U.S. HOTEL/CONSTRUCTION

Orlando, Fla., leads all markets across the country in the number of hotels under development. The construction pipeline — labeled “active” rooms/hotels in this chart — includes hotels under construction as well as those projects in the bidding, final planning and planning stages.

Total
active rooms
Existing
rooms
Total
active hotels
Orlando, Fla. 15,121 117,199 40
Boston 9,886 57,454 55
San Diego 8,151 48,264 45
Washington, D.C. 7,419 84,836 45
New York 7,306 74,622 47
Atlanta 6,877 86,871 52
Chicago 6,572 94,813 38
Los Angeles 6,382 88,506 34
Houston 4,126 53,179 41
Philadelphia 3,344 39,538 42
Source: Smith Travel Research


RETAIL/U.S. MALL OPENINGS

A pickup in mall construction occurred in the mid-1990s, peaking at 13 new mall openings in 1999. Another mini-peak appears to have occurred in 2001, with 11 mall openings. Typically, a mall is defined as an enclosed structure measuring a minimum of 400,000 sq. ft.

*Projected
Source: International Council of Shopping Centers

OFFICE/SPACE PER PERSON

Net Rentable Area (NRA) Per Capita

National Average 1998-2002*
Year NRA Per Capita
(sq. ft.)
1998 21.0
1999 21.5
2000 21.8
2001 22.1
2002 20.2
*Based on the 53 markets tracked by Torto Wheaton Research


Office Markets with the Most and Least Net Rentable Area Per Capita for 2002

TOP 10
Market NRA Per Capita
(sq. ft.)
Washington, D.C. 46.7
San Francisco 44.3
Dallas 38.6
New York 36.4
Denver 34.4
Stamford, Conn. 33.4
Houston 30.1
Seattle 29.4
Westchester, N.Y. 27.1
Atlanta 27.0


BOTTOM 10
Market NRA Per Capita
(sq. ft.)
Riverside, Calif. 5.1
Tucson, Ariz. 7.5
Fresno, Calif. 9.9
Long Island, N.Y. 10.1
Las Vegas 10.5
Honolulu 12.2
Albuquerque, N.M. 13.0
Tampa, Fla. 13.4
Oklahoma City 13.8
Fort Lauderdale, Fla. 14.1
Source: Torto Wheaton Research


MULTIFAMILY/VACANCY RATES AND ASKING RENTS

Perhaps no area of the country so starkly demonstrates the difficulties of today's apartment market as Northern California. In the first quarter of this year, the San Francisco and San Jose metropolitan statistical areas (MSAs) experienced significant spikes in vacancy rates and dramatic declines in asking rents when compared with the same period in 2001. Below is a look at the vacancy rate and the average asking rents in some major apartment markets.

MSA 1Q 2002
vacancy rate
1Q 2001
vacancy rate
Average asking
rent per unit
1Q 2002
Average asking
rent per unit
1Q 2001
Atlanta 8.5% 6.8% $780 $780
Austin, Texas 10.0% 5.5% $752 $767
Boston 3.4% 2.5% $1,491 $1,461
Charlotte, N.C. 9.5% 6.5% $718 $718
Chicago 5.8% 4.5% $1,015 $995
Dallas-Fort Worth 8.0% 6.2% $701 $687
Denver 8.0% 5.5% $825 $825
Detroit 4.8% 3.4% $709 $695
Houston 7.7% 8.5% $610 $589
Los Angeles 4.1% 3.7% $1,041 $989
Manhattan 4.5% 3.2% $2,000 $2,057
Orlando, Fla. 8.3% 7.1% $728 $728
Philadelphia 3.3% 2.3% $810 $784
Phoenix 8.3% 7.5% $654 $654
San Francisco 5.2% 2.0% $1,722 $1,929
San Jose, Calif. 7.5% 2.5% $1,571 $1,900
Seattle 7.0% 4.0% $815 $807
St. Louis 5.0% 4.0% $516 $504
Source: Marcus & Millichap Research Services. Based on preliminary first-quarter 2002 results.


INDUSTRIAL VACANCY RATE

The national industrial market continues to show the effects of difficult economic times. The vacancy rate ended the first quarter at 8.89%. The rate has risen steadily since the start of 2001, but is still nowhere near the rates posted in the early 1990s.

Source: Grubb & Ellis Co.