INDUSTRIAL/LEASING ACTIVITY

In the course of a recession, one would expect industrial leasing activity to drop. For example, Boston, hit hard by the collapse of the high-tech sector, suffered a noticeable decline in leasing activity in 2001. On the other hand, Houston experienced a dramatic increase that Cushman & Wakefield attributes to several expansions and relocations into the area, as well as the strength of oil prices. Here is a look at those two markets, as well as some other important industrial hubs.

2000 2001
Boston 21.7 million sq. ft. 13.1 million sq. ft.
Houston 6.9 million sq. ft. 12.8 million sq. ft.
Northern 13.7 million sq. ft. 9.7 million sq. ft.
New Jersey
Chicago 33.0 million sq. ft. 30.2 million sq. ft.
Philadelphia 14.1 million sq. ft. 13.0 million sq. ft.
Source: Cushman & Wakefield


OFFICE/COMPLETIONS ANTICIPATED IN 2002

Market Sq. Ft.
Washington, D.C. 11,784,972
New Jersey 6,700,000
Atlanta 5,610,747
Los Angeles 4,508,460
Boston 4,170,433
Philadelphia 2,658,281
New York 2,508,826
Chicago 2,222,525
Seatle 1,845,193
San Francisco 1,750,200
Note: Numbers include both speculative and build-to-suit space built by owners.
Source: Grubb & Ellis


MULTIFAMILY/HOUSING PERMIT LEADERS

The Atlanta metropolitan area led the nation in apartment construction activity during the February 2001-January 2002 timeframe, according to Dallas-based M/PF Research. More than 15,790 units were approved for construction in Atlanta in those months, about 27% more units than in second-place Denver. Dallas and Denver posted the biggest increases in units approved compared with the preceding year, with increases of 87.3% and 41.4%, respectively.

Metropolitan Area Units Approved Year-Ago Permits % Change
Atlanta 15,792 15,975 -1.2%
Denver 12,428 8,788 41.4%
New York 10,010 8,670 15.5%
Dallas 9,915 5,295 87.3%
Chicago 9,256 8,983 3.0%
Washington, D.C. 8,936 8,818 14.3%
Orlando 7,566 8,431 -10.3%
Phoenix 7,300 9,702 -24.8%
Los Angeles 7,258 8,722 -16.8%
Austin 6,689 6,645 0.7%
Source: M/PF Research calculations based on data from the U.S. Dept. of Commerce


SHOPPING CENTER/SPACE

Top 20 MSAs by Gross Leasable Area (GLA) (including any shopping center with 3 or more stores)

Metropolitan Statistical Areas (MSAs) GLA/Capita 2001
Myrtle Beach, S.C. 44.30
Naples, Fla. 32.44
Fort Myers-Cape Coral, Fla. 31.18
Elmira, N.Y. 29.94
Raleigh-Durham-Chapel Hill, N.C. 29.83
Hagerstown, Md. 29.71
West Palm Beach-Boca Raton, Fla. 28.97
Fort Lauderdale, Fla. 28.55
Dover, Del. 28.49
Fort Walton Beach, Fla. 27.78
Orlando, Fla. 27.75
Boulder-Longmont, Colo. 27.73
Omaha, Neb.-IA 27.65
Atlanta, Ga. 27.59
Denver, Colo. 26.69
Macon, Ga. 26.36
Melbourne-Titusville-Palm Bay, Fla. 26.13
Kansas City, Mo.-Kan. 25.54
Trenton, N.J. 25.29
Sarasota-Bradenton, Fla. 25.21
Total U.S. 16.29
Total MSA Locations 18.30
Total non-MSA Locations 8.08
Bottom 20 MSAs by Gross Leasable Area (GLA)
New York, N.Y. 4.91
McAllen-Edinburg-Mission, Texas 6.43
Corvallis, Ore. 6.71
Jersey City, N.J. 7.00
Yuma, Ariz. 7.23
Longview-Marshall, Texas 7.51
Yuba City, Calif. 8.52
Lawton, Okla. 8.70
Jackson, Mich. 8.84
St Cloud, Minn. 9.11
Las Cruces, N.M. 9.11
Merced, Calif. 9.60
Hamilton-Middletown, Ohio 9.66
Yakima, Wash. 10.02
Anniston, Ala. 10.06
Sumter, S.C. 10.07
Sheboygan, Wisc. 10.10
Steubenville-Weirton, Ohio-West Va. 10.29
Killeen-Temple, Texas 10.42
Green Bay, Wisc. 10.70
Source: National Research Bureau, 2001