2012 Global Market report - NAI Global

More documents

Recommendations

Info

United States sectIon contents Birmingham, AL Huntsville, AL Phoenix, AZ Jonesboro, AR Little Rock, AR Bakersfield, CA Inland Empire, CA Los Angeles, CA Oakland, CA Orange County, CA Sacramento, CA San Diego, CA San Francisco, CA Ventura County, CA Colorado Springs, CO Denver, CO Hartford, CT Wilmington, DE (Cecil County, MD) Washington, DC Bradenton, FL Fort Lauderdale, Florida Ft. Myers, FL Jacksonville, FL Martin/St. Lucie Counties, FL Miami, FL Ocala/Gainesville, FL Orlando, FL Palm Beach County, FL Tampa Bay, FL Atlanta, GA Savannah, GA Honolulu, HI Boise, ID Southeast ID Chicago, IL Springfield, IL Fort Wayne, IN Indianapolis, IN Cedar Rapids/Iowa City, IA Davenport/Bettendorf, IA and Rock Island/Moline, IL Des Moines, IA Sioux City, IA Wichita, KS Lexington, KY Baton Rouge, LA Lake Charles, LA Monroe, LA New Orleans, LA Greater Portland, ME Baltimore, MD Suburban MD Boston, MA Greater Springfield, MA Detroit, MI Grand Rapids, MI Lansing, MI Minneapolis/St. Paul, MN Jackson, MS Kansas City, MO St. Louis, MO Billings, MT Bozeman, MT Missoula, MT Lincoln, NE Omaha, NE Las Vegas, NV Reno, NV Manchester, NH Portsmouth, NH Atlantic County, NJ Middlesex/Somerset Counties, NJ Northern NJ Ocean/Monmouth Counties, NJ Princeton, NJ Southern NJ Albuquerque, NM Las Cruces, NM Albany, NY Long Island, NY New York City, NY Westchester, NY Asheville, NC Charlotte, NC Greensboro/High Point/ Winston-Salem, NC Raleigh/Durham, NC Fargo, ND Akron, OH Canton, OH Cincinnati, OH Cleveland, OH Columbus, OH Dayton, OH Oklahoma City, OK Tulsa, OK Portland, OR Allentown/Bethlehem/Easton, PA Berks County, PA Bucks County, PA Harrisburg/York/Lebanon, PA Lancaster, PA Philadelphia, PA Philadelphia Suburbs, PA Pittsburgh, PA Schuylkill County, PA Wilkes-Barre/Scranton/Hazleton, PA Charleston, SC Columbia, SC Greenville/Spartanburg, SC Sioux Falls, SD Chattanooga, TN Clarksville, TN Knoxville, TN Memphis, TN Nashville, TN Austin, TX Beaumont, TX Corpus Christi, TX Dallas, TX El Paso, TX Fort Worth, TX Houston, TX Rio Grande Valley, TX San Antonio, TX Texarkana, TX Salt Lake City, UT Washington County, UT Burlington, VT Lynchburg, VA Northern VA Seattle/Puget Sound, WA Spokane, WA Tri-Cities, WA Madison, WI Milwaukee, WI Northeastern (Fox Valley/Green Bay), WI Casper, WY
Birmingham, Alabama Huntsville/Decatur County, Alabama Contact NAI Chase Commercial Realty +1 888 539 1686 Metropolitan Area Economic Overview 2011 Population 2016 Estimated Population Employment Population Household Average Income Median Household Income Total Population Median Age 1,135,203 1,163,620 565,361 $68,238 $50,071 36 The Alabama economy is slowly rebounding with economic development prospects picking up and a few projects that were set in motion before the recession, beginning to come online. Unemployment remains a large factor in the recovery process. While the unemployment rate has improved in recent months, it is still hovering around 9.3% in Birmingham. Any increase in commercial leasing will depend on job growth. Until there is a significant increase in employment, the recovery process will remain relatively slow. Q2 2011 ended with positive absorption across the office market. Absorption was 149,938 SF, an increase from negative 349,445 SF in Q1 when Regions Plaza, a vacant 211,000 SF building, was purchased by an out of state investor and put back on the market as a multi-tenant space for lease. The positive absorption in Q2 is largely due to a 100,000 SF lease with FEMA located in the CBD. Occupancy for Q2 was 88.6%, an increase from 87.9% at the end of Q1. Rents held steady in most submarkets with an average weighted rental rate of $19.38 SF for the Birmingham market and $21.33 SF for Class A product. The Birmingham industrial market experience 230,622 SF of positive direct absorption in Q2 2011, a continued increase from 60,518 SF of positive absorption in Q1. The direct occupancy rate for the market was 81.0%, an increase from 79.3% at the end Q1. The amount of sublease space available in the market continues to decrease with 275,174 SF available in Q2. The overall occupancy rate for Birmingham’s industrial market is 79.0%, an increase from 77.4% in Q1. Birmingham's retail market experienced negative absorption of 138,079 SF in Q2 2011, a decrease from positive 35,620 SF at year-end 2010. Occupancy dropped slightly to 87.0% in Q2, down slightly to 87.6%. The average weighted rental rate has also declined from $15.77 SF in 2010 to $15.37 SF at mid-year 2011. Contact NAI Chase Commercial RE Services +1 888 539 1686 Metropolitan Area Economic Overview 2011 Population 2016 Estimated Population Employment Population Household Average Income Median Household Income Total Population Median Age 586,806 648,240 294,040 $65,238 $49,530 37 Huntsville, Alabama continues to remain one of the southeast’s top metropolitan area areas for 2011. Huntsville ranks as the nation’s third largest aerospace and defense manufacturing hub. Huntsville was named one of the Top 5 Small Cities of the Future in North America. Strong growth has propelled Huntsville to Alabama’s second largest metropolitan area as referenced by the US Census. Again, Madison County was one of the state's leaders in jobs for new and expanding employers. The Huntsville/Madison County real estate market has remained stable throughout most of 2011 even though the local economy continues to remain in recession along with the rest of the country. Defense related jobs continue to trickle in as a result from BRAC consolidation of 2005. However recent cutbacks related to NASA and the potential for cutback in defense has created an environment of uncertainty as it relates to near term expansion for many tenants and users. As a result, absorption has slowed. The primary driver for growth continues to be the Base Realignment and Closure process. The Huntsville/Madison County community continues to lead Alabama again in both population growth and new jobs. All market segments have seen some growth but absorption continues to remain sluggish. Commercial sales remain negligible on large projects as a result of tight credit; some smaller projects are moving to closing with less constraint. New construction in office, industrial and retail continues to be stagnant due to credit markets. We anticipate modest growth for 2012. The office sector received the biggest news with approval of a new 140,000 SF office building, the first of several to be included in the mixed use park being developed by Corporate Office Properties Trust. Redstone Gateway will create an additional 4.6 million SF of commercial space over a 10 year period. Retail remains slow, however several projects are under construction for Kroger and Target in Madison and small shop space in Jones Valley. Manufacturing Companies remain in a hiring freeze. Some new build to suit developments are being planned for Research Park and vacancy rates remaining relatively low when compared to comparable cities. Birmingham 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 16.50 13.50 21.50 18.00 13.00 N/A $ 26.00 $ 19.50 $ 32.00 $ 26.00 $ 16.50 N/A $ 21.10 $ 16.65 $ 26.00 $ 22.50 $ 17.80 N/A 7.30% 26.00% N/A 11.60% 16.60% Bulk Warehouse Manufacturing $ $ 3.00 3.00 $ $ 4.00 6.50 $ $ 3.50 4.50 9.00% 13.00% High Tech/R&D retaIl $ 9.00 $ 12.50 $ 10.20 8.00% Downtown $ 12.30 $ 25.00 $ 14.50 11.00% Neighborhood Service Centers Community Power Center Regional Malls $ $ $ 6.50 8.50 18.00 $ 17.35 $ 19.00 $ 40.00 $ 12.80 $ 17.00 $ 29.00 13.50% 10.00% 13.00% 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 $ $ $ $ $ 305,000.00 195,000.00 50,000.00 40,000.00 320,000.00 N/A $ $ $ $ $ 850,000.00 310,000.00 125,000.00 240,000.00 850,000.00 N/A Huntsville/Decatur County 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 17.50 14.00 19.00 16.00 13.00 N/A $ 25.00 $ 17.00 $ 25.00 $ 21.00 $ 15.75 N/A $ 19.00 $ 15.00 $ 21.00 $ 18.00 $ 15.00 N/A 9.00% 20.00% 15.00% 6.00% 12.00% Bulk Warehouse Manufacturing $ $ 2.00 3.00 $ $ 3.50 4.50 $ $ 3.00 3.75 10.00% 15.00% High Tech/R&D retaIl $ 8.25 $ 10.25 $ 9.25 12.00% Downtown Neighborhood Service Centers $ $ 10.00 8.00 $ 15.00 $ 18.00 $ 13.00 $ 15.00 10.00% 7.00% Community Power Center $ 8.00 $ 10.00 $ 7.00 5.00% Regional Malls $ 20.00 $ 65.00 $ 30.00 9.00% deVeloPment land Low High Office in CBD (per buildable SF) Land in Office Parks (per acre) Land in Industrial Parks (per acre) Office/Industrial Land - Non-park (per acre) Retail/Commercial Land (per acre) Residential (per acre) $ 400,000.00 $ 600,000.00 $ 50,000.00 $ 120,000.00 $ 25,000.00 $ 50,000.00 $ 50,000.00 $ 150,000.00 $ 225,000.00 $ 750,000.00 $ 15,000.00 $ 125,000.00 2012 Global Market Report n www.naiglobal.com 80
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 and 28:
n us Highlights - midwest region n
Page 29 and 30: n us Highlights - West region n Ari
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
Page 79: Lima, Peru Caracas, Venezuela Conta
Page 83 and 84: Little Rock, Arkansas Bakersfield,
Page 85 and 86: Oakland, California Orange County,
Page 87 and 88: San Francisco, California Ventura C
Page 89 and 90: Hartford, Connecticut Wilmington, D
Page 91 and 92: Fort Lauderdale, Florida Ft. Myers/
Page 93 and 94: Miami, Florida Ocala/Gainesville, F
Page 95 and 96: Tampa Bay, Florida Atlanta, Georgia
Page 97 and 98: Boise, Idaho Southeast (Idaho Falls
Page 99 and 100: Fort Wayne, Indiana Indianapolis, I
Page 101 and 102: Des Moines, Iowa Sioux City, Iowa C
Page 103 and 104: Baton Rouge, Louisiana Lake Charles
Page 105 and 106: Greater Portland, Maine Baltimore,
Page 107 and 108: Greater Springfield, Massachusetts
Page 109 and 110: Minneapolis/St. Paul, Minnesota Jac
Page 111 and 112: Billings, Montana Bozeman, Montana
Page 113 and 114: Omaha, Nebraska Las Vegas, Nevada C
Page 115 and 116: Portsmouth, New Hampshire Atlantic
Page 117 and 118: Ocean/Monmouth Counties (“Shore M
Page 119 and 120: Las Cruces, New Mexico Albany, New
Page 121 and 122: Westchester, New York Asheville, No
Page 123 and 124: Raleigh/Durham, North Carolina Farg
Page 125 and 126: Cincinnati, Ohio Cleveland, Ohio Co
Page 127 and 128: Oklahoma City, Oklahoma Tulsa, Okla
Page 129 and 130: Berks County, Pennsylvania Bucks Co
Page 131 and 132:
Philadelphia, Pennsylvania Philadel
Page 133 and 134:
Wilkes-Barre/Scranton/Hazleton, Pen
Page 135 and 136:
Sioux Falls, South Dakota Chattanoo
Page 137 and 138:
Memphis, Tennessee Nashville, Tenne
Page 139 and 140:
Corpus Christi, Texas Dallas, Texas
Page 141 and 142:
Houston, Texas Contact NAI Houston
Page 143 and 144:
Salt Lake City, Utah Washington Cou
Page 145 and 146:
Northern Virginia Seattle/Puget Sou
Page 147 and 148:
Madison, Wisconsin Milwaukee, Wisco
Page 149 and 150:
n Glossary n Acre Area of land equa
show all

2012 Global Market report - NAI Global

Create successful ePaper yourself

Delete template?

Save as template?