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
| 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
| 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 |
| 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.