2012 Blue Book Coldwell Banker Commercial Real Estate Mid Year Market Review by ridwanrreyza

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2012 Blue Book Coldwell Banker Commercial Real Estate Mid Year Market Review. The CBC Blue Book offers a unique market perspective with data generated by true commercial real estate market experts – the professionals of the Coldwell Banker Commercial companies within the local markets. In total, the Blue Book contains over 130 markets. The Blue Book highlights one of the strengths of the Coldwell Banker Commercial organization: our national footprint. The CBC organization’s strong local market coverage combined with our global reach helps our clients obtain real-time market information in order to make informed real estate decisions.

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									2012Blue Book
    Coldwell Banker Commercial® Mid Year Market Review




  Check out the NEW
MARKET SNAPSHOTS
 cbcworldwide.com
                   About the
                 CBC® Blue Book
        The CBC® Blue Book offers a unique market perspective with data
        generated by true commercial real estate market experts – the
        professionals of the Coldwell Banker Commercial companies within the
        local markets. In total, the Blue Book contains over 130 markets.

        The Blue Book highlights one of the strengths of the Coldwell Banker
        Commercial organization: our national footprint.

        The CBC organization’s strong local market coverage combined with our
        global reach helps our clients obtain real-time market information in order
        to make informed real estate decisions.




Sources of Information
Each market information comes from the CBC affiliate listed as the contact. Information is deemed
from sources considered reliable. Various sources of the data include but are not limited to: CoStar,
Reis and LoopNet. Demographic information was accessed from EASI Demographics and 2010 Census.
A Core Based Statistical Area (CBSA) is a U.S. geographic area defined by the Office of Management
and Budget (OMB) based around an urban center of at least 10,000 people and adjacent areas that are
socioeconomically tied to the urban center by commuting. Unemployment numbers were taken from
Bureau of Labor Statistics.
Table of Contents
AL - Birmingham                              4   MI - Western                           38
AL - Dothan, Houston County                  4   MN - Mankato                           38
AL - Montgomery                              5   MN - Minneapolis/St. Paul Metro Area   39
AK - Anchorage                               5   MN - St. Cloud/Central                 39
AR - Hot Springs                             6   MO - St. Joseph                        40
AR - Jonesboro                               6   MS - Gulfport/Biloxi                   40
AR - Little Rock                             7   MT - Billings                          41
AZ - Sedona/Verde Valley                     7   NE - Lincoln                           41
CA - Arcadia                                 8   NV - Reno/Sparks                       42
CA - Inland Empire North/Victor Valley       8   NJ - Central                           42
CA - Los Angeles                             9   NJ - Morris County                     43
CA - Los Angeles, Westside                   9   NJ - Northern                          43
CA - Modesto                                10   NM - Albuquerque                       44
CA - Napa Valley/Napa County                10   NY - Albany                            44
CA - Orange County                          11   NY - Long Island                       45
CA - Redding                                11   NY - New York City                     45
CA - Sacramento Greater Area                12   NC - Southeastern                      46
CA - San Gabriel/San Fernando Valley        12   NC - Triad Area                        46
CA - Southwest Riverside County             13   NC - Triangle                          47
CO - Western                                13   ND - Fargo/Moorhead                    47
CT - Danbury/Upper Fairfield/New Haven      14   OH - Lorain County                     48
CT - Fairfield County                       14   OK - Oklahoma City                     48
DE - Sussex County                          15   OR - Portland                          49
FL - Brevard County                         15   OR - Salem                             49
FL - Charlotte/Sarasota Counties            16   PA - Pittsburgh                        50
FL - Daytona/Ormond Beach, Volusia County   16   PA - Southeastern                      50
FL - Destin                                 17   PA - York/Lancaster/Harrisburg         51
FL - Florida Keys                           17   SC - Charleston                        51
FL - Gainesville                            18   SC - Columbia                          52
FL - Indian River County                    18   SC - Greenville/Spartanburg            52
FL - Jacksonville                           19   SC - Myrtle Beach                      53
FL - Lakeland/Winter Haven                  19   SD - Rapid City                        53
FL - Melbourne/Brevard County               20   TN - Chattanooga Metro Area            54
FL - Naples/Ft. Myers                       20   TN - Knoxville/East                    54
FL - Orlando                                21   TX - Abilene                           55
FL - Polk County                            21   TX - Austin                            55
FL - Sarasota/Manatee/Charlotte Counties    22   TX - Bryan/College Station             56
FL - Southern                               22   TX - Dallas/Fort Worth                 56
FL - St. Lucie County                       23   TX - Houston                           57
FL - Tallahassee                            23   TX - Lubbock                           57
FL - Tampa/St. Petersburg                   24   TX - Rio Grande Valley                 58
GA - Athens                                 24   TX - San Antonio                       58
GA - Atlanta                                25   TX - Waco, McLennan County             59
GA - Chatham County                         25   UT - Salt Lake County                  59
GA - Columbus                               26   VA - Lynchburg                         60
GA - Hinesville/Fort Stewart                26   WA - King County                       60
GA - Lake Oconee/Lake Sinclair              27   WA - South Puget Sound                 61
GA - Macon, Bibb County                     27   WA - Tacoma                            61
HI - Honolulu                               28   WA - Vancouver & Southwest             62
ID - Boise                                  28   WI - Janesville/Beloit                 62
ID - Coeur d’ Alene                         29   WY - Cheyenne Metro                    63
IL - Bloomington/Normal, McLean County      29
IL - Champaign/Urbana                       30                  INTERNATIONAL MARKETS
IL - Chicagoland                            30   Bermuda                                64
IL - Madison/St. Clair Counties             31   Canada - Belleville                    64
IL - Peoria County                          31   Canada - Greater Toronto Area          65
IL - Sangamon County                        32   Canada - Kelowna/West Kelowna          65
IN - Delaware County                        32   Canada - Nanaimo, BC                   66
KS - Garden City                            33   Canada - Ottawa, Ontario               66
KS - Kansas City Metro Area                 33   Canada - Waterloo Region               67
KY - Louisville Metro                       34   Colombia - Cartagena                   67
KY - Southern                               34   Greece                                 68
LA - Acadiana                               35   Ireland                                68
LA - New Orleans                            35   Mexico - Mexico City                   69
ME - Midcoast                               36   The Netherlands                        69
MD - Suburban                               36   Turkey - Istanbul                      70
MA - Pioneer Valley                         37   United Arab Emirates                   70
MI - Middle                                 37
AL - Birmingham                                                                    AL - Dothan, Houston County




DEMOGRAPHICS                       MARKET HIGHLIGHTS                               DEMOGRAPHICS                     MARKET HIGHLIGHTS

                    Birmingham-    •	 The construction of a new ballpark                                            •	 New Medical College is under
           CBSA                       in Birmingham’s Southside has                           CBSA     Dothan, AL      construction with the first class
                    Hoover, AL
                                      spawned a number of real estate                                                  admitting in August 2013.
                                      transactions in the Industrial sector.
    Square Miles    5,298             Also due in part to the new ballpark             Square Miles    1,718        •	 Hotel occupancy rate remains high.
                                      development, the Central submarket
                                      experienced the largest amount of                                             •	 Healthcare Industry drives the
                                      positive absorption in the Q2.                                                   Dothan economy and continues to
      Population    1,135,190                                                            Population    143,295         grow.
                                   •	 Riverchase Galleria announced Von
                                      Maur department store is leasing                                              •	 Cost of Living Index is one of lowest
     Households     451,751           187,000 SF and will be the fifth                  Households     57,785          in the nation.
                                      department store in the mall.
                                                                                                                    •	 Southeast Alabama & Northwest
      Household                    •	 Birmingham is seeing more casual                   Household                     Florida announce mega site location.
         Income     $55,642           dining enter the market. New                          Income     $43,656
         Median                                                                             Median                  •	 Regional Airport offers hangers for
                                      restaurants like Which Wich, Lime
                                      Fresh Mexican Grill, Little Donkey,                                              wide body aircraft.
Employees (Total)   485,749           Tellini’s Italiano and Seasons 52 have       Employees (Total)   58,833
                                      either just opened or will open soon.

                                   •	 Chicago-based Accretive Health
   Unemployment     7.90%             Services leased 21,000 + SF at The             Unemployment      8.30%
                                      Forum Building. Accretive Health is
                                      new to Birmingham, and Birmingham
                                      was chosen over several other cities
                                      in the Southeast.

CONTACT                            •	 Mercy Medical, a medical facility for        CONTACT
                                      senior citizens, leased the 45,540 SF
 Coldwell Banker Commercial           former Haverty’s Furniture Showroom           Coldwell Banker Commercial
 Moore Company Realty                 in Irondale.                                  Alfred Saliba Realty
 2 Office Park Circle, Suite 110                                                    410 North Shady Lane
 Birmingham, AL 35223                                                               Dothan, AL 36303
 (205) 871-2088                                                                     (334) 793-6600
 www.cbcmcr.com                                                                     www.alfredsalibacommercial.com




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                                                                               4
AL - Montgomery                                                                    AK - Anchorage




DEMOGRAPHICS                      MARKET HIGHLIGHTS                                DEMOGRAPHICS                        MARKET HIGHLIGHTS

                    Montgomery,   •	 Alabama heats up as the place to                                                  •	 In July of 2012, Cabela’s announced
           CBSA                      do business: Expansion of Mercedes                       CBSA     Anchorage, AK      plans to build a 100,000 SF store in
                    AL
                                     in Vance; Expansion of Hyundai in                                                    Anchorage. New national retailers
                                     Montgomery; Expansion of Honda                                                       continue to have success moving into
    Square Miles    2,725            in Lincoln; Airbus to open its North              Square Miles    26,379             the market, including Olive Garden
                                     American plant in Mobile.                                                            and Buffalo Wild Wings.

                                  •	 Office vacancy is stabilizing. Targeted                                           •	 Anchorage Office market continues
      Population    367,157                                                              Population    378,904
                                     Retail is succeeding in their desired                                                to have a low vacancy rate of 6.1%.
                                     demographics. Call volume has
                                     increased for all product types.                                                  •	 The Alaska market continues on its
     Households     147,017                                                             Households     137,722            upward growth path
                                  •	 Restaurant and pub nears completion
                                     in downtown historic district.                                                    •	 Retailers are moving to better
      Household                                                                          Household                        locations as their current leases
         Income     $52,679       •	 Budget homebuilders in the finished                    Income     $72,444            expire, creating new construction
         Median                      price range of $80/SF find traction.                   Median                        projects and leaving behind older
                                                                                                                          vacant facilities.
Employees (Total)   144,160       •	 With the expansion of Hyundai and             Employees (Total)   162,368
                                     its ancillary jobs created, there is                                              •	 The Industrial market is tight
                                     optimism in the market.                                                              with vacancy - the only product
                                                                                                                          available is less desirable facilities
  Unemployment      8.90%         •	 Montgomery can become the natural               Unemployment      6.90%              due to ceiling height and electrical
                                     cargo break point for intermodal                                                     capabilities.
                                     product arriving in the Port of Mobile.



CONTACT                                                                            CONTACT
 Coldwell Banker Commercial                                                         Coldwell Banker Commercial
 Moore Company Realty                                                               NRT - AK
 121 Coosa St., Suite 250,                                                          6550 South Millrock Dr.
 Montgomery, AL 36104                                                               Suite 200
 (334) 262-1958                                                                     Salt Lake City, UT 84121
 www.cbcmcr.com                                                                     (907) 694-4944
                                                                                    www.coldwellutah.com



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                                                                               5
AR - Hot Springs                                                                   AR - Jonesboro




DEMOGRAPHICS                       MARKET HIGHLIGHTS                               DEMOGRAPHICS                        MARKET HIGHLIGHTS

                    Hot Springs,   •	 New tenants in the market include                                                •	 NEA Baptist Hospital is building a
           CBSA                       TCBY and Orange Leaf.                                   CBSA     Jonesboro, AR      new facility with new technology
                    AR
                                                                                                                          and a new health care model for
                                   •	 Foreclosures in commercial real                                                     Northeast Arkansas.
    Square Miles    677               estate in the area have remained                 Square Miles    711
                                      minimal.                                                                         •	 Arkansas State University is always
                                                                                                                          expanding and was named in the
                                   •	 Two parcels of land are currently                                                   Best Colleges Regional Universities
      Population    98,888            under contract for the construction of             Population    96,443
                                                                                                                          South 2012.
                                      two new hotels.
                                                                                                                       •	 New restaurants are moving into
     Households     43,175         •	 More residential units have been sold             Households     39,977             Jonesboro: Cheddar’s, Five Guys
                                      this year but the average price/unit                                                Burgers, Buffalo Wild Wings and
                                      was reduced.                                                                        Panera.
      Household                                                                          Household
         Income     $42,222        •	 The City of Hot Springs, along                        Income     $42,931         •	 New stores are coming into
         Median                       with the Chamber of Commerce,                         Median                        Jonesboro: Academy Sports,
                                      is working on plans to further                                                      Kirkland’s and Sissy’s Log Cabin.
Employees (Total)   32,750            the revitalization of the historic           Employees (Total)   37,743
                                      downtown.

                                   •	 Commercial sales and leasing activity
  Unemployment      7.60%             through Q2 of 2012 have exceeded               Unemployment      7.00%
                                      the year 2011 sales.




CONTACT                                                                            CONTACT
 Coldwell Banker Commercial                                                         Coldwell Banker Commercial
 RPM                                                                                Village Communities
 401 Section Line Rd., Suite F                                                      2704 S. Culberhouse, Suite A
 Hot Springs, AR 71913                                                              Jonesboro, AR 72401
 (501) 520-4000                                                                     (870) 935-7800
 www.cbcrpm.com                                                                     www.cbcworldwide.com




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                                                                               6
AR - Little Rock                                                                   AZ - Sedona/Verde Valley




DEMOGRAPHICS                       MARKET HIGHLIGHTS                               DEMOGRAPHICS                        MARKET HIGHLIGHTS

                    Little Rock-   •	 Welspun Corp. Ltd. announces $100m                                               •	 Historic Oak Creek Canyon Resort
                    North Little      expansion of its pipe-manufacturing                     CBSA     Flagstaff, AZ      was sold and revitalized.
           CBSA
                    Rock-Conway,      facility in LR Port, adding 200 jobs.
                    AR
                                                                                                                       •	 Commercial vacancies are steady and
                                   •	 Southwest Power Pool celebrates                  Square Miles    18,617             trending downward.
    Square Miles    4,090             July grand opening of its new $62m,
                                      190,000 SF Corporate Center in West                                              •	 State is upgrading lighting in Sedona
                                      Little Rock.                                                                        business corridor.
                                                                                         Population    130,596
      Population    690,456        •	 Custom Aircraft Cabinets doubles                                                 •	 Residential units sales are strong with
                                      employment and invests $6m in                                                       a 6-year low inventory.
                                      expansion/relocation to Sherwood                  Households     46,597
                                      facility.                                                                        •	 Sedona Hotel occupancy is up 10%
     Households     276,042
                                                                                                                          YTD for Q1 and Sedona Marathon up
                                   •	 Industrial market has 5th consecutive              Household                        20%.
      Household                       quarter of positive absorption.                       Income     $52,993
         Income     $56,190                                                                 Median                     •	 Sedona internet inquiries are up 43%
         Median                    •	 Local developers announce Mixed-                                                    for Q1 of 2012.
                                      Use Mann Building project in CBD,            Employees (Total)   48,137
Employees (Total)   290,765
                                      to include Multi-Family, Retail and
                                      Office.

                                   •	 Windstream Hosted Solutions opens              Unemployment      8.30%
  Unemployment      6.60%             30,000 SF state-of-the-art data center
                                      in West Little Rock.



CONTACT                                                                            CONTACT
 Coldwell Banker Commercial                                                         Coldwell Banker Commercial
 Hathaway Group                                                                     First Affiliate
 2100 Riverdale Rd., Suite 100                                                      195 W. State Route 89A
 LIttle Rock, AR 72202                                                              Sedona, AZ 86336
 (501) 663-5400                                                                     (928) 282-4666
 www.hathawaygroup.com                                                              www.cbsedonacommercial.com




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                                                                               7
CA - Arcadia                                                                        CA - Inland Empire North/Victor Valley




DEMOGRAPHICS                        MARKET HIGHLIGHTS                               DEMOGRAPHICS                        MARKET HIGHLIGHTS

                    Los Angeles-    •	 This market is experiencing slow                                 Riverside-San   •	 Macy’s, JCPenney and Fitness 19 are
           CBSA     Long Beach-        recovery for Commercial Real Estate.                    CBSA     Bernardino-        under construction.
                    Santa Ana, CA                                                                       Ontario, CA
                                    •	 Increase on BPO orders for banks &                                               •	 Number of Multi-Family sales Q2 vs.
    Square Miles    4,850              investors.                                       Square Miles    27,260             Q1 is up 26%.

                                    •	 This area is experiencing high                                                   •	 Increase in owner/users purchasing
                                       vacancy.                                                                            vacant Industrial buildings.
      Population    12,935,173                                                            Population    4,171,856
                                    •	 Limited commercial lending is                                                    •	 Industrial tenants are relocating
                                       available.                                                                          to similar or larger SF buildings;
                                                                                                                           taking advantage of low rates,
     Households     4,288,080                                                            Households     1,350,253
                                    •	 There is a big gap between buyer &                                                  better locations &/or more suitable
                                       seller expectations.                                                                facilities.
      Household                                                                           Household
         Income     $60,485         •	 Buyers are still sitting on the fence.                Income     $52,845         •	 Office leasing activity is improving,
         Median                                                                              Median                        there are signs of expansion from
                                                                                                                           out of the area users with space
                                                                                                                           requirements ranging from 1,000 SF
Employees (Total)   5,313,010                                                       Employees (Total)   1,156,307
                                                                                                                           to 1,500 SF.

                                                                                                                        •	 Office sector landlords are typically
                                                                                                                           doing 1-3 year lease terms with
  Unemployment      10.30%                                                            Unemployment      12.60%
                                                                                                                           minimal concessions and TI
                                                                                                                           allowances with options at market.



CONTACT                                                                             CONTACT
 Coldwell Banker Commercial                                                          Coldwell Banker Commercial
 George Realty                                                                       Real Estate Solutions
 660 W. Huntington Dr.                                                               15500 W Sand St., 2nd Floor
 Arcadia, CA 91007                                                                   Victorville, CA 92392
 (626) 445-6660                                                                      (760) 684-8000
 www.cbcworldwide.com                                                                www.cbcdesert.com




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INDUSTRIAL                                    MULTI-FAMILY                          INDUSTRIAL                                    MULTI-FAMILY

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                                                                                8
CA - Los Angeles                                                                   CA - Los Angeles, Westside




DEMOGRAPHICS                        MARKET HIGHLIGHTS                              DEMOGRAPHICS                        MARKET HIGHLIGHTS

                    Los Angeles-    •	 Apple is opening a mega store in                                Los Angeles-    •	 Strongest property sectors are
           CBSA     Long Beach-        Santa Monica, CA.                                      CBSA     Long Beach-        Multi-Family, single-tenant NNN
                    Santa Ana, CA                                                                      Santa Ana, CA      Investments, Medical Office and
                                    •	 Office market is tightening up, rates                                              Industrial (due to the scarcity of the
    Square Miles    4,850              climbing slowly.                                Square Miles    4,850              product and ability to convert to
                                                                                                                          creative Office uses).
                                    •	 Owner/user investment continues to
                                       remain strong.                                                                  •	 The strongest sub-markets are
      Population    12,935,173                                                           Population    12,935,173         the Santa Monica-Venice creative
                                    •	 Creative Office continues to attract                                               corridors, Beverly Hills, West
                                       tenants.                                                                           Hollywood and Brentwood.
     Households     4,288,080                                                           Households     4,288,080
                                                                                                                       •	 Multi-Family market is very active
                                                                                                                          and financing is readily available. Cap
      Household                                                                          Household                        rates in A/B areas are 4%-5%; B/C
         Income     $60,485                                                                 Income     $60,485            areas range from 4.75%-6.5%.
         Median                                                                             Median
                                                                                                                       •	 A lot of cash is on the sidelines,
                                                                                                                          much of it chasing similar product
Employees (Total)   5,313,010                                                      Employees (Total)   5,313,010
                                                                                                                          – well located property with strong
                                                                                                                          tenants and/or upside potential. Most
                                                                                                                          Investors continue to be risk-averse
  Unemployment      10.30%                                                           Unemployment      10.30%             and opt for lower returns on less risky
                                                                                                                          Investments.

                                                                                                                       •	 Developers are looking for
                                                                                                                          opportunities to build with several-
                                                                                                                          hundred-thousand SF of Multi-Family,
CONTACT                                                                            CONTACT                                creative Office and Mixed-Use
                                                                                                                          developments in the pipeline, slated
 Coldwell Banker Commercial                                                         Coldwell Banker Commercial            to come on line in 2014-2016.
 WESTMAC                                                                            NRT - Los Angeles
 1515 Sepulveda Blvd.                                                               11999 San Vicente Blvd.
                                                                                                                       •	 Single Family/Condo market is
 Los Angeles, CA 90025                                                              Suite 100
 (310) 478-7700                                                                     Los Angeles, CA 90049                 trending upwards with more offer
 www.westmac.com                                                                    (310) 820-6651                        activity, more sales and shorter
                                                                                    www.cbcworldwide.com                  marketing times.



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                                                                               9
CA - Modesto                                                                         CA - Napa Valley/Napa County




DEMOGRAPHICS                      MARKET HIGHLIGHTS                                  DEMOGRAPHICS                    MARKET HIGHLIGHTS

                                  •	 Stanislaus County is located in                                                 •	 Napa City Council approved the
           CBSA     Modesto, CA      the Central Valley. Its county seat                        CBSA     Napa, CA       Downtown Specific Plan, making
                                     is Modesto, which is where many                                                    way for more favorable development
                                     people in the surrounding areas                                                    guidelines, options for downtown
    Square Miles    1,494            shop.                                               Square Miles    754            living, more green areas, bike-friendly
                                                                                                                        paths and the return of two-way
                                  •	 The major industry is AG-related,                                                  streets.
                                     employing approximately 18,000
      Population    512,221                                                                Population    135,273
                                     people or 11.3% of the total                                                    •	 Developer Todd Zapolski purchased
                                     160,000 people that are employed.                                                  the Napa Town Center. His proposed
                                     Unemployment varies based on the                                                   rejuvenation project is expected to
     Households     167,008          fact that most of the AG jobs are                    Households     52,057         attract more world-class retailers and
                                     seasonal.                                                                          restaurateurs.
      Household                   •	 Shopping areas that are well located                  Household                 •	 Multi-Family Office vacancy rates in
         Income     $49,395          have been attracting new tenants                         Income     $72,042        the city of Napa have declined to
         Median                                                                               Median
                                     with some major remodeling. Due to                                                 about 14%.
                                     lack of new construction, the vacant
Employees (Total)   140,743          space has been absorbed as needs                Employees (Total)   60,343      •	 The total Industrial market in Napa
                                     arise. Kaiser Permanente built a major                                             County consists of over 16 million
                                     hospital complex with Memorial                                                     SF, with a current vacancy rate of less
                                     Hospital making a major expansion.                                                 than 8%.
  Unemployment      15.80%                                                             Unemployment      7.80%
                                  •	 There have been major layoffs in                                                •	 During the first six months of 2012,
                                     government sector based on tax                                                     the Up Valley (Calistoga, St. Helena
                                     assessments being lowered due                                                      and Yountville) Commercial real
                                     to downturn in real estate values.                                                 estate market saw a resurgence of
                                     Leveling out has occurred and all are                                              sales and leasing activity.
CONTACT                              hoping real estate prices will start to         CONTACT
                                     rise in 2012. This will only come if the                                      •	 Buyers, especially developers,
 Coldwell Banker Commercial          unemployment in the area starts to               Coldwell Banker Commercial      appear to be coming back into the
 Vinson Chase, Realtor                                                                Brokers of the Valley           commercial marketplace, eager to
                                     decline.
 220- C Standiford Ave                                                                1775 Lincoln Ave.
                                                                                                                      make the most of attractive prices
 Modesto, CA 95305                                                                    Napa, CA 94558
 (209) 577-2121                   •	 Office and Retail are improving in               (707) 224-8454                  and low interest rates.
 www.cbcworldwide.com                good centers and locations.                      www.napacommercialproperties.com




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INDUSTRIAL                                 MULTI-FAMILY                              INDUSTRIAL                               MULTI-FAMILY

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                                                                                10
CA - Orange County                                                                      CA - Redding




DEMOGRAPHICS                        MARKET HIGHLIGHTS                                   DEMOGRAPHICS                      MARKET HIGHLIGHTS

                    Los Angeles-    •	 Office market has nearly 1,000,000 SF                                              •	 Retail markets show surprising
           CBSA     Long Beach-        of positive absorption in Q2.                               CBSA     Redding, CA      resilience.
                    Santa Ana, CA
                                    •	 Retail construction activity is still low                                          •	 Vacancy rate is falling as shortage
    Square Miles    4,850              but starting.                                        Square Miles    3,785            looms.

                                    •	 Orange County commercial activity is                                               •	 Housing construction is starting up
                                       picking up.                                                                           again.
      Population    12,935,173                                                                Population    181,457
                                    •	 Orchard Retail Center sells for $122                                               •	 Commercial foreclosures are slowing.
                                       million or $434/SF.
                                                                                             Households     71,491        •	 Slow but positive absorption is seen
     Households     4,288,080
                                    •	 A new Apartment development with                                                      in the Office market.
                                       758 units will built by The Irvine
      Household                        Company in Tustin.                                     Household                   •	 Industrial market is still lagging.
         Income     $60,485                                                                      Income     $45,729
         Median                     •	 Orange County’s largest private                           Median
                                       companies posted their 3rd year of
                                       sales gains.                                     Employees (Total)   53,468
Employees (Total)   5,313,010




  Unemployment      10.30%                                                                Unemployment      13.10%




CONTACT                                                                                 CONTACT
 Coldwell Banker Commercial                                                              Coldwell Banker Commercial
 NRT - Newport Beach                                                                     C&C Properties
 4 San Joaquin Plaza Suite 260                                                           2155 Larkspur Lane, Unit A
 Newport Beach, CA 92660                                                                 Redding, CA 96002
 (949) 644-1600                                                                          (530) 221-9638
 www.cbcworldwide.com                                                                    www.cbcnorthstate.com




OFFICE                                        RETAIL                                    OFFICE                                        RETAIL

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INDUSTRIAL                                    MULTI-FAMILY                              INDUSTRIAL                                    MULTI-FAMILY

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                                                                                   11
CA - Sacramento Greater Area                                                       CA - San Gabriel/San Fernando Valley




DEMOGRAPHICS                         MARKET HIGHLIGHTS                             DEMOGRAPHICS                        MARKET HIGHLIGHTS

                    Sacramento-      •	 Greater Sacramento area commercial                             Los Angeles-    •	 The area is experiencing heavy
           CBSA     -Arden-Arcade-      market is still very slow. Sales of                   CBSA     Long Beach-        investor and user activity due to low
                    -Roseville, CA      some small free-standing Retail                                Santa Ana, CA      interest rates and low vacancy.
                                        properties have been picking up
    Square Miles    5,094               lately.                                        Square Miles    4,850           •	 Look for lease rates and sales prices
                                                                                                                          to jump in the next 6 months.
                                     •	 Office rents have stabilized.
                                                                                                                       •	 Retailers are back and so is their
      Population    2,141,658        •	 There has been little to no new                  Population    12,935,173         appetite for large distribution space.
                                        construction in this area.
                                                                                                                       •	 1,700 upscale Apartments are
                                     •	 The 540,000 SF Palladio at                                                        currently under construction in
     Households     801,834                                                             Households     4,288,080
                                        Broadstone lifestyle center in                                                    Glendale.
                                        suburban Folsom is still under
      Household                         construction and is expected to be               Household
         Income     $61,184             completed 2013.                                     Income     $60,485
         Median                                                                             Median


Employees (Total)   727,825                                                        Employees (Total)   5,313,010




  Unemployment      10.80%                                                           Unemployment      10.30%




CONTACT                                                                            CONTACT
 Coldwell Banker Commercial                                                         Coldwell Banker Commercial
 NRT - Sacramento                                                                   North County
 730 Alhambra Blvd., Suite 150                                                      801 N Brand Blvd., Suite 180
 Sacramento, CA 95816                                                               Glendale, CA 91203
 (926) 447-5900                                                                     (818) 334-1900
 www.cbcworldwide.com                                                               www.cbcnco.com




OFFICE                                         RETAIL                              OFFICE                                        RETAIL

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INDUSTRIAL                                     MULTI-FAMILY                        INDUSTRIAL                                    MULTI-FAMILY

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 Absorption                 p                    Absorption             n           Absorption                 p                   Absorption           p
 Rental Rates               q                    Rental Rates           p           Rental Rates               n                   Rental Rates         p

                                                                              12
CA - Southwest Riverside County                                                        CO - Western




DEMOGRAPHICS                        MARKET HIGHLIGHTS                                  DEMOGRAPHICS                       MARKET HIGHLIGHTS

                    Riverside-San   •	 The overall market continues to                                     Grand          •	 The healthcare system in the Grand
           CBSA     Bernardino-        stabilize with increased activity in all                   CBSA                       Valley is nationally renowned, highly
                                                                                                           Junction, CO
                    Ontario, CA        sectors.                                                                              integrated, community-focused and
                                                                                                                             unique to Western Colorado. The
    Square Miles    27,260          •	 Vacancy levels are stable across the                Square Miles    3,328             Physician-created Health Plan boosts
                                       Office, Industrial and Retail markets.                                                care quality, lowers costs and is touted
                                                                                                                             as a National model.
                                    •	 Anti Gravity Sports is moving into
      Population    4,171,856          two major markets with over 70,000                    Population    148,298
                                                                                                                          •	 Western Colorado is the Retail hub for
                                       SF.                                                                                   Western Colorado and Eastern Utah.
                                                                                                                             The City of Grand Junction sales and
                                    •	 The unemployment rate remain at                      Households     60,317            use tax revenue increased by 1.7% from
     Households     1,350,253
                                       12.5%, down from 15%, bringing                                                        June of 2011 to June 2012. The Sales
                                       optimism among business owners.                                                       and use tax revenues comprise more
      Household                                                                              Household                       than 40% of the City of Grand Junction’s
         Income     $52,845         •	 Land sales are on the rise with 93                       Income     $47,409           total revenues.
         Median                        acres recently sold in Lake Elsinore,                    Median
                                       CA for $1,500,000.                                                                 •	 Western Colorado is a tourist
Employees (Total)   1,156,307                                                          Employees (Total)   54,564            destination. The area offers world
                                                                                                                             renowned mountain bike trails, growing
                                                                                                                             agri-tourism industry, and the largest
                                                                                                                             concentration of vineyards and wineries
  Unemployment      12.60%                                                               Unemployment      9.40%             in the state. The lodging taxes collected
                                                                                                                             in Q2 of 2012 had an increase of 6.3%.

                                                                                                                          •	 The new construction building permits
                                                                                                                             are up more than 13% in the Q1 2012.
                                                                                                                             City of Grand Junction building permit
CONTACT                                                                                CONTACT                               valuation is down in Q2 more than 18%
                                                                                                                             compared to Q1 2012. However, year-
 Coldwell Banker Commercial                                                             Coldwell Banker Commercial           to-date new construction permits are up
 Sudweeks Group                                                                         Prime Properties, LLC
                                                                                                                             more than 37% from June 2011.
 27708 Jefferson Ave., Suite 201                                                        2646 Patterson Rd., Suite B
 Temecula, CA 92590                                                                     Grand Junction, CO 81506
 (951) 200-7683                                                                         (970) 243-7375               •	 Colorado Mesa University Campus
 www.cbcsuds.com                                                                        www.grandjunctioncommercial.com continues to expand including a state-
                                                                                                                             of-the-art learning facilities on 78-acres
                                                                                                                             in the heart of Grand Junction.

OFFICE                                        RETAIL                                   OFFICE                                      RETAIL

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INDUSTRIAL                                    MULTI-FAMILY                             INDUSTRIAL                                  MULTI-FAMILY

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                                                                                  13
CT - Danbury/Upper Fairfield/New Haven                                             CT - Fairfield County




DEMOGRAPHICS                      MARKET HIGHLIGHTS                                DEMOGRAPHICS                      MARKET HIGHLIGHTS

                    Bridgeport-   •	 LL Bean (16,000 SF) is the latest NNN                             Bridgeport-   •	 Fairfield County’s Office market
           CBSA     Stamford-        tenant to take space at Danbury                          CBSA     Stamford-        ended the Q2 of 2012 with a vacancy
                    Norwalk, CT      Fair Mall. Others include: Forever                                Norwalk, CT      rate of 14.0% up from 13.5% with net
                                     21, Brio, Cheesecake Factory and                                                   absorption totaling negative 310,857
    Square Miles    626              Dick’s Sporting Goods. Guidepost                  Square Miles    626              SF, compared with 68,806 SF in the
                                     Publications has leased 54,000 SF                                                  Q1. Vacant sublease space increased
                                     of Class A Office space at the Matrix                                              to 850,551 SF up from 807,000 SF at
                                     Corporate Center, in Danbury, CT.                                                  Year End 2011.
      Population    904,874                                                              Population    904,874
                                  •	 Area vacancy rates are down due                                                 •	 Fairfield County’s available, vacant-
                                     in part to low supply, and an influx                                               sublease space increased across the
                                     of commuting professionals is                                                      board from 2011 Year End. Office
     Households     336,733                                                             Households     336,733
                                     now redesigning neighborhoods                                                      went from 599,000 SF to 851,000 SF;
                                     in Brewster, NY. Key transportation                                                Industrial from 74,000 SF to 81,000 SF
      Household                      outlets allow them to commute to                    Household                      and Retail from 16,000 SF to 21,000
         Income     $91,039          lower Fairfield County, New York City,                 Income     $91,039          SF.
         Median                      DC and Boston; while enjoying a                        Median
                                     more affordable lifestyle.                                                      •	 Significant movements: Western CT
Employees (Total)   419,437                                                        Employees (Total)   419,437
                                                                                                                        Healthcare Research Institute leased
                                  •	 New construction includes: $33.8m                                                  15,000 SF of Office. Gamma Aviation
                                     / 95,000 SF Armed Forces Reserve                                                   leased 15,000 SF of Industrial. Terrain
                                     Center in Danbury, CT; Brookfield,                                                 Inc. leased 22,000 SF of Retail. UBS
  Unemployment      7.80%            CT. Costco is increasing existing               Unemployment      7.80%            vacated 110,000 SF of Office. Patio.
                                     building by 15,000 SF w/ a gas                                                     com vacated 20,000 SF of Industrial,
                                     station; Danbury Regional Hospice to                                               and Chase Bank vacated 15,000 SF
                                     construct a 30,000 SF center.                                                      Retail/Office.

                                  •	 Due in part to lower mortgage rates,                                            •	 The 150,000 SF Lockworks building
CONTACT                              and multi-generational buyers,                CONTACT                              was completed in 2012, plus an
                                     single family home sales volume and                                                additional 313,000 SF of Retail is
 Coldwell Banker Commercial          pricing have improved. Danbury has             Coldwell Banker Commercial          still under construction, however no
 Scalzo Group                                                                       NRT - CT
                                     placed in the Top 10 in the nation for                                             Office or Industrial construction was
 2 Stony Hill Rd., Suite 101                                                        77 Old Ridgefield Rd.
 Bethel, CT 6801                     multi-generational living scenarios.           Wilton, CT 6897                     completed, yet. There is 166,000 SF
 (203) 744-7077                                                                     (203) 831-4187                      still under construction, the largest is
 www.coldwellbankerscalzo.com •	 An increase in hiring since Q3 2010                www.cbcworldwide.com                110 Quarry Rd with 74,726 SF.
                                     continues to bolster Retail rentals,
                                     while the weaker housing sector is                                              •	 The average quoted asking rate is
                                     stimulating Apartment rentals.                                                     $31.68 /SF for Office.
OFFICE                                     RETAIL                                  OFFICE                                      RETAIL

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INDUSTRIAL                                 MULTI-FAMILY                            INDUSTRIAL                                  MULTI-FAMILY

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                                                                              14
DE - Sussex County                                                                  FL - Brevard County




DEMOGRAPHICS                      MARKET HIGHLIGHTS                                 DEMOGRAPHICS                         MARKET HIGHLIGHTS

                                  •	 Panera Bread opened a new, free-                                   Palm Bay-        •	 “Space Coast” Brevard County offers
           CBSA     Seaford, DE      standing store on Coastal Highway                         CBSA     Melbourne-          pro-business incentives, low taxes,
                                     between Lewes and Rehoboth this                                    Titusville, FL      robust transportation infrastructure,
                                     spring. Several other national tenants                                                 high-tech labor force, 73 degree
    Square Miles    938              are reportedly looking at the Route 1              Square Miles    1,018               average temp, and 72 miles of pristine
                                     corridor.                                                                              beach.

                                  •	 The vacancy rate in eastern Sussex                                                  •	 Foreign Trade Zone 136 has a superior
      Population    194,215                                                               Population    536,805
                                     County continues to fall. Absorption                                                   infrastructure for national/international
                                     was strong this spring, and most                                                       trade including: the second busiest
                                     prime Office space has been leased.                                                    port in the world, a freight railway
     Households     78,981           Some prime Retail locations remain                                                     system and major interstate highways.
                                                                                         Households     225,977
                                     available but absorption has been
                                     good. The three outlet malls continue                                               •	 Embraer Aircraft is expanding its
      Household                      their long history of strong Retail                  Household                         operations at Melbourne International
         Income     $52,386          sales.                                                  Income     $56,299             Airport with a new research and
         Median                                                                              Median                         development facility and 200 new
                                  •	 Residential construction remains                                                       engineering jobs .
Employees (Total)   68,986           strong in eastern Sussex. Commercial           Employees (Total)   181,926
                                     construction remains slow but                                                       •	 BlueWare, Inc., a healthcare IT
                                     availability of financing has improved.                                                company, is relocating its operations
                                                                                                                            to Melbourne and expects to hire
  Unemployment      8.70%         •	 For the first half of 2012, the Sussex           Unemployment      9.40%               190 employees to have an economic
                                     County Association of Realtors                                                         impact estimated to be over $22.4
                                     reported a 22% increase in home                                                        million.
                                     sales by volume. The average home
                                     price was up 17% over 2011 YTD.                                                     •	 Rocket Crafters’ move to the Space
                                                                                                                            Coast Regional Airport in Titusville will
CONTACT                           •	 Sussex County continues to be a                CONTACT                                 have an economic impact over $48m.
                                     prime destination for retirees. Very                                                   Bertram Yacht’s new facility in Merritt
 Coldwell Banker Commercial          low property taxes and NO sales tax             Coldwell Banker Commercial             Island will have a projected economic
 Resort Realty                       are strong draws for those on fixed             Sun Land Realty                        impact of over $26.3m.
 20184 Coastal Highway                                                               1920 Highway A1A
 Rehoboth, DE 19971                  incomes.                                        Indian Harbour Beach, FL 32937
 (302) 227-5000                                                                      (321) 777-7743                 •	 Brevard’s June 2012 residential market
 www.cbankercommercial.com        •	 Sussex County is one of the largest             www.commercialsunlandrealty.com average sale price of $147,500 is up
                                     counties east of the Mississippi based                                                 almost 13% over 2011 prices and the
                                     on square miles, but the population                                                    average days on the market of 119 has
                                     is less than 200,000.                                                                  dropped 16% over 2011.
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INDUSTRIAL                                  MULTI-FAMILY                            INDUSTRIAL                                    MULTI-FAMILY

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                                                                               15
FL - Charlotte/Sarasota Counties                                               FL - Daytona/Ormond Beach, Volusia County




DEMOGRAPHICS                     MARKET HIGHLIGHTS                             DEMOGRAPHICS                      MARKET HIGHLIGHTS

                    Sarasota     •	 A major new development in the area                            Deltona       •	 Joe’s Crab Shack, a 19,000 SF eating
           CBSA     Bradenton-      is the Cocoplum Village Shops.                                 Daytona          area and 6,725 SF deck, opened July
                                                                                          CBSA
                    Venice, FL                                                                     Ormond           1 and is the largest Joe’s Crab Shack
                                                                                                   Beach, FL
                                 •	 Vacancy is falling due to the                                                   on a pier over the Atlantic ocean.
    Square Miles    1,313           economy and lost jobs.                                                          It is the beginning of the recently
                                                                                   Square Miles    1,103            created entertainment district.
                                 •	 There has been some Retail and a
                                    Hospital expansion, but other than                                           •	 3 large ocean front raw land
      Population    689,676         that, not much new commercial                                                   properties sold, with one major
                                    construction.                                    Population    495,625          project being announced by a
                                                                                                                    Canadian development company
                                 •	 The Residential market is currently                                             planning on building one of the
     Households     311,173
                                    flat.                                                                           area’s largest hotel/condo projects.
                                                                                    Households     214,567

      Household                  •	 The market has not changed in                                                •	 11 start up companies are
         Income     $58,236         general.                                         Household                      celebrating the first anniversary of
         Median                                                                         Income     $47,500          the UCF Incubator at Daytona Beach
                                                                                        Median                      International Airport.
Employees (Total)   230,801
                                                                               Employees (Total)   146,482
                                                                                                                 •	 Embry Riddle University is selected as
                                                                                                                    a drone test site as well as Next-gen
                                                                                                                    test area.
  Unemployment      8.80%
                                                                                 Unemployment      9.10%         •	 Boardings continue to rise at Daytona
                                                                                                                    Beach International Airport, and bed
                                                                                                                    taxes continue to rise in the Hotel/
                                                                                                                    Motel resort area.

CONTACT                                                                        CONTACT                           •	 800 ft Volusia County - city of
                                                                                                                    Ormond Beach oceanfront park
 Coldwell Banker Commercial                                                     Coldwell Banker Commercial          breaks ground.
 Sunstar Realty, Inc.                                                           Benchmark
 970 Kings Hwy., Suite 1                                                        570 Memorial Circle, Suite 300
 Port Charlotte, FL 33980                                                       Ormond Beach, FL 32174
 (941) 255-3497                                                                 (386) 672-8530
 www.sunstarcommercial.com                                                      www.benchmarkdaytona.com




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INDUSTRIAL                                  MULTI-FAMILY                       INDUSTRIAL                                 MULTI-FAMILY

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 Absorption                 q                  Absorption           n           Absorption                 n                 Absorption            p
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                                                                          16
FL - Destin                                                                        FL - Florida Keys




DEMOGRAPHICS                      MARKET HIGHLIGHTS                                DEMOGRAPHICS                       MARKET HIGHLIGHTS

                    Fort Walton   •	 There has been increased velocity in                                             •	 Fast Buck Freddies closed in Key West
                    Beach            income producing assets.                                 CBSA     Key West, FL      from internet competition.
           CBSA
                    Crestview
                    Destin, FL
                                  •	 There is a strong speculative interest                                           •	 Grocery and Pharmacy are doing well
                                     in land as inventory diminishes.                  Square Miles    997               and expanding. Retail is contracting.
    Square Miles    936                                                                                                  Hospitality and Restaurants are doing
                                  •	 Condo absorption is at a four                                                       well.
                                     year low, with less than 1 year of
                                     inventory.                                          Population    73,047         •	 Valero/Dunkin Donuts has built a new
      Population    178,019                                                                                              store in the Middle Keys. Publix has
                                  •	 REO assets are working through the                                                  opened a second store in Key West.
                                     process with price reductions.                     Households     32,553            Bank branches are consolidating.
     Households     72,513
                                                                                                                      •	 Inventory levels are declining at
                                                                                         Household                       the rate of 10% annually. Distressed
      Household                                                                             Income     $71,455           properties represent only 13% of all
         Income     $60,945                                                                 Median                       properties for sale.
         Median
                                                                                   Employees (Total)   29,685         •	 Hospitality and tourism are
Employees (Total)   67,600
                                                                                                                         booming with the highest ADR’s and
                                                                                                                         occupancies in the state.

                                                                                     Unemployment      4.40%          •	 Barriers to entry are significant
  Unemployment      6.10%                                                                                                related to the availability of building
                                                                                                                         permits.



CONTACT                                                                            CONTACT
 Coldwell Banker Commercial                                                         Coldwell Banker Commercial
 United, Realtors                                                                   Schmitt Real Estate, Co
 4458 Legendary Dr.                                                                 11100 Overseas Hwy.
 Destin, FL 32541                                                                   Marathon, FL 33050
 (850) 376-7289                                                                     (305) 743-5181
 www.cbcunitedgulfcoast.com                                                         www.cbcworldwide.com




OFFICE                                      RETAIL                                 OFFICE                                       RETAIL

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INDUSTRIAL                                 MULTI-FAMILY                            INDUSTRIAL                                   MULTI-FAMILY

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                                                                              17
FL - Gainesville                                                                          FL - Indian River County




DEMOGRAPHICS                          MARKET HIGHLIGHTS                                   DEMOGRAPHICS                         MARKET HIGHLIGHTS

                                      •	 91 percent of deals being done in the                                Sebastian-Vero   •	 Large grocery store closed on US 1.
           CBSA     Gainesville, FL      local CBC office are leasing.                               CBSA
                                                                                                              Beach, FL
                                                                                                                               •	 Overall market conditions are
                                      •	 Of those properties being leased, 71                                                     gradually improving.
    Square Miles    1,223                percent were Office and 15 percent                   Square Miles    503
                                         Retail.                                                                               •	 Development interest is returning.

                                      •	 18,000 SF positive Office lease                                                       •	 New construction in residential single
      Population    261,674              absorption and a 3,600 SF positive                     Population    135,534             family is up in 2012.
                                         lease absorption.
                                                                                                                               •	 Owner users are the primary buyers
     Households     113,545           •	 Average Office lease rate is $13.33/SF                Households     59,807              for Office and Retail.
                                         gross and average Retail lease rate is
                                         $15.72/SF NNN.                                                                        •	 New corporate interest in moving to
      Household                                                                                 Household                         Indian River County.
         Income     $45,060           •	 Average Office listing is on the                          Income     $62,271
         Median                          market 426 days and average Retail                        Median
                                         listing is on the market 585 days.
Employees (Total)   87,322                                                                Employees (Total)   43,595
                                      •	 Even though time on market is high,
                                         there is a tremendous amount of
                                         lease activity occurring, but little sale
  Unemployment      7.30%                activity.                                          Unemployment      11.30%




CONTACT                                                                                   CONTACT
 Coldwell Banker Commercial                                                                Coldwell Banker Commercial
 M.M. Parrish Realtors                                                                     Ed Schlitt, L.C.
 3870 NW 83rd St.                                                                          1950 U. S. 1
 Gainesville, FL 32606                                                                     Vero Beach, FL 32960
 (352) 264-3772                                                                            (772) 460-2081
 www.mmparrish.com/commercial                                                              www.cbc.flcoldwellbanker.com




OFFICE                                          RETAIL                                    OFFICE                                         RETAIL

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INDUSTRIAL                                      MULTI-FAMILY                              INDUSTRIAL                                    MULTI-FAMILY

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 Absorption                 p                     Absorption             n                 Absorption               n                      Absorption          p
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                                                                                     18
FL - Jacksonville                                                                     FL - Lakeland/Winter Haven




DEMOGRAPHICS                        MARKET HIGHLIGHTS                                 DEMOGRAPHICS                        MARKET HIGHLIGHTS

                    Jacksonville,   •	 The medical practice of Dr. Scott                                  Lakeland        •	 LEGOLAND Florida attendance
           CBSA                        and Karen Warren purchased a 7,886                        CBSA     Winter Haven,      exceeding expectations. The water
                    FL
                                       SF Retail building in Ponte Vedra                                  FL                 park opened in May 2012. CBC
                                       Beach, FL for just under $1.79m.                                                      Saunders Ralston Dantzler launch
    Square Miles    3,221              CBC Benchmark’s Colin Nicholson                    Square Miles    2,010              commercial sites at Legoland for
                                       and Travis Lemley represented the                                                     restaurants and hotels.
                                       Heritage Bank of Florida in the REO
                                       sale.                                                                              •	 Publix expands County Line RD
      Population    1,334,380                                                               Population    606,019            Warehouse to 1 million SF.
                                    •	 Global Income Trust Inc., an Orlando-
                                       based REIT, agreed to purchase the                                                 •	 Little or no vacancy of high-quality
     Households     518,910            Samsonite distribution facility at                                                    Industrial space. No large blocks of
                                                                                           Households     228,998
                                       Imeson Industrial Park in Jacksonville,                                               space (over 100,000) are immediately
                                       FL. The 817,680 SF building sold for                                                  available.
      Household                        $42.5m or $52/SF                                     Household
         Income     $60,216                                                                    Income     $40,730         •	 Florida Polytechnic launched as
         Median                                                                                Median                        Florida’s 12th University. Expect
                                    •	 The Villas at St. Johns, a Riverside
                                       Apartment property sold for $38.6m                                                    demand for R & D space in NE
Employees (Total)   551,254            or $150,194/unit. The sale is just                                                    Lakeland.
                                                                                      Employees (Total)   245,900
                                       less than last year’s highest per-
                                       unit transaction, $153,405/unit, of                                                •	 Sykes leases 90,000 SF of Office space
                                       Tattersail at Tapestry Park.                                                          for expanded call center operation
  Unemployment      8.50%                                                               Unemployment      10.00%
                                                                                                                             and will hire over 300 employees.
                                    •	 With the Olympics in full swing,
                                       and golf headed to the Olympics in                                                 •	 Foreclosure activity continues to
                                       2016, there is increased international                                                drive demand for Apartments;
                                       interest in golf properties. Visit www.                                               Vacancy is at all time low.
                                       cbcgolfcoursesales.com for more
CONTACT                                information. Five new course listings          CONTACT
                                       have been added in the last two
 Coldwell Banker Commercial            months.                                         Coldwell Banker Commercial
 Benchmark                                                                             Saunders Ralston Dantzler Realty
 4348 Southpoint Blvd., Suite 310                                                      114 N Tennessee Ave., 3rd Floor
 Jacksonville, FL 32216           •	 The Summit Contracting Group                      Lakeland, FL 33801
 (904) 281-1990                      of Jacksonville has won a $24.6m                  (863) 648-1528
 www.cbcbenchmark.com                contract to build a 230 unit student              www.srdcommercial.com
                                       housing project next to the University
                                       of Virginia in Charlottesville, VA.

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                                                                                 19
FL - Melbourne/Brevard County                                                        FL - Naples/Ft. Myers




DEMOGRAPHICS                         MARKET HIGHLIGHTS                               DEMOGRAPHICS                       MARKET HIGHLIGHTS

                    Palm Bay-        •	 Embraer expands, and Mid Air                                     Naples-Marco   •	 This is the time to buy in Naples/Ft.
           CBSA     Melbourne-          constructs 180,000 SF.                                  CBSA                       Myers because prices are at historic
                                                                                                         Island, FL
                    Titusville, FL                                                                                         lows.
                                     •	 Commercial leasing is recovering.
    Square Miles    1,018               Port Canaveral growth continues                  Square Miles    2,025          •	 Retail improves with vacancy down
                                        with more than 3 million cruise                                                    to 7.6%.
                                        passengers in 2011.
                                                                                                                        •	 Office continues with vacancy at
      Population    536,805          •	 Numerous large hire companies are                  Population    320,101           15.1%.
                                        relocating to Brevard County.
                                                                                                                        •	 Industrial has a long way to go. There
                                     •	 Residential market is recovering. New             Households     132,487           are many bargains at this time.
     Households     225,977
                                        construction taking place in Viera.
                                        Inventory is down.
      Household                                                                            Household
         Income     $56,299          •	 National tenants are seeking sites.                   Income     $76,515
         Median                                                                               Median
                                     •	 Private space sector is replacing
                                        NASA and hiring NASA Engineers.              Employees (Total)   115,960
Employees (Total)   181,926




  Unemployment      9.40%                                                              Unemployment      8.80%




CONTACT                                                                              CONTACT
 Coldwell Banker Commercial                                                           Coldwell Banker Commercial
 Ed Schlitt, L.C.                                                                     NRT - Naples
 235 Fifth Ave.                                                                       550 Fifth Ave. South
 Indialantic, FL 32903                                                                Naples, FL 34102
 (321) 723-9500                                                                       (239) 596-6130
 www.cbc.flcoldwellbanker.com                                                         www.cbcworldwide.com




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                                                                                20
FL - Orlando                                                                        FL - Polk County




DEMOGRAPHICS                        MARKET HIGHLIGHTS                               DEMOGRAPHICS                        MARKET HIGHLIGHTS

                    Orlando         •	 Baer’s Furniture moved out of 35,000                             Lakeland        •	 Lakeland Industrial building sells for
           CBSA                        SF in Altamonte Springs.                                CBSA     Winter Haven,      $13,472,900.
                    Kissimmee, FL
                                                                                                        FL
                                    •	 75,000 SF of Office space was leased                                             •	 Rental rates for Retail in Polk County
    Square Miles    3,491              by Florida Institute of Technology.              Square Miles    2,010              were down slightly from the Q4 of
                                                                                                                           2011.
                                    •	 10 buildings totaling 137,403 SF
                                       of Retail space were completed in                                                •	 John Deere Landscaping leased
      Population    2,093,845          Orlando.                                           Population    606,019            8,190 SF on 2700 Combee Rd. in Polk
                                                                                                                           County.
                                    •	 Class-B Office space net absorption
     Households     799,047            +322,116 SF; Class-C: + 32,006 SF.                                               •	 Office vacancy and rental rates in
                                                                                         Households     228,998
                                                                                                                           Polk County remained virtually
                                    •	 Amcor Rigid Plastics USA is moving                                                  unchanged. Slight increases in
      Household                        into 500,000 SF of Industrial Space.               Household                        absorption were noted.
         Income     $53,425                                                                  Income     $40,730
         Median                     •	 Flex building recorded net absorption                 Median                     •	 One of the largest transactions
                                       of positive 91,666 SF.                                                              that has occurred within the last
Employees (Total)   956,766                                                                                                four Quarters in the Tampa/St. Pete
                                                                                    Employees (Total)   239,100
                                                                                                                           market is the sale of 1515 W. Bella
                                                                                                                           Vista St. in Lakeland. This 180,000
                                                                                                                           SF Industrial building sold for
  Unemployment      8.70%                                                             Unemployment      10.00%
                                                                                                                           $13,472,900 or $74.85 per SF on
                                                                                                                           9/9/11.




CONTACT                                                                             CONTACT
 Coldwell Banker Commercial                                                          Coldwell Banker Commercial
 NRT - Maitland                                                                      NRT - Winter Haven
 901 N Lake Destiny Dr., Suite 110                                                   290 Cypress Gardens Blvd..
 Maitland, FL 32751                                                                  Winter Haven, FL 33880
 (407) 571-5294                                                                      (863) 294-7541
 www.cbcworldwide.com                                                                www.cbcworldwide.com




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                                                                               21
FL - Sarasota/Manatee/Charlotte Counties                                          FL - Southern




DEMOGRAPHICS                     MARKET HIGHLIGHTS                                DEMOGRAPHICS                       MARKET HIGHLIGHTS

                    Sarasota-    •	 Industrial absorption is picking up.                                             •	 Publix opened a second store in Key
           CBSA     Bradenton-                                                               CBSA     Key West, FL      West, and is planning a new store in
                    Venice, FL   •	 Manatee County-Feld Industry and                                                    Islamorada.
                                    Dentsply purchased 750,000 SF
    Square Miles    1,313           Industrial.                                       Square Miles    997            •	 Vacancies are falling due to
                                                                                                                        expansions and new business moving
                                 •	 New home sales have picked up.                                                      to the Keys.

      Population    689,676      •	 Multi-Family properties are in high                 Population    73,047         •	 Dunkin Donuts is expanding into
                                    demand.                                                                             Marathon with a new store.

                                 •	 Unemployment dropped from 12% to                   Households     32,553         •	 Residential inventories are going
     Households     311,173
                                    8% percent overall.                                                                 down over 10% per year for the past
                                                                                                                        2 years.
      Household                  •	 International tourism was a big factor              Household
         Income     $58,236         in this years season.                                  Income     $71,455        •	 The Keys enjoy the highest ADR and
         Median                                                                            Median                       occupancy in the state. Tourism is
                                                                                                                        driving the recovery.
Employees (Total)   230,801                                                       Employees (Total)   29,685
                                                                                                                     •	 Barriers to entry are very high given
                                                                                                                        land use and environmental issues.

  Unemployment      9.00%                                                           Unemployment      4.40%




CONTACT                                                                           CONTACT
 Coldwell Banker Commercial                                                        Coldwell Banker Commercial
 NRT - Sarasota                                                                    Schmitt Real Estate, Co.
 100 N. Tamiami Trail                                                              11050 Overseas Hwy.
 Sarasota, FL 34236                                                                Key West, FL 33050
 (941) 925-8586                                                                    (305) 743-5181
 www.cbcworldwide.com                                                              www.cbcworldwide.com




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                                                                             22
FL - St. Lucie County                                                                FL - Tallahassee




DEMOGRAPHICS                          MARKET HIGHLIGHTS                              DEMOGRAPHICS                       MARKET HIGHLIGHTS

                    Port St. Lucie,   •	 Vacancy in Retail seems to be at                                Tallahassee,   •	 Whole Foods is planned to open in
           CBSA                          a standstill. Small office space is                    CBSA                       2013. Academy Sports opened in
                    FL                                                                                   FL
                                         moving (mostly 3,000 SF and under).                                               2012.

    Square Miles    1,128             •	 Residential market has improved                 Square Miles    2,387          •	 Office vacancy is rising and stands at
                                         greatly in the St. Lucie County, FL                                               22%. The major reason is the state
                                         area. Inventory is low.                                                           of Florida is vacating several large
                                                                                                                           spaces.
      Population    407,361           •	 There have been more land sales this              Population    361,765
                                         year than in the past three years!                                             •	 VA Hospital is planned to open in
                                                                                                                           2013. There are also multiple FSU
     Households     169,340                                                               Households     154,494           student Multi-Family projects in
                                                                                                                           progress in College Town.

      Household                                                                            Household                    •	 Residential transaction volume is up
         Income     $53,266                                                                   Income     $47,364           6% the first half of 2012. Inventory
         Median                                                                               Median                       is decreasing; prices are stable and
                                                                                                                           increasing in certain areas.
Employees (Total)   117,662                                                          Employees (Total)   111,973
                                                                                                                        •	 Unemployment is down to 7.2% vs
                                                                                                                           7.9% this time last year, one of the
                                                                                                                           lowest rates in the state.
  Unemployment      10.90%                                                             Unemployment      7.20%
                                                                                                                        •	 Gaines Street Retail Re-development
                                                                                                                           is finally happening. Mid-town is
                                                                                                                           continuing it’s Retail expansion. New
                                                                                                                           FSU Student housing projects coming
                                                                                                                           on line (approximately 4,500 beds)
CONTACT                                                                              CONTACT                               in the next few years. Tallahassee
                                                                                                                           has also become a national top
 Coldwell Banker Commercial                                                           Coldwell Banker Commercial           retirement destination.
 NRT - Port St. Lucie                                                                 Hartung & Noblin Inc.
 1973 SW Savage Blvd.                                                                 3303 Thomasville Rd.
 Port St. Lucie, FL 34953                                                             Tallahassee, FL 32308
 (772) 621-7518                                                                       (850) 386-6160
 www.cbcworldwide.com                                                                 www.cbcworldwide.com




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                                                                                23
FL - Tampa/St. Petersburg                                                          GA - Athens




DEMOGRAPHICS                         MARKET HIGHLIGHTS                             DEMOGRAPHICS                        MARKET HIGHLIGHTS

                    Tampa-St.        •	 Moffit Cancer Center is moving into                            Athens-Clarke   •	 In spring of 2012, Caterpillar Inc.
           CBSA     Petersburg-         100,000 SF on Telcom Dr.                              CBSA                        announced the relocation of a $200
                                                                                                       County, GA
                    Clearwater, FL                                                                                        million plant to Athens, GA.
                                     •	 Tampa/St. Petersburg Office vacancy
    Square Miles    2,554               ended unchanged in Q2 of 2012.                 Square Miles    1,031           •	 The plant will be located on an
                                                                                                                          860 acre Industrial parcel between
                                     •	 Retail net absorption was slightly                                                U.S. Highway 78 and GA Hwy 316
                                        positive in Tampa/St. Petersburg.                                                 in Clarke and Oconee Counties.
      Population    2,757,566                                                            Population    193,495
                                                                                                                          Caterpillar has already broken ground
                                     •	 During Q2, two buildings totaling                                                 and will start production in 2013.
                                        162,196 SF were completed.
                                                                                        Households     77,486          •	 Wages will be at or above the median
     Households     1,166,605
                                                                                                                          incomes of Clarke and Oconee
                                                                                                                          Counties.
      Household                                                                          Household
         Income     $49,596                                                                 Income     $40,278         •	 In addition to the 1,400 factory jobs
         Median                                                                             Median                        created, Caterpillar will indirectly
                                                                                                                          create another 2,800 jobs through
                                                                                   Employees (Total)   60,760             its $57 million payroll and $39
Employees (Total)   1,059,081
                                                                                                                          million in increased retail spending,
                                                                                                                          generating $1 million in annual
                                                                                                                          sales tax revenue. Georgia Governor
  Unemployment      9.00%                                                            Unemployment      7.50%              Nathan Deal called the relocation a
                                                                                                                          “game-changer” for Athens and the
                                                                                                                          surrounding counties.



CONTACT                                                                            CONTACT
 Coldwell Banker Commercial                                                         Coldwell Banker Commercial
 NRT - Tampa                                                                        Upchurch Realty
 5010 W. Kennedy Blvd., 2nd Floor                                                   2405 W. Broad St.
 Tampa, FL 33609                                                                    Athens, GA 30606
 (813) 286-2964                                                                     (706) 354-7870
 www.cbcworldwide.com                                                               www.upchurchrealtycommercial.com




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                                                                              24
GA - Atlanta                                                                             GA - Chatham County




DEMOGRAPHICS                        MARKET HIGHLIGHTS                                    DEMOGRAPHICS                       MARKET HIGHLIGHTS

                    Atlanta-Sandy   •	 Atlanta’s office market began 2012                                                   •	 Gulfstream has launched a $500m,
           CBSA     Springs            with absorption totaling just over                           CBSA     Savannah, GA      seven-year expansion program at
                    Marietta, GA       625,000 SF, an amount equal to almost                                                   its Savannah facility. As part of the
                                       all of last year’s total. Atlanta’s office                                              program, Gulfstream will add 1,000
    Square Miles    8,376              market recovery continues to show                     Square Miles    1,359             jobs, increasing the workforce to
                                       signs of strengthening.                                                                 about 6,500 employees in Savannah.

                                    •	 On the whole, Retail absorption                                                      •	 Mitsubishi Power Systems Americas
      Population    5,521,582                                                                  Population    347,453
                                       topped 240,000 SF in Q1 of 2012 with                                                    dedicated its new $325 million
                                       shopping centers seeing the bulk of                                                     Savannah Machinery Works, a
                                       the occupancy gains.                                                                    state-of-the-art facility that will
                                                                                              Households     130,609           manufacture goods to provide power
     Households     2,028,400
                                    •	 At mid-year 2012, the recovery of                                                       to the electric grid both in the U.S.
                                       Atlanta’s industrial market remains                                                     and around the world. The complex
      Household                        solid. Q2 absorption topped 2.5                         Household                       will employ some 500 people and
         Income     $60,590            million SF, which is the second highest                    Income     $55,567           create millions of dollars in economic
         Median                                                                                   Median
                                       amount of industrial space absorbed                                                     activity for Georgia.
                                       in the past four quarters.
                                                                                         Employees (Total)   129,296        •	 New construction includes a Nordic
Employees (Total)   2,223,339
                                    •	 Since the end of 2009, the overall retail                                               Logistics and Warehousing 400,000
                                       vacancy rate in the Atlanta region has                                                  SF cold storage facility.
                                       essentially remained unchanged. The
  Unemployment      9.30%              occupancy gains experienced during                  Unemployment      9.10%          •	 Groundbreaking for West Chatham
                                       this period of time have been matched                                                   water park / IMAX theater complex.
                                       almost equally by the amount of
                                       vacant space added to the market.                                                    •	 One West Victory, $20 million Mixed-
                                                                                                                               use facility, has broken ground.
                                    •	 While housing starts are only
CONTACT                                just beginning to show an uptick,                 CONTACT                            •	 Construction of 700+ unit Multi-
                                       anecdotal evidence indicates supply                                                     Family project is taking place with
 Coldwell Banker Commercial            for new housing in desirable locations             Coldwell Banker Commercial           more planned.
 Metro Brokers                         is running low.                                    Platinum Partners
 3575 Piedmont Rd.                                                                        6349 Abercorn St.
 N.E. Building 15, Suite 950                                                              Savannah, GA 31405
 Atlanta, GA 30305                  •	 On the whole, Atlanta’s office market              (912) 352-1222
 (404) 495-8915                        will likely see less absorption in the Q3          www.cbcplatinum.com
 www.cbcmetrobrokers.com               thanks to a number of consolidations
                                       set to occur; yet still remain in positive
                                       territory.
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                                                                                    25
GA - Columbus                                                                       GA - Hinesville/Fort Stewart




DEMOGRAPHICS                    MARKET HIGHLIGHTS                                   DEMOGRAPHICS                          MARKET HIGHLIGHTS

                    Columbus,   •	 AFS America, a primary supplier for                                  Hinesville-Fort   •	 The Hinesville/Fort Stewart MSA was
           CBSA                    Hyundai and Kia, has chosen Columbus                        CBSA                          the 3rd fastest growing MSA in the
                    GA-AL                                                                               Stewart, GA
                                   for a new manufacturing plant, which                                                      US 2010/2011.
                                   will bring 65 new jobs. It is expected to
    Square Miles    1,937          be completed by early 2013.                          Square Miles    920               •	 The Hinesville/Fort Stewart MSA was
                                                                                                                             the 4th fastest growing MSA for Job
                                •	 Construction has started on a new                                                         growth 2010/2011.
                                   Martin Army Community Hospital to
      Population    293,977                                                               Population    73,844            •	 Fort Stewart is the largest military
                                   house 75 beds, with a total Investment
                                   of $408 million.                                                                          installation east of the Mississippi
                                                                                                                             River.
     Households     117,712     •	 Columbus is opening a branch of the                   Households     26,115
                                   Mercer Medical School by way of a                                                      •	 Fort Stewart has a $7.13 billion
                                   partnership between Mercer, Columbus                                                      economic impact on the region.
      Household                    Regional Healthcare and St Francis                     Household
         Income     $49,432        Hospital. The first 14 students are                       Income     $48,667           •	 Liberty County is centrally located
         Median                                                                              Median                          between 4 deep water ports, 2 within
                                   studying here now.
                                                                                                                             45 minutes.
Employees (Total)   93,485      •	 Overall housing market in Columbus,              Employees (Total)   12,145
                                   GA is projected to recover slowly                                                      •	 Liberty county has a highly
                                   with steady growth. Overall price                                                         disciplined, motivated and trained
                                   points combined with low interest                                                         military retiree work force.
  Unemployment      9.80%          rates and rising income provide for an             Unemployment      9.60%
                                   affordability index that is at historic
                                   highs.

                                •	 Columbus market has enjoyed stability,
                                   with periods of growth primarily due
CONTACT                            to the expansion and reallocation of             CONTACT
                                   troops coming into Ft. Benning - the
 Coldwell Banker Commercial        new Maneuver Center of Excellence.                Coldwell Banker Commercial
 Kennon, Parker, Duncan & Key                                                        Holtzman Realtors
 4621 River Rd. Suite C                                                              730 General Stewart Way
                              •	 Moody’s long term assessment for
 Columbus, GA 31904                                                                  Hinesville, GA 31313
 (706) 256-1500                  Columbus is that it will outperform                 (912) 408-4040
 www.commercialcolumbusga.com the nation over the next two years.                    www.cbcholtzman.com
                                   Overall, southern metropolitan areas
                                   are expected to outpace the nation at
                                   even greater numbers.
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                                                                               26
GA - Lake Oconee/Lake Sinclair                                                     GA - Macon, Bibb County




DEMOGRAPHICS                      MARKET HIGHLIGHTS                                DEMOGRAPHICS                    MARKET HIGHLIGHTS

                    Greene        •	 MetLife completes acquisition of                                              •	 Tractor Supply has begun
           CBSA                      Reynolds Plantation. Purchase                            CBSA     Macon, GA      construction of its 700,000 SF
                    County, GA
                                     included six championship golf                                                   regional distribution facility that will
                                     courses, dining, swimming pools,                                                 employ 200 people.
    Square Miles    345              pedestrian trails, marinas, a tennis              Square Miles    1,725
                                     center and a wellness campus.                                                 •	 Global Parts Distributors, one of the
                                                                                                                      world’s most dependable sources of
                                  •	 Also included was the Ritz-Carlton                                               aftermarket A/C parts, has leased a
      Population    21,218                                                               Population    232,119
                                     Lodge, a 251-room lakefront resort                                               110,000 SF Warehouse in Macon that
                                     and spa, which was named as a                                                    will serve the Southeast Region and
                                     2012 AAA Five Diamond Lodging,                                                   employ over 50 positions.
     Households     8,601            and hundreds of acres of prime                     Households     89,721
                                     commercial real estate.                                                       •	 Vacancy is falling because of high
                                                                                                                      level of manufacturer/distributors
      Household                   •	 Baxter International Inc., a global                 Household                    being located near the Port of
         Income     $50,485          leader in biologic medical therapies,                  Income     $47,145        Savannah along Interstate 16 and 75.
         Median                                                                             Median
                                     has announced it will build a new
                                     state-of-the-art manufacturing                                                •	 NW Technologies is constructing a
Employees (Total)   5,263            facility nearby to support growth             Employees (Total)   83,398         $20,000,000 polar and wind products
                                     of its plasma-based treatments,                                                  manufacturing facility here that will
                                     resulting in the creation of more than                                           employ over 150 new positions.
                                     1,500 full-time positions in GA.
  Unemployment      9.40%                                                            Unemployment      10.10%      •	 The residential market is keeping
                                  •	 The number of units sold has                                                     with national trends; new housing
                                     increased in both the local                                                      starts are mostly non-existent and
                                     Commercial and Residential market,                                               resales of existing homes are up
                                     compared YTD in 2011.                                                            2% over year end 2010. Several
                                                                                                                      new Multi-Family Apartment
CONTACT                                                                            CONTACT                            developments are under way, started
                                                                                                                      in 2011 to be finished in 2012.
 Coldwell Banker Commercial                                                         Coldwell Banker Commercial
 Lake Country                                                                       Eberhardt & Barry            •	 Local voters approved a
 1020 Greensboro Rd., NE                                                            990 Riverside Dr.
                                                                                                                    consolidation of City and County
 Eatonton, GA 31024                                                                 Macon, GA 31201
 (706) 485-0124                                                                     (478) 746-8171                  Governments.
 www.cbclakecountry.com                                                             www.coldwellbankercommercialeb.com




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INDUSTRIAL                                  MULTI-FAMILY                           INDUSTRIAL                                MULTI-FAMILY

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                                                                              27
HI - Honolulu                                                                      ID - Boise




DEMOGRAPHICS                       MARKET HIGHLIGHTS                               DEMOGRAPHICS                      MARKET HIGHLIGHTS

                                   •	 Hawaii’s economy remains healthier                               Boise City-   •	 Major grocer openings in the Boise
           CBSA     Honolulu, HI      than the continental U.S. However,                      CBSA                      area market in 2012 include: Fred
                                                                                                       Nampa, ID
                                      it is slowing due to stagnant labor                                               Meyer, Rosauer’s Supermarket and
                                      markets and limited construction.                                                 Whole Foods opening November
    Square Miles    600               Tourism remains a bright spot                    Square Miles    11,788           2012. Walmart will open two new
                                      posting an 8.5% increase in visitor                                               locations in 2013/2014 in Meridian,
                                      arrivals over 2011 levels.                                                        ID.
      Population    910,677                                                              Population    610,611
                                   •	 Hawaii’s construction is a replay of                                           •	 Meridian Town Center, a 500,000 SF,
                                      2011 for 2012, with only military and                                             $250m Retail project in Meridian,
                                      government projects being awarded,                                                Idaho, is underway. Developer,
     Households     311,782           attracting out-of-state firms to                  Households     224,823          CenterCal Properties has leased over
                                      compete for these contracts.                                                      200,000 SF of the project’s space.
                                                                                                                        Tenants include Gordman’s, Marshalls,
      Household                    •	 In 2012, the unemployment rate                     Household                      Petco, Gap Outlet, Chick-fil-A,
         Income     $67,192           decreased to 6.4%.                                    Income     $55,100          Cinema West and Big Al’s Sports Bar.
         Median                                                                             Median
                                   •	 Larry Ellison, CEO of Oracle,                                                  •	 The number of new home sales is
Employees (Total)   365,718           purchased the Island of Lanai, the           Employees (Total)   232,386          up an incredible 100% for the Q1 of
                                      6th largest island in the state. The                                              2012 compared to 2011.
                                      purchase price is estimated upwards
                                      of $500 million.                                                               •	 The Boise area has seen marked
  Unemployment      6.40%                                                            Unemployment      7.30%            economic improvement characterized
                                                                                                                        by steady, broad-based job growth
                                                                                                                        and increasing property values, both
                                                                                                                        residential and commercial.

                                                                                                                     •	 Idaho’s unemployment rate dropped
CONTACT                                                                            CONTACT                              a tenth of a point to 7.8% in June
                                                                                                                        2012 the lowest since September
 Coldwell Banker Commercial                                                         Coldwell Banker Commercial          2009.
 Pacific Properties                                                                 NRT - Boise
 737 Bishop St., Suite 2000                                                         6550 South Millrock Dr.
 Honolulu, HI 96813                                                                 Suite 200
 (808) 526-0896                                                                     Salt Lake City, UT 84121
 www.cbcpacific.com                                                                 (208) 888-1825
                                                                                    www.coldwellutah.com



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INDUSTRIAL                                   MULTI-FAMILY                          INDUSTRIAL                                 MULTI-FAMILY

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                                                                              28
ID - Coeur d’ Alene                                                                 IL - Bloomington/Normal, McLean County




DEMOGRAPHICS                         MARKET HIGHLIGHTS                              DEMOGRAPHICS                       MARKET HIGHLIGHTS

                    Coeur d’Alene,   •	 WinCo anchored Shopping Center                                  Bloomington-   •	 State Farm Insurance continues
           CBSA                         planned for construction in 2013.                      CBSA                       employment growth.
                    ID                                                                                  Normal, IL

                                     •	 Lack of new construction for Multi-                                            •	 Uptown Normal is busy with a
    Square Miles    1,245               Family projects is helping with                 Square Miles    1,184             Transportation Center and other
                                        absorption.                                                                       projects in the works.

                                     •	 There has been a fair amount of                                                •	 ISU campus apartment development
      Population    140,628             Owner Occupied new construction.                  Population    168,918           is active.

                                     •	 Rental rates continue to stay                                                  •	 Healthcare expansions are planned
     Households     53,154              stagnant, but Landlord concessions               Households     70,687            for Advocate BroMenn and OSF.
                                        are starting to drop.
                                                                                                                       •	 Local jobless rate stays consistently
      Household                      •	 Continues to be a buyers market ripe              Household                       best in the state.
         Income     $50,618             with Owner Occupied opportunities.                   Income     $59,825
         Median                                                                              Median                    •	 The local housing market is up 25%.

Employees (Total)   49,226                                                          Employees (Total)   69,980




  Unemployment      8.00%                                                             Unemployment      7.60%




CONTACT                                                                             CONTACT
 Coldwell Banker Commercial                                                          Coldwell Banker Commercial
 Schneidmiller Realty                                                                Heart of America Realtors
 2000 Northwest Blvd.; Suite 200                                                     802 S. Eldorado Rd.
 Coeur d’Alene, ID 83814                                                             Bloomington, IL 61704
 (208) 664-1461                                                                      (309) 662-3377
 www.cbcsr.com                                                                       www.cbhoacommercial.com




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INDUSTRIAL                                    MULTI-FAMILY                          INDUSTRIAL                                   MULTI-FAMILY

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                                                                               29
IL - Champaign/Urbana                                                                IL - Chicagoland




DEMOGRAPHICS                      MARKET HIGHLIGHTS                                  DEMOGRAPHICS                           MARKET HIGHLIGHTS

                    Champaign-    •	 Carle Hospital has announced plans                                  Chicago            •	 The Chicago Industrial market
           CBSA                      for expansion of their Emergency                           CBSA     Naperville            continued to improve in the Q2 of
                    Urbana, IL
                                     Room department.                                                    Joliet, IL-IN-WI      2012. There was 5,817,000 SF of net
                                                                                                                               absorption. The vacancy rate decreased
    Square Miles    1,923         •	 Parkland College has completed                      Square Miles    7,212                 to 10.6 %. The largest leases signed
                                     their new Applied Technology Center                                                       in 2012 so far are M Block & Sons for
                                     and begun work on a new Student                                                           916,000 SF and Bridgestone for 406,000
                                     Services addition.                                                                        SF.
      Population    227,494                                                                Population    9,617,804
                                  •	 Easton-Bell Sports has announced                                                       •	 The vacancy rate in Industrial and Office
                                     plans for a 800,000 SF facility in                                                        decreased in the Q2 and Retail vacancy
     Households     97,325           Rantoul.                                                                                  only increased slightly. The reason the
                                                                                          Households     3,484,370
                                                                                                                               vacancy has fallen is because there was
                                  •	 The Retail segment bounced back                                                           very little new construction, and several
      Household                      and has seen a lot of activity in the                 Household                           large new leases were signed.
         Income     $47,851          first half of 2012.                                      Income     $66,775
         Median                                                                               Median                        •	 There was 453,000 SF of new Industrial
                                  •	 The student housing market remains                                                        space, 425,000 SF of new Office space
Employees (Total)   80,156           very hot with cap rates falling below                                                     and 117,000 SF of new Retail space
                                                                                     Employees (Total)   4,186,171
                                     6% on the University of Illinois                                                          constructed. These are very nominal
                                     Campus.                                                                                   amounts of new space when compared
                                                                                                                               to the size of the overall markets.
  Unemployment      9.10%         •	 The University of Illinois is continuing
                                                                                       Unemployment      9.30%
                                     work on their new Ikenberry                                                            •	 The residential market has shown
                                     Commons residence halls and has                                                           dramatic improvement. Sales of
                                     begun work on a new building on the                                                       single family homes have increased
                                     Engineering Campus.                                                                       significantly and prices are starting
                                                                                                                               to increase. The Apartment market
CONTACT                                                                              CONTACT                                   continues to flourish with low
                                                                                                                               vacancies, increasing rents and several
 Coldwell Banker Commercial                                                           Coldwell Banker Commercial               new projects being built.
 Devonshire Realty                                                                    NRT - Chicago
 201 W. Springfield, 11th Floor                                                       2215 Sanders Rd.
 Champaign, IL 61820                                                                  Northbrook, IL 60062                  •	 The Industrial market has been very
 (217) 352-7712                                                                       (847) 313-4600                           active with large absorption over the
 www.cbcdr.com                                                                        www.cbcworldwide.com                     last 3 Quarters. Office has also shown
                                                                                                                               significant improvement, but vacancy
                                                                                                                               rates in the suburban markets are still
                                                                                                                               over 16%.
OFFICE                                      RETAIL                                   OFFICE                                           RETAIL

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INDUSTRIAL                                  MULTI-FAMILY                             INDUSTRIAL                                       MULTI-FAMILY

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                                                                                30
IL - Madison/St. Clair Counties                                                    IL - Peoria County




DEMOGRAPHICS                     MARKET HIGHLIGHTS                                 DEMOGRAPHICS                        MARKET HIGHLIGHTS

                    St. Louis,   •	 Sam’s Store purchased property in                                                  •	 Healthcare Industry continues to
           CBSA                     Glen Carbon. This is the second store                     CBSA     Peoria, IL         expand in the area. Big R has now
                    MO-IL
                                    in the Metro East St. Louis market.                                                   leased two large vacant centers in the
                                                                                                                          area. CAT announced a major retrofit
    Square Miles    9,392        •	 Southern Illinois University                       Square Miles    2,470              of general offices.
                                    Edwardsville is completing $200
                                    million + in construction projects this                                            •	 Vacancy in this region is fairly static.
                                    year.                                                                                 Economic uncertainty is the biggest
      Population    2,858,935                                                            Population    377,630
                                                                                                                          factor.
                                 •	 New student housing project is fully
                                    leased, and two more projects are                                                  •	 New commercial construction
     Households     1,125,496       under consideration.                                Households     153,377            is spotty, but there are huge
                                                                                                                          improvements from two years ago.
                                 •	 This market is home to Scott Air
      Household                     Force Base.                                          Household                     •	 The Residential market has
         Income     $57,785                                                                 Income     $60,133            construction starting, and home
         Median                  •	 Three Hospital projects are under                       Median                        purchasing is on the upswing.
                                    consideration.
Employees (Total)   1,261,660                                                      Employees (Total)   157,932         •	 Commercial market is definitely
                                 •	 A major sands oil refining project was                                                improving, both property sales and
                                    just completed by Conoco Phillips.                                                    leasing.

  Unemployment      9.00%                                                            Unemployment      7.90%           •	 Unemployment in the Tri County
                                                                                                                          area continues to decline. Caterpillar
                                                                                                                          continues as a major force in Peoria
                                                                                                                          and surrounding areas.


CONTACT                                                                            CONTACT
 Coldwell Banker Commercial                                                         Coldwell Banker Commercial
 Brown Realtors                                                                     Devonshire Realty
 2205 South State Route 157                                                         4507 N. Sterling Ave., Suite 203
 Edwardsville, IL 62025                                                             Peoria, IL 61615
 (618) 692-7290                                                                     (309) 692-7707
 www.brownrealtorscommercial.com                                                    www.cbcdr.com




OFFICE                                     RETAIL                                  OFFICE                                        RETAIL

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INDUSTRIAL                                MULTI-FAMILY                             INDUSTRIAL                                    MULTI-FAMILY

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 Absorption                 p                Absorption            n                Absorption                 p                    Absorption            p
 Rental Rates               n                Rental Rates          n                Rental Rates               q                    Rental Rates          n

                                                                              31
IL - Sangamon County                                                                  IN - Delaware County




DEMOGRAPHICS                          MARKET HIGHLIGHTS                               DEMOGRAPHICS                     MARKET HIGHLIGHTS

                                      •	 There is a very strong medical                                                •	 Sallie Mae added 50,000 SF and 200
           CBSA     Springfield, IL      influence in this market.                               CBSA     Muncie, IN      new jobs.

                                      •	 Capitol of Illinois adds to strong                                            •	 Jarden Home Brands and IBM
    Square Miles    868                  employment base.                                 Square Miles    393             extend leases and IBM is expanding
                                                                                                                          at Heartland Business Center in
                                      •	 There is a strong agricultural                                                   Daleville.
                                         influence in this area.
      Population    196,269                                                                 Population    115,425      •	 A new Auto Mall is being developed
                                      •	 Residential market has been up for                                               on 72 acre site.
                                         the past 7 months.
     Households     82,636                                                                 Households     48,625       •	 Three new student housing projects
                                      •	 There is lower than average                                                      totaling 350 units to be completed in
                                         unemployment in this area.                                                       2012-2013.
      Household                                                                             Household
         Income     $56,722           •	 Springfield has a strong tourism draw                 Income     $40,907      •	 Residential Market - unit sale up
         Median                          with Lincoln sites.                                   Median                     12.3% and average price up 8.9%.

Employees (Total)   83,238                                                            Employees (Total)   42,446       •	 Magna Power Trac is adding 50,000
                                                                                                                          SF and 50 jobs.

                                                                                                                       •	 Delaware Advancement Corporation
  Unemployment      7.70%                                                               Unemployment      9.70%           announces completion of new 40,000
                                                                                                                          SF Industrial shell building.

                                                                                                                       •	 New 50,000 SF light Industrial
                                                                                                                          building being constructed at
                                                                                                                          Heartland Business Center in
CONTACT                                                                               CONTACT                             Daleville.

 Coldwell Banker Commercial                                                            Coldwell Banker Commercial      •	 Spartech Packaging Technologies
 Devonshire Realty                                                                     Lunsford                           making a $19 million capital
 3201 Old Jacksonville Rd.                                                             3601 W. Bethel Ave.                investment and adding 32 jobs.
 Springfield, IL 62711                                                                 Muncie, IN 47304
 (217) 547-6650                                                                        (765) 289-2228
 www.cbcdr.com                                                                         www.cblcre.com




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INDUSTRIAL                                      MULTI-FAMILY                          INDUSTRIAL                                MULTI-FAMILY

 Vacancy                    n                     Vacancy                 q            Vacancy                    q                Vacancy             n
 Absorption                 p                     Absorption              p            Absorption                 p                Absorption          n
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                                                                                 32
KS - Garden City                                                                     KS - Kansas City Metro Area




DEMOGRAPHICS                       MARKET HIGHLIGHTS                                 DEMOGRAPHICS                       MARKET HIGHLIGHTS

                    Garden City,   •	 Aztec Oil Company has moved into                                   Kansas City,   •	 Unemployment has lowered to 7.6%
           CBSA                       the area.                                                 CBSA                       in the Metro and 5.8% in Kansas.
                    KS                                                                                   MO-KS

                                   •	 Vacancy is falling because this area is                                           •	 The new Ford Claycomo plant is
    Square Miles    1,302             center for Oil & Gas + a major Retail              Square Miles    7,857             under construction.
                                      Center.
                                                                                                                        •	 Retail sales in the Metro area are
                                   •	 New construction is starting again.                                                  up. New Retail and entertainment
      Population    42,609                                                                 Population    2,076,653         construction is underway.
                                   •	 This residential market is stable and
                                      strong.                                                                           •	 Home sales in the metro area are up.
     Households     13,697                                                                Households     819,900
                                   •	 This area is growing as a Major Retail                                            •	 Surveys show that business executive
                                      Center.                                                                              confidence is up.
      Household                                                                            Household
         Income     $43,008        •	 This is an Aggressive Market Area.                      Income     $60,301        •	 The continued good farm economy is
         Median                                                                               Median                       having a positive effect on the Metro
                                                                                                                           area.
Employees (Total)   13,558                                                           Employees (Total)   914,989




  Unemployment      4.20%                                                              Unemployment      6.80%




CONTACT                                                                              CONTACT
 Coldwell Banker Commercial                                                           Coldwell Banker Commercial
 The Real Estate Shoppe Inc                                                           Fishman & Company
 1135 College Dr. Suite E                                                             1948 E. Santa Fe
 Garden City, KS 67846                                                                Olathe, KS 66062
 (620) 275-7421                                                                       (913) 782-9000
 www.cbcworldwide.com                                                                 www.cbcfishman.com




OFFICE                                       RETAIL                                  OFFICE                                       RETAIL

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INDUSTRIAL                                   MULTI-FAMILY                            INDUSTRIAL                                   MULTI-FAMILY

 Vacancy                    n                     Vacancy           q                 Vacancy                    n                  Vacancy              q
 Absorption                 n                     Absorption        p                 Absorption                 p                  Absorption           q
 Rental Rates               p                     Rental Rates      p                 Rental Rates               n                  Rental Rates         p

                                                                                33
KY - Louisville Metro                                                                      KY - Southern




DEMOGRAPHICS                        MARKET HIGHLIGHTS                                      DEMOGRAPHICS                         MARKET HIGHLIGHTS
                                    •	 Louisville employment has been stronger
                    Louisville                                                                                 Bowling Green,   •	 Holley Performance Products
           CBSA     Jefferson
                                       than many markets during the last two                          CBSA
                                       years. Contributors have included the                                   KY                  announces $7 million+ expansion.
                    County, KY-IN
                                       UPS National Airhub, the Ford plants, GE
                                                                                                                                •	 Fruit of the Loom continues to grow
                                       Appliance Park, YUM! Brands, and the
    Square Miles    4,135              vitality of the medical industry (example:              Square Miles    848                 international headquarters in Bowling
                                       Humana acquired Kindred of St. Louis in                                                     Green.
                                       2011).
                                                                                                                                •	 Corvette Plant announces 60th
      Population    1,263,217                                                                    Population    121,646             Anniversary Model. All Corvettes are
                                    •	 Investor interest in Louisville Multi-Family
                                       is high, and cap rates are significantly                                                    built in Bowling Green, KY.
                                       higher than in glitzier markets. The
                                                                                                Households     50,840           •	 Warren County has been ranked as
     Households     506,857            problem, as elsewhere, is a lack of product
                                                                                                                                   Kentucky’s #1 County for Private
                                       as owners hang on to their properties in
                                                                                                                                   Sector Growth for 10 Years.
                                       this time of rising rents and occupancy.                  Household
      Household                        There is some new construction.
         Income     $54,741                                                                         Income     $46,805          •	 Newsweek Ranks WKU’s Gatton
         Median                                                                                     Median                         Academy as #1 High School in the
                                    •	 Retail in Louisville is flat as in much of
                                                                                                                                   Country.
                                       the country. There is low double-digit
Employees (Total)   549,941            vacancy. It’s probably poised to bounce             Employees (Total)   50,727
                                                                                                                                •	 Taggart Solar to locate in Edmonson
                                       back quickly when national economy
                                                                                                                                   County Industrial Park.
                                       rebounds. Newcomers such as Nike
                                       Factory Outlet, Trader Joe’s, Urban
  Unemployment      8.30%              Outfitters and others are hopefully the                Unemployment     7.40%
                                       vanguard.

                                    •	 Industrial Louisville leasing activity is
                                       strongest in five years, except for 2008.
                                       Rates are fairly flat over last five years.
CONTACT                                Vacancy has dropped below 8% for first
                                                                                           CONTACT
 Coldwell Banker Commercial            time in last five years.                             Coldwell Banker Commercial
 McMahan Co.                                                                                Legacy Real Estate Group
 10600 Timberwood Circle            •	 Louisville Office remains a weak sector,             2435 Fitzgerald Industrial Dr., Suite 101
 Suite 7                               but with some improvement, especially in             Bowling Green, KY 42104
 Louisville, KY 40223                  Class A. Vacancy above 10% for Class A;              (270) 781-3844
 (502) 425-8800                        mid-teens for B; and high teens for C. Flat          www.cbclegacy.com
 www.cbcworldwide.com                  rental rates. Total leasing activity best in
                                       several years, but well shy of 2007.

OFFICE                                          RETAIL                                     OFFICE                                        RETAIL

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INDUSTRIAL                                      MULTI-FAMILY                               INDUSTRIAL                                    MULTI-FAMILY

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                                                                                      34
LA - Acadiana                                                                          LA - New Orleans




DEMOGRAPHICS                        MARKET HIGHLIGHTS                                  DEMOGRAPHICS                       MARKET HIGHLIGHTS

                                    •	 Oil and gas industry continues to                                   New Orleans-   •	 GE Capital Center brings 300 direct
           CBSA     Lafayette, LA      drive all segments of the Arcadiania                       CBSA     Metairie          jobs to New Orleans in its technology
                                       market.                                                             Kenner, LA        center.

    Square Miles    1,010           •	 New Medical facilities on the south                 Square Miles    3,153          •	 Vacancy rates are falling across most
                                       side of the city are increasing activity                                              product types due to expanding
                                       both commercially and residentially.                                                  technology in the medical and bio-
                                                                                                                             medical employment sectors in this
      Population    264,966         •	 Halliburton recently opened a new                     Population    1,230,886         market.
                                       manufacturing facility in Lafayette
                                       North. This activity has spurred new                                               •	 Substantial transportation and
     Households     101,487            growth along the I-49 corridor.                                                       medical facility upgrades are leading
                                                                                            Households     469,474
                                                                                                                             to increased demand for space in the
                                    •	 Industrial buildings available for sale                                               New Orleans area.
      Household                        or lease are statistically non-existent,              Household
         Income     $54,248            which continues to foster new Land                       Income     $58,413        •	 Residential inventory is nearing
         Median                        developments and new construction                        Median                       2005 levels of supply, and demand
                                       of Industrial buildings of all sizes.                                                 has improved, which is leading to
Employees (Total)   139,997                                                                                                  increased pricing.
                                                                                       Employees (Total)   458,428
                                    •	 Existing building renovations
                                       are a hot market, not only in the                                                  •	 Forbes named New Orleans the
                                       traditional in-fill areas, but also                                                   fastest growing market in America.
  Unemployment      6.20%              in older Industrial areas where an                Unemployment      8.70%
                                       infrastructure is in place and land                                                •	 Due to tax incentives, quality of life
                                       values reasonably priced.                                                             and a positive business climate,
                                                                                                                             young entrepreneurs are choosing
                                    •	 Funding for speculative projects                                                      New Orleans to open their businesses
                                       remains a challenge but has loosened                                                  for the first time since the 1960’s.
CONTACT                                considerably in 2012.                           CONTACT
 Coldwell Banker Commercial                                                             Coldwell Banker Commercial
 Pelican Real Estate                                                                    TEC Realtors
 806 East Saint Mary Blvd.                                                              701 Loyola Ave., Suite 401,
 Lafayette, LA 70503                                                                    P.O. Box 50070
 (337) 233-9541                                                                         New Orleans, LA 70150
 www.cbcpelican.com                                                                     (504) 566-1777
                                                                                        www.cbctec.com



OFFICE                                        RETAIL                                   OFFICE                                       RETAIL

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INDUSTRIAL                                    MULTI-FAMILY                             INDUSTRIAL                                   MULTI-FAMILY

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 Absorption                 q                   Absorption             q                Absorption                 p                  Absorption            p
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                                                                                  35
ME - Midcoast                                                                       MD - Suburban




DEMOGRAPHICS                       MARKET HIGHLIGHTS                                DEMOGRAPHICS                     MARKET HIGHLIGHTS

                                   •	 Midcoast Maine is starting to                                     Baltimore-   •	 BRAC (Base Realignment and Closure)
           CBSA     Rockland, ME      see substantial increase in Retail                       CBSA                     continues to fuel Defense Contractor
                                                                                                        Towson, MD
                                      development. Walmart is breaking                                                  activity in the Fort Meade area.
                                      ground on their new Super Walmart
    Square Miles    366               150,000 SF Retail center in August                Square Miles    2,609        •	 Tenants moving into large blocks of
                                      2012. Tractor Supply will follow                                                  Office space include the US Navy,
                                      shortly thereafter with their new                                                 67,334 SF in Annapolis and Ciena
                                      20,000 SF Retail building.                                                        Corp, 88,405 in Hanover.
      Population    40,753                                                                Population    2,697,935
                                   •	 Due to continued national exposure                                             •	 A flat economy and flat job growth
                                      and attractive lifestyle, Midcoast                                                has caused Office absorption and
     Households     23,744            Maine is seeing further growth in the              Households     1,053,696       rental rates to decline.
                                      sale of residential properties. Prices
                                      have increased 12% over the past
      Household                       twelve month period.                                Household
         Income     $52,132                                                                  Income     $70,020
         Median                                                                              Median
                                   •	 Many Flags Regional School/College
                                      Campus is closer to becoming
Employees (Total)   15,971            a reality with the State of Maine             Employees (Total)   1,099,602
                                      now seeking ways to fund the
                                      development of the one-of-a-kind
                                      campus.
  Unemployment      6.90%                                                             Unemployment      7.80%
                                   •	 Tourism traffic is ahead of 2011
                                      for the area. The outlook for the
                                      immediate future is looking very
                                      promising despite the economic
                                      news.
CONTACT                                                                             CONTACT
                                   •	 Retail sales continue to be up. One
 Coldwell Banker Commercial           example, a national Retail lumber              Coldwell Banker Commercial
 SoundVest Properties                 store continues to see increases               NRT - Annapolis
 147 Park St.                                                                        170 Jennifer Rd., Suite 102
 Rockland, ME 04841                   in their year-over-year sales since            Annapolis, MD 21401
 (207) 596-7478                       opening approximately six years ago.           (410) 224-2200
 www.cbcworldwide.com                 The outlook for them and others                www.cbcbannapolis.com
                                      in the area continues to look good.
                                      Retail trade area -114,000 residents.

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                                                                               36
MA - Pioneer Valley                                                                MI - Middle




DEMOGRAPHICS                          MARKET HIGHLIGHTS                            DEMOGRAPHICS                       MARKET HIGHLIGHTS

                                      •	 Bargains are here.                                            Lansing-East   •	 Emergent Biosolutions has been
           CBSA     Springfield, MA                                                           CBSA                       awarded military contracts and
                                                                                                       Lansing, MI
                                      •	 This is a small city with big                                                   building additions that will nearly
                                         opportunities.                                                                  double their current office and
    Square Miles    1,849                                                              Square Miles    1,707             production facility.
                                      •	 Brand new casino is coming to the
                                         area soon!                                                                   •	 There is growing demand for Office
                                                                                                                         space of 10,000 SF and higher, while
      Population    699,962           •	 Longmeadow provides easy highway                Population    453,378
                                                                                                                         Office space less than 10,000 SF
                                         access.                                                                         remains flat.

     Households     286,180           •	 Longmeadow is triangulated between             Households     184,334        •	 Residential construction had a Q1
                                         NYC, Hartford, Boston and Albany.                                               rebounded, but has slowed over the
                                                                                                                         Q2.
      Household                                                                          Household
         Income     $54,006                                                                 Income     $54,211        •	 Residential sales are up for the first
         Median                                                                             Median                       half of 2012 by nearly 20%, making
                                                                                                                         11 consecutive months of positive
Employees (Total)   244,160                                                        Employees (Total)   165,594           growth in mid-Michigan.

                                                                                                                      •	 Unemployment in mid-Michigan
                                                                                                                         is below the State and National
  Unemployment      7.50%                                                            Unemployment      7.70%             average, and the real estate market
                                                                                                                         appears to be making a gradual
                                                                                                                         positive turn.

                                                                                                                      •	 All 4 sectors of mid-Michigan
                                                                                                                         employment are showing signs of
CONTACT                                                                            CONTACT                               economic improvement, including
                                                                                                                         1. Michigan State University 2. State
 Coldwell Banker Commercial                                                         Coldwell Banker Commercial           Government 3. General Motors
 NRT - MA                                                                           Hubbell BriarWood                    4. Hub for national insurance
 136 Dwight Rd.                                                                     830 W. Lake Lansing Rd.
                                                                                                                         companies.
 Longmeadow, MA 01106                                                               East Lansing, MI 48823
 (413) 575-1970                                                                     (517) 321-5100
 www.cbcworldwide.com                                                               www.cbcworldwide.com




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                                                                              37
MI - Western                                                                        MN - Mankato




DEMOGRAPHICS                        MARKET HIGHLIGHTS                               DEMOGRAPHICS                        MARKET HIGHLIGHTS

                    Grand Rapids-   •	 Cabela’s moved into the area.                                    Mankato-North   •	 Forbes recently ranked Greater
           CBSA                                                                                CBSA                        Mankato as 11th of “Best Small Places
                    Wyoming, MI                                                                         Mankato, MN
                                    •	 Demand for Healthcare, Professional                                                 for Business and Careers.”
                                       Care and Manufacturing contribute to
    Square Miles    2,828              vacancy rates.                                   Square Miles    1,205           •	 Greater Mankato is now designated
                                                                                                                           as a Level 1 Trade Center, further
                                    •	 New construction includes Gordon                                                    establishing the area as a key Retail
                                       Food Service HQ, Cabela’s and MSU                                                   and service hub for southern MN and
      Population    779,129            Medical.                                           Population    93,650
                                                                                                                           Northern IA.

                                    •	 For residential, there is less than 6                                            •	 Several new neighborhood strip
     Households     293,209            month supply.                                     Households     39,391             centers are in development as a
                                                                                                                           result of renewed interest from
                                    •	 Both demand and lack of inventory                                                   national Retailers.
      Household                        are changes in this market.                        Household
         Income     $55,111                                                                  Income     $51,381         •	 Area Medical facilities continue to
         Median                     •	 University Growth, Healthcare and                     Median                        receive high quality rankings as they
                                       branding of a city are all important                                                further expand their services in the
Employees (Total)   358,125            features of the area.                        Employees (Total)   49,122             region.

                                                                                                                        •	 Development land sales continue to
                                                                                                                           be sluggish.
  Unemployment      7.30%                                                             Unemployment      5.10%
                                                                                                                        •	 Mankato is located just over an hour
                                                                                                                           south of the Twin Cities Metro Area.



CONTACT                                                                             CONTACT
 Coldwell Banker Commercial                                                          Coldwell Banker Commercial
 Schmidt, Realtors                                                                   Fisher Group
 2168 WEALTHY ST SE                                                                  1400 Madison Ave. Suite 616
 East Grand Rapids, MI 49504                                                         Mankato, MN 56001
 (616) 459-0400                                                                      (507) 625-4715
 www.cbgreatlakescommercial.com                                                      www.cbcfishergroup.com




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                                                                               38
MN - Minneapolis/St. Paul Metro Area                                                MN - St. Cloud/Central




DEMOGRAPHICS                       MARKET HIGHLIGHTS                                DEMOGRAPHICS                        MARKET HIGHLIGHTS

                    Minneapolis-   •	 Piper Jaffrey & Co. renews 112,823 SF                                             •	 Construction nearing completion for
                    St. Paul-         lease for 11 years.                                      CBSA     St. Cloud, MN      Walmart Super Center.
           CBSA
                    Bloomington,
                    MN-WI
                                   •	 Expanding retailers commit to prime                                               •	 Unemployment rate remains at 5.6%.
                                      space in strongest markets as a result            Square Miles    1,753
    Square Miles    6,063             of the gap being narrowed between                                                 •	 Five new Multi-Family buildings are
                                      their expectations and those of                                                      currently under construction.
                                      landlords.
                                                                                          Population    189,957         •	 Multi-Family continues to be
      Population    3,286,547      •	 Xcel commits to 212,000 SF Opus                                                      strongest sector for highest
                                      built Office building in downtown                                                    transaction volume in area.
                                      Minneapolis.                                       Households     73,818             Distressed and bank owned
                                                                                                                           properties account for the majority of
     Households     1,267,913
                                   •	 Mall of America announces 200                                                        transactions.
                                      million SF addition for additional                  Household
      Household                       Retail space, a medical tower for                      Income     $54,959         •	 Central MN market consists of
         Income     $71,301           Mayo Clinic and a Hotel Tower.                         Median                        200,000 +/- MSA. Major employment
         Median                                                                                                            sectors include Manufacturing,
                                   •	 Well located Industrial properties            Employees (Total)   91,676             Agricultural, Education and Medical.
Employees (Total)   1,695,892
                                      with high ceilings show lease terms
                                      favoring landlords.

                                   •	 The manufacturing sector added                  Unemployment      5.60%
  Unemployment      5.80%             4,200 jobs between March 2011 and
                                      March 2012 statewide.



CONTACT                                                                             CONTACT
 Coldwell Banker Commercial                                                          Coldwell Banker Commercial
 Griffin Companies                                                                   Orion Real Estate
 1221 Nicollet Ave. S                                                                630 First St. South
 Minneapolis, MN 55403                                                               Waite Park, MN 56387
 (612) 904-7833                                                                      (320) 251-1177
 www.cbcgriffin.com                                                                  www.cbcorion.com




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                                                                               39
MO - St. Joseph                                                                    MS - Gulfport/Biloxi




DEMOGRAPHICS                      MARKET HIGHLIGHTS                                DEMOGRAPHICS                           MARKET HIGHLIGHTS

                    St. Joseph,   •	 St Joseph is located just 35 minutes                              Gulfport-Biloxi,   •	 Port of Gulfport expansion begins.
           CBSA                      north of the Kansas City International                   CBSA
                    MO-KS                                                                              MS
                                     Airport on the Missouri River. It                                                    •	 Margaritaville casino (a 68,000 SF
                                     has access to I-29, a major north                                                       property) opens, bringing over 1,000
    Square Miles    1,661            south Interstate Highway providing                Square Miles    1,503                 jobs to the community.
                                     a corridor between Mexico and
                                     Canada and US Hwy 36, which is the                                                   •	 Subdivision buyers return.
                                     major east west route thru Northern
      Population    127,090                                                              Population    240,010            •	 New Hotels begin construction.
                                     Missouri.

                                  •	 This market is located in the heart of
     Households     51,821           the Life Sciences Industry with over               Households     94,854
                                     30 of the major companies located
                                     here.
      Household                                                                          Household
         Income     $44,333       •	 Boehringer Ingelheim Vetmedica is                      Income     $53,669
         Median                                                                             Median
                                     expanding and building a 100,000 SF
                                     Office building.
Employees (Total)   48,146                                                         Employees (Total)   86,844
                                  •	 The new Easttown Business Park
                                     is complete and offering excellent
                                     Industrial building sites. A 60,000 SF
  Unemployment      6.70%            shell building is planned to be built           Unemployment      8.90%
                                     in 2012.

                                  •	 Rosecrans Memorial Airport, which
                                     serves civilian and military needs,
                                     is located 3 miles west of the city
CONTACT                              . It boasts two fully ILS-equipped            CONTACT
                                     runways and provides capacity for
 Coldwell Banker Commercial          any size aircraft.                             Coldwell Banker Commercial
 General Properties                                                                 Alfonso Realty, LLC
 2700 N. Belt Hwy.                                                                  625 Courthouse Rd.
                                  •	 St Joseph is served by the Union
 St. Joseph, MO 64506                                                               Gulfport, MS 39507
 (816) 364-2700                      Pacific Railway and the Burlington             (228) 287-1200
                                     Northern-Santa Fe Railway to provide           www.cbcworldwide.com
                                     direct access to all parts of North
                                     America.

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                                                                              40
MT - Billings                                                                       NE - Lincoln




DEMOGRAPHICS                       MARKET HIGHLIGHTS                                DEMOGRAPHICS                      MARKET HIGHLIGHTS

                                   •	 New 220,000 SF Scheels Sporting                                                 •	 Westfield Mall was purchased in a
           CBSA     Billings, MT      Goods store under construction.                          CBSA     Lincoln, NE      group of malls by Starwood.

                                   •	 Vacancy is falling due to the strong                                            •	 Completion of 175,000 SF
    Square Miles    4,683             demand created by jobs in Energy,                 Square Miles    1,414            headquarters for Assurity Life near
                                      Retail & Medical.                                                                  downtown Lincoln.

                                   •	 Over 1,000 Multi-Family units                                                   •	 $13.7 million in permits provided for
      Population    155,673           planned or under construction in                    Population    299,958          new Industrial space.
                                      2012/2013.
                                                                                                                      •	 Whole Foods planned as anchor
     Households     63,905         •	 Contributing factors to increased                  Households     126,751          tenant with Public Schools building
                                      home sales include low                                                             taking 30,000 SF with 11,600
                                      unemployment and population                                                        SF adjacent Retail space in the
      Household                       growth due to the booming energy                    Household                      development.
         Income     $53,585           sector.                                                Income     $55,280
         Median                                                                              Median                   •	 Lincoln boasts second lowest
                                   •	 Energy and agricultural industries are                                             unemployment in the nation.
Employees (Total)   69,806            driving growth in Eastern Montana.            Employees (Total)   142,514

                                   •	 Billings is the nearest commercial
                                      hub to the Bakken oil boom.
  Unemployment      4.90%                                                             Unemployment      3.70%




CONTACT                                                                             CONTACT
 Coldwell Banker Commercial                                                          Coldwell Banker Commercial
 CBS                                                                                 Thompson Realty Group
 1215 24th St West                                                                   620 N. 48th St., Suite 101
 Billings, MT 59102                                                                  Lincoln, NE 68504
 (406) 656-2001                                                                      (402) 421-7700
 www.cbcmontana.com                                                                  www.cbcthompson.com




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                                                                               41
NV - Reno/Sparks                                                                  NJ - Central




DEMOGRAPHICS                       MARKET HIGHLIGHTS                              DEMOGRAPHICS                         MARKET HIGHLIGHTS

                    Reno-Sparks,   •	 Delucchi Lane, with 206 units, is on                            NY-Northern      •	 Hoffman LaRoche’s announcement of
           CBSA                       the market for $9.8 million.                           CBSA                         the closing of their Nutley, NJ facility
                    NV                                                                                NJ-Long Island
                                                                                                                          and shedding of 1,000 jobs was a
                                   •	 Apple will invest $1 billion in Reno                                                major blow to the area. However,
    Square Miles    6,606             over the decade.                                Square Miles    6,726               small and medium size bio-tech
                                                                                                                          companies are filling many voids left
                                   •	 Renown Health purchased a 39,000                                                    by larger pharmaceutical companies.
                                      SF building in Downtown.
      Population    420,676                                                             Population    19,124,092
                                                                                                                       •	 Vacancy is leveling off, with realistic
                                   •	 Apple is building a 320 acre                                                        pricing beginning to match demand.
                                      datacenter 15 miles east of Reno.
     Households     164,527                                                            Households     7,086,346        •	 Most new construction is limited
                                   •	 A 99 Cent Store opened in July 2012.                                                to public works and build to suit
                                                                                                                          projects.
      Household                    •	 Average Multi-Family price is                     Household
         Income     $61,308           $30,000-35,000 per unit.                             Income     $65,253          •	 The Residential market is picking up
         Median                                                                            Median                         with lower interest rates and sellers
                                                                                                                          adjusting pricing to meet market
Employees (Total)   208,488                                                       Employees (Total)   7,711,074           demand.

                                                                                                                       •	 Trimmed down small and medium
                                                                                                                          companies are forging ahead.
  Unemployment      11.70%                                                          Unemployment      9.60%
                                                                                                                       •	 It is the most affordable suburb of
                                                                                                                          Manhattan.



CONTACT                                                                           CONTACT
 Coldwell Banker Commercial                                                        Coldwell Banker Commercial
 Clay and Associates                                                               Feist & Feist Realty Corp.
 5011 Meadowood Circle, Suite 201                                                  180 Mt. Airy Road, Suite 200
 Reno, NV 89502                                                                    Basking Ridge, NJ 07920
 (775) 829-5900                                                                    (908) 696-1500
 www.cbcreno.com                                                                   www.feistandfeist.com




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                                                                             42
NJ - Morris County                                                                   NJ - Northern




DEMOGRAPHICS                         MARKET HIGHLIGHTS                               DEMOGRAPHICS                         MARKET HIGHLIGHTS

                    NY-Northern      •	 Northern NJ continues to be a                                    NY-Northern      •	 Drug Maker Hoffman LaRoche will
           CBSA                         bargain for Class A and B Office                        CBSA                         be leaving New Jersey closing their
                    NJ-Long Island                                                                       NJ-Long Island
                                        space. The vacancy rate is high and                                                  facility in Nutley and eliminating
                                        the prices are very reasonable.                                                      1,000 jobs.
    Square Miles    6,726                                                                Square Miles    6,726
                                     •	 The Retail space is hot in NJ. There                                              •	 Realogy is relocating to a 250,000 SF
                                        are some great locations available                                                   Office facility in Madison.
                                        and quite a few high end markets for
      Population    19,124,092                                                             Population    19,124,092       •	 There is little new construction with
                                        Retail growth.
                                                                                                                             fewer than 400 new commercial
                                     •	 If you are interested in building new                                                construction permits taken out in NJ
     Households     7,086,346           commercial buildings the land is very             Households     7,086,346           in 2012 .
                                        reasonably priced.
                                                                                                                          •	 Vacancy rates in most asset classes
      Household                      •	 North Jersey is a great melting pot                Household                         are remaining stable.
         Income     $65,253             of businesses, and most national                      Income     $65,253
         Median                         franchises find their way into the                    Median                      •	 Residential real estate sales are
                                        market.                                                                              increasing but prices are remaining
Employees (Total)   7,711,074                                                        Employees (Total)   7,711,074           soft.

                                                                                                                          •	 New Jersey’s unemployment rate
                                                                                                                             is 9.6% as of July 2012, making it a
  Unemployment      9.60%                                                              Unemployment      9.60%               great location for new companies
                                                                                                                             to relocate to. A great number of
                                                                                                                             educated, experienced and talented
                                                                                                                             unemployed people are available.


CONTACT                                                                              CONTACT
 Coldwell Banker Commercial                                                           Coldwell Banker Commercial
 NRT - Morris Plains                                                                  NRT - Parsippany
 1767 Route 10                                                                        1 Campus Dr.
 Morris Plains, NJ 07960                                                              Parsippany, NJ 07728
 (973) 267-3030                                                                       (888) 829-0221
 www.cbcworldwide.com                                                                 www.cbcnrtnewjersey.com




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                                                                                43
NM - Albuquerque                                                                    NY - Albany




DEMOGRAPHICS                       MARKET HIGHLIGHTS                                DEMOGRAPHICS                       MARKET HIGHLIGHTS

                    Albuquerque,   •	 Target is currently building a new                                Albany         •	 GlobalFoundries announced a $2.3 b
           CBSA                       155,481 SF store in Winrock Town                         CBSA     Schenectady-      expansion of the cleanroom at its Fab
                    NM
                                      Center, in NE Albuquerque. Lulu                                   Troy, NY          8 semiconductor facility, located just
                                      Lemon and J. Crew open new stores                                                   north of Albany, NY. When completed,
    Square Miles    9,288             in ABQ Uptown.                                    Square Miles    2,817             the semiconductor facility will
                                                                                                                          represent a $6.9 b capital Investment
                                   •	 Multi-Family continues to excel.                                                    and 1,600 new jobs.
                                      Several new Apartment complexes
      Population    863,887                                                               Population    859,707
                                      are either under construction or                                                 •	 NY’s Center for Economic Growth has
                                      planned for construction.                                                           contracted with Prime Regional Center,
                                                                                                                          LLC, a sister company of Coldwell
     Households     333,497        •	 Vacancy rates for Retail have declined                                              Banker Commercial Prime Properties of
                                                                                         Households     358,803
                                      from 13% a year ago to 12.1% in Q2                                                  Albany, to create and operate an EB-5
                                      of 2012.                                                                            Immigrant Investor Program Regional
      Household                                                                           Household                       Center that will attract foreign
         Income     $49,381        •	 Two new hospitals open in Rio                          Income     $58,611           Investment and create jobs in Upstate.
         Median                       Rancho. Senior continuing care                         Median
                                      facility on tap for Corrales.                                                    •	 General Electric Co.’s new $100 m
Employees (Total)   313,234                                                         Employees (Total)   351,131
                                                                                                                          battery factory in Schenectady, NY has
                                   •	 City of Albuquerque continues                                                       announced plans to double the plant’s
                                      to pursue a grocery store for the                                                   capacity. That means another $70 m
                                      “Downtown Area”.                                                                    in local spending by the conglomerate
  Unemployment      7.40%                                                             Unemployment      7.90%             — and another 100 jobs, bringing
                                   •	 More Retail space was occupied                                                      total employment at the facility to 450
                                      during the first half of 2012 than in                                               people.
                                      the past 3 years.
                                                                                                                       •	 President Barack Obama made his
                                                                                                                          third trip to the Capital Region. He
CONTACT                                                                             CONTACT                               used the University at Albany’s College
                                                                                                                          of Nanoscale Science and Engineering
 Coldwell Banker Commercial                                                          Coldwell Banker Commercial           to tout his economic agenda.
 Las Colinas                                                                         Prime Properties
 4801 Lang Ave. NE, Suite 100                                                        621 Columbia St.
 Albuquerque, NM 87109                                                               Cohoes, NY 12047             •	 General Electric Co. plans to reorganize
 (505) 897-7227                                                                      (518) 785-9000                  its energy business into three
 www.lcrealty.com                                                                    www.coldwellbankeralbany.com    standalone businesses in the Q4 of
                                                                                                                          2012, with GE Power and Water to be
                                                                                                                          headquartered in Schenectady, NY.

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                                                                               44
NY - Long Island                                                                      NY - New York City




DEMOGRAPHICS                         MARKET HIGHLIGHTS                                DEMOGRAPHICS                         MARKET HIGHLIGHTS

                    NY-Northern      •	 Office Market: Q2 2012 vacancy rate                               NY-Northern      •	 Q2 vacancy rate ended at 7.1%,
           CBSA                         rose to 10.1%. Rental Rates down                         CBSA                         with a positive absorption rate of
                    NJ-Long Island                                                                        NJ-Long Island
                                        1.5%. Net absorption down 161,448                                                     1,263,000. Total positive absorption
                                        SF.                                                                                   for of 625,000 SF 2012.
    Square Miles    6,726                                                                 Square Miles    6,726
                                     •	 Industrial Market: Q2 2012 vacancy                                                 •	 Class A Office market recorded a net
                                        rate up slightly to 5.6%. Rental Rates                                                absorption of positive 324,240 SF
                                        up 2.4%. Net absorption positive at                                                   in the Q2, total positive absorption
      Population    19,124,092                                                              Population    19,124,092
                                        338,752 SF.                                                                           of 535,933 SF for first half of 2012.
                                                                                                                              Class B Office market recorded a net
                                     •	 Retail: Nassau and Suffolk County’s                                                   absorption 457,672 SF in Q2 with
     Households     7,086,346           vacancy rises to 5.5%.                             Households     7,086,346           total positive absorption of 95,369 SF
                                                                                                                              for first half of 2012. Class C Office
                                     •	 Largest 2nd Quarter Office Lease:                                                     market recorded a net absorption
      Household                         25,000 SF deal signed by Lewis Johs                 Household                         of 481,713 SF in Q2, total positive
         Income     $65,253             Avallone & Aviles in Islandia.                         Income     $65,253             absorption of 644,500 SF in the first
         Median                                                                                Median
                                                                                                                              half of 2012.
                                     •	 Largest Q2 Industrial Lease: 43,000
Employees (Total)   7,711,074           SF lease signed by W.B. Mason in              Employees (Total)   7,711,074        •	 Office Rental Rates Mid-Year
                                        Hauppauge.                                                                            2012: Class A, B, C overall:
                                                                                                                              Downtown:$38.42, Midtown:$55.43,
                                     •	 Largest Q2 Retail lease: 68,000 SF                                                    Midtown South:$45.31
  Unemployment      9.60%               signed by Fairway in Westbury.                  Unemployment      9.60%
                                                                                                                           •	 Largest Office lease signings 2012:
                                                                                                                              Viacom Inc. (renewal)-Midtown
                                                                                                                              1,606,000 SF;Morgan Stanley
                                                                                                                              (renewal)-Downtown 1,152,763 SF;
                                                                                                                              Citibank (renewal)-Midtown 484,040
CONTACT                                                                               CONTACT                                 SF.
 Coldwell Banker Commercial                                                            Coldwell Banker Commercial      •	     Construction Activity - Office:
 Rosner & Associates                                                                   Alliance                               Downtown: 8,279,280 SF with
 3124 Expressway Dr. S.                                                                1140 Avenue of Americas, 7th Floor
 Islandia, NY 11749                                                                    New York, NY 10036                     3,216,072 SF preleased; Midtown:
 (631) 232-4400                                                                        (212) 344-0300                         1,803,428 SF with 755,324 SF
 www.cbcli.com                                                                         www.cbcalliance.com                    preleased; Midtown South: 400,000
                                                                                                                              SF with 36,000 SF preleased.


OFFICE                                        RETAIL                                  OFFICE                                        RETAIL

 Vacancy                    p                    Vacancy              p                Vacancy                    q                    Vacancy               N/A


 Absorption                 q                    Absorption           q                Absorption                 p                    Absorption            N/A


 Rental Rates               q                    Rental Rates         q                Rental Rates               p                    Rental Rates          N/A



INDUSTRIAL                                    MULTI-FAMILY                            INDUSTRIAL                                    MULTI-FAMILY

 Vacancy                    p                    Vacancy              q                Vacancy                    N/A                  Vacancy               p
 Absorption                 p                    Absorption           n                Absorption                 N/A                  Absorption            p
 Rental Rates               p                    Rental Rates         p                Rental Rates               N/A                  Rental Rates          p

                                                                                 45
NC - Southeastern                                                                 NC - Triad Area




DEMOGRAPHICS                      MARKET HIGHLIGHTS                               DEMOGRAPHICS                    MARKET HIGHLIGHTS

                    Wilmington,   •	 Whole Foods opens its first store in                             Winston-    •	 New Multi-Family development
           CBSA                      New Hanover County.                                     CBSA                    projects are underway.
                    NC                                                                                Salem, NC

                                  •	 Several new Apartment complexes                                              •	 Biotech has boosted Triad job market.
    Square Miles    1,924            are under construction.                          Square Miles    1,462
                                                                                                                  •	 There has been an increase in misc.
                                  •	 Two new Office buildings are under                                              manufacturing jobs in Triad.
                                     construction.
      Population    357,853                                                             Population    487,010     •	 Triad is seeing little momentum
                                  •	 There is a shortage of finished                                                 for sales from clothing to building
                                     residential lots in New Hanover                                                 materials.
     Households     151,270          County.                                           Households     201,455
                                                                                                                  •	 Healthcare industry continues
                                  •	 Medical practice mergers continue                                               to grow and expand facilities
      Household                      to grow.                                           Household                    throughout the Triad.
         Income     $50,107                                                                Income     $49,845
         Median                   •	 Time Warner building sells to Medical                 Median                 •	 Triad home sales are up 2%, the best
                                     Practice for $5 Million.                                                        improvement since 2006.
Employees (Total)   126,764                                                       Employees (Total)   185,107




  Unemployment      10.00%                                                          Unemployment      9.30%




CONTACT                                                                           CONTACT
 Coldwell Banker Commercial                                                        Coldwell Banker Commercial
 Sun Coast Partners, LLC                                                           Triad, Realtors
 1430 Commonwealth Dr. Suite 102                                                   1505 Westover Terrace
 Wilmington, NC 28403                                                              Greensboro, NC 27408
 (910) 350-1200                                                                    (336) 761-5934
 www.cbcsuncoast.com                                                               www.cbctriad.com




OFFICE                                      RETAIL                                OFFICE                                   RETAIL

 Vacancy                    n                   Vacancy           q                Vacancy                    p              Vacancy                 n
 Absorption                 n                   Absorption        p                Absorption                 n              Absorption              n
 Rental Rates               n                   Rental Rates      p                Rental Rates               n              Rental Rates            n

INDUSTRIAL                                 MULTI-FAMILY                           INDUSTRIAL                               MULTI-FAMILY

 Vacancy                    n                   Vacancy           q                Vacancy                    n              Vacancy                 n
 Absorption                 n                   Absorption        p                Absorption                 q              Absorption              N/A


 Rental Rates               q                   Rental Rates      p                Rental Rates               n              Rental Rates            n

                                                                             46
NC - Triangle                                                                     ND - Fargo/Moorhead




DEMOGRAPHICS                        MARKET HIGHLIGHTS                             DEMOGRAPHICS                       MARKET HIGHLIGHTS

                    Raleigh-Cary,   •	 Total Triangle vacancy decreased in                                           •	 North Dakota has become the
           CBSA                        Q2 2012 to 14.9%.                                     CBSA     Fargo, ND-MN      United States number 2 state in oil
                    NC
                                                                                                                        production, bolstering the economy
                                    •	 Most of the vacancy decreases                                                    in Fargo and throughout the state.
    Square Miles    2,116              occurred in Class A Office and Flex            Square Miles    2,810
                                       space.                                                                        •	 Costco broke ground on a new store
                                                                                                                        spurring development along I-94,
                                    •	 Strongest performing submarkets                                                  southwest Fargo and West Fargo.
      Population    1,143,659          are Downtown Raleigh and Cameron                 Population    202,280
                                       Village.                                                                      •	 Apartment vacancy level is just below
                                                                                                                        5%. In the Fargo/Moorhead market,
     Households     452,721         •	 Highest vacancy submarkets are N                Households     86,119            approximately 1,000 units will be
                                       Durham and RTP.                                                                  built in 2012.

      Household                     •	 1.9 million SF of sublease space is              Household                    •	 Healthy agriculture remains a major
         Income     $63,406            active in Triangle.                                 Income     $53,008           contributing factor to the Red River
         Median                                                                            Median                       Valley’s healthy economy.
                                    •	 Many properties are trading as
Employees (Total)   441,442            Raleigh/Durham remains high on             Employees (Total)   105,993        •	 The unemployment rate in Fargo/
                                       investors’ radar.                                                                Moorhead remains consistently low,
                                                                                                                        currently sitting at approximately
                                                                                                                        3.6%.
  Unemployment      8.00%                                                           Unemployment      3.60%




CONTACT                                                                           CONTACT
 Coldwell Banker Commercial                                                        Coldwell Banker Commercial
 TradeMark Properties                                                              First Realty
 1001 Wade Ave., Suite 300                                                         2731 12th Ave. S
 Raleigh, NC 27605                                                                 Fargo, ND 58103
 (919) 782-5552                                                                    (701) 237-3369
 www.cbctmp.com                                                                    www.cbcfirstrealty.com




OFFICE                                        RETAIL                              OFFICE                                      RETAIL

 Vacancy                    q                   Vacancy              n             Vacancy                     q                Vacancy              q
 Absorption                 p                   Absorption           n             Absorption                  p                Absorption           p
 Rental Rates               n                   Rental Rates         q             Rental Rates                n                Rental Rates         n

INDUSTRIAL                                    MULTI-FAMILY                        INDUSTRIAL                                  MULTI-FAMILY

 Vacancy                    q                   Vacancy              q             Vacancy                     q                Vacancy              q
 Absorption                 p                   Absorption           p             Absorption                  p                Absorption           p
 Rental Rates               n                   Rental Rates         p             Rental Rates                n                Rental Rates         p

                                                                             47
OH - Lorain County                                                                    OK - Oklahoma City




DEMOGRAPHICS                         MARKET HIGHLIGHTS                                DEMOGRAPHICS                         MARKET HIGHLIGHTS

                    Cleveland-       •	 Metals Fabricating Business moved                                 Oklahoma City,   •	 The energy sector is one of the
           CBSA     Elyria-Mentor,      into Lorain County.                                      CBSA                         driving factors behind the unusual
                                                                                                          OK
                    OH                                                                                                        absorption.
                                     •	 Local economy jobs & manufacturing
    Square Miles    2,004               moved out due to downsizing,                      Square Miles    5,518            •	 Continental Resources moved their
                                        politics and overseas.                                                                headquarters from Enid, OK into the
                                                                                                                              CBD of Oklahoma City. They took
                                     •	 New construction is slowly picking up                                                 over the home office tower of Devon
      Population    2,090,148           in Lorain County.                                   Population    1,237,539
                                                                                                                              Energy that contained 19 floors with
                                                                                                                              300,000 SF. Devon Energy completed
                                     •	 Residential market in Lorain County is                                                their 50 story tower for their home
                                        sluggishly improving.                              Households     500,869             office.
     Households     838,741
                                     •	 Home values declined to                                                            •	 The energy service businesses have
      Household                         accommodate lower income                            Household                         taken nearly all of the 6,000 -12,000
         Income     $54,591             infrastructure Jobs (i.e. Retail -vs-                  Income     $57,129             ft buildings with any yard space.
         Median                         Manufacturing).                                        Median
                                                                                                                              There is very little new product being
                                                                                                                              brought into the market place.
                                     •	 Lorain county is positioned very              Employees (Total)   502,994
Employees (Total)   954,471
                                        excellently on shores of Lake Erie                                                 •	 The Outlet Mall containing 370,000
                                        with great potential for recreation &                                                 SF that recently opened in Aug. 2011
                                        import / export industry.                                                             on the west side of OKC was the
  Unemployment      7.50%                                                               Unemployment      5.00%               largest retail development completed
                                                                                                                              in the U.S. The initial sales volume
                                                                                                                              surprised the developers so they are
                                                                                                                              already planning expansion.


CONTACT                                                                               CONTACT
 Coldwell Banker Commercial                                                            Coldwell Banker Commercial
 Hunter Realty                                                                         Hocker & Associates
 24600 Detroit Rd., Suite 245                                                          4323 Classen Blvd. Suite 100
 Westlake, OH 44145                                                                    Oklahoma City, OK 73118
 (440) 892-7040                                                                        (405) 840-4545
 www.cbchunter.com                                                                     www.hocker.com




OFFICE                                         RETAIL                                 OFFICE                                        RETAIL

 Vacancy                    p                    Vacancy               p               Vacancy                    q                   Vacancy              q
 Absorption                 n                    Absorption            n               Absorption                 n                   Absorption           p
 Rental Rates               q                    Rental Rates          q               Rental Rates               p                   Rental Rates         p

INDUSTRIAL                                     MULTI-FAMILY                           INDUSTRIAL                                    MULTI-FAMILY

 Vacancy                    p                    Vacancy               n               Vacancy                    q                   Vacancy              q
 Absorption                 n                    Absorption            n               Absorption                 p                   Absorption           p
 Rental Rates               q                    Rental Rates          n               Rental Rates               p                   Rental Rates         p

                                                                                 48
OR - Portland                                                                      OR - Salem




DEMOGRAPHICS                     MARKET HIGHLIGHTS                                 DEMOGRAPHICS                    MARKET HIGHLIGHTS

                    Portland     •	 Commercial vacancy in Office and                                               •	 Commercial activity is centered
                    Vancouver-      Retail increased slightly to 5.4% and                     CBSA     Salem, OR      around I-5 and major arterials with
           CBSA
                    Beaverton,      10.8%, respectively. Industrial vacancy                                           activity focused on existing and re-
                    OR-WA
                                    decreased to 7.2%.                                                                purposed properties.
                                                                                       Square Miles    1,925
    Square Miles    6,684        •	 The largest Retail signings include                                            •	 Approximately 300 - 400 Multi-Family
                                    a 25,436 SF Barnes & Noble and a                                                  units are being added with the
                                    28,490 SF Punch Bowl Social, a new                                                majority of activity in West Salem.
                                                                                         Population    399,131
                                    restaurant/entertainment concept.
      Population    2,261,246                                                                                      •	 Formerly the largest project under
                                 •	 In the Office sector, cap rates                                                   bank control, The Meridian was
                                    averaged 7.7% for the first half of                 Households     148,354        purchased by Killian Pacific with
     Households     878,239
                                    2012 with sales activity down over                                                exciting plans for the future,
                                    the same period in 2011 and $152                                                  including long-term ownership and
                                    average price per SF.                                Household                    substantial Investment upgrades.
      Household                                                                             Income     $49,102
         Income     $58,563      •	 Clear Channel and Daimler Truck                         Median                 •	 Petco recently opened next to Trader
         Median                     America signed two of the largest                                                 Joes and Planet Fitness signed a lease
                                    Office leases in the Portland market           Employees (Total)   119,269        in North Salem. Buffalo Wild Wings
Employees (Total)   952,611
                                    this year.                                                                        also opened its first Valley eatery.

                                 •	 Pacific Foods signed an Industrial                                             •	 The Department of Fish & Wildlife
                                    lease for over 300,000 SF at the Nike            Unemployment      9.10%          will be relocating to Fairview
  Unemployment      8.00%           Distribution Center, and Industrial                                               Industrial Park in South Salem.
                                    sales are averaging $59/SF on 28
                                    transactions in 2012.                                                          •	 PacTrust is pushing dirt on its first
                                                                                                                      medical building along Kuebler Blvd.
                                 •	 Multi-Family vacancy fell slightly to                                             at Battlecreek.
CONTACT                             2.6% keeping it below 3% for more              CONTACT
                                    than a year while rental rates are
 Coldwell Banker Commercial         rising at a moderate pace.                      Coldwell Banker Commercial
 Mountain West Real Estate                                                          Mountain West Real Estate
 960 Liberty St SE, Suite 250                                                       960 Liberty St SE, Suite 250
 Salem, OR 97302                                                                    Salem, OR 97302
 (503) 587-4777                                                                     (503) 587-4777
 www.cbcre.com                                                                      www.cbcre.com




OFFICE                                     RETAIL                                  OFFICE                                    RETAIL

 Vacancy                    p                Vacancy                  p             Vacancy                    p               Vacancy               n
 Absorption                 q                Absorption               q             Absorption                 q               Absorption            q
 Rental Rates               p                Rental Rates             q             Rental Rates               p               Rental Rates          p

INDUSTRIAL                                 MULTI-FAMILY                            INDUSTRIAL                                MULTI-FAMILY

 Vacancy                    q                Vacancy                  q             Vacancy                    p               Vacancy               N/A


 Absorption                 p                Absorption               p             Absorption                 q               Absorption            N/A


 Rental Rates               p                Rental Rates             p             Rental Rates               q               Rental Rates          N/A



                                                                              49
PA - Pittsburgh                                                                     PA - Southeastern




DEMOGRAPHICS                         MARKET HIGHLIGHTS                              DEMOGRAPHICS                        MARKET HIGHLIGHTS

                                     •	 CBD development is on the rise.                                 Philadelphia-   •	 Office vacancy rates for secondary
           CBSA     Pittsburgh, PA                                                                      Camden-            and tertiary areas are near all time
                                                                                               CBSA
                                     •	 Office occupancy rate is higher than                            Wilmington,        high levels.
                                                                                                        PA-NJ-DE-MD
                                        national average.
    Square Miles    5,280                                                                                               •	 Office vacancy is on rise in remote
                                     •	 There is an increase in sales of                Square Miles    4,630              areas to higher density business
                                        investment property.                                                               centers; employees want convenient
                                                                                                                           access to Retail and food services.
      Population    2,355,582
                                                                                          Population    5,979,545       •	 Multiple new construction sites in the
                                                                                                                           works. Commercial and Retail sectors
     Households     991,049                                                                                                are struggling to lure tenants.
                                                                                         Households     2,318,224
                                                                                                                        •	 Sellers are coming to realization that
      Household                                                                                                            the commercial property market will
         Income     $52,255                                                               Household                        recover very slowly and that rental
         Median                                                                              Income     $65,847            rates will take many years to return to
                                                                                             Median                        2005 levels.
Employees (Total)   1,064,896
                                                                                                                        •	 Bucks County is still a haven
                                                                                    Employees (Total)   2,533,973
                                                                                                                           for company relocation out of
                                                                                                                           Philadelphia and New Jersey seeking
  Unemployment      7.30%                                                                                                  tax relief.
                                                                                      Unemployment      7.50%




CONTACT                                                                             CONTACT
 Coldwell Banker Commercial                                                          Coldwell Banker Commercial
 NRT - Pittsburgh                                                                    CBH
 9600 Perry Highway, Suite 200                                                       1094 Second St. Pike
 Pittsburgh, PA 15237                                                                Richboro, PA 18954
 (412) 548-1064                                                                      (215) 357-2880
 www.cbcworldwide.com                                                                www.cbchearthside.com




OFFICE                                         RETAIL                               OFFICE                                        RETAIL

 Vacancy                    N/A                  Vacancy              N/A            Vacancy                    p                   Vacancy                p
 Absorption                 p                    Absorption           p              Absorption                 q                   Absorption             q
 Rental Rates               p                    Rental Rates         n              Rental Rates               q                   Rental Rates           p

INDUSTRIAL                                     MULTI-FAMILY                         INDUSTRIAL                                   MULTI-FAMILY

 Vacancy                    N/A                  Vacancy              N/A            Vacancy                    q                   Vacancy                q
 Absorption                 p                    Absorption           p              Absorption                 p                   Absorption             p
 Rental Rates               n                    Rental Rates         p              Rental Rates               p                   Rental Rates           p

                                                                               50
PA - York/Lancaster/Harrisburg                                                     SC - Charleston




DEMOGRAPHICS                        MARKET HIGHLIGHTS                              DEMOGRAPHICS                         MARKET HIGHLIGHTS

                    York-Hanover,   •	 Kingston Shopping Center sold for                               Charleston-      •	 Cable manufacturer Nexans invests
           CBSA                        $7.6 million at an 8% cap rate.                        CBSA     North               $85 million on its first North
                    PA
                                                                                                       Charleston, SC      American facility located in the
                                    •	 A 99-room Hampton Inn and Suites                                                    Charleston Area.
    Square Miles    904                is planned in York Township.                    Square Miles    2,591
                                                                                                                        •	 40,000 SF Hobby Lobby moves to Mt.
                                    •	 There are signs of new projects,                                                    Pleasant.
                                       especially Retail, coming out of the
      Population    430,707            ground in central PA.                             Population    665,272          •	 Vacancy is falling due to greater
                                                                                                                           demand for Charleston MSA.
                                    •	 For the first 5 months, residential
     Households     169,750            sales were up 5% compared to 2011.                                               •	 Multi-Family market has increased by
                                                                                        Households     262,007
                                                                                                                           1,000 units.
                                    •	 IRS & Social Security began
      Household                        construction on a new office on                   Household
         Income     $55,365            Industrial Highway in York. 70 new                   Income     $57,059
         Median                        jobs will be created.                                Median


Employees (Total)   168,402         •	 Central PA is very tourist oriented:
                                                                                   Employees (Total)   253,170
                                       20 minutes to the Gettysburg battle
                                       fields, 30 minutes to the Amish
                                       farms of Lancaster and 30 minutes to
  Unemployment      8.10%              Hershey Park and other attractions.
                                                                                     Unemployment      8.50%




CONTACT                                                                            CONTACT
 Coldwell Banker Commercial                                                         Coldwell Banker Commercial
 Bennett Williams                                                                   Atlantic International, Inc.
 110 N. George St. 4th Floor                                                        3506 W. Montague Ave. Suite 200
 York, PA 17401                                                                     Charleston, SC 29418
 (717) 843-5555                                                                     (843) 744-9877
 www.bennettwilliams.com                                                            www.cbcatlantic.com




OFFICE                                        RETAIL                               OFFICE                                        RETAIL

 Vacancy                    n                   Vacancy               q             Vacancy                    q                    Vacancy             q
 Absorption                 n                   Absorption            p             Absorption                 p                    Absorption          p
 Rental Rates               n                   Rental Rates          p             Rental Rates               p                    Rental Rates        p

INDUSTRIAL                                    MULTI-FAMILY                         INDUSTRIAL                                    MULTI-FAMILY

 Vacancy                    q                   Vacancy               q             Vacancy                    q                    Vacancy             q
 Absorption                 p                   Absorption            p             Absorption                 p                    Absorption          p
 Rental Rates               n                   Rental Rates          p             Rental Rates               n                    Rental Rates        p

                                                                              51
SC - Columbia                                                                         SC - Greenville/Spartanburg




DEMOGRAPHICS                       MARKET HIGHLIGHTS                                  DEMOGRAPHICS                       MARKET HIGHLIGHTS
                                                                                                                        •	 The global economy is increasingly
                                   •	 The largest signing in 2012 across                                  Greenville-
           CBSA     Columbia, SC                                                                 CBSA     Mauldin
                                                                                                                           present in the Upstate SC market.
                                      all asset classes is 186,000 SF Office                                               250 companies from 27 countries are
                                      lease for SC Department of Revenue                                  Easley, SC
                                                                                                                           represented including: Adidas, BASF,
                                      at 300 Outlet Pointe Blvd.                                                           BMW, Electrolux, Freightliner, Fujifilm,
    Square Miles    3,701                                                                 Square Miles    2,002            Robert Bosch and Siemens.
                                   •	 New Construction deliveries in 2012:
                                      Office - 1 building 4,000 SF; Industrial                                          •	 BMW made another $900m investment
                                      - 0 (1 building under construction);                                                 and created an additional 300 new jobs.
      Population    751,082                                                                 Population    644,419
                                      Retail - 1 building 2,937 SF.                                                        Total employment at the 4m SF plant
                                                                                                                           is 7,500. Since BMW came to South
                                   •	 The residential market has seen a
                                                                                                                           Carolina, the plant has produced 2m
     Households     300,796           15% reduction in inventory YTD as                                                    vehicles; 70% for export.
                                                                                           Households     263,044
                                      compared with the same period last
                                      year.                                                                             •	 Greenville based Michelin announced a
      Household                                                                             Household
         Income     $52,689                                                                                                $750m investment in multiple facilities
                                   •	 The Main St. corridor is heating up                      Income     $49,487
         Median                                                                                                            within the state including Upstate
                                      with several new merchants. Also,                        Median
                                                                                                                           Anderson County.
                                      the University of SC is attempting to
Employees (Total)   287,817           put student housing in an existing                                                •	 GE Aviation has expanded their R&D
                                                                                      Employees (Total)   288,021
                                      450,000 SF Office building on Main                                                   facility in Greenville resulting in
                                      St.                                                                                  additional hires. The plant designs and
                                                                                                                           manufactures blades used in their jet
  Unemployment      9.10%          •	 There are 12 Colleges or Universities             Unemployment      8.60%            engines.
                                      in Columbia, including the University
                                      of South Carolina, and Educational                                                •	 Additional recent announcements
                                      Services account for 12% of                                                          include those by SEW-Euro Dr. in
                                      Columbia’s employment.                                                               Spartanburg, a manufacturer of
                                                                                                                           Industrial gear motors and electronics;
CONTACT                                                                               CONTACT                              AVX, a global manufacturer of electrical
 Coldwell Banker Commercial                                                            Coldwell Banker Commercial          and interconnect components; Belgian
 United, Realtors                                                                      Caine                               company Picanol with a machine repair
 1711 Gervais St., Suite 300                                                           117 Williams St.                    and replacement parts facility.
 Columbia, SC 29201                                                                    Greenville, SC 29601
 (803) 799-4663                                                                        (864) 250-2800                   •	 Downtown Greenville continues to
 www.cbccarolinas.com                                                                  www.cbccaine.com                    attract Office users, residents to newly
                                                                                                                           constructed Apartment and Condo
                                                                                                                           projects and the accompanying dining
                                                                                                                           and entertainment facilities.
OFFICE                                      RETAIL                                    OFFICE                                       RETAIL

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INDUSTRIAL                                  MULTI-FAMILY                              INDUSTRIAL                                   MULTI-FAMILY

 Vacancy                    p                  Vacancy              N/A                Vacancy                    q                   Vacancy               q
 Absorption                 q                  Absorption           N/A                Absorption                 p                   Absorption            p
 Rental Rates               q                  Rental Rates         N/A                Rental Rates               p                   Rental Rates          p

                                                                                 52
SC - Myrtle Beach                                                                   SD - Rapid City




DEMOGRAPHICS                        MARKET HIGHLIGHTS                               DEMOGRAPHICS                         MARKET HIGHLIGHTS

                    Myrtle Beach-   •	 New to the area are Target, Marshalls                                             •	 Walmart adds second store to
                    Conway-North       and three Petco’s.                                      CBSA     Rapid City, SD      market. Sam’s Club expands. Target
           CBSA
                    Myrtle Beach,                                                                                           adds Super Store.
                    SC
                                    •	 Vacancy is finally falling. Landlords
                                       are seeing reduced rent and trying               Square Miles    6,247            •	 Healthcare and Retail Industry drives
    Square Miles    1,134              what ever it takes to make deals.                                                    marketplace with over 300,000
                                                                                                                            served.
                                    •	 New Retail in the area include:
                                       Walgreens, three Petcos, nine Dollar               Population    125,797          •	 New construction is up 10% YOY.
      Population    266,384            Generals, Dollar Tree and two
                                       McDonalds.                                                                        •	 Residential sales are up 10% YOY.
                                                                                         Households     50,124
                                    •	 For the residential market, lower                                                 •	 Healthcare and Retail real estate
     Households     110,858
                                       prices and better sales are working                                                  values have been stable throughout
                                       through bank inventory.                            Household                         the downturn.
      Household                                                                              Income     $52,281
         Income     $43,184         •	 Foreclosures are a great deal and get                 Median                      •	 Rapid City is the gateway to the
         Median                        sold at a brisk pace.                                                                Black Hills located in Western South
                                                                                    Employees (Total)   51,878              Dakota. Abundant recreation for the
                                    •	 Over the summer season,                                                              outdoor enthusiast with amenities
Employees (Total)   112,291
                                       accommodation and Retail sales tax                                                   such as: snow skiing, snowmobiling,
                                       reports revenue was up 7 to 8 % YTD.                                                 boating, hiking, hunting, fishing and
                                                                                      Unemployment      4.20%               much more.
  Unemployment      10.10%




CONTACT                                                                             CONTACT
 Coldwell Banker Commercial                                                          Coldwell Banker Commercial
 Chicora Real Estate                                                                 Lewis Kirkeby Hall
 10225 North Kings Hwy.                                                              2710 West Main St.
 Myrtle Beach, SC 29572                                                              Rapid City, SD 57702
 (843) 272-8700                                                                      (605) 343-2700
 www.cbcommercialchicora.com                                                         www.cbcworldwide.com




OFFICE                                        RETAIL                                OFFICE                                        RETAIL

 Vacancy                    q                   Vacancy               q              Vacancy                    n                    Vacancy             n
 Absorption                 p                   Absorption            p              Absorption                 n                    Absorption          n
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INDUSTRIAL                                    MULTI-FAMILY                          INDUSTRIAL                                    MULTI-FAMILY

 Vacancy                    q                   Vacancy               q              Vacancy                    N/A                  Vacancy             q
 Absorption                 n                   Absorption            p              Absorption                 N/A                  Absorption          p
 Rental Rates               q                   Rental Rates          p              Rental Rates               N/A                  Rental Rates        p

                                                                               53
TN - Chattanooga Metro Area                                                            TN - Knoxville/East




DEMOGRAPHICS                       MARKET HIGHLIGHTS                                   DEMOGRAPHICS                        MARKET HIGHLIGHTS

                    Chattanooga,   •	 Amazon opened two distribution                                                       •	 Knoxville’s recent rankings: “6th Best
           CBSA                       centers in 2011, creating over 2,000                        CBSA     Knoxville, TN      City for Jobs,” Forbes, 2012; “8th
                    TN-GA
                                      jobs.                                                                                   Fastest Growing City in the U.S.,” CNN
                                                                                                                              Money, 2012; “Best City for Jobs for
    Square Miles    2,089          •	 Volkswagen opened a new assembly                     Square Miles    1,857              Spring, Manpower, 2012”; #4 High
                                      plant which produces the Passat. The                                                    Tech Hub, Business Facilities, 2011;
                                      plant will employ 3,500 by year’s end.                                                  #1 for Green Job Growth, Brookings
                                                                                                                              Institute, 2011.
      Population    526,490        •	 Whirlpool has opened a new 1.4                         Population    702,994
                                      million SF green production facility.                                                •	 In most sectors, the vacancy rate is
                                      They are phasing in production lines                                                    falling or unchanged because of the
     Households     211,265           and will be at full capacity by end                   Households     297,456            improving economy.
                                      of year. Whirlpool employs 1,600
                                      workers.                                                                             •	 A $150,000,000 Proton Therapy
      Household                                                                              Household                        Center is being constructed in the
         Income     $47,279        •	 Wacker Chemie purchased 350                               Income     $48,362            Dowell Springs Office Park in West
         Median                       acres for a $5.4 billion new                              Median
                                                                                                                              Knox County.
                                      plant to manufacture hyperpure
Employees (Total)   208,265           polycrystalline silicon. This facility is        Employees (Total)   307,125         •	 Academy Sports and Outdoor
                                      scheduled to open in 2014 and will                                                      building was sold for $9,500,000.
                                      employ 650 workers.                                                                     The 12 story Kimberly-Clark building
                                                                                                                              in downtown Knoxville was sold for
  Unemployment      8.20%          •	 This market is positioned for                      Unemployment      7.00%              $3,550,000.
                                      tremendous growth in the next
                                      5 years. In addition to the new                                                      •	 Knoxville continues to be a haven
                                      manufacturing facilities, many                                                          for restaurants with the third
                                      supporting suppliers are looking to                                                     Cheddar’s being built and the Tex-
                                      relocate to the area.                                                                   Mex restaurant Chuy’s, both under
CONTACT                                                                                CONTACT                                construction in West Knoxville.
                                   •	 Commercial activity is still somewhat
 Coldwell Banker Commercial           flat.                                             Coldwell Banker Commercial         •	 The first five months of this year saw
 Hamilton & Associates, LLC                                                             Wallace and Wallace                   a significant increase in the single
 2650 Peerless Rd. NW                                                                   124 N. Winston Rd.
                                                                                                                              family residential market; it was up
 Cleveland, TN 37312                                                                    Knoxville, TN 37919
 (423) 476-5535                                                                         (865) 690-1111                        27% from January through May of
 www.hamiltoncommercial.com                                                             www.cbcww.com                         this year compared to the same time
                                                                                                                              period in 2011.



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INDUSTRIAL                                    MULTI-FAMILY                             INDUSTRIAL                                   MULTI-FAMILY

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                                                                                  54
TX - Abilene                                                                        TX - Austin




DEMOGRAPHICS                      MARKET HIGHLIGHTS                                 DEMOGRAPHICS                       MARKET HIGHLIGHTS

                                  •	 A new sports rehab center has been                                 Austin-Round   •	 Austin ranked first place in
           CBSA     Abilene, TX      built in the area.                                        CBSA                       Forbes’ list of “The Best Cities for
                                                                                                        Rock, TX
                                                                                                                          Jobs” due to its strong growth in
                                  •	 Most new construction is built to suit.                                              manufacturing, technology-related
    Square Miles    2,745                                                               Square Miles    4,224             employment and business services.
                                  •	 Residential market is very active.
                                     Average sale price is increasing.                                                 •	 Austin has the newest housing stock
                                                                                                                          in America: precisely 14.97% of the
      Population    160,753       •	 This area is active in the oil and wind              Population    1,730,983
                                                                                                                          homes in the Austin area have been
                                     industries.                                                                          built since 2005, according to an
                                                                                                                          On Numbers analysis of U.S. Census
     Households     64,687        •	 Abilene is the host of the 2nd largest              Households     665,762           Bureau data.
                                     wind farm in the world.
                                                                                                                       •	 Development is soon to begin on a
      Household                                                                           Household                       downtown Multi-Family community,
         Income     $43,771                                                                  Income     $57,641           to be called Eleven. The Eleven
         Median                                                                              Median
                                                                                                                          Apartments, along with several
                                                                                                                          new Mixed-Use Retail and Office
Employees (Total)   60,543                                                          Employees (Total)   622,577           buildings, restoration projects, and
                                                                                                                          city Investment will contribute to
                                                                                                                          the area turning the corner into a
                                                                                                                          growing district.
  Unemployment      6.30%                                                             Unemployment      6.40%
                                                                                                                       •	 The groundbreaking of a Multi-Family
                                                                                                                          housing project near the University
                                                                                                                          of Texas, a $26 million commercial
                                                                                                                          high-rise student housing project,
                                                                                                                          marks the largest privately funded
CONTACT                                                                             CONTACT                               Asian commercial real estate project
                                                                                                                          to date in Austin.
 Coldwell Banker Commercial                                                          Coldwell Banker Commercial
 Panian & Mash Realtors                                                              United, Realtors                  •	 IKEA completed the expansion of
 2500 S. Willis                                                                      2121 Sage Rd., Suite 150
 Abilene, TX 79605                                                                   Houston, TX 77056                    its Central Texas store in Round
 (325) 690-4055                                                                      (713) 840-5000                       Rock in June 2012. The store grew
 www.cbcworldwide.com                                                                www.cbcunitedrealtors.com            nearly 54,000 SF to the new size of
                                                                                                                          approximately 306,000 SF.


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INDUSTRIAL                                  MULTI-FAMILY                            INDUSTRIAL                                   MULTI-FAMILY

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 Absorption                 N/A               Absorption           N/A               Absorption                 p                  Absorption            q
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                                                                               55
TX - Bryan/College Station                                                            TX - Dallas/Fort Worth




DEMOGRAPHICS                         MARKET HIGHLIGHTS                                DEMOGRAPHICS                        MARKET HIGHLIGHTS

                    College          •	 There is an influx of over 3,500 Class                            Dallas-Fort     •	 Dallas/Fort Worth’s “DFW” regional
           CBSA     Station-Bryan,      A beds coming on line within the                         CBSA     Worth-Arling-      population increased 52% between
                    TX                  2013 year.                                                        ton, TX            2000 and 2010 to a total of 6.5m,
                                                                                                                             making it the 4th largest region in
    Square Miles    2,106            •	 The former Plaza Hotel has been                   Square Miles    8,990              the U.S. Population is expected to
                                        imploded, and site preparations                                                      reach 9.8m by 2035.
                                        are underway for the new Student
                                        Housing and Retail project.                                                       •	 Employment growth has tracked
      Population    214,971                                                                 Population    6,521,652          population and currently stands at
                                     •	 Retail is stable along the                                                           3.9m employees. Employment is
                                        Greensprairie corridor with the                                                      expected to reach 6.1m by 2035.
                                        addition of a Taco Bell, two Banks,
     Households     88,655                                                                 Households     2,375,452
                                        and The Pool Guy Supply store.                                                    •	 DFW by the numbers: headquarters
                                                                                                                             to 24 Fortune 500 Companies;
      Household                                                                             Household                        158 Companies ranked in The Inc
         Income     $39,968                                                                    Income     $63,092            5000’s Fastest Growing; 6th largest
         Median                                                                                Median                        Economy in the US and 14th in the
                                                                                                                             World. Forbes Magazine ranks it as
Employees (Total)   60,491                                                            Employees (Total)   2,621,455
                                                                                                                             #5 “Where a Paycheck Stretches the
                                                                                                                             Furthest”.

                                                                                                                          •	 Dallas has the advantage of a Central
  Unemployment      6.80%                                                               Unemployment      7.40%              Time Zone and mild climate.

                                                                                                                          •	 Texas does not have a State Income
                                                                                                                             Tax and is a right-to-work state.

                                                                                                                          •	 Dallas is located at the intersection
CONTACT                                                                               CONTACT                                of five major interstate highways, is
                                                                                                                             a rail hub for Burlington Northern/
 Coldwell Banker Commercial                                                            Coldwell Banker Commercial            Santa Fe and Union Pacific, and is an
 United, Realtors                                                                      S.A.                                  air hub for American and Southwest
 2121 Sage Rd., Suite 150                                                              3010 LBJ Freeway
                                                                                                                             airlines with over 56m passengers
 Houston, TX 77056                                                                     Dallas, TX 75234
 (713) 840-5000                                                                        (972) 503-8600                        through DFW airport.
 www.cbcunitedrealtors.com                                                             www.coldwellbanker-sa.com




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INDUSTRIAL                                     MULTI-FAMILY                           INDUSTRIAL                                    MULTI-FAMILY

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                                                                                 56
TX - Houston                                                                           TX - Lubbock




DEMOGRAPHICS                        MARKET HIGHLIGHTS                                  DEMOGRAPHICS                      MARKET HIGHLIGHTS

                    Houston-Sugar   •	 Houston ranked second place in                                                    •	 Lubbock Unemployment Rate at 5.7%
           CBSA     Land-Baytown,      Forbes’ list of “The Best Cities for                       CBSA     Lubbock, TX      as of August 1, 2012.
                    TX                 Jobs”, and 20th on their list of “The
                                       Best Places for Business and Careers.”                                            •	 Lubbock ranks on Forbes list of “Best
    Square Miles    8,928                                                                  Square Miles    1,799            Cities For Jobs.” Lubbock is ranked
                                    •	 Houston ranked third on Yahoo                                                        9th out of the 242 metropolitan areas
                                       Real Estate’s list of popular moving                                                 ranked.
                                       destinations this year due to available
      Population    5,937,339                                                                Population    279,239       •	 Lubbock County named in Top 10
                                       job opportunities, a reasonable cost
                                       of living, and plenty to do for singles,                                             Mid-Sized Counties In Nation – based
                                       couples and families.                                                                on 2012 Fourth Economy Index
                                                                                            Households     111,087          Listing.
     Households     2,084,052
                                    •	 Residential sales prices broke records
                                       in May, according to the Houston                                                  •	 Lubbock Economic Index continues
      Household                        Association of Realtors: the average                  Household                      upward trend – up 3.5% in the first
         Income     $65,395            price for single-family homes rose                       Income     $41,203          half of the year and 2.6% in Q2.
         Median                                                                                 Median
                                       8.5% to $237,083, the highest level
                                       ever in Houston, while the sales                                                  •	 Lubbock housing market is strong –
                                       volume reached the highest level in             Employees (Total)   101,281          June 2012 sales are up 12% over June
Employees (Total)   2,246,860
                                       four years.                                                                          2011.

                                    •	 A major East End property along                                                   •	 Squeezing The Shale: Hydraulic
                                       Buffalo Bayou, consisting of 136                  Unemployment      6.50%            Fracturing Releases The Oil - Four
  Unemployment      7.50%
                                       acres, was recently introduced onto                                                  Sevens Exploration Company LTD,
                                       the market, offering the possibility                                                 leased mineral rights from the City
                                       of significant near-downtown                                                         of Lubbock for 6,261.94 acres in the
                                       redevelopment. The new Dynamo                                                        area for $2.19 million.
                                       Stadium and planned light-rail line
CONTACT                                are other substantial projects in the           CONTACT
                                       East End area.
 Coldwell Banker Commercial                                                             Coldwell Banker Commercial
 United, Realtors                   •	 Phase 1 of Generation Park, a 3,635              Rick Canup, Realtors
 2121 Sage Rd., Suite 150                                                               4924 S. Loop 289
 Houston, TX 77056                     acre master-planned commercial                   Lubbock, TX 79414
 (713) 840-5000                        development, has begun in                        (806) 793-0888
 www.cbcunitedrealtors.com             northeast Houston. The development               www.cbclubbock.com
                                       will straddle the Sam Houston
                                       Tollway and is the first ESE Energy
                                       Development in the world.
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INDUSTRIAL                                   MULTI-FAMILY                              INDUSTRIAL                                 MULTI-FAMILY

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                                                                                  57
TX - Rio Grande Valley                                                               TX - San Antonio




DEMOGRAPHICS                        MARKET HIGHLIGHTS                                DEMOGRAPHICS                       MARKET HIGHLIGHTS

                    Rio Grande      •	 Molina Healthcare of Texas comes to                               San Antonio,   •	 This area is seeing considerable
           CBSA                        Edinburg, TX.                                            CBSA                       activity from Financial Service
                    City-Roma, TX                                                                        TX
                                                                                                                           Centers.
                                    •	 New Sam’s Club and Costco open at
    Square Miles    1,223              same time.                                        Square Miles    7,340          •	 There is net absorption across all
                                                                                                                           product lines due to limited new
                                    •	 Office occupancy rising significantly.                                              construction.
      Population    63,261          •	 Land prices are rising significantly.               Population    2,093,608      •	 There is limited construction in the
                                                                                                                           area and most is primarily Owner/
                                    •	 Low inventory of climate controlled                                                 User.
     Households     16,766             Warehouse space.                                   Households     749,986
                                                                                                                        •	 The residential market has substantial
                                    •	 New brand names are coming to the                                                   improvements, 13+ percent year over
      Household                        area rapidly.                                       Household                       year in existing and new home sales
         Income     $23,550                                                                   Income     $52,389           due to well managed new inventory.
         Median                                                                               Median
                                                                                                                        •	 Changes in the market include: job
Employees (Total)   8,935                                                            Employees (Total)   730,244           creation, lower unemployment,
                                                                                                                           domestic immigration, as well as
                                                                                                                           legal international immigration,
                                                                                                                           primarily from Mexico.
  Unemployment      12.00%                                                             Unemployment      7.30%
                                                                                                                        •	 Federal spending has been reduced
                                                                                                                           substantially, and replaced with
                                                                                                                           private-sector activity, but credit
                                                                                                                           remains tight.

CONTACT                                                                              CONTACT
 Coldwell Banker Commercial                                                           Coldwell Banker Commercial
 La Mansion                                                                           Alamo City
 508 E. Dove                                                                          18756 Stone Oak Pwky., Suite 202
 McAllen, TX 78504                                                                    San Antonio, TX 78258
 (956) 631-1322                                                                       (210) 483-6250
 www.cbclamansion.com                                                                 www.cbcAlamo.com




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INDUSTRIAL                                    MULTI-FAMILY                           INDUSTRIAL                                   MULTI-FAMILY

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                                                                                58
TX - Waco, McLennan County                                                      UT - Salt Lake County




DEMOGRAPHICS                    MARKET HIGHLIGHTS                               DEMOGRAPHICS                          MARKET HIGHLIGHTS

                                •	 Baylor University approved the                                   Salt Lake City,   •	 Major Office, Retail, and Industrial
           CBSA     Waco, TX       construction of a new football                          CBSA                          tenants are moving into the market
                                                                                                    UT
                                   stadium to be located on I-35 and                                                     such as Adobe, McCann-Erickson, Sun
                                   the Brazos River.                                                                     Products, Trader Joes, Scheel’s Sporting
    Square Miles    1,042                                                           Square Miles    9,539                Goods, and Longhorn Steakhouse.
                                •	 Baylor University, the City of Waco,
                                   and Texas State Technical College                                                  •	 Class A Office vacancy rates edged
                                   have partnered to build the “BRIC”                                                    down. Retail vacancy rates have
      Population    234,783                                                           Population    1,140,107
                                   - Baylor Research and Innovation                                                      stabilized as tenants move to more
                                   Collaboration.                                                                        quality space. Industrial vacancy
                                                                                                                         edged upwards 1-2%. As absorption
     Households     91,531      •	 Space X is expanding their operation              Households     376,706              edges up, vacancy rates will continue
                                   just outside of Waco in McGregor, TX.                                                 to slowly move down to healthier
                                                                                                                         levels.
      Household                 •	 Carter Blood Care is breaking ground               Household
         Income     $44,485        on their new regional headquarters                    Income     $66,176           •	 Big box Industrial construction
         Median                    in August 2012.                                       Median
                                                                                                                         delivered close to 900,000 speculative
                                                                                                                         construction. In Office, speculative
Employees (Total)   94,029      •	 Renovations to the Waco Convention           Employees (Total)   567,447              construction has returned after a few
                                   Center were recently completed.                                                       years. Owner user construction has
                                                                                                                         been fueled by a couple of major
                                                                                                                         transactions. Construction in Retail is
  Unemployment      7.40%                                                         Unemployment      6.00%                fueled by large freestanding tenants.

                                                                                                                      •	 Residential development land sales are
                                                                                                                         up as activity heats up.

                                                                                                                      •	 Local economic reports brightened in
CONTACT                                                                         CONTACT                                  January 2012, an improvement from
                                                                                                                         the past couple of downturn years
 Coldwell Banker Commercial                                                      Coldwell Banker Commercial              fueling an optimistic outlook for the
 Jim Stewart, Realtors                                                           NRT - Salt Lake City                    remainder of the year.
 500 N. Valley Mills Dr.                                                         6550 South Millrock Dr., Suite 200
 Waco, TX 76710                                                                  Salt Lake City, UT 84121
 (254) 776-0000                                                                  (801) 947-8300                   •	 Liquor laws are becoming more
 www.cbc-waco.com                                                                www.coldwellutah.com                business friendly attracting larger sit
                                                                                                                         down restaurants. Employment is
                                                                                                                         projected to grow 2.5% which more
                                                                                                                         than double the national average.
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INDUSTRIAL                               MULTI-FAMILY                           INDUSTRIAL                                      MULTI-FAMILY

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                                                                           59
VA - Lynchburg                                                                       WA - King County




DEMOGRAPHICS                        MARKET HIGHLIGHTS                                DEMOGRAPHICS                       MARKET HIGHLIGHTS

                                    •	 Lynchburg continues to hold on to                                 Seattle        •	 Institutional Investment sales are
           CBSA     Lynchburg, VA      their larger tenants due mostly in                       CBSA     Tacoma            trading at extremely low CAP rates.
                                       part to the steady economy in this                                Bellevue, WA
                                       area.                                                                            •	 The Multi-Family sector is still very
    Square Miles    2,124                                                                Square Miles    5,894             strong. Rental rates continue to rise
                                    •	 Vacancy rates have leveled out and                                                  along with sale prices.
                                       don’t seem to be rising or falling at
                                       this time.                                                                       •	 Retail developers are starting to dip
      Population    248,585                                                                Population    3,433,786         their toes back into the water. Some
                                    •	 Small construction projects are taking                                              speculative land purchases have
                                       place throughout the Lynchburg area,                                                taken place in the first two Quarters
     Households     100,680            with more emphasis on expanding or                                                  of 2012.
                                                                                          Households     1,373,207
                                       altering existing buildings.
                                                                                                                        •	 Residential developers continue
      Household                     •	 The Residential market is seeing                    Household                       to look for good deals on fully
         Income     $46,100            continual growth in the low to mid                     Income     $67,763           developed plats. Most of the fully
         Median                        price ranges. Higher end houses are                    Median                       developed plats have already been
                                       slowly starting to move at discounted                                               purchased, and developers are
Employees (Total)   96,796             prices.                                                                             starting to consider buying raw land.
                                                                                     Employees (Total)   1,502,591
                                    •	 The unemployment rate is showing                                                 •	 Overall Puget Sound employment
                                       a slight downward motion but many                                                   outlook is very positive.
  Unemployment      7.10%              businesses are hesitant with the                Unemployment      7.80%
                                       approaching election.

                                    •	 This area continues to be an
                                       attractive market to outside
                                       developers/investors mostly due in
CONTACT                                part to the various incentives the            CONTACT
                                       city offers to revamp the downtown
 Coldwell Banker Commercial            market.                                        Coldwell Banker Commercial
 Read & Co.                                                                           Danforth
 2508 Langhorne Rd.                                                                   33313 First Way South
 Lynchburg, VA 24501                                                                  Federal Way, WA 98003
 (434) 455-2285                                                                       (253) 874-3200
 www.cbcread.com                                                                      www.cbcdanforth.com




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                                                                                60
WA - South Puget Sound                                                               WA - Tacoma




DEMOGRAPHICS                      MARKET HIGHLIGHTS                                  DEMOGRAPHICS                       MARKET HIGHLIGHTS
                                  •	 In Retail, WinCo Foods and Trader
                                     Joe’s have experienced great success                                Seattle-       •	 Office activity has been up but
           CBSA     Olympia, WA                                                                 CBSA     Tacoma-           somewhat stagnant with only 1
                                     moving into the market. REI launch
                                                                                                         Bellevue, WA      new Office building delivered in the
                                     proved very successful, as well. The
                                     Office sector is still undergoing a                                                   last year in Tacoma and 4 others in
    Square Miles    727              correction as the State of Washington               Square Miles    5,894             suburban Pierce County, primarily
                                     consolidates operations.                                                              medical. Net absorption is negative
                                                                                                                           through the first half of 2012, but
                                  •	 Multi-Family stats are up significantly                                               expected to finish around zero by
      Population    253,654                                                                Population    3,433,786
                                     as the rental market continues to                                                     year end, with vacancies.
                                     improve as a result of foreclosures and
                                     short sales, which account for 31% of                                              •	 Apartment activity for new
     Households     100,414          the residential sales in this market.                                                 construction delivered only 50 units
                                                                                          Households     1,373,207
                                                                                                                           in Tacoma in 2011 with almost
                                  •	 Industrial vacancies continue to climb                                                600 expected by the end of 2012.
      Household                      as contraction in the construction                    Household                       Vacancies are still tight at 4.6%, down
         Income     $62,921                                                                   Income     $67,763           from 5% by EOY 201 so rent growth
         Median
                                     markets continues.
                                                                                              Median                       is accelerating. New projects in the
                                  •	 Some notable properties have been                                                     pipeline will likely curb rent growth
Employees (Total)   68,733           foreclosed by creditors and are being           Employees (Total)   1,502,591
                                                                                                                           into 2013.
                                     marketed now. The Gateway project in
                                     Lacey, anchored by retailer Cabela’s, is                                           •	 Industrial absorption is still largely
                                     a 200+ acre Mixed-Use development                                                     dominated by aerospace, with the
  Unemployment      7.70%            that is receiving strong interest from            Unemployment      7.80%             recent activity and forecast for
                                     developers. Prices on land, however,                                                  Boeing subcontractors. However,
                                     continue to soften.                                                                   there has been activity with smaller
                                                                                                                           users between 5000-50,000 SF doing
                                  •	 The Residential markets are beginning                                                 deals in small bay/incubator space.
                                     to pick up. After reaching a bottom in
CONTACT                              pace of sales last winter, sales picked         CONTACT                            •	 Retail – Pierce County absorption in
                                     up steam as the year went on. Around                                                  Retail has been negative for several
 Coldwell Banker Commercial                                                           Coldwell Banker Commercial           years, leaving landlords with stiff
                                     the Sound, 2011 sales were up more
 Evergreen Olympic Realty, Inc.                                                       Offenbecher
                                     than 7% over 2010.                                                                    competition and tenants salivating
 3333 Capitol Blvd. S.                                                                929 East Main Suite 320
 Olympia, WA 98501                                                                    Puyallup, WA 98371                   for great opportunities with big
 (360) 352-7651                   •	 Owner-occupied commercial spaces                 (253) 840-5574                       incentives for quality tenants willing
 www.cbcworldwide.com                continue to enjoy favor with lenders in          www.offenbecher.com                  to do long term deals. Point Ruston,
                                     the market.                                                                           a 250,000 SF Mixed-Use lifestyle
                                                                                                                           center, is bringing tenants to the area.

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                                                                                61
WA - Vancouver & Southwest                                                       WI - Janesville/Beloit




DEMOGRAPHICS                     MARKET HIGHLIGHTS                               DEMOGRAPHICS                         MARKET HIGHLIGHTS

                    Portland-    •	 The largest major tenant moving                                                   •	 Miniature Precision Components Inc
                    Vancouver-      into Vancouver is the Farwest Steel                     CBSA     Janesville, WI      of neighboring Walworth County
           CBSA
                    Beaverton,      Corporation that will occupy a                                                       took possession of 250,000 SF of
                    OR-WA
                                    350,000 SF custom built facility.                                                    a 700,000 SF former GM logistics
                                                                                     Square Miles    720                 building in Janesville. This occupancy
    Square Miles    6,684        •	 The commercial market is gradually                                                   is on the heels of John Deere’s
                                    improving in all sectors. Absorption                                                 logistics company, Landair, which
                                    is up, in part due to very little new                                                took 237,500 SF in Q1.
                                                                                       Population    160,224
                                    construction being added to the
      Population    2,261,246       existing.                                                                         •	 Janesville/Beloit and the Stateline
                                                                                                                         area of WI & IL are experiencing an
                                 •	 The Farwest Steel Corporation                     Households     63,135              Industrial vacancy rate of about 12%,
     Households     878,239
                                    building is a 350,000 SF                                                             which rivals the greater Chicago area.
                                    manufacturing facility. The cost of                                                  Proximity to markets, easy access to I
                                    construction was $50,000,000.                      Household                         39/90 & available logistics buildings
      Household                                                                           Income     $54,346             have been a plus.
         Income     $58,563      •	 Residential development is cautiously                 Median
         Median                     increasing. Developers are having                                                 •	 The city of Janesville broke ground
                                    their best sales success with                Employees (Total)   63,044              on a $1.2 m innovation center which
Employees (Total)   952,611
                                    moderately priced homes in the                                                       will provide a 22,000 SF flex space
                                    $150,000 range.                                                                      for startups. Kerry Americas added
                                                                                                                         30,000 SF to its 260,000 SF campus
                                 •	 Vancouver is one of the four counties          Unemployment      9.40%               and North American corporate
  Unemployment      8.00%           in the Portland, Oregon metropolitan                                                 headquarters.
                                    area. The cost of living is less in
                                    Vancouver, and to a certain degree,                                               •	 Residential transactions are up 8%
                                    is considered a bedroom community                                                    for the first two Quarters of 2012 &
                                    for Portland’s larger employment                                                     average values up 3%.
CONTACT                             base.                                        CONTACT
                                                                                                                      •	 Retail is beginning to reawaken.
 Coldwell Banker Commercial      •	 Washington does not have a state              Coldwell Banker Commercial             Former high profile locations that
 Jenkins & Associates               income tax while it does have sales           McGuire Mears & Associates             were experiencing vacancies are
 1500 D St.                                                                       400 Midland Court, Suite 101
                                    tax. Oregon is the opposite - there’s                                                starting to fill up, and interest by
 Vancouver, WA 98663                                                              Janesville, WI 53546
 (360) 699-4494                     a graduated state income tax but no           (608) 752-6325                         nationals is increasing with several
 www.cbcworldwidenw.com             sales tax. As a result, Portland has          www.mcguiremears.com                   letters of intent pending contracts for
                                    the major Retail presence and a much                                                 purchase and lease.
                                    higher concentration of Office space.

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                                                                            62
WY - Cheyenne Metro




                                                                                     2012Blue	Book
DEMOGRAPHICS                       MARKET HIGHLIGHTS

                                   •	 NCAR (National Center for
           CBSA     Cheyenne, WY      Atmospheric Research) super
                                      computer center will be operational
                                      this year. This will create high paying
    Square Miles    2,686             jobs and a new research platform.
                                                                                        International Markets
                                   •	 Microsoft data center is to begin
                                      construction soon. New construction
      Population    89,439
                                      jobs and new positions will open up
                                      down stream.

     Households     36,986         •	 Niobrara oil development is
                                      continuing but at a slower pace than
                                      initially expected.
      Household
         Income     $60,634        •	 Residential real estate market is
         Median                       heating up.

Employees (Total)   31,977         •	 Swan Ranch Industrial Development
                                      is continuing. New rail spurs are now
                                      available.

  Unemployment      6.30%




CONTACT
 Coldwell Banker Commercial
 The Property Exchange
 255 Storey Blvd.
 Cheyenne, WY 82009
 (307) 632-6481
 www.wyomingcommercialbrokers.com




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                                                                                63
Bermuda                                                                           Canada - Belleville




DEMOGRAPHICS                      MARKET HIGHLIGHTS                               DEMOGRAPHICS                      MARKET HIGHLIGHTS

                                  •	 141 Front Street, a showcase                                     Canada        •	 Eastern Ontario Industrial market
           CBSA     Bermuda          building in the City of Hamilton                        CBSA     Eastern          remains solid.
                                     was completed in September 2010,                                 Ontario
                                     has been a huge success with 75%                                               •	 Many power of sale properties have
    Square Miles    21               occupancy.                                       Square Miles    372 m2           been absorbed.

                                  •	 Vacancy level in secondary space has                                           •	 Little new construction in
                                     increased due to high level of new                                                Commercial/Retail/Multi-Family
      Population    64,237                                                              Population    100,000          sectors.
                                     space on the market at affordable
                                     prices.
                                                                                                                    •	 Multi-Family units are selling at never
     Households     34,110        •	 Waterloo House, approx 20,000 SF                                                  seen before low CAP rates.
                                                                                       Households     30000
                                     of premier waterfront property in
                                     Hamilton, is on track with completion                                          •	 Besides Multi-Family, the market
      Household                      expected in 2013; 40% is already                   Household                      remains cautious
         Income     $67,183 USD      preleased.                                            Income     $52,803 USD
        Average                                                                           Average                   •	 CFB Trenton will have close to 1
                                  •	 Residential data for 2011                                                         billion in infrastructure upgrades over
Employees (Total)   39,457           (government records) is incomplete,                                               the next 10 years
                                                                                  Employees (Total)   48,760
                                     but it is expected that 2011 sales
                                     totals will be similar to 2010 with
                                     average price of property lower.
  Unemployment      6.00%                                                           Unemployment      6.30%
                                  •	 Slowly, more people are looking to
                                     purchase in this market but with
                                     longer transaction time.

                                  •	 As an island destination, foreigners
CONTACT                              often look to purchase in Bermuda.           CONTACT
                                     It is expected that government will
 Coldwell Banker Commercial          soon relax purchasing requirements            Coldwell Banker Commercial
 Bermuda Realty                      for foreigners.                               Ekort Realty, Brokerage
 11 Par la Ville Rd.                                                               100 Bell Blvd. Suite 200
 Hamilton, n/a HM HX                                                               Belleville, Ontario K8P 4Y7
 (441) 292-1793                                                                    (613) 969-9901
 www.bermudacommercial.com                                                         www.cbcommercial.ca




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                                                                             64
Canada - Greater Toronto Area                                                         Canada - Kelowna/West Kelowna




DEMOGRAPHICS                        MARKET HIGHLIGHTS                                 DEMOGRAPHICS                       MARKET HIGHLIGHTS

                    Canada          •	 Target leases 180,000 SF of Office in                              Canada -       •	 Highly desirable lifestyle region of
           CBSA     Greater            the Toronto Airport Corporate Centre.                     CBSA     Kelowna/West      Canada strategically located between
                    Toronto Area                                                                          Kelowna           Vancouver, Calgary and Edmonton/
                                    •	 Greater Toronto Area (GTA) Office                                                    Fort McMurray.
    Square Miles    2,279              vacancy is 5.1% and Industrial is                  Square Miles    1,142
                                       3.5%.                                                                             •	 Many smaller wholesale/distributors
                                                                                                                            have vacated the market in favor of
                                    •	 Across the GTA, 5.1 million SF of                                                    servicing this area from their nearest
      Population    5,583,064          Office and 4.5 million SF of Industrial              Population    187,234           large regional centre. Absorption of
                                       are under construction.                                                              these vacant units is proving difficult.

                                    •	 Strong sales growth in the first half                                             •	 Key infrastructure includes the UBCO
     Households     1,800,000                                                              Households     67,000
                                       of 2012, sale prices up 7.1% year over                                               campus, a new bridge, new hospitals
                                       year.                                                                                in Vernon and Kelowna, highway
      Household                                                                             Household                       upgrades, and airport expansion.
         Income     $63,500 USD     •	 There is strong demand for logistics                    Income     $60,524 CND
        Average                        space , 26+ FT clear heights.                           Median                    •	 The Residential market has lost
                                                                                                                            values over the past 5 years and
                                    •	 Locally, Oakville has the highest net                                                there is an unbalanced inventory
Employees (Total)   2,919,410                                                         Employees (Total)   100,278
                                       Office rates in West GTA at $17.76                                                   with excess inventory forcing prices
                                       per SF.                                                                              downward.

  Unemployment      7.20%                                                               Unemployment      7.20%
                                                                                                                         •	 New development in the past 5 years
                                                                                                                            includes 8 major businesses plus a
                                                                                                                            Walmart.

                                                                                                                         •	 Kelowna is the largest market
                                                                                                                            between Greater Vancouver and
CONTACT                                                                               CONTACT                               Calgary.
 Coldwell Banker Commercial                                                            Coldwell Banker Commercial
 Integrity Real Estate, Brokerage                                                      Horizon Realty
 1384 Cornwall Rd.                                                                     #14-1470 Harvey Ave.
 Oakville, Ontario L6J 2R4                                                             Kelowna, British Columbia V1Y 9K8
 (905) 338-8877 x228                                                                   (250) 763-4343
 www.cbci.ca                                                                           www.bccommerciallands.com




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                                                                                 65
Canada - Nanaimo, BC                                                               Canada - Ottawa, Ontario




DEMOGRAPHICS                      MARKET HIGHLIGHTS                                DEMOGRAPHICS                      MARKET HIGHLIGHTS

                    Canada        •	 Wholesale Sports Outdoor Outfitters                               Canada        •	 Federal Government continues
           CBSA                      came to Nanaimo.                                         CBSA     Ottawa,          relocation of departments to suburbs.
                    Nanaimo, BC
                                                                                                       Ontario          EDC relocation within downtown frees
                                  •	 Nanaimo vacancy stays low, business                                                up 300,000 SF. Canada Council (85,000
    Square Miles    494              sales strong.                                     Square Miles    1,801            SF) is relocating to new 150 Elgin in
                                                                                                                        2013. Smart Centers and Target invade
                                  •	 City reports many new development                                                  suburban retail developments. More
                                     permits ready to go.                                                               large U.S. retailers are expected.
      Population    83,810                                                               Population    1,200,000
                                  •	 Nanaimo residential sales strong                                                •	 Vacancy rates in Downtown office
                                     again for another year.                                                            (6.2%) are expected to decline slightly
     Households     N/A                                                                                                 to end 2012 with an increase to 6.5%
                                                                                        Households     420,000
                                  •	 Overall investor confidence is high in                                             by end 2014. Suburban vacancy (9.5%)
                                     Nanaimo.                                                                           is expected to decline to 8% by end
      Household                                                                          Household                      2014. Many factors contribute such as
         Income     $45,937 USD   •	 Nanaimo is an ocean side University                    Income     $93,280 USD      the lack of government programs and
         Median                      City, with low crime rates and lots of                 Median                      world investment funds.
                                     jobs.
Employees (Total)   N/A                                                                                              •	 New Downtown office towers (840,000
                                                                                   Employees (Total)   743,100
                                                                                                                        SF) and East Suburban office tower
                                                                                                                        (270,000 SF) are the ‘good news’ items
                                                                                                                        in commercial real estate. Residential
  Unemployment      4.80%                                                            Unemployment      6.20%            condos and large suburban retail
                                                                                                                        centers are rising on regular basis.

                                                                                                                     •	 Residential condo developments close
                                                                                                                        to downtown and affluent suburban
                                                                                                                        neighborhoods are in demand and
CONTACT                                                                            CONTACT                              construction is very active. This new
                                                                                                                        trend will drive the need for new retail
 Coldwell Banker Commercial                                                         Coldwell Banker Commercial          developments.
 Vancouver Island Realty Ltd                                                        First Ottawa Realty, Brokerage
 17-4890 Rutherford Rd.                                                             1419 Carling Ave., Suite 219
 Nanaimo, British Columbia V9R-4Z4                                                  Ottawa, Ontario K1Z 7L6          •	 Recent Federal Government layoffs
 (250) 756-9700                                                                     (613) 728-2664                      have hindered overall growth in the
 www.cbcworldwide.com                                                               www.ottawacommercialproperties.com local economy, including business
                                                                                                                        expansion plans.


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                                                                              66
Canada - Waterloo Region                                                          Colombia - Cartagena




DEMOGRAPHICS                      MARKET HIGHLIGHTS                               DEMOGRAPHICS                      MARKET HIGHLIGHTS

                    Canada        •	 The City of Kitchener has introduced                             Colombia -    •	 The top three global risk rating firms
           CBSA     Waterloo         plans to develop an “innovation                         CBSA                      - Standard and Poor’s, Moody’s and
                                                                                                      Cartagena
                    Region           district” in the downtown core, part                                              Fitch - guarantee that Colombia is
                                     of its overall economic development                                               a safe place to invest, providing the
    Square Miles    528              and growth management strategy.                  Square Miles    372 m2           country with a BBB investment grade.
                                     The plan would effectively convert
                                     an eight-acre property owned by                                                •	 According to JP Morgan, Colombia
                                     the city into an urban research and                                               is and will be the second most
      Population    543,700                                                             Population    1,230,443
                                     business park.                                                                    appealing country for investment
                                                                                                                       in Latin America over the next three
                                  •	 The “innovation district” is a plan                                               years.
                                     designed to attract creative talent,              Households     302,149
     Households     194,890
                                     build on the cluster of high-tech                                              •	 In a comparison of 183 countries, the
                                     companies moving into the nearby                                                  World Bank (doing business 2011)
      Household                      Tannery district and intensify                     Household                      described Colombia as the fifth
                                                                                                      $77,760,000
         Income     $74,490 CDN      development along the new transit                     Income                      country in the world and the first in
                                                                                                      COL
         Median                                                                           Average
                                     corridor.                                                                         Latin America in protecting Investors.

                                  •	 Wilfrid Laurier University has become        Employees (Total)   364,285       •	 Cartagena-Colombia is a UNESCO
Employees (Total)   282,300
                                     a student landlord with a $58.9m                                                  World Heritage Site and is a favorite
                                     purchase of 12 apartment buildings                                                vacation and retirement destination
                                     adjacent to its main campus. Eric                                                 for many thousands of Europeans
  Unemployment      6.40%            Reiner of CBC Peter Benninger Realty           Unemployment      10.40%           and North Americans.
                                     facilitated the deal.
                                                                                                                    •	 Cartagena is considered one of the
                                  •	 At their recent annual meeting, RIM                                               best cities to live in Colombia and
                                     (Research in Motion) emphasized                                                   South America.
                                     that they are committed to Waterloo
CONTACT                              Region and plan to remain one of             CONTACT                           •	 New construction of high rise
                                     the community’s largest employers,                                                buildings, major chain hotels and
 Coldwell Banker Commercial          currently employing approximately             Coldwell Banker Commercial          shopping centers are taking over
 Peter Benninger Realty, Brokerage                                                 Cartagena de Indias                 Cartagena de Indias.
                                     9,000 in the region.
 508 Riverbend Dr.                                                                 Bocagrande, Ave San Martin
 Kitchener, Ontario N2K 3S2                                                        Calle 7 Local 8
 (519) 743-5211                  •	 Employment in the region is up                 Cartagena, Bolivar n/a
 www.coldwellbankercommercial.ca with an increase of 14,000 jobs.                  57 (5) 6658800
                                     Manufacturing is also up.                     www.cbcartagenadeindias.com



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INDUSTRIAL                                  MULTI-FAMILY                          INDUSTRIAL                                 MULTI-FAMILY

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                                                                             67
Greece                                                                             Ireland




DEMOGRAPHICS                     MARKET HIGHLIGHTS                                 DEMOGRAPHICS                    MARKET HIGHLIGHTS

                                 •	 Investors are in anticipation for major                                        •	 State Agency NAMA plans to invest
           CBSA     Greece           privatization projects of Hellenic                       CBSA     Ireland        €2billion in unfinished developments.
                                     Republic Assets.
                                                                                                                   •	 ECB cuts interest rate to 0.75%, its
    Square Miles    50,949       •	 Vacancy is rising as the general                   Square Miles    27,027         lowest ever level.
                                     economic activity is shrinking and
                                     enterprises, as well as households,                                           •	 Residential prices rise marginally in
                                     reduce their activities or move to                                               Dublin for 3 straight months.
      Population    11,354,000                                                           Population    4,400,000
                                     smaller size spaces.
                                                                                                                   •	 Residential prices outside Dublin
                                 •	 Private construction activity in the                                              continue to fall but at a slower rate.
     Households     3,664,392        first 4 months of 2012 decreased by                Households     1,800,000
                                     39.2%.                                                                        •	 Commercial property market is
                                                                                                                      showing signs of stabilizing.
      Household                  •	 Residential transactions are on a                    Household
         Income     € 20,751         downturn for the fifth consecutive                     Income     € 33,000    •	 Residential bank lending continues
        Average                      year. This is the same for property                    Median                    to retract.
                                     prices.
Employees (Total)   3,813,601                                                      Employees (Total)   2,000,000
                                 •	 Recent national elections created
                                     optimism on the market for
                                     economic stabilization and growth.
  Unemployment      22.60%                                                           Unemployment      14.50%
                                 •	 There are several opportunities in the
                                     Greek real estate market-especially
                                     in second/vacation home market and
                                     premium properties because prices
                                     are very low.
CONTACT                                                                            CONTACT
 Coldwell Banker Commercial                                                         Coldwell Banker Commercial
 Hellas                                                                             Property Consultants
 8 Omirou St. & Panepistimiou Ave.                                                  23 Lower Leeson St.
 Athens, Attica 10564                                                               Dublin, Dublin Dublin 2
 +30 32 28228                                                                       + 353 1 4110012
 www.coldwellbanker.gr                                                              www.coldwellbankercommercial.ie




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                                                                              68
Mexico - Mexico City                                                               The Netherlands




DEMOGRAPHICS                      MARKET HIGHLIGHTS                                DEMOGRAPHICS                      MARKET HIGHLIGHTS

                                  •	 Cinemex bought the string “Lumiere”                               The           •	 Nuon Energy signed a lease
           CBSA     Mexico           as part of its expansion plan. Cinemex                   CBSA                      agreement for more than 26,000 sq.
                                                                                                       Netherlands
                                     was acquired four years ago by GM                                                  meters in a high quality renovated
                                     Entertainment Company (owner of                                                    building.
    Square Miles    80               MM Cinemas) for $315 million.                     Square Miles    41,528
                                                                                                                     •	 Despite the lower volume per
                                  •	 “Corproación Mexicana de                                                           transaction, the total volume
                                     Restaurantes” will bring to Mexico                                                 of transactions has increased
      Population    23,000,000                                                           Population    16,800,000
                                     “Olive Garden”, “Red Lobster” and                                                  significantly (18% in the Q1).
                                     “The Capital Grille” Walmart de
                                     Mexico reported a 4.1% annual                                                   •	 New developments are very limited.
     Households     N/A              increase in sales through promotions.              Households     7,500,000        The 4 large cities in the Netherlands
                                                                                                                        have demanded signed agreements
                                  •	 The industrial market increased                                                    with tenants in case of a new
      Household                      approximately 500,000 SF in Q2                      Household                      development.
         Income     $31,000 MXN      2012 and it is expected that over the                  Income     € 36,000
        Average                                                                            Average                   •	 The residential market is not
                                     next two years, 2 million SF will be
                                     incorporated to the inventory.                                                     improving significantly. The
Employees (Total)   8,400,000                                                      Employees (Total)   10,000,000       temporarily lowered transfer tax has
                                  •	 Absorption of office space reached                                                 not increased transactions on the
                                     more than 2 million SF - a record                                                  residential market.
                                     quarter in this market.
  Unemployment      4.80%                                                            Unemployment      5.50%         •	 There is a strong focus on alternative
                                  •	 The construction activity reports                                                  use and transformation of office
                                     that more than 10 million SF will be                                               space. This is an excellent solution
                                     incorporated into the inventory in the                                             for the demand of more Mixed-Use
                                     next three years.                                                                  areas.

CONTACT                           •	 The average rent prices in the                CONTACT                           •	 The yield levels for Office buildings
                                     industrial and office markets have                                                 are becoming higher and higher.
 Coldwell Banker Commercial          remained stable in the first six               Coldwell Banker Commercial          Due to forced sales a large number
 Mexico                              months of 2012.                                The Netherlands                     of opportunities will come to the
 Montes Urales 415                                                                  A. van Leeuwenhoekweg 38 C20
                                                                                                                        market. This will offer interesting
 1 Lomas de Chapultepec                                                             Alphen aan den Rijn
 Mexico, Mexico 11000                                                               Holland 2408 AN                     opportunities for new strong focused
 01 52 55 41621000                                                                  (3162) 9494090                      developers/investors.
 www.cbcmexico.mx                                                                   www.coldwellbanker.nl



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                                                                              69
Turkey - Istanbul                                                                 United Arab Emirates




DEMOGRAPHICS                     MARKET HIGHLIGHTS                                DEMOGRAPHICS                      MARKET HIGHLIGHTS

                    Turkey -     •	 The economy is very strong right                                  United Arab   •	 Tim Hortons, a major Canadian QSR,
           CBSA                     now.                                                     CBSA                      opened its first franchise in the UAE
                    Istanbul                                                                          Emirates
                                                                                                                       with 127 more to come in the GCC
                                 •	 Foreign investments are increasing.                                                region.
    Square Miles    2,205                                                             Square Miles    32,278
                                 •	 Real estate laws are changing in favor                                          •	 The start of this year marked an
                                    of foreign investors.                                                              increase in the population by crossing
                                                                                                                       the 2 million mark for the emirate of
      Population    12,000,000   •	 High return rate of investments in                  Population    8,264,070
                                                                                                                       Dubai.
                                    rentals, app. annual 8%-10%.
                                                                                                                    •	 The news of Dubai being one of the
     Households     2,800,000    •	 Very high investments predicted by                 Households     N/A              strongest contenders for World EXPO
                                    the government in real estate over                                                 2020 has put a renewed confidence in
                                    the next 10 years.                                                                 the business fraternity of Dubai.
      Household                                                                         Household
         Income     N/A                                                                    Income     N/A           •	 The Arab uprising contributed to a
         Median                                                                            Median                      surge in demands for the Residential
                                                                                                                       as well as the Commercial property
Employees (Total)   3,570,000                                                     Employees (Total)   4,100,000        market. And once again, Dubai has
                                                                                                                       proved to be a safer bet in the Middle
                                                                                                                       East.

  Unemployment      9.80%                                                           Unemployment      N/A           •	 Emaar Properties, the leading
                                                                                                                       developer of Dubai, announced their
                                                                                                                       first off-plan project in Q2 of 2012.

                                                                                                                    •	 The key feature of UAE being a tax-
                                                                                                                       free and a duty-free haven with strong
CONTACT                                                                           CONTACT                              trading hub serving the GCC/AFRICA/
                                                                                                                       CIS countries has attracted all the
 Coldwell Banker Commercial                                                        Coldwell Banker Commercial          major players to have a base in U.A.E.
 Turkey                                                                            U.A.E.
 Ridvanpasa sok. 12,Goztepe, Kadikoy                                               (Mega Homes Real Estate Brokerage L.L.C.)
 Istanbul, Turkey 34760                                                            Office # 2804, Citadel Tower
 +90 216 4118030                                                                   Business Bay
 www.coldwellbanker.com.tr                                                         Dubai, Dubai P.O. Box 73618
                                                                                   +971 (4) 439 1200
                                                                                   www.coldwellbanker-ae.com


OFFICE                                     RETAIL                                 OFFICE                                       RETAIL

 Vacancy                    p                Vacancy               p               Vacancy                  q                   Vacancy             q
 Absorption                 p                Absorption            p               Absorption               p                   Absorption          p
 Rental Rates               p                Rental Rates          p               Rental Rates             p                   Rental Rates        p

INDUSTRIAL                                 MULTI-FAMILY                           INDUSTRIAL                                   MULTI-FAMILY

 Vacancy                    n                Vacancy               p               Vacancy                  p                   Vacancy             q
 Absorption                 n                Absorption            N/A             Absorption               q                   Absorption          p
 Rental Rates               n                Rental Rates          p               Rental Rates             q                   Rental Rates        p

                                                                             70
Index by Market
Abilene, TX                                55   Minneapolis/St. Paul Metro Area, MN       39
Acadiana, LA                               35   Modesto, CA                               10
Albany, NY                                 44   Montgomery, AL                             5
Albuquerque, NM                            44   Morris County, NJ                         43
Anchorage, AK                               5   Myrtle Beach, SC                          53
Arcadia, CA                                 8   Napa Valley/Napa County, CA               10
Athens, GA                                 24   Naples/Ft. Myers, FL                      20
Atlanta, GA                                25   New Orleans, LA                           35
Austin, TX                                 55   New York City, NY                         45
Billings, MT                               41   Northern, NJ                              43
Birmingham, AL                              4   Oklahoma City, OK                         48
Bloomington/Normal, McLean County, IL      29   Orange County, CA                         11
Boise, ID                                  28   Orlando, FL                               21
Brevard County, FL                         15   Peoria County, IL                         31
Bryan/College Station, TX                  56   Pioneer Valley, MA                        37
Central, NJ                                42   Pittsburgh, PA                            50
Champaign/Urbana, IL                       30   Polk County, FL                           21
Charleston, SC                             51   Portland, OR                              49
Charlotte/Sarasota Counties, FL            16   Rapid City, SD                            53
Chatham County, GA                         25   Redding, CA                               11
Chattanooga Metro Area, TN                 54   Reno/Sparks, NV                           42
Cheyenne Metro, WY                         63   Rio Grande Valley, TX                     58
Chicagoland, IL                            30   Sacramento Greater Area, CA               12
Coeur d’ Alene, ID                         29   Salem, OR                                 49
Columbia, SC                               52   Salt Lake County, UT                      59
Columbus, GA                               26   San Antonio, TX                           58
Dallas/Fort Worth, TX                      56   San Gabriel/San Fernando Valley, CA       12
Danbury/Upper Fairfield/New Haven, CT      14   Sangamon County, IL                       32
Daytona/Ormond Beach, Volusia County, FL   16   Sarasota/Manatee/Charlotte Counties, FL   22
Delaware County, IN                        32   Sedona/Verde Valley, AZ                    7
Destin, FL                                 17   South Puget Sound, WA                     61
Dothan, Houston County, AL                  4   Southeastern, NC                          46
Fairfield County, CT                       14   Southeastern, PA                          50
Fargo/Moorhead, ND                         47   Southern, FL                              22
Florida Keys, FL                           17   Southern, KY                              34
Gainesville, FL                            18   Southwest Riverside County, CA            13
Garden City, KS                            33   St. Cloud/Central, MN                     39
Greenville/Spartanburg, SC                 52   St. Joseph, MO                            40
Gulfport/Biloxi, MS                        40   St. Lucie County, FL                      23
Hinesville/Fort Stewart, GA                26   Suburban, MD                              36
Honolulu, HI                               28   Sussex County, DE                         15
Hot Springs, AR                             6   Tacoma, WA                                61
Houston, TX                                57   Tallahassee, FL                           23
Indian River County, FL                    18   Tampa/St. Petersburg, FL                  24
Inland Empire North/Victor Valley, CA       8   Triad Area, NC                            46
Jacksonville, FL                           19   Triangle, NC                              47
Janesville/Beloit, WI                      62   Vancouver & Southwest, WA                 62
Jonesboro, AR                               6   Waco, McLennan County, TX                 59
Kansas City Metro Area, KS                 33   Western, CO                               13
King County, WA                            60   Western, MI                               38
Knoxville/East, TN                         54   York/Lancaster/Harrisburg, PA             51
Lake Oconee/Lake Sinclair, GA              27
Lakeland/Winter Haven, FL                  19                   INTERNATIONAL MARKETS
Lincoln, NE                                41   Bermuda                                   63
Little Rock, AR                             7   Canada
Long Island, NY                            45             - Belleville                    64
Lorain County, OH                          48             - Greater Toronto Area          64
Los Angeles, CA                             9             - Kelowna/West Kelowna          65
Los Angeles, Westside, CA                   9             - Nanaimo, BC                   65
Louisville Metro, KY                       34             - Ottawa, Ontario               66
Lubbock, TX                                57             - Waterloo Region               66
Lynchburg, VA                              60   Colombia - Cartagena                      67
Macon, Bibb County, GA                     27   Greece                                    67
Madison/St. Clair Counties, IL             31   Ireland                                   68
Mankato, MN                                38   Mexico - Mexico City                      68
Melbourne/Brevard County, FL               20   The Netherlands                           69
Midcoast, ME                               36   Turkey - Istanbul                         69
Middle, MI                                 37   United Arab Emirates                      70
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