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3 U N I T S A B S O R B E D O F F I C E A B S O R P T I O N ( s S F ) 2,000 4,500 1,500 3,500 1,000 2, , ,500-1,000-2,500 C L A S S A A P A R T M E N T S O F F I C E S P A C E Source: REIS, Delta Associates; April 2015.
4 Source: RCA, Moody s Investors Service, Delta Associates; April 2015.
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6 S A L E S V O L U M E ( $ B I L L I O N S ) $2.5 Pgh Phil Balt $2.0 $1.5 $1.0 $0.5 $ Source: Real Capital Analytics, Delta Associates; April 2015.
7 A V E R A G E S A L E P R I C E P E R U N I T $130,000 $120,000 $110,000 $100,000 $90,000 $80,000 $70, Source: Real Capital Analytics, Delta Associates; April 2015.
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9 U N E M P L O Y M E N T R A T E A N D A N N U A L I Z E D G D P C H A N G E 15% 51 months: Recession + Recovery 32 months: Recession + Recovery 32 months: Recession + Recovery 81 months: Recession + Recovery 10% 5% 0% % -10% Percent Change in GDP Recession Unemployment Rate Recovery Source: BLS, BEA, Center for Regional Analysis, Global Insight, Delta Associates; April 2015.
10 C O N S U M E R S E N T I M E N T I N D E X Q Q Q Q Q Q Q Q Q Source: University of Michigan, Delta Associates; April 2015.
11 T H O U S A N D S O F I N F L A T I O N A D J U S T E D D O L L A R S $53 $51 $49 $47 $45 $43 $41 $39 $37 $ Source: BLS, Delta Associates; April 2015.
12 Jan-2010 Apr-2010 Jul-2010 Oct-2010 Jan-2011 Apr-2011 Jul-2011 Oct-2011 Jan-2012 Apr-2012 Jul-2012 Oct-2012 Jan-2013 Apr-2013 Jul-2013 Oct-2013 Jan-2014 Apr-2014 Jul-2014 Oct-2014 Jan-2015 AVERAGE PRICE PER GALLON FOR REGULAR GASOLINE $4.50 $4.00 Peak = $3.96 Consumers Save $192 Billion Per Year Current = $2.55 $3.50 $3.00 $2.50 $2.00 $ Source: U.S. Energy Information Administration, Delta Associates; April 2015.
13 CONSUMER CREDIT IN TRILLIONS $3.4 $3.2 $3.0 Jan = $3.33 trillion $2.8 $2.6 $2.4 $2.2 $2.0 Post-Recession Low = $2.5 trillion Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q Source: Federal Reserve, Delta Associates; April 2015.
14 V A L U E O F R E F I N A N C I N G M O R T G A G E O R I G I N A T I O N S I N T R I L L I O N S $1.5 $1.1 $1.0 $0.7 $0.5 $ Source: Mortgage Bankers Association, Delta Associates; April 2015.
15 I N B I L L I O N S $100 $98 $96 $94 $92 $90 $88 $86 $84 $82 $ Source: Woods & Poole, Delta Associates; April 2015.
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17 T H O U S A N D S O F N E W P AY R O L L J O B S Chicago Philadelphia Washington Baltimore Cleveland Pittsburgh St. Louis Source: U.S. Bureau of Labor Statistics, Delta Associates; April 2015.
18 T H O U S A N D S O F N E W P AY R O L L J O B S Year Annual Average = 16,200/Year * Source: U.S. Bureau of Labor Statistics, Delta Associates; April *12 months ending in February 2015.
19 Education/Health Construction/Mining Transportation/Utilities Leisure/Hospitality Professional/Business Services Retail Trade Other Services Financial Services Wholesale Trade Manufacturing Federal Government Information State and Local Government -3, ,900-6,000-1,000 4,000 9,000 14,000 19,000 J O B C H A N G E Source: U.S. Bureau of Labor Statistics, Delta Associates; April 2015.
20 Education/Health Construction/Mining Transportation/Utilities Leisure/Hospitality Professional/Business Services Retail Trade Other Services Financial Services Wholesale Trade Manufacturing Federal Government Information State and Local Government -3, ,900-6,000-1,000 4,000 9,000 14,000 19,000 J O B C H A N G E Source: U.S. Bureau of Labor Statistics, Delta Associates; April 2015.
21 PAY R O L L J O B S ( S ) Year Annual Average = 16,800/Year 3-Year Projected Average = 35,000/Year Source: U.S. Bureau of Labor Statistics, Delta Associates; April 2015.
22 A V E R A G E A N N U A L C H A N G E 12% 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% ( M i l l e n n i a l s ) ( B a b y B o o m e r s ) A G E R A N G E Source: U.S. Census Bureau, ACS, Delta Associates; April 2015.
23 P E R C E N T O F G E N E R A T I O N 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 54% Rent Millennials 20% Rent Baby Boomers Source : 2013 ULI/BRS National Survey, Delta Associates; April 2015.
24 P E R C E N T O F P O P U L A T I O N 2 5 T O 3 4 Y E A R S O L D 18% 16% 14% 12% 10% 8% 6% 4% 2% 16.8% United States: 13.5% 0% Philadelphia Camden Mercer Delaware Montgomery Balance of Metro Source: U.S. Census Bureau, Delta Associates; April 2015.
25 P O P U L A T I O N I N T H O U S A N D S 1,600 1,550 1,500 1,450 1,400 1,350 1, Source: U.S. Census, Delta Associates; April 2015.
26 Source: Delta Associates; April 2015.
27 Source: 2012 U.S. Census Bureau, Delta Associates; April *Manhattan: 47%
28 A V E R A G E U N I T S I Z E ( S Q U A R E F E E T ) 1,200 1,100 1,062 1, Source: Delta Associates; April 2015.
29 Clockwise from top right: Icon, 3737 Chestnut, Southstar Lofts
30 T H O U S A N D S O F U N I T S 2,400 Change in Owner-Occupied Units Change in Renter-Occupied Units 2,000 1,600 1, Source: U.S. Census Bureau, Delta Associates, April 2015.
31 R E N T E R S A S % O F T O TA L H O U S E H O L D S 37% 36% 35% 34% 33% 32% 31% 30% 29% 28% 27% 26% U.S. Philadelphia Metro Source: U.S. Census Bureau, Delta Associates; April 2015.
32 P E R C E N T O F P E O P L E M I L L I O N S O F P E O P L E 15.0% 14.5% Percent Millions % 13.5% 13.0% 12.5% 12.0% 11.5% 11.0% 10.5% % 3.5 Source: U.S. Census Bureau, John Burns Real Estate Consulting, WSJ, Delta Associates, April 2015.
33 Source: U.S. Census Bureau, Fannie Mae, Delta Associates; April 2015.
34 Source: Federal Reserve Bank of New York Consumer Credit Panel, Equifax, Delta Associates; April 2015.
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36 U N I T S ( s ) LA DFW Was Hou Chi Atl Phx Phil Source: REIS, Delta Associates; April Note: Excludes NY metro to conserve scale
37 L O N G T E R M A N N U A L A B S O R P T I O N O F A L L C L A S S E S O F U N I T S 10,000 9,000 8,000 7,000 6,000 5,000 4,000 Class A Absorption in City of Philadelphia Over Past 12 Months = 961 3,000 2,000 1, DFW Hou Atl Was LA Phx Balt Phil Chi Pgh Source: REIS, Delta Associates; April Note: Excludes NY metro to conserve scale
38 V A C A N C Y R A T E ( A L L C L A S S E S ) 7.0% 6.0% Class A: 5.5% 6.5% 5.0% National Rate: 4.2% 4.0% 3.0% 2.0% 1.0% 0.0% Pgh LA NY Chi Wash DFW Phx Atl Hou Phi Balt Source: REIS, Delta Associates; April 2015.
39 E F F E C T I V E R E N T G R O W T H 10% Long-Term Average = 2.5% 8% Center City: 5.3% 6% 4% 3.6% U.S. 2% 0% -2% -4% M O N T H S E N D I N G F I R S T Q U A R T E R Source: Delta Associates, April Source: REIS
40 M A R K E T R A T E U N I T S 14,000 12,000 10,000 8,000 6,000 4,000 Demand Net Absorption: 3,400/Year = 10,200 units Supply Under construction and planned and may deliver by 3/18: 12,625 units 2,000 0 P H I L A D E L P H I A M E T R O Source: Delta Associates; April 2015.
41 % E F F E C T I V E R E N T G R O W T H 12% 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% Long-Term Average = 2.5% * Source: Delta Associates; April *Annual rent change at 1 st quarter 2015 is 3.6%
42 Repurpose obsolete office assets that appeal to Millennials Build new units that appeal to empty-nesters/baby Boomers Accommodate work-at-home tenants
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