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Willowick Golf Course Market Analysis

Joint Special Council Meeting Cities of Santa Ana and Garden Grove January 29, 2019

Market Drivers

Market Drivers : Population

500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Elsewhere in Orange County Garden Grove Santa Ana

Market Drivers : Population

500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Elsewhere in Orange County Garden Grove Santa Ana

Market Drivers : Population

500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Elsewhere in Orange County Garden Grove Santa Ana

Market Drivers : Population

500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Elsewhere in Orange County Garden Grove Santa Ana

Market Drivers : Average Household Size

Santa Ana Garden Grove Orange County California

Market Drivers : Families with Children as a Share of Total Households

Market Drivers: Job Growth (Orange County)

• 200,000

400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 1,800,000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Construction Manufacturing Retail Financial Activities Professional & Business Services Educational & Health Services Leisure & Hospitality Transportation and Warehousing Other Services

Market Drivers: Job Growth (Orange County)

• 200,000

400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 1,800,000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Construction Manufacturing Retail Financial Activities Professional & Business Services Educational & Health Services Leisure & Hospitality Transportation and Warehousing Other Services

Market Drivers: Job Growth (Orange County)

• 200,000

400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 1,800,000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Construction Manufacturing Retail Financial Activities Professional & Business Services Educational & Health Services Leisure & Hospitality Transportation and Warehousing Other Services

Market Drivers: Job Growth (Orange County)

• 200,000

400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 1,800,000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Construction Manufacturing Retail Financial Activities Professional & Business Services Educational & Health Services Leisure & Hospitality Transportation and Warehousing Other Services

Market Drivers: Employment

• 20,000

40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 2010 2011 2012 2013 2014 2015 2016 2017 Garden Grove Total Employment Santa Ana Total Employment

Real Estate Market Conditions

Market Drivers: Median Home Value and Unemployment

0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00%

$- $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 Jan-02 May-02 Sep-02 Jan-03 May-03 Sep-03 Jan-04 May-04 Sep-04 Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Santa Ana Garden Grove Orange County Orange County Unemployment Rate

Multi-Family

Market Drivers: Median Rent

$- $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 2010 2011 2012 2013 2014 2015 2016 2017 2018 California Orange County Garden Grove Santa Ana

Market Drivers: Median Rent

$- $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 2010 2011 2012 2013 2014 2015 2016 2017 2018 California Orange County Garden Grove Santa Ana

Market Drivers: Median Rent

$- $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 2010 2011 2012 2013 2014 2015 2016 2017 2018 California Orange County Garden Grove Santa Ana

Multi-Family Rents in Orange County, August 2018

^

Tustin Brea I- 5 I- 405 S t a t e R t e 9 1 S t a t e R t e 1 State Rte 241 State Rte 39 State Rte 55 State Rte 73 State Rte 22 State Rte 90 State Rte 133 State Rte 57 State Rte 261 I- 605 S t a t e R t e 7 4 State Rte 142 State Rte 90 I- 5 I

• 5

S t a t e R t e 3 9 State Rte 55 State Rte 73 I- 5 State Rte 91 S t a t e R t e 5 7 State Rte 22 I- 5 I

• 4

5 State Rte 90 S t a t e R t e 2 6 1 Irvine Anaheim Orange Santa Ana Fullerton Yorba Linda Newport Beach Huntington Beach Lake Forest Mission Viejo Costa Mesa San Clemente Laguna Niguel Seal Beach Cypress Aliso Viejo Dana Point Garden Grove Buena Park Westminster La Habra Placentia San Juan Capistrano Laguna Beach Fountain Valley Laguna Hills Rancho Santa Margarita Stanton Los Alamitos Villa Park Laguna Woods La Palma

Legend

^

Willowick

Average Apartment Rent

$1,927 - $2,226 $2,227 - $2,369 $2,370 - $2,606 $2,607 - $2,991 $2,992 - $4,064 5 10 2.5 Miles

±

Multi-Family Rental : Market Analysis

Multi-Family Unit Construction

Orange County Santa Ana Garden Grove

2002-2017

Retail

Market Drivers: Real Household Income

$- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 California Orange County Garden Grove Santa Ana 2011 2016

Retail : Market Analysis Household Spending Power by Region

Orange County Santa Ana Garden Grove

Office

Office : Market Analysis

Office Building Stock/Vacancy

Santa Ana and Garden Grove

3,800 3,900 4,000 4,100 4,200 4,300 4,400 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Office Building Stock Garden Grove + Santa Clara Office Vacancy Rate

Office Rents in Orange County, 2018 (Q2)

^

Tustin Brea I

• 5

I- 405 State Rte 91 S t a t e R t e 1 State Rte 241 State Rte 39 State Rte 55 State Rte 73 S t a t e R t e 2 2 S t a t e R t e 9 State Rte 133 State Rte 57 State Rte 261 I- 605 S t a t e R t e 7 4 State Rte 90 I- 5 State Rte 39 S t a t e R t e 5 5 S t a t e R t e 7 3 I- 5 State Rte 91 State Rte 57 State Rte 22 I- 5 I- 405 Irvine Anaheim Orange Santa Ana Fullerton Yorba Linda Newport Beach Huntington Beach Mission Viejo Costa Mesa San Clemente Laguna Niguel Seal Beach Cypress Aliso Viejo Dana Point Lake Forest Garden Grove Buena Park Westminster La Habra Placentia San Juan Capistrano Laguna Beach Fountain Valley Laguna Hills Rancho Santa Margarita Stanton Los Alamitos Villa Park Laguna Woods La Palma

5 10 2.5 Miles

±

Legend

^

Willowick

Average Office Rents

Missing Data Under $1.78 $1.79 - $2.30 $2.31 - $2.46 $2.47 - $2.67 Over $2.67

Office : Market Analysis

Total Office Market Share

Central and West Submarket Garden Grove + Santa Ana Orange County

Hotel

Hotel : Market Analysis

Orange County Hotel Occupancy Rate and Average Daily Rate

$- $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00% 90.00% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Average Daily Rate ($ per Room) Occupancy Rate

Hotel : Market Analysis

$0 $20 $40 $60 $80 $100 $120 $140 $160 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Orange County Hotels Revenue per Available Room

Hotel : Market Analysis

Central and West Submarket Garden Grove + Santa Ana Orange County

Hotel Market Share

Thank you