CAPITALIZATION RATES BY PROPERTY TYPE

Size: px
Start display at page:

Download "CAPITALIZATION RATES BY PROPERTY TYPE"

Transcription

1 RATES BY PROPERTY TYPE MID-YEAR

2 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 their allocations in search of returns. On a risk adjusted basis, U.S. real estate has been a top tier investment relative to other countries and other asset classes, and so foreign capital is coming into the U.S. in a more meaningful way in As a result of wealth creation in the Asia Pacific region (APAC), investors there are looking for places to park their money. And Europe s economy, while still choppy but on the mend, European investors have begun exporting capital once again as well. While domestic investors began moving out on the risk/reward spectrum six to 12 months ago, international investors are now too beginning to search for more yield. Foreign buyers who have been focused traditionally on the core trophy assets in the top gateway markets are now starting to look out the risk/reward spectrum for value add plays in primary markets (including buying development deals), as well as larger deals in secondary locations. Fueling this fire is the favorable cost of capital available from a deep pool of sources, including the CMBS market, banks and insurance companies. Investment sales across all property types reached $172.3 billion, a 23% increase from the same time last year and 2014 volume is forecast to approximate 2006 levels. Cap rates compressed 10 to 20 basis points (bps) during the first half of the year on average, as more capital chases real estate assets. Cap rates in primary markets are already at historical lows, given low interest rates and rent growth expectations and so investors are taking on more risk in these primary markets. There has been even greater compression recently in secondary markets in response to favorable debt pricing and increasing confidence in the broader U.S. economy s recovery. MARKET OBSERVATIONS While published cap rate series currently exist, commonly used indices generally do not distinguish between class A and B assets, resulting in index volatility as the product quality mix of traded assets (RCA) and owned assets (NCREIF) changes. This is particularly apparent when, like today, investors start to move up the risk/reward spectrum. The cap rate ranges provided herein are today s executable cap rate ranges provided by local C&W brokers, together with their assessment of market momentum for the next 6 months in light of investor appetite and transaction pipelines. The following are some overall observations by property type. RATES BY PROPERTY TYPE 11.0% 10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Office CBD A C&W Cap Rate Range C&W Cap Rate Range C&W Class C Cap Rate Range RCA Reported Cap Rate on Transactions in 2Q 2014 Office CBD B Office Non-CBD A Office Non-CBD B Warehouse A Warehouse B Multifamily A * RCA mall cap rates are not indicative of market trends. It reported only 2 cap rates for Non-CBD malls (2.5% and 6.2%) in 2Q and no cap rates were reported for CBD Malls in 2014, therefore, the 2013 Q4 rate of 4.5% was used (representing one mall). Multifamily B Multifamily C Malls CBD A * Malls CBD B Malls Non-CBD A * Malls Non-CBD B Strip Centers CBD A Strip Centers CBD B Strip Centers Non-CBD A Strip Centers Non-CBD B Source: Real Capital Analytics, C&W Capital Markets 1

3 OFFICE OFFICE FUNDAMENTALS Leasing fundamentals improved CBD during the second quarter as employment growth translated into tighter conditions and rising rents. The overall vacancy rate fell 70 bps to 15.1% during the first half of the year from 15.8% at year end Strong demand from firms in downtown markets resulted in the vacancy rate in the CBDs declining 80 bps to 12.7% during this period, while the vacancy rate in the non CBDs edged down 20 bps to 16.8%. Improving demand fundamentals have also resulted in increasing rental rates. Overall CBD rents rose 1.2% during the first half of the year to $42.24 psf and have surpassed previous peak levels. Non CBD rents are approaching previous peak levels and growth is accelerating as rents rose 1.6% during the first half of the year to $25.02 psf. Construction levels are near a 20 year low, but are starting to tick up across the U.S. with 9.8 msf completed during the first half of the year, equating to only 0.3% of total inventory with another 49 msf or 1.5% of total inventory under way. The shortto medium term outlook for the leasing market is positive, as accelerating job growth should cause vacancy rates to tighten further despite densification trends. This increasing tenant demand is exerting upward pressure on rental rates which are expected to accelerate in The rising tide of both equity and debt capital targeting commercial real estate markets has resulted in an active year thus far for the office investment market. Through the first half of the year, the volume of office sales increased 30% from the first half of 2013 to $49.3 billion. Year to date through the second quarter, the top six markets garnered 51% of the dollar volume, with Manhattan remaining at the top of the list. Secondary markets are attracting more capital, as Philadelphia moved up into the eighth spot with triple digit growth in sales volume. CAP RATE SURVEY RESULTS Investors continue to seek markets with prospects for strong NOI growth and high quality product. In primary markets, where cap rates for core assets are trading at or below historic lows, investors are focused on rent growth and are moving up the risk spectrum by investing in more value add and opportunistic strategies, including repositioning and redeveloping assets as well as development deals. As the economy is firming and CMBS pricing is at present attractive to real estate investors, domestic players are also moving out on the risk/return spectrum by investing in secondary markets. Cap rates for office buildings on average compressed 10 bps during the first half of the year, according to C&W s latest cap rate survey. CBD class A assets are trading in a range of 5.8% to 6.5%, down 10 bps from six months ago. Top assets in prime gateway markets are trading more than 130 bps lower in the 4.4% to 5.2% range. Appetite for New York City properties, which ranks as one of the top two global markets for both volume and desirability, has among the lowest vacancy rates in the country. Manhattan has the lowest cap rate range of any U.S. market at 3.8% to 4.5%. assets in secondary locations are trading between 6.1% and 6.8% and are compressing as investor interest is rising. There has been greater cap rate compression in second tier CBDs as cap rates in Philadelphia, San Jose and San Diego have come down 50 bps in the first half of the year as a result of increasing competition for assets. Shifting from class A to class B properties in the CBD now generates 90 bps of incremental yield. CBD class B assets are trading for 6.7% to 7.3% cap rates, 10 bps less than six months ago, as some investors are being priced out of class A assets. For class A assets, moving from the CBD to the suburban markets increased the average cap rate by 85 bps, with suburban class A assets trading for 6.6% to 7.3%. For suburban properties, shifting from class A to class B suburban properties increases the cap rate by 100 bps, as these properties are trading for 7.7% to 8.4%, 20 bps lower than where they traded six months ago. NATIONAL VACANCY RATES ACROSS CBD MARKETS NATIONAL VACANCY RATES ACROSS NON-CBD MARKETS VACANCY RATE 30% 25% 20% 15% 10% 5% Vacancy % UC 12.7% 30% 25% 20% 15% 10% 5% 0% 0% Brooklyn NY Midtown South NY San Francisco, CA UC AS % OF INVENTORY Boston, MA Downtown NY Midtown NY Denver, CO Houston, TX Portland, OR Sacramento, CA Philadelphia, PA National U.S. Chicago, IL Oakland, CA Orange County CA Tampa, FL Washington, D.C. Orlando, FL Miami, FL Ft. Lauderdale, FL Baltimore, MD San Diego, CA Atlanta, GA Hartford, CT New Haven, CT Palm Beach, FL Silicon Valley CA Westchester NY Los Angeles CBD Phoenix, AZ Jacksonville, FL Dallas, TX Fairfield County CT VACANCY RATE 30% 25% 20% 15% 10% 5% Vacancy % UC 16.8% 30% 25% 20% 15% 10% 5% UC AS % OF INVENTORY 0% 0% San Francisco, CA SF Peninsula CA Silicon Valley CA Houston, TX San Diego, CA Portland, OR Denver, CO Baltimore, MD Ft. Lauderdale, FL Contra Costa, CA Miami, FL Sacramento, CA SF North Bay CA Orange County CA Philadelphia, PA New Haven, CT National U.S. Tampa, FL Boston, MA Long Island NY Los Angeles Metro Oakland, CA Central NJ Jacksonville, FL Atlanta, GA Orlando, FL St. Petersburg FL Dallas, TX Southern NH Inland Empire CA Palm Beach, FL Westchester NY Chicago, IL Fairfield County CT Hartford, CT Northern VA Northern NJ Suburban MD Phoenix, AZ Source: C&W Research, C&W Capital Markets 2

4 OFFICE CBD EASTERN MARKETS SUBURBS Atlanta, GA 6.25% % 7.00% % 8.00% % 8.75% % Baltimore, MD 7.00% % 7.75% % 7.25% % 8.00% % Boston, MA 4.25% % 4.75% % 5.75% % 8.00% % Charlotte, NC 6.25% % 7.00% % 7.50% % 8.50% % Chicago, IL 5.25% % 6.25% % 7.50% % 8.25% % Minneapolis, MN 6.25% % 7.75% % 7.00% % 8.25% % Northern New Jersey 6.00% % 6.50% % 7.00% % 8.50% % New York 3.75% % 4.75% % N/A N/A NYC Suburbs/Westchester 6.00% % 6.50% % 7.00% % 8.50% % New Haven/Stamford 6.00% % 6.50% % 7.00% % 8.50% % Orlando, FL 6.25% % 7.50% % 6.50% % 7.50% % Philadelphia, PA 6.50% % 7.25% % 6.75% % 8.00% % Miami, FL 5.25% % 5.75% % 6.25% % 6.75% % Tampa, FL 6.25% % 7.25% % 6.75% % 8.00% % Washington DC 4.50% % 5.10% % 6.00% % 7.00% % AVERAGE 5.72% % 6.54% % 6.89% % 8.04% % WESTERN MARKETS Next 6 Next 6 Austin, TX 5.75% % 6.75% % 6.00% % 7.25% % Dallas, TX 6.00% % 7.25% % 6.00% % 8.00% % Denver, CO 5.25% % 6.50% % 6.25% % 7.00% % Houston, TX 5.50% % 6.75% % 6.25% % 7.75% % Las Vegas, NV 7.25% % 8.00% % 6.00% % 7.00% % Los Angeles, CA 4.75% % 6.25% % 6.50% % 7.25% % Phoenix, AZ 5.70% % 6.50% % 6.00% % 6.50% % Portland, OR 6.25% % 6.75% % 6.75% % 7.75% % Sacramento, CA 7.00% % 7.50% % 7.50% % 8.25% % San Antonio, TX 7.25% % 8.50% % 7.50% % 8.25% % San Diego, CA 5.50% % 6.50% % 5.50% % 6.50% % San Francisco, CA 4.00% % 4.50% % 6.00% % 7.00% % San Jose, CA 6.50% % 7.25% % 6.00% % 6.50% % Seattle, WA 4.75% % 6.00% % 6.50% % 7.00% % AVERAGE 5.82% % 6.79% % 6.34% % 7.29% % CLASS A 5.77% % 6.66% % CLASS A 6.62% % 7.66% % 3

5 OFFICE Portland CBD : 6.25% % : 6.75% % SUBURBAN Portland : 6.50% % : 7.75% % Sacramento CBD : 7.00% % : 7.50% % SUBURBAN Sacramento : 7.50% % : 8.25% % San Francisco CBD : 4.00% % : 4.50% % SUBURBAN San Francisco San Jose CBD : 6.50% % : 7.25% % SUBURBAN San Jose : 6.00% % : 6.50% % Los Angeles CBD : 4.75% % : 6.25% % SUBURBAN Los Angeles : 6.50% % : 7.25% % San Diego CBD : 5.50% % : 6.50% % SUBURBAN San Diego : 5.50% % : 6.50% % Seattle CBD : 4.75% % : 6.00% % SUBURBAN Seattle : 6.50% % Las Vegas CBD : 7.25% % : 8.00% % SUBURBAN Las Vegas Phoenix CBD : 5.70% % : 6.50% % SUBURBAN Phoenix : 6.50% % Minneapolis CBD : 6.25% % : 7.75% % SUBURBAN Minneapolis : 7.00% % : 8.25% % Denver CBD : 5.25% % : 6.50% % SUBURBAN Denver : 6.25% % Austin CBD : 5.75% % : 6.75% % SUBURBAN Austin : 7.25% % San Antonio CBD : 7.25% % : 8.50% % SUBURBAN San Antonio : 7.50% % : 8.25% % Chicago CBD : 5.25% % : 6.25% % SUBURBAN Chicago : 7.50% % : 8.25% % Northern NJ CBD : 6.50% % SUBURBAN Northern NJ : 7.00% % : 8.50% % Dallas CBD : 7.25% % SUBURBAN Dallas : 8.00% % Houston CBD : 5.50% % : 6.75% % SUBURBAN Houston : 6.25% % : 7.75% % Boston CBD : 4.25% % : 4.75% % SUBURBAN Boston : 5.75% % : 8.00% % New York City CBD : 3.75% % : 4.75% % Atlanta CBD : 6.25% % SUBURBAN Atlanta : 8.00% % : 8.75% % Miami CBD : 5.25% % : 5.75% % SUBURBAN Miami : 6.25% % : 6.75% % Tampa CBD : 6.25% % : 7.25% % SUBURBAN Tampa : 6.75% % : 8.00% % New Haven/Stamford CBD : 6.50% % SUBURBAN : 7.00% % : 8.50% % Philadelphia CBD : 6.50% % : 7.25% % SUBURBAN Philadelphia : 6.75% % : 8.00% % Baltimore CBD : 7.00% % : 7.75% % SUBURBAN Baltimore : 7.25% % : 8.00% % DC CBD : 4.50% % : 5.10% % SUBURBAN DC : 6.00% % Charlotte CBD : 6.25% % SUBURBAN Charlotte : 7.50% % : 8.50% % Orlando CBD : 6.25% % : 7.50% % SUBURBAN Orlando : 6.50% % : 7.50% % LEGEND NY Burbs/Westchester CBD : 6.50% % SUBURBAN : 7.00% % : 8.50% % Cap Rate months FLAT DOWN UP 4

6 INDUSTRIAL - WAREHOUSE INDUSTRIAL FUNDAMENTALS CBD Overall conditions are improving in the industrial sector despite some mixed economic signals. U.S. industrial production, a figure closely tied to demand for industrial space, unexpectedly declined in August for the first time in seven months, dropping by 0.4%. The consensus is that this was a blip in the data and that the figures for the remainder of the year will be favorable. Leasing activity for the industrial market totaled msf during the first half of the year, 7.4% below mid year 2013 levels. The overall vacancy rate, however, continued its downward trend during the second quarter to 7.2%, 80 bps below last year s rate. Given the tightening market conditions, the supply pipeline is ramping up with msf currently under construction. Supply is still in check, however, as this amounts to only 1.0% of total inventory. Sales volume during the first half of the year rose to $21.7 billion, up 39% from a year ago, with warehouse transactions dominating the activity. Secondary markets are attracting more investors in search of yield given pricing in the core markets. INDUSTRIAL CAP RATE SURVEY RESULTS Consistent with the office market cap rate compression, class A industrial cap rates ticked down 10 to 20 bps during the last six months. They are now are between 6.0% and 6.6% depending on location. On average, western markets are trading for 5.6% to 6.2% while eastern markets are 80 bps higher. Core distribution markets located near major population centers continued to dominate investment activity and are trading at cap rates between 5.1% and 5.7%. Southern California markets captured $2.4 billion of transaction volume, and cap rates there are in the low 4.25% to 5.5% range. The Northern New Jersey/New York metro area, Northern California, Chicago and Dallas rounded out the top five in terms of dollar volume and also traded at sub 6% cap rates. Secondary locations, including Atlanta, Baltimore, Indianapolis, Sacramento and Seattle are attracting more interest and as a result, cap rates are compressing. Moving out into secondary markets results in an 80 bps increase in cap rates for product, with most assets in these markets trading from a low 5.0% to mid 7.0% cap. Shifting from class A to class B assets (within secondary markets) results in a 100 bps increase across the board. assets in the West are trading for 100 bps lower than similar assets in the East. NATIONAL WAREHOUSE VACANCY RATES ACROSS INDUSTRIAL MARKETS VACANCY RATE 25% 20% 15% 10% 5% 0% Vacancy Under Construction (as % of Inventory) 7.2% SF Peninsula, CA Denver, CO Greater Los Angeles Orange County, CA Oakland, CA St. Petersburg, FL Philadelphia, PA SF North Bay CA Silicon Valley, CA Palm Beach, FL Portland, OR Houston, TX Lakeland, FL Tampa, FL Miami, FL Contra Costa, CA National Baltimore, MD Dallas/Ft. Worth TX Inland Empire CA Orlando, FL New Jersey - Northern PA I-81/I-78 Dist Corr San Diego, CA New Jersey - Central Ft. Lauderdale, FL Atlanta, GA Stockton/Tracy CA Long Island NY Chicago, IL Northern VA Suburban MD Phoenix, AZ Jacksonville, FL Sacramento, CA Boston, MA Hartford, CT New Haven, CT Southern NH 25% 20% 15% 10% 5% 0% Source: C&W Research, C&W Capital Markets UC AS % OF INVENTORY 5

7 WAREHOUSE EASTERN MARKETS Next 6 Atlanta, GA 5.75% % 6.75% % Baltimore, MD 5.25% % 6.00% % Boston, MA 6.75% % 8.00% % Charlotte, NC 6.25% % 7.00% % Chicago, IL 5.50% % 7.00% % Cincinnati, OH 6.50% % 8.25% % Cleveland, OH 8.25% % 9.50% % Columbus, OH 7.00% % 8.50% % Detroit, MI 9.25% % 10.50% % Indianapolis, IN 6.25% % 7.50% % Kansas City, MO 6.75% % 8.75% % Memphis, TN 6.75% % 7.75% % Miami, FL 4.75% % 5.25% % Minneapolis, MN 6.00% % 7.25% % Nashville, TN 6.50% % 7.00% % Northern New Jersey 5.00% % 5.75% % Orlando, FL 6.00% % 6.75% % Philadelphia Metro 5.50% % 6.50% % Tampa, FL 6.25% % 7.00% % AVERAGE 6.36% % 7.45% % WESTERN MARKETS Next 6 Austin, TX 6.50% % 7.25% % Dallas, TX 5.50% % 7.00% % Denver, CO 6.25% % 7.25% % Houston, TX 5.50% % 7.00% % Los Angeles, CA 4.25% % 5.00% % Orange County, CA 4.25% % 5.00% % Phoenix, AZ 6.00% % 6.75% % Portland, OR 6.25% % 7.00% % Inland Empire, CA 4.50% % 5.25% % Sacramento, CA 6.00% % 7.25% % San Antonio, TX 6.75% % 7.50% % San Diego, CA 5.00% % 5.25% % San Francisco, CA 4.50% % 6.25% % San Jose, CA 5.50% % 6.25% % St. Louis, MO 6.50% % 8.00% % AVERAGE 5.55% % 6.55% % OVERALL CLASS A 6.00% % 7.05% % 6

8 WAREHOUSE Denver : 6.25% % : 7.25% % Minneapolis : 7.25% % Chicago : 5.50% % Detroit : 9.25% % : 10.50% % Portland : 6.25% % : 7.00% % Sacramento : 7.25% % San Francisco : 4.50% % : 6.25% % Los Angeles : 4.25% % : 5.00% % Orange County : 4.25% % : 5.00% % San Jose : 5.50% % : 6.25% % San Diego : 5.00% % : 5.25% % Inland Empire : 4.50% % : 5.25% % St. Louis : 6.50% % : 8.00% % Phoenix : 6.75% % Austin : 6.50% % : 7.25% % Houston : 5.50% % San Antonio : 6.75% % : 7.50% % Indianapolis : 6.25% % : 7.50% % Kansas City : 7.00% % : 8.75% % Dallas : 5.50% % Columbus : 7.00% % : 8.50% % Cleveland : 8.25% % : 9.50% % Memphis : 6.75% % : 7.75% % Nashville : 6.50% % Cincinnati : 6.50% % : 8.25% % Charlotte : 6.25% % Atlanta : 5.75% % : 6.75% % Orlando : 6.00% % : 6.75% % Miami : 4.75% % : 5.25% % Tampa : 6.25% % Boston : 6.75% % : 8.00% % Baltimore : 5.25% % : 6.00% % Northern NJ : 5.00% % : 5.75% % Philadelphia : 5.50% % : 6.50% % LEGEND Cap Rate months FLAT DOWN UP 7

9 MULTIFAMILY MULTIFAMILY FUNDAMENTALS CBD Macro demographic shifts and positive economic trends continue to favor strong tenant demand for the multifamily sector, including the Gen X and Millennial generation s preference to live in live/work/play environments. Despite an increase in construction levels, the national vacancy rate declined 30 bps year over year to 4.2%. Effective rents increased 3.4% year over year with tech, energy and major gateway markets posting stronger rent growth. Inventory growth is accelerating, as construction completions averaged 0.3% of total national inventory through the second quarter, 25% greater than the same period last year. Even with increasing levels of new construction, however, healthy demand from job gains and demographic shifts is expected to keep absorption on pace with supply, maintaining solid market fundamentals with the vacancy rate hovering in the sub 5% range during the next three years. MULTIFAMILY CAP RATE SURVEY Despite some of the lowest cap rates, multifamily continues to capture a lot of interest from investors looking for assets with strong underlying demand drivers. Multifamily transaction volume through the first half of the year decreased 12% year over year to $41.9 billion, largely a result of outsized transaction volume in the first half of 2013 when the Archstone portfolio was sold. Excluding portfolio transactions, sales volume of single assets increased 24% year overyear. assets are trading 10 bps below where they were at the end of 2013, with cap rates now in the 4.6% to 5.3% range. properties in Manhattan and San Francisco, the two tightest markets in the country, likewise have the lowest cap rates in the country at 3.5% to 4.0%, respectively, driven by a highly competitive investment climate. Given where pricing is for the existing product in core markets, investors in search of yield are now turning their attention to development plays ( build to core ) in primary markets and stabilized assets in second tier gateway markets, including the New York Boroughs and parts of Southern California. Second tier markets are gaining traction with cap rates compressing by 25 bps to 50 bps in the last six months. apartments in Atlanta, Dallas, Denver, Houston, Minneapolis, Philadelphia and Phoenix are now trading for cap rates in the mid 4% to high 5.0% range. On average, class A cap rates in the West are 10 bps lower than those in the East. For class A properties, the spread from top gateway markets to second tier markets is roughly 100 bps. Shifting from class A to class B assets nationally adds an additional 90 bps to 125 bps of incremental yield. VACANCY RATE NATIONAL VACANCY RATES ACROSS MULTIFAMILY MARKETS 12% 10% 8% 6% 4% 2% 0% Vacancy Completions (as % of Inventory) 4.2% Orange County New York San Diego Minneapolis San Francisco Westchester Long Island Portland Los Angeles Philadelphia Chicago Northern New Jersey Seattle Suburban Maryland Baltimore Boston Fort Lauderdale Denver Miami National Nashville Richmond St. Louis Suburban Virginia Raleigh Durham Palm Beach Phoenix Columbus Tampa St. Petersburg Austin Dallas Orlando District of Columbia Charlotte Las Vegas Houston Charleston Atlanta Indianapolis Memphis Source: Reis, C&W Capital Markets 12% 10% 8% 6% 4% 2% 0% 8 COMPLETIONS AS % OF INVENTORY

10 MULTIFAMILY EASTERN MARKETS Atlanta, GA 4.50% % 5.50% % 6.50% % Baltimore, MD 4.75% % 6.00% % 7.50% % Boston, MA 4.00% % 5.00% % 7.00% % Charlotte, NC 4.75% % 5.50% % 6.75% % Chicago, IL 4.50% % 5.75% % 6.25% % Columbus, OH 6.00% % 7.00% % 8.00% % Indianapolis, IN 5.25% % 6.75% % 7.75% % Jacksonville, FL 5.00% % 6.50% % 7.50% % Minneapolis, MN 4.50% % 5.50% % 6.50% % Nashville, TN 5.00% % 5.50% % 6.25% % Northern New Jersey 4.50% % 5.25% % 6.00% % New York (NYC) 3.50% % 4.00% % 5.00% % Orlando, FL 4.80% % 5.50% % 6.25% % Philadelphia, PA 4.50% % 5.00% % 6.00% % Raleigh-Durham, NC 4.75% % 5.50% % 6.75% % South Florida 4.25% % 5.00% % 5.75% % Tampa, FL 4.75% % 5.50% % 6.00% % Washington DC 4.25% % 5.25% % 6.75% % AVERAGE 4.64% % 5.56% % 6.58% % WESTERN MARKETS Class C Class C Austin, TX 4.50% % 5.50% % 6.25% % Dallas, TX 4.50% % 6.00% % 7.00% % Denver, CO 4.75% % 5.50% % 6.00% % Houston, TX 4.75% % 6.25% % 7.00% % Inland Empire, CA 4.75% % 5.75% % 6.75% % Las Vegas, NV 5.00% % 5.75% % 6.50% % Los Angeles, CA 3.75% % 4.75% % 5.25% % Orange County, CA 3.75% % 4.75% % 5.50% % Phoenix, AZ 4.75% % 5.50% % 6.25% % Portland, OR 4.00% % 5.00% % 6.00% % Sacramento, CA 4.75% % 5.50% % 5.85% % Salt Lake City, UT 5.25% % 5.50% % 6.00% % San Antonio, TX 5.50% % 6.00% % 6.75% % San Diego, CA 3.75% % 4.75% % 5.25% % San Francisco, CA 3.50% % 4.25% % 5.25% % Seattle, WA 4.00% % 5.00% % 6.00% % St. Louis, MO 5.75% % 6.75% % 8.00% % AVERAGE 4.54% % 5.47% -6.12% 6.25% % OVERALL NATION CLASS A 4.59% % 5.51% % CLASS C 6.42% % 9

11 MULTIFAMILY Seattle : 4.00% % : 5.00% % Class C: 6.00% % Portland : 4.00% % : 5.00% % Class C: 6.00% % Sacramento : 4.75% % : 5.50% % Class C: 5.85% % Denver : 4.75% % : 5.50% % Class C: 6.00% % St. Louis : 5.75% % : 6.75% % Class C: 8.00% % Minneapolis : 4.50% % : 5.50% % Class C: 6.50% % Chicago : 4.50% % : 5.75% % Class C: 6.25% % Northern NJ : 4.50% % : 5.25% % Class C: 6.00% % Indianapolis Columbus : 5.25% % : 6.00% % : 6.75 % % : 7.00% % Class C: 7.75% % Class C: 8.00% % Boston : 4.00% % : 5.00% % Class C: 7.00% % New York : 3.50% % : 4.00% % Class C: 5.00% % Philadelphia : 4.50% % : 5.00% % Class C: 6.00% % Salt Lake City : 5.25% % : 5.50% % Class C: 6.00% % San Francisco : 3.50% % : 4.25% % Class C: 5.25% % Los Angeles : 3.75% % : 4.75% % Class C: 5.25% % Orange County : 3.75% % : 4.75% % Class C: 5.50% % San Diego : 3.75% % : 4.75% % Class C: 5.25% % Inland Empire : 4.75% % : 5.75% % Class C: 6.75% % Las Vegas : 5.00% % : 5.75% % Class C: 6.50% % Austin : 4.50% % : 5.50% % Class C: 6.25% % Phoenix : 4.75% % : 5.50% % Class C: 6.25% % Houston : 4.75% % : 6.25% % Class C: 7.00% % San Antonio : 5.50% % : 6.00% % Class C: 6.75% % Nashville : 5.00% % : 5.50% % Class C: 6.25% % Dallas : 4.50% % : 6.00% % Class C: 7.00% % Atlanta : 4.50% % : 5.50% % Class C: 6.50% % Orlando : 4.80% % : 5.50% % Class C: 6.25% % South Florida : 4.25% % : 5.00% % Class C: 5.75% % Tampa : 4.75% % : 5.50% % Class C: 6.00% % Baltimore : 4.75% % : 6.00% % Class C: 7.50% % Washington DC : 4.25% % : 5.25% % Class C: 6.75% % Raleigh-Durham : 4.75% % : 5.50% % Class C: 6.75% % Charlotte : 4.75% % : 5.50% % Class C: 6.75% % LEGEND Cap Rate months Jacksonville : 5.00% % : 6.50% % Class C: 7.50% % FLAT DOWN UP 10

12 RETAIL CBD RETAIL FUNDAMENTALS Retail fundamentals continue to improve on the heels of an improving economy and rising consumer confidence. Retail sales increased by 0.6% in August, the biggest increase in four months. Given the firming economy, the consumer confidence index rose to 84.6, the highest level in more than a year. Retail sales was bolstered by rising auto sales, which rose to an annualized rate of 17.5 million in August, a 6.7% increase from the previous month and its highest level since January Improving retail fundamentals pushed the overall vacancy rate down to 9.9% by mid year, a 15 bps decline from year end Rents increased 1.9% year over year on a national basis. RETAIL CAP RATE SURVEY Record investment activity in the first quarter of 2014 together with healthy transaction volume in the second quarter resulted in transaction volume in the retail sector increasing 159% year over year to $33.8 billion. In fact, first quarter volume was the largest since second quarter While international investors are favoring High Street retail and its double digit rent growth in top gateway cities, domestic buyers are chasing malls and strip centers. malls in CBD locations are trading for cap rates in the 5.1% to 6.1% range, 10 bps lower than six months ago. Shifting to class B malls in CBD locations garners an additional 140bps of incremental yield with cap rates in the 6.5% to 7.5% range. Cap rates compressed 15 to 20 bps for class A strip centers in CBDs, as investors were narrowly focused on high density areas in downtown cores across all property types. Cap rates for these assets are between 5.6% and 6.3%. Shifting to class B assets in downtown markets gains an incremental yield of 80 bps, and such assets are trading today for 20 bps less than they were just six months ago. centers in suburban locations are trading for 6.0% to 6.8% cap rates and have had little to no movement during the past six months as not a lot of product has traded. properties in suburban locations are trading for cap rates in the 7.0% to 7.8% range. Given the deep demand for core assets in major markets, there is potential for additional cap rate compression for well located, stable assets. VACANCY RATE NATIONAL VACANCY RATES ACROSS RETAIL MARKETS 18% 16% 14% 12% 9.9% 10% 8% 6% 4% 2% 0% San Francisco DC Metro New York Los Angeles San Diego Boston Seattle Miami Portland Philadelphia Phoenix Raleigh-Durham National Fort Lauderdale Minneapolis Charlotte Columbia Denver West Palm Beach Tampa-St. Petersburg Houston Memphis Orlando St. Louis Las Vegas Chicago Atlanta Dallas Milwaukee Cleveland Indianapolis Columbus Source: Reis, C&W Capital Markets 11

13 RETAIL: MALL PRIMARY SUBURBAN EASTERN MARKETS Atlanta, GA 4.50% % 4.50% % 7.00% % Boston, MA 4.50% % 5.50% % 5.00% % 6.25% % Charlotte, NC 5.00% % 7.00% % Chicago, IL 4.25% % 5.25% % 5.50% % 6.25% % Miami, FL 4.50% % 7.00% % Minneapolis, MN 6.25% % 7.00% % Northern New Jersey 5.25% % 7.00% % Orlando, FL 4.50% % 7.00% % Philadelphia, PA 5.50% % 6.00% % 5.50% % 8.50% % Tampa, FL 4.50% -5.00% 7.00% % AVERAGE 4.69% % 5.58% % 5.05% % 7.00% % WESTERN MARKETS Austin, TX 4.50% % 6.50% % 6.00% % 7.50% % Dallas, TX 5.00% % 7.00% % 6.00% % 7.50% % Denver, CO 6.25% % 7.25% % 6.25% % 7.25% % Houston, TX 4.50% % 7.00% % 6.00% % 7.50% % Las Vegas, NV 7.00% % 8.00% % 7.00% % 8.00% % Los Angeles, CA 4.00% % 5.00% % 4.50% % 5.50% % Portland, OR 6.25% % 7.00% % 6.75% % 7.50% % Inland Empire, CA 7.00% % 8.00% % 6.00% % 6.50% % San Antonio, TX 5.50% % 7.50% % 7.00% % 8.00% % San Diego, CA 4.00% % 5.00% % 5.00% % 6.00% % San Jose, CA 4.25% % 5.00% % 4.25% % 6.00% % AVERAGE 5.30% % 6.75% % 5.89% % 7.02% % CLASS A 5.13% % 6.50% % CLASS A 5.49% % 7.01% % 12

14 RETAIL: MALL Portland CBD : 6.25% % SUBURBAN Portland : 6.75% % : 7.50% % San Jose CBD : 4.25% % : 5.00% % SUBURBAN San Jose : 4.25% % : 6.00% % Las Vegas CBD : 7.00% % : 8.00% % SUBURBAN Las Vegas : 7.00% % : 8.00% % Denver CBD : 6.25% % : 7.25% % SUBURBAN Denver : 6.25% % : 7.25% % Minneapolis CBD N/A SUBURBAN Minneapolis : 6.25% % : 7.00% % Chicago CBD : 4.25% % : 5.25% % SUBURBAN Chicago : 5.50% % : 6.25% % Boston CBD : 4.50% % : 5.50% % SUBURBAN Boston : 5.00% % : 6.25% % Northern NJ CBD N/A SUBURBAN Northern NJ : 5.25% % Philadelphia CBD : 5.50% % : 6.00% % SUBURBAN Philadelphia : 5.50% % : 8.50% % Los Angeles CBD : 4.00% % : 5.00% % SUBURBAN Los Angeles : 4.50% % : 5.50% % Inland Empire CBD : 7.00% % : 8.00% % SUBURBAN Inland Empire : 6.00% % : 6.50% % San Diego CBD : 4.00% % : 5.00% % SUBURBAN San Diego : 5.00% % : 6.00% % Austin CBD : 4.50% % : 6.50% % SUBURBAN Austin : 6.00% % : 7.50% % San Antonio CBD : 5.50% % : 7.50% % SUBURBAN San Antonio : 7.00% % : 8.00% % Dallas CBD : 5.00% % : 7.00% % SUBURBAN Dallas : 6.00% % : 7.50% % Houston CBD : 4.50% % : 7.00% % SUBURBAN Houston : 6.00% % : 7.50% % Atlanta CBD : 4.50% % SUBURBAN Atlanta : 4.50% % : 7.00% % Miami CBD N/A SUBURBAN Miami : 4.50% % : 7.00% % Tampa CBD N/A SUBURBAN Tampa : 4.50% % : 7.00% % Charlotte CBD N/A SUBURBAN Charlotte : 5.00% % : 7.00% % Orlando CBD N/A SUBURBAN Orlando : 4.50% % : 7.00% % LEGEND Cap Rate months FLAT DOWN UP 13

15 RETAIL: STRIP CENTERS PRIMARY SUBURBAN EASTERN MARKETS Atlanta, GA 5.50% % 7.00% % 6.00% % 7.00% % Boston, MA 3.50% % 5.00% % 5.75% % 7.00% % Chicago, IL 4.50% % 5.75% % 5.75% % 6.50% % Miami, FL 5.00% % 6.25% % 5.75% % 6.50% % Minneapolis, MN N/A N/A 6.00% % 7.50% % Northern New Jersey N/A N/A 5.50% % 7.00% Orlando, FL 6.00% % 6.50% % 6.50% % 7.25% % Philadelphia, PA 5.00% % 5.75% % 5.25% % 6.50% % Tampa, FL 6.25% % 6.50% -7.25% 6.50% % 7.25% % AVERAGE 5.11% % 6.11% % 5.89% % 6.94% % WESTERN MARKETS Austin, TX 5.50% % 6.25% % 6.00% % 7.75% % Dallas, TX 6.00% % 7.00% % 6.00% % 7.50% % Denver, CO 6.25% % 7.00% % 5.75% % 7.25% % Houston, TX 6.00% % 7.00% % 6.00% % 7.50% % Las Vegas, NV 6.50% % 7.00% % 6.00% % 6.50% % Los Angeles, CA 5.00% % 5.50% % 5.50% % 6.00% % Phoenix, AZ 6.25% % 6.75% % 6.25% % 6.75% % Portland, OR 6.50% % 7.00% % 6.50% % 7.25% % Riverside, CA 6.00% % 6.50% % 6.00% % 6.50% % San Antonio, TX 6.50% % 7.25% % 7.00% % 8.00% % San Diego, CA 5.00% % 6.00% % 5.50% % 6.50% % AVERAGE 5.94% % 6.63% % 6.06% % 6.92% % CLASS A 5.57% % 6.41% % CLASS A 5.98% % 7.00% % 14

16 RETAIL: STRIP CENTERS Portland CBD : 6.50% % : 7.00% % SUBURBAN Portland : 6.50% % : 7.25% % Los Angeles CBD : 5.00% % : 5.50% % SUBURBAN Los Angeles : 5.50% % : 6.00% % Riverside CBD : 6.00% % : 6.50% % SUBURBAN Riverside : 6.00% % : 6.50% % San Diego CBD : 5.00% % : 6.00% % SUBURBAN San Diego : 5.50% % : 6.50% % Phoenix CBD : 6.25% % : 6.75% % SUBURBAN Phoenix : 6.25% % : 6.75% % Las Vegas CBD : 6.50% % : 7.00% % SUBURBAN Las Vegas : 6.00% % : 6.50% % Austin CBD : 5.50% % : 6.25% % SUBURBAN Austin : 6.00% % : 7.75% % Denver CBD : 6.25% % SUBURBAN Denver : 5.75% % : 7.25% % San Antonio CBD : 6.50% % : 7.25% % SUBURBAN San Antonio : 7.00% % : 8.00% % Dallas CBD : 6.00% % : 7.00% % SUBURBAN Dallas : 6.00% % : 7.50% % Houston CBD : 6.00% % : 7.00% % SUBURBAN Houston : 6.00% % : 7.50% % Minneapolis CBD N/A SUBURBAN Minneapolis : 6.00% % : 7.50% % Chicago CBD : 4.50% % : 5.75% % SUBURBAN Chicago : 5.75% % : 6.50% % Atlanta CBD : 5.50% % SUBURBAN Atlanta Miami CBD : 5.00% % : 6.25% 7.00% SUBURBAN Miami : 5.75% % : 6.50% % Tampa CBD : 6.25% % : 6.50% % SUBURBAN Tampa : 6.50% % : 7.25% % Boston CBD : 3.50% % : 5.00% % SUBURBAN Boston : 5.75% % Northern NJ CBD N/A SUBURBAN Northern NJ : 5.50% % : 7.00% Philadelphia CBD : 5.00% % : 5.75% % SUBURBAN Philadelphia : 5.25% % : 6.50% % Orlando CBD : 6.50% % SUBURBAN Orlando : 6.50% % : 7.25% % LEGEND Cap Rate months FLAT DOWN UP 15

17 CONCLUSION Substantial equity and debt capital continues to flow into real estate, with investors focused primarily on core assets in major cities. While well capitalized investors, particularly foreign buyers, insurance companies and pension fund advisors are focused on major gateway markets, greater numbers of investors are turning their attention to secondary markets in search of higher yield. The financing market is improving as well, as competition from both the public and private market is pushing down the cost of capital. CMBS issuance continues to increase, contributing to the push into secondary markets, and banks and insurance companies are likewise putting out more money. So while rising interest rates is expected to put some upward pressure on cap rates in 2015, stronger NOI growth from rising rents is expected to offset rising debt costs. The latest C&W survey points to cap rates staying firm in the core markets and inching down in some secondary markets during the next six months as investors search for more yield. Once interest rates start rising in a material way, cap rates could follow suit, ending the prolonged period of cap rate compression. However with interest rates as low as they are today, there is some room to absorb a modest increase. OFFICE With pricing in major CBD markets now above prior peak levels, value add and opportunistic plays, as well as secondary markets are gaining favor. Given the strong demand for class A assets in prime CBD locations, cap rates are in the 4.4% to 5.2% range and even lower for the top gateway markets of Manhattan and San Francisco. Considering where pricing is today for these assets, we believe there is little room for further compression of these rates, and value creation will be from rent growth. Secondary office markets, however, are attracting the attention of more investors in search of yield. Assets in these CBD markets are trading for 6.1% to 6.8% and we believe there is some room to tick down further as investor competition increases and fundamentals strengthen. Suburban markets in proximity to prime gateway cities are garnering more attention as well, as investors move up the risk spectrum. Cap rates for these class A assets have decreased 10 to 20 bps during the first half of the year, ranging from 6.4% to 7.1%, and are expected to compress further with increasing capital flows. Suburban markets supporting secondary cities also have some room for further compression but investors have yet to begin kicking the tires there. These buildings are trading for 6.7% to 7.3%. Overall, as the economic expansion broadens, positive leasing fundamentals should extend into suburban areas and key secondary markets. Coupled with favorable cost of capital from a competitive and deep debt market, investment in secondary and suburban office markets should likewise increase. While cap rates for trophy assets are at all time lows, there is room for additional compression in these other markets. INDUSTRIAL WAREHOUSE Cap rates for class A assets inched down 10 to 15 bps during the first half of the year with rates now falling between 6.0% and 6.6% on a national basis. Cap rates are even lower in the 4.25% to 5.5% range for key distribution markets in Northern New Jersey and Southern California where there is concentrated investor interest. Nationally, compared to class A assets, class B industrial assets provided approximately 110 bp of incremental yield to cap rates, ranging from 7.1% to 7.7% on average. Our outlook is for further downward movement, in particular for class B assets in major markets and in secondary markets. As industrial fundamentals continue to improve, tightening markets and rising NOIs will attract additional capital to this sector. MULTIFAMILY Multifamily has among the lowest cap rates in our survey and continue to drop to record lows. assets are trading in the 4.6% to 5.3% range, with core markets 100 bps lower. Increased capital flows and lack of class A product on the market has driven investors to development projects as well as to class B and C assets, which are trading for 100 to 200 bps higher. Our outlook for this sector calls for cap rates to remain relatively unchanged over the next six months, with some markets and asset classes having more room for downward movement, where investors are taking on more risk including class B and C assets in second tier tech and energy markets such as Denver, as well as markets that were hit hard by the housing crisis such as South Florida. RETAIL Cap rates for both mall and strip centers compressed 10 bps on average during the first half of the year and we believe additional cap rate compression is possible in a number of pockets during the next six months. Well located class A malls in Downtown areas are trading for cap rates in the 5.1% to 6.1% range, with class B malls in these same markets trading in the 6.5% to 7.5% range. strip center properties in prime locations are trading slightly lower than they were six months ago, at cap rates in a 5.6% to 6.3% range, while cap rates for class A centers in suburban locations have had less movement during this same period. Given the deep demand for core properties in major markets, coupled with limited product on the market, we believe there is room for some additional rate compression. There is also a growing pool of well qualified buyers seeking value add and opportunistic properties, which will also put downward pressure on cap rates. With historically low levels of new construction, the retail market is on solid footing and should continue to strengthen into the foreseeable future. We expect more capital chasing retail deals, causing cap rates to compress further. 16

18 ABOUT CAPITAL MARKETS Cushman & Wakefield is a world-leading provider of real estate Capital Markets expertise. Our Group provides comprehensive advisory and execution services to clients engaged in buying, selling, investing in, financing or developing real estate and real estate-related assets. Our solutions are tailored to meet the objectives of private and institutional owners and investors, as well as corporate owners and occupiers. OUR CAPITAL MARKET SERVICES Investment Sales & Acquisitions Equity, Debt & Structured Finance Corporate Finance & Investment Banking CONTACT FRED HARMEYER Senior Managing Director Eastern Capital Markets fred.harmeyer@cushwake.com STEVEN WEILBACH Senior Managing Director Multifamily Capital Markets steve.weilbach@cushwake.com JANICE STANTON Senior Managing Director Investment Strategies janice.stanton@cushwake.com CAROLINE ROONEY Managing Director Research and Capital Markets caroline.rooney@cushwake.com Cushman & Wakefield is the world s largest privately held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917, it has 250 offices in 60 countries, employing more than 16,000 professionals. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $3.7 billion in assets under management globally. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at 17

US CAPITAL MARKETS REPORT

US 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 information

Office. Office. IRR Viewpoint 2015

Office. Office. IRR Viewpoint 2015 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

More information

State of the U.S. Multifamily Market. Q Review and Forecast

State 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 information

CBRE CAP RATE SURVEY. A CBRE Publication. First Half Click to Enter

CBRE 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 information

Metro Washington, DC State of the Market

Metro 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 information

ERRATA. 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, 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 information

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. 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 information

HIGH AND WIDE: INCOME INEQUALITY GAP IN THE DISTRICT ONE OF BIGGEST IN THE U.S. By Wes Rivers

HIGH 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 information

2019 Outlook. January

2019 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 information

U.S. Investment Outlook

U.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 information

Capital 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 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 information

Multifamily Outlook. United States Fall 2014

Multifamily 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 information

Strong conclusion to 2015, some caution ahead in 2016

Strong 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 information

AEI 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 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 information

Econometric Advisors APARTMENT OVERVIEW AND OUTLOOK Q4 2017

Econometric 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 information

CYCLE FORECAST Real Estate Market Cycles First Quarter 2018 Estimates May 2017

CYCLE 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 information

CAPITAL MARKETS UPDATE. Suburban Office: Is this the Next Play?

CAPITAL 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 information

State Of The U.S. Industrial Market: 2017 Q2

State 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 information

U.S. ECONOMIC & PROPERTY MARKET PERSPECTIVE

U.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 information

FOR IMMEDIATE RELEASE Contact: Ann Marie Gorden/Robert Nihen

FOR 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 information

Office-Using Jobs and Net Migration Point to Continued Strength

Office-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 information

US Hotel Industry Overview. Chris Crenshaw

US 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 information

50-State Property Tax Comparison Study: For Taxes Paid in Executive Summary

50-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 information

ehealth Inventory Report of Major Medical Health Plans Available Off of Government Exchanges

ehealth 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 information

Struggling 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 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 information

U.S. Office Market Fundamentals Level Off but Remain Positive

U.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 information

Data Brief. Trends in Employer-Sponsored Health Insurance Premiums and Employee Contributions in Major Metropolitan Areas,

Data 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 information

RETAIL CONTINUES TO STRUGGLE AS IMPROVEMENTS ARE NOT YET SUSTAINED

RETAIL 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 information

equity advisory services

equity 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 information

The Five Retail Trends to Watch in January 14, 2015

The 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 information

RETAIL SECTOR CONTINUES TO IMPROVE, DESPITE DROP IN CONSUMER CONFIDENCE

RETAIL 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 information

CYCLE FORECAST Real Estate Market Cycles Third Quarter 2017 Estimates November 2016

CYCLE 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 information

Research. Absorption strong as demand outpaces completions NATIONAL 3Q17 OFFICE MARKET. Current Conditions

Research. 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 information

equity advisory services

equity 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 information

MetroMonitor 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 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 information

Avison Young U.S. National Industrial Capital Markets

Avison Young U.S. National Industrial Capital Markets Avison Young U.S. National Industrial Capital Markets Mid-Year 017 Spotlight - Foreign Investment in U.S. Capital Markets June 017 Erik Foster Principal, Practice Leader U.S. Industrial Capital Markets

More information

U.S. ECONOMIC & PROPERTY MARKET PERSPECTIVE

U.S. ECONOMIC & PROPERTY MARKET PERSPECTIVE AEW RESEARCH U.S. ECONOMIC & PROPERTY MARKET PERSPECTIVE Q3 2018 1 Prepared by AEW Research, September 2018 This material is intended for information purposes only and does not constitute investment advice

More information

Regional Snapshot: The Cost of Living in Metro Atlanta

Regional 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 information

Emerging Trends in Real Estate Sustaining Momentum but Taking Nothing for Granted

Emerging 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 information

APARTMENT TRENDS. U.S. Economic and Multi-Family Outlook. Special Client Webcast May 31, 2006

APARTMENT TRENDS. U.S. Economic and Multi-Family Outlook. Special Client Webcast May 31, 2006 APARTMENT TRENDS U.S. Economic and Multi-Family Outlook Special Client Webcast May 31, 2006 U.S. Apartment Market Economic and Apartment Supply-Demand Overview and Outlook U.S. Economic Conditions Ideal

More information

Employee Benefits Alert

Employee 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 information

Cycle Monitor Real Estate Market Cycles First Quarter 2018 Analysis

Cycle 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 information

Employee Benefits Alert

Employee 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 information

Emerging Trends in Real Estate 2012

Emerging Trends in Real Estate 2012 Emerging Trends in Real Estate 2012 Longest published annual real estate outlook 33rd consecutive year Most predictive industry forecast Based on surveys/interviews with 950 industry leaders Jointly published

More information

Presented By: Doug Herzbrun Managing Director January 26, 2000

Presented 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

Office Investment. A focus on value and risk shaping investor behavior. United States H JLL Research

Office 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 information

U.S. ECONOMIC & PROPERTY MARKET PERSPECTIVE

U.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 information

Relationships. Results. COMPANY OVERVIEW COMMERCIAL REAL ESTATE DEBT, EQUITY & SERVICING

Relationships. 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 information

2014 U.S. Census (2015) Median African-American Household Income Rank, Memphis Included. Household Median Income Ranking, African American Population

2014 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 information

FILED: NEW YORK COUNTY CLERK 12/22/ :58 AM INDEX NO /2013 NYSCEF DOC. NO. 95 RECEIVED NYSCEF: 12/22/2017

FILED: 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 information

CONTINUED RECOVERY IN THE INDUSTRIAL SECTOR SEVERAL MARKET FUNDAMENTALS IMPROVE

CONTINUED RECOVERY IN THE INDUSTRIAL SECTOR SEVERAL MARKET FUNDAMENTALS IMPROVE INDUSTRIAL MARKET REPORT: 3Q CONTINUED RECOVERY IN THE INDUSTRIAL SECTOR SEVERAL MARKET FUNDAMENTALS IMPROVE ECONOMY: For 3Q13, real GDP growth increased at an annualized rate of 2.8%, which was better

More information

2015 REAL ESTATE ECONOMIC FORECAST The National Economy and What It Means For Real Estate

2015 REAL ESTATE ECONOMIC FORECAST The National Economy and What It Means For Real Estate 2015 REAL ESTATE ECONOMIC FORECAST The National Economy and What It Means For Real Estate February 5, 2015 Jeanette I. Rice Kentucky Chapter National economy in great shape for 2015 Creating excellent

More information

INDUSTRIAL SECTOR REMAINS IN-CHECK AS ECONOMY GIVES MIXED SIGNALS

INDUSTRIAL SECTOR REMAINS IN-CHECK AS ECONOMY GIVES MIXED SIGNALS INDUSTRIAL MARKET REPORT 1Q INDUSTRIAL SECTOR REMAINS IN-CHECK AS ECONOMY GIVES MIXED SIGNALS ECONOMY: During 1Q16, real GDP increased at an annualized rate of 0.8% (second estimate), compared to 1.4%

More information

Cycle Monitor Real Estate Market Cycles Fourth Quarter 2017 Analysis

Cycle 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 information

Relationships. Results. COMPANY OVERVIEW COMMERCIAL REAL ESTATE DEBT, EQUITY & SERVICING

Relationships. 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 information

Emerging Trends in Real Estate 2016

Emerging Trends in Real Estate 2016 Emerging Trends in Real Estate 2016 PwC ULI 12 Month Outlook on Trends 37 th Edition 1,800+ Real Estate leaders surveyed 75 Cities Profitability outlook 2010 17.7% 60.6% 21.6% Abysmal to Poor Fair Good

More information

State of the Office Market

State 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 information

Emerging Trends in Real Estate 2014

Emerging Trends in Real Estate 2014 Canada Emerging Trends in Real Estate 2014 Emerging Trends is the industry s most predictive forecast 35th annual outlook Based on over 1,000 interviews and surveys of industry leaders Sponsored by PwC

More information

multifamily market overview presented by: Kurt Shoemaker First Vice President

multifamily 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 information

COMMERCIAL. first look

COMMERCIAL. first look CCRSI RELEASE AUGUST 213 (With data through June 213) COMMERCIAL REAL ESTATE PRICES SEE MIDYEAR SURGE WITH STRONGEST QUARTER RLY INCREASE SINCE 211 RECOVERY BROADENS AS GENERAL COMMERCIAL SEGMENT EDGES

More information

U.S. Market Overview

U.S. Market Overview GENERAL ECONOMIC OVERVIEW The U.S. is increasingly one of the few bright spots of the global economy. Preliminary estimates of thirdquarter GDP growth show an annualized gain of 3.5%, well ahead of expectations.

More information

Employee Benefits Alert

Employee 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 information

MEN S MAGAZINE NETWORK

MEN S MAGAZINE NETWORK MEN S MAGAZINE NETWORK Car and Driver, MotorTrend, Popular Mechanics 2015 MEDIA KIT PLN Publishers Local Networks, LLC 576 Post Road Darien, CT 06820 Tel: 203.656.1000 Fax: 203.656.1007 info@publisherslocalnetworks.com

More information

ZipRealty, Inc. Supplemental Data Reclassification of Consolidated Statement of Operations

ZipRealty, 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 information

The Housing Market and the Macroeconomy. Karl E. Case. University of North Carolina February 18, 2010

The Housing Market and the Macroeconomy. Karl E. Case. University of North Carolina February 18, 2010 The Housing Market and the Macroeconomy Karl E. Case University of North Carolina February 18, 2010 Briefly describe some of the connections between the housing market and the Macroeconomy Discuss how

More information

Metropolitan Area Statistics (4Q 2012)

Metropolitan Area Statistics (4Q 2012) Metropolitan Area Statistics (4Q 2012) Apartment Completions 4Q 2011 4Q 2012 % Chg. Atlanta 490 288-41% Boston 678 995 47% Chicago 506 711 41% Cleveland 4 13 225% Columbus 255 322 26% Dallas-Ft. Worth

More information

Employee Benefits Alert

Employee 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 information

Employee Benefits Alert

Employee 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 information

Medicare Secondary Payer Rules Tighter Enforcement?

Medicare 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 information

MY PLAN IS GETTING A REBATE FROM THE INSURER WHAT DO I DO WITH IT?

MY 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 information

Comprehensive Real Estate Counseling and Valuation Services

Comprehensive 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 information

Office. Investment Outlook. United States Q1 2016

Office. 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 information

2019 NORTH AMERICAN INDUSTRIAL OUTLOOK

2019 NORTH AMERICAN INDUSTRIAL OUTLOOK 2019 NORTH AMERICAN INDUSTRIAL OUTLOOK NORTH AMERICAN INDUSTRIAL OUTLOOK 2019 CONTENTS Industrial Will Not Lose Its Luster 04 Demand Will Come in All Sizes 04 Watch Supply 07 Rents Will Reach New Highs

More information

CYCLE FORECAST Real Estate Market Cycles Second Quarter 2015 Estimates August 2014

CYCLE FORECAST Real Estate Market Cycles Second Quarter 2015 Estimates August 2014 CYCLE FORECAST Real Estate Market Cycles Second Quarter 0 Estimates August 0 Economic forecasts for U.S. GDP and employment growth continue to improve, but are still expected to be at growth rates slightly

More information

Economic Risks and Their Meaning for the Southwest STEVE COCHRANE, MANAGING DIRECTOR

Economic 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 information

WA S H I N G TO N / BALT I M O R E

WA S H I N G TO N / BALT I M O R E D E L T A A S S O C I A T E S WA S H I N G TO N / BALT I M O R E R E A L E S T A T E M A R K E T O V E R V I E W MULTIFAMILY MARKET OVERVIEW 0 9. 2 9. 2 0 1 5 B y W i l l i a m R i c h, C R E P r e s i

More information

Perspectives on U.S. real estate investment

Perspectives on U.S. real estate investment Perspectives on U.S. real estate investment Looking ahead in 2017 Sean Coghlan Director, Investor Research April 7, 2017 The past year s headlines have been unsettling in impact, frequency and market reaction

More information

Comprehensive Real Estate Counseling and Valuation Services

Comprehensive 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 information

Equity LifeStyle Properties

Equity 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 information

The U.S. and California Is The Recovery Here at Last? UCLA Anderson School of

The U.S. and California Is The Recovery Here at Last? UCLA Anderson School of The U.S. and California Is The Recovery Here at Last? Jerry Nickelsburg Senior Economist UCLA Anderson Forecast State of the County January 20, 2010 SEPTEMBER 2008 In September 2008 Financial Markets Stopped

More information

OFFICE FUNDAMENTALS CONTINUE TO SLOWLY STRENGTHEN

OFFICE FUNDAMENTALS CONTINUE TO SLOWLY STRENGTHEN OFFICE MARKET REPORT: 4Q OFFICE FUNDAMENTALS CONTINUE TO SLOWLY STRENGTHEN Prepared by: Galen M. Raza-Self Real Estate Market Research PNC Real Estate 249 Fifth Avenue Pittsburgh, PA 15222 (412) 762-1847

More information

American Jobs Act - Preventing Teacher Layoffs Estimated Jobs Impact by State

American 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 information

TEXAS MULTIFAMILY FOLLOW THE MONEY. THE CAPITAL MARKETS PERSPECTIVE Jeanette I. Rice, Americas Head of Investment Research February 12, 2016

TEXAS MULTIFAMILY FOLLOW THE MONEY. THE CAPITAL MARKETS PERSPECTIVE Jeanette I. Rice, Americas Head of Investment Research February 12, 2016 TEXAS MULTIFAMILY FOLLOW THE MONEY THE CAPITAL MARKETS PERSPECTIVE Jeanette I. Rice, Americas Head of Investment Research February 12, 2016 MULTIFAMILY ON TOP OF THE MARKET 2 MONEY IS FOLLOWING MULTIFAMILY

More information

Trends in Total and Out-of- Pocket Spending in Metro Areas:

Trends 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 information

MEETING OF THE WQA ADMINISTRATIVE/FINANCE COMMITTEE

MEETING 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 information

The Economic Backdrop When will this cycle end?

The Economic Backdrop When will this cycle end? The Economic Backdrop When will this cycle end? How far are we into the current economic expansion? Current expansion in 8 th year; 4 th longest since 1960 Length of economic expansions (months) Apr-91-Feb-01

More information

afl-cio Building Investment Trust Quarterly Report 1Q13

afl-cio Building Investment Trust Quarterly Report 1Q13 afl-cio Building Investment Trust Quarterly Report On the cover: Dock Street Apartments, currently under construction in Minneapolis, MN. Right: Wolf Point, to be built in Chicago, IL. Contents Fund Overview...

More information

Hotel Valuation and Transaction Trends For the U.S. Lodging Industry

Hotel 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 information

Safe Harbor Caution Concerning Forward-Looking Statements Non-GAAP Financial Measures Important Information For Investors And Shareholders

Safe 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 information

Carroll Co-Invest Fund II, LP Investor Update, Q4 2013

Carroll Co-Invest Fund II, LP Investor Update, Q4 2013 Carroll Co-Invest Fund II, LP Investor Update, Q4 2013 January 31, 2014 We are pleased to report that Carroll Co-Invest Fund II experienced a successful 4th quarter 2013. Our work at ARIUM Resort, Carroll

More information

Structured Finance. U.S. RMBS Sustainable Home Price Report. First-Quarter 2017 Update Special Report RMBS / U.S.A.

Structured 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 information

County of Sonoma Agenda Item Summary Report

County 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 information

Wall Street and Commercial Real Estate

Wall Street and Commercial Real Estate Wall Street and Commercial Real Estate Everett (Allen) Greer April 26, 2012 Los Angeles, CA City National Bank Goals of Presentation Disclaimers Market Drivers Economy, Interest Rates Financial Regulations

More information

Macroeconomic 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 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 information

PORTFOLIO REVENUE EXPENSES PERFORMANCE WATCHLIST

PORTFOLIO 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 information

Emerging Trends in Real Estate Navigating at Altitude

Emerging Trends in Real Estate Navigating at Altitude Emerging Trends in Real Estate 2018 Navigating at Altitude Emerging Trends in Real Estate 2018 Navigating at Altitude We are in a long cycle, not in boom/bust. The key to the next few years is to expand

More information

2018 NORTH AMERICAN CONSTRUCTION FORECAST REPORT

2018 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 information

US CAPITAL TRENDS INDUSTRIAL

US CAPITAL TRENDS INDUSTRIAL MAY 18 US CAPITAL TRENDS INDUSTRIAL Deal activity for the industrial sector suffered a setback in May but volume is still up sharply for the year. Sales volume is well ahead of the pace set in 2016 and

More information

Captain CREDIT Crunch

Captain CREDIT Crunch Captain CREDIT Crunch April 9, 2008 Presented by: Patrick Devereaux Senior Director The Times They Are A-Changin Post Credit Crunch Investment Market Fundamentals Of Commercial Real Estate Remain Strong

More information

TRUCKERS APPLICATION

TRUCKERS 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 information