market monitor license agreement · california 254.46 37.85 8.23 263.19 34.60 7.58 56.61 6.74 8.74...

MARKET MONITOR LICENSE AGREEMENT

The subscription fee to this publication entitles the user to one copy. It is a violationof the copyright to make copies of and/or distribute this publication. Printing orcopying, either the entire report or large sections, for marketing or presentations isstrictly prohibited. Users wishing to lift materials from the Market Monitor for suchpurposes must contact the publisher in advance for permission. Incorporation of thisinformation into an electronic network, for either internal or external purposes, isprohibited unless written permission is obtained beforehand from the publisher. Anyborrowing of material from Market Monitor for internal reports must include the fol-lowing citation: “Data provided by the National Real Estate Index, (415) 733-5322.”You may not redistribute, rent, lend, sell, or modify any materials from the MarketMonitor, or create derivative works for sale, based on information or data containedin this report.

Publisher:

Volume 64

Second Quarter 2001 Results

Second Quarter 2001National and Regional Performance by Property Type(for the three months ending June 2001)

CBDOFF ICE

SUBURBANOFF ICE WAREHOUSE RETA IL APARTMENT

REGIONS Price Rent Cap Price Rent Cap Price Rent Cap Price Rent Cap Price Rent CapS/F S/F Rate S/F S/F Rate S/F S/F Rate S/F S/F Rate S/F S/F Rate

National $213.10 $34.52 8.77% $181.69 $27.08 8.46% $45.10 $5.76 8.96% $120.41 $17.61 9.19% $104.81 $14.53 8.42%

California 254.46 37.85 8.23 263.19 34.60 7.58 56.61 6.74 8.74 147.29 21.87 8.96 159.58 19.42 7.80

West 201.31 30.15 8.21 165.35 25.84 8.85 44.59 5.47 8.75 119.91 17.14 9.07 95.96 11.75 8.01

Southwest 140.65 24.34 8.89 153.38 23.59 8.47 41.98 4.98 8.57 110.65 15.70 9.02 74.62 10.04 8.41

Southeast 125.82 21.75 9.36 141.49 20.78 8.48 33.17 4.25 9.08 102.79 15.47 9.32 70.57 9.94 8.58

Florida 134.77 25.12 9.18 148.53 22.81 8.77 46.16 6.23 9.00 108.75 15.47 9.18 75.44 10.53 8.42

Midwest 161.84 27.57 9.17 146.91 24.19 8.91 39.98 5.47 9.32 107.98 15.93 9.47 82.30 12.02 8.67

Northeast 278.34 45.29 8.71 190.16 29.43 8.61 48.89 6.53 9.03 129.87 18.94 9.14 119.01 19.10 8.88

The above figures reflect performance in 58 markets. For a listing of the markets included, see the back inside cover.

Values reported reflect Class A properties. [Class B/C commercial property prices, as well as Class B apartment prices and rents, are reported in the SUPPLEMENTAL MARKET

MONITOR (found in the latter pages of this publication) and are not reflected in the regional and national averages above.] For warehouse/distribution, retail, and apartmentproperties, the INDEX reports property transaction trends within metropolitan areas (Metropolitan Statistical Areas and Primary Metropolitan Statistical Areas), as defined bythe U.S. Census Bureau.

Except for retail, reported rents are effective gross rents. Retail rents include only in-lying small shop space and are triple net. Warehouse rents reflect lease rates for ware-house space only (rents for office build-out in industrial properties can be significantly higher). Cap rates are based on actual net operating income, either from property salesor from representative local properties. Furthermore, please note that because the rent figures represent quoted rates (after concessions) on space currently available (rather thanthe total rental income for all buildings surveyed), prices, rents, and cap rates may not always appear “internally” consistent.

Averages for all markets have been calculated using regional and local market property stock weights from CB Richard Ellis (CBD office, suburban office, and industrial)and F.W. Dodge/McGraw-Hill (retail and apartment). Some minor index weighting adjustments were incorporated in the fourth quarter 1996.

Important: Reported prices are derived, first and foremost, from closed property sales in each respective period. Consequently, there may be some disparity betweenproperty values reported herein and anecdotal reports of changing market conditions in certain local markets. Ultimately, however, changing values are reflected in thedata reported. For a more complete description of the methodology employed, please see “Methodology” on the back page.

Second Quarter 2001

Commercial Real Estate BrokersBirmingham Realty (Birmingham)Carter/ONCOR International (Tampa Bay)Centennial, Inc. (Nashville)Chaney-Brooks & Co. (Hawaii)Cohen-Esrey Real Estate Svcs., Inc. (Kansas City)Colliers International (San Francisco)Eastern Consolidated Properties, Inc. (New York)Harvey Lindsay Commercial Real Estate (Norfolk)The Hutensky Group (Hartford)Hunneman Commercial Company (Boston)James T. Barry Co., Inc. (Milwaukee)Julien J. Studley (Los Angeles, New York, San

Francisco)Kidder, Mathews & Segner, Inc. (Bellevue, WA)Latter and Blum (New Orleans)Lincoln Properties (Seattle; Sacramento, San Diego,

Riverside; Dallas; Chicago)Marcus & Millichap (Palo Alto, CA; Denver)Ohio Equities, Inc. (Columbus)Property Services, Inc. (Jacksonville)Ritchie Commercial (San Jose)Steven D. Bell (Greensboro)TAG Realty (Dallas)Thomas & Kuiken, Inc. (Burr Ridge, IL)Towle Real Estate Company (Minneapolis)Turley Martin Company (St. Louis)Wiggin Properties (Oklahoma City)

Developers/InvestorsChinon Developments (Memphis)Collier, Heinz & Associates (Salt Lake City)Heitman Properties (Hartford; New York; Sacramento)Hines Interest (Houston; New Orleans)Industrial Developments International (Memphis)Kimco Development (New York)Trammell Crow

Institutions, Life Insurance, andPension Fund Advisors/ManagersAegon USA Realty Advisors Inc. (Atlanta; Cedar Rapids)Arthur Andersen & CompanyCon-Am (San Diego)Franklin PropertiesGE Capital Advisors (San Francisco)Investment Corporation of America, Inc.Kennedy Associates Real Estate Counsel (Seattle)Metric Property ManagementNooney Krombach Company (St. Louis)Polygon Management Incorporated

Commercial Real EstateAppraisers/ConsultantsAmerican Realty Consultants (Ft. Lauderdale)Apartment Appraisers & Consultants (Denver)Appraisal Associates of Austin, Inc. (Austin)Appraisal Consultants Corporation (Livingston, NJ)Atlantic Coast Realty Advisory Group (Toms River, NJ)Bliss Associates, Inc. (Kansas City)Bradford Black & Associates, Inc. (Oklahoma City)Brown, Chudleigh, Schuler & Assoc. (Medford, OR)Bryan E. Humphries & Associates (Dallas)Buss-Shelger Associates (Los Angeles)Butler-Burgher, Inc. (Dallas)Carolinas Real Data (Charlotte)Chase & Company (Denver)Clayton Roper and Marshall (Orlando)Crosson Dannis, Inc. (Dallas)DMD Appraisal, Inc. (San Fernando, CA)Dominy Ford & McPherson (Houston)Dyco Real Estate Inc. (Denver)Ellis Group (Woodland Hills, CA)Frederick Realty Incorporated (Baltimore)Integra, Strickland & Wright (Cincinnati)J. W. Hoyt & Assoc. (Oklahoma City)James Real Estate Services (Denver)Jeff S. Albro & Associates (Arlington, TX)John McCracken & Assoc., Inc. (Greensboro)Jorgensen Appraisal (Midvale, UT)Joseph J. Blake & Associates (Boston)Joseph N. Woller, MAI (San Antonio)Kammrath & Assoc. (Phoenix)Karnes Research (Charlotte, Raleigh-Durham)Kerr Realty Advisors, Inc. (Timonium, MD)LDA, Incorporated (Atlanta)Lipman, Stevens & Marshall, Inc. (San Diego)MacKenzies, S. Buttom & Associates (Dallas)Marquette Advisors (Minneapolis, MN)McKee & Shalka, Inc. (Seattle, WA)Michael Ishie & Associates (Nashville)Nagy Property Consultants, Inc. (Phoenix)Noble & Assoc., Inc. (San Antonio)Nunnink & Assoc., Inc. (Westwood, KS)O’Connor & Associates (Houston)Pacific Real Estate Consultants (Newport Beach, CA)Peter F. Korpacz & Assoc., Inc. (Frederick, MD)PJL Realty (Blue Bell, PA)Powers & Marshall Associates Inc. (Mineola, NY)PricewaterhouseCoopers (Atlanta)RTA Group Inc. (Pittsburgh)Real Estate Valuations & Consultants, Inc.

(REVAC) (Houston)Real Property Analysts (Winter Park, FL)

Rule & Company (Kansas City)Schueler, McKown & Keenan, Inc. (Seattle)Schultz, Carr, Bissette & Associates (Atlanta)Shenehon Company (Minneapolis)Slade and Glover (Mesa, AZ)Stephen B. Graeif & Co. (Austin)Settles & Associates, Inc. (Nashville)Stover & Co. (Sacramento)Urban Property Analysts (Austin)Village Green Management (Farmington Hills, MI)Williams/Scott & Associates (Austin)Willingham Associates, Inc. (Cincinnati)

Primary Real Estate Market Makers

Contributors of property-level data to the National Real Estate Index (INDEX) are major players in the real estate industry. In addition tonumerous local CB Richard Ellis offices, CB Richard Ellis Appraisal Services[(213) 613-3616], the CB Richard Ellis InvestmentPropertiesGroup[(213) 613-3558], Koll 1031ExchangeServices[(888) 679-5655], and L.J. Melody [(713) 787-1999], some 150 finan-cial institutions, pension funds/advisors, appraisal firms, insurance companies, and real estate brokers provide data on their real estateactivity for compilation of INDEX composite statistics.

CBD SuburbanOffice Office Warehouse Retail Apartment

Market* A V E R A G E A V E R A G E A V E R A G E A V E R A G E A V E R A G E

Price Rent Cap Price Rent Cap Price Rent Cap Price Rent Cap Price Rent Capsf sf Rate sf sf Rate sf sf Rate sf sf Rate sf sf Rate

NATIONAL $213.10 $34.52 8.8% $181.69 $27.08 8.5% $45.10 $5.76 9.0% $120.41 $17.61 9.2% $104.81 $14.53 8.4%

Los Angeles 2 Q. ‘01 216.64 28.80 7.7 277.08 27.92 6.4 60.35 6.81 8.7 150.75 21.50 8.8 160.87 18.16 7.31 Q. ‘01 211.99 28.29 7.8 273.34 28.13 6.6 61.51 6.80 8.5 150.79 22.00 8.9 157.48 18.42 7.52 Q. ‘00 203.66 27.65 7.9 258.65 28.41 7.0 60.78 6.84 8.6 146.14 21.36 9.0 147.10 17.40 8.0

Oakland 202.57 38.37 8.9 237.38 34.08 8.1 47.03 6.05 9.3 151.57 23.75 9.0 184.08 23.57 8.01 Q. ‘01 205.19 38.48 8.8 250.33 36.16 8.2 48.79 6.10 9.0 156.16 24.08 8.8 185.03 24.27 8.22 Q. ‘00 180.33 32.65 9.4 218.51 32.18 8.1 47.50 6.16 9.1 159.08 23.83 8.6 162.94 23.19 8.9

Orange County a 212.94 29.17 8.2 188.63 25.44 7.8 54.41 5.82 8.3 154.67 21.81 9.0 140.28 17.92 8.31 Q. ‘01 212.76 29.22 8.2 187.62 25.85 7.9 55.51 5.92 8.2 158.59 22.42 8.9 136.42 18.05 8.62 Q. ‘00 198.71 29.37 8.7 191.20 25.49 7.7 56.02 5.69 8.0 162.85 22.06 8.6 133.21 17.75 8.6

Riverside–San Bernardino b 140.59 23.20 9.1 125.71 19.19 8.2 49.54 5.58 8.3 115.17 16.95 8.6 88.11 11.61 8.81 Q. ‘01 141.43 22.96 9.0 127.05 19.12 8.1 48.64 5.72 8.5 116.68 17.40 8.6 87.18 11.39 8.72 Q. ‘00 139.46 22.82 9.1 117.68 18.43 8.3 45.29 5.47 8.8 116.93 17.07 8.5 82.99 10.53 8.5

Sacramento 207.62 30.30 7.9 156.53 24.03 8.4 38.66 5.02 9.2 125.63 17.75 9.2 84.80 11.62 9.01 Q. ‘01 211.42 30.62 7.8 158.34 24.00 8.3 38.84 4.98 9.2 123.34 17.26 8.9 82.69 11.46 9.12 Q. ‘00 207.23 29.41 7.8 159.57 23.70 8.2 36.48 4.72 9.4 124.49 17.19 8.8 82.89 11.27 8.9

San Diego 192.24 26.07 7.8 212.38 32.15 8.6 55.95 7.43 9.2 136.37 19.17 9.2 150.34 16.80 7.41 Q. ‘01 193.96 26.54 7.8 198.56 32.62 9.2 56.52 7.25 9.0 138.28 19.28 9.1 151.43 16.69 7.32 Q. ‘00 176.57 25.12 8.0 204.69 29.11 8.4 54.54 6.96 9.2 126.94 19.05 8.8 141.23 16.24 7.5

San Francisco 373.02 57.96 8.7 384.34 60.03 8.3 67.77 9.56 8.8 161.10 28.55 8.9 223.83 30.61 8.41 Q. ‘01 375.19 67.44 9.2 408.48 68.60 8.1 70.17 10.02 8.7 165.23 28.67 8.7 237.37 32.07 8.32 Q. ‘00 369.62 66.97 9.1 350.16 67.49 8.8 72.00 9.83 8.4 167.05 27.29 8.4 228.80 28.88 8.0

San Jose 274.05 57.01 9.1 342.68 55.68 8.7 67.33 8.44 8.5 155.42 25.93 9.5 210.47 28.21 8.01 Q. ‘01 288.93 62.08 9.0 352.91 68.90 8.8 70.51 8.82 8.3 158.68 26.46 9.4 226.65 29.60 7.82 Q. ‘00 276.14 57.02 8.8 362.41 69.52 8.4 73.52 8.90 8.0 163.12 25.60 9.0 223.88 27.71 7.4

Honolulu 226.82 25.99 7.7 150.08 25.19 9.5 65.17 8.31 9.2 178.26 25.98 9.4 96.41 18.37 9.71 Q. ‘01 223.82 25.31 7.7 148.00 25.01 9.6 64.94 8.25 9.2 179.11 26.23 9.4 94.29 18.15 9.82 Q. ‘00 220.25 25.15 7.8 142.37 24.60 9.9 63.79 8.13 9.3 173.66 25.71 9.6 94.24 17.70 9.9

CALIFORNIA 254.46 37.85 8.2 263.19 34.60 7.6 56.61 6.74 8.7 147.29 21.87 9.0 159.58 19.42 7.8

Volume 64

CALIFORNIA REGION

Second Quarter 2001

a For the CBD office sector, these figures represent mid- and high-rise properties in the Greater Airport submarket.b For the CBD office sector, these figures represent mid- and high-rise properties in Riverside County.

*Reported values reflect Class A properties. [Class B apartment prices and rents (as well as prices for select Class B and C sectors) are reported in the SUPPLEMENTAL

MARKET MONITOR.] Except for retail, reported rents are effective gross rents. Retail rents include in-lying small shop space only and are triple net. Cap rates arebased on actual net operating income, either from property sales or from representative properties in the respective market.




NATIONAL $213.10 $34.52 8.8% $181.69 $27.08 8.5% $45.10 $5.76 9.0% $120.41 $17.61 9.2% $104.81 $14.53 8.4%

Denver 2 Q . ‘01 185.11 24.86 7.7 161.25 25.68 9.0 44.74 5.14 8.5 126.00 18.03 8.9 103.98 12.50 8.01 Q. ‘01 186.82 24.66 7.6 160.15 26.29 9.2 44.61 4.99 8.4 123.67 17.76 9.0 102.47 12.56 8.22 Q. ‘00 187.65 24.46 7.5 159.45 26.88 9.0 43.86 4.84 8.5 121.45 17.89 9.2 93.75 12.26 8.5

Las Vegasa 165.92 27.63 9.3 140.32 24.12 9.3 48.26 5.65 8.4 130.83 18.07 9.0 73.76 9.68 8.21 Q. ‘01 168.77 27.97 9.2 138.84 24.12 9.4 46.89 5.46 8.5 127.63 17.58 9.1 73.60 9.54 8.12 Q. ‘00 166.60 27.26 9.2 137.78 24.24 9.4 46.06 5.36 8.5 122.68 17.72 9.3 74.28 9.48 7.9

Por tland 177.01 23.50 8.0 165.93 25.29 8.7 42.92 5.82 9.0 115.51 17.23 9.7 79.06 10.22 8.11 Q. ‘01 176.59 23.39 8.0 170.19 25.37 8.5 43.78 5.92 8.9 116.96 17.30 9.6 76.88 10.25 8.32 Q. ‘00 161.24 23.63 8.6 166.05 24.67 8.6 42.04 5.79 9.2 117.82 17.19 8.8 71.51 9.71 8.5

Salt Lake City 129.83 23.47 8.8 125.56 19.25 8.6 32.95 4.27 9.1 88.96 13.01 8.7 67.70 9.59 9.11 Q. ‘01 128.81 22.79 8.8 124.36 19.32 8.7 33.44 4.30 9.0 89.23 13.09 8.7 67.28 9.53 9.12 Q. ‘00 126.60 22.35 9.1 115.40 19.13 9.2 32.64 4.39 9.4 89.97 13.00 8.6 68.14 9.56 9.1

Seattle 252.60 40.31 8.5 191.84 28.85 8.6 50.43 6.04 8.7 134.55 18.76 9.1 116.98 13.51 7.51 Q. ‘01 257.91 41.03 8.4 200.57 29.35 8.4 49.17 6.26 9.1 133.67 18.92 9.2 116.99 13.17 7.22 Q. ‘00 248.08 38.06 8.4 217.17 28.70 7.5 50.96 6.19 8.7 129.87 19.26 9.5 110.38 13.16 7.5

WEST 201.31 30.15 8.2 165.35 25.84 8.9 44.59 5.47 8.8 119.91 17.14 9.1 95.96 11.75 8.0

*Reported values reflect Class A properties. [Class B apartment prices and rents (as well as prices for select Class B and C sectors) are reported inthe SUPPLEMENTAL MARKET MONITOR.] Except for retail, reported rents are effective gross rents. Retail rents include in-lying small shop space only andare triple net. Cap rates are based on actual net operating income, either from property sales or representative properties in the respective market.Furthermore, please note that the rent figures represent quoted rates (after leasing concessions) on space currently available (rather than the totalrental income for all buildings surveyed). Consequently, prices, rents, and cap rates may not appear “internally” consistent for some periods, especial-ly when rents are either rapidly rising or falling.

a For the CBD office sector, these figures represent Class A mid-rise and high-rise office properties throughout Clark County.

Volume 64

WEST REGION

Second Quarter 2001


Market* AVERAGE AVERAGE AVERAGE AVERAGE AVERAGE


NATIONAL $213.10 $34.52 8.8% $181.69 $27.08 8.5% $45.10 $5.76 9.0% $120.41 $17.61 9.2% $104.81 $14.53 8.4%

Alb uquer que 2 Q . ‘01a 106.68 17.15 9.4 96.73 16.17 9.3 32.62 4.97 9.2 87.29 13.33 9.4 63.15 9.39 8.81 Q. ‘01 109.39 17.65 9.3 94.73 16.17 9.5 33.25 5.05 9.1 89.09 13.59 9.3 64.09 9.42 8.72 Q. ‘00 109.63 18.10 9.4 92.54 15.75 9.6 32.25 4.85 9.2 91.64 13.46 9.0 61.28 9.11 8.8

Austin 153.46 33.69 8.7 184.77 31.67 9.2 40.87 6.37 9.1 118.33 18.52 9.1 88.29 11.86 7.61 Q. ‘01 157.60 34.72 8.6 188.73 31.59 9.0 41.53 6.43 9.0 119.63 18.51 9.0 87.45 11.59 7.52 Q. ‘00 148.76 31.30 8.8 170.02 28.44 9.2 40.85 6.26 9.0 117.83 17.96 9.0 77.18 11.32 8.4

Dallas–For t Wor thb 151.47 23.22 8.5 163.79 24.96 8.7 43.96 5.00 8.3 123.44 16.58 8.9 79.08 10.28 8.31 Q. ‘01 154.31 23.53 8.4 168.27 25.12 8.5 42.78 4.96 8.5 125.31 16.70 8.8 82.24 10.56 8.42 Q. ‘00 151.72 23.30 8.5 161.55 24.60 8.6 40.22 5.17 9.0 124.55 16.50 8.8 78.42 10.29 8.3

El Paso 77.82 13.69 9.9 90.98 15.30 9.6 30.11 4.02 9.5 73.98 11.70 9.7 52.56 8.32 9.61 Q. ‘01 78.74 13.73 9.8 90.38 15.10 9.6 29.77 4.01 9.6 75.67 11.73 9.5 54.59 8.55 9.52 Q. ‘00 81.90 14.25 9.6 92.61 15.20 9.4 29.94 3.97 9.5 78.04 11.69 9.2 56.15 8.64 9.4

Houston 148.25 26.45 9.0 140.85 22.17 8.2 43.08 5.28 8.8 105.32 16.11 9.0 68.91 9.84 8.61 Q. ‘01 149.97 27.07 9.0 138.64 22.00 8.3 42.59 5.16 8.8 105.71 16.23 9.0 69.07 9.68 8.42 Q. ‘00 139.94 24.64 9.2 131.32 21.83 8.6 41.08 4.80 8.8 104.78 15.94 9.0 67.14 9.51 8.5

Oklahoma City 79.52 15.34 8.9 93.86 17.10 9.0 28.58 4.28 9.6 72.05 11.14 9.2 57.08 8.35 9.21 Q. ‘01 77.18 14.78 9.0 91.32 16.90 9.2 28.81 4.26 9.5 72.62 11.07 9.1 57.42 8.40 9.22 Q. ‘00 72.91 13.87 9.0 90.08 16.80 9.3 27.42 3.99 9.6 72.83 11.13 9.1 56.27 8.24 9.3

Phoenix 140.17 23.83 9.2 182.86 23.97 7.5 44.43 4.44 8.0 123.27 16.05 8.9 79.74 10.22 8.31 Q. ‘01 141.84 23.33 9.0 184.05 24.02 7.4 44.76 4.50 7.9 126.10 16.42 8.8 82.48 10.21 8.02 Q. ‘00 143.70 23.41 8.9 175.21 24.26 8.2 42.75 4.60 8.3 129.18 16.83 8.7 78.17 9.98 8.2

San Antonio 108.96 22.10 9.3 117.09 19.75 9.4 32.33 4.57 9.2 88.90 13.13 9.5 66.50 8.97 8.61 Q. ‘01 109.69 22.40 9.3 118.54 19.81 9.3 32.76 4.59 9.1 90.57 13.34 9.4 65.38 8.92 8.72 Q. ‘00 108.91 22.07 9.3 119.02 19.53 9.2 33.01 4.56 9.0 94.61 13.94 9.2 65.67 9.06 8.7

Tulsa 79.69 14.88 9.5 86.58 16.03 9.5 26.07 4.03 9.4 67.56 11.99 9.3 54.48 8.33 9.11 Q. ‘01 80.88 15.00 9.4 86.50 16.00 9.5 26.68 4.04 9.2 68.76 12.15 9.2 54.29 8.30 9.12 Q. ‘00 82.77 15.38 9.3 85.28 15.88 9.6 27.07 3.98 9.0 68.83 11.65 9.0 53.45 8.26 9.2

SOUTHWEST 140.65 24.34 8.9 153.38 23.59 8.5 41.98 4.98 8.6 110.65 15.70 9.0 74.62 10.04 8.4

Volume 64

SOUTHWEST REGION

Second Quarter 2001

*Reported values reflect Class A properties. [Class B apartment prices and rents (as well as prices for select Class B and C sectors) are reported in the SUPPLEMENTAL

MARKET MONITOR.] Except for retail, reported rents are effective gross rents. Retail rents include in-lying small shop space only and are triple net. Furthermore, pleasenote that the rent figures represent quoted rates (after leasing concessions) on space currently available (rather than the total rental income for all buildings surveyed).Consequently, prices, rents, and cap rates may not appear “internally” consistent for some periods, especially when rents are either rapidly rising or falling.

a For the CBD office sector, these figures represent the “Downtown” and “Uptown” submarkets.b For the CBD office sector, these figures represent central Dallas.




NATIONAL $213.10 $34.52 8.8% $181.69 $27.08 8.5% $45.10 $5.76 9.0% $120.41 $17.61 9.2% $104.81 $14.53 8.4%

Atlanta 2 Q . ‘01 153.30 26.84 9.3 174.93 22.65 7.8 36.89 4.27 8.7 119.80 17.12 9.3 85.13 11.23 8.11 Q. ‘01 158.19 27.34 9.1 175.27 23.04 8.1 38.11 4.36 8.3 121.29 17.17 9.2 84.14 11.24 8.32 Q. ‘00 153.58 26.08 9.1 152.92 22.94 8.9 37.66 4.34 8.8 125.86 17.28 8.9 88.04 11.02 7.8

Birmingham 108.07 20.85 9.4 109.92 18.66 9.0 28.99 4.01 9.2 90.30 13.76 9.4 56.60 8.03 8.61 Q. ‘01 108.18 20.89 9.4 111.32 18.71 8.9 28.84 3.97 9.2 89.51 13.52 9.4 56.67 8.04 8.62 Q. ‘00 111.00 20.59 9.1 110.03 18.29 8.9 29.36 3.93 9.0 87.16 13.09 9.5 55.36 8.04 8.8

Charlotte 148.99 24.58 8.8 127.56 18.90 8.6 33.43 4.19 8.8 105.19 16.67 9.1 69.78 9.31 9.11 Q. ‘01 150.26 25.00 8.8 127.66 18.93 8.6 34.10 4.26 8.7 105.82 16.50 9.0 72.26 9.44 8.92 Q. ‘00 150.70 25.11 8.8 127.40 19.04 8.6 34.03 4.16 8.9 106.54 16.72 9.0 70.61 9.43 9.1

Greensbor o/Winston–Salem 106.65 19.12 9.5 108.16 17.75 9.5 28.56 4.03 9.8 90.09 14.91 9.9 56.74 9.15 9.41 Q. ‘01 105.64 18.76 9.5 109.23 17.72 9.4 29.35 4.08 9.6 90.34 14.69 9.8 57.48 9.17 9.32 Q. ‘00 106.51 19.07 9.5 106.68 17.98 9.7 29.46 4.06 9.6 91.95 14.29 9.5 57.87 9.08 9.3

Greenville–Spar tanb urg 111.48 21.10 9.3 95.47 17.31 9.7 31.02 4.20 9.5 87.79 13.03 9.6 53.51 8.06 8.91 Q. ‘01 114.12 21.15 9.1 96.48 17.31 9.6 31.16 4.24 9.5 89.47 13.25 9.5 53.97 8.13 8.92 Q. ‘00 113.93 21.08 9.1 98.80 17.78 9.5 31.17 4.16 9.5 89.08 12.86 9.4 54.94 8.18 8.8

Memphis 102.20 17.83 9.4 124.73 18.77 8.4 37.41 4.01 8.3 89.62 13.42 9.5 62.93 8.14 8.41 Q. ‘01 102.20 17.83 9.4 123.38 18.80 8.5 36.90 3.81 8.2 90.71 13.75 9.5 64.18 8.40 8.52 Q. ‘00 106.46 18.11 9.1 112.29 18.75 9.1 34.40 3.78 8.3 93.29 14.20 9.4 64.72 8.47 8.5

Nashville 118.99 19.65 9.3 124.99 20.54 9.3 32.27 4.24 9.3 98.25 14.58 9.1 66.78 9.35 8.41 Q. ‘01 121.10 20.36 9.3 128.67 20.82 9.1 33.08 4.26 9.1 96.87 14.79 9.3 66.92 9.37 8.42 Q. ‘00 117.48 19.60 9.4 125.00 20.79 9.3 34.10 4.23 8.8 90.81 14.44 9.5 64.85 9.33 8.6

New Orleans 98.00 16.42 10.0 99.88 20.95 9.2 27.65 3.99 9.2 92.26 14.33 9.5 54.29 8.71 9.11 Q. ‘01 99.48 16.58 9.9 101.13 21.01 9.1 27.93 4.07 9.2 93.51 14.41 9.4 55.22 8.86 9.12 Q. ‘00 106.08 17.33 9.5 100.61 20.79 9.1 27.53 4.03 9.3 96.20 14.40 9.2 55.29 8.88 9.1

Norf olk 103.74 19.66 9.8 112.63 20.27 9.5 33.20 4.90 9.7 92.02 13.64 9.0 70.72 10.35 8.51 Q. ‘01 104.37 19.49 9.7 113.65 20.64 9.5 33.65 4.93 9.6 93.98 13.91 8.9 71.20 10.42 8.52 Q. ‘00 107.96 19.99 9.5 115.23 20.76 9.4 34.04 4.94 9.5 95.18 14.25 8.9 69.41 10.39 8.7

Raleigh–Durham 124.57 18.42 7.9 136.99 21.16 8.3 33.15 4.41 9.1 107.14 18.04 8.7 75.73 10.13 8.11 Q. ‘01 126.32 18.46 7.8 138.19 21.01 8.2 32.85 4.33 9.1 105.48 17.49 8.7 76.85 10.28 8.12 Q. ‘00 128.94 18.25 7.7 140.40 20.71 8.0 32.98 4.23 9.0 108.35 18.03 8.6 76.11 10.17 8.1

SOUTHEAST 125.82 21.75 9.4 141.49 20.78 8.5 33.17 4.25 9.1 102.79 15.47 9.3 70.57 9.94 8.6

*Reported values reflect Class A properties. [Class B apartment prices and rents (as well as prices for select Class B and C sectors) are reported in theSUPPLEMENTAL MARKET MONITOR.] Except for retail, reported rents are effective gross rents. Retail rents include in-lying small shop tenant space only and aretriple net. Cap rates are based on actual net operating income, either from property sales or representative properties in the respective market.

SOUTHEAST REGION

Second Quarter 2001Volume 64




NATIONAL $213.10 $34.52 8.8% $181.69 $27.08 8.5% $45.10 $5.76 9.0% $120.41 $17.61 9.2% $104.81 $14.53 8.4%

Ft. Lauder dale 2 Q . ‘01 144.95 29.75 9.1 165.90 23.48 8.2 51.93 7.27 9.3 118.91 16.76 9.2 79.77 10.62 8.51 Q. ‘01 142.76 29.49 9.2 164.94 23.48 8.3 52.04 7.30 9.3 119.40 16.90 9.2 81.74 10.62 8.32 Q. ‘00 142.77 29.50 9.2 158.56 23.54 8.6 50.60 7.20 9.5 113.04 16.25 9.2 77.71 10.49 8.6

Jackson ville 105.74 18.07 9.2 115.14 17.75 9.2 33.51 4.17 8.9 93.20 14.31 9.2 65.98 8.85 8.51 Q. ‘01 106.50 18.33 9.2 117.49 18.08 9.1 34.18 4.34 8.9 93.14 14.29 9.2 67.38 8.93 8.42 Q. ‘00 104.45 18.40 9.4 116.69 18.11 9.3 35.04 4.36 8.9 95.72 14.14 9.0 63.64 8.82 8.7

Miami 160.59 32.25 9.4 163.63 23.68 8.5 56.22 7.40 8.7 113.73 16.80 9.4 78.06 11.71 8.41 Q. ‘01 161.17 31.79 9.3 162.40 23.87 8.6 57.56 7.58 8.6 114.44 17.01 9.4 78.93 11.98 8.52 Q. ‘00 157.27 30.92 9.4 155.47 24.25 9.0 55.28 7.26 8.8 113.17 16.63 9.4 76.17 11.94 8.7

Orlando 145.30 25.30 8.9 144.74 22.00 8.5 34.88 4.99 9.2 108.94 14.57 8.8 68.11 9.56 8.91 Q. ‘01 142.47 24.87 9.0 146.75 22.08 8.4 34.44 4.97 9.3 108.60 14.48 8.8 69.04 9.58 8.82 Q. ‘00 143.59 24.70 8.9 148.62 21.42 8.2 34.34 4.95 9.3 106.95 14.57 8.9 73.09 9.72 8.5

Tampa/St. Petersburga 117.87 21.00 9.1 134.27 22.68 9.1 38.24 5.60 9.4 95.15 13.41 9.3 67.76 9.55 8.41 Q. ‘01 118.80 20.86 9.0 134.00 22.59 9.1 38.55 5.57 9.3 96.30 13.44 9.2 68.68 9.68 8.42 Q. ‘00 115.22 20.50 9.2 128.80 21.78 9.3 37.06 5.26 9.4 95.35 13.75 9.4 66.19 9.45 8.6

West Palm Beac h 147.52 26.05 9.0 166.88 25.50 9.0 50.71 5.85 8.2 125.46 17.23 8.9 81.53 10.85 8.11 Q. ‘01 145.41 25.87 9.1 166.05 24.01 8.6 50.63 5.82 9.0 123.72 17.13 9.0 81.88 11.03 8.22 Q. ‘00 139.89 25.53 9.4 141.99 23.49 9.1 44.38 5.71 9.2 121.10 16.78 8.8 78.65 10.96 8.5

FLORIDA 134.77 25.12 9.2 148.53 22.81 8.8 46.16 6.23 9.0 108.75 15.47 9.2 75.44 10.53 8.4

Reported values reflect Class A properties. [Class B apartment prices and rents (as well as prices for select Class B and C sectors) are reported in theSUPPLEMENTAL MARKET MONITOR.] Except for retail, reported rents are effective gross rents. Retail rents include in-lying small shop space only and aretriple net. Cap rates are based on actual net operating income, either from property sales or representative properties in the respective market.Furthermore, please note that the rent figures represent quoted rates (after leasing concessions) on space currently available (rather than the totalrental income for all buildings surveyed). Consequently, prices, rents, and cap rates may not appear “internally” consistent for some periods, especial-ly when rents are either rapidly rising or falling.

a For the CBD office sector, these figures reflect properties in downtown Tampa.

Volume 64

FLORIDA REGION

Second Quarter 2001

Volume 64




NATIONAL $213.10 $34.52 8.8% $181.69 $27.08 8.5% $45.10 $5.76 9.0% $120.41 $17.61 9.2% $104.81 $14.53 8.4%

Chica go 2 Q . ‘01 226.71 37.37 9.3 174.92 26.43 8.2 45.67 5.77 9.1 129.97 17.44 9.2 100.92 14.70 8.31 Q. ‘01 234.18 39.03 9.2 175.28 26.56 8.7 44.59 5.84 9.3 132.05 17.61 9.1 100.28 14.78 8.42 Q. ‘00 239.24 37.65 8.5 177.98 26.02 8.5 45.31 5.93 9.4 135.36 17.30 8.8 94.63 14.64 8.8

Cincinnati 122.11 23.42 9.2 119.05 20.95 9.1 36.45 4.22 8.8 92.30 13.95 9.4 64.50 10.06 9.21 Q. ‘01 123.54 23.45 9.1 120.30 20.92 9.0 38.09 4.29 8.5 94.13 14.20 9.3 65.36 10.23 9.32 Q. ‘00 123.10 23.80 9.2 119.52 20.84 9.0 36.59 4.04 8.5 96.28 14.22 9.1 64.23 9.87 9.2

Cleveland 137.02 22.45 8.8 121.20 21.47 9.3 35.08 4.68 9.6 95.91 14.70 9.8 68.75 11.00 9.71 Q. ‘01 137.42 22.58 8.8 121.35 21.06 9.2 35.64 4.73 9.5 97.61 15.23 9.8 70.31 11.25 9.72 Q. ‘00 139.70 23.33 8.8 126.26 22.31 9.1 36.50 4.85 9.3 100.25 15.73 9.5 71.48 11.20 9.4

Columb us 136.95 21.95 9.6 117.92 19.02 9.1 31.58 4.03 9.3 92.83 13.22 9.1 60.55 9.05 9.01 Q. ‘01 139.09 22.17 9.5 118.96 19.36 9.1 30.05 4.06 9.7 93.63 13.15 9.0 61.72 9.12 8.92 Q. ‘00 139.73 21.90 9.4 122.60 19.76 8.9 29.80 4.04 9.5 96.75 13.11 8.7 62.18 8.89 8.7

Detroit 126.72 23.70 9.3 135.92 25.14 9.6 41.95 6.05 9.8 110.57 17.10 9.8 77.28 10.78 8.81 Q. ‘01 129.65 23.73 9.1 138.74 25.09 9.4 42.70 6.01 9.6 110.77 16.81 9.7 79.05 10.90 8.72 Q. ‘00 131.63 23.36 8.9 141.98 25.12 9.2 44.40 5.96 9.2 115.99 17.30 9.4 80.14 11.13 8.7

Indianapolis 131.99 21.17 9.3 116.21 18.92 9.4 30.80 4.27 9.3 98.07 15.67 9.6 64.40 8.91 8.91 Q. ‘01 133.34 20.67 9.1 117.19 18.83 9.3 31.32 4.32 9.2 99.21 15.70 9.5 65.21 8.92 8.82 Q. ‘00 134.25 20.53 9.0 117.21 19.55 9.5 31.99 4.41 9.2 97.67 15.22 9.5 66.61 8.79 8.5

Kansas City 130.22 22.35 8.9 135.64 24.22 9.3 35.01 5.31 9.1 110.84 16.15 9.5 71.83 9.82 8.31 Q. ‘01 132.50 22.62 8.8 135.64 24.22 9.3 34.17 5.17 9.2 110.74 16.12 9.5 70.84 9.80 8.42 Q. ‘00 132.10 21.97 8.7 134.49 23.80 9.3 34.43 5.25 9.2 110.01 16.25 9.6 67.71 9.82 8.7

Milwaukee 128.83 22.63 9.0 102.78 19.52 9.3 38.29 5.17 9.3 91.23 13.38 9.5 66.93 10.41 9.21 Q. ‘01 130.59 22.73 8.9 103.46 19.78 9.3 37.68 5.22 9.5 92.83 13.56 9.4 66.02 10.38 9.32 Q. ‘00 131.68 22.70 9.0 106.27 19.53 9.0 38.06 5.20 9.3 94.66 13.50 9.2 67.50 10.61 9.3

Minneapolis/St. Paula 154.83 27.89 9.1 161.29 25.55 8.6 45.49 7.34 9.7 110.28 17.11 9.5 81.41 11.82 8.41 Q. ‘01 157.90 28.37 9.0 165.80 25.73 8.4 46.06 7.37 9.6 109.40 16.84 9.5 81.36 11.67 8.32 Q. ‘00 148.79 28.56 9.4 158.08 24.82 8.4 43.14 7.10 9.8 109.79 16.60 9.4 83.61 12.03 8.3

St. Louis 130.72 23.26 9.1 156.13 24.94 9.0 37.26 4.88 9.2 103.14 16.34 9.5 69.67 10.06 8.71 Q. ‘01 131.22 22.92 9.0 159.28 25.38 8.9 37.79 4.91 9.1 104.13 16.30 9.4 70.57 10.19 8.72 Q. ‘00 132.71 22.92 8.9 152.91 25.30 9.1 39.99 5.23 8.7 104.34 16.02 9.4 71.82 10.28 8.7

MIDWEST 161.84 27.57 9.2 146.91 24.19 8.9 39.98 5.47 9.3 107.98 15.93 9.5 82.30 12.02 8.7

Reported values reflect Class A properties. [Class B apartment prices and rents (as well as prices for select Class B and C sectors) are reported in theSUPPLEMENTAL MARKET MONITOR.] Except for retail, reported rents are effective gross rents. Retail rents include in-lying small shop space only and aretriple net. Cap rates are based on actual net operating income, either from property sales or representative properties in the respective market.

a For the CBD office sector, these figures reflect properties in downtown Minneapolis.

MIDWEST REGION

Second Quarter 2001

Volume 64


Market* A V E R A G E A V E R A G E A V E R A G E A V E R A G E A V E R A G EPrice Rent Cap Price Rent Cap Price Rent Cap Price Rent Cap Price Rent Cap

sf sf Rate sf sf Rate sf sf Rate sf sf Rate sf sf Rate

NATIONAL $213.10 $34.52 8.8% $181.69 $27.08 8.5% $45.10 $5.76 9.0% $120.41 $17.61 9.2% $104.81 $14.53 8.4%

Baltimore 2 Q . ‘01 158.18 26.17 8.9 129.84 22.75 9.5 39.08 4.78 9.3 111.99 16.94 9.1 88.96 12.02 8.11 Q. ‘01 160.76 26.42 8.8 133.03 22.75 9.3 38.22 4.61 9.2 114.67 17.37 9.0 88.66 11.98 8.12 Q. ‘00 159.52 25.95 8.8 132.92 22.89 9.3 40.34 4.74 9.0 117.61 17.87 8.9 84.57 11.72 8.4

Boston 322.10 56.61 8.8 235.94 44.58 9.1 56.35 7.48 8.6 135.67 20.36 9.3 160.94 25.65 9.01 Q. ‘01 324.92 57.90 8.8 239.38 45.90 9.1 55.82 7.56 8.8 136.92 20.29 9.2 166.74 25.97 8.82 Q. ‘00 317.79 53.56 8.7 216.35 40.27 9.3 54.96 7.44 8.8 140.72 20.50 9.0 158.57 25.28 8.8

Central Ne w Jer seya 182.02 28.15 8.6 152.77 23.54 8.6 50.41 6.94 9.1 132.91 18.56 8.8 105.15 15.61 8.51 Q. ‘01 186.46 28.15 8.4 155.69 23.30 8.4 50.57 6.83 9.0 134.59 18.76 8.7 106.01 15.92 8.62 Q. ‘00 180.37 26.35 8.4 154.75 23.02 8.4 48.79 6.36 8.9 131.52 17.91 8.7 101.82 15.45 8.6

Hartford 118.64 25.67 9.8 107.11 20.04 10.0 32.13 4.89 9.5 103.56 15.79 9.6 80.56 12.06 8.81 Q. ‘01 120.24 25.83 9.7 110.02 20.29 9.8 32.87 5.01 9.4 105.16 15.94 9.5 82.09 12.29 8.82 Q. ‘00 120.65 24.92 9.5 105.38 19.38 10.0 32.81 5.05 9.4 106.64 15.70 9.3 80.12 12.13 8.9

Manhattan Do wnto wnb 326.62 48.13 7.5 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a1 Q. ‘01 307.06 49.13 8.0 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a2 Q. ‘00 289.08 46.92 7.9 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Manhattan Midto wnb 389.00 64.18 8.6 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a1 Q. ‘01 390.28 64.92 8.7 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a2 Q. ‘00 419.55 62.17 7.9 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Nassau–Suff olk c 153.85 27.54 8.4 142.90 25.14 8.5 50.98 6.64 8.7 132.65 21.01 9.1 116.72 19.18 9.21 Q. ‘01 154.79 27.88 8.4 144.53 25.30 8.4 51.18 6.69 8.7 135.22 21.35 9.0 116.17 19.09 9.22 Q. ‘00 154.60 26.97 8.3 147.89 25.23 8.2 50.79 6.59 8.7 133.95 21.15 9.0 113.55 18.86 9.3

Newark–Nor thern Ne w Jer sey 134.22 26.00 10.3 201.69 27.00 7.7 55.52 7.44 9.0 143.46 22.29 8.8 134.34 23.32 9.21 Q. ‘01 136.40 26.33 10.2 207.98 27.20 7.5 56.04 7.41 8.9 145.58 22.43 8.7 131.23 22.78 9.22 Q. ‘00 135.83 26.83 10.3 190.36 26.63 7.8 55.03 7.31 9.0 145.97 22.03 8.6 130.04 22.54 9.1

Philadelphia 154.91 27.36 9.4 174.07 25.30 8.1 41.26 5.46 9.2 120.58 16.63 9.4 94.38 14.86 8.71 Q. ‘01 158.71 28.11 9.3 178.70 25.33 7.9 41.49 5.40 9.1 122.40 16.77 9.3 94.72 14.74 8.62 Q. ‘00 160.57 27.54 9.1 182.14 25.83 7.8 40.79 5.42 9.3 126.37 17.10 9.1 94.04 14.97 8.8

Pittsb urgh 134.35 26.43 9.6 110.29 22.03 9.6 36.10 5.26 9.5 94.04 13.33 9.9 65.43 12.07 9.31 Q. ‘01 136.80 26.83 9.5 112.10 22.28 9.5 36.03 5.24 9.5 94.36 13.15 9.8 64.36 12.00 9.42 Q. ‘00 138.26 26.83 9.4 114.56 22.29 9.3 35.80 5.17 9.5 98.30 13.69 9.6 63.00 11.87 9.5

Washington, DC 323.10 47.05 8.3 220.82 31.76 8.7 50.73 7.11 9.0 153.08 20.20 8.6 109.69 16.09 8.61 Q. ‘01 324.77 47.53 8.3 228.10 32.61 8.7 50.12 6.94 9.0 155.36 20.32 8.5 112.93 16.37 8.52 Q. ‘00 302.89 44.61 8.4 221.86 31.80 8.6 49.49 6.68 8.9 147.75 20.03 8.6 107.19 15.90 8.7

NORTHEAST 278.34 45.29 8.7 190.16 29.43 8.6 48.89 6.53 9.0 129.87 18.94 9.1 119.01 19.10 8.9

Reported values reflect Class A properties. [Class B apartment prices and rents (as well as prices for select Class B and C sectors) are reported in the SUPPLEMENTAL

MARKET MONITOR.] Except for retail, reported rents are effective gross rents. Retail rents include in-lying small shop space only and are triple net.a For the CBD office sector, these figures represent mid-rise and high-rise space in the Princeton-Route 1 Corridor.b Because of the lack of representative properties, the INDEX does not report garden-style apartment, neighborhood/community shopping center and modern warehouse sectors for New York City.c For the CBD office sector, these figures represent mid-rise and high-rise space in the Central Nassau County submarket.

NORTHEAST REGION

Second Quarter 2001

* Class B apartments are defined as properties built or substantively renovated from 1980 through 1989.

NATIONAL $70.45 $11.13 9.2%

SOUTHWEST 51.17 8.24 9.4

Albuquerque 2Q ‘01 41.17 7.43 10.01 Q. ‘01 40.16 7.32 10.12 Q. ‘00 38.37 7.06 10.2

Austin 59.94 8.86 8.51 Q. ‘01 60.14 9.06 8.72 Q. ‘00 56.09 8.78 9.0

Dallas–Fort Worth 54.22 8.56 9.11 Q. ‘01 52.95 8.54 9.32 Q. ‘00 52.77 8.51 9.2

El Paso 37.75 6.81 10.31 Q. ‘01 39.19 7.00 10.22 Q. ‘00 38.69 6.91 10.2

Houston 46.72 8.15 10.31 Q. ‘01 45.65 8.04 10.42 Q. ‘00 42.54 8.02 10.9

Oklahoma City 40.69 6.81 10.21 Q. ‘01 40.25 6.67 10.12 Q. ‘00 40.09 6.78 10.2

Phoenix 56.16 8.30 8.21 Q. ‘01 56.63 8.31 7.92 Q. ‘00 58.63 7.88 7.7

San Antonio 43.83 7.50 9.91 Q. ‘01 44.03 7.61 10.02 Q. ‘00 42.23 7.86 10.2

Tulsa 38.70 6.94 10.61 Q. ‘01 39.47 7.01 10.52 Q. ‘00 38.86 6.90 10.5

NATIONAL $70.45 $11.13 9.2%

WEST 64.39 8.96 8.7

Denver 2Q ‘01 68.89 9.67 8.31 Q. ‘01 68.39 9.41 8.12 Q. ‘00 64.22 9.20 8.6

Las Vegas 53.67 8.28 8.91 Q. ‘01 51.46 8.31 9.22 Q. ‘00 53.06 8.24 9.0

Portland 54.85 8.17 9.11 Q. ‘01 54.56 8.14 9.12 Q. ‘00 50.85 7.99 9.5

Salt Lake City 44.49 7.44 10.11 Q. ‘01 46.20 7.65 10.02 Q. ‘00 46.72 7.58 9.8

Seattle 76.80 9.55 8.31 Q. ‘01 79.18 9.69 8.22 Q. ‘00 71.94 9.26 8.6

NATIONAL $70.45 $11.13 9.2%

CALIFORNIA 105.62 15.73 8.8

Los Angeles 2Q ‘01 99.85 14.99 8.91 Q. ‘01 96.48 14.96 9.42 Q. ‘00 95.38 14.51 9.3

Oakland 119.67 19.19 8.51 Q. ‘01 122.61 19.89 8.62 Q. ‘00 111.14 19.09 9.4

Orange County 101.95 15.48 9.11 Q. ‘01 99.88 15.33 9.22 Q. ‘00 92.85 14.54 9.4

Riverside–San Bernardino 58.36 9.37 9.51 Q. ‘01 55.26 9.47 10.02 Q. ‘00 53.67 8.88 10.1

Sacramento 58.01 9.64 9.41 Q. ‘01 57.24 9.77 9.52 Q. ‘00 57.97 9.27 9.1

San Diego 97.20 12.28 8.51 Q. ‘01 95.92 12.48 8.72 Q. ‘00 90.98 11.76 8.6

San Francisco 151.75 23.23 7.91 Q. ‘01 160.34 24.23 7.82 Q. ‘00 153.21 22.08 7.5

San Jose 174.74 24.14 7.81 Q. ‘01 176.59 25.18 8.12 Q. ‘00 167.90 22.81 7.8

Honolulu 67.42 13.60 10.51 Q. ‘01 67.72 13.66 10.52 Q. ‘00 65.04 13.24 10.6

Price Rent Capsf sf Rate



Volume 64

CLASS B APARTMENTS

Second Quarter 2001

NATIONAL $70.45 $11.13 9.2%

FLORIDA 53.12 8.32 9.1

Fort Lauderdale 2Q ‘01 58.79 8.67 8.61 Q. ‘01 57.46 8.57 8.72 Q. ‘00 53.64 8.56 9.3

Jacksonville 43.68 7.08 9.41 Q. ‘01 43.18 7.00 9.42 Q. ‘00 41.08 6.87 9.7

Miami 56.83 8.84 8.91 Q. ‘01 55.46 8.87 9.22 Q. ‘00 54.84 8.66 9.3

Orlando 48.66 7.22 8.81 Q. ‘01 46.86 7.19 9.12 Q. ‘00 46.65 7.16 9.1

Tampa–St. Petersburg 43.02 7.40 10.11 Q. ‘01 43.98 7.49 10.02 Q. ‘00 46.32 7.33 9.5

West Palm Beach 57.17 9.12 9.11 Q. ‘01 57.17 9.12 9.12 Q. ‘00 54.68 8.83 9.2

NATIONAL $70.45 $11.13 9.2%

SOUTHEAST 48.71 7.84 9.5

Atlanta 2Q ‘01 59.69 8.71 8.51 Q. ‘01 58.84 8.87 8.72 Q. ‘00 58.12 8.90 9.1

Birmingham 40.49 6.58 9.61 Q. ‘01 40.24 6.54 9.62 Q. ‘00 39.65 6.51 9.7

Charlotte 47.97 7.93 9.61 Q. ‘01 47.54 7.86 9.62 Q. ‘00 46.93 7.64 9.6

Greensboro/Winston–Salem 40.07 7.06 10.21 Q. ‘01 40.29 7.10 10.22 Q. ‘00 39.68 6.93 10.2

Greenville–Spartanburg 38.66 7.37 10.51 Q. ‘01 39.52 7.46 10.42 Q. ‘00 39.31 7.43 10.4

Memphis 44.68 7.36 9.31 Q. ‘01 44.25 7.29 9.32 Q. ‘00 43.33 7.37 9.5

Nashville 44.65 7.59 9.81 Q. ‘01 44.26 7.60 9.92 Q. ‘00 44.10 7.72 10.0

New Orleans 37.39 7.18 10.91 Q. ‘01 36.80 7.13 11.02 Q. ‘00 35.24 6.89 11.1

Norfolk 46.91 7.62 9.61 Q. ‘01 47.91 7.70 9.52 Q. ‘00 46.76 7.67 9.7

Raleigh–Durham 56.89 8.66 9.11 Q. ‘01 58.19 8.76 9.02 Q. ‘00 57.12 8.60 9.0


Volume 64

CLASS BAPARTMENTS

Second Quarter 2001



NATIONAL $70.45 $11.13 9.2%

NORTHEAST 77.83 13.01 9.3

Baltimore 2Q ‘01 60.98 9.89 9.41 Q. ‘01 59.50 9.65 9.42 Q. ‘00 58.04 9.61 9.6

Boston 103.86 16.88 9.11 Q. ‘01 103.35 16.98 9.22 Q. ‘00 95.53 15.98 9.2

Central New Jersey 66.33 12.13 9.61 Q. ‘01 67.10 12.27 9.62 Q. ‘00 60.11 11.42 9.9

Hartford 54.47 9.98 10.31 Q. ‘01 53.32 9.77 10.32 Q. ‘00 52.86 9.64 10.3

Nassau–Suffolk 76.50 14.54 9.51 Q. ‘01 73.83 14.18 9.62 Q. ‘00 69.59 13.64 9.8

Newark–No. New Jersey 78.71 13.71 9.41 Q. ‘01 77.27 13.46 9.42 Q. ‘00 75.46 13.42 9.6

Philadelphia 65.06 10.34 8.71 Q. ‘01 66.38 10.55 8.72 Q. ‘00 66.69 10.40 8.5

Pittsburgh 43.76 8.54 10.51 Q. ‘01 45.77 8.76 10.32 Q. ‘00 45.67 8.74 10.3

Washington DC 80.46 12.88 9.31 Q. ‘01 79.72 12.76 9.32 Q. ‘00 75.58 12.08 9.3

NATIONAL $70.45 $11.13 9.2%

MIDWEST 56.81 9.42 9.4

Chicago 2Q ‘01 68.95 11.07 9.11 Q. ‘01 70.75 11.21 9.02 Q. ‘00 69.05 11.06 9.1

Cincinnati 45.06 7.73 9.41 Q. ‘01 44.08 7.72 9.62 Q. ‘00 43.32 7.98 10.1

Cleveland 47.77 9.04 10.41 Q. ‘01 46.69 8.92 10.52 Q. ‘00 48.74 9.14 10.5

Columbus 44.12 7.32 9.41 Q. ‘01 43.93 7.21 9.32 Q. ‘00 44.03 7.28 9.2

Detroit 55.23 8.85 9.11 Q. ‘01 54.44 8.78 9.12 Q. ‘00 56.14 8.74 8.8

Indianapolis 43.45 7.09 9.51 Q. ‘01 43.69 7.13 9.52 Q. ‘00 43.25 7.13 9.6

Kansas City 45.48 7.02 9.41 Q. ‘01 45.74 7.06 9.42 Q. ‘00 45.58 7.11 9.5

Milwaukee 45.25 8.53 10.21 Q. ‘01 44.45 8.38 10.22 Q. ‘00 44.99 8.23 9.9

Minneapolis–St. Paul 58.66 10.25 9.61 Q. ‘01 59.06 10.32 9.62 Q. ‘00 58.25 10.07 9.5

St. Louis 47.39 7.79 9.51 Q. ‘01 46.72 7.76 9.62 Q. ‘00 46.99 7.64 9.4




Volume 64

CLASS B APARTMENTS

Second Quarter 2001

The above figures reflect property transactions collected through the second quarter 2001. Only average price data is reported. Data was not collected in allproperty categories in all markets. Any foreign market prices reported reflect average cost in U.S. dollars at the time of sale. Foreign properties may nothave exactly the same physical dimensions or amenities as comparable-class properties in the U.S.

Class B properties are defined as properties built or substantively renovated from 1980 through 1989. Class C properties generally were built from 1970through 1979 and have not been renovated. Conventional hospitality properties are classified on a five-level amenity continuum, ranging from budgetto luxury.

Atlanta Class C CBD Office $71.49Class C Suburban Office 85.22Class B Warehouse 26.63Class C Warehouse 19.46Class D Anchored Shopping Ctr. 24.17Class B/C Unanchored “Strip” Ctr. 52.25Class C Apartment 43.69Class D Apartment 29.11Class A Flex Space 90.74Class B Flex Space 62.69

Austin Class C CBD Office 92.89Class B Suburban Office 144.85Class C Suburban Office 108.88Class C Apartment 45.37

Baltimore Class B Suburban Office 105.95Class C Suburban Office 80.85Class C Warehouse 19.81Class C Apartment 46.48Class B Flex Space 65.13

Boston Class B CBD Office 247.46Class C CBD Office 174.35Class D CBD Office 84.40Class B Suburban Office 165.16Class C Suburban Office 116.71Class B Warehouse 41.31Class A Flex Space 106.43Class B Flex Space 77.52Class C Flex Space 63.40

Buffalo Class B Apartment 54.76

Central NJ Class C Suburban Office 79.10Class B Warehouse 36.25

Calgary Class A CBD Office 192.14Class B CBD Office 115.16

Cleveland Class C Suburban Office $75.97Class B Warehouse 25.53Class C Apartment 40.80Class B Flex Space 61.16

Charlotte Class C Warehouse 17.19

Chicago Class B CBD Office 168.90Class C CBD Office 111.50Class B Suburban Office 132.60Class C Suburban Office 95.65Class D Suburban Office 47.49Class B Warehouse 33.72Class C Warehouse 23.83Class A Self-Storage 56.08Class C Anchored Shopping Ctr. 61.10Stand-Alone Drugstore 299.86Class C Apartment 53.06Class A Flex Space 88.25Class B Flex Space 68.96Class C Flex Space 52.90

Cincinnati Class C Suburban Office 67.82Class C Warehouse 20.98Class D Apartment 19.41

Cleveland Class B Suburban Office 89.33Class C Suburban Office 72.81Class B Warehouse 25.50

Colorado Class A Suburban Office 130.33Springs Class A Apartment 82.82

Class C Apartment 48.52

Columbus Class B Suburban Office 89.48Class C Warehouse 17.20Class D Apartment 18.30Class C Flex Space 35.96

Other Property Sectors and Markets—2nd Qtr. 2001

Property AverageMarket Sector Price Per SF


SUPPLEMENTALMARKET MONITOR

Second Quarter 2001

Volume 64



Dallas–F.W. Class B Suburban Office $131.05Class C Suburban Office 74.77Class B Warehouse 29.69Class C Apartment 37.09Class D Apartment 24.82Class B Flex Space 66.79

Denver Class C CBD Office 102.92Class D CBD Office 71.05Class B Suburban Office 124.66Class C Suburban Office 85.68Class A Suburban Med. Office 147.56Class B Warehouse 33.09Class A Unanchored “Strip” Ctr. 140.94Class B/C Unanchored “Strip” Ctr. 71.40Class B Flex Space 68.37Class C Flex Space 50.63

Detroit Class B Suburban Office 116.23Class B Flex Space 61.19Class C Flex Space 49.71

Fresno Class B Apartment 49.97

Ft. Lauderdale Class B Suburban Office 117.81Class C Suburban Office 81.45Class B Anchored Shopping Ctr. 82.94Class C Anchored Shopping Ctr. 53.41Class C Apartment 40.96Class B Flex Space 64.63

Hartford Class B CBD Office 97.70

Houston Class B Warehouse 30.39Class C Warehouse 20.89Class C Apartment 35.60

Indianapolis Class B CBD Office 95.97

Las Vegas Class B Suburban Office $100.41Class C Suburban Office 69.13Class A Medical Office 216.17Class A Unanchored “Strip” Ctr. 195.50Class C Apartment 40.04Class A Flex Space 83.75Class B Flex Space 57.99

Los Angeles Class B Suburban Office 183.55Class C Suburban Office 128.77Class D Suburban Office 75.00Class B Warehouse 47.28Class B Anchored Shopping Ctr. 125.48Class C Anchored Shopping Ctr. 71.37Class C Apartment 72.57Class D Apartment 51.25Class A Flex Space 119.40Class B Flex Space 75.62Class C Flex Space 59.11

New York Class A Urban Apartment 311.87Class C Urban Apartment 87.94Class D Urban Apartment 41.11

Manhattan Class B CBD Office 216.28Downtown Class C CBD Office 144.57

Manhattan Class B CBD Office 279.79Midtown Class C CBD Office 197.24

Class D CBD Office 104.92

Memphis Class B Warehouse 27.29

Miami Class C Suburban Office 81.27Class B Warehouse 40.88Class D Apartment 28.11Class B Flex Space 63.55Class C Flex Space 49.67

Montreal Class A CBD Office 117.38





Second Quarter 2001

Volume 64



Minneapolis/SP Class C Suburban Office $82.89Class B Warehouse 34.64Class C Flex Space 47.17

Monterey, CA Class A Suburban Office 186.00

Nassau-Suffolk Class C Suburban Office 89.12Class B Flex Space 61.94

Newark Class C Suburban Office 110.70Class C Warehouse 28.27Class B Flex Space 71.01Class C Flex Space 58.79

Oakland Class B Suburban Office 158.77Class C Suburban Office 105.65Class B Warehouse 35.95Class C Apartment 100.32Class A Flex Space 116.57Class B Flex Space 80.16

Orange County Class B CBD Office 148.47Class C CBD Office 104.32Class D CBD Office 68.27Class B Suburban Office 130.07Class C Suburban Office 90.52Class B Anchored Shopping Ctr. 113.84Class A Flex Space 107.74Class B Flex Space 78.55Class C Flex Space 62.64Class D Flex Space 40.27

Philadelphia Class B CBD Office 118.55Class C CBD Office 84.41Class B Suburban Office 132.76Class C Suburban Office 86.09Class B Anchored Shopping Ctr. 91.27Class C Anchored Shopping Ctr. 60.13Class C Apartment 46.17Class D Apartment 33.65Class B Flex Space 74.83

Phoenix Class B Suburban Office $127.75Class C Suburban Office 103.44Class A Sub. Medical Office 164.85Class B/C Sub. Medical Office 95.17Class B Warehouse 34.14Class C Warehouse 22.88Class B Anchored Shopping Ctr. 97.27Class C Anchored Shopping Ctr. 60.62Class A Unanchored “Strip” Ctr. 161.38Class B/C Unanchored “Strip” Ctr. 78.09Stand-Alone Drug Store 248.52Franchised Restaurant 432.20Class C Apartment 44.23Class D Apartment 31.96Class A Flex Space 99.29Class B Flex Space 70.93Class C Flex Space 55.80

Portland Class C Apartment 41.04

Raleigh– Class B Suburban Office 100.00Durham Class B Flex Space 69.14

Richmond Class A Apartment 72.71

Riverside/SB Class B Suburban Office 94.45Class C Suburban Office 55.27Class B Warehouse 34.01Class B Anchored Shopping Ctr. 75.51Class C Apartment 42.94Class D Apartment 33.14Class A Flex Space 72.63Class B Flex Space 56.30Class C Flex Space 41.54





Second Quarter 2001

Volume 64



Sacramento Class B Suburban Office $128.44Class C Suburban Office 86.06Class B Warehouse 27.81Class B Anchored Shopping Ctr. 92.66Class C Apartment 44.09Class A Flex Space 96.16Class B Flex Space 72.36Class C Flex Space 47.60

San Diego Class B CBD Office 147.68Class B Suburban Office 146.07Class C Suburban Office 106.12Class B Warehouse 42.56Class A Unanchored “Strip” Ctr. 187.31Class B Unanchored “Strip” Ctr. 75.81Class C Apartment 73.17Class A Flex Space 110.24Class B Flex Space 82.37Class C Flex Space 59.55

San Francisco Class B CBD Office 294.28Class B Flex Space 124.34

San Jose Class B Suburban Office 228.34Class B Flex Space 117.36

Seattle Class B Suburban Office 152.70Class C Suburban Office 123.58Class C Apartment 60.85Class D Apartment 39.14Class A Flex Space 109.81Class B Flex Space 78.36

Stockton- Class A Warehouse 32.12Modesto Class B Warehouse 21.52

Class A Apartment 64.80Class B Apartment 52.00

Tacoma/ Class B Apartment $50.96Olympia Class C Apartment 36.57

Tampa– Class B Suburban Office 95.99St. Petersburg Class C Warehouse 16.24

Class B Anchored Shopping Ctr. 72.15Class C Apartment 34.17Class B Flex Space 57.63

Tucson Class A Unanchored “Strip” Ctr. 80.59Class B Apartment 47.36Class C Apartment 32.42

Vallejo/ Class A Warehouse 47.12Fairfield Class B Apartment 69.64

Ventura County Class A Suburban Office 165.98Class A Warehouse 49.29Class B Flex Space 75.28

Washington DC Class B CBD Office 233.12Class C CBD Office 176.86Class B Suburban Office 165.41Class C Suburban Office 115.83Class B Warehouse 37.79Class C Warehouse 26.85Class A Flex Space 116.46Class B Flex Space 86.21Class C Flex Space 67.28

W. Palm Beach Class B Suburban Office 123.39Class B/C Unanchored “Strip” Ctr. 45.65





Second Quarter 2001

Volume 64

MM

MethodologyRESEARCH/ANALYSIS

Jack DoyleProperty Research Manager

Lance MacArthurProperty Systems Manager

Stephen HurleyAnalyst

Bianka MacMillanAnalyst

Axenia VelitchevAnalyst

ACCOUNTING

Monique NorthingtonAccount Manager

The NATIONAL REAL ESTATE INDEX is pub-lished by CB Richard Ellis 505 MontgomeryStreet, 6th Floor, San Francisco, CA 94111.Copyright ©2001 by National Real Estate Index.

www.realestateindex.comTelephone: 800/992-7257; FAX: 415/733-5341.

SUBSCRIPTION INFORMATION

INDEX Market Monitor Service: An annual subscription to the Market Monitor includes fourquarterly Market Monitor issues.

One Year Subscription Rate: $525.

INDEX Full Service: A subscription to the INDEX Full Service includes the Market Monitor,Quarterly Market Report, MarketScore, and North American Index publications.

One Year Subscription Rate: $1,250.

Important: The INDEX is sold with the understanding that the publisher is not engaged inrendering tax, accounting, or other professional advice through this publication. No state-ment in this issue is to be construed as a recommendation or as investment advice to buyor sell any securities or other investments. Real estate is generally a long-term, illiquidinvestment and requires careful consideration of financial objectives and independentresearch before investing.

The underlying data and information used as a basis for presentation in this publication hasbeen obtained from third party sources considered to be reliable, but who are not requiredto make representations as to the accuracy of the data and information. Further, this andother information derived from independent market research is interpreted by INDEX staffin order to draw certain conclusions and estimates regarding U.S. and individual markettrends and conditions. The amount of data and information may vary from period to period,depending on the number of transactions reported by contributors and the overall level ofmarket activity. Thus, the sample size and comparisons vary from quarter to quarter.

Therefore, the INDEX does not guarantee the accuracy of the information.

Reproduction, photocopying or incorporation into any information retrieval system forexternal or internal use is prohibited unless written permission is obtained beforehandfrom the publisher for each article. The subscription fee entitles the subscriber to oneoriginal only.

Market Monitor

Volume 64

PUBLISHER

CB Richard Ellis

Richard WollackEditor-in-ChiefDaniel O’ConnorResearch Director

EDITORIAL/PRODUCTION

Bridgett NovakManaging Editor

Janet LaurainEditorTamu DawsonSenior Production EditorScott SteffensProduction Editor

Vincent San PedroMailroom Supervisor

The National Real Estate Index (INDEX) reports data on large income-producingproperties bought and sold nationwide. The primary market makers include pen-sion plans, real estate investment trusts, banks, savings and loans, commercialreal estate brokers, appraisers, and investment program sponsors. The propertiesanalyzed in the INDEX include office buildings, warehouse/distribution properties,retail centers, apartments, and hotels.

Mean Prices: The INDEX Market Monitor compiles and reports average transactionprices, rents, capitalization rates for Class A properties in local and regional marketsthroughout the United States, as well as prices for lower quality properties in manymarkets. All transactional data is calculated at the point of purchase/sale, reflectingvalues based on arm’s length negotiations.

Effective Gross Rents: Except for retail, stated rents reflect all occupancy costs.Because reported rents include rent concessions and operating cost chargebacks, ifany, reported rents are therefore effective gross rents. Reported retail rents includein-lying small shop space only and are triple net. Warehouse rents reflect lease ratesfor warehouse space only.

Capitalization Rates: Cap rates are determined from reported actual net operatingincome, either from property sales or from representative properties.

Important: Please note that because the rent figures represent quoted rates (after con-cessions) on space currently available (rather than the total rental income for all build-ings surveyed), prices, rents, and cap rates may not always appear “internally” con-sistent. Reported price and rent trends are moderated by independent market surveysconducted by the INDEX research staff. Where there are too few transactions to con-stitute a statistically-significant sample or the underlying data for the transactions areincomplete, the performance of prototype properties is used to supplement the trans-action data in deriving average values and cap rates.

BUILDING NORMS: In order to maintain quality data and monitor rental rate trends,specific “prototype” or “tracked” properties that conform to the norms discussedbelow have been identified in each market.

All tracked properties have no leases that are significantly higher or lower than themarket rates for similar space. Buildings are of high quality, have current constructionmaterials and techniques, and are aesthetically modern and attractive. The buildingsare representative of local conditions, stabilized with modest vacancy, and ten yearsold or less. Norms for specific property types (and local market prototypes) reportedin the INDEX are as follows:

Office: Ten stories or greater size, steel frame (or other high quality) construction,and a high quality modern exterior finish and glass application. Properties are locat-ed in the Central Business District (CBD) or, where noted, a submarket recognized asa primary office location.

Warehouse/Distribution: The INDEX employs space originally designed and used fortrue warehouse/distribution or storage as the property norm. Buildings are usually of tilt-up concrete construction, with flat roofs and a clear space span of at least 18 feet. Nomore than 20% of the total space is office build-out. The buildings have a minimum of50,000 square feet and are located in a quality industrial park or other superior location.

Retail: A “neighborhood” or small community center, rather than an enclosed mall,is the property norm for shopping centers. The typical center is 75,000–225,000square feet and contains at least one major anchor tenant, usually a high qualitynational or regional grocery/drug store. Generally, 30%–50% of the space in proto-type retail centers is occupied by anchor tenants. All construction is single story andof modern design, with a 3.5:1 parking-lot-to-developed-space ratio. Properties arelocated in established neighborhoods.

Apartment: Apartments are garden- or campus-style. Construction is standard studframe with a stucco or other high quality exterior. Some decorative facia is applied,usually of brick, and the peaked roof is built on prefabricated trusses of material otherthan blacktop buildup. There is quality landscaping with some mature trees and shrub-bery. Prototype apartment communities contain 100–300 units and have amenitiesappropriate for the geographic region. Amenities usually include a pool, tennis courtsand/or health/fitness rooms. Tenants have covered parking for at least one car perapartment unit. Class B apartments are defined as properties built or substantively ren-ovated from 1980 through 1989.

Note: As for most statistical data services, previously-reported data is revised asneeded to reflect the receipt of new data. Specifically, because a number of propertytransactions for any given quarter are reported too late to be included in that quarter'sissue of the Market Monitor, the INDEX revises data released in prior issues if the val-ues previously reported have changed significantly. We believe this approach helpsassure the most reliable data over the long-term.

MM

Markets Covered

Index Advisory Board

CaliforniaLos AngelesOakland-East BayOrange CountyRiverside-San BernardinoSacramento San Diego San Francisco San Jose Honolulu

WestDenver Las Vegas Portland Salt Lake City Seattle

SouthwestAlbuquerque AustinDallas-Ft. WorthEl PasoHouston Oklahoma CityPhoenixSan AntonioTulsa

SoutheastAtlantaBirminghamCharlotte Greensboro/Winston-SalemGreenville-SpartanburgMemphisNashvilleNew OrleansNorfolkRaleigh-Durham

FloridaFt. LauderdaleJacksonvilleMiamiOrlandoTampa-St. PetersburgWest Palm Beach

MidwestChicagoCincinnatiClevelandColumbusDetroitIndianapolisKansas CityMilwaukeeMinneapolis-St. PaulSt. Louis

NortheastBaltimoreBostonCentral New JerseyHartfordManhattan DowntownManhattan MidtownNassau-SuffolkNewark-Northern New JerseyPhiladelphiaPittsburghWashington, DC

Volume 64

RICHARD M. BLUMENTHALSenior Vice President/CounselStewart Title

GEOFFREY DOHRMANEditor & PublisherThe Institutional Real Estate Letter

ANTHONY DOWNSSenior FellowBrookings Institute

ROBERT H. EDELSTEINProfessor, Business AdministrationCenter for Real Estate & UrbanEconomicsUniversity of California, Berkeley

MICHAEL L. EVANSPartnerErnst & Young

WILLIAM C. FORRESTPresidentREVAC

ROBERT A. FRANKResearch DirectorLegg Mason

LEWIS M. GOODKINPresidentGoodkin Research Corporation

SANFORD R. GOODKINChairmanSanford R. Goodkin & Associates

MARK HOEWINGExecutive DirectorNACORE International

RONALD KAISERSenior Vice President & DirectorBailard, Biehl & Kaiser

RONALD A. KARPPrincipalRonald A. Karp & Assoc.

M. LEANNE LACHMANPrincipalLend Lease Real EstateInvestments

GEORGE MARCUSChairmanMarcus & Millichap

ROBERT M. MAYNARDChief Investment OfficerPublic Employees RetirementSystem of Idaho

MARK OBRINSKYChief EconomistNational Multi-Housing Council

DAMON RAIKEChairman of the BoardDamon Raike and Company

JOSEPH RUSSOInvestor RelationsWestbrook Partners

PAUL SAYLORFounder and ChairmanChadwick, Saylor, Inc.

D. ELLEN SHUMANVice President & Chief Investment OfficerCarnegie Corporation of New York

JAMES R. WEBB, PH.D.Executive Director,American Real Estate SocietyDirector of the Center for the Studyof Real Estate Brokerage andMarketsCleveland State University

market monitor license agreement · california 254.46 37.85 8.23 263.19 34.60 7.58 56.61 6.74 8.74...

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