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Sperry Van Ness | Miller Commercial Real Estate Chesapeake Beach Bay Club August 18, 2011

ULI Presentation Wesley Cox, CCIM Bradley Gillis, CCIM. Sperry Van Ness | Miller Commercial Real Estate Chesapeake Beach Bay Club August 18, 2011. Topic Outline. The changing face of the Eastern Shore Key economic drivers on the Eastern Shore

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Sperry Van Ness | Miller Commercial Real Estate Chesapeake Beach Bay Club August 18, 2011

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  1. ULI Presentation Wesley Cox, CCIM Bradley Gillis, CCIM Sperry Van Ness | Miller Commercial Real Estate Chesapeake Beach Bay Club August 18, 2011

  2. Topic Outline • The changing face of the Eastern Shore • Key economic drivers on the Eastern Shore • Why companies choose to locate on the Eastern Shore • Types of deals being completed & current opportunities • 2011-2012 Forecast

  3. The Changing Face of the Eastern Shore 3 • “Textiles to Technology” • “Graying of the Shore” • “Brain Drain” • “Ocean City-National Destination”

  4. The Changing Face of the Eastern Shore • Salisbury University • Seagull Square, T.E.T.C Building, Perdue School of Business • Wor-Wic Community College • Allied Health Building • Perdue Farm’s L.E.E.D Renovation & Solar Field • Ocean City Convention Center Expansion • Shore Health-proposed expansion • P.R.M.C-expansion • Airport Runway Expansions – Salisbury & Easton

  5. Key Economic Drivers on the Shore Universities & Community Colleges Chesapeake College, Wor-Wic, Salisbury University, University of Maryland, Washington College, etc… Regional Medical Centers Peninsula Regional Medical Center, Atlantic General Hospital, Shore Health Systems, University of Maryland Medical Center Diverse employment base Shown in the pie chart Wallops Island / NASA

  6. Key Economic Drivers on the Shore Additional Economic Drivers • Salisbury/Wicomico County Airport • Perdue Farms & Amick Farms • Harvard Custom Manufacturing (Labinal) • Northrop Grumman • Lankford Sysco • Hyatt Regency - Cambridge • Ocean City!!

  7. Our Diversified Economy

  8. Why Companies Choose the Shore • Transportation Network • Airports, Rail, Ports • Maryland Broadband Cooperative • Financing & Incentives • Quality of Life • Access to a strong labor pool • Within a 4 hour drive of 45 million people

  9. Current projects on the Shore • Achievement Park-Easton • Former Cadmus building • 150,000 SQ FT Medical/Professional Office Building • Shore Health System-Grasonville • 60,000 SQ FT Medical Office Building • AC Wind-Salisbury • 150,000 SQ FT • Tri County Council Building-Salisbury • 75,000 SQ FT Government Office Building

  10. Types of Completed Deals • White Marlin Mall / Tanger Outlets-West Ocean City • Bayliner Marine-Salisbury-2010 • $1.3M-130,000 SF of warehouse/office • GKD-Expansion-Cambridge • Foodswing-start up-Cambridge • Cadmus Printing-2011 • $3.0M-200,000 SF of warehouse/office • Powerwave Building-2009 • $4.0M-75,000 SF of office/manufacturing

  11. Current Opportunities 11 • Industrial buildings • Shadow inventory • Income producing real estate • Distressed Real Estate – REO’s

  12. Shore Statistics • Vacancy Rates • Industrial, Retail, Office, Multi-family • 7th in the Nation – Retail SF per Capita (Salisbury) • Retail Demand • 90% of national retailers plan to boost store counts over the next 12 months • 70% of them felt the economy is stable or improving

  13. 2011-2012 Forecast • Lending is loosing up • Feds are saying ‘Lend money!’ • User focused • Interest rates still low • 4.5%-6% for a user/occupier purchase • 3-5 Year ARM • 5%-7% for qualified investor purchase • Buyers are seeing opportunity • Deals are happening

  14. 2011-2012 Forecast • Nationwide CRE is seeing a pick-up • –Trickle down effect • Today’s Reality • More distressed properties to hit the market • Land is not selling • Existing Buildings are cheap, no reason to build • If the building exists • A/E firms are hearing chatter - However lack of financing • Construction will continue to hurt • - Replacement Cost vs. “Today’s Values”

  15. 2011-2012 Forecast • Users are King • Banks will begin selling more REO properties • - Shadow inventory – Bank controlled properties not currently being marketed • Auctioneers are dealing only with • Estates • Banks

  16. Thank You!! Wesley Cox, CCIM Senior Advisor Bradley Gillis, CCIM Senior Advisor • 206 East Main Street • Salisbury, MD 21801 • www.SVNmiller.com • (410) 543-2440

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