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Chicago • Cincinnati • Cleveland • Columbus • Detroit • Indianapolis Kansas City • Milwaukee • Minneapolis • Omaha • St. Louis • Toledo
Midwest Region
98Investment TrendsQuarterly
Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute.
MidwestRegionTransactionBreakdown
Regional Transaction Price Breakdown/TiersMidwest Transaction Breakdown (4/1/07 - 3/31/08)
Office Industrial Retail Apartment Hotel< $2 MillionVolume (Mil) $386 $757 $786 $361 $43
Size Weighted Avg. ($ per sf/unit) $75 $39 $76 $34,951 $20,612
Price Weighted Avg. ($ per sf/unit) $99 $56 $116 $44,074 $23,973
Median ($ per sf/unit) $75 $42 $74 $36,100 $21,734
$2 - $5 MillionVolume (Mil) $643 $1,238 $1,288 $554 $309
Size Weighted Avg. ($ per sf/unit) $93 $46 $113 $40,207 $35,093
Price Weighted Avg. ($ per sf/unit) $149 $71 $214 $59,547 $39,667
Median ($ per sf/unit) $115 $55 $180 $46,528 $37,006
> $5 MillionVolume (Mil) $15,246 $5,760 $7,185 $6,083 $5,739
Size Weighted Avg. ($ per sf/unit) $153 $58 $175 $75,448 $146,757
Price Weighted Avg. ($ per sf/unit) $201 $84 $324 $115,594 $448,736
Median ($ per sf/unit) $133 $60 $159 $66,967 $104,008
All TransactionsVolume (Mil) $16,274 $7,755 $9,258 $6,998 $6,092
Size Weighted Avg. ($ per sf/unit) $146 $53 $147 $66,812 $121,770
Price Weighted Avg. ($ per sf/unit) $196 $79 $291 $107,461 $424,935
Median ($ per sf/unit) $106 $49 $106 $46,267 $72,871
Capitalization Rates (All Transactions)Range (%) 4.3 - 9.6 5.4 - 11.7 5.0 - 11.0 4.5 - 10.0 6.8 - 12.0
Weighted Avg. (%) 6.6 7.7 6.3 6.5 8.2
Median (%) 7.5 8.1 7.0 7.2 9.5 Source: RERC.
nCCIM Institutedesigneesandcandidates rated theeco-nomicperformanceintheMidwestregionat5.6onascaleof 1 to 10, with 10 being high, for first quarter 2008. This wasthelowestratingofthefourregions,butwashigherthantheratinggiventothenationasawhole.
nThe size- and price-weighted average prices per square footorunitofspaceintheMidwestregionalcommercialrealestatemarketwerewellbelowthosesameaveragesfor the nation during first quarter 2008, except for several ofthehigher-volumeaveragesintheretailsector.Inad-
dition, the weighted average capitalization rates for each property sector in the Midwest region, with the exception oftheretailsector,werehigherthanthenationalaverag-es.
nIn contrast to trends where slow consumer spending isnegatively affecting retail property fundamentals, retailspace showed the most improvement among the majorproperty sectors in the Midwest region during first quarter 2008.
“Small industrial prop-erties on the edge of
residential development offer good investment
opportunities.”-Chicago
“It looks like apart-ments are starting to fill up because of the
mortgage crisis.”– Milwaukee
“Small retail centers that cater to ‘mom and
pop’ shops should be avoided at all costs.”
- Chicago
“Office is overbuilt.” – Columbus
OfficePropertySector
99Investment TrendsQuarterly
Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute.
$50
$150
$250
$350
$450
$550MidwestU.S. TotalPrice-Weighted Average PPSF
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St. Lou
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Omaha
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RERC Price-Weighted Avg. PPSF - 1Q 2008
5.5%
6.0%
6.5%
7.0%
7.5%
8.0%
8.5%
9.0%Midwest
U.S. Total
Avg. Capitalization Rate
Minnea
polis
Milwau
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Kansa
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Clevela
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RERC Weighted Avg. Cap Rate - 1Q 2008
Midwest Office Transactions (4/1/07 - 3/31/08)Volume
(millions)Size-weighted Average ($/sf)
Price-weighted Average ($/sf)
Median($/sf)
Average Cap Rate (%)
Chicago $8,058 $202 $250 $150 6.1
Cincinnati $122 $97 $118 $85 –
Cleveland $756 $106 $116 $84 8.0
Columbus $370 $104 $134 $111 –
Detroit $616 $84 $120 $105 –
Indianapolis $283 $99 $108 $97 –
Kansas City $771 $147 $169 $120 7.1
Milwaukee $413 $116 $144 $87 7.4
Minneapolis $2,042 $124 $139 $127 6.8
Omaha $190 $87 $126 $84 –
St. Louis $1,448 $131 $156 $124 –
Toledo $118 $67 $108 $74 –
Midwest Total $16,274 $146 $196 $106 6.6
U.S. Total $165,414 $240 $396 $152 5.6 Source: RERC.
$50
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$250
$300MidwestU.S. TotalSize-Weighted Average PPSF
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Omaha
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RERC Size-Weighted Avg. PPSF - 1Q 2008
nSurvey respondents had mixed opinions about the Mid-west region’s office market. Several respondents stated thatthesectorisamongtheworstforinvestmentopportu-nitiesduetoover-supply,whileothersstatedthatitofferedgood opportunities (specifically medical offices).
nOffice transaction volume declined during first quarter 2008. Although size- and price-weighted average prices in the less than $2 million and $2 to $5 billion volume cat-egoriesincreased,averagepricesinthegreaterthan$5millionvolumecategorydeclined.
Midwest
100Investment TrendsQuarterly
Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute.
IndustrialPropertySector
$0
$25
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$100
$125
$150 MidwestU.S. TotalPrice-Weighted Average PPSF
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RERC Price-Weighted Avg. PPSF - 1Q 2008
6%
7%
8%
9%
10% MidwestU.S. TotalAvg. Capitalization Rate
Minnea
polis
Detroit
Clevela
nd
Chicag
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RERC Weighted Avg. Cap Rate - 1Q 2008
Midwest Industrial Transactions (4/1/07 - 3/31/08)Volume
(millions)Size-weighted Average ($/sf)
Price-weighted Average ($/sf)
Median($/sf)
Average Cap Rate (%)
Chicago $2,859 $60 $86 $63 7.2
Cincinnati $404 $47 $58 $45 7.7
Cleveland $443 $49 $69 $42 7.2
Columbus $266 $37 $45 $41 –
Detroit $520 $63 $92 $51 8.2
Indianapolis $94 $39 $47 $42 –
Kansas City $298 $69 $115 $54 –
Milwaukee $285 $40 $58 $47 –
Minneapolis $542 $60 $86 $58 –
Omaha $64 $45 $70 $49 –
St. Louis $488 $52 $71 $54 –
Toledo $13 $36 $45 $32 –
Midwest Total $7,755 $53 $79 $49 7.7
U.S. Total $51,426 $74 $126 $75 6.7 Source: RERC.
$0
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U.S. TotalSize-Weighted Average PPSF
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RERC Size-Weighted Avg. PPSF - 1Q 2008
nManysurveyrespondentsstatedthattheMidwestregion’sindustrial sector (along with the apartment sector) showed the greatest opportunity for investment during the next yearduetotheamountofestablishedinfrastructuretypi-callyinplaceandstablerentincome.
nThe industrial sector saw small increases in both size- and price-weighted average prices per square foot during first quarter 2008. The weighted average capitalization rate in-creased 30 basis points from fourth quarter 2007.
Midwest
101Investment TrendsQuarterly
Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute.
RetailPropertySector
$50
$100
$150
$200
$250
$300
$350 MidwestU.S. TotalPrice-Weighted Average PPSF
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Omaha
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RERC Price-Weighted Avg. PPSF - 1Q 2008
5.0%
5.5%
6.0%
6.5%
7.0%
7.5%
8.0%MidwestU.S. Total
Avg. Capitalization Rate
Minnea
polis
Milwau
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Kansa
s City
Detroit
Columbu
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Clevela
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RERC Weighted Avg. Cap Rate - 1Q 2008
Midwest Retail Transactions (4/1/07 - 3/31/08)Volume
(millions)Size-weighted Average ($/sf)
Price-weighted Average ($/sf)
Median($/sf)
Average Cap Rate (%)
Chicago $4,271 $218 $418 $163 5.7
Cincinnati $227 $114 $154 $106 6.7
Cleveland $276 $104 $135 $81 –
Columbus $316 $120 $158 $103 –
Detroit $341 $138 $174 $112 7.7
Indianapolis $69 $82 $128 $85 –
Kansas City $436 $133 $180 $97 –
Milwaukee $211 $117 $185 $82 7.0
Minneapolis $393 $112 $172 $88 7.0
Omaha $65 $88 $202 $111 –
St. Louis $990 $182 $206 $111 –
Toledo $24 $81 $126 $81 –
Midwest Total $9,258 $147 $291 $106 6.3
U.S. Total $59,915 $159 $282 $135 6.4 Source: RERC.
$50
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RERC Size-Weighted Avg. PPSF - 1Q 2008
nThe majority of survey respondents from the Midwest region statedthattheretailsectorofferstheleastfavorableinvest-ment conditions over the next year due to the weakening economy, national uncertainty prior to elections, and smallbusinesses with marginal profits being forced to shut their doors.
nDespite the adverse outlook highlighted by survey respon-dents,theMidwestregion’sretailsectorperformedcompara-tively well during first quarter 2008. The weighted average and median capitalization rates remained steady, while both size- and price-weighted average prices per square foot in-creased from the previous quarter. Notably, the Midwest re-gion’s price-weighted average price per square foot of retail spacecreptabovethenationalaverage.
Midwest
102Investment TrendsQuarterly
Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute.
ApartmentPropertySector
$0
$50,000
$100,000
$150,000
$200,000
$250,000MidwestU.S. TotalPrice-Weighted Average PPU
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RERC Price-Weighted Avg. PPU - 1Q 2008
4.0%
4.5%
5.0%
5.5%
6.0%
6.5%
7.0%
7.5%
8.0%MidwestU.S. TotalAvg. Capitalization Rate
Minnea
polis
Kansa
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Detroit
Columbu
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Clevela
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Chicag
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RERC Weighted Avg. Cap Rate - 1Q 2008
Midwest Apartment Transactions (4/1/07 - 3/31/08)Volume
(millions)Size-weighted
Average ($/unit)Price-weighted Average ($/unit)
Median($/sf)
Average Cap Rate (%)
Chicago $2,383 $116,363 $179,017 $71,181 5.7
Cincinnati $258 $42,551 $53,140 $29,130 –
Cleveland $253 $47,120 $61,001 $38,307 6.8
Columbus $637 $50,169 $59,425 $41,000 6.8
Detroit $460 $51,494 $64,333 $42,639 7.1
Indianapolis $306 $61,873 $73,657 $71,725 6.4
Kansas City $273 $55,803 $67,091 $37,781 7.0
Milwaukee $195 $78,027 $107,818 $52,544 –
Minneapolis $362 $76,909 $87,959 $65,708 6.6
Omaha $197 $69,386 $78,502 $45,619 –
St. Louis $179 $50,666 $60,830 $37,042 –
Toledo $96 $58,687 $69,539 $41,735 –
Midwest Total $6,998 $66,812 $107,461 $46,267 6.5
U.S. Total $78,236 $99,431 $169,129 $83,333 5.8 Source: RERC.
$0
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$50,000
$75,000
$100,000
$125,000
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RERC Size-Weighted Avg. PPU - 1Q 2008
nThe majority of survey respondents from the Midwest region believe the apartment sector shows the greatestinvestment opportunity for the next year, primarily due to theever-presentneed forhousing (andespeciallywhenforeclosures are high) and the reduced availability of loans atornear100-percentloan-to-valueratios.
nThe volume of apartment sales in the Midwest region de-clined by about 30 percent during first quarter 2008 from the previous quarter. In addition, both the size- and price-weightedaveragepricesperapartmentunitdeclineddur-ing first quarter.
Midwest
103Investment TrendsQuarterly
Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute.
HotelPropertySector
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
MidwestU.S. TotalPrice-Weighted Average PPU
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RERC Price-Weighted Avg. PPU - 1Q 2008
Midwest Hotel Transactions (4/1/07 - 3/31/08)Volume
(millions)Size-weighted
Average ($/unit)Price-weighted Average ($/unit)
Median($/sf)
Average Cap Rate (%)
Chicago $2,848 $229,137 $760,034 $107,085 7.2
Cincinnati $347 $108,924 $146,091 $103,065 –
Cleveland $423 $107,911 $162,764 $82,561 –
Columbus $268 $74,555 $103,589 $61,667 –
Detroit $299 $81,935 $96,137 $76,982 –
Indianapolis $164 $99,018 $139,583 $81,266 7.4
Kansas City $301 $91,549 $118,652 $84,802 –
Milwaukee $129 $88,988 $97,430 $80,667 –
Minneapolis $194 $99,325 $160,362 $63,263 –
Omaha – – – – –
St. Louis $301 $90,493 $113,464 $72,059 9.4
Toledo $40 $49,177 $53,475 $49,176 –
Midwest Total $6,092 $121,770 $424,935 $72,871 8.2
U.S. Total $59,238 $171,778 $489,300 $103,488 7.9 Source: RERC.
$0
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Size-Weighted Average PPU
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RERC Size-Weighted Avg. PPU - 1Q 2008
nBoth size- and price-weighted average prices per hotel unit in the Midwest region increased during first quar-ter 2008 when compared to the previous quarter in the more $5 million transaction price category. The weight-ed average capitalization rate declined 70 basis points from the previous quarter.
nThe Midwest hotel transaction volume increased by about a third during first quarter 2008.
Midwest
Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute.Investment TrendsQuarterly
MidwestMarketSnapshot
104
Midwest Region Space MarketOffice - 1Q-2008
Inventory SF (000s) Vacancy Rate (%) Net Absorption SF (000s) Asking Rents ($/SF)
Chicago 219,952 15.0 272 $18.68 Net
Cincinnati 33,997 17.1 320 $14.61 Gross
Cleveland 37,253 16.0 188 $16.12 Gross
Columbus 30,245 16.0 -110 $11.46 Net
Detroit 71,558 21.6 -611 $19.23 Gross
Indianapolis 31,154 16.5 -227 $17.62 Gross
Kansas City 47,405 13.5 715 $17.43 Gross
Minneapolis 63,894 15.2 -269 $13.58 Net
St. Louis 39,522 14.2 482 $18.71 Gross
Toledo 15,181 16.3 53 $11.02 Net
Industrial - 1Q-2008
Inventory SF (000s) Availability Rate (%) Net Absorption SF (000s) Asking Rents ($/SF)
Chicago 1,037,634 10.9 -1,066 $5.31 Net
Cincinnati 281,630 7.6 1,269 $4.08 Net
Cleveland 302,870 9.4 -902 $4.12 Net
Columbus 243,541 13.5 -67 $3.61 Net
Detroit 477,733 17.3 -2,936 $5.14 Net
Indianapolis 267,315 10.6 -277 $4.38 Gross
Kansas City 232,598 7.8 799 $4.16 Gross
Minneapolis 320,130 8.5 302 $6.09 Net
St. Louis 267,256 10.5 -157 $4.43 Net
Retail - 1Q-2008Inventory SF (000s) Availability Rate (%) Net Absorption SF (000s) TWR Rent Index ($/SF)
Chicago 94,397 13.0 -467 $22.00
Cincinnati 21,302 14.6 128 $11.66
Cleveland 14,687 15.3 29 $18.57
Columbus 18,247 15.7 -134 $13.15
Detroit 31,710 15.4 -238 $19.34
Indianapolis 20,550 16.6 -257 $17.83
Kansas City 27,092 12.8 29 $17.98
Minneapolis 26,993 6.3 54 $21.02
St. Louis 33,211 12.7 -166 $22.20
Space Market Data has been provided courtesy of Torto Wheaton Research. Analysis within this report is solely compiled and produced by the Real Estate Research Corporation, and in no way reflects the interpretations, opinions, or conclusions of Torto Wheaton Research.
Trusted Advice. Proven Performance.
RERC extends its appreciation to CBRE/Torto Wheaton Research, whichcontributed all of the space market information on this page.
CBRE/Torto Wheaton Research is a full-service researchand investmentadvisory firm, specializing in com-mercialrealestatemarkets.
With over 20 years of experience, our industry leading research, mar-ket expertise, and strategic partner-shipsprovideclientswithtacticalad-viceandstrategicdirectiontoidentifymarket opportunities that enhanceperformanceandmanagerisk.
CBRE/TWR is internationally rec-ognized for our solid foundation in economics,accurate forecasts,ana-lytical expertise, and providing clients withunparalleled insight intothedy-namicsoftherealestatemarketthatimpactperformance.
William WheatonPh.D., Principal
Jon SouthardPrincipal
James CostelloPrincipal
Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute.Investment TrendsQuarterly
105
Demographics & Economics
Population Unemployment Rate (March 2008)
Chicago MSA 9.7 million Chicago2 5.6%
Chicago Growth1 1.03% Illinois2 5.7%
National Growth1 1.30% National2 5.2%
Household Income & Value
Per Capita Income $31,498 2007 Households 3.5 million
1-year Job Growth 0.90% Household Growth 0.99%
1-year Job Additions 40,300 Median Home Price $252,751
Major Employers
Deloitte
Exelon Corp.
University of Chicago
Northern Trust Bank FSB
CNA Financial Corp.Sources: Bureau of Labor Statistics, NAR, STDB Online.“Home Price Analysis Report for Chicago Region – 2007” ©2007 NATIONAL ASSOCIATION OF REALTORS®. Used with permission. Reproduction, reprinting, or retransmission of this document in any form (electronic media included) is prohibited without written permission. 1Projected annual growth over 5 years (2007-2012). 2Rates are non-seasonally adjusted.
Noteworthy Transactions
Sale Date Sale Price Sq. Ft./Units PPSF/PPU
Office
UBS Tower 2-08 $540,000,000 1,250,000 $432
SBC 1-08 $276,000,000 800,000 $345
Industrial
O’Hare Logistics Center 1-08 $22,200,000 188,160 $118
222-230 Sivert Court 2-08 $13,100,000 187,200 $70
Retail
Westfield North Bridge 1-08 $515,000,000 680,933 $756
730 N. Michigan Ave. 1-08 $350,000,000 217,000 $1,613
Apartment
Belmont House 1-08 $56,000,000 269 $208,178
Park Evanston 1-08 $100,000,000 283 $353,357
Hotel
James Hotel 1-08 $124,866,667 297 $420,426
Marriot Medical District 2-08 $25,043,093 113 $221,620Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report.
Market Construction/Redevelopment Activity
Property Type
New(N)/Refurbished(R)
Total Sq. Ft./Units
Estimated Delivery
IKEA Distribution Center Industrial N 650,000 2009
208 S. LaSalle Hotel R 610 2010
Jewish FederationBuilding Hotel N 241 Fall 2008
155 N. Wacker Drive Office N 1,100,000 2009
Sunrise of Lombard Multifamily N 140 2009Sources: CBRE, RE Business.
Chi
ca
go Metro Trend Analysis Last
QuarterPrevious
Year
Office
Size-Weighted Average PPSF
Weighted Average Cap Rate
Industrial
Size-Weighted Average PPSF
Weighted Average Cap Rate
Retail
Size-Weighted Average PPSF
Weighted Average Cap Rate
Apartment
Size-Weighted Average PPU
Weighted Average Cap Rate
Hotel
Size-Weighted Average PPU
Weighted Average Cap Rate
Metro Cap Rate Comparison* Current Quarter
Office
vs. Midwest Region
vs. Nation
Industrial
vs. Midwest Region
vs. Nation
Retail
vs. Midwest Region
vs. Nation
Apartment
vs. Midwest Region
vs. Nation
Hotel
vs. Midwest Region
vs. Nation
*Comparison of current quarter weighted average capitalization rates.Source: RERC.
Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute.Investment TrendsQuarterly
106
Chicago Transaction Breakdown (4/1/07 - 3/31/08)Office Industrial Retail Apartment Hotel
< $5 MillionVolume (Mil) $224 $629 $557 $260 $42
Size Weighted Avg. ($ per sf/unit) $114 $53 $135 $66,192 $32,168
Price Weighted Avg. ($ per sf/unit) $175 $75 $225 $80,162 $37,065
Median ($ per sf/unit) $121 $63 $142 $65,401 $31,563
> $5 MillionVolume (Mil) $7,834 $2,230 $3,715 $2,123 $2,806
Size Weighted Avg. ($ per sf/unit) $206 $62 $239 $128,272 $252,046
Price Weighted Avg. ($ per sf/unit) $252 $89 $447 $191,127 $770,766
Median ($ per sf/unit) $165 $63 $191 $102,834 $109,233
All TransactionsVolume (Mil) $8,058 $2,859 $4,271 $2,383 $2,848
Size Weighted Avg. ($ per sf/unit) $202 $60 $218 $116,363 $229,137
Price Weighted Avg. ($ per sf/unit) $250 $86 $418 $179,017 $760,034
Median ($ per sf/unit) $150 $63 $163 $71,181 $107,085
Capitalization Rates (All Transactions)Weighted Average (%) 6.1 7.2 5.7 5.7 7.2
Median (%) 6.7 7.2 6.9 5.8 8.2 Source: RERC.
Chicago
Historical Median Price per Square Foot (12 month trailing) – OFFICE
Historical Median Price per Square Foot (12 month trailing) – INDUSTRIAL
HistoricalMedianPriceperUnit (12 month trailing) – APARTMENT
Historical Median Price per Square Foot (12 month trailing) – RETAIL
Please note that in order to more accurate-ly reflect 12-month trailing average trends, scales are unique to each chart and for each property type and do not carry over from one chart to another.
Footnotes:1The property at 1 North Wacker sold for $432/sf and that at 225 W. Randolph St. sold for $345/sf, raising the average and median prices.2This sharp increase is due in part to the sale of the apartment building at 345 E. Ohio St., which sold for $440,748/unit.
1
2
Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute.Investment TrendsQuarterly
107
Demographics & Economics
Population Unemployment Rate (March 2008)
Cincinnati MSA 2.1 million Cincinnati2 5.2%
Cincinnati Growth1 0.84% Ohio2 6.1%
National Growth1 1.30% National2 5.2%
Household Income & Value
Per Capita Income $29,902 2007 Households 833,000
1-year Job Growth 0.10% Household Growth 0.92%
1-year Job Additions 1,500 Median Home Price $149,375
Major Employers
Procter & Gamble Co.
University of Cincinnati
GE Aviation
Valentine Research Inc.
RJS Sales & MarketingSources: Bureau of Labor Statistics, NAR, STDB Online.“Home Price Analysis Report for Cincinnati Region – 2007” ©2007 NATIONAL ASSOCIA-TION OF REALTORS®. Used with permission. Reproduction, reprinting, or retransmission of this document in any form (electronic media included) is prohibited without written permission. 1Projected annual growth over 5 years (2007-2012). 2Rates are non-seasonally adjusted.
Noteworthy Transactions
Sale Date Sale Price Sq. Ft./Units PPSF/PPU
Office
Ridgewood Corporate Center 1-08 $13,000,000 196,055 $66
Liberty Falls Medical Plaza 3-08 $8,100,000 44,000 $184
Industrial
8752 Jacquemin Drive 1-08 $15,300,000 394,480 $39
401 Fujitec Drive 3-08 $16,000,000 225,000 $71
Retail
Dillards at W. Towne Center 2-08 $9,100,000 178,400 $51
Houston Lakes 1-08 $5,400,000 73,145 $74
Apartment
Charleston at Blue Ash 1-08 $23,000,000 242 $95,041
Hawk’s Landing 2-08 $12,900,000 122 $105,738
Hotel
4501 Eastgate Blvd. 2-08 $3,250,000 237 $13,713Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report.
Market Construction/Redevelopment Activity
Property Type
New(N)/Refurbished(R)
Total Sq.Ft./Units
Estimated Delivery
540 MW Lima Energy Industrial N 75,000 Late 2008
Queen City Square Tower Office N 825,000 2011
ProLogis Park 275 Industrial N 415,000 Summer2008
The Banks Mixed Use N
300,000 Office
201070,000 Retail
400-unit Mult.Sources: CBRE, RE Business.
Cin
cin
nati Metro Trend Analysis Last
QuarterPrevious
Year
Office
Size-Weighted Average PPSF
Industrial
Size-Weighted Average PPSF
Weighted Average Cap Rate –
Retail
Size-Weighted Average PPSF
Weighted Average Cap Rate =
Apartment
Size-Weighted Average PPU
Hotel
Size-Weighted Average PPU –
Metro Cap Rate Comparison* Current Quarter
Industrial
vs. Midwest Region =
vs. Nation
Retail
vs. Midwest Region
vs. Nation
*Comparison of current quarter weighted average capitalization rates.Source: RERC.
Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute.Investment TrendsQuarterly
108
Cincinnati Transaction Breakdown (4/1/07 - 3/31/08)Office Industrial Retail Apartment Hotel
< $5 MillionVolume (Mil) $31 $91 $54 $63 –
Size Weighted Avg. ($ per sf/unit) $79 $38 $99 $25,883 –
Price Weighted Avg. ($ per sf/unit) $115 $49 $176 $29,793 –
Median ($ per sf/unit) $78 $41 $80 $26,563 –
> $5 MillionVolume (Mil) $91 $313 $174 $194 $337
Size Weighted Avg. ($ per sf/unit) $105 $50 $120 $53,876 $126,781
Price Weighted Avg. ($ per sf/unit) $119 $60 $147 $60,760 $149,708
Median ($ per sf/unit) $120 $56 $143 $54,741 $103,112
All TransactionsVolume (Mil) $122 $404 $227 $258 $347
Size Weighted Avg. ($ per sf/unit) $97 $47 $114 $42,551 $108,924
Price Weighted Avg. ($ per sf/unit) $118 $58 $154 $53,140 $146,091
Median ($ per sf/unit) $85 $45 $106 $29,130 $103,065
Capitalization Rates (All Transactions)Weighted Average (%) – 7.7 6.7 – –
Median (%) – 7.8 6.7 – –Source: RERC.
Cincinnati
Historical Median Price per Square Foot (12 month trailing) – OFFICE
Historical Median Price per Square Foot (12 month trailing) – INDUSTRIAL
HistoricalMedianPriceperUnit (12 month trailing) – APARTMENT
Historical Median Price per Square Foot (12 month trailing) – RETAIL
Please note that in order to more accu-rately reflect 12-month trailing average trends, scales are unique to each chart and for each property type and do not carry over from one chart to another.
Footnotes:1One retail property sold for $303/sf, well above the median price of $106.
1
Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute.Investment TrendsQuarterly
109
Demographics & Economics
Population Unemployment Rate (March 2008)
Cleveland MSA 2.2 million Cleveland2 6.3%
Cleveland Growth1 0.05% Ohio2 6.1%
National Growth1 1.30% National2 5.2%
Household Income & Value
Per Capita Income $28,763 2007 Households 866,000
1-year Job Growth – Household Growth 0.15%
1-year Job Additions – Median Home Price $147,596
Major Employers
Cleveland Clinic Foundation
University Hospital of Cleveland
Key Bank
Progressive Corp.
Money Mart Facsimile ExpressSources: Bureau of Labor Statistics, NAR, STDB Online.1Projected annual growth over 5 years (2007-2012). 2Rates are non-seasonally adjusted.
Noteworthy Transactions
Sale Date Sale Price Sq. Ft./Units PPSF/PPU
Office
North Point Tower 2-08 $114,100,000 1,000,000 $114
55 Public Square 1-08 $45,000,000 425,000 $106
Retail
Madison Square 1-08 $5,800,000 124,167 $47
CVS 3-08 $7,400,000 47,738 $155
Apartment
Richmond Park 1-08 $25,620,000 736 $34,810
Hillwood II 2-08 $17,800,000 240 $74,167
Hotel
Embassy Suites 2-08 $47,869,983 216 $221,620Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report.
Cle
vela
ndMetro Trend Analysis Last
QuarterPrevious
Year
Office
Size-Weighted Average PPSF
Weighted Average Cap Rate =
Industrial
Size-Weighted Average PPSF
Weighted Average Cap Rate = =
Retail
Size-Weighted Average PPSF
Apartment
Size-Weighted Average PPU
Weighted Average Cap Rate
Hotel
Size-Weighted Average PPU
Metro Cap Rate Comparison* Current Quarter
Office
vs. Midwest Region
vs. Nation
Industrial
vs. Midwest Region
vs. Nation
Apartment
vs. Midwest Region
vs. Nation
*Comparison of current quarter weighted average capitalization rates.Source: RERC.
Market Construction/Redevelopment Activity
Property Type
New(N)/Refurbished(R)
Total Sq. Ft./Units
Estimated Delivery
Estancia Executive Center Phase III Office N 90,000 2009
The Plaza atSouthPark Retail N 300,000 N/A
The Sun Life Bldg. Industrial N 583,000 N/A
Bridgeview Commons Retail N 558,000 N/A
Avon Crossing Retail N 270,000 N/ASources: CBRE, RE Business.
Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute.Investment TrendsQuarterly
110
Cleveland Transaction Breakdown (4/1/07 - 3/31/08)Office Industrial Retail Apartment Hotel
< $5 MillionVolume (Mil) $91 $155 $112 $58 –
Size Weighted Avg. ($ per sf/unit) $66 $37 $84 $37,587 –
Price Weighted Avg. ($ per sf/unit) $97 $50 $135 $43,934 –
Median ($ per sf/unit) $69 $39 $72 $35,714 –
> $5 MillionVolume (Mil) $665 $288 $164 $195 $421
Size Weighted Avg. ($ per sf/unit) $116 $60 $125 $50,967 $109,832
Price Weighted Avg. ($ per sf/unit) $119 $80 $136 $66,080 $163,552
Median ($ per sf/unit) $120 $62 $128 $43,518 $86,026
All TransactionsVolume (Mil) $756 $443 $276 $253 $423
Size Weighted Avg. ($ per sf/unit) $106 $49 $104 $47,120 $107,911
Price Weighted Avg. ($ per sf/unit) $116 $69 $135 $61,001 $162,764
Median ($ per sf/unit) $84 $42 $81 $38,307 $82,561
Capitalization Rates (All Transactions)Weighted Average (%) 8.0 7.2 – 6.8 –
Median (%) 8.3 7.4 – 7.7 –Source: RERC.
Cleveland
Historical Median Price per Square Foot (12 month trailing) – OFFICE
Historical Median Price per Square Foot (12 month trailing) – INDUSTRIAL
HistoricalMedianPriceperUnit (12 month trailing) – APARTMENT
Please note that in order to more accurately reflect 12-month trailing average trends, scales are unique to each chart and for each property type and do not carry over from one chart to another.
Historical Median Price per Square Foot (12 month trailing) – RETAIL
Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute.Investment TrendsQuarterly
111
Demographics & Economics
Population Unemployment Rate (March 2008)
Columbus MSA 1.8 million Columbus2 4.9%
Columbus Growth1 1.46% Ohio2 6.1%
National Growth1 1.30% National2 5.2%
Household Income & Value
Per Capita Income $29,785 2007 Households 710,000
1-year Job Growth 0.60% Household Growth 1.54%
1-year Job Additions 6,000 Median Home Price $156,003
Major Employers
Ohio State University
State of Ohio Department of Corrections
Riverside Methodist Hospital
Defense Supply Center
Hines Interest LTD PartnershipSources: Bureau of Labor Statistics, NAR, STDB Online.“Home Price Analysis Report for Columbus Region – 2007” ©2007 NATIONAL ASSOCIA-TION OF REALTORS®. Used with permission. Reproduction, reprinting, or retransmission of this document in any form (electronic media included) is prohibited without written permission. 1Projected annual growth over 5 years (2007-2012). 2Rates are non-seasonally adjusted.
Noteworthy Transactions
Sale Date Sale Price Sq. Ft./Units PPSF/PPU
Office
OSU Physicians Center 1-08 $16,000,000 109,000 $147
4653 E. Main St. 2-08 $14,000,000 259,046 $54
Industrial
1525 Industrial Drive 2-08 $1,195,000 35,120 $34
6000 Green Pointe Road 1-08 $19,100,000 612,452 $31
Retail
1611 Polaris Parkway 2-08 $1,650,000 6,171 $267
Apartment
Sycamore Ridge 2-08 $24,600,000 270 $91,111
Britton Woods 3-08 $28,700,000 352 $81,534Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report.
Co
lum
bus Metro Trend Analysis Last
QuarterPrevious
Year
Office
Size-Weighted Average PPSF
Industrial
Size-Weighted Average PPSF
Retail
Size-Weighted Average PPSF
Apartment
Size-Weighted Average PPU
Weighted Average Cap Rate
Hotel
Size-Weighted Average PPU
Metro Cap Rate Comparison* Current Quarter
Apartment
vs. Midwest Region
vs. Nation
*Comparison of current quarter weighted average capitalization rates.Source: RERC.
Market Construction/Redevelopment Activity
Property Type
New(N)/Refurbished(R)
Total Sq. Ft./Units
Estimated Delivery
Franklin County Courthouse Office N 325,000 2010
2842 Spiegel Drive Industrial N 936,000 N/A
RickenbackerParkway Building Industrial N 407,000 N/A
Albany Park Retail N 300,000 2009
Westerville Medical Campus Office N 165,000 Mid-2008
Sources: CBRE, RE Business.
Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute.Investment TrendsQuarterly
112
Columbus Transaction Breakdown (4/1/07 - 3/31/08)Office Industrial Retail Apartment Hotel
< $5 MillionVolume (Mil) $86 $87 $96 $47 $36
Size Weighted Avg. ($ per sf/unit) $80 $43 $118 $25,302 $39,745
Price Weighted Avg. ($ per sf/unit) $122 $58 $201 $32,442 $44,450
Median ($ per sf/unit) $105 $45 $99 $30,938 $41,549
> $5 MillionVolume (Mil) $284 $180 $219 $590 $232
Size Weighted Avg. ($ per sf/unit) $114 $35 $121 $54,415 $86,448
Price Weighted Avg. ($ per sf/unit) $138 $39 $140 $61,567 $112,879
Median ($ per sf/unit) $136 $38 $128 $64,976 $78,971
All TransactionsVolume (Mil) $370 $266 $316 $637 $268
Size Weighted Avg. ($ per sf/unit) $104 $37 $120 $50,169 $74,555
Price Weighted Avg. ($ per sf/unit) $134 $45 $158 $59,425 $103,589
Median ($ per sf/unit) $111 $41 $103 $41,000 $61,667
Capitalization Rates (All Transactions)Weighted Average (%) – – – 6.8 –
Median (%) – – – 7.2 –Source: RERC.
Columbus
Historical Median Price per Square Foot (12 month trailing) – INDUSTRIAL
HistoricalMedianPriceperUnit (12 month trailing) – APARTMENT
Please note that in order to more accurately reflect 12-month trailing average trends, scales are unique to each chart and for each property type and do not carry over from one chart to another.
Historical Median Price per Square Foot (12 month trailing) – RETAIL
Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute.Investment TrendsQuarterly
113
Demographics & Economics
Population Unemployment Rate (March 2008)
Detroit MSA 4.6 million Detroit2 8.1%
Detroit Growth1 0.26% Michigan2 7.9%
National Growth1 1.30% National2 5.2%
Household Income & Value
Per Capita Income $31,352 2007 Households 1.8 million
1-year Job Growth – Household Growth 0.36%
1-year Job Additions – Median Home Price $161,717
Major Employers
DTE Energy Co.
General Motors Corp.
MotorCity Casino
Rehabilitation Institute of Michigan
Compuware Corp.Sources: Bureau of Labor Statistics, NAR, STDB Online.1Projected annual growth over 5 years (2007-2012). 2Rates are non-seasonally adjusted.
Noteworthy Transactions
Sale Date Sale Price Sq. Ft./Units PPSF/PPU
Office
ThyssenKruppMaterials HQ 3-08 $15,400,000 64,607 $238
Daimler Chrysler 2-08 $8,400,000 54,250 $155
Industrial
3200 Cross Creek Parkway 1-08 $5,600,000 30,060 $186
150 Stephenson Highway 2-08 $8,767,470 103,253 $85
Retail
35103 Grand River Ave. 1-08 $5,000,000 38,600 $130
125 W. William St. 2-08 $1,800,000 9,494 $190
Apartment
Willowtree 2-08 $33,010,883 312 $105,804
New King St. Tower Drive 1-08 $42,900,000 1,135 $37,797Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report.
De
tro
it Metro Trend Analysis Last Quarter
Previous Year
Office
Size-Weighted Average PPSF
Industrial
Size-Weighted Average PPSF
Weighted Average Cap Rate
Retail
Size-Weighted Average PPSF
Weighted Average Cap Rate
Apartment
Size-Weighted Average PPU
Weighted Average Cap Rate
Hotel
Size-Weighted Average PPU
Metro Cap Rate Comparison* Current Quarter
Industrial
vs. Midwest Region
vs. Nation
Retail
vs. Midwest Region
vs. Nation
Apartment
vs. Midwest Region
vs. Nation
*Comparison of current quarter weighted average capitalization rates.Source: RERC.
Market Construction/Redevelopment Activity
Property Type
New(N)/Refurbished(R)
Total Sq. Ft./Units
Estimated Delivery
MotorCity Casino Retail R 45,000 Mid-2008Sources: CBRE, RE Business.
Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute.Investment TrendsQuarterly
114
Detroit Transaction Breakdown (4/1/07 - 3/31/08)Office Industrial Retail Apartment Hotel
< $5 MillionVolume (Mil) $66 $100 $72 $42 $24
Size Weighted Avg. ($ per sf/unit) $99 $40 $115 $29,179 $31,527
Price Weighted Avg. ($ per sf/unit) $129 $73 $197 $35,029 $33,849
Median ($ per sf/unit) $108 $46 $102 $36,206 $30,202
> $5 MillionVolume (Mil) $550 $419 $269 $418 $274
Size Weighted Avg. ($ per sf/unit) $83 $73 $146 $55,806 $95,569
Price Weighted Avg. ($ per sf/unit) $119 $97 $168 $67,293 $101,695
Median ($ per sf/unit) $98 $72 $178 $59,170 $99,027
All TransactionsVolume (Mil) $616 $520 $341 $460 $299
Size Weighted Avg. ($ per sf/unit) $84 $63 $138 $51,494 $81,935
Price Weighted Avg. ($ per sf/unit) $120 $92 $174 $64,333 $96,137
Median ($ per sf/unit) $105 $51 $112 $42,639 $76,982
Capitalization Rates (All Transactions)Weighted Average (%) – 8.2 7.7 7.1 –
Median (%) – 8.7 7.3 7.2 –Source: RERC.
Detroit
Historical Median Price per Square Foot (12 month trailing) – OFFICE
Historical Median Price per Square Foot (12 month trailing) – INDUSTRIAL
HistoricalMedianPriceperUnit (12 month trailing) – APARTMENT
Please note that in order to more accurately reflect 12-month trailing average trends, scales are unique to each chart and for each property type and do not carry over from one chart to another.
Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute.Investment TrendsQuarterly
115
Demographics & Economics
Population Unemployment Rate (March 2008)
Indianapolis MSA 1.7 million Indianapolis2 4.8%
Indianapolis Growth1 1.63% Indiana2 5.6%
National Growth1 1.30% National2 5.2%
Household Income & Value
Per Capita Income $30,942 2007 Households 673,000
1-year Job Growth 1.60% Household Growth 1.68%
1-year Job Additions 14,600 Median Home Price $143,711
Major Employers
Eli Lilly & Co.
Peyton Manning Children’s Hospital
Indiana University
Indy Honda
Rolls-Royce Corp.Sources: Bureau of Labor Statistics, NAR, STDB Online.“Home Price Analysis Report for Indianapolis Region – 2007” ©2007 NATIONAL ASSOCIA-TION OF REALTORS®. Used with permission. Reproduction, reprinting, or retransmission of this document in any form (electronic media included) is prohibited without written permission. 1Projected annual growth over 5 years (2007-2012). 2Rates are non-seasonally adjusted.
Noteworthy Transactions
Sale Date Sale Price Sq. Ft./Units PPSF/PPU
Office
Indiana Plaza 1-08 $36,000,000 423,107 $85
One & Two Park Fletcher 3-08 $13,100,000 164,325 $80
Industrial
Rockville Business Center 2-08 $15,600,000 632,054 $25
AmeriCold 3-08 $23,200,000 427,159 $54
Retail
Rivers Edge Shopping Center 2-08 $18,300,000 110,896 $165
Southport Plaza 1-08 $20,100,000 85,062 $236
Apartment
Bristol 2-08 $15,700,000 211 $74,408
Hotel
Adams Mark 2-08 $77,000,000 406 $189,655Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report.
Market Construction/Redevelopment Activity
Property Type
New(N)/Refurbished(R)
Total Sq. Ft./Units
Estimated Delivery
Ralston Square Mixed Use N 41,000 2009
Prime Distribution Industrial N 1,200,000 N/A
SMC Corporation of America Industrial N 668,000 N/A
Cosmopolitan on the Canal Multifamily N 218 N/A
70 W. Commerce Park Industrial N 2,000,000 N/ASources: CBRE, RE Business.
Ind
iana
po
lis Metro Trend Analysis Last Quarter
Previous Year
Office
Size-Weighted Average PPSF
Industrial
Size-Weighted Average PPSF
Retail
Size-Weighted Average PPSF
Apartment
Size-Weighted Average PPU
Weighted Average Cap Rate =
Hotel
Size-Weighted Average PPU
Metro Cap Rate Comparison* Current Quarter
Apartment
vs. Midwest Region
vs. Nation
Hotel
vs. Midwest Region
vs. Nation
*Comparison of current quarter weighted average capitalization rates.Source: RERC.
Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute.Investment TrendsQuarterly
116
Indianapolis Transaction Breakdown (4/1/07 - 3/31/08)Office Industrial Retail Apartment Hotel
< $5 MillionVolume (Mil) $13 $8 $18 – –
Size Weighted Avg. ($ per sf/unit) $45 $33 $108 – –
Price Weighted Avg. ($ per sf/unit) $78 $37 $171 – –
Median ($ per sf/unit) $94 $37 $68 – –
> $5 MillionVolume (Mil) $270 $85 $51 $303 $151
Size Weighted Avg. ($ per sf/unit) $106 $40 $76 $62,274 $116,546
Price Weighted Avg. ($ per sf/unit) $110 $48 $113 $73,923 $148,425
Median ($ per sf/unit) $104 $44 $102 $71,725 $102,056
All TransactionsVolume (Mil) $283 $94 $69 $306 $164
Size Weighted Avg. ($ per sf/unit) $99 $39 $82 $61,873 $99,018
Price Weighted Avg. ($ per sf/unit) $108 $47 $128 $73,657 $139,583
Median ($ per sf/unit) $97 $42 $85 $71,725 $81,266
Capitalization Rates (All Transactions)Weighted Average (%) – – – 6.4 7.4
Median (%) – – – 7.2 9.0 Source: RERC.
Indianapolis
Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute.Investment TrendsQuarterly
117
Demographics & Economics
Population Unemployment Rate (March 2008)
Kansas City MSA 2 million Kansas City2 5.5%
Kansas City Growth1 1.20% Missouri2 6.1%
National Growth1 1.30% National2 5.2%
Household Income & Value
Per Capita Income $30,026 2007 Households 786,000
1-year Job Growth 2.10% Household Growth 1.25%
1-year Job Additions 20,400 Median Home Price $148,450
Major Employers
Hallmark Cards Inc.
Kansas City City Hall
U.S. Health & Human Services Department
University of Missouri-Kansas (UMKC)
DST TechnologiesSources: Bureau of Labor Statistics, NAR, STDB Online.“Home Price Analysis Report for Kansas City Region – 2007” ©2007 NATIONAL ASSOCIA-TION OF REALTORS®. Used with permission. Reproduction, reprinting, or retransmission of this document in any form (electronic media included) is prohibited without written permission. 1Projected annual growth over 5 years (2007-2012). 2Rates are non-seasonally adjusted.
Noteworthy Transactions
Sale Date Sale Price Sq. Ft./Units PPSF/PPU
Office
2555 Grand Blvd. 2-08 $155,800,000 595,607 $262
Doctor’s Medical Building 2-08 $13,600,000 63,000 $216
Industrial
Best Brands 3-08 $14,400,000 150,000 $96
Metro Kansas CityDistribution 1-08 $15,000,000 253,440 $59
Retail
800 Broadway Blvd. 2-08 $3,900,000 31,200 $125
1301-1667 NE Douglas St. 3-08 $12,300,000 59,436 $207
Apartment
819 E. 42nd St. 2-08 $339,000 12 $28,250
Hotel
Residence Inn 2-08 $10,700,000 90 $118,889
SpringHill Suites by Marriott 3-08 $9,400,000 102 $92,157Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report.
Market Construction/Redevelopment Activity
Property Type
New(N)/Refurbished(R)
Total Sq. Ft./Units
Estimated Delivery
167th St. and Lone Elm Road Industrial N 592,000 Fall 2008
Corporate Woods Building 83 Office N 350,000 2009
Corbin Park Retail N 1,100,000 Fall 2008Sources: CBRE, RE Business.
Kans
as
City
Metro Trend Analysis Last Quarter
Previous Year
Office
Size-Weighted Average PPSF
Weighted Average Cap Rate =
Industrial
Size-Weighted Average PPSF
Retail
Size-Weighted Average PPSF
Apartment
Size-Weighted Average PPU
Weighted Average Cap Rate
Hotel
Size-Weighted Average PPU
Metro Cap Rate Comparison* Current Quarter
Office
vs. Midwest Region
vs. Nation
Apartment
vs. Midwest Region
vs. Nation
*Comparison of current quarter weighted average capitalization rates.Source: RERC.
Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute.Investment TrendsQuarterly
118
Kansas City Transaction Breakdown (4/1/07 - 3/31/08)Office Industrial Retail Apartment Hotel
< $5 MillionVolume (Mil) $34 $89 $151 $37 $20
Size Weighted Avg. ($ per sf/unit) $94 $37 $93 $31,458 $40,185
Price Weighted Avg. ($ per sf/unit) $137 $77 $168 $35,492 $44,129
Median ($ per sf/unit) $83 $50 $86 $31,061 $37,202
> $5 MillionVolume (Mil) $737 $209 $284 $237 $281
Size Weighted Avg. ($ per sf/unit) $151 $110 $171 $63,420 $100,554
Price Weighted Avg. ($ per sf/unit) $170 $131 $186 $71,995 $123,873
Median ($ per sf/unit) $134 $61 $177 $46,377 $106,357
All TransactionsVolume (Mil) $771 $298 $436 $273 $301
Size Weighted Avg. ($ per sf/unit) $147 $69 $133 $55,803 $91,549
Price Weighted Avg. ($ per sf/unit) $169 $115 $180 $67,091 $118,652
Median ($ per sf/unit) $120 $54 $97 $37,781 $84,802
Capitalization Rates (All Transactions)Weighted Average (%) 7.1 – – 7.0 –
Median (%) 7.3 – – 7.2 –Source: RERC.
Kansas City
Historical Median Price per Square Foot (12 month trailing) – OFFICE
Historical Median Price per Square Foot (12 month trailing) – INDUSTRIAL
HistoricalMedianPriceperUnit (12 month trailing) – APARTMENT
Historical Median Price per Square Foot (12 month trailing) – RETAIL
Please note that in order to more accu-rately reflect 12-month trailing average trends, scales are unique to each chart and for each property type and do not carry over from one chart to another.
Footnotes:1The substantial increase in median price is due in part to the sale of the property at 2555 Grand Blvd., which sold for $262/sf.
1
Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute.Investment TrendsQuarterly
119
Demographics & Economics
Population Unemployment Rate (March 2008)
Milwaukee MSA 1.5 million Milwaukee2 5.4%
Milwaukee Growth1 0.27% Wisconsin2 5.6%
National Growth1 1.30% National2 5.2%
Household Income & Value
Per Capita Income $30,635 2007 Households 615,000
1-year Job Growth 1.50% Household Growth 0.43%
1-year Job Additions 12,800 Median Home Price $209,602
Major Employers
University of Wisconsin
General Mitchell International-Milwaukee
Northern Chocolate Co.
Northwestern Mutual Investment
Rockwell Automation Inc.Sources: Bureau of Labor Statistics, NAR, STDB Online.“Home Price Analysis Report for Milwaukee Region – 2007” ©2007 NATIONAL ASSOCIA-TION OF REALTORS®. Used with permission. Reproduction, reprinting, or retransmission of this document in any form (electronic media included) is prohibited without written permission. 1Projected annual growth over 5 years (2007-2012). 2Rates are non-seasonally adjusted.
Noteworthy Transactions
Sale Date Sale Price Sq. Ft./Units PPSF/PPU
Office
310 E. Knapp 2-08 $14,800,000 57,000 $260
Park Place 3-08 $16,000,000 229,586 $70
Industrial
4410 N. 132nd St. 3-08 $5,500,000 100,000 $55
1200 W. Sunset Drive 2-08 $11,300,000 599,939 $19
Retail
801 Layton Ave. 2-08 $4,200,000 28,119 $149
10855 W. Park Place 2-08 $3,375,000 21,901 $154
Apartment
700 E. Stonegate Drive 1-08 $5,900,000 65 $90,769
Meadowmere Northshore 1-08 $9,200,000 60 $153,333Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report.
Market Construction/Redevelopment Activity
Property Type
New(N)/Refurbished(R)
Total Sq. Ft./Units
Estimated Delivery
Pabst Farms Town Centre Retail N 1,000,000 2010
1200 W. Sunset Dr. Retail N 4,500,000 2009
Liberty Corporate Preserve Industrial N 240,000 N/A
Staybridge Suites Multifamily N 31 N/A
Hyatt Summerfield Suites Hotel N 102 N/A
Sources: CBRE, RE Business.
Milw
auk
ee Metro Trend Analysis Last
QuarterPrevious
Year
Office
Size-Weighted Average PPSF
Weighted Average Cap Rate
Industrial
Size-Weighted Average PPSF
Retail
Size-Weighted Average PPSF
Weighted Average Cap Rate =
Apartment
Size-Weighted Average PPU
Hotel
Size-Weighted Average PPU –
Metro Cap Rate Comparison* Current Quarter
Office
vs. Midwest Region
vs. Nation
Retail
vs. Midwest Region
vs. Nation
*Comparison of current quarter weighted average capitalization rates.Source: RERC.
Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute.Investment TrendsQuarterly
120
Milwaukee Transaction Breakdown (4/1/07 - 3/31/08)Office Industrial Retail Apartment Hotel
< $5 MillionVolume (Mil) $41 $92 $92 $41 –
Size Weighted Avg. ($ per sf/unit) $71 $41 $89 $49,768 –
Price Weighted Avg. ($ per sf/unit) $87 $53 $162 $56,819 –
Median ($ per sf/unit) $73 $49 $72 $49,000 –
> $5 MillionVolume (Mil) $372 $193 $119 $154 $126
Size Weighted Avg. ($ per sf/unit) $124 $39 $153 $92,030 $92,410
Price Weighted Avg. ($ per sf/unit) $150 $60 $202 $121,484 $98,888
Median ($ per sf/unit) $114 $39 $211 $102,041 $80,667
All TransactionsVolume (Mil) $413 $285 $211 $195 $129
Size Weighted Avg. ($ per sf/unit) $116 $40 $117 $78,027 $88,988
Price Weighted Avg. ($ per sf/unit) $144 $58 $185 $107,818 $97,430
Median ($ per sf/unit) $87 $47 $82 $52,544 $80,667
Capitalization Rates (All Transactions)Weighted Average (%) 7.4 – 7.0 – –
Median (%) 7.8 – 7.0 – –Source: RERC.
Milwaukee
Historical Median Price per Square Foot (12 month trailing) – OFFICE
Historical Median Price per Square Foot (12 month trailing) – INDUSTRIAL
HistoricalMedianPriceperUnit (12 month trailing) – APARTMENT
Historical Median Price per Square Foot (12 month trailing) – RETAIL
Please note that in order to more accu-rately reflect 12-month trailing average trends, scales are unique to each chart and for each property type and do not carry over from one chart to another.
Footnotes:1This sharp increase is due in part to the sale of the property at 2920 E. Hampshire Ave., which sold for $95,000/unit.1
Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute.Investment TrendsQuarterly
121
Demographics & Economics
Population Unemployment Rate (March 2008)
Minneapolis MSA 3.3 million Minneapolis2 4.8%
Minneapolis Growth1 1.55% Minnesota2 5.4%
National Growth1 1.30% National2 5.2%
Household Income & Value
Per Capita Income $35,445 2007 Households 1.3 million
1-year Job Growth 0.90% Household Growth 1.59%
1-year Job Additions 15,700 Median Home Price $242,442
Major Employers
University of Minnesota
Fairview University Medical Center
UPS
Target Stores Inc.
Best Buy Company Inc.Sources: Bureau of Labor Statistics, NAR, STDB Online.“Home Price Analysis Report for Minneapolis Region – 2007” ©2007 NATIONAL ASSOCIA-TION OF REALTORS®. Used with permission. Reproduction, reprinting, or retransmission of this document in any form (electronic media included) is prohibited without written permission. 1Projected annual growth over 5 years (2007-2012). 2Rates are non-seasonally adjusted.
Noteworthy Transactions
Sale Date Sale Price Sq. Ft./Units PPSF/PPU
Office
Reliastar Complex 1-08 $124,174,000 987,855 $126
800 Washington Ave. N. 1-08 $26,772,000 346,000 $77
Industrial
3000 Broadway St. NE 2-08 $4,750,000 40,990 $116
Excelsior Crossings Phase 1 1-08 $50,200,000 250,000 $201
Retail
Victor Marketplace 1-08 $11,800,000 69,433 $170
14075-14151 Hwy. 13 3-08 $14,100,000 87,181 $162
Apartment
Grandmarc at Seven Corners 2-08 $19,679,565 186 $105,804
Cosmoplitan Apartment 1-08 $23,600,000 256 $92,188
Hotel
Country Inn & Suites 1-08 $6,100,000 90 $67,778
Best Western Bandana Square 2-08 $6,500,000 110 $59,091
Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report.
Market Construction/Redevelopment Activity
Property Type
New(N)/Refurbished(R)
Total Sq. Ft./Units
Estimated Delivery
The Manning Ave. Project Mixed Use N 25,264,486 2030
Maple Grove Retail N 550,000 N/A
Plaza 15 Mixed Use N 220 Units N/A
Excelsior Crossings in Hopkins Office N 450,000 Fall 2008
AMB Distribution Center Industrial N 154,000 N/ASources: CBRE, RE Business.
Min
nea
po
lisMetro Trend Analysis Last
QuarterPrevious
Year
Office
Size-Weighted Average PPSF
Weighted Average Cap Rate = –
Industrial
Size-Weighted Average PPSF
Retail
Size-Weighted Average PPSF
Weighted Average Cap Rate –
Apartment
Size-Weighted Average PPU
Weighted Average Cap Rate =
Hotel
Size-Weighted Average PPU
Metro Cap Rate Comparison* Current Quarter
Office
vs. Midwest Region
vs. Nation
Retail
vs. Midwest Region
vs. Nation
Apartment
vs. Midwest Region
vs. Nation
*Comparison of current quarter weighted average capitalization rates.Source: RERC.
Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute.Investment TrendsQuarterly
122
Minneapolis Transaction Breakdown (4/1/07 - 3/31/08)Office Industrial Retail Apartment Hotel
< $5 MillionVolume (Mil) $115 $187 $160 $35 $18
Size Weighted Avg. ($ per sf/unit) $100 $56 $90 $60,015 $29,883
Price Weighted Avg. ($ per sf/unit) $135 $79 $150 $73,073 $33,439
Median ($ per sf/unit) $113 $58 $77 $52,941 $33,020
> $5 MillionVolume (Mil) $1,927 $356 $233 $327 $176
Size Weighted Avg. ($ per sf/unit) $125 $63 $134 $79,303 $130,394
Price Weighted Avg. ($ per sf/unit) $140 $90 $188 $89,555 $173,376
Median ($ per sf/unit) $133 $68 $133 $78,472 $101,420
All TransactionsVolume (Mil) $2,042 $542 $393 $362 $194
Size Weighted Avg. ($ per sf/unit) $124 $60 $112 $76,909 $99,325
Price Weighted Avg. ($ per sf/unit) $139 $86 $172 $87,959 $160,362
Median ($ per sf/unit) $127 $58 $88 $65,708 $63,263
Capitalization Rates (All Transactions)Weighted Average (%) 6.8 – 7.0 6.6 –
Median (%) 7.6 – 6.8 6.9 –Source: RERC.
Minneapolis
Historical Median Price per Square Foot (12 month trailing) – INDUSTRIAL
Please note that in order to more accurately reflect 12-month trailing average trends, scales are unique to each chart and for each property type and do not carry over from one chart to another.
Historical Median Price per Square Foot (12 month trailing) – RETAIL
Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute.Investment TrendsQuarterly
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Demographics & Economics
Population Unemployment Rate (March 2008)
Omaha MSA 843,000 Omaha2 3.6%
Omaha Growth1 1.37% Nebraska2 3.2%
National Growth1 1.30% National2 5.2%
Household Income & Value
Per Capita Income $28,096 2007 Households 327,000
1-year Job Growth – Household Growth 1.47%
1-year Job Additions – Median Home Price $135,634
Major Employers
First Data Resources Inc.
Mutual of Omaha Insurance Co.
Con Agra Foods Inc.
Union Pacific Railroad Co.
Oriental Trading Co. Inc.Sources: Bureau of Labor Statistics, NAR, STDB Online.1Projected annual growth over 5 years (2007-2012). 2Rates are non-seasonally adjusted.
Noteworthy Transactions
Sale Date Sale Price Sq. Ft./Units PPSF/PPU
Industrial
10101 J. St. 2-08 $415,000 7,440 $56
Retail
2340 Paul St. 2-08 $1,100,000 10,442 $105
14304 W. Maple Road 3-08 $8,300,000 70,032 $119
Apartment
Brandeis Lofts 3-08 $15,400,000 140 $110,000Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report.
Om
aha
Metro Trend Analysis Last Quarter
Previous Year
Office
Size-Weighted Average PPSF
Industrial
Size-Weighted Average PPSF
Retail
Size-Weighted Average PPSF
Apartment
Size-Weighted Average PPU
Source: RERC.
Market Construction/Redevelopment Activity
Property Type
New(N)/Refurbished(R)
Total Sq. Ft./Units
Estimated Delivery
Midtown Crossing at Turner Park Mixed Use N 1,000,000 2009
ACI Worldwide Office N 160,000 N/A
Coventry Insurance Office N 90,000 N/A
Aksarben Village Office N 154,000 N/A
Ameriprise Office N 86,000 N/ASources: CBRE, RE Business.
Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute.Investment TrendsQuarterly
124
Omaha Transaction Breakdown (4/1/07 - 3/31/08)Office Industrial Retail Apartment Hotel
< $5 MillionVolume (Mil) $19 $35 $53 $18 –
Size Weighted Avg. ($ per sf/unit) $58 $42 $82 $49,624 –
Price Weighted Avg. ($ per sf/unit) $91 $60 $219 $59,847 –
Median ($ per sf/unit) $56 $47 $109 $42,500 –
> $5 MillionVolume (Mil) $170 – – $178 –
Size Weighted Avg. ($ per sf/unit) $92 – – $72,362 –
Price Weighted Avg. ($ per sf/unit) $131 – – $80,428 –
Median ($ per sf/unit) $101 – – $78,788 –
All TransactionsVolume (Mil) $190 $64 $65 $197 –
Size Weighted Avg. ($ per sf/unit) $87 $45 $88 $69,386 –
Price Weighted Avg. ($ per sf/unit) $126 $70 $202 $78,502 –
Median ($ per sf/unit) $84 $49 $111 $45,619 –
Capitalization Rates (All Transactions)Weighted Average (%) – – – – –
Median (%) – – – – –Source: RERC.
Omaha
Please note that in order to more accurately reflect 12-month trailing average trends, scales are unique to each chart and for each property type and do not carry over from one chart to another.
Historical Median Price per Square Foot (12 month trailing) – RETAIL
Footnotes:1This large spike was due to three prop-erty sales, each for over $500/sf.
1
Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute.Investment TrendsQuarterly
125
Demographics & Economics
Population Unemployment Rate (March 2008)
St. Louis MSA 2.8 million St. Louis2 6.4%
St. Louis Growth1 0.77% Missouri2 6.1%
National Growth1 1.30% National2 5.2%
Household Income & Value
Per Capita Income $28,844 2007 Households 1.1 million
1-year Job Growth 1.30% Household Growth 0.85%
1-year Job Additions 18,000 Median Home Price $148,988
Major Employers
St. Louis University
U.S. Post Office
Anheuser-Busch Co. Inc.
ABM Industries
A. G. Edwards & Sons Inc.Sources: Bureau of Labor Statistics, NAR, STDB Online.“Home Price Analysis Report for St. Louis Region – 2007” ©2007 NATIONAL ASSOCIATION OF REAL-TORS®. Used with permission. Reproduction, reprinting, or retransmission of this document in any form (electronic media included) is prohibited without written permission.1Projected annual growth over 5 years (2007-2012). 2Rates are non-seasonally adjusted.
Noteworthy Transactions
Sale Date Sale Price Sq. Ft./Units PPSF/PPU
Office
Old Town Executive Offices 1-08 $33,700,000 185,973 $181
United Health 2-08 $31,800,000 188,500 $169
Industrial
1203 Ambassador Blvd. 2-08 $1,660,000 33,245 $50
Keefe Supply Co. 3-08 $8,300,000 171,637 $48
Retail
31-35 N. Gore 2-08 $1,700,000 11,000 $155
Hilltop Plaza 2-08 $23,200,000 302,921 $77
Apartment
Village Green 1-08 $20,000,000 252 $79,365
The Vinnings of Bordeaux 3-08 $8,300,000 93 $89,247
Hotel
Adams Mark 2-08 $71,000,000 910 $78,022Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report.
Market Construction/Redevelopment Activity
Property Type
New(N)/Refurbished(R)
Total Sq. Ft./Units
Estimated Delivery
Lemp Brewery Complex Mixed Use R 75,000 sf & 400 Units 2012
University Center Mixed Use N 115,880 2008
6177 Delmar Blvd. Hotel N 124 2009
Villa Lighting Warehouse Industrial N 206,288 2009
Wal-Mart Supercenter Retail R 190,617 2008Sources: CBRE, RE Business.
St. L
oui
s Metro Trend Analysis Last Quarter
Previous Year
Office
Size-Weighted Average PPSF
Industrial
Size-Weighted Average PPSF
Retail
Size-Weighted Average PPSF
Apartment
Size-Weighted Average PPU
Hotel
Size-Weighted Average PPU
Weighted Average Cap Rate –
Metro Cap Rate Comparison* Current Quarter
Hotel
vs. Midwest Region
vs. Nation
*Comparison of current quarter weighted average capitalization rates.Source: RERC.
Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute.Investment TrendsQuarterly
126
St. Louis Transaction Breakdown (4/1/07 - 3/31/08)Office Industrial Retail Apartment Hotel
< $5 MillionVolume (Mil) $58 $144 $102 $42 $20
Size Weighted Avg. ($ per sf/unit) $83 $49 $113 $31,803 $46,106
Price Weighted Avg. ($ per sf/unit) $126 $76 $163 $38,717 $48,961
Median ($ per sf/unit) $87 $56 $107 $35,750 $50,000
> $5 MillionVolume (Mil) $1,390 $344 $888 $137 $280
Size Weighted Avg. ($ per sf/unit) $134 $54 $196 $61,941 $97,318
Price Weighted Avg. ($ per sf/unit) $157 $69 $210 $67,617 $118,163
Median ($ per sf/unit) $152 $53 $161 $68,512 $80,886
All TransactionsVolume (Mil) $1,448 $488 $990 $179 $301
Size Weighted Avg. ($ per sf/unit) $131 $52 $182 $50,666 $90,493
Price Weighted Avg. ($ per sf/unit) $156 $71 $206 $60,830 $113,464
Median ($ per sf/unit) $124 $54 $111 $37,042 $72,059
Capitalization Rates (All Transactions)Weighted Average (%) – – – – 9.4
Median (%) – – – – 8.9 Source: RERC.
St. Louis
Historical Median Price per Square Foot (12 month trailing) – OFFICE
Historical Median Price per Square Foot (12 month trailing) – INDUSTRIAL
HistoricalMedianPriceperUnit (12 month trailing) – APARTMENT
Please note that in order to more accurately reflect 12-month trailing average trends, scales are unique to each chart and for each property type and do not carry over from one chart to another.
Historical Median Price per Square Foot (12 month trailing) – RETAIL
Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute.Investment TrendsQuarterly
127
Demographics & Economics
Population Unemployment Rate (March 2008)
Toledo MSA 667,000 Toledo2 7.2%
Toledo Growth1 0.15% Ohio2 6.1%
National Growth1 1.30% National2 5.2%
Household Income & Value
Per Capita Income $26,105 2007 Households 267,000
1-year Job Growth – Household Growth 0.30%
1-year Job Additions – Median Home Price $119,364
Major Employers
St. Vincent Mercy Medical Center
Toledo Hospital
Bowling Green State University
Daimler Chrysler Corp.
University of ToledoSources: Bureau of Labor Statistics, NAR, STDB Online.“Home Price Analysis Report for Toledo Region – 2007” ©2007 NATIONAL ASSOCIATION OF REAL-TORS®. Used with permission. Reproduction, reprinting, or retransmission of this document in any form (electronic media included) is prohibited without written permission.1Projected annual growth over 5 years (2007-2012). 2Rates are non-seasonally adjusted.
Noteworthy Transactions
Sale Date Sale Price Sq. Ft./Units PPSF/PPU
Office
3242 Executive Parkway 2-08 $1,550,000 16,380 $95
1730 Holloway Road 1-08 $6,700,000 8,741 $767
Retail
Toledo Neighborhood Center 1-08 $2,250,000 85,829 $26
Apartment
University Enclave 2-08 $12,700,000 120 $105,833
The Cloisters 3-08 $24,800,000 506 $49,012
Hotel
Studio 6 1-08 $5,800,000 96 $60,417Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report.
Tole
do Metro Trend Analysis Last
QuarterPrevious
Year
Office
Size-Weighted Average PPSF
Industrial
Size-Weighted Average PPSF
Retail
Size-Weighted Average PPSF
Apartment
Size-Weighted Average PPU
Hotel
Size-Weighted Average PPU –
Source: RERC.
Market Construction/Redevelopment Activity
Property Type
New(N)/Refurbished(R)
Total Sq. Ft./Units
Estimated Delivery
Fed Ex Hub-Perrysburg Township Industrial N 400,000 2009
GM Powertrain Facility Industrial N 400,000 2009
Menards Retail N 240,000 2008
Bass Pro Shop Retail N 150,000 2008Sources: CBRE, RE Business.
Copyright© 2008 by Real Estate Research Corporation (RERC) and the CCIM Institute.Investment TrendsQuarterly
128
Toledo Transaction Breakdown (4/1/07 - 3/31/08)Office Industrial Retail Apartment Hotel
< $5 MillionVolume (Mil) $17 $13 $24 $17 $14
Size Weighted Avg. ($ per sf/unit) $75 $36 $81 $34,636 $36,921
Price Weighted Avg. ($ per sf/unit) $86 $45 $126 $37,151 $39,740
Median ($ per sf/unit) $74 $32 $81 $31,568 $39,441
> $5 MillionVolume (Mil) $101 – – $80 –
Size Weighted Avg. ($ per sf/unit) $66 – – $68,535 –
Price Weighted Avg. ($ per sf/unit) $111 – – $76,241 –
Median ($ per sf/unit) $94 – – $68,097 –
All TransactionsVolume (Mil) $118 $13 $24 $96 $40
Size Weighted Avg. ($ per sf/unit) $67 $36 $81 $58,687 $49,177
Price Weighted Avg. ($ per sf/unit) $108 $45 $126 $69,539 $53,475
Median ($ per sf/unit) $74 $32 $81 $41,735 $49,176
Capitalization Rates (All Transactions)Weighted Average (%) – – – – –
Median (%) – – – – –Source: RERC.
Toledo
Historical Median Price per Square Foot (12 month trailing) – OFFICE
HistoricalMedianPriceperUnit (12 month trailing) – APARTMENT
Please note that in order to more accurately reflect 12-month trail-ing average trends, scales are unique to each chart and for each property type and do not carry over from one chart to another.
Footnotes:1A two-part property sold for $105,804/unit, more than twice the median price, contributing to this quar-terly increase.
1