2012 Global Market report - NAI Global
2012 Global Market report - NAI Global 2012 Global Market report - NAI Global
Clarksville, Tennessee Knoxville, Tennessee Contact NAI Clarksville +1 931 648 4700 Metropolitan Area Economic Overview 2011 Population 2016 Estimated Population Employment Population Household Average Income Median Household Income Total Population Median Age 280,688 308,401 120,157 $56,972 $46,654 30 Clarksville is the fifth largest city in the state of Tennessee and the 17th fastest growing city in the United States. The city of Clarksville, adjacent to Fort Campbell Military Base, enjoys an expanding and diverse industrial base, a vibrant residential market and is home to Austin Peay State University. Hemlock Semiconductor Corporation, one of the world’s leading suppliers of polycrystalline silicon products, is currently constructing a $1.5 billion facility which will become operational in late 2012. Conwood Corporation, a subsidiary of R. J. Reynolds, recently purchased a 193 acre site and will invest $130 million expanding their existing operation in Clarksville. Bridgestone Metalpha and Winn Marine have also announced $75 million and $50 million expansions of their existing facilities. Other corporate citizens with manufacturing facilities in Clarksville include The Trane Company, Jostens, Florim, US Zinc and the Robert Bosch Corporation. Austin Peay State University is the fastest growing university in the Tennessee Board of Regents system with enrollment exceeding 10,000 students. APSU offers 57 majors allowing students to earn a bachelor’s, master’s or education specialist’s degree. In addition, the university boasts two accomplished Centers of Excellence and four Chairs of Excellence. There is a good supply of new land available for retail, office, industrial and residential development. Land prices are typically lower than those found in comparable markets. Currently there is a shortage of warehouse space primarily resulting from the entrance of Hemlock Semiconductor and related suppliers to the market. Construction of retail space has slowed due to the national economy. However, Clarksville enjoys a stable retail environment as evidenced by increased sales tax collections. CNN Money recently ranked Clarksville as the fourth best metro area to launch a business. Clarksville has been recognized as one of the 20 best performing cities in the country’s 200 largest metro areas. In 2010 Business Facilities Magazine ranked Clarksville as the number four city nationwide for Alternative Energy Industry leaders. Contact NAI Knoxville +1 865 777 3030 Metropolitan Area Economic Overview 2011 Population 2016 Estimated Population Employment Population Household Average Income Median Household Income Total Population Median Age 798,719 842,042 407,381 $58,429 $45,155 40 The Knoxville market has witnessed signs of improvement from 2010. General activity from prospective tenants and buyers remains low; however overall vacancy has decreased and Knoxville is experiencing positive absorption. A major hail storm in late April brought an influx of contractors to town to handle repairs resulting in a short term spike in absorption in the flex space market for spaces under 3,000 SF. Businesses are starting to get a sense of optimism, and office leasing transactions during 2011 have started to return to the normal three and five year lease terms although concessions are still being provided in the form of free rent. Tenants are relocating to save rental costs, but very little expansion is occurring. The number of office sales has increased, however, except for Class A properties, prices are down 30% to 40% from pre-recession levels. Knoxville’s industrial market has shown some signs of recovery from 2010. The seemingly continual announcement of manufacturing businesses closing has ceased and the vacancy rate has improved. Some noteworthy positive activity includes Teledyne Brown Engineering, Inc. moving into a new 109,034 SF building and Midlab Inc. purchasing 100,000 SF. However, GE Energy closed a 360,000 SF distribution facility and activity remains slow as many businesses are unsure of what the future holds. Many new grocers have announced their entry into the Knoxville retail market. Some of these include Whole Foods, Trader Joe's, Publix and Costco. Other noteworthy transactions include a new 100,000 SF Kroger's and Target’s 110,000 SF store at the new NorthShore Town Center. Multifamily occupancy has risen steadily, encouraging both new developments and new investors to the area. The largest ground up developments are Amberleigh Bluff (Southwest Knox County) with 336 units and Legends at Oak Grove (North Knoxville) with 264 units. The largest transactions include Bristol Park with 208 units at $18,300,000 and Spring Meadow with 248 units at $11,525,000. 2012 is expected to bring several new multifamily development announcements as well as strong transactions for cash flowing, reposition and REO properties. Clarksville At A Glance (Rent/SF/YR) low High effective avg. Vacancy doWntoWn offIce New Construction (AAA) Class A (Prime) $ $ 14.00 12.00 $ $ 18.00 14.00 $ 16.00 $ 13.00 5.00% 12.00% Class B (Secondary) suburban offIce $ 8.00 $ 10.00 $ 9.00 5.00% New Construction (AAA) Class A (Prime) Class B (Secondary) IndustrIal $ $ $ 17.00 17.00 14.00 $ $ $ 22.00 22.00 16.00 $ 19.50 $ 19.50 $ 15.00 8.00% 8.00% 10.00% Bulk Warehouse Manufacturing High Tech/R&D retaIl $ $ 1.75 3.00 N/A $ $ 4.25 4.00 N/A $ $ 3.00 3.50 N/A 3.00% 5.00% N/A Downtown Neighborhood Service Centers Sub Regional Centers Regional Malls $ $ $ $ 10.00 14.00 17.00 20.00 $ $ $ $ 14.00 18.00 20.00 30.00 $ 12.00 $ 16.00 $ 18.00 $ 25.00 9.00% 6.00% 5.00% 10.00% deVeloPment land Low/Acre High/Acre Office in CBD Land in Office Parks Land in Industrial Parks Office/Industrial Land - Non-park Retail/Commercial Land $ $ $ $ 345,000.00 215,000.00 87,500.00 N/A 345,000.00 $ 875,000.00 $ 450,000.00 $ 175,000.00 N/A $ 650,000.00 Residential $ 15,000.00 $ 55,000.00 Knoxville At A Glance (Rent/SF/YR) low High effective avg. Vacancy doWntoWn offIce New Construction (AAA) Class A (Prime) Class B (Secondary) suburban offIce New Construction (AAA) Class A (Prime) Class B (Secondary) IndustrIal $ $ $ $ N/A 15.00 12.00 N/A 19.00 11.50 $ $ $ $ N/A 17.00 15.00 N/A 24.50 16.00 N/A $ 16.00 $ 13.00 N/A $ 21.00 $ 14.00 N/A 16.00% 16.00% N/A 15.40% 17.00% Bulk Warehouse Manufacturing $ $ 1.90 2.00 $ $ 3.50 4.00 $ $ 2.95 3.00 12.00% 12.00% High Tech/R&D retaIl Downtown Neighborhood Service Centers Community Power Center Regional Malls $ $ $ $ 8.00 8.00 7.00 12.00 N/A $ $ $ $ 20.00 22.50 19.00 24.00 N/A $ 12.50 $ 15.25 $ 14.50 $ 19.00 N/A 6.00% 8.00% 15.00% 10.00% N/A deVeloPment land Low/Acre High/Acre Office in CBD Land in Office Parks Land in Industrial Parks Office/Industrial Land - Non-park $ $ $ 150,000.00 N/A 20,000.00 30,000.00 $ $ $ 260,000.00 N/A 80,000.00 284,000.00 Retail/Commercial Land Residential $ 190,000.00 N/A $ 1,000,000.00 N/A 2012 Global Market Report n www.naiglobal.com 135
Memphis, Tennessee Nashville, Tennessee Contact NAI Saig Company +1 901 526 3100 Metropolitan Area Economic Overview 2011 Population 2016 Estimated Population Employment Population Household Average Income Median Household Income 1,329,141 1,380,940 665,857 $64,835 $47,974 Memphis commercial real estate has outperformed the nation in its strongest segment, industrial. Southeast Memphis and DeSoto County saw the lion’s share of quality leasing activity. Meanwhile, Memphis’ office and retail segments often shadow the nation, so these segments had stable years at best. East Memphis and downtown Class A office saw the greatest activity in that segment while retail saw some movement based on large transactions. The Memphis industrial market, a pillar of the region, saw its second straight quarter of positive absorption putting direct vacancy at 14.3%. For 2011 large, new leases include Trane (625,000 SF), CEVA Logistics (623,500 SF), Nike (400,000 SF), Newegg (414,960 SF) and Cummins (371,233 SF), among others. Memphis has also been bolstered by several build-to-suit projects from Electrolux Home Products and Mitsubishi Electric Power Products. City Brewing Co. bought the former Coors brewery for $30 million, opening a contract brewery. Mayfield Properties also purchased 4.2 million SF of Class B and Class C space at the Memphis Depot Business Park for $35.8 million. In the office market, expansions and a lack of new construction led to five straight quarters of positive absorption, with yearto-date absorption of 264,323 SF. The direct vacancy rate is 19.7%, down from 20.4% at the same time last year. One Commerce Square moved Pinnacle Airlines into 170,000 SF downtown, followed by Electrolux (13,958 SF) and Great American Steamboat (6,944 SF). Other Class A leases include Education Realty Trust (27,000 SF), Regional Adjustment Bureau (47,830 SF), Le Bonheur Community Health and Well-Being (25,500 SF) and Qsource (18,000 SF). Memphis’ retail market was dominated by Kroger’s purchase of eight locations from Schnuck Markets, with 333,404 SF now vacant across the market. This is on top of a fairly steady vacancy rate, currently at 14.3%. Local furniture dealer Samuel’s leased 25,000 SF in east Memphis, while DD’s Discounts entered the market with a 32,000 SF Class B lease in north Memphis. Bass Pro Shops is moving forward with plans to occupy the Pyramid, a downtown arena. The $191 million public/private project is slated to open in 2013. Contact NAI Nashville +1 615 377 4747 Metropolitan Area Economic Overview 2011 Population 2016 Estimated Population Employment Population Household Average Income Median Household Income 1,702,694 1,829,946 908,532 $64,590 $51,360 Middle Tennessee continues to enjoy moderate economic growth. Job growth has been steady with particular improvement seen due to the relocation of Jackson National Life to Franklin, Tennessee and Loews Corporation and ServiceSource to the downtown Nashville market. Construction of the 1.4 million SF Nissan Leaf battery plant in Smyrna is expected to be complete in 2012 and is a bright spot for manufacturing. Healthcare and service employment figures also continue to grow. Office occupancy and rental rates have seen little change in 2011. While rates and occupancy inched upward in the Cool Springs, Brentwood and West End markets, the Airport South, Airport North and Downtown areas continue to lag. The Cool Springs and West End areas continue to lead all others in occupancy. Landlord concessions continue to drive deals rather than considerable drops in base rental rates. Notable leases include HCA’s lease of 82,767 SF at Eight Corporate Center (Cool Springs) and Tractor Supply Company’s renewal of the Westwood South building (66,085 SF) in Brentwood. Projects under construction include 175,000 SF of Class A space in Meridian Cool Springs by Boyle Development and an additional 75,000 SF building for Healthspring in MetroCenter. The retail sector remains strong in a few submarkets (Green Hills, West End and Brentwood/Cool Springs) with vacancy rates in Class A product remaining low and rental rates remaining relatively high. In areas such as downtown and Antioch, vacancy levels continue to hover around 6.5%. The downtown retail market, while still recovering, has seen bright spots in the opening of Puckets Grocery in St. Cloud Corner and Margaritaville on Broadway. Optimism remains strong as the 1.2 million SF Convention Center continues construction. While the retail and office sectors remain steady, the industrial market continues to lag with an overall vacancy rate of 9.6% at the end of Q3 2011. Bright spots include a 518,400 SF lease signed by Griffin at the Interchange Distribution Center in the southeast market and the 445,942 SF deal signed by Amazon.com at Park 840 in Wilson County. Owner-occupant purchases have remained steady. Total Population Median Age 34 Total Population Median Age 37 Memphis At A Glance (Rent/SF/YR) low High effective avg. Vacancy doWntoWn offIce New Construction (AAA)/ Class A (Prime) Class B (Secondary) suburban offIce New Construction (AAA) Class A (Prime) Class B (Secondary) IndustrIal $ $ $ $ N/A 14.50 7.00 N/A 11.60 5.00 $ $ $ $ N/A 22.00 20.00 N/A 28.75 25.00 N/A $ 18.88 $ 15.93 N/A $ 22.34 $ 16.93 N/A 9.00% 19.90% N/A 11.10% 22.20% Bulk Warehouse Manufacturing High Tech/R&D retaIl $ $ $ 1.25 1.25 2.25 $ $ $ 4.25 5.00 12.50 $ $ $ 2.41 2.65 6.14 11.90% 10.00% 17.80% Downtown $ 2.76 $ 25.00 $ 12.79 27.50% Neighborhood Service Centers $ 6.00 $ 14.00 $ 7.00 48.90% Community Power Center $ 1.00 $ 22.00 $ 11.80 16.20% Regional Malls $ 4.00 $ 17.00 $ 9.60 20.90% deVeloPment land Low/Acre High/Acre Office in CBD Land in Office Parks Land in Industrial Parks Office/Industrial Land - Non-park Retail/Commercial Land Residential $ $ $ $ $ N/A 90,000.00 60,000.00 7,143.00 6,820.00 30,000.00 $ $ $ $ $ N/A 283,000.00 153,000.00 98,000.00 196,000.00 281,500.00 Nashville At A Glance (Rent/SF/YR) low High effective avg. Vacancy doWntoWn offIce New Construction (AAA)/ Class A (Prime) Class B (Secondary) suburban offIce New Construction (AAA) Class A (Prime) Class B (Secondary) IndustrIal $ $ $ $ $ $ 23.50 18.00 8.40 21.50 17.00 3.01 $ $ $ $ $ $ 25.25 26.50 25.00 30.00 28.52 59.72 $ 23.61 $ 20.96 $ 16.28 $ 25.41 $ 21.68 $ 18.23 40.00% 21.00% 17.00% 5.00% 9.00% 10.00% Bulk Warehouse Manufacturing High Tech/R&D retaIl $ $ $ 1.25 1.25 1.25 $ $ $ 21.60 9.50 21.60 $ $ $ 3.50 2.28 3.40 12.00% 7.00% 10.00% Downtown Neighborhood Service Centers Sub Regional Centers Regional Malls $ $ $ $ 7.00 3.50 11.00 21.23 $ $ $ $ 22.00 30.00 40.00 24.00 $ 13.90 $ 13.27 $ 18.39 $ 23.69 47.00% 19.00% 9.00% 15.00% deVeloPment land Low/Acre High/Acre Office in CBD Land in Office Parks Land in Industrial Parks Office/Industrial Land - Non-park Retail/Commercial Land Residential N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 2012 Global Market Report n www.naiglobal.com 136
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Memphis, Tennessee<br />
Nashville, Tennessee<br />
Contact<br />
<strong>NAI</strong> Saig Company<br />
+1 901 526 3100<br />
Metropolitan Area<br />
Economic Overview<br />
2011<br />
Population<br />
2016 Estimated<br />
Population<br />
Employment<br />
Population<br />
Household<br />
Average Income<br />
Median<br />
Household Income<br />
1,329,141<br />
1,380,940<br />
665,857<br />
$64,835<br />
$47,974<br />
Memphis commercial real estate has outperformed the<br />
nation in its strongest segment, industrial. Southeast<br />
Memphis and DeSoto County saw the lion’s share of quality<br />
leasing activity. Meanwhile, Memphis’ office and retail<br />
segments often shadow the nation, so these segments had<br />
stable years at best. East Memphis and downtown Class A<br />
office saw the greatest activity in that segment while retail<br />
saw some movement based on large transactions.<br />
The Memphis industrial market, a pillar of the region, saw<br />
its second straight quarter of positive absorption putting<br />
direct vacancy at 14.3%. For 2011 large, new leases<br />
include Trane (625,000 SF), CEVA Logistics (623,500 SF),<br />
Nike (400,000 SF), Newegg (414,960 SF) and Cummins<br />
(371,233 SF), among others. Memphis has also been<br />
bolstered by several build-to-suit projects from Electrolux<br />
Home Products and Mitsubishi Electric Power Products. City<br />
Brewing Co. bought the former Coors brewery for $30<br />
million, opening a contract brewery. Mayfield Properties also<br />
purchased 4.2 million SF of Class B and Class C space at<br />
the Memphis Depot Business Park for $35.8 million.<br />
In the office market, expansions and a lack of new construction<br />
led to five straight quarters of positive absorption, with yearto-date<br />
absorption of 264,323 SF. The direct vacancy rate<br />
is 19.7%, down from 20.4% at the same time last year. One<br />
Commerce Square moved Pinnacle Airlines into 170,000<br />
SF downtown, followed by Electrolux (13,958 SF) and Great<br />
American Steamboat (6,944 SF). Other Class A leases<br />
include Education Realty Trust (27,000 SF), Regional<br />
Adjustment Bureau (47,830 SF), Le Bonheur Community<br />
Health and Well-Being (25,500 SF) and Qsource (18,000 SF).<br />
Memphis’ retail market was dominated by Kroger’s purchase<br />
of eight locations from Schnuck <strong>Market</strong>s, with<br />
333,404 SF now vacant across the market. This is on top<br />
of a fairly steady vacancy rate, currently at 14.3%. Local<br />
furniture dealer Samuel’s leased 25,000 SF in east Memphis,<br />
while DD’s Discounts entered the market with a<br />
32,000 SF Class B lease in north Memphis. Bass Pro Shops<br />
is moving forward with plans to occupy the Pyramid, a<br />
downtown arena. The $191 million public/private project is<br />
slated to open in 2013.<br />
Contact<br />
<strong>NAI</strong> Nashville<br />
+1 615 377 4747<br />
Metropolitan Area<br />
Economic Overview<br />
2011<br />
Population<br />
2016 Estimated<br />
Population<br />
Employment<br />
Population<br />
Household<br />
Average Income<br />
Median<br />
Household Income<br />
1,702,694<br />
1,829,946<br />
908,532<br />
$64,590<br />
$51,360<br />
Middle Tennessee continues to enjoy moderate economic<br />
growth. Job growth has been steady with particular<br />
improvement seen due to the relocation of Jackson National<br />
Life to Franklin, Tennessee and Loews Corporation<br />
and ServiceSource to the downtown Nashville market.<br />
Construction of the 1.4 million SF Nissan Leaf battery plant<br />
in Smyrna is expected to be complete in <strong>2012</strong> and is a<br />
bright spot for manufacturing. Healthcare and service<br />
employment figures also continue to grow.<br />
Office occupancy and rental rates have seen little change<br />
in 2011. While rates and occupancy inched upward in the<br />
Cool Springs, Brentwood and West End markets, the Airport<br />
South, Airport North and Downtown areas continue to lag.<br />
The Cool Springs and West End areas continue to lead all<br />
others in occupancy. Landlord concessions continue to drive<br />
deals rather than considerable drops in base rental rates.<br />
Notable leases include HCA’s lease of 82,767 SF at Eight<br />
Corporate Center (Cool Springs) and Tractor Supply<br />
Company’s renewal of the Westwood South building (66,085<br />
SF) in Brentwood. Projects under construction include<br />
175,000 SF of Class A space in Meridian Cool Springs by<br />
Boyle Development and an additional 75,000 SF building<br />
for Healthspring in MetroCenter.<br />
The retail sector remains strong in a few submarkets (Green<br />
Hills, West End and Brentwood/Cool Springs) with vacancy<br />
rates in Class A product remaining low and rental rates<br />
remaining relatively high. In areas such as downtown and<br />
Antioch, vacancy levels continue to hover around 6.5%. The<br />
downtown retail market, while still recovering, has seen<br />
bright spots in the opening of Puckets Grocery in St. Cloud<br />
Corner and Margaritaville on Broadway. Optimism remains<br />
strong as the 1.2 million SF Convention Center continues<br />
construction.<br />
While the retail and office sectors remain steady, the<br />
industrial market continues to lag with an overall vacancy<br />
rate of 9.6% at the end of Q3 2011. Bright spots include a<br />
518,400 SF lease signed by Griffin at the Interchange<br />
Distribution Center in the southeast market and the 445,942<br />
SF deal signed by Amazon.com at Park 840 in Wilson<br />
County. Owner-occupant purchases have remained steady.<br />
Total Population<br />
Median Age<br />
34<br />
Total Population<br />
Median Age<br />
37<br />
Memphis At A Glance<br />
(Rent/SF/YR) low High effective avg. Vacancy<br />
doWntoWn offIce<br />
New Construction (AAA)/<br />
Class A (Prime)<br />
Class B (Secondary)<br />
suburban offIce<br />
New Construction (AAA)<br />
Class A (Prime)<br />
Class B (Secondary)<br />
IndustrIal<br />
$<br />
$<br />
$<br />
$<br />
N/A<br />
14.50<br />
7.00<br />
N/A<br />
11.60<br />
5.00<br />
$<br />
$<br />
$<br />
$<br />
N/A<br />
22.00<br />
20.00<br />
N/A<br />
28.75<br />
25.00<br />
N/A<br />
$ 18.88<br />
$ 15.93<br />
N/A<br />
$ 22.34<br />
$ 16.93<br />
N/A<br />
9.00%<br />
19.90%<br />
N/A<br />
11.10%<br />
22.20%<br />
Bulk Warehouse<br />
Manufacturing<br />
High Tech/R&D<br />
retaIl<br />
$<br />
$<br />
$<br />
1.25<br />
1.25<br />
2.25<br />
$<br />
$<br />
$<br />
4.25<br />
5.00<br />
12.50<br />
$<br />
$<br />
$<br />
2.41<br />
2.65<br />
6.14<br />
11.90%<br />
10.00%<br />
17.80%<br />
Downtown<br />
$ 2.76 $ 25.00 $ 12.79 27.50%<br />
Neighborhood Service Centers $ 6.00 $ 14.00 $ 7.00 48.90%<br />
Community Power Center<br />
$ 1.00 $ 22.00 $ 11.80 16.20%<br />
Regional Malls<br />
$ 4.00 $ 17.00 $ 9.60 20.90%<br />
deVeloPment land Low/Acre High/Acre<br />
Office in CBD<br />
Land in Office Parks<br />
Land in Industrial Parks<br />
Office/Industrial Land - Non-park<br />
Retail/Commercial Land<br />
Residential<br />
$<br />
$<br />
$<br />
$<br />
$<br />
N/A<br />
90,000.00<br />
60,000.00<br />
7,143.00<br />
6,820.00<br />
30,000.00<br />
$<br />
$<br />
$<br />
$<br />
$<br />
N/A<br />
283,000.00<br />
153,000.00<br />
98,000.00<br />
196,000.00<br />
281,500.00<br />
Nashville At A Glance<br />
(Rent/SF/YR) low High effective avg. Vacancy<br />
doWntoWn offIce<br />
New Construction (AAA)/<br />
Class A (Prime)<br />
Class B (Secondary)<br />
suburban offIce<br />
New Construction (AAA)<br />
Class A (Prime)<br />
Class B (Secondary)<br />
IndustrIal<br />
$<br />
$<br />
$<br />
$<br />
$<br />
$<br />
23.50<br />
18.00<br />
8.40<br />
21.50<br />
17.00<br />
3.01<br />
$<br />
$<br />
$<br />
$<br />
$<br />
$<br />
25.25<br />
26.50<br />
25.00<br />
30.00<br />
28.52<br />
59.72<br />
$ 23.61<br />
$ 20.96<br />
$ 16.28<br />
$ 25.41<br />
$ 21.68<br />
$ 18.23<br />
40.00%<br />
21.00%<br />
17.00%<br />
5.00%<br />
9.00%<br />
10.00%<br />
Bulk Warehouse<br />
Manufacturing<br />
High Tech/R&D<br />
retaIl<br />
$<br />
$<br />
$<br />
1.25<br />
1.25<br />
1.25<br />
$<br />
$<br />
$<br />
21.60<br />
9.50<br />
21.60<br />
$<br />
$<br />
$<br />
3.50<br />
2.28<br />
3.40<br />
12.00%<br />
7.00%<br />
10.00%<br />
Downtown<br />
Neighborhood Service Centers<br />
Sub Regional Centers<br />
Regional Malls<br />
$<br />
$<br />
$<br />
$<br />
7.00<br />
3.50<br />
11.00<br />
21.23<br />
$<br />
$<br />
$<br />
$<br />
22.00<br />
30.00<br />
40.00<br />
24.00<br />
$ 13.90<br />
$ 13.27<br />
$ 18.39<br />
$ 23.69<br />
47.00%<br />
19.00%<br />
9.00%<br />
15.00%<br />
deVeloPment land Low/Acre High/Acre<br />
Office in CBD<br />
Land in Office Parks<br />
Land in Industrial Parks<br />
Office/Industrial Land - Non-park<br />
Retail/Commercial Land<br />
Residential<br />
N/A<br />
N/A<br />
N/A<br />
N/A<br />
N/A<br />
N/A<br />
N/A<br />
N/A<br />
N/A<br />
N/A<br />
N/A<br />
N/A<br />
<strong>2012</strong> <strong>Global</strong> <strong>Market</strong> Report n www.naiglobal.com 136
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