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.