2013 Year End Commercial Real Estate Review

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Information about 2013 Year End Commercial Real Estate Review
Real Estate

Published on February 26, 2014

Author: cbcommercial

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Over 150 Primary, Secondary & International commercial real estate markets are covered in the 2013 Year End edition of the Coldwell Banker Commercial Blue Book.

2013 Blue Book SEMI-ANNUAL Marketing Intelligent Report For Commercial Real Estate Download at CBCworldwide.com

CONTENTS AL - Houston County AL - Huntsville AL - Montgomery/Central AR - Little Rock CA - Roseville/Placer County CA - Antelope Valley CA - Carmel/Monterey Peninsula CA - Chico CA - Corona/Riverside CA - Inland Empire/Victor Valley CA - Long Beach/South Bay CA - Los Angeles/San Fernando/San Gabriel CA - Modesto MSA CA - Napa/Sonoma Valleys CA - Newport Beach CA - Orange County CA - Orange County Coast CA - Sacramento CA - San Bernardino/Inland Empire CA - San Diego CA - San Mateo County CA - Southwest Riverside County CA - West Los Angeles CO - Denver CO - Denver County CO - Western CT - Western FL - Brevard County FL - Daytona Beach/Ormond Beach FL - Florida Keys FL - Gainesville FL - Jacksonville FL - Lakeland/Winter Haven MSA FL - Melbourne/Palm Bay/Titusville FL - Miami-Dade County FL - Naples/Ft. Myers FL - Orange City/Debary FL - Orlando MSA FL - Port Orange/New Smyrna Beach FL - Port St Lucie FL - St Lucie County FL - Sarasota/Manatee/Charlotte FL - South Florida FL - Southeast FL - Tallahassee FL - Tampa Bay FL - Vero Beach GA - Athens GA - Atlanta MSA GA - Atlanta, Greater MSA GA - Macon, Bibb County GA - Peachtree City GA - Savannah HI - Honolulu ID - Kootenai County IL - Bloomington/Normal IL - Champaign/Urbana IL - Chicagoland IL - DuPage County IL - Tazewell County IN - Indianapolis KS - Garden City KS - Kansas City Metro Area KY - Louisville Metro KY - Paducah/McCracken County KY - Southern LA - Acadiana LA - New Orleans ME - Midcoast MN - Mankato MN - Minneapolis Metro MS - Gulfport/Biloxi MO - St. Joseph NE - Lincoln NV - Reno/Sparks MSA NJ - Central New Jersey NJ - Morris County NJ - Northern 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 11 12 12 13 13 14 14 15 15 16 16 17 17 18 18 19 19 20 20 21 21 22 22 23 23 24 24 25 25 26 26 27 27 28 28 29 29 30 30 31 31 32 32 33 33 34 34 35 35 36 36 37 37 38 38 39 39 40 40 41 41 42 42 NM - Albuquerque MSA NY - Albany/Capital Region NY - Buffalo/Rochester NY - Long Island NY - New York NC - Charlotte MSA NC - New Hanover County ND - Fargo/Moorhead OH - Cincinnati OK - Oklahoma City MSA OR - Portland OR - Salem/Keizer PA/NJ - Bucks Co, PA/Hunterdon Co, NJ PA - Lackawanna/Luzerne Counties PA - Pittsburgh SC - Charleston MSA SC - Columbia SC - Greenville SC - Myrtle Beach SC - Spartanburg SD - Rapid City TN - Chattanooga Metro TN - Knoxville - East TN - Nashville MSA TX - Austin TX - Bryan/College Station TX - Dallas/Ft. Worth TX - Houston TX - Lubbock TX - Rio Grande Valley TX - South/Central TX - Southeast TX - Waco UT - Salt Lake/Utah County VA - Fredericksburg VA - Lynchburg VA - Spotsylvania County VA - Williamsburg/Hampton Roads MSA WA - King County WA - Seattle WA - Tacoma/Puyallup WA - Vancouver & Southwest WI - Madison, Greater WI - Rock County WY - Cheyenne 43 43 44 44 45 45 46 46 47 47 48 48 49 49 50 50 51 51 52 52 53 53 54 54 55 55 56 56 57 57 58 58 59 59 60 60 61 61 62 62 63 63 64 64 65 INTERNATIONAL MARKETS Australia - Gold Coast, Queensland 66 Bermuda 66 Canada - Aurora, Ontario 67 - Barrie, Ontario 67 - Campbell River, British Columbia 68 68 - Courtenay/Comox, British Columbia - Innisfil, Ontario 69 - Nanaimo, British Columbia 69 - Newmarket, Ontario 70 - Orillia, Ontario 70 - Ottawa, Ontario 71 - Richmond Hill, Ontario 71 - Vaughan, Ontario 72 - Victoria/Capital Regional, British Columbia 72 - Waterloo Region, Ontario 73 - Winnipeg Area, Manitoba 73 Cayman Islands - Grand Cayman 74 Costa Rica 74 France 75 Greece 75 Ireland - Republic of Ireland 76 Italy 76 México - México City 77 Puerto Rico 77 Spain 78 United Arab Emirates - Dubai 78

US TRENDS* The Coldwell Banker Commercial® (CBC) Blue Book offers a unique market perspective with data generated by true commercial real estate market experts – the professionals of the Coldwell Banker Commercial companies within the local markets. In total, there are over 140 domestic and international markets covered in this edition of the Blue Book. Below are the US market statistics. OFFICE retail industrial mulTI-family Q4 2012 Q4 2013 Q4 2012 Q4 2013 2012 2013 Q4 2012 Q4 2013 17.1% 16.9% 11.8% 11.3% 10.0% 9.5% 4.6% 4.1% Absorption 3,110,000 8,867,000 1,841,000 2,195,000 96,277,000 94,263,000 41,967 50,627 Rental Rates $28.47 $29.07 $18.00 $18.26 $4.61 $4.69 $1,097 $1,131 Vacancy Source: Reis The charts below represent how many of the 127 US markets submitted in this book are Up, Down or had No Change.* OFFICE Vacancy Absorption Rental Rates p q n p q n p q n 23 Markets 73 Markets 24 Markets 71 Markets 20 Markets 26 Markets 51 Markets 21 Markets 45 Markets retail p q n p q n p q n industrial p q n 11 Markets 92 Markets 17 Markets p q n 87 Markets 14 Markets 15 Markets p q n 56 Markets 18 Markets 45 Markets 6 Markets 90 Markets 8 Markets 89 Markets 12 Markets 15 Markets 67 Markets 7 Markets 43 Markets mulTI-family p q n p q n p q n 14 Markets 76 Markets 7 Markets 75 Markets 11 Markets 19 Markets 73 Markets 8 Markets 26 Markets *Based off 122 US Markets (Information was N/A in certain sectors) UNEMPLOYMENT p q n 4 Markets 116 Markets 2 Markets 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 accessed from EASI Demographics and 2010 Census. A Core Based Statistical Area (CBSA) is a U.S. geographic area defined by the Office of Management and Budget (OMB) based around an urban center of at least 10,000 people and adjacent areas that are socioeconomically tied to the urban center by commuting. Unemployment numbers were taken from Bureau of Labor Statistics. Dec 2012 vs Dec 2013 Source: Bureau of Labor Statistics 3

AL - Houston County AL - Huntsville DEMOGRAPHICS CBSA Dothan, AL DEMOGRAPHICS Square Miles Population Households Household Income Median Employees (Total) Unemployment 1,718 143,295 57,785 $43,656 58,833 5.50% CBSA Huntsville MARKET HIGHLIGHTS Square Miles Population Households Household Income Median Employees (Total) Unemployment 1,373 410,866 166,785 61,008 174,427 4.90% MARKET HIGHLIGHTS • In March, Houston County will be hosting the first meeting • Job announcements encourage market in general. • Boeing announced 400 engineering jobs for Dreamliner ever held in the United States of over 400 business owners from China who are interested in expansion into the US. project. • There are new major retailers in the area including Sports • Remington announced 2,000 jobs for their manufacturing Academy, Gander Mountain and Car Max. plant. • Tourism dollars for Houston County soar to $218 Million. • The Hospitality industry continues to grow. Lodging Tax • Retail leasing has recommenced. • Downtown construction continues and is accelerating. • City invokes half-cent sales tax for $250 million for road collection remains strong in Dothan, AL. • Dothan, AL neighboring cities and counties benefit from major improvements. Industrial re-locations. • The Osteopathic Medical College brings new development to the southside of Dothan. OFFICE retail industrial OFFICE retail industrial Vacancy q n n q Vacancy p q n n Absorption p n n p Absorption q p n n Rental Rates n n n p Rental Rates n p n n multi-family CONTACT multi-family CONTACT Coldwell Banker Commercial Alfred Saliba Realty 410 N. Shady Lane Dothan, AL 36303 (334) 793-6600 www.alfredsalibacommercial.com Coldwell Banker Commercial McLain Real Estate 4 Post Office Box 2199 Huntsville, AL 35804 (256) 533-3414 www.mclaincommercial.com

AL - Montgomery/Central AR - Little Rock DEMOGRAPHICS CBSA Montgomery, AL DEMOGRAPHICS Square Miles Population Households Household Income Median Employees (Total) Unemployment 2,725 367,157 147,017 $52,679 144,160 5.90% CBSA Little Rock- North Little RockConway, AR MARKET HIGHLIGHTS • 100 + year old Hancock Bank selects Montgomery, AL as its new corporate center, bringing 200 jobs. Ron Milliet, Hancock’s chief information officer, said it took two years to find its new location which was chosen due to the centrality of its five-state footprint, plus Montgomery is safe and has a good educational system. The Central Alabama corporate center will occupy approximately 40,000 SF at Montgomery’s Capitol Commerce Center off I-85. Hancock invested $500,000 in the opening of the new center, Milliet said, and expects to have an annual payroll of an estimated $3.5-4 million when all of the employees are hired. Square Miles Population Households Household Income Median Employees (Total) Unemployment 4,090 690,456 276,042 $56,190 290,765 6.20% MARKET HIGHLIGHTS • Bass Pro Shops opened to huge holiday crowds at Gateway Town Center. • Retail vacancy rate dipped to 5.3% by end of 2013, approximately half the national rate. • New England Development Co. of Newton, MA., plans a 325,000 SF outlet mall called The Outlet at Little Rock near Bass Pro Shops at the Gateway Town Center. • 212,000 SF Verizon Building and 147,000 SF Three Financial sold to local investors. • Vacancy is falling due to the unique position Montgomery • LR Technology Park selects downtown Little Rock as location, finds itself in as the central interstate interchange and governmental hub in a state ripe with new auto manufacturing opportunities. Steel and aircraft manufacturing jobs are also blossoming throughout the state and region. choosing it over suburban sites in a close vote. • Forbes Travel Guide names Little Rock one of its “Five Secret Foodie Cities,” mentioning Whole Hog Cafe. • A mix of Industrial facilities and bedroom communities, combined with downtown revitalization, is leading to a more balanced work/life atmosphere in the capital city. • All 5 major metro areas representing 70% of Alabama sales have positive sales growth in 2013 led by Montgomery with year-over-year sales growth of 14.6%. Alabama residential sales in 2013 improved by 10.2% from the prior year. This represents the third consecutive year of positive sales growth for Alabama’s residential real estate industry. In 2012, sales grew 5.9% year-over-year. OFFICE retail industrial OFFICE retail industrial Vacancy q n q q Vacancy q q q p Absorption p n p p Absorption p p p q Rental Rates n n p n Rental Rates p n n n multi-family CONTACT multi-family CONTACT Coldwell Banker Commercial Moore Company Realty 121 Coosa St. Suite 250 Montgomery, AL 36104 (334) 262-1958 www.moorecompanyrealty.com Coldwell Banker Commercial Hathaway Group 5 2100 Riverdale Rd. Suite 100 Little Rock, AR 72202 (501) 663-5400 www.hathawaygroup.com

CA - Roseville/Placer County CA - Antelope Valley DEMOGRAPHICS CBSA SacramentoArdenArcadeRoseville, CA DEMOGRAPHICS Square Miles Population Households Household Income Median Employees (Total) Unemployment 5,094 2,141,658 801,834 61,184 727,825 7.60% CBSA Los AngelesLong BeachSanta Ana, CA MARKET HIGHLIGHTS Square Miles Population Households Household Income Median Employees (Total) Unemployment 4,850 12,935,173 4,288,080 60,485 5,313,010 7.90% MARKET HIGHLIGHTS • Walmart is the major occupant in new Rocklin Super Center. • Builders are pre-selling homes. • Overseas investor buyers are making purchases in many • City of Hope finished construction of a 56,195 SF full-service cancer facility in Lancaster. • Kaiser Permanente broke ground on 136,000 SF Medical Office facility implementing a sustainable energy design slated to become their “signature” model for new Office construction. markets. • Large Land sales are happening. • Construction jobs are up 25%. • Skilled labor market is increasing in the market. • Construction began on an 88-room Best Western and a 93room Town Place Suites by Marriott in Lancaster. • Dick’s Sporting Goods began their move to former Gottschalks building in the Antelope Valley Mall. OFFICE retail industrial OFFICE retail industrial Vacancy q q q q Vacancy p p q N/A Absorption p p p p Absorption n q p N/A Rental Rates n p p p Rental Rates q p n N/A multi-family CONTACT multi-family CONTACT Coldwell Banker Commercial NRT 2200 B Douglas Blvd. Suite 200 Roseville, CA 95661 (916) 786-4600 www.cbcworldwide.com Coldwell Banker Commercial Valley Realty 6 42402 10th St. West Suite E Lancaster, CA 93534 (661) 948-2644 www.cbcvalleyrealty.com

CA - Carmel/Monterey Peninsula CA - Chico DEMOGRAPHICS CBSA Salinas, CA DEMOGRAPHICS Square Miles Population Households Household Income Median Employees (Total) Unemployment 3,322 413,103 133,220 65,355 120,633 11.00% CBSA Chico, CA MARKET HIGHLIGHTS Square Miles Population Households Household Income Median Employees (Total) Unemployment 1,639 221,277 88,796 $43,239 60,484 9.10% MARKET HIGHLIGHTS • After decades of little to no development, the outlook is • Employment levels are improving. • The latest re-use proposal for the former Holman Building • Housing market is stable after modest upward trend. • Excellent absorption of Warehouse lease space. Scarcity changing on the Monterey Peninsula. The City of Monterey has approved and found water credits for over 100 new residential units in the heart of Downtown Monterey. in Butte county in 2013. There were 1,300 new jobs of smaller units and some new Warehouse construction is planned. was turned down by voters in Pacific Grove. This Hotel project has expired. • New 60,000 SF North Butte County Courthouse is under • Retail rents and vacancy are increasing in Downtown Carmel. • East Garrison development in the former Fort Ord is moving construction in Chico. • New Retailers in the area include: Dollar General, Dollar Tree, forward and already selling new homes. Other developments within Fort Ord are selling homes; retailers and service providers are open for business; and the new movieplex opened. Sportsman’s Warehouse, Goodwill, Jersey Mike’s, McDonalds and It’s a Grind Coffee. • Agricultural industry is doing well. However, drought is a • Voters are finally getting serious about finding a long term major concern. water solution. • Retail and Office sectors at the mouth of the Valley are filling in the huge vacancies that resulted from McGraw Hill relocating to Ryan Ranch. New tenants include Prim Hardware and Beverages, as well as others. OFFICE retail industrial OFFICE retail industrial Vacancy q q n q Vacancy q q q N/A Absorption p p n p Absorption p p p N/A Rental Rates N/A p p p Rental Rates n n p N/A multi-family CONTACT multi-family CONTACT Coldwell Banker Commercial NRT 3775 Via Nona Marie Carmel, CA 93921 (831) 601-3284 www.cbcworldwide.com Coldwell Banker Commercial DuFour Realty 7 1350 E. Lassen Ave., Suite 1 Chico, CA 95973 (530) 895-1545 www.cbcworldwide.com

CA - Corona/Riverside CA - Inland Empire/Victor Valley DEMOGRAPHICS CBSA RiversideSan BernardinoOntario, CA DEMOGRAPHICS Square Miles Population Households Household Income Median Employees (Total) Unemployment 27,260 4,171,856 1,350,253 52,845 1,156,307 8.90% CBSA RiversideSan Bernardino Ontario, CA MARKET HIGHLIGHTS Square Miles Population Households Household Income Median Employees (Total) Unemployment 27,260 4,171,856 1,350,253 $52,845 1,156,307 8.90% MARKET HIGHLIGHTS • Industrial continues to be the strongest sector in the region • Activity for land purchases were up 150% year over year. • The Southern California Logistics Airport (SCLA) Industrial with a vacancy rate under 4%. Industrial construction has increased with buildings in the most desirable areas receiving offers before construction begins. Park is near capacity. Industrial stats outside of SCLA ended the year at $3.36 lease rate and 7.6% vacancy. • Office has seen the most dramatic recovery. Vacancy rates • Regional home builders have returned in 2013 with median have declined to 13% as the buildings constructed at the end of the previous building boom are being absorbed. Rental rates in the Class A buildings are increasing, and businesses in the area are expanding. re-sale house prices up 32% year over year. • Office vacancy rates showed steady decline, ending the year at 6.0% with lease rates of $14.76.  The majority of space was leased to small & medium format users. • With construction activities increasing, the expansion of the retail business is starting to surge. In turn, with more contractors working, the additional demand for Industrial product will rise. • Retail expansion continued in 2013 with national & regional brands including; Jersey Mike’s, Denny’s, Ulta Beauty, Big 5, Dollar General, Dick’s Sporting Goods and others. Retail vacancy rate fell from 12.2% in 2012 to 10.7% ending 2013, which included the absorption of 600,000 SF in new deliveries. • Retail space in well anchored shopping centers is now at a premium. The Retail projects constructed at the end of the building boom have been repositioned with new ownership at a much lower cost basis, allowing those owners to pass along more competitive rental rates. • Two new super Walmarts opened in 2013, with a 3rd under construction and a 4th breaking ground in 2014. • Multi-Family continues to perform well in the area. After almost a decade of very limited construction, Multi-Family projects are now coming on line. Large scale luxury Apartment projects have opened in Corona and Riverside with strong absorption causing an uptick in rental rates. OFFICE retail industrial OFFICE retail industrial Vacancy q q q q Vacancy q q p q Absorption p p p p Absorption p p q p Rental Rates p n p p Rental Rates q q p n multi-family CONTACT multi-family CONTACT Coldwell Banker Commercial Sudweeks Group 1260 Corona Pointe Ct. Suite 101 Corona, CA 92879 (951) 200-7683 www.cbcsocalgroup.com Coldwell Banker Commercial Real Estate Solutions 8 15500 W Sand St. 2nd Floor Victorville, CA 92392 (760) 684-8000 www.cbcdesert.com

CA - Long Beach/South Bay CA - Los Angeles/San Fernando/San Gabriel DEMOGRAPHICS CBSA Los AngelesLong BeachSanta Ana, CA DEMOGRAPHICS Square Miles Population Households Household Income Median Employees (Total) Unemployment 4,850 12,935,173 4,288,080 60,485 5,313,010 7.90% CBSA Los AngelesLong BeachSanta Ana, CA MARKET HIGHLIGHTS Square Miles Population Households Household Income Median Employees (Total) Unemployment 4,850 12,935,173 4,288,080 60,485 5,313,010 7.90% MARKET HIGHLIGHTS • Mercedes Benz USA leased 1.1 million SF in the Long Beach • Multi-Family: 4-6,000 high end rental units are under • Virco Manufacturing renewed a lease of 559,490 SF in • Office: Community Bank took 90,000 SF in Pasadena but the • Multiple new Residential and Retail developments in • Industrial: Vacancy is declining as existing inventory is leased Airport area. construction, and there are more buyers than ever before. Torrance. market continues to be soft in the tri-cities. Downtown Long Beach are set to break ground in 2014. or sold without new development of any significance in LA County. • Multi-Family cap rates continue to stay low in the range of • Retail: One of the most notable sale transactions in 2013 was 3-4%. the sale of the 964,000 SF Valencia Town Center in Valencia, CA for $195,000,000. • Scan Health Plan completed a lease renewal and expansion transaction for a 202,804 SF Office space for 12 years at Kilroy Airport Center. • Retail: The vacancy rate in Los Angeles has decreased to 5.2%. • The 150,000 SF ocean front Retail center of Ports O’ Call in San Pedro to begin a $1.2 Billion redevelopment led by the LA Waterfront Alliance. OFFICE retail industrial OFFICE retail industrial Vacancy n p n q Vacancy q q q q Absorption N/A q n n Absorption p p p p Rental Rates p p p p Rental Rates p n p p multi-family CONTACT multi-family CONTACT Coldwell Banker Commercial Blair Westmac 333 W. Broadway Suite 312 Long Beach, CA 90802 (562) 495-6070 www.cbcblair.com Coldwell Banker Commercial Alliance 9 701 North Brand Blvd. 850 Glendale, CA 91203 (818) 334-1900 www.cbcalliance.com

CA - Modesto MSA CA - Napa/Sonoma Valleys DEMOGRAPHICS CBSA Modesto, CA DEMOGRAPHICS Square Miles Population Households Household Income Median Employees (Total) Unemployment 1,494 512,221 167,008 $49,395 140,743 12.20% MARKET HIGHLIGHTS CBSA Napa, CA Square Miles Population Households Household Income Median Employees (Total) Unemployment 754 135,273 52,057 $72,042 60,343 5.90% MARKET HIGHLIGHTS • Stanislaus County is located in the Central Valley. • Upvalley, in Calistoga, two new restaurants, 1226 Washington • The major industry is AG-related, employing approximately • In St. Helena, commercial lease rates remained steady, Many people in the surrounding areas shop in its county seat of Modesto. and Hotel D ‘Amici Ristorante, were opened by new owners in previously shuttered locations. 18,000 people or 11.3 percent of the total 160,000 people that are employed. The unemployment rate varies due to seasonal positions in the AG industry. hovering around $4 PSF on Main Street, with only a single 1,500 SF space available at year’s end. • Redevelopment of the old Town Center in Napa, now called • Well located shopping areas have been attracting new tenants The Shops at Napa Center, got a boost with the naming of its new anchor, a 7-story luxury hotel, Archer Napa, to be developed by Zapolski Real Estate and LodgeWorks. with some major remodeling. Vacant spaces, due to the lack of new construction, have been absorbed as needed. Kaiser Permanente built a major hospital complex with Memorial Hospital building a major expansion. • Near the end of 2013, the Industrial vacancy rate was very low, below 2% for the City of Napa and in the business parks, as well, which are located in unincorporated areas of the county. • There have been major layoffs in the government sector based on tax assessments being lowered due to the downturn in real estate values. Leveling out has occurred, and all are hoping real estate prices will start to rise more in 2014. This will only come if unemployment in the area starts to decline. • CRE vacancy rate in American Canyon held steady at about 4.8%. • In Sonoma Valley, the most coveted Retail spaces continue to exist on the History Plaza, in the center of Sonoma. Scarce inventory plus prime location command top dollar for rents. OFFICE retail industrial OFFICE retail industrial Vacancy q q n q Vacancy q q n n Absorption p p q p Absorption p p n n Rental Rates p p n p Rental Rates n p n p multi-family CONTACT CONTACT Coldwell Banker Commercial Vinson Chase, Realtor 220- C Standiford Ave. Modesto, CA 95350 (209) 577-4747 www.cbcworldwide.com Coldwell Banker Commercial Brokers of the Valley 10 1775 Lincoln Ave. Napa, CA 94558 (707) 224-8454 www.napacommercialproperties.com multi-family

CA - Newport Beach CA - Orange County DEMOGRAPHICS CBSA Los AngelesLong BeachSanta Ana, CA DEMOGRAPHICS Square Miles Population Households Household Income Median Employees (Total) Unemployment 4,850 12,935,173 4,288,080 60,485 5,313,010 7.90% MARKET HIGHLIGHTS CBSA Los AngelesLong BeachSanta Ana, CA Square Miles Population Households Household Income Median Employees (Total) Unemployment 4,850 12,935,173 4,288,080 60,485 5,313,010 7.90% MARKET HIGHLIGHTS • Retail vacancies are down in Newport Beach area. • Office vacancies are still high at 12% with the exception of • OC’s Industrial market is tied with greater LA Industrial market for the lowest Industrial vacancy rate in the country at 4.4%. Fashion Island. • OC’s Office market inches toward Landlord & Tenant • Employment is up, and the area small business should be equilibrium. Vacancy rates in low, mid, and high-rise buildings continue to drop, approaching single digit vacancy in some sectors. increasing. • Commercial activity in general is picking up. • OC Apartments had a terrific year. The housing demand continues to tighten on the rental market as many people are forced to rent as a result of the recent housing downturn. • Sign of Retail recovery is clearly underway, led by the food industry, especially quick-service restaurants. Throughout the recession, lunch crowds and families were drawn to fast, affordable, healthy alternatives. • Investment sales of all types have led to a robust recovery in OC. Declining cap rates have increased values and clearly indicate an increasing demand from investors for well located, income producing OC properties. OFFICE retail industrial OFFICE retail industrial Vacancy p q q q Vacancy q q q q Absorption p p p p Absorption p p p p Rental Rates n q p p Rental Rates p p p p multi-family CONTACT CONTACT Coldwell Banker Commercial NRT 201 Marine Ave. Newport Beach, CA 92662 (949) 422-6657 www.cbcworldwide.com Coldwell Banker Commercial Alliance 11 2600 Michelson Dr. Irvine, CA 92612 (949) 954-3700 www.cbcalliance.com multi-family

CA - Orange County Coast CA - Sacramento DEMOGRAPHICS CBSA Los AngelesLong BeachSanta Ana, CA DEMOGRAPHICS Square Miles Population Households Household Income Median Employees (Total) Unemployment 4,850 12,935,173 4,288,080 60,485 5,313,010 7.90% MARKET HIGHLIGHTS CBSA Sacramento-ArdenArcade-Roseville, CA Square Miles Population Households Household Income Median Employees (Total) Unemployment 5,094 2,141,658 801,834 61,184 727,825 7.60% MARKET HIGHLIGHTS • Orange County jobless rate dropped to 5.2%. • There is a shortage of housing so building permits are up. • Employment is still below the 2006 peak. • Home supply is low and resulted in a 19.7% increase in prices. • Construction growth is 15% higher than any other economic • Over the past 6 months, no major tenants have moved out. • Rental rates are rising for multi Apartment units. • Construction improved past year but is still slow. • Residential market: inventory of REO is low. Residential prices have gone up due low inventory. • The market is improving slowly in both Residential and OC sector. Commercial. • Orange County is attractive to businesses because it is 75 • For investment properties, it is still a bargain area. Investors degrees most all of the year. can possibly still obtain 8-9% cap rate. OFFICE retail industrial OFFICE retail industrial Vacancy p q q q Vacancy p p q q Absorption q p p p Absorption n p p p Rental Rates p q n p Rental Rates n n n q multi-family CONTACT multi-family CONTACT Coldwell Banker Commercial NRT 4 San Joaquin Plz. Suite 260 Newport Beach, CA 92660 (714) 504-4649 www.cbcworldwide.com Coldwell Banker Commercial NRT 12 730 Alhambra Blvd Sacramento, CA 95819 (916) 447-5900 www.cbcworldwide.com

CA - San Bernardino/Inland Empire CA - San Diego DEMOGRAPHICS CBSA RiversideSan BernardinoOntario, CA DEMOGRAPHICS Square Miles Population Households Household Income Median Employees (Total) Unemployment 27,260 4,171,856 1,350,253 52,845 1,156,307 8.70% MARKET HIGHLIGHTS CBSA San DiegoCarlsbadSan Marcos, CA Square Miles Population Households Household Income Median Employees (Total) Unemployment 4,200 3,071,264 1,129,261 $66,264 1,227,936 6.40% MARKET HIGHLIGHTS • Large Industrial site values have spiked to accommodate • The unemployment rate is at 6.4% in San Diego County. It is • Notable Industrial leases over 300,000 SF: Amazon, • Sempra Energy has signed a 25 year lease for 330,000 SF. • San Diego’s Q4 Office developments currently under • Major transactions include: 303 E. Vanderbilt, San Bernardino • Vacancy for all Retail center types, including sublease space, large new Warehouse construction. 20 buildings, totaling 10,745,000 SF, are under construction and 5 buildings, totaling 2,095,00 SF, have been completed. down 1.2%. construction reached 921,266 SF, increasing more than 227,000 SF more than Q3, 2013. Burlington Coat, Decker Outdoor, Kane Warehousing, Ross Dress for Less and Building Material Distributors, Inc. was 5.3%. - 69,000 SF; San Bernardino County leased investment: $1.85/ SF/FSG, 10 year term. Sales price was $7,250,000. • Industrial vacancy rates have declined for 10 consecutive • Unemployment has dropped to 8.7% from 10.9% over the past quarters and should reach the pre-recession vacancy rate next year. year. • The Multi-Family market is one of the best in the country with average vacancy rates county wide at 2.1%. OFFICE retail industrial OFFICE retail industrial Vacancy n q n N/A Vacancy q q q q Absorption n n p N/A Absorption p p p p Rental Rates p p p N/A Rental Rates p p p p multi-family CONTACT multi-family CONTACT Coldwell Banker Commercial Sudweeks Group 1901 Orange Tree Lane, Suite 250 Redlands, CA 92374 (909) 793-3600 www.cbcsocalgroup.com Coldwell Banker Commercial Sudweeks Group 13 4365 Executive Drive, Suite 710 San Diego, CA 92121 (619) 344-0870 www.cbcsocalgroup.com

CA - San Mateo County CA - Southwest Riverside County DEMOGRAPHICS CBSA San FranciscoOaklandFremont, CA DEMOGRAPHICS Square Miles Population Households Household Income Median Employees (Total) Unemployment 2,473 4,347,767 1,661,661 80,439 1,916,201 5.60% MARKET HIGHLIGHTS CBSA RiversideSan BernardinoOntario, CA Square Miles Population Households Household Income Median Employees (Total) Unemployment 27,260 4,171,856 1,350,253 $52,845 1,156,307 8.70% MARKET HIGHLIGHTS • This year was the strongest growth year in the Industrial • Several Medical Office buildings have come on the market due • The current average asking rent for Industrial space is down • Delivery has resumed on the Truax Building, the only market as over 1.2 million SF of space was absorbed with a huge deal with FedEx. to the recent completion of the Temecula Valley Hospital at the end of 2013. over 12% from one year ago. professional Office building currently under construction in Southwest Riverside County. It is a four story, 64,891 SF Class A project in Old Town Temecula with a new anticipated delivery date of April 1, 2014. • Cornerstone Real Estate buys 179,902 SF at 777 Mariners Island Blvd. in Foster City. • Monster Cable renews 153,200 SF space in Brisbane. • Invesco Real Estate buys 462,316 SF in South San Francisco. • The amount of construction of Retail product is up over Q3 with 59,294 SF currently under construction throughout the South West Riverside County Market. • Industrial market continues to steadily increase in lease and sales transactions. • The unemployment rate has dropped to 8.7%, down from 11.1% from the previous year. OFFICE retail industrial OFFICE retail industrial Vacancy p p q p Vacancy q q q p Absorption q q p q Absorption p q p q Rental Rates p p p p Rental Rates p p p q multi-family CONTACT multi-family CONTACT Coldwell Banker Commercial Westbay Real Estate Group 1575 Bayshore Hwy. Suite 100 Burlingame, CA 94010 (650) 344-4300 www.cbcburlingame.com Coldwell Banker Commercial Sudweeks Group 14 27708 Jefferson Ave. Suite 201 Temecula, CA 92590 (951) 200-7683 www.cbcsocalgroup.com

CA - West Los Angeles CO - Denver DEMOGRAPHICS CBSA Los AngelesLong BeachSanta Ana, CA DEMOGRAPHICS Square Miles Population Households Household Income Median Employees (Total) Unemployment 4,850 12,935,173 4,288,080 $60,485 5,313,010 7.90% MARKET HIGHLIGHTS • Iconic Century Plaza Towers development in Century City is on the market for sale. • Vacancies are trending down; 160,000 SF lease was signed in CBSA DenverAurora, CO Square Miles Population Households Household Income Median Employees (Total) Unemployment 8,369 2,578,383 1,001,550 67,727 1,140,976 5.80% MARKET HIGHLIGHTS • Year-to-date absorption arrived at 2,113,335 SF while vacancy decreased to 11.4%; this despite deliveries of 980,000 SF of new product. Rental rates increased in the CBD, NW, and SES submarkets between 8 and 12%. • The largest lease signings of 2013 included: the 485,000 SF West LA on a new development with Riot Games. lease signed by DigitalGlobe at 1300 W 120th Ave in the North Denver market; the 280,000 SF lease signed by Starz, LLC at the Starz Encore building in the Southeast Denver market. • There is some construction activity in Downtown LA, Hollywood and Playa Vista submarkets. • Apartments are in high demand. • There is a high demand and low supply of available assets for • The 2013 Office investment market held steady with 2012’s • With no NFL team in #2 market in the country, multiple • At the newly renovated building owned by Brookfield performance. There were 120 total transactions with a sales volume of $2,092,712,239 as compared to the $1,932,333,338 covering 97 transactions in 2012. sale. developers/investors are trying to bring NFL to their respective projects. Properties, 1801 California, 3 new leases with energy companies were signed resulting in a net absorption for the property of nearly 100,000 SF. • Looking over the horizon at Denver’s CBD and the Denver market in general, the future looks very bright. Fueled by continued expansion of energy services, telecom, and technology, factors coupled with the perceived quality of life are driving Denver’s commercial real estate. • The Union Station transit center and DIA’s South Terminal Redevelopment Program represented one of Denver’s most profound and strategic civic investments in a generation. In its entirety, the project carries a price tag of about $2.6 billion. OFFICE retail industrial OFFICE retail industrial Vacancy n n n n Vacancy q q q q Absorption n p n n Absorption p q q p Rental Rates p n p p Rental Rates p n p p multi-family CONTACT multi-family CONTACT Coldwell Banker Commercial WESTMAC 1515 S. Sepulveda Blvd. Los Angeles, CA 90025 (310) 478-7700 www.westmac.com Coldwell Banker Commercial Alliance 15 999 18th Street, Suite 1350 Denver, CO 80202 (303) 238-7777 www.cbcalliance.com

CO - Denver County CO - Western DEMOGRAPHICS CBSA DenverAurora, CO DEMOGRAPHICS Square Miles Population Households Household Income Median Employees (Total) Unemployment 8,369 2,578,383 1,001,550 67,727 1,140,976 5.80% MARKET HIGHLIGHTS CBSA Grand Junction, CO Square Miles Population Households Household Income Median Employees (Total) Unemployment 3,328 148,298 60,317 $47,409 54,564 6.90% MARKET HIGHLIGHTS • There are big growth opportunities in Denver. • Vacancy is decreasing because the economy is progressing. • Fitzsimons project (new CU Medical center) has increased the • Western Colorado continues to have slow recovery as the • Due to the lack of inventory in the Residential market, • Vacancy rates, in general, are steady because new, small • Rents are increasing in all markets. • Denver has highly educated individuals who bring companies • New construction includes: a 87,000 SF Medical facility; energy related business is volatile. Growth areas continue to be Medical and Retail. Medical Center began the next phase of construction which will be a $40M economic impact to the region. value and potential of that area. businesses are getting started in the market and owners are price conscious. investors are looking into Commercial properties an ew 17,000 SF pain management and ambulatory surgery center that opened Q3 and redevelopment of a 47,280 SF family fun center. to this city. • Residential market is up slightly with increased transactions and increased average sale price. • Energy related business remains volatile making for a low absorption rate for Industrial properties. • Number of building permits are down significantly from 2012 for the total MSA including unincorporated Mesa County. 2013, 3,333 total new building permits were issued; in 2012 there were 5,186 permits issued, down 64%. OFFICE retail industrial OFFICE retail industrial Vacancy q q n q Vacancy p q p p Absorption p p n p Absorption n p q q Rental Rates p p n p Rental Rates q n q q multi-family CONTACT multi-family CONTACT Coldwell Banker Commercial NRT 8490 E Crescent Pkwy Greenwood Village, CO 80111 (303) 843-1600 www.cbcworldwide.com Coldwell Banker Commercial Prime Properties, LLC 16 2646 Patterson Rd., Suite B Grand Junction, CO 81506 (970) 243-7375 www.grandjunctioncommercial.com

CT - Western FL - Brevard County DEMOGRAPHICS CBSA BridgeportStamfordNorwalk, CT DEMOGRAPHICS Square Miles Population Households Household Income Median Employees (Total) Unemployment 626 904,874 336,733 $91,039 419,437 6.30% MARKET HIGHLIGHTS CBSA Palm BayMelbourneTitusville, FL Square Miles Population Households Household Income Median Employees (Total) Unemployment 1,018 536,805 225,977 $56,299 181,926 6.50% MARKET HIGHLIGHTS • Fairfield County’s Office market ended Q4 2013 with a vacancy • Missouri-based Bass Pro Shop opened its first Brevard store rate of 15.3%. The vacancy rate was up over the previous Qtr., with net absorption totaling negative (51,256) SF in Q4. That compares to negative (20,283) SF in Q3, negative (115,900) SF Q2 and a positive 36,274 SF Q1 2013. in Palm Bay in December 2013, adding 200 jobs to the area. The company purchased and renovated a 12.34-acre, 110,658 SF Retail building. • Embraer Aircraft will add 600 jobs for a new 250,000 SF • Fairfield County’s vacant office sublease space decreased in luxury jet facility at Melbourne Int’l Airport, and another 200 will be employed at the company’s Engineering and Technology Center in late 2014, bringing the total to over 1,000 employees. Q4, ending the qtr at 542,165 SF, from 814,274 SF at the end of Q3 2013.  There was 841,779 SF vacant at the end of Q2 2013 and 841,466 SF at the end of Q12013.  There was 173,403 SF still under construction at year end.   • Northrop Grumman’s new manned-aircraft engineering • Rental rates ended Q4 at $33.73, an increase over the center in Melbourne will bring 1,000 new jobs to the Space Coast. previous Qtr. There was 173,403 SF still under construction at the end of the Qtr. • Brevard’s Dec. 2013 Residential market average sale price is • Among significant movements in 2013 were: Financial $151,149. It is up over 11% over Dec. 2012 prices, and the Dec 2013 average days on the market of 66 has dropped 20% over Dec 2012. Accounting Standards Board 70,936 SF at Merit 7, Sale of Hubbell world Headquarters to the University of New Haven 70,000 SF, Boehringer Pharmaceutical 327,000 SF at Matrix Center Danbury, Connecticut.    • Foreign Trade Zone 136 has a superior infrastructure for national/international trade including the second busiest port in the world, a freight railway system and major interstate highways. • The largest construction project underway is a 167,691 SF building for Cervalis LLC with 100% preleased. • The average quoted asking rate is $33.73. • “Space Coast” Brevard offers pro-business incentives, low taxes, robust transportation infrastructure, high-tech labor force, 73 degree average temp, and 72 miles of pristine beach. OFFICE retail industrial OFFICE retail industrial Vacancy p p n N/A Vacancy p q n q Absorption q p q N/A Absorption q p p p Rental Rates n p p N/A Rental Rates p q p p multi-family CONTACT multi-family CONTACT Coldwell Banker Commercial NRT 77 Old Ridgefield Rd. Wilton, CT 06897 (203) 831-4187 www.cbcworldwide.com Coldwell Banker Commercial Sun Land Realty of Florida 17 1920 Hwy A1A Indian Harbour Beach, FL 32937 (321) 777-7743 / (800) 940-1480 www.cbcsunlandrealty.com

FL - Daytona Beach/Ormond Beach FL - Florida Keys DEMOGRAPHICS CBSA Deltona Daytona Ormond Beach, FL DEMOGRAPHICS Square Miles Population Households Household Income Median Employees (Total) Unemployment 1,103 495,625 214,567 $47,500 146,482 6.00% MARKET HIGHLIGHTS • Daytona Beach Shores Oceanfront 210-room resort sold for $39.5 million or $188,095 per door. • Hilton Garden Inn flags 110-room ocean front hotel with over $5 million of improvements. CBSA Key West, FL Square Miles Population Households Household Income Median Employees (Total) Unemployment 997 73,047 32,553 $71,455 29,685 6.40% MARKET HIGHLIGHTS • Hospitality continues to lead the way with monumental sales of hotels up and down the Florida Keys reaching new heights based on some of the highest Occupancy, Rev Par and ADR’s in the U.S. These trends are fully expected to continue because of the existing moratoriums on new transient units. • Beachside shopping center sells for $21 million as activity • Commercial vacancies are low because of inherent limits on • One Daytona, Jacoby Group and International Speedway • Over 500 new hotel units are planned and under construction new commercial development which have been in place since the mid 1980’s. Occupancy rates are high for similar reasons. begins on beachside. Corp. are well underway with the permitting of 1.1 million SF of Mixed-Use Retail and entertainment center with the announcement of Bass Pro Shops, Cobb Theatres and many others. in the Middle Keys while nearly that many are being built and renovated in Key West. Hyatt and Marriott are adding new units to the marketplace. • Residential sales increased by over 15% while listing • Resort bed tax continues to climb, and boarding capacity at inventories declined by over 10%, and average sales prices increased by 6% in 2013. Going forward, the impact of distressed sales will continue to decline as they only represent about 5% of the market. Daytona Beach International Airport continues to increase with larger seating capacity planes. • Embry-Riddle Aeronautical University in Dayton Beach installs largest university research telescope in the state of Florida. • The market has clearly changed to a sellers market. Sales price to list price ratios are growing at the same time that prices are rising. Prices are expected to grow at a faster pace in 2014 than they did in 2013 for all sectors. • The Florida Keys enjoy the lowest unemployment rate in Florida and the nation. Strict limits on development create significant barriers to new Commercial and Residential development. OFFICE retail industrial OFFICE retail industrial Vacancy q q q q Vacancy q q q q Absorption p p p p Absorption q q q q Rental Rates n n n n Rental Rates p p p p multi-family CONTACT multi-family CONTACT Coldwell Banker Commercial Benchmark 570 Memorial Circle Suite 300 Ormond Beach, FL 32174 (386) 672-8530 www.benchmarkdaytona.com Coldwell Banker Commercial Schmitt Real Estate Company 18 11100 Overseas Hwy. Marathon, FL 33050 (305) 743-5181 www.cbcworldwide.com

FL - Gainesville FL - Jacksonville DEMOGRAPHICS CBSA Gainesville, FL DEMOGRAPHICS Square Miles Population Households Household Income Median Employees (Total) Unemployment 1,223 261,674 113,545 $45,060 87,322 5.70% MARKET HIGHLIGHTS CBSA Jacksonville, FL Square Miles Population Households Household Income Median Employees (Total) Unemployment 3,221 1,334,380 518,910 $60,216 551,254 5.60% MARKET HIGHLIGHTS • Retail leasing under 2,000 SF accounted for 60% of Retail • There are three large signature Office buildings currently on transactions, and those under 1,000 SF and priced right are very hot. Retail sales were few and far between. the market for investors in Downtown Jacksonville: 30-story EverBank Center, 37-story Wells Fargo Center, and 42-story Bank of America Tower. • Office leasing under 3,000 SF accounted for 78% of Office • One of the largest Retail transactions that occurred within the leases with the 1,000-2,000 SF range leading the charge. Office sales picked up considerably with over 50% of all deals in the 1,000-2,000 SF range. last four Qtrs in the Jacksonville market is the sale of Markets at Town Center in Jacksonville. This 330,518 SF Retail center sold for $135,007,000, or $408.47 per SF, at a 6.14% cap rate. • Industrial leasing from 1,000-3,000 SF accounted for 59% • One of the largest Industrial transactions that occurred within of all Industrial leases with high activity in the 7,000-10,000 SF range. Industrial sales are still very slow but light years better than 2012. the last four Qtrs in the Jacksonville Riverside market is the sale of Winn Dixie Warehouse in Jacksonville. This 1,214,572 SF building sold for $99,768,414, or $82.14 per SF, at a 7.00% cap rate. • Agriculture, farm, and timberland sales have picked up greatly, with sales under 50 acres accounting for 74% of all Land sales. • Multi-Family Sale in Jacksonville: 1401 Riverplace LLC paid American Land Ventures $53.3 million ($180,678 per unit) for The Strand, a 295-unit, Class A, 28-story high-rise in the Southside market area at a 5.6% cap rate. • The Multi-Family market has recovered nicely but few sales occur over 50 units. Over 60% of the Multi-Family sales in the market are duplexes and quadriplexes. • Two natural gas companies will form a joint venture to • Median days on the market. Times for each asset class are develop a new liquefied natural gas plant in Jacksonville for TOTE Inc., the parent company of Sea Star Line. TOTE has issued a contract in excess of $350 million to build the world’s first LNG-powered container ships. still rough: Industrial lease - 201 days; Industrial sales - 209 days; Retail lease - 593 days; Office lease - 298 days; Office sales - 140 days; Land - 431 days. OFFICE retail industrial OFFICE retail industrial Vacancy q q q n Vacancy p q n q Absorption p p p n Absorption q p q p Rental Rates n n p n Rental Rates p q q p multi-family CONTACT multi-family CONTACT Coldwell Banker Commercial M.M. Parrish Realtors 7515 W. University Ave. Suite 201 Gainesville, FL 32607 (352) 264-3772 www.mmparrish.com/commercial Coldwell Banker Commercial Benchmark 19 4348 Southpoint Blvd., Suite 310 Jacksonville, FL 32216 (904) 281-1990 www.cbcbenchmark.com

FL - Lakeland/Winter Haven MSA FL - Melbourne/Palm Bay/Titusville DEMOGRAPHICS CBSA Lakeland Winter Haven, FL DEMOGRAPHICS Square Miles Population Households Household Income Median Employees (Total) Unemployment 2,010 612,074 230,314 $41,582 248,100 6.80% MARKET HIGHLIGHTS CBSA Palm BayMelbourneTitusville, FL Square Miles Population Households Household Income Median Employees (Total) Unemployment 1,018 536,805 225,977 $56,299 181,926 6.50% MARKET HIGHLIGHTS • 1 M SF Amazon Warehouse is under construction on 112 acres • Northrop Grumman 200,000 SF Aircraft Design Center is located on County Line RD south of I-4. under construction at Melbourne International Airport, bringing over 1,000 new high paying jobs. • LEGOLand Florida starts construction on 152 room themed • Retail, Office and Industrial vacancies have dropped due to hotel. New restaurants nearby include Golden Corral, Taco Bell, and McDonalds. increase of jobs and new companies relocating to Brevard County. • NE Polk growth (I-4/US Hwy 27) continues; Polk County Tax • Port Canaveral is constructing new terminals to handle the Collector regional office is under construction. Ernie Caldwell Boulevard extension is underway. WaWa is planning to build a new store. new mega 5,000 plus passenger ships. • Residential market is up over 24% from last year. DR. Horton broke ground on a new 1,200 unit subdivision in Palm Bay. • Residential market is improving; time on market is down to 110 days, prices are up over 15%. New construction SFR is up nearly 40% • Brevard Community College has become a 4 year state college. Florida Institute of Technology continues to grow at a rapid pace and is now ranked as one of the best universities in the US. • Lakeland CBD Office occupancy is up, but rents are still flat. Warehouse occupancy is strong and new spec buildings are being planned. • The next generation of space exploration is being developed • Polk still lags Florida and nation in job growth. Nov 2013 at the Space Center programs such as ORION deep space exploration. New space development companies continue to absorb NASA work force. employment is 8%, which is below the peak in 2007. County is planning more economic incentives to attract new business. OFFICE retail industrial OFFICE retail industrial Vacancy q q q q Vacancy q q q q Absorption p p p p Absorption p p p p Rental Rates n q n p Rental Rates n p n p multi-family CONTACT multi-family CONTACT Coldwell Banker Commercial Saunders Ralston Dantzler Realty 114 N Tennessee Ave. 3rd Floor Lakeland, FL 33801 (863) 877-2828 www.srdcommercial.com Coldwell Banker Commercial Paradise 20 232 Fifth Ave. Indialantic, FL 32903 (321) 723-9500 cbc.flcoldwellbanker.com

FL - Miami-Dade County FL - Naples/Ft. Myers DEMOGRAPHICS CBSA Miami-Fort LauderdalePompano Beach, FL DEMOGRAPHICS Square Miles Population Households Household Income Median Employees (Total) Unemployment 5,126 5,566,404 2,128,471 57,415 2,069,525 6.00% MARKET HIGHLIGHTS CBSA NaplesMarco Island, FL Square Miles Population Households Household Income Median Employees (Total) Unemployment 2,025 320,101 132,487 $76,515 115,960 5.40% MARKET HIGHLIGHTS • Vacancy rates are down; absorption and rental rates are up in • Hertz Rental Cars World headquarters is moving to SW • Brickell City Center, with an estimated cost of $1.05 billion • Vacancy is falling because business is getting much better and every category. Florida. and 5.4 million SF, is under construction. there has been almost no new construction in the last 5 or 6 years. • Port of Miami dredging for Post-Panamex ships is nearing • A high percentage of purchasing is being done by foreign all- • The market is just now showing some signs of life. • The Residential market is rebounding, and new construction is • 118 condo towers have been proposed in the Miami area, • Residential construction is way up, and Commercial is just • Whole Foods is under construction in the CBD, a sign of • Naples is the place to buy or lease. The market is near the completion. cash investors. well under way. including 35 under construction. starting to move up. Downtown revitalization. OFFICE retail industrial Vacancy q q q q Absorption p p p Rental Rates p p p bottom of the worse depression ever but is starting to bounce back. OFFICE retail industrial Vacancy q q q N/A p Absorption p p p N/A p Rental Rates n n p N/A multi-family CONTACT multi-family CONTACT Coldwell Banker Commercial Alliance 801 Brickell Ave. Miami, FL 33131 (305) 632-0200 www.cbcalliance.com Coldwell Banker Commercial NRT 21 4851 North Tamiami Trail Naples, FL 34103 (239) 216-4949 www.cbcworldwide.com

FL - Orange City/Debary FL - Orlando MSA DEMOGRAPHICS CBSA Deltona Daytona Ormond Beach, FL DEMOGRAPHICS Square Miles Population Households Household Income Median Employees (Total) Unemployment 1,103 495,625 214,567 $47,500 146,482 6.00% MARKET HIGHLIGHTS CBSA OrlandoKissimmee, FL Square Miles Population Households Household Income Median Employees (Total) Unemployment 3,491 2,093,845 799,047 $53,425 956,766 5.50% MARKET HIGHLIGHTS • Florida Hospital Fish Memorial to build a two-story outcare • Orlando is ranked #1 Commercial market in U.S. The CBC patient center in Deltona. market comparison report showed Orlando as the only market to rank among the top 10 in the percent change of vacancy and rental rates in each sector. It also is the only market to rank among the top 10 in population and employment growth. • ManpowerGroup just released its Employment Outlook survey stating that the No. 1 spot for companies looking to hire in Q1 2014 is the Deltona, FL metropolitan region, which includes Daytona Beach and Ormond Beach on the state’s east coast. • Orlando remains #1 tourist destination with a record 56 million visitors in 2013 generating $50 billion in economic impact. • Commercial construction building permits exceeded $242,000,000 in Volusia County for 2014, the most since 2008. • Lake Nona “Medical City” is expected to create 30,000 jobs • New home permits rose the most since 2007 in Volusia County and $7.6 billion in economic impact by 2017. to an amount of $325,000,000. • Orlando International Airport is preparing for a $1.1 billion • Volusia County is transforming from a bedroom community to expansion to host 45 million visitors by 2020. a thriving region attracting new business. • SunRail will begin service this year, running 61 miles from • AARP named Volusia County as one of the top ten places to Volusia County to Osceola County. retire. • Dr. Phillips Center for the Performing Arts opens this fall as does a new 18,000 seat soccer stadium that will be home to Orlando’s new MLS franchise. OFFICE retail industrial OFFICE retail industrial Vacancy q n q q Vacancy q q q q Absorption p n p p Absorption p p p p Rental Rates n n p p Rental Rates p p p p multi-family CONTACT multi-family CONTACT Coldwell Banker Commercial AI Group 1019 Town Center Dr. Suite 200 Orange City, FL 32763 (386) 775-8633 www.cbcaigroup.com Coldwell Banker Commercial NRT 22 901 N Lake Destiny Dr., Suite 110 Maitland, FL 32751 (407) 539-1000 www.cbcworldwide.com

FL - Port Orange/New Smyrna Beach FL - Port St Lucie DEMOGRAPHICS CBSA Deltona Daytona Ormond Beach, FL DEMOGRAPHICS Square Miles Population Households Household Income Median Employees (Total) Unemployment 1,103 495,625 214,567 47,500 146,482 6.00% MARKET HIGHLIGHTS CBSA Miami-Fort LauderdalePompano Beach, FL Square Miles Population Households Household Income Median Employees (Total) Unemployment 5,126 5,566,404 2,128,471 $57,415 2,069,525 6.00% MARKET HIGHLIGHTS • The City of Port Orange saw significant growth over 2013, with • The Palm Beach Office market vacancy rate declined to 23.2%. Bj’s, Starbucks, Chipolte, and LA Fitness, which is now going vertical. Out-parcels of established shopping centers are now beginning to develop as well. Retail also declined by 3.7%. • The area is seeing an increase in service related businesses dollar investment by LIV Development out of Birmingham AL. with the housing recovery along with more manufacturing companies relocated and expanding. Conditions are expected to continue to improve. • The Intersection of Reed Canal and Clyde Morris has begun to • Largest leases were signed in Boca Raton by Tyco Integrated • New Smyrna continues to see development, both Downtown • The Retail market was strong in Q4 2013 with positive 798,552 • Vacancies in Downtown Daytona Beach are down, with a slew • Buyers are keeping a close eye on interest rates, and it soon • Manufacturing businesses have even shined some light on the • Palm Beach Outlet Mall had a grand opening in Feb. 2014. It • The White Palms apartment is well underway, a $30 Million develop, with 7-Eleven taking the corner, and further Outparcels being planned. Security for 72,235 SF and Boston Proper/Chicos for 65,000 SF. and SR-44/I-95. Seeing a direct benefit from the City’s expedited development permitting. SF absorbed, in comparison to negative (829,769) SF in Q3 2013. of new shops, a microbrewery, and The Hub. may be affecting offerings on multifamily investments. New Smyrna Beach Airport. OFFICE retail industrial Vacancy q q q q Absorption p p p Rental Rates n n n was a re-development featuring 80-100 outlet stores. OFFICE retail industrial Vacancy q q q q p Absorption p p p p n Rental Rates n p p p multi-family CONTACT multi-family CONTACT Coldwell Banker Commercial Coast Realty 5535 S Williamson Blvd. Suite 724 Port Orange, FL 32128 (386) 763-3323 www.cbccr.com Coldwell Banker Commercial NRT 23 1800 NW Corporate Blvd. Suite 100 Boca Raton, FL 33431 (561) 479-5963 www.cbcworldwide.com

FL - St Lucie County FL - Sarasota/Manatee/Charlotte DEMOGRAPHICS CBSA Port St. Lucie, FL DEMOGRAPHICS Square Miles Population Households Household Income Median Employees (Total) Unemployment 1,128 407,361 169,340 $53,266 117,662 7.20% MARKET HIGHLIGHTS CBSA SarasotaBradentonVenice, FL Square Miles Population Households Household Income Median Employees (Total) Unemployment 1,313 689,676 311,173 $58,236 230,801 5.70% MARKET HIGHLIGHTS • South Florida Investors are coming back strong to the area! • Southern St. Lucie County is poised for the next boom. Major • Matter Brothers Furniture Store has purchased 100,000 SF in the Parker Hannifan Building at 4675 Clark Rd. This building had been on the market for seven years, and Coldwell Banker NRT agents Jon Kleiber and Terry Eastman handled the transaction. infrastructure is in place. • Residential construction is rebounding. increasing 10 - 15% per year. Home prices are • Industrial sales have increased dramatically. • Private funds are the most prominent buyers of commercial • Land investors are back in the market, especially for Residential parcels. real estate. • There is huge interest in the few remaining Oceanfront High • Overall vacancy rates have decreased. • The I-75 corridor has the lowest vacancies for all types of Rise sites. • Loss of Digital Domain Film Studio was a set back for Port St. commercial real estate. Lucie. However, the new Bass Pro Shop is doing very well. OFFICE retail industrial OFFICE retail industrial Vacancy n q q p Vacancy q q q q Absorption n p p p Absorption p p p p Rental Rates n n n n Rental Rates n p p p multi-family CONTACT multi-family CONTACT Coldwell Banker Commercial Paradise Hoyt Murphy, Realtors 411 N. U.S. Hwy. 1 Fort Pierce, FL 34950 (772) 461-3250 cbc.flcoldwellbanker.com Coldwell Banker Commercial NRT 24 1800 2nd St., Suite 104 Sarasota, FL 34236 (941) 925-8586 www.cbcworldwide.com

FL - South Florida FL - Southeast DEMOGRAPHICS CBSA Miami-Fort LauderdalePompano Beach, FL DEMOGRAPHICS Square Miles Population Households Household Income Median Employees (Total) Unemployment 5,126 5,566,404 2,128,471 $57,415 2,069,525 6.00% MARKET HIGHLIGHTS CBSA Miami-Fort LauderdalePompano Beach, FL Square Miles Population Households Household Income Median Employees (Total) Unemployment 5,126 5,566,404 2,128,471 57,415 2,069,525 6.00% MARKET HIGHLIGHTS • Multi-Family prices appear to be peaking. • Tradition Center for Innovation has blossomed at Exit 118 This is the most sought after market in the State of Florida. of I-95 in St Lucie West. Martin Memorial’s newest medical center is open for business. Other occupants of the Center are Torrey Pines Institute for Molecular Studies and Vaccine and Gene Therapy Institute. • Retail activity is thriving, as Walmart, Whole Foods, Trader Joe’s and Lord & Taylor open stores in south Florida. • Industrial sales activity is up. Cap rates have been lower, and • CenterStar Development from NJ purchased 15 acres in price per SF has averaged $63.00. St Lucie West last year and is expecting their first building permits next month. • Palm Beach County Office market vacancy rate declined to • The market is currently in the preleasing stage for a 20,000 23.2%. Average direct lease rate remained stable at $17.00 per SF. There are no new Office projects underway in Palm Beach County. SF office building. The developers are planning 10,000 SF of small retail service units, including a restaurant and a community theatre. Larger office buildings and 350 upscale apartments shall follow in 2015. • Largest Office leases were signed in Boca Raton by Tyco Integrated Security for 72,235 and Boston Proper/Chicos for 65,000 SF. • Several builders are showcasing new communities in the town of Tradition. Buyers have begun to seek out Office and Retail locations to begin new businesses. Rents are still much lower than 2005, but inventory is dwindling. The market had nearly 500,000 SF of vacant flex space in St Lucie Westand absorbed. Some of the new buildings went to foreclosure, and new owners are offering space at approximately half of former rents. • Vacancy rates are falling in Retail, Office and Warehouse. • Gatlin Blvd will be the most heavily travelled road in Port St Lucie by 2020. OFFICE retail industrial OFFICE retail industrial Vacancy q q q q Vacancy q q q N/A Absorption p p p p Absorption N/A N/A N/A N/A Rental Rates p p p p Rental Rates N/A N/A N/A N/A multi-family CONTACT multi-family CONTACT Coldwell Banker Commercial NRT 1800 NW Corporate Blvd. Suite 100 Boca Raton, FL 33431 (561) 367-4111 www.cbcworldwide.com Coldwell Banker Commercial NRT 25 1973 SW Savage Blvd Port St Lucie, FL 34953 (772) 359-3242 www.cbcworldwide.com

FL - Tallahassee FL - Tampa Bay DEMOGRAPHICS CBSA Tallahassee, FL DEMOGRAPHICS Square Miles Population Households Household Income Median Employees (Total) Unemployment 2,387 361,765 154,494 $47,364 111,973 5.30% MARKET HIGHLIGHTS CBSA Tampa- St. PetersburgClearwater, FL Square Miles Population Households Household Income Median Employees (Total) Unemployment 2,554 2,757,566 1,166,605 $49,596 1,059,081 5.90% MARKET HIGHLIGHTS • Four major new tenants opened stores in Q4 of 2013: Whole • Amazon.com selected two sites in the Tampa Bay area for Foods, Trader Joes, Dick’s Sporting Goods and Bass Pro Shops. large fulfillment centers. Combined, they are expected to employ 1,400 permanent employees and considerably more during peak times. • Vacancy rates are decreasing in all asset classes except the • The Tampa Bay economy continues to expand, and both Office market. Hillsborough and Pinellas counties saw their jobless rates fall to 5.7 percent at the end of 2013, two full points less than 12 months prior. • New construction is still brisk in student Multi-Family. • Tallahassee Memorial hospital completed a new Emergency • Copa Airlines began the first-ever direct flights to Latin Center in NE Tallahassee. America (Panama City, Panama) from Tampa International Airport. The move opens doors for increased business opportunities throughout Central and South America. • Residential sales were up 24% in 2013. Average sale price improved over 2012 from $188,619 to $193,198 in 2013. • Sales of commercial buildings were up considerably in • Tampa-based HealthPlan Services, a leading administrative 2013. Construction of Cascades Park is well underway near downtown. services provider, plans to create up to 1,023 new jobs by 2018 and will develop a 96,689 SF facility in eastern Hillsborough County. • The Tallahassee MSA unemployment rate is now down to 5.3%. • Bristol-Myers Squibb will open a 70,000 SF North American Capability Center in Hillsborough County in 2014, creating up to 579 jobs and $21.2 million in capital investment. • The broad base of job growth is quite promising, including key sectors like Construction and Hospitality. Pinellas County had another record-setting year for tourism. Clearly, the local economy has gained its footing. OFFICE retail industrial OFFICE retail industrial Vacancy n q q p Vacancy q q q q Absorption n p p n Absorption p p p p Rental Rates n p n q Rental Rates p p n p multi-family CONTACT multi-family CONTACT Coldwell Banker Commercial Hartung & Noblin, Inc. 3303 Thomasvi

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