Market/Feasibility Analysis & Appraisals
|
|
- Colin Hamilton
- 5 years ago
- Views:
Transcription
1 September 12, 2013 UNIVERSITY OF ILLINOIS AT URBANA-CHAMPAIGN College of Business DEPARTMENT OF FINANCE FIN490 Market/Feasibility Analysis & Appraisals Presented by: Thomas Amato, CRE, Partner, Real Estate Counselors International, Inc. Chicago, IL Percent (Vacancy Rate and Change in Effective Net Rent) 32.0% 24.0% 16.0% 8.0% 0.0% 8.0% 16.0% 24.0% 32.0% , ,000 Thousands of Square Feet (Deliveries and Absorption) Net Absorption Vacancy Rate % Change in Effective Rent
2 2 THE CONTEXT
3 THE EIGHT-STAGE MODEL OF REAL ESTATE DEVELOPMENT One: Inception of an Idea Not feasible Feasible Five: Six: Formal Commitment Construction Two: Refinement of the Idea Not feasible Feasible Three: Feasibility Not feasible Feasible Seven: Completion and Formal Opening Eight: Property, Asset and Portfolio Management Four: Contract Negotiation Cannot reach binding contracts Can reach binding contracts 3 Source: Real Estate Development: Principles and Process
4 FEASIBILITY ANALYSIS A real estate project is 'feasible' when the real estate analyst determines that there is a reasonable likelihood of satisfying explicit objectives when a selected course of action is tested for fit to a context of specific constraints and limited resources. James A. Graaskamp, "A Rational Approach to Feasibility Analysis, October 1972, p
5 APPLICATION OF MARKET ANALYSIS Determine a Project s Feasibility for Development (Developer, Lender). Determine Size or Unit/Space Mix For a Specified Site (Developer). Understand a Property s Position in the Market and Long-Term Performance during Acquisition Due Diligence (Investor). Understand Opportunities and Constraints upon the Potential Re-positioning of an Existing Asset (Owner). Develop Reasonable Financial/Market Assumptions for Financial Feasibility Analysis (Developer). Develop Reasonable Financial/Market Assumptions for Appraisal (Lender). 5
6 KEY ASSUMPTIONS DRIVEN BY MARKET ANALYSIS CONCLUSIONS Establish Size, Unit/Space Mix. Forecast Subject Property Lease-up. Establish Rent Structure. Establish Reasonable Rent Growth Assumptions. Determine Lease Structure/Terms lease length, renew/release assumptions, tenant improvement allowance, leasing commissions. Establish Capitalization Rate assumptions (for valuation analysis). 6
7 REAL ESTATE APPRAISAL: THE BASICS USPAP (Uniform Standards Of Professional Appraisal Practice) Establishes requirements for appraisers with regard to: Definitions Ethics Competency Scope of Work Jurisdictional Exceptions Scope of Work intended users rely on this disclosure to understand the research and analyses performed in the assignment. Value as Highest & Best Use: that use of the land that may reasonably be expected to produce the greatest net return to the land over a given period of time: legally permissible physically possible financially feasible maximally productive. Three Approaches (Methodologies) to determine Market Value: Cost Approach Income Approach Sales Comparison Approach 7
8 INTEREST TO BE VALUED: NNN LEASED PROPERTIES Fee Simple - "...an absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers. VACANT MEDICAL OFFICE BUILDING (APPLY MARKET RENT) Income Approach Rents - Rents of competitive buildings Expenses IREM benchmarks and PSF expenses Sales Comparison Approach Cost Approach Leased Fee an ownership interest held by a landlord with the right of use and occupancy conveyed by lease to others. LEASED RESTAURANT BUILDING (APPLY CONTRACT RENT) Income Approach Rents - Lease (validated with competitive building rents) Expenses Actual expense history Sales Comparison Approach Cost Approach 8
9 RECONCILIATION OF VALUE CONCLUSION: COMMON PROBLEMS FOUND BY REVIEW APPRAISERS Failure to validate value obtained through computer modeled income approach (e.g., with Argus software) with an value indication obtained directly from the cost or sales comparison approach. Application of market-derived occupancy rates, rental growth rates and capitalization rates Reasonableness of all assumptions, individually and collectively Inconsistencies with regard to the reported data, analysis of the data and conclusions. Explain inconsistencies rather than ignore. Do inconsistencies suggest faulty assumptions? Failure to report or cite current market conditions, current transaction data, and recent market behavior. 9 Source: Richard C. Sorrenson, Appraising the Appraisal, 2010, p. 81.
10 10 DEFINITIONS
11 BASIC REAL ESTATE DEMAND SUPPLY DEFINITIONS: Inventory = Total Amount of Space, Measured in Square Feet or Units Deliveries = Increase in Inventory from Period to Period (SUPPLY) Absorption = Net Change In Occupied Space from Period to Period (DEMAND) Vacancy Rate = Vacant Space as a % of Inventory Equilibrium Vacancy Rate = the Vacancy Rate at which Rents neither Rise nor Fall. Effective Rent - Face rent (aka, asking or street rent), net of concessions (i.e., net of rent abatements and above-standard tenant improvement allowance). 11
12 GEOGRAPHIC CONSIDERATIONS: Metro Area Market - usually the Metropolitan Statistical Area; sometimes the Metropolitan Division (i.e., the geographic components of larger MSAs). Submarket sometimes a constituent county, but usually a sub county area that is established by patterns of development, accessibility, other physical and perceptional barriers. Primary, Secondary and Tertiary Markets (retail) similar to general nature of submarket but greater emphasis on capture of demand and linkage to consumers. Competitive Set/Peer Group Set of individual properties that represent highest level of comparability to subject property. 12
13 13 REAL ESTATE CYCLES
14 REAL ESTATE CYCLE POSITIONS: I. Recovery Phase - weak to moderate demand, but increasing (Market moving toward Equilibrium) II. Expansion Phase - strong and increasing demand (Market moving toward Equilibrium) III. Equilibrium - demand strong enough to sustain healthy rates of new construction and rent growth IV. Correction/Contraction Phase - disequilibrium - weak/weakening demand or new supply exceeding demand (Market moving toward or in Disequilibrium) 14
15 REAL ESTATE CYCLE: RALEIGH CBD OFFICE MKT Equilibrium Recovery Phase Expansion Phase Correction/Contraction Phase (Market moving toward Equilibrium) (Market moving toward Equilibrium) (Market moving toward or in Disequilibrium) Position Indicators Recovery Phase - weak to moderate demand, but increasing 1 Absorption rate is near zero or slightly positive, construction rate near zero, vacancy beginning to decline, rents up only slightly, if not flat 2 Absorption rate is positive and increasing, construction rate forecasted to increase, vacancy declining, rents rising Expansion Phase - strong and increasing demand 3 Absorption rate is positive and strong, construction rate near zero, but increasing, vacancy declining, rent growth is strong 4 Absorption rate is positive and strong, still low construction rate, vacancy at or below equilibrium vacancy rate, strong rent growth - including rent spikes Equilibrium - demand strong enough to sustain healthy rates of new construction and rent growth 5 Absorption rate is positive and strong, but moderating, construction rate holding steady or declining, vacancy rising, rent growth moderating Correction/Contraction Phase - disequilibrium - weak/weakening demand or new supply exceeding demand 6 Absorption rate is near zero or slightly negative, construction rate is declining, vacancy is rising raipidly, rents are flat or slightly declining 7 Absorption rate is negative, construction rate continues to decline, vacancy is rising rapidly, rents exhibit significant declines 8 Absorption rate is slightly negative approaching zero, construction rate continues to slow/approaches zero, vacancy continues to rise slightly, rents continue to decline, though decline moderates 15 Sources: Reis, Inc., Moody's Analytics and Real Estate Counselors International, Inc.
16 16 DEMAND FUNDAMENTALS/DRIVERS
17 VALIDATING DEMAND/SUPPLY STATISTICS SUBURBAN WEST OFFICE MARKET (METRO CHICAGO,IL) Year Deliveries Net Absorption Vacancy Rate % Change in Effective Rent , , % 1.5% , , % 4.5% , , % 4.2% ,519,000 1,610, % 6.5% ,365, , % 2.7% ,760, , % -0.5% ,256,000-1,076, % -2.6% , , % 0.8% , , % -4.2% , , % -2.7% , , % 0.6% ,000 39, % 2.1% , , % 2.7% ,000 56, % 3.4% , , % -2.0% 17 Sources: Reis, Inc., and Real Estate Counselors International, Inc.
18 VALIDATING DEMAND/SUPPLY STATISTICS SOMEWHAT DIFFERENT GEOGRAPHIC DEFINITION - EAST/WEST CORRIDOR OFFICE MARKET (METRO CHICAGO, IL) Period Inventory Vacancy Rate Net Absorption Deliveries Asking Rent Asking Rent % Change q 67,256, % 420, ,570 $18.97 N/A q 67,538, % 122, ,999 $ % q 67,649, % (213,166) 111,240 $ % q 67,864, % 426, ,945 $ % q 68,216, % 241, ,648 $20.55 (0.3%) q 68,489, % (3,942) 273,163 $ % q 69,014, % 484, ,748 $20.73 (1.0%) q 69,139, % 224, ,561 $ % q 69,304, % 175, ,330 $20.65 (0.7%) q 69,457, % (190,499) 153,668 $ % q 69,457, % (473,054) 0 $20.57 (0.9%) q 71,777, % (105,923) 29,819 $20.35 (1.1%) q 71,821, % (190,873) 43,374 $ % q 71,908, % (60,966) 86,786 $20.29 (0.5%) q 71,929, % (402,294) 21,585 $20.18 (0.5%) q 72,009, % (6,546) 129,760 $19.84 (1.7%) q 72,009, % 147,845 0 $ % q 72,057, % 316,811 48,000 $19.75 (2.5%) q 72,076, % 96,375 18,686 $ % q 72,076, % 1,920,814 0 $19.75 (1.5%) q 72,076, % (73,250) 0 $ % q 72,076, % (169,153) 0 $19.91 (0.8%) q 72,076, % 118,847 0 $19.74 (0.9%) q 71,877, % (182,391) 0 $19.70 (0.2%) q 71,997, % 139, ,000 $ % q 71,997, % 206,419 0 $19.68 (1.6%) q 71,975, % 97,515 0 $19.41 (1.4%) 18 Sources: CoStar Inc., and Real Estate Counselors International, Inc.
19 VALIDATING DEMAND/SUPPLY STATISTICS Requires Detailed Analysis of Demand Fundamentals Quantify Absorption During Periods of Strong Demand and Weak Demand. Quantify Changes in Rent During Periods of Strong Demand and Weak Demand. Exercise Caution when Extrapolating Absorption; underlying Demand Fundamentals May be Changing. Correlate Absorption with Most Relevant Demand Driver. 19
20 DEMAND DRIVERS Employment: by place of work - estimated monthly/updated annually Population: estimated annually/updated in decennial census Income: estimated annually/updated in decennial census Geodemographics/Psychographics: (specialized databases such as PRIZM) incorporate lifestyle and spending patterns with demographics 20
21 CHANGE IN UNITED STATES OFFICE USING SECTOR JOBS: LAST TWO RECESSIONS Job Growth Index (1999 = 100) Recession The Great Recession Financial Activities Jobs Professional & Business Services Jobs 21 Sources: U.S. Bureau of Labor Statistics; Moody's Analytics and Real Estate Counselors International, Inc.
22 EMPLOYMENT AND POPULATION GROWTH FOR LAKE COUNTY, IL 295 Population and Job Growth Indices (1970 = 100) Population Non-Ag Employment 22 Sources: U.S. Department of Labor; Moody's Analytics and Real Estate Counselors International, Inc.
23 POPULATION AND INCOME STATISTICS / TRENDS Demographic Variable % CAAC 1990 to 2000 % CAAC 2000 to 2009 % CAAC 2009 to 2014 POPULATION Village of Schaumburg 68,706 75,386 74,680 74, % -0.10% -0.05% Primary Market 439, , , , % 0.47% 0.53% Cook County, IL 5,105,067 5,376,741 5,268,639 5,226, % -0.23% -0.16% Chicago-Naperville- Joliet, IL-IN-WI Metropolitan Statistical 8,182,076 9,098,316 9,602,177 9,895, % 0.60% 0.60% Area State of Illinois 11,430,602 12,419,293 12,937,547 13,251, % 0.46% 0.48% United States 248,709, ,421, ,624, ,320, % 0.96% 1.00% PER CAPITA INCOME Village of Schaumburg $30,232 $35,714 $38, % 1.55% Primary Market $29,337 $33,834 $36, % 1.43% Cook County, IL $23,227 $27,135 $29, % 1.60% Chicago-Naperville- Joliet, IL-IN-WI Metropolitan Statistical $24,614 $28,691 $30, % 1.55% Area State of Illinois $23,104 $27,234 $29, % 1.63% United States $21,587 $26,410 $29, % 1.96% 23 Sources: U.S. Census, Claritas, Inc. and Real Estate Counselors International, Inc.
24 PRIZM (TOP 10 OF 66 SEGMENTS) Socioeconomic Rank PRIZM NE Segment Nickname Predominant Income Age Range Predominant HH Composition Predominant Education Class 1 Upper Crust Wealthy 45+ Married Couples College Graduate + Predominant Employment Executive, Professional, White Collar 24 2 Blue Blood Estates Wealthy Families with Kids College Graduate + 3 Movers & Shakers Wealthy Married Couples College Graduate + 5 Country Squires Wealthy Families with Kids College Graduate + 6 Winners Circle Wealthy Families with Kids College Graduate + 4 Young Digerati Upscale Singles/Couples College Graduate + 7 Money & Brains Upscale 45+ Married Couples College Graduate + 8 Executive Suites Upscale Singles/Couples College Graduate + 9 Big Fish, Small Pond Upscale 45+ Married Couples College Graduate + 10 Second City Elite Upscale 45+ Married Couples College Graduate + Sources: Claritas, Inc. and Real Estate Counselors International, Inc. Executive, Professional, White Collar Executive, Professional, White Collar Executive, Professional, White Collar Executive, Professional, White Collar Executive, Professional, White Collar Executive, Professional, White Collar Executive, Professional, White Collar Executive, Professional, White Collar Professional, White Collar
25 SAMPLE PRIZM SEGMENT #09 Big Fish, Small Pond Upscale Older (Age 45-64) without Kids Older, upper-class, college-educated professionals, the members of big fish, small pond are often among the leading citizens of their small-town communities. These upscale, empty nesting couples enjoy the trappings of success, belonging to country clubs, maintaining large investment portfolios and spending freely on computer technology. 25 Sources: Claritas, Inc. and Real Estate Counselors International, Inc.
26 SIX PRIZM SEGMENTS ACCOUNT FOR 74% - 85% OF RESIDENTS OF THESE COMMUNITIES #1-09 Big Fish, Small Pond #2-11 God's Country #3-23 Greenbelt Sports #4-28 Traditional Times #5-33 Big Sky Families Subtotal Percentage (Six Segments) 86% 84% 82% 80% 78% 76% 74% 72% 70% 68% 66% 85% 85% Sun City Georgetown, TX Sun City - Huntley, IL 82% 77% Hilton Head - Blufton, SC Sun City - Palm Desert, CA # 6-38 Simple Pleasures 74% Falls Run, Fredericksburg, VA 26 Sources: Claritas, Inc. and Real Estate Counselors International, Inc.
27 GEOGRAPHIC DISTRIBUTION OF DOMINANT PRIZM SEGMENT 27 Sources: Claritas, Inc. and Real Estate Counselors International, Inc.
28 28 REAL ESTATE DEMAND DRIVERS
29 PRIMARY DRIVERS OF REAL ESTATE DEMAND: Growth in Total Employment Growth in Targeted Employment Sectors defined by industry (NAICS code) or occupation Growth in Total Population Growth in Population of Targeted Age-Cohorts Growth in Income of Total Population Growth in Income of Targeted Age-Cohorts Geodemographics/Psychographics 29
30 DEMAND DRIVERS BY ASSET CLASS: Retail - Population and Population Growth, Income and Income Growth, Expenditure % Office - Office-Using Employment Growth (e.g., Business & Professional Services and Financial Activities) Medical Office Buildings (MOBs) - Growth in Hospital Employment, Growth in Ambulatory Healthcare Services Employment Apartments Total Employment Growth, Population Growth (Age 18-34), Income Growth Industrial - Total Employment Growth, GDP (National) and GRP (Regional) Senior Housing - Growth in Resident Age Population (Age 75+), Growth in Adult Children Population (Age 50+), Single Family Home Price Changes Student Housing - Growth in Resident Age Population (Age 18-25), University Enrollment Growth, Total Employment Growth 30
31 DEMAND DRIVERS BY ASSET CLASS: Active Adult (55+) Housing - Growth in Resident Age Population (Age 50-70), Total Employment Growth, In-Migration Rates, Single Family Home Price Changes Manufactured Housing - Employment, Population Growth, Income and Income Growth, Home Prices and Home Price Increases Self-Storage Units - Employment, Population Growth, Income and Income Growth, Home Prices and Home Price Increases 31
32 32 EQUILIBRIUM VACANCY RATE
33 EQUILIBRIUM VACANCY RATE The equilibrium vacancy rate is defined as: the vacancy level at which rents are in equilibrium (vacancy rate at which rents neither rise nor fall, in inflation-adjusted terms). If vacancy rates are above this equilibrium level, then we would expect rents to start to fall, in real terms. If rents are below this level, we would expect rents to rise, in real terms. 33
34 VACANCY RATE AND RENT GROWTH FOR SILICON VALLEY OFFICE MARKET: 1980 TO 1998 Vacancy Rate 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% Vacancy Rate at Equilibrium Rate and Real Rent Growth Near 0% 15.0% 7.4% 7.7% 2.4% 1.2% -3.1% -3.0% -3.2% -4.9% -8.4% % 26.0% 24.0% 22.0% 20.0% 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% -8.0% -10.0% % Change in Rent Vacancy Rate Vacancy Rate, Less Equil. Vacancy Rate % Change in Real Effective Rent 34 Sources: Reis, Inc., United States Bureau of Labor Statistics, Moody's Analytics, and Real Estate Counselors International, Inc.
35 OFFICE SPACE EQUILIBRIUM VACANCY RATES FOR U.S. OFFICE MARKETS: 1999 Chicago San Francisco Washington, D.C. New York Boston Jacksonville Memphis Philadelphia Norfolk Richmond Los Angeles Orlando Nashville Fort Lauderdale Atlanta Fort Worth Houston Dallas Palm Beach Riverside 35 Source: Reis, Inc. 11.5% 11.6% 11.7% 11.8% 12.0% 12.4% 12.8% 13.0% 13.8% 14.0% 14.2% 14.8% 14.8% 15.4% 15.5% 16.0% 16.4% 17.0% 17.2% 18.4% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0%
36 36 NET ABSORPTION
37 SPACE ABSORPTION Net Absorption (i.e., net leasing activity) Absorption is cyclical and correlated with demand drivers (primarily employment) Often Absorption is induced by deliveries (New Supply) 37
38 CHANGE IN EMPLOYMENT AND NET OFFICE ABSORPTION: CHICAGO S EAST/WEST CORRIDOR OFFICE MARKET Absorption 1,000, , , , , , , , ,000-1,000, , , , , , , , , , , , , Year Absorption Change in Jobs 38 Sources: CoStar, Illinois Department of Employment Security and Real Estate Counselors International, Inc. 20,000 15,000 10,000 5, ,000-10,000-15,000-20,000 Change in Jobs
39 NEW YORK CITY MULTIFAMILY (CONDO) DEMAND/SUPPLY Months of Excess Supply Periods of Excess Supply Q1 1986Q1 1989Q1 1992Q1 1995Q1 1998Q1 2001Q1 2004Q1 Year/Quarter 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 Multi Family Housing Permits Multifamily Residential Oversupply Measure (Left Scale) Multifamily Unit Permits (Right Scale) 39 Sources: U.S. Bureau of Census, Moody's Analytics and Real Estate Counselors International, Inc.
40 40 MARKET ANALYSIS: URBAN GROCERY STORE
41 DEFINITIONS: Primary Trade Area accounts for 60-70% of resident-based retail sales demand. GAFO General Merchandise, Apparel & Accessories, Furniture & Appliances, and Other retail categories (also known as Shoppers Goods, Comparison Goods or DSTM) Per Capita Expenditure Share Per Capita Expenditure as a % of Per Capita Income (derived the Census of Retail Trade statistics) Per Capita Expenditure Per capita estimate of retail sales for specific retail category for defined trade area (Other retail categories might include grocery stores, drug stores, eating and drinking establishments.) Sales Potential Retail Demand, calculated as product of Population and Per Capita Expenditure Retained Sales Potential Retail Demand retained within the trade area (i.e., not exported outside of the trade area). Capture Rate Share of Retained Sales Potential that can be captured by the Subject Property Daytime Population workers, students and area visitors 41
42 LOCATION OF NEARBY UPSCALE RESIDENT POPULATION 42 Source: and Real Estate Counselors International, Inc.
43 DEMAND/SUPPLY METHODOLOGY Identify sources of demand resident population, core downtown/midtown workers, tourists and other downtown/midtown workers. Delineate trade area assess accessibility, distance and drive times, competition, etc. Quantify resident and worker/tourist population and per capita income levels. Estimate per capita expenditures for grocery store merchandise among the two above-referenced segments. Forecast Sales Potential or retail demand (product of per capita expenditure and population) originating from these two segments. Forecast sales opportunity for the planned grocery store after applying capture rates first, with respect to the level of sales potential retained within the trade area; and then with respect to sales potential forecast to be captured by the planned grocery store. 43
44 LOCATION OF MAJOR EMPLOYERS 44 Source: Real Estate Counselors International, Inc.
45 LOCATION OF OFFICE EMPLOYMENT 45 Source: Real Estate Counselors International, Inc.
46 LOCATION OF COMPETITION 46 Sources: Real Estate Counselors International, Inc. Field Survey
47 TRADE AREA DELINEATION 47 Sources: Real Estate Counselors International, Inc.
48 RESIDENT POPULATION SALES OPPORTUNITY 2007 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Trade Area Resident Population Trade Area Per Capita Income % Per Capita Expenditure for Grocery Store Items Per Capita Expenditure for Grocery Store Items Grocery Store Sales Potential CAAC % Growth in Sales Potential Retained Sales Potential % Trade Area Retained Sales Potential Subject Grocery Store Capture Rate Grocery Store Total Sales Opportunity Primary 7,400 $17, % $1,109 $8,207, Secondary 14,300 $14, % $920 $13,159, Total 21,700 $15, % $985 $21,366, Primary 8,000 $17, % $1,109 $8,872, % 30% $2,661, % $2,395,688 Secondary 14,800 $14, % $920 $13,619, % 15% $2,042, % $1,736,495 Total 22,800 $15, % $987 $22,492, % 20.9% $4,704,811 88% $4,132,183 DEMAND SEGMENT# 1: Resident Population 48 Sources: U.S. Census of Retail Trade, Claritas, Inc. and Real Estate Counselors International, Inc.
49 TOTAL SALES OPPORTUNITY (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) Midtown Office Workers MSA Per Capita Income % Per Capita Expenditure for Grocery Store Items Per Capita Expend. for Grocery Store Items Grocery Store Sales Potential Retained (in the Primary Trade Area) Sales Potential % Primary Trade Area Retained Sales Potential Subject Grocery Store Capture Rate Grocery Store Total Sales Opportunity Estimated Sales Per Square Foot 2013 Core Midtown Office Workers in the Primary Trade Area 14,200 $26, % $1,301 $18,469, % $4,155, % $3,740,036 Trade Area Resident Population and Core Midtown Office Workers in Primary Trade Area $7,872,219 (Subtotal) Tourists, Downtown and Other Midtown Office Workers $1,124,603 Total Sales Opportunity $8,996,822 $ DEMAND SEGMENT# 2 : Core Midtown Office Workers DEMAND SEGMENT# 3: Visitors (average per person spending per day) TOTAL SALES OPPORTUNITY SALES PRODUCTIVITY 49 Sources: U.S. Bureau of Labor Statistics; Moody's Analytics and Real Estate Counselors International, Inc.
50 50 IMPACT OF MARKET CHANGES ON FINANCIAL AND VALUATION ANALYSIS
51 REAL ESTATE PORTFOLIO: PROPERTY FINANCIAL AND PRICING ANALYSIS Property APARTMENTS Property Size (Rentable Square Feet/Units) Reported Occupancy at end of Q Apartments, Southern State % 2 Apartments, Southern State % 3 Apartments, Western State % OFFICE BUILDINGS 4 Office Building, Northeastern State 560, % (10-15% of space is vacant & available for sublease) 5 Office Building, Midwestern State 160,000 60% RAW LAND 6 Southern State 500+ acres Sources: Real Estate Counselors International, Inc.
52 MARKET DYNAMICS THAT IMPACT PROPERTY NET OPERATING INCOME Weakening Demand adversely impacts both property occupancy and asking rental rates. Lower Market Rental Rates adversely impacts property Net Operating Income (NOI). Lower Occupancy - adversely impacts property Net Operating Income. Office Tenant Lease Expirations - in times of falling market rents can adversely impact occupancy and ultimately NOI. Slowdown in Land Development Activity adversely impacts land prices. Apartments, because of short-term leases typically recovery more rapidly than office, industrial, retail properties or raw land. 52 Sources: Real Estate Counselors International, Inc.
53 FORECAST NET OPERATING INCOME: 2011 VS Property Name Sponsor's or Appraiser's Estimated NOI at Time of Offering (2006) Estimated NOI in 2011 Difference in NOI APARTMENTS 1 Southern State $2,200,000 $2,000,000-9% 2 Southern State $2,100,000 $1,700,000-19% 3 Western State $2,200,000 $1,100,000-50% OFFICE BUILDINGS 4 Northeastern State $6,200,000 $4,200,000-32% 5 Midwestern State $2,400,000 $1,400,000-42% RAW LAND Property Name Purchase Price of Land (2006) Midpoint of Pricing Range (2011) Difference in Per Square Foot Pricing 6 Southern State $0.50 $ % 53 Sources: Real Estate Counselors International, Inc.
54 For More Information, contact: Thomas J. Amato, CRE Director of Due Diligence Real Estate Counselors International, Inc. Suite West Jackson Boulevard Chicago, IL Office Phone: X101 Cell Phone: Web Site: 54
Market/Feasibility Analysis & Appraisals
September 11, 2014 UNIVERSITY OF ILLINOIS AT URBANA-CHAMPAIGN College of Business DEPARTMENT OF FINANCE FIN490 Market/Feasibility Analysis & Appraisals Presented by: Thomas Amato, CRE, Partner, Real Estate
More informationMEDICAL OFFICE BUILDING SNAPSHOT: Q1 2015
OUTLYING MEDICAL OFFICE BUILDING MARKET HIGHLIGHTS Demand for off campus medical office buildings (MOBs) over the next several years, including those located in the outlying Chicago MOB market will be
More informationNational Property Type Cycle Locations. Retail 1st Tier Regional Mall. Industrial R&D Flex Retail Factory Outlet+1 Retail Neighborhood/Community
Cycle Monitor Real Estate Market Cycles Third Quarter 0 Analysis November 0 Physical Market Cycle Analysis of All Five Major Property Types in More Than 0 MSAs. International turmoil, slow European Union
More informationECONOMIC CURRENTS. Vol. 4, Issue 3. THE Introduction SOUTH FLORIDA ECONOMIC QUARTERLY
ECONOMIC CURRENTS THE Introduction SOUTH FLORIDA ECONOMIC QUARTERLY Vol. 4, Issue 3 Economic Currents provides an overview of the South Florida regional economy. The report presents current employment,
More informationMAR KET GLANCE SAN DIEGO OFFICE MARKET REPORT PROPERTY SERVICES DEVELOPMENT INVESTMENT FOURTH QUARTER 2015 PROPERTY SERVICES DEVELOPMENT INVESTMENT
AT A SAN DIEGO OFFICE MARKET REPORT FOURTH QUARTER 215 AT A NEW SUPPLY PUSHES VACANCY RATES HIGHER San Diego s regional economy has been buzzing and added a net total of 37,8 jobs in the 12 months ending
More informationCycle Monitor Real Estate Market Cycles
Cycle Monitor Real Estate Market Cycles Second Quarter 0 Analysis August 0 Physical Market Cycle Analysis of All Five Major Property Types in More Than 0 MSAs. Economic and job growth continue at a moderate
More informationSTATE OF THE MULTIFAMILY MARKET MACRO VIEW
STATE OF THE MULTIFAMILY MARKET MACRO VIEW JEANETTE I. RICE, CRE AMERICAS HEAD OF MULTIFAMILY RESEARCH APRIL 19, 2018 Westchester/ Fairfield 2 JEANETTE I. RICE STATE OF U.S. MULTIFAMILY MARKET KEY INVESTMENT
More informationCycle Monitor Real Estate Market Cycles Second Quarter 2018 Analysis
Black Creek Research Cycle Monitor Real Estate Market Cycles Second Quarter 0 Analysis Real Estate Market Cycle analysis of five property types in Metropolitan Statistical Areas (MSAs). Important note:
More informationNaturally Occurring Affordable Housing
Naturally Occurring Affordable Housing NAAHL Annual Conference December 1, 2016 page 1 Slicing And Dicing Rental Housing U.S. Rental Housing Inventory By Units Rent Subsidized 3.3 Million 8% Market Rate
More informationMultifamily Metro Outlook: New York Spring 2018
Overview The New York City metro is the nation s largest apartment market with 2.2 million rental units, of which 47 percent are rent-stabilized and 1.2 percent rent-controlled. As anticipated, a glut
More informationGeneral Market Analysis and Highest & Best Use. Learning Objectives
General Market Analysis and Highest & Best Use Learning Objectives Module & Title Module 1 Real Estate Markets and Analysis Module 2 Types and Levels of Market Analysis Module 3 The Six-Step Process and
More informationWESTCHESTER COUNTY MARKET OVERVIEW AND DEVELOPMENT TRENDS
WESTCHESTER COUNTY MARKET OVERVIEW AND DEVELOPMENT TRENDS PACE LAND USE LAW CENTER ANNUAL CONFERENCE PRESENTED BY: WILLIAM V. CUDDY, JR. December, 2017 PAGE 0 MULTIFAMILY RESIDENTIAL AND ECONOMIC DEVELOPMENT
More informationSummary. Houston. Dallas. The Take Away
Page Summary The Take Away The first quarter of 2017 was marked by continued optimism through multiple Texas metros as job growth remained positive and any negatives associated with declining oil prices
More informationJoint Center for Housing Studies. Harvard University
Joint Center for Housing Studies Harvard University Re-Weighting the Number of Households Undertaking Home Improvements in the 2013 American Housing Survey to Correct for Shifting Data Collection Periods
More informationECONOMIC CURRENTS. Vol. 5 Issue 2 SOUTH FLORIDA ECONOMIC QUARTERLY. Key Findings, 2 nd Quarter, 2015
ECONOMIC CURRENTS THE Introduction SOUTH FLORIDA ECONOMIC QUARTERLY Economic Currents provides an overview of the South Florida regional economy. The report presents current employment, economic and real
More information2016 MAP Guidelines: Presentation Title Chapter 7 Issues
2016 MAP Guidelines: Presentation Title Chapter 7 Issues Your companyinformation National Council of Housing Market Analysts Baltimore, MD April 19, 2016 Agenda MAP Market Study Guidelines Robert Lefenfeld
More informationAmericas Office Trends Report
AMERICAS OFFICE TRENDS REPORT Americas Office Trends Report Summary The overall national office market recovery slowed slightly in the first quarter of 2016 amid financial market volatility. However, as
More informationMHC 2012 Housing Tax Credit Cycle MARKET STUDY GUIDE
MHC 2012 Housing Tax Credit Cycle MARKET STUDY GUIDE I. DATA SOURCES 1. Acceptable data sources include: a. The 2000 Census b. Data from state or local planning bodies c. Data purchased commercially from
More informationAnn Arbor Downtown Market Scan
2018 Market Scan Market Scan July 2018 OVERVIEW 2 POPULATION & HOUSEHOLDS 5 MULTI-FAMILY 9 RETAIL & RESTAURANT 14 EMPLOYMENT & OFFICE 18 CONSTRUCTION COSTS 22 4WARD PLANNING INC. 1 2018 Market Scan OVERVIEW
More informationMARKET SUMMARY MICHIGAN, METRO DETROIT AREA FOURTH QUARTER 2016 P LAN T E M OR AN CRES A. pmcresa.com
FOURTH QUARTER 2016 MICHIGAN, METRO DETROIT AREA MARKET SUMMARY P LAN T E M OR AN CRES A 26300 NORTHWESTERN HIGHWAY SOUTHFIELD, MI 48076 248.223.3500 pmcresa.com Connect with us for more information: Subscribe
More informationMueller. Real Estate Market Cycle Monitor Second Quarter 2018 Analysis
Mueller Real Estate Market Cycle Monitor Second Quarter 2018 Analysis Real Estate Market Cycle analysis of 5 property types in 54 Metropolitan Statistical Areas (MSAs). Graphic Clarification! Point 11
More informationThe State of the Commercial Real Estate Industry: Mid-Year 2011 Retail Review & Outlook
The State of the Commercial Real Estate Industry: Mid-Year 2011 Retail Review & Outlook Copyright 2011 CoStar Realty Information, Inc. No reproduction or distribution without permission. The following
More informationINDUSTRIAL QUICK STATS SUMMARY & OUTLOOK MARKET TRENDS VACANCY & NET ABSORPTION ECONOMIC STATS
INLAND EMPIRE INDUSTRIAL FOURTH QUARTER 217 QUICK STATS Direct Vacancy 5.1% Overall Vacancy 5.3% Lease Rate NNN $.57 Gross Absorption Under Construction MARKET TRENDS Current Quarter 9,23,744 SF 16,31,563
More informationCONTENTS. Executive Summary. Southern Nevada Economic Situation 1 Household Sector 4 Tourism & Hospitality Industry
CONTENTS Executive Summary Southern Nevada Economic Situation 1 Household Sector 4 Tourism & Hospitality Industry Residential Trends 6 Existing Home Sales 10 Property Management Market 11 Foreclosure Situation
More informationCONTENTS. Executive Summary 1. Southern Nevada Economic Situation 2 Household Sector 5 Tourism & Hospitality Industry
CONTENTS Executive Summary 1 Southern Nevada Economic Situation 2 Household Sector 5 Tourism & Hospitality Industry Residential Trends 7 Existing Home Sales 11 Property Management Market 12 Foreclosure
More informationLancaster Commercial & Industrial Market Overview. February 14, 2018
Lancaster Commercial & Industrial Market Overview February 14, 2018 2017 Macro Economic Assumptions GDP (2017 Average for 4 Quarters) 2.6% 2017 Actual 2018 Forecast Total GDP 2.6% 2.75% to 3.5% Consumer
More informationCycle Forecast Real Estate Market Cycles First Quarter 2019 Estimates
Black Creek Research Cycle Forecast Real Estate Market Cycles First Quarter 0 Estimates Gross Domestic Product (GDP) is expected to grow.% in 0 due to new tax legislation and.% in 0. Employment growth
More informationHighest and Best Uses Midway Mall Elyria, OH
Highest and Best Uses Midway Mall Elyria, OH Prepared for: City of Elyria, OH Prepared by: Nov. 21, 2016 Scope Market feasibility analysis on viability, type, and timing for: Retail, Restaurant, Entertainment
More informationCHICAGO CBD OFFICE INVESTMENT PROPERTIES GROUP
CHICAGO CBD OFFICE INVESTMENT PROPERTIES GROUP SECOND QUARTER NEWSLETTER 216 HOT TOPICS Capital markets remain a focus with 14 assets either under contract or sold totaling $2.6 billion, which includes
More informationIndianapolis MARKETBEAT. Office Q Economy. Market Overview INDIANAPOLIS OFFICE
INDIANAPOLIS OFFICE Economic Indicators Market Indicators (Direct, All Classes) Direct Net Absorption/Direct Asking Rent 4-QTR TRAILING AVERAGE Direct Vacancy Q3 17 Q3 18 MSA Employment 1.05M 1.07M MSA
More informationMultifamily Market Commentary December 2015 Single-Family Rental Sector Attracting Institutional Investment
Multifamily Market Commentary December 2015 Single-Family Rental Sector Attracting Institutional Investment Prior to the Great Recession, the cratering of single-family home prices, and declines in the
More informationGuide Note 12 Analyzing Market Trends
Guide Note 12 Analyzing Market Trends Introduction Since the value of a property is equal to the present value of all of the future benefits it brings to its owner, market value is dependent on the expectations
More informationU.S. GDP (2012 Q Q2)
U.S. GDP (2012 Q3 2014 Q2) U. S. Employment Employment Recovery Following the Last Two Downturns Rail Traffic: Containers Rail Traffic: Commodities Select Rail Traffic Residential Mortgages Pipeline of
More informationWESTSHORE OFFICE MARKET OVERVIEW PRESENTED BY: LARRY RICHEY
MARKET PRESENTED BY: LARRY RICHEY YESTERDAY LOCATION, LOCATION, LOCATION Center of the Region WestShore Plaza 1967 Tampa International Airport 1971 I-275 with exits in all the right places International
More informationEmerging Trends in Real Estate 2016
Emerging Trends in Real Estate 2016 PwC ULI 12 Month Outlook on Trends 37 th Edition 1,800+ Real Estate leaders surveyed 75 Cities Profitability outlook 2010 17.7% 60.6% 21.6% Abysmal to Poor Fair Good
More informationCOMMERCIAL PROPERTY PRICES REMAIN IN SLOWDOWN PATTERN AS MARKET REACTS TO INVESTOR PULLBACK
CCRSI RELEASE MARCH 2016 (With data through February 2016) COMMERCIAL PROPERTY PRICES REMAIN IN SLOWDOWN PATTERN AS MARKET REACTS TO INVESTOR PULLBACK DESPITE DECLINE IN PROPERTY PRICING, LEASING ACTIVITY
More informationThe CoStar Office Report
DCN:6155 The CoStar Office Report T H I R D Q U A R T E R 2 0 0 4 National Office Market Table of Contents Table of Contents.................................................................... A Methodology........................................................................
More informationECONOMIC CURRENTS. Vol. 3, Issue 3 SOUTH FLORIDA ECONOMIC QUARTERLY. Introduction
ECONOMIC CURRENTS THE Introduction SOUTH FLORIDA ECONOMIC QUARTERLY Economic Currents provides an overview of the South Florida regional economy. The report presents current employment, economic and real
More informationQuick Absorption of Newly Constructed Office Buildings
Research & Forecast Report CHARLESTON, SC OFFICE Q3 2016 Quick Absorption of Newly Constructed Office Buildings Bryana Mistretta Research Coordinator South Carolina Key Takeaways >> The Interstate 526
More informationINDUSTRIAL QUICK STATS SUMMARY & OUTLOOK MARKET TRENDS VACANCY & NET ABSORPTION ECONOMIC STATS
ORANGE COUNTY INDUSTRIAL FOURTH QUARTER 217 QUICK STATS Direct Vacancy 2.3% Overall Vacancy 2.7% Lease Rate NNN $.91 Gross Absorption Under Construction MARKET TRENDS Current Quarter 4,283,991 SF 963,138
More informationCycle Forecast Real Estate Market Cycles Second Quarter 2018 Estimates
Cycle Forecast Real Estate Market Cycles Second Quarter 20 Estimates The Congressional Budget Office (CBO) is forecasting Gross Domestic Product (GDP) at rates below 2.0% for the next 0 years and employment
More informationLAND MARKET OVERVIEW TAMPA BAY QUARTERLY REPORT IN THIS REPORT Q Bruce Erhardt Cushman & Wakefield of Florida, LLC
Q3-2018 TAMPA BAY LAND MARKET OVERVIEW QUARTERLY REPORT Bruce Erhardt Cushman & Wakefield of Florida, LLC IN THIS REPORT Erhardt s Quick Look at the Land Market... 2 Tampa Bay Multifamily Market Overview...
More informationAN ECONOMIC, FISCAL AND CAPITAL ASSET IMPACT ANALYSIS OF THIRTEEN PROPOSED NEW DEVELOPMENTS ON THE TOWN OF DENTON, MARYLAND.
AN ECONOMIC, FISCAL AND CAPITAL ASSET IMPACT ANALYSIS OF THIRTEEN PROPOSED NEW DEVELOPMENTS ON THE TOWN OF DENTON, MARYLAND Prepared for The Denton Town Council Denton, Maryland by Dean D. Bellas, Ph.D.
More informationSection 1 - Current Metro Rent Details. Asking Rent by Age Asking Rent Distribution Asking Rent Growth Rate Distribution $788 $859 $860 $931
Section 1 - Current Metro Rent Details Asking Rent by Age Asking Rent Distribution Asking Rent Growth Rate Distribution Year Built Rent Before 1970 $516 1970-1979 $484 1980-1989 $602 1990-1999 $702 After
More informationU.S. Multifamily MarketView
U.S. Multifamily MarketView CBRE Global Research and Consulting VACANCY RATE.% NET ABSORPTION 7, Units RENTABLE COMPLETIONS 8,55 Units Y-o-Y RENT CHANGE.% Arrows indicate change from previous year. Total
More informationLas Vegas Valley Executive Summary
ARROYO MARKET SQUARE Las Vegas Valley Executive Summary Retail Market 4th Quarter 2013 THE DISTRICT AT GREEN VALLEY RANCH January 23, 2014 Re: Commercial Real Estate Survey: 4th Quarter, 2013 Dear Reader,
More informationCycle Monitor Real Estate Market Cycles Third Quarter 2017 Analysis
Cycle Monitor Real Estate Market Cycles Third Quarter 2017 Analysis Real Estate Physical Market Cycle Analysis of Five Property Types in 54 Metropolitan Statistical Areas (MSAs). Income-producing real
More informationINDUSTRIAL QUICK STATS SUMMARY & OUTLOOK MARKET TRENDS VACANCY & NET ABSORPTION ECONOMIC STATS
VENTURA COUNTY INDUSTRIAL FOURTH QUARTER 217 QUICK STATS Direct Vacancy 2.1% Overall Vacancy 2.4% Lease Rate NNN $.7 Gross Absorption Under Construction MARKET TRENDS Current Quarter 1,332,957 SF 774,362
More informationU.S. MULTIFAMILY MARKETVIEW FIGURES Q4 2016
U.S. MULTIFAMILY MARKETVIEW FIGURES Q4 2016 U.S. MULTIFAMILY MARKETVIEW Q4 2016 2016 DELIVERS IMPRESSIVE DEMAND AND NEW SUPPLY TOTALS Vacancy Rate 4.9% Net Absorption* 201,000 Units Rentable Completions*
More informationHousing: Where The Action Is. Presented by: Mary Bujold Maxfield Research Inc.
Housing: Where The Action Is Presented to: Sensible LandUseCoalition Presented by: Mary Bujold Maxfield Research Inc. February 26, 2014 Headlines 2013: Widespread Market Recovery Twin Cities Housing Market
More informationU.S. Economic and Institutional Apartment Market Overview and Outlook. January 7, 2015
U.S. Economic and Institutional Apartment Market Overview and Outlook January 7, 2015 Emerging Economic Trends Inflation Adjusted Crude Oil Prices In Alignment with Long-Term Average Price per Barrel (Nov.
More informationINDUSTRIAL QUICK STATS SUMMARY & OUTLOOK MARKET TRENDS VACANCY & NET ABSORPTION ECONOMIC STATS. Current Quarter. Direct Vacancy 2.
ORANGE COUNTY INDUSTRIAL SECOND QUARTER 218 QUICK STATS Direct Vacancy 2.2% Overall Vacancy 2.5% Lease Rate NNN $.95 Gross Absorption Under Construction MARKET TRENDS Current Quarter 2,956,71 SF 1,367,18
More informationAmericas Office Trends Report
Americas Office Trends Report Summary The overall U.S. office market picked up the pace in the second quarter of 2016 despite continued global economic and financial market uncertainty. While the Brexit
More informationOFFICE QUICK STATS SUMMARY & OUTLOOK MARKET TRENDS VACANCY & NET ABSORPTION ECONOMIC STATS
ORANGE COUNTY OFFICE THIRD QUARTER 217 QUICK STATS Direct Vacancy 12.1% Overall Vacancy 12.9% Lease Rate FSG $2.61 Gross Absorption Under Construction MARKET TRENDS Current Quarter 2,479,293 SF 379, SF
More informationHousing in the Evolving American Suburb The Houston Story
Housing in the Evolving American Suburb The Houston Story Prepared for ULI Houston April, 2018 Presented by: Gregg Logan Managing Director RCLCO glogan@rclco.com Prepared for ULI Houston April, 2018 Suburbs
More informationHousing Affordability: Local and National Perspectives
University of Pennsylvania ScholarlyCommons 2018 ADRF Network Research Conference Presentations ADRF Network Research Conference Presentations 11-2018 Housing Affordability: Local and National Perspectives
More informationMultifamily Market Commentary February 2017
Multifamily Market Commentary February 2017 Affordable Multifamily Outlook Incremental Improvement Expected in 2017 We expect momentum in the overall multifamily sector to slow in 2017 due to elevated
More informationOFFICE QUICK STATS SUMMARY & OUTLOOK MARKET TRENDS VACANCY & NET ABSORPTION ECONOMIC STATS
LOS ANGELES SAN GABRIEL VALLEY OFFICE SECOND QUARTER 218 QUICK STATS Direct Vacancy 11.1% Overall Vacancy 11.4% Lease Rate FSG $2.32 Gross Absorption Under Construction MARKET TRENDS Current Quarter 345,68
More informationInvestor Presentation September 2017
Investor Presentation September 2017 1 Table of Contents Company Overview & 2017 Guidance 3 6 Multifamily Fundamentals 7 11 Camden s Portfolio 12 22 Real Estate Transactions 23 29 Capital Structure & Liquidity
More informationRETAIL REPORT VIEWPOINT 2018 / COMMERCIAL REAL ESTATE TRENDS. By: Hugh F. Kelly, PhD, CRE IRR.COM AN INTEGRA REALTY RESOURCES PUBLICATION
RETAIL REPORT VIEWPOINT 2018 / COMMERCIAL REAL ESTATE TRENDS By: Hugh F. Kelly, PhD, CRE Nowhere do we hear more discussion of disruption as in the retail property sector. Ecommerce has a powerful effect,
More informationNATIONAL ASSOCIATION of REALTORS RESEARCH DIVISION. Prepared for Florida REALTORS
NATIONAL ASSOCIATION of REALTORS RESEARCH DIVISION Prepared for Florida REALTORS NATIONAL ASSOCIATION OF REALTORS RESEARCH DIVISION Page 1 Page 3 Page 4 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page
More informationEconomic and Market Outlook: SAN ANTONIO OFFICE Q1 2016
Economic and Market Outlook: HOUSTON SAN ANTONIO AUSTIN Table 1. Key market indicators for Q1 2016, and their percent (%) change on a quarter-over-quarter (QoQ) and year-over-year (YoY) basis (Class A
More informationEstimating National Levels of Home Improvement and Repair Spending by Rental Property Owners
Joint Center for Housing Studies Harvard University Estimating National Levels of Home Improvement and Repair Spending by Rental Property Owners Abbe Will October 2010 N10-2 2010 by Abbe Will. All rights
More informationMARKET WATCH SOUTHERN CALIFORNIA & PHOENIX
SOUTHERN CALIFORNIA & PHOENIX COMMERCIAL REAL ESTATE MARKET FOURTH QUARTER 217 MARKET WATCH SOUTHERN CALIFORNIA & PHOENIX 1.888.659.DAUM WWW.DAUMCOMMERCIAL.COM D/AQ Corp. # 1129558 DAUM TABLE OF CONTENTS
More informationRALEIGH-DURHAM MULTIFAMILY. Multifamily Remains a Smart Play; Triangle Demographics Sustain Demand. Research & Forecast Report.
Research & Forecast Report RALEIGHDURHAM MULTIFAMILY MidYear 2018 Multifamily Remains a Smart Play; Triangle Demographics Sustain Demand Ed Finley Research Analyst RaleighDurham Market Indicators Relative
More informationEmerging Trends in Real Estate Playing for Advantage, Guarding the Flank
Emerging Trends in Real Estate 2017 Playing for Advantage, Guarding the Flank PwC ULI Outlook on Trends 38th 500/1,500 Who? A record total ULI Charlotte Thank You! Rational Opportunities Competitive How
More informationINLAND EMPIRE REGIONAL INTELLIGENCE REPORT. School of Business. April 2018
INLAND EMPIRE REGIONAL INTELLIGENCE REPORT April 2018 Key economic indicators suggest that the Inland Empire s economy will continue to expand throughout the rest of 2018, building upon its recent growth.
More informationMultifamily Market Commentary December 2018
Multifamily Market Commentary December 218 Small Multifamily a Big Deal in Los Angeles Small multifamily properties those with five- to 5-units are getting more attention as an important source of affordable
More informationMarket Report Q ///////// Orange County Industrial. ///////////////L o s A n g e l e s /////////////
///////////////L o s A n g e l e s ///////////// ///////////O r a n g e C o u n t y /////////// ////////////V e n t u r a ///////////////// ////////// I n l a n d E m p i r e //////////// Market Report
More informationMarket Trends and Outlook
Residential Remodeling Market Trends and Outlook Kermit Baker Remodeling Futures Conference April 3, 2012 Remodeling Market Overview 1. Home improvement spending totaled an estimated $290 billion last
More informationGreenville is a tenant s market
Research & Forecast Report GREENVILLE SPARTANBURG ANDERSON SOUTH CAROLINA OFFICE Q2 2018 Greenville is a tenant s market Crystal Baker Research Coordinator South Carolina Key Takeaways > > Large blocks
More informationTable of Contents. Appendix...22
Table Contents 1. Background 3 1.1 Purpose.3 1.2 Data Sources 3 1.3 Data Aggregation...4 1.4 Principles Methodology.. 5 2. Existing Population, Dwelling Units and Employment 6 2.1 Population.6 2.1.1 Distribution
More informationExisting Conditions: Economic Market Assessment
Existing Conditions: Economic Market Assessment Introduction The US 24/40 Corridor Study examined existing conditions as they related to economic and commercial market assessments, existing land use, and
More informationMetropolitan Area Statistics
Metropolitan Area Statistics Apartment Completions 1Q 2011 1Q 2012 % Chg Atlanta - - n/a Boston 133 39-71% Chicago - 20 n/a Cleveland - - n/a Columbus - 272 n/a Dallas-Ft. Worth 604 1,059 75% Denver 328
More informationOFFICE QUICK STATS SUMMARY & OUTLOOK MARKET TRENDS VACANCY & NET ABSORPTION ECONOMIC STATS
LOS ANGELES CENTAL/SOUTHEAST OFFICE THIRD QUARTER 218 QUICK STATS Direct Vacancy 14.7% Overall Vacancy 15.2% Lease Rate FSG $3.16 Gross Absorption Under Construction MARKET TRENDS Change from Last Quarter
More informationState of the Nation s Housing 2008: A Preview
State of the Nation s Housing 28: A Preview Eric S. Belsky Remodeling Futures Conference April 15, 28 www.jchs.harvard.edu The Housing Market Has Suffered Steep Declines Percent Change Median Existing
More informationFOR SALE $350,000 $300,000
MEDICAL OFFICE CONDO 4123 UNIVERSITY BLVD. S, UNIT E JACKSONVILLE, FL 32216 FEATURES GREAT LOCATION CONVENIENTLY LOCATED ON UNIVERSITY BOULEVARD IN CLOSE PROXIMITY TO MEMORIAL HOSPITAL +/- 1,842 SQ. FT.
More informationINDUSTRIAL QUICK STATS SUMMARY & OUTLOOK MARKET TRENDS VACANCY & NET ABSORPTION ECONOMIC STATS. Current Quarter. Direct Vacancy 2.
LOS ANGELES NORTH INDUSTRIAL THIRD QUARTER 218 QUICK STATS Direct Vacancy 2.3% Overall Vacancy 2.6% Lease Rate NNN $1.1 Gross Absorption Under Construction MARKET TRENDS Current Quarter 1,632,564 SF 595,199
More informationChapter 1. The Real Estate Space Market & Asset Market
Chapter 1 The Real Estate Space Market & Asset Market What s a market? A mechanism for the voluntary exchange of goods and services among owners. Two types of markets relevant to commercial property: 1.
More informationIndustrial Real Estate Portfolio
Industrial Real Estate Portfolio Portfolio Coverage Page 7 6565 Echo Avenue, Reno, NV Property Summary Address: Size (SF): Office Finish: HVAC Space: Year Built: 2003 Site Area: 6565 Echo Avenue Reno,
More informationPARHAM PROFESSIONAL PARK
20,372 s.f. medical office building value-add and owner occupant oportunity PARHAM PROFESSIONAL PARK PARHAM PROFESSIONAL PARK a Executive Summary THE OPPORTUNITY JLL, as exclusive advisor, is pleased to
More informationREAL ESTATE MARKET AND YOUR TAX
REAL ESTATE MARKET AND YOUR TAX ASSESSMENT All of us Island property owners received our tax assessment notices from the County recently. As real estate agents we have been fielding many questions about
More informationCommercial Real Estate Outlook
Commercial Real Estate Outlook By Lawrence Yun, Ph.D. Chief Economist, National Association of REALTORS Presentation at Annual Conference of National Association of REALTORS Chicago, IL November 3, 2017
More informationHISTORICAL VACANCY VS RENTS $1.75 2Q10 2Q11 2Q12 2Q13 2Q14
www.colliers.com/greaterlosangeles RETAIL GREATER LOS ANGELES BASIN MARKET REPORT Vacancy Decreases and Net Absorption Increases From Previous Quarter MARKET INDICATORS - VACANCY 6. NET ABSORPTION 732,000
More informationECONOMIC CURRENTS. Vol. 3, Issue 1. THE SOUTH FLORIDA ECONOMIC QUARTERLY Introduction
ECONOMIC CURRENTS THE SOUTH FLORIDA ECONOMIC QUARTERLY Introduction Economic Currents provides an overview of the South Florida regional economy. The report contains current employment, economic and real
More informationThe Seattle MD Apartment Market Report
The Seattle MD Apartment Market Report Volume 16 Issue 2, December 2016 The Nation s Crane Capital Seattle continues to experience an apartment boom which requires constant construction of new units. At
More informationThe Improvement of the Industrial Market
Research & Forecast Report Long Island industrial MARKET Q2 2015 The Improvement of the Industrial Market Rose Liu Research & Financial Analyst Long Island Takeaways The overall economy on Long Island
More informationGuide for Estimating Affordability and Cap Exclusions for 2018 Deliveries
Guide for Estimating Affordability and Exclusions for 2018 Deliveries This is a reference guide for how the percentage excluded from the scorecard cap for an individual deal is calculated. The Multifamily
More information17th Annual Real Estate Review & Forecast
2017 17th Annual Real Estate Review & Forecast This Year s Sponsors Member FDIC Construction: Review & Forecast 2017 Page 2 Permits Issued 142 New Commercial Construction Permits issued for all Elkhart
More informationPOPULATION FORECASTS
POPULATION FORECASTS Between 2015 and 2045, the total population is projected to increase by 373,125 residents to reach 2.2 million. Some areas will see major increases, while other areas will see very
More informationHow to Read a Real Estate Appraisal Report
How to Read a Real Estate Appraisal Report Much of the private, corporate and public wealth of the world consists of real estate. The magnitude of this fundamental resource creates a need for informed
More informationTime for Retail to Take Stock
Q1 2013 RETAIL LAS VEGAS NEVADA RESEARCH & FORECAST REPORT Time for Retail to Take Stock It is heartening to say, after five years of a bad economy, that the first quarter of 2013 s 119,649 square feet
More informationAPPENDIX A. Market Study Standards and Requirements
APPENDIX A Market Study Standards and Requirements Section 42(m)(1)(A)(iii) of the IRS Code and Section IV(A)(2) of the 2018 Qualified Allocation Plan (QAP) require market studies for all low-income housing
More informationThe U.S. Housing Confidence Index
March 2018 www.pulsenomics.com 2014-2018 Pulsenomics LLC Pulsenomics, Housing Confidence Survey, and Housing Confidence Index are trademarks of Pulsenomics LLC. HCI Each Housing Confidence Index (HCI)
More informationOFFICE QUICK STATS SUMMARY & OUTLOOK MARKET TRENDS VACANCY & NET ABSORPTION ECONOMIC STATS
VENTURA COUNTY OFFICE THIRD QUARTER 217 QUICK STATS Direct Vacancy 13.9% Overall Vacancy 14.3% Lease Rate FSG $2.25 Gross Absorption Under Construction MARKET TRENDS Current Quarter 34,43 SF 18,112 SF
More information>> Greater Los Angeles Retail Starts 2016 On a Positive Note
Research & Forecast Report GREATER LOS ANGELES RETAIL Accelerating success. >> Greater Los Angeles Retail Starts 2016 On a Positive Note Greater Los Angeles Retail Market The Los Angeles Basin retail market
More informationBy several measures, homebuilding made a comeback in 2012 (Figure 6). After falling another 8.6 percent in 2011, single-family
2 Housing Markets With sales picking up, low inventories of both new and existing homes helped to firm prices and spur new single-family construction in 212. Multifamily markets posted another strong year,
More informationDowntown Redevelopment Update Analysis for City of Mound, Minnesota. Mary C. Bujold President
Downtown Redevelopment Update Analysis for the City of Mound, Minnesota Prepared for: Prepared by: City of Mound, Minnesota Maxfield Research, Inc. Mary C. Bujold President September 16, 2013 Presentation
More informationIndianapolis MARKETBEAT. Office Q Economy. Market Overview INDIANAPOLIS OFFICE
INDIANAPOLIS OFFICE Economic Indicators Q2 17 Q2 18 MSA Employment 1.1M 1.1M MSA Unemployment 3.3% 3.0% U.S. Unemployment 4.3% 3. Market Indicators (Direct, All Classes) Q2 17 Q2 18 Total Market Vacancy
More informationMultifamily Supply: Too Much or Not Enough
Multifamily Supply: Too Much or Not Enough A BERKSHIRE RESEARCH VIEWPOINT October 2016 1 Multifamily Supply: Too Much or Not Enough A BERKSHIRE RESEARCH VIEWPOINT October 2016 SUMMARY With an expected
More information