Office. Office. IRR Viewpoint 2015
|
|
- Angelica Blair
- 6 years ago
- Views:
Transcription
1 IRR Viewpoint 05 Above: Designed in 95 in the Art Deco style by architect Timothy Pflueger as the Pacific Telephone and Telegraph Building, 40 New Montgomery Street, San Francisco, CA has been the subject of several IRR-San Francisco assignments. The office property sector continued its relatively steady recovery in 04, though the sector continues to lag behind other property sectors in the latest national recovery cycle. IRR s market cycle charts depict more local office markets both Central Business District (CBD) and Suburban mired in the recessionary phase and many more still just beginning a recovery. While some office markets have begun expanding, participants in others are being more cautious despite the fact that occupancy rates continue to rise nationally across all office classes (A and B) and locales (CBD and Suburban). After decades of suburban corporate campus building, a key national trend is the return to new CBD construction. IRR s markets across the U.S. report CBD markets are further along in the recovery process or even expanding again when compared to their Suburban counterparts. In many market areas, the return to favor of the CBD office markets has been attributed to the services industries becoming more technology-focused. The more techsavvy work force tends to be younger and seems to prefer a more populous work environment and the many social/cultural amenities that are typically developed to cater to this environment as opposed to the often more sterile environments found in many suburban locales. Transaction volumes in 04 continued to be robust, with most cities experiencing strong volume increases over fiveyear historical averages. Activity was notably strong in Cincinnati (9%), Boston (57%), Jacksonville (44%), San Francisco (%), and Philadelphia (up %). Transaction volumes were down in only a handful of cities, including Pittsburgh (-49%), Seattle (-6%), Cleveland (-5%), CBD Market Cycle (Fig. 8) Baltimore, MD Hartford, CT Jacksonville, FL Kansas City, MO/KS Memphis, TN Sacramento, CA Tulsa, OK Recovery Cincinnati, OH Columbia, SC Columbus, OH Indianapolis, IN Las Vegas, NV Long Island, NY New Jersey, No. Oakland, CA Phoenix, AZ Richmond, VA San Jose, CA Tampa, FL Boise, ID Denver, CO Houston, TX Charleston, SC New York, NY Philadelphia, PA Raleigh, NC San Francisco, CA Seattle, WA Atlanta, GA Birmingham, AL Charlotte, NC Cleveland, OH Detroit, MI Greenville, SC Los Angeles, CA Louisville, KY Orange County, CA Orlando, FL Providence, RI Syracuse, NY Washington, DC Expansion Austin, TX Boston, MA Broward-Palm Beach, FL Chicago, IL Dallas, TX Fort Worth, TX Miami, FL Minneapolis, MN Nashville, TN Pittsburgh, PA Portland, OR Salt Lake City, UT San Antonio, TX San Diego, CA Hypersupply Recession st stage within phase nd stage within phase rd stage within phase Dayton, OH Greensboro, NC Jackson, MS St. Louis, MO Wilmington, DE Decreasing Vacancy Rates Low New Construction Moderate Absorption Low/Moderate Employment Growth Neg/Low Rental Rate Growth 04 Integra Realty Resources, Inc. Decreasing Vacancy Rates Moderate/High New Construction High Absorption Moderate/High Employment Growth Med/High Rental Rate Growth Increasing Vacancy Rates Moderate/High New Construction Low/Negative Absorption Moderate/Low Employment Growth Med/Low Rental Rate Growth Increasing Vacancy Rates Moderate/Low New Construction Low Absorption Low/Negative Employment Growth Low/Neg Rental Rate Growth 7
2 IRR Viewpoint Market Conditions and 05 Forecasts: Central Business District (Table 9) CLASS A & B CLASS A & B AVG FORECAST EST CLASS A & B EST CLASS A CLASS A CLASS B CLASS B TOTAL WEIGHTED ANNUAL NET AVG ANNUAL EST CLASS A MARKET MARKET EST CLASS A & B INVENTORY VACANCY INVENTORY VACANCY INVENTORY VACANCY ABSORP. NET ABSORP. CONST. TI RENT RENT EXPENSE YEARS TO MARKET AREA (SF) RATE (%) (SF) RATE (%) (SF) RATE (%) 0-04 (SF) (SF) (SF) ($/SF) ($/SF) CHANGE (%) GROWTH (%) BALANCE* Atlanta, GA,049, % 5,64, % 6,, % , %.50% 4 5 Austin, TX 6,45, %,50,000.50% 8,98, % 66,750 47,8 60, %.00% Baltimore, MD 5,44,000.60% 5,64, %,076,000.04% 99,700 4, %.50% 5 Birmingham, AL,8, %,54,000.00% 5,57, % 9,000 8, %.00% IB Boise, ID,, %,686,494.9% 5,09,449 9.% 05,000, %.50% IB Boston, MA 7,000, % 5,000, % 6,000, %,00,000,00, , %.00% IB IB Broward-Palm Bch, FL,450, % 7,00, % 49,750, % 400, ,000 5, %.50% Charleston, SC,009, % 886, %,896, % 5,000 5,000 80, %.00% IB IB Charlotte, NC,68,099.40%,46, % 6,784,89.5% 0, , , %.00% 4 Chicago, IL 7,000,000.80% 46,000, % 7,000, % 8, 500,000,500, %.50% 4 Cincinnati, OH 7,00, % 5,000, %,00, % , %.50% 5 8 Cleveland, OH 0,500, %,700,000.80% 4,00, % 00,000 50,000 00, %.00% Columbia, SC,890, % 7,460, % 9,50,000 8.% 85,000 5, %.00% IB Columbus, OH 9,500,000.00%,800, %,00, % 60,000 70,000 00, %.00% IB IB Dallas, TX,640, % 8,56, %,57, % 60,750 50, , %.00% 5 5 Dayton, OH,950, % 7,700, % 9,650,000.97% %.00% 0 0 Denver, CO 0,9,66.40% 0,6, %,5,9.8% 75, ,000 00, %.00% IB Detroit, MI 0,500, % 6,500, % 7,000, % 85, , %.00% IB Fort Worth, TX 5,855, % 4,407,59 9.0% 0,6,488.94% 8,000 44,, %.00% Greensboro, NC 5,664, %,68, % 7,47, % 50,000 75,000 5, %.00% Greenville, SC,00, % 4,440, % 6,640, % 00,000 00,000 5, %.00% IB Hartford, CT 6,550,000.00%,550,000.00% 8,00,000.00% %.00% 4 4 Houston, TX,444, % 5,6, % 46,660, % 68,54 50,000,464, %.50% Indianapolis, IN 6,05, %,755, % 0,06,80 8.%, %.00% 4 4 Jackson, MS,500, % 4,000, % 6,500,000 7.% 50,000 0, % 0.00% 4 7 Jacksonville, FL 7,500, % 6,600,000.90% 4,00,000 5.% 50,000 5, %.50% 5 6 Kansas City, MO/KS 5,460, % 8,540, % 4,000, % 75,000 50, %.00% 4 Las Vegas, NV,5,50 5.0% 946,4.70%,99,84 0.5% 6,46 00,000 9, %.00% IB 5 Long Island, NY,4,004.70% 4,0,48.0% 7,44,5.97% - - 5, %.50% 5 Los Angeles, CA 8,400, % 8,940,000.5% 57,40, % 5,000 75,000 85, %.50% Louisville, KY,78, % 5,040, % 8,9,4.45% 8,500 50, %.00% IB Memphis, TN,000,000.00% 4,600, % 6,600,000.64% %.50% 5 + Miami, FL 9,50, % 6,680, % 5,90, % 75,000 98,5 75, %.00% IB Minneapolis, MN,00, %,00, %,400,000.05% 40, , %.50% IB Nashville, TN,500, %,600, % 7,00, % 00,000 5,000 00, %.50% IB New Jersey, No. 0,00,000.0%,800,000.0%,900,000.% 8,7 00, , %.00% New York, NY 04,000, % 56,000, % 60,000, %,00,000,85,000,756, %.00% Oakland, CA 8,597,7 0.50% 9,,8.40% 7,7,06.48% 8,5 (6,864) 8, %.00% Orange County, CA 4,49, % 5,875,06.00% 87,67,96.54%,75,46 55,866 9, %.00% Orlando, FL 5,55, %,576, % 8,8,70 6.9% 8,750 8,49 48, %.50% 6 6 Philadelphia, PA 7,498,55.50% 7,55, % 55,05,59 0.9% - -,96, %.50% Phoenix, AZ 9,64, % 0,0,554.00% 9,665,00.74%,50, , %.00% Pittsburgh, PA,09, % 4,544, % 46,68,8 7.97% 00,000 00,000,00, %.50% IB IB Portland, OR,999,6 9.90% 4,0, % 6,0,5 8.55% 4,55 50,000 00, %.00% IB IB Providence, RI,5,000.5%,800, % 5,05, % 99,000 4,000 05, %.00% Raleigh, NC 5,00, %,00, % 7,00, % 00,000 50,000 50, %.00% IB IB Richmond, VA 6,400, % 0,600, % 7,000,000.8% 60,000 75,000 50, %.50% IB Sacramento, CA 9,78, % 5,606,000.70% 4,784,000.58% 5,000 00, %.50% 4 Salt Lake City, UT,900,000.50%,00, % 6,00,000.98% 00,000 5, , %.00% San Antonio, TX,994,70 8.0%,759, % 4,754, % 8,98 8, %.00% IB 5 San Diego, CA 6,68,645.0% 4,577,06.0% 0,745,95 6.0% 95,480 50,000 00, %.00% IB San Francisco, CA 4,49,7 8.60%,776, % 54,96,50 8.8% 8,4 5,89 5,98, %.00% IB IB San Jose, CA 4,65, % 9,79,9.70% 4,446,94.44% 6,98 88, %.00% Seattle, WA 4,470,94.0% 0,550,98.60% 65,0,97.% 650,000 65,000,5, %.00% St. Louis, MO 5,400, % 7,400,000.50%,800, % 0,000 0, %.00% 8 8 Syracuse, NY,946, % 4,89, % 6,5, % 6,000 4, %.00% Tampa, FL 4,790,657.90%,4, % 8,05,8.50% 5, , %.50% Tulsa, OK 6,07, %,98,000.50% 0,89, % 57,500, %.50% + Washington, DC 90,97,00.0% 49,77,500.90% 40,744,700.45%,46,400,85,00,45, %.50% 5 Wilmington, DE 7,00,000.00% 5,00, %,500, % 0,000 0, %.00% 7 + Totals/Simple Avgs:,00,970,58.94% 775,99, %,777,96,8 4.% 8,06,099 6,67,5 0,68, %.47%.. Weighted Averages:.%.0%.58% Integra Realty Resources, Inc. IB signifies markets in balance. 8
3 IRR Viewpoint 05 Hartford (-6%), and Richmond (-5%). In terms of relative market activity sizes, Philadelphia jumped upward (seven places, from 0 to ), while Boston s shift (four places, from seven up to three) and San Francisco s (three places, five up to two) were more muted but equally impressive given the higher starting basis. In fact, San Francisco leapfrogged Los Angeles to become the second most active office market in 04, while Boston surpassed Chicago and Houston to become the third most active for the year. Pricing trend indicators were somewhat varied and often dependent on some product class differentials within the sample sets, especially for the CBD sector. That being said, material price increases were notable in the Suburban sector in St. Louis (59%), the Inland Empire (58%), Jacksonville (50%), Palm Beach (49%), Austin (4%), San Jose (4%), and Columbus (%). While developers and investors seemingly prefer the CBD office property sector, property fundamentals for the Suburban office sector strengthened just as much as those in the CBD sector nationally in 04. CBD office space saw its vacancy rate for Class A product dip from.6% (weighted) in 0 to.% in 04, while Class B gains were similar dropping from.7% to.0%. Weighted Suburban Class A vacancy rates reduced from 5.65% to 4.6% and Class B vacancy fell from 4.7% to 4.5%. These occupancy improvements are deemed by IRR to have brought CBD product within. years and. years, respectively, of stabilizing at the current pace for Class A and Class B product types. Suburban product is now expected to stabilize sooner as well, with Class A and Class B product expected to reach equilibrium in. and.9 years. As such, Suburban product is deemed to have progressed toward stabilization at a slightly faster pace than predicted by IRR in 0, while the pace dropped off slightly from the previous year s expectations for the CBD sector. Notably, these changes in stabilization expectations reversed the trend from the previous few years and indicated that the Suburban office sector nationally is more Top 5 Markets by Transaction Rate (Fig. 0) San Francisco, CA $ East Bay $. 9 9 Los Angeles, CA $ Orange County, CA $ San Diego, CA $ Size in $ Billions Seattle, WA $ Rank Increase Rank Decrease San Jose, CA $ Denver, CO $ Ranking 04 Ranking Phoenix, AZ $ st Pentile nd Pentile rd Pentile 4th Pentile 5th Pentile 0% 0% 40% 60% 80% 00% Minneapolis, MN $ Dallas, TX $ Austin, TX $.7 6 Manhattan, NYC $0.0 Chicago, IL $ Washington DC $ Atlanta, GA $.4 0 Houston, TX $ Boston, MA $ Stamford, CT $ Broward County, FL $ NYC Boroughs $.0 North NJ $.0 Philadelphia, PA $.09 0 Charlotte, NC $0.97 Miami, FL $ Integra Realty Resources, Inc. U.S. Tertiary Markets are excluded 04 Transaction Volume is annualized as of Q 04 Source: Real Capital Analytics, compiled by IRR 9
4 IRR Viewpoint 05 Regional Rates Comparison - Class A (Fig. ) Regional Rates Comparison - Class B (Fig. ) Cap Rate Non-weighted regional/national average figures 04 Integra Realty Resources, Inc. Rate Reversion Rate Cap - Rate 04 Cap Rate South Region CBD 7.5% 8.40% 7.76% + 6 bps - 4 bps Suburban 7.6% 8.80% 8.8% + 9 bps - 7 bps East Region CBD 6.80% 7.8% 7.9% +0 bps - 7 bps Suburban 7.7% 8.4% 7.9% + 97 bps - 7 bps Central Region CBD 8.6% 9.9% 8.68% + bps - bps Suburban 7.95% 9.4% 8.50% + 8 bps - 8 bps West Region CBD 6.% 7.88% 6.84% + 65 bps - 4 bps Suburban 6.7% 8.9% 7.0% + 56 bps - 9 bps National Averages /Spreads CBD 7.05% 8.4% 7.6% + 9 bps - bps Suburban 7.4% 8.65% 7.99% + bps - 5 bps Cap Rate Rate Non-weighted regional/national average figures 04 Integra Realty Resources, Inc. Reversion Rate Cap - Rate 04 Cap Rate South Region CBD 8.04% 9.% 8.59% + 8 bps - bps Suburban 8.% 9.9% 8.8% + 7 bps - 4 bps East Region CBD 7.80% 8.89% 8.8% +0 bps - 4 bps Suburban 8.% 9.% 8.6% +00 bps - bps Central Region CBD 8.8% 0.05% 9.4% + bps - 6 bps Suburban 8.64% 9.68% 9.% + 05 bps + bps West Region CBD 6.79% 8.4% 7.8% + 64 bps - 5 bps Suburban 7.6% 8.80% 7.8% + 55 bps - 9 bps National Averages /Spreads CBD 7.84% 9.% 8.40% + 8 bps - 6 bps Suburban 8.06% 9.6% 8.6% + 0 bps - 7 bps likely to stabilize before the CBD sector, albeit at materially lower rental rates and marginally lower occupancy rates. In terms of capitalization rates, the office sector s fiveyear contractionary trend continued in 04, with CBD capitalization rates dropping at a faster pace than Suburban rates for the third consecutive year. Nationally, CBD cap rates contracted and 6 basis points, respectively, for Class A and Class B product types in 04. As noted, Suburban rate contraction was more muted at 5 and 7 basis points, respectively, for Class A and Class B assets. These movements brought Class A CBD capitalization rates to an all-time low, while Suburban Class A capitalization rates are approaching their 007 all-time low. The real estate risk premium for office assets also decreased for the third consecutive year, but still has a long way to go before approaching the lows of strong in 05, though the potential for rising interest rates may put pressures on the sector as companies pare back investment activity. Some of the markets more reliant upon energy employment may also experience a dip in 05 if energy prices continue to fall, but overall fundamentals and investor demand will remain strong, especially in the CBD sector. Class A Capitalization Rates (Fig. ) While capitalization rates contracted nationally across product types and region, this trend was not quite universal in either its pace or directionality. Class A capitalization rates contracted at a materially stronger pace in the South than they did in the rest of the country s regions, where the contractionary trend was more muted and similar in nature. For Class B product, the trend was more muted across all regions for CBD product and the Central region even reported the slightest reversal of the contractionary trend with Class B Suburban capitalization rates rising by one basis point. IRR will be closely monitoring this trend in 05 to see if it is a leading indicator of a shift in market direction or simply an aberration in a moderately sized transaction sample set. Cap Rate (%) Risk Premium (%) Overall, the office sector continued its recovery at a measured pace. Expectations for the sector remain 0 Suburban 04 Integra Realty Resources, Inc. CBD 0-Year Treasury Spread
5 IRR Viewpoint Market Conditions and 05 Forecasts: Suburban Market Area (Table 4) CLASS A & B CLASS A & B AVG FORECAST EST CLASS A & B EST CLASS A CLASS A CLASS B CLASS B TOTAL WEIGHTED ANNUAL NET AVG ANNUAL EST CLASS A MARKET MARKET EST CLASS A & B INVENTORY VACANCY INVENTORY VACANCY INVENTORY VACANCY ABSORP. NET ABSORP. CONST. TI RENT RENT EXPENSE YEARS TO MARKET AREA (SF) RATE (%) (SF) RATE (%) (SF) RATE (%) 0-04 (SF) (SF) (SF) ($/SF) ($/SF) CHANGE (%) GROWTH (%) BALANCE* Atlanta, GA 7,7, % 5,450, % 6,8, % 79,000,000,000,000, %.50% 4 4 Austin, TX 7,000, % 4,4, %,4,000.7% 40,50 894,667,878, %.00% Baltimore, MD 7,5,000.0% 6,,400.70% 6,6,400.44% 77,00 860,800 40, %.50% 4 6 Birmingham, AL 5,08,000.90% 7,49, %,575, % , %.00% 5 Boise, ID 6,49,86.0% 8,0,60.40% 4,5,48.86% 75, ,000 50, %.50% Boston, MA 57,000, % 45,000, % 0,000, %,50,000,000,000,000, %.00% 4 Broward-Palm Bch, FL 8,480, % 55,00, % 7,580,000 7.% 04, ,000 75, %.50% IB Charleston, SC,689,50 7.4% 4,90,7.76% 7,879, % 0,000 5,000 46, %.00% IB Charlotte, NC 4,5,747.00% 7,990, %,5,5.74% 00, ,000 5,500, %.00% 4 Chicago, IL 64,000,000.00% 49,800,000.80%,800,000.5% , %.00% 8 0 Cincinnati, OH 0,900, %,600, %,500, % 80, , %.50% 6 0 Cleveland, OH,700,000.0% 40,900,000.70% 5,600,000.4%,00, ,000 00, %.00% Columbia, SC,050, %,00, % 4,50, % 50,000 50,000 85, %.00% IB Columbus, OH 7,900,000.00% 8,000, % 45,900, % 00,000 50, , %.00% IB IB Dallas, TX 9,68,48.6%,98,46 4.7% 0,566, % 54,0,84,750 4,498, %.00% 4 4 Dayton, OH,500, % 7,00, % 0,700, % 80,000 90,000 00, %.00% 4 4 Denver, CO 40,667,46.0% 9,06,770.0%,684,.4%,0,49,00,000,500, %.00% IB Detroit, MI 60,000, % 09,000, % 69,000, %,950,000,50,000 50, %.00% IB Fort Worth, TX,0, % 6,,4.7% 47,6,7.4% 4,98 00,000,7, %.00% Greensboro, NC 9,574, % 9,576, % 9,50, % 00,000 5,000 40, %.00% Greenville, SC,970, % 5,00, % 9,70, % 50,000 75,000 75, %.00% IB IB Hartford, CT 4,80, %,65, % 7,905, % , %.00% Houston, TX 85,785, % 05,8, % 9,608,46.%,068,766,450,000 6,45, %.50% IB Indianapolis, IN 0,8, % 8,0, % 8,549, %,000 40,000 5, %.00% 4 Jackson, MS 4,000, % 9,000, %,000,000.46% 50,000 00,000 75, % 0.00% IB Jacksonville, FL 9,00, %,950,000.0%,50,000.7% 550, , , %.50% Kansas City, MO/KS,78,000.00%,809,0.60% 5,590,0.40% 0,000 5,000 75, %.00% Las Vegas, NV 8,677,85 6.8%,0, % 9,70,8 5.80% 09,88 00,000 85, %.00% 6 6 Long Island, NY 5,599,09.% 8,9,5 5.70%,88,56 4.4% 65,47-5, %.50% 5 Los Angeles, CA 76,700, % 5,700, %,400, %,74,000,60, , %.50% Louisville, KY 5,8,96.00% 8,769, %,998,795 6.% 95,000 4,000 50, %.00% IB IB Memphis, TN 9,600, %,00,000.00%,700, % 775,000 50, , %.50% 5 Miami, FL 7,50, % 56,00,000.50% 7,450,000.74% 550,000 6,875 00, %.00% IB Minneapolis, MN 6,650, % 5,400, % 70,050, % 500, ,000 40, %.50% Naples, FL,597, % 4,50,80.80% 7,00,55.7% 60,000 50,000 00, %.00% Nashville, TN 0,500, %,500,000.00%,000, % 50,000 5, , %.50% IB New Jersey, Coastal 5,695, %,5,000.75% 7,7,000.80% 90,000 50,000 75, %.75% New Jersey, No. 7,700, % 97,500,000.90% 5,00, % 809,94 600,000 69, %.00% 5 7 New York, NY 0,96,58.40%,584, %,88,96 0.0% , %.00% 5 7 Oakland, CA 8,085,54.0% 77,55,5.0% 95,40,765.07% 504,57 55,884 57, %.00% Orange County, CA 0,477,5 4.0%,05, % 4,49,54.67%,76,7 7,74 44, %.00% Orlando, FL 9,7,4 6.00% 45,7,57.70% 65,45,600.00% 48,000 76,76 50, %.50% 7 7 Philadelphia, PA 9,69,85.40% 56,66,80.60% 48,996,05.7%,04,557,50,000,09, %.50% Phoenix, AZ,054, % 86,0, % 8,086, % 8,750,000 0,000,000,500, %.00% Pittsburgh, PA,47,8 9.0% 6,099, % 49,46,0 8.7% 65, , , %.50% IB IB Portland, OR 5,667, 0.0%,6, % 7,804,66 8.8% 667,09 575, , %.00% IB IB Providence, RI,950, % 4,600, % 6,550, % 9,000 7,000 55, %.00% Raleigh, NC 5,000, % 5,600, % 40,600,000.84% 00, ,000,00, %.00% 5 Richmond, VA,800,000.0% 5,00, % 9,00, % 0,000 5, , %.50% Sacramento, CA 7,7,000.00% 9,78, % 56,99, % 95, ,000 00, %.50% 4 5 Salt Lake City, UT 7,550, % 9,500,000.5% 7,050, %,00, ,000,500, %.00% IB San Antonio, TX 7,9,5 9.0%,44, % 0,76, % 68,97 55,55,50, %.00% IB 5 San Diego, CA 7,005, % 50,67,75.70% 77,678,8.59%,5,6 700, , %.00% IB San Francisco, CA,459, % 7,85, % 05,745, %,4,69,58,496,570, %.00% IB IB San Jose, CA 8,446, % 75,58,78 9.0% 9,805, %,6,4,8,00,05, %.00% IB IB Sarasota, FL,46, %,79, % 5,08,99 0.5% 8,800 5,000 0, %.00% Seattle, WA,85,5 0.00% 65,999, % 89,84,66 9.6% 90, ,000 64, %.00% IB IB St. Louis, MO 6,00, % 6,000, %,00,000.98%,600 00, , %.00% 4 Syracuse, NY,80,545.80%,990, % 5,80, % %.00% Tampa, FL 8,46,460.0% 6,5, % 90,99, % 465, , , %.50% Tulsa, OK,9,000.90% 7,8, % 0,95, % 4,400 4,05 00, %.50% Washington, DC 47,4, % 09,550, % 56,69, % 8,0 5,400,468, %.50% 5 5 Wilmington, DE 7,00, %,700,000.00% 8,800,000.% 50,000 0,000 00, %.00% 4 7 Totals/Simple Avgs:,68,64,98.0%,67,8, 4.4% 4,8,760,5.7% 4,589,956 46,905,9 65,5, %.58%..9 Weighted Averages: 4.6% 4.5% 4.9%.0 04 Integra Realty Resources, Inc. IB signifies markets in balance.
6 IRR Viewpoint Market Conditions and Forecasts: Central Business District (Table 9) CLASS A & B CLASS A & B CLASS A & B CLASS A & B CLASS A & B AVG ANNUAL FORECAST ESTIMATED CLASS A CLASS A CLASS B CLASS B TOTAL WEIGHTED NET ABSORP. AVG ANNUAL YEARS TO INVENTORY VACANCY INVENTORY VACANCY INVENTORY VACANCY RATE 00-0 NET ABSORP. BALANCE MARKET AREA (SF) RATE (%) (SF) RATE (%) (SF) (%) (SF) (A/B) Atlanta, GA,049, % 5,64, % 6,, % -577, ,000 / Austin, TX 6,584, %,545,8 5.00% 0,9, % 55,950 9,040 / Baltimore, MD 9,0, %,905,000.50%,07,000.% 0,000-40,000 / 5 Birmingham, AL,8, %,54, % 5,57, % 65,000 0,000 / Boise, ID,9, %,667,70.58% 4,859, % 0 0 / 4 Boston, MA 7,000,000.50% 5,000,000.50% 6,000,000.69% 0 0 / Broward County, FL,450, % 7,00, % 49,750, % 45,6 85, / Charleston, SC 957, %,74,475 0.%,, % 5,000 5,000 N/A Charlotte, NC,68,099.40%,45, % 6,80,899.8% -, 0 / 4 Chicago, IL 54,000,000.00% 44,000, % 98,000, % 4,45-4,47 / 4 Cincinnati, OH 7,000, % 8,500, % 5,500, % 75,000 50,000 / Cleveland, OH 8,900, % 5,00, % 4,00,000.7% -59,500 0,000 / 4 Columbia, SC,860,000.00% 5,694, % 8,554, % 0 0 / Columbus, OH 9,480,000.00%,660, %,40, % 00,000 75,000 / Dallas, TX,66, % 8,58,889.40% 0,895,70 7.7% -4,000 85,667 6 / 6 Dayton, OH,900, % 7,700, % 9,600, % 0 60,000 0 / + Denver, CO 0,6,0.70% 0,797,88.0%,48,94.% 0,000 90,000 / Detroit, MI 4,500, % 575, ,000 / Fort Worth, TX 5,7,65.80% 4,40,00.0% 0,4,65.6% -0,50 88,667 / Greensboro, NC 5,90, % 847,99.0% 6,08,07 7.6% 0 0 / 8 Greenville, SC,55, %,5, % 4,590,000.7% 85,000 00,000 / Hartford, CT 6,57,000.0%,575, % 8,46,000.7% / 5 Houston, TX,840, % 9,890,000.50% 5,70, % -0,000 0,000 / Indianapolis, IN 6,06, %,756, % 0,06,000 8.% -85,594 80,000 / Jackson, MS,500, % 4,000, % 6,500, % / 8 Jacksonville, FL 6,850,000.40% 6,500, %,50,000.69% 45,000 50,000 / 0 Kansas City, MO/KS 5,460, % 8,540, % 4,000,000 8.% 55,000 50,000 4 / 5 Las Vegas, NV 4,007,95 6.0% 946,4 7.90% 4,954,56 8.5% 45,859 0,000 / 4 Los Angeles, CA 7,97, % 9,4,8.00% 57,7, % -50,000 00,000 5 / 0 Louisville, KY,804, %,05, % 4,80, % -50,000 50,000 / Memphis, TN,009, % 4,684, % 6,694,79.89% 5,000 5,000 5 / + Miami, FL 9,50, % 9,600, % 8,850, % 7,78,868 / Minneapolis, MN 6,79, % 0,898, % 7,77, % 80,000 00,000 / Nashville, TN,00, %,600, % 6,800, % 50,000 00,000 / New Jersey, Northern 9,000, %,000,000.00%,000, % 00,000 5,000 / New York, NY 55,000, % 90,000, % 45,000,000 9.% 0,000,000 5,000,000 / Oakland, CA 8,590, % 9,085,89.44% 7,675, % -,57 7 / Orange County, CA 4,780, % 40,66, % 8,46, % -56,6 07,000 5 / Orlando, FL 4,94, %,9, % 6,587, % -8,50 05,000 / Philadelphia, PA 6,900,000.80% 7,785, % 54,685, % 0 0 / Phoenix, AZ 9,66,0.00% 0,00, % 9,76, % 5,000 00,000 / 4 Pittsburgh, PA 7,08,4 8.00%,49, % 8,87, % 7,69 00,000 N/A / 5 Portland, OR,870, % 4,,7 8.90% 6,04,08 9.% 7, 60,000 4 / Providence, RI,890,000.00%,5, %,5,000.79% 7,000 88,000 / Raleigh, NC,500, %,77, % 5,7, % 5,667 0 / Richmond, VA 5,00, % 9,500,000.0% 4,700, % 0,000 50,000 / Sacramento, CA 9,064, % 0,00,987.70% 9,65,47.5% -77,9 49,84 / Salt Lake City, UT 4,40, % 6,60, %,00, % -50,000 50,000 / San Antonio, TX,6,000.70%,659, % 4,985, % -47,666 7,000 0 / 0 San Diego, CA 5,88,6.60% 5,0, % 0,984, % -0,000 50,000 / San Francisco, CA 4,50, % 4,786,69.60% 56,06, % 506,0 4,980 / San Jose, CA 4,649,64 7.4% 9,645,87.96% 4,94,8 4.9% 5,67,484 / Seattle, WA 4,44,000.00% 0,47, % 64,56,000.6% 775, ,000 / St. Louis, MO 5,400, % 6,00, %,600,000.8% 0, / 0 Syracuse, NY,946,000.0% 4,89, % 6,5, % -50,000 50,000 / 5 Tampa, FL 4,4,000.40%,909, % 7,0, % 6,500 5,000 / Tulsa, OK,88,6 5.80%,9,06.40% 6,000, % 00,000 50,000 / + Washington, DC 8,4,000.00% 49,8, % 0,59,000.6%,60,000,80,000 / 5 Wilmington, DE 7,00, % 5,00, %,500, % 95,000 90,000 8 / + Totals / Simple Average 899,97,75 4.5% 765,6, %,650,04, % 56,069 55,057. / 4.8 Weighted Average.6%.7%.7% 0 Integra Realty Resources, Inc. 0
7 IRR Viewpoint 04 CLASS A & B CLASS A & B CLASS A & B CLASS A & B CLASS A & B AVG ANNUAL FORECAST ESTIMATED CLASS A CLASS A CLASS B CLASS B TOTAL WEIGHTED NET ABSORP. AVG ANNUAL YEARS TO INVENTORY VACANCY INVENTORY VACANCY INVENTORY VACANCY RATE 00-0 NET ABSORP. BALANCE MARKET AREA (SF) RATE (%) (SF) RATE (%) (SF) (%) (SF) (A/B) Atlanta, GA 7,007, % 5,450, % 6,457, % -,486,000,0,000 / Austin, TX 6,99,8.00% 4,98, % 40,498,069.50% 69,8 577,89 / Baltimore, MD 4,8, % 74,74,000.0% 7,5,000.0%,05,000 50,000 4 / 6 Birmingham, AL 5,08,000.90% 7,87, %,955, % -0,000 50,000 / 5 Boise, ID 6,707, % 7,546,978 5.% 4,54,70.74% / 6 Boston, MA 57,000, % 45,000, % 0,000,000.% 0 0 / 4 Broward-Palm Beach, FL 8,50,000.50% 55,00, % 7,450, %,0 68,797 / Charleston, SC,500, %,4,99.7% 6,85,46 0.5% 75,000 65,000 N/A / Charlotte, NC 4,84,085.70% 7,879,44 0.0%,7, % 0 594,660 / 4 Chicago, IL 84,570, % 4,9, % 8,764,575.0%,4,070 9,896 5 / 0 Cincinnati, OH 0,900, %,600, %,500, % 50,000 45,000 4 / 5 Cleveland, OH,00, % 4,000,000.70% 5,00,000.0% 60,000 50,000 / 4 Columbia, SC,075, % 6,00, % 7,75, % / Columbus, OH 7,90,000.00% 7,800, % 45,70, % 60,000 00,000 / Dallas, TX 87,008,05 4.0% 5,699,4 5.0% 0,707, % 57,000 96,967 6 / 6 Dayton, OH,500,000.00% 7,00,000.50% 0,700,000.56% 80, ,000 4 / 4 Denver, CO 5,07,847.90% 69,65,6 4.0% 04,48,6.6%,000,000,00,000 / Detroit, MI 9,500, % -,650,000,00,000 + / + Fort Worth, TX 9,50, % 7,0, % 46,54,740.45% 7,750 4, / Greensboro, NC 847,99 6.5% 7,6, % 8,64,5 8.55% -5,50 95,000 5 / N/A Greenville, SC 4,45, % 7,575, %,00, % 5,000 50,000 / Hartford, CT 4,75, %,55, % 7,800, % / 4 Houston, TX 77,50, % 00,550, % 78,070,000.40% 800,000 50,000 / 5 Indianapolis, IN 0,5, % 8,45,000.0% 8,705, % 8,000 85,000 4 / Jackson, MS 4,000, % 9,000, %,000, % 0 0 / Jacksonville, FL 9,00, % 4,000,000.90%,00,000.7% 45, ,000 / 5 Kansas City, MO/KS,6, %,664, % 4,800, % 50,000 60,000 / Las Vegas, NV 8,686,67 9.0%,060,0 6.56% 9,746,78 7.4% -954,749 00,000 8 / + Long Island, NY,000, % 9,000, % 5,000, % 500, ,000 4 / 5 Los Angeles, CA 4,56, %,060, % 6,6, % -00, ,000 4 / 4 Louisville, KY 5,8,07 4.9% 99, % 6,0,4 4.84% 50,000 00,000 / Memphis, TN 9,40,94 8.0%,80,97 5.0%,04,860.6% 75,000 75,000 / 5 Miami, FL 4,650, % 56,50,000.00% 80,900,000.07% 5, ,0 / Minneapolis, MN 5,0, % 5,0, % 50,04, % 70,000 50,000 / Naples, FL,5, % 4,65,797.50% 7,678,75.4% 75,500 75,00 / Nashville, TN 0,000, %,50,000.00%,50, % 55, ,000 / New Jersey, Coastal 5,60, %,440, % 6,800, % 85,000 45,000 4 / 4 New Jersey, Northern 87,000, % 58,000, % 45,000, %,000,000 4,000,000 5 / 5 New York, NY 9,000, % 6,000,000.00% 5,000, % -00,000,00,000 4 / 5 Oakland, CA 8,9, % 77,05,54.00% 95,9, % 494,04 66,944 / Orange County, CA 44,,84 4.0% 85,64,97.50% 9,76,68.4% 644,04 54,4 5 / Orlando, FL,858, % 4,6, % 6,074, % -,000 58,700 4 / 9 Philadelphia, PA 59,400,000.0% 86,900,000.80% 46,00,000.% 0 0 / Phoenix, AZ,09, % 85,45, % 6,76,50 9.%,60,000,750,000 / Pittsburgh, PA 9,64, % 6,40,9 7.80% 6,06,49 7.9% -0,000 40,000 N/A / 5 Portland, OR 5,4, %,869,98 8.0% 8,0,54 9.% 540,55 550,000 4 / 5 Providence, RI,65, %,985, % 6,60,000 6.% 60,000 70,000 / Raleigh, NC 8,75, % 7,5,9 5.95% 5,69,08 5.5% 0 65, / 5 Richmond, VA,800, % 0,900, % 4,700, % 00,000 00,000 / Sacramento, CA 7,0,5 4.70% 6,86,0 6.0% 79,08, % 79,9 469,0 5 / 5 Salt Lake City, UT 7,0,95.00% 4,457, %,578,59.8% 500, ,000 / San Antonio, TX 9,905,000.0% 4,0, %,96, % -6,084 0,667 / San Diego, CA 6,066,7 0.0% 50,600,76.50% 76,667,078.4%,475,000,50,000 / San Francisco, CA,05,64.0% 7,499,64 8.0% 04,54, %,084,58 90,46 / San Jose, CA 7,494,4.7% 75,65, % 9,47, %,974,,8,0 / Sarasota, FL,90, %,98,585.70% 5,9,05.54% 4,000 90,000 / Seattle, WA,559,74 9.6% 66,609,94.0% 89,68, % 5,000 50,000 / St. Louis, MO 6,00, % 7,600, %,800,000.6% 0 700,000 / 5 Syracuse, NY,7, % 6,9, % 9,050, % -45,000 0 / Tampa, FL 0,74,000.0% 0,5,000.0% 40,695,000.6% -54,000 5,000 / Tulsa, OK,9, % 8,44,407.76%,66, % 5,000 00,000 / + Washington, DC 4,76, % 6,79, % 80,500, %,055,000 4,58, 5 / 5 Wilmington, DE 7,00, %,700,000.50% 8,800, % -95,000 40,000 5 / 8 Totals/Simple Average,674,995,04.9%,98,488, %,94,98, % 00, ,50.08 / Market Conditions and Forecasts: Suburban Market Area (Table 4) Weighted Average 5.65% 4.7% 4.99% 0 Integra Realty Resources, Inc.
INDUSTRIAL REPORT VIEWPOINT 2017 / COMMERCIAL REAL ESTATE TRENDS. By: Hugh F. Kelly, PhD, CRE. irr.com. An Integra Realty Resources Publication
INDUSTRIAL REPORT VIEWPOINT 2017 / COMMERCIAL REAL ESTATE TRENDS By: Hugh F. Kelly, PhD, CRE Growing Consumption Fuels the Industrial Sector IRR research indicates that more than half of U.S. industrial
More informationHIGH AND WIDE: INCOME INEQUALITY GAP IN THE DISTRICT ONE OF BIGGEST IN THE U.S. By Wes Rivers
An Affiliate of the Center on Budget and Policy Priorities 820 First Street NE, Suite 510 Washington, DC 20002 (202) 408-1080 Fax (202) 325-8839 www.dcfpi.org March 13, 2014 HIGH AND WIDE: INCOME INEQUALITY
More informationAEI Center on Housing Markets and Finance Announces Ten Best and Worst Metro Areas to Be a First Time Homebuyer
AEI Center on Housing Markets and Finance Announces Ten Best and Worst Metro Areas to Be a First Time Homebuyer Edward Pinto and Tobias Peter November 28th, 2018 New AEI study ranks 50 metros by home price
More informationUS CAPITAL MARKETS REPORT
US CAPITAL MARKETS REPORT Capitalization Rates By Property Type Fall 2016 US Capital Markets Report Capitalization Rates By Asset Type OVERVIEW Year-to-date investment sales volume lagged on a year-over-year
More informationERRATA. To: Recipients of MG-388-RC, Estimating Terrorism Risk, RAND Corporation Publications Department. Date: December 2005
ERRATA To: Recipients of MG-388-RC, Estimating Terrorism Risk, 25 From: RAND Corporation Publications Department Date: December 25 Re: Corrected pages (pp. 23 24, Table 4.1,, Density, Density- Weighted,
More information50-State Property Tax Comparison Study: For Taxes Paid in Executive Summary
50-State Property Tax Comparison Study: For Taxes Paid in 2017 Executive Summary By Lincoln Institute of Land Policy and Minnesota Center for Fiscal Excellence April 2018 As the largest source of revenue
More informationCAPITALIZATION RATES BY PROPERTY TYPE
RATES BY PROPERTY TYPE MID-YEAR 2014 0 RATES BY ASSET TYPE MID-YEAR 2014 O V E R V I E W Capital continues to flow steadily into the U.S. real estate market, as both domestic and foreign investors increase
More informationComprehensive Real Estate Counseling and Valuation Services
Comprehensive Real Estate Counseling and Valuation Services Integra Realty Resources, Inc. specializes in commercial real estate consulting and valuation assignments. IRR s valuers and counselors are among
More informationState of the U.S. Multifamily Market. Q Review and Forecast
State of the U.S. Multifamily Market Q1 2015 Review and Forecast Agenda Economy Leasing Fundamentals Rent and NOI Trends Single-Family Market Capital Markets Economy page 3 GDP Growth Contributions To
More informationData Brief. Trends in Employer-Sponsored Health Insurance Premiums and Employee Contributions in Major Metropolitan Areas,
December 2012 Data Brief Trends in Employer-Sponsored Health Insurance Premiums and Employee Contributions in Major Metropolitan Areas, 2003 2011 The mission of The Commonwealth Fund is to promote a high
More informationEmployee Benefits Alert
Employee Benefits Alert September 2005 Issue No. 48 Health Saving Accounts: Comparability Rules The IRS and Treasury recently published proposed regulations concerning the comparability rules for employer
More informationCBRE CAP RATE SURVEY. A CBRE Publication. First Half Click to Enter
CBRE CAP RATE SURVEY A CBRE Publication In This Issue: pg 2 pg 8 pg 17 pg 26 pg 36 pg 41 pg 44 Click to Enter United States The 10-year Treasury (UST) was measurably lower than 2% from April 2012 through
More informationU.S. Investment Outlook
U.S. Investment Outlook Quarterly Investor Research update Q2 2015 U.S. Investment overview 37% 21% 15% 15% U.S. cities dominating global investment activity Top 20 Cities for Transactional Volumes H1
More informationComprehensive Real Estate Counseling and Valuation Services
Comprehensive Real Estate Counseling and Valuation Services Integra Realty Resources, Inc. specializes in commercial real estate consulting and valuation assignments. IRR s valuers and counselors are among
More informationEmployee Benefits Alert
Employee Benefits Alert Issue 110 June 2007 The Massachusetts Health Care Reform Act: What s an Employer to Do? The Massachusetts Health Care Reform Act became law in April 2006; the July 1, 2007 effective
More informationFOR IMMEDIATE RELEASE Contact: Ann Marie Gorden/Robert Nihen
cutting through complexity News FOR IMMEDIATE RELEASE Contact: Ann Marie Gorden/Robert Nihen June 24, 2014 KPMG LLP 201-505-6288/201-307-8296 agorden@kpmg.com / rnihen@kpmg.com CINCINNATI, CLEVELAND, ATLANTA
More informationMetroMonitor Tracking Economic Recession and Recovery in America s 100 Largest Metropolitan Areas
MetroMonitor Tracking Economic Recession and Recovery in America s 100 Largest Metropolitan Areas Howard Wial and Richard Shearer June 2011 (Updated on June 24, 2011) With job growth slowing and housing
More informationCapital Market Update. February 10, 2011 Marc Louargand, Ph.D., CRE, FRICS Principal SALTASH PARTNERS LLC investing in American ingenuity
Capital Market Update February 10, 2011 Marc Louargand, Ph.D., CRE, FRICS Principal SALTASH PARTNERS LLC investing in American ingenuity A Brief Tour of the Capital Market What s happened in the past year?
More informationAmerican Jobs Act - Preventing Teacher Layoffs Estimated Jobs Impact by State
American Jobs Act - Preventing Teacher Layoffs Estimated Jobs Impact by Funds Allocated Estimate of Jobs Supported for 1 School Year Alabama $ 451,477,775 7,000 Alaska $ 70,483,533 900 Arizona $ 625,502,087
More informationEmployee Benefits Alert
Legal & Research Group Benefits Alert Issue No. 24 October 2004 Benefits Brokerage & Consulting Services Rx Purchasing Coalition HR Consulting Data Analysis Benefits Administration Retirement Services
More informationCAPITAL MARKETS UPDATE. Suburban Office: Is this the Next Play?
CAPITAL MARKETS UPDATE Suburban Office: Is this the Next Play? October 2016 Investment Thesis Background Suburban office product has lagged the property recovery cycle. Most of the lag is the result of
More informationRegional Snapshot: The Cost of Living in Metro Atlanta
Regional Snapshot: The Cost of Living in Metro Atlanta Photo by rawpixel.com on Unsplash Atlanta Regional Commission, February 2018 For more information, contact: cdegiulio@atlantaregional.org In Summary
More informationEmployee Benefits Alert
Employee Benefits Alert Issue No. 21 Legal & Research Group September 2004 Benefits Brokerage & Consulting Services Rx Purchasing Coalition HR Consulting Data Analysis Benefits Administration Retirement
More informationRETAIL CONTINUES TO STRUGGLE AS IMPROVEMENTS ARE NOT YET SUSTAINED
RETAIL MARKET REPORT: 2Q RETAIL CONTINUES TO STRUGGLE AS IMPROVEMENTS ARE NOT YET SUSTAINED KEY INDICATORS: Key retail market indicators continue to send mixed signals. Monthly retail sales (excluding
More informationEconometric Advisors APARTMENT OVERVIEW AND OUTLOOK Q4 2017
Econometric Advisors APARTMENT OVERVIEW AND OUTLOOK Q4 2017 THE U.S. ECONOMY WILL REMAIN ON FIRM FOOTING IN 2018 JOB GROWTH WILL MODERATE AS LABOR MARKET TIGHTENS FURTHER STRONG CONSUMPTION, HIGHER PRIVATE
More informationU.S. Office Market Fundamentals Level Off but Remain Positive
U.S. Research Report OFFICE OUTOOK Q3 2016 U.S. Office Market Fundamentals evel Off but Remain Positive Michael Roessle, National Director of Office Research In Q3 2016, U.S. office market fundamentals
More informationState Of The U.S. Industrial Market: 2017 Q2
State Of The U.S. Industrial Market: 2017 Q2 Copyright 2017 CoStar Realty Information, Inc. No reproduction or distribution without permission. The following information includes projections and analyses
More informationEquity LifeStyle Properties
Equity LifeStyle Properties Colony Cove Ellenton, FL OUR STORY One of the nation s largest real estate networks with 383 properties containing over 142,000 sites in 32 states and British Columbia Unique
More informationUS Hotel Industry Overview. Chris Crenshaw
US Hotel Industry Overview Chris Crenshaw ccrenshaw@str.com July 2014 (12 MMA): All Signs Point To A Sellers Market % Change Room Supply* 1.8 bn 0.8% Room Demand* 1.1 bn 3.4% Occupancy 63 % 2.6% A.D.R.*
More informationEmployee Benefits Alert
Legal & Research Group Employee Benefits Alert Issue No. 40 June 2005 Legislative & Compliance Benefits Brokerage & HR Consulting Services Rx Purchasing Coalition Data Analysis Benefits Administration
More informationehealth Inventory Report of Major Medical Health Plans Available Off of Government Exchanges
ehealth Inventory Report of Major Medical Health Available Off of Government Exchanges February 2014 Introduction Beginning January 1, 2014, all new major medical health insurance plans were required to
More informationRelationships. Results. COMPANY OVERVIEW COMMERCIAL REAL ESTATE DEBT, EQUITY & SERVICING
Relationships. COMPANY OVERVIEW Results. COMMERCIAL REAL ESTATE DEBT, EQUITY & SERVICING COMMERCIAL REAL ESTATE DEBT, EQUITY & SERVICING Relationships. Results. For more than 50 years, NorthMarq Capital
More informationMY PLAN IS GETTING A REBATE FROM THE INSURER WHAT DO I DO WITH IT?
HUMAN CAPITAL PRACTICE ALERT: HEALTH CARE REFORM BILL August 2012 www.willis.com MY PLAN IS GETTING A REBATE FROM THE INSURER WHAT DO I DO WITH IT? EXECUTIVE SUMMARY All insured employer group medical
More informationMetro Washington, DC State of the Market
Metro Washington, DC State of the Market Q1 2016 U.S. office clock San Francisco Peninsula Silicon Valley Houston Dallas, San Francisco Austin Nashville Peaking phase Falling phase Denver, Minneapolis,
More informationVIEWPOINT 2018 COMMERCIAL REAL ESTATE TRENDS REPORT
VIEWPOINT 2018 COMMERCIAL REAL ESTATE TRENDS REPORT An Integra Realty Resources Publication Comprehensive Commercial Real Estate Market Research, Valuation and Advisory Services About IRR Over the past
More informationTax Rates and Tax Burdens in the District of Columbia - A Nationwide Comparison
Government of the District of Columbia Natwar M. Gandhi Chief Financial Officer Tax Rates and Tax Burdens in the District of Columbia - A Nationwide Comparison 2010 Issued September 2011 Tax Rates and
More information2019 Outlook. January
2019 Outlook January 2019 0 Performance in the multifamily market remained healthy during 2018 and is expected to continue into 2019, but with more modest growth in comparison to recent years. The multifamily
More informationEconomic Risks and Their Meaning for the Southwest STEVE COCHRANE, MANAGING DIRECTOR
Economic Risks and Their Meaning for the Southwest STEVE COCHRANE, MANAGING DIRECTOR The Europeans Are All-in Composition of the European Central Bank s balance sheet, bil 5,000 Other assets Emergency
More informationRelationships. Results. COMPANY OVERVIEW COMMERCIAL REAL ESTATE DEBT, EQUITY & SERVICING
Relationships. COMPANY OVERVIEW Results. COMMERCIAL REAL ESTATE DEBT, EQUITY & SERVICING C O M M E R C I A L R E A L E S TAT E D E B T, E Q U I T Y & S E R V I C I N G Relationships. Results. For more
More informationFILED: NEW YORK COUNTY CLERK 12/22/ :58 AM INDEX NO /2013 NYSCEF DOC. NO. 95 RECEIVED NYSCEF: 12/22/2017
Buckingham Badler Assoc., Inc. 286 Richmond Valley Road Staten Island, NY 10309 09/20/2011 Attention: Celeste Regarding: Allerand LLC 500 Greenwich Street #401 New York, NY 10013 Quote Number: XX582725
More informationEmerging Trends in Real Estate Sustaining Momentum but Taking Nothing for Granted
Emerging Trends in Real Estate 2015 Sustaining Momentum but Taking Nothing for Granted DALLAS November 6, 2014 36th annual outlook 1,400+ interviews and surveys of industry leaders Rewind: 2014 Emerging
More informationTRUCKERS APPLICATION
DEEP SOUTH TRUCKERS APPLICATION PROPOSAL FORM - PRIMARY COVERAGE/COMMERCIAL TRUCKMEN REQUIRED FOR 10 OR MORE POWER UNITS THAT ARE ICC REGULATED **IMPORTANT - PLEASE NOTE** ALL ITEMS MUST BE COMPLETED IN
More informationRETAIL SECTOR CONTINUES TO IMPROVE, DESPITE DROP IN CONSUMER CONFIDENCE
RETAIL MARKET REPORT: 3Q RETAIL SECTOR CONTINUES TO IMPROVE, DESPITE DROP IN CONSUMER CONFIDENCE KEY INDICATORS: Key retail market indicators continue to send mixed signals. Monthly retail sales (ex: motor
More informationFINANCIAL STATE OF THE CITIES
FINANCIAL STATE OF THE CITIES An Annual Report by Truth in Accounting www.statedatalab.org January 2019 1 Table of Contents Executive Summary 4 Introduction and Background 5 Summary of Findings 6 Sunshine
More informationCYCLE FORECAST Real Estate Market Cycles First Quarter 2018 Estimates May 2017
CYCLE FORECAST Real Estate Market Cycles First Quarter 20 Estimates May 20 So far, 20 continues along at a slow Gross Domestic Product (GDP) growth rate near 2% and employment continues to hover above
More informationMedicare Secondary Payer Rules Tighter Enforcement?
Executive Signal Issue 5 October 2007 Medicare Secondary Payer Rules Tighter Enforcement? Earlier this year the White House web site featured an article outlining President Bush s proposed budget for 2008.
More informationD E E P S O U T H O F T E N N E S S E E
5 410 MARYLAND WAY, SUITE 41 0, B RENTWOOD, TN 3 7027 P H O N E : 6 1 5. 8 3 2. 8 9 0 0 o r 8 8 8. 8 3 2. 8 9 0 0 F A X : 6 1 5. 8 3 2. 5 4 3 4 o r 8 8 8. 8 3 2. 8 9 0 1 TRUCKERS APPLICATION PROPOSAL FORM
More informationMattress Firm s Pending Acquisition of Sleepy s November 30, 2015
Mattress Firm s Pending Acquisition of Sleepy s November 0, 2015 Forward Looking Statements and Non-GAAP Information This presentation contains forward-looking statements within the meaning of federal
More informationHotel Valuation and Transaction Trends For the U.S. Lodging Industry
Hotel Valuation and Transaction Trends For the U.S. Lodging Industry Stephen Rushmore, CHA, MAI, FRICS President and Founder HVS International 372 Willis Avenue Mineola, NY 11501 516-248-8828 ext. 204
More informationEmployee Benefits Alert
Employee Benefits Alert December 2005 Issue No. 54 UnumProvident Settlement to Affect All California Disability Insurers Executive Summary A recent settlement of a case filed by the California Department
More informationU.S. ECONOMIC & PROPERTY MARKET PERSPECTIVE
AEW RESEARCH U.S. ECONOMIC & PROPERTY MARKET PERSPECTIVE Q2 2018 AEW RESEARCH U.S. ECONOMIC & PROPERTY MARKET PERSPECTIVE Q 2 2018 1 Prepared by AEW Research, June 2018 This material is intended for information
More information2014 U.S. Census (2015) Median African-American Household Income Rank, Memphis Included. Household Median Income Ranking, African American Population
2015 2015 Rankings Report Prepared by Elena Delavega, PhD, MSW Department of Social Work Benjamin L. Hooks Institute for Social Change University of Memphis 2014 U.S. Census (2015) - Rank, Memphis Included
More informationCYCLE FORECAST Real Estate Market Cycles Third Quarter 2017 Estimates November 2016
CYCLE FORECAST Real Estate Market Cycles Third Quarter 0 Estimates November 0 It is expected that 0 should have a growth trajectory higher than the past six years. Economists revised their forecasts to
More informationReverse Market Insight, Inc Acero, Suite 140, Mission Viejo, CA (682) HECM Lenders (FHA Approved Only) Competition Growth -6.
Reverse Market Insight, Inc. 25910 Acero, Suite 140, Mission Viejo, CA (682) 651-5632 HECM (FHA Approved Only) Industry Overview HECMs Endorsed through June Next Release Date: Week 1 of August Endorsement
More informationmultifamily market overview presented by: Kurt Shoemaker First Vice President
multifamily market overview 2019 presented by: Kurt Shoemaker First Vice President g r e a t e r d a y t o n a p a r t m e n t a s s o c i a t i o n agenda 01 02 03 04 05 06 macro-level economic indicators
More informationGWIPP WORKING PAPER SERIES. Have central cities come back? Kimberly Furdell Edward W. (Ned) Hill Harold Wolman
GWIPP WORKING PAPER SERIES Have central cities come back? Kimberly Furdell Edward W. (Ned) Hill Harold Wolman Working Paper Number 5 http://www.gwu.edu/~gwipp/papers/wp005 March 2004 George Washington
More informationResearch. Absorption strong as demand outpaces completions NATIONAL 3Q17 OFFICE MARKET. Current Conditions
Absorption strong as demand outpaces completions The national office market posted strong absorption during the third quarter as demand outpaced completions for the first time in four quarters. Comparatively,
More informationequity advisory services
CAPABILITIES equity advisory services YOUR SINGLE POINT OF CONTACT FOR THE ENTIRE CAPITAL STACK Better relationships. Better results. EQUITY VOLUME BY PROPERTY TYPE Our close relationships with debt providers
More informationOffice Investment. A focus on value and risk shaping investor behavior. United States H JLL Research
Office Investment United States H1 2017 A focus on value and risk shaping investor behavior JLL Research 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Under
More informationStruggling to Escape the Fallout of the Great Recession MARISA Di NATALE, MANAGING DIRECTOR
Struggling to Escape the Fallout of the Great Recession MARISA Di NATALE, MANAGING DIRECTOR FROM MOODY S ECONOMY.COM Broad-Based Slowing Across the Nation Total employment excluding federal government,
More information2018 NORTH AMERICAN CONSTRUCTION FORECAST REPORT
2018 NORTH AMERICAN CONSTRUCTION FORECAST REPORT Published October 2017 Oldcastle Business Intelligence TABLE OF CONTENTS Executive Summary... 2 U.S. Economic Overview... 3 U.S. Construction Forecast...
More informationequity advisory services
CAPABILITIES equity advisory services YOUR SINGLE POINT OF CONTACT FOR THE ENTIRE CAPITAL STACK Better relationships. Better results. EQUITY VOLUME BY PROPERTY TYPE Our close relationships with debt providers
More informationCycle Monitor Real Estate Market Cycles First Quarter 2018 Analysis
Black Creek Research Cycle Monitor Real Estate Market Cycles First Quarter 20 Analysis Real estate physical market cycle analysis of five property types in Metropolitan Statistical Areas (MSAs). Equilibrium
More informationStrong conclusion to 2015, some caution ahead in 2016
MARKETVIEW U.S. Office, Q4 215 Strong conclusion to 215, some caution ahead in 216 Vacancy Rate 13.1% Lease Rate $29.7 PSF Net Absorption 19.4 MSF Completions 12.1 MSF *Arrows indicate change from previous
More informationThe Five Retail Trends to Watch in January 14, 2015
The Five Retail Trends to Watch in 2015 January 14, 2015 U.S. ECONOMIC TRENDS Inflation Adjusted Crude Oil Prices Fall Below Long-Term Average Price per Barrel (Nov. 2014 Dollars) $160 $120 $80 $40 $0
More informationReverse Market Insight, Inc Acero, Suite 140, Mission Viejo, CA (682) HECM Lenders (FHA Approved Only) Competition Growth -4.
Reverse Market Insight, Inc. 25910 Acero, Suite 140, Mission Viejo, CA (682) 651-5632 HECM (FHA Approved Only) Industry Overview HECMs Endorsed through December Next Release Date: Week 1 of February Endorsement
More informationMultifamily Outlook. United States Fall 2014
Multifamily Outlook United States Fall 2014 Markets continue to perform at peak levels... with nearterm, pocketed softening on the horizon On the heels of seven quarters of peak-level investment sale volumes,
More informationReverse Market Insight, Inc Acero, Suite 140, Mission Viejo, CA (682) HECM Lenders (FHA Approved Only) Competition Growth -6.
Reverse Market Insight, Inc. 25910 Acero, Suite 140, Mission Viejo, CA (682) 651-5632 HECM s (FHA Approved Only) Industry Overview HECMs Endorsed through March Next Release Date: Week 1 of May Endorsement
More informationAffordable Coverage: Short-Term Health Insurance and the ACA
Affordable Coverage: Short-Term Health Insurance and the ACA JULY 2018 2 Short-Term Health Plan s Cost 80 Percent Less than Obamacare Plans, ehealth Analysis Finds Short-term health insurance premiums
More informationTrends in Total and Out-of- Pocket Spending in Metro Areas:
Trends in Total and Out-of- Pocket Spending in Metro Areas: 2012-2015 It is well-documented that health care prices vary widely by geography. 1 These variations can also lead to differences in health care
More informationReverse Market Insight, Inc PCH, Suite D4, Dana Point, CA (682) HECM Lenders (FHA Approved Only) Competition Growth 43.
Reverse Market Insight, Inc. 34232 PCH, Suite D4, Dana Point, CA (682) 651-5632 HECM (FHA Approved Only) Industry Overview HECMs Endorsed through February Next Release Date: Week 1 of April Endorsement
More informationZipRealty, Inc. Supplemental Data Reclassification of Consolidated Statement of Operations
Reclassification of Consolidated Statement of Operations Effective January 1, 2007, for income statement presentation purposes, we have reclassified sales support and marketing expenses from general and
More information2018 National Electric Rate Study
2018 National Electric Rate Study Ranking of Typical Residential, Commercial and Industrial Electric Bills LES Administrative Board June 15, 2018 Emily N. Koenig Director of Finance & Rates 1 Why is the
More informationReverse Market Insight, Inc Acero, Suite 140, Mission Viejo, CA (682) HECM Lenders (FHA Approved Only) Competition Growth -10.
Reverse Market Insight, Inc. 25910 Acero, Suite 140, Mission Viejo, CA (682) 651-5632 HECM (FHA Approved Only) Industry Overview HECMs Endorsed through August Next Release Date: Week 1 of October Endorsement
More informationReverse Market Insight, Inc Acero, Suite 140, Mission Viejo, CA (682) HECM Lenders (FHA Approved Only) Competition Growth -6.
Reverse Market Insight, Inc. 25910 Acero, Suite 140, Mission Viejo, CA (682) 651-5632 HECM (FHA Approved Only) Industry Overview HECMs Endorsed through January Next Release Date: Week 1 of March Endorsement
More informationSafe Harbor Caution Concerning Forward-Looking Statements Non-GAAP Financial Measures Important Information For Investors And Shareholders
February 13, 2014 Safe Harbor Caution Concerning Forward-Looking Statements Certain statements in this communication regarding the proposed acquisition of Time Warner Cable Inc. ( Time Warner Cable ) by
More informationCycle Monitor Real Estate Market Cycles Fourth Quarter 2017 Analysis
Black Creek Research Cycle Monitor Real Estate Market Cycles Fourth Quarter 0 Analysis Real Estate Physical Market Cycle Analysis of Property Types in Metropolitan Statistical Areas (MSAs). Many economists
More informationState of the Office Market
State of the Office Market Al Pontius Brian McAuliffe James Street Bill Rogalla Managing Director Marcus & Millichap Head of Transactions RREEF Co-Head, Dispositions Prudential Real Estate Investors Senior
More informationU.S. ECONOMIC & PROPERTY MARKET PERSPECTIVE
AEW RESEARCH U.S. ECONOMIC & PROPERTY MARKET PERSPECTIVE Q4 2018 AEW RESEARCH U.S. ECONOMIC & PROPERTY MARKET PERSPECTIVE Q 4 2018 1 Prepared by AEW Research, March 2019 This material is intended for information
More informationThe Fiscal Year of Memphis Light, Gas and Water has not changed. The fiscal year end remains December 31.
Electric System Subordinate Revenue Refunding Bonds Series 2008 - Section 4(a)(iii) Electric System Subordinate Revenue Refunding Bonds Series 2010 - Section 4(a)(iii) Electric System Revenue Bonds Series
More informationReverse Market Insight, Inc PCH, Suite D4, Dana Point, CA (682) HECM Lenders (FHA Approved Only) Competition Growth 10.
Reverse Market Insight, Inc. 34232 PCH, Suite D4, Dana Point, CA (682) 651-5632 HECM s (FHA Approved Only) Industry Overview HECMs Endorsed through July Next Release Date: Week 1 of September Endorsement
More informationReverse Market Insight, Inc PCH, Suite D4, Dana Point, CA (682) HECM Lenders (FHA Approved Only) Competition Growth -6.
Reverse Market Insight, Inc. 34232 PCH, Suite D4, Dana Point, CA (682) 651-5632 HECM s (FHA Approved Only) Industry Overview HECMs Endorsed through March Next Release Date: Week 1 of May Endorsement Growth
More informationCounty of Sonoma Agenda Item Summary Report
Revision No. 20151201-1 County of Sonoma Agenda Item Summary Report Agenda Item Number: 31h (This Section for use by Clerk of the Board Only.) Clerk of the Board 575 Administration Drive Santa Rosa, CA
More informationStructured Finance. U.S. RMBS Sustainable Home Price Report. First-Quarter 2017 Update Special Report RMBS / U.S.A.
U.S. RMBS Sustainable Home Price Report First-Quarter 2017 Update Special Report RMBS / U.S.A. U.S. Prices Grow at a Sustainable Pace: National inflation-adjusted home prices continue to grow at a rate
More informationMacroeconomic Overview: The Sunbelt Continues To Shine. Michael Cohen Director of Advisory Services Property & Portfolio Research ULI SOUTH CAROLINA
Macroeconomic Overview: The Sunbelt Continues To Shine Michael Cohen Director of Advisory Services Property & Portfolio Research Macro Trends A THREE-SPEED WORLD AND A RECESSION IN THE EUROZONE 4% Real
More informationThe 2017 Housing & Economic Outlook
The 2017 Housing & Economic Outlook Frank E. Nothaft, CoreLogic SVP & Chief Economist @DrFrankNothaft @CoreLogicEcon The views, opinions, forecasts and estimates herein are those of the CoreLogic Office
More informationReverse Market Insight, Inc Acero, Suite 140, Mission Viejo, CA (682) HECM Lenders (FHA Approved Only) Competition Growth 10.
Reverse Market Insight, Inc. 25910 Acero, Suite 140, Mission Viejo, CA (682) 651-5632 HECM (FHA Approved Only) Industry Overview HECMs Endorsed through January Next Release Date: Week 1 of March Endorsement
More informationReverse Market Insight, Inc PCH, Suite D4, Dana Point, CA (682) HECM Lenders (FHA Approved Only) Competition Growth -8.
Reverse Market Insight, Inc. 34232 PCH, Suite D4, Dana Point, CA (682) 651-5632 HECM s (FHA Approved Only) Industry Overview HECMs Endorsed through November Next Release Date: Week 1 of January Endorsement
More informationReverse Market Insight, Inc Acero, Suite 140, Mission Viejo, CA (682) HECM Lenders (FHA Approved Only) Competition Growth 1.
Reverse Market Insight, Inc. 25910 Acero, Suite 140, Mission Viejo, CA (682) 651-5632 HECM s (FHA Approved Only) Industry Overview HECMs Endorsed through February Next Release Date: Week 1 of April Endorsement
More informationOffice-Using Jobs and Net Migration Point to Continued Strength
October 20, 2017 Office-Using Jobs and Net Migration Point to Continued Strength Key Takeaways Secondary Sunbelt office markets are priced to offer attractive, risk-adjusted returns relative to the Gateway²
More informationEurope June Carol Tomé Executive Vice President, Corporate Services & Chief Financial Officer. Diane Dayhoff Vice President, Investor Relations
Europe June 2017 Carol Tomé Executive Vice President, Corporate Services & Chief Financial Officer Diane Dayhoff Vice President, Investor Relations Forward Looking Statements and Non-GAAP Financial Measurements
More informationReverse Market Insight, Inc PCH, Suite D4, Dana Point, CA (682) HECM Lenders (FHA Approved Only) Competition Growth -20.
Reverse Market Insight, Inc. 34232 PCH, Suite D4, Dana Point, CA (682) 651-5632 HECM s (FHA Approved Only) Industry Overview HECMs Endorsed through April Next Release Date: Week 1 of June Endorsement Growth
More informationROBERTA WYN, STEPHANIE TELEKI, AND E. RICHARD BROWN
Differences in Access to Health Care Among The Moderate- and Low-Income Population Across Urban Areas ROBERTA WYN, STEPHANIE TELEKI, AND E. RICHARD BROWN Urban areas in the United States vary widely in
More informationAustralia/Asia July Diane Dayhoff Vice President, Investor Relations. Lyndsey Burton Senior Manager, Investor Relations
Australia/Asia July 2017 Diane Dayhoff Vice President, Investor Relations Lyndsey Burton Senior Manager, Investor Relations Forward Looking Statements and Non-GAAP Financial Measurements Certain statements
More informationPORTFOLIO REVENUE EXPENSES PERFORMANCE WATCHLIST
July 2018 ASSET MANAGEMENT Low-Income Housing Tax Credit Portfolio Trends Analysis Enterprise s Low-Income Housing Tax Credit (LIHTC) Portfolio Trends Analysis provides important information to our management
More informationMaximizing Network Opportunities. March 22, 2018
Maximizing Network Opportunities March 22, 2018 Our vision Better cost controls CREATE networks tailored to each market s unique needs and competitive cost structure HEALT H TRIPLE AIM Better experience
More informationOffice. Investment Outlook. United States Q1 2016
Office Investment Outlook United States Q1 2016 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD Office
More informationSmall Business Sale Prices Reach Record Highs to Start 2018
Small Business Sale s Reach Record Highs to Start 2018 BizBuySell.com's First Quarter 2018 Insight Report shows a recordbreaking quarter for the business-for-sale market for sales prices and completed
More informationMEETING OF THE WQA ADMINISTRATIVE/FINANCE COMMITTEE
MEETING OF THE WQA ADMINISTRATIVE/FINANCE COMMITTEE TO BE HELD ON TUESDAY, MARCH 12, 2013 AT 12:00 P.M. AT 1720 W. CAMERON AVE., SUITE 100, WEST COVINA, CA 91790 AGENDA WQA Committee Members: Watermaster
More informationPresented By: Doug Herzbrun Managing Director January 26, 2000
NORTHWEST CONSTRUCTION CONSUMER COUNCIL Presented By: Doug Herzbrun Managing Director January 26, 2000 U.S. Real Estate Capital Markets Overview INVESTABLE UNIVERSE $1.1 TRILLION 3 INVESTABLE UNIVERSE
More information