Overview of Florida Commercial Real Estate Markets

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1 Overview of Florida Commercial Real Estate Markets Presented to: January 25, 2007

2 Florida Overview Increasing population (4 th most populous state) Current population +/ million 12.2% increase since 2000 Forecasted to grow 9.7% from 2006 to 2011 Over 1.5 million businesses (4 th highest in country) Low unemployment +/- 3.3% Leads the nation in number of "Fastest- Growing 100" companies 8 th largest economy in western hemisphere Growth markets: Life Sciences; Construction; Healthcare; Financial Services; Information Tech CB Richard Ellis Page 2

3 General Florida Overview Palm Beach Co. Tampa Bay Orlando Jacksonville OFFICE Inventory (SF) 39 million 24 million 21 million 36 million 26 million 24 million Vacancy Rate 7.7% 7.2% 8.8% 10.5% 7.2% 13.3% Average Asking Rent $26.29 FS $26.15 FS* $27.55 FS* $19.87 FS $20.94 FS $16.75 FS Palm Beach Co. Tampa Bay Orlando Jacksonville INDUSTRIAL Inventory (SF) 199 million 110 million 46 million 133 million 98 million 89 million Vacancy Rate 4.1% 3.4% 3.9% 4.0% 7.1% 5.3% Average Asking Rent $8.35 FS $7.99 NNN $8.80 NNN $6.93 NNN $6.50 NNN $5.00 NNN Palm Beach Co. Tampa Bay Orlando Jacksonville RETAIL Inventory (SF) 29 million 35 million 28 million 54 million 55 million 28 million Vacancy Rate 2.7% 3.5% 3.1% 4.0% 5.2% 5.3% Average Asking Rent $30.36 NNN $20.11 NNN $21.54 NNN $14.05 NNN $14.14 NNN $13.93 NNN CB Richard Ellis Page 3 * Rounded up to reflect full service rate

4 Florida Office Market Conditions $26.29 $26.15* $27.55* Average Asking Rent (FS) Vacancy $19.87 $20.94 $ % 7.7% 7.2% 8.8% 10.5% 7.2% CB Richard Ellis Page 4 Palm Beach Tampa Bay Orlando Jacksonville * Rounded up to reflect average full service rate

5 Florida Office Market Conditions Decreasing vacancies across all markets Increasing rents Higher operating expenses, mean real net rent increases are minimal Limited product under construction. Upsurge in office construction is forecasted Rent increases between 5-20% in 2007 More buildings quoting NNN Office condo market is starting to become less desirable Robust investment market CB Richard Ellis Page 5

6 Florida Industrial Market Conditions Average Asking Rent Vacancy $8.35 fs 4.1% $7.99 nnn 3.4% $8.80 nnn 3.9% $6.93 nnn 4.0% $6.50 nnn 7.1% $5.00 nnn 5.3% Palm Beach Tampa Bay Orlando Jacksonville CB Richard Ellis Page 6

7 Florida Industrial Market Conditions Great time to be a landlord; tougher times for tenants Decreasing vacancy rates, increasing rental rates Lease rates are rising, but not keeping pace with the increases in land and building costs Limited new supply Rent increases between 5-20% in 2007 Insurance issue is giving institutional owners advantage over private ownerships CB Richard Ellis Page 7

8 Florida Retail Market Conditions $30.36 Average Asking Rent (NNN) Vacancy $20.11 $21.54 $14.05 $14.14 $ % 3.5% 3.1% 4.0% 5.2% 5.3% Palm Beach Tampa Bay Orlando Jacksonville CB Richard Ellis Page 8

9 Florida Retail Market Conditions Excellent market fundamentals. Demand continues to outpace supply Movement towards multi-level retail Ground floor retail in South Florida condo s will struggle Landlord market CB Richard Ellis Page 9

10 Florida Multifamily Market Conditions Positive demand drivers: population and employment Continued limited supply due to land and construction costs Average rent growth between 6% to 10% Very strong demand for value-add opportunities Complete retreat of condo converters from acquisitions Re-appearance of concessions and vacancies in submarkets with by large inventories of converted unsold units Insurance costs continue to affect private local and regional owners and buyers CB Richard Ellis Page 10

11 Florida Summary Record high rents and record low vacancies Great time to be a landlord Rents are forecasted to increase, however, much of this will be absorbed by higher operating costs Continued High Development Costs - Land, Construction, Governmental Exactions Tenant demand largely from internal tenant expansion Downtown Development Boom - Public and Private Sector Increasing rental rate and cap rate environment driving aggressive pricing levels Office condo market remains an unproven commodity CB Richard Ellis Page 11

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