245067 Chicago 2
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Chica g o Demographics & Economics Population Chicago MSA Unemployment Rate 9.8 million Previous Quarter Previous Year Office Chicago2 9.4% 9.4% Size-Weighted Average PPSF 8.6% Weighted Average Cap Rate Size-Weighted Average PPSF = Weighted Average Cap Rate Chicago Growth1 0.98% Illinois2 National Growth 1.23% National 1 Metro Trend Analysis 3 Household Income & Value Per Capita Income $31,743 2008 Households 3.5 million 1-year Job Growth -1.30% Household Growth 0.94% 1-year Job Additions -59,100 Median Home Price $217,800 Industrial Retail Major Employers Johnston R. Bowman Health Center Size-Weighted Average PPSF U.S. Post Office Weighted Average Cap Rate Size-Weighted Average PPU Weighted Average Cap Rate University of Chicago Apartment Deloitte CNA Financial Corp. Sources: Bureau of Labor Statistics, NAR, STDB Online. “2008 Local Market Report” - Chicago Region ©2008 NATIONAL ASSOCIATION OF REALTORS®. Used with permission. Reproduction, reprinting, or retransmission of this document in any form (electronic media included) is prohibited without written permission. 1 Projected annual growth over 5 years (2008-2013). 2Rates are non-seasonally adjusted as of March 2009. 3Rates are non-seasonally adjusted as of April 2009. Noteworthy Transactions Sale Date Sale Price Sq. Ft./Units Hotel Size-Weighted Average PPU Metro Cap Rate Comparison* Office PPSF/PPU Office 2 Lincoln Center 1-09 $60,200,000 252,594 $238 FBI Regional HQ 1-09 $170,000,000 429,728 $396 7351 S. 78th Ave. 1-09 $14,000,000 137,700 $102 948 Meridian Lake Drive 1-09 $23,400,000 595,000 $39 1925 N. Lincoln Park W 2-09 $1,600,000 13,500 $119 606 Randall Road 1-09 $20,100,000 138,212 $145 Industrial Retail Current Quarter vs. Midwest Region = vs. Nation Industrial vs. Midwest Region vs. Nation Retail vs. Midwest Region vs. Nation Apartment Apartment Squire Village Apartments 2-09 $16,100,000 181 $88,950 vs. Midwest Region Farcroft 1-09 $8,100,000 86 $94,186 vs. Nation Compiled by RERC for the RERC/CCIM Investment Trends Quarterly report. *Comparison of current quarter weighted average capitalization rates. Source: RERC, 1Q 2009. Market Construction/Redevelopment Activity 215 W. Washington St. 208 S. LaSalle Preferred Freezer Services Warehouse Park Huron Apartment Tower The Metropolis Property Type New(N)/ Refurbished(R) Total Sq. Ft./Units Estimated Delivery Multifamily N 389 2010 Hotel R 610 2010 Industrial N 175,000 2010 Multifamily N 221 2010 Retail N 123,000 2010 Sources: CBRE, RE Business. Investment Trends Quarterly Copyright© 2009 by Real Estate Research Corporation (RERC) and the CCIM Institute. Revised July 1, 2009 105 Chicago Transaction Breakdown 12-Month Trailing (04/01/08 - 03/31/09) Office Industrial Retail Apartment Hotel < $5 Million Volume (Mil) $66 $299 $300 $91 – Size Weighted Avg. ($ per sf/unit) $127 $50 $157 $60,652 – Price Weighted Avg. ($ per sf/unit) $153 $70 $234 $76,346 – Median ($ per sf/unit) $114 $62 $149 $59,355 – $1,576 $854 $619 $577 $148 Size Weighted Avg. ($ per sf/unit) $167 $47 $187 $112,247 $125,296 Price Weighted Avg. ($ per sf/unit) $202 $65 $277 $185,184 $260,990 Median ($ per sf/unit) $161 $62 $246 $87,083 $84,664 $1,642 $1,153 $918 $668 $160 Size Weighted Avg. ($ per sf/unit) $165 $48 $176 $100,584 $112,461 Price Weighted Avg. ($ per sf/unit) $200 $66 $263 $170,348 $245,067 Median ($ per sf/unit) $125 $62 $165 $72,619 $68,966 > $5 Million Volume (Mil) All Transactions Volume (Mil) Capitalization Rates (All Transactions) Weighted Average (%) 8.0 7.8 7.3 6.6 – Median (%) 8.0 7.8 7.5 6.7 – Source: RERC. Chicago Transaction Trends 12-Month Trailing (04/01/08 - 03/31/09) Office Industrial Retail Apartment Hotel % Change Quarter Ago -6% -3% -6% -5% -24% % Change Year Ago -17% -1% 1% 2% -36% % Change Quarter Ago -35% -22% -54% -41% -68% % Change Year Ago -80% -60% -79% -72% -94% Median Price Volume Source: RERC. Investment Trends Quarterly Copyright© 2009 by Real Estate Research Corporation (RERC) and the CCIM Institute. Revised July 1, 2009 106
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