CBRE

Manhattan Retail
www.cbre.com/tristateretail Second Quarter 2012

Market Overview
New York Citys private sector job count rose by 11,500 between May and June. Retail trade recorded the second-strongest job growth during the period, with more than 5,600 jobs added. Despite the private sector job growth, the citys overall unemployment rate rose to 10.0%, compared to 9.7% in the previous quarter. 1 Bowtie, one of the most highly-trafficked retail destinations in the city. JCPenney will open its second Manhattan location in 11,500 sq. ft. of Nolitas Puck Building at 200 Lafayette Street. In addition to these big box retailers, Fairway Market recently signed a lease for 42,000 sq. ft. in Kips Bay Plaza at 542 Second Avenue, marking the grocers first Midtown location. Average asking rents in six out of eleven prime retail corridors registered quarter-over-quarter increases, illustrating a sustained demand for space in the citys most sought-after thoroughfares. Meanwhile, with select properties asking $2,500 per sq. ft., Manhattan ranked as the second-most expensive retail market in the world, behind only Hong Kong.

Retail News
Vornado Realty Trust agreed to pay $707 million for 114,000 sq. ft. of retail space at 666 Fifth Avenue. Roughly 75,000 sq. ft. is currently occupied by Uniqlo, Hollister and Swatch. The REIT is also in contract to purchase the 33,400-sq.-ft. retail space at 680 Madison Avenue for $280 million. SL Green and Jeff Sutton teamed up to purchase the small office building at 155 West 46th Street. The partners will demolish the building in order to connect neighboring 1552 and 1560 Broadway, effectively multiplying the retail space close to Broadway. Sitt Asset Management purchased 113 Spring Street in Soho for $32.5 million. The retail is currently occupied by Frye Boot.

The Manhattan retail market showed signs of strength, with several sizable deals completed during the quarter. High-end department store Nordstrom signed an agreement with Extell Development to occupy 285,000 sq. ft. in a planned skyscraper on Broadway and West 57th Street. This will be Nordstroms first full-line location in Manhattan and is expected to open in 2018. Express leased 27,000 sq. ft. for a flagship location at 1552 Broadway in the Times Square

NY State Department of Labor

Notable Transactions | Q2 2012

Size (Sq. Ft.) 285,000 42,000 27,000 11,500 10,160 10,000 4,338
4,000 2,200 1,400

Tenant Nordstorm Fairway Market Express JCPenney Joe Fresh CVS Rebecca Taylor Piperlime Warby Parker Francois Payard

Location 225 West 57th Street 542 Second Avenue 1552 Broadway 200 Lafayette Street 1055 Madison Avenue 500 West 23rd Street 980 Madison Avenue 121 Wooster Street 121 Greene Street 1295 Third Avenue

Industry Department Store Grocery Store Apparel Department Store Apparel Beauty/Pharmacy Apparel Accessories Accessories Bakery
2012, CBRE, Inc.

Featured Neighborhood: Soho

Manhattan Retail

Soho lies in Lower Manhattan, neighbored by Greenwich Village to the north, Nolita/Little Italy to the east, Tribeca to the south and Hudson Square to the west. The neighborhood is known for its boutique atmosphere and cast iron architecture, and has long been a haven for artists, tourists and celebrities. In more recent years, the area has developed into one of the citys hottest shopping destinations. Soho has become increasingly attractive to luxury retailers looking for a desirable location without the high rents of Fifth and Madison Avenues. Although they remain significantly lower than the aforementioned avenues, Sohos rents have been rising rapidly due to strong demand for prime space. Average asking rents for groundfloor space on the Broadway corridor have risen 17.26% over the past six months, with some properties on Broadway pushing asking rents into the $600 to $700 per sq. ft. range.

Luxury retailers Balenciaga, Helmut Lang and Yves-Saint Laurent are some of the most recent entrants to Soho. International retailers like Topshop, Zadig & Voltaire and Rag & Bone have also established themselves in the area, benefitting from the heavy pedestrian traffic. In an effort to capture Sohos boutique atmosphere, select retailers have moved away from the busy Broadway corridor and congregated on side streets. Both Tiffany & Co. and Chloe have leased space on Greene Street in the last year, while Monika Chiang and Victorinox have landed on Wooster Street. Spring Street has also become popular, welcoming Maje, Sam Edelman and Splendid to its roster. Meanwhile, online retailers Piperlime and Warby Parker have signed leases for their first ever brick-and-mortar stores in Soho.

Soho - Broadway*

$580 $560 Average Asking Rent per Sq. Ft. $540 $520 $500 $480 $460 $440 $420 $400 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012

Second Quarter 2012

*Based on ground-floor only; not inclusive of subleases Source: CBRE Retail Research group

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2012, CBRE, Inc.

S OHO
STARBUCKS 482 LEICA 460 AVEDA 456 BILLIONAIRE BOYS CLUB 456 PHILOSOPHY 452 SPORT MAX 450
143 COACH 473 POP INTL GALLERY 469 PORSCHE DESIGN

Featured Neighborhood: Soho

Manhattan Retail
WEST HOUSTON STREET
TRICO FIELD 159 LIGNE ROSET 155 DESIRON GALLERY 153 CASINA 149 TO BE STEPEVI 147 158 BULHAUP 156 DUNE 154 CAPPELLINI 144 MACLAREN BABY POMEGRANATE 133 GALLERY C.I.T.E. 131 -129 KELLEY & PING REST 127 140 BLUE DOT & GROC. 125 138 BETSEY KISAN 121 JOHNSON GLORY CHEN 142 FLOR 119 CLUB MONACO WOMEN 136 ADIDAS ADRIANNA SHAMARIS ORIGINALS 127 LUCKY BRAND 131 FOLLI FOLLIE 121 CLUB MONACO MEN 133 BOCCI BI 125 CAMPER 113 OAKLEY 109 RALPH LAUREN 123 SABON 129 WINK 107 APPLE AROMA AESTHETIC 141 REALISM FOUNDATION FLOS 150 MOSS GALLERY MOROSO/ MAHARAM 142 PAUL SMITH 140 B & B ITALIA 136 TUI LIFESTYLE 132 HUGO BOSS 130 ALESSI COFFEE BAR POST OFFICE 101 MICHAEL KORS 99 (THE MERCER) KITCHEN 99 J. CREW MARC JACOBS 163 MAKNI 159 155 ZAZIG & VOLTAIRE 153 MERC BAR YSL 149 JAMBA JUICE R BY 45 RPM 169 STUDIO 172 AMERICAN EAGLE 599 170 NICO JAPANESE RESTAURANT BILLABONG 597 DOPDOP SALON (BELOW) 168

600 HOLLISTER 598 DUANE READE 596 SUNGLASS HUT 596 MIRO CAF CAPITOL ONE (2ND) 594 DESIGUAL 588 RICKYS NYC 588 BROADWAY GOURMET DELI 584 EXPRESS & EXPRESS MEN 580 ZARA 578 FOREVER 21 568 ARMANI A/X

DEVELOPMENT SITE

BP

HOUSTON AUTO REPAIR

PUCK FAIR BESS

KENNETH COLE

593

SCHOOL OF VISUAL ARTS 141 463 I TRE MERLI POLTRONA FRAU RESTAURANT THE NORTH FACE 445 COACH 141 LOUIS K. MEISEL GALLERY D.V.F. 135 FRED PERRY 133

166 LOUNGE 164 CASABLANCA TEA ROOM 160 TO BE VERSACE 158 VERA WANG

VICTORIAS 591 SECRET BANK OF 589 AMERICA ESPRIT 583 VERIZON 579

BROOKLYN INDUSTRIES

SA

POP UP WESC REGULAR CHOICE SUPREME COLUMBE G-STAR RAW

IA

VA

152 VERSANI ALDO SHOES 579 150 BACK OF WHO A.U. NINE WEST 148 BALENCIAGA BALENCIAGA 577 WHO A.U. 575 PRADA 575 LURE RESTAURANT/BAR (DOWNSTAIRS)

VA

DS

JF REY OPTICIANS 448

ET

VA

PRINCE STREET
NESPRESSO 92 MONCLER 90 MANGO 88
106 104 100 98

128

126 124 122

120 118 116 112 110

94

PLEATS PLEASE ISSEY MIYAKE CARROL BOYES MORRISON HOTEL REINSTEIN ROSS JEWELRY OLIVES CAFE KIDROBOT FRAGMENTS KAREN MILLER CAMPER

MUSETTE 438 BRACCIALINI 438 ROBERT MARC 436 MASCARO 436 VILEBREQUIN 434 MAX STUDIO 428 M MISSONI 426 CELLURE 422 DKNY 420 PANDORA 412 EMPORIO ARMANI 408

128

122

WOLFORD CALVIN KLEIN UNDERWEAR TUMI MIU MIU INTERMIX

113

FANELLIS BAR & RESTAURANT AGENT 133 PROVOCATEUR APC 131 JOURNELLE 123 MACKAGE 121 RAG & BONE 119 RACHELL ASHWELL 117 SHABBY CHIC COUTURE PHILLIP STEIN 115 ROUND ABOUT 115 GEORGETOWN 111 CUPCAKE IVANKA 109 TRUMP YVONNE CHRISTA 107

PINK BY VICTORIAS SECRET

CHOBANI 440

132 128120 116

565 561 557 555 555 543 541 537 535 529 529

SUNGLASS HUT TO BE FOGAL ATELIER MINYON COMPTOIR DES COTONNIERS THEORY LF BOUTIQUE VARDA 145 MAJE 143 CROCS

435 429 425 423 417 415 411 409

MONIKA CHIANG FRENCH CONNECTION BARBOUR SCAVOLINI KITCHENS ALEX & ANI TO BE PIPERLIME SEE EYEWEAR BARBARA BUI ELIE TAHARI ROOM & BOARD M0581 STUART MOORE PATAGONIA MAX AZRIA VICTORINOX

125 123 121 117 105 101 99

120 120 118 114 112 110 108 106 104 102 100

OSKLEN 97

101 DONALD JUDD ART MUSEUM 99 FREE PEOPLE 97 INSTITUT

AMERICAN APPAREL DASH OPERA GALLERY FRYE TO BE SAM EDELMAN

129 MANHATTAN BISTRO

BAKED BY MELISSA

101

MOMA DESIGN STORE

BCBG TIBI ANNA SUI GIGGLE ADRIANO TSE GOLDSCHMIED BARNEYS CO-OP TOUS TO BE VICTORINOX TASCHEN SAO PENGUIN TO BE NATUZZI JOIE SPACE NK APOTHECARY ADIDAS SLVR MO851 TO BE TIFFANY & CO. ANNE FONTAINE ICEBREAKER TO BE CHLOE YELLOW KORNER A BATHING APE 133 BURBERRY 135 DIESEL

111 109 107 103 101 99 97 95 93 91

MONT BLANC 118 LE SPORT SAC 116 LOUIS VUITTON 112 STELLA MCCARTHY 110 DESIGN WITHIN REACH 102 MELISSA SHOES 100 JILL STUART 98 REALM BOUTIQUE 96 KIRNA ZABETE 94 COTELAC 92 Y-3 YOHJI Y

MANGO THE SCHOLASTIC STORE SEPHORA HUGO BOSS ISE FOUNDATION

114

CARLO PAZOLINI LACOSTE 112 FARROW AND BALL GUESS LUCKY BRAND JEANS LUSH STEVEN BY STEVE MADDEN

560 560 558 556 552 550 546 544 542 540 536 532

DEAN & DELUCA CONVERSE H&M DAVID Z. BANANA REPUBLIC HSBC UNIQLO FORAVI OMG STEVE MADDEN LEVIS VINCE CAMUTO 532 AT&T 530 EMS

FRENCH CONNECTION 138

LACOSTE 134

TRUE RELIGION 130

COLE HAAN 130

SOHO PARK PARKING AMARCORD CAMPAIGN HEADQUARTERS ART GALLERY CONSTRUCTION BICYCLE HABITAT LILLIPUT SOHO KIDS CITY BRITE LAFAYETTE CLEANERS LA CONQUITA RESTAURANT LAFAYETTE SMOKE SHOP

DE

NY

FL

LA

CA

LIL CL

IN

BL FL

FIR

PA

MA

95 SABON 93 CLEO & PATEK 91 JUMP

141 CHANEL

109 SPLENDID

127 ETRO

TENO

98

JULIAN & SARA 103 SOLSTICE 107

89 CAF BARI

529

IN

NO

157 155 155 153 151 149

121 119 115 113 111

SI

SPRING STREET
JOHN VARVATOS 124 EVOLUTION 120 TO BE STUART WEITZMAN 118 AMORE PACIFIC 114 BURTON 106 MULBERRY 134 LONGCHAMP 132 VOSGES CHOCOLATES MOLTON BROWN 128 J. LINDEBERG BEN SHERMAN 96 160 160 158 154 152 150 148 146 144 140
MORGENTHAL FREDERICKS OPTICIAN JERMEY ARGYLE OLIVE & BETTES LE PETIT CAF THE BODY SHOP BOOM TRETORN DR. MARTENS LOCCITANE TO BE DEVI KROELL

88 ILORI

84

95

96

CHASE BANK

ORIGINS 402 LINKS 400 ROBERT LEE MORRIS 400 SEVEN FOR ALL MANKIND 394 BOGNER 380 CIPRIANI DOWNTOWN 372 M MISSONI 370

86 THE RUG COMPANY

525

WOOSTER STREET

BROADWAY

BADICHI BROOME STREET GALLERY NO RETAIL SUNRISE MARKET MARIEBELLE JACQUES LIBERMAN RED & WHITE SPA BROADFOOT & BROADFOOT GALLERY SELIMA OPTIQUE

77 75 71 69 67 59 59 57

70 TECHNOGYM 68 TO BE BLACK DIESEL GOLD 66 ANGELS GIFT 62 TRESPA/ARIA 60 MOLTENI & C JACK SPADE 56

LAFAYETTE STREET

WEST BROADWAY

CROSBY STREET

MERCER STREET

GREENE STREET

399 395 387 383 379 375 367 367 367

PHAIDON 83 MORGANTHAL FRDERICS LUMAS 77 EILEEN FISHER REISS UK 73-75 OK HARRIS OK HARRIS GALLERY RALPH LAUREN RRL 69 ANTHROPOLOGIE MORGANE LE FAY NO RETAIL 63 CLEO & PATEK SOHO GEM BADICHI BELTS

MILAN LUXURY THE SHADE STORE CUSTO BARCELONA TO BE APAVISA

450 RUNWAY CLOTHING

444 SOHO PSYCHIC

456 GEORGIA TAPERT LIVING 454 KATE SPADE

61

468 CATHERINE MALANDRINO 464 KITEYA 462 OCHRE 460 SUNBURY TEXTILE MILLS 458 ANTIQUES PATERAE

SOHO CAF

ITEM

64

448 MANGO

EXSTAZA

MIMI FERTZ GALLERY KIKI DE MONTPARNASSE GREEN STREET NICOLE MILLER ANTIQUES TO BE MOODS OF NORWAY GREENE STREET ONASSIS ART GALLERY BO CONCEPT GPD GALLERY BEATS BANG OLUFSEN 62 BROCADE MY LUX CAF RAOUL CARRASCO GALLERY CYRUS COMPANY CAF CAF SICIS TILE COMPANY 80 CHRISTOPHER FISCHER 482 480 474 472 470

81 79

78 SEIZE SUR VINGT

76 DEDON FURNITURE

HELMUT LANG 93 BAR 89 89 ZIMMERMAN 87 (17 MEDLER) 85 VALERIA SMITH 83 CURVES UGG AUSTRALIA 79 JOES JEANS 77 MERCER STREET 73 MEDICAL PAIGE 7169 KEETSA 69 RULA 65

LADY FOOT LOCKER 523 PUMA 521 QUIKSILVER 519 H & M 515 MLS ALL STAR 82 GAP 1969 513 HUB OLD NAVY 507 STET 72 ERYN BRANI 501 92 DG 70 SWAROVSKI 499 LEVIS 495 EXSTAZA 491

524 520 518 514 512 510 508 506 504 500 496

489

488

ARITZIA CLUB MONACO BRANDY MELVILLE GUESS BY MARCIANO ALL SAINTS FORECAST FOOTWEAR WHITE HOUSE BLACK MARKET MAC BLOOMINGDALES TOMMY HILFIGER DENIM SUNGLASS HUT BEBE

SPRING NATURAL SOHO GRILL EDS LOBSTER BAR SUBWAY TO BE OSTERIA MORINI TWO EIGHTEEN 1 HOUR PHOTO NO RETAIL CAF SELECT MITCHELL GOLD & BOB WILLIAMS DOMS FINE FOOD CAPITOL ONE BANK

TO

LE

VA

VA

HE

ME

VE

500 498 496 494 492 484

EI CH

BROOME STREET
477 JEROME DRYFUSS 475 469 465 463 461 459 457 455 453 NO RETAIL 451 CONSTRUCTION 497 CUPPING ROOM 495 LILIT ELECTIQUES 485 VIA SPIGA 449 (AVAILABLE) VACANT 489 KENNS BROOME ST. BAR ISABEL MARANT ANIMAZING GALLERY ALEXIS BITTAR BOOT GRANDE RUDYS MUSIC PURL LAZARO SOHO TEMPERLEY GOURMET GARAGE JAMES PERSE VACANT LOT NO RETAIL PATINA OLIVER PEOPLES 366 60 57 487

486 MADEWELL 484 J. CREW MENS 482 TOPSHOP 476 CITIBANK 474 TIMBERLAND 472 JEWELRY CAF 470 ALDO

*Due to size constraint, map is not inclusive of entire Soho retail market
LUMAS 362
RESIDENCE LYNN PARK (2ND FL.) 349 IDEYA RESTAURANT VACANT MARITHE FRANCOIS GIRBAUD 341 DIVA RESTAURANT TO BE NEW YORK INK 337 SANCTUARY TEA THE ELOQUENT DELINQUENTS SPENCER BROWNSTONE GALLERY (AVAILABLE) DRAWING CENTER PERFORMING GARAGE EW YORK A MAGEL DES AIL

55

54

53 51 47 43 41

50- FORMAT 42 FLORENSE

VACANT 55

ARCADIA GALLERY 53 HANSON FITNESS (2ND) LUCE PLAN 51 SAM BROCATO SALON (1ST) JONATHAN ADLER 47 FONTANA ARTE 45 40 DRAWING ROOM BISAZZA MOSAICO 41 ASHE A ESPADA E ACNE JEANS

54 BOCA GRANDE FURNISHINGS 52 LEASED 50 GREENE STREET INTERIORS 46 ARTEMIDE

55 VACANT 53 MONTAUK 51 ED HARDY 47

56 NO RETAIL BAKER FLORENINI 54 CITIBABES

YELLOW RAT 483 BASTARD (AVAILABLE) LULULEMON 481 ATHLETICA 477 475473 STARBUCKS 474 BOSE 465

Second Quarter 2012

52

PEARL RIVER MART SCOOP

NORDSTROM CONCEPT TREASURE & BOND

350

35 33

CH PROJECTS

Y BRAND S HO NY HUNDREDS AIN TIDIEN AL INDEX CAL

TO BE VARDA SHOES PY MANGO ANT

KARTELL 37

LIZARRAN TAPPAS 45 RON ISRAEL CAKES RESTAURANT (2ND) BABELAND 43 38 FLOU ANTIQUE GARAGE 41

44 ASH FOOTWEAR GARAGE

Page 3

2012, CBRE, Inc.

33

S S O

LOGICA

462 DAFFYS

Major Retail Corridors Average Asking Rent per Sq. Ft. (North to South)*
Average asking rents for the majority of Manhattans prime corridors increased or remained stable during the quarter, indicating a sustained demand for space along the citys most prominent thoroughfares. Six of eleven prime corridors experienced an increase in average asking rents. The largest increase was a 21.61% increase on Broadway on the Upper West Side, primarily due to new, higher-priced corner availabilities coming to market. Soho underwent the second-largest quarter-over-quarter increase, as average asking rents on the Broadway corridor rose by 4.50%. This is Sohos third consecutive quarter of rental rate increases. The neighborhoods average asking rent was $557 per sq. ft. in the second quarter, with several landlords posting rents in the $600 to $700 per sq. ft. range. The largest decreases in average asking rents occurred on the Flatiron stretch of Fifth Avenue. The average asking rent on Fifth Avenue from 14th to 23rd Streets dropped 17.87% during the quarter, from $375 per sq. ft. to $308 per sq. ft. This decrease can be attributed to the leasing of prime space and the addition of non-prime space.
Average Asking Rent Q2 2012
$332 $221 $1,239 $2,500 $904
Manhattan Retail

Neighborhood
Upper West Side Upper East Side Upper Madison Avenue Midtown Midtown

Parameters
Broadway 72nd to 86th Streets Third Avenue 60th to 72nd Streets Madison Avenue 57th to 72nd Streets Fifth Avenue 49th to 59th Streets Fifth Avenue 42nd to 49th Streets Bowtie Broadway to 7th Avenue 42nd to 47th Streets 34th Street Fifth to Seventh Avenues Fifth Avenue 14th to 23rd Streets Broadway Houston to Broome Streets 14th Street Eighth to West End Avenues Broadway Battery Park to Chambers Street

Average Asking Rent Q1 2012

$273 $218 $1,212 $2,500 $954

% Change
21.61% 1.38% 2.23% 0.00% -5.24%

Times Square

$1,800

$1,850

-2.70%

Herald Square Flatiron Soho Meatpacking District Downtown

*

$505 $308 $557 $380 $167

$511 $375 $533 $365 $163

-1.17% -17.87% 4.50% 4.11% 2.45%

Second Quarter 2012

Based on ground-floor only; not inclusive of subleases Source: CBRE Retail Research Group

Page 4
2012, CBRE, Inc.

Manhattan Retail

RETAIL Submarket Map

NEIGHBORHOODS
5th Ave
W. 125th St E. 125th St

Amsterdam Ave

Manhattan Ave

Broadway

W. 110th St
Henry Hudson Pkw

Central Park North

Lexington Ave

Madison Ave

E. 110th St

W. 96th St

West End Ave

Central Park West

W. 86th St

E. 86th St

W. 79th St

Park Ave

5th Ave

UPPER WEST SIDE

UPPER EAST SIDE

E. 79th St

W. 72nd St

E. 72nd St Lexington Ave

Amsterdam Ave

West Side Hwy

CIRCLE

12th Ave

11th Ave

10th Ave

PLAZA DISTRICT
9th Ave
ROCKEFELLER CENTER

5th Ave

MIDTOWN WEST W. 42nd St

TIMES SQUARE

GRAND CENTRAL

3rd Ave

MIDTOWN EAST

E. 42nd St

W. 34th St

PENN PLAZA/ HERALD SQUARE

(6th Ave)/Avenue of the Americas

Madison Ave

E. 34th St 2nd Ave

MADISON SQUARE

PARK AVENUE SOUTH

7th Ave

W. 23rd St

CHELSEA
8th Ave

GRAMERCY E. 23rd St

FLATIRON/ UNION SQUARE

Avenue A

8th Ave

W. 14th St MEATPACKING DISTRICT

14th STREET

E. 14th St

1st Ave

Franklin

D. Roosev

elt Dr

W. 59th St

COLUMBUS

Central Park South

E. 59th St

York Ave

East End Ave

UPPER MADISON AVENUE

3rd Ave

UPPER BROADWAY

Columbus Ave

E. 96th St

2nd Ave
Bro adw ay

1st Ave

St .N sA ola ich ve

6th Ave

W. Houston St

NOHO

E. Houston St

HUDSON SQUARE

NOLITA SOHO
Canal St

Avenue B

7th Ave

GREENWICH VILLAGE

1st Ave

EAST VILLAGE

LITTLE ITALY/ CHINATOWN

E oa . Br dwa

LOWER EAST SIDE

y

Avenue C

Avenue D

W. Broadway

Broadway

Br oa dw ay
ide st S We Hw y
West H Side wy

Average Asking Rent Rate determined by multiplying the gross asking rent by the available square footage, summing the products, then dividing the sum by the total number of available spaces. Market Coverage Includes all competitive retail space throughout 30 defined Manhattan neighborhoods.
For more information regarding the MarketView, please contact: Travis Yuengst Operations Manager Brokerage Services T 212.984.8119 travis.yuengst@cbre.com Kelly Taylor Retail Research Analyst Brokerage Services T 212.895.0921 kelly.taylor@cbre.com

v 4th A e

TRIBECA

WORLD FINANCIAL CENTER

CITY HALL
Fulton St

Fr

lin ank

D.

Ro

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Dr

Wall St

WALL STREET/ FINANCIAL

Copyright 2012 CBRE Statistics contained herein may represent a different data set than that used to generate National Vacancy and Availability Index statistics published by CBRE Corporate Communications or CBREs research and econometric forecasting unit, CBRE Econometric Advisors. Information herein has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the market. This information is designed exclusively for use by CBRE clients, and cannot be reproduced without prior written permission of CBRE.