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THE NATIONAL ASSOCIATION OF REALTORS® COMMERCIAL REAL ESTATE NEWSLETTER VOLUME 12 ISSUE 4 FOURTH QUARTER 2012

COMMERCIALCONNECTIONS

www.realtor.org/commercial

PAGE 2

THE LATESTThe people, the tools and theoutlook for 2013. 2

THE NATIONALCOMMERCIAL AWARDSRecognition for excellence incommercial real estate. 4

XCELIGENT CEODOUG CURRYCommercial data services - a complex narrative.Tech Savvy 8

COMMERCIAL REALESTATE VACANCIESSlowly declining; rents rising.By the Numbers 10

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NAR PRESIDENTGary Thomas

Anaheim, CA

NAR COMMERCIAL LIAISONJim L. Helsel, GRI, CCIM, CPM, CRB, CRE, SIOR

Camp Hill, PA

COMMERCIAL COMMITTEE CHAIRLinda St. Peter, CCIM, CIPS, GREEN

Wallingford, CT

SENIOR VICE PRESIDENTBob Goldberg

Sales & Marketing | Business Development & Strategic Investments | Commercial Services

Professional Development | Conventions

COMMERCIAL DIVISION

VICE PRESIDENTJan Hope, RCE

MANAGING DIRECTORCheré LaRose Senne, RCE

DEVELOPMENT MANAGERJean Maday

MARKETING MANAGERJorge Rivera

ASSISTANTTracy Porterfield

MEMBERSHIP COORDINATORMelanie Sligh

POLICY REPRESENTATIVEVijay Yadlapati

MANAGER COMMERCIAL RESEARCHGeorge Ratiu

Reach any of us at:[email protected]

430 N. Michigan AvenueChicago, Illinois 60611-4087

800.874.6500

DESIGNERDave Hunterwww.dhdd.net

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NEED TO KNOW IN 2013

THE PEOPLEEACH YEAR, REALTOR®

BOARDS AND ASSOCIATIONS

across the country awardcommercial members for their

work in the industry, the community and the association. NARCommercial promotes those awardees as National Award winners.Whether you are looking for experts in a particular specialty or newbusiness partners, take a look at the National Award winners in thisissue, look them up on Realtor.org and reach out to them.

IN ADDITION, check out the Capitol Report in this issue to read aninterview with Daniel Goodwin, CEO of Inland Properties. Find outwhy his firm is a REALTOR® firm and how taking advantage of allthe advocacy benefits available to REALTORS® is growing andprotecting the commercial real estate industry. Join Daniel’s causefor commercial real estate by signing up at the REALTOR® ActionCenter today.

THE TOOLSCOMMERCIAL CONNECTIONS‘

mission is to connect you tothe multitude of resources

available to you as a REALTOR®. We wanted you to hear first-hand theconversation Doug Curry, CEO of Xceligent, had with REALTOR®

Conference & EXPO attendees and how he is building Xceligent’s fully-researched services and marketing platform, CommercialSearch.com,for brokers like you. Turn to Tech Savvy in this issue to learn more.

HAVE YOU BEEN THINKING ABOUT COURSEWORK at one of NAR’scommercial affiliates? One way to tap into the knowledge andresources of these unequaled educators and thought-leaders isthrough their publications. In this issue (page 11) we have listed foryou each of the affiliates’ magazines and journals and how, even ifyou aren’t a member, you can access these award-winningpublications.

WEEKLY SALES MEETINGS are a necessity for brokers and theirteams. Realtor.org has tools you can use from podcasts on the latestlegislative and regulatory issues to thought leaders from every cornerof the industry (including our Signature Series speakers!) Email us

2012 NATIONAL COMMERCIAL

AWARDS

Look up the National Award winners at www.REALTOR.org/directoriesw

Join REALTOR® Action Center at www.realtoractioncenter.comw

THE LATEST

2 COMMERCIALCONNECTIONS | Q4 2012


COMMERCIALCONNECTIONS | Q4 2012 3

UPCOMING COMMERCIAL & AFFILIATE MEETINGS

at [email protected] to let usknow the topics you would like to haveavailable on podcast or visitwww.Realtor.org/Commercial to downloadarchived podcasts and peruse the cadre ofSignature Series speakers for your nextmeeting.

THE OUTLOOKTHERE IS NO CRYSTAL BALL to tell uswhat’s coming in commercial real estate(though your clients expect you to haveone!) Your secret to seeing the future moreclearly is NAR Research and thecommercial real estate reports and studiesthey publish for REALTORS® throughoutthe year. Turn to By the Numbers in thisissue for a market specific analysis for whatis expected in 2013.

Want to dive into the numbers? Visitwww.REALTOR.org/Research todownload the outlook data and otherreports to help you see the year with clarity.

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Visit page 6 for more information onSignature Series.

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Sperry Van Ness National ConferenceFebruary 6-8, 2013Miami, FLwww.svn.com

Keller Williams Family ReunionFebruary 16-20 2013Dallas, TX familyreunion.kw.com/

RE/MAX R4February 25-28, 2013Las Vegas, NVwww.remax.com/insider/conventions_and_events/welcome/index.aspx

Prudential Real Estate SalesConventionMarch 10-12, 2013Las Vegas, NVhitplay2013.com/

Association Executive Institute 2013March 15-19San Diego, CAwww.realtor.org/events/ae-institute

REALTORS® LAND INSTITUTE (RLI)National Land ConferenceMarch 18 – 20, 2013Las Vegas, NVwww.rliland.com

INSTITUTE OF REAL ESTATEMANAGEMENT (IREM)April 6-10, 2013Leadership & Legislative SummitWashington, DCwww.irem.org/conferences

CCIM INSTITUTEMidyear MeetingsApril 14 – 18, 2013Chicago,ILwww.ccim.com/networking/conferences-meetings

CoreNet Global Spring ForwardApril 17-19, 2013New York, NYwww.corenetglobal.org/

COUNSELORS OF REAL ESTATE®

(CRE®)April 28 – May 1, 20132013 Mid-Year MeetingsNew York, NYwww.cre.org

SOCIETY OF INDUSTRIAL ANDOFFICE REALTORS® (SIOR)May 2 -4, 2013Spring World ConferencePalm Springs, CAwww.sior.com

NATIONAL ASSOCIATION OFREALTORS® (NAR)Mid-Year Legislative Meetings & Expo(Includes Capitol Hill Visits with Congress)May 13 – 18, 2013Washington, DCwww.realtor.org/meetings_and_expo

INTERNATIONAL COUNCIL OFSHOPPING CENTERS (ICSC)RECon, The Global Retail Real Estate ConventionMay 19 – 22, 2013Las Vegas, NV www.icsc.org

The best way to get the most out ofthe networking events you travel to isplanning in advance. CommercialConnections has published a calendarfor the first and second quarter of2013 to give you an idea where NARCommercial will be and to assist youin planning your year of networking.

Don’t see your favorite meetingthere? Think NAR should be there?Email us at [email protected] and let us knowwhere you’re going to be!

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2 COMMERCIALCONNECTIONS | SPRING 2012 2011 4 COMMERCIALCONNECTIONS | FALL 20112 COMMERCIALCONNECTIONS | SUMMER 2011 2 COMMERCIALCONNECTIONS | FALL 2011

KAREN RICH Cardente Real Estate, MaineAWARD: REALTOR® of the YearASSOCIATION: Maine CommercialAssociation of REALTORS® Inc.

JEFFREY BUTLERButler Realty Group, Rhode IslandAWARD: REALTOR® of the YearASSOCIATION: Rhode IslandCommercial and Appraisal Boardof REALTORS®

RICHARD SUDDUTH First Commercial Real EstateServices Corporation, OklahomaAWARD: 2012 CommercialREALTOR® of the YearASSOCIATION: OklahomaAssociation Of REALTORS®

DELORES GOLDIN, ABR, ePRO,GRIPrudential, Georgia AWARD: VisionaryAward ASSOCIATION: West MetroBoard of REALTORS® Inc.

MICAH McCULLOUGH, CCIMUCR Properties, MississippiAWARD: REALTOR® of the YearASSOCIATION: MississippiCommercial Association ofREALTORS®

HERB FECKER, CCIMRetired, Florida AWARD: HenryBlanton Lifetime AchievementAward ASSOCIATION: FloridaGulfcoast Commercial Associationof REALTORS® Inc.

BOB KHALSA, CCIMUnited America Realty, CaliforniaAWARD: Commercial RecognitionAward ASSOCIATION: SouthlandRegional Association ofREALTORS® Inc.

ANTHONY SCOTCH Century 21 Select Real Estate,California AWARD: Silver BeaverAward ASSOCIATION: SacramentoAssociation of REALTORS® Inc.

CYNTHIA SHELTON, CCIM, CRE Colliers International, FloridaAWARDS: Florida REALTORS®

Commercial REALTOR®

Achievement Award ASSOCIATION:Orlando Regional REALTOR®

Association

JIM TAYLOR Sperry Van Ness Commercial RealEstate Advisors, California AWARD:Outstanding Service AwardASSOCIATION: Greater San DiegoAssociation of REALTORS®

SPENCE MONROEAshurst & Niemeyer, AlabamaAWARD: REALTOR® of the YearASSOCIATION: Baldwin CountyAssociation of REALTORS® Inc.

GREGORY BYNUM Gregory D. Bynum & Associates,California AWARD: LocalAchievement Award ASSOCIATION: BakersfieldAssociation of REALTORS® Inc.

TIM WITH, CCIM, SIOR Grubb & Ellis, New MexicoAWARD: 2011 REALTOR® of theYear Award ASSOCIATION:Commercial Association ofREALTORS® New Mexico

RICH KRINKS Harbor Bay Realty, CaliforniaAWARD: President’s Award ofAppreciation ASSOCIATION:Alameda Association of REALTORS®

J. JOSEP PELAYO, CCIM, SIOR,CIPS, ePRO, GREEN, SFR, TRCTotal Real Estate Consultants, Inc.,Florida AWARD: 2011 Costar Power Broker Award & Top SouthFlorida Dealmaker ASSOCIATION:REALTOR® Association of GreaterFort Lauderdale Inc.

DAVID GLASSCOCK Colliers International, TexasAWARD: 2011 William C. JenningsAward ASSOCIATION: North TexasCommercial Association ofREALTORS®

TODD RAINSBERGER Coldwell Banker Commercial M.M.Parrish, Florida AWARD: TopCommercial REALTOR® AwardASSOCIATION: Gainesville AlachuaCounty Association of REALTORS®

Inc.

TIMOTHY GRAMIG, CCIMCassidy Turley/Harry K. Moore,Kentucky AWARD: KCREA RetailBroker of the Year 2011ASSOCIATION: Greater LouisvilleAssociation of REALTORS® Inc.

RHONDA SHARKAWY Stirling Properties, LousianaAWARD: 2011 F. PocheWaguespack Award ASSOCIATION:New Orleans MetropolitanAssociation of REALTORS® Inc.

ROBERT GRANT, CCIM, CRE,SIOR Whiteside & Grant, OklahomaAWARD: 2011 CommercialREALTOR® of the Year AwardASSOCIATION: Greater TulsaAssociation of REALTORS® Inc.

AWARDS2012 NATIONAL COMMERCIAL

NAR Commercial is proud to recognize these REALTORS® for excellence in the commercial real estate industry this past year.


COMMERCIALCONNECTIONS | SPRING 2012 4COMMERCIALCONNECTIONS | FALL 2011 5COMMERCIALCONNECTIONS | SUMMER 2011 4

DONALD SHERWOODIntegra Realty Resources DFW, LLP,Texas AWARD: Charles D. TandyCommercial REALTOR® Award 2011ASSOCIATION: Greater Fort WorthAssociation of REALTORS® Inc.

ALAN JOEL, CCIM Joel and Granot Real Estate,Georgia AWARD: REALTOR® of theYear ASSOCIATION: AtlantaCommercial Board of REALTORS®

STEPHEN BLOCK Block Real Estate Services LLC,Missouri AWARD: 2011 Allen J.Block Commercial REALTOR® ofthe Year ASSOCIATION: Kansas CityRegional Association ofREALTORS® Inc.

JAMES WALKER Foresite Realty Advisors, New YorkAWARD: REALTOR® of the YearASSOCIATION: New York StateCommercial Association ofREALTORS® Inc.

PAT SOBELMAN Prudential Select Properties,Missouri AWARD: 2011 CommercialAward ASSOCIATION: St. Charles County Association ofREALTORS®

PAUL SNITKIN Anderson & Carr, Florida AWARD:2011 RCA REALTOR® of the YearASSOCIATION: REALTORS®

Association of the Palm Beaches Inc.

ROBERT (BOB) COPE, CRBCope Commercial Realty, ColoradoAWARD: REALTOR® of the YearASSOCIATION: Pikes PeakAssociation of REALTORS® Inc.

WILLIAM ROTHMANRSR REALTORS®, PennsylvaniaAWARD: GHAR Hall of Fame 2011ASSOCIATION: Greater HarrisburgAssociation of REALTORS® Inc.

DEENA ZIMMERMAN Jameson Commercial, IllinoisAWARD: 2012 Huzenis AwardASSOCIATION: Chicago Associationof REALTORS® Inc.

MYRNA KOBRE, Retired, Ohio AWARD: ErikaBlumenstein Memorial AwardASSOCIATION: Columbus Board of REALTORS®

DAVID NUGENT, CCIM, SIOR BND Commercial, Indiana AWARD: 2012 REALTOR® of the YearASSOCIATION: Indiana CommercialBoard of REALTORS® Inc.

JEFF EDBERG, CCIM, SIOR,GREEN Skogman Realty, Iowa AWARD:Heart & Soul Recognition AwardASSOCIATION: Iowa City AreaAssociation of REALTORS® Inc.

LESLIE FELLABOM Southwind Commercial Real Estate,South Carolina AWARD: 2011Charleston Commercial REALTOR®

of the Year ASSOCIATION:Charleston Trident Association ofREALTORS® Inc.

WILLIAM COLLINS Cassidy Turley, District of ColumbiaAWARD: Greater WashingtonCommercial Association ofREALTORS® 2011 Broker of the YearASSOCIATION: Greater Capital AreaAssociation of REALTORS® Inc.

KENNETH KUJAWA, CCIM Century 21 Signature Realty,Michigan AWARD: CommunityAchievement Award ASSOCIATION:Saginaw Board of REALTORS®

ROD ALDERINK NAI Wisinski of West Michigan,Michigan AWARD: REALTOR® ofthe Year ASSOCIATION: CommercialAlliance of REALTORS®

ERIC RIDLEHOOVER Cassidy Turley, North CarolinaAWARD: Charlotte RegionCommercial Board of REALTORS®

President's Award ASSOCIATION:Charlotte Region CommercialBoard of REALTORS®

BARRY CHAVIN, SIOR NAI MLG Commercial, WisconsinAWARD: CARW 2011 REALTOR® ofthe Year ASSOCIATION: CommercialAssociation of REALTORS®

Wisconsin

JAMES BARNES, SIOR NAI Carolantic Realty, NorthCarolina AWARD: 2012 CommercialREALTOR® of the YearASSOCIATION: Triangle CommercialAssociation of REALTORS®

CONNIE GAMBLEVista Realty, Nevada AWARD: 2012Commercial Alliance Member ofthe Year ASSOCIATION: Greater Las Vegas Association ofREALTORS® Inc.

KARL NORWOOD NAI Norwood Group, NewHampshire AWARD: REALTOR® ofthe Year ASSOCIATION: NewHampshire Commercial InvestmentBoard of REALTORS®



HEN DANIEL L. GOODWIN, chairman andCEO of The Inland Real Estate Group in

Oakbrook, Ill., began developing and sellingsingle-family homes and apartments 35

years ago, he joined the Chicago Association ofREALTORS® “because it gave me the opportunity tocooperate with other brokers and stay informed aboutindustry issues.”Today, Inland-related companies have 1,400 employeeswho oversee $20.2 billion in commercial assets andmanage 115 million square feet. The company hasissued more than $19 billion in loans on commercial

properties and raisedmore than $18 billion inreal estate securities. Yet,Goodwin remains active inNAR for many of the samereasons he first joined:networking, education,and—most importantly—the ability to make hisvoice heard on the criticallegislative and regulatoryissues affecting thecommercial real estateindustry. Goodwin, who isa member of the NAR,

Illinois, and Chicago REALTORS® Halls of Fame, aswell as the RPAC President’s Circle and its Hall of Fame,shared his views on why more commercial brokers needto join NAR.

CC: Why should commercial practitioners become NARmembers?GOODWIN: I don’t think commercial brokers have anyother practical choice. They can try to influencelegislation and policy individually, or they can becomepart of one of the most powerful lobbying groups in thecountry. The real estate industry must speak with onevoice in order to protect our industry, and NAR is veryeffective at getting our message out.CC: Any other reasons commercial brokers shouldconsider NAR membership?

GOODWIN: A close second to the value of associationlobbying is broker education—getting the latest ontrends and creative approaches to business.Professional organizations like NAR also give you achance to make contacts and increase the likelihood ofmaking and closing deals.CC: What do you do at Inland to encourage youremployees to become active in NAR?GOODWIN: We talk about the benefits of being aREALTOR® during staff meetings. We also subsidize aportion of individual NAR dues. And we often discussindustry issues in which REALTORS® are involved.CC: What do you say to commercial practitioners whothink NAR supports only the residential side of thebusiness?GOODWIN: Some commercial brokers don’t appreciatethat many regulatory and statutory changes affectresidential and commercial businesses equally. Issuessuch as licensing requirements, tax policies, andfinancing regulations have a serious impact on realestate transactions—both commercial and residential.Brokers also may not recognize how much NAR focuseson commercial broker specific issues at the local, state,and national levels.CC: What do you think NAR could do to attract morecommercial practitioners to the organization?GOODWIN: NAR has to make more commercialpractitioners aware of the issues that affect them,especially at the state and local levels. Then NAR needsto publicize all the beneficial results NAR hasaccomplished for the commercial real estate industry.Our association fights just as hard for commercialinterests as it does for residential ones, but commercialbrokers often aren’t aware of that. The reality is thattoday we need a professional organization like NAR toprotect our entire industry. CC

CAPITOL REPORT

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“They can try to influence legislation andpolicy individually, or they can become part ofone of the most powerful lobbying groups inthe country.”

ALL REALTORS® MUST SPEAK WITH ONE VOICE

Daniel L. Goodwin


TECH SAVVY

BY: ROB WARMOWSKI, THE SOURCE BLOG EDITOR

celigent’s CEO Doug Curry has a rough jobjust talking about his job. The backstory ofwhat Xceligent (a REALTOR Benefits®

Partner) does, who it does it with, for whomit does it, why, when and where is a very

complex narrative, bringing together business research,computer science, commercial real estate, mergers andacquisitions, antitrust, and philosophy. One article orcolumn isn’t going to cover it. One presentation isn’tgoing to cover it.

Doug Curry knows how complex thenarrative for Xceligent can be; at thestart of his presentation to acommercial real estate audience at2012 REALTOR® Conference & Expo,he polled the group, asking in effectwhat they already knew, so as to besttailor the presentation. Which in itselfis fitting, given that Xceligent’sbusiness model is so dependent upon

what brokers know and are willing to share.

COLLABORATION: THE RARE COMMODITYXceligent provides business intelligence to thecommercial real estate industry. It’s a publisher oforiginal information. It researches, surveys, geocodes,creates, verifies, compares, cleans, refreshes, andpresents information about commercial property fromlease comps to parking spaces and everything withinand beyond. Curry pointed out that commercial realestate information can be assembled in a lot of differentways, with different results and quality levels. Curry’scompany long ago settled on one defining principle:partnering with brokers to provide the highest qualitymarket information.

Xceligent pioneered the successful working conceptof broker collaboration in verifying that transactions hadactually taken place in a market. The positive impact ondata quality and increased transparency made forundeniable value. It’s part of why online commercial realestate information giant LoopNet bought an equity stakein them 2007.

DESIRED, BUT NOT ACQUIREDWhen LoopNet became the target itself of a buyout byCoStar in 2011, Curry said Xceligent “went to the FederalTrade Commission, who agreed that Xceligent should besold to somebody else”. The premise was aboutpreserving competition in the space. Xceligent found thatbuyer – dmg::information, the internationally-focuseddivision of the UK’s Daily Mail newspaper, but then faceda new wrinkle.

GO BIG OR STAY HOMECurry says the FTC’s involvement evolved after their buyerwas found. It wasn’t enough to preserve Xceligent’sseparation from the CoStar/LoopNet deal, but Xceligentwould “need to build an alternative to LoopNet” and do sowith enough resources to reach all the national marketsthat CoStar did. To that end, Xceligent acquiredePropertyData from NAR / Second Century Ventures in2012, providing access to markets across the countryincluding more than 200,000 active lease and saleslistings. ePD’s research tools are being enhanced andincorporated into Xceligent’s research center today.

An epic tale of commercial real estate indeed. Andthat’s just how Doug Curry says “Hello”.

You can say “Hello” to Doug Curry, Xceligent and soonto be launched CommercialSearch.com by signing up onCommercialSearch.com and visiting Xceligent’s blog atnews.xceligent.com. CC


FROM THE PODIUM:

XCELIGENT CEO DOUG CURRY

X

Doug Curry

For up-to-the-minute news on the REALTOR Benefit®

Partnership between NAR and Xceligent, go to:www.realtor.org/programs/realtor-benefits-program.

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ost of the major commercial real estatesectors show gradually improvingfundamentals and are easily absorbing therelatively small amount of new space that is

coming online, with a full recovery already in themultifamily market, according to the NationalAssociation of REALTORS® quarterly commercial realestate forecast published on November 26, 2012.

Lawrence Yun, NAR chief economist, says the markethas been slowly building momentum. “Job creation isthe key to increasing demand in the commercial realestate sectors,” he said. “The economy is expected togrow 2.5 percent next year, and with modest job creation,assuming there is no fiscal cliff, the demand forcommercial space will gradually rise. The greatestfriction that remains is a tight credit environment,notably for smaller properties.”

Vacancy rates over the next four quarters are forecastto decline 1.0 percentage point in the office market, 0.6point in industrial, 0.2 point for retail and 0.1 point inmultifamily; however, multifamily has the tightestavailability and is experiencing the strongest rentincreases, well above the rate of inflation.

“The primary factor holding back greater job creationhas been uncertainty over regulations and associatedcosts,” Yun said. “With the elections behind us andWashington apparently resolved to prevent a fiscal cliff,it’s hoped that ambiguity over regulatory issues will clearrelatively soon so employers can understand the rules ofthe game and the layout of the field.”

NAR’s latest Commercial Real Estate Outlook offersprojections for four major commercial sectors and

analyzes quarterly data in the office, industrial, retail andmultifamily markets. Historic data for metro areas wereprovided by REIS, Inc., a source of commercial realestate performance information.

OFFICE MA RKETSVacancy rates in the office sector are projected to fallfrom an estimated 16.7 percent in the fourth quarter to15.7 percent in the fourth quarter of 2013.

The markets with the lowest office vacancy ratespresently (in the fourth quarter) are Washington, D.C.,with a vacancy rate of 9.6 percent; New York City, at 10.1percent; and New Orleans, 12.9 percent.

Office rent is expected to increase 2.0 percent thisyear and 2.5 percent in 2013. Net absorption of officespace in the U.S., which includes the leasing of newspace coming on the market as well as space in existingproperties, is likely to total 21.7 million square feet in2012 and 49.0 million next year.

INDUSTRIAL MARKETSIndustrial vacancy rates should decline from 10.1percent in the fourth quarter of this year to 9.5 percent

BY THE NUMBERS

COMMERCIAL REAL ESTATEVACANCIES SLOWLY DECLINING, RENTS RISING

COMMERCIAL REAL ESTATE OUTLOOK is producedquarterly by NAR's Research division and includes thelatest market information on five major commercial realestate sectors — industrial, office, multi-family, retailand hospitality real estate.

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in the fourth quarter of 2013.The areas with the lowest industrial vacancy

rates currently are Orange County, Calif., with avacancy rate of 4.3 percent; Los Angeles, 4.4percent; and Miami at 6.5 percent.

Annual industrial rent is forecast to rise 1.7percent in 2012 and 2.2 percent next year. Netabsorption of industrial space nationally willprobably total 93.4 million square feet this year and89.6 million in 2013.

RETAIL MARKETSRetail vacancy rates are expected to ease from 10.8percent in the fourth quarter to 10.6 percent in thefourth quarter of 2013.

Presently, markets with the lowest retail vacancyrates include San Francisco and Fairfield County,Conn., both at 3.9 percent; Long Island, N.Y., 5.1percent; and Orange County, Calif., 5.4 percent.

Average retail rent should increase 0.8 percentthis year and 1.4 percent in 2013. Net absorption ofretail space is estimated to be 9.1 million squarefeet this year and 19.8 million in 2013.

MULTIFAMILY MARKETSThe apartment rental market – multifamily housing– is projected to see vacancy rates decline from 4.0percent in the fourth quarter to 3.9 percent in thefourth quarter of 2013; vacancy rates below 5percent are considered a landlord’s market withdemand justifying higher rents.

Areas with the lowest multifamily vacancy ratescurrently are Portland, Ore., at 2.1 percent; NewYork City, 2.2 percent; and Minneapolis, 2.3percent.

Average apartment rent should increase 4.1percent in 2012 and another 4.6 percent next year.Multifamily net absorption is likely to be 219,700units this year and 234,600 in 2013. CC

NAR’s commercial Institutes, Societies, and Councils produceindustry leading publications. Even if you aren’t a member, you canstill benefit from the stellar information and vast resources. Hereis a list of publications available and how you can access andsubscribe in 2013. A great gift for you and your business!

CCIM INSTITUTECommercial Investment Real Estate Magazine (CIRE)Description: CIRE is CCIM Institute's flagship publication,featuring articles about industry trends and successfulbusiness strategies.Published: Bi-MonthlyCCIM Rate: Free Non-Member Rate: $45 annuallywww.ccim.com/cire-magazine

COUNSELORS OF REAL ESTATE (CRE)Real Estate IssuesDescription: A professional journal featuring incisive,dynamic articles that respond to current trends and practicesin the real estate industry.Published: Three times a yearCRE Rate: FreeNon-Member Rate: $48 annually and single issues may be

purchased for $15. www.cre.org/publications/rei.cfm

REALTORS® LAND INSTITUTE (RLI)Terra FirmaDescription: Official newsletter of the REALTORS® LandInstitute provides updated news and commentary on theland business, delivers organizational information, courseschedules, highlights member achievements, recognizesthose professionals who attain the Accredited LandConsultant (ALC) designation, showcase services,technology, and opportunities designed specifically for the

land professional and connects land specialists with their peers, industryleaders, and service providers.Published: Two times each yearRLI Rate: FreeNon-Member Rate: Contact RLI at [email protected]/terra-firma-newsletter

INSTITUTE OF REAL ESTATE MANAGEMENT (IREM)Journal of Property Management (JPM)Description: JPM offers comprehensive coverage of the realestate management industry. Each issue is filled with expertinsight on trends and issues affecting all property types.Published: Bi-monthlyNon-Member Rate: Free1-year Subscription for US $62.952-year Subscription for US $115.50

3-year Subscription for US $169.10www.irem.org/sechome.cfm?sec=JPM

SOCIETY OF INDUSTRIAL AND OFFICE REALTORS (SIOR)Professional Report MagazineDescription: Professional Report Magazine addresses theconcerns of industrial and office real estate practitioners.Articles by industry experts focus on topics from the evolvingparadigm in commercial real estate brokerage to effectivelymanaging offices and technology.Published: Quarterly

SIOR Member Rate: FreeNon-Member Rate: 1-year Subscription for US $45sior.com/resources/professional-report-magazine

NAR AFFILIATE PUBLICATIONS

To download the complete forecast go towww.realtor.org/reports/commercial-real-estate-market-outlook

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“The economy is expected to grow 2.5percent next year, and with modest jobcreation, assuming there is no fiscal cliff,the demand for commercial space willgradually rise.”


COMMERCIAL REAL ESTATE DIVISION430 N. MICHIGAN AVENUECHICAGO, ILLINOIS 60611-4087

Commercial Connections is printed on Forest Stewardship Council (FSC) certified paper with vegetable-basedink products that significantly reduce volatile organic compounds and minimize ink loss from oxidation.


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