SCHNEIDMILLER REALTY

Kootenai County
Commercial Market
Review & Forecast
2010
Activity, Trends & Indicators
 Welcome
1

Table of Dear Coldwell Banker Commercial Clients & Colleagues,

Contents
Introduction . . . . . . . . . . 1
E xecutive Sum mary &
surve y method ology . . . . 2
Offi ce . . . . . . . . . . . . . . . . . 3
We are pleased to present our third annual Coldwell Banker Commercial Market
Report.  Access to reliable information is a powerful tool, especially in an en-
vironment of unprecedented change and challenge.  The local, U.S., and global
economic conditions have not made it easy for anyone involved in the real estate
industry.  Hopefully, our real estate report will supply information that is useful in
the business decisions you may face each and every day.

Retail . . . . . . . . . . . . . . . . . 4 Thank you to the many businesses and property owners who have been willing
to share critical information with our team.  Your cooperation and assistance is
l an d &
new construction . . . . . . 5
appreciated and helps to make this report timely, accurate and useful. We would
also like to extend a special thanks to our corporate sponsors; they continue to
multi - family . . . . . . . . . . . 6 recognize the value this information brings to the general real estate and invest-
ment community in North Idaho.  Those companies include Community First
industrial &
fle x-tech . . . . . . . . . . . . . . 7 Bank, Auble, Jolicoeur & Gentry, Ramsden & Lyons, Riverbend Commerce
Park, Greenstone, R.R. Bradley & Associates, North Idaho Title, Range and
in come producing
investments . . . . . . . . . . . 8
the Spokane Journal of Business. Thanks also to the support staff at Coldwell
Banker Commercial.  This is a huge project and we appreciate the countless hours
about kootenai count y . 9 invested on behalf of our customers and clients.  
s p onsors & sources . . . 10
As we all work through the challenging times before us, we will continue to focus
on client specific solutions.  Our goal is to ensure that the real estate needs of
each and every one of our customer’s assignments is optimally addressed.  This
2010 market report and forecast may encourage you to re-evaluate your real estate
investment strategy.  Our entire team of full time commercial professionals is
committed to delivering the best in real estate services and solutions for you.  We
are prepared to help you uncover the opportunities that exist today, as well as to
Phone: (208) 765-4300 prepare you for the future.  Let us know if we may help! 
Toll Free: (800) 829-2555
Best regards,
2000 Northwest Blvd., Ste 200
Coeur d’Alene, ID 83814
Fax: (208) 765-9150
Gary Schneidmiller, Broker/Owner
www.cbcsr.com Coldwell Banker Commercial Schneidmiller Realty

SCHNEIDMILLER REALTY
 2

Survey
Methodology
Executive Summary
This report provides an analysis of activity along with trends and indicators for
The latest survey expanded the
number of properties surveyed
in 2007 and 2008. Our survey
was once again made possible
commercial real estate in Kootenai County. through a partnership by Auble,
Jolicoeur & Gentry and Coldwell
We are beginning to see the pace slow in the decline of market fundamentals. Banker Commercial Schneidmiller
While there are encouraging signs of recovery, there are still many pervasive is- Realty. Following last year’s
sues that will affect commercial real estate in the coming years. Both job growth methodology, the survey focuses
and a healthier credit market will be required for a sustainable recovery in com- on the most populous places in
mercial real estate. Kootenai County, namely Coeur
d’Alene (45,110), Post Falls
Investors with cash should be ready to capitalize on buying opportunities created (26,500), Hayden (13,763) and
by distressed selling. Owners that have been holding their property with the hope Rathdrum (7,075). Our latest data
for improved terms on their loans will be forced to sell as cash flows continue to set identifies 1,898 commercial
drop due to falling rents thus affecting the property values. This buying envi- properties and over 15.4 million
ronment will ultimately build wealth for savvy investors. Tenants are also in an square feet of space across all
excellent position to find new space or renegotiate their existing leases and lock-in commercial property sectors.
long term low rates. Difficult times can consequently build the greatest wealth for
investors who are poised to act quickly. As we noted last year, challenges bring
with them opportunities. If you are a tenant looking for lease space or an investor
with cash, you will continue to have a significant advantage in the coming year.

SCHNEIDMILLER REALTY
 Office
3

Re v ie w
In 2009, tenants had significant negotiating
leverage to obtain rent concessions, tenant
improvements and deferred rent. In somewhat of
a role reversal, tenants were requiring financial
statements from landlords. Tenants were prudent
to obtain non-disturbance agreements from lenders
to guarantee their leasehold interest in a property
KOOTE NA I COUNTY
in case of foreclosure.
NONFARM PAYROLL J OB S

60,000 A new office project of note is a 31,800 square

foot building developed by Parkwood Business
Properties. The building is fully occupied by
Total non-farm payroll jobs

50,000
Mountain West Bank and serves as an operations
40,000 center. Idaho State Police also completed a 40,000
square foot building in north Coeur d’Alene.
30,000

20,000 River View Corporate Center in Spokane Valley

has recently started offering new tenants free rent
10,000 for the balance of 2010 along with a full tenant
improvement build out. This type of competition
0
2001 2002 2003 2004 2005 2006 2007 2008 2009 for new users will force some landlords that are not
well capitalized to wait on the sidelines until the
o f f i c e Vaca n cy leasing market fundamentals improve.
s u rv e y b r e a k d o w n
Forecast
Office market fundaments typically lag the job
Coeur d’Alene market by approximately six months. National job
2,050,286 7.23% growth is expected in mid-2010 which should help
Post Falls support a floor in rent and vacancies by year end.
Total sq. ft.

531,032
9.72%
For now, vacancy is still on the rise and will more
70,796
Rathdrum than likely set an all time high by the end of the
8.36%
year.
239,778 Hayden
Landlords have been offering extraordinary tenant
8.33%

concessions including any combination of free

% Vacant 5% 10%
rent periods, moving allowances, discounted rent,
2,891,892 Total SF Surveyed
favorable termination options, little or no rent
escalations and turn-key tenant improvements.
This trend will continue in 2010 and will require
landlords to provide capital to compete for new
users.

SCHNEIDMILLER REALTY
 Retail
4

Re v ie w
Nationally retailers have closed underperforming stores
in an effort to return to profitability. Our local market
has not experienced a large amount of national retailers
closing. The majority of the vacancies in our market
can be attributed to local merchants that could not meet
adequate cashflows to cover fixed overhead expenses.
New retail openings in the past year were slow; however,
in 2009 we saw the start of several major new projects
in North Idaho.  Work began on two Super Walmarts and a ta x a b le s a les
Winco.  All three projects are slated to open in 2010.

The Hayden Walmart is located at the southwest corner of = % change

Highway 95 and Honeysuckle Avenue.  The planned 213,000 $1 bil
square foot store is located on 19 acres and will include a fast-
food tenant that has yet to be announced.
+7.9 -2.8 -10
+6
+2.9
$900 mil +4.1
+7.7

$1,034,826,443
$1,064,289,258
$1,128,137,116
$1,217,414,503
$1,182,778,925
$1,063,750,457
-1.3
The new Post Falls Walmart is located about a quarter mile

$935,720,163
$923,395,375
$994,007,517
east of Cabela’s on the north side of the Pointe at Post Falls $600 mil

development.  Building plans call for a mid-sized store

of approximately 154,000 square feet and plans include a $300 mil
Subway restaurant and a Smart Styles hair salon. Post Falls’
existing Walmart on the east side of town is about 200,000 0
square feet. According to Walmart officials, the existing store 2001 2002 2003 2004 2005 2006 2007 2008 2009
will not be changed to a Sam’s Club as had been rumored.

Winco purchased 9 acres on the Northeast corner of Appleway Avenue and

Ramsey Road. Preliminary plans call for an approximate 95,000 square foot
store. Re ta i l vaca n cy
s u rv e y B r e a k d o w n

Love’s Travel Stops & Country Stores Inc. has acquired

10 acres of land off the Pleasantview exit in the Expo at
Post Falls development. Love’s plans to begin construction 4,280,448 Coeur d’Alene
8.8%
in early Spring 2010. The project will include a 24-hour
travel center with a fueling area, fast food restaurant, and Post Falls
Total sq. ft.

2,154,097
12.35%
convenience store.
Rathdrum
356,229 12.24%
Forecast
The best stability in retail investments will be in grocery 935,757 Hayden
7.12%
anchored centers. Outlying strip centers built on the
urban fringe in expectations of future growth will take an % Vacant 5% 10%
extended time to fill. Tight credit and high levels of debt 7,726,531 Total SF Surveyed
will hinder a surge in consumer spending so do not expect
a quick recovery in retail.

SCHNEIDMILLER REALTY
5

Land &New Construction

B u i l d i n g Pe r m it
S u m m a ry 2 0 0 9
Re v ie w
There has been a massive population influx in Kootenai County over the last
decade. The growth rate has slowed considerably in the past years, and as a
result, speculative land acquisitions were mostly absent in the market.

Residential lots platted in Kootenai County dropped from 1,152 in 2008

to 501 in 2009, a 56.5 percent decrease. This is a 79.7 percent decrease
Pe r m i t s Va l u e U n i t S

KOOT E NA I COUNTY TOTAL

Residential 729 $132,190,205 729 from the 2006 peak of 2,462 lots platted. Coeur d’Alene, Harrison and
Commercial 240 $78,722,234 - Hayden reported the largest drop in lots platted among incorporated
Multi-Family
Total
10
979
$9,032,644
$219,945,083
98
827
cities in Kootenai County.

P o s t F a l l s Building permits in Kootenai County also dropped from 1,567 in 2009

Residential 243 $36,423,142 243 to 979 in 2010. The total value of the building permits decreased
Commercial 45 $22,057,890 -
Multi-Family 4 $3,868,916 50 from $300,776,743 in 2008 to $219,945,083 in 2009, a decrease of 26.9
Total 292 $62,349,948 293 percent year over year.
o e u r d ’A le n e
C
Residential 248 $34,980,471 248
Commercial 103 $25,353,592 - Forecast
Multi-Family 4 $3,620,000 32 Land will be a tough sell as investors with cash are looking for yield
Total 355 $63,954,063 280
from investments rather than banking on speculative appreciation.
R a t h d r u m
Residential 43 $8,091,842 43 Those who have the staying power to hold for future growth will be able
Commercial 0 $0 - to purchase land at prices we may never see again.
Multi-Family 0 $0 0
Total 43 $8,091,842 43
H a y d e n  
Expect another slow year in development. New commercial
Residential 40 $8,996,443 40 developments will not pencil for investors that have incredible buying
Commercial 33 $23,785,761 - opportunities on existing properties priced well below replacement
Multi-Family 1 $499,900 4
Total 74 $33,282,104 44 cost. Users that require a specialized build-to-suit property should take
K o o t e n a i C o . U n i n c ORPORAT E D advantage of the low construction and land costs.
Residential 155 $43,698,307 155
Commercial 59 $7,524,991 -
Multi-Family 1 $1,043,828 12
Total 215 $52,267,126 167 3500 Coeur d’Alene
Hayden
Post Falls
3000 Rathdrum
Spirit Lake
2500 Dalton Gardens
lo t s p l at te d i n Ko o te n a i c o.
Harrison
2000 Bayview
County
1500

1000

500

0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

SCHNEIDMILLER REALTY
Multi-Family
6
His t o r i ca l
A pa r t m e n t Vaca n c ies

Overall Vacancy Rate

$0.80

Actual Rent Per Rentable Square Foot

Re v ie w $0.70

Unemployment rose to 10.6 percent in the Coeur d’Alene metropolitan statistical $0.60

area by year end 2009; as a result, household creation slowed and apartment 4% 2.9% 3.8% 5.6%

vacancy was up in all unit types. The overall vacancy rate rose from 3.5 percent
$0.50
3/15 6/15 9/15 12/15
2000

in September 2008 to 6.7 percent in September 2009. The shadow condo

$0.80

and housing stock has continued to dilute the traditional tenant pool and has $0.70

negatively impacted rents. Moreover, extended turn-over periods together with $0.60

tenant concessions have also converged to squeeze the bottom line of apartment 4.8% 5.6% 5.2% 3.2%

operators. The rent pressure is especially noticeable in the newer apartment stock $0.50
3/15 6/15 9/15 12/15

as this segment generally commands higher rental rates. Conversely, the older
2001
$0.80

and more affordable stock has been impacted to a lesser degree. The highest $0.70

overall vacancy rate of 10.2 percent was reported in units built after 1995. Class
B & C apartments built between 1975 and 1984 performed better with an overall
$0.60

vacancy rate of 2 percent.

4.5% 4.3% 2.5% 3.8%
$0.50
3/15 6/15 9/15 12/15
$0.80 2002

Multi-family sales volume reported in the Coeur d’Alene MLS remained fairly $0.70

static with a 5.2 percent decrease year over year. In the absence of one notably
large sale in Coeur d’Alene in 2009, MLS sales would have declined significantly. $0.60

Nearly 50 percent of the reported sales activity in the 2-4 unit category was
6.9% 9% 6.4% 6.5%
$0.50

related to foreclosures, REO or otherwise distressed property.

3/15 6/15 9/15 12/15
2004
$0.80

$0.70
Forecast
The emphasis should now be on tenant retention, efficient operation and creating $0.60

value for your tenant base. As we move toward an economic recovery, multi- $0.50
5.2% 3.8% 3.2% 4.6%

family investors should pay close attention to the employment market. Job
3/15 6/15 9/15 12/15
2005

growth will quickly create an increase in demand and shore up rent declines in
$0.80

the apartment market. Echo boomers that have been forced to live with parents or $0.70

double up with roommates will quickly begin to rent when they find the income
to afford a monthly payment.
$0.60

7.2% 5.7% 6.9%

3.1%
$0.50
3/15 6/15 9/15 12/15
2006
$0.80

Ko o te n a i C o u n t y A pa r t m e n t
M a r k e t s u rv e y $0.70

S e p te m b e r
L o t s P l at te d Studio 1 Bdrm 2 Bdrm 2 Bdrm 3 Bedroom Other All $0.60
2 0 0 9 1 Bath 2 Bath 2 Bath
4.2% 4.3% 5.1%
1.6%
$0.50
3/15 6/15 9/15 12/15
2007
$0.80

Market Vacancy 1.9% 5.1% 9.8% 9.6% 16.3% 0.0% 6.7%

$0.70
Avg. Rent $408 $573 $631 $753 $879 $ $673
Rent / NRSF $0.85 $0.829 $0.733 $0.71 $0.762 $ $0.768 $0.60

4.3% 3.3% 3.5% 6.9%

Units Surveyed 52 374 481 344 104 1360 $0.50
3/15 6/15 9/15 N/A
2008
Complexes 2 11 12 9 5 13 $0.80

$0.70

$0.60

4.6% 5.6% 8.7% 5.1%

$0.50
3/15 6/15 9/15 N/A
2009
SCHNEIDMILLER REALTY
 Industrial&
7

Flex-Tech
I n d u s t r i a l Vaca n c ies
Ko o te n a i C o u n t y
Re v ie w
Post Falls continues to report the lowest industrial vacancy in
Kootenai County. Industrial vacancy in Coeur d’Alene rose from
Coeur d’Alene
1,334,859 10.28% 4.87 percent in 2008 to 10.28 percent in 2009. Hayden reported
a 9.63 percent vacancy rate; however, Hayden vacancy appears to
Total sq. ft.

Post Falls
1,991,162
3.24% be dropping due to recent leasing activity.

377,190
Rathdrum
7.11% Advanced Input Systems completed a 54,000 square foot
expansion developed by Parkwood Business Properties. In
1,125,982 Hayden August 2009, Western States CAT opened a new 55,765 SF
9.63%
industrial/retail building on Highway 95 in north Hayden.
0% 5% 10% 15%
% Vacant
Last year we reported that ALK Abello Source Materials Inc.
opened an 85,000 square foot flex-tech facility at Lochsa and
Clearwater Loop in the Riverbend Commerce Park. ALK Abello
M a n u fac t u r i n g recently expanded their existing facility less than a year after
e m p loy m e n t receiving the certificate of occupancy on their original building.
ko o te n a i C o u n t y Two new office/warehouse buildings were completed across the
freeway at EXPO Commerce Park. EXPO reported several
= Mfg. Jobs land sales to new users that will begin building in 2010.
5000
Forecast
The industrial market will begin to recover when consumer
# Employed

spending returns, new construction increases and retailers

4500

restock and build their inventories. It is important to note

4000 that the industrial market is the least reliant on the job market
for space demands. Expect industrial to be a top performing
recovery sector due to the short construction times,
3500
00 01 02 03 04 05 06 07 08 09 rebuilding of inventory and increased manufacturing activity.
Year

g d p p e r c e n tag e c h a n g e base d o n c h a i n e d 2 0 0 0 d o ll a r s
8
7
6
5
4
3
% Change

2
1
0
-1
-2
-3
-4
-5
1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

-6
-7

SCHNEIDMILLER REALTY
 Income
8

Review
Producing Investments
National and regional banks experienced a barrage of writedowns, loan
modifications and defaults. Many banks delayed working through distressed
assets until they built up their balance sheets. In the Fall of 2009, regulators
allowed banks to hold onto performing loans that were technically in default
due to declining values. At the dismay of many investors seeking properties to
purchase from banks, this decision dramatically changed the number of quality c oConsumer
n s u m e rPrice
pric Index
e index
properties returned to banks in the foreclosure process. In the short term,
extensions will be the preferred resolution for lenders with maturing loans on 1999 166.6
performing assets.
2000 172.2
Forecast
2001 177.1
Investment property sales volume was down over 70 percent from 2008 on a
national level. Expect to see an increase in 2010 over the artificially low 2009 2002 179.9
investment sales volume. The alarming pace of decline in commercial real estate
values seems to have stabilized and investors are now planning opportunistic buys. 2003 184

2004 188.9
While our market experiences downward pressure on property values, it provides
tremendous opportunity for buyers who have available capital to act. As property 2005 195.3
values move below replacement cost, we can expect a reappearance of investors
2006 201.6
in the market. Increased availability of credit, stability in the job market and a
resurgence of transactions to establish a more accurate baseline for property values 2007 207.342
will be required for a full recovery in the investment market.
2008 215.303

F E D f u n d s r at e d is c o u n t r at e 2009 214.573
8
7 Annual Average
6
5
Rate

4
3
2
1
0
10-Dec-02
9-Jan-03
29-Jan-03
18-Mar-03
6-May-03
25-Jun-03
12-Aug-03
16-Sep-03
28-Oct-03
9-Dec-03
28-Jan-04
16-Mar-04
4-May-04
30-Jun-04
10-Aug-04
21-Sep-04
10-Nov-04
14-Dec-04
2-Feb-05
22-Mar-05
3-May-05
30-Jun-05
9-Aug-05
20-Sep-05
1-Nov-05
13-Dec-05
31-Jan-06
28-Mar-06
10-May-06
29-Jun-06
8-Aug-06
20-Sep-06
25-Oct-06
12-Dec-06
31-Jan-07
21-Mar-07
9-May-07
28-Jun-07
7-Aug-07
17-Aug-07
18-Sep-07
31-Oct-07
11-Dec-07
22-Jan-08
30-Jan-08
16-Mar-08
18-Mar-08
30-Apr-08
8-Oct-08
29-Oct-08
16-Dec-08
19-Feb-10

wa ll s t r ee t j o u r n a l p r i m e r at e
10

8
Rate

2
3-Feb-00
22-Mar-00
17-May-00

4-Jan-01
1-Feb-01
21-Mar-01
19-Apr-01
16-May-01
28-Jun-01
22-Aug-01
18-Sep-01
3-Oct-01
7-Nov-01
12-Dec-01

7-Nov-02

27-Jun-03

1-Jul-04
11-Aug-04
22-Sep-04
10-Nov-04
14-Dec-04

2-Feb-05
22-Mar-05
3-May-05
30-Jun-05
9-Aug-05
20-Sep-05
1-Nov-05
13-Dec-05

31-Jan-06
28-Mar-06
10-May-06
29-Jun-06

18-Sep-07
31-Oct-07
11-Dec-07

22-Jan-08
30-Jan-08
18-Mar-08
30-Apr-08
8-Oct-08
30-Oct-08
16-Dec-08

SCHNEIDMILLER REALTY
 About
9
t r e n d s 2 0 0 9 -13 Area
a n n ua l r at e % U.S.

0.5

1.5

2.5

3.5

Kootenai
0

3
Population

Households

2009
Families

County
h o u se h o l d
Owner HHs income
$75K-99K (12.1%)
Median $100K-$149K (6.4%)
$150-199K+ (1.7%)
HH Income
$200K+ (1.6%)
<$15K (10.3%)

p o p u l ati o n 2009
by ag e % 2014
10
12
14
16
0
2
4
6
8

0-4 $15K-$24K (11.3%)

$25K-34K (12%)

Kootenai County is located in the northern panhandle $35K-$49K (18.6%)

$50K-74K (26%)

of Idaho. The county is part of the Coeur d’Alene,

5-9

10-14 Idaho Metropolitan Statistical Area (MSA). As of the 2000 census, the county
population totaled 108,685 people, 41,308 households, and 29,659 families resid-
15-19 ing in the county. The median income for a household in the county was $37,754,
and the median income for a family was $42,905. There has been considerable
growth since the last census and current ESRI estimates project a 2009 population
20-24

25-34
of 141,814 people representing growth of over 30 percent in the past nine years.

35-44 The household count in Kootenai County has changed from 41,308 in 2000
to 54,159 in the current year, a change of 3.46 percent annually. The five-year
45-54
projection of households is 61,069, a change of 2.55 percent annually from the
current year total.
55-64

65-74

75-84
2 0 0 9 e m p l oy e d c i v i li a n p o p u l ati o n 16 + by i n d u s t ry
0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0
85+
Agriculture, Forestry, Fishing & Hunting 1.7
Mining 1.2
Construction 10.7
p o p u l ati o n r ate Manufacturing 7.9
2000-2009 Pop. Annual Rate 2.9% Wholesale Trade 2.0
2009-2014 Pop. Annual Rate 2.4% Retail Trade 15.4
180000 Transportation/Warehousing 2.3
159869 Utilities 0.8
160000
141814 Information 2.7
140000
Finance/Insurance 4.5
120000 108685 Real Estate/Rental/Leasing 2.7
100000 Professional, Scientific & Tech Services 4.6

80000
Management of Companies/Enterprises 0.1
69795
Admin., Support & Waste Mgmt. Services 3.3
60000
1990 2000 2009 2014 Educational Services 8.4
Health Care/Social Assistance 12.8
Arts/Entertainment/Recreation 2.5
Accommodation/Food Services 7.6
Other Services 4.5
Public Administration 4.3
Percentage of Employed Civilians

SCHNEIDMILLER REALTY
 10

Sponsors Sources

and
Sponsors
S o u r c es
Auble, Jolicoeur & Gentry, U.S.
Census Bureau, J.P. Stravens/Plan-
ning Associates, Inc., U.S. Bureau of
Labor Statistics, Idaho Department
of Labor, U.S. Bureau of Economic
Analysis, ESRI, Federal Reserve,
Construction Monitor Inc., Coeur
d’Alene Multiple Listings Service,
Coldwell Banker Commercial, Wash-
ington State University Center for
Real Estate Research, Idaho State
Tax Commission, North Idaho Title,
Real Capital Analytics Inc., Wall
Street Journal Prime Rate

© 2010 Coldwell Banker Commer-

cial Schneidmiller Realty. All rights
reserved. The information contained
in this report has been obtained from
sources deemed reliable. While
SCHNEIDMILLER REALTY every reasonable effort has been
made to ensure its accuracy, we
cannot guarantee it. Readers are
encouraged to verify the data and
consult their professional advisors
prior to acting on any of the material
contained in this report.
I n - Ki n d

SCHNEIDMILLER REALTY
 Locally Known,
Globally Connected
Craig Hunter Mike Gregg Paul Bielec Dani Bielec-Kramer Rob Kannapien Tont Piscitelli
CCIM CNS Dahl Knoles CCIM CCIM Wayne Burton CCIM

Pat Eberlin Doug Rall Glenn Sather John Kelpin Paul Scott Mike King Tina Edwardson
CCIM

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and a world-wide network, we provide a broad range of real estate
services in office, industrial, land, multi-family and retail.

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2000 Northwest Blvd., Ste 200 • Coeur d’Alene • 208-765-4300 • 800-829-2555