healthy otherwise. Positive
net absorption in the community-neighborhood shopping center market, through far from spectacular, is driving a downward
trend in the vacancy rate. And power center vacancy now runs below the national same product rate. Rent growth has been
mixed but substantially positive. Current and planned development, meanwhile, consist mainly of transit-oriented developments
(TODs), retail components within mixed-use and residential projects, and residential expansions and redevelopment. The major
exception is a 900,000-SF lifestyle center moving through the planning stages in south suburban Castle Rock. National
retailers, such as Trader Joes and Cabelas, have opened multiple stores in the region with more on the wayand
international retailers, such as H&M and IKEA, have come as well. One observer expects an increase in speculative retail
development.1
YTD $560 million in sales 71 Transactions2
4) Phoenix, AZ
There may be no greater sign of the change that has taken place in the Phoenix area economy and its real estate markets than
the dramatic decline in development seen in the retail sector. Not long ago, millions of SF could be found under construction at
any given time as the expanding highway network spread through the regions sprawling and expanding suburbs, bringing
eager and optimistic development in its wake. But barely half a million SF of retail space of all types came online last year. A
still smaller sum is expected for 2014. That said, the community-neighborhood shopping center and power center markets as
tracked by Reis show favorable, if unspectacular, trends. Vacancies are low to moderate and are declining, rent growth is
modest but positive, and construction activity is slowly (and prudently) increasing .1
Top Markets: Retail

Metro
RANKS
Q3 2014 % Change
Vac
Vac % Q3 13-Q3 14 Rank
Asking %Change Rent

Rent $ Q3 13-Q3 14
Rate
Rank
Final
Rank
San Francisco, CA
3.3
-15.38%
$34.12
2.90%
Fort Lauderdale, FL
10.0
-5.66%
15
$19.65
2.72%
10
9.3
-6.06%
14
$16.28
2.58%
11
Denver, CO
10.8
-7.69%
$17.45
2.05%
19
Phoenix, AZ
10.2
-6.42%
12
$19.24
2.18%
16
San Jose, CA
4.5
-21.05%
$31.89
1.69%
32
Los Angeles, CA
5.9
-4.84%
20
$30.22
2.44%
14
8.3
-6.74%
10
$25.91
1.97%
25
Baltimore, MD
6.4
-7.25%
$21.95
1.81%
29
Orlando, FL
12.3
-3.15%
33
$18.17
2.89%
Dallas, TX
12.8
-4.48%
22
$17.11
2.03%
21
11.0
-6.78%
$14.56
1.53%
36
Houston, TX
11.7
-2.50%
37
$16.86
2.80%
Cleveland, OH
14.7
-3.29%
29
$15.26
2.14%
17
7.0
-1.41%
45
$25.18
2.90%
Sacramento, CA
11.2
-8.94%
$22.27
1.32%
44
Birmingham, AL
14.1
-6.62%
11
$14.98
1.42%
39
Las Vegas, NV
12.2
-2.40%
39
$21.65
2.51%
12
5.6
-15.15%
$28.23
1.18%
48
Boston, MA
6.5
-1.52%
44
$22.71
2.81%
Dayton, OH
15.7
-3.09%
34
$10.82
2.08%
18
Louisville, KY
Miami, FL

Charleston, SC
Orange County, CA
Tulsa, OK
Austin, TX
9.8
-3.92%
23
$22.98
1.77%
31
10.9
0.00%
56
$13.92
2.96%
5.3
-5.36%
17
$31.56
1.35%
41
15.5
-5.49%
16
$11.37
1.34%
42
6.6
0.00%
55
$21.12
2.87%
San Antonio, TX
11.1
-1.77%
42
$15.23
2.01%
22
St. Louis, MO
12.2
-3.17%
32
$14.99
1.56%
35
Cincinnati, OH
12.5
-5.30%
18
$14.99
1.15%
50
Minneapolis, MN
10.9
0.00%
56
$18.31
2.40%
15
11.5
-0.86%
51
$14.48
2.04%
20
5.5
3.77%
73
$26.75
2.92%
13.4
-3.60%
24
$12.15
1.08%
53
San Diego, CA
6.3
1.61%
65
$29.49
2.47%
13
Lexington, KY
8.3
-4.60%
21
$14.12
0.93%
57
Tacoma, WA
12.9
10.26%
78
$19.43
3.30%
Little Rock, AR
11.7
-7.87%
$12.71
0.08%
73
7.9
-2.47%
38
$20.55
1.33%
43
13.2
-5.04%
19
$17.47
0.75%
62
11.6
0.00%
56
$17.30
1.88%
26
New York Metro, NY

Long Island, NY
Buffalo, NY
Portland, OR
Atlanta, GA
Detroit, MI
1
2
2
4
5
6
7
8
9
10
11
12
13
13
15
15
17
18
18
20
20
22
23
23
23
26
27
28
29
30
30
30
33
34
35
35
37
37
39
39
41
Top Markets: Retail Cont.

Metro
RANKS
Q3 2014 % Change
Vac % Q3 13-Q3 14
Vac
Rank
Source: Reis Note: DC & NYC did not have Reis statistics
Asking
Rent $
%Change Rent Rate

Q3 13-Q3 14 Rank
Palm Beach, FL
10.6
-13.11%
$21.69
-0.37%
78
Charlotte, NC
10.0
-0.99%
50
$18.38
1.66%
33
Providence, RI
11.9
-6.30%
13
$20.95
0.19%
71
8.7
-1.14%
47
$29.15
1.36%
40
15.9
0.63%
62
$13.03
1.88%
26
6.2
-1.59%
43
$28.48
1.21%
47
Westchester, NY
8.0
1.27%
63
$36.80
1.83%
28
Hartford, CT
9.9
2.06%
68
$18.01
1.98%
24
Memphis, TN
11.7
-3.31%
28
$13.68
0.66%
64
Fort Worth, TX
12.1
0.00%
56
$14.74
1.45%
38
9.4
-1.05%
48
$20.13
1.26%
46
Columbia, SC
11.0
-3.51%
26
$12.34
0.49%
68
Oklahoma City, OK
13.4
-3.60%
24
$11.59
0.35%
70
Raleigh-Durham, NC
9.2
-2.13%
40
$18.10
0.95%
55
Pittsburgh, PA
7.7
-2.53%
36
$16.66
0.79%
60
Richmond, VA
15.1
-3.21%
30
$14.08
0.57%
66
10.0
2.04%
67
$21.00
1.79%
30
9.9
-1.00%
49
$16.28
1.18%
48
Chattanooga, TN
15.1
-1.31%
46
$12.56
1.13%
51
New Haven, CT
13.6
7.94%
76
$16.87
2.00%
23
9.6
-3.03%
35
$15.22
0.53%
67
Omaha, NE
8.5
-3.41%
27
$13.73
-0.07%
77
Seattle, WA
7.0
2.94%
72
$23.61
1.59%
34
12.1
-3.20%
31
$14.63
0.00%
75
Ventura County, CA
Columbus, OH
Philadelphia, PA
Albuquerque, NM
Nashville, TN
8.3
0.00%
56
$15.57
1.10%
52
Milwaukee, WI
12.8
-0.78%
54
$15.30
0.86%
58
Rochester, NY
12.4
-0.80%
53
$13.10
0.85%
59
Syracuse, NY
14.3
-2.05%
41
$12.54
0.08%
72
Knoxville, TN
11.7
10.38%
79
$14.28
1.49%
37
Jacksonville, FL
13.1
0.00%
56
$15.37
0.59%
65
Chicago, IL
12.5
11.61%
80
$19.44
1.30%
45
Indianapolis, IN
15.3
2.68%
71
$14.80
0.95%
55
Greenville, SC
14.0
1.45%
64
$11.91
0.68%
63
Salt Lake City, UT
12.3
-0.81%
52
$16.12
-0.06%
76
Tucson, AZ
10.1
5.21%
75
$17.05
1.01%
54
5.5
3.77%
73
$28.37
0.78%
61

3.9
2.63%
70
$28.52
0.49%
68
Kansas City, MO
11.5
1.77%
66
$14.11
0.07%
74
New Orleans, LA
Wichita, KS
12.0
2.56%
69
$15.09
-0.46%
80
14.2
9.23%
77
$11.99
-0.42%
79
Final
Rank
41
43
44
45
45
47
48
49
50
50
52
52
52
52
56
57
57
59
59
59
62
63
64
65
65
67
68
68
70
71
72
73
74
75
76
77
78
79
80
81
82
Multi-Family
1. San Jose, CA
2. Houston, TX
3. Omaha, NE
Multi-Family
28. Denver, CO
55. Cleveland, OH
28. Seattle, WA
30. Albuquerque, NM
55. Minneapolis, MN
30. Cincinnati, OH
4. Fort Worth, TX
30. San Diego, CA
59. Rochester, NY
5. Atlanta, GA
30. Tulsa, OK
60. New Haven, CT
5. Miami, FL
34. Pittsburgh, PA
61. Louisville, KY
7. Palm Beach, FL
35. Birmingham, AL
62. Memphis, TN
35. Kansas City, MO
63. Chattanooga, TN
63. Tucson, AZ
65. New Orleans, LA
39. Detroit, MI
39. Portland, OR
67. Los Angeles, CA
9. Knoxville, TN
9. Sacramento, CA
11. Nashville, TN
11. Phoenix, AZ
13. Dallas, TX
15. Wichita, KS
19. Chicago, IL
21. Tacoma, WA
23. Dayton, OH
23. Providence, RI
25. Las Vegas, NV
25. St. Louis, MO
68. Buffalo, NY
41. Columbus, OH
68. Columbia, SC
68. Lexington, KY
41. San Antonio, TX

71. Greenville, SC
45. Charleston, SC
72. Baltimore, MD
45. Long Island, NY
73. Milwaukee, WI
48. Boston, MA
75. Westchester, NY
50. Charlotte, NC
76. Syracuse, NY
50. Orlando, FL
52. Hartford, CT
80. Little Rock, AR
52. Richmond, VA
55. Austin, TX
Top 5 Ranked Multi-Family Markets
1) San Jose, CA
A low development profile, an effect of land cost and approvals issues, a chronic shortage of affordable housing, and a deep reservoir of
demand have for years been defining characteristics of the local apartment market. Accordingly, the unusually large market-rate
completion total recorded for 20134,177 unitswas not too much for the countys renter base: net absorption for the year virtually
duplicated the new supply total. Indeed, the market is in the midst of one of its periodic surges in development. The 578 units that
completed construction in two projects through the first half of 2014 (one in San Jose, one in Mountain View) met with 1,034 units of net
absorption. The recent surge of completions did little to alter the markets longstanding low vacancy profile (indeed, vacancy barely
reached 5.0% during the recession).1
2) Houston, TX
The Houston area apartment market is in the throes of another of its heated construction cycles. In addition to the near-6,700 market-rate
units that had completed construction to date in 2014 per the date of this report, more than 21,600 remained under construction. This is,
though, part of a larger picturethe robust expansion of the local economy, driven by the robust energy sector, high rates of population
growth, and other demographic trends friendly to apartments. Such cycles are not new in Houston; and they tend to bring to mind the
oversupply that often has followed in their wakes. While the possibility of oversupply cannot be altogether ruled out, its likelihood is not
great: demand is multi-faceted and broad-based, development has been better attuned to demand, and energy sector activity,
augmented by new sources of domestic extraction and other factors, seems less prone to severe volatility. Metro area vacancy is low.
Rent growth is strong.1
3) Omaha, NE
Declining for the past several years, the vacancy rate in the market-rate apartment sector slipped to 2.9% during the second quarter, the
first sub- 3.0% rate recorded by Reis for this market since the 1999 inception of coverage. A quarter and four quarters prior, the rate was
30 and 10 basis points higher, respectively. Supporting the downward trend was the relative hiatus of construction deliveries seen during
the first half of 2014. Thus, the 75 market-rate units that completed construction during the period (all in the 1501 Jackson Street project
in May) met with 258 units of positive net absorption. Net absorption for the second quarter alone was 176 units. Rent growth reflects
the tightness of the market and the strength of demand. 1
4) Fort Worth, TX
New supply still hasnt caught up with strong demand in the 163,500- unit Fort Worth apartment market. The vacancy rate plunged from
a peak of 11.1% in the first quarter of 2010 to just 4.9% at the end of 2013. New supply, slowed by the recession, has picked up with 778
new apartments completing construction year-to date in 2014. This includes the completion of the 306-unit Sagestone Village in
Northeast Fort Worth in July and the 243-unit Enclave at Grapevine in September. But net absorption has already totaled 1,357 units
year-to-date as of July. The second quarter vacancy rate was 4.4% for Class A properties, 4.5% for Class B/C, and 4.5% overall. The
overall July rate was 4.4%.1
YTD $3.6 billion in sales 229 Transactions (Dallas/Ft Worth)2
5) Atlanta, GA
The term boom is commonly employed by local observers of the present-day Atlanta apartment market. With a decided emphasis on
luxury complexes and an additional emphasis on Midtown and Buckhead, under construction and planning totals continue to rise. Not
surprisingly, the notion of a potential supply bubble also enters the conversation. To date, the data show no signs of weakness. Demand
runs well ahead of same term new supply. Vacancy, while not dramatically low, is healthy and declining. And rents show hefty year-overyear gains. As with all construction cycles, however, the future, dependent on ongoing absorption, hangs in the balance. Still, while
2014s construction completion total will be greater than that recorded for 2013, it will not be large by historical norms for this market.1
5) Miami, FL
Running against the national grain, condo construction remains at the forefront of Miami-Dade multifamily development. Only recently
well past the 2010-2011 period in which a new and robust cycle of apartment development kicked off around the countrydid Miami join
the party. The 2,423 market-rate units that completed construction all told last year amounted to the largest single-year total recorded by
Reis for this market since 1991. Demand, however, kept pace. With development numbers low and most of the recessionary pain felt by
the ownership sectors, the apartment market continued to record satisfactory occupancy numbers levels during the downturn. 1
Top Markets: Multi-Family

Metro
RANKS
Q3 2014 % Change
Vac
Asking
Rent $
%Change Rent Rate

Q3 13-Q3 14 Rank
Final
Rank
San Jose, CA
2.5
-16.67%
$1,910
9.02%
Houston, TX
5.6
-12.50%
18
$905
4.50%
10
Omaha, NE
2.6
-21.21%
$776
3.05%
35
Fort Worth, TX
4.4
-13.73%
15
$804
3.47%
23
Miami, FL
4.0
-4.76%
39
$1,238
6.63%
Atlanta, GA
5.5
-14.06%
14
$924
3.24%
30
Palm Beach, FL
5.0
-9.09%
25
$1,248
3.83%
20
2.6
-3.70%
44
$1,603
8.46%
Knoxville, TN
4.2
-16.00%
11
$646
3.03%
36
Sacramento, CA
2.4
-31.43%
$999
2.78%
46
Nashville, TN
4.1
-4.65%
40
$865
4.47%
11
Phoenix, AZ
5.0
-7.41%
30
$825
3.51%
21
Dallas, TX
4.9
-3.92%
42
$936
4.46%
12
3.0
-14.29%
13
$1,123
2.84%
44
Wichita, KS
3.5
-20.45%
$568
2.53%
54
Orange County, CA
2.5
-19.35%
$1,667
2.52%
55
San Francisco, CA
3.2
3.23%
59
$2,291
8.42%
Philadelphia, PA
3.4
-5.56%
36
$1,143
3.35%
27
Chicago, IL
3.5
-5.41%
38
$1,178
3.42%
26
Fort Lauderdale, FL
3.9
-7.14%
32
$1,215
3.14%
32
Tacoma, WA
3.6
-16.28%
$832
2.46%
56
3.5
-7.89%
29
$780
2.90%
41
Providence, RI
2.6
-16.13%
10
$1,298
2.12%
62
Dayton, OH
4.9
-16.95%
$673
1.97%
65
Jacksonville, FL
6.7
-1.47%
50
$867
3.46%
24
St. Louis, MO
4.5
-10.00%
23
$790
2.73%
51
Las Vegas, NV
5.2
-13.33%
16
$873
2.34%
58
Denver, CO
4.0
11.11%
71
$1,065
7.36%
Seattle, WA
4.5
9.76%
69
$1,256
6.26%
San Diego, CA
2.5
-3.85%
43
$1,474
3.08%
34
Cincinnati, OH
3.3
-5.71%
35
$782
2.89%
42
Tulsa, OK
5.6
-8.20%
28
$636
2.75%
49
Albuquerque, NM
3.4
-20.93%
$764
1.60%
74
Pittsburgh, PA
3.2
3.23%
59
$931
4.02%
19
Birmingham, AL
6.1
5.17%
63
$797
4.18%
16
Kansas City, MO
4.4
0.00%
51
$775
3.33%
28
4.4
-6.38%
34
$914
2.81%
45
New York Metro, NY
2.7
12.50%
73
$3,282
5.16%
Portland, OR
3.3
6.45%
66
$958
4.24%
15
Detroit, MI
Columbus, OH
3.1
-18.42%
$894
4.9
4.26%
62
$768
1.59%
3.50%
75
22
1
2
3
4
5
5
7
8
9
9
11
11
13
14
15
16
17
18
19
19
21
22
23
23
25
25
25
28
28
30
30
30
30
34
35
35
35
38
39
39
41
Top Markets: Multi-Family Cont.

Metro
RANKS
Q3 2014
% Change
Vac
Asking
Rent $
%Change Rent
Q3 13-Q3 14
Rate
Rank
Final
Rank
Salt Lake City, UT
4.1
0.00%
51
$828
3.11%
33
Ventura County, CA
2.8
-3.45%
46
$1,511
3.00%
38
San Antonio, TX
5.4
-3.57%
45
$803
2.95%
39
Charleston, SC
5.4
20.00%
77
$881
5.01%
Oklahoma City, OK
4.9
-10.91%
21
$606
2.02%
64
Long Island, NY
3.0
-11.76%
19
$1,680
1.88%
66
Boston, MA
4.2
10.53%
70
$1,957
4.15%
17
5.3
-11.67%
20
$708
1.87%
68
Orlando, FL
5.3
6.00%
65
$957
3.46%
24
Charlotte, NC
4.9
2.08%
58
$897
3.22%
31
Raleigh-Durham, NC
6.4
56.10%
82
$915
4.57%
Richmond, VA
4.4
-4.35%
41
$862
2.74%
50
Hartford, CT
2.5
-10.71%
22
$1,061
1.82%
69
Austin, TX
5.3
23.26%
79
$1,015
4.42%
13
Minneapolis, MN
3.2
23.08%
78
$1,085
4.33%
14
Indianapolis, IN
6.0
-1.64%
49
$751
2.88%
43
Cleveland, OH
2.7
-15.63%
12
$787
1.42%
80
Rochester, NY
2.8
-6.67%
33
$843
2.18%
60
New Haven, CT
2.1
-8.70%
26
$1,190
1.80%
70
Louisville, KY
5.7
29.55%
80
$728
4.15%
17
Memphis, TN
8.5
0.00%
51
$742
2.77%
47
Tucson, AZ
5.8
0.00%
51
$708
2.76%
48
Chattanooga, TN
4.1
-12.77%
17
$687
1.03%
82
New Orleans, LA
5.6
-9.68%
24
$921
1.54%
76
4.2
16.67%
74
$1,659
3.30%
29
Los Angeles, CA
3.2
0.00%
51
$1,521
2.70%
52
Buffalo, NY
3.0
0.00%
51
$797
2.57%
53
Columbia, SC
6.4
-7.25%
31
$770
1.72%
73
Lexington, KY
5.4
-8.47%
27
$696
1.46%
77
Greenville, SC
4.8
6.67%
68
$717
3.02%
37
Baltimore, MD
3.8
-2.56%
48
$1,121
2.19%
59
Milwaukee, WI
3.4
-5.56%
36
$906
1.46%
77
4.3
19.44%
75
$1,647
2.94%
40
Westchester, NY
3.0
-3.23%
47
$1,989
1.07%
81
5.5
12.24%
72
$1,942
2.37%
57
Syracuse, NY
3.3
6.45%
66
$756
2.02%
63
2.8
3.70%
61
$1,248
1.79%
72
4.0
5.26%
64
$1,417
1.80%
70
Little Rock, AR
6.7
1.52%
57
$704
1.44%
79
4.9
19.51%
76
$951
6.4
33.33%
81
$1,569
2.15%
1.88%
61
66
41
41
41
45
45
45
48
49
50
50
52
52
52
55
55
55
55
59
60
61
62
63
63
65
66
67
68
68
68
71
72
73
74
75
76
76
78
79
80
81
82
Population
1. Austin, TX
Population
56. Chattanooga, TN
28. Boston, MA
58. Westchester, NY
30. Nashville, TN
59. Cincinnati, OH
31. Tulsa, OK
60. San Jose, CA
5. Charlotte, NC
32. Tucson, AZ
6. San Antonio, TX
33. Sacramento, CA
7. Las Vegas, NV
34. Minneapolis, MN
63. Louisville, KY
8. Houston, TX
64. Chicago, IL
36. Portland, OR
65. New Orleans, LA
37. Knoxville, TN
66. Long Island, NY
38. Richmond, VA
66. Syracuse, NY
40. Little Rock, AR
69. Rochester, NY
70. Providence, RI
71. Milwaukee, WI
43. Memphis, TN
72. Pittsburgh, PA
44. Kansas City, MO
72. St. Louis, MO
45. Columbus, OH
74. Buffalo, NY
45. Tacoma, WA
76. Wichita, KS
77. Dayton, OH
49. Lexington, KY
78. New Haven, CT
50. Baltimore, MD
79. Hartford, CT
80. Albuquerque, NM
52. Miami, FL
81. Detroit, MI
53. Los Angeles, CA
82. Cleveland, OH
2. Orlando, FL
3. Fort Worth, TX
4. Dallas, TX
11. Denver, CO
12. Phoenix, AZ
13. Palm Beach, FL
17. Columbia, SC
18. Atlanta, GA
19. Seattle, WA
20. Omaha, NE
23. Charleston, SC
25. San Diego, CA
26. Greenville, SC

55. Birmingham, AL
Top Markets: Population

Metro
RANKS
Population
%Change Pop
Q3 13-Q3 14
Austin, TX
Orlando, FL
1,942,550
2,327,570
2.53%
2.15%
Fort Worth, TX
2,306,050
2.06%
Dallas, TX
4,618,350
2.01%
Charlotte, NC
1,911,050
1.93%
San Antonio, TX
2,331,740
1.91%
Las Vegas, NV
2,071,420
1.81%
Houston, TX
6,482,710
1.79%
Raleigh-Durham, NC
1,790,610
1.75%
660,830
1.74%
Denver, CO
2,757,390
1.73%
Phoenix, AZ
4,486,980
1.67%
Palm Beach, FL
1,399,080
1.65%
2,855,150
1.52%
690,840
1.50%
1,780,960
1.43%
807,490
1.39%
Atlanta, GA
5,591,260
1.32%
Seattle, WA
2,835,870
1.30%
Fort Lauderdale, FL
1,866,010
1.22%
908,640
1.22%
1,339,490
1.19%
Charleston, SC
722,510
1.16%
Indianapolis, IN
1,849,750
1.15%
San Diego, CA
3,255,630
1.11%
Jacksonville, FL
1,411,660
1.00%
Greenville, SC
1,156,130
1.00%
Boston, MA
4,313,720
0.98%
4,434,610
0.98%
Nashville, TN
1,695,110
0.98%
973,560
0.97%
Tucson, AZ
1,003,830
0.95%
Sacramento, CA
2,241,940
0.94%
Minneapolis, MN
3,430,610
0.92%
San Francisco, CA
1,864,210
0.91%
Portland, OR
2,338,700
0.90%
Knoxville, TN
722,540
0.86%
Richmond, VA
1,310,660
0.85%
Orange County, CA
2,898,460
3,145,690
0.81%
0.80%
731,590
0.80%
Salt Lake City, UT

Columbia, SC
Omaha, NE
Oklahoma City, OK
Tulsa, OK
Little Rock, AR
Pop
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
20
22
23
24
25
26
26
28
28
30
31
32
33
34
35
36
37
38
39
40
40
Top Markets: Population Cont.

Metro
Ventura County, CA
RANKS
Population
%Change Pop
Q3 13-Q3 14
847,820
0.78%
Memphis, TN
1,345,920
0.76%
Kansas City, MO
2,099,340
0.74%
Columbus, OH
1,919,930
0.73%
Tacoma, WA
827,170
0.73%
2,405,750
0.72%
New York Metro, NY
8,899,040
0.71%
Lexington, KY
493,610
0.70%
Baltimore, MD
2,793,890
0.67%
2,694,760
0.63%
Miami, FL
2,635,310
0.60%
10,091,810
0.59%
1,714,980
0.59%
Birmingham, AL
1,148,420
0.58%
545,520
0.57%
2,762,630
0.56%
Los Angeles, CA
Chattanooga, TN
Westchester, NY
972,620
0.51%
Cincinnati, OH
2,166,640
0.50%
San Jose, CA
1,931,550
0.49%
1,390,710
0.47%
4,278,950
0.44%
Louisville, KY
1,317,640
0.36%
Chicago, IL
7,991,250
0.31%
New Orleans, LA
1,223,570
0.29%
Syracuse, NY
663,990
0.24%
Long Island, NY
2,860,910
0.24%
Philadelphia, PA
5,333,590
0.24%
Rochester, NY
1,060,580
0.19%
Providence, RI
1,607,470
0.16%
Milwaukee, WI
1,571,810
0.12%
St. Louis, MO
2,851,700
0.04%
Pittsburgh, PA
2,362,130
0.04%
Buffalo, NY
1,134,710
0.03%
939,960
0.01%
Wichita, KS
629,310
0.00%
Dayton, OH
980,170
-0.02%
New Haven, CT
862,120
-0.05%
1,214,710
-0.06%
900,490
-0.18%
Detroit, MI
4,434,180
-0.21%
Cleveland, OH
2,055,040
-0.37%
Hartford, CT
Albuquerque, NM
Pop
Rank
42
43
44
45
45
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
66
66
69
70
71
72
72
74
75
76
77
78
79
80
81
82
Unemployment
1. Denver, CO
Unemployment
56. Boston, MA
28. Syracuse, NY
29. Little Rock, AR
58. Orlando, FL
30. Houston, TX
59. Chattanooga, TN
4. Dayton, OH
31. Austin, TX
60. Wichita, KS
5. Cincinnati, OH
6. Chicago, IL
33. San Diego, CA
62. Portland, OR
7. Las Vegas, NV
34. Rochester, NY
35. Buffalo, NY
64. Detroit, MI
36. Sacramento, CA
65. Baltimore, MD
37. Providence, RI
66. Seattle, WA
38. Los Angeles, CA
66. Tacoma, WA
39. Dallas, TX
68. Albuquerque, NM
39. Fort Worth, TX
69. Omaha, NE
3. Columbus, OH
8. Louisville, KY
9. Pittsburgh, PA

11. Long Island, NY
70. St. Louis, MO
41. Tulsa, OK
42. Nashville, TN
11. Westchester, NY
16. Lexington, KY
74. Birmingham, AL
18. New Haven, CT
19. Minneapolis, MN
47. Cleveland, OH
76. Greenville, SC
20. San Antonio, TX
48. Knoxville, TN
77. Charleston, SC
21. Hartford, CT
49. Charlotte, NC
78. Columbia, SC
22. San Jose, CA
50. Phoenix, AZ
79. Atlanta, GA
51. Tucson, AZ
80. Richmond, VA
81. New Orleans, LA
25. Milwaukee, WI
52. Miami, FL
82. Kansas City, MO
52. Palm Beach, FL

55. Memphis, TN
Top Markets: Unemployment

Metro
RANKS
Source: Bureau of Labor Statisticsunemployment report Sep 2014
MSA
Sep 13 Sep 14 Change Unemp

Unemp Unemp in Unemp Rank
Denver, CO
Denver-Aurora-Broomfield, CO
6.2
-35.48%
7.5
5.1
-32.00%
Columbus, OH
Columbus, OH
6.3
4.3
-31.75%
Dayton, OH
Dayton, OH
7.5
5.2
-30.67%
Cincinnati, OH
Cincinnati-Middletown, OH-KY-IN
6.9
4.8
-30.43%
Chicago, IL
Chicago-Joliet-Naperville, IL-IN-WI
8.4
6.1
-27.38%
Las Vegas, NV
Las Vegas-Paradise, NV
9.7
7.1
-26.80%
Louisville, KY
Louisville-Jefferson County, KY-IN
7.4
5.5
-25.68%
Pittsburgh, PA
Pittsburgh, PA
6.1
4.6
-24.59%
Indianapolis, IN
Indianapolis-Carmel, IN
6.3
4.8
-23.81%
New York-N. New Jersey-Long Island, NY-NJ-PA
7.6
5.8
-23.68%
Long Island, NY
7.6
5.8
-23.68%
New York Metro, NY
7.6
5.8
-23.68%
7.6
5.8
-23.68%
Westchester, NY
7.6
5.8
-23.68%
Lexington, KY
Lexington-Fayette, KY
6.5
-23.08%
Philadelphia, PA
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
7.4
5.7
-22.97%
New Haven, CT
New Haven, CT Metropolitan NECTA
7.8
6.1
-21.79%
Minneapolis, MN
Minneapolis-St. Paul-Bloomington, MN-WI
4.6
3.6
-21.74%
San Antonio, TX
San Antonio-New Braunfels, TX
4.7
-21.67%
Hartford, CT
Hartford-West Hartford-East Hartford, CT NECTA
7.5
5.9
-21.33%
San Jose, CA
San Jose-Sunnyvale-Santa Clara, CA
6.6
5.2
-21.21%
San Francisco-Oakland-Fremont, CA
6.3
-20.63%
San Francisco, CA
San Francisco-Oakland-Fremont, CA
6.3
-20.63%
Milwaukee, WI
Milwaukee-Waukesha-West Allis, WI
6.8
5.4
-20.59%
Bridgeport-Stamford-Norwalk, CT NECTA
5.6
-20.00%
Salt Lake City, UT
Salt Lake City, UT
3.2
-20.00%
Syracuse, NY
Syracuse, NY
7.1
5.7
-19.72%
Little Rock, AR
Little Rock-North Little Rock-Conway, AR
6.6
5.3
-19.70%
Houston, TX
Houston-Sugar Land-Baytown, TX
6.1
4.9
-19.67%
Austin, TX
Austin-Round Rock-San Marcos, TX
5.2
4.2
-19.23%
Oklahoma City, OK
Oklahoma City, OK
5.2
4.2
-19.23%
San Diego, CA
San Diego-Carlsbad-San Marcos, CA
7.3
5.9
-19.18%
Rochester, NY
Rochester, NY
6.8
5.5
-19.12%
Buffalo, NY
Buffalo-Niagara Falls, NY
5.7
-18.57%
Sacramento, CA
Sacramento--Arden-Arcade--Roseville, CA
8.1
6.6
-18.52%
Providence, RI
Providence-Fall River-Warwick, RI-MA NECTA
9.2
7.5
-18.48%
Los Angeles, CA
Los Angeles-Long Beach-Santa Ana, CA
8.7
7.1
-18.39%
Dallas, TX
Dallas-Fort Worth-Arlington, TX
6.1
-18.03%
Fort Worth, TX
Tulsa, OK
Dallas-Fort Worth-Arlington, TX
Tulsa, OK
6.1
5.6
5
4.6
-18.03%
-17.86%
1
2
3
4
5
6
7
8
9
10
11
11
11
11
11
16
17
18
19
20
21
22
23
23
25
26
26
28
29
30
31
31
33
34
35
36
37
38
39
39
41
Top Markets: Unemployment Cont.

Metro
RANKS
Source: Bureau of Labor Statisticsunemployment report Sep 2014
MSA
Sep 13
Unemp
Sep 14 Change in Unemp

Unemp Unemp
Rank
Nashville, TN
Nashville-Davidson--Franklin, TN
6.4
5.3
-17.19%
Orange County, CA
Ventura County, CA
Greensboro/Winston-Salem,
NC
Cleveland, OH
Knoxville, TN
Charlotte, NC
Phoenix, AZ
Tucson, AZ
Fort Lauderdale, FL
Miami, FL
Riverside-San Bernardino-Ontario, CA
9.9
9.9
9.9
8.2
8.2
8.2
-17.17%
-17.17%
-17.17%
42
43
43
43
Greensboro-High Point, NC
7.6
6.3
-17.11%
46
Cleveland-Elyria-Mentor, OH
Knoxville, TN
Charlotte-Gastonia-Rock Hill, NC-SC
Phoenix-Mesa-Glendale, AZ
Tucson, AZ
Miami-Fort Lauderdale-Pompano Beach, FL
7.3
6.7
7.4
6.9
7.1
7.2
7.2
6.1
5.6
6.2
5.8
6
6.1
6.1
-16.44%
-16.42%
-16.22%
-15.94%
-15.49%
-15.28%
-15.28%
Palm Beach, FL
7.2
6.1
-15.28%
Memphis, TN
Boston, MA
Raleigh-Durham, NC
Orlando, FL
Memphis, TN-MS-AR
Boston-Cambridge-Quincy, MA-NH NECTA
Raleigh-Cary, NC
Orlando-Kissimmee-Sanford, FL
9.2
6.5
5.8
6.6
7.9
5.6
5
5.7
-14.13%
-13.85%
-13.79%
-13.64%
Chattanooga, TN
Chattanooga, TN-GA
7.4
6.4
-13.51%
Wichita, KS
Portland, OR
Jacksonville, FL
Detroit, MI
Baltimore, MD
Seattle, WA
Tacoma, WA
Albuquerque, NM
Omaha, NE
St. Louis, MO
Birmingham, AL
Greenville, SC
Charleston, SC
Wichita, KS
Tampa-St. Petersburg-Clearwater, FL
Portland-Vancouver-Hillsboro, OR-WA
Jacksonville, FL
Detroit-Warren-Livonia, MI
Baltimore-Towson, MD
Seattle-Tacoma-Bellevue, WA
Seattle-Tacoma-Bellevue, WA
Albuquerque, NM
Omaha-Council Bluffs, NE-IA
St. Louis, MO-IL
Washington-Arlington-Alexandria, DC-VA-MD
Birmingham-Hoover, AL
Virginia Beach-Norfolk-Newport News, VA-NC
Greenville-Mauldin-Easley, SC
Charleston-North Charleston-Summerville, SC
6
7.1
6.5
6.6
9.1
6.5
5.7
5.7
7
3.9
6.8
5.3
5.3
5.3
5.7
5.9
6.1
6.2
5.2
6.2
5.7
5.8
8.1
5.8
5.1
5.1
6.4
3.6
6.3
5
5
5
5.4
5.6
5.8
5.9
-13.33%
-12.68%
-12.31%
-12.12%
-10.99%
-10.77%
-10.53%
-10.53%
-8.57%
-7.69%
-7.35%
-5.66%
-5.66%
-5.66%
-5.26%
-5.08%
-4.92%
-4.84%
Columbia, SC
Atlanta, GA
Richmond, VA
New Orleans, LA
Kansas City, MO
Columbia, SC
Atlanta-Sandy Springs-Marietta, GA
Richmond, VA
New Orleans-Metairie-Kenner, LA
Kansas City, MO-KS
6.6
7.6
5.7
6.1
5.9
6.3
7.3
5.5
6.2
6
-4.55%
-3.95%
-3.51%
1.64%
1.69%
47
48
49
50
51
52
52
52
55
56
57
58
59
60
61
62
63
64
65
66
66
68
69
70
71
71
71
74
75
76
77
78
79
80
81
82
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Coldwell Banker Commercial Market Comparison Report Ranks Denver As Top Commercial Real Estate Market in The Country

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Coldwell Banker Commercial Market Comparison Report Ranks Denver As Top Commercial Real Estate Market in The Country

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MARKETS COMPARED BY 5 FACTORS

Top Markets for Commercial Real Estate.

markets were ranked on

2 categories for each property sector (Office, Retail, Multi-Family),

from Q3 2013 and Q3 2014 within the market1

% Change in Rental Rates

from Q3 2013 and Q3 2014 within the market1

from Q3 2013 and Q3 2014 within the market1

from Sep 2013 and Sep 2014 within the market2

1 source: Reismarket reports Q3 2014

Top Commercial RE Markets

28. Los Angeles, CA

56. Suburban Virginia, VA

58. Little Rock, AR

63. Northern New Jersey, NJ

66. Suburban Maryland, MD

37. Long Island, NY

39. Salt Lake City, UT

68. New Haven, CT

11. Colorado Springs, CO

40. Oklahoma City, OK

14. Palm Beach, FL

71. Kansas City, MO

15. San Diego, CA

16. Fort Worth, TX

17. Fort Lauderdale, FL

45. Central New Jersey, NJ

18. Oakland-East Bay, CA

45. St. Louis, MO

48. District of Columbia, DC

22. New York Metro, NY

80. Fairfield County, CT

23. Tampa-St. Petersburg, FL

81. New Orleans, LA

53. Ventura County, CA

82. Norfolk/Hampton Roads, VA

Top Ranked Market

Why Denver is Growing

Ben Gilliam, Coldwell Banker Commercial Alliance, Denver, CO

Top Markets: Rankings

Source: Reismarket reports Q3 2014

2013 Diff 13- Office Retail

115 View Listings

116 View Listings

123 View Listings

127 View Listings

130 View Listings

131 View Listings

131 View Listings

136 View Listings

137 View Listings

138 View Listings

142 View Listings

143 View Listings

152 View Listings

153 View Listings

155 View Listings

156 View Listings

158 View Listings

158 View Listings

160 View Listings

163 View Listings