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MARKET INTELLIGENCEFOR COMMERCIAL REAL ESTATE130 MARKETS COVEREDDownload the digital edition atCBCworldwide.com

US TrendsThe Coldwell Banker Commercial (CBC) Blue Book offers a unique market perspective with data generated by truecommercial real estate market experts – the professionals of the Coldwell Banker Commercial companies within the localmarkets. In total, there are over 130 domestic and international markets covered in this edition of the Blue Book. Beloware the US market statistics.VACANCYOFFICERETAIL MIDWEST REGION NORTHEAST REGION SOUTH ATLANTIC REGION SOUTHWEST REGION WEST REGION VACANCYABSORPTIONUNITED STATES MIDWEST REGION NORTHEAST REGION SOUTH ATLANTIC REGION SOUTHWEST REGION WEST REGION RENTAL RATESVACANCYABSORPTION NORTHEAST REGION SOUTH ATLANTIC REGION SOUTHWEST REGION WEST REGION MIDWEST REGIONINDUSTRIALRENTAL RATESUNITED STATESUNITED STATESMULTI-FAMILYABSORPTIONRENTAL RATESVACANCYABSORPTIONUNITED STATES MIDWEST REGION NORTHEAST REGION SOUTH ATLANTIC REGION SOUTHWEST REGION WEST REGION Source: Reis - Change from 2015 YE to 2016 YERENTAL RATES

ContentsAL - Madison/Limestone MSAAK - AnchorageAZ - Flagstaff/NorthernAZ - PhoenixAR - Little RockCA - Antelope ValleyCA - Chico/OrovilleCA - GlendaleCA - Inland Empire/VictorvilleCA - Long BeachCA - Los Angeles CountyCA - Los Angeles County EastCA - Los Angeles NorthwestCA - Los Angeles WestCA - Napa and Sonoma ValleysCA - Orange County EastCA - Orange County WestCA - Riverside County WesternCA - San BernardinoCA - San DiegoCA - San FranciscoCA - Tri-CityCO - DenverCT - Fairfield CountyCT - HartfordFL - CentralFL - Charlotte CountiesFL - Coral GablesFL - Daytona Beach Greater AreaFL - GainesvilleFL - JacksonvilleFL - MiamiFL - NW Florida Counties (Panhandle)FL - OrlandoFL - Palm Bay/Melboure/Titusville MSAFL - Palm Beach CountyFL - Polk CountyFL - Sarasota/Manatee CountyFL - Sebastian/Vero Beach MSAFL - Southwest FloridaFL - St. Lucie CountyFL - Tallahassee MSAFL - Tampa BayFL - West Palm BeachGA - AthensGA - Atlanta Greater MSAGA - Atlanta MSAGA - DaltonGA - Macon MSAGA - Troup CountyID - BoiseID - PocatelloIL - Bloomington/NormalIL - ChicagolandIL - Sangamon/Menard/Christial/MorganIN - IndianapolisIN - MuncieKS - Finney CountyKY - Shelby CountyKY - South CentralLA - AcadianaLA - New Orleans MSAME - York CountyMD - Suburbs/Washington DCMA - BostonMI - Lansing/East Lansing MSAMI - Roscommon CountyMN - Mankato Greater AreaMN - Saint Cloud 930303131323233333434353536363737383839MN - Twin CitiesMO - BillingsNV - Reno/SparksNM - Albuquerque/Santa FeNY - Long IslandNY - New York CityNC - Charlotte MSANC - Wilmington MSAND - Fargo/MoorheadOH - CantonOH - Cincinnati MSAOH - Cleveland/Elyria MSAOH - Dayton Greater AreaOR - Deschutes CountyOR - MedfordOR - SalemPA - Philadelphia MSAPA - Philadelphia SuburbsRI - ProvidenceSC - CharlestonSC - Charleston Tri-County RegionSC - ColumbiaSC - GreenvilleSC - Myrtle Beach/Conway/N Myrtle BeachSC - SpartanburgSD - Rapid City/Pennington CountyTN - Knoxville/EastTN - SoutheastTX - Amarillo MSATX - Dallas/Fort WorthTX - El PasoTX - HoustonTX - LubbockTX - Rio Grande ValleyTX - San Antonio/Bexar CountyTX - SoutheastUT - American ForkUT - Salt Lake CityUT - St. GeorgeVA - FredericksburgVA - Fredericksburg RegionVA - LynchburgVA - Northern VA/Eastern Panhandle WVWA - King CountyWA - Pierce CountyWA - Seattle Regional/King CountyWA - SouthwestWA - Thurston CountyWI - Janesville/Beloit MSAWI - Madison Greater MSAWY - 6263636464INTERNATIONAL MARKETSAustralia - Brisbane/South QueenslandBermudaCanada - CalgaryCanada - EdmontonCanada - GTA CentralCanada - Montreal Greater AreaCanada - OttawaCanada - VancouverCanada - Waterloo RegionFrance - ParisIndonesia - JakartaIreland - DublinMexico - Bajio Regio - QueretatoMexico - Mexico City MSASpain - BarcelonaUnited Kingdom - 72727373

Madison/Limestone MSA, ALAnchorage, AKPopulation of MSAPopulation of MSAHousehold Median IncomeHousehold Median Income449,103 57,792395,285 78,238Households in MSAUnemployment Rate of MSAHouseholds in MSAUnemployment Rate of MSA134,6435.10%135,6015.70%MARKET HIGHLIGHTSMARKET HIGHLIGHTS 26,000 jobs and 2 billion in investment have occurred in Huntsvillesince 2000, making the market the fastest growing in Alabama. The market is absorbing the last couple years of new construction, nonew office buildings planned for 2017. The FBI has added 4,500 new employees in Huntsville at RedstoneArsenal, filling hotel rooms and triggering residential growth. Four major mixed-use developments are under construction or willcommence by mid-year.New Retail, such as Panda Express, Cricket Wireless andSmashburger continue to expand in the market. Demand for ClassA Retail is strong. With limited inventory, this category holds strongwith low vacancy and good rental rates. There are three new hotels opening or under construction. With a median household income of 78,238, Alaska is still anattractive market!INTERESTING FACT: Huntsville is predicted to be the largestINTERESTING FACT: Expedia named Anchorage one of the “15 Bestmunicipality in Alabama by 2022.OFFICEPlaces to Experience American IALVACANCY VACANCY N/A ABSORPTION ABSORPTION N/A RENTAL RATES RENTAL RATES N/A CONTACTColdwell Banker CommercialMcLain Real EstateCONTACT102 Clinton Avenue WestHuntsville, AL 35801(256) 533-3414mclaincommercia.comColdwell Banker CommercialAdvisors52600 Cordova Street, Suite 205Anchorage, AK 99503(907) 269-0330cbcadvisors.com

Flagstaff/Northern, AZPhoenix, AZPopulation of MSAPopulation of MSAHousehold Median IncomeHousehold Median Income136,701 53,1524,407,915 55,547Households in MSAUnemployment Rate of MSAHouseholds in MSAUnemployment Rate of MSA45,9116.60%1,608,7224.70%MARKET HIGHLIGHTSMARKET HIGHLIGHTS The Flagstaff, Arizona/Northern Arizona market is growing in largepart due to more than 29,000 students enrolled at Northern ArizonaUniversity. Student housing is in high demand and is anticipatedto increase over the next 5 years at the rate of approximately1,000 students per year as result of the Arizona Board of Regentsmandated objectives to expand NAU. The Flagstaff business community is expanding to accommodateincreasing demands in the Education, Medical, Service and Goodsindustries. According to LoopNet, each area of Flagstaff CommercialReal Estate is on an upward trend. Flagstaff/Northern Arizona offers a multitude of stunning touristattractions, resulting in the need to accommodate an increasingnumber of travelers in search of lodging, dining, retail shops andmuch more. Growth is also on the rise in the Residential market for those seekinga second home or primary residence in Flagstaff/Northern Arizonabringing with it excellent potential for increasing needs in commercialreal estate. Demand for large contiguous office floor plates greatly exceeds existingsupply - prompting construction of new Class A product along freewayinterchanges in Tempe, Gilbert, Scottsdale and north Phoenix. Netabsorption in the valley exceeded 3 million SF for the year, the highestrecorded total in Phoenix since 2005. Vacancy rates have also dippedbelow 20% for the first time since 2007. While Safeway and Sprouts continue to be active in the market, Fry’sFood & Grocery lead the way in new Retail developments in Phoenix.New construction topped 1.4 million SF for the year, the highest annualtotal since 2009. Approximately 500,000 SF of the annual total deliveredin 2016 was occupied by Fry’s. Vacancy ended the year at 9.5%,continuing to creep lower for the 7th year in a row. Phoenix is now a 20,000-unit per year housing market, down from the63,000-unit high mark set in 2005, but right-sized to meet demand.Permitting for both single and Multi-Family housing is on the rise, drivenby employment and payroll growth. While increases in sales price fornew homes have cooled off over the last couple years, a decrease inaverage value hasn’t been seen since 2009. The Industrial market is strengthening as developers move to meetincreased demand from large tenants. Currently 55 requirements of atleast 100,000 SF exist for space throughout the Valley. At 9%, vacancyis the lowest it’s been since 2007. With ample land for developmentand relatively low construction costs, the Phoenix Industrial marketanticipates a heavy dose of new Industrial developments. The recently completed freeway Loop 303 is attracting newdevelopment. A 1,600-acre business park boasting 20 million SF ofOffice, Retail and Industrial space is under development as a result.The Northwest submarket recorded over 830,000 SF of positive netabsorption in 2016, including two of the five largest owner-built Industrialfacilities delivered to date (REI 400K SF & IRIS USA 385K SF).INTERESTING FACT: Flagstaff is located at the foot of the SanFrancisco Peaks, which reach almost 13,000 feet into the sky. Flagstaffis 79 miles south of the Grand Canyon and is known for its beautifulscenery and clean ALVACANCY N/A VACANCY N/A ABSORPTION ABSORPTION N/A RENTAL RATES RENTAL RATES N/A CONTACTColdwell Banker CommercialAdvisorsCONTACT6550 Millrock DriveSalt Lake City, UT 84121(928) 440-5450cbcadvisors.comColdwell Banker CommercialAdvisors66550 Millrock DriveSalt Lake City, UT 84121(602) 884-8345cbcadvisors.com

Little Rock, ARAntelope Valley, CAPopulation of MSAPopulation of MSAHousehold Median IncomeHousehold Median Income722,684 49,066339,815 70,058Households in MSAUnemployment Rate of MSAHouseholds in MSAUnemployment Rate of MSA282,9144.00%103,3205.90%MARKET HIGHLIGHTSMARKET HIGHLIGHTS 44 Million invested for Mixed-Use redevelopment on the site of theformer Sears Department store in midtown area. New “East Village” redevelopment area gains momentum with newMixed-Use building anchored by offices of city’s largest architecturalfirm. Little Rock Technology Park first phase finishes construction andannounces first tenants. Record-setting Industrial space absorption at almost 1 million SF. Northrop Grumman awarded 80-Billion-Dollar contract to developa long-range strike bomber and will be expanding their current 1.5million SF facility in Palmdale by an additional 340,000 SF, creating700 permanent jobs at the facility. BYD, one of the top electric vehicle manufacturers in the world, isexpanding its existing vehicle manufacturing plant in Lancaster,adding 70,000 SF. Lance Camper Manufacturing Corporation, international recreationvehicle manufacturing firm, acquired an additional 61,000 SFIndustrial facility adjacent to their existing 110,000 SF headquartersin Lancaster. Bang Printing, one of the largest book manufacturing companies inthe western United States, has relocated to a 130,000 SF building inPalmdale. CarMax completed construction of its first Antelope Valley dealershipand occupies three buildings totaling 51,100 SF in Palmdale on justunder 16 acres, creating more than 60 new jobs.Ribbon cutting held in December for opening of World HQ ofAmerican Taekwondo Association.INTERESTING FACT: Little Rock is the home of the World Cheese DipChampionship.INTERESTING FACT: Home to China Lake Naval Air Weapons Station,Mojave Air and Space Port (the 1st licensed inland space port inthe United States), Edwards Air Force Base and Air Force Plant 42,which includes manufacturing facilities for Lockheed Martin, NorthropGrumman & The Boeing Company, we are often referred to as “TheAerospace DUSTRIALVACANCY VACANCY ABSORPTION ABSORPTION RENTAL RATES RENTAL RATES CONTACTColdwell Banker CommercialHathaway GroupCONTACT2100 Riverdale Road, Suite 100Little Rock, AR 72202(501) 663-5400hathawaygroup.comColdwell Banker CommercialValley Realty742402 10th Street West, Suite ELancaster, CA 93534(661) 948-2644cbcvalleyrealty.com