Foreword January 2014 Dear CCIM Institute members, Welcome to the fourth-quarter 2013 edition of CCIM Institute’s Quarterly Market Trends. The report provides timely insight into major commercial real estate indicators for core income-producing properties. It is produced by the National Association of Realtors® in conjunction with and for members of the CCIM Institute, the commercial real estate industry’s global standard for professional achievement. The fourth-quarter 2013 report features commentary from Lawrence Yun, Ph.D., NAR chief economist, and George Ratiu, director of NAR’s quantitative and commercial research. It also includes market data collected from CCIM members that illustrate regional economic and transactional trends across the U.S. I’d like to thank the CCIM members who participated in the survey and shared insights on their local markets. I hope that the information provided in CCIM’s Quarterly Market Trends report provides both economic and commercial real estate market information that will assist you in your business strategies in 2014 and beyond.

Sincerely,

Karl Landreneau, CCIM 2014 CCIM Institute President [email protected]

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Table of Contents

U.S. Economic Overview p. 4 Commercial Real Estate Forecast p. 8 CCIM Market and Transaction Highlights p. 16 Commercial Property Sector Analysis p. 17 CCIM Survey Results p. 20 U.S. Metropolitan Economic Outlook p. 24 Sponsors p. 29 Contributors p. 30

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U.S. Economic Overview The U.S. economy is expected to continue its slow upward trajectory through 2015. A wide variety of economic variables can impact commercial real estate sales, but trends in three key variables — gross domestic product, employment, and interest rates— generally summarize the outlook for commercial real estate in the near term. GDP and employment are in

coupled with a normal economic slowdown,

a slow growth mode, and interest rates are projected

resulting in a sharp recession, significantly lower

to continue to be favorable to sales. Accordingly, the

levels of consumer confidence, and high levels

commercial real estate sales outlook is positive, but

of unemployment. Annual real GDP growth has

at the same time mediocre.

averaged 2.3 percent since the end of the Great Recession in second-quarter 2009, and historically

The slower than expected economic expansion and

growth above 3 percent has followed recessions

lingering uncertainties from the Great Recession

in the 1970s-2000s. Lower than normal levels of

are slowing job creation. The real level of economic

household formation, decreased state and local

expansion continues to be forecasted at less than 3

government expenditures, a mediocre level of

percent, a rate that would signify a normal expansion

consumer confidence, and significant losses in

economy.

household wealth have contributed to the relatively low level of economic growth.

GDP Growth The Great Recession appears to have been caused

Wealth effects initially held back the economic

by the confluence of excessive financial speculation

expansion: Approximately $6.5 trillion of housing

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U.S. Economic Overview wealth was eliminated from fourth-quarter 2006

Job Growth

to fourth-quarter 2011 as home prices declined,

The economy needs to create an average of 125,000

according to Federal Reserve Bank data. Coupled

additional jobs per month just to stay even with

with major declines in the stock markets, this

population growth. Since the end of the Great

deleveraging

consumer

Recession job growth has averaged 124,000 new

confidence and spending decisions by corporations,

jobs per month, according to the Bureau of Labor

consumers, and governments.

Statistics. As of October 2013, approximately 20

negatively

impacted

million people were unemployed or employed part Uncertainties about the economy were also illustrated

time for economic reasons, according to a BLS

by unusually low levels of consumer confidence. The

Household Survey, and the monthly job creation rate

Economic Policy Uncertainty Index, which measures

reported through October 2013 was 186,000 per

the level of economic uncertainty, reached historical

month.

highs in August 2011. At current job creation rates, it will take 58 months Finally, weak consumer demand, increasing economic

to get unemployment down to 5 percent with no

inequality, and the growth of low-pay part-time jobs

improvement in part-time workers who would

continue to be causative factors in the economy’s

like full-time jobs. In addition, the labor force has

slowness. Income flows are circular in the economy.

dropped from 65.7 percent in January 2009 to 62.8

As such, the significant growth of the number of

percent in 2013, which accounts for the elimination

consumers with lower incomes has been cited as a

of approximately 7 million jobs. Some of the labor

major negative impact on consumer expenditures.

force dropouts probably represent discouraged workers leaving the labor force.

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U.S. Economic Overview Job creation is a major driver of the demand for

debt solvency issues can be resolved at the national

commercial real estate, and currently this driver is

level, that major European economies will continue

weaker than it should be under normal conditions.

to improve, and that major political risks do not

As such, slow job creation appears to be the result of

generate economic disasters. The current forecast is

a weak recovery from the Great Recession coupled

based on a continuation of current economic trends

with ongoing economic uncertainty.

absent exceptional economic drama.

Interest Rates

Assuming that there are no surprises or shocks

Most economists expect the Federal Reserve

to the economy, no major tax increases, and that

System to end quantitative easing at some point

government spending continues at current levels,

in 2014. Interest rates are expected to rise, but

the economy is projected to grow moderately for the

are projected to continue to be relatively low by

next three years. Both monetary and fiscal policy have

historic standards. In addition, the Fed is expected

been relatively expansionary, although tempered

to continue to support an expanding economy

by sequestration and modestly rising interest

through relatively easy monetary policy. This

rates. Despite sequestration and government belt

is good news for commercial sales prospects.

tightening, the federal government continues to run at a substantial deficit. State and local governments

Subpar Expansion— Is It the New Normal?

as a whole do not appear to be in a mode for

All forecasts are based on a myriad of economic

additional cutbacks.

assumptions, i.e., that there will be no unforeseen changes in Federal budgets, that a monetary crisis

The economic forecast is based largely on the

will not freeze financial markets, that taxation and

assumption of repeated historical relationships in

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U.S. Economic Overview terms of consumer behavior, asset prices, and domestic

consumer confidence is well below the 100 level that

and international transactions. Trends in asset prices (e.g.,

one would expect during an expanding economy

stocks, housing prices, oil prices, international exchange

and the monthly economic policy uncertainty index,

rates) are essentially unpredictable, but are assumed to

which is based on newspaper coverage, federal tax

be favorable. The assumption of the absence of surprises

code provisions, and disagreements among economic

or shocks to the economy means that the economy will

forecasters, continues to be relatively unfavorable.

continue to grow.

The bottom line is: There continues to be substantial economic uncertainty.

Both economic and non-economic factors coupled with the lingering wealth effects from the Great Recession

In short, the combination of uncertainties and the

appear to be holding the economy back. The National

lingering effects of the Great Recession appear to

Federation of Independent Businesses has reported both

continue to hold back GDP and job growth potential.

demand/poor sales (the economic factor) and government

Consequently, both a recession and robust growth

regulatory requirements (the non-economic factor) as

appear to be unlikely in the next few years. While the

problems holding back the economy.

outlook is positive, it remains mediocre as it is strongly influenced by uncertainties and perceptions about

Uncertainties about quantitative easing, fundamental

current government policies. If these exogenous

budgetary and sequestration disagreements in Congress,

factors were to change unexpectedly (and this is a

hiring concerns reported to be a result of changes in medical

distinct upside possibility given that we are dealing to

insurance programs, and general business concerns appear

a significant degree with political and psychological

to be keeping business optimism at lower than normal

issues), the forecast could become significantly more

levels and negatively impacting hiring decisions. In addition,

positive in 2014.

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Commercial Real Estate Forecast Fundamentals Third-quarter 2013 economic activity—as measured by GDP—witnessed a solid 3.6 percent growth. Some of that positive growth spilled over into commercial real estate markets. Net absorption figures were positive, and modest new construction led to steady vacancy declines.

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Commercial Real Estate Forecast Commercial Property Sector Overview

Nashville, Tenn. (12.7 percent). Asking rents advanced 0.3 percent in the third quarter based on data from

Office

Reis. Rents are projected to rise 2.4 percent by the

The office sector remained bound to modest

end of the year.

employment gains in office-using industries. After staying flat for the previous two quarters, office

Industrial

vacancies declined 10 basis points in the third quarter.

International trade increased in the third quarter,

Compared with a year ago, availability rates were

leading to a positive trade balance. Port and

30 basis points lower. Demand for office properties

intermodal markets reaped most of the benefits

remained moderate, with net absorption totaling

from the activity, posting stronger occupancy and

5.4 million square feet, according to Reis. For the

rent rates. However, on a national level, demand

fourth quarter, net absorption is projected to reach

for industrial space was moderate. Third-quarter

13.4 million sf. The best performing markets during

absorption totaled 14.5 million square feet, according

the quarter were those clustered in technology and

to Reis. On the other hand, the supply of new

energy industries, including Houston, Austin, Texas,

industrial buildings reached its post-2009 peak,

Dallas, Boston, Denver, San Francisco, and Seattle.

totaling 7.4 million sf. Due to the supply increase, vacancy rates declined 10 basis points from second

Office vacancy rates are estimated to close the year

quarter, and 70 basis points on a yearly basis.

at an average 15.7 percent. Regionally, the markets with the lowest projected vacancy rates in the fourth

Availability rates are projected to decline to an

quarter are New York (9.8 percent), Washington, D.C.

average 9.3 percent for the year. Markets with the

(9.9 percent), Little Rock, Ark., (12.0 percent), and

lowest fourth quarter estimated vacancy rates include

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Commercial Real Estate Forecast Orange County, Calif. (3.9 percent), Los Angeles

Retail vacancy is expected to drop to 10.5 percent

(4.0 percent), Miami (6.0 percent), and Seattle (6.3

by the end of the fourth quarter. Coastal markets

percent). Asking rents for industrial space rose 0.4

retain their supremacy in terms of vacancies and rent

percent in the third quarter and are projected to

growth, with California, New York City suburbs, and

gain 2.3 percent for the year.

Washington, D.C., and its suburbs at the top. Two markets offer projected vacancy rates below 5.0

Retail

percent, including Fairfield County, Conn., and San

Political uncertainty in Washington, D.C., and the

Francisco. Asking rents rose 0.3 percent in the third

threat of government shutdown loomed large in

quarter, and are estimated to increase 1.4 percent by

the third quarter. Though GDP during the quarter

the end of 2013.

was solid, it is expected to have slowed drastically to about 1.5 percent in the fourth quarter. Consumer

Multifamily

confidence remained muted, leading to soft spending

Despite investor concerns about the apartment

at the retail level. As a result, demand for retail space

market’s performance, demand for multifamily

was weak, with absorption totaling 2.3 million square

properties remained strong in the third quarter.

feet according to Reis. Meanwhile, the volume of

According to Reis, net absorption totaled 41,283

new construction hit a yearly peak, with 1.5 million

units during the quarter. The supply of apartments

square feet coming online. The combination kept

also grew, adding 36,269 new units on the market.

vacancy rates flat in the third quarter compared with

In turn, the vacancy rate slid 10 basis points during

the second. On a yearly basis, availability was down

the third quarter. Availability rates are expected to

30 basis points.

close the year at 4.1 percent. Metro markets with the lowest projected vacancies are topped by New

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Commercial Real Estate Forecast Haven, Conn., with a rate of 1.9 percent, followed by Syracuse, N.Y., Minneapolis, and San Diego. Asking apartment rents increased 1.0 percent in the third quarter and are expected to rise at a 4.0 percent yearly rate during 2013.

Investment Conditions Commercial real estate investments posted an upbeat third quarter. Sales of major properties (greater than $2.5 million) advanced 26 percent on a yearly basis during the quarter, totaling $89.7 billion, according to Real Capital Analytics. Investors were drawn to a few specific property types, leading to double- or triple-digit growth rates: Sales of retail properties rose 104 percent on a yearly basis, while industrial sales volume jumped 70 percent. Sales of properties at the lower end of the price range (less than $2.5 million) increased 11 percent on a yearly basis. Based on three quarters of data and fourth quarter projections, total sales volume is expected to surpass 2012’s $300 billion.

CCIM QUARTERLY MARKET TRENDS

Source: Real Capital Analytics

A major portion of total sales volume during the third quarter was made up of portfolio sales, which totaled $30.2 billion. Blackstone was involved in two major portfolio sales transactions – an apartment portfolio

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Commercial Real Estate Forecast and an industrial portfolio -- totaling more than $3.1 billion. Sprint Realty Capital spent $7.7 billion on a portfolio of mixed properties. On the individual property side, office transactions dominated the market for top properties. The building at 650 Madison Ave. in New York sold for $1.3 billion in the third quarter, taking the top spot. It was followed by several office properties including City National Plaza and One Wilshire in Los Angeles, which traded for $858 million and $439 million, respectively.

With sales volume on the rise, 23 metropolitan markets surpassed the $1 billion sales volume in the

Property Price Index. Apartments continued to

third quarter alone. Manhattan retained the top

outperform the other sectors, with prices gaining 14

spot, followed closely by Los Angeles and Houston.

percent. The average apartment unit price reached

Investor interest in secondary and tertiary markets

$107,240. Retail properties witnessed a 12 percent

also remained a strong trend in the third quarter.

price appreciation, trading for an average $170 psf.

Markets such as Nashville, Tenn., Phoenix, Seattle,

Prices for office buildings rose 9 percent, changing

and Denver closed sales in excess of $1.0 billion.

hands for an average of $233 psf. Finally, industrial properties posted average prices of $65 psf, a 1

With rising demand, prices advanced 9.3 percent in

percent decline from one year ago.

the third quarter according to RCA’s Commercial

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Commercial Real Estate Forecast Commercial property capitalization rates increased 7 basis points to an average 6.8 percent nationally across all property types, based on RCA data. For properties under $2.5 million, prices increased 4 percent year over year, based on survey data from the National Association of REALTORS®, while cap rates increased 50 basis points to an average 9.2 percent.

As asset values rose, new commercial distress continued on a downward trend. New distress in the third quarter accounted for $2.5 billion, a 30 percent decline from the same period in 2012. Workouts stayed constant during the quarter, averaging $9 to $10 billion, according to RCA.

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Capital Markets Diversification in lending sources continued, and capital availability increased as values of underlying assets rose. Even in the face of rising mortgage rates, spreads for commercial properties stayed even, due to increased lender competition.

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Commercial Real Estate Forecast Commercial mortgage-backed securities were a strong

markets had a bevy of financing choices, secondary

contender in the market, accounting for 24 percent of

markets found CMBS, government agencies, and

funding during the first half of the year. National banks

national banks to play the lead role in transaction

and government agencies accounted for 16 percent

financing. In tertiary markets, CMBS covered over

and 18 percent, respectively.

one-third of all financing, followed by government agencies. Capital availability for transactions under

However, the financing picture was not evenly focused

$2.5 million remained constrained, with cash as

across property types or markets. Based on RCA

the main source of financing for 33 percent of all

data, CMBS issuance made up the bulk of retail and

transactions, according to data from the National

hotel deals, representing 45 percent and 42 percent

Association of REALTORS®.

respectively of total volume. In the apartment sector, government agencies provided 54 percent of funding, dwarfing the next closest source, regional/local banks (11 percent). For office and industrial deals, the capital sources proved to be more evenly represented by the major lending groups. Meanwhile, while major

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Commercial Real Estate Forecast Commercial Real Estate Outlook In general, commercial sales and employment vary together. Given that the economy is currently expanding and producing additional jobs, the outlook for the commercial sector is positive, although possibly modest. The outlook for 2014 calls for continuing growth in commercial investments as commercial fundamentals ride an upward trajectory. With economic growth projected at 2.5 percent annual rate (swings in quarterly data notwithstanding), commercial markets will find absorption rising and lifting rents along with it. Although uncertainties remain about the federal budget and how businesses will absorb the Affordable Care Act, other segments of the economy are rising and as such it will likely mean stronger spending on the business and consumer sides.

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CCIM Market and Transaction Highlights CCIM members provided insights into their markets in a November 2013 survey. • 57% of CCIM members indicated more deals in 4Q13 compared to same period the year before. • Deals were a function of buyer demand: 61% of respondents indicated more inquiries related to buying, while 8% had more inquiries about wanting to sell. • Property prices continued to firm in 4Q13—32% of respondents reported prices similar to last year, while

46% reported higher prices. • Rents increased, with 48% of CCIMs indicating higher rents versus the prior year; 35% of respondents indicated similar rents year over year. • Cap rates were reported to be stable, with 56% of practitioners indicating rates in line with last year; 34% dealt with lower rates. • 45% of respondents expect rents and prices to move together in the next one to three years. 23% said rent growth will outpace price growth, while 32% indicated the opposite, with prices expected to outperform rents. • Interest rate increases tempered in 4Q13—47% of members think that Treasury yields will remain about the same; 23% of respondents indicated that Treasury yields will rise, but will only minimally impact cap rates due to the current spreads; and 11% of CCIMs said that Treasury yields will rise and force cap rates upward. • 27% of respondents indicated meaningful improvement in credit availability in the third quarter compared to last year, while 59% reported marginal improvement. • Current credit conditions are expected to improve, according to 51% of CCIM respondents, while 41% consider the current tightness to be the new normal.

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Commercial Property Sector Analysis The following highlights reflect CCIM members’ local and regional economic, transaction, and property market activity as measured in a November 2013 intelligence survey.

National Office Markets • Deal flow was higher in the third quarter for 64 percent of CCIM members. • Property prices were higher for 46 percent of CCIM, while 33 percent found them to be flat. • Cap rates were even for 64 percent of CCIMs, and lower for 28 percent of respondents. • Rental income was at similar levels for 41 percent of respondents; higher for 44 percent of CCIMs. • 62 percent of respondents had more serious inquiries related to buying.

Source: Real Capital Analytics

National Industrial Markets • Industrial deal flow was higher on a yearly basis for 56 percent of respondents. • Prices were even for 34 percent of CCIMs, and higher for 51 percent. • Cap rates were even for 62 percent, while 28 percent reported lower cap rates. • 53 percent of CCIM members reported higher rents.

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Commercial Property Sector Analysis

Source: Real Capital Analytics

National Retail Markets • Retail deals moved upwards for 51 percent of CCIMs. • Prices were unchanged for 36 percent of respondents, and higher for 42 percent. • Cap rates were the same for 51 percent of CCIMs, and lower for 37 percent. • Rental income increased for 46 percent of CCIM members.

Source: Real Capital Analytics

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Commercial Property Sector Analysis National Apartment Markets • 56 percent of CCIM members reported more deals in the second quarter than last year. • Prices were higher for 55 percent of respondents. • Cap rates stayed the same for 46 percent of members and lower for 42 percent. • Rental income rose for 53 percent of CCIMs.

Source: Real Capital Analytics

National Hotel Markets • Sales of hotels were higher for 75 percent of CCIMs. • Prices increased for 75 percent of respondents.

• Cap rates were the same for 50 percent of CCIMs and lower for 38 percent of members. • 88 percent reported more serious inquiries related to buying hotel properties.

Source: Real Capital Analytics

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CCIM Survey Results % 1. Compared to this time last year, how is your deal flow? > More deals than this time last year

56.9%

> About the same as this time last year

32.9%

> Fewer deals than this time last year

10.2%

2. Property price compared with prices one year ago. > The property price is higher now than if sold last year

46.2%

> About the same as last year

31.7%

> The property price is lower now than if sold last year

7.4%

> Cannot say because it is difficult to compare, or had no transaction this year

14.7%

3. Level of rental income (net rent after all concessions) compared with one year ago. > Rents are higher by more than 5%

11.9%

> Rents are higher by 1% to 5%

36.2%

> About the same as last year

34.6%

> Rents are lower by 1% to 5%

5.8%

> Rents are lower by more than 5%

2.7%

> Don’t know

8.8%

4. Cap rates compared with one year ago. > Higher cap rates

10.8%

> About the same

55.7%

> Lower cap rates

33.5%

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CCIM Survey Results % 5. Cap rates in your current market. > Apartment/Multifamily

6.6%

> Office CBD

7.7%

> Office Suburban

8.0%

> Industrial Warehouse

7.8%

> Industrial Flex

7.9%

> Retail

7.5%

> Hotel/Lodging

7.7%

> Development

9.1%

> Land

8.8%

6. Compared to this time last year, how would you qualify buyer interest? > More serious inquiries related to buying

61.3%

> Fewer serious inquiries related to buying

9.6%

> More serious inquiries related to selling

8.3%

> Fewer serious inquiries related to selling

2.9%

> About the same number of serious inquiries

17.9%

7. Current difference in perception (that is, the gap in cap rates) compared to one year ago. > The gap is narrowing with a better chance of completing a deal

45.6%

> The gap is about the same

43.1%

> The gap is widening with less chance of completing a deal

11.3%

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CCIM Survey Results % 8. Current financing conditions compared to conditions one year ago. > Credit availability has meaningfully improved from last year

27.1%

> Credit availability has only marginally improved

58.6%

> Credit availability is just as tight as last year with no improvement

11.4%

> Credit availability has turned for the worse and is even tighter than last year

2.9%

9. Expectation regarding financing over next 2 to 3 years. > The current tight conditions are the new normal because of new financial market regulations

40.8%

> Credit will be more readily accessible over time

50.9%

> Credit will become even more difficult to access over time

8.3%

10. Clients’ expectation related to future spread outlook over next 2 to 3 years. > Treasury yields will rise and force cap rates upward by roughly the same magnitude

10.8%

> Treasury yields will rise, but it will only minimally impact cap rates because of the current

22.7%

 wide buffer zone (the gap between cap rate and Treasury yield) > Treasury yields will remain about the same for an extended period and cap rates will also

47.1%

 remain about the same as now > Treasury yields will remain low for an extended period and cap rates will fall closer to

12.2%

historical spreads (from the current wide gap) > Cap rates will fall, independent of how Treasury yields move

5.3%

> Both Treasury yields and cap rates will fall

2.0%

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CCIM Survey Results % 11. Expectation regarding rent growth and property prices over the next 2 to 3 years. > Rent growth will outpace price growth

23.2%

> Rent growth will lag behind price growth

31.8%

> Both rent growth and price growth will move roughly the same amount

45.0%

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U.S. Metropolitan Economic Outlook City

State Score

Leading Indicator

Bankruptcy Filings (2013 vs. 2012)*

Unemployment Claims (2013 vs. 2012)**

Employed (Oct. 2013 vs. Oct. 2012)

Total Permits (2013 vs. 2012)**

Phoenix

AZ

B

75.00

-20%

-7%

2%

23%

Tucson

AZ

B

84.38

-20%

-7%

1%

26%

Los Angeles

CA

B

84.38

-25%

-8%

2%

31%

San Bernardino/ Riverside

CA

B

84.38

-25%

-8%

1%

57%

Sacramento

CA

B

84.38

-25%

-8%

1%

49%

San Diego

CA

A

87.50

-25%

-8%

2%

9%

San Francisco

CA

B

78.13

-25%

-8%

1%

23%

San Jose

CA

B

75.00

-25%

-8%

2%

13%

Colorado Springs

CO

A

90.63

-13%

-5%

1%

19%

Denver

CO

C

71.88

-13%

-5%

3%

45%

Hartford

CT

A

93.75

-14%

-4%

1%

12%

Washington

DC

C

68.75

-6%

17%

1%

20%

Jacksonville

FL

C

68.75

-7%

-10%

2%

6%

Miami

FL

C

68.75

-7%

-10%

2%

65%

Orlando

FL

C

65.63

-7%

-10%

3%

42%

Tampa-St.

FL

C

68.75

-7%

-10%

3%

30%

GA

C

65.63

-10%

-14%

3%

68%

Petersburg Atlanta

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U.S. Metropolitan Economic Outlook City

State Score

Leading Indicator

Bankruptcy Filings (2013 vs. 2012)*

Unemployment Claims (2013 vs. 2012)**

Employed (Oct. 2013 vs. Oct. 2012)

Total Permits (2013 vs. 2012)**

Chicago

IL

B

75.00

-3%

-1%

1%

34%

Indianapolis

IN

B

84.38

-5%

-13%

1%

38%

Lexington

KY

C

68.75

-9%

-9%

2%

56%

Louisville

KY

B

75.00

-9%

-9%

2%

1%

New Orleans

LA

B

81.25

-2%

-20%

1%

16%

Boston

MA

A

87.50

-26%

-5%

2%

32%

Baltimore

MD

C

68.75

-4%

-6%

1%

25%

Detroit

MI

A

87.50

-14%

-9%

1%

39%

Minneapolis

MN

B

75.00

-15%

-7%

2%

29%

St. Louis

MO

B

81.25

-5%

-9%

0%

4%

Kansas City

MO

C

68.75

-5%

-9%

1%

55%

Greensboro/ Winston-Salem

NC

A

87.50

-12%

-18%

2%

-7%

Raleigh-Durham

NC

B

75.00

-12%

-18%

2%

7%

Charlotte

NC

B

75.00

-12%

-18%

3%

23%

Omaha

NE

A

87.50

-9%

-11%

1%

27%

Albuquerque

NM

A

87.50

-9%

-25%

1%

19%

Las Vegas

NV

B

78.13

-25%

-7%

2%

23%

Buffalo

NY

B

84.38

-15%

-3%

1%

91%

CCIM QUARTERLY MARKET TRENDS

NATIONAL ASSOCIATION OF REALTORS® AND CCIM INSTITUTE

25

U.S. Metropolitan Economic Outlook City

State Score

Leading Indicator

Bankruptcy Filings (2013 vs. 2012)*

Unemployment Claims (2013 vs. 2012)**

Employed (Oct. 2013 vs. Oct. 2012)

Total Permits (2013 vs. 2012)**

New York

NY

B

84.38

-15%

-3%

2%

35%

Cleveland

OH

B

81.25

-7%

-11%

-1%

42%

Columbus

OH

B

78.13

-7%

-11%

1%

40%

Cincinnati

OH

B

84.38

-7%

-11%

1%

36%

Oklahoma City

OK

B

75.00

-11%

-20%

2%

41%

Tulsa

OK

A

90.63

-11%

-20%

2%

0%

Portland

OR

B

81.25

-15%

-13%

2%

40%

Pittsburgh

PA

B

84.38

-9%

-3%

2%

29%

Philadelphia

PA

B

84.38

-9%

-3%

1%

18%

Providence

RI

A

96.88

-16%

-7%

1%

21%

Charleston

SC

C

71.88

-6%

-11%

1%

-2%

Columbia

SC

A

87.50

-6%

-11%

1%

8%

Greenville

SC

B

81.25

-6%

-11%

1%

38%

Knoxville

TN

B

75.00

-4%

-8%

1%

55%

Nashville

TN

D

62.50

-4%

-8%

3%

40%

Chattanooga

TN

B

81.25

-4%

-8%

0%

16%

Memphis

TN

C

71.88

-4%

-8%

0%

6%

Austin

TX

C

68.75

-13%

0%

3%

19%

Dallas

TX

B

75.00

-13%

0%

3%

18%

CCIM QUARTERLY MARKET TRENDS

NATIONAL ASSOCIATION OF REALTORS® AND CCIM INSTITUTE

26

U.S. Metropolitan Economic Outlook City

State Score

Leading Indicator

Bankruptcy Filings (2013 vs. 2012)*

Unemployment Claims (2013 vs. 2012)**

Employed (Oct. 2013 vs. Oct. 2012)

Total Permits (2013 vs. 2012)**

Houston

TX

B

75.00

-13%

0%

3%

26%

San Antonio

TX

B

81.25

-13%

0%

1%

5%

Salt Lake City

UT

B

78.13

-10%

-8%

2%

33%

Richmond

VA

B

81.25

-13%

-8%

1%

32%

Seattle

WA

B

78.13

-10%

-10%

2%

5%

Milwaukee

WI

B

84.38

-10%

-10%

0%

8%

Birmingham

AL

D

62.50

-3%

-10%

-1%

-6%

Little Rock

AR

B

75.00

-4%

-10%

1%

-35%

New Haven

CT

B

84.38

-14%

-4%

0%

13%

Wichita

KS

B

84.38

-8%

-2%

0%

24%

Rochester

NY

B

84.38

-15%

-3%

1%

-4%

Syracuse

NY

A

87.50

-15%

-3%

1%

-11%

Dayton

OH

B

81.25

-7%

-11%

-1%

28%

Ventura County

CA

A

87.50

-25%

-8%

2%

8%

Westchester

NY

A

87.50

-15%

-3%

0%

-5%

Norfolk/Hampton Roads

VA

B

84.38

-13%

-8%

2%

26%

Tacoma

WA

B

84.38

-10%

-10%

0%

5%

Orange County

CA

B

78.13

-25%

-8%

0%

73%

CCIM QUARTERLY MARKET TRENDS

NATIONAL ASSOCIATION OF REALTORS® AND CCIM INSTITUTE

27

U.S. Metropolitan Economic Outlook City

State Score

Leading Indicator

Bankruptcy Filings (2013 vs. 2012)*

Unemployment Claims (2013 vs. 2012)**

Employed (Oct. 2013 vs. Oct. 2012)

Total Permits (2013 vs. 2012)**

Palm Beach

FL

C

68.75

-7%

-10%

2%

17%

Fairfield County

CT

A

87.50

-14%

-4%

-1%

10%

Fort Lauderdale

FL

C

68.75

-7%

-10%

3%

65%

Fort Worth

TX

B

75.00

-13%

0%

4%

18%

Long Island

NY

B

84.38

-15%

-3%

2%

35%

Northern New Jersey

NJ

C

68.75

-14%

20%

2%

33%

Oakland-East Bay

CA

B

84.38

-25%

-8%

1%

23%

Suburban Maryland

MD

C

71.88

-4%

-6%

2%

20%

Suburban Virginia

VA

B

84.38

-13%

-8%

0%

20%

Durham

NC

C

71.88

-12%

-18%

3%

0%

Raleigh-Cary

NC

B

75.00

-12%

-18%

2%

7%

Central New Jersey

NJ

C

65.63

-14%

20%

-1%

54%

* October 2012 through September 2013 vs. October 2011 through September 2012 **November 2012 through October 2013 vs. November 2011 through October 2012

CCIM QUARTERLY MARKET TRENDS

NATIONAL ASSOCIATION OF REALTORS® AND CCIM INSTITUTE

28

Sponsors CCIM INSTITUTE Since 1969, the Chicago-based CCIM Institute has conferred the Certified Commercial Investment Member (CCIM) designation to commercial real estate and allied professionals through an extensive curriculum of 200 classroom hours and professional experiential requirements. Currently, there are 9,000 CCIMs in 1,000 markets in the U.S. and 31 countries worldwide. Another 3,000 practitioners are pursuing the designation, making the Institute one of the largest commercial real estate networks in the world. An affiliate of the National Association of REALTORS®, the CCIM Institute’s recognized curriculum, networking programs, and the powerful technology tool, Site To Do Business (site analysis and demographics resource), positively impact and influence the commercial real estate industry. Visit www.ccim.com for more information. CCIM INSTITUTE 2014 EXECUTIVE LEADERSHIP B.K. Allen, CCIM Interim Executive Vice President/CEO [email protected]

Karl Landreneau, CCIM President

Mark Macek, CCIM President-Elect

Steven W. Moreira, CCIM First Vice President

Craig Blorstad, CCIM Treasurer

CCIM Institute 430 North Michigan Ave., Suite 800 Chicago, IL 60611 312-321-4460 www.ccim.com

NATIONAL ASSOCIATION OF REALTORS® The Mission of the National Association of REALTORS® Research Division is to collect and disseminate timely, accurate and comprehensive real estate data and to conduct economic analysis in order to inform and engage members, consumers, and policy makers and the media in a professional and accessible manner. The Research Division monitors and analyzes economic indicators, including gross domestic product, retail sales, industrial production, producer price index, and employment data that impact commercial markets over time. Additionally, NAR Research examines how changes in the economy affect the commercial real estate business, and evaluates regulatory and legislative policy proposals for their impact on REALTORS®, their clients and America’s property owners. The Research Division provides several products covering commercial real estate including: • Commercial Real Estate Outlook • Commercial Real Estate Quarterly Market Survey • Commercial Real Estate Lending Survey • Commercial Member Profile To find out about other products from NAR’s Research Division, visit www.realtor.org/research-and-statistics. NATIONAL ASSOCIATION OF REALTORS® RESEARCH DIVISION National Association of REALTORS® 500 New Jersey Ave. N.W. Washington, D.C. 20001 800-874-6500 www.realtors.org ©2014 The CCIM Institute and National Association of REALTORS®. All rights reserved. Lawrence Yun, PhD Sr. Vice President, Chief Economist [email protected]

George Ratiu Director, Quantitative & Commercial Research [email protected]

CCIM QUARTERLY MARKET TRENDS

Ken Fears Director, Regional Economics & Housing Finance Policy [email protected]

NATIONAL ASSOCIATION OF REALTORS® AND CCIM INSTITUTE

29

Contributors Lisa Sands

VIP Realty-Commercial

Fort Myers

FL

Randy Summers

Davis Equity Realty

Weslaco

TX

Mike Foster

Coldwell Banker Commercial

Grand Junction

CO

Ralph Duarte

Sperry Van Ness

Bethesda

MD

Robert W. Drayton

City of Charlotte

Charlotte

NC

Christopher M. Gibbons Venture Commercial

Dallas

TX

Charles A Larkin

Diversified Real Estate, LLC

Watertown

SD

Vladimir Golik

Keller Williams Realty

Miami

FL

Gary Tang

Hannah Investment, Inc.

Albany

CA

Aaron Banard

Cushman & Wakefield Northmarq

Mendota Heights

MN

Michael Wax

Industrial Park Associates

Oxnard

CA

Brad Cooper

Nai Brannen Goddard

Atlanta

GA

John Quinn

McEnearney Commercial

Alexandria

VA

Kenneth Kujawa

CENTURY 21 Signature Realty

Saginaw

MI

James Conklin

7D Commercial Real Estate

Floyds Knobs

IN

Maria Palmar

Jolie Powell Realty

Port Jefferson

NY

Angie Sumner

Fowler Commercial, LLC

Prescott Valley

AZ

Andie Edmonds

ARIS Group

Bend

OR

Craig Evans

Cassidy Turley

New York

NY

Heidi Ho

Century 21 All Islands

Honolulu

HI

Dan Stauffer

McCoy Corporation

San Marcos

TX

Mark Rykovich

Clarity Strategic Opportunities, LLC

Naperville

IL

Kenneth Krawczyk

K.S.K. Services, Inc.

Pewaukee

WI

Pam Rushing

Coldwell Banker Commercial

Salem

OR

Ann Samuelson

Suntree Inc., Realtors

Seaside

OR

Sharon Carz

REO Property Specialists

Los Angeles

CA

Paul Mader

Michael Tanzillo & Company

Castro Valley

CA

Larry Goldman

Remax Commercial

Overland Park

KS

Bogumila Kowalec

All Connect Realty

Port Saint Lucie

FL

Dale Dockins

North Bay Commercial Real Estate

Santa Rosa

CA

David Brooks

Lawler-Wood, LLC

Knoxville

TN

Robert Phillips

Nevada Real Estate LLC

Las Vegas

NV

Janet Robinson

Coldwell Banker Commercial NRT

Sarasota

FL

Lydia Bennett

CRE West Coast, LLC

Bellingham

WA

Eugene Heathman

Garland Realty and Investment

Ruidoso

NM

Scott Perkins

NAI James E.Hanson

Hackensack

NJ

David Boyd

Boyd Commercial/CORFAC International Houston

Michael Connors

CORT Business Services Corporation

Chantilly

VA

Donald A Ruizzo

Assist 2 Sell Ace Full Service Realty

St. Cloud

FL

Jim Otis

The Otis Company

Omaha

NE

George S. Tate Jr.

NAI Knoxville

Knoxville

TN

TX

Paul Lepine

James P McCrory Co., Inc.

Fort Lauderdale

FL

Herb Tousley

Shenehon Company

Minneapolis

MN

Alberto Jauregui

Nevada Land

Las Vegas

NV

Brandon Brown

T.L. Brown Properties

Jackson

MS

Jan A. Sell

Sell & Associates, Inc.

Tempe

AZ

Elgin Weaver

First community credit union

Houston

TX

Mel Bernstein

RE/MAX Optima

Oviedo

FL

Dave Winder

Cushman & Wakefield | Commerce

Boise

ID

Ryan Marn

Colliers International

Honolulu

HI

Chris Schreiber

Kiemle & Hagood

Spokane

WA

Rene' Nelson

Pacwest Commercial Real Estate

Eugene

OR

Lloyd "Skip" Miller

Morris Realty Group

Memphis

TN

Petra Della Valle

Loewe-Adler International, Inc.

Addison

TX

Jeff Hays

RB Murray Company

Springfield

MO

Hassan Jadali

Cassidy Turley

St. Louis

MO

Buddy Rancese

Mutual Trust Corporate Real Estate

Austin

TX

Aziz Khatri

KW Commercial

CA

Linda Cinelli

LC Realty

North Branch

NJ

Patrick Wilcox

Colliers International

NJ

D'Arcy Browning

RE/MAX Real Estate (Central)

Calgary

AK

Steve Eisenshtadt

Friedman Integrated Real Estate Solutions Farmington Hills

MI

Wes Hallmark

Sperry Van Ness / Hallmark & Assoc.

Lubbock

TX

Noel Andress

Sunmsrk Realty Inc.

Fort Mers

FL

Parsippany

John P. Garruto

Capital Realty Consultants

Marlton

NJ

Brian Resendez

Sperry Van Ness

Portland

OR

Shannon Mar

Guarantee Real Estate

Fresno

CA

Melanie Wollenberg

Equity

Columbus

OH

Gary Cornelssen

Marcor Investment Properties, Inc.

San Diego

CA

Jeff Fritz

Ellis-Gibson Development Group

Virginia Beach

VA

Paul Bell

Prudential Americana Group

Las Vegas

NV

Steve Jacquemin

S.J. Financial Group

St. Louis

MO

Nick Nicketakis

CBSRE

Waukegan

IL

Joe Milkes

Milkes Realty Valuation

Dallas

TX

Greg Ogin

Clark Commercial Group

Kailua Kona

HI

Michael Shaffer

Skogman commercial

Cedar Rapids

IA

Claude Boiron

Coldwell Banker Terrequity Realty

Toronto

OH

Junko Masubayashi

Newmark Grubb Knight Frank

El Segundo

CA

Sica Nacu

Southern Realty Enterprises

Longwood

FL

Brett McDermott

Latitude Commercial Realty

Schererville

IN

Mark Howe

Triangle Real Estate Group

Raleigh

NC

Bob Swain

NAI

Seattle

WA

Anne Sieg

KW Commercial

Indep.,

MO

Amanda Reeves

Lee & Asspciates

Charleston

SC

Mat Kolding

Kolding Commercial Brokerage & Invest- Parker

CO

John McLaughlin

McLaughlin Investments, Inc.

Boston

MA

Darolyn Wall

KW Commercial

Phoenix

AZ

ments, Inc. David Jackson

The Jackson Company

Frisco

TX

Tony Baldwin

Baldwin Realty Group

Carver

MA

Brian Rosteck

Skogman Commercial Group

Cedar Rapids

IA

Philip Corriher

Chambers Group

Charlotte

NC

James Barse

NAI Latter & Blum

New Orleans

LA

Anthony Alan Tapie

Grandbridge

Atlanta

GA

Aida Yeghiazarian

RE/MAX Optima

Glendale

CA

Kathie Bahman

Gorman & Company, Inc.

Oregon

WI

Nick Probst+

Corporate Realty Advisers, LLC

Tulsa

OK

Daniel Zelonker

Real Miami Commercial RE LLC

Miami/Coral Gables FL

Roger A. Delisle Jr.

Island Associates Real Estate Inc.

Smithtown

NY

Barry Bounds

KW Commercial Real Estate, LLC

Denver

Richard Miranda

KW Commercial

Houston

TX

Dan Stiebel

Coldwell Banker Schmidt

Traverse City

MI

Howard Wolf

Wolf Group Properties, LLC

Tulsa

OK

John Levinsohn

Levi Investment Realty, Inc.

Indianapolis

IN

George Spirrison

Adelphia Properties

Oak Brook

IL

Ara Karapetian

Dilbeck Commercial

La Canada

CA

Ben Cherry

Manor Real Estate

St. Louis

MO

Greg Herbert

Sperry Van Ness

Eugene

OR

Perry Horton

REOC Austin

Austin

TX

Jen Hudson

WRE/M2

Everett

WA

CCIM QUARTERLY MARKET TRENDS

NATIONAL ASSOCIATION OF REALTORS® AND CCIM INSTITUTE

CO

30

Contributors Max Finkle

ReMax Renaissance Realtors

Chattanooga

TN

Edison Vasquez

ComReal Miami

Miami

FL

Adam Von Romer

Fitzgerald Group

Fort Lauderdale

FL

Patrick Bell

Dunes Properties of Charleston, Inc.

Charleston

SC

Bill Early

Copaken Brooks

Kansas City

MO

Kelly Keesee

KW Commercial

Lubbock

TX

Steven Cohen

Nautilus Capital

Greenville,SC

SC

Bob Rourke

Premises Group

Chicago

IL

Lester Liao

Kennedy Heights Shopping Centre

Delta

WA

Peter Cotsirilos

National Realty Network

Arlington Heights

IL

Gerilyn Gleason

NAI Daus

Cleveland

OH

Scott McClave

The Bascom Group

Irvine

CA

Mark Phillips

Newmark Grubb Levy Strange Beffort

Fountain Hills

AZ

Jordan Wang

Asia Pacific Capital

Tony Puente

Fairchild Partners, Inc

Miami

FL

Brian Phillips

Randall Commercial Group, LLC

Oxford

MS

Colleen Berthelot

Corporate Realty

New Orleans

LA

John McClure

McClure Partners

Dallas

TX

Don Wallace

Callander Commercial

Portage

MI

Mike Oliver

Prudential Commercial Properties

Billings

MT

Anthony Strauss

Colliers

Minneapolis

MN

Russ Wehner

Russ Wehner Realty Co.

Denver

CO

Gary Brown

Gary Brown & Associates, Inc.

Houston

TX

Richard Stern

Midwest Commercial Real Estate, LLC

Madison

WI

Steve Tyrrell

NAI Aguer Havelock

Sacramento

CA

Laura Hagan

H4

Fort Worth

TX

George Tanghongs

Lee & Associates

Dallas

TX

Dewey Struble

Dewey Struble CCIM

Reno

NV

John Gilbert

Gilbert & Ezelle Real Estate Services

Savannah

GA

Walt Clements

Clements Realty Advisors

Glenview

IL

Jason Richards

Novi Real Estate

Carlsbad

CA

Greg Clauson

Coldwell Banker Commercial

Destin

FL

Martin Blum

CBRE

Richmond

VA

Peter Rasmusson

Lee & Associates

Elmwood Park

NJ

Neil Warshafsky

Royal LePage Real Estate Services Ltd.,

Toronto

ON

David Dunn

Sperry Van Ness / Dunn Commercial

Arlington

TX

John Khami

Parkwood Properties

Troy

MI

Stephen M. Soble

Ernest Soble Commercial Properties, Inc. San Antonio

TX

Nick Eyhorn

Coldwell Banker Commmercial Rick

Lubbock

TX

David Victorio

Coldwell Banker Commercial NRT

Mansfield

TX

Brokerage

CA

Canup Realtors

Bob Strzalka

Coldwell Banker Commercial

Haddonfield

NJ

Michael Armanious

Keller Williams

University Place

WA

Skip Rosenstock

USFP

Kansas City

MO

Justin Clark

Caldwell Companies

Houston

TX

Kasey Rohde

JR Fulton & Associates, Inc.

Norman

OK

Randy Atkin

Cushman Wakefield Commerce

Salt Lake City

UT

Jennifer Long

Re/Max Bastrop Area

Bastrop

TX

Andy Bell

Anderson Bell, Inc.

Atlanta

GA

Monica Rafferty

Coldwell Banker Commercial

Salt lake City

UT

Hector Martinez

River Oaks Properties

El Paso

TX

Andy Levy

The Meg Companies

Londonderry

NH

Alan Stamm

Century 21 Consolidated

Las Vegas

NV

Julian Rotnofsky

United Commercial Realty

San Antonio

TX

Brian Wolford

Paradigm Tax Group

Houston

TX

Nancy Reimann

Realty USA

Buffalo

NY

Shawn Massey

The Shopping Center Group

Memphis

TN

Bismarck

ND

Stanley Watson

Watson Real Estate

Ann Arbor

MI

Cheryl Dixon

Dixon Commercial Properties

Southfield

MI

Jeffrey Bentz

Cassidy Turley

Kansas City

MO

Gerald LaHay

Levin Commercial Real Estate, LLC

Atlantic CIty

NJ

Mark Howe

Triangle Real Estate Group

Raleigh

NC

Andrew Joyner

The Simpson Company

Gainesville

GA

W. J. Cotter

Absolute Investment & Realty Services

Tampa

FL

Hal Alpert

Alpert Commercial Real Estate

Vacaville

CA

Paul Fetscher

Great American Brokerage

Long Beach

NY

Thomas Mertens

Omni Development

Albany

NY

Rick Gonzalez

Crosby & Associates

Tavares

FL

Louise Frazier

Blue Ridge Realty, Inc.

Knoxville

TN

Anthony Marshall

VIP Properties

Rapid City

SD

Chris Grear

Colliers

Nashville

TN

Soozi Jones Walker

Commercial Executives Real Estate

Las Vegas

NV

Gregg Waller

Long & Foster Commercial

Vienna

VA

Sam Perlman

Adams & Company

Sandy Springs

GA

Michael R. Bradley

Bradley Commercial Real Estate

Kirkland

WA

Samuel Zonfrillo

KW Commercial

Plainville

MA

Ricky Paradise

NorthPoint Development

Kansas City

MO

Phil Rose

Twin Rivers Capital

Charleston

SC

Jay Steinberg

Block Hawley Commercial Real Estate

Chesterfield

MO

Stephen Luta

Stephen Luta, CCIM

Cape Coral

FL

Jon Matta

MGM Realty Group

Bedford

NH

Brian D Harris

REOC San Antonio

San Antonio

TX

Beverly Keith

Trinity Partners

Raleigh

NC

George Polydoros

George Polydoros Co., Inc

Houston

TX

Michael Hui

HMA Global

Brea

CA

Ashley Elkin

Studley

Washington

DC

John Floyd

Crye-Leike Commercial Property

Brentwood

TN

Thomas Miller

Miller Industrial properties

Reno

NV

Bob Hasan

GE Capital Real Estate

Philadelphia

PA

Jorge L. Pagan

Management

Services

Services

Chris Wallace

RC Commercial Realty

Plymouth Meeting

PA

Chris Spear

ComReal Miami, Inc

Doral

FL

Bradford

Madrona Real Estate Srvs, LLC

Seattle

WA

Marc Barlow

Philip M. Barlow & Assoc. LLC

Gilbert

AZ

CJ Snyder

Ozarks Realty

Flippin

AR

Lorin Schultz

NAI Cummins

Akron

OH

Maire Herron

AIC

Jackson

WY

Josh Randolph

Colliers International

Birmingham

AL

Leon Titus

CBRE

Tacoma

WA

Brian T. Barson

Cornerstone Company

Las Vegas

NV

Jeff Foster

Newmark Grubb Knight Frank

Newport Beach

CA

Ross Hedlund

Frauenshuh

Minneapolis

MN

Le Anne Thomas

Paradigm Tax Group

Woodland Hills

CA

Alan Darner

Kellogg Company

Battle Creek

MI

Aaron McDermott

Latitude Commercial

Schererville

IN

Bob Kane

Bull Realty

Atlanta

GA

Howard Meier

High Peak

Toronto

UT

Todd Hamilton

Cutler Commercial

Scottsdale

AZ

William Ellis

Camden Commercial Real Estate Services San Antonio

TX

David Ashford

Southpace Properties Inc.

Bimringham

AL

James Weld

Value Property LLC

NV

Dana Coronado

KW Commercial

Studio City

CA

CCIM QUARTERLY MARKET TRENDS

Las Vegas

NATIONAL ASSOCIATION OF REALTORS® AND CCIM INSTITUTE

31

Contributors Tim Churchwell

Exit Realty Central Commercial and

Norfolk

VA

Special Markets

Mike Stuhlmiller

Stuhlmiller Realty

Hayden

ID

John Haney

Trotter & Company

Knoxville

TN

Lee Greer, Jr

Sperry Van Ness Lexington

Lexington

KY

Robert DiPietrae

Hendricks-Berkadia

Seattle

WA

Karen Higgins

WestMark Commercial

Lubbock

TX

Ben Walin

Commercial properties of maui

Wailuku

HI

Rob Borny

HFF

Florham Park

NJ

Kevin McGowan

Violet Tiger Corporate Real Estate

Philadelphia

PA

Mike Carroll

Sealy Realty Co., Inc.

Tuscaloosa

AL

David P. Ellermann

Ellermann Commercial Brokerage

Chicago

IL

Jim Helsel

Helsel, Inc., Realtors

Harrisburg

PA

John Leonard

Marcus & Millichap

Atlanta

GA

Juan Teran

Chapman Lindsey Commercial Real Estate Tucson

Patrick Doherty

Carolina Commercial Investment

Wilmington

NC

Anthony Rosetta

Fenway Properties

San Diego

CA

Alex Rodriguez

Commercial Realty Solutions

Miami

Jeff Tompkins

CBRE

Denver

Tony Carlson

Grandbridge Real Estate Capital

Minneapolis

Mike Milovick

Royal LePage Grand Valley Realty

Kitchener

Bill Kutsogiannis

Janus Realty

Regina

SD

Lily Seymour

Gershman Commercial Real Estate

st Louis

MO

Charles Wiercinski

McLennan Commercial Properties

Park Ridge

James Schutter

Newmark Grubb Knight Frank

Chandra Wright

KW Commercial

Michael Martz

Hayes Commercial Group

Beth Chappel Mike King

Properties

Services

AZ

Services LLC Paul Sipp

Turkey Run, Inc.

Columbus

Jeffrey W. Eales

Birtcher Anderson Realty, LLC

San Juan Capistrano CA

FL

Eric Higgins

Colliers International

Birmingham

AL

CO

Lee Ehlers

Investors Realty, Inc

Omaha

NE

MN

Travis Newton

Florida Blue (BCBS)

Jacksonville

FL

Melissa Molyneaux

Colliers International

Reno

NV

Edward Herbert

HCR Associates Realtors

Nashville

TN

Stanley Watson

Watson Real Estate

Ann Arbor

MI

IL

Bradley Alton

NAI Commercial

Edmonton

Chicago

IL

Michael Schout

Cushman & Wakefield Waterloo Region Ltd. Waterloo

Vienna

MD

Nick Miner

Orion Investments

Scottsdale

AZ

Santa Barbara

CA

Todd Clarke

NM Apartment Advisors Inc.

Albuquerque

NM

CBRE

Stamford

CT

Jeff Tompkins

CBRE

Denver

CO

Kidder Mathews

Seattle

WA

Marc Veras

RE Commercial LLC

Green Bay/Appleton WI

Gary Catterton

Catterton General, LLC

Charleston

SC

Lisa Engel

CBRE

Camarillo

CA

Robert Riddle

Riddle Associates, Inc.

Chesapeake

VA

Nancy Fish

Park Place Real Estate

Kalamazoo

MI

Mary Martin Miller

Miller Consulting Group, LLC

Portland;Salem

OR

Tom Schmidt

Colliers International

Redwood City

CA

Rosalie Keszler

The Stone Group

Austin

TX

PJ Behr

CNL Commercial Real Estate

Orlando

FL

Robin Civish

Voit

Las Vegas

NV

David Schnitzer

Venture

Dallas

TX

Simeon Spirrison

Adelphia Properties

Oak Brook

IL

Sherry Palermo

Zann Commercial Brokerage

Houston

TX

Bruce Kahn

The Foundation Group

Seattle

WA

Zachary Fleming

Ryan, LLC

San Antonio

TX

Dave Worden

Windward Commercial Real Estate

Half Moon Bay

CA

Chase Collier

Highwoods Properties

Tampa

FL

Gary Hunter

Westlake Associates, Inc.

Seattle

WA

Realty House Commercial Properties, Inc. Fort Walton Beach FL

Seervices Jennifer Pollock

Synovus Bank

Margaret Larsen David Aikens

OH

CA

Orlando

FL

Kevin Bethea

Larsen Baker LLC

Tucson

AZ

Bob Rosenberg

Inve$tnet Inc.

Sacramento

CA

KW Commercial

Louisville

KY

John Khami

Parkwood Properties

Troy

MI

Dan Dowd

Cole Taylor Bank

Chicago

IL

Christy DeVinaspre

Western Idaho Realty

Nampa

ID

Gayle Berkbigler

KW Commercial

Austin

TX

Edward Schmidt

NAI MIAMI

MIAMI

FL

Jay Pittard

Jordan REA

Southern Pines

NC

Holly Coats

KW Commercial

Amarillo

TX

Joe Awad

RE/MAX Leaders

Denver

CO

Brian Sorrentino

ROI Commercial Real Estate, Inc.

Las Vegas

NV

David Dunn

Hike Real Estate PC

Bellevue

NE

David Gleason

Van Eaton & Romero

Lafayette

LA

Dan Messina

KW Commercial

Concord

MA

Brad Welborn

Colonial Square Realty, Inc.

Fort Myers

FL

Kent Taylor

Taylor Commercial Real Estate

Austin

TX

Matt MacCaughelty

Cardinal Real Estate Partners

Charlotte

NC

Keith Thomas

RE/MAX Parkside

Olympia

WA

Dalerie Wu

STC Management

Whittier

CA

Thomas Knaub

Colliers International

Phoenix

AZ

Kevin Lynch

Sperry Van Ness Commercial Real Estate Chicago

Kim Reagan

Priority One

El Paso

TX

IL

Advisors

Rob Millman

Prudential Indiana Realty

Seymour

IN

Matt Eaton

RE/MAX Commercial Brokers Inc

Metairie

LA

Lee Wagner

Site Selection Group, LLC

Dallas

TX

David Ford

CBRE

Cleveland

OH

Jim Tucker

NetWorks Commercial Real Estate

Richmond

VA

Eric Rehn

Kennedy Wilson Properties Group

Vallejo

CA

Jennifer Martin

Sperry Van Ness Commercial Advisors

Salem

OR

Pam Rushing

Coldwell Banker Commercail Mt West

Salem

OR

D. Scott Smith

Prudential

Baltimore

MD

Topher Thompson

CBC Thompson Realty Group

Lincoln

NE

Jose Maria Serrano

New Miami Realty Corp.

Miami

FL

James Roscoe High

Southeast Venture, LLC

Nashville

TN

Shane Hoey

Neil Walter Co

Kent

WA

Ben Cherry

Manor Real Estate

St. Louis

MO

Heidi Adams

Sperry Van Ness | R M Moore

Knoxville

TN

Edward Bowden

Virginia Land Ventures, LLC

Richmond

VA

Brian Erickson

NAI Optimum

West Des Moines

IA

Robert Avary

Alta Commercial Real Estate

Houston

TX

Susan Cerone

Realtyusa

Albany

NY

Trent Grothues

Pollan Hausman Real Estate Services, LLC Houston

TX

Lang Motes

ICO Commercial

Houston

TX

Beth DuPont

Winkler & DuPont

Portland

OR

Allison Thompson

Cedar Hill EDC

Cedar Hill

TX

Rick Clark

Integrity Bank

Houston

TX

CCIM QUARTERLY MARKET TRENDS

NATIONAL ASSOCIATION OF REALTORS® AND CCIM INSTITUTE

32

Contributors Andrew Joyner

The Simpson Company

Gainesville

GA

Hema Virani

DJK Commercial

New York

NY

Dietrich Brandt

Dietrich Realty

Santa Cruz

CA

Lawrence L. Davis

Benson and Mangold Commercial

Easton

MD

Kathleen Boswell

Coldwell Banker Commercial

Charleston

SC

Roger Gray

Capital Asset Properties, LC

San Antonio

TX

James Palmer

Re/Max Metro-city Realty Ltd

Ottawa

Casey Keitchen

Bull Realty

Atlanta

GA

Daren Hebold

Lux Realty Group

Portland

ME

Blair Gilbert

KW Commercial

Exton

PA

Dan Robinson

Lidstrom Commercial Realtors

Mankato

MN

Will Barden

Colliers International | Memphis

Memphis, TN

TN

Columbia

SC

Tatum Moore

iCORE Global - Austin

Austin

TX

Julie Teague Charles Parmelli

Cassidy Turley

Chatham

NJ

William Robinette

Select Properties Company

Hayden Lake

ID

Alger LaHood

LaHood Realty

Grosse Pointe

MI

Kevin Geraghty

Windermere Whatcom Inc

Bellingham

WA

William Butler

Engel Realty Company, LLC

Birmingham

AL

Justin Neal

The Viking Team Realty

Longood

FL

John Simpson Jr.

Prudential Simpson & Assoc.

Fredericksburg

VA

Gregory C. Cassel

High Real Estate Group LLC

Lancaster

PA

Michael Houge

Transwestern

Minneapolis

MN

Steven Martens

NAI Martens

wichita

KS

David Jackson

The Jackson Company

Frisco

TX

Jim Williams

REMAX Capital Inc

Windsor

Ralph Pace

U.S. Bank

Denver

CO

Homer W Hines

HWH Properties

Chesnee

AJ Dugal

Century 21 Clemens & Sons

Rocky Hill

CT

Frank Weiskopf

Realty Executives

Maryville/Knoxville TN

Rich Rhatigan

Atherton & Associates

Shelton

CT

Bobbie Mastracci

Phoenix West Commercial

Litchfield Park

Ryan Johnson

Johnson Group

Reno

NV

Robin Santiago

Kidder Mathews

San Jose

CA

Drew Basham

RE/MAX Affiliates Realty Commercial

Little Rock

AR

Alejandra Matthes

Re/Max Masters

Glendora

CA

James Marian

Chapman Lindsey

Tucson

AZ

Woods

SC

James Kirby

Walmart Realty

Bentonville

AR

Hal Alpert

Alpert Copmmercial Real Estate

Vacaville

CA

Darrell Robb

Encon Commercial

Santa Fe Springs

CA

David Roth

Remax Alliance Group

Sarasota

FL

Wes Schollenberg

Avison Young

Winnipeg

Deb Stevens

The Stevens Group

Boston

MA

Harvey Kolin

Corporate Commercial Realty

Melville

NY

Chad Heer

RE/MAX Commercial

St Paul

MN

Cindy Feinberg

Feinberg Real Estate Advisors, LLC

Allentown

PA

Michele Dugan

Roundy's Supermarkets, Inc.

Milwaukee

WI

Amy Mills

Steve Fineberg & Associates, Inc.

Bentonville

AR

Steve Mitchell

KW Commercial

Jacksonville

NC

Dale Donovan

KW Commercial

Orlando

FL

Vicki Hodge

Walgreens

Wauwatosa

WI

Angela Harwell

Lakeland Commercial Realty, LLC

Lakeland

FL

Lauren Rodes

Colliers International

Phoenix

AZ

Joe P. Rickett

Douglas Advisory

Dallas

TX

Paul Rosado

Commercial Real Estate Broker

Tucson

AZ

Eric Wang

Yuanta Asset Management Co.

Taipei

Rob Lukemeyer III

Baseline, Inc.

Carmel

IN

Michael Sorrentino

Century 21 Franklin Street

Lenox

MA

Matt Boehlke

Regus

Maple Grove

MN

S. Susan Self

Ritter Management, Inc.

Irving

TX

James Mangas

Best Corporate Real Estate

Upper Arlington

OH

Raisa Galper

Gardner, Realtors

New Orleans

LA

Robert Powell

Powell Realty Advisors, LLC

Dallas

TX

Burt Polson

ACRES Real Estate Services, Inc.

Napa

CA

Zach Schwarzmiller

Coast Sperry Van Ness

Everett

WA

Carrie Spradling

Walker Alley and Associates

Shreveport

LA

Jacob Grieser

HC REIT

TOLEDO

OH

Dave Denton

DAR Development

Grand Rapids

MI

Rodney Gustafson

Case Commercial Real Estate, Inc.

Denver

CO

Thomas Miller

Miller Industrial Properties

Reno

NV

Lauren Nasser

Arthur Kowitz Realty

Daytona Beach

FL

Patty Burns

Fickling & Company

Macon

GA

Lois Williams

The Rosemyr Corporation

Henderson

NC

Bruce Pearson

John Hancock Financial

Boston

MA

Heather Trower

RED Legacy, LLC

Kansas City

MO

Mez Birdie

NAI Global

Orlando

FL

George Polydoros

Polydoros & Associates

Houston

TX

Jason Wilcox

Raven Commercial Real Estate

Kent

WA

Clarissa V. Willis

CBRE

Miami

FL

Michael Armanious

KW Commercial

Tacoma

WA

Aaron Goldmeier

Hampton Roads Management

Virginia Beach

VA

Laurens Nicholson

Lee & Associates

Greenville

SC

M.E. (Mike) Eurchuk

Realty Executives Meridian

Edmonton

Jeff Franklin

J.W. Franklin Co.

Warrensburg

MO

Bill Whitlatch

The Whitlatch Company

Visalia

CA

Gary J. Drechsel

Eagle Realty USA

Ledgewood

NJ

Michael Roy

Neil Walter Company

Kent

WA

Ed Kiesa

CBRE | Syracuse

Syracuse

NY

Scott Pollom

Cassidy Turley

Indianapolis

IN

Frank Thomasson

Cassidy Turley

Nashville

TN

Stephen Brown

CBRE Limited

Toronto

Ashley Chertkof

Sperry Van Ness/RealSite Commercial

Baltimore

MD

Todd Hamilton

Cutler Commercial

Phoenix

AZ

Douglas K. Smith

NAI Puget Sound Properties

Tacoma

WA

Group Tom Larson

RE/MAX Commercial Property Solutions La Porte

IN

John M. Stone

John M. Stone Company

Dallas

TX

Erik Schwetje

EWS Advisors

Winter Park

FL

Jerry Holdner

Voit Real Estate Services

Newport Beach

CA

Mark Klein

Klein & Heuchan

clearwater

FL

James T. Saint

Halo Realty & Investments Corporation

Las Vegas

NV

George Spirrison

Adelphia Properties

Oak Brook

IL

Don Gabriel

Ameribid

Overland Park

KS

Brett McDermott

Latitude Commercial Realty

Schererville

IN

Bobbi Miracle

Commercial Executives

Las Vegas

NV

Dan Smith

Millridge Real Estate LLC

Wake Forest

NC

Doug McKinnon

BankPlus

Jackson

MS

Rick McGraw

Coldwell Banker/Tomlinson Group

Boise

ID

Patrick Gallagher

Siegel-Gallagher

Milwaukee

WI

Dale DeBoer

DeBoer Commercial Real Estate

Modesto

CA

Arielle Dorman

Kidder Mathews

Bellevue

WA

Macy Ritter

NorthPoint Development

Kansas City

MO

Tony Fluhr

NTS Development Company

Louisville

KY

CCIM QUARTERLY MARKET TRENDS

NATIONAL ASSOCIATION OF REALTORS® AND CCIM INSTITUTE

33

Contributors Brian Collins

Post Office Realty

New Braunfels

Bob Droubi

Keller Williams

Houston

TX

Jim Tamblyn

Colliers Internatinoal Southwest Florida

Fort Myers

FL

Derrick Stricker

NAI Tri-Cities

Kennewick

WA

Jim Kirkpatrick

CBRE Capital Markets of Texas

Houston

TX

David Johnson

Mortgage Capital Investments, Inc.

Nashville

TN

Alon Hilton Price

Price-CO Realty Partners

Atlanta

GA

Tom Norton

FedEx Trade Networks

Memphis

TN

Jay Verro

NAI Platform

Albany

NY

Geoffrey Faulkner

NNNet Advisors

San Francisco

CA

Ben Fazendin

Grandbridge Real Estate Capital

Minneapolis

MN

William Lewis

The Lewis Group/CORFAC International Raleigh

NC

Tarit Chaudhuri

KW Commercial Txas Gulf

Houston

TX

Randall B. Boughton

NAI Latter & Blum

Baton Rouge

LA

Tom Shelly

Sunshine Commercial Brokerage, LLC

St. Peteersburg

FL

Tony Witt

Cassidy Turley

Dayton

OH

Jerry Hempenius

Com-Spec Properties, Inc.

San Luis Obispo

CA

Ricky Paradise

NorthPoint Development

Kansas City

MO

John Rees

Rees Commercial

Little Rock

AR

Andy Manthei

KW Commercial Midwest

Eagan

MN

Darby Craddock

CFO Real Estate Services LLC

Winter Haven

FL

Stasiu Geleszinski

Sperry Van Ness

Cincinnati

OH

Glen Rickett

SBC Realty Partners

Billings

MT

Vince Elder

Coldwell Banker Commercial United

Houston

TX

Bobby Pittenger

Pittenger Land

Charlotte

NC

Andrew Scearce

Chodrow Realty Advisors

Houston

TX

Zachary Harrell

Scott F. Harrell & Associates, Inc.

Springfield

MO

Danny Morales,

Hartman Income REIT

Houston

TX

Thomas

Brian Properties, Inc.

Arlington Heights

IL

Jeff Wilke

Graham & Company

Huntsville

AL

Darrell Okada

NAI Puget Sound Properties

Bellevue

WA

Tim Mills

CBRE

San Diego

CA

Anthony Clayton

Century 21 King

Rancho Cucamonga CA

Stephen Bean

HBCRE

Lexington

CCIM QUARTERLY MARKET TRENDS

TX

Thank you to the industry experts who contributed to CCIM Institute’s 4Q13 Quarterly Market Trends.

KY

NATIONAL ASSOCIATION OF REALTORS® AND CCIM INSTITUTE

34