Section 1 - Construction Deliveries

Transcription

1 Section 1 - Construction Deliveries Completed SF SF Under Construction Totals Planned Proposed Totals 2006 YTD Neighborhood 206, , , , , ,000 Community 143, , ,000 1,031, , ,000 Power Center 658,000 1,444, ,000 3,007, , ,000 Regional 0 1,189, ,189,000 35, ,000 Mixed Use 122, , , Other 150,000 12, , , ,000 Totals 1,280,600 3,054, ,655,000 5,990,532 1,731, ,731,000 Metro Construction by Project Type % 2.1 % 10.3 % Metro Construction by Top Five Submarket Share % 0.8 % 9.8 % 18.7 % 23.3 % 37.9 % 51.6 % Neighborhood Community Power Regional Mixed Use Other 29.3 % Detroit/West Wayne Macomb North Oakland South Oakland S. Detroit/Downriver Submarket Neigh/ Comm Section 2 - Submarket New Construction Project Tally 1. Completed 2. Under Construction 3. Planned/Proposed Power/ Reg. Other Neigh/ Comm Power/ Reg. Other Neigh/ Comm Detroit/West Wayne 93, , , , , , ,000 2,277,080 Macomb 138,385 1,539, ,000 40,000 35, ,763,385 North Oakland 259, , , , ,404,170 South Oakland 102, , , ,000 S. Detroit/Downriver 15, , ,000 Non-Submarketed Areas 152, , , , ,705,897 Power/ Reg. Other Grand Total Copyright 2008 Reis, Inc. Page 1

2 Section 3 - Metro Inventory Detail Inventory By Center Age Year Built Percent Before % % % % After % All 100.0% As of 12/31/07 Current Inventory Level Properties Square Feet ,361,000 As of 12/31/07 % Retail Inventory Growth Trend and Forecast Detroit Midwest US Midwest Region Cumulative Inventory Growth Forecast Ranking National Cumulative Inventory Growth Forecast Ranking Metro Cumulative Growth Forecast Rank Metro Cumulative Growth Forecast Rank Kansas City 9.5% 1 Raleigh-Durham 14.6% 1 Wichita 6.7% 4 Chicago 6.6% 5 Detroit 6.0% 6 Omaha 5.8% 7 St. Louis 5.6% 8 Dayton 2.9% 13 Oklahoma City 6.4% 43 Boston 6.1% 44 Detroit 6.0% 45 Birmingham 5.9% 46 Orange County 5.9% 47 Colorado Springs 1.7% 76 Section 4 - Construction/Absorption Change Built Construction and Absorption Quarterly 4Q07 3Q07 YTD Avg Built Built Detroit 301, , ,000-44, ,000 67, Midwest 2,145,000 1,043, ,176,000 74, ,210, , Average over period ending: 12/31/07 12/31/07 12/31/07 09/30/07 09/30/07 09/30/07 12/31/07 12/31/07 12/31/07 Built Annualized 1 Year History 3 Year History 5 Year History Built Built Detroit 346, , , , , , Midwest 4,840,000 2,638, ,969,000 3,904, ,945,000 4,188, Average over period ending: 12/31/07 12/31/07 12/31/07 12/31/07 12/31/07 12/31/07 12/31/07 12/31/07 12/31/07 Copyright 2008 Reis, Inc. Page 2

3 5 - Metro Area - Detroit New Construction Completed Projects Under Construction Planned/Proposed Detroit Submarkets 1 Detroit/West Wayne 2 South Detroit/Downriver 3 Macomb 4 North Oakland 5 South Oakland Copyright 2008 Reis, Inc. Page 3

4 Section 6 - New Construction Listing New Construction Secondary Type County Size () Submarket:Detroit/West Wayne 1 WESTLAND CENTER PH IV FORD WAYNE RD WESTLAND, MI Community WAYNE 10,000 Proposed 2 OUTLOT LYON TOWNE CENTER Free Standing WAYNE 14,299 Proposed PLYMOUTH TOWNE CENTER PH II NWC ANN ARBOR HAGGERTY RD PLYMOUTH, MI UPTOWN RETAIL CENTER PH II CHERRY HILL N RIDGE RD CANTON, MI UNSPECIFIED OUTPARCEL AT CANTON CORNERS MALL FORD LILLEY RD CANTON, MI UNSPECIFIED OUTPARCEL AT CANTON CORNERS MALL FORD LILLEY RD CANTON, MI Neighborhood WAYNE 100,000 4/2008 9/2008 Planned Community WAYNE 75,000 Planned Free Standing WAYNE 8,000 8/ /2007 Complete Free Standing WAYNE 4,000 8/ /2007 Complete 7 WONDERLAND VILLAGE PH II PLYMOUTH MIDDLEBELT RD LIVONIA, MI Power Center WAYNE 70,000 2/2008 Under 8 WONDERLAND VILLAGE PH I PLYMOUTH MIDDLEBELT RD LIVONIA, MI Power Center WAYNE 429,000 3/2006 9/2007 Complete 9 OUTLOT LYON TOWNE CENTER Free Standing WAYNE 30,000 Proposed 10 OUTLOT LYON TOWNE CENTER Free Standing WAYNE 30,000 Proposed 11 OUTLOT LYON TOWNE CENTER Free Standing WAYNE 8,250 Proposed FAIRLANE GREEN PH II OAKWOOD OUTER DR/I-94 ALLEN PARK, MI FAIRLANE GREEN PH I OAKWOOD OUTER DR/I-94 ALLEN PARK, MI Power Center WAYNE 600,000 Planned Power Center WAYNE 408,000 11/2006 Complete 14 OUTLOT LYON TOWNE CENTER Free Standing WAYNE 11,100 Proposed Copyright 2008 Reis, Inc. Page 4

5 Secondary Type County Size () SHOPPES OF FAIRLANE MEADOWS FORD MERCURY DR DEARBORN, MI PLYMOUTH TOWNE CENTER PH III NWC ANN ARBOR HAGGERTY RD PLYMOUTH, MI PLYMOUTH TOWNE CENTER PH I NWC ANN ARBOR HAGGERTY RD PLYMOUTH, MI LOWES SHOPPING CENTER PH I FORD SHELDON RD/MORTON TAYL CANTON, MI SEVEN MILE CROSSING TELEGRAPH SEVEN MILE RD DETROIT, MI Neighborhood WAYNE 20,080 6/2006 1/2007 Complete Neighborhood WAYNE 30,000 9/2008 3/2009 Planned Neighborhood WAYNE 105,000 7/2007 8/2008 Under Free Standing WAYNE 150,000 5/2005 5/2006 Complete Community WAYNE 250,000 2/2008 2/2009 Planned 20 OUTLOT LYON TOWNE CENTER Free Standing WAYNE 30,000 Proposed 21 OUTLOT LYON TOWNE CENTER Free Standing WAYNE 6,500 Proposed 22 HAMTRAMCK TOWN CENTER PH II JOSEPH CAMPAU HOLBROOK HAMTRAMCK, MI Community WAYNE 20,000 1/2006 8/2006 Complete 23 OUTLOT LYON TOWNE CENTER Free Standing WAYNE 8,570 Proposed 24 OUTLOT LYON TOWNE CENTER Free Standing WAYNE 5,600 Proposed 25 THE SHOPS AT NORTHEAST VILLAGE PH III GRATIOT SEVEN MILE RD DETROIT, MI Community WAYNE 35,000 11/2005 6/2006 Complete 26 OUTLOT LYON TOWNE CENTER Free Standing WAYNE 10,600 Proposed 27 OUTLOT LYON TOWNE CENTER Free Standing WAYNE 5,600 Proposed THE SHOPPES AT GATEWAY PARK WOODWARD EIGHT MILE RD DETROIT, MI HIGHLAND POINT PLAZA WOODWARD CALIFORNIA ST/ELMHURST ST HIGHLAND PARK, MI Lifestyle Center WAYNE 330,000 5/2009 Planned Neighborhood WAYNE 18,000 6/2006 Complete Copyright 2008 Reis, Inc. Page 5

6 Secondary Type County Size () 30 CROSSROADS VILLAGE MICHIGAN BECK RD CANTON, MI Power Center WAYNE 300,000 4/2008 Under Submarket:Macomb 31 RETAIL WORKS PLAZA-MACOMB GARFIELD RD MACOMB, MI Neighborhood MACOMB 11,685 1/ /2007 Complete THE SHOPS AT STONYCREEK 26 MILE VAN DYKE RD SHELBY TOWNSHIP, MI AVA CENTER VAN DYKE 30 MILE RD/31 MILE RD WASHINGTON TOWNSHIP, MI MACOMB MALL PH II GRATIOT MASONIC BLVD ROSEVILLE, MI PARISIAN AT PARTRIDGE CREEK MALL HALL GARFIELD RD CLINTON TOWNSHIP, MI MALL AT PARTRIDGE CREEK HALL GARFIELD RD CLINTON TOWNSHIP, MI NORDSTROM AT PARTRIDGE CREEK MALL ROMEO PLANK GARFIELD RD CLINTON TOWNSHIP, MI WATERSIDE MARKETPLACE WATERSIDE 23 MILE RD NEW BALTIMORE, MI HERITAGE VILLAGE TOWNE CENTER PH II NWC MOUND E 12 MILE RD WARREN, MI Lifestyle Center MACOMB 350,000 Planned Neighborhood MACOMB 40,000 1/ /2009 Planned Regional MACOMB 35,000 6/2008 4/2009 Planned Regional MACOMB 120,000 11/2007 Complete Regional MACOMB 640,000 10/2007 Complete Regional MACOMB 129,000 10/2007 Complete Power Center MACOMB 400,000 6/ /2007 Complete Community MACOMB 55,000 Planned 40 THE VILLAGE AT SHELBY 24 MILE VAN DYKE RD SHELBY, MI Mixed Use MACOMB 11,000 8/2009 Under 41 HAYES CENTER SHOPPES HAYES HALL RD STERLING HEIGHTS, MI Neighborhood MACOMB 55,000 5/2005 5/2006 Complete 42 FOUNTAINS OF MACOMB PH II(RETAIL B) HAYES 21 MILE RD MACOMB, MI Neighborhood MACOMB 13,000 Planned HERITAGE VILLAGE TOWNE CENTER PH I NWC MOUND E 12 MILE RD WARREN, MI MARKET PLACE AT SHOWCASE CENTER PH II 15 MILE VAN DYKE AVE STERLING HEIGHTS, MI Neighborhood MACOMB 21,000 9/ /2006 Complete Power Center MACOMB 250,000 6/2006 Complete Copyright 2008 Reis, Inc. Page 6

7 Secondary Type County Size () WOODBURY PLAZA GRATIOT CARRIAGE WAY DR CHESTERFIELD, MI PINEWOOD PLAZA 26 MILE VAN DYKE RD SHELBY TOWNSHIP, MI Neighborhood MACOMB 26,700 5/2005 7/2006 Complete Neighborhood MACOMB 24,000 11/2005 6/2006 Complete Submarket:North Oakland 47 RETAIL WORKS PLAZA-AUBURN HILLS JOSLYN I-75 AUBURN HILLS, MI Neighborhood OAKLAND 14,170 12/ /2007 Complete ADAMS MARKETPLACE PH III VETERANS MEMORIAL ADAMS RD ROCHESTER HILLS, MI BLOOMFIELD PARK PH I TELEGRAPH SQUARE LAKE RD BLOOMFIELD HILLS, MI ADAMS MARKETPLACE PH I VETERANS MEMORIAL ADAMS RD ROCHESTER HILLS, MI DUTTON PLACE LAPEER DUTTON RD AUBURN HILLS, MI VILLAGE LAKES PLAZA HIGHLAND ELIZABETH LAKE RD WHITE LAKE, MI ADAMS MARKETPLACE PH II VETERANS MEMORIAL ADAMS RD ROCHESTER HILLS, MI STONEWOOD CENTER STONEWOOD DIXIE HWY/I-75 CLARKSTON, MI CITY WALK PH III N ROCHESTER TIENKEN RD ROCHESTER HILLS, MI CITY WALK PH I N ROCHESTER TIENKEN RD ROCHESTER HILLS, MI CITY WALK PH II N ROCHESTER TIENKEN RD ROCHESTER HILLS, MI Community OAKLAND 300,000 11/2008 Under Power Center OAKLAND 535,000 12/ /2008 Under Community OAKLAND 230,000 12/2007 Complete Community OAKLAND 70,000 7/2008 Planned Community OAKLAND 164,000 8/2007 8/2008 Under Community OAKLAND 18,000 Planned Neighborhood OAKLAND 76,000 12/2008 Planned Neighborhood OAKLAND 42,000 Planned Neighborhood OAKLAND 15,000 12/ /2006 Complete Neighborhood OAKLAND 50,000 Planned Submarket:Not in a Reis submarket LOWER TOWN DEVELOPMENT BROADWAY MAIDEN LN ANN ARBOR, MI THE CORNERS OF FORT GRATIOT NWC 24TH KEEWAHDIN RD FORT GRATIOT, MI Community WASHTENAW 138,000 11/ /2009 Under Power Center ST. CLAIR 115,857 11/2007 Complete Copyright 2008 Reis, Inc. Page 7

8 Secondary Type County Size () 60 SOUTH BRANCH CENTER PH II N LAPEER DALEY RD LAPEER, MI Community LAPEER 10,140 10/2007 Complete 61 BAY RIVER MARKETPLACE 26 MILE I-94 NEW HAVEN, MI Power Center MACOMB 500,000 8/2009 Planned 62 SOUTH BRANCH CENTER PH I N LAPEER DALEY RD LAPEER, MI Community LAPEER 88,900 11/2006 Complete 63 CROSSROADS AT LAPEER S LAPEER RD LAPEER, MI Power Center LAPEER 300,000 7/2008 Planned 64 BRECKON COMMONS 930 E MICHIGAN N MAPLE RD SALINE, MI Neighborhood WASHTENAW 53,000 8/2006 6/2007 Complete 65 GREEN OAK VILLAGE PLACE LEE HWY 23 BRIGHTON, MI Power Center LIVINGSTON 500,000 4/2005 3/2007 Complete 66 SOUTH BRANCH CENTER PH III N LAPEER DALEY RD LAPEER, MI Community LAPEER 40,062 Proposed Submarket:S. Detroit/Downriver SAVELAND CENTER 8370 PELHAM CHAMPAIGN ST TAYLOR, MI FORT AND VREELAND PROJECT FORT VREELAND RD BROWNSTOWN, MI TELEGRAPH AND KOTHS PROJECT TELEGRAPH KOTHS ST TAYLOR, MI WOODHAVEN COMMONS PH III ALLEN WEST RD BROWNSTOWN, MI WHISPERING WOODS PH II GIRBRALTAR RD BROWNSTOWN TOWNSHIP, MI DIX TOLEDO RD/OUTER DR PROJECT 810 DIX TOLEDO OUTER DR LINCOLN PARK, MI Neighborhood WAYNE 15,000 4/2008 Under Neighborhood WAYNE 20,000 Planned Neighborhood WAYNE 15,000 12/2005 5/2006 Complete Neighborhood WAYNE 50,000 Planned Neighborhood WAYNE 40,000 Planned Neighborhood WAYNE 17,000 11/2007 6/2008 Under Submarket:South Oakland 73 WEST MARKET SQUARE PH II NWC GRAND RIVER BECK RD NOVI, MI Community OAKLAND 24,000 1/ /2007 Complete 74 NOVI TOWNE CENTER PH II NOVI I-96 NOVI, MI Community OAKLAND 21,000 4/ /2007 Complete Copyright 2008 Reis, Inc. Page 8

9 Secondary Type County Size () MAIN NORTH LOFTS RETAIL 201 E. ELEVEN MILE N MAIN ST ROYAL OAK, MI GREENFIELD RD AND W 10 MILE RD PH II GREENFIELD W 10 MILE RD OAK PARK, MI Mixed Use OAKLAND 70,000 9/2006 Complete Neighborhood OAKLAND 15,000 2/2007 8/2007 Complete 77 TWELVE OAKS MALL PH III NOVI 12 MILE RD NOVI, MI Regional OAKLAND 300,000 9/2007 Complete HALSTED POINTE HALSTED GRAND RIVER AVE FARMINGTON, MI NORTH OLD WOODWARD 325 N OLD OAKLAND AVE BIRMINGHAM, MI TRIBUTE AT WIXOM VILLAGE CENTER PH II NEC WIXOM PONTIAC TRAIL WIXOM, MI SEC GREENFIELD AND 10 MILE RD PH I GREENFIELD 10 MILE RD OAK PARK, MI VILLAGE CENTER OF WIXOM PH I (WEST) N WIXOM PONTIAC TRL WIXOM, MI MAPLE RD AT CROOKS MAPLE CROOKS RD TROY, MI THE COPPERWOOD 10 MILE JOHNS RD SOUTH LYON, MI Neighborhood OAKLAND 12,000 1/ /2006 Complete Mixed Use OAKLAND 36,000 4/ /2006 Complete Neighborhood OAKLAND 27,000 Planned Neighborhood OAKLAND 20,000 4/ /2006 Complete Mixed Use OAKLAND 16,000 7/2004 3/2006 Complete Neighborhood OAKLAND 10,000 9/2006 2/2007 Complete Neighborhood OAKLAND 120,000 Planned 85 VILLAGE CENTER OF WIXOM PH II (EAST) N WIXOM PONTIAC TRL WIXOM, MI Mixed Use OAKLAND 31,500 Under 86 PAVILIONS OF TROY (RETAIL) NWC BIG BEAVER COOLIDGE HWY TROY, MI Mixed Use OAKLAND 500,000 Planned Copyright 2008 Reis, Inc. Page 9

10 Section 7 - Glossary New Construction Section 1 Construction Deliveries-separates deliveries by status and property subtype (i.e. for Apartment, the subtypes are market rate rentals, condominiums, and other) into the year the project was or will be ready for occupancy. All NC properties are researched and contacted by Reis research staff to determine size, age, use, location and anticipated delivery dates. Completed properties-total sf/units completed in previous year and those already completed current year to date. Under Construction-total sf/units currently under construction, separated into the projects that will be completed later this year and those that will be completed in the next four years Planned/Proposed-total sf/units planned or proposed to be completed in the next five years. Metro Construction by Project Type-tabulates all completed, under construction, planned and proposed projects by sf/units. Metro Construction by Top Five Submarket Share-top five submarkets percentage of completed, under construction, planned and proposed projects by sf/units. Remaining submarkets in metro are combined into one category "Other Submarkets". Section 2 Submarket New Construction Tally-separates deliveries by status and property subtype by submarket. "Non-Submarketed Areas" refers to those deliveries that Reis tracks outside of its existing submarket boundaries in order for future reporting on new submarkets. Section 3 Metro Inventory Detail-tabulates existing and future inventory by competitive type. Competitive types for fice are multi and single tenant buildings; for Apartment, market rate rentals; for Retail, neighborhood and community shopping centers. Inventory by Building Age-existing competitive stock tabulated by date of construction as a percent of total. Current Inventory Level-existing inventory by number of properties and sf/units tracked by Reis in the metro area. Inventory Growth Trend and Forecast-line graph features the trend and forecast for annual competitive inventory growth by metro, metro region, and the US. Regional Cumulative Inventory Growth Forecast Ranking-calculates and ranks the cumulative inventory growth for the metro over the next five years as compared to the high and low in the metro's region as well as its peers by rank. National Cumulative Inventory Growth Forecast Ranking-calculates and ranks the cumulative inventory growth for the metro over the next five years as compared to the high and low in the US as well as its peers by rank. Section 4-Construction/Absorption-trends and forecasts the sf/units completed and to be completed versus the trend and forecast of net absorption over the same time period. Construction/Absorption ratio is the ratio between constructed sf/units versus net absorption in the reported time period. Section 5-Occupancy at -based on Reis new construction research, overall occupancy at completion is compared by metro, metro region, and US for new construction projects completed during the stated time period. As a benchmark, the overall occupancy of the metro is shown for each time period as well. Section 6-Stabilization Data- each new construction project is surveyed until completion and thereafter to capture the vacancy of projects upon completion and the following eight quarters after completion. s are separated by year (i.e. all projects built in 2001 have an average vacancy one quarter after completion, two quarters after completion etc.) The chart follows the total vacancy of each year's new construction projects upon completion (quarter=0) and the subsequent eight quarters after completion. The metro's long-term average vacancy (representing equilibrium) is shown as a straight line. Once the yearly NC vacancy rate hits the straight line, it has stabilized. Lease up/average Vacancy by Quarter tabulates the same data as pictured in the line graph. Each NC project is surveyed for vacancy at completion and in the subsequent eight quarters of completion. The overall vacancy is tracked by year. Quarters Needed to Stabilize-calculated as the number of quarters needed for each year's completions to reach the metro's long-term average vacancy. Section 7-Submarket Boundaries-map shows new construction projects in the metro by status, i.e. completed, under construction, planned and proposed. Section 8-New Construction Listing-the properties that Reis has verified to be recently completed, under construction or planned/proposed. Last Update-Reis updates these listings on a daily basis and releases updates to clients on a weekly basis. If size, groundbreak date, completion date or status has changed for any of these listings, the last update date will reflect the date of confirmation. Type-shows property sub-type (i.e. Apartments are broken into Market Rate Rentals or "Apartments" and non-competitive types such as condominiums, senior housing, federally subsidized etc.) Total Size/Competitive Size-for apartment projects that have a mix of competitive, market rate units and non-competitive units like Section 8 housing, Reis delineates between the total size and competitive size. Estimated -estimated date of construction start. Estimated Date-when the project is scheduled to be completed. Completed: newly constructed space added to market inventory Under Construction- when construction has started but the Certificate of Occupancy has not yet been issued. Planned-- the project is in one of the many phases of the planning process: site plan review, design review, environmental compliance review, zoning review, etc. Proposed- developer has proposed to build a project (either formally or informally) but has not submitted any plans for review Copyright 2008 Reis, Inc. 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