2012 Global Market report - NAI Global
2012 Global Market report - NAI Global 2012 Global Market report - NAI Global
n us Highlights – southwest region n Arkansas Kansas Louisiana office Oklahoma Texas The austin office market continued to improve as limited speculative construction and relatively strong demand has resulted in lower vacancy and higher rents, with average asking rents at $35.08/SF for Downtown Class A space. dallas/ft. Worth’s office market had positive absorption as companies leased up CBD office space, including a number of relocations from suburban markets. Class A office tenants are willing to pay a premium for modern, green buildings as rents, at $35/SF, are still a fraction of those in other major markets. Houston’s office market continued to gain momentum in 2011, as an emphasis on international trade and a growing energy industry resulted in overall vacancy declining to 13.3% and average asking rents rising to $22.77/SF. Major energy companies including Chevron, BG Group and Nexen continue to sign large leases in the CBD. new orleans’ office market remains resilient and stable, with downtown Class A office offices roughly 89% leased at rates of $17-20/SF. The suburban market is at 90.6% occupancy, with rates of $22-24. A combination of new developments, a unique local culture, and a reviving tourism market have kept the city somewhat insulated from the national economic trends. Recent consolidations coupled with a migration of tenants away from multi-tenant space to buildto-suit facilities (including NuStar and Nationwide Insurance) softened the san antonio office vacancy rate to 19.9%. Restrained speculative construction and increased demand for space is expected to result in improving market conditions in 2012. Industrial Activity within austin’s industrial leasing market was marked by tenant expansions and a handful of new relocations, generating healthy positive net absorption and tightening of the citywide vacancy rate. Rental rates have remained stable and landlord concessions are declining. The baton rouge industrial market has performing well with Westlake Chemical, Georgia Pacific, Honeywell and Formosa Plastics expanding their petro-chemical plants and others like Nucor building new plant along the Mississippi River. Bulk warehouse has a relatively high vacancy of 15.3%, although demand for stand-alone buildings is increasing. Rental rates for Class A industrial space in dallas are increasing, as the majority of new space has been absorbed or is about to be leased. The 11% vacancy rate is a bit misleading, as most of the vacant product is less desirable Class B and Class C space. Rental rates for bulk warehouse space in the oklahoma city industrial market has remain at constant $3.86/SF. Demand is increasing with warehouse space options tightening, especially for large users. There will be upward pressure on rental rates as no new construction is taking place. retail Demand remains strong for well-located retail space in austin contributed to improved occupancy levels as tenants such as Nordstrom Rack and Sears Outlet are backfilling big box space vacated by Borders and Lack’s furniture. The restaurant market continued to perform well as new restaurant concepts expand in the area. Retail expansion in dallas/ft. Worth continues to be led by discount stores and fast food. Increasing demand and lack of new construction is leading to lower vacancy rates. The area has received a shot in the arm from Wal-Mart, ALDI and Kroger which have together opened over 20 stores in the past 12 months. The overall retail market in Houston is stable with a 12.4% vacancy rate and average asking rental rates at $19.20/SF. A total of 48 buildings have been delivered to the market totaling 937,858 SF, with an additional 851,924 SF under construction. The oklahoma city retail market remains active with new entries into the market, especially for food service. Whole Foods opened their first Oklahoma store and a 300,000 SF outlet mall also opened this year. Retail vacancy is below 8% and rental rates have upward momentum. san antonio retail market remained stable with a vacancy rate of 13% and average rental rate of $18.21/SF. With the exception of the expansion of locally-based grocer H-E-B, development has been limited but large retailers are starting to get active in the area with a new Target currently under construction. leading Price class a markets Downtown Office Class A Suburban Office Class A leading Price retail markets Retail Downtown Retail Service Centers Retail Power Centers Retail Regional Malls Market Effective Avg. High Rent Vacancy Houston, Texas $ 36.20 $ 41.95 12.00% Austin, Texas $ 35.08 $ 46.00 15.50% Fort Worth, Texas $ 24.00 $ 28.00 9.00% Baton Rouge, Louisiana $ 22.00 $ 23.00 20.00% San Antonio, Texas $ 20.80 $ 23.00 17.40% Market Effective Avg. High Rent Vacancy Houston, Texas $ 27.23 $ 40.73 14.00% Austin, Texas $ 25.81 $ 33.00 20.60% San Antonio, Texas $ 25.30 $ 28.00 15.90% Dallas, Texas $ 24.00 $ 45.00 16.00% New Orleans, Louisiana $ 22.30 $ 23.00 8.10% Market Effective Avg. High Rent Vacancy Houston, Texas $ 35.41 $ 49.74 5.00% New Orleans, Louisiana $ 27.50 $ 40.00 1.00% Austin, Texas $ 26.50 $ 41.00 5.00% San Antonio, Texas $ 23.08 $ 36.00 16.10% Fort Worth, Texas $ 18.75 $ 38.00 1.25% Market Effective Avg. High Rent Vacancy Dallas, Texas $ 33.00 $ 60.00 8.00% Corpus Christi, Texas $ 19.00 $ 28.00 14.00% McAllen/Mission, Texas $ 17.73 $ 27.00 0.15% San Antonio, Texas $ 16.32 $ 28.00 16.20% New Orleans, Louisiana $ 15.00 $ 18.00 1.50% Market Effective Avg. High Rent Vacancy McAllen/Mission, Texas $ 25.53 $ 36.00 0.20% Baton Rouge, Louisiana $ 25.00 $ 30.00 4.00% San Antonio, Texas $ 24.68 $ 40.00 8.10% Austin, Texas $ 22.25 $ 36.00 9.80% Houston, Texas $ 15.25 $ 30.00 7.00% Market Effective Avg. High Rent Vacancy McAllen/Mission, Texas $ 50.00 $ 75.00 0.06% Dallas, Texas $ 45.00 $ 60.00 12.00% New Orleans, Louisiana $ 41.25 $ 62.50 5.00% Baton Rouge, Louisiana $ 35.00 $ 80.00 n/a Jonesboro, AR $ 25.00 $ 32.00 10.00% leading Price Industrial markets Industrial Bulk Warehouse Industrial Manufacturing Industrial High Tech/R&D Market Effective Avg. High Rent Vacancy McAllen/Mission, Texas $ 6.98 $ 12.00 0.25% Austin, Texas $ 5.56 $ 5.76 19.70% Houston, Texas $ 5.16 $ 7.14 5.00% Corpus Christi, Texas $ 4.80 $ 6.00 6.00% Baton Rouge, Louisiana $ 4.00 $ 5.15 15.13% Market Effective Avg. High Rent Vacancy Houston, Texas $ 6.60 $ 9.00 5.70% Austin, Texas $ 5.25 $ 7.20 15.00% Oklahoma City, Oklahoma $ 4.25 $ 5.00 14.00% Wichita, Kansas $ 4.25 $ 5.00 10.00% El Paso, Texas $ 3.60 $ 4.25 17.00% Market Effective Avg. High Rent Vacancy San Antonio, Texas $ 9.36 $ 16.75 15.70% Austin, Texas $ 9.20 $ 11.40 17.80% Corpus Christi, Texas $ 9.00 $ 12.00 9.00% Tulsa, Oklahome $ 6.43 $ 9.00 14.00% Fort Worth, Texas $ 4.50 $ 6.00 12.00% 2012 Global Market Report n www.naiglobal.com 27
n us Highlights – West region n Arizona California Colorado Hawaii Idaho Montana office Nevada New Mexico Oregon Utah Washington Wyoming The denver office market is slowly continuing its recovery with vacancy rates declining by 7.5% to 14% and positive absorption of 1,874,287 SF. Average rental rates remain flat, declining by 1% to $19.74/SF. Conditions in the los angeles office market remain soft due to high unemployment in the region. Downtown Class A vacancy rates remain high at 15.8% and asking rents are flat with Class A rents Downtown declining to $30.61/SF. Portland’s CBD office market has remained fairly healthy, with vacancy between 12% and 13% throughout 2011. The suburban office submarkets have not fared as well, with vacancy above 23% in 2011. Historic buildings with higher vacancies are being converted into LEED-certified creative space to lure tenants. Increasing asking rates, downward pressure on vacancy, and positive shifts in employment continue to be the story regarding the san francisco office market. Vacancy rates declined improved by 15% to 12.1%. Submarkets south of the Financial District are attracting major tech companies including Google, Salesforce and Zynga. seattle’s office market is enjoying higher occupancy both in the Seattle CBD and Bellevue, the two core downtown areas. 2012 will show gradual reducing of inventory and has the potential of rapidly shifting to a strong landlord market if one of the large employers decides they need space quickly. Current asking rents for Class A office space is $23/SF. Industrial The denver industrial market is still sluggish, with a slight rise in vacancy to 6.1% and negative absorption of 335,752 SF. Overall industrial rental rates declined 2.8% to $4.47/SF. los angeles’ industrial market is rebounding due in large part to increased activity at the Port of Long Beach resulting from a strengthening import/export market. However, onerous government regulation is causing some businesses to leave the area. Industrial rents remained flat at around $6.25/SF. The Portland industrial market saw considerable improvement in 2011 led by increased activity at the Port of Portland and big deals by Subaru and SoloPower. Technology and renewable energy companies continue to expand and invest in the area. Total availability in the salt lake city industrial market decreased to 5.90% this year, down from 6.16% in 2010. Rental rates have remained stable in the $4.08/SF since 2009. Leasing activity is strong with the aggregate SF leased in increasing 8.62% from 2010. Demand for industrial space in seattle remains stable with vacancy rates continuing to slowly decline in 2012. Boeing is adding jobs and increasing capacity in order to keep up with new plane orders, which has a huge positive effect on the entire region. retail Overall retail rental rates in denver declined by 2.8% to $14.46 while vacancy rates declined 7.5% to 7.3%. Leasing activity is static, as the region has yet to see any significant growth in employment. Hawaii’s retail sector posted modest gains in occupancy throughout 2011 with statewide vacancy approximating 5%. Nevertheless, lease rates softened as weak gross sales continue to mirror prevailing economic conditions. Retail vacancy in las Vegas decreased to 10.9% while asking rents fell to $17.63 amid anemic demand from retailers. There is a flight-to-quality in some areas, with retailers taking advantage of weak conditions to upgrade to better-located, higher quality properties. Some downward pressure remains in the los angeles retail market with relatively high vacancy rates and average rental rates, currently in the $20/SF to $25/SF declining. With high regional unemployment and a shrinking labor force, leasing activity is likely to remain weak in 2012. The retail market in Portland was flat during 2011, with vacancy hovering around 6.3%. Grocers from Walmart to WinCo to New Seasons, a local chain, are seeking new locations around the Portland area. The san diego retail market experienced little change in 2011. The overall vacancy rate is 5% and average asking rents are $21.30/SF. Cap rates declined in 2011 to approximately 7.75% from 8.27% in 2010. leading Price class a markets Downtown Office Class A Suburban Office Class A leading Price retail markets Retail Downtown Retail Service Centers Retail Power Centers Retail Regional Malls Market Effective Avg. High Rent Vacancy San Francisco County, California $ 38.26 $ 59.87 12.0% Los Angeles County, California $ 33.32 $ 40.75 15.8% Honolulu, Hawaii $ 33.00 $ 34.80 13.2% San Diego, California $ 28.36 $ 29.88 16.0% Portland, Oregon $ 25.20 $ 31.61 14.1% Market Effective Avg. High Rent Vacancy San Francisco, California $ 38.40 $ 86.01 14.00% San Diego, California $ 31.80 $ 48.36 13.00% Los Angeles County, California $ 30.61 $ 60.00 17.6% Ventura County, California $ 26.05 $ 35.40 17.40% Orange County, California $ 25.62 $ 54.07 19.00% Market Effective Avg. High Rent Vacancy Seattle/Puget Sound, Washington $ 45.00 $ 75.00 5.50% San Francisco, California $ 37.80 $ 120.00 4.00% Honolulu, Hawaii $ 28.80 $ 36.00 3.40% Los Angeles, California $ 24.31 $ 120.00 5.20% San Diego, California $ 13.32 $ 53.76 5.00% Market Effective Avg. High Rent Vacancy Honolulu, Hawaii $ 33.00 $ 42.00 3.00% Seattle/Puget Sound, Washington $ 24.00 $ 36.00 8.30% Los Angeles County, California $ 23.48 $ 72.00 7.00% San Diego, California $ 20.88 $ 60.00 8.00% Portland, Oregon $ 12.30 $ 35.00 7.38% Market Effective Avg. High Rent Vacancy Honolulu, Hawaii $ 48.60 $ 55.80 5.00% San Francisco, California $ 30.22 $ 66.00 6.00% Colorado Springs, Colorado $ 23.00 $ 30.00 7.30% San Diego, California $ 22.92 $ 48.00 5.00% Los Angeles County, California $ 21.74 $ 63.00 6.90% Market Effective Avg. High Rent Vacancy Honolulu, Hawaii $ 73.80 $ 114.00 1.00% Seattle/Puget Sound, Washington $ 42.00 $ 75.00 5.80% Albuquerque, New Mexico $ 30.00 $ 40.00 12.60% Los Angeles County, California $ 19.93 $ 65.00 4.00% Phoenix, Arizona $ 18.97 $ 40.00 18.90% leading Price Industrial markets Industrial Bulk Warehouse Industrial Manufacturing Industrial High Tech/R&D Market Effective Avg. High Rent Vacancy Honolulu, Hawaii $ 13.20 $ 15.60 4.80% San Francisco, California $ 9.39 $ 38.50 6.00% San Diego, California $ 8.04 $ 30.00 10.00% Ventura County, California $ 6.80 $ 15.00 9.20% Portland, Oregon $ 5.20 $ 11.34 14.35% Market Effective Avg. High Rent Vacancy Honolulu, Hawaii $ 12.04 $ 12.60 6.80% San Diego, California $ 8.16 $ 19.20 9.00% Phoenix, Arizona $ 6.73 $ 15.00 12.80% Las Vegas, Nevada $ 5.10 $ 6.00 14.70% Salt Lake City, Utah $ 3.48 $ 7.56 7.52% Market Effective Avg. High Rent Vacancy San Francisco, California $ 20.80 $ 36.00 15.00% Honolulu, Hawaii $ 13.20 $ 15.60 4.80% Phoenix, Arizona $ 11.01 $ 18.00 23.40% San Diego, California $ 8.16 $ 48.84 8.00% Denver, Colorado $ 4.47 $ 17.00 6.00% 2012 Global Market Report n www.naiglobal.com 28
- Page 1 and 2: 2012 Global Market report Values, t
- Page 3 and 4: n n n table of contents General Inf
- Page 5 and 6: Global Outlook US Year in Review As
- Page 7 and 8: On the Road to Recovery % of Loss S
- Page 9 and 10: 55% (1.1 million) owning and 45% (8
- Page 11 and 12: short-term leases, the multifamily
- Page 13 and 14: Alberta is home to Canada’s oil a
- Page 15 and 16: Office The sovereign debt crisis an
- Page 17 and 18: Area Type Q1 2010 Q2 2010 Q3 2010 Q
- Page 19 and 20: obust telecom infrastructure and av
- Page 21 and 22: egion’s cities. Nevertheless, lea
- Page 23 and 24: For 2012, absorption in the commerc
- Page 25 and 26: n us Highlights - northeast region
- Page 27: n us Highlights - midwest region n
- Page 31 and 32: Adelaide, Australia Brisbane, Austr
- Page 33 and 34: Sydney, Australia Beijing, China Co
- Page 35 and 36: Shanghai, China Shenzhen, China Con
- Page 37 and 38: Chennai, India Mumbai, India Contac
- Page 39 and 40: Jakarta, Indonesia Tokyo, Japan Con
- Page 41 and 42: Christchurch, New Zealand Wellingto
- Page 43 and 44: Taipei, Taiwan Ho Chi Minh City, Vi
- Page 45 and 46: Calgary, Alberta, Canada Edmonton,
- Page 47 and 48: Halifax, Nova Scotia, Canada Ottawa
- Page 49 and 50: Regina, Saskatchewan, Canada Contac
- Page 51 and 52: The Baltics (Latvia/Estonia/Lithuan
- Page 53 and 54: Helsinki, Finland Paris - lle de Fr
- Page 55 and 56: Tel Aviv, Israel Almaty, Kazakhstan
- Page 57 and 58: Amsterdam, The Netherlands Oslo, No
- Page 59 and 60: Moscow, Russia St. Petersburg, Russ
- Page 61 and 62: Madrid, Spain Stockholm, Sweden Con
- Page 63 and 64: Istanbul, Turkey Kiev, Ukraine Cont
- Page 65 and 66: Leeds, England, United Kingdom Lond
- Page 67 and 68: Latin America sectIon contents Buen
- Page 69 and 70: Rio de Janeiro, Brazil Sao Paulo, B
- Page 71 and 72: San Jose, Costa Rica Contact NAI Co
- Page 73 and 74: Guadalajara, Jalisco, Mexico Guanaj
- Page 75 and 76: Mexico City, Mexico Contact NAI Mex
- Page 77 and 78: Saltillo, Coahuila, Mexico San Luis
n us Highlights – West region<br />
n Arizona<br />
California<br />
Colorado<br />
Hawaii<br />
Idaho<br />
Montana<br />
office<br />
Nevada<br />
New Mexico<br />
Oregon<br />
Utah<br />
Washington<br />
Wyoming<br />
The denver office market is slowly continuing its recovery with vacancy rates declining by 7.5%<br />
to 14% and positive absorption of 1,874,287 SF. Average rental rates remain flat, declining by<br />
1% to $19.74/SF.<br />
Conditions in the los angeles office market remain soft due to high unemployment in the region.<br />
Downtown Class A vacancy rates remain high at 15.8% and asking rents are flat with Class A<br />
rents Downtown declining to $30.61/SF.<br />
Portland’s CBD office market has remained fairly healthy, with vacancy between 12% and 13%<br />
throughout 2011. The suburban office submarkets have not fared as well, with vacancy above<br />
23% in 2011. Historic buildings with higher vacancies are being converted into LEED-certified<br />
creative space to lure tenants.<br />
Increasing asking rates, downward pressure on vacancy, and positive shifts in employment continue<br />
to be the story regarding the san francisco office market. Vacancy rates declined improved<br />
by 15% to 12.1%. Submarkets south of the Financial District are attracting major tech companies<br />
including Google, Salesforce and Zynga.<br />
seattle’s office market is enjoying higher occupancy both in the Seattle CBD and Bellevue, the<br />
two core downtown areas. <strong>2012</strong> will show gradual reducing of inventory and has the potential of<br />
rapidly shifting to a strong landlord market if one of the large employers decides they need space<br />
quickly. Current asking rents for Class A office space is $23/SF.<br />
Industrial<br />
The denver industrial market is still sluggish, with a slight rise in vacancy to 6.1% and negative<br />
absorption of 335,752 SF. Overall industrial rental rates declined 2.8% to $4.47/SF.<br />
los angeles’ industrial market is rebounding due in large part to increased activity at the Port of<br />
Long Beach resulting from a strengthening import/export market. However, onerous government<br />
regulation is causing some businesses to leave the area. Industrial rents remained flat at around<br />
$6.25/SF.<br />
The Portland industrial market saw considerable improvement in 2011 led by increased activity<br />
at the Port of Portland and big deals by Subaru and SoloPower. Technology and renewable energy<br />
companies continue to expand and invest in the area.<br />
Total availability in the salt lake city industrial market decreased to 5.90% this year, down from<br />
6.16% in 2010. Rental rates have remained stable in the $4.08/SF since 2009. Leasing activity<br />
is strong with the aggregate SF leased in increasing 8.62% from 2010.<br />
Demand for industrial space in seattle remains stable with vacancy rates continuing to slowly<br />
decline in <strong>2012</strong>. Boeing is adding jobs and increasing capacity in order to keep up with new<br />
plane orders, which has a huge positive effect on the entire region.<br />
retail<br />
Overall retail rental rates in denver declined by 2.8% to $14.46 while vacancy rates declined<br />
7.5% to 7.3%. Leasing activity is static, as the region has yet to see any significant growth in<br />
employment.<br />
Hawaii’s retail sector posted modest gains in occupancy throughout 2011 with statewide vacancy<br />
approximating 5%. Nevertheless, lease rates softened as weak gross sales continue to mirror<br />
prevailing economic conditions.<br />
Retail vacancy in las Vegas decreased to 10.9% while asking rents fell to $17.63 amid anemic<br />
demand from retailers. There is a flight-to-quality in some areas, with retailers taking advantage<br />
of weak conditions to upgrade to better-located, higher quality properties.<br />
Some downward pressure remains in the los angeles retail market with relatively high vacancy<br />
rates and average rental rates, currently in the $20/SF to $25/SF declining. With high regional<br />
unemployment and a shrinking labor force, leasing activity is likely to remain weak in <strong>2012</strong>.<br />
The retail market in Portland was flat during 2011, with vacancy hovering around 6.3%. Grocers<br />
from Walmart to WinCo to New Seasons, a local chain, are seeking new locations around the<br />
Portland area.<br />
The san diego retail market experienced little change in 2011. The overall vacancy rate is 5%<br />
and average asking rents are $21.30/SF. Cap rates declined in 2011 to approximately 7.75%<br />
from 8.27% in 2010.<br />
leading Price class a markets<br />
Downtown Office<br />
Class A<br />
Suburban Office<br />
Class A<br />
leading Price retail markets<br />
Retail<br />
Downtown<br />
Retail<br />
Service Centers<br />
Retail<br />
Power Centers<br />
Retail<br />
Regional Malls<br />
<strong>Market</strong> Effective Avg. High Rent Vacancy<br />
San Francisco County, California $ 38.26 $ 59.87 12.0%<br />
Los Angeles County, California $ 33.32 $ 40.75 15.8%<br />
Honolulu, Hawaii $ 33.00 $ 34.80 13.2%<br />
San Diego, California $ 28.36 $ 29.88 16.0%<br />
Portland, Oregon $ 25.20 $ 31.61 14.1%<br />
<strong>Market</strong> Effective Avg. High Rent Vacancy<br />
San Francisco, California $ 38.40 $ 86.01 14.00%<br />
San Diego, California $ 31.80 $ 48.36 13.00%<br />
Los Angeles County, California $ 30.61 $ 60.00 17.6%<br />
Ventura County, California $ 26.05 $ 35.40 17.40%<br />
Orange County, California $ 25.62 $ 54.07 19.00%<br />
<strong>Market</strong> Effective Avg. High Rent Vacancy<br />
Seattle/Puget Sound, Washington $ 45.00 $ 75.00 5.50%<br />
San Francisco, California $ 37.80 $ 120.00 4.00%<br />
Honolulu, Hawaii $ 28.80 $ 36.00 3.40%<br />
Los Angeles, California $ 24.31 $ 120.00 5.20%<br />
San Diego, California $ 13.32 $ 53.76 5.00%<br />
<strong>Market</strong> Effective Avg. High Rent Vacancy<br />
Honolulu, Hawaii $ 33.00 $ 42.00 3.00%<br />
Seattle/Puget Sound, Washington $ 24.00 $ 36.00 8.30%<br />
Los Angeles County, California $ 23.48 $ 72.00 7.00%<br />
San Diego, California $ 20.88 $ 60.00 8.00%<br />
Portland, Oregon $ 12.30 $ 35.00 7.38%<br />
<strong>Market</strong> Effective Avg. High Rent Vacancy<br />
Honolulu, Hawaii $ 48.60 $ 55.80 5.00%<br />
San Francisco, California $ 30.22 $ 66.00 6.00%<br />
Colorado Springs, Colorado $ 23.00 $ 30.00 7.30%<br />
San Diego, California $ 22.92 $ 48.00 5.00%<br />
Los Angeles County, California $ 21.74 $ 63.00 6.90%<br />
<strong>Market</strong> Effective Avg. High Rent Vacancy<br />
Honolulu, Hawaii $ 73.80 $ 114.00 1.00%<br />
Seattle/Puget Sound, Washington $ 42.00 $ 75.00 5.80%<br />
Albuquerque, New Mexico $ 30.00 $ 40.00 12.60%<br />
Los Angeles County, California $ 19.93 $ 65.00 4.00%<br />
Phoenix, Arizona $ 18.97 $ 40.00 18.90%<br />
leading Price Industrial markets<br />
Industrial<br />
Bulk Warehouse<br />
Industrial<br />
Manufacturing<br />
Industrial<br />
High Tech/R&D<br />
<strong>Market</strong> Effective Avg. High Rent Vacancy<br />
Honolulu, Hawaii $ 13.20 $ 15.60 4.80%<br />
San Francisco, California $ 9.39 $ 38.50 6.00%<br />
San Diego, California $ 8.04 $ 30.00 10.00%<br />
Ventura County, California $ 6.80 $ 15.00 9.20%<br />
Portland, Oregon $ 5.20 $ 11.34 14.35%<br />
<strong>Market</strong> Effective Avg. High Rent Vacancy<br />
Honolulu, Hawaii $ 12.04 $ 12.60 6.80%<br />
San Diego, California $ 8.16 $ 19.20 9.00%<br />
Phoenix, Arizona $ 6.73 $ 15.00 12.80%<br />
Las Vegas, Nevada $ 5.10 $ 6.00 14.70%<br />
Salt Lake City, Utah $ 3.48 $ 7.56 7.52%<br />
<strong>Market</strong> Effective Avg. High Rent Vacancy<br />
San Francisco, California $ 20.80 $ 36.00 15.00%<br />
Honolulu, Hawaii $ 13.20 $ 15.60 4.80%<br />
Phoenix, Arizona $ 11.01 $ 18.00 23.40%<br />
San Diego, California $ 8.16 $ 48.84 8.00%<br />
Denver, Colorado $ 4.47 $ 17.00 6.00%<br />
<strong>2012</strong> <strong>Global</strong> <strong>Market</strong> Report n www.naiglobal.com<br />
28
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