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WASHINGTON AREA ECONOMY SNAPSHOT
• Job growth: 33,400 new jobs during the 12 months ending
August 2013.
• Unemployment rate: 5.4% at August 2013. Lowest among major
metro areas.
• Average household income: $108,400 in 2012, 59% higher than the
U.S. average.
• Projected job growth 2013-2017: an average of 56,200 per annum.
WASHINGTON AREA RETAIL MARKET SNAPSHOT
• Grocery-anchored shopping center vacancy rate: trended down 20
basis points in 2013 to 4.7% at year-end.
• Grocery-anchored shopping center asking rents: up 2.2%
during 2013.
• Grocers, discounters, gyms, restaurants, and household goods
stores have been actively signing deals in the Washington metro
area during 2013.
• Pundits are mixed on the outcome for the holiday shopping season,
thanks to the residual effect of the government shut down.
• A transformational amount and quality of retail space is under
construction in the District of Columbia.
Economy and Outlook .........................................................2
‘Tis the Season ....................................................................3
Retail Market Conditions ....................................................4
Grocery-Anchored Shopping Center Market Conditions ........4
New Development ...............................................................6
Investment Sales .................................................................8
The Bottom Line ..................................................................8
How to Contact Us ............................................................10
Skyland Town Center, SE, Washington, DC
A SUMMARY AT YEAR-END 2013
WASHINGTON, DC METRO
RETAIL OUTLOOKYEAR-END 2013
Published by Sponsored by
Retail Real Estate Experts Since 1984
INSIDE THIS ISSUE
The Washington, DC Metro Retail Outlook is a
quarterly publication of Delta Associates, sponsored
by the Rappaport Companies
2DELTA ASSOCIATES | THE RAPPAPORT COMPANIES
YEAR-END 2013WASHINGTON, DC METRO RETAIL OUTLOOK
ECONOMY AND OUTLOOK
The start of the 4th quarter also marked the beginning of a shutdown of
the federal government, as Congress’s October 1 budget deadline came
and went without a spending agreement. The shutdown ended after 16
days, making it the 3rd-longest in U.S. history, and although its damage
to the Washington metro area economy is difficult to quantify before
agencies such as the Bureau of Labor Statistics publish their delayed
statistics, Washington was almost certainly the hardest hit among major
U.S. cities. Worse, while many of the thousands of workers who were
furloughed during the shutdown will receive retroactive pay, the lost
private sector revenue among restaurants, tourism companies, hotels, and
various retailers cannot be restored. To wit, Chicago-based retail research
firm ShopperTrak reported on October 18 that the government shutdown
caused an 11.4% drop in year-over-year retail store shopper traffic for the
week of October 6-12 in the Washington metro area. At the national level,
retail store shopper traffic dropped just 7.1 percent compared to 2012.
However, while the growth-sapping effects of the government
shutdown should not be overlooked (especially in light of a possible
sequel when January’s debt ceiling deadline arrives), the larger
demand-side threat to the Washington area economy remains
sequestration. Fortunately, the overall impacts of sequestration
have been soft compared to expectations – largely due to Federal
government austerity getting a head start in 2011, the outsized
performance of the private sector, and the deferral of furloughs. As
a result, the Washington metro area continues to experience growth.
Payroll employment increased 33,400 during the 12 months ending
August 2013 – twelfth among large metro areas – and as of August
2013, the unemployment rate remains the lowest in the nation among
major metros, at 5.4%.
The retail sector gained 5,500 jobs in the Washington metro area
during the 12 months ending August 2013, an increase of 2.1%. This
compares to a national gain of 2.6%.
0
20
40
60
80
100
120
140
160
180
200
NY DFW LABasin
Hou Bos Atl Chi SF Bay Phx Den S FL Was
PAYROLL JOB GROWTH Large Metro Areas | 12 Months Ending August 2013
TH
OU
SA
ND
S O
F N
EW
PA
YR
OLL
JO
BS
Source: Bureau of Labor Statistics, Delta Associates; November 2013.
33.4
Shops at Pershing, Arlington, VA
*Employment total at August 2013; change reflects the 12 month period ending August 2013.Source: Bureau of Labor Statistics, Delta Associates; November 2013.
RETAIL PAYROLL JOBSWashington Metro Area
YEAR RETAIL EMPLOYMENT CHANGE
1,700
200
(4,900)
(13,900)
3,200
5,100
2,500
5,500
270,200
270,400
265,500
251,600
254,800
259,900
262,400
265,900
2006
2007
2008
2009
2010
2011
2012
2013*
3DELTA ASSOCIATES | THE RAPPAPORT COMPANIES
YEAR-END 2013WASHINGTON, DC METRO RETAIL OUTLOOK
Incomes in the Washington metro area grew by 34% from 2000 to 2012,
compared to just 20.0% nationally. By 2017, the Washington metro
area’s average household income is projected to rise 14%, compared
to a rise of 13% nationally. The elevated household incomes in the
Washington area yield increased discretionary spending and support
demand for retail goods and space.
We expect the Washington metro area economy to progress slowly
during the balance of 2013 and into 2014. We expect the speed to
be slower than seen in recent expansion cycles. During this period,
we expect the Federal government to continue austerity measures.
However, we expect other tors to pick up the slack to help stimulate
the Washington metro economy through 2017 – specifically the
Professional/Business Services and Health and Education sectors.
In consultation with Dr. Stephen Fuller of George Mason University,
we estimate that an average of 56,200 payroll jobs will be added to the
Washington metro area economy each year during the five-year period
2013 to 2017. We expect 2015 to be the cyclical peak of regional employment
growth, with approximately 69,500 new payroll jobs created in that year.
We expect the Professional/Business Services sector to create over
143,800 jobs over a five-year period – from 2013 to 2017. We expect
most of these positions to be created in the Management, Scientific,
and Technical Consulting Services and Computer Systems Design and
Related Services sectors. We project the Construction sector to follow
with 55,400 positions as the housing recovery strengthens. Through
2017, spurred by rising job gains in other sectors, the retail sector
is projected to grow 12,500 jobs to support a healthy retail industry.
‘TIS THE SEASON
A consensus has emerged among forecasters that the 2013 holiday
season is unlikely to be especially fruitful for retailers. On October
16, 2013, the National Retail Federation (NRF) published its Holiday
Consumer Spending Survey and found that American consumers plan
to spend an average of $737.95 on gifts, decorations, greeting cards,
food, and flowers to prepare for the holidays. That total represents
the survey’s lowest per capita holiday spending estimate since 2010,
and would break a trend of three consecutive growth years for per
capita holiday spending. However, NRF forecasts that total holiday
retail spending will jump 3.9% over 2012 to $602.1 billion.
PROJECTED PAYROLL JOB GROWTH Washington Metro Area | 2013 – 2017
Source: EMSI, Dr. Stephen Fuller, Delta Associates; November 2013.
-40,000 0 40,000 80,000 120,000 160,000
Federal Government
Other Services
Financial Services
Information
Leisure/Hospitality
State and Local Government
Retail Trade
Other Sectors
Education/Health
Construction/Mining
Professional/Business Services
J O B C H A N G E
Dominion Valley Market Square, Haymarket, VA
TH
OU
SA
ND
S O
F N
EW
PA
YR
OLL
JO
BS
(A
NN
UA
L A
VE
RA
GE
)
Source: Bureau of Labor Statistics, Dr. Stephen Fuller, Delta Associates; November 2013.
PAYROLL JOB GROWTH Washington Metro Area
-60
-40
-20
0
20
40
60
80
100
120
140
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
District Sub. MD No. Virginia
20-Year Annual Average = 42,400/Year
5-Year Projected Average = 56,200/Year
Source: ESRI, Delta Associates; November 2013.
AVERAGE HOUSEHOLD INCOME
JURISDICTION 2017(PROJ.)
$124,000
$77,100
Washington Metro Area
U.S.
2012(ACTUAL)
$108,400
$68,200
2000 (ACTUAL)
$80,600
$56,600
4DELTA ASSOCIATES | THE RAPPAPORT COMPANIES
YEAR-END 2013WASHINGTON, DC METRO RETAIL OUTLOOK
Conversely, ShopperTrak expects U.S. retail sales to climb just 2.4%
in November and December 2013, compared to increases of 3 percent
in 2012, 4 percent in 2011, and 3.8 percent in 2010. Financial services
firm Morgan Stanley is even less optimistic: on October 31, 2013, it
published a national retail report titled, “Expect Coal: We Predict the
Weakest Holiday Since 2008.”
Among the reasons for forecasters’ curtailed expectations for the 2013
holiday season is sagging consumer confidence, which slipped to a
ten-month low in October after climbing throughout much of 2013,
according to the Thomson Reuters/University of Michigan Survey of
Consumers. Somewhat worrying for the Washington metro area was
the fact that the number of consumers who mentioned the federal
government as a negative contributor to their response was the highest
since the survey began in 1952. In Washington, which has the largest
percentage of federal workers of any major city, similar sentiments are
likely to be especially prevalent.
While consumer confidence has dropped precipitously since July,
it is worth noting that the same University of Michigan index was
equally low during the holiday season of 2012, when seasonal job
gains reached a non-seasonally-adjusted 12-year high of 788,200,
according to research consultancy Challenger, Gray & Christmas, Inc.
While Challenger forecasts lower retail hiring for 2013, areas with
fundamentals as strong as the Washington metro area are likely to
outperform the rest of the country.
RETAIL MARKET CONDITIONS
The Washington metro area has over 136 million SF of shopping
center retail space, inclusive of all types of retail, in over 1,200
shopping centers. The metro area has 27.9 SF of shopping center
retail space per capita as of year-end 2013, compared to the national
average of 23.3. Although Northern Virginia and Suburban Maryland
are above the national and Washington metro averages, the District
remains underserved at just 8.1 SF of shopping center retail space
per capita. However, the District is in store for a striking makeover
on the shopping center front. There are seven grocery-anchored
projects with a combined 969,000 SF of retail space currently under
construction in the District alone.
GROCERY-ANCHORED SHOPPING CENTER MARKET CONDITIONS
Given the demand for groceries at all points of the economic cycle,
grocery-anchored shopping centers maintain the greatest stability
compared to other retail property types. Therefore, the analysis that
follows is focused on grocery-anchored shopping centers. Of the
total retail inventory in the Washington metro area, 56.6 million SF is
located in 316 grocery-anchored shopping centers, which is just over
Source: University of Michigan, Delta Associates; November 2013.
CONSUMER SENTIMENT United States | October 2012 to October 2013
60
65
70
75
80
85
90 Series 1
73.2*
* At October 2013.
10-Year Average = 78.5
Source: National Retail Federation, Delta Associates; November 2013.
AVERAGE HOLIDAY SPENDING Per Adult Aged 18+, United States
$640
$660
$680
$700
$720
$740
$760
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013*
*NRF Survey Prediction; includes gifts, decorations, greeting cards, food, flowers
SH
OP
PIN
G C
EN
TE
R S
F/C
AP
ITA
Source: CoStar, ESRI, Census, Delta Associates; November 2013.
SHOPPING CENTER SPACE PER CAPITA Washington Metro Area | Year End 2013
31.7 29.7
8.1
0
5
10
15
20
25
30
35
Northern Virginia Suburban Maryland District of Columbia
Washington Metro Area = 27.9 SF/Capita
5DELTA ASSOCIATES | THE RAPPAPORT COMPANIES
YEAR-END 2013WASHINGTON, DC METRO RETAIL OUTLOOK
40% of the total shopping center retail inventory in the metro area.
Grocery-anchored shopping center inventory is up from 55.8 million
SF at year-end 2012.
We perform an annual year-end survey of over 300 Washington area
grocery-anchored shopping centers, and tabulate vacancy and rent
data. The adjacent charts summarize trends from 1999-2013.
The metro-wide vacancy rate for grocery-anchored shopping
centers edged down to 4.7% at year-end 2013, from 4.9% at year-
end 2012. The vacancy rate in Suburban Maryland rose slightly to
4.6% at year-end 2013, from 4.5% one year ago. Northern Virginia
vacancy was 4.9% at year-end 2013, down from 5.3% one year ago.
Despite Suburban Maryland’s slight uptick in vacancy rates, both
Suburban Maryland and Northern Virginia have shown considerable
improvement in vacancy since the peak of the 2008 recession.
Vacancy rates for Core (DC, Arlington, Alexandria) shopping centers
dropped 80 basis points over the past year, as demand increased for
closer-in and newer centers due to tenants trading up in quality.
Vacancy rates within the Inner Ring (Fairfax, Montgomery, and Prince
George’s) showed no change since year-end 2012. Both the Core and
Inner Ring submarkets hold vacancy rate averages that are under the
Washington metro area vacancy rate of 4.7% at year-end 2013. This
compares to the Outer Ring (Loudoun, Prince William) experiencing a
40 basis point decline in vacancy to 6.9%.
Rental rates at grocery-anchored centers increased 2.2% in 2013,
after rising 1.4% in 2012. Metro-wide average in-line tenant rents
were $32.76/SF at year-end 2013, compared to $32.04/SF at year-
end 2012. Suburban Maryland rents rose 4.7% rise from year-end
2012 whereas Northern Virginia rents rose 1.0%. The strong rise in
Suburban Maryland rent is primarily due to healthy rent gains in
Montgomery County.
Despite the largest drop in vacancy of the three subsets of the
Washington metro area, Core submarkets experienced just a 2.6%
GROCERY-ANCHORED SHOPPING CENTER SCALE Washington Metro Area | 2013
Source: CoStar, Delta Associates; November 2013. Note: Estimate; In millions of SF.
31.8
23.3 1.5
Northern VA
Suburban MD
The District
TOTAL = 56.6 MSF IN 316 CENTERS
Source: Delta Associates; November 2013.
GROCERY-ANCHORED SHOPPING CENTER VACANCY RATES Washington Metro Area
0%
1%
2%
3%
4%
5%
6%
7%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Suburban Maryland Northern Virginia
OV
ER
ALL
VA
CA
NC
Y R
AT
E
Core = DC, Arlington, Alexandria. Inner Ring = Fairfax, Montgomery, Prince George’s. Outer Ring = Loudoun, Prince William. Source: Delta Associates; November 2013.
VACANCY RATES GROCERY-ANCHORED SHOPPING CENTERS
Washington Metro Area
SUBMARKET 2013 2012
4.3%
4.1%
7.3%
4.9%
3.5%
4.1%
6.9%
4.7%
Core
Inner Ring
Outer Ring
Washington Metro
Source: Delta Associates; November 2013.
GROCERY-ANCHORED SHOPPING CENTER ASKING RENTS Washington Metro Area
$18
$20
$22
$24
$26
$28
$30
$32
$34
$36
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Suburban Maryland Northern Virginia
AS
KIN
G R
EN
T (
NN
N)
6DELTA ASSOCIATES | THE RAPPAPORT COMPANIES
YEAR-END 2013WASHINGTON, DC METRO RETAIL OUTLOOK
rise in asking rents during 2013. This area has limited availability,
with just 154,000 SF of available space on the market, though that
amount is likely to rise significantly as projects currently in the
pipeline move nearer to delivery. The Inner Ring experienced brisk
rent growth of 4.5% during 2013, while rents grew at a more subdued
2.1% in the Outer Ring. The Inner Ring has the most available space, at
1.6 million SF, while the outer ring has 932,000 SF of space available.
NEW DEVELOPMENT
There are 16 notable grocery-anchored shopping centers, totaling
3.0 million SF, under construction or renovation in the metro area
at November 2013, and many more are in planning stages. This
compares to 10 projects totaling 2.5 million SF at year-end 2012. A
handful of notable projects are under development:
• CityCenterDC: Hines Interests LP began leasing upscale
apartments in September for its mixed-use project at the District’s
former convention center site three blocks from the Chinatown
metro stop. The enormous site bordered by New York Ave, 9th
Street NW, H Street NW, and 11th Street NW, will be completed in
three phases featuring two 11-story office buildings, two 11-story
apartment buildings, and two 11-story condo buildings to go along
with 295,000 SF of retail space, including a grocery store.
• 77H: The District’s first Walmart, located at 1st and H Street NE,
is slated to open before the end of 2013, and it looks nothing like
its big-box suburban counterparts. The project, which came to
fruition through a partnership between JBG Rosenfeld and the
world’s largest retailer, features an urban-style Walmart complete
with brick exterior and more groceries than a typical Walmart,
despite a footprint of just 85,000 SF. Above the Walmart is a 303-
unit apartment building with a rooftop pool. At ground level, 20,000
SF of street-facing retail caters to residents and shoppers alike.
Panda Express, Springfield Plaza, Springfield, VA
Core = DC, Arlington, Alexandria. Inner Ring = Fairfax, Montgomery, Prince George’s. Outer Ring = Loudoun, Prince William. Source: Delta Associates; November 2013.
ASKING RENTS GROCERY-ANCHORED SHOPPING CENTERS
Washington Metro Area
SUBMARKET 2013 2012
2.6%
4.5%
2.1%
2.2%
$43.40
$33.97
$27.55
$32.76
Core
Inner Ring
Outer Ring
Washington Metro
7DELTA ASSOCIATES | THE RAPPAPORT COMPANIES
YEAR-END 2013WASHINGTON, DC METRO RETAIL OUTLOOK
• Eden Center: Construction crews broke ground in August on a
Good Fortune supermarket in Falls Church’s Eden Center, soon
to be the largest international grocery store in Northern Virginia.
Eden Center already includes 120 restaurants, cafes, and shops
catering to the area’s Vietnamese community. The Good Fortune
in Falls Church is the franchise’s first location outside New York
or New Jersey.
• Fort Totten Square: Set to be delivered in late 2014, Fort Totten
Square is another mixed-use apartment/Walmart development
that includes 350 apartments and a condensed, urbanized
Walmart with full grocery. The Walmart at this location spans
nearly 120,000 SF, and developer JBG is building another 10,000 SF
of retail on site. The project is located a short walk from the Fort
Totten metro station.
There are additional grocery-anchored shopping centers in the
planning stages that are not included in the adjacent table, some
of which may deliver by 2014/2015. Given the long-term demand
for retail goods in the metro area, we believe developers will look to
deliver new product by late 2014, as the economy strengthens further.
1000 Connecticut Avenue, NW, Washington, DC
Source: WBJ, CoStar, Washington Post, Delta Associates; November 2013.
NOTABLE GROCERY-ANCHORED SHOPPING CENTERS UNDER CONSTRUCTION OR UNDER RENOVATION
Washington Metro Area | November 2013
SHOPPING CENTER RBA ANCHOR
Walmart
Harris Teeter
TBD
Harris Teeter
Wegmans
Giant
Walmart
Giant
Harris Teeter
Harris Teeter
Walmart
Walmart
Giant
Harris Teeter
Fresh Market
Safeway
600,000
400,000
325,000
260,000
250,000
140,000
130,000
128,000
125,000
109,000
105,000
105,000
88,000
88,000
62,000
58,000
2,973,000
Dulles Landing
Towne Centre Laurel
CityCenterDC
Downtown Crown
Hilltop Village Center
University Mall
Fort Totten Square
Cathedral Commons
Dunn Loring Metro
Clarksburg Village Center
77H
5929 Georgia Avenue
CityMarket at O Street
The Yards
One Loudoun – Phase 1
The Exchange at Wheaton Station
Total:
JURISDICTION
Loudoun
Prince George’s
District
Montgomery
Fairfax
Fairfax
District
District
Fairfax
Montgomery
District
District
District
District
Loudoun
Montgomery
Waldorf Marketplace, Waldorf, MD
8DELTA ASSOCIATES | THE RAPPAPORT COMPANIES
YEAR-END 2013WASHINGTON, DC METRO RETAIL OUTLOOK
INVESTMENT SALES
There were 10 notable investment sales of grocery-anchored shopping
centers in the Washington metro area suburbs from January through
November 2013. Sales volume totaled $404.5 million ($170/SF) from
January through November 2013, compared to $475 million ($290/SF)
during all of 2012. Most recently, Wharton Realty Group purchased
Rivertowne Commons in Prince George’s County for $58.5 million
($153/SF) in October 2013.
THE BOTTOM LINE
We expect the Washington metro area retail market to continue to
grow in 2014 and beyond. Retail jobs grew by 5,500 positions over the
12 months ending in August 2013 and retailers likely will continue to
expand in the Washington metro area through 2017. Aided by rising
job gains in other sectors, particularly the Professional/Business
Services sector’s projected 143,800 net new payroll jobs, the retail
sector is projected to grow by 12,500 jobs to support a healthy retail
industry. The Professional/Business Services sector generates high-
wage jobs – the kind that generate enough disposable income to
support the retail industry. Further, rising home values in the region
will leave residents feeling richer, and thus more likely to spend.
Eight months have passed since the fiscal cutbacks of sequestration
began, and it now appears safe to say that lower Federal spending
has had less of an impact on the local economy than most analysts
predicted. However, it is possible that still more side effects will
emerge, given the long-term nature of the cuts. While the recent
government shutdown and the prospect of a similarly handcuffed
government in early 2014 has clearly rattled some consumers, the
long-term impact of Congressional infighting is likely to be negligible.
Overall, retail spending will likely increase during the remainder
of 2013 and into 2014 as the job market improves and the recovery
continues. Vacancy rates for retail space are at or near their lowest
levels since 2008, and will continue to approach their pre-recession
norms. For grocery-anchored shopping centers within the Washington
metro area, rents have risen and vacancy rates have dropped for four
consecutive years. As demand improves, we expect asking rents to
rise an additional 2.0% to 3.0% in the coming year. Creating outdoor,
mixed-use centers with a blend of restaurants and shops that are
anchored by residential communities has continued to appeal to
customers and developers and will likely remain a strong strategy.
GROCERY-ANCHORED SHOPPING CENTER SALES Washington Metro Area Suburbs
Source: Real Capital Analytics, graphic by Delta Associates; November 2013.
$0
$100
$200
$300
$400
$500
2004 2005* 2006 2007 2008 2009 2010 2011 2012 2013**
Northern Virginia Suburban Maryland
SA
LES
IN
MIL
LIO
NS
Total: $342 M $796 M $401 M $429 M $85 M $79 M $178 M $454 M $476 M
*Includes large portfolio sale by CalPERS. Note: Excludes properties under contract.
$405 M
**January through November 2013.
2 M Street, NE, Washington, DC
9DELTA ASSOCIATES | THE RAPPAPORT COMPANIES
YEAR-END 2013WASHINGTON, DC METRO RETAIL OUTLOOK
Currently, tenants seeking space are interested in newer, Class A
space with significant foot traffic. While the region’s low vacancy
rate allows for new projects at this time, developers and retailers
appear mindful of the competition presented by big box retailers
and online shopping, even in the long bricks-and-mortar-dominated
world of groceries. Consumers who venture to new centers are
seeking an experience they cannot find elsewhere.
Given its high incomes and well-educated workforce, we expect the
Washington area retail market to perform as well or better than
any other retail market in the nation. There are some short-term
challenges due to Federal austerity, but the region’s fundamentals
are likely to remain strong. Walter E. Washington Convention Center, NW, Washington, DC
10DELTA ASSOCIATES | THE RAPPAPORT COMPANIES
YEAR-END 2013WASHINGTON, DC METRO RETAIL OUTLOOK
DELTA ASSOCIATES
Delta Associates is a firm of experienced professionals offering consulting, valuation, and data services to the commercial
real estate industry for over 30 years. The firm’s practice is organized in four related areas:
1. Valuation of partial interests in commercial real estate assets.
2. Consulting, research and advisory services for commercial real estate projects, including market studies, market entry
strategies, asset performance enhancement studies, pre-acquisition due diligence, and financial and fiscal impact
analyses.
3. Litigation support, including dispute resolution, from forensic fact-finding to mediation and expert witness services.
Damages, material adverse change, and contract disputes are specialties.
4. Subscription data for selected metro regions for office, industrial, retail, condominium, and apartment markets.
For more information on Delta Associates, please visit DeltaAssociates.com.
Delta’s Retail Practice Team includes: David Parham, Senior Vice President; Alexander (Sandy) Paul, Executive Vice President;
Elizabeth F. Norton, National Research Director; and Luke Gelber, Associate.
© 2013. All rights reserved. You may neither copy nor disseminate this report. If quoted, proper attribution is required.
Sources: Bureau of Labor Statistics, Center for Regional Analysis, Census Bureau, Challenger, Gray & Christmas, CoStar, Delta Associates, ESRI, Morgan Stanley, National Retail Federation, Real Capital Analytics, ShopperTrak, University of Michigan, Washington Business Journal, Washington Post
Although the information contained herein is based on sources which Delta Associates (DA) believes to be reliable, DA makes no representation or warranty that such information is accurate or complete. All prices, yields, analyses, computations, and opinions expressed are subject to change without notice. Under no circumstances should any such information be considered representations or warranties of DA of any kind. Any such information may be based on assumptions which may or may not be accurate, and any such assumption may differ from actual results. This report should not be considered investment advice.
Headquarters
500 Montgomery Street, Suite 600
Alexandria, VA 22314
703-836-5700
Info@DeltaAssociates.com
11DELTA ASSOCIATES | THE RAPPAPORT COMPANIES
YEAR-END 2013WASHINGTON, DC METRO RETAIL OUTLOOK
THE RAPPAPORT COMPANIES
For more than 25 years, The Rappaport Companies has provided Washington, D.C., Maryland and Virginia with professional
real estate services centered exclusively on the retail segment. Founded by Gary D. Rappaport, SCSM/SCLS/SCMD/SCDP,
The Rappaport Companies provides the following services for some of the area’s most prominent landlords, retailers, asset
managers, commercial real estate companies and financial institutions:
• Property Management
• Landlord & Tenant Representation
• Construction Management
• Institutional JV’s
• Marketing
• Consulting & Receivership Services
• Development
Mr. Rappaport is a past Chairman and Trustee of the International Council of Shopping Centers (ICSC). He is the author of
“Investing in Retail Properties,” which explains how to structure real estate partnerships for sharing capital appreciation
and cash flow. The information contained in the book is the basis for classes he teaches for ICSC’s University of Shopping
Centers and Executive Learning Series and as a guest instructor at Johns Hopkins, Georgetown, American and George Mason
universities.
Led by President Henry Fonvielle, the Rappaport Retail Brokerage team of Bill Dickinson, Michael Howard, Melissa Webb, Susan
Bourgeois, Will Collins, Kristin Perry, Pat O’Meara, Jim Farrell, Michael Kang, Jason Yanushonis, Shawn Carrington, Jessica
Hurst, and Lindsey Barden includes the region’s top experts in the retail industry.
The Rappaport Companies
8405 Greensboro Drive
Eighth Floor
McLean, Virginia 22102-5121
571-382-1200
www.rappaportco.com
PROPERTY MANAGEMENT, CONSULTING & RECEIVERSHIP:
Larry SpottExecutive V.P. Dev.571-382-1230lmspott@rappaportco.com
Charlotte StrainSenior V.P. of Asset Mgt.571-382-1256cstrain@rappaportco.com
Henry FonviellePresident 571-382-1220hfonvielle@rappaportco.com
CONSTRUCTION MANAGEMENT & DEVELOPMENT:
LEASING & BROKERAGE:
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