CPN - March 2009 - (Page 14) MARKET INTELLIGENCE RANKING CPN-NIELSEN 2009 RANKING APPRAISERS & VALUATION PROVIDERS An An Sq An tici MA Sen tici uar tici pat I Ap Gov ior eF p Ap Ap (Ea pate ern (Co ed 2 Ap pra Dir Mu (He ated eet pra st, pra me nsu alth pra 009 ect Sen lti-F ise Mid d 20 Ap /Va 200 nt, De isa Val isa a car isa we ior 09 or rs Liti lting, sig prai lue ls A e ls C uat CPN9B s H mily, st, gat Cor Bus ls C Fac Fac nat ser Off , Indu ous Sou Bus Ap ntic ion Nie ion ine usi por om ice str tor tor om ing Sen ion s W , Pr th, i pra ate nes ial, ple ipa Pro lsen , Sp , Ret We nes iva , Es ss b ple (Ma (Ma (Ma ise io as ho Lan sb a te, st, ted ted sb eci vid Ap y x2 x2 d d in Rig tate, Inte of alty il, Se Ho r Dir yR yS SD SD er pra x 2SD, M ted F in 2 in 2 lf-S , Mix Fin Seg ht rna 1/1 ld ,M ,M e Pur Ind me ect of W 200 anc tion egio in 2 in 2 in 2 acto 008 009 pos torag ed-U /09 MA ctors ing ex iser/ or nt ay) se, al) 0) 0) 8 n 0) e) e, r I , 1 Integra Realty Resources Inc. 301 356 427 37 23,321 25,100 2.1B/$305B 160 90 HC 2%, I 11%, L 20%, MU 3%, MF 13%, O 13%, R 20%, SS 3%, SH 4%, SP 6%, other 5% I 17%, L 16%, MF 19%, O 14%, R 25%, other 9% HC 10%, I 10%, L 20%, MU 15%, MF 10%, O 10%, R 10%, SS 5%, SH 5%, SP 5% HC 5%, I 20%, L 10%, MU 5%, MF 10%, O 20%, R 20%, SS 2%, SH 6 %, SP 1%, other 1% I 70%, L 10%, 20%, CON 8%, COR 9%, E 25%, M 27%, E 7%, F 42%, G 8%, S 25%, W 21%, L 11%, P 5%, R 8%, I 2% other 2% CON 1%, COR 10%, E 13%, M 17%, E 1%, F 60% S 35%, W 35% G 10%, L 5%, P 5%, R 2%, other 6% CON, 15%, COR 20%, E 15%, F 30%, G 5%, L 10%, P 5% CON 20%, COR 48%, E 2%, F 20%, G 5%, L 5% CON 25%, COR 25%, F 25%, L 25% E 20%, M 20%, S 20%, W 20%, I 20% E 25%, M 20%, S 20%, W 25%, I 10% E 30%, M 30%, S 30%, W 5%, I 5% 2 CB Richard Ellis Inc. 298 419 359 20 28,255 N/A N/A 129 35 3 Marshall & Stevens Inc. 75 20 20 239 120 150 100M/$900M 3 3 4 Duff & Phelps L.L.C. 55 76 36 48 5,000 5,000 N/A 13 25 5 6 Binswanger Corp. 55 20 20 159 60 N/A 10.5M 0 1 Henry S. Miller Consulting L.L.C. 53 20 20 153 250 210 12.5M/$500M 6 4 HC 5%, I 15%, L 20%, MU 5%, MF 10%, O 15%, R 15%, SS 2%, SH 3%, SP 10% N/A CON 5%, COR 5%, E 3%, S 95%, E 5%, F 30%, G 5%, W 2% L 20%, P 10%, R 15%, other 5% N/A N/A 7 8 Axial Advisory Group L.L.C. GVA Kidder Mathews 45 37 20 20 20 22 119 86 400 1,000 400 1,000 N/A 2B/$12B 3 8 5 9 I 15%, L 20%, MU 5%, CON 10%, COR 5%, W 100% MF 15%, O 20%, E 5%, F 40%, G 5%, R 15%, SP 5%, other 5% L 15%, P 10%, R 5%, other 5% HC 5%, I 15%, L 15%, MU 15%, MF 10%, O 15%, R 10%, SS 2%, SH 3%, SP 5%, other 5% CON 5%, COR 10%, W 100% E 20%, F 25%, G 15%, L 10%, P 10%, other 5% 9 Curtis-Rosenthal Inc. 27 20 20 48 600 600 N/A/$2.5B 1 3 The CPN-Nielsen Appraiser/Valuation Provider Index measures each company's 2008 appraisal assignments, appraisers who hold the Appraisal Institute's MAI designation and senior directors. The index is based on those firms that submitted surveys. Cushman & Wakefield, a major provider, declined to participate. ATLANTA Continued from page 13 WHAT GOES UP sizes are struggling and calling upon their landlords for help. Darnall noted that retailers are asking for 25 to 50 percent off their monthly rent or requesting rent abatement for two to three months. Landlords are then left to decide if the tenant really is in financial distress or is simply trying to take advantage of the market. Even when facing valid requests, some owners do not have much room to help. Bruce Gamble, managing director for real estate consulting firm Alvarez & Marsal, said lenders expect more Atlanta shopping centers to become distressed and require loan workouts, stating, “Atlanta had one of the fastest-growing retail markets, and those markets are suffering the most today.” J 14 No Takers Like Atlanta’s retail sector, its office and industrial sectors are struggling with decreasing occupancies and rents. Even worse, they are expecting significant amounts of new space to come online in 2009 and 2010. Offices Available Atlanta’s office vacancy rate could top 20 percent in 2010, according to Reis Inc. At the end of 2008, it stood at 16.6 percent, and effective rent growth was negative 0.7 percent. Expecting deliveries to swell and demand to remain weak in 2009, the firm expects vacancies to increase to 18.9 percent. (office inventory for the Atlanta metropolitan area) 4 3 3 2 2 1 1 0 -1 -1 -2 20.2% H Industrial Shift Similarly, industrial vacancy reached almost 16 percent at year-end 2008, the highest Reis has ever recorded. Meanwhile, the average rental rate decreased by 1.5 percent in 2008 and is expected to drop another 1.3 percent this year. The firm projects that vacancies will approach 17 percent by 2010. (industrial inventory for Atlanta metropolitan area) 6 Millions of Square Feet Millions of Square Feet 15.1% H 16.6% H 18.9% H 5 4 3 8.7% H 2 1 0 -1 -2 11.0% H 13.1% H H 14.4% 2007 2008 Absorption Source: Reis Inc. 2009 Forecast Deliveries H 2010 Forecast Vacancy 2007 2008 Absorption 2009 Forecast Deliveries H 2010 Forecast Vacancy Commercial Property News • March 2009 • www.cpnonline.com http://www.cpnonline.com
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