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Palm Beach County Retail Market THIRD QUARTER 2013 The CoStar Retail Report

CoStar Office Report - West Palm Beach DDA...chased a commercial real estate asset. Cap Rate: Short for capitalization rate. The Cap Rate is a calcula-tion that reflects the relationship

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  • Palm Beach County Retail Market

    T H I R D Q U A R T E R 2 0 1 3

    The CoStarRetail Report

  • Palm Beach County Retail Market

    ©2013 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT A

    THIRD QUARTER 2013 – PALM BEACH COUNTY

    Table of ContentsTable of Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A

    Methodology. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B

    Terms & Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C

    Market Highlights & Overview. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

    CoStar Markets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

    Inventory & Development Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Inventory & Development AnalysisSelect Top DeliveriesSelect Top Under Construction Properties

    Figures at a Glance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Figures at a Glance by Building Type & MarketHistorical Figures at a Glance

    Leasing Activity Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13Select Top Lease Transactions

    Sales Activity Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15Sales Activity AnalysisSelect Top Sales Transactions

    Analysis of Individual CoStar Submarket Clusters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Boca Raton MarketBoynton/Lantana MarketDelray Beach MarketJupiter MarketNorth Palm Beach MarketPalm Beach MarketPalm Springs/Lake Worth MarketRoyal Palm Bch/Wellington MarketWest Palm Beach Market

  • Palm Beach County Retail Market

    B THE COSTAR RETAIL REPORT ©2013 COSTAR GROUP, INC.

    PALM BEACH COUNTY – THIRD QUARTER 2013

    Palm Beach County Retail Market

    ©2013 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT C

    THIRD QUARTER 2013 – PALM BEACH COUNTY

    Methodology

    The CoStar Retail Report calculates Retail statistics using CoStar Group's base of existing, under construction and under renovation Retail buildings in each given metropolitan area. All Retail building types are included, including Community Center, Freestanding Retail, Neighborhood Center, Power Center, Regional Mall, Specialty Center and Unanchored Strip Center, in both single-tenant and multi-tenant buildings, including owner-occupied buildings. CoStar Group's national database includes approximately 80.7 billion square feet of coverage in 3.5 million properties. All rental rates reported in the CoStar Retail Report are calculated using Triple Net (NNN) rental rates.

    © Copyright 2013 CoStar Group, Inc. All Rights Reserved. Although CoStar makes efforts to ensure the accuracy and reliability of the information contained herein, CoStar makes no guarantee, representation or warranty regarding the quality, accuracy, timeliness or completeness of the information. The publication is provided ‘as is’ and CoStar expressly disclaims any guarantees, representations or warranties of any kind, including those of MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

    CoStar Group, Inc.

    1331 L ST NW • Washington, DC 20005• (800) 204-5960 • www.costar.com • NASDAQ: CSGP

    For information on subscribing to CoStar’s other products and services, please contact us at

    1-877-7COSTAR, or visit our web site at www.costar.com

  • Palm Beach County Retail Market

    B THE COSTAR RETAIL REPORT ©2013 COSTAR GROUP, INC.

    PALM BEACH COUNTY – THIRD QUARTER 2013

    Palm Beach County Retail Market

    ©2013 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT C

    THIRD QUARTER 2013 – PALM BEACH COUNTY

    Terms & DefinitionsAnchor Tenant: A large national or regional retailer that serves as a primary draw for a shopping center; a store strategically located in a retail property in order to enhance, bring attention to, or increase traffic at the property. Sometimes called a “destination” tenant, usually these tenants lease at least 25,000 SF.

    Availability Rate: The ratio of available space to total rentable space, calculated by dividing the total available square feet by the total rentable square feet.

    Available Space: The total amount of space that is currently being marketed as available for lease in a given time period. It includes any space that is available, regardless of whether the space is vacant, occupied, available for sublease, or available at a future date.

    Buyer: The individual, group, company, or entity that has pur-chased a commercial real estate asset.

    Cap Rate: Short for capitalization rate. The Cap Rate is a calcula-tion that reflects the relationship between one year’s net operating income and the current market value of a particular property. The Cap Rate is calculated by dividing the annual net operating income by the sales price (or asking sales price).

    Community Center: A shopping center development that has a total square footage between 100,000 – 350,000 SF. Generally will have 2-3 large anchored tenants, but not department store anchors. Community Center typically offers a wider range of apparel and other soft goods than the Neighborhood Center. Among the more common anchors are supermarkets and super drugstores. Community Center tenants sometime contain retail-ers selling such items as apparel, home improvement/furnishings, toys, electronics or sporting goods. The center is usually config-ured as a strip, in a straight line, or an “L” or “U” shape.

    Construction Starts: Buildings that began construction during a specific period of time. (See also: Deliveries)

    Deliveries: Buildings that complete construction during a specified period of time. In order for space to be considered delivered, a certificate of occupancy must have been issued for the property.

    Delivery Date: The date a building completes construction and receives a certificate of occupancy.

    Developer: The company, entity or individual that transforms raw land to improved property by use of labor, capital and entrepre-neurial efforts.

    Direct Space: Space that is being offered for lease directly from the landlord or owner of a building, as opposed to space being offered in a building by another tenant (or broker of a tenant) trying to sublet a space that has already been leased.

    Existing Inventory: The square footage of buildings that have received a certificate of occupancy and are able to be occupied by tenants. It does not include space in buildings that are either planned, under construction or under renovation.

    Freestanding Retail: Single tenant building with a retail tenant. Examples include video stores, fast food restaurant, etc.

    Full Service Rental Rate: Rental rates that include all operating expenses such as utilities, electricity, janitorial services, taxes and insurance.

    General Retail: Typically are single tenant freestanding general-purpose commercial buildings with parking. Many single retail buildings fall into this use code, especially when they don’t meet any of the more detailed use code descriptions.

    Growth in Inventory: The change in size of the existing square footage in a given area over a given period of time, generally due to the construction of new buildings.

    Landlord Rep: (Landlord Representative) In a typical lease trans-

    action between an owner/landlord and tenant, the broker that represents the interests of the owner/landlord is referred to as the Landlord Rep.

    Leased Space: All the space that has a financial lease obligation. It includes all leased space, regardless of whether the space is currently occupied by a tenant. Leased space also includes space being offered for sublease.

    Leasing Activity: The volume of square footage that is commit-ted to and signed under a lease obligation for a specific building or market in a given period of time. It includes direct leases, subleases and renewals of existing leases. It also includes any pre-leasing activity in planned, under construction, or under renovation buildings.

    Lifestyle Center: An upscale, specialty retail, main street concept shopping center. An open center, usually without anchors, about 300,000 SF GLA or larger, located near affluent neighborhoods, includes upscale retail, trendy restaurants and entertainment retail. Nicely landscaped with convenient parking located close to the stores.

    Mall: The combined retail center types of Lifestyle Center, Regional Mall and Super Regional Mall.

    Market: Geographic boundaries that serve to delineate core areas that are competitive with each other and constitute a generally accepted primary competitive set of areas. Markets are building-type specific, and are non-overlapping contiguous geographic designations having a cumulative sum that matches the boundar-ies of the entire Region (See also: Region). Markets can be further subdivided into Submarkets. (See also: Submarkets)

    Multi-Tenant: Buildings that house more than one tenant at a given time. Usually, multi-tenant buildings were designed and built to accommodate many different floor plans and designs for different tenant needs. (See also: Tenancy).

    Neighborhood Center: Provides for the sales of convenience goods (food, drugs, etc.) and personal services (laundry, dry cleaning, etc.) for day-to-day living needs of the immediate neigh-borhood with a supermarket being the principal tenant. In theory, the typical GLA is 50,000 square feet. In practice, the GLA may range from 30,000 to 100,000 square feet.

    Net Absorption: The net change in occupied space over a given period of time. Unless otherwise noted Net Absorption includes direct and sublease space.

    New Space: Sometimes called first generation space, refers to space that has never been occupied and/or leased by a tenant.

    Occupied Space: Space that is physically occupied by a tenant. It does not include leased space that is not currently occupied by a tenant.

    Outlet Center: Usually located in a rural or occasionally in a tour-ist location, an Outlet Center consists of manufacturer’s outlet stores selling their own brands at a discount. 50,000 – 500,000 SF. An Outlet Center does not have to be anchored. A strip con-figuration is most common, although some are enclosed malls and others can be arranged in a village cluster.

    Owner: The company, entity, or individual that holds title on a given building or property.

    Planned/Proposed: The status of a building that has been announced for future development but not yet started construction.

    Power Center: The center typically consists of several freestand-ing (unconnected) anchors and only a minimum amount of small specialty tenants. 250,000 – 600,000 SF. A Power Center is dom-inated by several large anchors, including discount department stores, off-price stores, warehouse clubs, or "category killers," i.e.,

  • Palm Beach County Retail Market

    D THE COSTAR RETAIL REPORT ©2013 COSTAR GROUP, INC.

    PALM BEACH COUNTY – THIRD QUARTER 2013 THIRD QUARTER 2013 – PALM BEACH COUNTY

    Palm Beach County Retail Market

    ©2013 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 1

    stores that offer tremendous selection in a particular merchandise category at low prices.

    Preleased Space: The amount of space in a building that has been leased prior to its construction completion date, or certificate of occupancy date.

    Price/SF: Calculated by dividing the price of a building (either sales price or asking sales price) by the Rentable Building Area (RBA).

    Quoted Rental Rate: The asking rate per square foot for a par-ticular building or unit of space by a broker or property owner. Quoted rental rates may differ from the actual rates paid by tenants following the negotiation of all terms and conditions in a specific lease.

    RBA: Abbreviation for Rentable Building Area. (See also: Rentable Building Area)

    Region: Core areas containing a large population nucleus, that together with adjacent communities have a high degree of eco-nomic and social integration. Regions are further divided into market areas, called Markets. (See also: Markets)

    Regional Mall: Provides shopping goods, general merchandise, apparel, and furniture, and home furnishings in full depth and variety. It is built around the full-line department store with a minimum GLA of 100,000 square feet, as the major drawing power. For even greater comparative shopping, two, three, or more department stores may be included. In theory a regional center has a GLA of 400,000 square feet, and may range from 300,000 to more than 1,000,000 square feet. Regional centers in excess of 750,000 square feet GLA with three or more depart-ment stores are considered Super Regional. (See also: Super Regional Mall).

    Relet Space: Sometimes called second generation or direct space, refers to existing space that has previously been occupied by another tenant.

    Rentable Building Area: (RBA) The total square footage of a building that can be occupied by, or assigned to a tenant for the purpose of determining a tenant’s rental obligation. Generally RBA includes a percentage of common areas including all hall-ways, main lobbies, bathrooms, and telephone closets.

    Rental Rates: The annual costs of occupancy for a particular space quoted on a per square foot basis.

    Sales Price: The total dollar amount paid for a particular property at a particular point in time.

    Sales Volume: The sum of sales prices for a given group of build-ings in a given time period.

    Seller: The individual, group, company, or entity that sells a par-ticular commercial real estate asset.

    SF: Abbreviation for Square Feet.

    Shopping Center: The combined retail center types of Community Center, Neighborhood Center and Strip Center.

    Single-Tenant: Buildings that are occupied, or intended to be occupied by a single tenant. (See also: Build-to-suit and Tenancy)

    Specialty Center: The combined retail center types of Airport Retail, Outlet Center and Theme/Festival Center.

    Sports & Entertainment: A facility suited for recreational activi-ties, including: Amusement Facility, Aquatic Facility/Swimming Pool, Bowling Alley, Casino/Gaming Facility, Equestrian Center/Stable, Fitness, Court and Spa Facility, Golf Related, Racetrack, Skating Rink, Ski Resort, Sports Arena/Stadium, and Theatre/Performing Art Facility.

    Strip Center: A strip center is an attached row of stores or service outlets managed as a coherent retail entity, with on-site parking usually located in front of the stores. Open canopies may con-nect the storefronts, but a strip center does not have enclosed walkways linking the stores. A strip center may be configured in

    a straight line, or have an "L" or "U" shape.

    Sublease Space: Space that has been leased by a tenant and is being offered for lease back to the market by the tenant with the lease obligation. Sublease space is sometimes referred to as sublet space.

    Submarkets: Specific geographic boundaries that serve to delin-eate a core group of buildings that are competitive with each other and constitute a generally accepted primary competitive set, or peer group. Submarkets are building type specific (office, industrial, retail, etc.), with distinct boundaries dependent on different factors relevant to each building type. Submarkets are non-overlapping, contiguous geographic designations having a cumulative sum that matches the boundaries of the Market they are located within (See also: Market).

    Super Regional Mall: Similar to a regional mall, but because of its larger size, a super regional mall has more anchors, a deeper selec-tion of merchandise, and draws from a larger population base. As with regional malls, the typical configuration is as an enclosed mall, frequently with multiple levels (See also: Regional Mall).

    Tenancy: A term used to indicate whether or not a building is occupied by multiple tenants (See also: Multi-tenant) or a single tenant. (See also: Single-tenant)

    Tenant Rep: Tenant Rep stands for Tenant Representative. In a typical lease transaction between an owner/landlord and tenant, the broker that represents the interests of the tenant is referred to as a Tenant Rep.

    Theme/Festival Center: These centers typically employ a unify-ing theme that is carried out by the individual shops in their architectural design and, to an extent, in their merchandise. Sometimes the biggest appeal of these centers is to tourists; they can be anchored by restaurants and entertainment facilities. These centers, generally located in urban areas, tend to be adapted from older, sometimes historic, buildings, and can be part of mixed-use projects. 80,000 – 250,000 SF.

    Under Construction: The status of a building that is in the process of being developed, assembled, built or constructed. A building is considered to be under construction after it has begun construc-tion and until it receives a certificate of occupancy.

    Vacancy Rate: A measurement expressed as a percentage of the total amount of physically vacant space divided by the total amount of existing inventory. Under construction space generally is not included in vacancy calculations.

    Vacant Space: Space that is not currently occupied by a tenant, regardless of any lease obligation that may be on the space. Vacant space could be space that is either available or not avail-able. For example, sublease space that is currently being paid for by a tenant but not occupied by that tenant, would be considered vacant space. Likewise, space that has been leased but not yet occupied because of finish work being done, would also be con-sidered vacant space.

    Weighted Average Rental Rate: Rental rates that are calculated by factoring in, or weighting, the square footage associated with each particular rental rate. This has the effect of causing rental rates on larger spaces to affect the average more than that of smaller spaces. The weighted average rental rate is calculated by taking the ratio of the square footage associated with the rental rate on each individual available space to the square footage associated with rental rates on all available spaces, multiplying the rental rate by that ratio, and then adding together all the resulting numbers. Unless specifically specified otherwise, rental rate averages include both Direct and Sublet available spaces.

    Year Built: The year in which a building completed construction and was issued a certificate of occupancy.

    YTD: Abbreviation for Year-to-Date. Describes statistics that are cumulative from the beginning of a calendar year through what-ever time period is being studied.

  • Palm Beach County Retail Market

    D THE COSTAR RETAIL REPORT ©2013 COSTAR GROUP, INC.

    PALM BEACH COUNTY – THIRD QUARTER 2013 THIRD QUARTER 2013 – PALM BEACH COUNTY

    Palm Beach County Retail Market

    ©2013 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 1

    OVERVIEW

    Palm Beach County’s Vacancy Stays at 7.4% Net Absorption Negative (52,456) SF in the Quarter

    The Palm Beach County retail market did not experience much change in market conditions in the third quarter 2013. The vacancy rate went from 7.4% in the previous quarter to 7.4% in the current quarter. Net absorption was nega-tive (52,456) square feet, and vacant sublease space decreased by (1,260) square feet. Quoted rental rates decreased from second quarter 2013 levels, ending at $17.66 per square foot per year. A total of 0 retail buildings with 0 square feet of retail space were delivered to the market in the quarter, with 565,425 square feet still under construction at the end of the quarter.

    Net AbsorptionRetail net absorption was slightly negative in Palm Beach

    County third quarter 2013, with negative (52,456) square feet absorbed in the quarter. In second quarter 2013, net absorption was negative (69,976) square feet, while in first quarter 2013, absorption came in at positive 523,628 square feet. In fourth quarter 2012, positive 188,889 square feet was absorbed in the market.

    Some of the notable move-out’s occurring in 2013 include: the Zoo Health Club moving out of (19,280) square feet at Lantana Square; Mercer Wenzel, Inc. moving out of (12,340) square feet at 401 E Atlantic; and Ace Hardware moving out of (10,908) square feet at 10055 Yomato Rd.

    Some of the notable move-in’s of 2013 include: Walmart Neighborhood Market moving into 45,541 square feet at Boynton Trail Centre; The Wick Theatre & Costume Museum moving into 29,474 square feet at 7901 N Federal Hwy; and Monterrey Supermarket Llc moving into 25,649 square feet at 2501 N Dixie Hwy.

    VacancyPalm Beach County’s retail vacancy rate changed in the third

    quarter 2013, ending the quarter at 7.4%. Over the past four quarters, the market has seen an overall decrease in the vacancy rate, with the rate going from 7.6% in the fourth quarter 2012, to 7.3% at the end of the first quarter 2013, 7.4% at the end of the second quarter 2013, to 7.4% in the current quarter.

    The amount of vacant sublease space in the Palm Beach County market has trended down over the past four quarters. At the end of the fourth quarter 2012, there were 214,478 square feet of vacant sublease space. Currently, there are 50,911 square feet vacant in the market.

    Notable Lease SigningsSome of the notable lease signings occurring in 2013 include:

    the 35,047-square-foot-lease signed by Nordstrom Rack at Palm Beach Outlets; the 29,474-square-foot-deal signed by The Wick Theatre & Costume Museum at 7901 N Federal Hwy; and the 27,051-square-foot-lease signed by Monterrey Supermarket Llc at Trafalgar Square.

    Rental RatesAverage quoted asking rental rates in the Palm Beach County

    retail market are down over previous quarter levels, and up from their levels four quarters ago. Quoted rents ended the third quar-ter 2013 at $17.66 per square foot per year. That compares to $17.84 per square foot in the second quarter 2013, and $17.45 per square foot at the end of the fourth quarter 2012. This rep-resents a 1.0% decrease in rental rates in the current quarter, and a 1.19% increase from four quarters ago.

    Vacancy Rates by Building Type 2006-2013

    Source: CoStar Property®

    Absorption & Deliveries Vacancy & RentPast 9 Quarters Past 9 Quarters

    Source: CoStar Property• Source: CoStar Property•

    0%

    2%

    4%

    6%

    8%

    10%

    12%

    14%

    20061q

    20062q

    20063q

    20064q

    20071q

    20072q

    20073q

    20074q

    20081q

    20082q

    20083q

    20084q

    20091q

    20092q

    20093q

    20094q

    20101q

    20102q

    20103q

    20104q

    20111q

    20112q

    20113q

    20114q

    20121q

    20122q

    20123q

    20124q

    20131q

    20132q

    20133q

    Power Center Specialty Center General Retail Shopping Center Mall Total Market

    (0.02)

    0.18

    0.02

    0.16

    0.220.19

    0.52

    (0.07)(0.05)

    0.00

    0.10

    0.00 0.01 0.01

    0.11

    0.29

    0.01 0.00

    (0.1)

    0.0

    0.1

    0.2

    0.3

    0.4

    0.5

    0.6

    20113q

    20114q

    20121q

    20122q

    20123q

    20124q

    20131q

    20132q

    20133q

    Millio

    ns

    SF

    Net Absorption Deliveries

    $17

    $17

    $17

    $18

    $18

    $18

    $18

    $18

    $18

    20113q

    20114q

    20121q

    20122q

    20123q

    20124q

    20131q

    20132q

    20133q

    Price

    in D

    ollars p

    er U

    nit

    6.6%

    6.8%

    7.0%

    7.2%

    7.4%7.6%

    7.8%

    8.0%

    8.2%

    8.4%

    8.6%

    Vac

    ancy

    Rat

    e P

    erc

    enta

    ge

    Average Rental Rate Vacancy Rate

  • 2 THE COSTAR RETAIL REPORT ©2013 COSTAR GROUP, INC.

    PALM BEACH COUNTY – THIRD QUARTER 2013

    Palm Beach County Retail MarketTHIRD QUARTER 2013 – PALM BEACH COUNTY

    Palm Beach County Retail Market

    ©2013 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 3

    OVERVIEW

    Inventory & ConstructionDuring the third quarter 2013, no new space was completed

    in the Palm Beach County retail market. Over the past four quar-ters, a total of 406,461 square feet of retail space has been built in Palm Beach County. In addition to the current quarter, four buildings with 11,622 square feet were completed in second quar-ter 2013, 16 buildings totaling 286,454 square feet completed in first quarter 2013, and 108,385 square feet in two buildings com-pleted in fourth quarter 2012.

    There were 565,425 square feet of retail space under con-struction at the end of the third quarter 2013.

    Some of the notable 2013 deliveries include: Frank Theater, a 62,280-square-foot facility that delivered in first quarter 2013 and is now 100% occupied, and Publix, a 45,600-square-foot building that delivered in first quarter 2013 and is now 100% occupied.

    Total retail inventory in the Palm Beach County market area amounted to 76,374,418 square feet in 4,716 buildings and 693 centers as of the end of the third quarter 2013.

    Shopping CenterThe Shopping Center market in Palm Beach County current-

    ly consists of 669 projects with 35,699,073 square feet of retail space in 1,334 buildings. In this report the Shopping Center mar-ket is comprised of all Community Center, Neighborhood Center, and Strip Centers.

    After absorbing (60,911) square feet and delivering no new space in the current quarter, the Shopping Center sector saw the vacancy rate go from 9.3% at the end of the second quarter 2013 to 9.5% this quarter.

    Over the past four quarters, the Shopping Center vacancy rate has gone from 9.5% at the end of the fourth quarter 2012, to 9.2% at the end of the first quarter 2013, to 9.3% at the end of the second quarter 2013, and finally to 9.5% at the end of the current quarter.

    Rental rates ended the third quarter 2013 at $16.45 per square foot, down from the $16.50 they were at the end of second quarter 2013. Rental rates have trended down over the past year, going from $17.05 per square foot a year ago to their current levels.

    Net absorption in the Shopping Center sector has totaled 107,484 square feet over the past four quarters. In addition to the negative (60,911) square feet absorbed this quarter, negative (44,023) square feet was absorbed in the second quarter 2013, positive 113,443 square feet was absorbed in the first quarter 2013, and positive 98,975 square feet was absorbed in the fourth quarter 2012.

    Power CentersThe Power Center average vacancy rate was 5.5% in the

    third quarter 2013. With negative (4,009) square feet of net absorption and no new deliveries, the vacancy rate went from 5.4% at the end of last quarter to 5.5% at the end of the third quarter.

    In the second quarter 2013, Power Centers absorbed posi-tive 8,877 square feet, delivered no new space, and the vacancy rate went from 5.6% to 5.4% over the course of the quarter. Rental started the quarter at $15.41 per square foot and ended the quarter at $14.68 per square foot.

    A year ago, in third quarter 2012, the vacancy rate was 5.5%. Over the past four quarters, Power Centers have absorbed a cumulative 2,410 square feet of space and delivered cumula-tive 0 square feet of space. Vacant sublease space has gone from 21,322 square feet to 25,390 square feet over that time period, and rental rates have gone from $15.83 to $16.56.

    At the end of the third quarter 2013, there was no space under construction in the Palm Beach County market. The total stock of Power Center space in Palm Beach County currently sits at 3,772,268 square feet in 10 centers comprised of 85 buildings.

    No space was under construction at the end of the third quarter 2013.

    General Retail PropertiesThe General Retail sector of the market, which includes all

    freestanding retail buildings, except those contained within a cen-ter, reported a vacancy rate of 6.5% at the end of third quarter 2013. There was a total of 1,845,137 square feet vacant at that time. The General Retail sector in Palm Beach County currently has average rental rates of $21.70 per square foot per year. There are 65,425 square feet of space under construction in this sector, with 0 square feet having been completed in the third quarter. In all, there are a total of 3,222 buildings with 28,573,525 square feet of General Retail space in Palm Beach County.

    MallsMalls recorded net absorption of positive 8,578 square feet

    in the third quarter 2013. This net absorption number, com-bined with no new space that was built in the quarter, caused the

    Vacancy Rates by Building Type 2006-2013

    Source: CoStar Property®

    Absorption & Deliveries Vacancy & RentPast 9 Quarters Past 9 Quarters

    Source: CoStar Property• Source: CoStar Property•

    0%

    2%

    4%

    6%

    8%

    10%

    12%

    14%

    20061q

    20062q

    20063q

    20064q

    20071q

    20072q

    20073q

    20074q

    20081q

    20082q

    20083q

    20084q

    20091q

    20092q

    20093q

    20094q

    20101q

    20102q

    20103q

    20104q

    20111q

    20112q

    20113q

    20114q

    20121q

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    20123q

    20124q

    20131q

    20132q

    20133q

    Power Center Specialty Center General Retail Shopping Center Mall Total Market

    (0.02)

    0.18

    0.02

    0.16

    0.220.19

    0.52

    (0.07)(0.05)

    0.00

    0.10

    0.00 0.01 0.01

    0.11

    0.29

    0.01 0.00

    (0.1)

    0.0

    0.1

    0.2

    0.3

    0.4

    0.5

    0.6

    20113q

    20114q

    20121q

    20122q

    20123q

    20124q

    20131q

    20132q

    20133q

    Millio

    ns

    SF

    Net Absorption Deliveries

    $17

    $17

    $17

    $18

    $18

    $18

    $18

    $18

    $18

    20113q

    20114q

    20121q

    20122q

    20123q

    20124q

    20131q

    20132q

    20133q

    Price

    in D

    ollars p

    er U

    nit

    6.6%

    6.8%

    7.0%

    7.2%

    7.4%7.6%

    7.8%

    8.0%

    8.2%

    8.4%

    8.6%

    Vac

    ancy

    Rat

    e P

    erc

    enta

    ge

    Average Rental Rate Vacancy Rate

  • 2 THE COSTAR RETAIL REPORT ©2013 COSTAR GROUP, INC.

    PALM BEACH COUNTY – THIRD QUARTER 2013

    Palm Beach County Retail MarketTHIRD QUARTER 2013 – PALM BEACH COUNTY

    Palm Beach County Retail Market

    ©2013 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 3

    OVERVIEW

    vacancy rate to go from 3.0% a quarter ago to 2.9% at the end of the third quarter 2013. Rental rates went from $33.19 per square foot to $28.78 per square foot during that time. In this report the Mall market is comprised of 14 Lifestyle Center, Regional Mall and Super Regional Malls.

    Sales ActivityTallying retail building sales of 15,000 square feet or larger,

    Palm Beach County retail sales figures rose during the second quarter 2013 in terms of dollar volume compared to the first quarter of 2013.

    In the second quarter, nine retail transactions closed with a total volume of $49,519,186. The nine buildings totaled 596,659 square feet and the average price per square foot equated to $82.99 per square foot. That compares to seven transactions totaling $36,725,915 in the first quarter 2013. The total square footage in the first quarter was 411,929 square feet for an average price per square foot of $89.16.

    Total retail center sales activity in 2013 was down compared to 2012. In the first six months of 2013, the market saw 16 retail sales transactions with a total volume of $86,245,101. The price per square foot averaged $85.51. In the same first six months of 2012, the market posted seven transactions with a total volume of $158,658,644. The price per square foot averaged $277.32.

    Cap rates have been higher in 2013, averaging 8.34% com-pared to the same period in 2012 when they averaged 3.69%.

    One of the largest transactions that has occurred within the

    last four quarters in the Palm Beach County market is the sale of The Reserve Shopping Center in Boca Raton. This 141,107 square foot retail center sold for $46,000,000, or $325.99 per square foot. The property sold on 12/12/2012, at a 6.00% cap rate.

    Reports compiled by: Jeff Miles & John Kneisly, CoStar Research Managers and the South Florida Research Staff.

    Vacancy Rates by Building Type 2006-2013

    Source: CoStar Property®

    Absorption & Deliveries Vacancy & RentPast 9 Quarters Past 9 Quarters

    Source: CoStar Property• Source: CoStar Property•

    0%

    2%

    4%

    6%

    8%

    10%

    12%

    14%

    20061q

    20062q

    20063q

    20064q

    20071q

    20072q

    20073q

    20074q

    20081q

    20082q

    20083q

    20084q

    20091q

    20092q

    20093q

    20094q

    20101q

    20102q

    20103q

    20104q

    20111q

    20112q

    20113q

    20114q

    20121q

    20122q

    20123q

    20124q

    20131q

    20132q

    20133q

    Power Center Specialty Center General Retail Shopping Center Mall Total Market

    (0.02)

    0.18

    0.02

    0.16

    0.220.19

    0.52

    (0.07)(0.05)

    0.00

    0.10

    0.00 0.01 0.01

    0.11

    0.29

    0.01 0.00

    (0.1)

    0.0

    0.1

    0.2

    0.3

    0.4

    0.5

    0.6

    20113q

    20114q

    20121q

    20122q

    20123q

    20124q

    20131q

    20132q

    20133q

    Millio

    ns

    SF

    Net Absorption Deliveries

    $17

    $17

    $17

    $18

    $18

    $18

    $18

    $18

    $18

    20113q

    20114q

    20121q

    20122q

    20123q

    20124q

    20131q

    20132q

    20133q

    Price

    in D

    ollars p

    er U

    nit

    6.6%

    6.8%

    7.0%

    7.2%

    7.4%7.6%

    7.8%

    8.0%

    8.2%

    8.4%

    8.6%

    Vac

    ancy

    Rat

    e P

    erc

    enta

    ge

    Average Rental Rate Vacancy Rate

  • 4 THE COSTAR RETAIL REPORT ©2013 COSTAR GROUP, INC.

    PALM BEACH COUNTY – THIRD QUARTER 2013

    Palm Beach County Retail MarketTHIRD QUARTER 2013 – PALM BEACH COUNTY

    Palm Beach County Retail Market

    ©2013 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 5

    CoStar Submarkets

    In analyzing metropolitan areas, CoStar has developed geographic designations to help group properties together, called Markets, Submarket Clusters and Submarkets. Markets are the equivalent of metropolitan areas, or areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Markets are then divided into Submarket Clusters, which are core areas within a metropolitan area that are known to be competitive with each other in terms of attracting and keeping tenants. Markets are then further subdivided into smaller units called Submarkets, which serve to delineate a core group of buildings that are competitive with each other and constitute a generally accepted competitive set, or peer group.

    MARKETS

    Submarket Clusters

    Boca Raton

    Boynton/Lantana

    Delray Beach

    Jupiter

    North Palm Beach

    Palm Beach

    Palm Springs/Lake Worth

    Royal Palm Bch/Wellington

    West Palm Beach

  • 4 THE COSTAR RETAIL REPORT ©2013 COSTAR GROUP, INC.

    PALM BEACH COUNTY – THIRD QUARTER 2013

    Palm Beach County Retail MarketTHIRD QUARTER 2013 – PALM BEACH COUNTY

    Palm Beach County Retail Market

    ©2013 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 5

    Historical Deliveries 1982 - 2013

    Source: CoStar Property® * Future deliveries based on current under construction buildings.

    Construction Activity Markets Ranked by Under Construction Square Footage

    # Bldgs Preleased SF Preleased % All Existing U/C

    West Palm Beach 3 542,125 99.1% 12,653 182,375

    Boynton/Lantana 1 9,200 100.0% 18,649 9,200

    Palm Beach 1 9,100 100.0% 18,268 9,100

    Boca Raton 0 0 0.0% 21,270 0

    Jupiter 0 0 0.0% 14,948 0

    North Palm Beach 0 0 0.0% 16,086 0

    Delray Beach 0 0 0.0% 13,913 0

    Palm Springs/Lake Worth 0 0 0.0% 10,792 0

    Royal Palm Bch/Wellington 0 0 0.0% 31,194 0

    Totals 5 560,425 99.1% 16,195 113,085

    Source: CoStar Property®

    Recent Deliveries Future Deliveries Leased & Un-Leased SF in Deliveries Since 2009 Preleased & Un-Leased SF in Properties Scheduled to Deliver

    Source: CoStar Property® Source: CoStar Property®

    0

    0

    Market

    Under Construction Inventory Average Bldg Size

    Total GLA

    547,125

    565,425

    9,200

    9,100

    0

    0

    0

    0

    2.0

    1.1

    1.4

    3.83.5

    3.0

    3.7

    1.6

    2.3

    1.6

    1.2

    0.4 0.4

    0.7

    0.9 0.9

    1.31.2

    2.6

    2.1

    1.6

    1.3

    3.1

    2.02.2

    1.7

    2.0

    0.9

    0.3 0.30.1

    0.3

    0.0

    0.5

    1.0

    1.5

    2.0

    2.5

    3.0

    3.5

    4.0

    1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

    Millio

    ns

    of

    SF

    Deliveries Average Delivered SF

    0.0

    0.1

    0.2

    0.3

    0.4

    0.5

    0.6

    0.7

    0.8

    0.9

    2009 2010 2011 2012 2013

    Millio

    ns

    of

    SF

    Leased Un-Leased

    0

    100

    200

    300

    400

    500

    600

    2013 4q 2014 1q 2014 2q

    T

    Thousa

    nds

    of

    SF

    Preleased Un-Leased

    INVENTORY & DEVELOPMENT

  • 6 THE COSTAR RETAIL REPORT ©2013 COSTAR GROUP, INC.

    PALM BEACH COUNTY – THIRD QUARTER 2013

    Palm Beach County Retail MarketTHIRD QUARTER 2013 – PALM BEACH COUNTY

    Palm Beach County Retail Market

    ©2013 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 7

    Historical Construction Starts & DeliveriesSquare Footage Per Quarter Starting and Completing Construction

    Source: CoStar Property®

    Recent Deliveries by Project Size of Year-to-Date DevelopmentBuilding Size # Bldgs GLA SF Leased % Leased Avg Rate Single-Tenant Multi-Tenant

    < 50,000 SF 20 261,862 214,036 81.7% $30.00 99,662 162,200

    50,000 SF - 99,999 SF 1 62,280 62,280 100.0% $0.00 62,280 0

    100,000 SF - 249,999 SF 0 0 0 0.0% $0.00 0 0

    250,000 SF - 499,999 SF 0 0 0 0.0% $0.00 0 0

    >= 500,000 SF 0 0 0 0.0% $0.00 0 0

    Source: CoStar Property®

    Recent Development by Tenancy Existing Inventory ComparisonBased on GLA Developed for Single & Multi Tenant Use Based on Total GLA

    2013 Deliveries

    Source: CoStar Property® Source: CoStar Property®

    Currently Under Construction

    0.17

    0.02

    0.08

    0.01

    0.10

    0.00 0.00 0.00

    0.110.08

    0.22

    0.00

    0.54

    0.05

    (0.02)

    0.21

    0.00

    0.07

    0.03

    0.21

    0.01 0.00

    0.10

    0.00 0.01 0.01

    0.11

    0.29

    0.01 0.00

    (0.1)

    0.0

    0.1

    0.2

    0.3

    0.4

    0.5

    0.6

    2010 1q 2010 2q 2010 3q 2010 4q 2011 1q 2011 2q 2011 3q 2011 4q 2012 1q 2012 2q 2012 3q 2012 4q 2013 1q 2013 2q 2013 3q

    Millio

    ns

    of

    SF

    Construction Starts Deliveries

    88%

    12%

    Multi Single

    46%

    54%

    Multi Single 0 5 10 15 20 25 30 35 40

    Specialty Center

    Power Center

    Mall

    General Retail

    Shopping Center

    Millions of Square Feet

    INVENTORY & DEVELOPMENT

  • 6 THE COSTAR RETAIL REPORT ©2013 COSTAR GROUP, INC.

    PALM BEACH COUNTY – THIRD QUARTER 2013

    Palm Beach County Retail MarketTHIRD QUARTER 2013 – PALM BEACH COUNTY

    Palm Beach County Retail Market

    ©2013 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 7

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    INVENTORY & DEVELOPMENT

  • 8 THE COSTAR RETAIL REPORT ©2013 COSTAR GROUP, INC.

    PALM BEACH COUNTY – THIRD QUARTER 2013

    Palm Beach County Retail MarketTHIRD QUARTER 2013 – PALM BEACH COUNTY

    Palm Beach County Retail Market

    ©2013 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 9

    INVENTORY & DEVELOPMENT

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  • 8 THE COSTAR RETAIL REPORT ©2013 COSTAR GROUP, INC.

    PALM BEACH COUNTY – THIRD QUARTER 2013

    Palm Beach County Retail MarketTHIRD QUARTER 2013 – PALM BEACH COUNTY

    Palm Beach County Retail Market

    ©2013 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 9

    General Retail Market Statistics Third Quarter 2013YTD Net YTD Under Quoted

    Market # Blds Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates

    Boca Raton 234 3,036,277 108,419 108,419 3.6% 34,727 1,809 0 $22.95 Boynton/Lantana 346 2,646,827 109,958 114,558 4.3% 723 8,284 9,200 $15.08 Delray Beach 395 3,188,146 130,438 135,131 4.2% (20,523) 9,002 0 $37.29 Jupiter 168 1,363,499 39,581 39,581 2.9% (4,672) 2,815 0 $17.69 North Palm Beach 486 4,703,953 193,932 205,889 4.4% (59) 0 0 $18.34 Palm Beach 168 1,545,456 74,168 74,168 4.8% (27,164) 0 9,100 $43.28 Palm Springs/Lake Worth 188 1,095,727 29,266 29,266 2.7% 22,265 0 0 $19.16 Royal Palm Bch/Wellington 100 1,358,259 14,300 14,300 1.1% (3,200) 0 0 $23.86 West Palm Beach 1,137 9,635,381 1,122,954 1,123,825 11.7% 68,042 0 47,125 $16.83

    Totals 3,222 28,573,525 1,823,016 1,845,137 6.5% 70,139 21,910 65,425 $21.70

    Source: CoStar Property®

    Mall Market Statistics Third Quarter 2013YTD Net YTD Under Quoted

    Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates

    Boca Raton 5 2,213,254 120,149 120,149 5.4% 579 0 0 $31.48 Boynton/Lantana 2 1,391,979 15,789 15,789 1.1% 126,000 0 0 $27.00 Delray Beach 1 258,210 41,937 41,937 16.2% 216,273 258,210 0 $0.00 Jupiter 0 0 0 0 0.0% 0 0 0 $0.00 North Palm Beach 3 1,835,750 64,299 64,299 3.5% (25,172) 0 0 $27.21 Palm Beach 1 147,832 0 0 0.0% 0 0 0 $30.65 Palm Springs/Lake Worth 0 0 0 0 0.0% 0 0 0 $0.00 Royal Palm Bch/Wellington 1 1,273,000 0 0 0.0% 0 0 0 $0.00 West Palm Beach 1 1,209,527 0 0 0.0% 0 0 0 $0.00

    Totals 14 8,329,552 242,174 242,174 2.9% 317,680 258,210 0 $28.78

    Source: CoStar Property®

    Power Center Market Statistics Third Quarter 2013YTD Net YTD Under Quoted

    Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates

    Boca Raton 1 227,345 900 900 0.4% 0 0 0 $0.00 Boynton/Lantana 3 1,313,132 109,009 113,077 8.6% (4,267) 0 0 $14.12 Delray Beach 2 993,262 2,730 2,730 0.3% 11,180 0 0 $28.51 Jupiter 0 0 0 0 0.0% 0 0 0 $0.00 North Palm Beach 1 393,911 26,558 26,558 6.7% (2,045) 0 0 $0.00 Palm Beach 0 0 0 0 0.0% 0 0 0 $0.00 Palm Springs/Lake Worth 0 0 0 0 0.0% 0 0 0 $0.00 Royal Palm Bch/Wellington 3 844,618 41,940 63,262 7.5% 0 0 0 $14.12 West Palm Beach 0 0 0 0 0.0% 0 0 0 $0.00

    Totals 10 3,772,268 181,137 206,527 5.5% 4,868 0 0 $16.56

    Source: CoStar Property®

    Shopping Center Market Statistics Third Quarter 2013YTD Net YTD Under Quoted

    Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates

    Boca Raton 122 4,817,739 305,331 305,331 6.3% 2,125 0 0 $23.60 Boynton/Lantana 73 5,054,364 487,649 487,649 9.6% 30,094 0 0 $17.67 Delray Beach 65 3,045,727 276,048 279,448 9.2% 28,214 0 0 $15.89 Jupiter 55 2,941,468 266,919 266,919 9.1% (60,629) 0 0 $18.22 North Palm Beach 92 4,133,542 419,316 419,316 10.1% (34,847) 0 0 $13.88 Palm Beach 34 2,855,508 197,948 197,948 6.9% 11,323 0 0 $18.84 Palm Springs/Lake Worth 24 1,332,583 133,623 133,623 10.0% 19,034 15,659 0 $10.94 Royal Palm Bch/Wellington 40 4,104,339 392,043 392,043 9.6% 7,246 0 0 $16.61 West Palm Beach 164 7,413,803 899,877 899,877 12.1% 5,949 2,297 0 $13.48

    Totals 669 35,699,073 3,378,754 3,382,154 9.5% 8,509 17,956 0 $16.45

    Source: CoStar Property®

    Existing Inventory Vacancy

    Vacancy

    Existing Inventory Vacancy

    Existing Inventory Vacancy

    Existing Inventory

    FIGURES AT A GLANCE

  • 10 THE COSTAR RETAIL REPORT ©2013 COSTAR GROUP, INC.

    PALM BEACH COUNTY – THIRD QUARTER 2013

    Palm Beach County Retail MarketTHIRD QUARTER 2013 – PALM BEACH COUNTY

    Palm Beach County Retail Market

    ©2013 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 11

    Specialty Center Market Statistics Third Quarter 2013YTD Net YTD Under Quoted

    Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates

    Boca Raton 0 0 0 0 0.0% 0 0 0 $0.00 Boynton/Lantana 0 0 0 0 0.0% 0 0 0 $0.00 Delray Beach 0 0 0 0 0.0% 0 0 0 $0.00 Jupiter 0 0 0 0 0.0% 0 0 0 $0.00 North Palm Beach 0 0 0 0 0.0% 0 0 0 $0.00 Palm Beach 0 0 0 0 0.0% 0 0 0 $0.00 Palm Springs/Lake Worth 0 0 0 0 0.0% 0 0 0 $0.00 Royal Palm Bch/Wellington 0 0 0 0 0.0% 0 0 0 $0.00 West Palm Beach 0 0 0 0 0.0% 0 0 500,000 $0.00

    Totals 0 0 0 0 0.0% 0 0 500,000 $0.00

    Source: CoStar Property®

    Total Retail Market Statistics Third Quarter 2013YTD Net YTD Under Quoted

    Market # Blds Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates

    Boca Raton 484 10,294,615 534,799 534,799 5.2% 37,431 1,809 0 $24.02 Boynton/Lantana 558 10,406,302 722,405 731,073 7.0% 152,550 8,284 9,200 $17.20 Delray Beach 538 7,485,345 451,153 459,246 6.1% 235,144 267,212 0 $20.64 Jupiter 288 4,304,967 306,500 306,500 7.1% (65,301) 2,815 0 $18.19 North Palm Beach 688 11,067,156 704,105 716,062 6.5% (62,123) 0 0 $16.55 Palm Beach 249 4,548,796 272,116 272,116 6.0% (15,841) 0 9,100 $23.17 Palm Springs/Lake Worth 225 2,428,310 162,889 162,889 6.7% 41,299 15,659 0 $12.74 Royal Palm Bch/Wellington 243 7,580,216 448,283 469,605 6.2% 4,046 0 0 $16.73 West Palm Beach 1,443 18,258,711 2,022,831 2,023,702 11.1% 73,991 2,297 547,125 $14.19

    Totals 4,716 76,374,418 5,625,081 5,675,992 7.4% 401,196 298,076 565,425 $17.66

    Source: CoStar Property®

    Existing Inventory Vacancy

    VacancyExisting Inventory

    FIGURES AT A GLANCE

  • 10 THE COSTAR RETAIL REPORT ©2013 COSTAR GROUP, INC.

    PALM BEACH COUNTY – THIRD QUARTER 2013

    Palm Beach County Retail MarketTHIRD QUARTER 2013 – PALM BEACH COUNTY

    Palm Beach County Retail Market

    ©2013 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 11

    FIGURES AT A GLANCE

    General Retail Market Statistics Third Quarter 2013Net Quoted

    Period # Blds Total GLA Direct SF Total SF Vac % Absorption # Blds Total GLA # Blds Total GLA Rates

    2013 3q 3,222 28,573,525 1,823,016 1,845,137 6.5% 3,886 0 0 4 65,425 $21.70 2013 2q 3,225 28,580,635 1,828,272 1,845,793 6.5% (21,690) 2 4,624 4 86,366 $21.50 2013 1q 3,223 28,576,011 1,799,287 1,819,479 6.4% 87,943 3 17,286 4 39,890 $20.73 2012 4q 3,220 28,558,725 1,850,298 1,890,136 6.6% 68,780 2 108,385 5 21,910 $19.89 2012 3q 3,218 28,450,340 1,810,693 1,850,531 6.5% 25,372 0 0 6 128,486 $19.48 2012 2q 3,218 28,450,340 1,836,382 1,875,903 6.6% (9,065) 0 0 1 100,000 $19.87 2012 1q 3,218 28,450,340 1,827,317 1,866,838 6.6% 84,805 1 3,039 1 100,000 $19.29 2011 4q 3,217 28,447,301 1,902,091 1,948,604 6.8% 64,264 2 99,107 1 3,039 $19.52 2011 3q 3,215 28,348,194 1,889,481 1,913,761 6.8% (14,628) 1 2,989 2 99,107 $19.63 2011 2q 3,216 28,354,444 1,876,632 1,904,992 6.7% (106,105) 1 8,500 3 102,096 $19.35 2011 1q 3,215 28,345,944 1,762,027 1,790,387 6.3% 137,070 5 149,749 3 106,632 $19.67

    2010 3,211 28,197,653 1,755,499 1,779,166 6.3% 195,506 9 174,405 6 158,249 $20.48 2009 3,205 28,060,737 1,787,758 1,837,756 6.5% (90,449) 19 383,778 5 105,461 $23.17 2008 3,186 27,676,959 1,303,742 1,363,529 4.9% 42,758 29 570,724 14 379,641 $19.13 2007 3,157 27,106,235 835,563 835,563 3.1% 472,699 29 536,637 20 376,158 $22.25 2006 3,129 26,573,520 775,547 775,547 2.9% 756,086 29 968,465 28 547,350 $24.61

    Source: CoStar Property®

    Mall Market Statistics Third Quarter 2013Net Quoted

    Period # Ctrs Total GLA Direct SF Total SF Vac % Absorption # Blds Total GLA # Blds Total GLA Rates

    2013 3q 14 8,329,552 242,174 242,174 2.9% 8,578 0 0 0 0 $28.78 2013 2q 14 8,329,552 250,752 250,752 3.0% (13,140) 1 4,701 0 0 $33.19 2013 1q 14 8,324,851 227,714 232,911 2.8% 322,242 12 253,509 1 4,701 $34.81 2012 4q 13 8,071,342 170,447 301,644 3.7% 23,592 0 0 13 258,210 $33.31 2012 3q 13 8,071,342 194,039 325,236 4.0% 880 0 0 13 258,210 $34.22 2012 2q 13 8,071,342 194,919 326,116 4.0% 13,327 0 0 5 81,484 $36.88 2012 1q 13 8,071,342 208,246 339,443 4.2% 2,380 0 0 0 0 $35.85 2011 4q 13 8,071,342 213,224 341,823 4.2% (40,823) 0 0 0 0 $28.44 2011 3q 13 8,071,342 175,000 301,000 3.7% (110,937) 0 0 0 0 $28.75 2011 2q 13 8,071,342 190,063 190,063 2.4% (8,068) 0 0 0 0 $29.17 2011 1q 13 8,071,342 181,015 181,995 2.3% 27,731 0 0 0 0 $27.12

    2010 13 8,071,342 208,746 209,726 2.6% (14,925) 0 0 0 0 $26.67 2009 13 8,071,342 193,821 194,801 2.4% 84,117 7 163,939 0 0 $25.06 2008 12 7,907,403 114,979 114,979 1.5% 23,551 0 0 6 143,933 $23.18 2007 12 7,907,403 138,530 138,530 1.8% 42,480 1 75,000 1 57,789 $24.35 2006 12 7,832,403 106,010 106,010 1.4% 19,971 2 22,848 1 75,000 $19.32

    Source: CoStar Property®

    Power Center Market Statistics Third Quarter 2013Net Quoted

    Period # Ctrs Total GLA Direct SF Total SF Vac % Absorption # Blds Total GLA # Blds Total GLA Rates

    2013 3q 10 3,772,268 181,137 206,527 5.5% (4,009) 0 0 0 0 $16.56 2013 2q 10 3,772,268 177,128 202,518 5.4% 8,877 0 0 0 0 $14.68 2013 1q 10 3,772,268 186,005 211,395 5.6% 0 0 0 0 0 $15.41 2012 4q 10 3,772,268 186,005 211,395 5.6% (2,458) 0 0 0 0 $15.41 2012 3q 10 3,772,268 187,615 208,937 5.5% 44,449 0 0 0 0 $15.83 2012 2q 10 3,772,268 227,449 253,386 6.7% 30,390 0 0 0 0 $14.74 2012 1q 10 3,772,268 253,839 283,776 7.5% 7,185 0 0 0 0 $15.10 2011 4q 10 3,772,268 265,639 290,961 7.7% 10,906 0 0 0 0 $15.64 2011 3q 10 3,772,268 278,503 301,867 8.0% 13,718 0 0 0 0 $15.64 2011 2q 10 3,772,268 292,221 315,585 8.4% (4,705) 0 0 0 0 $17.77 2011 1q 10 3,772,268 306,880 310,880 8.2% 0 0 0 0 0 $17.93

    2010 10 3,772,268 306,880 310,880 8.2% 18,537 1 4,845 0 0 $19.02 2009 10 3,767,423 305,816 324,572 8.6% (102,024) 0 0 1 4,845 $20.38 2008 10 3,767,423 146,161 222,548 5.9% 677,219 11 752,985 0 0 $24.17 2007 9 3,014,438 146,782 146,782 4.9% 231,185 7 308,146 11 752,985 $31.77 2006 9 2,706,292 69,821 69,821 2.6% 425,974 22 432,780 11 763,845 $31.13

    Source: CoStar Property®

    Existing Inventory Vacancy Deliveries UC Inventory

    Existing Inventory Vacancy Deliveries UC Inventory

    Existing Inventory Vacancy Deliveries UC Inventory

  • 12 THE COSTAR RETAIL REPORT ©2013 COSTAR GROUP, INC.

    PALM BEACH COUNTY – THIRD QUARTER 2013

    Palm Beach County Retail MarketTHIRD QUARTER 2013 – PALM BEACH COUNTY

    Palm Beach County Retail Market

    ©2013 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 13

    FIGURES AT A GLANCE

    Shopping Center Market Statistics Third Quarter 2013Net Quoted

    Period # Ctrs Total GLA Direct SF Total SF Vac % Absorption # Blds Total GLA # Blds Total GLA Rates

    2013 3q 669 35,699,073 3,378,754 3,382,154 9.5% (60,911) 0 0 0 0 $16.45 2013 2q 670 35,701,967 3,314,877 3,324,137 9.3% (44,023) 1 2,297 0 0 $16.50 2013 1q 670 35,699,670 3,267,090 3,277,817 9.2% 113,443 1 15,659 1 2,297 $16.51 2012 4q 669 35,684,011 3,357,548 3,375,601 9.5% 98,975 0 0 2 17,956 $16.50 2012 3q 669 35,684,011 3,456,046 3,474,576 9.7% 146,936 2 8,092 1 15,659 $17.05 2012 2q 669 35,675,919 3,606,507 3,613,420 10.1% 128,204 1 5,155 2 8,092 $16.87 2012 1q 669 35,670,764 3,724,228 3,736,469 10.5% (77,603) 0 0 3 13,247 $16.96 2011 4q 669 35,670,764 3,634,148 3,658,866 10.3% 140,675 0 0 0 0 $17.22 2011 3q 669 35,670,764 3,764,743 3,799,541 10.7% 95,448 0 0 0 0 $17.42 2011 2q 669 35,670,764 3,860,191 3,894,989 10.9% 182,969 0 0 0 0 $17.88 2011 1q 669 35,670,764 4,043,160 4,077,958 11.4% 179,816 2 58,610 0 0 $17.65

    2010 667 35,612,154 4,164,366 4,199,164 11.8% 69,762 7 133,237 2 58,610 $17.94 2009 665 35,478,917 4,061,818 4,135,689 11.7% (530,153) 12 308,285 6 147,457 $20.01 2008 662 35,170,632 3,155,612 3,297,251 9.4% (37,587) 36 676,284 9 274,255 $20.89 2007 655 34,494,348 2,572,370 2,583,380 7.5% 43,749 25 825,793 25 353,476 $19.50 2006 648 33,668,555 1,786,494 1,801,336 5.4% 237,720 43 797,597 25 805,821 $17.42

    Source: CoStar Property®

    Specialty Center Market Statistics Third Quarter 2013Net Quoted

    Period # Ctrs Total GLA Direct SF Total SF Vac % Absorption # Blds Total GLA # Blds Total GLA Rates

    2013 3q 0 0 0 0 0.0% 0 0 0 1 500,000 $0.00 2013 2q 0 0 0 0 0.0% 0 0 0 1 500,000 $0.00 2013 1q 0 0 0 0 0.0% 0 0 0 1 500,000 $0.00 2012 4q 0 0 0 0 0.0% 0 0 0 0 0 $0.00 2012 3q 0 0 0 0 0.0% 0 0 0 0 0 $0.00 2012 2q 0 0 0 0 0.0% 0 0 0 0 0 $0.00 2012 1q 0 0 0 0 0.0% 0 0 0 0 0 $0.00 2011 4q 0 0 0 0 0.0% 0 0 0 0 0 $0.00 2011 3q 0 0 0 0 0.0% 0 0 0 0 0 $0.00 2011 2q 0 0 0 0 0.0% 0 0 0 0 0 $0.00 2011 1q 0 0 0 0 0.0% 0 0 0 0 0 $0.00

    2010 0 0 0 0 0.0% 0 0 0 0 0 $0.00 2009 0 0 0 0 0.0% 0 0 0 0 0 $0.00 2008 0 0 0 0 0.0% 0 0 0 0 0 $0.00 2007 0 0 0 0 0.0% 0 0 0 0 0 $0.00 2006 0 0 0 0 0.0% 0 0 0 0 0 $0.00

    Source: CoStar Property®

    Total Retail Market Statistics Third Quarter 2013Net Quoted

    Period # Blds Total GLA Direct SF Total SF Vac % Absorption # Blds Total GLA # Blds Total GLA Rates

    2013 3q 4,716 76,374,418 5,625,081 5,675,992 7.4% (52,456) 0 0 5 565,425 $17.66 2013 2q 4,720 76,384,422 5,571,029 5,623,200 7.4% (69,976) 4 11,622 5 586,366 $17.84 2013 1q 4,716 76,372,800 5,480,096 5,541,602 7.3% 523,628 16 286,454 7 546,888 $17.66 2012 4q 4,700 76,086,346 5,564,298 5,778,776 7.6% 188,889 2 108,385 20 298,076 $17.45 2012 3q 4,698 75,977,961 5,648,393 5,859,280 7.7% 217,637 2 8,092 20 402,355 $17.87 2012 2q 4,696 75,969,869 5,865,257 6,068,825 8.0% 162,856 1 5,155 8 189,576 $17.49 2012 1q 4,695 75,964,714 6,013,630 6,226,526 8.2% 16,767 1 3,039 4 113,247 $17.51 2011 4q 4,694 75,961,675 6,015,102 6,240,254 8.2% 175,022 2 99,107 1 3,039 $17.66 2011 3q 4,692 75,862,568 6,107,727 6,316,169 8.3% (16,399) 1 2,989 2 99,107 $17.83 2011 2q 4,693 75,868,818 6,219,107 6,305,629 8.3% 64,091 1 8,500 3 102,096 $18.31 2011 1q 4,692 75,860,318 6,293,082 6,361,220 8.4% 344,617 7 208,359 3 106,632 $18.14

    2010 4,686 75,653,417 6,435,491 6,498,936 8.6% 268,880 17 312,487 8 216,859 $18.56 2009 4,672 75,378,419 6,349,213 6,492,818 8.6% (638,509) 38 856,002 12 257,763 $20.73 2008 4,634 74,522,417 4,720,494 4,998,307 6.7% 705,941 76 1,999,993 29 797,829 $20.72 2007 4,558 72,522,424 3,693,245 3,704,255 5.1% 790,113 62 1,745,576 57 1,540,408 $20.19 2006 4,497 70,780,770 2,737,872 2,752,714 3.9% 1,439,751 96 2,221,690 65 2,192,016 $18.78

    Source: CoStar Property®

    Existing Inventory Vacancy Deliveries UC Inventory

    Existing Inventory Vacancy Deliveries UC Inventory

    Existing Inventory Vacancy Deliveries UC Inventory

  • 12 THE COSTAR RETAIL REPORT ©2013 COSTAR GROUP, INC.

    PALM BEACH COUNTY – THIRD QUARTER 2013

    Palm Beach County Retail MarketTHIRD QUARTER 2013 – PALM BEACH COUNTY

    Palm Beach County Retail Market

    ©2013 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 13

    Historical Rental RatesBased on NNN Rental Rates

    Source: CoStar Property®

    Vacancy by Available Space Type Vacancy by Building TypePercent of All Vacant Space in Direct vs. Sublet Percent of All Vacant Space by Building Type

    Source: CoStar Property® Source: CoStar Property®

    GLA By Building Type Future Space AvailableRatio of Total GLA by Building Type Space Scheduled to be Available for Occupancy*

    Source: CoStar Property® * Includes Under Construction Spaces Source: CoStar Property®

    $0.00

    $5.00

    $10.00

    $15.00

    $20.00

    $25.00

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    $35.00

    20061q

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    20063q

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    Dollar

    s/SF/Y

    ear

    Power Center Specialty Center General Retail Shopping Center Mall Total Market

    0 5 10 15 20 25 30 35 40

    Specialty Center

    Power Center

    Mall

    General Retail

    Shopping Center

    Millions of Square Feet

    1%

    99%

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

    Specialty Center

    Power Center

    Mall

    General Retail

    Shopping Center

    0.07

    0.01

    0.00 0.00 0.00 0.000.0

    0.0

    0.0

    0.0

    0.0

    0.1

    0.1

    0.1

    0.1

    2013 4q 2014 1q 2014 2q 2014 3q 2014 4q 2015 1q

    Mill

    ions

    LEASING ACTIVITY

  • 14 THE COSTAR RETAIL REPORT ©2013 COSTAR GROUP, INC.

    PALM BEACH COUNTY – THIRD QUARTER 2013

    Palm Beach County Retail MarketTHIRD QUARTER 2013 – PALM BEACH COUNTY

    Palm Beach County Retail Market

    ©2013 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 15

    LEASING ACTIVITY

    Source: CoStar Property®

    * Renewal

    Building Submarket SF Qtr Tenant Name Tenant Rep Company Landlord Rep Company

    1 1801 Palm Beach Lakes Blvd West Palm Beach 35,047 2nd Nordstrom Rack Direct Deal New England Developnment

    2 7901 N Federal Hwy Boca Raton East 29,474 2nd The Wick Theatre & Costume Museum The Commercial Department, Inc. Brenner Real Estate Group

    3 6300-6374 Forest Hill Blvd West Palm Beach 27,051 1st Monterrey Supermarket Llc N/A Commodore Realty, Inc.

    4 2501-2565 N Dixie Hwy West Palm Beach 25,649 1st Monterrey Supermarket Llc Direct Deal Schweitzer Realty Group Limited

    5 287 Indiantown Rd Jupiter 20,947 1st The Fresh Market Prime Sites Direct Deal

    6 6400-6490 Lake Worth Rd Palm Springs/Lake Worth 20,351 3rd Planet Fitness Direct Deal Southern Management and Development

    7 601 N Federal Hwy Boca Raton East 18,326 3rd N/A N/A Investments Limited

    8 440 Northlake Blvd North Palm Beach 12,100 3rd N/A N/A NAI/Merin Hunter Codman Inc.

    9 6400-6490 Lake Worth Rd Palm Springs/Lake Worth 11,237 2nd Thrift Couture Direct Deal Southern Management and Development

    10 1538-1732 S Federal Hwy Delray Beach 11,142 1st ULTA N/A Ramco-Gershenson Properties Trust

    11 21637-21759 State Road 7* Palm Bch Cty Outlying 10,951 2nd Chuck E. Cheese’s Direct Deal Southern Management and Development

    12 5030-5050 Champion Blvd Boca Raton West 8,244 2nd Pet Supermarket N/A Woolbright Development, Inc.

    13 6169-6185 Jog Rd Boynton/Lantana 7,544 2nd The Zoo Health Club Llc N/A Woolbright Development, Inc.

    14 3897-3969 N Haverhill Rd West Palm Beach 7,520 2nd Dollar General N/A Allstate

    15 6714-6864 Forest Hill Blvd Royal Palm Bch/Wellington 6,852 3rd Humana N/A Crossman & Company

    16 6868 Forest Hill Blvd Royal Palm Bch/Wellington 6,396 3rd MD Now Medic N/A Crossman & Company

    17 3919-3985 Jog Rd Royal Palm Bch/Wellington 6,251 1st N/A N/A Gator Investments

    18 7401-7491 N Federal Hwy Boca Raton East 6,224 1st Tondre Design Direct Deal Thur & Associates

    19 4801 Linton Blvd Delray Beach 6,045 3rd Jourdan’s Bridge Club Llc N/A Konover South, LLC

    20 2939 N Military Trl West Palm Beach 5,792 3rd N/A N/A Brock Development

    21 14539-14595 S Military Trl Delray Beach 5,642 1st Show Home Furniture Design Inc N/A Ramco-Gershenson Properties Trust

    22 1301-1313 W Boynton Beach Blvd Boynton/Lantana 5,542 1st N/A N/A Janoura Realty & Management, Inc.

    23 5030-5050 Champion Blvd Boca Raton West 5,483 2nd Phenix Salon Suites Plaza Development Realty, Inc. Woolbright Development, Inc.

    24 6775 W Indiantown Rd Jupiter 5,447 1st N/A N/A Cohen Commercial Realty, Inc.

    25 20401-20449 State Road 7 Palm Bch Cty Outlying 5,342 1st Salon Z Inc N/A Ramco-Gershenson Properties Trust

    26 14530-14590 Military Trl Delray Beach 5,245 2nd Express Docs Urgent Care N/A Konover South, LLC

    27 640 E Atlantic Ave Delray Beach 5,000 2nd N/A The Rotella Group, Inc. Moskin Realty

    28 11701 Lake Victoria Gardens Ave North Palm Beach 4,957 2nd N/A N/A Berman Enterprises

    29 5100 Pga Blvd North Palm Beach 4,847 1st N/A N/A Channing Corporation

    30 2403 S Dixie Hwy West Palm Beach 4,751 1st Palm Beach Pet Market Direct Deal TIG Realty, LLC

    31 7400 N Federal Hwy Boca Raton East 4,744 2nd N/A N/A Investments Limited

    32 2621 N Federal Hwy Boca Raton East 4,721 1st Force-E Direct Deal Heart Realty

    33 12795 W Forest Hill Blvd Royal Palm Bch/Wellington 4,644 2nd N/A Direct Deal Bainbridge WCP, LTD

    34 16950 Jog Rd Delray Beach 4,447 1st D’Angelo Pizza N/A CBRE

    35 1105-1199 Royal Palm Beach Blvd Palm Bch Cty Outlying 4,350 1st Los Agaves N/A Strategic Realty Services, LLC

    36 9147 Alternate A1A North Palm Beach 4,151 3rd N/A N/A Reichel Realty & Investments, Inc.

    37 6526-6626 Hypoluxo Rd Boynton/Lantana 4,047 3rd AmTrust Bank Inc N/A CBRE

    38 1105 N Dixie Hwy West Palm Beach 4,037 1st Old Town Flowers and Gifts Direct Deal Touchstone Webb Realty Company

    39 8210-8320 Jog Rd Boynton/Lantana 3,939 3rd Mamma Mia of Aberdeen, Inc Direct Deal Remland Commercial

    40 1601-1603 S Congress Ave Delray Beach 3,647 2nd Linton Square Pharmacy N/A Knight Group, LLC

    Select Top Retail Leases Based on Leased Square Footage For Deals Signed in 2013

  • 14 THE COSTAR RETAIL REPORT ©2013 COSTAR GROUP, INC.

    PALM BEACH COUNTY – THIRD QUARTER 2013

    Palm Beach County Retail MarketTHIRD QUARTER 2013 – PALM BEACH COUNTY

    Palm Beach County Retail Market

    ©2013 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 15

    SALES ACTIVITY

    The Optimist Sales Index Average of Two Highest Price/SF's and Two Lowest Cap Rates

    Source: CoStar COMPS®

    Sales Volume & Price Sales Analysis by Building SizeBased on Retail Building Sales of 15,000 SF and Larger Based on Retail Building Sales From July 2012 - June 2013

    Bldg Size # RBA $ Volume Price/SF Cap Rate

    < 25,000 SF 115 809,939 176,120,184$ 217.45$ 6.98%

    25K-99K SF 17 943,629 67,657,986$ 71.70$ 8.35%

    100K-249K SF 8 1,030,792 164,900,000$ 159.97$ 7.82%

    >250K SF - - - -$ -

    Source: CoStar COMPS® Source: CoStar COMPS®

    U.S. Price/SF Comparison U.S. Cap Rate ComparisonBased on Retail Building Sales of 15,000 SF and Larger Based on Retail Building Sales of 15,000 SF and Larger

    Source: CoStar COMPS® Source: CoStar COMPS®

    $30

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    $380

    20101q

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    Dollar

    s per

    SF

    Palm Beach County US

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    2010 1q 2010 3q 2011 1q 2011 3q 2012 1q 2012 3q 2013 1q

    Millio

    ns

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    Sal

    es V

    olu

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    llar

    s

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    /SF

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    2010 3q 2010 4q 2011 1q 2011 2q 2011 3q 2011 4q 2012 1q 2012 2q 2012 3q 2012 4q 2013 1q 2013 2q

    Cap

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    ge

    $0

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    Dollars/S

    F

    Cap Rate Price/SF

    3.0%

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    20101q

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    Palm Beach County US

  • 16 THE COSTAR RETAIL REPORT ©2013 COSTAR GROUP, INC.

    PALM BEACH COUNTY – THIRD QUARTER 2013

    Palm Beach County Retail Market

    ©2013 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 17

    THIRD QUARTER 2013 – PALM BEACH COUNTY

    Palm Beach County Retail MarketMARKET HIGHLIGHTS – CLASS “A, B & C”

    SALES ACTIVITY

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  • 16 THE COSTAR RETAIL REPORT ©2013 COSTAR GROUP, INC.

    PALM BEACH COUNTY – THIRD QUARTER 2013

    Palm Beach County Retail Market

    ©2013 COSTAR GROUP, INC. THE COSTAR RETAIL REPORT 17

    THIRD QUARTER 2013 – PALM BEACH COUNTY

    Palm Beach County Retail MarketMARKET HIGHLIGHTS – CLASS “A, B & C”

    B O C A R A T O N M A R K E T

    Deliveries, Absorption & Vacancy Historical Analysis, All Classes

    Source: CoStar Property®

    Vacant Space Quoted Rental RatesHistorical Analysis, All Classes Historical Analysis, All Classes

    Source: CoStar Property® Source: CoStar Property®

    Net QuotedPeriod # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates2013 3q 484 10,294,615 534,799 5.2% 13,598 0 0 0 0 $24.02

    2013 2q 485 10,304,955 548,397 5.3% (607) 1 1,809 0 0 $23.51

    2013 1q 484 10,303,146 545,981 5.3% 24,440 0 0 1 1,809 $23.43

    2012 4q 484 10,303,146 570,421 5.5% 27,483 0 0 1 1,809 $23.51

    2012 3q 484 10,303,146 597,904 5.8% (50,708) 0 0 0 0 $22.81

    2012 2q 484 10,303,146 547,196 5.3% 22,378 0 0 0 0 $21.79

    2012 1q 484 10,303,146 569,574 5.5% 35,921 0 0 0 0 $21.93

    2011 4q 484 10,303,146 605,495 5.9% (38,842) 0 0 0 0 $21.74

    2011 3q 484 10,303,146 566,653 5.5% 36,611 0 0 0 0 $21.90

    2011 2q 484 10,303,146 603,264 5.9% 10,457 1 8,500 0 0 $23.35

    2011 1q 483 10,294,646 605,221 5.9% 100,353 1 93,680 1 8,500 $22.81

    2010 4q 482 10,200,966 611,894 6.0% 36,646 1 3,592 2 102,180 $23.21

    2010 3q 481 10,197,374 644,948 6.3% (14,166) 0 0 2 97,272 $23.92

    2010 2q 481 10,197,374 630,782 6.2% (9,212) 0 0 2 97,272 $24.48

    2010 1q 481 10,197,374 621,570 6.1% (2,918) 0 0 1 93,680 $24.77

    2009 4q 481 10,197,374 618,652 6.1% (13,612) 1 13,650 0 0 $25.38

    Source: CoStar Property®

    UC InventoryDelivered InventoryExisting Inventory Vacancy

    (0.060)

    (0.040)

    (0.020)

    0.000

    0.020

    0.040

    0.060

    0.080

    0.100

    0.120

    2010 1q 2010 2q 2010 3q 2010 4q 2011 1q 2011 2q 2011 3q 2011 4q 2012 1q 2012 2q 2012 3q 2012 4q 2013 1q 2013 2q 2013 3q

    Millio

    ns

    SF

    0.0%

    1.0%

    2.0%

    3.0%

    4.0%

    5.0%

    6.0%

    7.0%

    Perce

    nt V

    acant

    Delivered SF Absorption SF Vacancy

    $20.50

    $21.00

    $21.50

    $22.00

    $22.50

    $23.00

    $23.50

    $24.00

    $24.50

    2012 1q 2012 2q 2012 3q 2012 4q 2013 1q 2013 2q 2013 3q

    Dollar

    s/SF/Y

    ear

    0.50