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austin | round rock | san marcos

M A R K E T R E P O R T 2 0 1 2

http://recenter.tamu.edu

2012 Texas Metro Market Overview Austin-Round Rock-San Marcos

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Table of ContentsIntroduction ....................................................................................................1

MSA Map .......................................................................................................2

Demographics ...............................................................................................3

Education.....................................................................................................13

Employment.................................................................................................14

Economy......................................................................................................26

Infrastructure ...............................................................................................28

Multifamily ....................................................................................................31

Housing .......................................................................................................55

Retail ...........................................................................................................73

Hotel ............................................................................................................81

Office ...........................................................................................................82

Medical Office ..............................................................................................86

Industrial ......................................................................................................90

Development Land ......................................................................................93

Real Estate Center ......................................................................................94

Market reports are updated annually. The Real Estate Center also publishes NewsTalk Texas, a compilation of market news, which is updated continuously throughout the year. It allows market analysts to access the most current information available. For more current information about this Metropolitan Statistical Area (MSA) or any of the other Texas MSAs, please go to http://recenter.tamu.edu/newstalk/.

For the latest Austin-Round Rock-San Marcos news, visit NewsTalk Texas.

http://recenter.tamu.edu/newstalk/main.asp?a=16

http://recenter.tamu.edu/newstalk/main.asp?a=3

2012 Texas Metro Market Overview

Quick FactsMSA Land Area (2009 definition) 4,279.94 square miles

2010 Population Density 401 people per square mile

Counties Bastrop, Caldwell, Hays, Travis, Williamson

Area Cities and TownsAustin, Cedar Park, Georgetown, Leander, Lockhart, Pflugerville, Round Rock, San Marcos, Taylor

Sources: U.S. Census Bureau and Real Estate Center at Texas A&M University

Microsoft product screen shot reprinted with permission from Microsoft Corp.

Austin-Round Rock-San MarcosIntroduction

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- 2 -

ANDERSON

ANDREWS

ANGELINA

ARANSAS

ARCHER

ARMSTRONG

ATASCOSA

AUSTIN

BAILEY

BANDERA

BASTROP

BAYLOR

BEE

BELL

BEXAR

BLANCO

BORDEN

BOSQUE

BOWIE

BRAZORIA

BRAZOS

BREWSTER

BRISCOE

BROOKS

BROWN

BURLESON

BURNET

CALDWELL

CALHOUN

CALLAHAN

CAMERON

CAMP

CARSON

CASS

CASTRO

CHAMBERS

CHEROKEE

CHILDRESS

CLAY

COCHRAN

COKECOLEMAN

COLLIN

COLLINGSWORTH

COLORADOCOMAL

COMANCHE

CONCHO

COOKE

CORYELL

COTTLE

CRANE

CROCKETT

CROSBY

CULBERSON

DALLAM

DALLASDAWSON

DEAF SMITH

DELTA

DENTON

DE WITT

DICKENS

DIMMIT

DONLEY

DUVAL

EASTLAND

ECTOR

EDWARDS

ELLIS

EL PASO

ERATH

FALLS

FANNIN

FAYETTE

FISHER

FLOYDFOARD

FORT BEND

FRANKLIN

FREESTONE

FRIO

GAINES

GALVESTON

GARZA

GILLESPIE

GLASSCOCK

GOLIAD

GONZALES

GRAY

GRAYSON

GREGG

GRIMES

GUADALUPE

HALE

HALL

HAMILTON

HANSFORD

HARDEMAN

HARDIN

HARRIS

HARRISON

HARTLEY

HASKELL

HAYS

HEMPHILL

HENDERSON

HIDALGO

HILL

HOCKLEY

HOOD

HOPKINS

HOUSTON

HOWARD

HUDSPETH

HUNT

HUTCHINSON

IRION

JACK

JACKSON

JASPER

JEFF DAVIS

JEFFERSON

JIM HOGG

JIMWELLS

JOHNSON

JONES

KARNES

KAUFMAN

KENDALL

KENEDY

KENT

KERR

KIMBLE

KING

KINNEY

KLEBERG

KNOXLAMAR

LAMB

LAMPASAS

LA SALLE

LAVACA

LEE

LEON

LIBERTY

LIMESTONE

LIPSCOMB

LIVE OAK

LLANO

LOVING

LUBBOCK

LYNN

MCCULLOCH

MCLENNAN

MCMULLEN

MADISON

MARION

MARTIN

MASON

MATAGORDAMAVERICK

MEDINA

MENARD

MIDLAND

MILAM

MILLS

MITCHELL

MONTAGUE

MONTGOMERY

MOORE

MORRIS

MOTLEY

NACOGDOCHES

NAVARRO

NEWTON

NOLAN

NUECES

OCHILTREE

OLDHAM

ORANGE

PALO PINTO

PANOLA

PARKER

PARMER

PECOSPOLK

POTTER

PRESIDIO

RAINS

RANDALL

REAGAN

REAL

RED RIVER

REEVES

REFUGIO

ROBERTS

ROBERTSON

ROCKWALL

RUNNELS

RUSK

SABINE

SANAUGUSTINE

SANJACINTO

SAN PATRICIO

SAN SABA

SCHLEICHER

SCURRYSHACKLEFORD

SHELBY

SHERMAN

SMITH

SOMERVELL

STARR

STEPHENS

STERLING

STONEWALL

SUTTON

SWISHER

TARRANT

TAYLOR

TERRELL

TERRY THROCKMORTON TITUS

TOM GREEN

TRAVIS

TRINITY

TYLER

UPSHUR

UPTON

UVALDE

VAL VERDE

VAN ZANDT

VICTORIA

WALKER

WALLER

WARD

WASHINGTON

WEBB

WHARTON

WHEELER

WICHITAWILBARGER

WILLACY

WILLIAMSON

WILSON

WINKLER

WISE

WOOD

YOAKUM YOUNG

ZAPATA

ZAVALA

24

25

23

22

2120

19

1817 16

15

14

13

12

11

10

9

8

7

6

5

43

2

1

Metropolitan Statistical Areas (MSAs)

1. Abilene 2. Amarillo 3. Austin-Round Rock-San Marcos 4. Beaumont-Port Arthur 5. Brownsville-Harlingen 6. College Station-Bryan 7. Corpus Christi 8. Dallas-Fort Worth-Arlington 9. El Paso10. Houston-Sugar Land-Baytown11. Killeen-Temple-Fort Hood12. Laredo13. Longview

14. Lubbock15. McAllen-Edinburg-Mission16. Midland17. Odessa18. San Angelo19. San Antonio-New Braunfels20. Sherman-Denison21. Texarkana22. Tyler23. Victoria24. Waco25. Wichita Falls

Prepared by the Labor Market and Career Information Department, TWCEdited by Real Estate Center at Texas A&M University


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DemographicsAustin-Round Rock-San Marcos MSA

Population

Year Population*Percent Change

1999 1,205,898 -

2000 1,249,763 3.6

2001 1,319,000 5.5

2002 1,346,332 2.1

2003 1,376,005 2.2

2004 1,411,199 2.6

2005 1,452,529 2.9

2006 1,513,565 4.2

2007 1,598,161 5.6

2008 1,652,602 3.4

2009 1,705,075 3.2

2010 1,716,289 0.7*July 1 population estimates, except 2000 and 2010

Source: U.S. Census Bureau

County Population GrowthAustin-Round Rock-San Marcos MSA

County 2000 2010Growth 2000–2010

(in percent)

Bastrop 58,293 74,171 27.2

Caldwell 32,463 38,066 17.3

Hays 99,070 157,107 58.6

Travis 820,927 1,024,266 24.8

Williamson 254,962 422,679 65.8Source: U.S. Census Bureau

PopulationSelect Area Cities

City 2000 2010Growth 2000–2010

(in percent)

Austin 656,562 790,390 20.4

Cedar Park 26,049 48,937 87.9

Georgetown 28,339 47,400 67.3

Lockhart 11,615 12,698 9.3

Pflugerville 16,335 46,936 187.3

Round Rock 61,136 99,887 63.4

San Marcos 34,733 44,894 29.3

Taylor 13,575 15,191 11.9Source: U.S. Census Bureau


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Distribution by Race and Hispanic or Latino Origin(in percent)

Austin- Round Rock-

San Marcos MSA Texas

White 72.9 70.4

Black or African American 7.4 11.8

Asian 4.8 3.8

American Indian and Alaska Native 0.8 0.7

Other 10.9 10.5

Two or more races 3.2 2.7

Hispanic or Latino (of any race) 31.4 37.6Source: U.S. Census Bureau 2010

Households by Type2010

Austin- Round Rock-


Average household size 2.58 2.75

Households with individuals under 18 years 34.7% 38.9%

Households with individuals 65 years and over 15.5% 21.2%Source: U.S. Census Bureau


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Population Histories and ForecastsAustin Area

City of Austin, Total Area Travis CountyAustin-Round Rock-

San Marcos MSA

Year PopulationAnnualized

Growth Rate PopulationAnnualized

Growth Rate PopulationAnnualized

Growth Rate

2000 656,562 3.50% 812,280 3.49% 1,249,763 3.98%

2001 669,693 2.00% 830,150 2.20% 1,314,344 5.17%

2002 680,899 1.67% 844,263 1.70% 1,353,122 2.95%

2003 687,708 1.00% 856,927 1.50% 1,382,675 2.18%

2004 692,102 0.64% 874,065 2.00% 1,419,137 2.64%

2005 700,407 1.20% 893,295 2.20% 1,464,563 3.20%

2006 718,912 2.64% 920,544 3.05% 1,527,040 4.27%

2007 735,088 2.25% 948,160 3.00% 1,592,590 4.29%

2008 750,525 2.10% 978,976 3.25% 1,648,331 3.50%

2009 774,037 3.13% 1,008,345 3.00% 1,706,022 3.50%

2010 790,390 2.11% 1,024,266 1.58% 1,716,289 0.60%

2011 812,025 2.74% 1,049,873 2.50% 1,763,487 2.75%

2012 826,235 1.75% 1,076,119 2.50% 1,811,983 2.75%

2013 840,695 1.75% 1,103,022 2.50% 1,861,812 2.75%

2014 857,508 2.00% 1,133,356 2.75% 1,917,667 3.00%

2015 872,515 1.75% 1,164,523 2.75% 1,975,197 3.00%

2016 887,784 1.75% 1,196,547 2.75% 2,034,453 3.00%

2017 903,320 1.75% 1,232,444 3.00% 2,100,572 3.25%

2018 919,128 1.75% 1,269,417 3.00% 2,168,841 3.25%

2019 935,213 1.75% 1,307,499 3.00% 2,239,328 3.25%

2020 949,241 1.50% 1,343,456 2.75% 2,306,508 3.00%

2025 1,022,602 1.50% 1,538,624 2.75% 2,673,875 3.00%

2030 1,101,633 1.50% 1,740,812 2.50% 3,062,318 2.75%

2035 1,172,228 1.25% 1,719,686 2.25% 3,464,732 2.50%

2040 1,232,023 1.00% 1,921,997 2.00% 3,920,026 2.50%Population figures are as of April 1 of each year.

Historical and current period population figures for the City of Austin take into account annexations that have occurred.

Forecasted population figures for the City of Austin do not assume any future annexation activity.

Source: Ryan Robinson, City Demographer, Department of Planning, City of Austin; March 2011


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0% 10% 20% 30% 40% 50% 60% 70%

AbileneWichita Falls

Beaumont-Port ArthurLubbock

San AngeloTexarkanaLongview

MidlandWacoTyler

OdessaVictoria

AmarilloCorpus Christi

College Station-BryanKilleen-Temple-Fort Hood

TexasHouston-Sugar Land-Baytown

San Antonio-New BraunfelsEl Paso

Dallas-Fort Worth-ArlingtonBrownsville-Harlingen

Sherman-DenisonAustin-Round Rock-San Marcos

McAllen-Edinburg-MissionLaredo

Texas Metropolitan Statistical AreaPopulation Growth Forecast, 2010–2030

Source: Texas Water Development Board (April 2011 projection)

Austin-Round Rock-San Marcos MSA Projected Population

YearTexas State Data Center

(Scenario 0.5)Texas Water Development

Board

2000 1,249,763 1,240,932

2005 1,405,087 -

2010 1,565,051 1,708,745

2015 1,730,267 -

2020 1,901,433 2,177,181

2025 2,082,566 -

2030 2,272,224 2,629,105

2035 2,466,185 -

2040 2,661,842 3,109,914Sources: Texas State Data Center (Feb. 2009 projection) and Texas Water Development Board (April 2011 projection)


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Texas Metropolitan Area Population Change

Metropolitan Area 2000 2010Percent Change

Austin-Round Rock-San Marcos 1,249,763 1,716,289 37.3

McAllen-Edinburg-Mission 569,463 774,769 36.1

Laredo 193,117 250,304 29.6

Houston-Sugar Land-Baytown 4,715,407 5,946,800 26.1

San Antonio-New Braunfels 1,711,703 2,142,508 25.2

College Station-Bryan 184,885 228,660 23.7

Dallas-Fort Worth-Arlington 5,161,544 6,371,773 23.4

Killeen-Temple-Fort Hood 330,714 405,300 22.6

Brownsville-Harlingen 335,227 406,220 21.2

Tyler 174,706 209,714 20.0

Midland 116,009 136,872 18.0

El Paso 679,622 800,647 17.8

Texas 20,851,820 24,304,290 16.6

Lubbock 249,700 284,890 14.1

Odessa 121,123 137,130 13.2

Longview 194,042 214,369 10.5

Amarillo 226,522 249,881 10.3

Waco 213,517 234,906 10.0

Sherman-Denison 110,595 120,877 9.3

Corpus Christi 403,280 428,185 6.2

San Angelo 105,781 111,823 5.7

Texarkana 129,749 136,087 4.9

Victoria 111,663 115,384 3.3

Abilene 160,245 165,252 3.1

Beaumont-Port Arthur 385,090 388,745 0.9

Wichita Falls 151,524 151,306 -0.1Source: U.S. Census Bureau


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2010 Geographic MobilityAustin-Round Rock-San Marcos MSA

Percentage Moved From:

Total Population Same County

Different County in

Texas Different State Abroad

1 year and over 1,703,922 13.2 6.3 2.6 0.8

1 to 4 years 103,603 16.4 5.4 2.3 0.8

5 to 17 years 309,782 11.7 4.4 1.5 0.7

18 to 24 years 200,803 23.0 19.1 3.3 1.4

25 to 34 years 293,896 20.9 7.6 4.8 1.3

35 to 44 years 261,836 11.1 4.9 2.6 1.0

45 to 54 years 227,420 7.8 3.5 1.6 0.2

55 to 64 years 166,990 5.8 1.9 1.4 0.6

65 to 74 years 82,153 4.9 2.9 2.0 0.3

75 years and over 57,439 5.1 3.2 3.2 0.0Source: American Community Survey 2010


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2010 Texas Metropolitan Area Geographic Mobility

Metropolitan AreaTotal

Population*Percentage Migrated**

College Station-Bryan 226,662 14.7

San Angelo 110,919 14.2

Killeen-Temple-Fort Hood 400,377 13.3

Amarillo 248,476 10.0

Wichita Falls 151,024 9.8

Austin-Round Rock-San Marcos 1,703,922 9.7

Lubbock 284,989 9.4

Longview 211,925 9.0

Abilene 163,057 8.9

Corpus Christi 421,953 7.3

Texas 24,899,075 6.9

Tyler 207,381 6.9

Beaumont-Port Arthur 384,923 6.8

Dallas-Fort Worth-Arlington 6,314,454 6.5

San Antonio-New Braunfels 2,129,546 6.4

Midland 134,722 6.2

Texarkana, Tex.-Texarkana, Ark. 134,686 6.1

El Paso 794,075 6.0

Victoria 113,088 5.8

Odessa 134,841 5.8

Houston-Sugar Land-Baytown 5,887,484 5.6

Waco 233,411 5.5

Sherman-Denison 119,877 5.1

Laredo 247,153 3.6

McAllen-Edinburg-Mission 765,385 3.3

Brownsville-Harlingen 401,527 2.5*Population includes one year and over

**Percentage migrated includes those moving from a different county within the same state, from a different state and from abroad

Source: American Community Survey 2010


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- 11 -

0

10

20

30

40

50Ge

orgeto

wn

Burne

t Cou

ntry

Milam

Coun

tty

Taylor

Willia

mson

Coun

ty

State

of Tex

as

Ceda

r Park

Roun

d Roc

k

Travis

Coun

ty

Lean

der

Austi

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Hutto

Source: 2010 Census American Fact Finder

Median ages by city, county and state

44 43.240.5

34.4 34.2 33.8 33.6 33.432 31.9 31.4 31

28.9

Pflug

erville


- 12 -

AlbertaAB

British ColumbiaBC

ManitobaMB

New BrunswickNB

Newfoundland and LabradorNL

Northwest TerritoriesNT

Nova ScotiaNS

NunavutNU

OntarioON

Prince Edward IslandPE

QuebecQC

SaskatchewanSK

YukonYT

Inbound – More than 55% of total shipments moving into the state (subtotal on bottom).

Outbound – More than 55% of total shipments moving out of the state (subtotal on top).

Balanced – Inbound and outbound individually represent 55% or less of total shipments.

STATEOutbound

Inbound

MD18632552

DC265591

CT1216946

NJ19871435

NS7339

VT146140

RI277419

MA17941365

DE334252

NH267267

ALASKA105169

YUKON TERRITORY

00

WA26042752

BC285182

ME333355

VT

RI

NH

MA

CT

NY37022679

NJ

26532190PA

MD

DE

DC

25753975NC

VA34164295

WV281229

MI17201644

OH28761890

IN18091221

10361030KY

SC18931758GA

37023386

14852016TN

FL 52695636

MO15111149

IL33672442

AR572494

LA1165920

MS552510

TX56637861

OK9661008

KS1207975

CO20822403

NM632851

AZ22062056

UT580466

NV755703

CA6758

7803

MT217204

ID454399

WY254213

OR663786

AB304231

MB6737

SK3119

ON878602

NL1517

QC248182

NB1414

ND164210

SD215183

MN1230880

IA684629

NE522401

WI971710

AL11091247

HAWAII151112

NS

Interstate and Cross-Border

2011 Migration Patterns – traffic flow by state/province Based on 80,289 Interstate Household Goods Moves from January 1, 2011 through December 31, 2011

2011 Migration Patterns










ALABAMA Year Inbound Outbound

2011 1,247 1,109 2010 1,064 1,126 2009 1,100 939 2008 1,231 974 2007 1,291 1,008 2006 1,289 1,004 2005 1,336 1,101 2004 1,414 1,014 2003 1,160 933 2002 1,165 856

ALASKA Year Inbound Outbound

2011 169 105 2010 182 94 2009 170 126 2008 183 123 2007 218 143 2006 192 138 2005 171 121 2004 159 107 2003 198 75 2002 231 115

ARIZONA Year Inbound Outbound

2011 2,056 2,206 2010 1,798 1,942 2009 2,101 2,072 2008 2,371 2,413 2007 2,811 2,582 2006 3,091 2,864 2005 3,570 3,058 2004 3,616 2,771 2003 3,044 2,395 2002 2,803 2,435

ARKANSAS Year Inbound Outbound

2011 494 572 2010 481 477 2009 513 437 2008 605 586 2007 706 641 2006 744 631 2005 762 686 2004 714 610 2003 646 503 2002 610 526

CALIFORNIA Year Inbound Outbound

2011 7,803 6,758 2010 7,160 6,529 2009 6,526 6,188 2008 7,705 6,834 2007 8,530 8,064 2006 8,485 9,407 2005 8,599 10,287 2004 8,542 9,762 2003 7,922 8,959 2002 8,288 8,606

COLORADO Year Inbound Outbound

2011 2,403 2,082 2010 2,285 2,142 2009 2,271 1,908 2008 2,552 2,063 2007 2,697 2,049 2006 2,961 2,210 2005 2,953 2,120 2004 2,753 1,940 2003 2,483 2,167 2002 2,565 2,002

CONNECTICUT Year Inbound Outbound

2011 946 1,216 2010 1,009 1,160 2009 801 1,230 2008 1,012 1,307 2007 1,353 1,391 2006 1,270 1,541 2005 1,342 1,583 2004 1,343 1,742 2003 1,264 1,549 2002 1,368 1,491

DELAWARE Year Inbound Outbound

2011 252 334 2010 230 306 2009 221 316 2008 296 385 2007 338 400 2006 302 277 2005 353 326 2004 377 393 2003 363 365 2002 292 304

FLORIDA Year Inbound Outbound

2011 5,636 5,269 2010 5,083 5,360 2009 4,847 5,419 2008 5,277 6,367 2007 5,842 7,033 2006 6,716 7,994 2005 8,579 8,256 2004 9,069 7,180 2003 8,081 6,036 2002 7,176 5,859

GEORGIA Year Inbound Outbound

2011 3,386 3,702 2010 2,855 3,036 2009 2,740 2,533 2008 3,213 3,128 2007 3,710 3,178 2006 4,289 3,405 2005 4,302 3,530 2004 4,290 3,492 2003 3,753 3,522 2002 3,652 3,689

HAWAII Year Inbound Outbound

2011 112 151 2010 75 95 2009 98 82 2008 169 176 2007 170 274 2006 294 252 2005 258 296 2004 265 270 2003 308 273 2002 356 249

IDAHO Year Inbound Outbound

2011 399 454 2010 347 373 2009 346 432 2008 364 470 2007 499 510 2006 682 539 2005 790 467 2004 634 410 2003 520 438 2002 487 525

ILLINOIS Year Inbound Outbound

2011 2,442 3,367 2010 2,252 3,006 2009 2,140 2,623 2008 2,897 3,241 2007 3,273 3,600 2006 3,582 3,694 2005 3,888 4,176 2004 3,644 4,350 2003 3,373 3,939 2002 3,422 3,895

INDIANA Year Inbound Outbound

2011 1,221 1,809 2010 1,165 1,537 2009 1,086 1,465 2008 1,302 1,886 2007 1,329 1,980 2006 1,594 2,100 2005 1,712 2,283 2004 1,721 2,220 2003 1,522 2,172 2002 1,528 2,182

IOWA Year Inbound Outbound

2011 629 684 2010 562 562 2009 562 622 2008 650 710 2007 707 664 2006 681 796 2005 697 678 2004 636 771 2003 561 670 2002 589 776

UNITED STATES




















ALABAMA Year Inbound Outbound

2011 1,247 1,109 2010 1,064 1,126 2009 1,100 939 2008 1,231 974 2007 1,291 1,008 2006 1,289 1,004 2005 1,336 1,101 2004 1,414 1,014 2003 1,160 933 2002 1,165 856

ALASKA Year Inbound Outbound

2011 169 105 2010 182 94 2009 170 126 2008 183 123 2007 218 143 2006 192 138 2005 171 121 2004 159 107 2003 198 75 2002 231 115

ARIZONA Year Inbound Outbound

2011 2,056 2,206 2010 1,798 1,942 2009 2,101 2,072 2008 2,371 2,413 2007 2,811 2,582 2006 3,091 2,864 2005 3,570 3,058 2004 3,616 2,771 2003 3,044 2,395 2002 2,803 2,435

ARKANSAS Year Inbound Outbound

2011 494 572 2010 481 477 2009 513 437 2008 605 586 2007 706 641 2006 744 631 2005 762 686 2004 714 610 2003 646 503 2002 610 526

CALIFORNIA Year Inbound Outbound

2011 7,803 6,758 2010 7,160 6,529 2009 6,526 6,188 2008 7,705 6,834 2007 8,530 8,064 2006 8,485 9,407 2005 8,599 10,287 2004 8,542 9,762 2003 7,922 8,959 2002 8,288 8,606

COLORADO Year Inbound Outbound

2011 2,403 2,082 2010 2,285 2,142 2009 2,271 1,908 2008 2,552 2,063 2007 2,697 2,049 2006 2,961 2,210 2005 2,953 2,120 2004 2,753 1,940 2003 2,483 2,167 2002 2,565 2,002

CONNECTICUT Year Inbound Outbound

2011 946 1,216 2010 1,009 1,160 2009 801 1,230 2008 1,012 1,307 2007 1,353 1,391 2006 1,270 1,541 2005 1,342 1,583 2004 1,343 1,742 2003 1,264 1,549 2002 1,368 1,491

DELAWARE Year Inbound Outbound

2011 252 334 2010 230 306 2009 221 316 2008 296 385 2007 338 400 2006 302 277 2005 353 326 2004 377 393 2003 363 365 2002 292 304

FLORIDA Year Inbound Outbound

2011 5,636 5,269 2010 5,083 5,360 2009 4,847 5,419 2008 5,277 6,367 2007 5,842 7,033 2006 6,716 7,994 2005 8,579 8,256 2004 9,069 7,180 2003 8,081 6,036 2002 7,176 5,859

GEORGIA Year Inbound Outbound

2011 3,386 3,702 2010 2,855 3,036 2009 2,740 2,533 2008 3,213 3,128 2007 3,710 3,178 2006 4,289 3,405 2005 4,302 3,530 2004 4,290 3,492 2003 3,753 3,522 2002 3,652 3,689

HAWAII Year Inbound Outbound

2011 112 151 2010 75 95 2009 98 82 2008 169 176 2007 170 274 2006 294 252 2005 258 296 2004 265 270 2003 308 273 2002 356 249

IDAHO Year Inbound Outbound

2011 399 454 2010 347 373 2009 346 432 2008 364 470 2007 499 510 2006 682 539 2005 790 467 2004 634 410 2003 520 438 2002 487 525

ILLINOIS Year Inbound Outbound

2011 2,442 3,367 2010 2,252 3,006 2009 2,140 2,623 2008 2,897 3,241 2007 3,273 3,600 2006 3,582 3,694 2005 3,888 4,176 2004 3,644 4,350 2003 3,373 3,939 2002 3,422 3,895

INDIANA Year Inbound Outbound

2011 1,221 1,809 2010 1,165 1,537 2009 1,086 1,465 2008 1,302 1,886 2007 1,329 1,980 2006 1,594 2,100 2005 1,712 2,283 2004 1,721 2,220 2003 1,522 2,172 2002 1,528 2,182

IOWA Year Inbound Outbound

2011 629 684 2010 562 562 2009 562 622 2008 650 710 2007 707 664 2006 681 796 2005 697 678 2004 636 771 2003 561 670 2002 589 776

UNITED STATES




















NEW MEXICO Year Inbound Outbound

2011 851 632 2010 871 706 2009 940 688 2008 923 750 2007 986 757 2006 1,164 833 2005 1,210 760 2004 1,172 636 2003 1,022 736 2002 876 777

NEW YORK Year Inbound Outbound

2011 2,679 3,702 2010 2,688 3,481 2009 2,432 3,404 2008 3,043 4,220 2007 3,313 4,953 2006 3,297 5,026 2005 3,636 5,574 2004 3,659 5,634 2003 3,396 4,859 2002 3,583 4,981

NORTH CAROLINA Year Inbound Outbound

2011 3,975 2,575 2010 3,501 2,411 2009 2,956 2,280 2008 3,923 3,045 2007 4,374 3,056 2006 4,851 3,220 2005 4,656 3,505 2004 4,309 3,369 2003 3,858 3,098 2002 3,648 2,935

NORTH DAKOTA Year Inbound Outbound

2011 210 164 2010 208 170 2009 218 290 2008 207 253 2007 193 143 2006 169 120 2005 166 133 2004 188 142 2003 201 106 2002 148 166

OHIO Year Inbound Outbound

2011 1,890 2,876 2010 1,819 2,682 2009 1,824 2,492 2008 2,131 3,339 2007 2,345 3,841 2006 2,677 3,755 2005 3,116 4,052 2004 3,337 4,203 2003 2,933 3,686 2002 3,113 3,362

OKLAHOMA Year Inbound Outbound

2011 1,008 966 2010 833 793 2009 877 652 2008 961 869 2007 937 957 2006 1,020 1,061 2005 943 1,030 2004 951 983 2003 821 1,088 2002 820 1,053

OREGON Year Inbound Outbound

2011 786 663 2010 658 592 2009 721 598 2008 987 682 2007 1,026 818 2006 1,239 721 2005 1,421 799 2004 1,298 994 2003 1,118 967 2002 1,198 937

PENNSYLVANIA Year Inbound Outbound

2011 2,190 2,653 2010 2,192 2,496 2009 1,937 2,210 2008 2,328 2,800 2007 2,652 2,866 2006 2,890 3,103 2005 3,146 3,152 2004 2,943 3,412 2003 2,939 3,095 2002 2,909 2,933

RHODE ISLAND Year Inbound Outbound

2011 419 277 2010 259 254 2009 231 246 2008 252 291 2007 315 300 2006 334 340 2005 294 305 2004 342 318 2003 398 290 2002 339 178

SOUTH CAROLINA Year Inbound Outbound

2011 1,758 1,893 2010 1,592 1,642 2009 1,368 1,337 2008 1,825 1,538 2007 2,023 1,757 2006 2,087 1,710 2005 2,092 1,856 2004 1,909 1,780 2003 1,637 1,526 2002 1,414 1,385

SOUTH DAKOTA Year Inbound Outbound

2011 183 215 2010 179 206 2009 186 295 2008 220 238 2007 185 214 2006 205 244 2005 215 226 2004 215 210 2003 204 308 2002 217 309

TENNESSEE Year Inbound Outbound

2011 2,016 1,485 2010 1,588 1,282 2009 1,600 1,499 2008 1,963 1,519 2007 2,289 2,047 2006 2,670 1,970 2005 2,481 1,999 2004 2,099 2,155 2003 1,908 1,988 2002 2,006 2,092

TEXAS Year Inbound Outbound

2011 7,861 5,663 2010 7,248 5,322 2009 6,833 4,773 2008 8,629 6,442 2007 8,831 6,665 2006 9,714 6,812 2005 9,525 7,210 2004 8,644 7,442 2003 8,075 6,920 2002 7,723 6,778

UTAH Year Inbound Outbound

2011 466 580 2010 428 448 2009 478 503 2008 512 552 2007 596 630 2006 733 658 2005 836 756 2004 670 759 2003 548 663 2002 544 745

VERMONT Year Inbound Outbound

2011 140 146 2010 113 114 2009 144 97 2008 154 165 2007 174 150 2006 198 186 2005 218 161 2004 228 174 2003 276 183 2002 243 183











- 13 -

EducationEducational Attainment, Persons Age 25 and Older

(in percent)

Level of EducationAustin-Round Rock-


High school graduate or higher 87.5 80.7

Bachelor’s degree or higher 39.4 25.9Source: American Community Survey 2010

Local College and University Enrollment, Fall SemesterSchool 2007 2008 2009 2010 2011

Austin Community College 31,822 33,728 37,850 41,582 42,004

Concordia University Texas 1,213 1,257 2,443 2,665 2,711

Huston-Tillotson University 768 785 882 901 904

St. Edward’s University 5,298 5,330 5,286 5,441 5,320

Texas State University–San Marcos 28,121 29,105 30,803 32,572 34,087

University of Texas at Austin 50,170 49,984 50,995 51,195 51,112Source: Texas Higher Education Coordinating Board


- 14 -

Employment Top 100 Employers Fall 2011

*These employers are in metro area communities beyond the map extent. Airborn and Southwestern University are in Georgetown, TECO-Westinghouse Motor Co. is in Round Rock, and the Electric Reliability Council is in Taylor, each of these cities are in Williamson County. CFAN, H-E-B Distribution Center, Grande Communications, Hunter Industries, teleNetwork, Texas State University, and Wide-Lite are in San Marcos in Hays County. The Virginia Harris Cockrell Cancer Research Center is in Smithville in Bastrop County.

List excludes hospitals and other care providers, school districts, and other local governments agencies.

Company Employees Company Employees 3M Co. 1,000 Hunter Industries* 650 ACS State Healthcare 780 IBM Corp. 6,239 Activision Blizzard 1,200 Image Microsystems 500 Aditya Birla Minacs 500 Intel Corp. 1,000 Advanced Micro Devices 2,933 JPMorgan Chase & Co. 1,445 AirBorn* 350 LegalZoom 600 American Achievement Corp. 549 Life Technologies 375 American Cancer Society 500 Lower Colorado River Authority 2,264 Apple 3,000 Luminex Corp. 375 Applied Materials 2,250 Martin-Decker Totco 375 Asista Corp. 600 Maximus 800 AT&T 3,450 Michael Angelo's Gourmet Foods 350 Austin American-Statesman 740 National Instruments 2,510 Austin Community College 3,384 OneWest Bank 1,000 Austin Energy 1,700 Oracle 515 BAE Systems 525 Overwatch Textron Systems 411 Bank of America 650 Pearson Educational Measurements 530 Bazaarvoice 467 PPD Development 1,050 BBVA Compass 498 Progressive Insurance Co. 1,186 CFAN* 460 Rainmaker Systems 400 Charles Schwab 1,100 Samsung Austin Semiconductor 2,000 Cirrus Logic 427 Sears Customer Care 1,400 Cisco Systems 800 Seton Family of Hospitals 11,601 Clinical Pathology Laboratories 800 Silicon Laboratories 550 CSC Financial Services Group 588 Southwestern University* 590 Dell 14,000 Spansion 907 Dresser Wayne 475 St. David's Healthcare Partnership 7,100 Dynamic Systems 500 St. Edward's University 969 Electric Reliability Council of Texas* 670 Starwood Hotels & Resorts 520 Electronic Arts 450 State Farm Insurance Co. 2,000 Emerson Process Management 750 State of Texas 69,777 EZCorp 400 Stock Building Supply of Texas 457 Farmers Insurance Group 1,335 Teacher Retirement System of Texas 525 Field Asset Services 550 TECO-Westinghouse Motor Co.* 400 Flextronics (formerly Solectron) 1,675 teleNetwork* 655 Freescale Semiconductor 4,336 Temple-Inland 428 Gila Corp. 370 Texas Guaranteed Student Loan Corp. 630 Girling Health Care 1,952 Texas Mutual Insurance Co. 550 Golfsmith International 350 Texas State University-San Marcos* 3,817 Grande Communications* 416 Time Warner Cable Co. 1,161 GSD&M Idea City 450 Trilogy Enterprises 400 GTECH 350 U.S. Dept. of Veterans Affairs 750 Harte-Hanks Response Management 1,500 U.S. Internal Revenue Service 4,500 H-E-B Distribution Center* 580 United Teacher Associates Ins. Co. 400 Hewlett-Packard 550 University of Texas at Austin 25,313 Home Depot Technology Center 500 URS Corp. 886 HomeAway 421 Virginia Harris Cockrell Cancer Research 380 Hoover's 350 Center (UT/M.D. Anderson)* Hospira 1,200 Wells Fargo Bank Texas 1,455 Houghton Mifflin Harcourt Publishing Co 350 Whole Foods Market 1,779 Wide-Lite* 361


- 15 -

Leander

95

Lakeway

Lago Vista

183

MANOR

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Williamson Co.

35

AUSTIN

PFLUGERVILLE

CEDAR PARKROUND ROCK

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35

35

620

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Lake Travis

Colorado River

Com

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Dell

AT&T

Apple

GTECH

3M Co.

Oracle

EZCorp

Hospira

Maximus

Hoover's

HomeAway

Spansion

URS Corp.

LegalZoom

IBM Corp.

Gila Corp.

Flextronics

Bazaarvoice

BAE Systems

Intel Corp.

OneWest Bank

BBVA Compass

Asista Corp.

Cirrus Logic

Dresser Wayne

Luminex Corp.

Temple-Inland

Austin Energy

Charles Schwab

State of Texas

Hewlett-Packard

Electronic Arts

Starwood Hotels

Bank of America

Dynamic Systems

PPD Development

Houghton Mifflin

Rainmaker Systems

Applied Materials

Life Technologies

Image Microsystems

Martin-Decker Totco Sears Customer Care

Activision Blizzard

Trilogy Enterprises

Girling Health Care

Aditya Birla Minacs

Field Asset Services

Time Warner Cable Co.

AMD

Farmers Insurance Group

Golfsmith International

FreescaleSt. Edward's University

State Farm Insurance Co.

Austin Community College

Seton Family of Hospitals

Austin American-Statesman

Overwatch Textron Systems

Progressive Insurance Co.

Emerson Process Management

American Achievement Corp.

TECO-Westinghouse Motor Co.

Samsung

Home Depot Tech Center

UT

IRS

Michael Angelo's Gourmet Foods

LCRA

Clinical Pathology Laboratories

Pearson Educational Measurements

United Teacher Associates Insurance Co.

Texas Guaranteed Student Loan Corp.

Teacher Retirement System of Texas

Harte-Hanks Response Management

Stock Building Supply of Texas

Veterans Affairs Dept.

CSC Financial Services Group

Texas Mutual Insurance Co.

American Cancer Society

St. David's Healthcare

Wells Fargo Bank Texas

Silicon Laboratories

JPMorgan Chase & Co.

National Instruments

ACS State Healthcare

Whole Foods MarketGSD&M Idea City

Cisco Systems

35

290

290

1

45

71

360

2222

1431

2244

620

1826

183

183

71

1

45

79183

130

979

130

www.austinchamber.comSouthPark Commerce

0 3 61.5Miles

1:175,000

Austin-BergstromInternational Airport

Excludes hospitals and other care providers, school districts, and other local governments agencies.For questions please contact 512.322.5650

Greater Austin RegionTop 100 Selected Major Employers 2011


- 16 -

Top 100 High Tech Employers Fall 2011

*These employers are in metro area communities beyond the map extent. Airborn is in Georgetown, TECO-Westinghouse Motor Co. is in Round Rock, and the Electric Reliability Council is in Taylor, each of these cities are in Williamson County. CFAN, GrandeCommunications, and teleNetwork are in San Marcos in Hays County. The Virginia Harris Cockrell Cancer Research Center is in Smithville in Bastrop County.

Company Employees Company Employees 3M Co. 1,000 Hospira 1,200 ACI Group 200 HostGator 300 Activant Solutions, Automotive Group 250 HP TippingPoint 190 Activision Blizzard 1,200 IBM Corp. 6,239 Advanced Micro Devices 2,933 Ichor Systems (formerly Celerity) 250 AirBorn* 350 Image Microsystems 500 Altera Corp. 200 Intel Corp. 1,000 Apple 2,500 Kershner Trading Group 230 Applied Materials 2,250 LegalZoom 600 ARM - Advanced RISC Machines 180 Life Technologies (Applied 375 ArthroCare Corp. 184 Biosystems/Invitrogen) AT&T 3,450 LifeSize Communications 200 AT&T Labs 300 Lower Colorado River Authority 2,264 AT&T Wi-Fi Services (formerly Wayport) 250 Luminex Corp. 375 Atkins North America (formerly PBS&J) 289 Motive 200 Austin Energy 1,700 Motorola 250 BAE Systems 525 Multimedia Games 250 BancVue 224 National Instruments 2,510 Bazaarvoice 467 NetQoS, a CA Technologies Company 250 BMC Software 266 Nvidia 200 Borland Software Corp. 240 Open Text (formerly Vignette) 207 Celestica 250 Oracle 515 CFAN* 465 Oracle (formerly Sun Microsystems) 286 Charles Schwab (formerly The 401k Company 1,100 Overwatch Textron Systems, Tactical Ops. 411 & CyberTrader) PayPal 300 Cirrus Logic 427 Pervasive Software 224 Cisco Systems 800 Polycom 216 Clinical Pathology Laboratories 800 Porter Co./Mechanical Contractors 210 CompassLearning 300 PPD Development 1,050 Convio 320 ProfitFuel, a Yodle Company 220 Craftcorps 200 Rackspace Managed Hosting 244 CSC Financial Services Group 588 RenewData Corp. 175 Dell 14,000 Samsung Austin Semiconductor 2,000 Dell IT Management SaaS (formerly 180 Siemens Traffic Solutions 300 MessageOne) Silicon Laboratories 550 Dresser Wayne 475 SolarWinds 300 eBay 250 Spansion 907 Electric Reliability Council of Texas* 670 TECO-Westinghouse Motor Co.* 400 Electronic Arts (BioWare & Pogo Studios) 450 teleNetwork* 655 e-MDs 215 Time Warner Cable Co. 1,161 Emerson Process Management 750 Tokyo Electron America 297 ETS-Lindgren (EMC Test Systems) 260 Toppan Photomasks 233 Facebook 200 Trilogy Enterprises 400 Flextronics (formerly Solectron) 2,113 U.S. Dept. of Veterans Affairs 750 Freescale Semiconductor 4,336 Ultra Electronics Advanced Tactical Systems 200 Gerson Lehrman Group 185 URS Corp. 886 Grande Communications* 626 Virginia Harris Cockrell Cancer Research 380 GTECH 350 Center (UT/M.D. Anderson)* Hewlett-Packard 550 Volusion 215 Home Depot Technology Center 500 Wincor Nixdorf 200 HomeAway 421 Worldwide Clinical Trials Drug Development 250 Hoover's 340 Solutions (formerly CEDRA Corp.) Zimmer Spine 210


- 17 -

Leander

95

Lakeway

Lago Vista

MANOR

DrippingSprings

Williamson Co.

35

AUSTIN

PFLUGERVILLE

CEDAR PARKROUND ROCK

HUTTO

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35

620

45

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Lake Travis

Colorado River

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35

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eBay

AT&T

Delle-MDs

GTECHApple

Nvidia

Motive

PayPal

ConvioOracle

3M Co.Polycom

BancVue

Hospira

Facebook

VolusionMotorola

Hoover's

HomeAway

Spansion

ACI Group

Celestica

HostGator

LegalZoom

URS Corp.

Craftcorps

SolarWinds

Bazaarvoice

BAE Systems

Intel Corp.

Altera Corp.

Zimmer Spine

BMC Software

Luminex Corp.

Dresser Wayne

Austin Energy

Wincor Nixdorf

HP TippingPoint

Hewlett-Packard

PPD Development

ArthroCare Corp.

Multimedia Games

Toppan Photomasks

Applied Materials

Image Microsystems

Trilogy Enterprises

Activision Blizzard

Time Warner Cable Co.

Borland Software Corp.

Tokyo Electron

AMD

Freescale

Rackspace Managed Hosting

ProfitFuel


Advanced RISC Machines

Home Depot Technology Center

Samsung

Open Text

U.S. Veterans Affairs Data Center

LCRA

ETS-Lindgren (EMC Test Systems)

Clinical Pathology LaboratoriesNetQoS

Ichor Systems

Activant Solutions, Automotive Group

AT&T Wi-Fi ServicesUltra Electronics

Advanced Tactical Systems

Overwatch Textron Systems

Worldwide Clinical Trials Drug Development Solutions

Charles Schwab

Life Technologies

Dell IT Management SaaSElectronic Arts

Atkins North America

OracleFlextronics

CSC Financial Services Group

Emerson Process Management

Siemens Traffic Solutions

LifeSize Communications

Kershner Trading Group

National Instruments

Silicon Laboratories

Gerson Lehrman Group

Pervasive Software

CompassLearning

RenewData Corp.

Cisco Systems

Cirrus Logic

IBM Corp.AT&T Labs

www.austinchamber.comSouthPark Commerce

0 3 61.5Miles

1:175,000

Austin-BergstromInternational Airport

For questions please contact 512.322.5650

Greater Austin RegionTop 100 High Tech Employers 2011


- 18 -

Round Rock Top 15 Private EmployersEmployer Sector Employees

Dell Inc. Headquarters/Information Technology 13,000

Sears Teleserv Call Center 1,500

Round Rock Premium Outlets Destination Retail 800

Scott & White Healthcare Health Care 750

Emerson Process Management (2012) Division Headquarters/Automation Process 750

Field Asset Services Residential Real Estate Brokerage 700

St. David’s Round Rock Medical Center Health Care 689

Texas Guaranteed Student Loan Headquarters/Credit Reporting, Collections 625

Seton Medical Center Williamson Health Care 450

Wayne, A GE Company Pump Manufacturing 438

TECO Westinghouse Motor Co. Headquarters/Motor & Generator Mfg. 370

Toppan Photomask Headquarters/Optical Instrument & Lens Mfg. 344

Michael Angelo’s Gourmet Foods Headquarters/Frozen Specialty Food Mfg. 320

Chasco Constructors Infrastructure Construction 280

Liquidation Channel TV/Internet Retailer 271Source: Round Rock Chamber of Commerce, October 2011

Taylor Top Ten EmployersEmployer Employees

Electric Reliability Council of Texas (ERCOT) 635

Taylor ISD 548

Walmart 240

Durcon Inc. 211

Scott & White Clinic 163

Corrections Corporation of America (T. Don Hutto) 161

H-E-B 161

City of Taylor 148

Floydco Inc. 130

Burrows Cabinets 100Source: Taylor Economic Development Corporation, January 2011


- 19 -

Austin - Round Rock - San Marcos MSA (Bastrop, Caldwell, Hays, Travis, Williamson)

Employment by Industry Industry Size ClassSize Employees Number Employment % Total

Dec-11 Nov-11 Dec-10 Actual % Actual % Class per firm of Firms in Size Class Employment

Total Nonfarm 786,600 785,500 770,500 1,100 0.1% 16,100 2.1% 9 1000+ 73 241,614 30.7% Mining, Logging, and Construction 38,300 39,200 38,300 -900 -2.3% 0 0.0% 8 500-999 106 72,998 9.3% Manufacturing 49,200 49,100 47,700 100 0.2% 1,500 3.1% 7 250-499 214 71,476 9.1% Trade, Transportation, and Utilities 141,300 140,400 137,300 900 0.6% 4,000 2.9% 6 100-249 696 105,571 13.4% Information 19,300 19,300 19,600 0 0.0% -300 -1.5% 5 50-99 1,147 80,021 10.2% Financial Activities 43,900 44,000 42,200 -100 -0.2% 1,700 4.0% 4 20-49 2,994 90,895 11.6% Professional and Business Services 108,800 107,300 108,600 1,500 1.4% 200 0.2% 3 10-19 3,808 51,618 6.6% Education and Health Services 92,300 92,400 89,300 -100 -0.1% 3,000 3.4% 2 5-9 5,667 37,336 4.7% Leisure and Hospitality 88,900 86,800 82,700 2,100 2.4% 6,200 7.5% 1 1-4 17,652 34,535 4.4% Other Services 34,900 34,900 34,000 0 0.0% 900 2.7% 0 0 3,855 0 0.0% Government 169,700 172,100 170,800 -2,400 -1.4% -1,100 -0.6% Total 36,212 786,064 100.0%

Unemployment Information (all estimates in thousands) Austin - Round Rock - San Marcos MSA

C.L.F. Emp. Unemp. Rate C.L.F. Emp. Unemp. Rate C.L.F. Emp. Unemp. RateDec-11 918.2 860.7 57.5 6.3 12,347.3 11,454.7 892.6 7.2 153,373.0 140,681.0 12,692.0 8.3 Nov-11 917.8 857.5 60.3 6.6 12,344.3 11,423.6 920.7 7.5 153,683.0 141,070.0 12,613.0 8.2 Dec-10 902.6 840.5 62.1 6.9 12,191.5 11,215.6 975.9 8.0 153,156.0 139,159.0 13,997.0 9.1

Annual Growth Rate for Total Nonagricultural Employment

Texas (Actual) United States (Actual)

Historical Unemployment Rates

Available at http://www.tracer2.com

December 2011

June 2011 Monthly Change Annual Change

5% 6%

18%

2%

6%

14% 12%

11%

4%

22%

Industry Composition $488.6

$1,146.5

$1,759.7

$355.5

$673.9 $1,710.3

$935.0

$423.6

$250.8

$1,971.1

Wages by Industry (in millions) 2nd Quarter 2011

Mining, Logging, and Construction

Manufacturing

Trade, Transportation, and Utilities

Information

Financial Activities

Professional and Business Services

Education and Health Services

Leisure and Hospitality

Other Services

Government

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

Dec

-01

Mar

-02

Jun-

02

Sep

-02

Dec

-02

Mar

-03

Jun-

03

Sep

-03

Dec

-03

Mar

-04

Jun-

04

Sep

-04

Dec

-04

Mar

-05

Jun-

05

Sep

-05

Dec

-05

Mar

-06

Jun-

06

Sep

-06

Dec

-06

Mar

-07

Jun-

07

Sep

-07

Dec

-07

Mar

-08

Jun-

08

Sep

-08

Dec

-08

Mar

-09

Jun-

09

Sep

-09

Dec

-09

Mar

-10

Jun-

10

Sep

-10

Dec

-10

Mar

-11

Jun-

11

Sep

-11

Dec

-11

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Dec

-01

Mar

-02

Jun-

02

Sep

-02

Dec

-02

Mar

-03

Jun-

03

Sep

-03

Dec

-03

Mar

-04

Jun-

04

Sep

-04

Dec

-04

Mar

-05

Jun-

05

Sep

-05

Dec

-05

Mar

-06

Jun-

06

Sep

-06

Dec

-06

Mar

-07

Jun-

07

Sep

-07

Dec

-07

Mar

-08

Jun-

08

Sep

-08

Dec

-08

Mar

-09

Jun-

09

Sep

-09

Dec

-09

Mar

-10

Jun-

10

Sep

-10

Dec

-10

Mar

-11

Jun-

11

Sep

-11

Dec

-11

Austin - Round Rock - San Marcos MSA

Texas

U.S.

Source: Texas Workforce Commission


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004,995005,995

000,09 5000,606

004,506007,315

001,525004,925

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Trad

e40

,500

40,3

0039

,900

39,0

0038

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38,7

0028

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28,4

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,300

Reta

ilTr

ade

87,2

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5,20

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1,80

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1,10

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0,00

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Tran

sportatio

n,W

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ousi

ng,a

ndUtilities

13,6

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13,3

0064

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63,9

0063

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20,4

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20,2

00 009,71002,71

001,71007,31

009,21009,21

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003,91noita

mrofnI Fina

ncia

lActi

vitie

s43

,900

44,0

0042

,200

53,5

0053

,100

51,3

0063

,500

65,3

0065

,600

Prof

essi

onal

and

Busi

ness

Serv

ices

108,

800

107,

300

108,

600

95,4

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91,9

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1,90

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Serv

ices

92,3

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8,40

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8,50

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1,20

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isur

ean

dH

ospi

talit

y88

,900

86,8

0082

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94,7

0095

,100

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1,60

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0,40

0O

ther

Serv

ices

34,9

0034

,900

34,0

0031

,500

31,5

0031

,300

32,0

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31,5

00 001,461005,951

000,951004,621

003,121001,121

008,071001,271

007,961tne

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es fo

r the

cur

rent

mon

th a

re p

relim

inar

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timat

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revi

sion

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num

ber o

f non

agric

ultu

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in T

exas

is w

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ce to

pla

ce o

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iden

ce o

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kers

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imat

espr

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y th

e B

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artm

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min

ated

in c

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ratio

n w

ith th

e TW

C.


- 21 -

7

JAN

UA

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20

12

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KF

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CO

MM

IS

SI

ON

TE

XA

S

LA

BO

R

MA

RK

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R

EV

IE

W

ceD

YRTSU

DNI

'11*

Nov

'11

Dec

'10

Dec

'11*

Nov

'11

Dec

'10

Dec

'11*

Nov

'11

Dec

'10

Dec

'11*

Nov

'11

Dec

'10

006,56002,26

001,26LAT

OT11

3,30

011

3,60

011

1,30

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0,30

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1,90

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0,80

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7,40

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6,10

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300

3,10

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13,5

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,500

13,1

0020

,500

20,4

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,900

5,40

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400

5,40

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hole

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002,2000,2

000,2edarT

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05,

000

4,90

04,

800

4,90

04,

900

3,00

03,

000

3,00

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14,5

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14,2

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16,7

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400

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300

5,50

05,

500

5,50

04,

800

4,80

05,

100

001,1009

009noita

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1,40

01,

500

1,40

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400

1,50

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800

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Fina

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800

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700

5,60

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600

5,60

05,

300

5,30

05,

100

Prof

.&Bu

sine

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500

8,60

08,

200

13,8

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13,7

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9,00

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900

Educ

.&H

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009,31008,21

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16,0

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15,9

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4,80

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400

5,50

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600

3,60

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600

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31,5

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'11*

Nov

'11

Dec

'10

Dec

'11*

Nov

'11

Dec

'10

Dec

'11*

Nov

'11

Dec

'10

Dec

'11*

Nov

'11

Dec

'10

005,99001,99

000,89LAT

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8,00

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7,70

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0,20

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5,30

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2,60

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8,60

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9,20

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500

9,30

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16,7

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7,60

07,

600

7,40

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hole

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007,1007,1

007,1edarT

5,90

05,

800

5,40

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,100

10,0

009,

900

3,70

03,

700

3,80

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000,11001,11

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23,6

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,200

20,7

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36,3

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15,3

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15,4

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004,1005,1

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500

6,40

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800

12,8

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12,5

004,

800

4,80

04,

900

000,1000,1

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mrofnI1,

800

1,80

02,

100

4,80

04,

700

5,00

02,

200

2,20

02,

300

Fina

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400

7,40

07,

200

11,9

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,700

11,5

005,

500

5,60

05,

600

Prof

.&Bu

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001,6001,6

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,400

15,5

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,200

32,7

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31,3

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900

10,0

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,000

Educ

.&H

ealth

001,11004,11

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31,9

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37,3

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19,0

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19,5

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isur

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23,4

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28,6

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27,6

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11,9

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er001,3

002,3002,3

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7,00

06,

800

9,70

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700

9,40

04,

700

4,80

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000

000,93009,63

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0067

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68,9

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38,4

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38,3

00

ceD

YRTSU

DNI

'11*

Nov

'11

Dec

'10

Dec

'11*

Nov

'11

Dec

'10

Dec

'11*

Nov

'11

Dec

'10

Dec

'11*

Nov

'11

Dec

'10

009,88003,39

001,39LAT

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0,30

098

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97,6

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0 ,50

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4,00

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inin

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800

8,60

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10,9

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5,10

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000

6,10

06,

100

5,90

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hole

sale

006,2007,2

007,2edarT

4,50

04,

300

4,20

06,

200

6,10

06,

000

5,80

05,

800

6,20

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tail

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003,31edarT

11,5

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11,3

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17,0

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33,7

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33,3

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ans.

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e.,&

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3,70

03,

700

3,80

03,

800

3,60

07,

300

7,30

07,

200

006005

005noita

mrofnI1,

400

1,30

01,

500

4,40

04,

400

4,40

01,

800

1,80

01,

900

Fina

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l000,4

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000

3,90

03,

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7,20

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200

7,00

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200

8,20

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000

Prof

.&Bu

sine

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900

8,80

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600

9,80

010

,000

9,40

014

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14,5

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Educ

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ealth

005,41004,51

003,51secivreS

15,5

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15,2

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21,5

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59,9

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57,8

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isur

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8,00

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800

16,3

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19,7

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er003,2

005,2004,2

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3,20

03,

200

5,30

05,

300

5,20

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900

6,00

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800

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12,5

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0031

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59,0

0058

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00

TN

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MAPO

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PLE

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Est

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r th

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relim

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ach

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of r

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of w

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Est

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rodu

ced

by th

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u of

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or S

tatis

tics,

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. Dep

artm

ent o

f Lab

or a

re d

isse

min

ated

in c

oope

ratio

nw

ith th

e T

WC

.


- 22 -

JAN

UA

RY

20

12

TE

XA

S

LA

BO

R

MA

RK

ET

R

EV

IE

W

SHER

MAN

DEN

ISO

NNAS

ASSED

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NALDI

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ceD

YRTSU

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Nov

'11

Dec

'10

Dec

'11*

Nov

'11

Dec

'10

Dec

'11*

Nov

'11

Dec

'10

Dec

'11*

Nov

'11

Dec

'10

007,96008,07

008,17LAT

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,600

63,5

0062

,300

46,1

0046

,100

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,500

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Min

ing,

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2,40

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400

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007,2007,2

gnirutcafunaM

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400

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800

3,80

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700

5,20

05,

200

5,10

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hole

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005,3005,3

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4,40

04,

400

4,60

01,

600

1,60

01,

600

1,10

01,

100

1,10

0Re

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6,50

06,

400

6,50

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600

5,60

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600

6,20

06,

100

6,00

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ans.

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e.,&

006,2006,2

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200

2,20

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200

1,10

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100

1,00

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100

1,10

01,

100

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01,

100

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200

400

400

500

Fina

ncia

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700

2,70

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600

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100

2,10

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700

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600

Prof

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sine

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400

4,40

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200

3,50

03,

500

3,40

02,

600

2,60

02,

500

Educ

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ealth

002,7004,7

005,7secivreS

6,10

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100

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700

7,80

07,

700

8,90

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900

8,70

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6,30

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000

4,70

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700

4,70

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800

4,70

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700

Oth

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3,20

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100

1,80

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800

1,80

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500

1,50

01,

400

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800

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200

6,60

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600

6,40

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ceD

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DNI

'11*

Nov

'11

Dec

'10

Dec

'11*

Nov

'11

Dec

'10

Dec

'11*

Nov

'11

Dec

'10

Dec

'11*

Nov

'11

Dec

'10

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96,0

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900

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200

7,20

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800

6,50

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500

6,20

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600

6,50

05,

600

5,60

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500

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14,4

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100

3,10

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800

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700

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700

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500

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600

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000

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100

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700

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400

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800

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ther

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Dec

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ing,

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il008,7

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ans.

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e.,&

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nanc

ial

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006,2seitivitcA

Prof

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sine

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uc.&

Hea

lth004,9

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isur

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ther

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mnrevoG

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ith th

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.


- 23 -

TE

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ates

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City

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14,8

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15,5

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9.9

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158,

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40,6

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- 24 -

T E X A S L A B O R M A R K E T R E V I E W J A N U A R Y 2 0 1 2

T E X A S W O R K F O R C E C O M M I S S I O N

Note: The number of nonagricultural jobs in Texas is without reference to place of residence of workers. Total Nonagricultural employment is additive by summing the individual sectors.*Estimates for the current month are preliminary. All estimates are subject to revision. Estimates produced by the Bureau of Labor Statistics, U.S. Department of Labor are disseminated in cooperation with the TWC.

INDUSTRY .ceDELTIT 2011* Nov. 2011 Dec. 2010 Absolute Percent Absolute PercentChange Change Change Change

Total 002,946,01larutlucirganoN 10,629,000 10,444,700 20,200 0.2 204,500 2.0Total Nongovernment** 8,843,900 8,833,800 8,583,900 10,100 0.1 260,000 3.0Goods Producing

Mining and Logging 257,900 255,900 217,200 2,000 0.8 40,700 18.7008,095noitcurtsnoC 590,500 597,100 300 0.1 6,300 1.1004,738gnirutcafunaM 835,200 812,200 2,200 0.3 25,200 3.1

Service ProvidingTrade, Transportation, and Utilities 2,108,000 2,107,800 2,062,200 200 0.0 45,800 2.2

009,481noitamrofnI 186,400 192,800 1,500 0.8 7,900 4.1Financial 008,836seitivitcA 636,700 620,800 2,100 0.3 18,000 2.9Professional and Business Services 1,343,700 1,342,100 1,290,600 1,600 0.1 53,100 4.1Education and Health Services 1,443,500 1,444,300 1,406,600 800 0.1 36,900 2.6Leisure and Hospitality 1,060,200 1,056,100 1,019,000 4,100 0.4 41,200 4.0Other 007,873secivreS 378,800 365,400 100 0.0 13,300 3.6

003,508,1tnemnrevoG 1,795,200 1,860,800 10,100 0.6 55,500 3.0

TEXAS NONAGRICULTURAL WAGE AND SALARY EMPLOYMENTSEASONALLY ADJUSTED

Nov. '11 to Dec. '11 Dec. '10 to Dec. '11

T E X A S L A B O R M A R K E T R E V I E WM A R K E T R E V I E W

Texas Nonagricultural Wage and Salary Employment (Not Seasonally Adjusted)

6.0%4.0%2.0%0.0%2.0%4.0%6.0%

Jan

91

Jan

92

Jan

93

Jan

94

Jan

95

Jan

96

Jan

97

Jan

98

Jan

99

Jan

00

Jan

01

Jan

02

Jan

03

Jan

04

Jan

05

Jan

06

Jan

07

Jan

08

Jan

09

Jan

10

Jan

11

Annual Growth Rates

**Total Nongovernment number is derived by subtracting the Government estimate from the Total Nonagricultural estimate.


- 25 -

15.2515.61

16.1416.6616.7216.8817.05

17.3517.3817.4817.5017.6417.7217.7417.8017.83

18.1418.8918.9118.9519.10

20.3020.76

21.8922.1822.26

10.00 12.00 14.00 16.00 18.00 20.00 22.00 24.00

Brownsville-HarlingenMcAllen-Edinburg-Mission

LaredoWichita Falls

AbileneEl Paso

San AngeloCorpus Christi

LubbockSherman-Denison

VictoriaWacoTyler

Killeen-Temple-Fort HoodTexarkana, Tex.-Texarkana, Ark.

LongviewAmarillo

College Station-BryanOdessa

San Antonio-New BraunfelsBeaumont-Port Arthur

TexasMidland

Dallas-Fort Worth-ArlingtonAustin-Round Rock-San Marcos

Houston-Sugar Land-Baytown

Note: Data reflect most recent year surveyedSource: Bureau of Labor Statistics

2010 Average Hourly Wage ($)by MSA


- 26 -

Economy

Gross Retail SalesAustin-Round Rock-San Marcos MSA

Year Total Sales*Sales per

Capita2000 $18,067,257,543 $14,457

2001 $18,727,357,098 $14,198

2002 $16,099,714,099 $11,958

2003 $16,211,449,680 $11,782

2004 $18,452,001,332 $13,075

2005 $20,295,867,842 $13,973

2006 $22,054,530,003 $14,571

2007 $23,344,095,600 $14,607

2008 $23,146,954,585 $14,006

2009 $22,064,620,753 $12,941

2010 $23,532,481,716 $13,711State Average 2010: $15,110

*Update current year only. See Texas Comptroller site for updated data in previous years: https://ourcpa.cpa.state.tx.us/allocation/HistSales.jsp

Source: Texas Comptroller’s Office

5,000 7,000 9,000 11,000 13,000 15,000 17,000 19,000 21,000

Brownsville-HarlingenMcAllen-Edinburg-Mission

TexarkanaEl Paso

College Station-BryanWichita Falls

Corpus ChristiKilleen-Temple-Fort Hood

Sherman-DenisonSan Antonio-New Braunfels

LaredoBeaumont-Port Arthur

San AngeloAbilene

WacoAustin-Round Rock-San Marcos

Fort Worth-Arlington MDVictoria

TylerTexas

Houston-Sugar Land-BaytownLongview

AmarilloLubbock

Dallas-Plano-Irving MDMidlandOdessa

Note: Data reflect most recent year surveyed; MD=subset of an MSASource: Texas Comptroller's Office

2010 Gross Retail Sales Per Capita ($)


- 27 -


- 28 -

InfrastructureAirport Passengers*

Airport 2007 2008 2009 2010 2011Austin-Bergstrom International Airport

Enplaned (international & national) 4,552,481 4,619,630 4,113,544 4,325,543 4,549,209

Deplaned (international & national) 4,332,910 4,419,445 4,107,354 4,318,280 4,531,666Total (international & national) 8,885,391 9,039,075 8,220,898 8,643,823 9,080,875

*Due to record keeping changes in 2009, Southwest no longer reports through passengers.

Source: Austin-Bergstrom International Airport

Airport Cargo StatisticsAirport 2007 2008 2009 2010 2011Austin-Bergstrom International Airport 210,775,763 201,881,429 156,076,988 153,021,094 153,371,030Source: Austin-Bergstrom International Airport


- 29 -


- 30 -


- 31 -

MultifamilyAustin Apartment Statistics 2011

AustinSan

MarcosTexas

Metro Area

Average rent per square foot $0.98 $0.96 $0.88

Average rent for units built since 2000 $1.01 $0.95 $0.98

Average occupancy 95.5% 97.1% 93.7%

Average occupancy for units built since 2000 95.9% 97.0% 95.8%

Total units* 136,536 7,047 1,631,425

Total units built since 2000* 48,195 2,239 388,352*As of December 2011

Source: Apartment MarketData Research

6,902

3,812

2,0492,290

3,944

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2007 2008 2009 2010 2011

Average ValueU

nits

Units Average Value

Source: U.S. Census Bureau

5+ Multifamily Building PermitsAustin-Round Rock-San Marcos MSA

2011 numbers current as of February 1, 2012. Significant revisions are likely.


- 32 -

5.4%4.7%

8.5%

10.3%

7.3%

5.5%5.0%

5.8%

4.7%4.3%

4.0%

-3.5%

2.1%

6.5%

7.5%

4.5%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

2006 2007 2008 2009 2010 2011 2012* 2013*

Historical Apartment Vacancy and RentAustin Area

Vacancy Avg. Rent Change

Source: Hendricks & Partners *Forecasts

Apartment Vacancy/RentAustin Area

Submarket (5+ Units)

2010 2011

Vacancy Avg. RentAvg. Rent Change Vacancy Avg. Rent

Avg. Rent Change

Central 7.5% $926 6.5% 5.5% $1,057 14.2%

Northwest 9.9% $875 4.3% 6.0% $897 2.4%

Far Northwest 7.0% $782 3.3% 6.5% $816 4.3%

West 4.3% $937 3.2% 5.0% $1,008 7.6%

South 7.1% $777 1.4% 4.9% $834 7.4%

Northeast 7.2% $731 2.0% 7.4% $769 5.2%

San Marcos 7.8% $770 1.1% 5.6% $820 6.5%Total 7.3% $800 2.1% 5.5% $852 6.5%Source: Hendricks & Partners


- 33 -

$0.88$0.84

$0.81 $0.83$0.89

$0.94$0.97

$0.91

$0.98

$1.05

82%

84%

86%

88%

90%

92%

94%

96%

98%

100%

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Multifamily Market Historical Rent and OccupancyAustin-Round Rock-San Marcos MSA

Rental Rate Occupancy

Source: Austin Investor Interests LLC www.apartmenttrends.com

Ren

tal P

rice

per S

quar

e Fo

otO

ccupancy Rate


- 34 -

Apartment Occupancy and Effective Rent*Same Store**

Occupancy Effective RentMetro Dec. 2010 Dec. 2011 Change Dec. 2010 Dec. 2011 Change

Austin 93.7% 94.2% 0.5% $828 $883 6.6%

Dallas 90.9% 92.2% 1.4% $763 $811 6.3%

Fort Worth 89.7% 91.3% 1.8% $670 $700 4.4%

Houston 87.4% 88.8% 1.7% $736 $766 4.2%

San Antonio 90.8% 91.1% 0.3% $701 $732 4.4%

Lubbock 92.0% 91.8% -0.2% $647 $664 2.5%

Amarillo 91.0% 90.8% -0.2% $585 $615 5.1%

Abilene 93.0% 90.7% -2.5% $586 $592 1.1%

Corpus Christi 92.3% 94.0% 1.9% $695 $718 3.4%

Texas Average 89.9% 91.0% 1.3% $739 $776 5.1%

Florida Average 90.2% 91.0% 0.9% $790 $819 3.7%

Arizona Average 89.3% 90.8% 1.6% $662 $669 1.1%*Statistics reflect only conventional, mid-rise and high-rise apartment communities. They do not include income restricted, student housing or senior independent housing.

** Same store is stabilized properties, excluding lease-ups.

Source: ALN Apartment Data

$883

$776$819

$669

94.2%

91.0% 91.0%90.8%

89.0%

90.0%

91.0%

92.0%

93.0%

94.0%

95.0%

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

Austin Texas Average Florida Average Arizona Average

OccupancyEf

fect

ive

Ren

t

Multifamily Occupancy and Effective RentDecember 2011

Effective Rent Occupancy Rate

Source: ALN Apartment Data


- 35 -

Austin Market General OverviewOverall Market

Austin Market Dec. 2011Annual Change

Occupancy 93.8% 0.4%

Units Added 3,141 138.3%

Units Absorbed (Annual) 3,469 -52.2%

Average Size (SF) 852 0.0%

Asking Rent $893 5.1%

Asking Rent Per SF $1.05 5.0%

Effective Rent $883 6.2%

Effective Rent Per SF $1.04 6.2%

Offering Concessions 24% -40.2%

Avg. Concession Package 4.3% -21.0%Source: ALN Apartment Data

Floor Plan BreakdownAustin, December 2011

Plan TypePercent of

Market Avg. SFAvg. Market

Rent/Mo.Avg. Effec. Rent/Mo.

Avg. Percent Disc.

Efficiency 2.4% 429 $600 $591 1.4%

1 BR 46.5% 688 $776 $767 1.1%

1 DEN 3.4% 886 $928 $918 1.1%

2 BR 37.1% 1,005 $990 $979 1.1%

2 DEN 1.4% 1,131 $1,100 $1,081 1.7%

3 BR 7.0% 1,240 $1,169 $1,154 1.3%

>3 BR 2.2% 1,350 $1,564 $1,551 0.8%Source: ALN Apartment Data


- 36 -

General OverviewOverall Market

Dallas-Fort Worth Houston San Antonio Corpus Christi

Other MetrosDec. 2011

Annual Change

Dec. 2011

Annual Change

Dec. 2011

Annual Change

Dec. 2011

Annual Change

Occupancy 91.6% 1.5% 88.8% 1.9% 90.2% -0.6% 94.0% 2.5%

Units Added 9,324 73.4% 6,375 22.0% 2,522 1374.9% 508 84.1%

Units Absorbed (Annual) 15,676 -35.6% 13,811 -5.4% 1,531 -61.5% 960 58.4%

Average Size (SF) 860 0.1% 871 0.1% 829 0.2% 852 0.8%

Asking Rent $800 4.0% $794 1.4% $762 3.9% $737 2.7%

Asking Rent Per SF $0.93 3.9% $0.91 1.3% $0.92 3.6% $0.86 1.9%

Effective Rent $782 5.6% $768 3.3% $740 5.3% $718 3.1%

Effective Rent Per SF $0.91 5.4% $0.88 3.2% $0.89 5.0% $0.84 2.4%

Offering Concessions 50% -20.4% 57% -14.2% 53% -20.2% 36% -23.4%

Avg. Concession Package 5.1% -17.3% 6.2% -18.1% 5.5% -7.5% 6.6% 11.9%Source: ALN Apartment Data


- 37 -

Apartment Market Statistical Overview*Austin

ClassProperty/Unit Information A B C D Overall

# Projects 250 268 168 35 721

# Units 75,622 53,105 26,482 3,645 158,854

0 BR (studio) 0.3% 1.1% 1.2% 0.1% 2.6%

1 BR 24.4% 16.7% 9.1% 1.1% 51.3%

2 BR 17.2% 13.6% 6.7% 1.0% 38.5%

3 BR 3.2% 3.1% 0.4% 0.2% 6.9%

4 BR 0.2% 0.4% 0.0% N/A 0.6%

Avg. Units per Project 302 198 158 104 220

Avg. SF 943.32 805.57 745.04 787.80 857.09 Under Construction/Proposed

# Units Under Construction 3,124 619 N/A N/A 3,743

# Units Proposed 4,074 100 N/A N/A 4,174Occupancy

Avg. Physical Occupancy 94.05% 92.96% 93.39% 89.06% 93.45%

Avg. Preleased Occupancy 94.72% 94.05% 94.48% 92.43% 94.40%Rental Rates

Avg. Market Rent/SF $1.09 $0.97 $0.97 $0.84 $1.02

0 BR (studio) $1.64 $1.35 $1.32 $1.20 $1.36

1 BR $1.15 $1.06 $1.02 $0.89 $1.09

2 BR $1.02 $0.88 $0.87 $0.76 $0.94

3 BR $0.99 $0.77 $0.83 $0.78 $0.87

4 BR $0.89 $0.72 $0.88 N/A $0.78

Avg. Market Rent/Unit $1,014.86 $749.83 $701.32 $636.16 $858.80

0 BR (Studio) $888.91 $562.63 $544.60 $501.04 $587.02

1 BR $879.55 $670.53 $637.49 $567.25 $761.61

2 BR $1,137.28 $822.13 $799.25 $690.43 $955.59

3 BR $1,365.41 $892.63 $926.86 $810.22 $1,111.46

4 BR $1,700.13 $958.95 $1,146.68 N/A $1,210.96*Data retrieved on January 9, 2012.

Source: O’Connor & Associates, http://www.oconnordata.com/

http://www.occonordata.com/


- 38 -

Annual Historical Apartment OccupancyAustin

Survey PeriodClass

OverallA B C D

2002 86.70% 89.25% 90.64% 84.51% 88.47%

2003 87.87% 88.68% 89.10% 82.78% 88.28%

2004 91.96% 91.10% 89.90% 81.55% 90.88%

2005 93.21% 93.94% 93.21% 87.32% 93.31%

2006 92.35% 93.02% 93.61% 90.99% 92.82%

2007 91.84% 93.49% 92.69% 90.16% 92.58%

2008 87.77% 91.88% 91.70% 89.12% 90.02%

2009 89.88% 89.46% 88.31% 88.13% 89.42%

2010 93.55% 92.24% 91.18% 86.69% 92.54%

2011 94.05% 92.96% 93.39% 89.06% 93.45%Source: O’Connor & Associates, http://www.oconnordata.com/

Annual Historical Apartment Rent/Square FootAustin

Survey PeriodClass

OverallA B C D

2002 $1.06 $0.94 $0.89 $0.83 $0.97

2003 $1.02 $0.90 $0.88 $0.78 $0.94

2004 $1.03 $0.88 $0.87 $0.74 $0.93

2005 $1.04 $0.87 $0.85 $0.73 $0.93

2006 $1.05 $0.89 $0.88 $0.75 $0.95

2007 $1.07 $0.93 $0.93 $0.80 $0.98

2008 $1.07 $0.94 $0.94 $0.82 $0.99

2009 $1.06 $0.92 $0.93 $0.83 $0.98

2010 $1.07 $0.93 $0.93 $0.83 $0.99

2011 $1.09 $0.97 $0.97 $0.84 $1.02Source: O’Connor & Associates, http://www.oconnordata.com/




- 39 -

$0.97

$0.94

$0.93 $0.93

$0.95

$0.98$0.99

$0.98

$0.99

$1.02

86%

87%

88%

89%

90%

91%

92%

93%

94%

$0.88

$0.90

$0.92

$0.94

$0.96

$0.98

$1.00

$1.02

$1.04

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Annual Occupancy

Annu

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Annual Historical Apartment Market*Austin

Annual Rent/SF Annual Occupancy

Source: O'Connor & Associates *Overall (includes classes A, B, C, D)


- 40 -

Apartment Market Statistical Overview*Downtown Austin


# Projects 14 5 2 N/A 21

# Units 2,927 375 114 N/A 3,416

0 BR (studio) 1.6% N/A N/A N/A 1.6%

1 BR 47.4% 8.0% 4.7% N/A 60.1%

2 BR 25.0% 8.1% 0.9% N/A 34.0%

3 BR 1.5% 2.6% 0.1% N/A 4.2%

4 BR N/A N/A N/A N/A N/A

Avg. Units per Project 209 75 57 N/A 163

Avg. SF 1,064.88 823.03 630.58 N/A 994.88 Under Construction/Proposed

# Units Under Construction 488 N/A N/A N/A 488

# Units Proposed 1,693 N/A N/A N/A 1,693Occupancy

Avg. Physical Occupancy 94.34% 98.32% 100.00% N/A 95.07%

Avg. Preleased Occupancy 94.56% 98.90% 100.00% N/A 95.33%Rental Rates

Avg. Market Rent/SF $1.95 $1.06 $1.43 N/A $1.75

0 BR (studio) $2.05 N/A N/A N/A $2.05

1 BR $1.96 $1.12 $1.45 N/A $1.81

2 BR $1.91 $1.11 $1.33 N/A $1.70

3 BR $2.13 $0.68 $1.49 N/A $1.23

4 BR N/A N/A N/A N/A N/A

Avg. Market Rent/Unit $2,082.22 $852.69 $889.56 N/A $1,784.15

0 BR (Studio) $1,300.85 N/A N/A N/A $1,300.85

1 BR $1,669.32 $753.24 $823.94 N/A $1,481.42

2 BR $2,689.67 $1,000.94 $1,138.89 N/A $2,245.13

3 BR $5,736.84 $693.96 $1,730.00 N/A $2,557.51

4 BR N/A N/A N/A N/A N/A*Data retrieved on January 9, 2012.




- 41 -

Annual Historical Apartment OccupancyDowntown Austin

Survey PeriodClass

OverallA B C D

2002 97.00% 83.57% 91.11% N/A 91.83%

2003 59.91% 92.71% 95.88% N/A 75.60%

2004 76.25% 97.60% 89.48% N/A 82.81%

2005 95.23% 99.57% 98.89% N/A 96.68%

2006 97.47% 98.56% 100.00% N/A 98.11%

2007 72.28% 98.74% 100.00% N/A 82.17%

2008 83.49% 98.21% 100.00% N/A 87.72%

2009 87.85% 94.83% 94.39% N/A 89.13%

2010 95.43% 95.87% 100.00% N/A 95.66%

2011 94.34% 98.32% 100.00% N/A 95.07%Source: O’Connor & Associates, http://www.oconnordata.com/

Annual Historical Apartment Rent/Square FootDowntown Austin

Survey PeriodClass

OverallA B C D

2002 $2.16 $1.03 $1.10 N/A $1.59

2003 $1.97 $0.99 $1.12 N/A $1.54

2004 $1.72 $0.98 $1.11 N/A $1.47

2005 $1.83 $0.92 $1.08 N/A $1.44

2006 $1.89 $0.94 $1.16 N/A $1.49

2007 $1.91 $1.02 $1.19 N/A $1.53

2008 $2.13 $1.04 $1.22 N/A $1.81

2009 $1.96 $1.05 $1.29 N/A $1.75

2010 $1.99 $1.08 $1.28 N/A $1.78

2011 $1.95 $1.06 $1.43 N/A $1.75Source: O’Connor & Associates, http://www.oconnordata.com/




- 42 -

$1.59$1.54

$1.47 $1.44$1.49 $1.53

$1.81$1.75

$1.78 $1.75

40%

50%

60%

70%

80%

90%

100%

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

$1.80

$2.00

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Annual Occupancy

Annu

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Annual Historical Apartment Market*Downtown Austin




- 43 -

Apartment Market Statistical Overview*Cedar Park/Leander


# Projects 11 8 N/A N/A 19

# Units 3,187 1,665 N/A N/A 4,852

0 BR (studio) N/A N/A N/A N/A N/A

1 BR 34.2% 11.1% N/A N/A 45.3%

2 BR 27.7% 14.2% N/A N/A 41.9%

3 BR 3.8% 7.5% N/A N/A 11.4%

4 BR N/A 1.4% N/A N/A 1.4%

Avg. Units per Project 290 208 N/A N/A 255

Avg. SF 950.02 950.68 N/A N/A 950.25 Under Construction/Proposed

# Units Under Construction N/A 192 N/A N/A 192

# Units Proposed N/A N/A N/A N/A N/AOccupancy

Avg. Physical Occupancy 95.15% 86.87% N/A N/A 92.31%

Avg. Preleased Occupancy 94.69% 91.45% N/A N/A 93.58%Rental Rates

Avg. Market Rent/SF $0.94 $0.83 N/A N/A $0.90

0 BR (studio) N/A N/A N/A N/A N/A

1 BR $0.99 $0.93 N/A N/A $0.97

2 BR $0.89 $0.81 N/A N/A $0.86

3 BR $0.88 $0.76 N/A N/A $0.80

4 BR N/A $0.76 N/A N/A $0.76

Avg. Market Rent/Unit $881.42 $775.64 N/A N/A $845.12

0 BR (Studio) N/A N/A N/A N/A N/A

1 BR $760.79 $643.75 N/A N/A $732.17

2 BR $987.77 $773.63 N/A N/A $915.27

3 BR $1,192.32 $918.93 N/A N/A $1,010.89

4 BR N/A $1,059.73 N/A N/A $1,059.73*Data retrieved on January 9, 2012.




- 44 -

Annual Historical Apartment OccupancyCedar Park/Leander

Survey PeriodClass

OverallA B C D

2002 53.28% 50.39% N/A N/A 51.84%

2003 81.93% 71.64% N/A N/A 77.51%

2004 95.17% 83.62% N/A N/A 89.19%

2005 95.77% 88.21% N/A N/A 91.76%

2006 95.68% 91.85% N/A N/A 93.82%

2007 92.97% 96.21% N/A N/A 94.28%

2008 89.35% 91.95% N/A N/A 90.29%

2009 87.83% 93.66% N/A N/A 89.68%

2010 93.27% 94.11% N/A N/A 93.54%

2011 95.15% 86.87% N/A N/A 92.31%Source: O’Connor & Associates, http://www.oconnordata.com/

Annual Historical Apartment Rent/Square FootCedar Park/Leander

Survey PeriodClass

OverallA B C D

2002 $0.97 $0.88 N/A N/A $0.92

2003 $0.94 $0.87 N/A N/A $0.91

2004 $0.94 $0.78 N/A N/A $0.86

2005 $0.92 $0.75 N/A N/A $0.83

2006 $0.89 $0.78 N/A N/A $0.83

2007 $0.99 $0.78 N/A N/A $0.91

2008 $0.95 $0.78 N/A N/A $0.89

2009 $0.91 $0.80 N/A N/A $0.88

2010 $0.97 $0.82 N/A N/A $0.93

2011 $0.94 $0.83 N/A N/A $0.90Source: O’Connor & Associates, http://www.oconnordata.com/




- 45 -

$0.92

$0.91

$0.86

$0.83 $0.83

$0.91

$0.89

$0.88

$0.93

$0.90

40%

50%

60%

70%

80%

90%

100%

$0.78

$0.80

$0.82

$0.84

$0.86

$0.88

$0.90

$0.92

$0.94

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Annual Occupancy

Annu

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Annual Historical Apartment Market*Cedar Park/Leander




- 46 -

Apartment Market Statistical Overview*Round Rock



# Units 7,579 3,034 306 N/A 10,919

0 BR (studio) N/A 0.7% N/A N/A 0.7%

1 BR 35.9% 8.9% 1.9% N/A 46.7%

2 BR 24.6% 13.2% 1.2% N/A 39.0%

3 BR 7.2% 4.4% N/A N/A 11.6%

4 BR 1.0% 0.9% N/A N/A 2.0%


Avg. SF 963.63 858.41 786.99 N/A 927.18 Under Construction/Proposed

# Units Under Construction N/A N/A N/A N/A N/A





0 BR (studio) N/A 1.10 N/A N/A 1.10

1 BR $1.03 $0.95 0.80 N/A $1.00

2 BR $0.94 $0.84 0.73 N/A $0.90

3 BR $0.91 $0.84 N/A N/A $0.88

4 BR $0.87 $0.69 N/A N/A $0.79

Avg. Market Rent/Unit $930.21 $730.67 599.47 N/A $861.20

0 BR (Studio) N/A 511.67 N/A N/A 511.67

1 BR $787.28 $597.40 541.07 N/A $741.18

2 BR $1,020.19 $732.22 693.80 N/A $912.66

3 BR $1,242.46 $913.53 N/A N/A $1,117.80

4 BR $1,606.83 $889.67 N/A N/A $1,268.48*Data retrieved on January 9, 2012.




- 47 -

Annual Historical Apartment OccupancyRound Rock

Survey PeriodClass

OverallA B C D

2002 85.72% 85.82% 83.54% N/A 85.66%

2003 86.41% 87.96% 90.50% N/A 87.23%

2004 92.14% 90.08% 90.51% N/A 91.21%

2005 92.68% 93.71% 93.99% N/A 93.16%

2006 92.16% 93.11% 97.00% N/A 92.74%

2007 87.68% 93.60% 95.50% N/A 90.21%

2008 77.63% 91.24% 94.00% N/A 82.68%

2009 86.57% 89.09% 83.99% N/A 87.21%

2010 93.11% 92.26% 97.96% N/A 93.01%


Annual Historical Apartment Rent/Square FootRound Rock

Survey PeriodClass

OverallA B C D

2002 $1.02 $0.89 $0.84 N/A $0.96

2003 $0.99 $0.85 $0.84 N/A $0.93

2004 $0.96 $0.83 $0.83 N/A $0.90

2005 $0.97 $0.81 $0.80 N/A $0.90

2006 $0.98 $0.83 $0.82 N/A $0.92

2007 $1.03 $0.86 $0.83 N/A $0.96

2008 $1.01 $0.86 $0.85 N/A $0.95

2009 $1.01 $0.83 $0.74 N/A $0.95

2010 $0.98 $0.83 $0.78 N/A $0.93





- 48 -

$0.96

$0.93

$0.90 $0.90

$0.92

$0.96

$0.95 $0.95

$0.93

$0.94

40%

50%

60%

70%

80%

90%

100%

$0.87

$0.88

$0.89

$0.90

$0.91

$0.92

$0.93

$0.94

$0.95

$0.96

$0.97

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Annual Occupancy

Annu

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Annual Historical Apartment Market*Round Rock




- 49 -

Apartment Market Statistical Overview*San Marcos



# Units 1,564 3,401 1,060 N/A 6,025

0 BR (studio) N/A 0.6% 2.5% N/A 3.1%

1 BR 13.1% 21.0% 6.3% N/A 40.4%

2 BR 8.4% 26.3% 10.7% N/A 45.4%

3 BR 2.1% 7.9% 0.3% N/A 10.3%

4 BR 0.3% 0.6% N/A N/A 0.9%


Avg. SF 831.28 847.73 778.72 N/A 831.32 Under Construction/Proposed

# Units Under Construction 286 N/A N/A N/A 286





0 BR (studio) N/A 1.51 1.34 N/A 1.37

1 BR $1.25 $1.08 0.98 N/A $1.12

2 BR $1.11 $0.89 0.82 N/A $0.91

3 BR $1.09 $0.81 0.97 N/A $0.87

4 BR $0.86 $0.69 N/A N/A $0.75

Avg. Market Rent/Unit $961.69 $778.91 683.60 N/A $809.59

0 BR (Studio) N/A 672.50 636.00 N/A 643.06

1 BR $867.48 $670.28 625.30 N/A $727.06

2 BR $1,134.62 $818.03 726.81 N/A $855.01

3 BR $1,344.88 $936.11 1078.94 N/A $1,024.56

4 BR $1,032.50 $908.96 N/A N/A $953.08*Data retrieved on January 9, 2012.




- 50 -

Annual Historical Apartment OccupancySan Marcos

Survey PeriodClass

OverallA B C D

2002 88.30% 89.05% 91.44% N/A 89.51%

2003 88.67% 91.16% 92.88% N/A 91.23%

2004 85.35% 90.59% 89.66% N/A 89.57%

2005 93.47% 95.45% 90.07% N/A 93.95%

2006 95.11% 90.69% 93.08% N/A 91.86%

2007 95.63% 94.35% 97.25% N/A 95.17%

2008 98.77% 96.03% 97.39% N/A 96.79%

2009 96.65% 93.08% 95.62% N/A 94.36%

2010 93.91% 90.24% 98.95% N/A 92.67%


Annual Historical Apartment Rent/Square Foot

San Marcos

Survey PeriodClass

OverallA B C D

2002 $1.08 $0.87 $0.80 N/A $0.88

2003 $1.09 $0.84 $0.80 N/A $0.87

2004 $1.07 $0.84 $0.81 N/A $0.87

2005 $1.06 $0.83 $0.79 N/A $0.86

2006 $1.09 $0.85 $0.78 N/A $0.87

2007 $1.08 $0.86 $0.79 N/A $0.88

2008 $1.09 $0.89 $0.82 N/A $0.90

2009 $1.13 $0.92 $0.87 N/A $0.95

2010 $1.15 $0.94 $0.88 N/A $0.97





- 51 -

$0.88$0.87 $0.87

$0.86$0.87 $0.88

$0.90

$0.95

$0.97

$1.00

40%

50%

60%

70%

80%

90%

100%

$0.75

$0.80

$0.85

$0.90

$0.95

$1.00

$1.05

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Annual Occupancy

Annu

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Annual Historical Apartment Market*San Marcos




- 52 -

National Apartment Report*Employment Growth Vacancy

MSA Name 2009 2010 2011** 2012*** 2009 2010 2011** 2012***

Atlanta -5.1% -0.3% 0.1% 1.6% 11.7% 9.8% 8.3% 7.9%

Austin -2.3% 1.9% 3.0% 3.8% 10.1% 7.0% 5.0% 4.3%

Boston -2.8% 0.9% 1.7% 1.9% 6.4% 5.1% 4.0% 3.5%

Chicago -4.8% 0.7% 0.4% 1.0% 6.7% 5.6% 4.7% 4.2%

Dallas-Fort Worth -3.6% 2.0% 2.4% 3.0% 11.0% 8.3% 6.6% 6.0%

Denver -4.1% 0.4% 0.3% 1.3% 8.0% 5.5% 4.3% 4.0%

Detroit -6.7% 0.7% 1.2% 0.6% 8.1% 6.9% 5.6% 5.0%

Houston -4.1% 1.8% 3.4% 3.5% 12.3% 10.8% 8.8% 8.0%

Kansas City -3.6% -0.6% 0.8% 1.2% 9.1% 8.0% 6.2% 5.8%

Las Vegas -7.3% -1.7% 1.4% 2.5% 11.2% 9.1% 7.8% 7.0%

Los Angeles -5.6% 0.5% 0.4% 1.1% 5.3% 4.9% 4.0% 3.5%

Miami -4.2% 0.5% 2.0% 2.1% 6.1% 5.7% 4.9% 4.4%

Minneapolis-St. Paul -4.1% 0.2% 1.5% 2.1% 5.4% 3.8% 2.6% 2.8%

New York City -2.5% 1.4% 0.7% 1.8% 2.9% 3.1% 2.4% 2.3%

Philadelphia -3.2% 0.4% 0.4% 0.9% 6.5% 5.5% 4.4% 4.1%

Phoenix -6.7% 0.3% 2.0% 2.1% 12.3% 9.7% 7.6% 7.0%

Riverside-San Bernardino -6.1% -0.5% 1.0% 1.6% 8.0% 6.5% 5.2% 4.6%

Salt Lake City -4.2% 0.2% 2.3% 2.4% 7.2% 6.5% 5.1% 4.8%

San Antonio -1.7% 0.9% 2.1% 2.9% 10.2% 8.4% 7.0% 6.4%

Seattle -5.5% 0.5% 1.5% 2.0% 7.5% 5.9% 4.6% 4.0%

Washington, D.C. -1.2% 1.1% 0.6% 1.5% 6.3% 5.1% 4.4% 4.0%

U.S. Metro Average -3.8% 0.7% 1.2% 1.4% 8.0% 6.6% 5.4% 5.0%*Metro-level employment, vacancy, and annual asking and effective rents are year-end figures and are based on the most up-to-date information available as of November 2011. Effective rent is equal to asking rent less concessions. Median prices and cap rates are a function of the age, class and geographic area of the properties trading and, therefore, may not be representative of the market as a whole. Forecasts for employment and apartment data are made during the fourth quarter and represent estimates of future performance. No representation, warranty or guarantee, express of implied may be made as to the accuracy or reliability of the information contained herein.

**Estimate

***Forecast

Source: Marcus & Millichap, January 2012 (selected cities)


- 53 -

National Apartment Report*Asking Rent Median Sales Price

MSA Name 2009 2010 2011** 2012*** 2009 2010 2011**

Atlanta $825 $827 $847 $871 $45,800 $36,900 $32,000

Austin $844 $858 $890 $927 $50,500 $64,000 $64,500

Boston $1,670 $1,712 $1,775 $1,849 $133,333 $103,047 $120,800

Chicago $1,033 $1,047 $1,072 $1,115 $66,700 $77,700 $70,000

Dallas-Fort Worth $765 $776 $802 $832 $38,227 $32,292 $33,182

Denver $853 $880 $906 $940 $64,400 $69,000 $71,000

Detroit $808 $812 $827 $846 $22,600 $22,930 $19,800

Houston $746 $765 $790 $822 $26,700 $27,200 $31,731

Kansas City $685 $696 $710 $727 $47,900 $23,700 $37,500

Las Vegas $821 $796 $800 $815 $62,000 $27,000 $31,500

Los Angeles $1,374 $1,370 $1,397 $1,446 $123,333 $125,727 $128,333

Miami $1,041 $1,068 $1,085 $1,124 $78,000 $73,300 $69,600

Minneapolis-St. Paul $929 $938 $959 $987 $58,600 $55,000 $57,300

New York City $2,688 $2,820 $2,930 $3,107 $110,683 $118,750 $141,000

Philadelphia $1,002 $1,022 $1,048 $1,084 $81,100 $89,800 $76,100

Phoenix $751 $750 $771 $793 $38,186 $29,931 $34,554

Riverside-San Bernardino $1,006 $1,005 $1,030 $1,069 $70,222 $71,286 $73,214

Salt Lake City $732 $730 $749 $775 $64,600 $62,000 $70,000

San Antonio $685 $705 $724 $745 $50,000 $41,400 $41,667

Seattle $955 $985 $1,014 $1,057 $102,877 $102,174 $107,425

Washington, D.C. $1,332 $1,378 $1,419 $1,478 $90,800 $110,800 $92,600

U.S. Metro Average $1,016 $1,032 $1,061 $1,101 $76,737 $88,896 $96,503*Metro-level employment, vacancy, and annual asking and effective rents are year-end figures and are based on the most up-to-date information available as of November 2011. Effective rent is equal to asking rent less concessions. Median prices and cap rates are a function of the age, class and geographic area of the properties trading and, therefore, may not be representative of the market as a whole. Forecasts for employment and apartment data are made during the fourth quarter and represent estimates of future performance. No representation, warranty or guarantee, express of implied may be made as to the accuracy or reliability of the information contained herein.

**Estimate

***Forecast



- 54 -

National Apartment Report*Completions (Units)

MSA Name 2009 2010 2011** 2012***

Atlanta 7,352 4,623 2,000 2,900

Austin 10,377 2,598 320 3,000

Boston 3,973 1,096 644 1,500

Chicago 1,850 2,415 667 1,600

Dallas-Fort Worth 17,050 7,624 2,900 5,500

Denver 2,770 2,335 838 2,500

Detroit 297 28 0 290

Houston 13,957 7,940 1,100 4,800

Kansas City 866 1,189 1,027 525

Las Vegas 3,081 1,549 680 750

Los Angeles 1,799 3,898 1,870 1,680

Miami 0 664 273 1,300

Minneapolis-St. Paul 724 437 477 1,865

New York City 1,861 7,364 1,755 6,500

Philadelphia 442 731 100 1,100

Phoenix 6,181 2,675 375 1,000

Riverside-San Bernardino 1,499 1,275 220 600

Salt Lake City 1,960 2,126 992 1,900

San Antonio 4,771 2,681 780 1,850

Seattle 3,614 5,145 1,120 1,900

Washington, D.C. 5,440 5,396 2,430 4,700

U.S. Metro Average 138,508 97,694 39,000 85,000*Metro-level employment, vacancy, and annual asking and effective rents are year-end figures and are based on the most up-to-date information available as of November 2011. Effective rent is equal to asking rent less concessions. Median prices and cap rates are a function of the age, class and geographic area of the properties trading and, therefore, may not be representative of the market as a whole. Forecasts for employment and apartment data are made during the fourth quarter and represent estimates of future performance. No representation, warranty or guarantee, express of implied may be made as to the accuracy or reliability of the information contained herein.

**Estimate

***Forecast



- 55 -

-30.0%

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

4Q-0

1

4Q-0

2

4Q-0

3

4Q-0

4

4Q-0

5

4Q-0

6

4Q-0

7

4Q-0

8

4Q-0

9

4Q-1

0

4Q-1

1

Cha

nge

from

Pre

viou

s Ye

ar

National Home Price Index (HPI)

California Florida Texas USA

The HPI for each geographic area is estimated using repeated observations of housing values for individual single-family residential properties on which at least two mortgages were originated and subsequently purchased by either Freddie Mac or Fannie Mae.

Source: Federal Housing Finance Agency

Housing

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

4Q-0

0

4Q-0

1

4Q-0

2

4Q-0

3

4Q-0

4

4Q-0

5

4Q-0

6

4Q-0

7

4Q-0

8

4Q-0

9

4Q-1

0

4Q-1

1

Cha

nge

from

Pre

viou

s Ye

ar

Home Price Index (HPI)Austin-Round Rock-San Marcos MSA

Austin-Round Rock-San Marcos Texas USA

The HPI for each geographic area is estimated using repeated observations of housing values for individual single-family residential properties on which at least two mortgages were originated and subsequently purchased by either Freddie Mac or Fannie Mae.

Source: Federal Housing Finance Agency


- 56 -

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

Perc

ent

Price Distribution of MLS Homes SoldAustin

2009 2010 2011

Source: Real Estate Center at Texas A&M University 2011 data current as of February 1, 2012.


- 57 -

Price Distribution of MLS Homes Sold, Austin*(in percent)

Price Range 2005 2006 2007 2008 2009 2010 2011

$29,999 or less 0.5 0.3 0.2 0.2 0.3 0.3 0.3

$30,000–39,999 0.8 0.6 0.3 0.3 0.5 0.5 0.6

$40,000–49,999 0.8 0.6 0.5 0.5 0.8 0.9 0.9

$50,000–59,999 1.0 0.9 0.8 0.6 0.9 1.1 1.4

$60,000–69,999 1.4 1.1 0.9 1.1 1.0 1.2 1.6

$70,000–79,999 2.0 1.7 1.2 1.2 1.4 1.5 1.7

$80,000–89,999 3.0 2.2 1.7 1.5 1.7 1.8 2.4

$90,000–99,999 3.7 2.7 2.3 1.9 2.1 2.2 2.3

$100,000–119,999 11.0 9.0 7.1 6.1 6.6 6.6 6.8

$120,000–139,999 13.7 13.5 11.8 11.0 10.3 10.1 9.5

$140,000–159,999 11.4 11.4 11.8 11.8 11.8 10.7 9.7

$160,000–179,999 9.3 10.1 9.8 10.3 10.1 9.8 8.9

$180,000–199,999 6.7 7.1 8.0 8.2 8.3 7.1 7.1

$200,000–249,999 11.2 11.7 13.0 14.2 14.1 13.4 12.9

$250,000–299,999 7.2 8.0 8.9 9.4 9.6 9.2 10.0

$300,000–399,999 8.2 8.9 9.9 10.5 10.1 11.4 11.1

$400,000–499,999 3.5 4.3 5.0 4.6 4.5 5.3 5.2

$500,000 and more 4.6 6.1 6.9 6.5 5.8 7.0 7.6*2011 data current as of February 1, 2012.

Source: Real Estate Center at Texas A&M University


- 58 -

0.0

5.0

10.0

15.0

20.0

25.0

Perc

ent

Price Distribution of MLS Homes SoldSan Marcos

2009 2010 2011



- 59 -

Price Distribution of MLS Homes Sold, San Marcos*(in percent)

Price Range 2005 2006 2007 2008 2009 2010 2011

$29,999 or less 0.0 0.5 0.6 0.4 0.0 0.4 0.0

$30,000–39,999 0.3 0.7 0.0 1.2 0.5 0.0 0.5

$40,000–49,999 2.5 1.2 1.8 1.5 1.0 0.8 1.4

$50,000–59,999 2.5 4.2 3.9 1.9 4.3 2.8 3.6

$60,000–69,999 4.0 4.5 5.7 4.6 1.9 3.2 3.6

$70,000–79,999 3.3 3.5 3.9 5.8 2.9 5.6 3.2

$80,000–89,999 4.3 8.0 5.7 4.2 6.2 6.7 4.1

$90,000–99,999 5.0 2.6 1.5 1.9 4.3 2.8 4.1

$100,000–119,999 13.3 10.8 11.7 8.1 7.1 16.3 9.5

$120,000–139,999 21.9 16.2 15.1 15.8 19.5 15.5 14.0

$140,000–159,999 10.6 12.5 12.3 14.6 10.5 16.7 13.1

$160,000–179,999 9.0 10.1 6.6 11.2 11.9 6.0 14.4

$180,000–199,999 5.8 5.4 9.6 8.1 5.2 5.6 3.6

$200,000–249,999 7.8 8.2 7.2 8.8 11.4 4.8 9.0

$250,000–299,999 5.5 6.4 5.1 6.2 7.1 7.1 7.7

$300,000–399,999 2.3 3.5 5.4 3.5 4.8 3.2 5.4

$400,000–499,999 1.3 1.4 2.4 1.2 0.5 2.0 1.8

$500,000 and more 0.8 0.2 1.2 1.2 1.0 0.8 1.4*2011 data current as of February 1, 2012.



- 60 -

Property Tax Rates 2011

Taxing EntityTax Rate per $100

Valuation

Austin

Travis County $0.486

City of Austin 0.481

Austin ISD 1.242Total* $2.209

Round Rock

Williamson County $0.458

City of Round Rock 0.423

Round Rock ISD 1.335Total* $2.216

San Marcos

Hays County $0.425

City of San Marcos 0.530

San Marcos ISD 1.350Total* $2.305*Only the typical taxing entities are included in the total. However, there are numerous taxing entities that need to be taken into account for an actual tax rate calculation.

Sources: Travis, Williamson, and Hays County Appraisal Districts


- 61 -

$197,500

$197,000

$198,900

$210,400 $229,900

$246,400

$243,800$237,300

$246,900

$251,700

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Average Sales Price Austin MLS


0

1

2

3

4

5

6

7

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Months Inventory

Sale

s

Yearly Home Sales and Months Inventory Austin MLS

Sales Supply


Months Inventory measures the current absorption rate and how long it would take for current supply to be depleted if no other listings came on the market.

2011 data current as of February 1, 2012.


- 62 -

$153,300

$164,000

$161,600

$164,900

$147,500

$169,600

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

$160,000

$180,000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Average Sales Price San Marcos MLS*

Source: Real Estate Center at Texas A&M University *Some data not available 2011 data current as of February 1, 2012.

0

2

4

6

8

10

12

0

50

100

150

200

250

300

350

400

450

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Months Inventory

Sale

s

Yearly Home Sales and Months Inventory San Marcos MLS*

Sales Supply


Months Inventory measures the current absorption rate and how long it would take for current supply to be depleted if no other listings came on the market.

*Some data not available

2011 data current as of February 1, 2012.


- 63 -

0

5

10

15

20

25

30

35

40

45

50

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

Uni

ts

Single-Family Home Sales VolumeSan Marcos MLS

2009 2010 2011


0

500

1,000

1,500

2,000

2,500

Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.

Uni

tsSingle-Family Home Sales Volume

Austin MLS

2009 2010 2011



- 64 -

12,120

7,710

6,6786,200 6,242

$150,000

$155,000

$160,000

$165,000

$170,000

$175,000

$180,000

$185,000

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2007 2008 2009 2010 2011

Average ValueU

nits

Single-Family Building Permits and Average ValueAustin-Round Rock-San Marcos MSA

Units Average Value

Source: U.S. Census Bureau 2011 numbers current as of February 1, 2012. Significant revisions are likely.


- 65 -

Austin-Round Rock AreaLocal Market Report, Fourth Quarter 2011

AustinCurrent Median Home Price (2011 Q4)

45%

Conforming Loan Limit**

Today's Market…

9-year (36 quarters) Housing Equity Gain*

Local Trend

Note: does not reflect the new limits passed in November of 2011

$3,5007-year (28 quarters) Housing Equity Gain*

$37,300

1-year (4-quarter) Appreciation (2011 Q4) -1.1%Prices are still down from a year ago,

but the trend is improving

$729,250

U.S.

FHA Loan Limit

Price Activity$162,333$188,300

1.9%3-year (12-quarter) Appreciation (2011 Q4)-4.4%

3-year (12-quarter) Housing Equity Gain*

$417,000Local Median to Conforming Limit Ratio

$417,000

not comparable

-$36,567

Austin U.S.

*Note: Equity gain reflects price appreciation only

This area has held onto positive equity growth despite the national market

decline

-10.2%

-$6,067

-$18,433

$37,000

Most buyers in this market have access to government-backed financing$417,000

Local Price Trends

The Austin-Round Rock market is part of region 10 in the NAR governance system, which includes all of Louisiana and Texas. The NAR Regional Vice President representing region 10 is Avis Wukasch.

Local NAR Leadership

$0

$50,000

$100,000

$150,000

$200,000

$250,000

-6%-4%-2%0%2%4%6%8%10%12%

2011Q4

Q22010Q4

Q22009Q4

Q22008Q4

Q22007Q4

Q22006Q4

Q22005Q4

Q22004Q4

Q22003Q4

Q22002Q4

Median Price (Red Line) and One-year Price Growth


- 66 -

Natural Resour 4.9% 38.3 Natural 4.6%

#N/A #N/A #N/A #N/A

#N/A #N/A #N/A #N/A

Manufacturing 6.3% 49.2 Manufac9.0%

Trade/Transpo 18.0% 141.3 Trade/T 19.2%

Information 2.5% 19.3 Informa2.0%

Financial Act 5.6% 43.9 Financi5.9%

Prof. & Busin 13.8% 108.8 Profess13.3%

Educ. & Heal 11.7% 92.3 Educat 15.3%

Leisure & Ho 11.3% 88.9 Leisure9.8%Other Service 4.4% 34.9 Other S4.1%

Government 21.6% 169.7 95.1% Govern16.8% 100.0%#N/A #N/A #N/A #N/A#N/A #N/A #N/A #N/A

Information Financial Activities Prof. & Business Services Educ. & Health Services

Leisure & Hospitality

Service Providing Excluding Government Other Services

Government

3,000

NA

NA

Local Economic Outlook Austin

12-month Job Change (Nov)

7,600

16,100 Employment has held up and is on an upward trend

NotComparable

12-month Job Change (Dec)

U.S.

NotComparable

Unemployment in Austin is better than the national average and improving

NotComparable

Drivers of Local Supply and Demand…

10,200

36-month Job Change (Dec)

The economy of Texas has outpaced the rest of the nation and improved modestly from last month's 3.13%

U.S.

-1,100

12-month Employment Change by Industry in the Austin-Round Rock Area (Dec - 2011)

Year-ago Unemployment Rate

8.5%

9.4%2.1%

6.3%

6.9%

Share of Total Employment by IndustryU.S.

State Economic Activity Index

Construction

0NANA

4,000

1,700200

6,200

900

Current Unemployment Rate (Dec)

36-month change (2011 - Dec)

-300

Natural Resources and Mining

Local employment growth is strong compared to other markets1.1%

Natural Resources/Mining/Construction

12-month change (2011 - Dec)

1-year (12 month) Job Growth Rate

Austin-Round Rock Area

Texas

0.3%-0.9%

3.5% 2.9%

Goods Producing

1,500 Manufacturing

Trade/Transportation/Utilities

Natural Resources/Mining/Con

struct4.9% Manufacturi

ng6.3%

Trade/Transportation/U

tilities18.0%

Information2.5%

FinancialActivities

5.6%Prof. &

Business Services13.8%

Educ. & Health

Services11.7%


11.3%

Other Services

4.4%

Government

21.6%

Natural Resources/Mining/Con

struct4.6%

Manufacturing

9.0%

Trade/Transportation/

Utilities19.2%

Information2.0%Financial

Activities5.9%

Professional &

Business Services13.3%

Educational & Health Services15.3%


9.8%

Other Services

4.1%

Government

16.8%


- 67 -

Construction is on the rise relative to last year, suggesting that the local

inventory has stabilized

While new construction is the traditional driver of supply in real estate, foreclosures now have a strong impact on inventories, particularly at the local level. Rising inventories, through construction or foreclosure, place downward pressure on the median home prices.

The current level of construction is 44.2% below the long-term averagenot comparable6,180

New Housing Construction

Single-Family Housing Permits (Dec 2011) 12-month sum vs. a year ago

U.S.

8-year average for 12-month Sum of 1-Unit Building Permits

Local Fundamentals

12-month Sum of 1-unit Building Permits through Dec 2011

Austin

Reduced construction will limit new supply to the market, allowing demand

to catch up with the inventory more not comparable11,082

2.6% -7.4%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

State Total Foreclosure Rate vs. U.S Average(U.S. Average in Blue Dashed Line)

Source: Mortgage Bankers' Association

02,0004,0006,0008,000

10,00012,00014,00016,00018,00020,000

Construction: 12-month Sum of Local Housing Permits (Historical Average Shown in Red Dashed Line)


- 68 -

Source: First American CoreLogic, LoanPerformance data

19.2% 20.2% 19.8% 30.7% 31.5% 31.9%

7.1% 7.6% 6.3% 14.0% 13.6% 13.0%


2.6% 2.4% 2.6% 5.9% 5.8% 6.2%

0.7% 0.8% 0.9% 2.7% 2.8% 2.9%


The decline in the prime foreclosure rate over the 6-month period ending in December is likely to change coarse

and rise in the near future as evidenced by the increase in the 90-day

delinquency rate

There are nearly 19.5 prime loans for every subprime mortgage in the Austin market, which is more than the national

average of 14.4 suggesting that subprimes make up a smaller share of

the local market than on average.

Austin

Prime: Foreclosure +

REO Rate

Prime Foreclosure and Delinquency RatesMonthly Market Data -

December 2011

Prime: 90-day Delinquent

Prime Mortgages Outstanding (estimate)

Subprime Mortgages Outstanding (estimate)

334,701 49,444,933

17,202

Monthly Market Data - December 2011 Austin U.S.

3,430,162

Composition of Mortgaged Homes in Local Area

U.S.

Austin's 90-day delinquency rate climbed faster than the national

average over the 6-month period ending in December.

Subprime: Foreclosure +

REO Rate

U.S.

Subprime: 90-day Delinquent

The 90-day delinquency rate for subprime mortgage in Austin fell over

the 6-month period ending in 19.5

Monthly Market Data - December 2011 Austin

The recent decline of the 90-day delinquency rates suggests that local

foreclosure rates will continue to decline in the near future.

The "foreclosure + REO rate" is the number of mortgages, by metro area, that are either in the foreclosure process or have completedthe foreclosure process and are owned by banks divided by the total number of mortgages for that area.

The "foreclosure + REO rate" is the number of mortgages, by metro area, that are either in the foreclosure process or have completedthe foreclosure process and are owned by banks divided by the total number of mortgages for that area.

Subprime Foreclosure and Delinquency Rates

5.90%

5.83%

6.17%

Dec-11Jun-11Dec-10

0.67%

0.80%

0.85%

Dec-11Jun-11Dec-10

2.70%

2.84%

2.93%

Dec-11Jun-11Dec-10

2.57%2.39

%

2.64%

Dec-11Jun-11Dec-10

30.74%

31.45%

31.85%

Dec-11Jun-11Dec-10

7.10%

7.59%6.34

%

Dec-11Jun-11Dec-10

13.95%13.6

2%13.00%

Dec-11Jun-11Dec-10

19.2%

20.2%19.8

%

Dec-11Jun-11Dec-10


- 69 -

Monthly Mortgage Payment to Income

Historical Average 1.8

2.4

U.S.

Ratio for 2011 Q4

Median Home Price to Income Austin

AustinRatio for 2010 14.2%

10.4%

11.9%

13.0%Historically strong and an improvement

over the third quarter of 2011

Affordability

Historical Average

U.S.1.91.8

2.72.3

More affordable than most markets21.4%13.6%

The price-to-income ratio eased, but could be better

Affordable compared to most marketsRatio for 2011 Q4

Ratio for 2010

0%

5%

10%

15%

20%

25%

30%

2011200920072005200320011999199719951993

Long-Term Trend: Ratio of Local Mortgage Servicing Cost to Income (Local Historical Average Shown in Red, U.S. Average in Green)

0%2%4%6%8%

10%12%14%16%

2011 Q42011 Q32011 Q22011 Q12010 Q42010 Q32010 Q22010 Q1

Recent Trend - Local Mortgage Servicing Cost to Income(Historical Average Shown in Red Dashed Line)


- 70 -

Mortgage rates eased ever lower through the end of the 4th quarter of 2011. Weak economic news, lingering concerns about the impact of the European debt crisis, and scant core inflation pressure combined with the Federal Reserve’s “operation twist”, which is intended to flatten the yield curve putting downward pressure on long-term rates, helped to move mortgage rates lower. The average 30-year fixed rate mortgage slipped below 4.0% for the first time in history during the first week of October according to Freddie Mac’s Primary Mortgage Market Survey. The average weekly rate stayed under 4.0% for all of December reaching a then record of 3.91% in the week of the 22nd. Rates are likely to remain low as core inflation is in check and the recent increase in fuel prices are unlinked to mortgage rates unless they reflect growing demand for oil due to a rapid economic expansion, which is not in the forecast. Rates are likely to rise through the spring, but remain well below 5%.

The Mortgage Market

0

40

80

120

160

200

240

280

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

2011 Q4Q22010 Q4Q22009 Q4Q22008 Q4Q22007 Q4Q22006 Q4

30-year Fixed Mortgage Rate and Treasury Bond Yield

Spread (left axis) 30-Year FRM (Right axis) 10-Year Treasury Bond (Right Axis)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

2011200920072005200320011999199719951993

Ratio of Local Median Home Price to Local Average Income (Local Historical Average Shown in Red, U.S. Average in Green)


- 71 -

A Closer Look…Local Mortgage Modifications

More information on the OMB's geographic definitions can be found at http://www.whitehouse.gov/omb/inforeg_statpolicy/

Bastrop County, Caldwell County, Hays County, Travis County, and Williamson County

The Austin area referred to in this report covers the geographic area of the Austin-Round Rock metro area as officially defined by the Office of Management and Budget of the U.S. Government. The official coverage area includes the

following counties:

Geographic Coverage for this Report

Modified Loans Texas U.S.Q3 2011 1,829 233,853

Modifications have fallen in Texas since last year, breaking with the national

trend.Q3 2010 11,657 137,539

Percent Change over 12 months -84.3%

Short-sales and loan modifications are important for the national housing recovery. Foreclosures weigh on home prices and consumer confidence and stymie bank activity. By increasing the number of short-sales and successful loan modifications, fewer loans end up in foreclosure. Modifications performed by the Federal government's Home Affordable Modifications Program accounted for 11.7% of all modifications in Texas during the third quarter of 2011. The remaining 88.3% were private modifications. The largest share of modifications in Texas, 41.8%, had their monthly principle and interest payment decreased by 20% or more. Roughly 13.1% of loans modified in this way during the 1st quarter of 2011 were back in delinquency by the third quarter of this year.

70.0%

41.8%

22.3%22.8%

2.2%

10.3%

0.6%0%5%

10%15%20%25%30%35%40%45%

Decreased by20% or More

Decreased by10% to LessThan 20%

Decreased byLess Than 10%

UnchangedIncreasedNot Reported

Share of Mortgage Modifications Implemented During the 3rd Quarter of 2011, by Change in Loan Payment

Source: Office of the Comptroller of the Currency


- 72 -

0.0

0.5

1.0

1.5

2.0

2.5

3.0

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

Annual Average Rate Annual Average Points

Mortgage Rates 30-Year Fixed

Rat

e Points

Source: Federal Home Loan Mortgage Corporation

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

Annual Average Rate Annual Average Points

Mortgage Rates 15-Year Fixed

Rat

e Points

Source: Federal Home Loan Mortgage Corporation


- 73 -

RetailGeneral Retail Market Statistics, Austin

1Q 2011

Existing Inventory Vacancy YTD Net Absorption

YTD Deliveries

Under Construction

SFQuoted RatesMarket # Buildings Total GLA Direct SF Total SF Vacancy

Bastrop County 274 2,101,806 61,223 61,470 2.9% 974 16,437 0 $9.23

Caldwell County 49 301,042 7,400 7,400 2.5% 4,366 0 0 $0.00

CBD 369 3,988,998 155,615 172,459 4.3% 21,706 55,000 0 $24.93

Cedar Park 182 1,652,846 70,003 70,003 4.2% 867 0 0 $11.30

Central 488 3,466,762 233,800 235,054 6.8% -8,823 0 0 $18.21

East 445 2,052,174 56,711 56,711 2.8% 11,152 0 0 $19.48

Far Northwest 140 1,577,728 48,576 48,576 3.1% -5,610 0 0 $20.24

North 323 2,874,407 115,577 115,577 4.0% 6,205 0 0 $17.89

Northeast 94 1,063,882 34,669 34,669 3.3% -13,570 0 9,014 $17.65

Northwest 161 1,601,887 80,534 80,534 5.0% -5,896 0 0 $26.92

Round Rock 405 2,525,522 97,495 97,495 3.9% -10,279 0 0 $17.62

South 833 4,954,192 37,742 41,992 0.8% 13,757 0 0 $16.04

Southeast 208 1,883,213 26,505 26,505 1.4% 2,261 0 0 $18.58

Southwest 209 1,642,873 58,241 65,835 4.0% 9,031 0 2,500 $17.54

West Central 185 867,114 68,137 68,137 7.9% -522 0 0 $28.74Totals 4,365 32,554,446 1,152,228 1,182,417 3.6% 25,619 71,437 11,514 $19.21Source: CoStar Group, www.costar.com

http://www.costar.com/


- 74 -

Mall Market Statistics, Austin1Q 2011


YTD Deliveries

Under Construction

SFQuoted RatesMarket # Centers Total GLA Direct SF Total SF Vacancy

Bastrop County 0 0 0 0 0.0% 0 0 0 $0.00

Caldwell County 0 0 0 0 0.0% 0 0 0 $0.00

CBD 0 0 0 0 0.0% 0 0 0 $0.00

Cedar Park 1 1,097,692 0 0 0.0% 0 0 0 $0.00

Central 2 1,805,371 43,110 43,110 2.4% -7,054 0 0 $22.96

East 1 358,735 4,161 4,161 1.2% 0 0 0 $0.00

Far Northwest 1 486,252 7,613 12,613 2.6% 0 0 0 $12.72

North 1 631,118 0 0 0.0% 0 0 0 $21.00

Northeast 0 0 0 0 0.0% 0 0 0 $0.00

Northwest 1 269,799 0 0 0.0% 0 0 0 $25.00

Round Rock 0 0 0 0 0.0% 0 0 0 $0.00

South 0 0 0 0 0.0% 0 0 0 $0.00

Southeast 0 0 0 0 0.0% 0 0 0 $0.00

Southwest 2 2,079,303 86,620 86,620 4.2% 59,081 0 0 $18.00

West Central 0 0 0 0 0.0% 0 0 0 $0.00Totals 9 6,728,270 141,504 146,504 2.2% 52,027 0 0 $18.91Source: CoStar Group, www.costar.com



- 75 -

Power Center Market Statistics, Austin1Q 2011


YTD Deliveries

Under Construction


Bastrop County 1 400,000 0 0 0.0% 0 0 0 $0.00

Caldwell County 0 0 0 0 0.0% 0 0 0 $0.00

CBD 0 0 0 0 0.0% 0 0 0 $0.00

Cedar Park 3 1,767,430 120,151 120,151 6.8% 14,790 5,700 0 $18.48

Central 0 0 0 0 0.0% 0 0 0 $0.00

East 1 357,109 30,952 30,952 8.7% -1,870 0 0 $17.50

Far Northwest 1 435,611 12,010 12,010 2.8% -1,400 0 0 $22.71

North 3 1,141,917 2,845 2,845 0.2% 0 0 6,000 $19.50

Northeast 2 1,024,168 89,267 89,267 8.7% -3,689 0 0 $23.69

Northwest 2 767,584 97,356 103,681 13.5% 0 0 0 $13.64

Round Rock 0 364,208 2,058 2,058 0.6% 0 0 0 $19.63

South 6 3,231,612 64,875 64,875 2.0% 57,871 0 0 $20.57

Southeast 0 0 0 0 0.0% 0 0 0 $0.00

Southwest 2 765,075 3,596 7,650 1.0% 3,786 0 0 $26.75

West Central 0 0 0 0 0.0% 0 0 0 $0.00

Totals 21 10,254,714 423,110 433,489 4.2% 69,488 5,700 6,000 $18.33Source: CoStar Group, www.costar.com



- 76 -

Shopping Center Market Statistics, Austin1Q 2011


YTD Deliveries

Under Construction


Bastrop County 13 456,111 43,020 43,020 9.4% 3,900 0 0 $15.22

Caldwell County 5 74,389 8,543 8,543 11.5% 5,850 0 0 $13.57

CBD 9 357,428 0 0 0.0% 13,872 0 0 $26.65

Cedar Park 48 2,158,974 301,025 317,484 14.7% 9,507 0 0 $18.68

Central 84 4,241,459 407,018 411,588 9.7% -16,043 0 0 $16.46

East 21 1,027,587 51,796 51,796 5.0% -24,677 0 74,100 $18.60

Far Northwest 29 1,705,511 249,510 249,510 14.6% 7,806 0 0 $16.26

North 46 1,737,421 219,451 222,201 12.8% 93 0 0 $14.14

Northeast 20 611,722 89,124 90,174 14.7% -5,333 0 0 $19.37

Northwest 45 1,893,736 155,450 155,450 8.2% 1,851 0 0 $22.47

Round Rock 53 3,328,118 403,389 404,415 12.2% -761 17,000 0 $17.32

South 78 4,669,122 272,420 281,539 6.0% -7,630 0 5,318 $18.41

Southeast 24 981,349 265,087 265,087 27.0% 2,926 0 0 $14.27

Southwest 54 3,036,675 276,205 280,420 9.2% 12,342 0 0 $22.15

West Central 23 536,009 33,127 33,127 6.2% -3,865 0 0 $23.19

Totals 552 26,815,611 2,775,165 2,814,354 10.5% -162 17,000 79,418 $17.65Source: CoStar Group, www.costar.com



- 77 -

Specialty Center Market Statistics, Austin1Q 2011


YTD Deliveries

Under Construction


Bastrop County 1 13,695 0 0 0.0% 0 0 0 $0.00

Caldwell County 0 0 0 0 0.0% 0 0 0 $0.00

CBD 0 0 0 0 0.0% 0 0 0 $0.00

Cedar Park 0 0 0 0 0.0% 0 0 0 $0.00

Central 0 0 0 0 0.0% 0 0 0 $0.00

East 0 0 0 0 0.0% 0 0 0 $0.00

Far Northwest 0 0 0 0 0.0% 0 0 0 $0.00

North 0 0 0 0 0.0% 0 0 0 $0.00

Northeast 0 0 0 0 0.0% 0 0 0 $0.00

Northwest 0 0 0 0 0.0% 0 0 0 $0.00

Round Rock 1 1,260,631 61,957 61,957 4.9% 0 0 0 $26.50

South 1 36,000 0 0 0.0% 0 0 0 $0.00

Southeast 0 0 0 0 0.0% 0 0 0 $0.00

Southwest 2 190,183 49,264 49,264 25.9% 8,082 0 46,925 $24.34

West Central 0 0 0 0 0.0% 0 0 0 $0.00

Totals 5 1,500,509 111,221 111,221 7.4% 8,082 0 46,925 $24.68Source: CoStar Group, www.costar.com



- 78 -

Total Retail Market Statistics, Austin1Q 2011


YTD Deliveries

Under Construction

SFQuoted RatesMarket # Bldgs. Total GLA Direct SF Total SF Vacancy

Bastrop County 305 2,971,612 104,243 104,490 3.5% 4,874 16,437 0 $13.11

Caldwell County 55 375,431 15,943 15,943 4.2% 10,216 0 0 $13.57

CBD 379 4,346,426 155,615 172,459 4.0% 35,578 55,000 0 $25.01

Cedar Park 315 6,676,942 491,179 507,638 7.6% 25,164 5,700 0 $17.44

Central 634 9,513,592 683,928 689,752 7.3% -31,920 0 0 $17.27

East 485 3,795,605 143,620 143,620 3.8% -15,395 0 74,100 $18.50

Far Northwest 213 4,205,102 317,709 322,709 7.7% 796 0 0 $16.64

North 409 6,384,863 337,873 340,623 5.3% 6,298 0 6,000 $15.58

Northeast 147 2,699,772 213,060 214,110 7.9% -22,592 0 9,014 $19.26

Northwest 255 4,533,006 333,340 339,665 7.5% -4,045 0 0 $20.57

Round Rock 559 7,478,479 564,899 565,925 7.6% -11,040 17,000 0 $18.00

South 1,038 12,890,926 375,037 388,406 3.0% 63,998 0 5,318 $18.51

Southeast 254 2,864,562 291,592 291,592 10.2% 5,187 0 0 $14.46

Southwest 376 7,714,109 473,926 489,789 6.3% 92,322 0 49,425 $22.00

West Central 217 1,403,123 101,264 101,264 7.2% -4,387 0 0 $26.89

Totals 5,641 77,853,550 4,603,228 4,687,985 6.0% 155,054 94,137 143,857 $18.20Source: CoStar Group, www.costar.com



- 79 -

Summary of Retail Market Indicators, Austin, Year-End 2011(Rent/Square Foot/Year)

Low High Effective Avg. Vacancy

Downtown $14.00 $41.00 $26.50 5.0%

Neighborhood Service Centers $10.00 $32.00 $18.25 16.8%

Subregional Centers $15.00 $36.00 $22.25 9.8%

Regional Malls N/A N/A N/A 5.0%Source: NAI REOC Austin

$26.50

$18.25

$22.25

N/A

5.0%

16.8%

9.8%

5.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

Downtown Neighborhood ServiceCenters

Subregional Centers Regional Malls

VacancyPr

ice

per S

quar

e Fo

ot

Austin Retail MarketYear-End 2011

Effective Average Rental Rate Vacancy

Source: NAI REOC Austin


- 80 -

Top Retail Centers by Gross Leaseable Area (GLA)Austin MSA

Mall Name City GLA Total Stores

Southpark Meadows I, II, III* Austin 1,600,000 115

Barton Creek Square Mall Austin 1,430,000 165

The Domain Shopping Center Austin 1,300,000 77

Lakeline Mall Cedar Park 1,100,000 141

Highland Mall Austin 1,090,000 146

Stone Hill Town Center Pflugerville 1,000,000 55

Whisper Valley Ranch Austin 1,000,000 N/A

La Frontera Village Round Rock 866,536 59

Prime Outlets at San Marcos San Marcos 748,000 130

Kyle Crossing Kyle 743,415 51*Indicates information from additional Austin Business Journal research not ESRI report.

**This list does not contain all Austin MSA retail centers but the top ten ranked by gross leasable area.

Source: Austin Business Journal, June 2011


- 81 -

HotelHotel* Occupancy and Rental Rates

2010 2011Austin-Round Rock-

San Marcos MSA TexasAustin-Round Rock-


Number of Rooms (in thousands) 28.7 387.4 29.7 396.6

Average Daily Rate** $99.76 $83.44 $104.86 $86.14

Occupancy Rate (in percent)*** 62.9 55.4 65.8 59.1*Only properties exceeding $25,000 in the current quarter are included; those units below $25,000 only result in 1.5 percent of the total state revenue, and have been excluded from the Source Strategies database.

**Estimated with the aid of financial reports, appraisers, private SSI surveys, chain and AAA directories and another reliable industry database.

***Occupancy: nights sold divided by nights available (x 100). Room-nights sold are calculated from estimated rate and actual rooms revenues.

Source: Office of the Governor—Economic Development and Tourism, and Source Strategies Inc. of San Antonio


- 82 -

OfficeSummary of Office Market Indicators, Austin, Year-End 2011

(Rent/Square Foot/Year)

Office Market Low HighEffective Avg. Rental Rate Vacancy

Downtown Office

New Construction (AAA) N/A N/A N/A N/A

Class-A $24.00 $46.00 $35.08 15.5%

Class-B $20.00 $34.00 $26.17 12.9%Suburban Office

New Construction (AAA) N/A N/A N/A N/A

Class-A $19.00 $33.00 $25.81 20.6%

Class-B $16.00 $28.00 $19.16 18.5%Source: NAI REOC Austin

$35.08

$25.81 $26.17

$19.16

15.5%

20.6%

12.9%

18.5%

0%

5%

10%

15%

20%

25%

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

$40.00

Class-A Downtown Class-A Suburban Class-B Downtown Class-B Suburban

VacancyPr

ice

per S

quar

e Fo

ot

Austin Office MarketYear-End 2011

Effective Average Rental Rate Vacancy



- 83 -

$29.77

$29.28

$27.64$27.63

$28.31

68%

70%

72%

74%

76%

78%

80%

82%

84%

86%

88%

$26.50

$27.00

$27.50

$28.00

$28.50

$29.00

$29.50

$30.00

2007 2008 2009 2010 4Q 2011

OccupancyR

enta

l Rat

es

Overall Office Rental Rates & Occupancy, Class-AAustin

Rental Rates Occupancy Source: Oxford Commercial

$25.98

$26.59

$25.43

$24.88$25.03

72%

74%

76%

78%

80%

82%

84%

86%

88%

$24.00

$24.50

$25.00

$25.50

$26.00

$26.50

$27.00

2007 2008 2009 2010 4Q 2011

OccupancyR

enta

l Rat

es

Overall Office Rental Rates & Occupancy, All ClassesAustin

Rental Rates Occupancy Source: Oxford Commercial


- 84 -

4,686,263

7,344,4638,376,109

7,811,4686,960,967

851,569

800,398

1,241,124

803,972

421,291

0

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

2007 2008 2009 2010 4Q 2011

Squa

re F

eet

Overall Office Vacancy, All Classes Austin

Direct Available Sublease Available Source: Oxford Commercial

2,202,535

638,811

75,509160,794

0

382,631 368,709

-41,634

240,934 172,301

-150,000

350,000

850,000

1,350,000

1,850,000

2,350,000

2007 2008 2009 2010 4Q 2011

Squa

re F

eet

Overall Office Construction Against Absorption, All ClassesAustin

Under Construction Office Absorption Source: Oxford Commercial


- 85 -

Aus

tin O

ffic

e M

arke

t – 4

th Q

uart

er 2

011

Tota

l mar

ket:

42,6

83,7

44 sq

uare

feet

.

FAR NORT

HWEST

Size 12,413,074 SF

Vacancy Ra

te 20.33

%

Rental Range $12

.00‐$ 30.86

NORT

HWEST

Size 3,949,603

SF

Vacancy Ra

te 16.74

%

Rental Range $12

.50 ‐ $

30.28

CENTR

AL

Size 998,679

SF

Vacancy Ra

te 17.80

%

Rental Range $17

.50 ‐ $

33.80

SOUTH

WEST

Size 8,130,816

SF

Vacancy Ra

te 11.85

%

Rental Range $9.00

‐ $35

.98

SOUTH

CEN

TRAL

Size 2,045,136

SF

Vacancy Ra

te 9.77%

Re

ntal Range $13

.00 ‐ $

26.52

ROUND RO

CK

Size 1,112,135

SF

Vacancy Ra

te 38.88

%

Rental Range $15

.94 ‐ $

26.41

NORT

H CE

NTR

AL

Size 2,485,635

SF

Vacancy Ra

te 19.43

%

Rental Range $10

.00 ‐ $

31.24

NORT

HEAS

T Size 1,994,845

SF

Vacancy Ra

te 22.72

%

Rental Range $9.50

‐ $18.79

CE

NTR

AL BUSINESS DISTRICT

Size 8,561,401

SF

Vacancy Ra

te 14.19

%

Rental Range $15

.00 ‐ $

49.19

SOUTH

EAST

Size 992,420

SF

Vacancy Ra

te 27.45

%

Rental Range $11

.53 ‐ $

22.00

Incl

uded

in th

e su

rvey

are

sing

le a

nd m

ulti-

tena

nt o

ffic

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flex

build

ings

ove

r 10,

000

SF.

NO

T in

clud

ed a

re o

wne

r occ

upie

d bu

ildin

gs, o

r go

vern

men

t and

med

ical

use

s. N

o w

arra

nty

or re

pres

enta

tion,

exp

ress

ed o

r im

plie

d, is

mad

e as

to th

e ac

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f the

info

rmat

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cont

aine

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rein

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011

- Oxf

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Com

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Sou

rce:

Oxf

ord

Com

mer

cial


- 86 -

Medical OfficeMedical Office Space SummaryCentral Texas, Year-End 2011

Total Market Size 6,306,071 SF

Vacancy Rate 10.8%

Under Construction (Non-hospital) 92,500

Base Rate NNN Expenses

Class-A $20–$26.00 $11–$13.50

Class-B $16–$20.00 $9–$11.00

Class-C $10–$15.00 $9–$11.00Source: Site Solutions Inc., http://austinsitesolutions.com/medical/medical-marketscope

http://austinsitesolutions.com/medical/medical-marketscope


- 87 -

Medical Office Space Historical VacancyCentral Texas

Year Historical Vacancy

2007 359,436

2008 563,899

2009 798,580

2010 729,928

2011 668,557Source: Site Solutions Inc. http://austinsitesolutions.com/medical/medical-marketscope

Medical Office Space Annual AbsorptionCentral Texas

Year Annual Absorption

2007 413,228

2008 495,499

2009 331,958

2010 149,259

2011 173,476Source: Site Solutions Inc. http://austinsitesolutions.com/medical/medical-marketscope

359,436

563,899

798,580

729,928

668,557

413,228

495,499

331,958

149,259173,476

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

2007 2008 2009 2010 2011

Historical Vacancy Annual Absorption

Squa

re F

eet

Medical Office Space Vacancy & Annual AbsorptionCentral Texas

Source: Site Solutions Inc.






- 88 -

Medical Office Space by Geographic AreaCentral Texas, Year-End 2011

Area SF Market

Buda/Kyle 116,632 2.0%

CBD 133,286 2.0%

Cedar Park 325,800 5.0%

Central 1,159,954 18.0%

East 388,280 6.0%

Far Northwest 444,646 7.0%

Georgetown 207,613 3.0%

North 773,327 12.0%

Northwest 291,041 5.0%

Round Rock 955,281 15.0%

San Marcos 202,335 3.0%

South 540,792 9.0%

Southeast 99,915 2.0%

Southwest 503,834 8.0%

West Central 68,051 1.0%

Other 95,284 2.0%Total 6,306,071 100%

Source: Site Solutions Inc., http://austinsitesolutions.com/medical/medical-marketscope

Medical Office SpaceCentral Texas Year-End 2011

County Physicians Hospitals Total Beds

Hays 194 1 112

Travis 2,929 10 1,666

Williamson 607 4 417Source: Site Solutions Inc. http://austinsitesolutions.com/medical/medical-marketscope





- 89 -

Buda/Kyle2%

CBD2%

Cedar Park5%

Central18%

East6%

Far Northwest7%

Georgetown3%

North 12%

Northwest5%

Round Rock15% San Marcos

3%South

9%

Southeast2%

Southwest8%

West Central1%

Other2%

Medical Office Space by Geographic Area Central Texas Year-End 2011 SF

Source: Site Solutions Inc.


- 90 -

IndustrialIndustrial Geographical Sector & Building Use, Austin Area

Year-End 2011

Submarket

Distribution Warehouse Flex/R&DTotal RBA

(SF)Current Vacancy

Under Constr.

Total RBA (SF)

Current Vacancy

Under Constr.

Round Rock 2,292,668 16.2% 0 875,007 19.9% 0

North 9,611,407 17.9% 0 5,362,576 16.4% 0

Northeast 4,456,156 25.0% 0 2,437,698 18.8% 0

East 1,278,858 10.3% 0 0 0.0% 0

Southeast 4,931,238 20.2% 0 4,124,127 16.5% 0

South 1,751,315 6.8% 0 131,848 1.1% 0 Total 24,321,642 18.3% 0 12,931,256 17.0% 0 *Statistics are based on the survey of industrial buildings in all major industrial parks and developments, as well as other Austin area industrial buildings 20,000 sf or larger. These figures do not include owner-occupied buildings.


Round Rock9%

North40%Northeast

19%

East3%

Southeast24%

South5%

Industrial Market Size, Austin Area Year-End 2011



- 91 -

Annual Industrial Absorption*Austin Area

Submarket2011

Flex/R&D Distribution Warehouse Total

Round Rock 225,427 -42,178 183,249

North 170,186 49,946 220,132

Northeast 94,291 29,772 124,063

East 0 114,216 114,216

Southeast 348,164 101,749 449,913

South 4,257 4,328 8,585Total 842,325 257,833 1,100,158*Statistics are based on the survey of industrial buildings in all major industrial parks and developments, as well as other Austin area industrial buildings 20,000 sf or larger. These figures do not include owner- occupied buildings.


Average Industrial Rental Rates Per Square Foot*Austin Area

2010 2011Annual Monthly Annual Monthly

Flex/R&D $6.00–$10.20 $0.50–$0.85 $7.80–$11.40 $0.65–$0.95

Bulk Warehouse $3.60–$5.40 $0.30–$0.45 $3.96–$5.76 $0.33–$0.48

Office Warehouse $4.56–$6.60 $0.38–$0.55 $4.56–$6.60 $0.38–$0.55

Manufacturing/Warehouse $4.80–$7.20 $0.40–$0.60 $4.80–$7.20 $0.40–$0.60*Based on direct lease rates. Rates quoted on a triple net basis.



- 92 -

Industrial Trends Report by Submarket, AustinFourth Quarter 2011

Submarket

Net Absorption Asking Rent

Total SF Vacant SFTotal

Vacancy CurrentYear-to-

DateSF Under Constr.

Warehouse/Distribution

R&D/Flex

CBD 157,354 3,700 2.4% - - - - -

Cedar Park 1,620,535 280,693 17.3% 65,831 81,309 - $7.80 $11.23

Central 2,620,101 133,821 5.1% -11,098 19,871 - $6.21 $9.27

East 6,381,313 1,166,169 18.3% 41,121 118,545 - $5.44 $8.08

Far Northeast 2,555,262 537,302 21.0% 50,995 -2,167 - $5.45 $7.48

Far Northwest 2,065,570 44,100 2.1% 4,023 -21,260 - $8.53 $11.00

Georgetown 2,827,160 398,483 14.1% - -29,312 - $3.98 $10.23

North 17,338,625 1,815,040 10.5% 139,151 520,861 - $5.53 $9.75

Northeast 11,213,673 2,138,330 19.1% -31,100 -57,107 - $6.00 $7.72

Northwest 4,739,689 245,498 5.2% 80,507 59,816 - $4.99 $10.90

Round Rock 4,061,594 495,656 12.2% 20,333 120,753 - $7.69 $7.25

South 4,264,665 166,332 3.9% 281,468 333,129 - $4.16 $15.02

Southeast 13,970,707 2,150,852 15.4% 98,551 428,007 72,000 $5.36 $9.58

Southwest 3,193,986 44,048 1.4% 4,500 8,356 - $10.20 $12.00

West Central 100,512 - - - - - - - Total 77,110,746 9,620,024 12.5% 744,282 1,580,801 72,000 $5.57 $9.43 *Grubb & Ellis statistics are audited annually and may result in revisions to previously reported quarterly and final year-end figures.

Source: Grubb & Ellis–Austin

Industrial Trends Report by Property Type, AustinFourth Quarter 2011

Submarket

Net Absorption

Total SF Vacant SFTotal

Vacancy Current Year-to-DateSF Under Constr.

Asking Rent

General Industrial 22,660,341 1,133,520 5.0% -28,293 84,035 - $5.74

R&D/Flex 23,184,256 4,410,810 19.0% 214,395 420,285 72,000 $9.43

Warehouse/Distribution 31,266,149 4,075,694 13.0% 558,180 1,076,481 - $5.57 Total 77,110,746 9,620,024 12.5% 744,282 1,580,801 72,000 $7.04 *Grubb & Ellis statistics are audited annually and may result in revisions to previously reported quarterly and final year-end figures.

Source: Grubb & Ellis–Austin


- 93 -

Development Land

$350,000

$90,000 $60,000 $40,000

$190,000

$20,000

$1,200,000

$400,000

$150,000$200,000

$600,000

$100,000

$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

Office in CBD Land in OfficeParks

Land in IndustrialParks

Office/IndustrialLand, Non-Park

Retail/CommercialLand

Residential

Pric

e pe

r Acr

e

Austin Development Land2011

Low High Source: NAI REOC Austin

Austin Development Land

Development Land2010 2011

Low High Low High

Office in CBD $522,720 $1,089,000 $350,000 $1,200,000

Land in Office Parks $150,000 $325,000 $90,000 $400,000

Land in Industrial Parks $60,000 $150,000 $60,000 $150,000

Office/Industrial Land, Non-Park $75,000 $218,000 $40,000 $200,000

Retail/Commercial Land $175,000 $523,000 $190,000 $600,000

Residential $10,000 $40,000 $20,000 $100,000 Source: NAI REOC Austin

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REPORT COMPILED BY:

Edith Craig Administrative CoordinatorKory Merten Market Research Assistant/Design AssistantKatie Barker Market Research Assistant/Design AssistantTaylor Fitzner Market Research Assistant/Design AssistantCody Price Market Research Assistant/Design Assistant

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