costar 2014 retail report

National Retail MarketY e a r - E n d 2 0 1 4

The CoStarRetail Report

National Retail Market

©2015 CoStar Group, Inc. The CoStar Retail Report A

Year-End 2014 – National

Table of ContentsTable of Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AMethodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BTerms & Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CMarket Highlights & Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Inventory & Development Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

Inventory & Development AnalysisSelect Top DeliveriesSelect Top Under Construction PropertiesFigures at a Glance by Building Type & SubmarketHistorical Figures at a Glance

Leasing Activity Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40Leasing Activity Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40

Select Top Lease TransactionsSales Activity Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42

Sales Activity AnalysisSelect Top Sales Transactions


B The CoStar Retail Report ©2015 CoStar Group, Inc.

National – Year-End 2014


©2015 CoStar Group, Inc. The CoStar Retail Report C


MethodologyThe 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 global database includes approximately 95.6 billion square feet of coverage in 4.4 million properties. All rental rates reported in the CoStar Retail Report are calculated using Triple Net (NNN) rental rates.

CoStar regularly opens new markets to expand its geographic coverage which results in varying start dates for historical data. Due to differences in market start dates and a desire to show as long a historical timeframe as possible, only the following markets are included in the historical charts within this report: Atlanta, Austin, Baltimore, Boston, Broward County, Charlotte, Chicago, Cincinnati, Cleveland, Columbus, Dallas/Ft Worth, Dayton, Denver, Detroit, East Bay/Oakland, Houston, Indianapolis, Inland Empire (California), Jacksonville (Florida), Kansas City, Long Island (New York), Los Angeles, Memphis, Miami-Dade County, Nashville, Northern New Jersey, Orange (California), Orlando, Palm Beach County, Philadelphia, Phoenix, Pittsburgh, Raleigh/Durham, Sacramento, San Diego, San Francisco, Seattle/Puget Sound, South Bay/San Jose, St. Louis, Tampa/St Petersburg, Washington, and Westchester/So Connecticut. When ever possible all markets are included to provide as broad as possible national coverage. The Market Highlights and Overview narrative includes all markets.

© Copyright 2015 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.

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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 traf-fic 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 purchased a commercial real estate asset.

Cap Rate: Short for capitalization rate. The Cap Rate is a calculation 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 com-mon anchors are supermarkets and super drugstores. Community Center tenants sometime contain retailers selling such items as apparel, home improvement/furnishings, toys, electronics or sporting goods. The center is usually configured 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 certifi-cate 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 entrepreneurial 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 insur-ance.

General Retail: Typically are single tenant freestanding general-purpose commercial buildings with parking. Many single retail build-ings 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 transaction 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 boundaries 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 neighborhood 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 tourist 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 configuration 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 dominated by several large anchors, including discount department stores, off-price stores, warehouse clubs, or "category killers," i.e., 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


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©2015 CoStar Group, Inc. The CoStar Retail Report 1

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 economic 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 department 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 hallways, 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 buildings in a given time period.

Seller: The individual, group, company, or entity that sells a particular 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 activities, 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 usu-ally located in front of the stores. Open canopies may connect 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 selection 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 occu-pied 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 architec-tural 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: Buildings in a state of construction, up until they receive their certificate of occupancy. In order for CoStar to consider a building under construction, the site must have a concrete foundation in place. Abbreviated UC.

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 available. 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 considered vacant space.

Weighted Average Rental Rate: Rental rates that are cal-culated 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 whatever time period is being studied.


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National – Year-End 2014 Year-End 2014 – National



Overview

U.S.’s Vacancy Decreases to 6.1% Net Absorption Positive 34,905,476 SF in the Quarter

The U.S. Retail market experienced a slight improvement in market conditions in the fourth quarter 2014. The vacancy rate went from 6.3% in the previous quarter

to 6.1% in the current quarter. Net absorption was positive 34,905,476 square feet, and vacant sublease space decreased by (600,245) square feet. Quoted rental rates increased from third quarter 2014 levels, ending at $14.90 per square foot per year. A total of 561 Retail buildings with 14,658,932 square feet of Retail space were delivered to the market in the quarter, with 49,367,365 square feet still under construction at the end of the quarter.

Net AbsorptionRetail net absorption was strong in U.S. fourth quarter

2014, with positive 34,905,476 square feet absorbed in the quarter. In third quarter 2014, net absorption was positive 28,376,128 square feet, while in second quarter 2014, absorp-tion came in at positive 22,707,969 square feet. In first quar-ter 2014, positive 23,816,867 square feet was absorbed in the market.

Tenants moving out of large blocks of space in 2014 include: Kmart moving out of 96,805 square feet at 195 Troy Schenectady Rd; Kmart moving out of 86,500 square feet at Shopper’s World Shopping Center; and Price Chopper moving out of 61,666 square feet at Raymour & Flanigan Plaza.

Tenants moving into large blocks of space in 2014 include: Lord & Taylor moving into 100,000 square feet at 1 Crossgates Mall Rd; Price Chopper Supermarkets moving into 44,000 square feet at 2614 State Route 66; and Price Chopper Supermarkets moving into 40,200 square feet at 515 19th St.

VacancyU.S.’s Retail vacancy rate decreased in the fourth quarter

2014, ending the quarter at 6.1%. Over the past four quarters, the market has seen an overall decrease in the vacancy rate, with the rate going from 6.5% in the first quarter 2014, to 6.4% at the end of the second quarter 2014, 6.3% at the end of the third quarter 2014, to 6.1% in the current quarter.

The amount of vacant sublease space in the U.S. market has trended down over the past four quarters. At the end of the first quarter 2014, there were 23,881,180 square feet of vacant sublease space. Currently, there are 22,450,540 square feet vacant in the market.

Largest Lease SigningsThe largest lease signings occurring in 2014 included: the

250,000-square-foot lease signed by Neiman Marcus at The Shops & Restaurants at Hudson Yards in the New York City market; the 185,000-square-foot deal signed by Costco at the Lynnwood Place in the Seattle/Puget Sound market; and the 156,000-square-foot deal signed by Walmart in The Court of Hamilton in the Northern New Jersey market.

Rental RatesAverage quoted asking rental rates in the U.S. Retail mar-

ket are up over previous quarter levels, and up from their levels four quarters ago. Quoted rents ended the fourth quarter 2014 at $14.90 per square foot per year. That compares to $14.88 per square foot in the third quarter 2014, and $14.67 per square foot at the end of the first quarter 2014. This represents a 0.1% increase in rental rates in the current quarter, and a 1.54% increase from four quarters ago.

Vacancy Rates by Building Type* 2006-2014

Source: CoStar Property® * Select markets included in this historical chart - see Methodology page.

Absorption & Deliveries* U.S. Vacancy Comparison*Past 10 Quarters Past 10 Quarters

Source: CoStar Property® * Select markets included in this chart - see Methodology page. Source: CoStar Property® * Select markets included in this chart - see Methodology page.

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3.0%

4.0%

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8.0%

9.0%

10.0%

11.0%

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2006 1q2006 3q 2007 1q2007 3q 2008 1q2008 3q 2009 1q2009 3q 2010 1q2010 3q 2011 1q 2011 3q 2012 1q2012 3q 2013 1q2013 3q 2014 1q2014 3q

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30.0

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2012 3q 2013 1q 2013 3q 2014 1q 2014 3q

Net Absorption Deliveries

$14.70

$14.80

$14.90

$15.00

$15.10

$15.20

$15.30

$15.40

$15.50

$15.60

2012 3q 2013 1q 2013 3q 2014 1q 2014 3q

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2 The CoStar Retail Report ©2015 CoStar Group, Inc.

National � Year-End 2014

National Retail MarketYear-End 2014 – National



Overview

Inventory & ConstructionDuring the fourth quarter 2014, 561 buildings totaling

14,658,932 square feet were completed in the U.S. Retail market. Over the past four quarters, a total of 60,568,713 square feet of Retail space has been built in U.S.. In addition to the current quarter, 686 buildings with 17,151,833 square feet were completed in third quarter 2014, 649 buildings total-ing 13,535,780 square feet completed in second quarter 2014, and 15,222,168 square feet in 916 buildings completed in first quarter 2014.

There were 49,367,365 square feet of Retail space under construction at the end of the fourth quarter 2014.

Some of the notable 2014 deliveries include: 10973 Summerlin Centre Dr, a 1,600,000-square-foot facility in the Las Vegas market that delivered in fourth quarter 2014 and is now 100% occupied, and The Mall at University Town Center, an 880,000-square-foot building in the Tampa/St Petersburg market that delivered in fourth quarter 2014 and is now 100% occupied.

Total Retail inventory in the U.S. market area amounted to 12,576,643,826 square feet in 1,080,203 buildings and 97493 centers as of the end of the fourth quarter 2014.

Sales ActivityTallying Retail building sales of 15,000 square feet or larg-

er, U.S. Retail sales figures rose during the third quarter 2014 in terms of dollar volume compared to the second quarter of 2014.

In the third quarter, 822 Retail transactions closed with a total volume of $7,307,588,592. The 822 buildings totaled 45,290,667 square feet and the average price per square foot equated to $161.35 per square foot. That compares to 748 transactions totaling $6,209,669,515 in the second quar-ter 2014. The total square footage in the second quarter was 41,104,438 square feet for an average price per square foot of $151.07.

Total Retail center sales activity in 2014 was up compared to 2013. In the first nine months of 2014, the market saw 2,273 Retail sales transactions with a total volume of $20,181,219,869. The price per square foot averaged $160.21. In the same first nine months of 2013, the market posted 2,135 transactions with a total volume of $15,342,919,873. The price per square foot averaged $125.99.

Cap rates have been lower in 2014, averaging 7.68% com-pared to the same period in 2013 when they averaged 7.86%.

One of the largest transactions that has occurred within the last 4 quarters in the U.S. market is the sale of World Trade Center Retail in New York. This 167,500 square foot Retail center sold for $800,000,000, or $4,776.12 per square foot. The prop-erty sold on 3/18/2014.

Albany/Schenectady/TroyWith no new Retail space being delivered to the market,

and positive 21,878 square feet of net absorption, Albany/Schenectady/Troy’s vacancy rate went from 4.5% to 4.4% in the quarter. Rental rates went from $11.84 to $11.45 during that time. At the end of the quarter, there was 45,296 square feet underway for future delivery.

AlbuquerqueThe Albuquerque Retail market ended the quarter with a

vacancy rate of 5.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 167,691 square feet. Vacant sublease space decreased to 45,802 square feet. Rental rates ended the fourth quarter at $13.42, an increase over the previous quarter. A total of two buildings with 46,329 square feet of space delivered to the market, with 13,683 square feet still under construction at the end of the quarter.

AnchorageWith no new Retail space being delivered to the market,

and positive 21,525 square feet of net absorption, Anchorage’s vacancy rate went from 2.3% to 2.2% in the quarter. Rental rates went from $17.80 to $17.16 during that time. At the end of the quarter, there was 15,000 square feet underway for future delivery.

AshevilleWith no new Retail space being delivered to the market,

and positive 60,459 square feet of net absorption, Asheville’s vacancy rate went from 4.7% to 4.5% in the quarter. Rental rates went from $13.57 to $13.92 during that time. At the end of the quarter, there was 349,908 square feet underway for future delivery.

AtlantaThe Atlanta Retail market ended the quarter with a

vacancy rate of 8.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,757,791 square feet. Vacant sublease space decreased to 778,134 square feet. Rental rates ended the fourth quarter at $12.87, an increase over the previous quarter. A total of 22 buildings with 605,911 square feet of space delivered to the market, with 385,058 square feet still under construction at the end of the quarter.

Augusta/Richmond CountyThe Augusta/Richmond County Retail market ended the

quarter with a vacancy rate of 10.2%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 13,242 square feet. Vacant sublease space stayed the same at 0 square feet. Rental rates ended the fourth quarter at $10.01,






Overview

an increase over the previous quarter. A total of three build-ings with 26,129 square feet of space delivered to the market, with 46,677 square feet still under construction at the end of the quarter.

AustinThe Austin Retail market ended the quarter with a vacan-

cy rate of 4.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 303,447 square feet. Vacant sublease space increased to 90,939 square feet. Rental rates ended the fourth quarter at $17.88, an increase over the previous quarter. A total of six buildings with 55,788 square feet of space delivered to the market, with 387,769 square feet still under construction at the end of the quarter.

BakersfieldWith no new Retail space being delivered to the market,

and positive 101,340 square feet of net absorption, Bakersfield’s vacancy rate went from 6.5% to 6.1% in the quarter. Rental rates went from $13.14 to $13.55 during that time. At the end of the quarter, there was 90,540 square feet underway for future delivery.

BaltimoreThe Baltimore Retail market ended the quarter with a

vacancy rate of 4.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 231,862 square feet. Vacant sublease space decreased to 296,748 square feet. Rental rates ended the fourth quarter at $18.55, a decrease over the previous quarter. A total of six buildings with 45,228 square feet of space delivered to the market, with 246,814 square feet still under construction at the end of the quarter.

Baton RougeThe Baton Rouge Retail market ended the quarter with

a vacancy rate of 7.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 23,810 square feet. Vacant sublease space decreased to 42,990 square feet. Rental rates ended the fourth quarter at $10.53, an increase over the previous quarter. A total of one building with 13,650 square feet of space delivered to the market, with 19,440 square feet still under construction at the end of the quarter.

Beaumont/Port ArthurThe Beaumont/Port Arthur Retail market reported no

new deliveries and no space under construction at the end of the fourth quarter 2014. With this limited construction activ-ity, net absorption of negative (7,035) square feet caused the vacancy rate to increase from 3.9% to 4.0% in the quarter. Rental rates stood at $9.92.

BirminghamThe vacancy rate remained unchanged in Birmingham in

the fourth quarter. With 39,437 square feet in deliveries, and positive 69,934 square feet in net absorption, the vacancy rate held at 7.2%, the same rate reported in the previous quarter. The market had 72,575 square feet under construction at the end of the quarter, and rental rates stood at $8.89 per square foot.

Boise City/NampaThe Boise City/Nampa Retail market ended the quarter

with a vacancy rate of 6.2%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 441,958 square feet. Vacant sublease space increased to 38,737 square feet. Rental rates ended the fourth quarter at $11.88, an increase over the previous quarter. A total of one building with 1,500 square feet of space delivered to the mar-ket, with 77,971 square feet still under construction at the end of the quarter.

BostonThe Boston Retail market ended the quarter with a vacan-

cy rate of 3.9%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,350,056 square feet. Vacant sublease space decreased to 719,090 square feet. Rental rates ended the fourth quarter at $16.86, an increase over the previous quarter. A total of 15 buildings with 805,090 square feet of space delivered to the market, with 1,799,497 square feet still under construction at the end of the quarter.

Bremerton/SilverdaleThe Bremerton/Silverdale Retail market reported no new

deliveries and no space under construction at the end of the fourth quarter 2014. With this limited construction activity, net absorption of positive 59,618 square feet caused the vacancy rate to decrease from 7.7% to 7.3% in the quarter. Rental rates stood at $12.39.

Broward CountyThe Broward County Retail market ended the quarter

with a vacancy rate of 6.3%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 300,214 square feet. Vacant sublease space increased to 121,869 square feet. Rental rates ended the fourth quarter at $19.44, an increase over the previous quarter. A total of four buildings with 20,220 square feet of space delivered to the market, with 408,094 square feet still under construction at the end of the quarter.

Brownsville/HarlingenWith no new Retail space being delivered to the mar-

ket, and negative (29,212) square feet of net absorption,






Overview

Brownsville/Harlingen’s vacancy rate went from 7.3% to 7.6% in the quarter. Rental rates went from $13.03 to $13.35 during that time. At the end of the quarter, there was 8,220 square feet underway for future delivery.

Buffalo/Niagara FallsThe Buffalo/Niagara Falls Retail market ended the quar-

ter with a vacancy rate of 6.4%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 280,391 square feet. Vacant sublease space decreased to 47,057 square feet. Rental rates ended the fourth quarter at $10.07, a decrease over the previous quarter. A total of one building with 23,000 square feet of space delivered to the mar-ket, with 700 square feet still under construction at the end of the quarter.

Charleston WVThe Charleston WV Retail market reported no new

deliveries and no space under construction at the end of the fourth quarter 2014. With this limited construction activity, net absorption of negative (39,944) square feet caused the vacancy rate to increase from 2.7% to 3.0% in the quarter. Rental rates stood at $14.33.

Charleston/N CharlestonThe Charleston/N Charleston Retail market ended the

quarter with a vacancy rate of 5.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 213,557 square feet. Vacant sublease space decreased to 95,341 square feet. Rental rates ended the fourth quarter at $16.14, an increase over the previous quarter. A total of four buildings with 61,506 square feet of space delivered to the market, with 231,887 square feet still under construction at the end of the quarter.

CharlotteThe Charlotte Retail market ended the quarter with a

vacancy rate of 6.5%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 833,129 square feet. Vacant sublease space decreased to 245,089 square feet. Rental rates ended the fourth quarter at $13.20, an increase over the previous quarter. A total of eight buildings with 101,286 square feet of space delivered to the market, with 578,801 square feet still under construction at the end of the quarter.

ChattanoogaThe Chattanooga Retail market ended the quarter with

a vacancy rate of 7.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 184,815 square feet. Vacant sublease space stayed the same at 9,014 square feet. Rental rates ended the fourth quarter at $9.11, a decrease over the previous quarter. A total of two buildings with 12,713 square feet of space delivered to the market, with

76,160 square feet still under construction at the end of the quarter.

ChicagoThe Chicago Retail market ended the quarter with a

vacancy rate of 8.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,640,207 square feet. Vacant sublease space increased to 724,340 square feet. Rental rates ended the fourth quarter at $15.79, an increase over the previous quarter. A total of 24 buildings with 399,866 square feet of space delivered to the market, with 1,534,800 square feet still under construction at the end of the quarter.

CincinnatiThe Cincinnati Retail market ended the quarter with a

vacancy rate of 7.0%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 407,871 square feet. Vacant sublease space decreased to 253,721 square feet. Rental rates ended the fourth quarter at $9.90, an increase over the previous quarter. A total of one building with 9,230 square feet of space delivered to the market, with 1,147,110 square feet still under construction at the end of the quarter.

ClevelandThe Cleveland Retail market ended the quarter with a

vacancy rate of 7.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 608,764 square feet. Vacant sublease space increased to 439,634 square feet. Rental rates ended the fourth quarter at $10.45, a decrease over the previous quarter. A total of 10 buildings with 334,343 square feet of space delivered to the market, with 493,403 square feet still under construction at the end of the quarter.

Colorado SpringsThe Colorado Springs Retail market ended the quarter

with a vacancy rate of 5.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 97,431 square feet. Vacant sublease space increased to 36,783 square feet. Rental rates ended the fourth quarter at $10.95, an increase over the previous quarter. A total of two buildings with 14,710 square feet of space delivered to the market, with 76,513 square feet still under construction at the end of the quarter.

ColumbiaThe Columbia Retail market ended the quarter with a

vacancy rate of 7.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 173,236 square feet. Vacant sublease space decreased to 60,843 square feet. Rental rates ended the fourth quarter at $11.61, a decrease over the previous quarter. A total of four buildings






Overview

with 25,500 square feet of space delivered to the market, with 46,400 square feet still under construction at the end of the quarter.

ColumbusThe Columbus Retail market ended the quarter with a

vacancy rate of 6.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 552,117 square feet. Vacant sublease space increased to 83,689 square feet. Rental rates ended the fourth quarter at $11.67, an increase over the previous quarter. A total of six buildings with 61,678 square feet of space delivered to the market, with 352,950 square feet still under construction at the end of the quarter.

Columbus GAThe Columbus GA Retail market ended the quarter with

a vacancy rate of 7.0%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 120,437 square feet. Vacant sublease space increased to 87,065 square feet. Rental rates ended the fourth quarter at $11.18, an increase over the previous quarter. A total of one building with 6,300 square feet of space delivered to the market, with 68,285 square feet still under construction at the end of the quarter.

Corpus ChristiThe Corpus Christi Retail market ended the quarter with

a vacancy rate of 5.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 77,013 square feet. Vacant sublease space stayed the same at 0 square feet. Rental rates ended the fourth quarter at $12.13, no change over the previous quarter. A total of three buildings with 29,618 square feet of space delivered to the market, with 33,615 square feet still under construction at the end of the quarter.

Dallas/Ft WorthThe Dallas/Ft Worth Retail market ended the quarter with

a vacancy rate of 6.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,219,449 square feet. Vacant sublease space decreased to 524,450 square feet. Rental rates ended the fourth quarter at $14.11, an increase over the previous quarter. A total of 38 buildings with 705,134 square feet of space delivered to the market, with 3,652,781 square feet still under construction at the end of the quarter.

Davenport/Moline/Rock IslandWith no new Retail space being delivered to the market,

and positive 41,532 square feet of net absorption, Davenport/Moline/Rock Island’s vacancy rate went from 7.3% to 7.1% in

the quarter. Rental rates went from $9.94 to $10.01 during that time. At the end of the quarter, there was 35,000 square feet underway for future delivery.

DaytonWith no new Retail space being delivered to the market,

and positive 295,219 square feet of net absorption, Dayton’s vacancy rate went from 7.6% to 7.2% in the quarter. Rental rates went from $9.14 to $9.24 during that time. At the end of the quarter, there was 34,000 square feet underway for future delivery.

Deltona/Daytona BeachThe Deltona/Daytona Beach Retail market ended the

quarter with a vacancy rate of 7.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 41,359 square feet. Vacant sublease space stayed the same at 57,161 square feet. Rental rates ended the fourth quarter at $12.05, an increase over the previous quarter. A total of one building with 2,285 square feet of space delivered to the market, with 9,000 square feet still under construction at the end of the quarter.

DenverThe Denver Retail market ended the quarter with a

vacancy rate of 5.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 435,814 square feet. Vacant sublease space increased to 255,484 square feet. Rental rates ended the fourth quarter at $15.17, an increase over the previous quarter. A total of 10 buildings with 259,075 square feet of space delivered to the market, with 873,653 square feet still under construction at the end of the quarter.

Des MoinesThe Des Moines Retail market ended the quarter with a

vacancy rate of 5.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 277,986 square feet. Vacant sublease space stayed the same at 3,409 square feet. Rental rates ended the fourth quarter at $10.70, a decrease over the previous quarter. A total of four buildings with 49,636 square feet of space delivered to the market, with 296,396 square feet still under construction at the end of the quarter.

DetroitThe Detroit Retail market ended the quarter with a

vacancy rate of 8.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 376,202 square feet. Vacant sublease space increased to 781,541 square feet. Rental rates ended the fourth quarter at $11.92, no change over the previous quarter. A total of nine buildings






Overview

with 84,303 square feet of space delivered to the market, with 661,175 square feet still under construction at the end of the quarter.

DuluthThe vacancy rate remained unchanged in Duluth in the

fourth quarter. With 4,500 square feet in deliveries, and nega-tive (4,476) square feet in net absorption, the vacancy rate held at 3.5%, the same rate reported in the previous quarter. The market had 8,400 square feet under construction at the end of the quarter, and rental rates stood at $8.01 per square foot.

East Bay/OaklandThe East Bay/Oakland Retail market ended the quarter

with a vacancy rate of 4.0%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 346,720 square feet. Vacant sublease space decreased to 304,826 square feet. Rental rates ended the fourth quarter at $21.98, an increase over the previous quarter. A total of three buildings with 56,397 square feet of space delivered to the market, with 438,204 square feet still under construction at the end of the quarter.

El PasoThe El Paso Retail market ended the quarter with a vacan-

cy rate of 4.9%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 103,947 square feet. Vacant sublease space increased to 42,171 square feet. Rental rates ended the fourth quarter at $12.55, a decrease over the previous quarter. A total of one building with 25,000 square feet of space delivered to the market, with 237,000 square feet still under construction at the end of the quarter.

ErieThe Erie Retail market reported no new deliveries and

no space under construction at the end of the fourth quarter 2014. With this limited construction activity, net absorption of positive 26,281 square feet caused the vacancy rate to decrease from 3.4% to 3.3% in the quarter. Rental rates stood at $7.41.

EvansvilleThe Evansville Retail market ended the quarter with a


FayettevilleWith no new Retail space being delivered to the mar-

ket, and negative (17,992) square feet of net absorption, Fayetteville’s vacancy rate went from 5.3% to 5.4% in the

quarter. Rental rates went from $9.59 to $9.60 during that time. At the end of the quarter, there was 26,920 square feet underway for future delivery.

Fayetteville/Springdale/RogersThe Fayetteville/Springdale/Rogers Retail market ended

the quarter with a vacancy rate of 5.6%. The vacancy rate was down over the previous quarter, with net absorption total-ing positive 31,857 square feet. Vacant sublease space stayed the same at 7,000 square feet. Rental rates ended the fourth quarter at $12.87, an increase over the previous quarter. A total of one building with 5,000 square feet of space delivered to the market, with 72,767 square feet still under construction at the end of the quarter.

Fort SmithThe Fort Smith Retail market reported no new deliveries

and no space under construction at the end of the fourth quarter 2014. With this limited construction activity, net absorption of positive 49,437 square feet caused the vacancy rate to decrease from 6.1% to 5.7% in the quarter. Rental rates stood at $7.53.

Fort WayneThe Fort Wayne Retail market ended the quarter with a

vacancy rate of 9.0%. The vacancy rate was up over the previ-ous quarter, with net absorption totaling positive 6,385 square feet. Vacant sublease space stayed the same at 0 square feet. Rental rates ended the fourth quarter at $9.11, an increase over the previous quarter. A total of four buildings with 26,600 square feet of space delivered to the market, with 8,194 square feet still under construction at the end of the quarter.

FresnoThe Fresno Retail market ended the quarter with a vacan-

cy rate of 8.0%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 148,894 square feet. Vacant sublease space decreased to 472,426 square feet. Rental rates ended the fourth quarter at $12.82, an increase over the previous quarter. A total of four buildings with 39,587 square feet of space delivered to the market, with 153,881 square feet still under construction at the end of the quarter.

Green BayWith no new Retail space being delivered to the market,

and positive 17,142 square feet of net absorption, Green Bay’s vacancy rate went from 6.8% to 6.7% in the quarter. Rental rates went from $9.84 to $9.96 during that time. At the end of the quarter, there was 12,775 square feet underway for future delivery.

Greensboro/Winston-SalemThe Greensboro/Winston-Salem Retail market ended the

quarter with a vacancy rate of 6.6%. The vacancy rate was down over the previous quarter, with net absorption totaling






Overview

positive 427,503 square feet. Vacant sublease space increased to 213,245 square feet. Rental rates ended the fourth quarter at $10.24, an increase over the previous quarter. A total of three buildings with 20,400 square feet of space delivered to the market, with 149,439 square feet still under construction at the end of the quarter.

Greenville/SpartanburgThe vacancy rate remained unchanged in Greenville/

Spartanburg in the fourth quarter. With 165,225 square feet in deliveries, and positive 157,321 square feet in net absorption, the vacancy rate held at 6.7%, the same rate reported in the previous quarter. The market had 341,995 square feet under construction at the end of the quarter, and rental rates stood at $9.60 per square foot.

Hampton RoadsThe Hampton Roads Retail market ended the quarter

with a vacancy rate of 5.7%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 975,308 square feet. Vacant sublease space decreased to 305,099 square feet. Rental rates ended the fourth quarter at $13.42, no change over the previous quarter. A total of 10 build-ings with 774,663 square feet of space delivered to the market, with 540,949 square feet still under construction at the end of the quarter.

HartfordThe vacancy rate remained unchanged in Hartford in the


HawaiiThe vacancy rate remained unchanged in Hawaii in the


HoustonThe vacancy rate remained unchanged in Houston in the

fourth quarter. With 377,127 square feet in deliveries, and posi-tive 376,055 square feet in net absorption, the vacancy rate held at 5.6%, the same rate reported in the previous quarter. The market had 2,355,126 square feet under construction at the end of the quarter, and rental rates stood at $15.17 per square foot.

Huntington/AshlandThe Huntington/Ashland Retail market reported no new

deliveries and no space under construction at the end of the fourth quarter 2014. With this limited construction activity, net absorption of negative (111,796) square feet caused the vacancy rate to increase from 3.4% to 3.8% in the quarter. Rental rates stood at $9.31.

HuntsvilleThe Huntsville Retail market ended the quarter with a

vacancy rate of 8.0%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 108,566 square feet. Vacant sublease space stayed the same at 38,140 square feet. Rental rates ended the fourth quarter at $10.53, a decrease over the previous quarter. A total of three buildings with 188,800 square feet of space delivered to the market, with 293,015 square feet still under construction at the end of the quarter.

IndianapolisThe Indianapolis Retail market ended the quarter with a

vacancy rate of 6.9%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 239,052 square feet. Vacant sublease space increased to 147,689 square feet. Rental rates ended the fourth quarter at $12.16, a decrease over the previous quarter. A total of six buildings with 93,871 square feet of space delivered to the market, with 297,243 square feet still under construction at the end of the quarter.

Inland Empire (California)The Inland Empire (California) Retail market ended the

quarter with a vacancy rate of 8.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 211,231 square feet. Vacant sublease space increased to 569,493 square feet. Rental rates ended the fourth quarter at $15.98, an increase over the previous quarter. A total of 11 buildings with 120,199 square feet of space delivered to the market, with 359,545 square feet still under construction at the end of the quarter.

JacksonWith no space currently under construction, Jackson

absorbed 106,827 square feet of space and delivered 9,100 square feet of space, resulting in a vacancy rate that went from 7.4% to 7.1% over the course of the quarter. Rental rates went from $10.27 to $10.23 per square foot.

Jacksonville (Florida)The Jacksonville (Florida) Retail market ended the quar-

ter with a vacancy rate of 7.3%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 333,392 square feet. Vacant sublease space increased to 277,813 square feet. Rental rates ended the fourth quarter at






Overview

$12.57, an increase over the previous quarter. A total of eight buildings with 42,370 square feet of space delivered to the market, with 169,632 square feet still under construction at the end of the quarter.

Kansas CityThe Kansas City Retail market ended the quarter with a

vacancy rate of 8.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 603,805 square feet. Vacant sublease space decreased to 261,467 square feet. Rental rates ended the fourth quarter at $12.28, a decrease over the previous quarter. A total of seven buildings with 180,659 square feet of space delivered to the market, with 464,910 square feet still under construction at the end of the quarter.

Killeen/Temple/Fort HoodThe Killeen/Temple/Fort Hood Retail market ended the

quarter with a vacancy rate of 4.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 46,456 square feet. Vacant sublease space stayed the same at 10,065 square feet. Rental rates ended the fourth quarter at $10.90, an increase over the previous quarter. A total of four buildings with 33,920 square feet of space delivered to the market, with 25,000 square feet still under construction at the end of the quarter.

Kingsport/Bristol/BristolWith no new Retail space being delivered to the market,

and negative (8,959) square feet of net absorption, Kingsport/Bristol/Bristol’s vacancy rate remained at 7.0% in the quarter. Rental rates went from $8.23 to $7.96 during that time. At the end of the quarter, there was 99,100 square feet underway for future delivery.

KnoxvilleThe vacancy rate remained unchanged in Knoxville in the

fourth quarter. With 36,058 square feet in deliveries, and posi-tive 33,212 square feet in net absorption, the vacancy rate held at 6.9%, the same rate reported in the previous quarter. The market had 18,160 square feet under construction at the end of the quarter, and rental rates stood at $11.29 per square foot.

LafayetteWith no space currently under construction, Lafayette


Las VegasThe Las Vegas Retail market ended the quarter with

a vacancy rate of 9.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive

1,966,406 square feet. Vacant sublease space decreased to 667,167 square feet. Rental rates ended the fourth quarter at $15.59, a decrease over the previous quarter. A total of six buildings with 1,692,442 square feet of space delivered to the market, with 556,790 square feet still under construction at the end of the quarter.

Lexington/FayetteThe Lexington/Fayette Retail market ended the quarter

with a vacancy rate of 5.1%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 142,261 square feet. Vacant sublease space decreased to 19,334 square feet. Rental rates ended the fourth quarter at $12.22, a decrease over the previous quarter. A total of two buildings with 20,500 square feet of space delivered to the market, with 130,097 square feet still under construction at the end of the quarter.

LincolnWith no new Retail space being delivered to the market,

and positive 2,703 square feet of net absorption, Lincoln’s vacancy rate remained at 4.7% in the quarter. Rental rates went from $12.14 to $12.26 during that time. At the end of the quarter, there was 7,000 square feet underway for future delivery.

Little Rock/N Little RockThe vacancy rate remained unchanged in Little Rock/N

Little Rock in the fourth quarter. With 11,250 square feet in deliveries, and positive 16,089 square feet in net absorption, the vacancy rate held at 4.7%, the same rate reported in the previous quarter. The market had 140,594 square feet under construction at the end of the quarter, and rental rates stood at $12.05 per square foot.

Long Island (New York)The Long Island (New York) Retail market ended the

quarter with a vacancy rate of 4.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 588,969 square feet. Vacant sublease space increased to 135,795 square feet. Rental rates ended the fourth quarter at $31.03, a decrease over the previous quarter. A total of one building with 14,500 square feet of space delivered to the mar-ket, with 1,508,039 square feet still under construction at the end of the quarter.

Los AngelesThe Los Angeles Retail market ended the quarter with a

vacancy rate of 4.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 627,255 square feet. Vacant sublease space increased to 779,214 square feet. Rental rates ended the fourth quarter at $25.15, an increase over the previous quarter. A total of 11 buildings with 197,367 square feet of space delivered to the market, with






Overview

1,690,835 square feet still under construction at the end of the quarter.

LouisvilleThe Louisville Retail market ended the quarter with a


LubbockThe Lubbock Retail market ended the quarter with a

vacancy rate of 3.5%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 110,294 square feet. Vacant sublease space increased to 20,903 square feet. Rental rates ended the fourth quarter at $11.01, an increase over the previous quarter. A total of three build-ings with 81,635 square feet of space delivered to the market, with 25,665 square feet still under construction at the end of the quarter.

MadisonThe Madison Retail market ended the quarter with a

vacancy rate of 6.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 18,728 square feet. Vacant sublease space stayed the same at 152,258 square feet. Rental rates ended the fourth quarter at $11.79, a decrease over the previous quarter. A total of two buildings with 8,723 square feet of space delivered to the mar-ket, with 32,500 square feet still under construction at the end of the quarter.

Marin/SonomaThe Marin/Sonoma Retail market ended the quarter with

a vacancy rate of 3.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 254,814 square feet. Vacant sublease space decreased to 182,855 square feet. Rental rates ended the fourth quarter at $18.76, a decrease over the previous quarter. A total of four buildings with 196,621 square feet of space delivered to the market, with 57,540 square feet still under construction at the end of the quarter.

McAllen/Edinburg/PharrThe McAllen/Edinburg/Pharr Retail market ended the

quarter with a vacancy rate of 6.2%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (36,876) square feet. Vacant sublease space stayed the same at 35,666 square feet. Rental rates ended the fourth quarter at $14.88, an increase over the previous quarter. A total of

two buildings with 10,445 square feet of space delivered to the market, with 18,000 square feet still under construction at the end of the quarter.

MemphisThe Memphis Retail market ended the quarter with a

vacancy rate of 8.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 447,886 square feet. Vacant sublease space decreased to 161,277 square feet. Rental rates ended the fourth quarter at $9.48, a decrease over the previous quarter. A total of seven buildings with 114,237 square feet of space delivered to the market, with 299,032 square feet still under construction at the end of the quarter.

Miami-Dade CountyThe Miami-Dade County Retail market ended the quar-

ter with a vacancy rate of 3.5%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 351,375 square feet. Vacant sublease space decreased to 27,623 square feet. Rental rates ended the fourth quarter at $32.11, an increase over the previous quarter. A total of seven buildings with 149,331 square feet of space delivered to the market, with 1,455,300 square feet still under construction at the end of the quarter.

MilwaukeeThe Milwaukee Retail market ended the quarter with a

vacancy rate of 6.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 333,338 square feet. Vacant sublease space decreased to 255,155 square feet. Rental rates ended the fourth quarter at $10.78, a decrease over the previous quarter. A total of three buildings with 37,129 square feet of space delivered to the market, with 688,740 square feet still under construction at the end of the quarter.

MinneapolisThe Minneapolis Retail market ended the quarter with a

vacancy rate of 5.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 509,808 square feet. Vacant sublease space decreased to 836,787 square feet. Rental rates ended the fourth quarter at $13.20, an increase over the previous quarter. A total of five buildings with 65,803 square feet of space delivered to the market, with 405,407 square feet still under construction at the end of the quarter.

MobileThe Mobile Retail market ended the quarter with a vacan-

cy rate of 6.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 150,766 square feet. Vacant sublease space stayed the same at 165,640 square feet. Rental rates ended the fourth quarter at $11.34, a






Overview

decrease over the previous quarter. A total of three buildings with 89,866 square feet of space delivered to the market, with 49,437 square feet still under construction at the end of the quarter.

MontgomeryThe Montgomery Retail market ended the quarter with a

vacancy rate of 9.7%. The vacancy rate was up over the pre-vious quarter, with net absorption totaling negative (22,132) square feet. Vacant sublease space decreased to 0 square feet. Rental rates ended the fourth quarter at $9.08, a decrease over the previous quarter. A total of one building with 4,000 square feet of space delivered to the market, with 21,800 square feet still under construction at the end of the quarter.

Myrtle Beach/ConwayThe vacancy rate remained unchanged in Myrtle Beach/

Conway in the fourth quarter. With 22,761 square feet in deliveries, and positive 1,886 square feet in net absorption, the vacancy rate held at 6.7%, the same rate reported in the previous quarter. The market had 32,330 square feet under construction at the end of the quarter, and rental rates stood at $10.15 per square foot.

NashvilleThe Nashville Retail market ended the quarter with a

vacancy rate of 6.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 274,547 square feet. Vacant sublease space decreased to 223,141 square feet. Rental rates ended the fourth quarter at $14.38, an increase over the previous quarter. A total of three build-ings with 17,200 square feet of space delivered to the market, with 354,106 square feet still under construction at the end of the quarter.

New Orleans/Metairie/KennerThe New Orleans/Metairie/Kenner Retail market ended

the quarter with a vacancy rate of 6.3%. The vacancy rate was up over the previous quarter, with net absorption total-ing negative (36,625) square feet. Vacant sublease space decreased to 4,031 square feet. Rental rates ended the fourth quarter at $14.76, an increase over the previous quarter. A total of two buildings with 33,857 square feet of space delivered to the market, with 283,920 square feet still under construction at the end of the quarter.

New York CityThe vacancy rate remained unchanged in New York City

in the fourth quarter. With 8,534 square feet in deliveries, and negative (86,693) square feet in net absorption, the vacancy rate held at 3.5%, the same rate reported in the previous quar-ter. The market had 895,404 square feet under construction at the end of the quarter, and rental rates stood at $93.51 per square foot.

Northern New JerseyThe Northern New Jersey Retail market ended the quar-

ter with a vacancy rate of 5.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,078,705 square feet. Vacant sublease space increased to 385,183 square feet. Rental rates ended the fourth quarter at $19.94, an increase over the previous quarter. A total of 11 buildings with 241,770 square feet of space delivered to the market, with 5,093,959 square feet still under construction at the end of the quarter.

OcalaThe Ocala Retail market reported no new deliveries and

no space under construction at the end of the fourth quarter 2014. With this limited construction activity, net absorption of negative (631) square feet caused the vacancy rate to remain at 7.7% in the quarter. Rental rates stood at $11.01.

Oklahoma CityThe vacancy rate remained unchanged in Oklahoma City

in the fourth quarter. With 93,685 square feet in deliveries, and positive 96,480 square feet in net absorption, the vacancy rate held at 6.7%, the same rate reported in the previous quarter. The market had 247,502 square feet under construction at the end of the quarter, and rental rates stood at $11.08 per square foot.

OlympiaThe Olympia Retail market ended the quarter with a

vacancy rate of 6.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 42,918 square feet. Vacant sublease space stayed the same at 4,500 square feet. Rental rates ended the fourth quarter at $16.34, an increase over the previous quarter. A total of three build-ings with 33,052 square feet of space delivered to the market, with 24,138 square feet still under construction at the end of the quarter.

Omaha/Council BluffsThe Omaha/Council Bluffs Retail market ended the quar-

ter with a vacancy rate of 5.5%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 110,373 square feet. Vacant sublease space stayed the same at 279,294 square feet. Rental rates ended the fourth quarter at $11.98, an increase over the previous quarter. A total of three buildings with 68,483 square feet of space delivered to the market, with 287,028 square feet still under construction at the end of the quarter.

Orange County (California)The vacancy rate remained unchanged in Orange County

(California) in the fourth quarter. With 62,085 square feet in deliveries, and positive 138,905 square feet in net absorption, the vacancy rate held at 4.7%, the same rate reported in the






Overview

previous quarter. The market had 991,111 square feet under construction at the end of the quarter, and rental rates stood at $23.01 per square foot.

OrlandoThe Orlando Retail market ended the quarter with a

vacancy rate of 7.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 700,865 square feet. Vacant sublease space decreased to 204,341 square feet. Rental rates ended the fourth quarter at $14.15, a decrease over the previous quarter. A total of five buildings with 45,963 square feet of space delivered to the market, with 1,234,161 square feet still under construction at the end of the quarter.

Palm Beach CountyThe Palm Beach County Retail market ended the quar-

ter with a vacancy rate of 6.1%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 476,660 square feet. Vacant sublease space increased to 97,880 square feet. Rental rates ended the fourth quarter at $18.42, an increase over the previous quarter. A total of three buildings with 312,790 square feet of space delivered to the market, with 174,083 square feet still under construction at the end of the quarter.

PensacolaThe vacancy rate remained unchanged in Pensacola in


PeoriaThe Peoria Retail market ended the quarter with a vacancy

rate of 7.2%. The vacancy rate was up over the previous quar-ter, with net absorption totaling negative (12,356) square feet. Vacant sublease space stayed the same at 5,708 square feet. Rental rates ended the fourth quarter at $10.29, a decrease over the previous quarter. A total of two buildings with 15,100 square feet of space delivered to the market, with 9,000 square feet still under construction at the end of the quarter.

PhiladelphiaThe Philadelphia Retail market ended the quarter with a

vacancy rate of 5.9%. The vacancy rate was up over the pre-vious quarter, with net absorption totaling negative (74,123) square feet. Vacant sublease space increased to 694,646 square feet. Rental rates ended the fourth quarter at $14.02, an increase over the previous quarter. A total of six buildings with 33,257 square feet of space delivered to the market, with 762,131 square feet still under construction at the end of the quarter.

PhoenixThe Phoenix Retail market ended the quarter with a

vacancy rate of 9.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 819,805 square feet. Vacant sublease space decreased to 739,658 square feet. Rental rates ended the fourth quarter at $13.87, a decrease over the previous quarter. A total of 21 buildings with 377,959 square feet of space delivered to the market, with 427,089 square feet still under construction at the end of the quarter.

PittsburghThe Pittsburgh Retail market ended the quarter with a

vacancy rate of 3.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 165,683 square feet. Vacant sublease space increased to 44,965 square feet. Rental rates ended the fourth quarter at $12.20, a decrease over the previous quarter. A total of five buildings with 61,452 square feet of space delivered to the market, with 126,894 square feet still under construction at the end of the quarter.

Port St Lucie/Fort PierceThe Port St Lucie/Fort Pierce Retail market reported no

new deliveries and no space under construction at the end of the fourth quarter 2014. With this limited construction activ-ity, net absorption of positive 76,840 square feet caused the vacancy rate to decrease from 7.0% to 6.6% in the quarter. Rental rates stood at $14.50.

PortlandThe Portland Retail market ended the quarter with a

vacancy rate of 4.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 316,938 square feet. Vacant sublease space decreased to 101,594 square feet. Rental rates ended the fourth quarter at $16.86, an increase over the previous quarter. A total of three build-ings with 82,820 square feet of space delivered to the market, with 265,931 square feet still under construction at the end of the quarter.

Portland/South PortlandThe Portland/South Portland Retail market ended the

quarter with a vacancy rate of 4.3%. The vacancy rate was up over the previous quarter, with net absorption totaling nega-tive (84,515) square feet. Vacant sublease space decreased to 11,180 square feet. Rental rates ended the fourth quarter at $12.29, a decrease over the previous quarter. A total of one building with 8,320 square feet of space delivered to the mar-ket, with 10,560 square feet still under construction at the end of the quarter.

ProvidenceThe Providence Retail market ended the quarter with a

vacancy rate of 6.2%. The vacancy rate was up over the pre-






Overview

vious quarter, with net absorption totaling negative (172,307) square feet. Vacant sublease space increased to 251,558 square feet. Rental rates ended the fourth quarter at $13.40, an increase over the previous quarter. A total of four buildings with 16,825 square feet of space delivered to the market, with 34,733 square feet still under construction at the end of the quarter.

Raleigh/DurhamThe Raleigh/Durham Retail market ended the quarter

with a vacancy rate of 5.1%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 539,304 square feet. Vacant sublease space increased to 104,427 square feet. Rental rates ended the fourth quarter at $14.58, a decrease over the previous quarter. A total of six buildings with 98,411 square feet of space delivered to the market, with 766,962 square feet still under construction at the end of the quarter.

Reno/SparksWith no space currently under construction, Reno/Sparks


Richmond VAThe Richmond VA Retail market ended the quarter with

a vacancy rate of 5.9%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 239,233 square feet. Vacant sublease space increased to 183,830 square feet. Rental rates ended the fourth quarter at $13.85, an increase over the previous quarter. A total of three build-ings with 77,178 square feet of space delivered to the market, with 253,437 square feet still under construction at the end of the quarter.

RoanokeWith no new Retail space being delivered to the market,

and negative (6,747) square feet of net absorption, Roanoke’s vacancy rate remained at 4.6% in the quarter. Rental rates went from $15.37 to $15.28 during that time. At the end of the quarter, there was 95,117 square feet underway for future delivery.

RochesterThe vacancy rate remained unchanged in Rochester in


SacramentoThe Sacramento Retail market ended the quarter with a

vacancy rate of 8.5%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 429,224 square feet. Vacant sublease space decreased to 236,743 square feet. Rental rates ended the fourth quarter at $16.17, an increase over the previous quarter. A total of six buildings with 58,587 square feet of space delivered to the market, with 465,981 square feet still under construction at the end of the quarter.

SalinasThe Salinas Retail market reported no new deliveries and

no space under construction at the end of the fourth quarter 2014. With this limited construction activity, net absorption of positive 14,588 square feet caused the vacancy rate to decrease from 3.4% to 3.3% in the quarter. Rental rates stood at $16.75.

Salt Lake CityThe Salt Lake City Retail market ended the quarter with

a vacancy rate of 4.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 214,705 square feet. Vacant sublease space increased to 106,919 square feet. Rental rates ended the fourth quarter at $12.87, a decrease over the previous quarter. A total of four buildings with 24,688 square feet of space delivered to the market, with 639,900 square feet still under construction at the end of the quarter.

San AntonioThe vacancy rate remained unchanged in San Antonio in


San DiegoThe San Diego Retail market ended the quarter with a

vacancy rate of 4.0%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 297,492 square feet. Vacant sublease space decreased to 169,681 square feet. Rental rates ended the fourth quarter at $22.53, a decrease over the previous quarter. A total of three buildings with 117,322 square feet of space delivered to the market, with 360,891 square feet still under construction at the end of the quarter.

San FranciscoThe San Francisco Retail market ended the quarter with

a vacancy rate of 2.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 226,250






square feet. Vacant sublease space increased to 182,136 square feet. Rental rates ended the fourth quarter at $34.11, an increase over the previous quarter. A total of three build-ings with 79,019 square feet of space delivered to the market, with 83,635 square feet still under construction at the end of the quarter.

San Luis Obispo/Paso RoblesWith no new Retail space being delivered to the market,

and positive 1,483 square feet of net absorption, San Luis Obispo/Paso Robles’s vacancy rate went from 3.4% to 3.4% in the quarter. Rental rates went from $21.37 to $22.03 during that time. At the end of the quarter, there was 9,560 square feet underway for future delivery.

Santa Barbara/Sta Maria/GoletaWith no space currently under construction, Santa

Barbara/Sta Maria/Goleta absorbed 58,581 square feet of space and delivered 10,204 square feet of space, resulting in a vacancy rate that went from 3.2% to 3.0% over the course of the quarter. Rental rates went from $23.75 to $23.53 per square foot.

Santa Cruz/WatsonvilleWith no space currently under construction, Santa Cruz/

Watsonville absorbed 21,786 square feet of space and delivered 16,537 square feet of space, resulting in a vacancy rate that went from 4.0% to 4.0% over the course of the quarter. Rental rates went from $19.84 to $19.27 per square foot.

SavannahThe vacancy rate remained unchanged in Savannah in

the fourth quarter. With 6,000 square feet in deliveries, and negative (8,067) square feet in net absorption, the vacancy rate held at 6.0%, the same rate reported in the previous quar-ter. The market had 454,380 square feet under construction at the end of the quarter, and rental rates stood at $14.86 per square foot.

Seattle/Puget SoundThe Seattle/Puget Sound Retail market ended the quar-

ter with a vacancy rate of 4.9%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 704,458 square feet. Vacant sublease space decreased to 219,645 square feet. Rental rates ended the fourth quarter at $17.53, an increase over the previous quarter. A total of three buildings with 40,041 square feet of space delivered to the market, with 453,432 square feet still under construction at the end of the quarter.

Shreveport/Bossier CityWith no new Retail space being delivered to the mar-

ket, and negative (116,366) square feet of net absorption, Shreveport/Bossier City’s vacancy rate went from 5.3% to 5.8% in the quarter. Rental rates went from $11.14 to $10.07

during that time. At the end of the quarter, there was 41,117 square feet underway for future delivery.

South Bay/San JoseThe South Bay/San Jose Retail market ended the quar-

ter with a vacancy rate of 3.4%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 342,488 square feet. Vacant sublease space decreased to 211,374 square feet. Rental rates ended the fourth quarter at $28.29, an increase over the previous quarter. A total of six buildings with 297,810 square feet of space delivered to the market, with 448,968 square feet still under construction at the end of the quarter.

South Bend/MishawakaWith no space currently under construction, South Bend/

Mishawaka absorbed 156,832 square feet of space and deliv-ered 148,000 square feet of space, resulting in a vacancy rate remained at 4.8% over the course of the quarter. Rental rates went from $8.05 to $8.42 per square foot.

Southwest FloridaThe vacancy rate remained unchanged in Southwest

Florida in the fourth quarter. With 105,974 square feet in deliveries, and positive 113,997 square feet in net absorption, the vacancy rate held at 7.3%, the same rate reported in the previous quarter. The market had 176,344 square feet under construction at the end of the quarter, and rental rates stood at $14.22 per square foot.

SpokaneThe Spokane Retail market ended the quarter with a

vacancy rate of 7.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 161,997 square feet. Vacant sublease space decreased to 10,997 square feet. Rental rates ended the fourth quarter at $11.32, an increase over the previous quarter. A total of one building with 35,000 square feet of space delivered to the market, with 15,750 square feet still under construction at the end of the quarter.

SpringfieldThe Springfield Retail market ended the quarter with a

vacancy rate of 5.5%. The vacancy rate was up over the pre-vious quarter, with net absorption totaling negative (58,052) square feet. Vacant sublease space stayed the same at 7,300 square feet. Rental rates ended the fourth quarter at $9.10, a decrease over the previous quarter. A total of one building with 6,000 square feet of space delivered to the market, with 9,100 square feet still under construction at the end of the quarter.

St. LouisThe St. Louis Retail market ended the quarter with a

vacancy rate of 6.9%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 349,001

Overview






square feet. Vacant sublease space decreased to 111,251 square feet. Rental rates ended the fourth quarter at $12.04, a decrease over the previous quarter. A total of four buildings with 41,962 square feet of space delivered to the market, with 712,552 square feet still under construction at the end of the quarter.

Stockton/ModestoThe Stockton/Modesto Retail market ended the quarter

with a vacancy rate of 6.3%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 307,677 square feet. Vacant sublease space decreased to 175,382 square feet. Rental rates ended the fourth quarter at $13.50, an increase over the previous quarter. A total of two buildings with 111,070 square feet of space delivered to the market, with 27,600 square feet still under construction at the end of the quarter.

SyracuseThe Syracuse Retail market ended the quarter with a

vacancy rate of 5.5%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 229,801 square feet. Vacant sublease space increased to 105,152 square feet. Rental rates ended the fourth quarter at $9.92, a decrease over the previous quarter. A total of one building with 148,000 square feet of space delivered to the market, with 100,000 square feet still under construction at the end of the quarter.

TallahasseeThe Tallahassee Retail market ended the quarter with a

vacancy rate of 4.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 84,068 square feet. Vacant sublease space stayed the same at 0 square feet. Rental rates ended the fourth quarter at $13.17, a decrease over the previous quarter. A total of one building with 5,438 square feet of space delivered to the market, with 11,000 square feet still under construction at the end of the quarter.

Tampa/St PetersburgThe Tampa/St Petersburg Retail market ended the quar-

ter with a vacancy rate of 6.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,316,979 square feet. Vacant sublease space increased to 688,893 square feet. Rental rates ended the fourth quarter at $13.73, an increase over the previous quarter. A total of nine buildings with 1,155,882 square feet of space delivered to the market, with 427,148 square feet still under construction at the end of the quarter.

ToledoWith no new Retail space being delivered to the market,

and positive 121,996 square feet of net absorption, Toledo’s vacancy rate went from 6.9% to 6.8% in the quarter. Rental

rates went from $7.57 to $7.65 during that time. At the end of the quarter, there was 18,028 square feet underway for future delivery.

TucsonThe Tucson Retail market ended the quarter with a vacancy

rate of 6.7%. The vacancy rate was up over the previous quar-ter, with net absorption totaling negative (48,634) square feet. Vacant sublease space increased to 70,632 square feet. Rental rates ended the fourth quarter at $14.27, a decrease over the previous quarter. A total of three buildings with 30,817 square feet of space delivered to the market, with 26,858 square feet still under construction at the end of the quarter.

TulsaThe vacancy rate remained unchanged in Tulsa in the

fourth quarter. With 100,690 square feet in deliveries, and positive 124,539 square feet in net absorption, the vacancy rate held at 5.5%, the same rate reported in the previous quarter. The market had 40,034 square feet under construction at the end of the quarter, and rental rates stood at $9.88 per square foot.

Utica/RomeThe Utica/Rome Retail market reported no new deliver-

ies and no space under construction at the end of the fourth quarter 2014. With this limited construction activity, net absorption of positive 65,564 square feet caused the vacancy rate to decrease from 5.6% to 5.3% in the quarter. Rental rates stood at $8.12.

Visalia/PortervilleThe Visalia/Porterville Retail market reported no new

deliveries and no space under construction at the end of the fourth quarter 2014. With this limited construction activity, net absorption of positive 15,141 square feet caused the vacancy rate to decrease from 5.5% to 5.4% in the quarter. Rental rates stood at $15.20.

WashingtonThe Washington Retail market ended the quarter with

a vacancy rate of 4.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,048,407 square feet. Vacant sublease space increased to 220,582 square feet. Rental rates ended the fourth quarter at $26.19, an increase over the previous quarter. A total of 19 buildings with 844,646 square feet of space delivered to the market, with 1,894,008 square feet still under construction at the end of the quarter.

West MichiganThe West Michigan Retail market ended the quarter with

a vacancy rate of 6.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 276,254

Overview






square feet. Vacant sublease space increased to 283,604 square feet. Rental rates ended the fourth quarter at $9.35, a decrease over the previous quarter. A total of two buildings with 23,518 square feet of space delivered to the market, with 350,000 square feet still under construction at the end of the quarter.

Westchester/So ConnecticutThe Westchester/So Connecticut Retail market ended the

quarter with a vacancy rate of 5.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 312,316 square feet. Vacant sublease space decreased to 244,041 square feet. Rental rates ended the fourth quarter at $22.94, an increase over the previous quarter. A total of four buildings with 24,336 square feet of space delivered to the market, with 952,937 square feet still under construction at the end of the quarter.

WichitaWith no new Retail space being delivered to the market,

and positive 58,014 square feet of net absorption, Wichita’s vacancy rate went from 4.2% to 4.1% in the quarter. Rental rates went from $9.40 to $9.28 during that time. At the end of the quarter, there was 41,105 square feet underway for future delivery.

WilmingtonThe Wilmington Retail market ended the quarter with a

vacancy rate of 4.7%. The vacancy rate was down over the

previous quarter, with net absorption totaling positive 66,005 square feet. Vacant sublease space stayed the same at 44,860 square feet. Rental rates ended the fourth quarter at $12.97, an increase over the previous quarter. A total of one building with 11,962 square feet of space delivered to the market, with 277,470 square feet still under construction at the end of the quarter.

YakimaThe Yakima Retail market reported no new deliveries and

no space under construction at the end of the fourth quarter 2014. With this limited construction activity, net absorption of negative (34,618) square feet caused the vacancy rate to increase from 4.6% to 4.9% in the quarter. Rental rates stood at $8.84.

Youngstown/Warren/BoardmanThe Youngstown/Warren/Boardman Retail market

reported no new deliveries and no space under construction at the end of the fourth quarter 2014. With this limited con-struction activity, net absorption of positive 66,943 square feet caused the vacancy rate to decrease from 5.7% to 5.6% in the quarter. Rental rates stood at $7.80.

Overview






Historical Deliveries -

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/CNorthern New Jersey 61 4,487,309 88.1% 10,484 83,508 Dallas/Ft Worth 91 3,363,192 92.1% 14,051 40,140 Houston 45 2,048,791 87.0% 15,851 52,336 Washington 42 1,106,582 58.4% 13,629 45,095 Boston 37 1,252,981 69.6% 12,411 48,635 Los Angeles 56 1,364,662 80.7% 10,024 30,193 Chicago 55 1,200,067 78.2% 13,630 27,905 Long Island (New York) 34 1,123,082 74.5% 8,058 44,354 Miami-Dade County 27 523,128 35.9% 12,611 53,900 Orlando 11 512,811 41.6% 14,615 112,196 Cincinnati 8 926,000 80.7% 11,198 143,389 Orange County (California) 14 79,092 8.0% 14,074 70,794 Westchester/So Connecticut 29 729,064 76.5% 10,783 32,860 New York City 13 736,568 82.3% 11,906 68,877 Denver 37 712,313 81.5% 13,535 23,612 Raleigh/Durham 32 669,410 87.3% 12,468 23,968 Philadelphia 33 416,348 54.6% 12,093 23,095 St. Louis 13 636,248 89.3% 14,335 54,812 Milwaukee 18 515,385 74.8% 10,529 38,263 Detroit 26 617,610 93.4% 10,448 25,430 Salt Lake City 12 426,902 66.7% 12,480 53,325 Charlotte 27 508,155 87.8% 12,409 21,437 Las Vegas 10 298,567 53.6% 15,604 55,679 Hampton Roads 25 301,089 55.7% 13,202 21,638 Cleveland 16 348,183 70.6% 12,583 30,838 Sacramento 24 391,578 84.0% 12,324 19,416 Kansas City 6 338,110 72.7% 13,331 77,485 Hartford 9 453,132 98.2% 10,246 51,249 Savannah 4 402,964 88.7% 10,249 113,595 Seattle/Puget Sound 19 389,409 85.9% 11,715 23,865 South Bay/San Jose 13 156,489 34.9% 11,877 34,536 East Bay/Oakland 19 288,974 65.9% 9,382 23,063 Tampa/St Petersburg 17 296,023 69.3% 12,162 25,126 Phoenix 36 316,576 74.1% 16,241 11,864 Broward County 18 372,166 91.2% 14,516 22,672 Minneapolis 27 209,789 51.7% 12,342 15,015 Austin 22 257,529 66.4% 12,018 17,626 Atlanta 19 330,913 85.9% 13,765 20,266 San Diego 17 193,326 53.6% 10,469 21,229 Inland Empire (California) 10 267,953 74.5% 11,934 35,954 Nashville 10 311,097 87.9% 11,144 35,411 Columbus 14 218,326 61.9% 12,415 25,211 Hawaii 12 188,266 53.4% 15,466 29,354 West Michigan 1 350,000 100.0% 9,906 350,000 Asheville 5 305,758 87.4% 12,696 69,982 United StatesUnited StatesUnited StatesUnited States 1,447 1,447 1,447 1,447 36,808,274 36,808,274 36,808,274 36,808,274 74.6% 74.6% 74.6% 74.6% 11,643 11,643 11,643 11,643 34,117 34,117 34,117 34,117

Source: CoStar Property®

766,962

464,910

578,801 556,790 540,949 493,403

688,740 661,175

762,131 712,552

1,534,800 1,508,039 1,455,300 1,234,161 1,147,110

991,111 952,937

873,653

453,432 448,968 438,204

639,900

465,981

49,367,365 49,367,365 49,367,365 49,367,365

3,652,781 2,355,126 1,894,008 1,799,497 1,690,835

405,407 387,769 385,058

895,404

427,089 408,094

5,093,959

349,908

352,950 352,250 350,000

360,891 359,545 354,106

MarketUnder Construction Inventory Average Bldg Size

Total GLA

461,237 454,380

427,148

120.3125.7

164.6

229.3228.6218.4218.0

205.5210.7

146.7137.5141.2

155.0

195.9192.3189.3202.0

235.7239.2

219.3202.5207.5

226.1

251.3258.2256.4

237.9

121.9

65.157.8 58.2 62.360.6

0.0

50.0

100.0

150.0

200.0

250.0

300.0

1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014

Millions

SF

Deliveries Average Delivered SF

Inventory & development






Historical Construction Starts & Deliveries*Square Footage Per Quarter Starting and Completing Construction


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 2,529 25,861,124 21,607,201 83.6% $25.35 11,634,326 14,226,798

50,000 SF - 99,999 SF 150 10,133,288 9,395,311 92.7% $24.93 4,361,925 5,771,363

100,000 SF - 249,999 SF 118 17,177,171 16,593,063 96.6% $32.64 7,649,366 9,527,805

250,000 SF - 499,999 SF 12 4,137,130 3,131,374 75.7% $0.00 775,000 3,362,130

>= 500,000 SF 3 3,260,000 2,909,000 89.2% $0.00 0 3,260,000


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

2014 Deliveries

Source: CoStar Property® Source: CoStar Property®

Currently Under Construction

9.43

13.81

11.25

9.62

14.05 13.73

11.97 11.67

18.95

16.92 16.89

11.03

12.44 12.43

8.53

5.90

16.78

8.72

11.3410.28

13.58

8.62

10.49

14.88

11.95

10.08

14.9013.97

11.9811.28

14.05

12.30

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2011 1q 2011 3q 2012 1q 2012 3q 2013 1q 2013 3q 2014 1q 2014 3q

Millions

of

SF

Construction Starts Deliveries

76%

24%

Multi Single

60%

40%

Multi Single 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000

Specialty Center

Power Center

Mall

Shopping Center

General Retail

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Figures at a Glance

General Retail Market Statistics Year-End 2014

YTD Net YTD Under Quoted

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

Albany/Schenect. 9,805 61,276,349 2,304,657 2,361,311 3.9% 398,820 229,110 45,296 $10.64

Albuquerque 4,448 29,756,700 874,000 897,125 3.0% 417,228 274,120 13,683 $13.78

Anchorage 832 10,339,145 181,031 181,031 1.8% 127,784 0 0 $19.31

Asheville 1,926 17,866,216 574,609 579,933 3.2% 166,053 89,308 349,908 $15.57

Atlanta 19,013 145,560,806 7,486,864 7,843,333 5.4% 1,890,329 1,195,374 369,381 $12.47

Augusta/Richmon 2,816 18,445,449 1,145,594 1,145,594 6.2% 311,156 216,903 41,117 $8.98

Austin 6,601 44,908,214 1,378,081 1,398,802 3.1% 257,409 403,760 322,105 $19.37

Bakersfield 1,280 8,720,512 371,871 375,371 4.3% 64,027 4,033 66,500 $11.95

Baltimore 9,963 60,711,929 2,017,029 2,077,594 3.4% 427,188 382,480 187,214 $18.38

Baton Rouge 2,280 19,353,691 1,182,729 1,193,480 6.2% 581,013 190,405 19,440 $12.16

Beaumont/Port A. 1,247 10,590,710 270,284 275,247 2.6% 59,509 0 0 $8.30

Birmingham 7,405 54,682,674 2,137,402 2,198,350 4.0% 383,188 213,678 72,575 $10.03

Boise City/Namp. 3,194 19,283,478 779,012 803,954 4.2% 297,565 15,912 62,371 $10.13

Boston 22,611 183,768,478 5,495,837 5,770,181 3.1% 1,736,097 918,255 1,317,049 $16.14

Bremerton/Silve. 882 7,076,494 359,566 359,566 5.1% 140,704 59,000 0 $10.88

Broward County 4,945 38,966,773 1,159,697 1,197,496 3.1% 125,342 137,643 233,977 $20.12

Brownsville/Har. 860 7,625,978 429,846 429,846 5.6% 11,408 7,200 8,220 $12.71

Buffalo/Niagara. 4,300 35,129,436 1,869,914 1,873,778 5.3% (139,435) 64,426 700 $10.52

Charleston WV 1,631 11,245,232 298,131 298,131 2.7% (13,455) 0 0 $9.08

Charleston/N Ch. 3,678 20,953,482 710,392 732,096 3.5% 221,173 128,898 195,587 $18.31

Charlotte 9,543 72,420,970 3,097,192 3,208,895 4.4% 882,344 637,151 441,817 $12.24

Chattanooga 1,803 13,480,165 740,134 749,148 5.6% 161,272 74,517 76,160 $9.84

Chicago 30,866 272,506,311 17,619,679 17,877,115 6.6% 3,541,230 1,827,449 667,704 $16.69

Cincinnati 9,389 66,092,281 2,898,087 2,920,272 4.4% 261,457 86,182 812,110 $10.27

Cleveland 13,029 99,698,433 4,112,068 4,162,498 4.2% 917,988 239,506 427,760 $9.66

Colorado Spring. 2,454 16,914,204 446,017 466,259 2.8% 172,359 72,502 70,485 $12.27

Columbia 4,122 27,454,885 1,481,102 1,484,102 5.4% 8,309 73,566 38,000 $11.30

Columbus 5,549 39,468,276 1,046,323 1,058,871 2.7% 935,896 731,708 352,950 $13.17

Columbus GA 1,419 12,149,981 758,695 837,826 6.9% (47,496) 26,920 63,285 $10.51

Corpus Christi 1,669 13,236,282 786,514 786,514 5.9% 92,050 40,218 33,615 $11.03

Dallas/Ft Worth 19,980 168,923,747 5,921,364 6,179,018 3.7% 1,433,764 1,755,877 2,721,450 $14.69

Davenport/Molin. 1,051 9,910,366 617,360 617,360 6.2% 69,072 5,350 35,000 $10.95

Dayton 6,042 39,421,645 1,523,426 1,545,426 3.9% 309,814 72,068 0 $8.51

Deltona/Daytona. 2,858 17,999,195 853,485 887,146 4.9% (76,850) 20,343 0 $12.68

Denver 9,700 76,750,491 2,722,772 2,770,776 3.6% 497,446 460,286 603,375 $16.28

Des Moines 2,265 19,333,924 946,688 948,731 4.9% 237,487 355,421 296,396 $10.00

Detroit 19,489 121,435,425 7,463,065 7,714,554 6.4% 796,358 285,859 532,915 $11.19

Duluth 1,867 13,954,667 386,026 386,026 2.8% 403,589 279,034 8,400 $7.36

East Bay/Oaklan. 10,947 64,920,037 1,928,242 1,976,236 3.0% 448,176 30,613 89,284 $22.38

El Paso 3,690 22,581,293 908,884 923,147 4.1% 184,941 83,328 216,000 $12.83

Erie 1,397 10,818,603 271,614 285,922 2.6% (35,771) 5,772 0 $7.11

Evansville 1,390 10,992,096 385,607 394,055 3.6% 169,012 28,480 8,320 $8.50

Fayetteville 1,421 8,595,748 238,831 238,831 2.8% 168,071 0 26,920 $11.90

Fayetteville/Sp. 1,799 15,575,252 690,613 697,613 4.5% 413,248 285,202 72,767 $13.47

Fort Smith 944 8,570,255 447,201 447,201 5.2% 51,762 31,789 0 $5.83

Fort Wayne 1,686 15,028,034 978,778 978,778 6.5% 79,514 33,993 4,500 $7.46

Fresno 4,900 31,999,148 1,606,132 1,798,456 5.6% 110,111 86,547 76,111 $10.83

Green Bay 2,190 21,327,530 1,069,873 1,094,318 5.1% 169,683 7,556 7,200 $9.74


Existing Inventory Vacancy






Figures at a Glance




Greensboro/Wins. 7,731 51,249,403 2,293,140 2,334,381 4.6% 441,899 109,509 107,600 $8.94

Greenville/Spar. 8,071 46,622,413 2,195,919 2,271,622 4.9% 257,666 145,054 281,410 $10.33

Hampton Roads 5,553 41,394,067 1,323,162 1,389,794 3.4% 558,050 557,526 186,935 $14.20

Hartford 12,392 86,499,878 3,646,378 3,649,264 4.2% 509,657 263,918 126,237 $11.83

Hawaii 2,949 29,027,183 566,853 586,332 2.0% 12,894 24,558 340,803 $27.19

Houston 15,031 137,287,455 3,588,530 3,625,954 2.6% 2,103,215 1,576,181 1,607,424 $14.56

Huntington/Ashl. 2,703 18,661,512 521,903 521,903 2.8% (127,100) 0 0 $6.53

Huntsville 972 10,063,720 570,399 584,645 5.8% 163,697 119,785 293,015 $10.32

Indianapolis 7,922 56,867,155 1,979,623 2,025,138 3.6% 805,014 532,871 277,243 $11.89

Inland Empire (. 9,420 57,562,642 2,465,812 2,618,685 4.5% 41,862 219,778 143,694 $13.94

Jackson 2,311 19,419,433 750,984 750,984 3.9% 188,332 29,417 0 $9.37

Jacksonville (F. 6,018 39,236,429 1,459,029 1,518,174 3.9% 150,541 144,602 11,000 $11.64

Kansas City 6,163 45,848,961 2,451,974 2,451,974 5.3% 499,566 546,382 182,000 $11.11

Killeen/Temple/. 1,330 8,196,615 313,499 323,564 3.9% 29,562 42,354 25,000 $14.20

Kingsport/Brist. 1,225 10,412,939 593,540 593,540 5.7% 44,338 47,930 99,100 $8.12

Knoxville 3,588 25,569,800 823,971 840,551 3.3% 129,723 168,798 18,160 $13.74

Lafayette 791 6,695,897 185,566 185,566 2.8% 68,736 21,458 0 $11.81

Las Vegas 3,579 31,071,914 1,559,785 1,713,280 5.5% 17,103 115,753 34,500 $16.30

Lexington/Fayet. 1,838 13,795,538 583,091 585,505 4.2% 101,375 75,589 130,097 $11.52

Lincoln 1,416 10,816,470 455,519 455,519 4.2% 117,142 104,175 7,000 $11.18

Little Rock/N L. 4,346 28,885,584 824,841 843,024 2.9% 186,574 107,188 140,594 $13.03

Long Island (Ne. 33,539 201,460,819 8,903,701 9,002,824 4.5% 1,674,997 657,454 1,508,039 $32.96

Los Angeles 35,783 226,334,680 8,481,418 8,774,687 3.9% 721,283 214,968 577,702 $28.40

Louisville 6,021 40,838,389 1,873,095 1,897,761 4.6% 753,173 633,644 285,425 $11.07

Lubbock 1,881 13,671,282 265,704 285,107 2.1% 72,287 46,692 0 $10.70

Madison 3,147 28,477,981 1,605,445 1,632,358 5.7% 25,145 135,075 12,500 $12.31

Marin/Sonoma 3,273 19,674,869 462,102 488,592 2.5% 22,618 4,121 5,800 $18.41

McAllen/Edinbur. 921 9,866,908 496,348 496,348 5.0% 141,793 32,525 6,000 $12.87

Memphis 5,970 38,732,619 1,816,951 1,828,246 4.7% 494,808 214,120 225,430 $9.39

Miami-Dade Coun 7,660 57,464,240 1,879,536 1,892,705 3.3% 766,291 765,591 715,504 $38.10

Milwaukee 11,726 88,935,717 3,680,351 3,762,493 4.2% 465,788 152,994 222,582 $10.69

Minneapolis 13,738 115,461,098 3,764,499 4,029,928 3.5% 758,355 450,824 400,407 $12.63

Mobile 3,051 19,558,328 770,688 784,688 4.0% 469,556 309,502 49,437 $10.84

Montgomery 1,305 10,365,540 614,471 614,471 5.9% (37,040) 9,920 21,800 $9.05

Myrtle Beach/Co. 1,587 11,423,847 377,849 377,849 3.3% 22,247 0 10,450 $10.19

Nashville 7,456 52,328,109 1,745,984 1,872,960 3.6% 821,661 457,018 264,906 $13.74

New Orleans/Met. 6,367 47,245,828 2,601,902 2,601,902 5.5% 102,443 170,158 283,920 $15.34

New York City 4,281 48,828,064 1,710,110 1,756,178 3.6% (440,168) 70,584 360,404 $93.47

Northern New Je. 31,178 203,447,181 10,268,129 10,440,615 5.1% 1,740,070 748,631 1,351,233 $19.68

Ocala 671 5,560,416 220,733 220,733 4.0% 1,601 27,412 0 $7.78

Oklahoma City 6,947 46,521,872 1,773,142 1,878,135 4.0% 354,348 443,861 226,652 $12.46

Olympia 897 6,895,828 253,557 253,557 3.7% 94,389 34,652 17,638 $15.98

Omaha/Council B. 4,231 30,726,672 873,123 922,417 3.0% 528,647 684,836 265,528 $11.17

Orange County (. 6,148 41,645,248 1,293,568 1,303,360 3.1% 288,032 299,468 40,630 $20.90

Orlando 8,182 64,348,573 2,839,448 2,916,521 4.5% 423,043 285,195 722,177 $14.68

Palm Beach Coun. 3,304 28,208,089 975,833 1,017,127 3.6% 166,908 96,085 170,737 $23.00

Pensacola 2,992 17,623,229 525,303 525,303 3.0% 120,710 94,800 8,353 $12.13

Peoria 939 8,518,763 551,960 551,960 6.5% (111,009) 15,100 9,000 $10.12








Figures at a Glance




Philadelphia 36,260 254,578,153 9,976,358 10,229,787 4.0% 848,844 365,869 512,735 $13.93

Phoenix 7,697 61,999,115 3,308,064 3,457,900 5.6% 330,331 400,881 241,730 $14.17

Pittsburgh 11,456 72,003,054 2,363,247 2,363,247 3.3% 437,398 232,699 126,894 $11.13

Port St Lucie/F. 1,237 11,469,795 507,618 507,618 4.4% 48,791 8,900 0 $14.21

Portland 7,589 54,340,702 1,567,988 1,589,707 2.9% 490,919 387,298 120,292 $15.63

Portland/South . 3,573 24,715,751 741,898 753,078 3.0% 172,212 97,218 10,560 $11.82

Providence 5,972 34,020,309 1,551,272 1,555,522 4.6% (52,537) 32,452 34,733 $13.40

Raleigh/Durham 5,502 32,948,099 960,334 1,014,105 3.1% 391,686 328,934 605,366 $14.02

Reno/Sparks 1,386 11,839,108 1,052,644 1,085,556 9.2% 101,264 67,813 0 $12.92

Richmond VA 5,486 35,415,438 1,345,273 1,353,840 3.8% 377,938 275,084 253,437 $13.17

Roanoke 1,524 13,957,855 461,445 469,445 3.4% 72,643 0 54,000 $14.54

Rochester 4,652 33,834,327 1,490,882 1,495,919 4.4% 179,623 288,335 216,175 $10.13

Sacramento 6,184 44,804,134 2,202,350 2,206,850 4.9% 659,094 267,118 195,223 $14.02

Salinas 1,388 8,998,544 264,004 264,304 2.9% 445 0 0 $17.96

Salt Lake City 7,812 64,537,548 1,678,797 1,708,303 2.6% 719,590 510,698 329,900 $12.79

San Antonio 9,880 59,189,256 1,959,679 1,973,179 3.3% 1,159,625 1,350,130 238,377 $13.12

San Diego 8,869 52,400,492 1,381,634 1,399,222 2.7% 232,065 198,151 81,083 $24.47

San Francisco 9,884 62,968,493 1,039,044 1,219,910 1.9% 194,312 23,482 77,035 $33.88

San Luis Obispo. 1,334 8,710,730 232,801 243,109 2.8% 5,407 4,742 9,560 $23.57

Santa Barbara/S. 1,672 14,129,513 227,892 231,502 1.6% 43,929 13,464 0 $30.85

Santa Cruz/Wats. 1,255 6,708,350 294,744 302,864 4.5% 31,156 37,037 0 $18.83

Savannah 1,877 12,137,260 688,485 700,439 5.8% 28,843 42,583 454,380 $15.28

Seattle/Puget S. 11,219 89,090,925 3,079,295 3,237,039 3.6% 714,140 257,640 237,500 $16.97

Shreveport/Boss. 1,507 12,341,451 587,364 592,064 4.8% 20,290 29,899 41,117 $10.13

South Bay/San J. 4,784 32,009,399 696,857 819,118 2.6% 310,177 149,908 70,784 $28.66

South Bend/Mish. 1,704 13,626,087 502,430 630,150 4.6% 235,342 148,000 0 $7.74

Southwest Flori. 4,167 30,117,952 954,800 968,624 3.2% 310,753 207,635 144,929 $16.02

Spokane 3,094 21,954,349 1,262,612 1,270,163 5.8% 51,888 35,000 9,500 $11.29

Springfield 1,676 16,074,390 696,544 703,844 4.4% 84,203 18,793 9,100 $9.23

St. Louis 8,454 70,858,684 3,523,207 3,618,108 5.1% 144,532 168,588 573,972 $11.71

Stockton/Modest. 3,320 24,240,173 1,200,393 1,202,593 5.0% 181,845 133,187 12,780 $11.22

Syracuse 3,491 25,784,121 1,083,596 1,158,646 4.5% 1,991 148,000 100,000 $9.58

Tallahassee 2,240 13,537,802 493,294 493,294 3.6% 61,578 19,787 11,000 $14.13

Tampa/St Peters. 13,933 101,001,140 3,850,306 4,099,295 4.1% 866,480 690,849 117,148 $14.37

Toledo 6,494 46,713,596 2,104,649 2,204,810 4.7% (319,317) 211,306 18,028 $6.85

Tucson 3,589 18,933,786 782,716 809,314 4.3% 139,972 120,605 4,653 $12.05

Tulsa 5,555 39,038,004 1,094,301 1,121,495 2.9% 381,773 313,799 17,034 $9.51

Utica/Rome 1,762 14,566,974 570,164 570,164 3.9% 162,342 30,000 0 $7.65

Visalia/Porterv. 1,419 9,449,809 230,084 230,084 2.4% 48,601 38,176 0 $10.64

Washington 12,655 81,315,017 2,729,750 2,751,384 3.4% 600,627 611,885 766,191 $29.39

West Michigan 12,355 87,974,214 3,653,674 3,857,275 4.4% 1,069,749 156,574 0 $8.63

Westchester/So . 15,995 116,053,278 5,676,168 5,732,056 4.9% 926,533 300,361 410,439 $24.47

Wichita 3,226 27,150,959 792,452 817,624 3.0% 230,562 12,000 41,105 $8.64

Wilmington 2,633 14,840,994 452,697 459,557 3.1% 105,143 23,112 277,470 $12.18

Yakima 1,106 8,255,163 255,826 255,826 3.1% (70,987) 16,018 0 $6.88

Youngstown/Warr 3,404 22,388,818 826,161 835,022 3.7% 185,442 33,106 0 $6.65

Totals 873,991 6,290,193,298 255,146,579 261,988,492 4.2% 49,476,998 32,982,914 29,185,943 $15.83








Figures at a Glance

Mall Market Statistics Year-End 2014


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

Albany/Schenect. 8 6,747,712 298,181 298,181 4.4% 66,542 0 0 $18.35

Albuquerque 4 3,487,301 273,592 273,592 7.8% 82,907 0 0 $10.59

Anchorage 4 2,408,914 0 0 0.0% 5,976 0 15,000 $0.00

Asheville 3 1,640,308 38,791 38,791 2.4% 5,525 0 0 $31.14

Atlanta 34 25,914,882 1,725,074 1,728,461 6.7% 509,381 372,037 0 $22.04

Augusta/Richmon 3 2,663,251 1,096,940 1,096,940 41.2% 0 0 0 $0.00

Austin 12 8,179,655 149,377 149,377 1.8% 48,702 54,750 0 $16.01

Bakersfield 2 1,694,486 159,366 159,366 9.4% 79,832 0 0 $9.74

Baltimore 21 17,646,701 1,158,348 1,162,873 6.6% (20,699) 0 0 $21.51

Baton Rouge 6 4,650,675 221,245 222,745 4.8% 60,707 0 0 $20.43

Beaumont/Port A. 3 2,662,660 85,453 85,453 3.2% 11,833 0 0 $0.00

Birmingham 12 7,915,344 827,926 827,926 10.5% 68,927 0 0 $19.03

Boise City/Namp. 4 2,865,385 234,550 236,195 8.2% (18,079) 0 0 $11.49

Boston 34 26,789,116 679,783 679,783 2.5% 130,040 0 0 $0.00

Bremerton/Silve. 1 769,676 0 0 0.0% 11,362 0 0 $0.00

Broward County 12 8,570,745 840,947 879,563 10.3% 25,341 0 150,000 $16.72

Brownsville/Har. 2 1,411,853 94,561 94,561 6.7% (46,413) 0 0 $19.00

Buffalo/Niagara. 3 3,565,543 80,851 80,851 2.3% (26,968) 0 0 $9.72

Charleston WV 1 897,000 42,630 42,630 4.8% 0 0 0 ######

Charleston/N Ch. 2 2,101,239 19,315 19,315 0.9% (8,472) 0 0 $0.00

Charlotte 23 13,840,731 725,922 725,922 5.2% 58,227 22,500 5,326 $19.07

Chattanooga 2 2,131,137 77,300 77,300 3.6% 132,609 0 0 $7.11

Chicago 39 36,608,322 1,664,934 1,708,898 4.7% 22,700 43,895 617,172 $23.38

Cincinnati 13 10,908,912 956,365 977,762 9.0% 30,357 0 200,000 $4.44

Cleveland 21 19,243,746 2,897,604 2,897,604 15.1% 61,558 0 0 $11.61

Colorado Spring. 3 3,140,142 290,772 290,772 9.3% 9,400 0 0 $5.00

Columbia 5 5,835,602 820,191 820,191 14.1% (24,634) 0 0 $14.83

Columbus 7 7,281,244 621,782 621,782 8.5% (4,422) 0 0 $7.45

Columbus GA 5 3,697,130 149,793 149,793 4.1% (34,779) 0 0 $28.67

Corpus Christi 3 2,530,943 72,955 72,955 2.9% (3,145) 0 0 $0.00

Dallas/Ft Worth 42 35,657,067 2,076,965 2,082,088 5.8% 153,208 143,940 13,600 $23.02

Davenport/Molin. 2 1,974,294 0 0 0.0% 0 0 0 $0.00

Dayton 6 5,640,939 329,275 329,275 5.8% 163,470 0 0 $12.63

Deltona/Daytona. 2 1,759,291 13,097 13,097 0.7% (2,513) 0 0 $17.01

Denver 21 18,819,952 1,367,938 1,369,599 7.3% 33,852 16,500 0 $23.16

Des Moines 5 5,408,775 191,543 191,543 3.5% 27,246 17,500 0 $16.87

Detroit 19 21,392,827 1,681,981 1,681,981 7.9% 66,503 57,784 0 $7.68

Duluth 3 1,537,379 173,896 173,896 11.3% 5,548 0 0 $6.00

East Bay/Oaklan. 15 10,832,951 578,326 582,351 5.4% (7,575) 33,119 125,380 $20.51

El Paso 4 3,485,005 25,016 25,016 0.7% (1,120) 0 0 $8.47

Erie 2 1,917,125 27,540 27,540 1.4% 0 0 0 $8.72

Evansville 2 1,315,331 85,890 85,890 6.5% (36,090) 0 0 $10.38

Fayetteville 1 1,190,570 2,195 2,195 0.2% 45,195 46,000 0 $0.00

Fayetteville/Sp. 2 2,595,952 160,248 160,248 6.2% (6,039) 0 0 $0.00

Fort Smith 1 751,565 4,094 4,094 0.5% 0 0 0 $0.00

Fort Wayne 3 2,239,738 18,620 18,620 0.8% 834 0 0 $0.00

Fresno 10 5,248,729 470,165 470,165 9.0% 117,886 0 4,800 $16.70

Green Bay 3 2,463,091 130,227 130,227 5.3% 0 0 0 $27.22








Figures at a Glance




Greensboro/Wins. 11 9,814,365 453,486 453,486 4.6% 16,881 0 0 $12.62

Greenville/Spar. 4 3,875,521 22,625 22,625 0.6% 11,257 4,500 10,000 $0.00

Hampton Roads 12 9,002,717 479,234 480,194 5.3% 57,499 0 196,299 $24.40

Hartford 11 8,213,959 263,084 263,084 3.2% 340 0 0 $25.32

Hawaii 10 8,043,963 187,830 227,215 2.8% (26,882) 0 0 $42.01

Houston 33 28,605,482 1,502,224 1,560,763 5.5% 327,855 206,960 0 $19.58

Huntington/Ashl. 4 3,003,660 195,038 195,038 6.5% 2,579 0 0 $19.03

Huntsville 3 2,488,459 191,174 191,174 7.7% 178,917 170,000 0 $16.54

Indianapolis 14 11,845,316 729,163 729,163 6.2% 67,619 3,000 0 $24.72

Inland Empire (. 22 17,001,073 1,150,574 1,211,196 7.1% 110,044 135,000 0 $16.41

Jackson 5 3,674,290 554,809 554,809 15.1% 103,075 0 0 $13.33

Jacksonville (F. 8 5,576,281 291,165 291,165 5.2% 96,115 124,000 0 $22.05

Kansas City 17 12,506,641 1,055,591 1,205,969 9.6% (23,368) 93,000 258,910 $24.50

Killeen/Temple/. 2 1,184,040 54,560 54,560 4.6% (16,944) 6,850 0 $14.32

Kingsport/Brist. 2 1,028,603 5,585 5,585 0.5% 47,431 0 0 $13.23

Knoxville 6 4,509,701 591,976 591,976 13.1% 17,258 0 0 $11.99

Lafayette 4 2,106,443 34,166 34,166 1.6% 2,242 0 0 $0.00

Las Vegas 14 10,587,647 418,207 420,715 4.0% 1,662,915 1,631,042 224,554 $17.34

Lexington/Fayet. 4 2,429,435 18,926 34,046 1.4% 61,914 18,200 0 $13.87

Lincoln 3 1,769,922 68,942 71,142 4.0% 52,210 46,000 0 $24.47

Little Rock/N L. 7 2,819,939 74,034 77,314 2.7% (6,798) 0 0 $13.14

Long Island (Ne. 19 17,941,195 253,847 253,847 1.4% (3,651) 0 0 $30.98

Los Angeles 50 41,685,745 1,679,358 1,683,077 4.0% 87,546 234,690 791,800 $34.59

Louisville 5 4,955,196 381,988 381,988 7.7% 12,187 0 0 $8.55

Lubbock 2 1,816,554 35,960 35,960 2.0% (3,068) 0 0 $11.00

Madison 4 3,176,837 43,028 43,028 1.4% 15,810 0 0 ######

Marin/Sonoma 5 3,187,274 12,800 162,800 5.1% 148,400 150,000 51,740 $9.00

McAllen/Edinbur. 3 2,205,407 100,152 100,152 4.5% 9,500 0 0 $0.00

Memphis 7 4,842,746 815,115 815,115 16.8% 120,458 0 0 $1.72

Miami-Dade Coun 19 15,884,407 285,300 288,300 1.8% 36,647 9,308 505,000 $54.16

Milwaukee 12 8,455,925 1,243,259 1,243,259 14.7% (80,555) 0 440,158 $10.33

Minneapolis 17 15,675,883 537,305 634,159 4.0% 7,099 18,589 0 $15.80

Mobile 5 3,501,751 407,831 455,065 13.0% 49,369 0 0 $14.16

Montgomery 5 3,190,761 614,735 614,735 19.3% 4,702 0 0 $21.04

Myrtle Beach/Co. 5 3,178,395 496,004 496,004 15.6% 7,514 0 0 $15.78

Nashville 11 7,655,573 1,478,691 1,478,691 19.3% 9,627 0 0 $24.06

New Orleans/Met. 11 6,621,335 212,458 212,458 3.2% 374,333 359,650 0 $30.28

New York City 0 0 0 0 0.0% 0 0 335,000 $0.00

Northern New Je. 35 33,069,596 810,588 823,797 2.5% (16,308) 6,500 2,839,000 $39.29

Ocala 2 1,069,028 133,640 133,640 12.5% (41,263) 0 0 $0.00

Oklahoma City 6 4,291,401 1,055,674 1,055,674 24.6% 47,042 0 0 $12.33

Olympia 2 994,720 30,369 30,369 3.1% 10,738 0 0 $20.50

Omaha/Council B. 7 5,889,227 339,188 539,188 9.2% 36,601 8,294 0 $15.22

Orange County (. 20 16,817,569 864,065 898,065 5.3% 44,563 71,500 590,415 $32.80

Orlando 22 16,216,039 829,029 829,029 5.1% (196,199) 0 0 $12.98

Palm Beach Coun. 13 8,058,755 137,575 138,325 1.7% (8,515) 0 0 $26.27

Pensacola 2 1,919,365 357,973 357,973 18.7% 5,417 0 0 $26.00

Peoria 2 1,339,284 42,144 42,144 3.1% 8,505 0 0 $14.50








Figures at a Glance




Philadelphia 54 46,630,686 2,468,180 2,514,338 5.4% (464,603) 7,000 89,520 $20.80

Phoenix 20 17,019,079 1,288,404 1,288,404 7.6% (94,387) 0 0 $27.78

Pittsburgh 16 15,889,424 472,052 472,052 3.0% 18,124 0 0 $12.36

Port St Lucie/F. 1 955,601 6,884 6,884 0.7% 0 0 0 $15.00

Portland 10 7,397,571 309,103 334,733 4.5% 134,444 177,830 0 $19.63

Portland/South . 6 3,123,236 376,110 376,110 12.0% (20,077) 0 0 $14.55

Providence 5 3,964,194 189,165 189,165 4.8% 43,999 50,499 0 $0.00

Raleigh/Durham 14 10,247,709 227,107 227,107 2.2% 321,905 350,635 137,776 $12.60

Reno/Sparks 3 2,502,756 157,753 201,001 8.0% 19,234 0 0 $24.11

Richmond VA 8 6,977,595 143,326 143,326 2.1% 31,506 0 0 $21.09

Roanoke 3 2,715,717 168,812 168,812 6.2% (16,507) 0 0 $13.50

Rochester 6 5,352,550 1,184,340 1,184,340 22.1% (127,188) 55,000 0 $21.38

Sacramento 10 5,579,484 708,574 732,009 13.1% 7,339 0 0 $18.12

Salinas 2 1,922,649 19,787 19,787 1.0% (285) 0 0 $0.00

Salt Lake City 14 9,748,623 572,812 572,812 5.9% 57,588 53,153 200,000 $23.05

San Antonio 13 10,569,719 209,976 212,937 2.0% 101,161 76,000 21,950 $13.42

San Diego 13 14,027,900 102,093 102,093 0.7% 21,126 0 0 $22.65

San Francisco 6 5,120,777 48,879 48,879 1.0% 72,512 0 0 ######

San Luis Obispo. 0 0 0 0 0.0% 0 0 0 $0.00

Santa Barbara/S. 3 1,595,621 4,374 4,374 0.3% 20,306 0 0 $12.11

Santa Cruz/Wats. 1 749,988 17,554 17,554 2.3% 0 0 0 $27.00

Savannah 3 1,955,438 22,041 22,041 1.1% 108,400 123,666 0 $0.00

Seattle/Puget S. 18 14,863,554 282,879 282,879 1.9% 45,731 13,520 0 $37.21

Shreveport/Boss. 2 1,307,333 44,555 44,555 3.4% (10,217) 0 0 $0.00

South Bay/San J. 10 9,437,498 107,358 109,958 1.2% 36,616 0 0 $29.55

South Bend/Mish. 2 1,961,721 6,873 6,873 0.4% 0 0 0 $0.00

Southwest Flori. 10 7,989,593 252,561 252,561 3.2% (20,784) 0 0 $24.71

Spokane 4 2,684,493 187,701 188,747 7.0% 131,089 135,000 6,250 $34.43

Springfield 2 1,841,322 0 0 0.0% 0 0 0 $0.00

St. Louis 17 12,897,069 1,368,763 1,368,763 10.6% (56,896) 0 0 $12.67

Stockton/Modest. 8 5,798,961 217,887 236,151 4.1% 6,548 0 0 $17.19

Syracuse 4 5,278,125 99,035 99,035 1.9% 183,499 0 0 $13.01

Tallahassee 3 2,575,842 111,522 111,522 4.3% 0 0 0 $0.00

Tampa/St Peters. 21 18,205,414 604,522 604,522 3.3% 1,088,836 880,000 0 $23.14

Toledo 7 5,224,160 204,577 204,577 3.9% (2,334) 0 0 $18.82

Tucson 6 4,735,662 144,811 146,370 3.1% 21,060 7,500 0 $26.80

Tulsa 10 4,751,727 217,711 217,711 4.6% (11,911) 0 23,000 $15.80

Utica/Rome 1 864,093 35,018 35,018 4.1% (9,797) 0 0 $8.97

Visalia/Porterv. 2 868,234 102,110 130,430 15.0% 8,702 0 0 $24.00

Washington 46 34,163,801 1,309,098 1,350,301 4.0% 294,566 388,958 165,627 $23.32

West Michigan 14 10,365,583 470,955 470,955 4.5% 55,956 3,280 0 $14.10

Westchester/So . 19 16,038,271 769,495 774,795 4.8% 427,960 780,000 0 $33.99

Wichita 6 3,965,970 68,884 68,884 1.7% 76,383 21,000 0 $12.93

Wilmington 2 1,996,954 31,979 31,979 1.6% (17,269) 0 0 $28.00

Yakima 2 1,333,443 204,492 204,492 15.3% 9,388 0 0 $11.72

Youngstown/Warr 4 3,439,265 10,010 10,010 0.3% 0 0 0 $0.00

Totals 1,353 1,092,392,766 60,732,155 61,979,480 5.7% 7,715,101 7,228,149 8,018,277 $16.20








Figures at a Glance

Power Center Market Statistics Year-End 2014



Albany/Schenect. 12 5,339,938 81,759 81,759 1.5% 17,232 0 0 $15.00

Albuquerque 4 1,722,711 70,141 85,531 5.0% (575) 0 0 $15.22

Anchorage 1 462,825 0 0 0.0% 0 0 0 $0.00

Asheville 4 1,566,519 32,110 32,110 2.0% (7,110) 0 0 $18.00

Atlanta 70 31,431,941 1,481,927 1,571,842 5.0% 318,181 0 0 $16.02

Augusta/Richmon 3 1,461,798 131,219 131,219 9.0% (33,717) 0 0 $16.20

Austin 32 15,131,932 546,259 577,848 3.8% 26,807 45,047 18,000 $18.32

Bakersfield 4 2,097,685 4,116 4,116 0.2% 40,886 4,543 0 $33.00

Baltimore 27 11,814,414 373,898 478,675 4.1% (2,916) 0 0 $35.61

Baton Rouge 4 1,939,853 2,200 2,200 0.1% 8,614 0 0 $23.00

Beaumont/Port A. 2 844,837 18,050 18,050 2.1% (13,667) 0 0 $22.00

Birmingham 13 5,492,037 131,315 133,715 2.4% 145,192 0 0 $20.50

Boise City/Namp. 6 2,777,802 140,262 140,262 5.0% 24,046 3,092 2,600 $15.61

Boston 42 18,010,630 639,150 642,750 3.6% 366,365 392,035 75,000 $13.19

Bremerton/Silve. 1 374,469 1,500 1,500 0.4% 0 0 0 $28.00

Broward County 14 6,751,060 279,606 279,606 4.1% 34,375 0 0 $19.59

Brownsville/Har. 3 915,547 24,402 24,402 2.7% 9,933 0 0 $18.71

Buffalo/Niagara. 7 3,605,400 174,813 181,663 5.0% 71,941 0 0 $8.53

Charleston WV 2 929,778 3,600 3,600 0.4% 0 0 0 $0.00

Charleston/N Ch. 6 2,425,978 81,769 81,769 3.4% 6,313 8,225 0 $21.23

Charlotte 28 12,144,716 410,145 448,531 3.7% 80,147 0 0 $19.88

Chattanooga 3 1,074,210 0 0 0.0% 10,196 0 0 $18.00

Chicago 85 38,001,645 2,609,019 2,668,828 7.0% 42,725 0 0 $13.33

Cincinnati 20 8,849,433 747,516 747,516 8.4% (34,198) 0 135,000 $15.19

Cleveland 35 17,099,488 827,586 830,586 4.9% 104,772 103,900 0 $16.14

Colorado Spring. 10 4,695,710 188,762 188,762 4.0% 42,446 10,883 6,028 $10.87

Columbia 7 2,568,531 111,033 111,033 4.3% (2,623) 0 0 $9.06

Columbus 20 8,919,306 681,439 713,939 8.0% 332,154 10,960 0 $8.79

Columbus GA 2 673,157 12,968 12,968 1.9% 5,400 0 0 $15.00

Corpus Christi 1 345,598 0 0 0.0% 0 0 0 $0.00

Dallas/Ft Worth 69 28,197,088 1,066,137 1,067,337 3.8% 208,501 0 23,382 $19.75

Davenport/Molin. 6 1,668,822 17,056 17,056 1.0% 6,694 0 0 $14.83

Dayton 10 3,784,644 59,278 59,278 1.6% 38,209 0 34,000 $13.16

Deltona/Daytona. 3 903,109 30,537 30,537 3.4% (4,813) 0 0 $25.00

Denver 48 20,741,383 680,301 681,901 3.3% 430,126 233,847 169,000 $19.36

Des Moines 3 1,073,165 109,630 109,630 10.2% (1,845) 0 0 $14.55

Detroit 47 20,724,484 1,343,104 1,502,901 7.3% 161,533 0 0 $13.32

Duluth 1 376,424 0 0 0.0% 0 0 0 $0.00

East Bay/Oaklan. 20 8,883,174 211,497 249,419 2.8% 143,609 0 0 $28.42

El Paso 6 2,742,624 193,949 198,949 7.3% 13,050 6,000 0 $21.30

Erie 3 1,465,940 40,800 40,800 2.8% 2,800 0 0 $0.00

Evansville 3 1,380,202 85,126 108,126 7.8% 1,678 0 0 $17.35

Fayetteville 0 0 0 0 0.0% 0 0 0 $0.00

Fayetteville/Sp. 5 2,108,558 96,310 96,310 4.6% (40,830) 0 0 $9.36

Fort Smith 1 417,011 14,798 14,798 3.5% (2,186) 0 0 $19.43

Fort Wayne 5 2,100,956 121,094 121,094 5.8% 15,645 0 3,694 $14.78

Fresno 7 2,505,257 44,335 44,335 1.8% 82,424 49,349 0 $13.67

Green Bay 2 609,059 61,128 61,128 10.0% (25,765) 0 0 $11.25








Figures at a Glance




Greensboro/Wins. 8 2,920,526 72,838 72,838 2.5% (8,825) 0 0 $17.00

Greenville/Spar. 11 3,910,928 155,506 155,506 4.0% 25,076 0 0 $13.95

Hampton Roads 17 7,724,001 208,527 243,527 3.2% (2,923) 0 0 $16.06

Hartford 17 6,764,218 307,991 312,032 4.6% 32,055 0 0 $7.67

Hawaii 5 1,822,697 48,285 48,285 2.6% (22,228) 0 6,700 $46.70

Houston 57 26,636,754 910,517 940,517 3.5% 188,300 16,538 0 $15.50

Huntington/Ashl. 0 0 0 0 0.0% 0 0 0 $0.00

Huntsville 4 1,416,202 236,663 260,557 18.4% (51,400) 0 0 $10.03

Indianapolis 24 11,604,539 1,043,084 1,043,084 9.0% 40,256 0 0 $17.04

Inland Empire (. 39 18,232,521 1,258,601 1,340,455 7.4% 49,541 18,120 0 $17.57

Jackson 4 2,108,866 183,973 183,973 8.7% (64,755) 0 0 $18.57

Jacksonville (F. 10 4,607,200 369,520 369,520 8.0% 83,460 8,648 0 $13.30

Kansas City 23 10,091,026 485,691 531,958 5.3% (37,564) 8,850 0 $17.16

Killeen/Temple/. 3 872,163 6,950 6,950 0.8% 1,100 0 0 $0.00

Kingsport/Brist. 3 928,121 19,007 19,007 2.0% 31,493 0 0 $17.94

Knoxville 9 3,758,970 164,265 167,265 4.4% 73,870 0 0 $8.34

Lafayette 1 446,673 4,935 4,935 1.1% 3,250 0 0 $24.23

Las Vegas 29 14,378,197 756,869 764,929 5.3% 181,677 0 0 $17.22

Lexington/Fayet. 4 2,453,234 51,800 51,800 2.1% 21,856 0 0 $14.81

Lincoln 2 1,292,466 18,091 18,091 1.4% (4,028) 0 0 $13.27

Little Rock/N L. 6 2,738,836 134,623 134,623 4.9% 13,580 0 0 $17.82

Long Island (Ne. 28 11,247,296 164,274 164,274 1.5% 249,209 162,000 0 $21.60

Los Angeles 61 27,230,831 1,029,820 1,091,641 4.0% 563,293 453,996 0 $18.99

Louisville 7 3,604,052 109,378 109,378 3.0% (2,949) 0 6,250 $19.09

Lubbock 1 777,418 0 0 0.0% 44,000 43,000 0 $0.00

Madison 5 1,875,458 16,891 16,891 0.9% 64,642 0 0 $12.63

Marin/Sonoma 3 1,411,828 2,904 2,904 0.2% 0 0 0 $0.00

McAllen/Edinbur. 4 1,669,266 60,511 60,511 3.6% (2,315) 0 0 $22.56

Memphis 16 6,521,034 612,003 612,003 9.4% 153,749 68,300 73,602 $9.84

Miami-Dade Coun 9 3,349,913 37,805 37,805 1.1% (3,369) 0 0 $30.03

Milwaukee 12 4,320,707 351,592 400,326 9.3% 248,707 270,330 0 $5.74

Minneapolis 33 13,401,146 376,352 440,413 3.3% (15,967) 14,500 0 $14.32

Mobile 4 1,656,655 112,064 112,064 6.8% 6,276 0 0 $22.50

Montgomery 4 1,532,403 127,400 127,400 8.3% 86,037 0 0 $12.92

Myrtle Beach/Co. 5 1,722,380 39,467 39,467 2.3% 279,080 287,343 21,880 $19.00

Nashville 18 7,676,902 230,533 230,533 3.0% (23,546) 7,009 0 $17.82

New Orleans/Met. 3 2,616,407 37,079 37,079 1.4% (5,470) 0 0 $25.00

New York City 3 791,164 23,035 23,035 2.9% 776 0 0 ######

Northern New Je. 67 28,885,706 1,081,217 1,081,917 3.7% 152,492 0 425,000 $21.61

Ocala 1 252,526 37,290 37,290 14.8% 0 0 0 $11.17

Oklahoma City 15 6,095,105 134,136 135,136 2.2% (11,274) 1,792 0 $14.52

Olympia 2 1,191,467 52,895 52,895 4.4% 0 0 0 $8.09

Omaha/Council B. 9 4,104,935 109,564 139,564 3.4% 2,129 6,295 21,500 $15.46

Orange County (. 27 12,535,651 376,919 425,703 3.4% 90,381 0 0 $32.68

Orlando 26 11,442,234 566,041 585,127 5.1% 14,212 10,320 478,116 $15.15

Palm Beach Coun. 10 3,776,584 245,967 267,289 7.1% (69,234) 0 0 $18.88

Pensacola 0 0 0 0 0.0% 0 0 0 $0.00

Peoria 3 1,422,197 8,221 8,221 0.6% (893) 0 0 $16.36








Figures at a Glance




Philadelphia 99 42,983,346 2,398,014 2,434,578 5.7% 228,084 0 0 $13.03

Phoenix 58 30,473,034 1,503,069 1,651,989 5.4% 203,585 5,859 55,113 $22.16

Pittsburgh 33 14,683,275 595,741 615,556 4.2% 460,129 370,161 0 $16.69

Port St Lucie/F. 6 2,338,152 199,970 199,970 8.6% 11,620 0 0 $20.78

Portland 16 7,526,969 350,509 353,936 4.7% 63,883 0 0 $19.68

Portland/South . 1 274,000 0 0 0.0% 0 0 0 $0.00

Providence 9 4,170,093 74,241 247,194 5.9% (10,065) 0 0 $10.78

Raleigh/Durham 27 11,216,731 415,656 439,876 3.9% 207,729 21,570 0 $17.03

Reno/Sparks 8 3,056,231 576,964 593,406 19.4% 110,057 0 0 $12.02

Richmond VA 11 4,235,660 164,745 166,467 3.9% 21,530 20,011 0 $17.80

Roanoke 1 407,175 12,680 12,680 3.1% 13,830 0 0 $13.34

Rochester 9 4,025,141 409,419 409,419 10.2% 21,401 0 0 $13.93

Sacramento 30 13,098,209 646,595 676,945 5.2% 244,930 255,732 66,400 $19.36

Salinas 6 2,339,111 73,847 78,286 3.3% 18,252 0 0 $16.06

Salt Lake City 18 9,134,237 489,734 504,798 5.5% 31,032 0 0 $16.30

San Antonio 15 9,252,169 569,207 569,207 6.2% 56,026 28,283 0 $21.33

San Diego 27 11,760,173 358,434 369,642 3.1% 70,085 9,600 0 $30.31

San Francisco 6 2,421,479 27,138 27,138 1.1% 10,435 0 0 $53.85

San Luis Obispo. 5 1,773,610 55,391 55,391 3.1% (40,852) 0 0 $32.75

Santa Barbara/S. 2 937,869 10,279 10,279 1.1% 0 0 0 ######

Santa Cruz/Wats. 1 289,313 0 0 0.0% 0 0 0 $0.00

Savannah 2 881,659 1,800 1,800 0.2% 1,200 0 0 ######

Seattle/Puget S. 20 8,670,245 276,520 276,520 3.2% 84,539 0 0 $24.15

Shreveport/Boss. 3 1,421,336 52,236 52,236 3.7% 2,254 0 0 $18.10

South Bay/San J. 8 3,906,749 198,652 198,652 5.1% 7,423 0 0 $33.44

South Bend/Mish. 4 2,088,505 50,945 50,945 2.4% 5,966 0 0 $16.90

Southwest Flori. 11 3,611,766 323,899 402,817 11.2% 32,218 0 0 $15.82

Spokane 3 1,334,694 13,198 13,198 1.0% 11,036 0 0 $14.19

Springfield 1 359,884 0 0 0.0% 0 0 0 $20.00

St. Louis 26 13,309,405 309,376 309,376 2.3% 172,617 35,062 0 $10.14

Stockton/Modest. 8 3,610,686 77,391 77,391 2.1% 17,751 6,700 0 $21.64

Syracuse 6 2,703,134 182,579 182,579 6.8% 20,952 0 0 $0.00

Tallahassee 1 423,765 0 0 0.0% 0 0 0 $0.00

Tampa/St Peters. 28 9,649,728 398,196 421,604 4.4% 314,679 238,422 0 $18.74

Toledo 8 3,049,755 192,312 192,312 6.3% 3,875 0 0 $14.91

Tucson 9 3,495,110 162,741 162,741 4.7% 7,795 0 5,500 $20.52

Tulsa 6 2,913,729 125,687 185,138 6.4% (66,996) 4,875 0 $9.36

Utica/Rome 3 1,506,014 175,734 175,734 11.7% (390) 0 0 $0.00

Visalia/Porterv. 2 906,792 53,158 53,158 5.9% 6,297 13,250 0 $21.20

Washington 43 21,314,339 450,176 450,176 2.1% 267,154 150,000 372,979 $25.71

West Michigan 19 7,897,810 359,357 369,017 4.7% 64,821 0 0 $12.57

Westchester/So . 12 6,353,092 310,125 341,489 5.4% (9,922) 0 0 $29.42

Wichita 1 347,825 6,013 6,013 1.7% (6,013) 0 0 $20.09

Wilmington 4 1,089,456 52,766 52,766 4.8% (152) 0 0 $15.25

Yakima 0 0 0 0 0.0% 0 0 0 $0.00

Youngstown/Warr 6 3,121,597 161,501 161,501 5.2% 28,332 0 0 $9.12

Totals 1,981 875,333,303 39,228,733 41,061,017 4.7% 7,682,633 3,404,447 1,999,744 $16.48








Figures at a Glance

Shopping Center Market Statistics Year-End 2014



Albany/Schenect. 336 18,510,870 1,325,547 1,334,715 7.2% (157,043) 40,300 0 $12.05

Albuquerque 395 18,857,049 1,627,969 1,635,256 8.7% 369,283 42,129 0 $13.27

Anchorage 97 5,162,490 224,833 226,127 4.4% 78,608 0 0 $15.50

Asheville 174 7,555,598 593,700 643,660 8.5% 121,123 0 0 $12.16

Atlanta 3,325 144,104,581 17,672,423 18,000,786 12.5% 2,001,553 292,680 15,677 $12.48

Augusta/Richmon 229 12,227,421 1,160,351 1,160,351 9.5% 84,852 13,108 5,560 $10.63

Austin 762 32,707,090 2,676,183 2,714,812 8.3% 329,447 118,083 47,664 $17.12

Bakersfield 152 8,661,135 742,893 742,893 8.6% 46,946 0 24,040 $14.40

Baltimore 814 46,162,280 2,720,415 2,847,296 6.2% 590,711 110,529 59,600 $18.40

Baton Rouge 308 12,040,676 1,362,194 1,392,933 11.6% 161,370 202,726 0 $9.30

Beaumont/Port A. 179 7,280,255 451,473 451,473 6.2% 158,768 6,526 0 $11.17

Birmingham 626 27,872,569 3,573,019 3,633,766 13.0% 101,669 9,200 0 $8.09

Boise City/Namp. 304 13,176,297 1,110,974 1,123,124 8.5% 300,992 46,800 13,000 $12.53

Boston 1,794 90,299,719 4,992,373 5,433,519 6.0% 732,274 704,594 407,448 $17.96

Bremerton/Silve. 102 4,743,707 582,655 582,655 12.3% 10,242 0 0 $12.93

Broward County 1,106 48,316,017 4,125,556 4,171,010 8.6% 333,877 151,774 24,117 $19.27

Brownsville/Har. 59 3,341,705 456,738 456,738 13.7% 33,158 36,000 0 $12.50

Buffalo/Niagara. 268 16,806,039 1,687,398 1,723,741 10.3% 291,301 90,000 0 $9.77

Charleston WV 31 2,570,321 119,938 119,938 4.7% 21,323 0 0 $10.72

Charleston/N Ch. 381 16,195,402 1,385,069 1,458,706 9.0% 258,899 143,700 36,300 $14.60

Charlotte 1,189 53,489,037 5,340,649 5,435,649 10.2% 999,813 533,563 131,658 $13.21

Chattanooga 154 8,504,072 1,017,308 1,017,308 12.0% (115,589) 0 0 $8.79

Chicago 3,794 159,896,378 19,590,455 19,953,586 12.5% 2,868,965 881,522 249,924 $15.21

Cincinnati 806 35,958,580 3,696,734 3,906,873 10.9% 487,300 23,074 0 $10.97

Cleveland 1,325 63,089,166 7,108,477 7,494,681 11.9% 748,651 202,085 65,643 $10.32

Colorado Spring. 322 15,220,377 1,339,686 1,356,227 8.9% 115,059 11,595 0 $11.12

Columbia 344 15,062,326 1,414,301 1,472,144 9.8% 50,471 11,100 8,400 $10.28

Columbus 609 33,671,650 2,917,448 2,956,089 8.8% 363,206 130,000 0 $12.17

Columbus GA 157 8,411,613 729,261 737,195 8.8% (181,813) 17,500 5,000 $11.95

Corpus Christi 194 6,583,018 445,285 445,285 6.8% 24,859 0 0 $13.89

Dallas/Ft Worth 3,568 152,690,498 16,429,019 16,689,492 10.9% 2,455,627 1,010,225 894,349 $13.39

Davenport/Molin. 89 4,493,519 538,975 644,525 14.3% (176,096) 0 0 $8.86

Dayton 330 20,295,613 3,045,993 3,056,033 15.1% 245,383 4,986 0 $9.14

Deltona/Daytona. 281 12,001,127 1,497,553 1,521,053 12.7% 95,034 66,752 9,000 $11.74

Denver 1,431 74,090,712 5,783,210 5,987,429 8.1% 645,941 153,041 101,278 $14.21

Des Moines 240 10,920,123 719,564 720,930 6.6% 107,521 51,000 0 $10.52

Detroit 1,901 74,950,289 9,835,577 10,205,832 13.6% 851,906 53,171 128,260 $12.36

Duluth 43 2,200,746 80,008 80,008 3.6% (10,051) 9,000 0 $13.10

East Bay/Oaklan. 934 41,545,107 1,995,598 2,210,483 5.3% 399,404 41,150 223,540 $21.67

El Paso 634 16,938,385 1,076,631 1,099,539 6.5% 20,747 20,850 21,000 $12.31

Erie 81 4,315,783 252,221 255,979 5.9% (16,475) 0 0 $7.95

Evansville 130 6,297,591 637,780 650,074 10.3% 110,767 0 0 $8.47

Fayetteville 206 9,726,450 763,203 805,518 8.3% 39,784 6,417 0 $8.79

Fayetteville/Sp. 199 5,507,824 484,180 484,180 8.8% 13,536 0 0 $13.26

Fort Smith 86 3,127,433 263,414 268,114 8.6% 76,913 0 0 $8.19

Fort Wayne 169 8,832,053 1,412,918 1,412,918 16.0% (40,001) 6,000 0 $9.70

Fresno 394 24,001,203 2,476,080 2,756,182 11.5% 547,523 320,647 30,500 $13.12

Green Bay 175 6,953,789 808,175 809,265 11.6% 61,170 0 5,575 $9.58








Figures at a Glance




Greensboro/Wins. 763 35,908,241 3,589,192 3,761,196 10.5% 415,651 89,500 41,839 $10.85

Greenville/Spar. 940 28,894,685 2,976,537 3,194,677 11.1% 328,563 237,025 50,585 $8.97

Hampton Roads 887 42,404,903 3,356,921 3,559,428 8.4% 1,081,215 613,466 157,715 $12.52

Hartford 974 43,399,929 3,005,055 3,310,185 7.6% 360,635 28,452 15,000 $13.44

Hawaii 256 17,354,867 702,443 703,172 4.1% 72,081 39,316 4,747 $37.83

Houston 3,774 152,610,978 12,820,347 12,983,423 8.5% 1,427,002 524,150 747,702 $15.09

Huntington/Ashl. 63 4,241,890 271,288 271,288 6.4% (13,720) 0 0 $11.50

Huntsville 159 6,990,418 701,070 701,070 10.0% 36,503 23,835 0 $10.20

Indianapolis 853 39,335,563 4,319,938 4,422,112 11.2% 265,084 124,342 20,000 $11.70

Inland Empire (. 1,790 89,351,470 9,252,515 9,526,659 10.7% 858,891 423,338 215,851 $16.19

Jackson 231 8,928,119 952,893 956,193 10.7% 145,855 0 0 $8.74

Jacksonville (F. 906 39,187,185 4,124,531 4,343,199 11.1% 144,926 57,055 158,632 $12.75

Kansas City 683 40,005,951 4,495,980 4,560,802 11.4% 388,682 396,672 24,000 $11.28

Killeen/Temple/. 131 4,106,401 237,368 237,368 5.8% (1,345) 0 0 $8.37

Kingsport/Brist. 111 4,808,715 467,512 520,252 10.8% (9,798) 7,402 0 $7.53

Knoxville 336 17,348,804 1,810,454 1,928,629 11.1% 243,494 235,000 0 $10.45

Lafayette 59 3,704,339 394,511 394,511 10.6% 31,646 108,192 0 $10.69

Las Vegas 998 50,744,280 6,577,686 7,080,790 14.0% 590,030 242,400 157,736 $15.12

Lexington/Fayet. 177 10,877,234 843,402 845,202 7.8% 136,936 0 0 $12.27

Lincoln 123 5,312,424 260,163 351,391 6.6% 35,364 0 0 $11.81

Little Rock/N L. 429 15,137,328 1,259,794 1,276,396 8.4% 30,182 53,000 0 $10.88

Long Island (Ne. 1,303 53,322,622 2,416,492 2,453,164 4.6% (38,708) 45,800 0 $24.53

Los Angeles 4,673 157,570,658 9,417,170 9,837,575 6.2% 1,127,361 377,120 313,733 $22.75

Louisville 533 28,021,327 2,238,041 2,306,835 8.2% 417,269 0 0 $10.93

Lubbock 225 7,083,524 506,338 507,838 7.2% 59,353 16,935 25,665 $11.19

Madison 238 10,007,727 914,254 1,039,599 10.4% 61,515 0 20,000 $10.92

Marin/Sonoma 326 12,772,428 728,318 734,683 5.8% 200,697 152,500 0 $20.18

McAllen/Edinbur. 134 5,626,922 528,389 564,055 10.0% 22,370 31,158 12,000 $16.45

Memphis 841 31,129,228 3,415,901 3,565,883 11.5% 406,897 2,400 0 $10.41

Miami-Dade Coun 1,401 47,160,097 2,146,258 2,157,712 4.6% 258,034 121,715 234,796 $24.59

Milwaukee 700 35,527,060 3,491,203 3,615,482 10.2% 233,543 27,129 26,000 $11.15

Minneapolis 1,314 53,415,113 4,525,044 4,910,924 9.2% (458,072) 97,893 5,000 $13.39

Mobile 244 8,978,987 803,959 908,365 10.1% 2,242 5,000 0 $10.56

Montgomery 167 7,993,944 900,965 900,965 11.3% 60,106 13,182 0 $8.26

Myrtle Beach/Co. 168 5,368,109 591,781 591,781 11.0% 82,831 0 0 $9.95

Nashville 644 29,910,511 2,597,839 2,694,004 9.0% 401,539 45,000 89,200 $13.74

New Orleans/Met. 423 19,562,867 1,854,553 1,858,584 9.5% 15,778 11,850 0 $13.51

New York City 8 1,483,195 14,767 14,767 1.0% (1,830) 0 200,000 $0.00

Northern New Je. 1,911 93,636,923 7,457,307 7,656,095 8.2% 896,392 323,430 478,726 $20.12

Ocala 81 3,490,145 404,926 404,926 11.6% (20,441) 0 0 $12.17

Oklahoma City 780 27,435,909 2,596,960 2,619,111 9.5% 156,662 135,830 20,850 $9.89

Olympia 98 4,628,040 522,431 526,931 11.4% (14,856) 0 6,500 $17.01

Omaha/Council B. 402 17,238,854 1,602,639 1,602,639 9.3% 286,155 122,570 0 $11.97

Orange County (. 1,540 68,167,803 3,641,375 3,896,533 5.7% 688,179 61,630 15,066 $23.22

Orlando 1,372 63,746,538 6,797,365 6,905,547 10.8% 1,037,150 478,061 5,900 $13.98

Palm Beach Coun. 679 36,244,213 3,169,335 3,203,849 8.8% 552,577 394,913 3,346 $16.96

Pensacola 214 9,588,805 858,223 858,223 9.0% 19,874 0 0 $12.52

Peoria 91 4,300,360 519,062 524,770 12.2% 52,451 6,113 0 $10.31








Figures at a Glance




Philadelphia 2,388 154,008,174 13,855,578 14,214,073 9.2% 990,067 114,589 119,876 $14.08

Phoenix 1,862 104,697,245 14,259,347 14,700,249 14.0% 1,535,192 233,497 130,246 $13.29

Pittsburgh 604 32,706,024 1,554,813 1,579,963 4.8% 261,563 145,579 0 $12.63

Port St Lucie/F. 239 9,235,737 870,713 878,474 9.5% 16,549 0 0 $14.12

Portland 744 36,173,444 2,750,202 2,801,020 7.7% 392,019 436,332 145,639 $17.35

Portland/South . 129 8,148,563 452,566 452,566 5.6% 84,676 0 0 $12.28

Providence 446 15,667,329 1,361,136 1,435,491 9.2% 205,811 9,299 0 $14.59

Raleigh/Durham 556 38,431,308 3,039,169 3,065,605 8.0% 516,051 11,886 23,820 $14.54

Reno/Sparks 237 13,981,726 1,979,665 2,050,735 14.7% (42,644) 28,870 0 $14.23

Richmond VA 557 30,855,581 2,781,394 2,954,935 9.6% 527,576 337,961 0 $13.63

Roanoke 68 4,711,677 360,586 360,586 7.7% 83,551 0 41,117 $16.78

Rochester 293 18,882,594 1,924,843 2,004,748 10.6% 62,321 0 0 $10.66

Sacramento 1,163 51,666,377 6,030,360 6,208,818 12.0% 629,161 81,456 184,104 $16.52

Salinas 71 4,274,043 180,890 180,890 4.2% 25,163 0 0 $15.48

Salt Lake City 856 41,704,610 2,453,670 2,516,019 6.0% 115,062 70,341 110,000 $12.40

San Antonio 1,233 44,465,060 3,658,176 3,797,877 8.5% 921,468 651,131 33,432 $14.05

San Diego 1,271 54,435,132 3,237,329 3,378,214 6.2% 807,641 232,348 139,808 $21.35

San Francisco 256 9,342,872 341,749 343,019 3.7% 74,932 67,877 6,600 $32.31

San Luis Obispo. 82 4,486,229 217,286 217,286 4.8% 3,314 0 0 $19.78

Santa Barbara/S. 166 7,050,613 463,466 464,966 6.6% 16,323 4,320 0 $18.87

Santa Cruz/Wats. 106 3,459,284 117,764 122,764 3.5% 22,925 0 0 $19.85

Savannah 215 7,932,695 592,762 666,589 8.4% 174,643 191,500 0 $14.33

Seattle/Puget S. 1,378 58,250,243 4,623,010 4,684,911 8.0% 1,007,365 81,373 215,932 $17.51

Shreveport/Boss. 170 7,438,876 645,024 647,424 8.7% 28,432 136,000 0 $9.23

South Bay/San J. 764 31,834,466 1,476,457 1,562,970 4.9% 889,000 491,233 378,184 $28.03

South Bend/Mish. 69 4,027,254 346,095 346,095 8.6% 48,101 0 0 $8.80

Southwest Flori. 874 35,256,004 3,732,769 4,013,096 11.4% 199,524 111,727 31,415 $13.13

Spokane 214 9,282,421 1,080,730 1,083,130 11.7% (19,598) 0 0 $11.24

Springfield 184 6,059,820 622,757 622,757 10.3% (53,873) 0 0 $8.97

St. Louis 1,138 54,695,647 5,201,423 5,217,773 9.5% 561,226 106,670 138,580 $12.27

Stockton/Modest. 391 20,491,544 1,636,107 1,791,025 8.7% 287,100 20,705 14,820 $13.82

Syracuse 165 11,673,529 1,050,178 1,080,280 9.3% (39,948) 0 0 $10.01

Tallahassee 203 7,520,810 542,050 542,050 7.2% 132,182 0 0 $12.35

Tampa/St Peters. 2,192 88,233,014 8,164,824 8,581,320 9.7% 854,572 35,865 310,000 $12.99

Toledo 439 18,449,149 2,284,239 2,379,285 12.9% 198,131 0 0 $7.87

Tucson 551 23,230,680 2,222,179 2,264,654 9.7% 238,978 185,618 16,705 $14.63

Tulsa 677 24,746,368 2,225,245 2,407,329 9.7% 341,249 114,943 0 $9.61

Utica/Rome 61 4,719,335 309,371 360,371 7.6% (15,767) 0 0 $8.44

Visalia/Porterv. 75 5,817,438 477,909 522,036 9.0% 18,608 9,002 0 $14.76

Washington 1,327 82,416,329 4,993,126 5,150,871 6.2% 741,821 460,886 531,211 $23.31

West Michigan 968 32,726,570 4,433,775 4,504,118 13.8% 384,574 21,500 0 $9.40

Westchester/So . 1,042 51,788,565 3,639,437 3,790,926 7.3% (122,314) 0 542,498 $20.02

Wichita 247 9,396,975 800,277 800,277 8.5% (45,966) 30,900 0 $9.24

Wilmington 311 9,098,590 693,351 731,351 8.0% 206,177 74,000 0 $12.33

Yakima 50 1,785,160 95,413 95,413 5.3% 19,819 0 0 $14.28

Youngstown/Warr 321 10,846,396 1,198,508 1,202,188 11.1% 43,003 0 0 $8.25

Totals 93,733 4,225,532,816 382,349,617 394,851,410 9.3% 43,057,613 15,732,609 8,672,109 $14.19








Figures at a Glance

Specialty Center Market Statistics Year-End 2014



Albany/Schenect. 5 547,914 21,200 21,200 3.9% 23,900 0 0 $15.00

Albuquerque 0 0 0 0 0.0% 0 0 0 $0.00

Anchorage 1 36,056 0 0 0.0% 0 0 0 $0.00

Asheville 0 0 0 0 0.0% 0 0 0 $0.00

Atlanta 14 2,689,572 303,546 303,546 11.3% 139,721 0 0 $10.24

Augusta/Richmon 1 155,235 22,800 22,800 14.7% 0 0 0 $0.00

Austin 3 1,198,720 4,469 4,469 0.4% 0 0 0 $32.48

Bakersfield 0 0 0 0 0.0% 0 0 0 $0.00

Baltimore 1 253,438 3,778 3,778 1.5% (388) 0 0 $0.00

Baton Rouge 1 342,776 4,000 4,000 1.2% 0 0 0 $17.12

Beaumont/Port A. 1 24,851 18,170 18,170 73.1% (1,500) 0 0 $14.00

Birmingham 2 422,549 150,185 150,185 35.5% 1,548 0 0 $10.93

Boise City/Namp. 3 489,941 77,599 77,599 15.8% (3,275) 0 0 $13.66

Boston 8 1,913,172 27,750 27,750 1.5% (6,729) 0 0 $25.00

Bremerton/Silve. 0 0 0 0 0.0% 0 0 0 $0.00

Broward County 2 345,871 7,584 7,584 2.2% 114,091 0 0 $24.57

Brownsville/Har. 0 0 0 0 0.0% 0 0 0 $0.00

Buffalo/Niagara. 2 802,161 0 0 0.0% 0 0 0 $0.00

Charleston WV 0 0 0 0 0.0% 0 0 0 $0.00

Charleston/N Ch. 3 1,012,980 18,247 18,247 1.8% (2,205) 0 0 $35.70

Charlotte 3 871,134 158,936 158,936 18.2% 12,065 0 0 $6.83

Chattanooga 1 157,080 0 0 0.0% 0 0 0 $0.00

Chicago 14 3,488,105 65,549 65,549 1.9% 148,440 150,000 0 $17.00

Cincinnati 4 725,265 50,140 50,140 6.9% 2,520 0 0 $0.00

Cleveland 3 779,679 21,674 21,674 2.8% (3,498) 0 0 $20.00

Colorado Spring. 1 206,076 6,578 6,578 3.2% 1,285 0 0 $22.63

Columbia 0 0 0 0 0.0% 0 0 0 $0.00

Columbus 2 322,176 162,403 162,403 50.4% (1,440) 0 0 $9.21

Columbus GA 1 113,428 13,500 13,500 11.9% (13,500) 0 0 $0.00

Corpus Christi 2 228,547 0 0 0.0% 0 0 0 $0.00

Dallas/Ft Worth 12 2,065,978 103,354 103,354 5.0% 49,007 50,995 0 $0.00

Davenport/Molin. 0 0 0 0 0.0% 0 0 0 $0.00

Dayton 1 50,000 0 0 0.0% 0 0 0 $0.00

Deltona/Daytona. 3 352,808 86,771 86,771 24.6% (6,835) 0 0 $12.00

Denver 4 864,942 2,110 2,110 0.2% 0 0 0 $20.00

Des Moines 0 0 0 0 0.0% 0 0 0 $0.00

Detroit 3 1,850,774 72,246 72,246 3.9% (20,898) 0 0 $25.15

Duluth 0 0 0 0 0.0% 0 0 0 $0.00

East Bay/Oaklan. 2 346,437 0 0 0.0% 0 0 0 $0.00

El Paso 3 578,456 12,000 12,000 2.1% 0 0 0 $0.00

Erie 0 0 0 0 0.0% 0 0 0 $0.00

Evansville 0 0 0 0 0.0% 0 0 0 $0.00

Fayetteville 0 0 0 0 0.0% 0 0 0 $0.00

Fayetteville/Sp. 0 0 0 0 0.0% 0 0 0 $0.00

Fort Smith 0 0 0 0 0.0% 0 0 0 $0.00

Fort Wayne 0 0 0 0 0.0% 0 0 0 $0.00

Fresno 1 69,253 14,692 14,692 21.2% 6,000 0 42,470 $0.00

Green Bay 1 259,496 35,556 35,556 13.7% 0 0 0 $0.00








Figures at a Glance




Greensboro/Wins. 2 386,446 9,778 9,778 2.5% 0 0 0 $20.00

Greenville/Spar. 3 426,414 4,066 4,066 1.0% 0 0 0 $7.38

Hampton Roads 3 895,515 69,856 69,856 7.8% 0 0 0 $0.00

Hartford 5 959,541 104,900 104,900 10.9% (5,400) 0 320,000 $6.84

Hawaii 4 636,484 46,541 46,541 7.3% (5,296) 0 0 $55.90

Houston 16 3,184,417 291,238 293,900 9.2% 186,337 0 0 $17.55

Huntington/Ashl. 0 0 0 0 0.0% 0 0 0 $0.00

Huntsville 1 675,788 0 0 0.0% 0 0 0 $0.00

Indianapolis 1 249,864 7,701 7,701 3.1% (1,675) 0 0 $26.76

Inland Empire (. 14 2,995,325 527,625 527,625 17.6% 25,810 0 0 $19.75

Jackson 2 628,037 11,556 11,556 1.8% 71,931 70,696 0 $24.59

Jacksonville (F. 4 889,926 0 0 0.0% 0 0 0 $0.00

Kansas City 3 1,245,034 158,885 158,885 12.8% (4,701) 3,000 0 $12.11

Killeen/Temple/. 0 0 0 0 0.0% 0 0 0 $0.00

Kingsport/Brist. 1 132,908 75,375 75,375 56.7% 0 0 0 $3.11

Knoxville 1 178,063 2,800 2,800 1.6% (2,800) 0 0 $18.50

Lafayette 0 0 0 0 0.0% 0 0 0 $0.00

Las Vegas 10 2,195,350 129,830 129,830 5.9% (24,511) 0 140,000 $18.77

Lexington/Fayet. 2 222,979 0 0 0.0% 2,100 0 0 $19.00

Lincoln 0 0 0 0 0.0% 0 0 0 $0.00

Little Rock/N L. 0 0 0 0 0.0% 0 0 0 $0.00

Long Island (Ne. 7 2,200,347 74,265 74,265 3.4% 2,818 0 0 $27.01

Los Angeles 18 3,992,776 144,621 144,621 3.6% 40,992 0 7,600 $14.19

Louisville 2 364,956 65,484 65,484 17.9% (5,030) 0 0 $17.75

Lubbock 2 118,384 3,216 3,216 2.7% 925 0 0 $9.50

Madison 2 795,879 32,021 32,021 4.0% (3,813) 0 0 $0.00

Marin/Sonoma 1 205,744 0 0 0.0% 0 0 0 $0.00

McAllen/Edinbur. 1 225,000 0 0 0.0% 0 0 0 $0.00

Memphis 5 1,090,146 299,887 299,887 27.5% (3,000) 0 0 $15.00

Miami-Dade Coun 3 376,686 4,208 4,208 1.1% 6,140 0 0 ######

Milwaukee 3 438,138 10,107 10,107 2.3% (2,500) 0 0 $16.40

Minneapolis 7 1,705,405 71,320 95,883 5.6% 409,000 409,000 0 $19.72

Mobile 2 559,860 0 0 0.0% 0 0 0 $0.00

Montgomery 2 340,411 18,651 18,651 5.5% (422) 0 0 $19.74

Myrtle Beach/Co. 2 665,338 0 0 0.0% 0 0 0 $0.00

Nashville 6 871,028 26,523 26,523 3.0% 139,181 0 0 $13.13

New Orleans/Met. 5 445,460 72,013 72,013 16.2% (59,542) 0 0 $22.27

New York City 0 0 0 0 0.0% 0 0 0 $0.00

Northern New Je. 10 2,250,023 66,511 66,511 3.0% 3,253 0 0 $21.59

Ocala 0 0 0 0 0.0% 0 0 0 $0.00

Oklahoma City 2 588,296 4,411 4,411 0.7% 20,983 19,092 0 $13.62

Olympia 0 0 0 0 0.0% 0 0 0 $0.00

Omaha/Council B. 0 0 0 0 0.0% 0 0 0 $0.00

Orange County (. 11 1,810,707 69,268 69,268 3.8% 2,153 0 345,000 $37.51

Orlando 15 3,603,845 147,025 147,025 4.1% 73,727 27,811 27,968 $16.25

Palm Beach Coun. 1 430,000 19,444 19,444 4.5% 410,556 430,000 0 $0.00

Pensacola 1 50,000 0 0 0.0% 0 0 0 $0.00

Peoria 0 0 0 0 0.0% 0 0 0 $0.00








Figures at a Glance




Philadelphia 20 4,862,284 103,202 103,202 2.1% (12,677) 0 40,000 $13.43

Phoenix 10 2,120,717 127,578 127,578 6.0% 44,681 60,000 0 $11.85

Pittsburgh 1 415,771 0 0 0.0% 0 0 0 $0.00

Port St Lucie/F. 0 0 0 0 0.0% 0 0 0 $0.00

Portland 4 599,386 0 0 0.0% 0 0 0 $0.00

Portland/South . 2 302,882 3,800 3,800 1.3% 4,400 0 0 $24.00

Providence 2 586,685 200,000 200,000 34.1% 0 0 0 $6.00

Raleigh/Durham 5 1,205,120 36,876 36,876 3.1% (953) 0 0 $22.38

Reno/Sparks 1 91,631 0 0 0.0% 0 0 0 $0.00

Richmond VA 2 922,752 24,807 24,807 2.7% 50 0 0 $17.00

Roanoke 0 0 0 0 0.0% 0 0 0 $0.00

Rochester 0 0 0 0 0.0% 0 0 0 $0.00

Sacramento 8 2,202,434 165,724 165,724 7.5% 81,718 0 20,254 $14.06

Salinas 3 396,801 56,594 56,594 14.3% 0 0 0 $12.00

Salt Lake City 6 1,419,039 87,075 87,075 6.1% (87,075) 0 0 $14.88

San Antonio 4 150,613 33,210 33,210 22.0% 1,226 0 0 $12.00

San Diego 12 1,616,552 91,464 91,464 5.7% 41,607 0 140,000 $18.57

San Francisco 5 1,484,246 29,510 29,510 2.0% 5,016 0 0 ######

San Luis Obispo. 2 257,379 7,629 7,629 3.0% 4,722 0 0 $16.80

Santa Barbara/S. 0 0 0 0 0.0% 0 0 0 $0.00

Santa Cruz/Wats. 1 82,102 5,245 5,245 6.4% (5,245) 0 0 $0.00

Savannah 1 214,813 2,432 2,432 1.1% (2,432) 0 0 ######

Seattle/Puget S. 5 1,135,072 17,410 17,410 1.5% 33,566 0 0 $14.48

Shreveport/Boss. 1 1,135,277 29,218 29,218 2.6% 0 0 0 $0.00

South Bay/San J. 2 1,072,608 0 0 0.0% 1,762 0 0 $0.00

South Bend/Mish. 0 0 0 0 0.0% 0 0 0 $0.00

Southwest Flori. 4 622,687 10,000 10,000 1.6% 0 0 0 $0.00

Spokane 0 0 0 0 0.0% 0 0 0 $0.00

Springfield 0 0 0 0 0.0% 0 0 0 $0.00

St. Louis 6 1,633,141 137,400 137,400 8.4% 8,800 0 0 $14.00

Stockton/Modest. 3 656,146 128,818 128,818 19.6% 1,200 0 0 $18.00

Syracuse 0 0 0 0 0.0% 0 0 0 $0.00

Tallahassee 0 0 0 0 0.0% 0 0 0 $0.00

Tampa/St Peters. 5 1,136,773 77,453 77,453 6.8% 9,536 0 0 $18.26

Toledo 0 0 0 0 0.0% 0 0 0 $0.00

Tucson 1 141,689 0 0 0.0% 2,305 0 0 $12.65

Tulsa 1 8,800 0 0 0.0% 0 0 0 $0.00

Utica/Rome 0 0 0 0 0.0% 0 0 0 $0.00

Visalia/Porterv. 1 219,474 4,168 4,168 1.9% 0 0 0 $25.00

Washington 12 2,165,863 68,465 68,465 3.2% 19,598 0 58,000 $46.56

West Michigan 3 478,020 98,488 98,488 20.6% 1,295 0 350,000 $9.79

Westchester/So . 3 785,522 165,900 165,900 21.1% 3,000 0 0 $23.58

Wichita 2 473,974 0 0 0.0% 2,470 0 0 $0.00

Wilmington 0 0 0 0 0.0% 0 0 0 $0.00

Yakima 0 0 0 0 0.0% 0 0 0 $0.00

Youngstown/Warr 0 0 0 0 0.0% 0 0 0 $0.00

Totals 426 93,191,643 5,746,429 5,773,654 6.2% 1,874,095 1,220,594 1,491,292 $15.63








Figures at a Glance

Total Retail Market Statistics Year-End 2014



Albany/Schenect. 10,514 92,422,783 4,031,344 4,097,166 4.4% 349,451 269,410 45,296 $11.45

Albuquerque 5,438 53,823,761 2,845,702 2,891,504 5.4% 868,843 316,249 13,683 $13.42

Anchorage 1,015 18,409,430 405,864 407,158 2.2% 212,368 0 15,000 $17.16

Asheville 2,255 28,628,641 1,239,210 1,294,494 4.5% 285,591 89,308 349,908 $13.92

Atlanta 25,406 349,701,782 28,669,834 29,447,968 8.4% 4,859,165 1,860,091 385,058 $12.87

Augusta/Richmon 3,321 34,953,154 3,556,904 3,556,904 10.2% 362,291 230,011 46,677 $10.01

Austin 8,498 102,125,611 4,754,369 4,845,308 4.7% 662,365 621,640 387,769 $17.88

Bakersfield 1,800 21,173,818 1,278,246 1,281,746 6.1% 231,691 8,576 90,540 $13.55

Baltimore 11,953 136,588,762 6,273,468 6,570,216 4.8% 993,896 493,009 246,814 $18.55

Baton Rouge 2,815 38,327,671 2,772,368 2,815,358 7.3% 811,704 393,131 19,440 $10.53

Beaumont/Port A. 1,550 21,403,313 843,430 848,393 4.0% 214,943 6,526 0 $9.92

Birmingham 8,598 96,385,173 6,819,847 6,943,942 7.2% 700,524 222,878 72,575 $8.89

Boise City/Namp. 4,070 38,592,903 2,342,397 2,381,134 6.2% 601,249 65,804 77,971 $11.88

Boston 25,847 320,781,115 11,834,893 12,553,983 3.9% 2,958,047 2,014,884 1,799,497 $16.86

Bremerton/Silve. 1,123 12,964,346 943,721 943,721 7.3% 162,308 59,000 0 $12.39

Broward County 7,092 102,950,466 6,413,390 6,535,259 6.3% 633,026 289,417 408,094 $19.44

Brownsville/Har. 978 13,295,083 1,005,547 1,005,547 7.6% 8,086 43,200 8,220 $13.35

Buffalo/Niagara. 4,876 59,908,579 3,812,976 3,860,033 6.4% 196,839 154,426 700 $10.07

Charleston WV 1,723 15,642,331 464,299 464,299 3.0% 7,868 0 0 $14.33

Charleston/N Ch. 4,599 42,689,081 2,214,792 2,310,133 5.4% 475,708 280,823 231,887 $16.14

Charlotte 12,311 152,766,588 9,732,844 9,977,933 6.5% 2,032,596 1,193,214 578,801 $13.20

Chattanooga 2,138 25,346,664 1,834,742 1,843,756 7.3% 188,488 74,517 76,160 $9.11

Chicago 37,455 510,500,761 41,549,636 42,273,976 8.3% 6,624,060 2,902,866 1,534,800 $15.79

Cincinnati 10,943 122,534,471 8,348,842 8,602,563 7.0% 747,436 109,256 1,147,110 $9.90

Cleveland 15,887 199,910,512 14,967,409 15,407,043 7.7% 1,829,471 545,491 493,403 $10.45

Colorado Spring. 3,466 40,176,509 2,271,815 2,308,598 5.7% 340,549 94,980 76,513 $10.95

Columbia 4,831 50,921,344 3,826,627 3,887,470 7.6% 31,523 84,666 46,400 $11.61

Columbus 7,222 89,662,652 5,429,395 5,513,084 6.1% 1,625,394 872,668 352,950 $11.67

Columbus GA 1,733 25,045,309 1,664,217 1,751,282 7.0% (272,188) 44,420 68,285 $11.18

Corpus Christi 1,954 22,924,388 1,304,754 1,304,754 5.7% 113,764 40,218 33,615 $12.13

Dallas/Ft Worth 27,581 387,534,378 25,596,839 26,121,289 6.7% 4,300,107 2,961,037 3,652,781 $14.11

Davenport/Molin. 1,240 18,047,001 1,173,391 1,278,941 7.1% (100,330) 5,350 35,000 $10.01

Dayton 6,841 69,192,841 4,957,972 4,990,012 7.2% 756,876 77,054 34,000 $9.24

Deltona/Daytona. 3,350 33,015,530 2,481,443 2,538,604 7.7% 4,023 87,095 9,000 $12.05

Denver 14,131 191,267,480 10,556,331 10,811,815 5.7% 1,607,365 863,674 873,653 $15.17

Des Moines 2,715 36,735,987 1,967,425 1,970,834 5.4% 370,409 423,921 296,396 $10.70

Detroit 23,004 240,353,799 20,395,973 21,177,514 8.8% 1,855,402 396,814 661,175 $11.92

Duluth 1,950 18,069,216 639,930 639,930 3.5% 399,086 288,034 8,400 $8.01

East Bay/Oaklan. 13,486 126,527,706 4,713,663 5,018,489 4.0% 983,614 104,882 438,204 $21.98

El Paso 4,947 46,325,763 2,216,480 2,258,651 4.9% 217,618 110,178 237,000 $12.55

Erie 1,607 18,517,451 592,175 610,241 3.3% (49,446) 5,772 0 $7.41

Evansville 1,620 19,985,220 1,194,403 1,238,145 6.2% 245,367 28,480 8,320 $8.92

Fayetteville 1,827 19,512,768 1,004,229 1,046,544 5.4% 253,050 52,417 26,920 $9.60

Fayetteville/Sp. 2,120 25,787,586 1,431,351 1,438,351 5.6% 379,915 285,202 72,767 $12.87

Fort Smith 1,055 12,866,264 729,507 734,207 5.7% 126,489 31,789 0 $7.53

Fort Wayne 2,106 28,200,781 2,531,410 2,531,410 9.0% 55,992 39,993 8,194 $9.11

Fresno 6,285 63,823,590 4,611,404 5,083,830 8.0% 863,944 456,543 153,881 $12.82

Green Bay 2,492 31,612,965 2,104,959 2,130,494 6.7% 205,088 7,556 12,775 $9.96








Figures at a Glance




Greensboro/Wins. 9,439 100,278,981 6,418,434 6,631,679 6.6% 865,606 199,009 149,439 $10.24

Greenville/Spar. 9,596 83,729,961 5,354,653 5,648,496 6.7% 622,562 386,579 341,995 $9.60

Hampton Roads 7,682 101,421,203 5,437,700 5,742,799 5.7% 1,693,841 1,170,992 540,949 $13.42

Hartford 14,234 145,837,525 7,327,408 7,639,465 5.2% 897,287 292,370 461,237 $12.52

Hawaii 3,678 56,885,194 1,551,952 1,611,545 2.8% 30,569 63,874 352,250 $34.16

Houston 21,975 348,325,086 19,112,856 19,404,557 5.6% 4,232,709 2,323,829 2,355,126 $15.17

Huntington/Ashl. 2,832 25,907,062 988,229 988,229 3.8% (138,241) 0 0 $9.31

Huntsville 1,276 21,634,587 1,699,306 1,737,446 8.0% 327,717 313,620 293,015 $10.53

Indianapolis 10,006 119,902,437 8,079,509 8,227,198 6.9% 1,176,298 660,213 297,243 $12.16

Inland Empire (. 15,514 185,143,031 14,655,127 15,224,620 8.2% 1,086,148 796,236 359,545 $15.98

Jackson 2,717 34,758,745 2,454,215 2,457,515 7.1% 444,438 100,113 0 $10.23

Jacksonville (F. 7,871 89,497,021 6,244,245 6,522,058 7.3% 475,042 334,305 169,632 $12.57

Kansas City 8,229 109,697,613 8,648,121 8,909,588 8.1% 822,615 1,047,904 464,910 $12.28

Killeen/Temple/. 1,540 14,359,219 612,377 622,442 4.3% 12,373 49,204 25,000 $10.90

Kingsport/Brist. 1,412 17,311,286 1,161,019 1,213,759 7.0% 113,464 55,332 99,100 $7.96

Knoxville 4,344 51,365,338 3,393,466 3,531,221 6.9% 461,545 403,798 18,160 $11.29

Lafayette 923 12,953,352 619,178 619,178 4.8% 105,874 129,650 0 $11.23

Las Vegas 6,984 108,977,388 9,442,377 10,109,544 9.3% 2,427,214 1,989,195 556,790 $15.59

Lexington/Fayet. 2,262 29,778,420 1,497,219 1,516,553 5.1% 324,181 93,789 130,097 $12.22

Lincoln 1,706 19,191,282 802,715 896,143 4.7% 200,688 150,175 7,000 $12.26

Little Rock/N L. 5,171 49,581,687 2,293,292 2,331,357 4.7% 223,538 160,188 140,594 $12.05

Long Island (Ne. 35,514 286,172,279 11,812,579 11,948,374 4.2% 1,884,665 865,254 1,508,039 $31.03

Los Angeles 45,572 456,814,690 20,752,387 21,531,601 4.7% 2,540,475 1,280,774 1,690,835 $25.15

Louisville 7,226 77,783,920 4,667,986 4,761,446 6.1% 1,174,650 633,644 291,675 $11.10

Lubbock 2,249 23,467,162 811,218 832,121 3.5% 173,497 106,627 25,665 $11.01

Madison 3,611 44,333,882 2,611,639 2,763,897 6.2% 163,299 135,075 32,500 $11.79

Marin/Sonoma 4,055 37,252,143 1,206,124 1,388,979 3.7% 371,715 306,621 57,540 $18.76

McAllen/Edinbur. 1,150 19,593,503 1,185,400 1,221,066 6.2% 171,348 63,683 18,000 $14.88

Memphis 7,573 82,315,773 6,959,857 7,121,134 8.7% 1,172,912 284,820 299,032 $9.48

Miami-Dade Coun 9,851 124,235,343 4,353,107 4,380,730 3.5% 1,063,743 896,614 1,455,300 $32.11

Milwaukee 13,076 137,677,547 8,776,512 9,031,667 6.6% 864,983 450,453 688,740 $10.78

Minneapolis 16,177 199,658,645 9,274,520 10,111,307 5.1% 700,415 990,806 405,407 $13.20

Mobile 3,552 34,255,581 2,094,542 2,260,182 6.6% 527,443 314,502 49,437 $11.34

Montgomery 1,647 23,423,059 2,276,222 2,276,222 9.7% 113,383 23,102 21,800 $9.08

Myrtle Beach/Co. 2,008 22,358,069 1,505,101 1,505,101 6.7% 391,672 287,343 32,330 $10.15

Nashville 8,834 98,442,123 6,079,570 6,302,711 6.4% 1,348,462 509,027 354,106 $14.38

New Orleans/Met. 7,118 76,491,897 4,778,005 4,782,036 6.3% 427,542 541,658 283,920 $14.76

New York City 4,292 51,102,423 1,747,912 1,793,980 3.5% (441,222) 70,584 895,404 $93.51

Northern New Je. 34,462 361,289,429 19,683,752 20,068,935 5.6% 2,775,899 1,078,561 5,093,959 $19.94

Ocala 818 10,372,115 796,589 796,589 7.7% (60,103) 27,412 0 $11.01

Oklahoma City 8,493 84,932,583 5,564,323 5,692,467 6.7% 567,761 600,575 247,502 $11.08

Olympia 1,197 13,710,055 859,252 863,752 6.3% 90,271 34,652 24,138 $16.34

Omaha/Council B. 5,232 57,959,688 2,924,514 3,203,808 5.5% 853,532 821,995 287,028 $11.98

Orange County (. 10,017 140,976,978 6,245,195 6,592,929 4.7% 1,113,308 432,598 991,111 $23.01

Orlando 10,904 159,357,229 11,178,908 11,383,249 7.1% 1,351,933 801,387 1,234,161 $14.15

Palm Beach Coun. 4,825 76,717,641 4,548,154 4,646,034 6.1% 1,052,292 920,998 174,083 $18.42

Pensacola 3,388 29,181,399 1,741,499 1,741,499 6.0% 146,001 94,800 8,353 $12.45

Peoria 1,123 15,580,604 1,121,387 1,127,095 7.2% (50,946) 21,213 9,000 $10.29








Figures at a Glance




Philadelphia 41,601 503,062,643 28,801,332 29,495,978 5.9% 1,589,715 487,458 762,131 $14.02

Phoenix 13,319 216,309,190 20,486,462 21,226,120 9.8% 2,019,402 700,237 427,089 $13.87

Pittsburgh 13,030 135,697,548 4,985,853 5,030,818 3.7% 1,177,214 748,439 126,894 $12.20

Port St Lucie/F. 1,669 23,999,285 1,585,185 1,592,946 6.6% 76,960 8,900 0 $14.50

Portland 9,645 106,038,072 4,977,802 5,079,396 4.8% 1,081,265 1,001,460 265,931 $16.86

Portland/South . 3,885 36,564,432 1,574,374 1,585,554 4.3% 241,211 97,218 10,560 $12.29

Providence 6,764 58,408,610 3,375,814 3,627,372 6.2% 187,208 92,250 34,733 $13.40

Raleigh/Durham 7,543 94,048,967 4,679,142 4,783,569 5.1% 1,436,418 713,025 766,962 $14.58

Reno/Sparks 2,210 31,471,452 3,767,026 3,930,698 12.5% 187,911 96,683 0 $14.09

Richmond VA 6,884 78,407,026 4,459,545 4,643,375 5.9% 958,600 633,056 253,437 $13.85

Roanoke 1,705 21,792,424 1,003,523 1,011,523 4.6% 153,517 0 95,117 $15.28

Rochester 5,285 62,094,612 5,009,484 5,094,426 8.2% 136,157 343,335 216,175 $10.78

Sacramento 9,522 117,350,638 9,753,603 9,990,346 8.5% 1,622,242 604,306 465,981 $16.17

Salinas 1,711 17,931,148 595,122 599,861 3.3% 43,575 0 0 $16.75

Salt Lake City 10,140 126,544,057 5,282,088 5,389,007 4.3% 836,197 634,192 639,900 $12.87

San Antonio 12,348 123,626,817 6,430,248 6,586,410 5.3% 2,239,506 2,105,544 293,759 $14.13

San Diego 12,823 134,240,249 5,170,954 5,340,635 4.0% 1,172,524 440,099 360,891 $22.53

San Francisco 10,427 81,337,867 1,486,320 1,668,456 2.1% 357,207 91,359 83,635 $34.11

San Luis Obispo. 1,596 15,227,948 513,107 523,415 3.4% (27,409) 4,742 9,560 $22.03

Santa Barbara/S. 2,090 23,713,616 706,011 711,121 3.0% 80,558 17,784 0 $23.53

Santa Cruz/Wats. 1,493 11,289,037 435,307 448,427 4.0% 48,836 37,037 0 $19.27

Savannah 2,256 23,121,865 1,307,520 1,393,301 6.0% 310,654 357,749 454,380 $14.86

Seattle/Puget S. 14,683 172,010,039 8,279,114 8,498,759 4.9% 1,885,341 352,533 453,432 $17.53

Shreveport/Boss. 1,825 23,644,273 1,358,397 1,365,497 5.8% 40,759 165,899 41,117 $10.07

South Bay/San J. 6,589 78,260,720 2,479,324 2,690,698 3.4% 1,244,978 641,141 448,968 $28.29

South Bend/Mish. 1,874 21,703,567 906,343 1,034,063 4.8% 289,409 148,000 0 $8.42

Southwest Flori. 5,783 77,598,002 5,274,029 5,647,098 7.3% 521,711 319,362 176,344 $14.22

Spokane 3,602 35,255,957 2,544,241 2,555,238 7.2% 174,415 170,000 15,750 $11.32

Springfield 1,937 24,335,416 1,319,301 1,326,601 5.5% 30,330 18,793 9,100 $9.10

St. Louis 10,701 153,393,946 10,540,169 10,651,420 6.9% 830,279 310,320 712,552 $12.04

Stockton/Modest. 4,538 54,797,510 3,260,596 3,435,978 6.3% 494,444 160,592 27,600 $13.50

Syracuse 3,897 45,438,909 2,415,388 2,520,540 5.5% 166,494 148,000 100,000 $9.92

Tallahassee 2,567 24,058,219 1,146,866 1,146,866 4.8% 193,760 19,787 11,000 $13.17

Tampa/St Peters. 17,944 218,226,069 13,095,301 13,784,194 6.3% 3,134,103 1,845,136 427,148 $13.73

Toledo 7,339 73,436,660 4,785,777 4,980,984 6.8% (119,645) 211,306 18,028 $7.65

Tucson 5,220 50,536,927 3,312,447 3,383,079 6.7% 410,110 313,723 26,858 $14.27

Tulsa 6,823 71,458,628 3,662,944 3,931,673 5.5% 644,115 433,617 40,034 $9.88

Utica/Rome 1,901 21,656,416 1,090,287 1,141,287 5.3% 136,388 30,000 0 $8.12

Visalia/Porterv. 1,727 17,261,747 867,429 939,876 5.4% 82,208 60,428 0 $15.20

Washington 16,243 221,375,349 9,550,615 9,771,197 4.4% 1,923,766 1,611,729 1,894,008 $26.19

West Michigan 14,076 139,442,197 9,016,249 9,299,853 6.7% 1,576,395 181,354 350,000 $9.35

Westchester/So . 17,715 191,018,728 10,561,125 10,805,166 5.7% 1,225,257 1,080,361 952,937 $22.94

Wichita 3,719 41,335,703 1,667,626 1,692,798 4.1% 257,436 63,900 41,105 $9.28

Wilmington 3,243 27,025,994 1,230,793 1,275,653 4.7% 293,899 97,112 277,470 $12.97

Yakima 1,204 11,373,766 555,731 555,731 4.9% (41,780) 16,018 0 $8.84

Youngstown/Warr 3,984 39,796,076 2,196,180 2,208,721 5.6% 256,777 33,106 0 $7.80

Totals ###### 12,576,643,826 743,203,513 765,654,053 6.1% 109,806,440 60,568,713 49,367,365 $14.90








Figures at a Glance

General Retail Market Statistics* Year-End 2014

Net Quoted

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

2014 4q 687,802 4,928,381,885 199,188,358 204,895,910 4.2% 10,913,684 286 4,618,889 836 24,086,095 $16.90 2014 3q 687,634 4,926,637,965 208,354,404 214,065,674 4.3% 10,274,722 388 7,434,666 976 25,188,627 $16.69 2014 2q 687,375 4,923,940,858 215,979,622 221,643,289 4.5% 8,267,342 373 6,593,920 1,113 27,587,958 $16.42 2014 1q 687,177 4,919,989,211 219,796,832 225,958,984 4.6% 9,968,096 535 7,495,802 1,110 27,534,288 $16.15 2013 4q 686,789 4,914,496,662 224,150,050 230,434,531 4.7% 8,530,748 517 7,711,682 1,180 27,372,891 $16.02 2013 3q 686,469 4,912,506,317 230,849,712 236,974,934 4.8% 5,931,926 504 7,042,439 1,332 29,054,692 $15.81 2013 2q 686,140 4,907,417,787 231,002,510 237,818,330 4.8% 9,791,860 464 7,254,623 1,378 28,229,484 $15.58 2013 1q 685,809 4,902,280,461 235,717,451 242,472,864 4.9% 7,991,014 500 6,571,748 1,226 26,119,729 $15.37 2012 4q 685,475 4,898,582,237 240,114,621 246,765,654 5.0% 8,942,835 551 7,548,231 1,126 20,913,099 $15.04 2012 3q 685,058 4,892,379,675 242,324,441 249,505,927 5.1% 1,555,567 360 5,158,663 1,251 21,409,926 $14.98 2012 2q 684,807 4,889,282,875 240,814,538 247,964,694 5.1% (2,362,802) 334 4,585,995 1,096 19,491,281 $14.95 2012 1q 684,583 4,886,338,431 235,786,160 242,657,448 5.0% 15,955,888 605 7,830,218 945 17,713,753 $14.88

2011 684,128 4,880,962,756 245,966,091 253,237,661 5.2% 24,111,792 1,800 23,105,369 1,082 18,207,185 $14.86 2010 682,845 4,866,095,421 254,721,512 262,482,118 5.4% 26,500,276 1,921 27,495,916 1,115 17,236,601 $15.05 2009 681,313 4,844,102,500 257,581,246 266,989,473 5.5% 10,550,472 2,838 35,537,564 1,347 21,805,951 $15.91 2008 678,810 4,812,782,281 238,610,846 246,219,726 5.1% 45,839,309 4,625 61,463,222 2,035 29,538,336 $17.03


Mall Market Statistics* Year-End 2014

Net Quoted

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

2014 4q 1,073 877,888,900 47,153,135 47,849,218 5.5% 4,378,003 36 3,394,920 89 7,940,487 $16.58 2014 3q 1,071 874,493,980 48,179,467 48,832,301 5.6% 956,275 26 1,779,380 113 10,964,453 $16.83 2014 2q 1,067 872,714,600 47,331,373 48,009,196 5.5% 267,553 13 251,465 113 11,437,604 $18.03 2014 1q 1,066 872,463,135 47,295,308 48,025,284 5.5% 257,974 16 645,224 90 10,459,477 $17.71 2013 4q 1,065 871,817,911 46,984,498 47,638,034 5.5% 1,574,240 26 1,460,994 86 10,847,483 $18.13 2013 3q 1,064 870,356,917 47,234,408 47,751,280 5.5% 1,603,614 28 1,301,601 96 11,381,410 $18.43 2013 2q 1,062 869,055,316 47,539,584 48,053,293 5.5% 688,964 12 115,467 99 7,787,869 $18.94 2013 1q 1,062 868,939,849 48,044,887 48,626,790 5.6% 1,607,103 29 1,003,367 91 6,827,195 $19.77 2012 4q 1,060 867,936,482 48,301,224 49,230,526 5.7% 1,696,023 34 1,278,340 72 6,399,894 $18.93 2012 3q 1,059 866,658,142 48,751,051 49,648,209 5.7% 810,545 15 548,202 87 6,433,653 $19.12 2012 2q 1,059 866,109,940 48,800,046 49,910,552 5.8% (1,039,384) 15 682,084 82 6,231,542 $18.95 2012 1q 1,059 865,427,856 47,022,214 48,189,084 5.6% 1,549,001 19 1,634,277 62 4,590,884 $19.53

2011 1,058 863,793,579 46,895,591 48,103,808 5.6% 5,053,238 75 4,817,490 60 4,995,798 $19.00 2010 1,056 858,976,089 46,845,704 48,339,556 5.6% 3,971,972 105 4,995,858 94 6,357,880 $19.99 2009 1,053 853,980,231 45,440,184 47,315,670 5.5% 187,846 194 11,710,498 141 8,352,397 $20.72 2008 1,041 842,269,733 34,118,216 35,793,018 4.2% 9,913,807 398 18,332,669 212 15,115,639 $22.91


Power Center Market Statistics* Year-End 2014

Net Quoted


2014 4q 1,684 747,124,119 33,604,030 35,308,299 4.7% 1,789,914 15 689,165 25 1,931,092 $16.76 2014 3q 1,683 746,434,954 34,675,825 36,409,048 4.9% 1,797,614 19 646,581 35 2,259,641 $16.91 2014 2q 1,683 745,788,373 35,793,883 37,560,081 5.0% 1,962,716 22 1,073,948 49 2,719,905 $16.89 2014 1q 1,681 744,714,425 36,508,803 38,448,849 5.2% 1,276,048 19 556,073 53 3,099,882 $17.12 2013 4q 1,679 744,158,352 37,094,592 39,168,824 5.3% 1,457,771 27 743,568 63 3,177,819 $17.20 2013 3q 1,678 743,414,784 37,636,201 39,883,027 5.4% 3,018,460 27 1,326,666 70 3,417,072 $17.24 2013 2q 1,676 742,088,118 39,338,528 41,574,821 5.6% 1,631,611 14 286,506 78 4,250,262 $17.31 2013 1q 1,676 741,801,612 40,542,339 42,919,926 5.8% 2,220,530 34 1,259,548 63 3,119,222 $17.38 2012 4q 1,675 740,542,064 41,336,526 43,880,908 5.9% 2,626,147 22 737,498 72 3,386,341 $17.14 2012 3q 1,675 739,804,566 43,191,454 45,769,557 6.2% 2,967,294 21 1,745,906 80 3,485,070 $17.19 2012 2q 1,674 738,058,660 44,257,156 46,990,945 6.4% 1,248,800 23 341,911 73 3,663,871 $17.19 2012 1q 1,673 737,716,749 45,138,760 47,897,834 6.5% 1,148,850 27 821,398 72 2,998,119 $17.43

2011 1,672 736,895,351 45,426,887 48,225,286 6.5% 6,657,185 131 5,053,462 84 2,964,230 $17.40 2010 1,668 731,841,889 46,589,998 49,829,009 6.8% 11,788,852 134 4,788,300 129 4,555,800 $17.93 2009 1,664 727,053,589 52,472,682 56,829,561 7.8% 5,456,774 429 18,243,566 135 4,886,103 $19.34 2008 1,642 708,810,023 38,640,487 44,042,769 6.2% 26,930,521 885 37,656,357 408 16,897,166 $21.06


Existing Inventory Vacancy Deliveries UC Inventory








Figures at a Glance

Shopping Center Market Statistics* Year-End 2014

Net Quoted


2014 4q 77,572 3,485,520,259 316,942,508 327,562,588 9.4% 11,988,035 109 3,532,131 285 8,408,885 $14.68 2014 3q 77,546 3,481,988,128 325,087,222 336,018,492 9.7% 9,822,934 129 3,592,932 357 10,292,701 $14.73 2014 2q 77,508 3,478,395,196 331,417,915 342,248,494 9.8% 8,136,723 128 2,867,384 405 12,277,981 $14.72 2014 1q 77,467 3,475,527,812 336,644,554 347,517,833 10.0% 7,660,622 152 3,276,662 406 11,700,213 $14.60 2013 4q 77,413 3,472,251,150 340,977,994 351,901,793 10.1% 5,907,353 157 3,791,263 395 11,048,532 $14.55 2013 3q 77,365 3,468,459,887 342,927,083 354,017,883 10.2% 7,265,563 181 4,088,909 441 11,467,674 $14.56 2013 2q 77,311 3,464,370,978 345,391,541 357,194,537 10.3% 5,996,196 136 2,003,665 481 12,286,360 $14.54 2013 1q 77,274 3,462,367,313 348,931,460 361,187,068 10.4% 4,807,666 143 3,054,349 414 9,789,507 $14.55 2012 4q 77,233 3,459,312,964 350,921,637 362,940,385 10.5% 10,698,306 217 4,379,724 392 8,688,960 $14.59 2012 3q 77,174 3,454,933,240 357,137,953 369,258,967 10.7% 6,071,580 136 2,463,581 484 10,555,222 $14.70 2012 2q 77,137 3,452,469,659 360,717,487 372,866,966 10.8% 3,123,642 146 2,587,385 503 11,150,306 $14.76 2012 1q 77,081 3,449,882,274 361,601,447 373,403,223 10.8% 2,285,689 174 3,189,464 492 10,821,743 $14.80

2011 77,035 3,446,692,810 360,846,627 372,499,448 10.8% 15,779,852 657 13,821,564 451 9,742,538 $14.85 2010 76,845 3,432,871,246 362,125,001 374,457,736 10.9% 15,607,722 758 15,007,560 525 11,665,166 $15.17 2009 76,601 3,417,863,686 359,640,196 375,057,898 11.0% (16,041,679) 1,736 35,955,443 662 13,079,019 $15.94 2008 75,996 3,381,908,243 309,052,502 323,060,776 9.6% 31,597,376 3,740 75,724,177 1,467 30,164,570 $16.92

Source: CoStar Property® * Select markets included in this historical chart - see Methodology page. * Select markets included in this historical chart - see Methodology page.

Specialty Center Market Statistics* Year-End 2014

Net Quoted


2014 4q 350 78,534,694 4,881,776 4,909,001 6.3% 287,602 1 60,000 12 1,448,822 $15.85 2014 3q 350 78,474,694 5,104,940 5,136,603 6.5% 795,037 5 594,087 13 1,508,822 $15.20 2014 2q 348 77,880,607 5,303,433 5,337,553 6.9% 573,757 4 492,811 16 1,712,909 $15.63 2014 1q 345 77,387,796 5,381,541 5,418,499 7.0% 206,848 1 3,000 17 1,793,120 $15.58 2013 4q 345 77,384,796 5,583,989 5,622,347 7.3% 84,512 7 260,577 13 1,680,056 $15.14 2013 3q 344 77,124,219 5,397,924 5,446,282 7.1% 1,063,885 12 1,137,579 16 1,748,923 $16.29 2013 2q 341 75,986,640 5,329,042 5,372,588 7.1% 593,920 12 415,776 25 2,519,302 $16.39 2013 1q 340 75,570,864 5,494,072 5,550,732 7.3% 59,772 5 57,786 35 2,376,078 $16.88 2012 4q 337 75,513,078 5,499,203 5,552,718 7.4% 722,834 7 932,726 37 1,844,772 $16.36 2012 3q 334 74,580,352 5,297,943 5,342,826 7.2% 354,849 12 576,060 36 2,555,733 $16.04 2012 2q 334 74,004,292 5,076,912 5,121,615 6.9% 439,755 2 426,258 41 2,420,833 $16.43 2012 1q 333 73,578,034 5,092,735 5,135,112 7.0% 52,973 3 105,748 24 1,723,113 $16.37

2011 331 73,472,286 5,039,960 5,082,337 6.9% 508,122 8 322,071 21 1,473,935 $16.95 2010 330 73,150,215 5,208,127 5,268,388 7.2% 309,569 7 511,234 11 568,723 $17.47 2009 328 72,638,981 4,941,722 5,066,723 7.0% (514,204) 14 298,261 9 74,356 $20.91 2008 325 72,340,720 4,159,414 4,254,258 5.9% 4,150,135 82 5,473,024 19 332,132 $21.85


Total Retail Market Statistics* Year-End 2014

Net Quoted

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

2014 4q 858,148 10,117,449,857 601,769,807 620,525,016 6.1% 29,357,238 447 12,295,105 1,247 43,815,381 $15.55 2014 3q 857,819 10,108,029,721 621,401,858 640,462,118 6.3% 23,646,582 567 14,047,646 1,494 50,214,244 $15.51 2014 2q 857,381 10,098,719,634 635,826,226 654,798,613 6.5% 19,208,091 540 11,279,528 1,696 55,736,357 $15.46 2014 1q 857,016 10,090,082,379 645,627,038 665,369,449 6.6% 19,369,588 723 11,976,761 1,676 54,586,980 $15.29 2013 4q 856,440 10,080,108,871 654,791,123 674,765,529 6.7% 17,554,624 734 13,968,084 1,737 54,126,781 $15.23 2013 3q 855,903 10,071,862,124 664,045,328 684,073,406 6.8% 18,883,448 752 14,897,194 1,955 57,069,771 $15.19 2013 2q 855,326 10,058,918,839 668,601,205 690,013,569 6.9% 18,702,551 638 10,076,037 2,061 55,073,277 $15.12 2013 1q 854,821 10,050,960,099 678,730,209 700,757,380 7.0% 16,686,085 711 11,946,798 1,829 48,231,731 $15.10 2012 4q 854,276 10,041,886,825 686,173,211 708,370,191 7.1% 24,686,145 831 14,876,519 1,699 41,233,066 $14.99 2012 3q 853,579 10,028,355,975 696,702,842 719,525,486 7.2% 11,759,835 544 10,492,412 1,938 44,439,604 $15.04 2012 2q 853,144 10,019,925,426 699,666,139 722,854,772 7.2% 1,410,011 520 8,623,633 1,795 42,957,833 $15.07 2012 1q 852,734 10,012,943,344 694,641,316 717,282,701 7.2% 20,992,401 828 13,581,105 1,595 37,847,612 $15.11

2011 852,056 10,001,816,782 704,175,156 727,148,540 7.3% 52,110,189 2,671 47,119,956 1,698 37,383,686 $15.12 2010 849,902 9,962,934,860 715,490,342 740,376,807 7.4% 58,178,391 2,925 52,798,868 1,874 40,384,170 $15.44 2009 847,366 9,915,638,987 720,076,030 751,259,325 7.6% (360,791) 5,211 101,745,332 2,294 48,197,826 $16.34 2008 842,490 9,818,111,000 624,581,465 653,370,547 6.7% 118,431,148 9,730 198,649,449 4,141 92,047,843 $17.37










Historical Rental Rates*Based on NNN Rental Rates


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®

Vacancy Rate By Building Type Future Space AvailableBased Ratio of Vacant Space to Total GLA by Building Type Space Scheduled to be Available for Occupancy*

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

$14.00

$16.00

$18.00

$20.00

$22.00

$24.00

$26.00

$28.00

$30.00

2006 1q2006 3q 2007 1q2007 3q 2008 1q2008 3q 2009 1q2009 3q 2010 1q2010 3q 2011 1q 2011 3q 2012 1q2012 3q 2013 1q2013 3q 2014 1q2014 3q

Dol

lars

/SF/Y

ear

Power Center Specialty Center General Retail Shopping Center Mall Total Market

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000

Specialty Center

Power Center

Mall

Shopping Center

General Retail

Millions of Square Feet

97%

3%

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

Specialty Center

Power Center

Mall

General Retail

Shopping Center

21.60

4.30

2.461.64

0.53 0.150.0

5.0

10.0

15.0

20.0

25.0

2015 1q 2015 3q 2016 1q

Millions

Leasing Activity






Leasing Activity


* Renewal

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

1 The Shops & Restaurants At Hudson Yards NYC 250,000 3rd Neiman Marcus N/A The Related Companies

2 Lynnwood Place - Costco Seattle/Puget Sound 185,000 3rd Costco N/A N/A

3 The Court of Hamilton Northern New Jersey 156,000 4th Walmart N/A Amazing Space Properties

4 The Marquis - South (Phase II) Hampton Roads 136,454 3rd Sam’s Club N/A Divaris Real Estate, Inc.

5 5205-5281 Coconut Creek Pky Broward County 135,477 4th Coconut Flea Market N/A Coconut Creek Properties Inc

6 Kenrick Shopping Center St. Louis 135,000 3rd Wal-Mart N/A Crestwood Square Assoc.

7 Wegman’s Richmond VA 130,000 4th Wegman’s N/A Cushman & Wake�eld|Thalhimer

8 700 S Miami Ave Miami-Dade County 107,000 3rd Saks Fifth Avenue N/A Swire Properties Inc

9 3910 River Point Pky Denver 104,396 3rd Conn’s N/A Weingarten Realty Investors

10 1 Crossgates Mall Rd Albany/Schenectady/Troy 100,000 3rd Lord & Taylor N/A N/A

11 Dillard’s* Tampa/St Petersburg 96,312 4th Dillard’s N/A N/A

12 555 Grand Ave San Diego 91,554 3rd Winco N/A Flocke & Avoyer Commercial Real Est

13 Center Of The Northshore Chicago 90,000 4th Mariano’s N/A Metro Commercial Real Estate

14 Market Center Crossing Albuquerque 87,915 4th At Home Velocity Retail Group LLC Velocity Retail Group LLC

15 8001 S Orange Blossom Trl Orlando 87,000 3rd Crayola Experience Attraction N/A Simon Property Group, Inc.

16 225 Liberty St NYC 86,654 3rd Saks Fifth Avenue Laura Pomerantz Real Estate, LLC Brook�eld O�ce Properties, Inc.

17 9 Ninth Ave NYC 84,000 4th Restoration Hardware Open Realty Advisors Aurora Capital Associates

18 Cabela’s Washington 79,000 4th Cabela’s N/A The Peterson Companies, LC.

19 Fox Run Square Chicago 72,215 3rd Mariano’s N/A N/A

20 400 Mill Creek Dr* Northern New Jersey 70,066 3rd Marshalls N/A N/A

21 Stop&Shop, #215 Boston 67,839 4th Burlington N/A Atlantic Retail Properties

22 4421 University Ave San Diego 66,284 3rd El Super N/A Albertsons

23 McHenry Center* Nashville 64,264 3rd Hobby Lobby Crafts N/A Vision Real Estate LLC

24 830 N Michigan Ave Chicago 61,304 3rd Uniglo N/A General Growth Properties, Inc.

25 Medical & Merchants Center At San Pablo Jacksonville (Florida) 61,000 3rd Family Medical Center San Pablo N/A Available Real Estate Company

26 100 Spalding Vlg Atlanta 59,431 3rd Hobby Lobby N/A RCG Ventures LLC

27 11132 Abercorn St Savannah 58,596 3rd Hobby Lobby SRS Real Estate Partners RCG Ventures

28 555 Grand Ave San Diego 58,000 3rd Hobby Lobby N/A Flocke & Avoyer Commercial Real Est

29 850-980 Ives Dairy Rd Miami-Dade County 57,000 4th National Lumber & Hardware N/A RK Centers

30 8200 W Peoria Ave Phoenix 56,875 3rd State Trailer RV & Outdoor Supply Rein & Grossoehme Rein & Grossoehme

31 Peacock Center Baltimore 56,439 3rd Carroll Health Group N/A KLNB Retail

32 Faiview City Centre St. Louis 55,089 4th Hobby Lobby N/A Kimco Realty Corporation

33 NEQ Beltway 8 @ Crenshaw Rd Houston 55,000 4th Burlington Coat Factory N/A Transwestern

34 Green�eld Plaza - Bldg B Phoenix 53,700 4th Fat Cats Entertainment Direct Deal Arizona Gold Properties

35 State Road 436 Orlando 51,116 4th Epic Theatres Inc N/A The Shopping Center Group, LLC

36 3780 Riverchase Village Birmingham 51,000 4th Whole Foods N/A Southpace Properties, Inc.

37 Sahara Pavilion North Las Vegas 50,661 4th El Super Direct Deal Voit Real Estate Services

38 Shoppes at Centre Pointe Two Charleston/N Charleston 50,302 4th Field & Stream The Navigator Group RealtyLink

39 Walpole Mall Boston 50,000 4th Brodericks Gymnastics School N/A Waldman & Associates

40 Santa Clara Square Marketplace South Bay/San Jose 50,000 4th Whole Foods Retail West Prime Commercial, Inc.

Select Top Retail Leases Based on Leased Square Footage For Deals Signed in 2014






Sales Activity

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

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 Oct. 2013 - Sept. 2014

Bldg Size # RBA $ Volume Price/SF Cap Rate

< 25,000 SF 12,606 88,128,796 $22,268,224,893 252.68$ 6.96%

25K-99K SF

1,462 70,235,155 $10,349,236,294 147.35$ 7.86%

100K-249K SF

350 49,994,507 $7,872,292,233 157.46$ 7.25%

>250K SF 81 34,426,117 $5,996,523,893 174.19$ 6.98%

Source: CoStar COMPS® Source: CoStar COMPS®

Historical Price/SF Average Historical Cap Rate AverageBased 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

$50

$70

$90

$110

$130

$150

$170

$190

2011 1q 2012 2013 2014

Dol

lars

per

SF

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

2011 1q 2012 1q 2013 1q 2014 1q

Millions

of

Sale

s V

olu

me D

ollars

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

Price

/SF

Sales Volume Price/SF

6.2%

6.4%

6.6%

6.8%

7.0%

7.2%

7.4%

7.6%

7.8%

8.0%

8.2%

2011 4q 2012 4q 2013 4q

Cap R

ate

Perc

enta

ge

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

Dolla

rs/SF

Cap Rate Price/SF

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

2011 1q 2011 2012 2012 2013 2013 2014 2014

Cap R

ate

Perc

enta

ge






Sales Activity

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costar 2014 retail report

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