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National Retail MarketT h i r d Q u a r t e r 2 0 1 6

The CoStarRetail Report

National Retail Market

©2016 CoStar Group, Inc. The CoStar Retail Report A

Third Quarter 2016 – National

Table of ContentsTable of Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AMethodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BTerms & Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CMarket Highlights & Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Inventory & Development Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

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

Leasing Activity Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41Select Top Lease Transactions

Sales Activity Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43Sales Activity AnalysisSelect Top Sales Transactions


B The CoStar Retail Report ©2016 CoStar Group, Inc.

National – Third Quarter 2016


©2016 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 2016 CoStar Group, Inc. All Rights Reserved. Although CoStar makes efforts to ensure the accuracy and reliability of the information contained herein, CoStar makes no guarantee, representation or warranty regarding the quality, accuracy, timeliness or completeness of the information. The publication is provided ‘as is’ and CoStar expressly disclaims any guarantees, representations or warranties of any kind, including those of MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

CoStar Group, Inc.

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For information on subscribing to CoStar’s other products and services, please contact us at 1-877-7COSTAR, or visit our web site at www.costar.com


B The CoStar Retail Report ©2016 CoStar Group, Inc.

National – Third Quarter 2016


©2016 CoStar Group, Inc. The CoStar Retail Report C


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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©2016 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 – Third Quarter 2016 Third Quarter 2016 – National



Overview

U.S.’s Vacancy Decreases to 5.0% Net Absorption Positive 43,069,653 SF in the Quarter

The U.S. retail market did not experience much change in market conditions in the third quarter 2016. The vacancy rate went from 5.2% in the previous quarter

to 5.0% in the current quarter. Net absorption was positive 43,069,653 square feet, and vacant sublease space decreased by (1,225,905) square feet. Quoted rental rates increased from second quarter 2016 levels, ending at $15.66 per square foot per year. A total of 1,146 retail buildings with 19,483,012 square feet of retail space were delivered to the market in the quarter, with 79,376,649 square feet still under construction at the end of the quarter.

Net AbsorptionRetail net absorption was strong in U.S. third quarter 2016,

with positive 43,069,653 square feet absorbed in the quarter. In second quarter 2016, net absorption was positive 44,817,086 square feet, while in first quarter 2016, absorption came in at positive 20,753,001 square feet. In fourth quarter 2015, positive 34,624,094 square feet was absorbed in the market.

Tenants moving out of large blocks of space in 2016 include: Walmart moving out of 197,365 square feet at 4350 N Nellis Blvd in the Las Vegas market; Sears moving out of 168,698 square feet at 4570 Poplar Ave in the Memphis mar-ket; and Mercedes-Benz moving out of 165,000 square feet at 1111 Division St in the Chicago market.

Tenants moving into large blocks of space in 2016 include: Meijer moving into 202,200 square feet at 801-831 E Sunset Dr in the Milwaukee market; Wal-Mart moving into 201,165 square feet at 1600 Westgate Dr in the Stockton/Modesto market; and Nordstrom moving into 186,000 square feet at 1450 Ala Moana Blvd in the Hawaii market.

VacancyU.S.’s retail vacancy rate decreased in the third quarter

2016, ending the quarter at 5.0%. Over the past four quarters, the market has seen an overall decrease in the vacancy rate, with the rate going from 5.4% in the fourth quarter 2015, to 5.4% at the end of the first quarter 2016, 5.2% at the end of the second quarter 2016, to 5.0% 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 fourth quarter 2015, there were 23,228,615 square feet of vacant sublease space. Currently, there are 18,353,932 square feet vacant in the market.

Largest Lease SigningsThe largest lease signings occurring in 2016 included: the

200,000-square-foot lease signed by Meijer Inc. at 7061 N 700 W in the Indianapolis market; 161,634-square-foot lease signed by Macy’s at 6191 S State St in the Salt Lake City market; and the 204,178-square-foot lease signed by JCPenney at 300 Inland Center Dr in the Inland Empire (California) 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 third quarter 2016 at $15.66 per square foot per year. That compares to $15.49 per square foot in the second quarter 2016, and $15.24 per square foot at the end of the fourth quarter 2015. This repre-sents a 1.1% increase in rental rates in the current quarter, and a 2.68% increase from four quarters ago.

Vacancy Rates by Building Type* 2006-2016

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

Absorption & Deliveries* U.S. Vacancy Comparison*Past 9 Quarters Past 9 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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2 The CoStar Retail Report ©2016 CoStar Group, Inc.

National � Third Quarter 2016

National Retail MarketThird Quarter 2016 – National



Overview

Inventory & ConstructionDuring the third quarter 2016, 1,146 buildings totaling

19,483,012 square feet were completed in the U.S. retail mar-ket. Over the past four quarters, a total of 85,540,474 square feet of retail space has been built in U.S. In addition to the current quarter, 1,065 buildings with 19,971,488 square feet were completed in second quarter 2016, 1,283 buildings total-ing 18,727,815 square feet completed in first quarter 2016, and 27,358,159 square feet in 1,382 buildings completed in fourth quarter 2015.

There were 79,376,649 square feet of retail space under construction at the end of the third quarter 2016.

Some of the notable 2016 deliveries include: 2330 Kalakaua, a 360,000-square-foot building that delivered in third quarter 2016 in the Hawaii market, and 6555 S Durango Dr, a 351,000-square-foot IKEA building that delivered in sec-ond quarter 2016.

Total retail inventory in the U.S. market area amounted to 13,058,987,945 square feet in 1,142,780 buildings and 98764 centers as of the end of the third quarter 2016.

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

U.S. retail sales figures rose during the second quarter 2016 in terms of dollar volume compared to the first quarter of 2016.

In the second quarter, 819 retail transactions closed with a total volume of $8,822,125,359. The 819 buildings totaled 46,724,198 square feet and the average price per square foot equated to $188.81 per square foot. That compares to 798 transactions totaling $6,862,751,306 in the first quarter 2016. The total square footage in the first quarter was 45,094,981 square feet for an average price per square foot of $152.18.

Total retail center sales activity in 2016 was down com-pared to 2015. In the first six months of 2016, the market saw 1,617 retail sales transactions with a total volume of $15,684,876,665. The price per square foot averaged $170.82. In the same first six months of 2015, the market posted 1,645 transactions with a total volume of $16,546,201,741. The price per square foot averaged $171.83.

Cap rates have been lower in 2016, averaging 7.08% com-pared to the same period in 2015 when they averaged 7.19%.

One of the largest transactions that has occurred within the last 4 quarters in the U.S. market is the sale of Fashion Show in Las Vegas. This 1,900,000 square foot retail center sold for $1,250,000, or $1,315.79 per square foot. The property sold on 7/29/2016, at a 3.90% cap rate.

Albany/Schenectady/TroyThe Albany/Schenectady/Troy retail market ended the

quarter with a vacancy rate of 2.7%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 294,838 square feet. Vacant sublease space stayed the same at 18,988 square feet. Rental rates ended the third

quarter at $12.55, an increase over the previous quarter. A total of four buildings with 216,972 square feet of space delivered to the market, with 274,564 square feet still under construction at the end of the quarter.

AlbuquerqueThe Albuquerque retail market ended the quarter with a

vacancy rate of 3.9%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 335,795 square feet. Vacant sublease space decreased to 9,965 square feet. Rental rates ended the third quarter at $15.31, a decrease over the previous quarter. A total of three buildings with 25,967 square feet of space delivered to the market, with 290,382 square feet still under construction at the end of the quarter.

AnchorageThe Anchorage retail market ended the quarter with a

vacancy rate of 1.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 42,368 square feet. Vacant sublease space stayed the same at 2,435 square feet. Rental rates ended the third quarter at $24.40, an increase over the previous quarter. A total of one building with 21,131 square feet of space delivered to the market, with 20,345 square feet still under construction at the end of the quarter.

AshevilleThe Asheville retail market ended the quarter with a

vacancy rate of 3.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 49,596 square feet. Vacant sublease space decreased to 32,960 square feet. Rental rates ended the third quarter at $14.41, an increase over the previous quarter. A total of two buildings with 19,858 square feet of space delivered to the market, with 126,537 square feet still under construction at the end of the quarter.

AtlantaThe Atlanta retail market ended the quarter with a vacan-

cy rate of 6.5%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 798,683 square feet. Vacant sublease space decreased to 412,040 square feet. Rental rates ended the third quarter at $12.95, an increase over the previous quarter. A total of 44 buildings with 411,407 square feet of space delivered to the market, with 2,877,043 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 8.9%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 131,093 square feet. Vacant sublease space stayed the same at 62,417 square feet. Rental rates ended the third quarter at $10.31, a decrease over the previous quarter. A total of four buildings with 166,421 square feet of space delivered to the






Overview

market, with 34,760 square feet still under construction at the end of the quarter.

AustinThe Austin retail market ended the quarter with a vacancy

rate of 3.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 243,737 square feet. Vacant sublease space decreased to 56,474 square feet. Rental rates ended the third quarter at $20.67, an increase over the previous quarter. A total of 13 buildings with 126,629 square feet of space delivered to the market, with 1,210,473 square feet still under construction at the end of the quarter.

BakersfieldThe Bakersfield retail market ended the quarter with a

vacancy rate of 6.2%. The vacancy rate was up over the pre-vious quarter, with net absorption totaling negative (63,127) square feet. Vacant sublease space increased to 67,633 square feet. Rental rates ended the third quarter at $16.09, an increase over the previous quarter. A total of three buildings with 14,866 square feet of space delivered to the market, with 225,389 square feet still under construction at the end of the quarter.

BaltimoreThe Baltimore retail market ended the quarter with a

vacancy rate of 4.9%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 301,586 square feet. Vacant sublease space increased to 250,908 square feet. Rental rates ended the third quarter at $19.15, a decrease over the previous quarter. A total of eight buildings with 73,810 square feet of space delivered to the market, with 971,570 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 5.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 177,190 square feet. Vacant sublease space stayed the same at 44,220 square feet. Rental rates ended the third quarter at $11.00, a decrease over the previous quarter. A total of five buildings with 100,045 square feet of space delivered to the market, with 405,780 square feet still under construction at the end of the quarter.

Beaumont/Port ArthurThe Beaumont/Port Arthur retail market ended the quar-

ter with a vacancy rate of 4.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 93,332 square feet. Vacant sublease space decreased to 2,555 square feet. Rental rates ended the third quarter at $10.89, an increase over the previous quarter. A total of five buildings

with 65,880 square feet of space delivered to the market, with 54,722 square feet still under construction at the end of the quarter.

BirminghamThe Birmingham 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 419,808 square feet. Vacant sublease space decreased to 13,487 square feet. Rental rates ended the third quarter at $8.50, a decrease over the previous quarter. A total of seven buildings with 77,100 square feet of space delivered to the market, with 207,706 square feet still under construction at the end of the quarter.

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

with a vacancy rate of 4.7%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (55,248) square feet. Vacant sublease space increased to 78,116 square feet. Rental rates ended the third quarter at $12.94, an increase over the previous quarter. A total of two buildings with 9,927 square feet of space delivered to the mar-ket, with 88,055 square feet still under construction at the end of the quarter.

BostonThe Boston retail market ended the quarter with a vacan-

cy rate of 3.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 822,262 square feet. Vacant sublease space decreased to 474,186 square feet. Rental rates ended the third quarter at $18.45, a decrease over the previous quarter. A total of 25 buildings with 227,515 square feet of space delivered to the market, with 1,889,591 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 third quarter 2016. With this limited construction activity, net absorption of negative (3,810) square feet caused the vacancy rate to increase from 6.6% to 6.7% in the quarter. Rental rates stood at $11.80.

Broward CountyThe Broward County 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 414,608 square feet. Vacant sublease space increased to 125,164 square feet. Rental rates ended the third quarter at $20.75, an increase over the previous quarter. A total of 13 buildings with 60,608 square feet of space delivered to the market, with 733,221 square feet still under construction at the end of the quarter.






Overview

Brownsville/HarlingenThe Brownsville/Harlingen 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 55,789 square feet. Vacant sublease space decreased to 0 square feet. Rental rates ended the third quarter at $14.49, an increase over the previous quarter. A total of four buildings with 22,110 square feet of space delivered to the market, with 37,325 square feet still under construction at the end of the quarter.

Buffalo/Niagara FallsWith no space currently under construction, Buffalo/

Niagara Falls absorbed 135,620 square feet of space and deliv-ered 35,000 square feet of space, resulting in a vacancy rate that went from 4.5% to 4.3% over the course of the quarter. Rental rates went from $10.59 to $10.58 per square foot.

Charleston WVWith no space currently under construction, Charleston

WV absorbed 52,448 square feet of space and delivered 9,100 square feet of space, resulting in a vacancy rate that went from 2.8% to 2.5% over the course of the quarter. Rental rates went from $11.09 to $12.06 per square foot.

Charleston/N CharlestonThe vacancy rate remained unchanged in Charleston/N

Charleston in the third quarter. With 96,944 square feet in deliveries, and positive 79,628 square feet in net absorption, the vacancy rate held at 3.2%, the same rate reported in the previous quarter. The market had 306,385 square feet under construction at the end of the quarter, and rental rates stood at $18.67 per square foot.

CharlotteThe Charlotte retail market ended the quarter with a

vacancy rate of 4.9%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 686,329 square feet. Vacant sublease space decreased to 280,365 square feet. Rental rates ended the third quarter at $14.32, an increase over the previous quarter. A total of 24 buildings with 298,443 square feet of space delivered to the market, with 968,102 square feet still under construction at the end of the quarter.

ChattanoogaThe Chattanooga 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 149,105 square feet. Vacant sublease space stayed the same at 1,600 square feet. Rental rates ended the third quarter at $10.25, a decrease over the previous quarter. A total of two buildings with 13,300 square feet of space delivered to the market, with

15,000 square feet still under construction at the end of the quarter.

ChicagoThe Chicago 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 1,996,479 square feet. Vacant sublease space decreased to 1,178,198 square feet. Rental rates ended the third quarter at $15.77, a decrease over the previous quarter. A total of 38 buildings with 986,702 square feet of space delivered to the market, with 1,873,869 square feet still under construction at the end of the quarter.

CincinnatiThe Cincinnati retail market ended the quarter with a

vacancy rate of 5.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 401,968 square feet. Vacant sublease space decreased to 66,814 square feet. Rental rates ended the third quarter at $11.11, a decrease over the previous quarter. A total of six buildings with 48,823 square feet of space delivered to the market, with 240,816 square feet still under construction at the end of the quarter.

ClevelandThe Cleveland 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 652,494 square feet. Vacant sublease space increased to 164,585 square feet. Rental rates ended the third quarter at $10.18, a decrease over the previous quarter. A total of 12 buildings with 152,555 square feet of space delivered to the market, with 396,605 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 up over the previous quarter, with net absorption totaling positive 20,510 square feet. Vacant sublease space stayed the same at 47,588 square feet. Rental rates ended the third quarter at $12.01, an increase over the previous quarter. A total of eight buildings with 63,384 square feet of space delivered to the market, with 307,225 square feet still under construction at the end of the quarter.

ColumbiaThe Columbia retail market ended the quarter with a

vacancy rate of 5.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 368,292 square feet. Vacant sublease space stayed the same at 164,473 square feet. Rental rates ended the third quarter at






Overview

$11.66, a decrease over the previous quarter. A total of nine buildings with 237,855 square feet of space delivered to the market, with 387,328 square feet still under construction at the end of the quarter.

ColumbusThe Columbus 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 435,805 square feet. Vacant sublease space decreased to 54,665 square feet. Rental rates ended the third quarter at $11.31, an increase over the previous quarter. A total of eight buildings with 291,631 square feet of space delivered to the market, with 490,616 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 4.4%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 37,044 square feet. Vacant sublease space stayed the same at 7,934 square feet. Rental rates ended the third quarter at $14.24, an increase over the previous quarter. A total of nine buildings with 76,250 square feet of space delivered to the market, with 89,073 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 2.9%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 55,704 square feet. Vacant sublease space stayed the same at 0 square feet. Rental rates ended the third quarter at $12.54, an increase over the previous quarter. A total of five buildings with 37,500 square feet of space delivered to the market, with 765,386 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 4.9%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 1,740,601 square feet. Vacant sublease space increased to 340,487 square feet. Rental rates ended the third quarter at $15.70, an increase over the previous quarter. A total of 70 buildings with 1,089,234 square feet of space delivered to the market, with 4,854,935 square feet still under construction at the end of the quarter.

Davenport/Moline/Rock IslandThe Davenport/Moline/Rock Island retail market ended

the quarter with a vacancy rate of 4.1%. The vacancy rate was up over the previous quarter, with net absorption total-

ing positive 18,531 square feet. Vacant sublease space stayed the same at 105,550 square feet. Rental rates ended the third quarter at $10.81, a decrease over the previous quarter. A total of two buildings with 61,660 square feet of space delivered to the market, with 3,578 square feet still under construction at the end of the quarter.

DaytonWith no new retail space being delivered to the market,

and positive 175,640 square feet of net absorption, Dayton’s vacancy rate went from 6.3% to 6.1% in the quarter. Rental rates went from $9.20 to $9.26 during that time. At the end of the quarter, there was 71,341 square feet underway for future delivery.

Deltona/Daytona BeachThe Deltona/Daytona Beach 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 89,976 square feet. Vacant sublease space increased to 27,409 square feet. Rental rates ended the third quarter at $12.98, an increase over the previous quarter. A total of three buildings with 50,465 square feet of space delivered to the market, with 505,514 square feet still under construction at the end of the quarter.

DenverThe vacancy rate remained unchanged in Denver in the

third quarter. With 362,448 square feet in deliveries, and positive 414,201 square feet in net absorption, the vacancy rate held at 4.7%, the same rate reported in the previous quarter. The market had 2,224,509 square feet under construction at the end of the quarter, and rental rates stood at $15.99 per square foot.

Des MoinesThe Des Moines retail market ended the quarter with a

vacancy rate of 4.5%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 157,560 square feet. Vacant sublease space increased to 25,451 square feet. Rental rates ended the third quarter at $10.91, an increase over the previous quarter. A total of four buildings with 61,491 square feet of space delivered to the market, with 479,663 square feet still under construction at the end of the quarter.

DetroitThe Detroit retail market ended the quarter with a vacan-

cy rate of 7.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 837,594 square feet. Vacant sublease space decreased to 723,886 square feet. Rental rates ended the third quarter at $12.54, an increase over the previous quarter. A total of 11 buildings with 286,344 square feet of space delivered to the market, with 1,040,831






Overview

square feet still under construction at the end of the quarter.

DuluthWith no new retail space being delivered to the market,

and positive 24,128 square feet of net absorption, Duluth’s vacancy rate went from 2.4% to 2.2% in the quarter. Rental rates went from $8.77 to $10.07 during that time. At the end of the quarter, there was 25,726 square feet underway for future delivery.

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

with a vacancy rate of 3.4%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 337,880 square feet. Vacant sublease space increased to 210,757 square feet. Rental rates ended the third quarter at $24.81, an increase over the previous quarter. A total of 12 buildings with 193,177 square feet of space delivered to the market, with 467,223 square feet still under construction at the end of the quarter.

El PasoThe El Paso retail market ended the quarter with a

vacancy rate of 4.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 185,604 square feet. Vacant sublease space decreased to 14,425 square feet. Rental rates ended the third quarter at $12.49, a decrease over the previous quarter. A total of two buildings with 22,870 square feet of space delivered to the market, with 315,058 square feet still under construction at the end of the quarter.

ErieWith no new retail space being delivered to the market,

and negative (15,307) square feet of net absorption, Erie’s vacancy rate went from 2.3% to 2.4% in the quarter. Rental rates went from $9.70 to $8.52 during that time. At the end of the quarter, there was 13,800 square feet underway for future delivery.

EvansvilleThe Evansville retail market reported no new deliveries and

no space under construction at the end of the third quarter 2016. With this limited construction activity, net absorption of positive 51,735 square feet caused the vacancy rate to decrease from 4.7% to 4.4% in the quarter. Rental rates stood at $9.50.

FayettevilleThe Fayetteville 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 196,797 square feet. Vacant sublease space stayed the same at 46,115

square feet. Rental rates ended the third quarter at $10.95, a decrease over the previous quarter. A total of two buildings with 154,372 square feet of space delivered to the market, with 220,054 square feet still under construction at the end of the quarter.

Fayetteville/Springdale/RogersThe Fayetteville/Springdale/Rogers retail market ended

the quarter with a vacancy rate of 3.4%. The vacancy rate was down over the previous quarter, with net absorption total-ing positive 157,824 square feet. Vacant sublease space stayed the same at 0 square feet. Rental rates ended the third quar-ter at $14.15, a decrease over the previous quarter. A total of five buildings with 69,739 square feet of space delivered to the market, with 235,705 square feet still under construction at the end of the quarter.

Fort SmithWith no new retail space being delivered to the market,

and positive 80,571 square feet of net absorption, Fort Smith’s vacancy rate went from 4.2% to 3.6% in the quarter. Rental rates went from $7.25 to $7.50 during that time. At the end of the quarter, there was 2,885 square feet underway for future delivery.

Fort WayneWith no new retail space being delivered to the mar-

ket, and positive 263,122 square feet of net absorption, Fort Wayne’s vacancy rate went from 6.3% to 5.4% in the quarter. Rental rates went from $9.65 to $9.70 during that time. At the end of the quarter, there was 19,100 square feet underway for future delivery.

FresnoThe Fresno retail market ended the quarter with a vacan-

cy rate of 6.9%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 331,345 square feet. Vacant sublease space decreased to 211,237 square feet. Rental rates ended the third quarter at $13.54, an increase over the previous quarter. A total of two buildings with 43,991 square feet of space delivered to the market, with 86,530 square feet still under construction at the end of the quarter.

Green BayThe Green Bay 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 132,915 square feet. Vacant sublease space decreased to 7,037 square feet. Rental rates ended the third quarter at $10.40, an increase over the previous quarter. A total of one building with 10,000 square feet of space delivered to the market, with 31,000 square feet still under construction at the end of the






Overview

quarter.

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

quarter with a vacancy rate of 5.2%. The vacancy rate was down over the previous quarter, with net absorption total-ing positive 334,486 square feet. Vacant sublease space decreased to 17,240 square feet. Rental rates ended the third quarter at $11.30, an increase over the previous quarter. A total of two buildings with 21,016 square feet of space delivered to the market, with 169,421 square feet still under construction at the end of the quarter.

Greenville/SpartanburgThe Greenville/Spartanburg retail market ended the

quarter with a vacancy rate of 5.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 227,165 square feet. Vacant sublease space increased to 356,280 square feet. Rental rates ended the third quarter at $10.28, an increase over the previous quarter. A total of nine buildings with 64,115 square feet of space delivered to the market, with 130,723 square feet still under construction at the end of the quarter.

Hampton RoadsThe Hampton Roads retail market ended the quarter

with a vacancy rate of 6.1%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 247,982 square feet. Vacant sublease space decreased to 108,478 square feet. Rental rates ended the third quarter at $13.82, an increase over the previous quarter. A total of six buildings with 352,500 square feet of space delivered to the market, with 1,200,094 square feet still under construction at the end of the quarter.

HartfordThe Hartford 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 544,550 square feet. Vacant sublease space decreased to 18,773 square feet. Rental rates ended the third quarter at $12.43, an increase over the previous quarter. A total of three buildings with 11,203 square feet of space delivered to the market, with 528,771 square feet still under construction at the end of the quarter.

HawaiiThe Hawaii retail market ended the quarter with a vacan-

cy rate of 3.2%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 437,962 square feet. Vacant sublease space decreased to 62,805 square feet. Rental rates ended the third quarter at $34.15, an increase over the previous quarter. A total of five buildings with 995,532

square feet of space delivered to the market, with 243,909 square feet still under construction at the end of the quarter.

HoustonThe Houston retail market ended the quarter with a

vacancy rate of 4.9%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,687,960 square feet. Vacant sublease space decreased to 210,199 square feet. Rental rates ended the third quarter at $16.02, an increase over the previous quarter. A total of 80 buildings with 1,313,265 square feet of space delivered to the market, with 4,201,804 square feet still under construction at the end of the quarter.

Huntington/AshlandThe Huntington/Ashland retail market reported no new

deliveries and no space under construction at the end of the third quarter 2016. With this limited construction activity, net absorption of positive 167,972 square feet caused the vacancy rate to decrease from 3.3% to 2.6% in the quarter. Rental rates stood at $10.25.

HuntsvilleThe Huntsville retail market ended the quarter with a

vacancy rate of 5.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 141,977 square feet. Vacant sublease space stayed the same at 17,926 square feet. Rental rates ended the third quarter at $10.80, an increase over the previous quarter. A total of six buildings with 99,067 square feet of space delivered to the market, with 359,575 square feet still under construction at the end of the quarter.

IndianapolisThe Indianapolis retail market ended the quarter with

a vacancy rate of 5.0%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,006,934 square feet. Vacant sublease space decreased to 173,960 square feet. Rental rates ended the third quarter at $11.86, a decrease over the previous quarter. A total of eight buildings with 121,769 square feet of space delivered to the market, with 1,358,305 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 7.9%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 862,530 square feet. Vacant sublease space decreased to 643,597 square feet. Rental rates ended the third quarter at $16.74, an increase over the previous quarter. A total of 23 buildings with 230,233 square feet of space delivered to the market, with 779,005 square feet still under construction at the






Overview

end of the quarter.

JacksonWith no space currently under construction, Jackson

absorbed 320,571 square feet of space and delivered 9,180 square feet of space, resulting in a vacancy rate that went from 6.2% to 5.3% over the course of the quarter. Rental rates went from $10.97 to $11.04 per square foot.

Jacksonville (Florida)The Jacksonville (Florida) 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 posi-tive 515,903 square feet. Vacant sublease space decreased to 233,210 square feet. Rental rates ended the third quarter at $12.59, a decrease over the previous quarter. A total of 13 build-ings with 227,626 square feet of space delivered to the market, with 633,687 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 6.0%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,070,851 square feet. Vacant sublease space increased to 338,190 square feet. Rental rates ended the third quarter at $12.83, an increase over the previous quarter. A total of nine buildings with 95,841 square feet of space delivered to the market, with 1,029,921 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 4.5%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 53,892 square feet. Vacant sublease space stayed the same at 0 square feet. Rental rates ended the third quarter at $11.66, an increase over the previous quarter. A total of one building with 2,400 square feet of space delivered to the mar-ket, with 102,200 square feet still under construction at the end of the quarter.

Kingsport/Bristol/BristolThe Kingsport/Bristol/Bristol retail market ended the

quarter with a vacancy rate of 5.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 149,228 square feet. Vacant sublease space increased to 17,920 square feet. Rental rates ended the third quarter at $8.30, an increase over the previous quarter. A total of four buildings with 15,760 square feet of space delivered to the market, with 137,063 square feet still under construction at the

end of the quarter.

KnoxvilleThe Knoxville 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 260,765 square feet. Vacant sublease space stayed the same at 68,978 square feet. Rental rates ended the third quarter at $13.03, an increase over the previous quarter. A total of 11 buildings with 80,031 square feet of space delivered to the market, with 206,754 square feet still under construction at the end of the quarter.

LafayetteThe Lafayette retail market ended the quarter with a

vacancy rate of 4.5%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 94,118 square feet. Vacant sublease space stayed the same at 3,500 square feet. Rental rates ended the third quarter at $15.20, an increase over the previous quarter. A total of five buildings with 48,891 square feet of space delivered to the market, with 173,210 square feet still under construction at the end of the quarter.

Las VegasThe Las Vegas 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 569,077 square feet. Vacant sublease space decreased to 771,595 square feet. Rental rates ended the third quarter at $16.69, an increase over the previous quarter. A total of 13 buildings with 119,989 square feet of space delivered to the market, with 711,001 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 5.3%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (39,128) square feet. Vacant sublease space decreased to 17,534 square feet. Rental rates ended the third quarter at $13.79, an increase over the previous quarter. A total of four buildings with 116,994 square feet of space delivered to the market, with 39,886 square feet still under construction at the end of the quarter.

LincolnThe vacancy rate remained unchanged in Lincoln in the

third quarter. With 8,271 square feet in deliveries, and negative (17,025) square feet in net absorption, the vacancy rate held at 3.5%, the same rate reported in the previous quarter. The mar-






Overview

ket had 68,483 square feet under construction at the end of the quarter, and rental rates stood at $12.37 per square foot.

Little Rock/N Little RockThe Little Rock/N Little Rock retail market ended the

quarter with a vacancy rate of 3.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 136,927 square feet. Vacant sublease space increased to 63,146 square feet. Rental rates ended the third quarter at $12.64, an increase over the previous quarter. A total of four buildings with 78,008 square feet of space delivered to the market, with 195,189 square feet still under construction at the end of the quarter.

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

quarter with a vacancy rate of 3.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 521,876 square feet. Vacant sublease space decreased to 50,778 square feet. Rental rates ended the third quarter at $32.51, a decrease over the previous quarter. A total of 14 build-ings with 135,537 square feet of space delivered to the market, with 2,812,235 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 4.0%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 919,330 square feet. Vacant sublease space decreased to 951,261 square feet. Rental rates ended the third quarter at $28.63, an increase over the previous quarter. A total of 18 buildings with 169,487 square feet of space delivered to the market, with 1,684,566 square feet still under construction at the end of the quarter.

LouisvilleThe Louisville 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 315,400 square feet. Vacant sublease space decreased to 44,233 square feet. Rental rates ended the third quarter at $12.16, a decrease over the previous quarter. A total of six buildings with 54,004 square feet of space delivered to the market, with 235,278 square feet still under construction at the end of the quarter.

LubbockThe Lubbock retail market ended the quarter with a

vacancy rate of 3.2%. The vacancy rate was up over the pre-vious quarter, with net absorption totaling negative (22,677) square feet. Vacant sublease space increased to 16,830 square

feet. Rental rates ended the third quarter at $13.38, a decrease over the previous quarter. A total of three buildings with 26,717 square feet of space delivered to the market, with 197,083 square feet still under construction at the end of the quarter.

MadisonThe Madison 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 274,421 square feet. Vacant sublease space decreased to 62,754 square feet. Rental rates ended the third quarter at $12.78, an increase over the previous quarter. A total of five buildings with 53,020 square feet of space delivered to the market, with 608,412 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 4.0%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 113,342 square feet. Vacant sublease space stayed the same at 69,000 square feet. Rental rates ended the third quarter at $15.23, a decrease over the previous quarter. A total of nine buildings with 89,112 square feet of space delivered to the market, with 335,246 square feet still under construction at the end of the quarter.

MemphisThe Memphis 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 547,931 square feet. Vacant sublease space decreased to 59,338 square feet. Rental rates ended the third quarter at $10.29, an increase over the previous quarter. A total of six buildings with 216,279 square feet of space delivered to the market, with 406,778 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 2.9%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 296,571 square feet. Vacant sublease space decreased to 137,535 square feet. Rental rates ended the third quarter at $34.18, an increase over the previous quarter. A total of 10 buildings with 104,815 square feet of space delivered to the market, with 2,454,946 square feet still under construction at the end of the quarter.

MilwaukeeThe Milwaukee retail market ended the quarter with a

vacancy rate of 6.0%. The vacancy rate was down over the






Overview

previous quarter, with net absorption totaling positive 956,890 square feet. Vacant sublease space decreased to 294,276 square feet. Rental rates ended the third quarter at $10.92, a decrease over the previous quarter. A total of seven buildings with 320,881 square feet of space delivered to the market, with 1,321,109 square feet still under construction at the end of the quarter.

MinneapolisThe Minneapolis retail market ended the quarter with a

vacancy rate of 3.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 526,122 square feet. Vacant sublease space decreased to 198,057 square feet. Rental rates ended the third quarter at $13.26, a decrease over the previous quarter. A total of 12 buildings with 332,612 square feet of space delivered to the market, with 621,556 square feet still under construction at the end of the quarter.

MobileThe Mobile 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 147,887 square feet. Vacant sublease space stayed the same at 99,086 square feet. Rental rates ended the third quarter at $11.15, a decrease over the previous quarter. A total of four buildings with 22,030 square feet of space delivered to the market, with 55,645 square feet still under construction at the end of the quarter.

MontgomeryThe Montgomery 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 261,761 square feet. Vacant sublease space stayed the same at 0 square feet. Rental rates ended the third quarter at $8.88, a decrease over the previous quarter. A total of nine buildings with 93,954 square feet of space delivered to the market, with 80,277 square feet still under construction at the end of the quarter.

Myrtle Beach/ConwayThe Myrtle Beach/Conway 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 125,698 square feet. Vacant sublease space stayed the same at 0 square feet. Rental rates ended the third quarter at $11.53, an increase over the previous quarter. A total of four buildings with 61,000 square feet of space delivered to the market, with 45,436 square feet still under construction at the end of the quarter.

NashvilleThe Nashville retail market ended the quarter with a

vacancy rate of 3.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 971,622 square feet. Vacant sublease space increased to 184,577 square feet. Rental rates ended the third quarter at $17.06, an increase over the previous quarter. A total of 17 buildings with 481,190 square feet of space delivered to the market, with 1,425,118 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 4.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 463,293 square feet. Vacant sublease space decreased to 1,000 square feet. Rental rates ended the third quarter at $14.26, a decrease over the previous quarter. A total of two buildings with 20,000 square feet of space delivered to the market, with 171,545 square feet still under construction at the end of the quarter.

New York CityThe New York City retail market ended the quarter with

a vacancy rate of 3.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 572,210 square feet. Vacant sublease space increased to 50,622 square feet. Rental rates ended the third quarter at $85.10, a decrease over the previous quarter. A total of five buildings with 534,088 square feet of space delivered to the market, with 2,024,147 square feet still under construction at the end of the quarter.

North Bay/Santa RosaThe North Bay/Santa Rosa retail market ended the quar-

ter with a vacancy rate of 4.0%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (101,618) square feet. Vacant sublease space increased to 213,105 square feet. Rental rates ended the third quarter at $20.18, an increase over the previous quarter. A total of two buildings with 14,500 square feet of space delivered to the market, with 100,263 square feet still under construction at the end of the quarter.

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

ter with a vacancy rate of 5.1%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 1,053,677 square feet. Vacant sublease space increased to 367,252 square feet. Rental rates ended the third quarter at $20.15, an increase over the previous quarter. A total of 23 buildings with 646,783 square feet of space delivered to the market, with 3,342,406 square feet still under construction at the end of the quarter.

OcalaThe Ocala retail market ended the quarter with a vacancy






Overview

rate of 7.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 88,588 square feet. Vacant sublease space stayed the same at 0 square feet. Rental rates ended the third quarter at $13.33, an increase over the previous quarter. A total of one building with 20,000 square feet of space delivered to the market, with 11,861 square feet still under construction at the end of the quarter.

Oklahoma CityThe Oklahoma City 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 339,817 square feet. Vacant sublease space decreased to 37,334 square feet. Rental rates ended the third quarter at $11.75, an increase over the previous quarter. A total of 16 buildings with 160,067 square feet of space delivered to the market, with 979,476 square feet still under construction at the end of the quarter.

OlympiaWith no space currently under construction, Olympia

absorbed (274) square feet of space and delivered 1,608 square feet of space, resulting in a vacancy rate that went from 4.7% to 4.7% over the course of the quarter. Rental rates went from $15.86 to $15.99 per square foot.

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

ter with a vacancy rate of 4.5%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 418,500 square feet. Vacant sublease space decreased to 125,663 square feet. Rental rates ended the third quarter at $12.79, a decrease over the previous quarter. A total of seven buildings with 167,048 square feet of space delivered to the market, with 276,917 square feet still under construction at the end of the quarter.

Orange County (California)The Orange County (California) retail market ended the

quarter with a vacancy rate of 3.9%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 239,476 square feet. Vacant sublease space increased to 91,897 square feet. Rental rates ended the third quarter at $25.67, an increase over the previous quarter. A total of three buildings with 17,100 square feet of space delivered to the mar-ket, with 613,031 square feet still under construction at the end of the quarter.

OrlandoThe vacancy rate remained unchanged in Orlando in

the third quarter. With 229,448 square feet in deliveries, and positive 248,140 square feet in net absorption, the vacancy rate held at 5.8%, the same rate reported in the previous quarter.

The market had 599,417 square feet under construction at the end of the quarter, and rental rates stood at $14.70 per square foot.

Palm Beach CountyThe Palm Beach County retail market ended the quarter

with a vacancy rate of 4.6%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 443,829 square feet. Vacant sublease space decreased to 53,994 square feet. Rental rates ended the third quarter at $20.06, a decrease over the previous quarter. A total of 11 buildings with 194,709 square feet of space delivered to the market, with 780,402 square feet still under construction at the end of the quarter.

PensacolaThe Pensacola 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 92,892 square feet. Vacant sublease space stayed the same at 20,388 square feet. Rental rates ended the third quarter at $10.92, a decrease over the previous quarter. A total of two buildings with 6,736 square feet of space delivered to the market, with 80,147 square feet still under construction at the end of the quarter.

PeoriaWith no new retail space being delivered to the market,

and positive 41,274 square feet of net absorption, Peoria’s vacancy rate went from 7.3% to 7.1% in the quarter. Rental rates went from $11.02 to $10.95 during that time. At the end of the quarter, there was 4,000 square feet underway for future delivery.

PhiladelphiaThe Philadelphia retail market ended the quarter with a

vacancy rate of 5.1%. The vacancy rate was down over the pre-vious quarter, with net absorption totaling positive 1,379,083 square feet. Vacant sublease space increased to 535,341 square feet. Rental rates ended the third quarter at $13.93, an increase over the previous quarter. A total of 34 buildings with 510,838 square feet of space delivered to the market, with 2,575,413 square feet still under construction at the end of the quarter.

PhoenixThe Phoenix retail market ended the quarter with a

vacancy rate of 9.0%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 203,471 square feet. Vacant sublease space increased to 639,644 square feet. Rental rates ended the third quarter at $14.60, an increase over the previous quarter. A total of 29 buildings with 511,909 square feet of space delivered to the market, with






Overview

991,497 square feet still under construction at the end of the quarter.

PittsburghThe Pittsburgh retail market ended the quarter with a

vacancy rate of 3.0%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 533,955 square feet. Vacant sublease space increased to 37,118 square feet. Rental rates ended the third quarter at $12.35, a decrease over the previous quarter. A total of 12 buildings with 113,228 square feet of space delivered to the market, with 1,016,850 square feet still under construction at the end of the quarter.

Port St Lucie/Fort PierceThe Port St Lucie/Fort Pierce 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 97,978 square feet. Vacant sublease space increased to 12,812 square feet. Rental rates ended the third quarter at $15.01, a decrease over the previous quarter. A total of one building with 4,103 square feet of space delivered to the mar-ket, with 67,506 square feet still under construction at the end of the quarter.

PortlandThe Portland retail market ended the quarter with a

vacancy rate of 4.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 159,025 square feet. Vacant sublease space increased to 355,570 square feet. Rental rates ended the third quarter at $18.05, an increase over the previous quarter. A total of four buildings with 30,498 square feet of space delivered to the market, with 588,301 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 3.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 84,105 square feet. Vacant sublease space decreased to 24,065 square feet. Rental rates ended the third quarter at $14.21, an increase over the previous quarter. A total of two buildings with 8,019 square feet of space delivered to the mar-ket, with 44,738 square feet still under construction at the end of the quarter.

ProvidenceWith no new retail space being delivered to the market,

and positive 316,830 square feet of net absorption, Providence’s vacancy rate went from 5.1% to 4.6% in the quarter. Rental rates went from $14.07 to $14.12 during that time. At the end of the quarter, there was 189,876 square feet underway for future delivery.

Raleigh/DurhamThe Raleigh/Durham retail market ended the quarter

with a vacancy rate of 3.6%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 734,065 square feet. Vacant sublease space increased to 103,204 square feet. Rental rates ended the third quarter at $15.32, no change over the previous quarter. A total of 19 build-ings with 361,201 square feet of space delivered to the market, with 559,585 square feet still under construction at the end of the quarter.

Reno/SparksThe Reno/Sparks retail market reported no new deliveries

and no space under construction at the end of the third quar-ter 2016. With this limited construction activity, net absorp-tion of positive 97,036 square feet caused the vacancy rate to decrease from 10.2% to 9.5% in the quarter. Rental rates stood at $14.05.

Richmond VAThe Richmond VA retail market ended the quarter with a

vacancy rate of 5.3%. The vacancy rate was up over the pre-vious quarter, with net absorption totaling negative (137,905) square feet. Vacant sublease space decreased to 107,280 square feet. Rental rates ended the third quarter at $13.41, a decrease over the previous quarter. A total of five buildings with 16,416 square feet of space delivered to the market, with 349,524 square feet still under construction at the end of the quarter.

RoanokeWith no new retail space being delivered to the market,

and positive 44,858 square feet of net absorption, Roanoke’s vacancy rate went from 5.0% to 4.8% in the quarter. Rental rates went from $14.17 to $14.22 during that time. At the end of the quarter, there was 54,965 square feet underway for future delivery.

RochesterThe Rochester retail market ended the quarter with a

vacancy rate of 6.0%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 418,976 square feet. Vacant sublease space decreased to 62,433 square feet. Rental rates ended the third quarter at $11.59, an increase over the previous quarter. A total of three buildings with 202,000 square feet of space delivered to the market, with 66,700 square feet still under construction at the end of the quarter.

SacramentoThe Sacramento retail market ended the quarter with a

vacancy rate of 7.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 381,918 square feet. Vacant sublease space decreased to 144,073






square feet. Rental rates ended the third quarter at $15.91, a decrease over the previous quarter. A total of six buildings with 74,474 square feet of space delivered to the market, with 1,270,943 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 third quarter 2016. With this limited construction activity, net absorption of positive 34,097 square feet caused the vacancy rate to decrease from 2.8% to 2.6% in the quarter. Rental rates stood at $21.16.

Salt Lake CityThe Salt Lake City retail market ended the quarter

with a vacancy rate of 4.0%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (75,990) square feet. Vacant sublease space decreased to 62,607 square feet. Rental rates ended the third quarter at $15.07, an increase over the previous quarter. A total of 17 buildings with 162,672 square feet of space delivered to the market, with 1,337,118 square feet still under construction at the end of the quarter.

San AntonioThe San Antonio retail market ended the quarter with

a vacancy rate of 3.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 771,080 square feet. Vacant sublease space decreased to 80,662 square feet. Rental rates ended the third quarter at $14.80, an increase over the previous quarter. A total of 25 buildings with 484,084 square feet of space delivered to the market, with 527,829 square feet still under construction at the end of the quarter.

San DiegoThe San Diego retail market ended the quarter with

a vacancy rate of 4.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 336,053 square feet. Vacant sublease space decreased to 409,691 square feet. Rental rates ended the third quarter at $22.07, a decrease over the previous quarter. A total of 13 buildings with 213,443 square feet of space delivered to the market, with 481,421 square feet still under construction at the end of the quarter.

San FranciscoWith no new retail space being delivered to the mar-

ket, and negative (198,007) square feet of net absorption, San Francisco’s vacancy rate went from 2.0% to 2.2% in the quarter. Rental rates went from $40.05 to $40.06 during that

time. At the end of the quarter, there was 943,747 square feet underway for future delivery.

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

and positive 14,386 square feet of net absorption, San Luis Obispo/Paso Robles’s vacancy rate went from 3.3% to 3.2% in the quarter. Rental rates went from $21.58 to $22.06 dur-ing that time. At the end of the quarter, there was 61,738 square feet underway for future delivery.

Santa Barbara/Sta Maria/GoletaThe Santa Barbara/Sta Maria/Goleta retail market

ended the quarter with a vacancy rate of 2.0%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 52,823 square feet. Vacant sublease space decreased to 51,111 square feet. Rental rates ended the third quarter at $26.79, an increase over the previous quarter. A total of four buildings with 15,327 square feet of space deliv-ered to the market, with 20,850 square feet still under con-struction at the end of the quarter.

Santa Cruz/WatsonvilleWith no new retail space being delivered to the mar-

ket, and positive 4,236 square feet of net absorption, Santa Cruz/Watsonville’s vacancy rate went from 3.2% to 3.1% in the quarter. Rental rates went from $18.96 to $18.55 during that time. At the end of the quarter, there was 14,247 square feet underway for future delivery.

SavannahThe Savannah 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 80,384 square feet. Vacant sublease space decreased to 42,743 square feet. Rental rates ended the third quarter at $16.55, an increase over the previous quarter. A total of five buildings with 46,999 square feet of space delivered to the market, with 64,998 square feet still under construction at the end of the quarter.

Seattle/Puget SoundThe vacancy rate remained unchanged in Seattle/Puget

Sound in the third quarter. With 66,310 square feet in deliver-ies, and negative (15,482) square feet in net absorption, the vacancy rate held at 3.7%, the same rate reported in the previous quarter. The market had 760,093 square feet under construction at the end of the quarter, and rental rates stood at $18.60 per square foot.

Shreveport/Bossier CityThe Shreveport/Bossier City retail market ended the

Overview






quarter with a vacancy rate of 4.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 247,516 square feet. Vacant sublease space increased to 5,215 square feet. Rental rates ended the third quarter at $11.36, an increase over the previous quarter. A total of two buildings with 17,620 square feet of space delivered to the market, with 51,702 square feet still under construction at the end of the quarter.

South Bay/San JoseThe vacancy rate remained unchanged in South Bay/San

Jose in the third quarter. With 283,362 square feet in deliver-ies, and positive 232,589 square feet in net absorption, the vacancy rate held at 5.2%, the same rate reported in the previous quarter. The market had 692,714 square feet under construction at the end of the quarter, and rental rates stood at $30.73 per square foot.

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

Mishawaka absorbed 128,416 square feet of space and deliv-ered 5,000 square feet of space, resulting in a vacancy rate that went from 4.0% to 3.4% over the course of the quarter. Rental rates went from $10.51 to $10.33 per square foot.

Southwest FloridaThe Southwest Florida retail market ended the quarter

with a vacancy rate of 5.8%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 274,273 square feet. Vacant sublease space increased to 240,534 square feet. Rental rates ended the third quarter at $15.32, a decrease over the previous quarter. A total of nine buildings with 166,305 square feet of space delivered to the market, with 392,226 square feet still under construction at the end of the quarter.

SpokaneWith no new retail space being delivered to the market,

and positive 6,538 square feet of net absorption, Spokane’s vacancy rate went from 4.5% to 4.4% in the quarter. Rental rates went from $11.75 to $11.49 during that time. At the end of the quarter, there was 107,428 square feet underway for future delivery.

SpringfieldThe vacancy rate remained unchanged in Springfield in

the third quarter. With 42,800 square feet in deliveries, and positive 50,186 square feet in net absorption, the vacancy rate held at 4.5%, the same rate reported in the previous quarter. The market had 21,000 square feet under construction at the end of the quarter, and rental rates stood at $9.92 per square foot.

St. LouisThe St. Louis 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 671,093 square feet. Vacant sublease space increased to 148,161 square feet. Rental rates ended the third quarter at $12.17, an increase over the previous quarter. A total of 10 buildings with 144,236 square feet of space delivered to the market, with 517,550 square feet still under construction at the end of the quarter.

Stockton/ModestoThe vacancy rate remained unchanged in Stockton/

Modesto in the third quarter. With 237,656 square feet in deliveries, and positive 237,479 square feet in net absorption, the vacancy rate held at 4.6%, the same rate reported in the previous quarter. The market had 168,859 square feet under construction at the end of the quarter, and rental rates stood at $15.00 per square foot.

SyracuseThe Syracuse retail market ended the quarter with a

vacancy rate of 3.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 254,420 square feet. Vacant sublease space decreased to 64,204 square feet. Rental rates ended the third quarter at $10.50, an increase over the previous quarter. A total of three build-ings with 165,856 square feet of space delivered to the market, with 47,189 square feet still under construction at the end of the quarter.

TallahasseeThe Tallahassee 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 95,838 square feet. Vacant sublease space increased to 5,698 square feet. Rental rates ended the third quarter at $13.30, a decrease over the previous quarter. A total of one building with 5,509 square feet of space delivered to the market, with 75,449 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 5.0%. The vacancy rate was down over the previous quarter, with net absorption totaling posi-tive 285,432 square feet. Vacant sublease space increased to 474,336 square feet. Rental rates ended the third quarter at $14.43, an increase over the previous quarter. A total of 16 buildings with 167,756 square feet of space delivered to the market, with 752,755 square feet still under construction at the end of the quarter.

ToledoThe Toledo retail market ended the quarter with a

vacancy rate of 4.9%. The vacancy rate was up over the pre-vious quarter, with net absorption totaling negative (112,594)

Overview






square feet. Vacant sublease space decreased to 38,890 square feet. Rental rates ended the third quarter at $7.69, a decrease over the previous quarter. A total of two buildings with 7,538 square feet of space delivered to the market, with 119,695 square feet still under construction at the end of the quarter.

TucsonThe Tucson retail market ended the quarter with a

vacancy rate of 6.0%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 173,291 square feet. Vacant sublease space increased to 33,113 square feet. Rental rates ended the third quarter at $14.77, a decrease over the previous quarter. A total of five buildings with 27,429 square feet of space delivered to the market, with 356,623 square feet still under construction at the end of the quarter.

TulsaThe Tulsa retail market ended the quarter with a

vacancy rate of 4.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 151,211 square feet. Vacant sublease space increased to 78,126 square feet. Rental rates ended the third quarter at $10.14, an increase over the previous quarter. A total of seven buildings with 55,883 square feet of space delivered to the market, with 339,764 square feet still under construction at the end of the quarter.

Utica/RomeWith no space currently under construction, Utica/

Rome absorbed 57,341 square feet of space and delivered 3,000 square feet of space, resulting in a vacancy rate that went from 3.6% to 3.4% over the course of the quarter. Rental rates went from $8.68 to $8.88 per square foot.

Visalia/PortervilleThe Visalia/Porterville retail market ended the quarter

with a vacancy rate of 5.6%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (42,850) square feet. Vacant sublease space decreased to 56,349 square feet. Rental rates ended the third quarter at $12.59, an increase over the previous quarter. A total of two buildings with 21,515 square feet of space delivered to the market, with 9,100 square feet still under construction at the end of the quarter.

WashingtonThe vacancy rate remained unchanged in Washington

in the third quarter. With 399,121 square feet in deliver-

ies, and positive 381,689 square feet in net absorption, the vacancy rate held at 4.1%, the same rate reported in the previous quarter. The market had 1,919,172 square feet under construction at the end of the quarter, and rental rates stood at $26.97 per square foot.

West MichiganThe West Michigan 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 posi-tive 592,632 square feet. Vacant sublease space decreased to 177,656 square feet. Rental rates ended the third quarter at $9.82, an increase over the previous quarter. A total of seven buildings with 44,509 square feet of space delivered to the market, with 199,375 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 5.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 698,552 square feet. Vacant sublease space decreased to 163,584 square feet. Rental rates ended the third quarter at $23.54, an increase over the previous quar-ter. A total of 20 buildings with 220,256 square feet of space delivered to the market, with 1,498,156 square feet still under construction at the end of the quarter.

WichitaWith no new retail space being delivered to the market,

and negative (994) square feet of net absorption, Wichita’s vacancy rate went from 4.6% to 4.6% in the quarter. Rental rates went from $10.67 to $10.47 during that time. At the end of the quarter, there was 383,529 square feet underway for future delivery.

WilmingtonThe Wilmington 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 271,673 square feet. Vacant sublease space decreased to 41,400 square feet. Rental rates ended the third quarter at $13.47, a decrease over the previous quarter. A total of four buildings with 68,200 square feet of space delivered to the market, with 89,697 square feet still under construction at the end of the quarter.

YakimaWith no new retail space being delivered to the market,

and positive 6,004 square feet of net absorption, Yakima’s

Overview






vacancy rate went from 4.4% to 4.3% in the quarter. Rental rates went from $10.96 to $11.78 during that time. At the end of the quarter, there was 183,102 square feet underway for future delivery.

Youngstown/Warren/BoardmanWith no new retail space being delivered to the mar-

ket, and positive 151,625 square feet of net absorption, Youngstown/Warren/Boardman’s vacancy rate went from 3.8% to 3.4% in the quarter. Rental rates went from $8.38 to $9.05 during that time. At the end of the quarter, there was 42,007 square feet underway for future delivery.

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/CDallas/Ft Worth 172 3,542,713 73.0% 13,603 28,226 Houston 121 3,448,928 82.1% 15,105 34,726 Northern New Jersey 45 3,043,485 91.1% 10,164 74,276 Atlanta 125 2,500,022 86.9% 13,414 23,016 Long Island (New York) 67 2,143,864 76.2% 7,696 41,974 Philadelphia 92 1,793,853 69.7% 11,293 27,994 Miami-Dade County 56 739,540 30.1% 12,512 43,838 Denver 79 1,963,716 88.3% 13,406 28,158 New York City 23 1,832,653 90.5% 12,008 88,006 Washington 50 1,381,541 72.0% 13,656 38,383 Boston 50 1,184,318 62.7% 12,198 37,792 Chicago 107 1,434,125 76.5% 12,961 17,513 Los Angeles 52 913,318 54.2% 9,922 32,395 Westchester/So Connecticut 52 1,027,441 68.6% 10,505 28,811 Nashville 43 686,557 48.2% 11,020 33,142 Indianapolis 35 1,111,723 81.8% 11,975 38,809 Salt Lake City 44 1,061,507 79.4% 12,453 30,389 Milwaukee 24 1,047,319 79.3% 10,636 55,046 Sacramento 27 510,285 40.2% 12,431 47,072 Austin 44 404,461 33.4% 11,583 27,511 Hampton Roads 22 902,184 75.2% 12,943 54,550 Detroit 52 596,593 57.3% 10,246 20,016 Kansas City 38 861,275 83.6% 12,898 27,103 Pittsburgh 43 776,319 76.3% 10,183 23,648 Phoenix 62 751,284 75.8% 15,892 15,992 Oklahoma City 37 585,190 59.7% 10,052 26,472 Baltimore 16 555,084 57.1% 11,190 60,723 Charlotte 54 643,511 66.5% 12,085 17,928 San Francisco 8 655,730 69.5% 7,757 117,968 Palm Beach County 28 652,796 83.6% 15,798 27,871 Inland Empire (California) 46 657,779 84.4% 11,765 16,935 Corpus Christi 7 760,849 99.4% 11,306 109,341 Seattle/Puget Sound 26 648,813 85.4% 11,554 29,234 Tampa/St Petersburg 49 531,006 70.5% 11,948 15,362 Broward County 42 657,099 89.6% 14,488 17,458 Las Vegas 31 348,299 49.0% 15,422 22,936 South Bay/San Jose 17 428,171 61.8% 11,968 40,748 Jacksonville (Florida) 23 470,878 74.3% 11,342 27,552 Minneapolis 28 369,264 59.4% 12,469 22,198 Orange County (California) 18 479,811 78.3% 13,699 34,057 Madison 8 547,567 90.0% 12,182 76,051 Orlando 39 382,950 63.9% 14,376 15,370 Portland 21 526,466 89.5% 10,934 28,014 Raleigh/Durham 38 404,864 72.4% 12,421 14,726 Hartford 20 456,659 86.4% 10,108 26,439 United StatesUnited StatesUnited StatesUnited States 2,908 2,908 2,908 2,908 57,333,875 57,333,875 57,333,875 57,333,875 72.2% 72.2% 72.2% 72.2% 11,427 11,427 11,427 11,427 27,296 27,296 27,296 27,296

Source: CoStar Property®

MarketUnder Construction Inventory Average Bldg Size

Total GLA

968,102 943,747

760,093

4,854,935

528,771

599,417 588,301 559,585

621,556 613,031 608,412

2,575,413

711,001 692,714 633,687

1,498,156

752,755 733,221

4,201,804 3,342,406 2,877,043 2,812,235

1,684,566

1,425,118

1,270,943

79,376,649 79,376,649 79,376,649 79,376,649

780,402 779,005 765,386

1,200,094

979,476 971,570

1,040,831 1,029,921 1,016,850

991,497

1,210,473

1,337,118 1,321,109

2,454,946 2,224,509 2,024,147 1,919,172

1,358,305

1,889,591 1,873,869

120.5128.1

165.7

232.7232.7220.6219.3

207.8215.4

147.9137.5141.0

157.3

199.6194.0193.1204.1

241.1244.2

222.8

205.6212.0

230.7

254.3260.3260.6

240.5

124.6

67.660.863.071.5

82.190.493.7

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 2016

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 3,253 31,962,629 26,815,973 83.9% $25.23 14,008,325 17,954,304

50,000 SF - 99,999 SF 137 9,314,202 8,116,470 87.1% $25.35 4,318,442 4,995,760

100,000 SF - 249,999 SF 96 14,106,366 13,313,734 94.4% $20.48 7,669,933 6,436,433

250,000 SF - 499,999 SF 8 2,799,118 1,367,840 48.9% $0.00 351,000 2,448,118

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


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

2016 Deliveries

Source: CoStar Property® Source: CoStar Property®

Currently Under Construction

22.33

19.32 19.29

13.70

17.1218.52

17.81

14.44

18.02

20.59 20.87

18.19

20.34

15.07

12.8113.77

11.38

16.03 15.96 15.8914.69

17.78 18.3517.13

14.36

19.90

22.15

14.57

16.83

14.90

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2013 1q 2013 3q 2014 1q 2014 3q 2015 1q 2015 3q 2016 1q 2016 3q

Millions

of

SF

Construction Starts Deliveries

79%

21%

Multi Single

55%

45%

Multi Single 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000

Specialty Center

Power Center

Mall

Shopping Center

General Retail

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Figures at a Glance

General Retail Market Statistics Third Quarter 2016

YTD Net YTD Under Quoted

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

Albany/Schenect. 10,040 62,897,006 1,130,154 1,149,142 1.8% 474,933 167,173 274,564 $12.38

Albuquerque 4,490 29,750,612 595,274 596,249 2.0% 277,651 98,652 28,789 $13.06

Anchorage 912 11,380,725 158,767 161,202 1.4% 3,526 26,131 20,345 $27.74

Asheville 2,143 19,474,550 336,369 336,369 1.7% 264,384 116,114 126,537 $15.06

Atlanta 19,995 151,570,925 6,057,178 6,254,604 4.1% 692,326 610,162 763,473 $12.71

Augusta/Richmon 2,966 20,449,692 830,247 830,247 4.1% 320,926 283,925 30,240 $9.65

Austin 7,142 48,157,365 974,807 992,797 2.1% 489,175 481,870 1,055,211 $21.55

Bakersfield 1,366 9,316,075 304,158 318,658 3.4% 110,359 69,770 0 $15.77

Baltimore 10,472 63,962,766 1,799,880 1,863,789 2.9% 589,681 120,722 273,773 $20.15

Baton Rouge 2,826 24,640,442 853,253 863,334 3.5% 341,479 108,125 243,765 $12.22

Beaumont/Port A. 1,503 12,644,217 308,756 308,756 2.4% 148,369 55,589 21,448 $10.42

Birmingham 7,871 57,459,971 1,564,512 1,570,724 2.7% 535,579 184,375 115,706 $10.00

Boise City/Namp. 3,228 19,869,016 458,241 467,099 2.4% 126,129 18,227 67,564 $12.46

Boston 24,197 193,972,378 4,706,754 4,830,327 2.5% 1,680,497 894,824 1,199,996 $16.71

Bremerton/Silve. 902 7,227,522 248,177 251,577 3.5% 39,051 5,362 0 $9.53

Broward County 5,059 41,383,890 1,179,290 1,216,178 2.9% 430,070 559,318 640,511 $22.27

Brownsville/Har. 995 8,634,322 501,370 501,370 5.8% (41,833) 45,431 37,325 $13.95

Buffalo/Niagara. 4,499 36,355,035 1,122,748 1,146,457 3.2% 515,850 301,486 0 $11.20

Charleston WV 1,654 11,574,413 270,469 270,469 2.3% 92,181 26,923 0 $10.29

Charleston/N Ch. 3,791 21,851,239 381,324 381,324 1.7% 204,592 158,009 300,385 $22.97

Charlotte 10,459 79,546,755 2,356,621 2,569,018 3.2% 1,488,897 1,001,650 530,773 $13.96

Chattanooga 1,979 14,940,634 365,126 365,126 2.4% 235,434 23,800 15,000 $10.74

Chicago 34,308 293,310,624 14,975,514 15,463,110 5.3% 3,274,562 1,679,836 1,546,879 $17.50

Cincinnati 9,821 69,132,565 1,988,265 1,991,181 2.9% 703,956 227,513 228,316 $10.48

Cleveland 13,828 103,438,151 2,445,468 2,485,144 2.4% 1,441,785 725,504 208,404 $9.50

Colorado Spring. 2,502 17,236,828 394,139 408,541 2.4% 17,446 65,647 30,680 $11.58

Columbia 4,295 28,283,941 726,937 839,567 3.0% 776,722 526,362 382,889 $11.25

Columbus 5,630 40,186,990 679,072 685,231 1.7% 355,461 177,826 484,018 $13.89

Columbus GA 1,798 14,955,780 502,339 502,339 3.4% 316,759 289,646 89,073 $14.95

Corpus Christi 1,820 14,092,503 317,456 317,456 2.3% 190,328 53,309 765,386 $11.04

Dallas/Ft Worth 22,283 187,257,682 4,582,636 4,773,744 2.5% 2,362,925 1,907,329 2,459,207 $15.94

Davenport/Molin. 1,228 11,025,438 275,039 275,039 2.5% 99,044 61,660 3,578 $9.30

Dayton 6,111 39,950,943 1,252,617 1,256,225 3.1% 254,105 67,262 71,341 $9.26

Deltona/Daytona. 2,914 18,472,938 432,788 449,397 2.4% 335,829 94,925 134,605 $12.54

Denver 10,138 80,631,256 1,825,223 1,953,699 2.4% 685,895 550,376 1,505,750 $17.62

Des Moines 2,391 20,671,409 789,837 814,264 3.9% 470,800 289,890 474,863 $11.30

Detroit 20,699 129,325,022 4,971,725 5,066,881 3.9% 1,330,962 412,293 350,636 $12.76

Duluth 1,918 14,343,411 194,502 194,502 1.4% 128,325 16,625 25,726 $8.82

East Bay/Oaklan. 10,388 61,961,679 1,220,150 1,258,288 2.0% 350,658 87,963 93,346 $24.55

El Paso 3,794 24,205,009 652,266 652,266 2.7% 283,137 114,434 115,040 $11.68

Erie 1,510 11,845,173 145,965 164,762 1.4% 5,415 0 13,800 $9.97

Evansville 1,539 12,805,366 316,852 339,773 2.7% 95,471 2,509 0 $9.74

Fayetteville 1,527 9,864,623 212,186 212,186 2.2% 251,273 204,436 220,054 $14.95

Fayetteville/Sp. 2,000 18,054,187 435,933 435,933 2.4% 229,420 179,496 224,605 $13.92

Fort Smith 1,161 9,808,588 305,036 305,036 3.1% 193,178 78,954 2,885 $6.96

Fort Wayne 1,796 15,942,285 622,668 624,768 3.9% 307,505 15,108 19,100 $9.10

Fresno 4,912 31,424,951 1,086,231 1,097,962 3.5% 557,424 77,360 78,730 $11.72

Green Bay 2,393 22,884,150 687,867 694,904 3.0% 214,760 15,201 31,000 $9.86


Existing Inventory Vacancy






Figures at a Glance




Greensboro/Wins. 8,016 53,417,627 1,431,519 1,445,627 2.7% 470,648 163,964 134,119 $9.95

Greenville/Spar. 8,353 48,674,099 1,503,282 1,644,562 3.4% 295,138 150,795 72,358 $11.45

Hampton Roads 5,745 42,366,947 1,480,908 1,547,296 3.7% 463,475 439,944 511,519 $13.73

Hartford 12,762 87,584,789 2,568,992 2,575,886 2.9% 994,963 165,737 167,271 $11.82

Hawaii 3,166 31,119,054 669,340 690,069 2.2% (144,709) 36,985 17,412 $31.83

Houston 16,994 150,728,881 3,332,748 3,380,172 2.2% 1,724,158 1,651,538 1,527,518 $16.84

Huntington/Ashl. 2,730 18,819,826 272,799 272,799 1.4% 140,457 0 0 $7.26

Huntsville 1,291 12,430,250 550,895 568,821 4.6% 512,675 353,942 236,575 $12.75

Indianapolis 8,264 61,119,172 1,257,126 1,281,216 2.1% 879,980 485,356 985,612 $12.78

Inland Empire (. 9,687 59,257,360 2,445,103 2,627,771 4.4% 485,451 267,365 316,336 $15.85

Jackson 2,415 20,426,864 604,439 604,439 3.0% 82,538 27,206 0 $10.06

Jacksonville (F. 6,172 40,682,730 1,047,037 1,092,109 2.7% 356,109 323,873 554,031 $11.81

Kansas City 6,616 49,370,290 1,603,531 1,620,431 3.3% (118,308) 109,662 756,577 $12.20

Killeen/Temple/. 1,440 9,056,539 318,734 318,734 3.5% 108,608 46,950 102,200 $12.80

Kingsport/Brist. 1,412 11,606,579 412,585 412,585 3.6% 119,554 22,327 137,063 $7.34

Knoxville 3,777 27,506,421 542,614 557,914 2.0% 225,998 89,344 106,754 $13.62

Lafayette 952 7,755,560 131,869 135,369 1.7% 51,563 21,508 40,000 $10.01

Las Vegas 3,662 32,596,012 1,357,758 1,494,072 4.6% 747,037 544,058 194,181 $15.76

Lexington/Fayet. 1,980 15,049,163 599,998 602,412 4.0% (93,023) 40,143 39,886 $12.98

Lincoln 1,439 11,239,868 292,522 292,522 2.6% 117,839 52,271 68,483 $11.94

Little Rock/N L. 4,451 30,040,368 583,765 596,265 2.0% 134,910 144,285 181,383 $13.72

Long Island (Ne. 38,101 223,968,553 6,747,684 6,779,552 3.0% 1,909,664 427,113 1,714,785 $35.26

Los Angeles 37,266 236,104,817 7,421,985 7,683,967 3.3% 1,430,303 480,126 1,259,296 $32.20

Louisville 6,342 43,651,251 1,609,379 1,641,762 3.8% 373,739 122,143 235,278 $13.09

Lubbock 1,921 14,608,607 268,167 282,997 1.9% 85,240 40,207 197,083 $16.56

Madison 3,384 30,900,893 990,006 994,038 3.2% 437,021 147,205 15,000 $14.08

McAllen/Edinbur. 1,137 11,785,890 284,086 284,086 2.4% 185,321 87,254 268,755 $14.15

Memphis 6,150 40,519,459 1,254,870 1,267,729 3.1% 967,547 554,505 330,078 $10.21

Miami-Dade Coun 7,904 60,438,444 1,583,269 1,599,075 2.6% 374,153 234,597 643,262 $39.17

Milwaukee 12,026 91,932,611 3,166,553 3,169,653 3.4% 940,057 680,851 842,070 $11.75

Minneapolis 13,848 117,942,130 2,467,954 2,488,795 2.1% 1,215,585 725,268 506,413 $12.97

Mobile 3,210 21,281,303 614,139 620,819 2.9% 102,829 22,010 55,645 $11.14

Montgomery 1,587 12,574,327 402,841 402,841 3.2% 282,755 122,065 40,277 $9.17

Myrtle Beach/Co. 1,610 11,564,790 315,862 315,862 2.7% 135,259 119,328 45,436 $10.86

Nashville 7,726 55,013,356 1,048,480 1,117,263 2.0% 1,015,547 649,468 524,218 $18.51

New Orleans/Met. 6,736 48,722,212 1,140,419 1,140,419 2.3% 888,792 194,661 150,985 $15.12

New York City 4,369 49,848,051 1,654,406 1,705,028 3.4% (181,900) 44,497 1,024,147 $87.04

North Bay/Santa. 5,363 35,087,734 930,775 947,016 2.7% 448,975 188,820 85,763 $21.66

Northern New Je. 34,178 223,997,893 9,311,071 9,397,745 4.2% 392,463 595,591 665,837 $20.46

Ocala 700 5,753,895 159,350 159,350 2.8% 74,584 33,600 11,861 $12.37

Oklahoma City 7,235 49,692,276 1,303,878 1,326,840 2.7% 1,103,706 970,879 505,349 $13.46

Olympia 911 6,893,342 120,386 120,386 1.7% (1,308) 3,608 0 $15.43

Omaha/Council B. 4,279 31,189,876 629,885 679,165 2.2% 252,808 129,708 261,042 $13.60

Orange County (. 6,452 42,727,815 1,057,840 1,078,547 2.5% 226,373 142,674 252,038 $25.21

Orlando 8,767 69,223,876 1,997,903 2,054,854 3.0% 605,130 213,791 331,698 $15.61

Palm Beach Coun. 3,427 29,346,742 849,023 853,623 2.9% 336,503 226,566 622,436 $24.42

Pensacola 3,071 18,341,945 512,017 532,405 2.9% 118,211 33,195 80,147 $10.21

Peoria 1,078 9,521,328 342,034 342,034 3.6% 99,674 6,800 4,000 $10.64








Figures at a Glance




Philadelphia 42,388 289,146,755 8,274,298 8,443,314 2.9% 1,721,992 600,253 1,432,441 $14.08

Phoenix 8,169 66,753,911 2,941,995 3,064,926 4.6% 526,341 501,470 230,901 $15.08

Pittsburgh 12,386 78,150,371 1,446,847 1,448,347 1.9% 1,095,553 315,180 779,066 $10.82

Port St Lucie/F. 1,325 12,130,284 311,679 315,135 2.6% 165,880 39,282 65,505 $15.22

Portland 7,768 55,495,374 1,005,899 1,077,188 1.9% 187,360 107,569 203,300 $17.82

Portland/South . 3,687 25,347,821 466,523 481,838 1.9% 255,847 47,825 44,738 $13.67

Providence 6,265 36,275,967 869,963 869,963 2.4% 636,708 89,339 189,876 $14.10

Raleigh/Durham 5,792 35,631,931 718,216 755,943 2.1% 429,415 437,664 421,753 $16.75

Reno/Sparks 1,532 13,125,520 787,235 805,060 6.1% 136,442 7,826 0 $13.26

Richmond VA 5,671 37,212,890 1,032,420 1,037,795 2.8% 166,610 84,758 271,766 $13.16

Roanoke 1,622 14,043,269 411,198 415,798 3.0% 65,060 0 49,965 $14.22

Rochester 4,878 35,560,110 970,682 975,419 2.7% 695,190 291,820 52,200 $11.28

Sacramento 4,987 35,002,825 1,335,312 1,335,312 3.8% 219,180 126,366 294,177 $14.09

Salinas 1,467 9,432,011 191,553 201,475 2.1% 24,049 0 0 $21.08

Salt Lake City 8,207 69,551,677 1,846,125 1,848,641 2.7% 454,466 488,063 399,979 $14.58

San Antonio 10,255 62,501,188 1,076,472 1,084,928 1.7% 1,563,455 705,673 401,785 $14.12

San Diego 8,917 52,501,460 1,376,471 1,463,664 2.8% 334,657 96,643 124,614 $23.07

San Francisco 9,891 63,119,213 1,155,354 1,338,552 2.1% (9,746) 47,000 682,086 $41.12

San Luis Obispo. 1,402 8,860,121 198,117 225,834 2.5% (11,505) 7,638 61,738 $22.64

Santa Barbara/S. 1,708 14,818,533 187,868 217,058 1.5% 117,232 49,198 3,750 $35.35

Santa Cruz/Wats. 1,274 6,828,276 259,097 264,717 3.9% (25,676) 0 14,247 $19.84

Savannah 2,106 13,678,275 608,316 617,241 4.5% 71,381 73,094 64,998 $19.28

Seattle/Puget S. 11,526 91,375,911 1,792,980 1,830,786 2.0% 507,967 98,499 598,921 $18.70

Shreveport/Boss. 1,713 14,361,777 531,253 534,718 3.7% 117,666 29,818 7,817 $10.15

South Bay/San J. 4,777 32,545,784 772,160 799,370 2.5% 237,200 179,605 79,638 $33.74

South Bend/Mish. 1,733 12,783,059 378,794 395,714 3.1% 118,982 5,200 0 $8.81

Southwest Flori. 4,292 31,413,310 566,657 590,001 1.9% 795,348 598,139 317,415 $17.97

Spokane 3,121 22,285,425 794,432 804,716 3.6% 131,336 30,736 75,516 $11.14

Springfield 1,789 16,780,328 594,361 597,697 3.6% 54,371 55,387 21,000 $9.02

St. Louis 9,380 77,451,005 2,367,575 2,468,443 3.2% 1,040,111 516,143 400,610 $12.89

Stockton/Modest. 3,474 24,951,763 903,252 907,252 3.6% 180,069 16,332 26,300 $12.07

Syracuse 5,611 43,892,192 784,479 808,805 1.8% 554,167 136,764 47,189 $11.06

Tallahassee 2,274 13,909,084 385,007 390,705 2.8% 221,477 95,035 73,526 $13.75

Tampa/St Peters. 14,783 108,152,719 2,974,611 3,106,283 2.9% 1,051,355 426,357 622,088 $15.64

Toledo 6,680 47,654,881 1,423,954 1,460,044 3.1% 174,848 39,458 64,695 $7.67

Tucson 3,640 18,924,921 637,527 664,125 3.5% 193,058 134,540 36,437 $13.76

Tulsa 5,905 41,540,971 772,019 779,019 1.9% 464,647 230,198 245,464 $9.63

Utica/Rome 1,879 15,205,010 319,494 319,494 2.1% 163,994 3,000 0 $9.42

Visalia/Porterv. 1,474 9,709,088 286,132 286,132 2.9% 24,964 25,817 9,100 $11.01

Washington 12,884 85,698,069 2,481,970 2,524,297 2.9% 321,465 262,891 845,667 $29.62

West Michigan 12,898 92,132,209 2,055,323 2,213,577 2.4% 702,485 216,816 142,830 $9.26

Westchester/So . 17,240 123,310,338 5,210,397 5,288,373 4.3% 1,351,718 321,937 1,313,156 $25.86

Wichita 3,332 28,331,564 759,026 759,026 2.7% 300,271 89,103 261,624 $10.57

Wilmington 2,709 15,685,451 337,039 337,039 2.1% 235,547 97,557 89,697 $13.36

Yakima 1,133 8,637,923 411,578 411,578 4.8% (3,526) 0 173,102 $11.33

Youngstown/Warr 3,533 23,324,232 473,091 478,752 2.1% 138,890 20,125 42,007 $8.22

Totals 930,772 6,696,877,653 195,218,763 200,298,030 3.0% 63,524,794 33,359,003 43,410,177 $16.97








Figures at a Glance

Mall Market Statistics Third Quarter 2016


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

Albany/Schenect. 8 6,862,275 233,784 233,784 3.4% 26,666 185,000 0 $0.00

Albuquerque 4 3,489,743 156,637 156,637 4.5% 57,255 12,000 180,000 $30.03

Anchorage 4 2,454,915 10,747 10,747 0.4% (7,247) 0 0 $0.00

Asheville 3 1,552,233 21,827 21,827 1.4% 3,826 0 0 ######

Atlanta 36 26,497,402 920,866 924,253 3.5% 95,648 40,217 959,929 $19.80

Augusta/Richmon 3 2,663,251 1,069,809 1,069,809 40.2% 0 0 0 $0.00

Austin 10 6,846,153 81,350 81,350 1.2% (6,999) 0 0 $13.40

Bakersfield 2 1,898,712 167,723 167,723 8.8% (3,911) 0 0 $11.56

Baltimore 22 18,228,719 1,537,285 1,541,810 8.5% (166,065) 0 0 $19.13

Baton Rouge 6 4,284,998 425,876 427,376 10.0% (208,812) 0 0 $19.65

Beaumont/Port A. 3 2,671,055 108,617 108,617 4.1% 68 0 0 $0.00

Birmingham 12 7,910,473 722,296 722,296 9.1% 3,091 0 0 $9.00

Boise City/Namp. 4 2,681,068 151,515 151,515 5.7% 61,240 0 0 $15.54

Boston 40 30,453,616 764,657 776,884 2.6% 73,075 15,979 632,450 $42.00

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

Broward County 11 8,628,062 805,497 805,497 9.3% 26,052 0 11,000 $20.45

Brownsville/Har. 2 1,411,853 93,541 93,541 6.6% 1,020 0 0 $19.03

Buffalo/Niagara. 3 3,560,543 3,431 3,431 0.1% 68,159 0 0 $0.00

Charleston WV 1 1,057,083 1,787 1,787 0.2% 6,356 0 0 ######

Charleston/N Ch. 2 1,748,661 17,926 17,926 1.0% 1,304 0 0 $0.00

Charlotte 23 13,919,864 524,211 524,211 3.8% 80,428 11,116 0 $14.64

Chattanooga 2 2,131,137 176,654 176,654 8.3% 35,760 0 0 $19.00

Chicago 42 36,452,352 1,748,697 1,777,296 4.9% 56,433 42,935 0 $15.47

Cincinnati 15 11,566,269 961,036 961,036 8.3% 23,818 0 0 $18.21

Cleveland 20 18,701,936 2,375,871 2,375,871 12.7% 67,951 16,552 46,841 $10.02

Colorado Spring. 3 2,528,390 251,856 251,856 10.0% 8,747 8,959 0 $5.00

Columbia 5 6,040,077 807,557 807,557 13.4% (78,380) 0 0 $14.22

Columbus 7 7,492,442 449,927 449,927 6.0% 36,444 0 0 $8.15

Columbus GA 5 3,732,279 127,320 127,320 3.4% (1,459) 0 0 $12.25

Corpus Christi 3 2,534,645 67,860 67,860 2.7% (1,243) 0 0 $0.00

Dallas/Ft Worth 47 37,587,846 1,351,012 1,356,450 3.6% 186,606 114,350 661,125 $21.33

Davenport/Molin. 2 1,977,247 3,000 3,000 0.2% 0 0 0 $0.00

Dayton 6 5,353,472 303,025 303,025 5.7% 157,761 0 0 $12.59

Deltona/Daytona. 2 1,759,259 15,776 15,776 0.9% (3,928) 0 0 $18.90

Denver 23 19,696,570 1,129,026 1,129,026 5.7% 354,014 298,558 253,207 $20.11

Des Moines 6 5,842,823 105,580 105,580 1.8% 36,642 0 0 $16.37

Detroit 20 23,033,363 3,847,435 3,847,435 16.7% (40,095) 0 0 $8.09

Duluth 3 1,537,379 134,188 134,188 8.7% 21,338 0 0 $6.00

East Bay/Oaklan. 14 11,265,285 228,847 255,077 2.3% 140,039 27,000 20,000 $30.26

El Paso 4 3,390,528 21,100 21,100 0.6% 3,216 0 0 $8.49

Erie 3 2,144,279 65,780 65,780 3.1% 10,123 0 0 $0.00

Evansville 2 1,323,441 96,255 96,255 7.3% 15,506 0 0 $10.18

Fayetteville 1 1,190,570 0 0 0.0% 2,195 0 0 $0.00

Fayetteville/Sp. 2 2,627,169 46,337 46,337 1.8% 38,605 0 0 $35.00

Fort Smith 1 864,625 7,631 7,631 0.9% 0 0 0 $0.00

Fort Wayne 3 2,468,725 27,189 27,189 1.1% (3,384) 0 0 $35.00

Fresno 10 5,485,165 549,054 549,054 10.0% (81,408) 0 0 $17.71

Green Bay 4 2,902,739 114,880 114,880 4.0% (3,848) 0 0 $24.79








Figures at a Glance




Greensboro/Wins. 11 8,963,186 840,364 840,364 9.4% (98,299) 0 12,730 $13.14

Greenville/Spar. 4 3,905,445 25,216 25,216 0.6% 40,849 27,120 0 $0.00

Hampton Roads 12 8,438,587 766,941 766,941 9.1% (248,667) 13,788 0 $27.01

Hartford 11 8,293,932 364,991 364,991 4.4% (85,470) 0 0 $16.58

Hawaii 12 9,118,916 520,197 559,582 6.1% 851,699 1,173,864 100,815 $50.20

Houston 36 29,770,557 1,350,812 1,355,725 4.6% (41,055) 0 287,278 $19.20

Huntington/Ashl. 4 2,985,337 175,848 175,848 5.9% 0 0 0 $20.06

Huntsville 3 2,396,527 151,331 151,331 6.3% 18,769 0 0 $0.00

Indianapolis 13 10,504,513 525,607 525,607 5.0% 21,127 0 0 $4.18

Inland Empire (. 23 17,990,175 1,313,748 1,374,348 7.6% 67,938 0 0 $22.28

Jackson 5 3,676,571 335,497 335,497 9.1% 249,936 0 0 $14.21

Jacksonville (F. 8 5,642,858 266,230 266,230 4.7% 213,912 192,392 0 $19.65

Kansas City 15 11,450,691 598,805 749,132 6.5% 124,522 90,941 46,268 $20.19

Killeen/Temple/. 2 1,083,883 58,790 58,790 5.4% 17,531 0 0 $0.00

Kingsport/Brist. 2 1,016,649 5,585 5,585 0.5% 0 0 0 $14.00

Knoxville 6 4,086,583 778,556 778,556 19.1% 7,611 0 100,000 $16.40

Lafayette 3 2,041,828 0 0 0.0% 6,274 0 0 $17.00

Las Vegas 15 9,135,307 290,346 290,346 3.2% 63,291 42,174 301,554 $17.42

Lexington/Fayet. 5 2,752,737 111,053 126,173 4.6% 6,399 96,050 0 $16.46

Lincoln 3 1,732,110 34,117 36,311 2.1% 34,261 8,568 0 $21.87

Little Rock/N L. 7 3,052,037 48,562 66,898 2.2% 29,790 0 0 $16.32

Long Island (Ne. 19 18,092,448 234,331 234,331 1.3% (14,045) 0 675,000 $23.47

Los Angeles 53 43,161,878 951,360 1,006,986 2.3% 326,777 78,000 0 $55.70

Louisville 6 5,203,890 341,312 341,312 6.6% 13,992 0 0 $8.56

Lubbock 2 1,814,203 35,960 35,960 2.0% (3,068) 0 0 $8.91

Madison 4 3,334,136 11,161 11,161 0.3% 9,705 0 0 $18.41

McAllen/Edinbur. 2 1,945,952 0 0 0.0% 0 0 0 $22.00

Memphis 9 5,703,039 1,172,423 1,172,423 20.6% (14,303) 0 0 $3.71

Miami-Dade Coun 20 16,166,758 239,138 336,340 2.1% (46,493) 0 1,683,751 $48.28

Milwaukee 13 9,703,722 1,413,601 1,474,570 15.2% (24,652) 22,969 430,352 $9.68

Minneapolis 17 16,732,693 269,352 351,035 2.1% 27,021 7,322 0 $17.19

Mobile 5 3,426,055 473,304 473,304 13.8% (38,524) 0 0 $12.87

Montgomery 5 3,208,159 423,663 423,663 13.2% (22,889) 0 0 $21.04

Myrtle Beach/Co. 5 2,957,088 491,022 491,022 16.6% 0 0 0 $0.00

Nashville 10 6,795,891 293,151 293,151 4.3% 348,999 0 880,000 $26.09

New Orleans/Met. 10 5,779,924 294,290 294,290 5.1% (16,576) 0 0 $10.00

New York City 1 335,000 0 0 0.0% 335,000 335,000 1,000,000 $0.00

North Bay/Santa. 8 5,147,832 108,221 258,221 5.0% (91,272) 0 0 $9.00

Northern New Je. 31 31,130,472 550,544 550,544 1.8% 81,746 15,828 2,156,788 $44.93

Ocala 2 1,204,463 177,622 177,622 14.7% 4,830 0 0 $0.00

Oklahoma City 6 4,743,615 1,146,692 1,146,692 24.2% 136,187 0 160,000 $10.92

Olympia 2 974,680 30,369 30,369 3.1% 0 0 0 $0.00

Omaha/Council B. 8 6,109,553 326,069 326,069 5.3% (21,598) 0 0 $12.95

Orange County (. 22 16,852,945 810,364 810,364 4.8% 69,803 364,000 170,000 $30.63

Orlando 22 16,857,060 544,574 544,574 3.2% (32,707) 0 0 $22.04

Palm Beach Coun. 17 9,998,019 73,138 78,173 0.8% 54,243 18,719 0 $36.33

Pensacola 2 1,919,365 3,220 3,220 0.2% 5,244 0 0 $9.40

Peoria 2 1,339,284 188,934 188,934 14.1% (144,265) 0 0 $14.50








Figures at a Glance




Philadelphia 57 48,273,493 2,822,688 2,822,688 5.8% 96,467 158,260 445,833 $12.34

Phoenix 21 17,062,474 1,102,082 1,179,332 6.9% (134,134) 36,652 70,000 $19.72

Pittsburgh 16 15,973,263 482,157 482,157 3.0% 136,927 0 0 $15.00

Port St Lucie/F. 1 955,601 12,051 12,051 1.3% (5,167) 0 0 $16.00

Portland 10 7,888,283 439,975 439,975 5.6% 56,350 10,000 0 $22.63

Portland/South . 6 3,238,699 173,161 173,161 5.3% 42,546 0 0 $17.21

Providence 6 4,500,794 241,456 241,456 5.4% 90,169 0 0 $6.00

Raleigh/Durham 14 10,597,153 223,712 223,712 2.1% (101,675) 0 0 $13.58

Reno/Sparks 3 2,563,236 105,293 105,293 4.1% 29,696 19,000 0 $30.54

Richmond VA 8 6,902,112 244,722 244,722 3.5% (68,704) 15,000 0 $21.21

Roanoke 3 2,572,073 225,926 225,926 8.8% 14,500 0 0 $11.09

Rochester 7 6,191,560 1,172,974 1,172,974 18.9% (18,388) 0 0 $12.62

Sacramento 9 6,028,918 702,598 702,598 11.7% (75,949) 0 800,205 $17.91

Salinas 2 1,723,045 0 0 0.0% 1,027 0 0 $0.00

Salt Lake City 15 10,184,401 369,599 369,599 3.6% (39,166) 0 167,634 $21.90

San Antonio 14 10,608,926 147,870 147,870 1.4% 173,261 154,722 0 $23.60

San Diego 13 14,153,897 124,235 124,235 0.9% (8,770) 0 145,000 $0.00

San Francisco 6 4,783,336 33,585 65,477 1.4% (27,465) 0 250,000 $0.00

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

Santa Barbara/S. 3 1,460,414 8,582 8,582 0.6% 1,019 0 0 $39.22

Santa Cruz/Wats. 1 729,225 7,605 7,605 1.0% 13,566 0 0 $27.00

Savannah 3 2,119,741 0 0 0.0% 6,775 0 0 $0.00

Seattle/Puget S. 18 14,263,711 216,511 216,511 1.5% (19,200) 0 0 $33.31

Shreveport/Boss. 3 1,940,807 68,887 68,887 3.5% (24,332) 0 0 $28.53

South Bay/San J. 10 9,358,305 1,220,531 1,220,531 13.0% (647,211) 0 149,892 $33.01

South Bend/Mish. 2 1,966,326 4,508 4,508 0.2% 9,445 5,000 0 $0.00

Southwest Flori. 11 8,108,264 214,704 214,704 2.6% 16,233 0 0 $26.55

Spokane 4 3,060,914 138,831 138,831 4.5% 17,475 0 0 ######

Springfield 2 1,815,062 21,800 21,800 1.2% (21,800) 0 0 $17.37

St. Louis 18 13,276,568 1,691,006 1,691,006 12.7% (7,544) 41,800 62,940 $13.64

Stockton/Modest. 8 5,769,394 103,120 121,384 2.1% (45,648) 0 0 $19.43

Syracuse 6 6,867,319 196,492 204,672 3.0% (49,699) 0 0 $10.00

Tallahassee 3 2,575,842 169,399 169,399 6.6% 1,647 0 0 $27.00

Tampa/St Peters. 20 16,777,818 483,987 483,987 2.9% 93,410 44,000 9,500 $10.90

Toledo 7 5,225,109 174,021 176,821 3.4% (34) 0 7,000 $24.21

Tucson 6 5,198,367 148,326 148,326 2.9% (5,112) 0 0 $24.00

Tulsa 8 4,452,140 237,670 237,670 5.3% 5,565 0 0 $9.23

Utica/Rome 1 864,093 28,116 28,116 3.3% 6,902 0 0 $0.00

Visalia/Porterv. 2 868,405 104,365 132,685 15.3% 5,102 0 0 $19.10

Washington 44 32,502,703 1,343,383 1,361,422 4.2% (182,601) 0 170,400 $32.41

West Michigan 14 9,807,254 331,706 331,706 3.4% 109,987 7,762 37,320 $15.62

Westchester/So . 21 16,931,458 775,992 775,992 4.6% 93,771 0 134,000 ######

Wichita 5 4,022,162 269,513 291,445 7.2% (92,175) 8,900 12,000 $18.21

Wilmington 2 1,350,358 31,376 31,376 2.3% 10,639 0 0 $28.00

Yakima 1 685,503 11,869 11,869 1.7% 1,740 0 0 $0.00

Youngstown/Warr 4 3,312,989 28,029 28,029 0.8% 0 0 0 $0.00

Totals 1,396 1,109,408,435 58,653,099 59,683,072 5.4% 2,775,625 3,760,497 13,230,812 $18.35








Figures at a Glance

Power Center Market Statistics Third Quarter 2016



Albany/Schenect. 12 5,367,575 48,935 48,935 0.9% (12,421) 0 0 $0.00

Albuquerque 4 1,723,011 37,120 44,510 2.6% 9,241 0 0 $16.20

Anchorage 1 464,242 0 0 0.0% 0 0 0 $21.96

Asheville 5 1,822,192 6,455 6,455 0.4% (2,900) 0 0 $16.31

Atlanta 67 30,358,308 1,055,991 1,131,249 3.7% 62,224 25,060 0 $13.31

Augusta/Richmon 3 1,365,260 100,552 100,552 7.4% (18,726) 0 0 $9.49

Austin 32 15,419,240 634,041 636,643 4.1% (162,994) 12,199 9,239 $25.23

Bakersfield 4 2,141,207 10,000 10,000 0.5% (10,000) 0 0 $0.00

Baltimore 27 11,618,517 250,101 313,941 2.7% (91,952) 0 401,000 $22.95

Baton Rouge 5 2,423,606 7,635 7,635 0.3% 8,000 0 162,015 $27.97

Beaumont/Port A. 2 859,869 10,914 10,914 1.3% 7,336 0 0 $22.76

Birmingham 13 5,290,702 144,283 146,383 2.8% 16,391 2,800 0 $16.93

Boise City/Namp. 6 2,824,665 164,040 164,040 5.8% (9,999) 0 0 $17.94

Boston 42 18,562,717 584,508 588,108 3.2% 277,350 337,166 5,430 $18.13

Bremerton/Silve. 1 374,543 1,500 1,500 0.4% (1,500) 0 0 $32.00

Broward County 13 5,678,971 179,142 179,142 3.2% 54,194 6,900 0 $20.35

Brownsville/Har. 3 975,453 23,576 23,576 2.4% 1,300 0 0 $19.18

Buffalo/Niagara. 7 3,813,906 404,088 410,938 10.8% (126,295) 0 0 $16.22

Charleston WV 2 929,778 3,565 3,565 0.4% 35 0 0 $0.00

Charleston/N Ch. 6 2,562,516 78,154 78,154 3.0% 60,692 68,000 6,000 $12.86

Charlotte 28 12,238,716 583,496 631,926 5.2% (230,477) 21,734 50,000 $19.04

Chattanooga 3 1,074,210 7,264 7,264 0.7% (7,264) 0 0 $18.00

Chicago 87 39,302,276 2,531,878 2,689,698 6.8% (40,697) 57,120 64,055 $16.00

Cincinnati 20 8,494,279 753,958 753,958 8.9% (116,756) 9,950 0 $13.11

Cleveland 35 16,763,978 969,782 999,820 6.0% 48,515 0 0 $15.01

Colorado Spring. 11 5,153,543 302,779 302,779 5.9% (21,800) 47,700 0 $10.73

Columbia 7 2,548,235 106,634 106,634 4.2% 13,952 0 0 $10.06

Columbus 23 10,038,478 782,581 790,162 7.9% (107,347) 0 0 $8.54

Columbus GA 2 660,354 10,685 10,685 1.6% (25) 0 0 $15.85

Corpus Christi 1 353,051 0 0 0.0% 0 0 0 $0.00

Dallas/Ft Worth 74 30,189,903 903,450 903,450 3.0% 300,393 234,391 713,260 $30.68

Davenport/Molin. 6 1,683,028 18,862 18,862 1.1% 6,294 0 0 $14.77

Dayton 11 4,414,104 144,291 144,291 3.3% 19,778 0 0 $12.25

Deltona/Daytona. 3 922,974 33,592 33,592 3.6% (5,555) 0 0 $25.00

Denver 47 20,553,565 831,120 843,957 4.1% (106,920) 7,900 303,700 $19.19

Des Moines 3 1,021,788 136,517 136,517 13.4% (51,704) 0 0 $15.01

Detroit 48 20,758,589 1,056,940 1,212,084 5.8% 155,577 0 13,604 $11.58

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

East Bay/Oaklan. 17 7,833,276 478,371 478,371 6.1% (152,041) 0 0 $28.45

El Paso 6 2,763,189 223,605 223,605 8.1% (24,438) 0 0 $24.00

Erie 3 1,476,782 13,340 13,340 0.9% 0 0 0 $0.00

Evansville 3 1,199,151 0 0 0.0% 19,111 0 0 $17.33

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

Fayetteville/Sp. 4 1,846,432 92,966 92,966 5.0% 47,839 0 0 $13.18

Fort Smith 1 417,168 14,798 14,798 3.5% 0 0 0 $18.91

Fort Wayne 5 2,107,393 119,142 119,142 5.7% 3,392 0 0 $10.93

Fresno 7 2,510,976 70,531 70,531 2.8% (16,023) 0 0 $17.25

Green Bay 2 609,059 29,590 29,590 4.9% 10,821 0 0 $12.00








Figures at a Glance




Greensboro/Wins. 9 3,261,305 70,594 70,594 2.2% 3,306 0 0 $27.94

Greenville/Spar. 11 3,814,595 199,446 199,446 5.2% (21,505) 0 0 $17.58

Hampton Roads 17 8,019,140 310,175 312,175 3.9% 19,130 0 0 $15.64

Hartford 19 7,487,368 231,608 231,608 3.1% 51,045 4,000 350,000 $9.21

Hawaii 6 2,183,487 70,115 70,115 3.2% (28,215) 0 0 $46.83

Houston 61 26,915,005 1,123,101 1,126,841 4.2% 805,812 987,204 1,013,314 $16.21

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

Huntsville 3 1,267,671 193,747 193,747 15.3% 17,926 0 0 $10.52

Indianapolis 23 11,471,463 824,738 828,728 7.2% 50,792 0 165,000 $14.00

Inland Empire (. 40 18,480,170 1,395,604 1,567,457 8.5% (7,067) 27,020 25,450 $18.82

Jackson 4 2,108,816 72,465 72,465 3.4% 9,720 0 0 $13.66

Jacksonville (F. 10 4,283,460 307,736 307,736 7.2% 9,436 0 0 $10.41

Kansas City 23 9,993,797 314,484 367,254 3.7% (34,382) 0 0 $15.38

Killeen/Temple/. 3 892,793 21,014 21,014 2.4% 0 0 0 $0.00

Kingsport/Brist. 4 1,591,141 16,193 16,193 1.0% 158,597 122,583 0 $21.86

Knoxville 9 3,824,846 28,011 28,011 0.7% 41,773 0 0 $16.13

Lafayette 2 785,885 42,640 42,640 5.4% 390,896 429,501 0 ######

Las Vegas 28 14,215,429 778,061 840,864 5.9% 4,329 0 0 $19.80

Lexington/Fayet. 4 1,762,123 68,462 68,462 3.9% (31,213) 0 0 $14.67

Lincoln 2 1,241,371 5,000 5,000 0.4% 5,428 0 0 $13.09

Little Rock/N L. 6 2,722,118 98,836 98,836 3.6% 16,789 0 0 $21.89

Long Island (Ne. 27 10,591,899 144,406 144,406 1.4% (55,766) 0 367,200 $22.39

Los Angeles 60 26,945,242 1,090,604 1,124,334 4.2% 18,089 35,424 3,000 $23.40

Louisville 7 3,434,416 118,725 118,725 3.5% (1,404) 13,000 0 $19.30

Lubbock 1 807,832 0 0 0.0% 26,010 26,010 0 $0.00

Madison 5 1,884,752 30,106 30,106 1.6% 22,710 0 556,769 $16.06

McAllen/Edinbur. 4 2,072,504 120,615 120,615 5.8% 9,912 0 19,160 $17.86

Memphis 16 6,475,126 420,126 421,326 6.5% 37,270 0 6,500 $10.59

Miami-Dade Coun 9 3,386,067 58,221 58,221 1.7% (25,713) 0 0 $23.71

Milwaukee 12 4,398,844 347,383 349,003 7.9% (112,825) 71,875 42,000 $9.53

Minneapolis 32 13,289,218 452,636 452,636 3.4% 148,481 0 0 $19.04

Mobile 5 2,206,131 140,428 140,428 6.4% 69,680 0 0 $19.62

Montgomery 4 1,759,896 148,253 148,253 8.4% (1,200) 0 0 $8.31

Myrtle Beach/Co. 4 1,581,821 25,842 25,842 1.6% 8,012 0 0 $18.12

Nashville 17 7,217,613 113,109 118,609 1.6% (4,524) 0 0 $15.66

New Orleans/Met. 4 2,957,747 123,175 123,175 4.2% (35,971) 0 0 $25.00

New York City 3 814,952 45,319 45,319 5.6% 400 20,000 0 ######

North Bay/Santa. 7 3,128,696 108,094 153,858 4.9% (99,460) 0 0 $16.83

Northern New Je. 69 29,290,203 1,354,959 1,355,659 4.6% (146,129) 47,180 0 $20.86

Ocala 1 252,526 67,900 67,900 26.9% (34,700) 0 0 $0.00

Oklahoma City 15 6,174,007 157,150 158,150 2.6% (1,884) 15,840 109,900 $14.25

Olympia 2 1,191,467 51,204 51,204 4.3% 1,691 0 0 $8.77

Omaha/Council B. 10 4,166,106 334,274 364,274 8.7% (49,240) 57,835 3,000 $15.77

Orange County (. 28 13,354,378 371,416 391,722 2.9% (94,376) 9,000 0 $36.59

Orlando 28 11,851,265 583,494 602,784 5.1% 27,405 10,290 0 $15.01

Palm Beach Coun. 10 3,781,771 262,472 282,472 7.5% (11,319) 0 0 $16.76

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

Peoria 3 1,408,823 11,329 11,329 0.8% 3,600 0 0 $13.97








Figures at a Glance




Philadelphia 98 42,641,761 1,995,440 2,032,004 4.8% 201,580 33,480 183,212 $17.61

Phoenix 57 29,884,220 1,702,419 1,834,900 6.1% (454,710) 18,969 21,400 $20.24

Pittsburgh 33 14,681,706 897,507 909,175 6.2% 36,108 0 57,471 $15.92

Port St Lucie/F. 6 1,978,168 83,020 83,020 4.2% 2,350 0 0 $23.15

Portland 17 7,665,051 410,619 410,619 5.4% (43,252) 10,163 10,112 $19.75

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

Providence 8 3,547,902 204,392 377,345 10.6% (114,654) 0 0 $20.76

Raleigh/Durham 27 11,314,453 276,702 276,702 2.4% 180,262 44,000 27,492 $20.90

Reno/Sparks 8 3,051,583 597,196 613,638 20.1% (62,690) 0 0 $10.95

Richmond VA 13 5,338,816 151,821 151,821 2.8% 221,084 212,265 41,358 $15.70

Roanoke 1 436,827 10,267 10,267 2.4% 17,276 0 0 $17.85

Rochester 9 3,950,318 263,022 263,022 6.7% (10,110) 0 0 $9.80

Sacramento 27 11,048,219 768,406 768,406 7.0% (87,791) 6,285 2,500 $16.34

Salinas 6 2,482,394 65,499 65,499 2.6% (13,410) 0 0 $18.27

Salt Lake City 17 9,005,567 552,678 552,678 6.1% (196,295) 0 28,000 $19.91

San Antonio 15 9,528,467 454,811 454,811 4.8% 12,307 0 0 $24.25

San Diego 28 11,971,017 368,172 501,251 4.2% (93,927) 12,140 3,200 $27.47

San Francisco 6 2,351,810 148,220 148,220 6.3% (115,334) 0 0 $52.54

San Luis Obispo. 5 1,813,520 33,769 99,248 5.5% 8,633 0 0 $24.79

Santa Barbara/S. 2 935,424 38,177 38,177 4.1% (9,180) 0 0 $51.00

Santa Cruz/Wats. 1 293,177 1,400 1,400 0.5% (87) 0 0 ######

Savannah 2 881,659 10,600 10,600 1.2% (1,800) 0 0 $0.00

Seattle/Puget S. 21 8,756,498 333,866 333,866 3.8% (62,388) 12,067 0 $26.16

Shreveport/Boss. 3 1,386,349 87,829 87,829 6.3% (50,709) 0 0 $9.87

South Bay/San J. 9 4,169,214 164,286 182,331 4.4% 110,814 95,006 104,200 $27.56

South Bend/Mish. 4 2,084,215 78,548 78,548 3.8% (36,187) 0 0 $18.78

Southwest Flori. 10 3,270,827 166,736 241,368 7.4% 550 10,078 6,038 $19.92

Spokane 3 1,333,779 21,668 21,668 1.6% 3,775 0 0 $18.63

Springfield 1 372,478 0 0 0.0% 0 0 0 $20.00

St. Louis 27 13,050,839 436,457 436,457 3.3% (4,763) 48,458 0 $12.24

Stockton/Modest. 7 3,499,736 97,670 97,670 2.8% (26,739) 0 7,373 $19.68

Syracuse 7 3,001,888 128,610 128,610 4.3% (16,000) 0 0 $0.00

Tallahassee 1 447,185 1,100 1,100 0.2% 0 0 0 $0.00

Tampa/St Peters. 29 10,041,096 525,605 532,121 5.3% (113,333) 39,373 0 $24.77

Toledo 8 3,053,137 212,623 212,623 7.0% (43,375) 0 0 $16.75

Tucson 8 3,229,454 106,669 106,669 3.3% (32,838) 9,223 204,436 $21.31

Tulsa 5 2,430,438 94,031 94,031 3.9% 8,645 0 0 $7.83

Utica/Rome 3 1,506,014 122,158 122,158 8.1% 0 0 0 $0.00

Visalia/Porterv. 2 900,846 23,120 23,120 2.6% 31,004 0 0 $24.02

Washington 42 21,552,571 524,132 526,632 2.4% 150,777 126,242 0 $26.75

West Michigan 18 7,166,465 161,658 161,658 2.3% 23,334 4,971 0 $12.22

Westchester/So . 13 6,581,891 339,461 339,461 5.2% (18,654) 0 43,500 $29.33

Wichita 2 870,554 7,122 7,122 0.8% 9,891 0 0 $25.57

Wilmington 4 1,089,456 44,600 46,200 4.2% 4,575 0 0 $15.19

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

Youngstown/Warr 7 3,457,720 118,520 118,520 3.4% 3,192 0 0 $9.93

Totals 2,001 880,961,193 39,644,648 41,366,363 4.7% 383,878 3,390,402 5,129,888 $17.94








Figures at a Glance

Shopping Center Market Statistics Third Quarter 2016



Albany/Schenect. 335 18,390,425 1,051,705 1,051,705 5.7% 168,538 4,750 0 $12.41

Albuquerque 401 19,486,422 1,311,472 1,313,072 6.7% 365,440 81,509 81,593 $14.06

Anchorage 96 5,030,842 100,519 100,519 2.0% 26,992 0 0 $20.10

Asheville 176 7,808,056 605,495 638,455 8.2% (26,344) 0 0 $13.66

Atlanta 3,301 143,887,148 14,324,757 14,460,726 10.1% 974,360 440,158 1,153,641 $12.86

Augusta/Richmon 232 12,498,247 1,202,122 1,264,539 10.1% (89,426) 41,921 4,520 $10.70

Austin 784 34,179,150 2,044,211 2,080,093 6.1% 192,205 111,803 146,023 $20.08

Bakersfield 154 8,852,327 816,797 869,930 9.8% 47,178 20,866 225,389 $16.70

Baltimore 815 45,638,909 2,961,214 3,079,848 6.7% 155,157 184,700 296,797 $18.13

Baton Rouge 312 11,570,554 1,157,092 1,189,731 10.3% 139,300 23,000 0 $9.49

Beaumont/Port A. 178 7,034,053 523,074 525,629 7.5% (1,347) 15,360 33,274 $11.03

Birmingham 637 29,070,755 2,889,505 2,894,680 10.0% 2,765 54,641 92,000 $7.68

Boise City/Namp. 306 13,630,558 906,709 975,967 7.2% (56,084) 60,695 20,491 $12.83

Boston 1,844 91,871,636 4,248,362 4,583,148 5.0% 885,693 316,594 51,715 $16.31

Bremerton/Silve. 103 4,730,289 577,649 635,661 13.4% 629 0 0 $12.42

Broward County 1,117 48,411,878 3,002,959 3,091,235 6.4% 568,119 27,300 81,710 $20.18

Brownsville/Har. 63 3,594,573 450,368 450,368 12.5% 23,326 16,855 0 $13.96

Buffalo/Niagara. 266 16,287,367 1,054,054 1,054,054 6.5% 107,242 0 0 $9.91

Charleston WV 31 2,377,466 125,274 125,274 5.3% 20,532 0 0 $11.69

Charleston/N Ch. 380 16,189,371 875,964 907,726 5.6% 42,715 26,000 0 $16.24

Charlotte 1,198 54,367,012 4,072,588 4,092,126 7.5% 505,601 213,328 387,329 $14.24

Chattanooga 155 8,499,902 602,543 604,143 7.1% 192,979 7,386 0 $9.83

Chicago 3,871 161,500,739 18,487,515 18,943,198 11.7% 1,076,956 828,401 262,935 $14.49

Cincinnati 829 36,566,963 3,468,104 3,532,002 9.7% 550,576 150,592 12,500 $11.12

Cleveland 1,359 63,183,564 5,977,485 6,072,356 9.6% 155,342 47,776 141,360 $9.75

Colorado Spring. 324 15,317,468 1,294,129 1,327,315 8.7% 167,939 59,084 255,705 $12.98

Columbia 365 15,292,473 1,132,315 1,184,158 7.7% 274,785 137,292 4,439 $10.34

Columbus 612 33,063,829 2,367,540 2,408,465 7.3% 495,467 252,769 6,598 $11.35

Columbus GA 163 8,550,372 563,587 571,521 6.7% 184,264 205,683 0 $13.77

Corpus Christi 197 6,658,815 303,226 303,226 4.6% 49,048 4,000 0 $14.29

Dallas/Ft Worth 3,642 153,119,454 12,882,128 13,026,069 8.5% 2,799,417 1,274,104 801,343 $14.06

Davenport/Molin. 90 4,476,862 390,908 496,458 11.1% 44,578 0 0 $11.64

Dayton 331 19,806,209 2,492,252 2,510,509 12.7% 166,770 0 0 $8.82

Deltona/Daytona. 286 12,412,556 1,309,690 1,320,490 10.6% 234,193 9,990 20,909 $12.91

Denver 1,433 74,367,169 4,863,194 5,211,662 7.0% 584,103 157,320 161,852 $14.88

Des Moines 241 10,594,320 648,746 649,770 6.1% 141,857 0 4,800 $9.85

Detroit 1,947 74,450,068 7,726,051 8,199,637 11.0% 933,404 209,871 676,591 $12.75

Duluth 43 2,167,633 81,612 81,612 3.8% 25,701 0 0 $14.01

East Bay/Oaklan. 883 39,796,634 2,043,677 2,190,066 5.5% (43,184) 234,615 353,877 $24.17

El Paso 642 17,628,270 1,053,009 1,067,434 6.1% 37,183 62,646 200,018 $13.06

Erie 79 3,990,301 225,424 225,424 5.6% (81,106) 0 0 $6.22

Evansville 128 6,276,756 519,077 523,595 8.3% 33,449 0 0 $8.86

Fayetteville 209 9,905,902 580,161 626,276 6.3% 302,689 255,957 0 $9.58

Fayetteville/Sp. 209 5,576,729 381,296 381,296 6.8% 136,143 12,620 11,100 $13.59

Fort Smith 83 3,204,911 187,924 187,924 5.9% 17,503 0 0 $7.67

Fort Wayne 169 8,692,020 750,032 819,058 9.4% 305,932 0 0 $9.90

Fresno 398 24,352,128 2,487,704 2,687,210 11.0% 90,854 26,033 7,800 $13.55

Green Bay 172 6,741,586 564,124 564,124 8.4% 48,798 0 0 $10.03








Figures at a Glance




Greensboro/Wins. 757 35,144,592 2,883,431 2,886,563 8.2% 717,215 46,463 22,572 $11.21

Greenville/Spar. 929 28,872,727 2,467,290 2,682,290 9.3% 277,172 29,065 58,365 $9.48

Hampton Roads 891 43,012,820 3,613,523 3,653,613 8.5% 503,718 315,381 164,575 $13.32

Hartford 996 43,491,456 2,750,960 2,762,839 6.4% 397,801 62,763 11,500 $13.10

Hawaii 259 17,535,088 594,313 597,004 3.4% 48,938 33,780 125,682 $33.03

Houston 3,925 157,342,552 11,855,302 12,009,424 7.6% 1,566,989 1,355,670 1,073,694 $15.63

Huntington/Ashl. 63 4,159,635 235,357 235,357 5.7% 81,417 0 0 $11.59

Huntsville 164 7,468,752 493,838 493,838 6.6% 73,156 0 123,000 $9.90

Indianapolis 858 39,836,325 3,415,393 3,561,273 8.9% 708,302 87,209 207,693 $11.85

Inland Empire (. 1,801 89,263,075 8,465,599 8,694,075 9.7% 839,767 324,059 437,219 $16.50

Jackson 228 8,519,222 860,276 863,576 10.1% 167,852 34,200 0 $9.50

Jacksonville (F. 919 40,090,674 3,218,792 3,406,930 8.5% 543,230 81,752 79,656 $13.10

Kansas City 690 41,060,997 3,948,885 4,067,078 9.9% 647,756 12,000 227,076 $12.04

Killeen/Temple/. 137 4,256,111 292,983 292,983 6.9% (9,331) 0 0 $10.96

Kingsport/Brist. 115 5,061,410 580,487 598,407 11.8% 18,629 0 0 $8.85

Knoxville 338 17,522,533 1,303,678 1,357,356 7.7% 136,650 7,505 0 $12.34

Lafayette 64 4,147,789 477,957 477,957 11.5% 221,074 217,609 133,210 $15.26

Las Vegas 1,004 51,199,048 5,544,118 6,116,596 11.9% 957,505 89,250 215,266 $16.46

Lexington/Fayet. 178 10,769,890 821,171 821,171 7.6% (124,386) 18,000 0 $13.66

Lincoln 121 5,034,192 240,861 361,989 7.2% (65,683) 0 0 $11.62

Little Rock/N L. 428 15,172,439 810,200 842,510 5.6% 99,625 0 13,806 $10.98

Long Island (Ne. 1,350 54,080,172 2,528,155 2,547,065 4.7% (177,208) 23,962 55,250 $24.64

Los Angeles 4,730 158,859,107 8,260,268 8,860,191 5.6% 1,392,974 224,635 422,270 $24.58

Louisville 531 27,337,311 1,674,432 1,686,282 6.2% (2,548) 89,850 0 $11.61

Lubbock 224 6,918,835 464,051 466,051 6.7% 17,846 0 0 $10.97

Madison 238 10,024,462 880,804 939,526 9.4% 41,149 6,000 36,643 $11.17

McAllen/Edinbur. 138 5,907,098 407,794 476,794 8.1% 234,134 56,084 47,331 $15.79

Memphis 849 31,305,495 2,902,586 2,947,865 9.4% 197,130 107,113 70,200 $11.01

Miami-Dade Coun 1,406 46,827,691 1,611,378 1,635,905 3.5% 379,712 112,811 127,933 $27.16

Milwaukee 701 36,054,824 3,309,899 3,538,486 9.8% 417,502 205,093 6,687 $10.81

Minneapolis 1,333 54,025,277 3,811,286 3,906,819 7.2% 210,831 60,446 102,443 $13.08

Mobile 247 8,933,582 661,261 753,667 8.4% 105,200 104,326 0 $9.89

Montgomery 172 8,488,862 671,511 671,511 7.9% 227,854 74,310 40,000 $8.53

Myrtle Beach/Co. 172 5,514,981 404,100 404,100 7.3% 157,905 45,000 0 $11.88

Nashville 645 30,531,974 1,735,283 1,845,577 6.0% 492,788 185,410 20,900 $15.09

New Orleans/Met. 433 20,005,154 1,584,426 1,585,426 7.9% 312,361 0 20,560 $13.64

New York City 9 1,644,480 39,712 39,712 2.4% 144,423 161,285 0 $0.00

North Bay/Santa. 529 20,743,408 1,250,778 1,251,878 6.0% 189,859 111,690 14,500 $19.75

Northern New Je. 1,968 95,433,946 7,938,394 8,218,272 8.6% 331,836 485,283 519,781 $19.31

Ocala 82 3,524,538 387,658 387,658 11.0% 59,399 0 0 $13.96

Oklahoma City 780 26,987,473 2,107,941 2,121,313 7.9% 443,095 149,849 194,827 $10.55

Olympia 100 4,841,918 450,012 450,012 9.3% 20,098 13,200 0 $16.82

Omaha/Council B. 402 17,361,157 1,255,912 1,302,295 7.5% 461,656 152,926 12,875 $12.04

Orange County (. 1,548 68,199,009 3,108,242 3,159,126 4.6% 414,943 126,970 130,993 $24.49

Orlando 1,382 64,366,012 5,915,472 5,993,486 9.3% 699,911 323,215 267,719 $13.90

Palm Beach Coun. 685 35,705,636 2,376,539 2,400,898 6.7% 712,381 118,970 157,966 $18.81

Pensacola 215 9,389,819 651,666 651,666 6.9% 192,217 0 0 $11.67

Peoria 92 4,402,261 629,712 635,420 14.4% 22,560 12,500 0 $10.85








Figures at a Glance




Philadelphia 2,426 155,973,288 13,605,043 13,934,804 8.9% 816,937 660,774 513,927 $13.72

Phoenix 1,873 106,211,137 13,272,937 13,579,919 12.8% 1,426,147 627,622 669,196 $14.08

Pittsburgh 629 33,414,429 1,385,555 1,409,505 4.2% 111,075 101,189 180,313 $13.60

Port St Lucie/F. 241 9,140,805 747,945 757,301 8.3% 124,064 24,825 2,001 $14.71

Portland 752 36,392,632 2,212,585 2,496,866 6.9% 164,200 64,290 374,889 $17.94

Portland/South . 133 8,271,832 488,186 496,936 6.0% 25,295 0 0 $14.33

Providence 458 16,292,958 1,213,016 1,269,731 7.8% 157,906 49,489 0 $15.54

Raleigh/Durham 560 38,922,894 1,946,597 2,012,074 5.2% 677,641 214,536 35,440 $14.38

Reno/Sparks 237 13,974,287 1,521,939 1,580,448 11.3% 136,439 0 0 $14.61

Richmond VA 557 30,778,309 2,736,074 2,837,979 9.2% 165,344 213,848 36,400 $13.02

Roanoke 69 4,820,173 406,340 406,340 8.4% 329 28,640 5,000 $16.12

Rochester 296 18,597,564 1,404,433 1,462,129 7.9% 308,763 0 14,500 $11.77

Sacramento 1,028 46,087,398 4,688,341 4,832,414 10.5% 263,941 141,542 174,061 $16.37

Salinas 71 4,251,131 162,629 163,244 3.8% 4,057 0 0 $19.61

Salt Lake City 855 41,343,717 2,385,894 2,445,985 5.9% 202,224 150,200 741,505 $14.47

San Antonio 1,248 45,657,776 3,029,351 3,101,557 6.8% 824,893 351,792 126,044 $14.35

San Diego 1,274 54,651,953 3,119,651 3,309,070 6.1% 1,017,443 225,702 208,607 $21.37

San Francisco 254 9,319,859 246,848 251,339 2.7% 50,821 0 11,661 $34.81

San Luis Obispo. 84 4,562,303 158,815 158,815 3.5% 191,447 11,281 0 $19.96

Santa Barbara/S. 166 6,988,474 208,487 230,408 3.3% 187,637 29,477 17,100 $22.41

Santa Cruz/Wats. 106 3,474,063 81,189 81,189 2.3% 14,607 0 0 $16.32

Savannah 221 7,966,371 525,899 559,717 7.0% (10,698) 3,900 0 $14.36

Seattle/Puget S. 1,373 57,903,164 3,706,475 3,980,868 6.9% 293,621 66,310 161,172 $18.04

Shreveport/Boss. 168 7,012,823 366,005 367,755 5.2% 262,322 31,629 43,885 $9.96

South Bay/San J. 775 32,324,684 1,816,633 1,926,529 6.0% (72,474) 260,039 358,984 $29.04

South Bend/Mish. 74 4,985,553 262,671 262,671 5.3% 355 0 0 $9.85

Southwest Flori. 873 36,032,090 3,301,992 3,444,550 9.6% 368,023 91,865 3,023 $13.98

Spokane 214 9,468,352 621,257 626,168 6.6% 239,150 0 31,912 $11.52

Springfield 185 6,113,547 496,752 498,552 8.2% 67,780 5,000 0 $10.55

St. Louis 1,138 55,763,486 5,029,303 5,076,596 9.1% 195,008 86,307 54,000 $11.76

Stockton/Modest. 394 20,905,668 1,243,339 1,329,871 6.4% 424,425 250,774 135,186 $15.79

Syracuse 255 19,458,137 1,109,908 1,141,606 5.9% 202,416 52,000 0 $10.18

Tallahassee 203 7,535,143 417,371 417,371 5.5% 132,734 0 1,923 $12.92

Tampa/St Peters. 2,203 88,812,268 6,732,552 7,068,700 8.0% 805,386 362,499 121,167 $13.19

Toledo 437 18,221,878 1,752,623 1,752,623 9.6% 19,573 0 48,000 $7.56

Tucson 552 23,283,282 2,162,578 2,169,093 9.3% 217,574 63,548 115,750 $14.67

Tulsa 689 26,010,266 1,844,305 1,915,431 7.4% 435,577 125,430 94,300 $10.70

Utica/Rome 60 4,638,299 263,013 286,513 6.2% 32,555 0 0 $8.55

Visalia/Porterv. 77 5,896,153 515,086 543,115 9.2% (52,752) 10,500 0 $12.59

Washington 1,332 84,499,741 4,690,229 4,835,446 5.7% 833,975 663,496 511,105 $24.49

West Michigan 967 33,044,797 3,233,214 3,250,590 9.8% 694,583 128,249 19,225 $9.62

Westchester/So . 1,069 51,683,997 3,796,950 3,882,558 7.5% (18,096) 52,900 7,500 $19.71

Wichita 250 9,989,818 967,063 967,063 9.7% (64,953) 25,710 109,905 $9.58

Wilmington 312 9,773,937 525,074 564,874 5.8% 178,222 70,991 0 $12.51

Yakima 51 1,860,896 62,216 62,216 3.3% 28,736 0 10,000 $12.54

Youngstown/Warr 320 10,586,163 764,934 772,934 7.3% 215,154 7,200 0 $9.51

Totals 94,924 4,270,373,975 330,808,326 341,280,777 8.0% 40,785,041 16,494,807 15,576,182 $14.58








Figures at a Glance

Specialty Center Market Statistics Third Quarter 2016



Albany/Schenect. 5 503,630 15,000 15,000 3.0% 5,000 0 0 $20.63

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 15 2,919,310 238,615 238,615 8.2% 145,650 3,940 0 $9.94

Augusta/Richmon 1 155,235 21,600 21,600 13.9% 0 0 0 $14.00

Austin 3 1,198,720 0 0 0.0% 4,469 0 0 $32.48

Bakersfield 0 0 0 0 0.0% 0 0 0 $0.00

Baltimore 2 395,438 5,777 5,777 1.5% 363 0 0 $0.00

Baton Rouge 1 342,776 0 0 0.0% 0 0 0 $0.00

Beaumont/Port A. 1 24,851 21,170 21,170 85.2% 0 0 0 $14.00

Birmingham 3 497,865 142,985 142,985 28.7% 1,200 0 0 $10.21

Boise City/Namp. 3 498,858 109,909 109,909 22.0% (15,188) 0 0 $13.80

Boston 10 2,209,650 58,290 58,290 2.6% 40,928 0 0 $0.00

Bremerton/Silve. 1 211,523 0 0 0.0% 205,023 205,023 0 $0.00

Broward County 3 966,408 35,178 35,178 3.6% (17,311) 0 0 $18.68

Brownsville/Har. 0 0 0 0 0.0% 0 0 0 $0.00

Buffalo/Niagara. 2 990,748 15,347 15,347 1.5% (15,347) 0 0 $0.00

Charleston WV 0 0 0 0 0.0% 0 0 0 $0.00

Charleston/N Ch. 3 1,012,980 18,834 18,834 1.9% (2,065) 0 0 $35.00

Charlotte 3 772,751 14,713 14,713 1.9% 6,678 0 0 ######

Chattanooga 1 157,080 0 0 0.0% 0 0 0 $0.00

Chicago 12 3,070,446 69,255 117,755 3.8% (31,500) 0 0 $8.93

Cincinnati 4 725,265 41,900 41,900 5.8% 8,310 0 0 $0.00

Cleveland 4 943,138 21,674 21,674 2.3% 9,200 0 0 $18.72

Colorado Spring. 2 425,550 9,989 9,989 2.3% 21,818 24,351 20,840 $23.31

Columbia 0 0 0 0 0.0% 0 0 0 $0.00

Columbus 2 443,581 41,765 41,765 9.4% 299,125 302,100 0 $9.27

Columbus GA 1 113,428 7,500 7,500 6.6% 6,000 0 0 $0.00

Corpus Christi 2 228,547 5,600 5,600 2.5% 0 0 0 $18.00

Dallas/Ft Worth 12 2,487,507 75,490 75,490 3.0% 5,661 0 220,000 $0.00

Davenport/Molin. 1 68,900 0 0 0.0% 0 0 0 $0.00

Dayton 1 50,000 0 0 0.0% 0 0 0 $0.00

Deltona/Daytona. 2 282,819 46,518 46,518 16.4% (26,661) 0 350,000 $17.09

Denver 4 996,857 3,810 3,810 0.4% 57,677 57,677 0 $18.00

Des Moines 0 0 0 0 0.0% 0 0 0 $0.00

Detroit 3 1,850,774 63,791 63,791 3.4% 8,455 0 0 $25.17

Duluth 0 0 0 0 0.0% 0 0 0 $0.00

East Bay/Oaklan. 2 651,995 6,861 6,861 1.1% 2,839 0 0 $32.01

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. 1 261,991 1,400 1,400 0.5% 3,470 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% 0 0 0 $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 0 0 0.0% 9,778 0 0 $20.00

Greenville/Spar. 3 426,414 0 0 0.0% 0 0 0 $7.38

Hampton Roads 2 764,657 0 0 0.0% 0 0 524,000 $0.00

Hartford 8 1,355,671 8,000 8,000 0.6% 13,631 0 0 $22.50

Hawaii 4 767,392 5,042 5,042 0.7% 133,283 130,790 0 $64.49

Houston 16 3,115,115 157,606 157,606 5.1% 47,356 13,900 300,000 $9.87

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 3 1,385,110 75,151 75,151 5.4% (30,224) 0 0 $19.47

Inland Empire (. 13 2,170,951 485,250 485,250 22.4% (12,637) 0 0 $20.45

Jackson 2 628,193 15,000 15,000 2.4% 1,300 0 0 $24.84

Jacksonville (F. 4 889,926 57,965 57,965 6.5% 0 0 0 $8.39

Kansas City 2 930,940 11,681 11,681 1.3% 36,861 0 0 $24.87

Killeen/Temple/. 0 0 0 0 0.0% 0 0 0 $0.00

Kingsport/Brist. 1 132,908 60,000 60,000 45.1% 0 0 0 $3.60

Knoxville 1 171,260 0 0 0.0% 0 0 0 $18.50

Lafayette 0 0 0 0 0.0% 0 0 0 $0.00

Las Vegas 10 2,334,963 232,680 232,680 10.0% 28,806 0 0 $22.09

Lexington/Fayet. 1 93,745 0 0 0.0% 0 0 0 $0.00

Lincoln 1 416,876 0 0 0.0% 7,786 0 0 $17.54

Little Rock/N L. 1 325,000 16,279 16,279 5.0% 6,097 0 0 $0.00

Long Island (Ne. 6 2,277,672 74,585 74,585 3.3% 0 0 0 $36.64

Los Angeles 17 3,905,785 54,837 54,837 1.4% 45,141 0 0 $15.46

Louisville 4 1,239,229 108,576 108,576 8.8% (29,514) 0 0 $17.71

Lubbock 2 118,384 0 0 0.0% 0 0 0 $0.00

Madison 2 803,902 32,021 32,021 4.0% 0 0 0 $0.00

McAllen/Edinbur. 1 225,000 0 0 0.0% 0 0 0 $0.00

Memphis 5 1,061,346 100,500 100,500 9.5% 5,000 0 0 $10.00

Miami-Dade Coun 3 694,805 40,780 40,780 5.9% (8,176) 0 0 ######

Milwaukee 3 438,127 17,028 17,028 3.9% (5,226) 0 0 $17.22

Minneapolis 7 1,705,614 61,971 61,971 3.6% 3,671 0 12,700 $18.83

Mobile 3 676,833 13,354 13,354 2.0% (13,354) 0 0 $0.00

Montgomery 1 129,160 0 0 0.0% 5,980 0 0 $18.52

Myrtle Beach/Co. 2 665,338 0 0 0.0% 0 0 0 $0.00

Nashville 6 865,140 26,526 26,526 3.1% (1,229) 0 0 $15.25

New Orleans/Met. 5 445,460 30,000 30,000 6.7% 38,917 0 0 $25.00

New York City 0 0 0 0 0.0% 0 0 0 $0.00

North Bay/Santa. 5 1,327,879 24,242 24,242 1.8% 54,105 0 0 $31.74

Northern New Je. 9 2,239,231 101,932 101,932 4.6% (6,473) 0 0 $13.66

Ocala 0 0 0 0 0.0% 0 0 0 $0.00

Oklahoma City 3 854,371 1,000 1,000 0.1% 7,733 6,733 9,400 $16.95

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 (. 12 2,263,641 153,125 153,125 6.8% (62,279) 0 60,000 ######

Orlando 15 4,128,318 442,374 442,374 10.7% 25,128 350,000 0 $22.07

Palm Beach Coun. 0 0 0 0 0.0% 0 0 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 21 5,976,934 144,513 144,513 2.4% 18,748 0 0 $9.19

Phoenix 10 2,217,626 237,630 237,630 10.7% 58,777 75,000 0 $21.59

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 4 599,806 0 0 0.0% 7,536 0 0 $0.00

Portland/South . 2 302,882 1,653 1,653 0.5% (153) 0 0 $0.00

Providence 0 0 0 0 0.0% 0 0 0 $0.00

Raleigh/Durham 6 1,253,008 255,068 255,068 20.4% (6,089) 0 74,900 $15.61

Reno/Sparks 1 91,631 0 0 0.0% 0 0 0 $0.00

Richmond VA 1 54,528 0 0 0.0% 0 0 0 $0.00

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 4 870,695 51,739 51,739 5.9% (83) 0 0 $13.71

Salinas 4 419,105 51,341 51,341 12.3% 8,790 0 0 $27.70

Salt Lake City 7 1,701,511 7,888 7,888 0.5% 79,187 0 0 $10.88

San Antonio 4 150,613 45,100 45,100 29.9% 0 0 0 $12.00

San Diego 13 1,756,240 79,220 79,220 4.5% 1,371 0 0 $30.25

San Francisco 4 1,389,246 13,968 13,968 1.0% 7,970 0 0 $0.00

San Luis Obispo. 2 257,379 5,478 5,478 2.1% 0 0 0 $23.46

Santa Barbara/S. 0 0 0 0 0.0% 0 0 0 $0.00

Santa Cruz/Wats. 1 84,694 775 775 0.9% (775) 0 0 $36.07

Savannah 3 827,825 11,432 11,432 1.4% 13,500 0 0 ######

Seattle/Puget S. 5 1,135,072 17,410 17,410 1.5% 0 0 0 $16.61

Shreveport/Boss. 1 1,135,277 32,740 32,740 2.9% 0 0 0 $0.00

South Bay/San J. 2 1,072,608 0 0 0.0% 0 0 0 $0.00

South Bend/Mish. 0 0 0 0 0.0% 0 0 0 $0.00

Southwest Flori. 4 621,648 92,585 92,585 14.9% (32,336) 0 65,750 $29.00

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 4 1,242,881 136,000 136,000 10.9% 0 0 0 $0.00

Stockton/Modest. 3 624,431 93,365 93,365 15.0% 57,908 0 0 $0.00

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. 7 1,675,009 58,414 58,414 3.5% 11,952 8,092 0 $15.90

Toledo 0 0 0 0 0.0% 0 0 0 $0.00

Tucson 2 501,689 0 0 0.0% 0 0 0 $16.42

Tulsa 0 0 0 0 0.0% 0 0 0 $0.00

Utica/Rome 0 0 0 0 0.0% 0 0 0 $0.00

Visalia/Porterv. 1 259,820 0 0 0.0% 4,168 0 0 $25.00

Washington 11 1,842,099 116,626 116,626 6.3% (90,076) 0 392,000 ######

West Michigan 6 1,497,741 68,613 70,639 4.7% 4,752 0 0 $13.98

Westchester/So . 4 1,426,474 185,012 185,012 13.0% 0 0 0 $23.98

Wichita 2 473,974 0 0 0.0% 0 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 443 101,366,689 5,269,294 5,319,820 5.2% 1,170,402 1,177,606 2,029,590 $17.41








Figures at a Glance

Total Retail Market Statistics Third Quarter 2016



Albany/Schenect. 10,752 94,020,911 2,479,578 2,498,566 2.7% 662,716 356,923 274,564 $12.55

Albuquerque 5,506 54,449,788 2,100,503 2,110,468 3.9% 709,587 192,161 290,382 $15.31

Anchorage 1,101 19,366,780 270,033 272,468 1.4% 23,271 26,131 20,345 $24.40

Asheville 2,480 30,657,031 970,146 1,003,106 3.3% 238,966 116,114 126,537 $14.41

Atlanta 26,483 355,233,093 22,597,407 23,009,447 6.5% 1,970,208 1,119,537 2,877,043 $12.95

Augusta/Richmon 3,488 37,131,685 3,224,330 3,286,747 8.9% 212,774 325,846 34,760 $10.31

Austin 9,134 105,800,628 3,734,409 3,790,883 3.6% 515,856 605,872 1,210,473 $20.67

Bakersfield 1,909 22,208,321 1,298,678 1,366,311 6.2% 143,626 90,636 225,389 $16.09

Baltimore 12,497 139,844,349 6,554,257 6,805,165 4.9% 487,184 305,422 971,570 $19.15

Baton Rouge 3,373 43,262,376 2,443,856 2,488,076 5.8% 279,967 131,125 405,780 $11.00

Beaumont/Port A. 1,811 23,234,045 972,531 975,086 4.2% 154,426 70,949 54,722 $10.89

Birmingham 9,097 100,229,766 5,463,581 5,477,068 5.5% 559,026 241,816 207,706 $8.50

Boise City/Namp. 4,137 39,504,165 1,790,414 1,868,530 4.7% 106,098 78,922 88,055 $12.94

Boston 27,634 337,069,997 10,362,571 10,836,757 3.2% 2,957,543 1,564,563 1,889,591 $18.45

Bremerton/Silve. 1,148 13,313,553 827,326 888,738 6.7% 243,203 210,385 0 $11.80

Broward County 7,252 105,069,209 5,202,066 5,327,230 5.1% 1,061,124 593,518 733,221 $20.75

Brownsville/Har. 1,133 14,616,201 1,068,855 1,068,855 7.3% (16,187) 62,286 37,325 $14.49

Buffalo/Niagara. 5,070 61,007,599 2,599,668 2,630,227 4.3% 549,609 301,486 0 $10.58

Charleston WV 1,748 15,938,740 401,095 401,095 2.5% 119,104 26,923 0 $12.06

Charleston/N Ch. 4,723 43,364,767 1,372,202 1,403,964 3.2% 307,238 252,009 306,385 $18.67

Charlotte 13,310 160,845,098 7,551,629 7,831,994 4.9% 1,851,127 1,247,828 968,102 $14.32

Chattanooga 2,322 26,802,963 1,151,587 1,153,187 4.3% 456,909 31,186 15,000 $10.25

Chicago 41,174 533,636,437 37,812,859 38,991,057 7.3% 4,335,754 2,608,292 1,873,869 $15.77

Cincinnati 11,446 126,485,341 7,213,263 7,280,077 5.8% 1,169,904 388,055 240,816 $11.11

Cleveland 16,765 203,030,767 11,790,280 11,954,865 5.9% 1,722,793 789,832 396,605 $10.18

Colorado Spring. 3,545 40,661,779 2,252,892 2,300,480 5.7% 194,150 205,741 307,225 $12.01

Columbia 5,029 52,164,726 2,773,443 2,937,916 5.6% 987,079 663,654 387,328 $11.66

Columbus 7,338 91,225,320 4,320,885 4,375,550 4.8% 1,079,150 732,695 490,616 $11.31

Columbus GA 2,129 28,012,213 1,211,431 1,219,365 4.4% 505,539 495,329 89,073 $14.24

Corpus Christi 2,111 23,867,561 694,142 694,142 2.9% 238,133 57,309 765,386 $12.54

Dallas/Ft Worth 30,188 410,642,392 19,794,716 20,135,203 4.9% 5,655,002 3,530,174 4,854,935 $15.70

Davenport/Molin. 1,423 19,231,475 687,809 793,359 4.1% 149,916 61,660 3,578 $10.81

Dayton 6,928 69,574,728 4,192,185 4,214,050 6.1% 598,414 67,262 71,341 $9.26

Deltona/Daytona. 3,416 33,850,546 1,838,364 1,865,773 5.5% 533,878 104,915 505,514 $12.98

Denver 14,639 196,245,417 8,652,373 9,142,154 4.7% 1,574,769 1,071,831 2,224,509 $15.99

Des Moines 2,845 38,130,340 1,680,680 1,706,131 4.5% 597,595 289,890 479,663 $10.91

Detroit 24,342 249,417,816 17,665,942 18,389,828 7.4% 2,388,303 622,164 1,040,831 $12.54

Duluth 2,000 18,424,847 410,302 410,302 2.2% 175,364 16,625 25,726 $10.07

East Bay/Oaklan. 12,815 121,508,869 3,977,906 4,188,663 3.4% 298,311 349,578 467,223 $24.81

El Paso 5,075 48,565,452 1,961,980 1,976,405 4.1% 299,098 177,080 315,058 $12.49

Erie 1,724 19,456,535 450,509 469,306 2.4% (65,568) 0 13,800 $8.52

Evansville 1,774 21,604,714 932,184 959,623 4.4% 163,537 2,509 0 $9.50

Fayetteville 1,936 20,961,095 792,347 838,462 4.0% 556,157 460,393 220,054 $10.95

Fayetteville/Sp. 2,341 28,366,508 957,932 957,932 3.4% 455,477 192,116 235,705 $14.15

Fort Smith 1,272 14,295,292 515,389 515,389 3.6% 210,681 78,954 2,885 $7.50

Fort Wayne 2,220 29,210,423 1,519,031 1,590,157 5.4% 613,445 15,108 19,100 $9.70

Fresno 6,324 63,842,473 4,208,212 4,419,449 6.9% 550,847 103,393 86,530 $13.54

Green Bay 2,701 33,397,030 1,432,017 1,439,054 4.3% 270,531 15,201 31,000 $10.40








Figures at a Glance




Greensboro/Wins. 9,728 101,173,156 5,225,908 5,243,148 5.2% 1,102,648 210,427 169,421 $11.30

Greenville/Spar. 9,877 85,693,280 4,195,234 4,551,514 5.3% 591,654 206,980 130,723 $10.28

Hampton Roads 7,927 102,602,151 6,171,547 6,280,025 6.1% 737,656 769,113 1,200,094 $13.82

Hartford 14,663 148,213,216 5,924,551 5,943,324 4.0% 1,371,970 232,500 528,771 $12.43

Hawaii 3,945 60,723,937 1,859,007 1,921,812 3.2% 860,996 1,375,419 243,909 $34.15

Houston 24,355 367,872,110 17,819,569 18,029,768 4.9% 4,103,260 4,008,312 4,201,804 $16.02

Huntington/Ashl. 2,859 25,964,798 684,004 684,004 2.6% 221,874 0 0 $10.25

Huntsville 1,615 24,238,988 1,389,811 1,407,737 5.8% 622,526 353,942 359,575 $10.80

Indianapolis 10,381 124,316,583 6,098,015 6,271,975 5.0% 1,629,977 572,565 1,358,305 $11.86

Inland Empire (. 15,908 187,161,731 14,105,304 14,748,901 7.9% 1,373,452 618,444 779,005 $16.74

Jackson 2,832 35,359,666 1,887,677 1,890,977 5.3% 511,346 61,406 0 $11.04

Jacksonville (F. 8,075 91,589,648 4,897,760 5,130,970 5.6% 1,122,687 598,017 633,687 $12.59

Kansas City 8,746 112,806,715 6,477,386 6,815,576 6.0% 656,449 212,603 1,029,921 $12.83

Killeen/Temple/. 1,666 15,289,326 691,521 691,521 4.5% 116,808 46,950 102,200 $11.66

Kingsport/Brist. 1,615 19,408,687 1,074,850 1,092,770 5.6% 296,780 144,910 137,063 $8.30

Knoxville 4,539 53,111,643 2,652,859 2,721,837 5.1% 412,032 96,849 206,754 $13.03

Lafayette 1,110 14,731,062 652,466 655,966 4.5% 669,807 668,618 173,210 $15.20

Las Vegas 7,099 109,480,759 8,202,963 8,974,558 8.2% 1,800,968 675,482 711,001 $16.69

Lexington/Fayet. 2,413 30,427,658 1,600,684 1,618,218 5.3% (242,223) 154,193 39,886 $13.79

Lincoln 1,729 19,664,417 572,500 695,822 3.5% 99,631 60,839 68,483 $12.37

Little Rock/N L. 5,282 51,311,962 1,557,642 1,620,788 3.2% 287,211 144,285 195,189 $12.64

Long Island (Ne. 40,151 309,010,744 9,729,161 9,779,939 3.2% 1,662,645 451,075 2,812,235 $32.51

Los Angeles 47,268 468,976,829 17,779,054 18,730,315 4.0% 3,213,284 818,185 1,684,566 $28.63

Louisville 7,557 80,866,097 3,852,424 3,896,657 4.8% 354,265 224,993 235,278 $12.16

Lubbock 2,291 24,267,861 768,178 785,008 3.2% 126,028 66,217 197,083 $13.38

Madison 3,854 46,948,145 1,944,098 2,006,852 4.3% 510,585 153,205 608,412 $12.78

McAllen/Edinbur. 1,377 21,936,444 812,495 881,495 4.0% 429,367 143,338 335,246 $15.23

Memphis 7,776 85,064,465 5,850,505 5,909,843 6.9% 1,192,644 661,618 406,778 $10.29

Miami-Dade Coun 10,191 127,513,765 3,532,786 3,670,321 2.9% 673,483 347,408 2,454,946 $34.18

Milwaukee 13,400 142,528,128 8,254,464 8,548,740 6.0% 1,214,856 980,788 1,321,109 $10.92

Minneapolis 16,336 203,694,932 7,063,199 7,261,256 3.6% 1,605,589 793,036 621,556 $13.26

Mobile 3,724 36,523,904 1,902,486 2,001,572 5.5% 225,831 126,336 55,645 $11.15

Montgomery 1,954 26,160,404 1,646,268 1,646,268 6.3% 492,500 196,375 80,277 $8.88

Myrtle Beach/Co. 2,043 22,284,018 1,236,826 1,236,826 5.6% 301,176 164,328 45,436 $11.53

Nashville 9,113 100,423,974 3,216,549 3,401,126 3.4% 1,851,581 834,878 1,425,118 $17.06

New Orleans/Met. 7,523 77,910,497 3,172,310 3,173,310 4.1% 1,187,523 194,661 171,545 $14.26

New York City 4,384 52,642,483 1,739,437 1,790,059 3.4% 297,923 560,782 2,024,147 $85.10

North Bay/Santa. 6,739 65,435,549 2,422,110 2,635,215 4.0% 502,207 300,510 100,263 $20.18

Northern New Je. 37,594 382,091,745 19,256,900 19,624,152 5.1% 653,443 1,143,882 3,342,406 $20.15

Ocala 847 10,735,422 792,530 792,530 7.4% 104,113 33,600 11,861 $13.33

Oklahoma City 8,799 88,451,742 4,716,661 4,753,995 5.4% 1,688,837 1,143,301 979,476 $11.75

Olympia 1,223 13,901,407 651,971 651,971 4.7% 20,481 16,808 0 $15.99

Omaha/Council B. 5,304 58,826,692 2,546,140 2,671,803 4.5% 643,626 340,469 276,917 $12.79

Orange County (. 10,468 143,397,788 5,500,987 5,592,884 3.9% 554,464 642,644 613,031 $25.67

Orlando 11,577 166,426,531 9,483,817 9,638,072 5.8% 1,324,867 897,296 599,417 $14.70

Palm Beach Coun. 4,990 78,832,168 3,561,172 3,615,166 4.6% 1,091,808 364,255 780,402 $20.06

Pensacola 3,466 29,701,129 1,166,903 1,187,291 4.0% 315,672 33,195 80,147 $10.92

Peoria 1,268 16,671,696 1,172,009 1,177,717 7.1% (18,431) 19,300 4,000 $10.95








Figures at a Glance




Philadelphia 47,996 542,012,231 26,841,982 27,377,323 5.1% 2,855,724 1,452,767 2,575,413 $13.93

Phoenix 13,977 222,129,368 19,257,063 19,896,707 9.0% 1,422,421 1,259,713 991,497 $14.60

Pittsburgh 14,007 142,635,540 4,212,066 4,249,184 3.0% 1,379,663 416,369 1,016,850 $12.35

Port St Lucie/F. 1,760 24,204,858 1,154,695 1,167,507 4.8% 287,127 64,107 67,506 $15.01

Portland 9,881 108,041,146 4,069,078 4,424,648 4.1% 372,194 192,022 588,301 $18.05

Portland/South . 4,010 37,435,234 1,129,523 1,153,588 3.1% 323,535 47,825 44,738 $14.21

Providence 7,087 60,617,621 2,528,827 2,758,495 4.6% 770,129 138,828 189,876 $14.12

Raleigh/Durham 7,867 97,719,439 3,420,295 3,523,499 3.6% 1,179,554 696,200 559,585 $15.32

Reno/Sparks 2,369 32,806,257 3,011,663 3,104,439 9.5% 239,887 26,826 0 $14.05

Richmond VA 7,091 80,286,655 4,165,037 4,272,317 5.3% 484,334 525,871 349,524 $13.41

Roanoke 1,806 21,872,342 1,053,731 1,058,331 4.8% 97,165 28,640 54,965 $14.22

Rochester 5,535 64,299,552 3,811,111 3,873,544 6.0% 975,455 291,820 66,700 $11.59

Sacramento 7,967 99,038,055 7,546,396 7,690,469 7.8% 319,298 274,193 1,270,943 $15.91

Salinas 1,796 18,307,686 471,022 481,559 2.6% 24,513 0 0 $21.16

Salt Lake City 10,583 131,786,873 5,162,184 5,224,791 4.0% 500,416 638,263 1,337,118 $15.07

San Antonio 12,783 128,446,970 4,753,604 4,834,266 3.8% 2,573,916 1,212,187 527,829 $14.80

San Diego 12,926 135,034,567 5,067,749 5,477,440 4.1% 1,250,774 334,485 481,421 $22.07

San Francisco 10,437 80,963,464 1,597,975 1,817,556 2.2% (93,754) 47,000 943,747 ######

San Luis Obispo. 1,674 15,493,323 396,179 489,375 3.2% 188,575 18,919 61,738 $22.06

Santa Barbara/S. 2,134 24,202,845 443,114 494,225 2.0% 296,708 78,675 20,850 $26.79

Santa Cruz/Wats. 1,514 11,409,435 350,066 355,686 3.1% 1,635 0 14,247 $18.55

Savannah 2,512 25,473,871 1,156,247 1,198,990 4.7% 79,158 76,994 64,998 $16.55

Seattle/Puget S. 15,011 173,434,356 6,067,242 6,379,441 3.7% 720,000 176,876 760,093 $18.60

Shreveport/Boss. 2,041 25,837,033 1,086,714 1,091,929 4.2% 304,947 61,447 51,702 $11.36

South Bay/San J. 6,640 79,470,595 3,973,610 4,128,761 5.2% (371,671) 534,650 692,714 $30.73

South Bend/Mish. 1,911 21,819,153 724,521 741,441 3.4% 92,595 10,200 0 $10.33

Southwest Flori. 5,947 79,446,139 4,342,674 4,583,208 5.8% 1,147,818 700,082 392,226 $15.32

Spokane 3,634 36,148,470 1,576,188 1,591,383 4.4% 391,736 30,736 107,428 $11.49

Springfield 2,057 25,081,415 1,112,913 1,118,049 4.5% 100,351 60,387 21,000 $9.92

St. Louis 11,658 160,784,779 9,660,341 9,808,502 6.1% 1,222,812 692,708 517,550 $12.17

Stockton/Modest. 4,712 55,750,992 2,440,746 2,549,542 4.6% 590,015 267,106 168,859 $15.00

Syracuse 6,203 73,219,536 2,219,489 2,283,693 3.1% 690,884 188,764 47,189 $10.50

Tallahassee 2,605 24,467,254 972,877 978,575 4.0% 355,858 95,035 75,449 $13.30

Tampa/St Peters. 18,870 225,458,910 10,775,169 11,249,505 5.0% 1,848,770 880,321 752,755 $14.43

Toledo 7,524 74,155,005 3,563,221 3,602,111 4.9% 151,012 39,458 119,695 $7.69

Tucson 5,280 51,137,713 3,055,100 3,088,213 6.0% 372,682 207,311 356,623 $14.77

Tulsa 7,190 74,433,815 2,948,025 3,026,151 4.1% 914,434 355,628 339,764 $10.14

Utica/Rome 2,017 22,213,416 732,781 756,281 3.4% 203,451 3,000 0 $8.88

Visalia/Porterv. 1,797 17,634,312 928,703 985,052 5.6% 12,486 36,317 9,100 $12.59

Washington 16,557 226,095,183 9,156,340 9,364,423 4.1% 1,033,540 1,052,629 1,919,172 $26.97

West Michigan 14,659 143,648,466 5,850,514 6,028,170 4.2% 1,535,141 357,798 199,375 $9.82

Westchester/So . 19,032 199,934,158 10,307,812 10,471,396 5.2% 1,408,739 374,837 1,498,156 $23.54

Wichita 3,858 43,688,072 2,002,724 2,024,656 4.6% 153,034 123,713 383,529 $10.47

Wilmington 3,328 27,899,202 938,089 979,489 3.5% 428,983 168,548 89,697 $13.47

Yakima 1,232 11,184,322 485,663 485,663 4.3% 26,950 0 183,102 $11.78

Youngstown/Warr 4,116 40,681,104 1,384,574 1,398,235 3.4% 357,236 27,325 42,007 $9.05

Totals 1,142,780 13,058,987,945 629,594,130 647,948,062 5.0% 108,639,740 58,182,315 79,376,649 $15.66








Figures at a Glance

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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

2006 1q20063q

2007 1q20073q

2008 1q20083q

2009 1q20093q

2010 1q2010 3q2011 1q2011 3q2012 1q2012 3q2013 1q2013 3q2014 1q2014 3q2015 1q2015 3q2016 1q2016 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 8,000

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

27.79

9.31

2.92 3.221.63

0.52

0.0

5.0

10.0

15.0

20.0

25.0

30.0

2016 4q 2017 2q 2017 4q

Millions

Leasing Activity






Leasing Activity


* Renewal

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

1 7061 N 700 W - Meijer Indianapolis 200,000 3rd Meijer N/A N/A

2 American Dream Meadowlands Northern New Jersey 180,000 2nd Big SNOW America N/A N/A

3 6191 S State St - Macy’s Salt Lake City 161,634 3rd Macy’s N/A General Growth Properties, Inc.

4 26100 Vreeland Rd - Meijer Detroit 156,000 2nd Meijer N/A Meijer Inc.

5 300 Inland Center Dr Inland Empire (California) 152,178 1st JCPenney N/A The Macerich Company

6 15 Junction Rd - Costco Northern New Jersey 150,000 3rd Costco N/A N/A

7 135th St - Menard’s Kansas City 149,567 3rd Menard N/A N/A

8 Smith’s Marketplace & Jr Anchor K, L & M Salt Lake City 124,000 1st Smith’s N/A Newmark Grubb Knight Frank; Mountai

9 5544 Promenade Pky - King Soopers Denver 123,419 1st King Soopers N/A David Hicks & Lampert Brokerage Inc

10 2200 E 12 Mile Rd - Kroger Detroit 123,330 1st Kroger N/A N/A

11 Dawson Marketplace - Kroger Atlanta 123,000 1st Kroger N/A The Shopping Center Group, LLC

12 Bradford Creek Shopping Center - Kroger Huntsville 123,000 1st Kroger N/A N/A

13 1800 Loucks Rd - Macy’s Philadelphia 121,524 3rd AtHome Decor Direct Deal Rhino Realty Group Inc.

14 433 Lewiston Rd - Kroger Augusta/Richmond County 114,000 1st Kroger N/A Southeastern Development Associates

15 11700 Olio Rd - Kroger Indianapolis 113,000 3rd Kroger N/A N/A

16 The Plaza South Florida 111,238 2nd Lowe’s N/A Konover South Development Corp

17 Life Time Athletic Folsom Sacramento 111,000 2nd Lifetime Fitness N/A N/A

18 2051 18 Mile Rd Detroit 106,774 3rd Kroger N/A N/A

19 1175 S Mount Vernon Ave Inland Empire (California) 104,230 1st GTI Closeout N/A Century Developments

20 The Plaza at Lake Park South Florida 94,505 1st Rooms To Go N/A Sterling Organization

21 Larry H Miller Draper Campus - Ford Salt Lake City 92,000 3rd Ford N/A Miller Family Real Estate LLC

22 513 Broadway San Francisco 90,000 2nd Living Spaces N/A Fazekas Retail Group

23 880 N Military Hwy Hampton Roads 90,000 2nd Movement Mortgage N/A JLL

24 7191 10 St N - Cub Foods Minneapolis 87,680 1st Cub Foods N/A IRC Retail Centers, Inc.

25 10560 Harrison Ave - Big KMart* Cincinnati 86,756 3rd Kmart N/A N/A

26 144 S Fort Ln Salt Lake City 85,000 1st WinCo Foods N/A Newmark Grubb Knight Frank

27 Boca Chica Blvd Shopping Center* Brownsville/Harlingen 84,427 1st Burlington Coat Factory N/A Kimco Realty Corporation

28 2480 N Cleveland Ave N Minneapolis 84,156 1st Acorn Mini Storage N/A Schafer Richardson Inc

29 161 Washington Ave Ext Albany/Schenectady/Troy 82,000 2nd At Home N/A Crossgates Mall

30 30-35 College Point Blvd Long Island (New York) 81,532 2nd Audi Direct Deal Feinstein Iron Works, Inc.

31 South Coast Marketplace Boston 80,000 1st Market Basket N/A The Stonewood Companies

32 6911 Carpenter Fire Station Rd Raleigh/Durham 80,000 2nd YMCA N/A Crosspointe Church At Cary

33 12200 E Cornell Ave Denver 78,000 2nd King Soopers N/A Koelbel & Company

34 2600 South Wildcat Way - Smith’s Salt Lake City 76,170 3rd Smith’s N/A N/A

35 Mayo Clinic Square Minneapolis 74,090 1st Jack Links N/A JLL

36 631 S Post Rd Charlotte 72,447 2nd Nissan N/A Windsor/Aughtry Company

37 Jodeco - Atlanta South Atlanta 72,000 3rd Cabela’s N/A Retail Leasing Advisors

38 Route 1 & St Georges Ave Northern New Jersey 72,000 3rd Floor & Decor N/A R.J. Brunelli & Co., LLC.

39 Knoxville Crossing Peoria 70,828 1st Schnucks N/A The DESCO Group

40 12101 Sycamore Station Pl Louisville 70,480 1st Malibu Jack’s N/A CBRE

Select Top Retail Leases Based on Leased Square Footage For Deals Signed in 2016






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 July 2015 - June 2016

Bldg Size # RBA $ Volume Price/SF Cap Rate

< 25,000 SF 14,257 97,963,448 $27,859,318,943 284.38$ 6.55%

25K-99K SF

1,558 75,665,677 $12,546,531,319 165.82$ 7.14%

100K-249K SF

411 58,417,172 $8,955,523,996 153.30$ 6.50%

>250K SF 82 35,776,968 $6,724,703,632 187.96$ 4.93%

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®

$100

$110

$120

$130

$140

$150

$160

$170

$180

$190

$200

2013 1q 2014 2015 1q 2016

Dol

lars

per

SF

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

$10,000

2013 1q 2014 1q 2015 1q 2016 1q

Millions

of

Sale

s V

olu

me D

ollars

$0

$50

$100

$150

$200

$250

Price

/SF

Sales Volume Price/SF

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

2013 3q 2014 3q 2015 3q

Cap R

ate

Perc

enta

ge

$320

$370

$420

$470

$520

$570

$620

Dolla

rs/SF

Cap Rate Price/SF

6.0%

6.5%

7.0%

7.5%

8.0%

8.5%

2013 1q 2013 2014 2014 2015 1q 2015 2016

Cap R

ate

Perc

enta

ge



National Retail MarketSales Activity

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