SCHNEIDMILLER REALTY

Kootenai County
Commercial Market
Review & Forecast
2009
Activity, Trends & Indicators
 Welcome
1
Table of
Contents
iNtRodUctioN . . . . . . . . . . 1
e xecUtive sUM MaRY &
sURveY Method oLogY . . . 2
oFFi ce . . . . . . . . . . . . . . . . 3
RetaiL . . . . . . . . . . . . . . . . 4
L aN d &
New coNstRUctioN . . . . . 5
M ULti - FaMiLY . . . . . . . . . . . 6
iN dUstRiaL &
FLe x-tech . . . . . . . . . . . . . 7
iN coMe PRodUciNg
iNvestMeNts . . . . . . . . . . . 8
aBoUt KooteNai coUNt Y . 9
s P oNsoRs & soURces . . . . 10
Phone: (208) 765-4300
Toll Free: (800) 829-2555
2000 Northwest Blvd., Ste 200
Coeur d’Alene, ID 83814
Fax: (208) 765-9150
www.cbcsr.com
SCHNEIDMILLER REALTY
Dear Coldwell Banker Commercial Clients & Colleagues,
We have once again partnered with Auble, Jolicoeur & Gentry in the develop-
ment of an expanded and enhanced market data report. The resulting product has
been created to give us the tools to make better and more informed investment
decisions. Without the benefit of a mandated reporting system in our “non-disclo-
sure” state, we are extremely committed to the importance of this endeavor.
The local real estate market literally demands that we build a reliable information
base that is accurate, detailed and complete. Dependable and accessible data is
critical to the business decisions we are called upon to make every day. That is
what we strive to deliver in this report.
We thank the many businesses and property owners who have been willing to
share critical information with us. Without their help, most of this information
would not be available for your use. The report is shared with you today with the
hope that you will help us to expand our efforts in the future. Good information
is the key to continually improving the volume, market penetration, and quality of
our market study.
Special thanks is extended to our corporate sponsors, as they have continued to
recognize and support our work and the value it brings to the general real estate
and investment community of North Idaho. Those companies include Riverbend
Commerce Park, Ramsden & Lyons, Community 1st Bank, Greenstone, Auble,
Jolicouer & Gentry, North Idaho Title, Range and the Spokane Journal of Busi-
ness, as well as the sales and support staff at Coldwell Banker Commercial Sch-
neidmiller Realty. Their assistance is greatly appreciated.
Best regards,
Gary Schneidmiller, Broker/Owner
Coldwell Banker Commercial Schneidmiller Realty
 2

Survey
Methodology
Executive Summary
This report provides an analysis of activity along with trends and indicators
The latest survey expanded the
number of properties surveyed
in 2007 and was made possible
for commercial real estate in Kootenai County. Dramatic changes occurred through a partnership by Auble,
throughout 2008 in the commercial real estate industry. The credit crisis Jolicoeur & Gentry and Coldwell
exacerbated challenges in an already difficult market. The underlying Banker Commercial Schneidmiller
fundamentals of commercial real estate still remain relatively stable, but are now Realty. Following last year’s meth-
facing added challenges. odology, the survey focuses on the
most populous places in Kootenai
In general, commercial real estate allocations have fared much better than losses County, namely Coeur d’Alene
experienced by investors in the stock market. Amid the unprecedented volatility (45,161), Post Falls (25,286),
in the stock market, investors are wise to maintain a healthy real estate alloca- Hayden (12,904), Rathdrum (6,599),
tion in their investment portfolio. This is not to say that commercial real estate and Dalton Gardens (2,739). The
is immune to loss in value, but overall, the shift in values have not been nearly as 2008 survey grew from 8.5 million
dramatic as the changes in publicly traded stocks. square feet in 2007 to over 10.5
million square feet of commercial
It is important to note that commercial real estate will be competing for a limited buildings, which equates to 36% of
amount of capital with other investment industries, thus making capital difficult the commercial buildings identified
to obtain. Nationally, major institutional banks and Wall Street investment firms in the aforementioned cities.
financed nearly 60% of all transactions from 2006 to mid-2007. In the past year,
these funding sources have only accounted for 9% of acquisition financing. We
have recently seen a significant increase in all cash, assumable mortgage and
seller-financed transactions.

In the past year, our market has experienced higher discount rates, decreased
loan-to-values, upward pressure on capitalization rates and major price correc-
tions. These challenges also bring with them opportunities. If you are a user
looking for lease space or an investor with low-leverage or cash, you will have a
significant advantage in the coming year.

SCHNEIDMILLER REALTY
 Office
3

Review
Office demand trended downward as weakness
in the general economy created vacancies in the
office market. Many owners remained firm with
asking prices, but in reality, effective rental rates
decreased due to the increase in owner conces-
sions, including generous tenant improvement
allowances and added rent concessions.
KOOTE N AI CO U N T Y
Speculative construction financing is difficult to
N O N FA R M PAY R O LL J O B S
locate with few signs that underwriting standards
60,000 will loosen anytime soon. There was anemic
growth in new office development, as obtaining
financing remained a pervasive problem. Unfor-
Total non-farm payroll jobs

50,000
tunately, additions to the market are not limited to
40,000 new construction. Office users returning space to
the market has contributed to negative absorption.
30,000
The closure of mortgage brokers, title companies
20,000 and other real estate related office tenants gener-
ated the majority of new sub-lease and re-let office
10,000 space.

0
2001 2002 2003 2004 2005 2006 2007 2008 Forecast
The coming year will present significant chal-
o ff i c e s urv e y lenges; however, opportunities remain for all sides.
br e a k d o w n Tenants will leverage their position to gain favor-
able lease terms, while patient owners will con-
tinue to reap the benefits of long term leases signed
in prior years. Limited new construction in 2009
10.03%
1,000,000 sf
1, 898,116 Total SF Surveyed will be a positive for our market as it will aid in
800,000 sf
3.91%
= % vacant absorption.
600,000 sf
It is important to note that the office market is a
400,000 sf lagging indicator of the job market. Office va-
cancies begin to rise one to two quarters after
200,000 sf 5.27%
7.70%
an upward swing in unemployment. Expect a
substantial increase in available office space in a
0
Post Falls Hayden Rathdrum Coeur d’Alene direct response to the increased rate of layoffs in
Office Office Office Office the fourth quarter of 2008 and the first quarter of
2009.

For some commercial property owners, there is

opportunity to convert struggling retail properties
to office use. There have been several owners who
have successfully made this conversion in 2008
and we expect more to follow in the coming year.

SCHNEIDMILLER REALTY
 Retail
4

Review
A combination of reduced demand for retail space and
several new retail projects drove vacancies up from
3.46% in 2007 to 5.83% in 2008 within the City of
Coeur d’Alene. Despite the weakened market, Post Falls,
Hayden and Rathdrum saw a slight decrease in retail va-
cancy. Although the vacancy within these cities reported
little movement, the gap between tenant terms and
landlord concessions narrowed in 2008, with landlords
contributing most of the difference. ta x a ble s a le s

In 2008, Kootenai County posted a 2.85% decline in taxable sales.

This reduction is the first reduction in taxable sales in over five = % change
years. The majority of retailers felt the effects of the reversal in
spending growth. Conversely, discount retailers benefited from the
$1 bil

weak economic conditions. +6

+7.9 -2.8
+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
-1.3
In 2008, the International Council of Shopping Centers (ICSC)

$935,720,163
$923,395,375
$994,007,517
estimated 148,000 stores closed nationally. In the first half of $600 mil
2009, an additional 150,000 stores are expected to close. Lo-
cally, retailers who vacated in 2008 include Red Oak, Corral West $300 mil
Ranchwear, and American Cheesecake Factory.

Notable new construction included 4th & Best Plaza which signed
0
2001 2002 2003 2004 2005 2006 2007 2008
long term lease deals with Panda Express and Subway. Also
completed in 2008 was a new strip center on Northwest Boulevard
anchored by Verizon Wireless/Phones Plus. R e ta i l B r e a k d o w n

Forecast
5,302,029
General consumer sentiment continues to hurt retail sales.
2,500,000 sf 5.83%
Total SF Surveyed
In January 2009, the consumer confidence index reached 2,000,000 sf 12.48% = % vacant
a historic low of 37.7 according to the Conference Board.
The present situation index and expectations index have 1,500,000 sf
also declined to historic lows. This negative outlook is
expected to worsen as job losses mount and will continue 1,000,000 sf
to hamper consumer spending with respect to future retail 6.03%

sales.
500,000 sf 10.66%

0
Infill retail will fare better than periphery unanchored Post Falls Hayden
Retail
Rathdrum
Retail
Coeur d’Alene
Retail
strip centers located in proximity to stalled new housing
Retail

developments. New homeowners in these areas generally

have less discretionary spending and are inevitably more likely to save rather than
spend.

Retail tenants will use their negotiating leverage to secure short term leases and
renewals that maintain flexibility in these uncertain times. Do not expect a recov-
ery in retail until the job market strengthens. For the balance of 2009, the retail
market will remain weak due to the uncertainty in the market.

SCHNEIDMILLER REALTY
5

Land &New Construction

Review
Residential lots platted in Kootenai County dropped from 1,362 in 2007 to 1,152
in 2008, a 15% decrease. Remarkably, this is a 53% decrease from the 2006
peak of 2,462 lots platted. Hayden, Post Falls and Rathdrum reported the largest
B u i l d i n g P e rm it drop among incorporated cities in Kootenai County. New construction is a major
Summ a ry 2 0 0 8 driver of employment in the area and such a dramatic decrease in activ-
ity affects all sectors of our market.
P e rm i t s Va lu e UnitS

Commercial land sales were also significantly lower in the past year.
K o o t e n a i C o un t y
Residential 1,292 $180,695,923 703
Commercial 273 $118,070,569 0 In 2008, sixteen commercial unimproved land sales were reported in
Multi-Family 2 $2,010,251 17 the Coeur d'Alene MLS for the cities of Coeur d'Alene, Post Falls and
Total 1,567 $300,776,743 720
P o s t F a ll s      
Hayden. The price per square foot ranged from a low of $1.98 to $13.68
Residential 232 $32,548,187 177 with a median price of $4.75 per square foot.  The sold lots ranged from
Commercial 36 $13,383,947 0 0.26 acres to 4.4 acres in size.
Multi-Family 0 $0 0
Total 268 $45,932,134 177
C o e ur d ' Al e n e   EXPO at Post Falls reported two sales of light industrial parcels in
Residential 338 $44,961,042 234 Commerce Park and a retail lot sale along Pleasantview Road to CLC
Commercial 131 $61,570,078 0
Multi-Family 0 $0 0 Restaurants. In 2010, CLC plans to build a Taco Bell at this site. In
Total 469 $106,531,120 234 addition to this, EXPO is also currently in escrow on an approximate ten
R a t h d rum   acre parcel with Love’s Travel Center, a company based out of Okla-
Residential
Commercial
62
9
$9,113,812
$3,680,109
45
0
homa City.
Multi-Family 0 $0 0
Total 71 $12,793,921 45 The Pointe at Post Falls has not seen any new development since the
H a y d e n   opening of Cabela’s in 2007. However, the City of Post Falls recently
Residential 103 $16,066,664 74
Commercial 48 $22,187,249 0 approved Wal-Mart’s plans for a new supercenter. They are expected to
Multi-Family 0 $0 0 break ground in the summer of 2009. Lowe’s has indicated to the City
Total 151 $38,253,913 74
of Post Falls that they will submit building plans shortly after Wal-Mart
K o o t e n a i C o . U n i n c .
Residential 557 $78,006,218 173 breaks ground.
Commercial 49 $17,249,186 0
Multi-Family 2 $2,010,251 17
Total 608 $97,265,655 190
Forecast
For many private investors, no matter how cheap the land, they may not
have the capital needed to hold land for long-term appre-
ciation. Investors are now favoring income producing
lo t s pl at te d i n Ko o te n a i c o. investments over long-term land banking.

New construction starts will remain slow due to

Coeur d’Alene
2000
Hayden
2001 Post Falls the economic conditions and lack of available capi-
Rathdrum tal. Banks are hesitant to loan on raw land and cash
investors have shifted from holding equity in land to
2002 Spirit Lake
Dalton Gardens
2003
Harrison holding equity in income producing properties. Until
2004 Bayview more certainty on recovery is established, land sales
2005
County
will also remain stagnant.

2006

2007

2008

0 500 1000 1500 2000 2500 3000 3500

SCHNEIDMILLER REALTY
Multi-Family
6
H i s t o r i ca l
Apa r t m e n t Vaca n c i e s

Overall Vacancy Rate

$0.60

Actual Rent Per Rentable Square Foot

$0.50

Review $0.40

It comes as no surprise that both sales volume and values for multi-family proj- $0.30

ects were substantially down for 2008. It was a buyer’s market for the few trans-
$0.20
$0.10
actions that did occur in Kootenai County. Inventory for sale remained high in
4% 2.9% 3.8% 5.6%
0

spite of the fact that only two construction permits were pulled for new apartment
3/15 6/15 9/15 12/15
$0.80
2000

projects in Kootenai County. $0.70

$0.60
$0.50

Despite the distress in many sectors of the real estate market, thus far the multi-
$0.40
$0.30

family sector has weathered the storm. Values are down, but the sector should not $0.20
$0.10
be considered distressed as well-managed properties continue to enjoy healthy
4.8% 5.6% 5.2% 3.2%
0
3/15 6/15 9/15 12/15
occupancy rates. The one exception is three bedroom apartment units, which $0.80
2001

recorded vacancies of nearly 10% in 2008 as a result of the competing "shadow $0.70
$0.60
stock" of vacant distressed homes returning to the rental pool. Conversely, land- $0.50

lords are seeing an influx from previous homeowners who have reverted back to
$0.40
$0.30
the rental market. These offsetting factors helped keep rents and vacancies in $0.20

check. Rental rates increased approximately 2.5% for the year, while the overall
$0.10 4.5% 4.3% 2.5% 3.8%
0

vacancy rate improved to 3.5% from 4.3% the previous year.

3/15 6/15 9/15 12/15
$0.80 2002
$0.70
$0.60

Forecast $0.50
$0.40
For 2009, the emphasis for owners will be on tenant retention and efficiency. As $0.30

tenants adjust to the uncertain economic climate, rents will remain stagnant for
$0.20
6.9% 9% 6.4% 6.5%
$0.10

the near term. At the same time, there will be far fewer projects built due to in- 0.0
3/15 6/15 9/15 12/15

creasingly tighter underwriting standards for new financing. Therefore, investors

2004
$0.80
$0.70
can expect rents to begin increasing as the economy recovers. $0.60
$0.50
$0.40
$0.30
$0.20
$0.10 5.2% 3.8% 3.2% 4.6%
0.0
3/15 6/15 9/15 12/15
2005
Ko o te n a i C o un t y Apa r t m e n t $0.80
M a rk e t s urv e y $0.70
$0.60
S e p te mb e r Studio 1 Bdrm 2 Bdrm 2 Bdrm 3 Bedroom Other All $0.50
2 0 0 8 1 Bath 2 Bath 2 Bath $0.40
$0.30
$0.20
$0.10 7.2% 5.7% 6.9%
3.1%
L o t s P l at te d 0.0
Market Vacancy N/A 2.4% 4.3% 2.4% 9.9% 0.0% 3.5% 3/15 6/15
2006
9/15 12/15

0.8
Avg. Rent N/A $588 $650 $749 $920 $1283 $673 0.7

Rent / NRSF N/A $0.874 $0.772 $0.72 $0.827 $0.891 $0.791 0.6
0.5
Units Surveyed N/A 412 517 380 101 7 1457 0.4
0.3
Complexes 1 12 13 10 3 2 14 0.2
0.1 4.2% 4.3% 5.1%
1.6%
0.0
3/15 6/15 9/15 12/15
2007
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1 4.3% 3.3% 3.5% 5.1%
0.0
3/15 6/15 9/15 N/A
2008
SCHNEIDMILLER REALTY
 Industrial&
7

Flex-Tech
In d u s t r i a l Vaca n c i e s
Ko o te n a i C o un t y
Review
Post Falls comprised 48% of the over 210 industrial properties
surveyed this year. The high percentage of industrial proper-
Coeur d’Alene
782,696 4.87% ties in Post Falls is primarily attributed to the large flex-tech
buildings in Riverbend Commerce Park. Post Falls continues to
Total sq. ft.

Post Falls
1,611,844
0.65% see low vacancy in the industrial market due to its location and
desired proximity to Interstate 90 and Spokane.
Rathdrum
325,495 6.46%
ALK Abello Source Materials Inc., a wholly owned subsidiary of
597,495 Hayden Denmark based ALK Abello, recently opened an 85,000 sq. ft.
6.84%
flex-tech facility at Lochsa and Clearwater Loop in the River-
bend Commerce Park.
0% 5% 10%
% Vacant
Hayden recorded the highest vacancy for industrial properties.
Struggling business owners added a glut of office/warehouse
M a nufac t ur i n g inventory. The Hayden market was primarily characterized by
e mpl oym e n t the construction and service industries. The industrial market
ko o te n a i C o un t y quickly felt the effects as contractors began to struggle with the
slowdown in new construction.
= Mfg. Jobs
5000 Forecast
For the most part, new construction will be limited to build-to-
suit and owner-occupied buildings. Although manufacturing
# Employed

employment has remained fairly static, industrial users are facing

4500

increasing challenges. If manufacturing employment begins to

4000 decline then vacancy rates will rise.

Industrial land prices and rental rates continue to collect a pre-

3500
00 01 02 03 04 05 06 07 08 mium over comparable properties in the Spokane area. Busi-
Year nesses are attracted to the area for a number of reasons including
the lower business tax climate and lower minimum wages.

g d p p e r c e n tag e c h a n g e bas e 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
2000q1
2000q2
2000q3
2000q4
2001q1
2001q2
2001q3
2001q4
2002q1
2002q2
2002q3
2002q4
2003q1
2003q2
2003q3
2003q4
2004q1
2004q2
2004q3
2004q4
2005q1
2005q2
2005q3
2005q4
2006q1
2006q2
2006q3
2006q4
2007q1
2007q2
2007q3
2007q4
2008q1
2008q2
2008q3
2008q4

-3
-4
-5
-6
-7

SCHNEIDMILLER REALTY
 Income
8

Producing Investments
Review Forecast
Over the past several years, CAP rate compression caused While our market experiences downward pressure on
assets in our market to be priced, in terms of return, at or property values, it provides tremendous opportunity for
near par with primary and secondary markets. Debt in buyers who have available capital to act. As property
tertiary markets like ours was also priced at aggressive values move toward replacement cost, we can expect a
levels that competed with larger MSAs. Banks are now reappearance of investors in the market.
being forced to increase spreads for the risk associated
with tertiary markets. Numerous national forecasts project at least a 15% increase
in investment property sales in 2009, as distressed proper-
Many income producing properties had been priced for ty owners are forced to sell. In addition to this, increased
near perfect occupancy. Now the added risk of higher commercial real estate foreclosures and loan defaults will
vacancy will drive prices lower. Property values are predi- create opportunities for investors as lenders will be moti-
cated upon the net income the property produces, thus the vated to sell properties returned to them.
decrease in value reflects concerns of each tenant’s ability
to perform and guarantee future property income. Weak Increased availability of credit, stability in the job market,
tenants are not the only concern; strong tenants are also and a resurgence
renegotiating lease terms which will also deteriorate future of transactions to
income. establish a more ac-
c oConsumer
n s um e rPrice Index
pr i c e index
curate baseline for
A handful of investment transactions were completed in property values will
1999 166.6
2008 by investors who quickly acted on distressed proper- be required for a
ties. The majority of these transactions involved all cash full recovery in the 2000 172.2
allowing distressed property owners to liquidate. investment market.
2001 177.1
F ED fun d s r ate d i s c o un t r ate
8 2002 179.9
7
6
2003 184
5
Rate

4
3 2004 188.9
2
1 2005 195.3
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

2006 201.6

wa ll s t r e e t j o urn a l pr i m e r ate 2007 207.342

10
2008 215.303
8
Annual Average
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 8 -13 Area
a nnua l r ate % U.S.

0.5

1.5

2.5

3.5

Kootenai
0

3
Population

Households

2008
Families

County
household
Owner HHs income
$75K-99K (12.2%)
Median $100K-$149K (6.6%)
$150-199K+ (2.0%)
HH Income
$200K+ (1.9%)
<$15K (11.0%)

p o pul ati o n 2008

by ag e % 2013
10
12
14
16
0
2
4
6
8

0-4 $15K-$24K (10.9%)

$25K-34K (12.4%)

Kootenai County is located in the Northern Panhandle of $35K-$49K (17.9%)

$50K-74K (25.1%)

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

5-9

10-14 Metropolitan Statistical Area (MSA). As of the 2000 census,

the county population totaled 108,685 people, 41,308 households, and 29,659
15-19 families residing in the county. The median income for a family in the county
was $42,905. There has been considerable growth since the last census and
current ESRI estimates project a 2008 population of 140,896 people representing
20-24

25-34
growth of over 29% in the past eight years.

35-44 The household count in Kootenai County has changed from 41,308 in 2000 to
53,656 in the current year, a change of 3.22% annually. The five-year projection
45-54
of households is 63,026, a change of 3.27% annually from the current year total.
55-64

65-74

75-84
2 0 0 8 e mploy e d c i v i li a n p o pul 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 1.6
Mining 1.6
Construction 12.4
p o pul ati o n r ate Manufacturing 8.4
2000-2008 Pop. Annual Rate 3.2% Wholesale Trade 2.0
2008-2013 Pop. Annual Rate 3.25% Retail Trade 15.3
180000 Transportation/Warehousing 2.3
165353
160000
Utilities 0.8
140896 Information 2.5
140000
Finance/Insurance 4.2
120000 108685 Real Estate/Rental/Leasing 2.8
100000 Professional, Scientific & Tech Services 4.5

80000
Management of Companies/Enterprises 0.1
69795
Admin., Support & Waste Mgmt. Services 3.8
60000
1990 2000 2008 2013 Educational Services 8.0
Health Care/Social Assistance 11.5
Arts/Entertainment/Recreation 2.6
Accommodation/Food Services 7.4
Other Services 4.4
Public Administration 3.8
Percentage of Employed Civilians

SCHNEIDMILLER REALTY
 10

Sponsors Sources

and
Sp o n s o r s
S o ur c e s
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;
Washington State University Center
for Real Estate Research; Idaho
State Tax Commission; North Idaho
Title; Real Capital Analytics Inc.; Wall
Street Journal

© 2009 Coldwell Banker Commercial

Schneidmiller Realty. All rights
reserved. The information contained
SCHNEIDMILLER REALTY in this report has been obtained from
sources deemed reliable. While
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.
In - K i n d

SCHNEIDMILLER REALTY
Locally Known,
Globally Connected
Craig hunter mike Gregg Paul Bielec dani Bielec-Kramer rob Kannapien
CCIM CNS dahl Knoles CCIM CCIM Wayne Burton CCIM

doug rall Glenn Sather Steve Saunders Paul Scott mike Stuhlmiller mike King Tina edwardson
CCIM CCIM

Experience the resources of a powerful national presence and the agility of a local market
innovator. Working with a professional who knows and understands the local marketplace
is essential to making informed real estate decisions. With extensive local expertise
and a world-wide network, we provide a broad range of real estate
services in office, industrial, land, multi-family and retail.

sPeciaLiZiNg iN:
Property Sales & Leasing • Tenant & Buyer Representation
Investment Brokerage / 1031 Exchanges
Business Acquisitions & Dispositions

S E R V I N G I D A H O , W A S H I N G T O N & M O N T A N A

Search available properties for sale & lease at www.cbcsr.com

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