Commercial Real Estate Market Trends and Transaction ... · Trends. The report provides timely insight into major commercial real estate indicators for core income-producing properties

3Q15

Commercial Real Estate Market Trends and Transaction Analysis l THIRD QUARTER l www.ccim.com

QUARTERLY MARKET TRENDS u NATIONAL ASSOCIAT ION OF REALTORS ® AND CCIM INST ITUTE 2

Headline Line HEADLINE

Vacancy Rate34%

3Q • 15

Dear CCIM Institute members,

Welcome to the third-quarter 2015 edition of CCIM Institute’s Quarterly Market

Trends. The report provides timely insight into major commercial real estate

indicators for core income-producing properties. It is produced by the National

Association of Realtors® for members of the CCIM Institute, the commercial real

estate industry’s global standard for professional achievement.

The third-quarter 2015 report features commentary from Lawrence Yun, Ph.D.,

NAR chief economist, and George Ratiu, director of NAR’s quantitative and

commercial research. I hope that the information provided in CCIM’s Quarterly

Market Trends report provides both economic and commercial real estate market information that will assist you

in your business strategies in 2015 and beyond.

Sincerely,

Mark Macek, CCIM

2015 CCIM Institute President

Quarterly Market TRENDS

October 2015 FOREWORD


3Q • 15


CCIM Transaction Survey Highlights 4

Commercial Property Sector Analysis 5

CCIM Survey Responses 9

Commercial Real Estate Market Update 10

Commercial Real Estate Forecast 16

U S Economic Overview 17

U S Metropolitan Economic Outlook 21

Sponsors 24

Contributors 25

Table of CONTENTS

Vacancy Rate34%

Vacancy Rate34%

Vacancy Rate34%



3Q • 15Quarterly Market Trends

CCIM Transaction Survey HIGHLIGHTS

66% of CCIMs reported LOWER CAP RATES YOY for multifamily properties.

INDUSTRIAL deal flow saw the biggest increase with 69% of CCIM respondents reporting YOY GAINS.

GREATEST DEAL FLOW: INDUSTRIAL

3Q15 % DEALS CLOSED BY SECTOR

LOWER CAP RATES: MULTIFAMILY

3Q15 YOY % BY SECTOR

HIGHER RENTS: RETAIL

3Q15 YOY % BY SECTOR

76% of CCIMs reported HIGHER RETAIL RENTS YOY.

With rising deals and investor confidence, CCIM members provided insights into their markets in a July/August 2015 survey.

OFFICE INDUSTRIAL RETAIL MULTI- FAMILY



TRANSACTIONSIn 3Q15, 54% of CCIM respondents indicated MORE DEALS completed compared to same period the year before.

More than 70% of CCIM respon-dents indicated they had CLOSED A SALES TRANSACTION during the previous quarter.

The AVERAGE VALUE of CCIM investment deals was $4.0 MILLION.

The majority of respondents, 65%, HAD MORE INQUIRIES RELATED TO BUYING; only 7% had more inquiries about selling.

PROPERTY PRICES ROSE FOR 59% OF CCIM RESPONDENTS, with an additional 30% recording prices similar to last year.

CAP RATESCCIMs reported investment capital-ization rates were LOWER for 47% of transactions and flat in 41%.

The average national cap rate for CCIM transactions was 8.2% during 2Q15.

Almost 50% of CCIMs reported a GAP IN CAP RATE PERCEPTION between buyers and sellers.

LEASINGLease agreements were CLOSED by 75% of CCIM members.

More than 65% of CCIM members reported HIGHER rental rates.

While 52% of CCIM responses indi-cated that RENTS AND PRICES will move roughly the SAME DIRECTION,

23% of respondents expect rents to lag behind price growth in the upcoming two to three years, and 26% said rent growth will outpace price growth.

CAPITAL MARKETSIn regards to expectation of interest rate increases, 41% of CCIM respon-dents said that TREASURY YIELDS will remain about the SAME; 26% indicated that Treasury yields will rise, but will only minimally impact cap rates due to the current spreads; 12% of CCIM respondents consid-ered that Treasury yields will rise and force cap rates upward.

On credit conditions, 33% of CCIM respondents indicated meaningful IMPROVEMENT in credit availability compared with last year.

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Commercial Property SECTOR ANALYSIS

NATIONAL OFFICE MARKETS

l Office deal flow was higher for 59 percent of CCIM respondents.l Closing rates for office sales transactions reached 93 percent.l Property prices were higher for 39 percent of CCIM office transactions, while 55 percent

of CCIMs reported them to be flat.l Office cap rates were even for 55 percent of CCIM respondents and lower for 32 percent.l 66 percent of respondents had more serious office buying inquiries.l The rate of closing for office lease agreements was 96 percent.l Office rents were higher in 59 percent of CCIM responses.l Average office investment prices:

Class A $171 psf

Class B/C $102 psf

FINANCE OUTLOOK / Office Properties %

The current tight conditions will be the new normal because of many new financial market regulations

Credit will be more readily accessible over time

Credit will become even more difficult to access over time

Copyright ©2015 The CCIM Institute, National Association of Realtors.®

FINANCE TRENDS (YoY) / Office Properties %

Credit availability has meaningfully improved from last year

Credit availability has only marginally improved

Credit availability is just as tight as last year with no improvement

Credit availability has turned for the worse and is even tighter


0 10 20 30 40 50 60 700 10 20 30 40 50 60 70




NATIONAL INDUSTRIAL MARKETS

l Industrial deal flow was higher YOY for 69 percent of CCIM respondents.l The closing rate for industrial sales was 94 percent during the quarter.l Industrial prices were higher for 49 percent of CCIM members and even for 43 percent. l Industrial cap rates were flat for 51 percent of CCIM transactions, while 40 percent of

CCIMs reported lower cap rates.l Sixty percent of CCIM respondents reported more industrial buying inquiries during the quarter.l Industrial leases closed at a rate of 100 percent during the quarter.l Rents for industrial properties were higher for 67 percent of CCIMs.l Average industrial investment prices:

Class A $75 psf

Class B/C $48 psf

FINANCE OUTLOOK / Industrial Properties %





FINANCE TRENDS (YoY) / Industrial Properties %




Credit availability has turned for the worse


0 10 20 30 40 50 60 700 10 20 30 40 50 60 70




NATIONAL RETAIL MARKETS

l Retail deals increased for 54 percent of CCIM respondents.l The retail sales transaction closing rate was 98 percent this quarter.l Retail property prices were higher for 77 percent of CCIM respondents and flat for 19 percent.l Retail cap rates were lower for 61 percent of CCIMs and the same for 30 percent.l Of CCIM respondents, 63 percent reported more retail buying inquiries during the quarter.l The closing rate for retail leases was 90 percent.l Higher retail rents were reported by 76 percent of CCIMs.l Average retail investment prices:

Class A $217 psf

Class B/C $120 psf

FINANCE OUTLOOK / Retail %





FINANCE TRENDS (YoY) / Retail %






0 20 40 60 80 1000 20 40 60 80 100




NATIONAL MULTIFAMILY MARKETS

l Multifamily transactions increased 49 percent YOY for CCIM members.l CCIMs reported that the multifamily sales closing rate was 90 percent.l Multifamily prices were higher for 76 percent of CCIM respondent transactions.l Multifamily cap rates were lower for 66 percent of CCIM respondents and flat for 27 percent.l Seventy-one percent of CCIM respondents reported more serious multifamily buying inquiries.l Multifamily leases were closed by 59 percent of CCIM respondents.l Higher multifamily rents were reported by 64 percent of CCIM members.l Average multifamily investment prices:

Class A $249,921 per unit

Class B/C $140,573 per unit

FINANCE OUTLOOK / Multifamily %





FINANCE TRENDS (YoY) / Multifamily %






0 20 40 60 80 1000 20 40 60 80 100



CCIM Survey RESPONSES

SURVEY DEMOGRAPHICS

PROPERTY TYPE

27.8% Office

22.8% Multifamily

20.2% Industrial

27.4% Retail

1.9% Hospitality

REGION

23.7% West

18.3% Midwest

31.9% South

11.7% East

2.3% Canada & Mexico

12.1% Other

BUSINESS SPECIALTY

POPULATION SIZE OF MARKET

Sources: CCIM Institute / National Association of Realtors.®

Source: CCIM Institute / National Association of Realtors.®

Brokerage

Investment

Asset/PortfolioManagement

Development

Banking/Lending

Property Management

Corporate Real Estate

Valuation

Financing/Lending

Leasing

Residential Real Estate

Other (please specify)

0 30 60 90 120 150%

Less than 25,000

25,000 - 49,999

50,000 - 99,999

100,000 - 249,999

250,000 - 499,999

500,000 - 999,999

1 Million - 5 Million

Greater than 5 Million

0 20 40 60 80 100 120%



INVESTMENTS

Investment sales of commercial

properties rode a rising wave of

capital liquidity in the first half of

2015. Transaction volume — for

properties selling above $2.5 million

— totaled $255 billion, a 36 percent

year-over-year increase, according

to Real Capital Analytics.

With investors gaining confi-

dence, portfolio transactions have

been increasing, accounting for 22

percent of total in the first half of

2015, compared to 18 percent during

the first half of 2014, measured in

dollar volume. Individual transac-

tions remained the largest group,

accounting for 67 percent of sales

volume in the first six months of

this year. Office properties made

up 28 percent of total transactions,

totaling $71.4 billion. Multifamily

was the second largest property type

transacted — $63.2 billion, or 25

percent of total. Retail and indus-

trial properties made up 33 percent

of all transactions combined.

Commercial prices continued their

upward trend, leading some to

voice concerns about a potential

bubble. Based on RCA’s national

Commercial Property Price Index,

prices rose 3 percent year-over-

year during the second quarter of

this year. The advance was driven

by strong appreciation in prices of

office and apartment properties,

both of which have exceeded their

prior 2007 peaks. CBD office prices

jumped 21 percent year-over-year

during the second quarter, posting

the strongest gain. Suburban office

properties rose at the second-fastest

Commercial Real Estate Market UPDATE

CRE VOLUME

07Q1 08Q1 09Q1 10Q1 11Q1 12Q1 13Q1 14Q1 15Q1

$ 180

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140

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Billions

Source: Real Capital Analytics




pace, gaining 15 percent from the

second quarter of 2014. Apartments

recorded a 14 percent price gain, but

retained the second-highest price

level, based on RCA’s CPPI.

Separately, other price indices

reflected similar gains in commer-

cial valuations. The Green Street

Advisors Commercial Property Price

Index rose 11 percent in the second

quarter, reaching a value of 117, the

highest since the index’s inception in

1998. The National Council of Real

Estate investment Fiduciaries Price

Index also rose 11 percent year-over-

year in the second quarter of 2015,

to its highest recorded value, 250.

Capitalization rates for CRE assets

compressed by 30 basis points

compared to a year ago, with a

national average of 6.7 percent in

the second quarter, based on RCA

reports. Transactions of office prop-

erties in CBD markets recorded

the lowest cap rates, at 5.6 percent,

followed by apartment, at 6.0

percent. Retail and industrial prop-

erties also posted sub-7.0 percent

cap rates, while hotel transactions

averaged cap rates of 8.2 percent in

the second quarter.

Based on National Association

of Realtors second quarter 2015

market data for sales mostly under

$2.5 million, transactions advanced

9 percent on a yearly basis. For the

first half of the year, sales in Realtors’

Apartment

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Industrial Retail

CBD Office Suburban Office Hotel

07Q1 08Q1 09Q1 10Q1 11Q1 12Q1 13Q1 14Q1 15Q1

07Q1 08Q1 09Q1 10Q1 11Q1 12Q1 13Q1 14Q1 15Q1

Apartment

10%

9%

8%

7%

6%

5%

4%

Industrial Retail

CBD Office Suburban Office Hotel

COMMERCIAL PROPERTY PRICE INDICES

NATIONAL CAP RATES






markets advanced 11.0 percent year-

over-year.

With the shortage of available inven-

tory reported as the number one

concern for NAR members, prices

for Realtors’ commercial real estate

transactions accelerated during the

second quarter of 2015, with prop-

erties trading at average prices 7.0

percent higher compared with the

same period in 2014. The average

transaction price increased from

$1.7 million in the first quarter 2015

to $2.0 million in the second quarter

2015.

Capitalization rates in Realtors’

commercial real estate markets

declined to an average of 7.5 percent

(compared to 6.7 percent for prop-

erties above $2.5 million) across all

property types, an 85 basis point

decline on a yearly basis. Apart-

ments posted the lowest cap rate, at

6.8 percent, followed by hotel prop-

erties with average cap rates at 7.4

percent. Office and industrial spaces

posted cap rates of 7.7 percent

and 7.5 percent respectively. Retail

transactions reported the highest

comparative cap rates—8.0 percent.

LARGE MARKETS

Commercial demand for lease space

found new energy in the second

quarter of 2015, rebounding from

the soft performance of the wintry

first quarter. Even as construction

picked up the pace across all prop-

erty types, the gap between demand

and supply exerted downward pres-

sure on vacancies.

Office net absorption totaled 14.4

million square feet in the second

quarter of 2015, a noticeable bump

from the first quarter’s 6.3 million

square feet, based on JLL data.

Compared with 20.7 million square

feet absorbed in the first half of the

year, new completions totaled 15.5

million square feet over the period.

Overall office vacancies declined

from 15.6 percent in the first quarter

to 15.3 percent in the second quarter.

Based on JLL’s research, office vacan-

cies are expected to drop below 15.0

percent by the end of this year. Rents

for office properties rose 2.5 percent

over the first six months of 2015,

leading to projections that — at the

current demand pace — they will

close the year higher by 5.0 to 6.0

percent from 2014.

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07Q1 08Q1 09Q1 10Q1 11Q1 12Q1 13Q1 14Q1 15Q1

Real Capital Analytics CRE Markets REALTOR® CRE Markets

Sales Price / YOY % CHANGE

Source: Real Capital Analytics, National Association of REALTORS.®

Vacancy Rate34%




Industrial space net absorption

continued rising, totaling 102.9

million square feet in the first half of

this year, based on JLL data. Ware-

house and distribution account

for the bulk of the demand (87.8

million square feet), followed by

manufacturing (13.5 million square

feet). Supply also rose, with new

industrial completions adding 83.6

million square feet to total stock.

With demand outpacing supply,

industrial vacancies declined to 6.9

percent, a 14-year low, according to

JLL. With a tight market, industrial

rents rose 5.1 percent.

Responding to broader economic

improvement, retail demand has

been outpacing supply over the

first six months, but the pace lags

the other property types. Demand

increased to 21.2 million square feet

from the first quarter’s 15.4 million

square feet of net absorption,

according to JLL. The majority of

space demand clustered in general retail properties, followed by shop-ping centers. Completions totaled 11.6 million square feet in the second quarter, bringing the total for the first half of the year to 21.0 million square feet. With comple-tions lagging, national vacancies reached 5.9 percent in the second

quarter of 2015, driving retail rents

higher by 1.2 percent.

Demand for multifamily proper-

ties continued on an upward path,

boosted by positive household

formation numbers. Historically,

household formation averaged 1.3

million every year from 1958 to 2007.

INVESTMENT VALUE VS. PRICE RATIO

Office 3 1Multifamily 3 0Industrial 3 2Retail 3 1Hospitality 3 0


RETAIL DEMAND HAS BEEN OUTPACING

SUPPLY OVER THE FIRST SIX MONTHS, BUT THE PACE LAGS THE OTHER

PROPERTY TYPES.

0.0 1.0 2.0 3.0 4.0 5.0

0.0 1.0 2.0 3.0 4.0 5.0

INVESTMENT CONDITIONS

Office 3 2Multifamily 4 0Industrial 3 7Retail 3 6Hospitality 3 5


REGIONAL ECONOMIC CLIMATE

REGIONAL Average 3 8 NATIONAL Average 3 4


0.0 1.0 2.0 3.0 4.0 5.0



Between 2008 and 2013, the average

number of new households dropped

to 579,000 per year, underscoring

the severity of the Great Recession.

In 2014, net household formation

jumped to 2.2 million, as employ-

ment growth encouraged more

young people to strike it on their

own. In the second quarter of 2015,

household formation continued the

upward trends with the addition of

480,000 new households.

Renter occupied housing units

totaled 42.9 million units in the

second quarter of 2015, a 4.9 percent

advance from the second quarter of

2015, based on U.S. Census Bureau

data. National vacancy rates aver-

aged 6.8 percent for rental housing

during the second quarter, 70 basis

points lower than the same period

in 2014. Median rents for rental

units averaged $803 in the second

quarter of this year, 6.2 percent

higher than the previous year.

MARKETS UNDER $2.5 MILLION

In comparison, leasing fundamen-

tals in Realtors’ commercial real

estate markets moved in tandem

with the broad markets during the

second quarter 2015. Leasing volume

during the second quarter rose 5.0

percent compared with the first

quarter 2015. Leasing rate growth

remained steady, rising 3.0 percent

in the second quarter, compared

with the 3.0 percent advance in the

previous quarter. New construction

accelerated, posting a 6.0 percent

gain from the first quarter of this

year, a pace which doubled the 3.0

percent rise recorded in the first

quarter 2015.

Tenant demand for Realtors’ clients

remained strongest in the 5,000

square feet and below, accounting

for 84.0 percent of leased proper-

ties. Lease terms were steady, with

36-month and 60-month leases

capturing 60.0 percent of the market.

Vacancy rates mirrored the regional

and product variations in Real-

tors markets, with most properties

posting availability declines. With

rising new supply, apartments expe-

rienced availability increases, as

the national average rose from 6.0

percent in the second quarter of

2014 to 6.6 percent in the second

quarter of this year.

Office vacancies declined 65 basis

points to 15.9 percent compared

with a year ago. Industrial


10Q1 11Q1 12Q1 13Q1 14Q1 15Q1

30%

25%

20%

15%

10%

5%

0%

Multifamily HotelOffice Industrial Retail

REALTORS® COMMERCIAL VACANCY RATES

Source: National Association of Realtors.®

BETWEEN 2008 AND 2013, THE AVERAGE NUMBER OF

NEW HOUSEHOLDS DROPPED TO 579,000 PER YEAR.




Source: CCIM Institute, National Association of Realtors.®

0.0 2.0 4.0 6.0 8.0 10.0 12.0

Capitalization Rates By Property Type REGION (%) WEST MIDWEST SOUTH EAST CANADA OTHER & MEXICO

Office CBD Cap Rate 10 0 8 1 7 1 7 6 5 3 - Office Suburban Cap Rate 7 2 8 2 7 6 8 0 6 2 8 1 Warehouse Cap Rate 7 2 7 8 7 9 7 2 6 1 9 0 Flex Cap Rate 7 4 8 2 7 7 7 5 6 3 - Retail Cap Rate 6 8 7 9 7 2 6 8 5 0 8 0 Apartment Cap Rate 5 5 6 8 6 4 6 8 4 7 5 3 Hotel Cap Rate 7 6 10 5 8 0 9 3 5 7 Development Cap Rate 12 2 17 3 9 4 9 2 6 0 - Land Cap Rate 9 9 16 3 9 6 6 5 - -

©2015 CCIM Institute, National Association of Realtors.®

CCIM National Average CAP RATES (%)

Apt/Multifamily Office CBD Office Suburban Industrial Warehouse Industrial Flex Retail Hotel/Lodging Development Land

availability posted the largest year-

over-year decline — 246 basis points

— to 10.8 percent. Retail vacancies

declined 137 basis points on a yearly

basis, to 13.2 percent.

OUTLOOK

Fundamentals are projected to

continue strengthening, as vacancies

decline due to increased household

formation, a rising economy, higher

employment, and growing consumer

confidence. With rising demand,

office vacancies are projected to

average 15.8 percent during 2015

and decline to 15.5 in 2016. Indus-

trial vacancies are estimated to drop

from an average of 11.7 percent in

2015 to 11.3 percent in 2016. Retail

availability will continue shrinking,

but at a slower pace. Retail vacancies

are likely to decline from 13.8 percent

in 2015 to 13.4 percent in 2016.

Multifamily vacancies are expected

to average 7.2 percent in 2015 and

7.0 percent in 2016, with availability

on an upswing due to stepped-up

new construction. However, given

the demographics of the millennial

generation, the overall outlook for

multifamily space should continue

to be strong for at least the next five

years.

With capital availability continuing

to improve and sources broadening,

commercial real estate investments

are expected to continue on an

upward trend. At the current sales

pace, sales of large commercial real

estate properties are projected to total

over $500 billion in 2015 and, during

2016, move within striking distance

of prior 2007 peaks, reaching $560

billion.

Prices are poised to continue their

strong advance in the latter half of

2015, as shortage of inventory and

capital liquidity collide. Price growth

is expected to moderate in 2016, as

interest rates are likely to rise.

Vacancy Rate34%



Commercial Real Estate FORECAST

1H 2015 OFFICE

Office Vacancy 15 5%

Office Net Absorption 20 7 million sq ft

Office New Completions 15 5 million sq ft

Office Rents 2 5%

Source: JLL

1H 2015 RETAIL

Retail Vacancy 5 9%

Retail Net Absorption 36 6 million sq ft

Retail New Completions 21 0 million sq ft

Retail Rents 1 6%

Source: JLL

1H 2015 MULTIFAMILY

Multifamily Vacancy 4 3%

Multifamily Net Absorption 203,300 units

Multifamily New Completions 174,800 units

Multifamily YOY Rent Change 5 2%

Source: CBRE

1H 2015 INDUSTRIAL

Industrial Vacancy 6 9%

Industrial Net Absorption 102 9 million sq ft

Industrial New Completions 83 6 million sq ft

Industrial Rents 5 1%

Source: JLL

Commercial Real Estate Vacancy / FORECAST (%)

2014 2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2014 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Office 16 7 16 6 15 7 14 9 15 1 15 9 15 8 15 5 15 3 15 1 14 9 14 8 16 0 15 6 15 0

Industrial 13 1 13 2 9 9 11 6 11 3 10 8 10 3 9 8 9 4 9 0 8 5 8 4 12 0 11 7 8 8

Retail 14 2 14 6 13 8 12 5 13 7 13 2 13 0 12 7 12 3 12 1 11 9 11 6 13 8 13 2 12 0

Multifamily 7 4 6 0 6 1 6 8 8 4 6 6 6 7 6 6 6 6 6 6 6 6 6 7 6 6 7 1 7 1

Source: National Association of REALTORS®

Copyright © 2015 NATIONAL ASSOCIATION OF REALTORS®. Reproduction, reprinting or retransmission in any form is prohibited without written permission. For questions regarding this matter please e-mail [email protected].



U.S. Economic OVERVIEW

The economic outlook for the next

year is, to use a term of faint praise,

“adequate” — basically a C+. The

cold facts are that we continue to

have substandard GDP, employ-

ment, and income growth relative

to where we could be. The outlook

for both residential and commercial

real estate markets is positive — but

would be even better with a fully

engaged economy.

For 2015, real GDP growth appears

likely to average out at approxi-

mately 2 percent. Compared to

normal expectations of 3 percent

or better growth, the GDP projec-

tions are mediocre — although

significantly better than the negative

growth during the Great Recession.

Average growth from 2007 to 2014

was slightly over 1 percent, including

several years with negative growth.

In comparison, average growth

from 1991 to 2006 was slightly over

3 percent. The 2 percent difference is

important: over a 10-year timeframe

the total difference between a 1 and

3 percent growth rate is 24 percent.

The relatively slow and erratic

economic growth experienced in

recent years appears to have led to

many of the economic problems

currently in the news:

l Underemployment: We have an

economy characterized by part-

time jobs, lower overall levels of

U.S. Economic Outlook / SEPTEMBER 2015 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2013 2014 2015 2016 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

U.S. Economy: History Forecast History Forecast Annual Growth RateReal GDP 4 3 2 1 0 6 2 3 2 6 2 6 2 8 2 8 2 8 2 8 1 5 2 4 2 0 2 8Nonfarm Payroll Employment 2 2 2 5 2 2 1 7 1 8 1 7 1 8 1 8 1 8 1 9 1 7 1 9 1 9 1 8Consumer Prices 1 2 -0 9 -3 1 3 0 1 9 2 3 2 5 3 1 3 2 3 4 1 5 1 6 0 1 3 0

Unemployment % 6.1 5.7 5.6 5.4 5.3 5.2 5.1 5.1 5.1 5.1 7.4 6.1 5.4 5.1

Interest Rate %Fed Funds Rate 0 1 0 1 0 1 0 1 0 1 0 3 0 8 1 0 1 3 1 5 0 1 0 1 0 2 1 23-Month T-Bill Rate 0 1 0 1 0 1 0 1 0 1 0 4 0 9 1 1 1 4 1 7 0 1 0 1 0 2 1 3Prime Rate 3 3 3 3 3 3 3 3 3 3 3 3 3 8 4 0 4 3 4 5 3 3 3 3 3 3 4 2Corporate AAA Bond Yield 4 1 3 9 3 6 3 9 4 1 4 2 4 4 4 6 4 9 5 1 4 3 4 2 4 0 4 910-Year Government Bond 2 5 2 3 2 0 2 2 2 2 2 4 2 6 2 8 3 1 3 3 2 5 2 2 2 6 3 030-Year Government Bond 3 3 3 0 2 6 2 9 2 9 3 1 3 4 3 7 4 0 4 2 3 4 3 4 2 9 3 830-Year Fixed Rate Mortgage 4 1 4 0 3 7 3 8 4 0 4 1 4 3 4 5 4 8 5 0 4 0 4 2 3 0 4 7

Quarterly figures are seasonally adjusted annual rates. *Existing home sales of single-family homes and condo/coops.




job participation, and concerns

that millennials are having diffi-

culties achieving a first rung on

the job ladder.

l Income distribution: Many people

have not participated in the rising

economy — developing the “1

Percent” income issue. The

economy is based on the circular

flow of money and goods. Low

incomes cycle into lower than

normal levels of demand,

resulting in low GDP growth.

l Rancor and disagreement: Prob-

lems with the federal budget and

debt ceiling and the inability to

resolve a variety of economic and

tax issues at the legislative level

could lead to decreased consumer

and investor confidence. The

lack of positive agreement on

economic issues may be a factor

in holding the economy back.

THE NAR ECONOMIC FORECAST

The NAR forecast is for continued

slow economic expansion. Rising

GDP and employment should

continue to have favorable impacts

on residential and commercial

real estate markets. The projected

outlook is positive but represents

an economy with relatively slow

growth.

FORECAST RISKS

Forecasts are based on models

of the economic relationships in

the economy and assumptions

concerning the exogenous/unex-

pected/unpredictable variables that

could impact the forecast.

Modeling: Several examples can

illustrate the modeling of economic

interrelationships:

l For example, how will consump-

tion (68 percent of 2014 GDP) be

impacted by changes in the GDP,

household wealth, employment,

and other relevant factors?

l How will investment (16 percent

of 2014 GDP) be impacted by

changes in interest rates, GDP,

financial liquidity, and other

relevant factors?

RISING GDP AND EMPLOYMENT SHOULD

CONTINUE TO HAVE FAVORABLE IMPACTS ON RESIDENTIAL AND

COMMERCIAL REAL ESTATE MARKETS.

Vacancy Rate34%

Vacancy Rate34%




Although economists may differ to

some degree on the structure of the

many equations and relationships

underlying economic forecasts, the

results are usually surprisingly close.

Assumptions: The key phrase is

“other relevant factors,” frequently

termed “exogenous variables” by

economists. Other relevant factors

in the second half of 2015 could

include changes in the Chinese

economy, variations by central

banks in monetary policy and credit

availability, changes in govern-

ment programs and expenditures,

changes in business confidence,

and the impacts on consumer or

business behavior from changes in

financial markets or other economic

and political developments. While

extraneous to the forecast, econ-

omists need to estimate other

relevant factors prior to making the

forecast. Differences in assumptions

can drive the apparent differences

between forecasts.

The variability of exogenous uncer-

tainties provides the origin of the

famous economics phrases “on the

other hand” or “all other things

being equal.” When economists

talk in this type of jargon, they are

simply stating that a lot of unfore-

seen uncertainties could impact the

forecast — and there is really no way

in which these uncertainties can be

predicted with certainty.

SHORT-TERM UNCERTAINTIES, RISKS, AND PROBLEMS

There are a number of short-term

risks that could negatively impact

the current forecast:

l problems with government

budgeting and debt ceilings;

l continued fluctuations in wealth

related to short-term stock

market gyrations;

l additional negative developments

in the Chinese economy, with

possible extension to other

countries, thereby affecting inter-

national trade; and

l factors negatively impacting

consumer and business confi-

dence.

For the forecast we have assumed

that there will be no abnormal,

dramatic changes in the economy,

such as a government shutdown.

GDP: PERCENTAGE GROWTH IN 2009 CONSTANT DOLLARS

Sources: National Association of Realtors® / Reis, Inc.

1981 1985 1990 1995 2000 2005 2010 2015

-3

-2

-1

0

1

2

3

4

5

6

7

8

Vacancy Rate34%




IMPACTS ON REAL ESTATE

The major factors affecting the

real estate markets are job growth,

interest rates, and credit availability.

The outlook for all three is favorable

— although not as favorable as one

would prefer:

l Job growth: The economy needs

to create 125,000 new jobs each

month just to absorb popu-

lation growth. In the past 12

months, monthly job creation

on an enterprise basis has aver-

aged 243 additional new jobs per

month. Job creation is projected

to continue at approximately that

rate.

l Interest rates: Even with

projected increases by the

Federal Reserve, interest rates are

expected to remain attractive for

residential and commercial real

estate transactions.

l Credit availability: Realtors have

reported excessively tight — but

easing — credit in responses

to the Realtor Confidence Index

survey. Surveys of commer-

cial real estate transactions have

also reported the easing of tight

credit. We continue to expect

some easing of credit conditions

even as interest rates modestly

increase.

Commercial real estate generally

follows residential trends, frequently

with a lag of 12 to 18 months. Sales,

construction, and prices appear

to be on an upward trend for both

markets. The current economic

environment appears to be favorable

for real estate.

Overall, the economy is experiencing

positive growth, although still at

a performance level below histor-

ical experience. The major problem

is that economic growth has been

closer to 2 percent than what had

historically been a more normal 3

percent. We are predicting 2 percent

for this year with growth possibly

rising to 2.8 percent next year.

Economic growth does not appear

likely to pick up beyond current

projections in the short run. The

country had a painful emergence

from the Great Recession, largely

due to the massive destruction of

financial assets. Consumer demand

for major segments of the popula-

tion continues to be subpar, simply

because wages and job opportuni-

ties have not recovered their normal

growth. Economists are divided in

opinion concerning the longer run

structural factors possibly impeding

economic growth — such as exces-

sive regulation, inappropriate

incentives in the financial markets, a

short-term managerial focus in many

companies, deficient infrastructure

expenditures, and inappropriate

government debt and spending

levels as well as budget allocations.

None of these problems — if indeed

they do impact the economy —

are likely to be resolved in the next

year, so the outlook continues to be

for a positive economic expansion,

but not an expansion in excess of 3

percent per year.

OVERALL, THE ECONOMY IS EXPERIENCING

POSITIVE GROWTH, ALTHOUGH STILL

AT A PERFORMANCE LEVEL BELOW

HISTORICAL EXPERIENCE.

Vacancy Rate34%



U.S. Metropolitan ECONOMIC OUTLOOK

The leading market index uses an array of factors to assess the relative health of an individual market. The factors include job creation, unemployment claims, bankruptcy filings, and permits for construction. The first two factors provide an indication of potential business expansion/contraction as well as of labor market health and a leading

indicator of multifamily rental growth. Bankruptcy filings allude to the health of the business environment, while the permits data point to business plans and have an indirect impact on inventories.

The leading indicator is weighted based on both the current measure

as well as its recent trend or lagged measures. These weighted measures are then added to create a score. This score is then ranked relative to a fixed scale where a measure of 85 or better indicates a robust market, 75 to 85 a strong market, 65 to 75 an average market, and a score below 65 coincides with a weak market.

Phoenix AZ B 81 25 -18% -12% 5 7% 3 3% 11%

Tucson AZ B 76 56 -18% -12% 6 2% 0 5% 11%

Los Angeles CA C 70 31 -21% -18% 6 8% 2 8% 0%

San Bernardino/Riverside CA B 76 56 -21% -18% 7 1% 4 0% 57%

Sacramento CA C 73 44 -21% -18% 6 0% 3 0% 49%

San Diego CA B 79 69 -21% -18% 5 4% 3 6% -4%

San Francisco CA A 89 06 -21% -18% 4 5% 3 2% 18%

San Jose CA A 85 94 -21% -18% 4 3% 6 2% 21%

Colorado Springs CO B 78 13 -21% -8% 4 9% 1 0% -13%

Denver CO A 93 75 -21% -8% 3 8% 3 0% 6%

Hartford CT B 78 13 -7% -9% 5 7% 2 2% -1%

Washington DC B 81 25 -5% -15% 4 6% 2 4% -3%

Jacksonville FL B 82 81 -16% -24% 5 6% 3 2% 7%

Miami FL B 79 69 -16% -24% 5 7% 2 9% 13%

Orlando FL A 85 94 -16% -24% 5 2% 4 1% 18%

Tampa-St Petersburg FL A 85 94 -16% -24% 5 4% 2 7% 14%

Atlanta GA C 73 44 -7% -14% 6 1% 3 4% 16%

Chicago IL D 56 25 -7% -10% 6 1% 1 6% -5%

Indianapolis IN B 78 13 -10% -18% 4 4% 3 1% -6%

Lexington KY A 85 94 -12% -12% 4 3% 2 9% -12%

Louisville KY B 79 69 -12% -12% 5 2% 2 2% -13%

New Orleans LA D 62 50 -8% 4% 6 4% -0 7% 5%

* July 2014 through June 2015 vs. July 2013 through June 2014 **August 2014 through July 2015 vs. August 2013 through July 2014

LEADING INDICATOR INDEXCITY STATE SCORE LEADING BANKRUPTCY UNEMPLOYMENT UNEMPLOYMENT TOTAL TOTAL INDICATOR FILINGS CLAIMS RATE as of EMPLOYMENT PERMITS (2015 vs 2014)* (2015 vs 2014)** JUL 2015 (JUL 2015 vs (2015 vs JUL 2014)** 2014)**




Boston MA B 79 69 -16% -5% 4 3% 2 2% 21%

Baltimore MD B 82 81 -14% -16% 5 8% 3 1% 12%

Detroit MI C 67 19 -13% -14% 7 0% 2 5% -2%

Minneapolis MN A 90 63 -16% -9% 3 7% 2 1% -9%

St Louis MO C 71 88 -11% -14% 5 7% 1 6% -6%

Kansas City MO B 78 13 -11% -14% 5 5% 2 3% 1%

Greensboro/Winston-Salem NC C 70 31 -8% -19% 6 5% 3 2% 2%

Raleigh-Durham NC A 85 94 -8% -19% 5 3% 2 3% 15%

Charlotte NC B 76 56 -8% -19% 6 0% 3 6% 20%

Omaha NE B 75 00 -12% -14% 3 2% 1 5% -1%

Albuquerque NM C 67 19 -10% -9% 6 7% 2 1% -3%

Las Vegas NV B 75 00 -18% -2% 7 0% 3 4% 18%

Buffalo NY B 78 13 -11% -6% 5 8% 2 3% 13%

New York NY C 71 88 -11% -6% 6 0% 1 8% 79%

Cleveland OH C 70 31 -9% -12% 5 6% 1 4% 3%

Columbus OH B 82 81 -9% -12% 4 2% 3 3% -23%

Cincinnati OH B 79 69 -9% -12% 4 6% 2 7% 8%

Oklahoma City OK B 76 56 -8% 1% 3 9% 2 4% 1%

Tulsa OK C 70 31 -8% 1% 4 5% 0 1% -14%

Portland OR A 90 63 -13% -14% 5 8% 3 8% 7%

Pittsburgh PA B 81 25 -12% -9% 5 8% 2 8% -18%

Philadelphia PA B 78 13 -12% -9% 6 1% 1 5% 0%

Providence RI B 84 38 -16% -9% 5 8% 2 7% 4%

Charleston SC A 87 50 -7% -19% 5 6% 2 8% 2%

Columbia SC B 75 00 -7% -19% 6 1% 2 0% 23%

Greenville SC B 81 25 -7% -19% 5 7% 3 5% 46%

Knoxville TN B 76 56 -8% -11% 5 9% 3 2% 16%

Nashville TN B 82 81 -8% -11% 5 1% 3 6% 25%

Chattanooga TN C 70 31 -8% -11% 6 3% 2 5% 2%

Memphis TN C 73 44 -8% -11% 7 0% 1 5% 6%

Austin TX A 89 06 -11% 0% 3 5% 3 6% 3%

Dallas TX A 85 94 -11% 0% 4 1% 3 7% 9%






Houston TX B 82 81 -11% 0% 4 7% 2 2% 14%

San Antonio TX B 82 81 -11% 0% 3 9% 3 2% -15%

Salt Lake City UT B 81 25 -7% -13% 3 7% 4 4% 12%

Richmond VA B 76 56 -7% -20% 5 1% 0 4% -2%

Seattle WA A 90 63 -14% -11% 4 1% 3 6% 20%

Milwaukee WI B 76 56 -10% -14% 5 2% 1 6% 4%

Birmingham AL D 59 38 -4% -14% 6 0% 1 7% -5%

Little Rock AR A 87 50 -11% -10% 5 1% 2 9% 14%

New Haven CT B 75 00 -7% -9% 5 8% 1 3% 9%

Wichita KS B 78 13 -10% -10% 5 7% 1 0% -10%

Rochester NY B 75 00 -11% -6% 5 4% 1 8% 64%

Syracuse NY B 75 00 -11% -6% 5 6% 0 9% -15%

Dayton OH B 79 69 -9% -12% 4 9% 1 4% 6%

Ventura County CA B 76 56 -21% -18% 5 9% 1 1% 8%

Westchester NY B 81 25 -11% -6% 4 4% 1 2% 16%

Norfolk/Hampton Roads VA B 76 56 -7% -20% 5 2% 1 4% 15%

Tacoma WA B 81 25 -14% -11% 6 4% 5 0% 20%

Orange County CA C 70 31 -21% -18% 4 1% 1 6% -3%

Palm Beach FL B 82 81 -16% -24% 5 6% 3 0% -11%

Fairfield County CT B 78 13 -7% -9% 5 4% 1 7% 16%

Fort Lauderdale FL A 85 94 -16% -24% 5 2% 3 4% 13%

Fort Worth TX B 82 81 -11% 0% 4 3% 2 8% 9%

Long Island NY B 75 00 -11% -6% 4 9% 1 5% 79%

Northern New Jersey NJ C 67 19 -8% -5% 6 1% 0 8% 5%

Oakland-East Bay CA B 82 81 -21% -18% 5 1% 2 2% 18%

Suburban Maryland MD B 79 69 -14% -16% 4 2% 2 3% -3%

Suburban Virginia VA B 76 56 -7% -20% 3 6% 2 4% -3%

Durham NC C 73 44 -8% -19% 5 6% 1 9% 23%

Raleigh-Cary NC A 85 94 -8% -19% 5 3% 2 3% 15%

Central New Jersey NJ C 73 44 -8% -5% 5 9% 0 9% 10%





SPONSORS

CCIM INSTITUTE

Since 1969, the Chicago-based CCIM Institute has conferred the Certified Commercial Investment Member (CCIM) designation to commercial real estate and allied professionals through an extensive curriculum of 160 classroom hours and professional experiential requirements. Currently, there are 9,000 CCIMs in 1,000 markets in the U.S. and 31 countries worldwide. Another 3,000 practitioners are pursuing the designation, making the Institute one of the largest commercial real estate networks in the world. An affiliate of the National Association of REALTORS®, the CCIM Institute’s recognized curriculum, networking programs, and the powerful technology tool, Site To Do Busi-ness (site analysis and demographics resource), positively impact and influence the commercial real estate industry.

Visit www.ccim.com for more information.

CCIM INSTITUTE 2015 EXECUTIVE LEADERSHIP

NATIONAL ASSOCIATION OF REALTORS®

The Mission of the National Association of REALTORS® Research Division is to collect and disseminate timely, accu-rate and comprehensive real estate data and to conduct economic analysis in order to inform and engage members, consumers, and policy makers and the media in a professional and accessible manner.

The Research Division monitors and analyzes economic indicators, including gross domestic product, retail sales, industrial production, producer price index, and employment data that impact commercial markets over time. Additionally, NAR Research examines how changes in the economy affect the commercial real estate business, and evaluates regulatory and legislative policy proposals for their impact on REALTORS,® their clients and America’s property owners.

The Research Division provides several products covering commercial real estate including:

l Commercial Real Estate Outlook l Commercial Real Estate Quarterly Market Survey l Commercial Real Estate Lending Survey l Commercial Member Profile

To find out about other products from NAR’s Research Division, visit www.realtor.org/research-and-statistics.

NATIONAL ASSOCIATION OF REALTORS® RESEARCH DIVISION

©2015 The CCIM Institute and National Association of REALTORS.® All rights reserved.

Walter S. Clements, CCIM Executive Vice President/CEO

Mark Macek, CCIM President

Steven W. Moreira, CCIM President-Elect

Robin L. Webb, CCIM First Vice President

Charles C. Connely IV, CCIM Treasurer

CCIM Institute 430 North Michigan Ave., Suite 800 Chicago, IL 60611 312-321-4460 www.ccim.com

Lawrence Yun, PhD Sr. Vice President, Chief Economist [email protected]

George Ratiu Director, Quantitative & Commercial Research [email protected]

Ken Fears Director, Regional Economics & Housing Finance Policy [email protected]

Jed Smith, Ph.D. Managing Director, Quantitative Research [email protected]

National Association of REALTORS® 500 New Jersey Ave. N.W. Washington, D.C. 20001 800-874-6500 www.realtors.org



CONTRIBUTORS

Jim Baker Baker Commercial Real Estate Jeffersonville IN

Young Ja Kim Kim Commercial Duluth GA

Rogers C Smith TCHEHR Corporation, Realtors McMinnville OR

Ned Madonia Engel & Völkers Las Vegas NV

Lowrey Burnett Avison Young Denver CO

Josh Randolph Colliers International Birmingham AL

Matthew Farrell CORE Partners Birmingham MI

Jasper Tramonte Tramonte Commercial Brokerage LLC League City TX

Tom Crumpton Commercial Experts, Inc Canton GA

Ted Dang Commonwealth Real Estate Oakland CA

Felecia Studstill Silas Real Estate Advisory LLC Detroit MI

Chris Jacobson CBRE Minneapolis MN

James A Barnett J A Barnett Realty Group, Inc Tampa FL

Moe Lessan DTZ Nanaimo Real Estate Ltd Nanaimo

Mike Stuhlmiller Stuhlmiller Realty Hayden ID

Nancy Fish Park Place Real Estate Kalamazoo MI

Tarit Chaudhuri KW Commercial Texas Gulf Houston TX

Hank Futch Hank Futch Real Estate Charleston SC

Sherry Palermo Zann Commercial Brokerage Houston TX

Gregg Thompson Ratcliff Development, LLC Alexandria LA

Richard Harris Richard Harris & Associates, Inc Palm Harbor FL

Gary Hunter Westlake Associates, Inc Seattle WA

Ryan Haedrich Haedrich & Co , Inc Redding CA

Tom Davies Norris & Stevens, Inc Portland OR

Amy Mills Steve Fineberg & Associates, Inc Bentonville AR

Lloyd Miller Morris Realty Group Memphis TN

Jay Taylor Sperry Van Ness Raleigh NC

Warren Marr PwC Philadelphia PA

Daren Hebold LUX Realty Group Portland ME

Theodore Deuel Deuel International Group, Inc San Deigo CA

Richard Czoski Santa Fe Raiyayrd Community Corp Santa Fe NM

Randall Hall BrokerOne Real Estate Casper WY

Patrick D Gallagher Siegel-Gallagher, Inc Milwaukee WI

Dale Dockins North Bay Commrcial Real Estate Santa Rosa CA

Lily Seymour Gershman commercial Real Estate St Louis MO

Tom Larson RE/MAX Commercial Property Solutions La Porte IN

Frank Weiskopf Realty Executives Maryville TN

Janet Wilkerson INVEST Commercial Real Estate Leawood KS

Sharon Carz Income Property Specialists Los Angeles CA

Ryan Lasiter Doyle Rogers Company Little Rock AR

Warren Strietzel Schostak Brothers and Company Livonia MI

Jeffrey Eales Birtcher Anderson Realty San Juan Capistrano CA

James Yates Red Realty, LLC Murfreesboro TN

Scot E Hall Wolf Realty Inc Glendale AZ

Jacque Haynes Cassidy Turley Indianapolis IN

Dewey Struble Dewey Struble CCIM Reno NV

Michael Grazier Trimont Real Estate Advisors Atlanta GA

James Robertson Realty Executives Tucson Elite Tucson AZ

Robert Powell Powell Realty Advisors Dallas TX

Rob Lukemeyer III Baseline, Inc Indianapolis IN

Edward Wilson Newmark Grubb Wilson/Kibler Greenville SC

Corey Schneider Corey J Schneider, CCIM Passaic NJ

Blake Lacy Broadway Bank San Antonio TX

Tommy Gleason NAI Mobile Mobile AL

Brian Rosteck Skogman Commercial Cedar Rapids IA

kevin goeller KLNB Vienna VA

John M Stone John M Stone Company Dallas TX

James Palmer Re/Max Metro-city Realty Ottawa

Dalerie Wu STC Management Whittier CA

Todd Hamilton Cutler Commercial Phoenix AZ

Ken Krawczyk K S K Services, Inc Pewaukee WI

Michael Shaffer Skogman Commercial Cedar Rapids IA

Michel Hibbert Charles Dunn Company Los Angeles CA

Kevin Lynch Sperry Van Ness Wheeling IL

Macy Ritter NorthPoint Development Kansas City MO

Danny Zelonker Real Miami Commercial RE Miami FL

Alan Stamm Century 21 Consolidated Las Vegas NV

Jennifer Spritzer KW Commercial Indianapolis IN

Gregoy Moore Sperry Van Ness Jupiter FL

Aaron McDermott Latitude Commercial Schererville IN

Russell Hur RMH Austin TX

Chris Jacobson CBRE Minneapolis MN

Nick Nicketakis CBS Realtors AL

Olga Hallstedt Results Commercial Real Estate Grand Rapids MI



CONTRIBUTORS

Phillip Greenberg Brand Name Real Estate Charleston SC

Matt Boehlke Regus Minneapolis MN

Thomas Knaub Colliers International Phoenix AZ

Craig G Johnson Maylar LP Dallas TX

Nicole Willoughby Associated Bank Milwaukee WI

Peter Rasmusson Lee & Associates Elmwood Park NJ

Hubert King Treeline Realty and Investment Co Temple City CA

Amy Silvey Clay & Company Houston TX

Ron Opfer Coldwell Banker Las Vegas NV

Evan Hammer Stanley Hammer Co San Antonio TX

Drew Augustin Alliance Commercial Group Indianapolis IN

Joe Milkes Milkes Realty Valuation Plano TX

Amy Lerseth The Buzz Oates Group of Companies Sacramento CA

Steve Jacquemin S J Financial Group, Inc St Louis MO

Andie Edmonds NAI ARIS Bend OR

Ira Korn Coldwell Banker Commercial Meridian Rochester NY

Brad Welborn iCOREglobal - Ft Myers Fort Myers FL

John Levinsohn Levi Investment Realty, Inc Indianapolis IN

Dan Mincher The Vollman Company, Inc Sacamento CA

Nick Miner ORION Investment Real Estate Scottsdale AZ

Aziz Khatri KW Commercial Fremont CA

Becky Leebens LR Real Estate Apple Valey MN

David P Reule Reule Corporation Charlotte NC

Michael Carr Coldwell Banker Commercial NRT Naples FL

Wayne Kurchina ILrealty, Inc McHenry IL

Michael C DiBella Coldwell Banker Island Properties Wailea HI

Dan Naylor Mericle Commercial Real Estate Wilkes-Barre PA

Ross Thomas Caldwell Companies Houston TX

Nathan Hughes Bandazian & Hughes, Inc Richmond VA

David Monroe Bellator Real Estate & Development Mobile AL

David Aikens KW Commercial Louisville KY

Gary Hunter Westlake Associates, Inc Seattle WA

Beau Beery Coldwell Banker Commercial M M Parrish Gainesville FL

Gary Cornelssen Marcor Investment Properties, Inc San Diego CA

N Fish Park Place Real Estate Kalamazoo MI

Tony M Amato Avison Young Las Vegas NV

Mary Martin Miller Miller Consulting Group, LLC Newberg OR

Roxana Baker Ritchie Commercial San Jose CA

Mike Armanious KW Commercial Tacoma WA

Bob Hansen Hansen Real Estate & Invest-ment Service, LLC Ellensburg WA

Skip Weber NAI/Latter & Blum New Orleans LA

Jeff Wilke Graham & Company Huntsville AL

Ghassan Jadoun Ace Commercial Real Estate New Port Richey FL

David Roth REMAX Alliance Group Sarasota FL

Patrick Ley ECR Austin TX

Brian Wolford Paradigm Tax Group Houston TX

Joel Miller Sperry Van Ness / Landmark Geneva IL

Brad Vander Linden VLRE, Inc Indianola IA

Kyle Gill Faithbridge Property Company Aledo TX

Jeff Castell Cassidy Turley Indianapolis IN

David Williamson BancorpSouth Birmingham AL

James Roberson NAI Knoxville Knoxville TN

Deb Stevens The Stevens Group Boston MA

Craig Evans Cassidy Turley New York NY

Louise Frazier Blue Ridge Realty, Inc Knoxville TN

Michael Manning Main Place Liberty Group Buffalo NY

Ross Hedlund Frauenshuh Commercial Real Estate Minneapolis MN

Jim Resha Sperry Commercial Irvine CA



Visit www.ccim.com/resources to learn more about

CCIM’s Quarterly Market Trends report.


Vacancy Rate34%

2Q • 15

Documents

Commercial Real Estate Market Trends and Transaction ... · Trends. The report provides timely insight into major commercial real estate indicators for core income-producing properties