Market Data
Market Trends Online(4)
The Montreux Resort will replace Las Vegas’ New Frontier Hotel and Casino, the
second longest operating hotel on the strip.
Las Vegas
Resort Corridor Investment Activity 2006-2010
|
Completion
date
|
Project
|
Proposed
investment
(in billions)
|
|
2006
|
Red Rock Resort
|
$1.0
|
|
2007
|
Palazzo
|
1.6
|
|
2007
|
Planet Hollywood
|
0.8
|
|
2007
|
Trump International
|
0.5
|
|
2008
|
Grand Hyatt at the
Cosmopolitan
|
2.0
|
|
2008
|
M Resort
|
1.8
|
|
2008
|
Encore at Wynn Las
Vegas
|
1.7
|
|
2009
|
Project CityCenter
|
7.0
|
|
2009
|
Montreux
|
2.0
|
|
Completion
date
|
Project
|
Proposed
investment
(in billions)
|
|
2009
|
W Las Vegas
|
1.7
|
|
2009
|
Fountainbleau
|
1.5
|
|
2009
|
Southern Highlands Resort
|
1.0
|
|
2009
|
Pinnacle
|
0.9
|
|
2010
|
Echlon Place
|
4.0
|
|
2010
|
Maxim
|
1.2
|
|
2010
|
Las Vegas
Convention Center
|
0.7
|
|
2006-10
|
Other projects
|
3.6
|
|
2006-10
|
Total
|
33.0
|
ICSC Certifies Design and Construction
The International Council of Shopping Centers is adding a
design and construction designation to its list of certifications this year.
The Certified Development, Design, and Construction Professional, or CDP, can
be earned by individuals with five years’ experience in the design and
construction of shopping centers either as architects, engineers, general
contractors, construction managers, facilities managers, retail construction
managers, or store planners. Contact www.icsc.org for more information.
State Population Gains July 2005 to July 2006
|
Top 10 fastest-growing states
|
Percent
change
|
Top 10 states with largest population gains
|
Additional population
|
|
1. Arizona
|
3.6
|
1. Texas
|
579,275
|
|
2. Nevada
|
3.5
|
2. Florida
|
321,697
|
|
3. Idaho
|
2.6
|
3. California
|
303,402
|
|
4. Georgia
|
2.5
|
4. Georgia
|
231,388
|
|
5. Texas
|
2.5
|
5. Arizona
|
213,311
|
|
6. Utah
|
2.4
|
6. North
Carolina
|
184,046
|
|
7. North
Carolina
|
2.1
|
7. Washington
|
103,899
|
|
8. Colorado
|
1.9
|
8. Colorado
|
90,082
|
|
9. Florida
|
1.8
|
9. Nevada
|
83,228
|
|
10. South Carolina
|
1.7
|
10. Tennessee
|
83,058
|
Source: U.S.
Census Bureau
Florida’s
Top 5 Grocery Retailers
|
Retailer
|
Number of stores
|
Market share
|
|
Publix
|
643
|
40.7%
|
|
Wal-Mart
SuperCenter
|
141
|
24.8%
|
|
Winn-Dixie
|
359
|
12.8 %
|
|
Albertsons
|
86
|
4.8%
|
|
Kash ‘n Karry
|
109
|
3.2%
|
Source: Florida Retail Report Spring 2007
Sale-Leasebacks Increase
CoreNet Global predicts a surge in multi-property
sale-leasebacks, which corporations favor because of their speed and
flexibility. Private investors, pension funds, and real estate investment
trusts, among others, represent 30 percent of large-portfolio buyers, according
to CoreNet research. CoreNet expects that 6 percent of property will shift from
ownership to leasing in the next five years, based on survey responses, which
amounts to about $72 billion of the $1.2 trillion worth of real estate that
CoreNet members are expected to handle in the next five years. The most
frequent cause of sale-leaseback transaction failure? Imprecise valuation.
Corporate Spies Greener Pastures Ahead
The majority of corporations are ready to go green,
according to Green Perspective from Corporate America, a study that predicts
the “tipping point” for green development in business could come somewhere
between 2007 and 2009. Other highlights from the study include:
- 40 percent of corporate users consider green buildings to be
a high priority in their organization;
- Almost 60 percent agree that green building would lower
their operating costs;
- 43 percent view green building as part of their company’s
growth strategy.
U.S.
Franchise Systems Economy Sector Demands Closer Look
Economy hotels such as Microtel should attract more
attention in 2007 as their rate growth continues to outpace inflation and the
cost of constructing luxury properties continues to increase, according to Jan
Freitag, vice president of Smith Travel Research.
Rising Rents Reveal Non-Affordable Housing
The national two-bedroom housing wage rose to $16.31 in
2006, up from $15.78 in 2005, according to the Low Income Housing Coalition. In
the past seven years the cost of rental housing has risen nearly 28 percent,
outpacing both inflation at 21.3 percent growth and average household income
growth at 22.2 percent for the same time period. The housing wage is the hourly
wage a full-time worker must earn to afford a two-bedroom home at his
community’s fair market rent.
Housing Wage Snapshot
|
State
|
Housing Wage
|
|
Hawaii
|
$23.53
|
|
Massachusetts
|
$22.65
|
|
Nevada
|
$16.95
|
|
North Carolina
|
$12.61
|
|
West Virginia
|
$10.10
|
Moscow’s Rio
shopping center was named one of the best retail properties of 2006 by the
Russian Council of Shopping Centers.
Colliers International
International Retail Space
Opening July 2006 to Dec. 2008
|
Russia
|
16.2 million sf
|
|
Poland
|
13.7 million sf
|
|
Italy
|
11.7 million sf
|
|
Spain
|
10.4 million sf
|
|
Germany
|
7.9 million sf
|
Source: International
Council of Shopping Centers
Global Office Rents
As of 4Q 2006
|
Market
|
Asking rent
psf (USD)
|
Change from
2005 (%)
|
|
London
|
191.00
|
21.9
|
|
Tokyo
|
159.20
|
24.3
|
|
Paris
|
85.60
|
9.2
|
|
Hong Kong
|
75.90
|
30.0
|
|
New York
|
54.60
|
7.9
|
|
Toronto
|
51.90
|
2.2
|
|
Madrid, Spain
|
50.00
|
24.8
|
|
Washington, D.C.
|
48.10
|
6.0
|
|
Sydney, Australia
|
45.00
|
8.3
|
|
Los Angeles
|
31.40
|
8.7
|
Source: CB Richard Ellis Research