2015 CCIM Forecast Presented By Kelly Bland, Senior Vice President Retail Properties Group
GROSS & NET ABSORPTION
VACANCY RATE
NEW ANCHOR RETAILERS IN 2014 TOTAL: 235,000 Sq. ft.
ANCHOR MOVE-OUTS DURING 2014 TOTAL: 161,190 Sq. ft.
TENANTS VACATING 561,000 SFHigh level of tenants vacating their space throughout the year: 561,000 SF 29% 400,000 SF 20,000 SF29% were from anchors vacating, but 400,000 SF vacated were from line-shop tenants less than 20,000 SF
2.6%Number of homes sales in % over previous year HOUSING MARKET NEW & EXISTING HOMES 8,3188,318 new and existing home sales from Jan.-Nov $260, %Median sales price for Nov $260, % from 2013 (1)Per Ticor Title (2)Per RSAR (1) (2)
1.6%1.6% Job Growth in Nov %4.1% Job Growth in Nov %2.1% Job Growth in Nov %-.26% Job Growth in Nov %-1.6% Job Growth in Nov ANNUAL JOB GROWTH 6.4% Unemployment rate of 6.4% in Nov. 2014
WASHOE COUNTY SALES TAX 7.2%Sales tax increased 7.2% (July – August 2014)
SWC of S. Virginia St. and Neil Road $ psf Significant Sale $3,700,000 Del Monte Center 32,293 sf Sold in July 2014
NEC of Los Altos and Sparks Blvd. Significant Sale $4,700,000 Retail Buildings & Land 35,120 sf on 9 Acres Land Sold in August 2014
VACANCY RATE Forecast
2014 PREDICTION Vacancy will decrease 15.3% to 15.3% Gross Absorption will decrease and Net Absorption will increase slightly