Galveston s cruise port popularity ranks first

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Galveston s cruise port popularity ranks first EXECUTIVE SUMMARY GALVESTON MSA POPULATION HOUSEHOLDS EST. 218 55,32 23,444 213 51,111 21,523 21 47,743 19,957 GALVESTON LABOR FORCE SERVICE 24.

3 square miles, and has a population of 51,111 people.

2 Galveston s cruise port popularity ranks first EXECUTIVE SUMMARY GALVESTON MSA POPULATION HOUSEHOLDS EST ,32 23, ,111 21, ,743 19,957 GALVESTON LABOR FORCE SERVICE 24.9% PROFESSIONAL/RELATED 23.% Galveston is a coastal city comprised of Galveston Island and Pelican Island in the U.S. state of Texas. The community encompasses 28.3 square miles, and has a population of 51,111 people. It is the county seat and second-largest municipality of Galveston County, and is located within the Houston Baytown Sugar Land metropolitan statistical area (MSA). Named after Bernardo de Gálvez y Madrid, Count of Gálvez (born in Málaga, Spain), Galveston's first European settlements on the island were constructed around 1816 by French pirate Louis-Michel Aury to help the fledgling Republic of Mexico fight Spain. The Port of Galveston was established in 1825 by the Congress of Mexico following its successful independence from Spain. The city served as the main port for the Texas Navy during the Texas Revolution, and later served as the capital of the Republic of Texas. GALVESTON AERIAL SALES/OFFICE 21.3% GALVESTON MSA UNEMPLOYMENT % 7.8% 9.1% 8.2% GALVESTON MEDIAN HOME VALUES OWNER-OCCUPIED HOME VALUE $131,89 RENTER-OCCUPIED RENT $623 MILES FROM GALVESTON AUSTIN 26 SAN ANTONIO 241 DALLAS 288 NEW ORLEANS 392 IMPORT/EXPORT TRADE (METRIC TONS) HAS AIR FREIGHT M 329M M 247M PORT TOTAL TONNAGE During the 19th century, Galveston became a major United States commercial center with one of the largest ports in the United States. The city was destroyed by the 19 Galveston Hurricane, whose effects included flooding from a storm surge. The natural disaster on the exposed barrier island is still ranked as the deadliest in United States history, with an estimated toll of 6,-8, people. Much of Galveston's modern economy includes tourism, health care, shipping, and finance. The 84-acre University of Texas Medical Branch campus with an enrollment of more than 2,5 students is a major economic force of the city. Galveston is home to six historic districts containing one of the largest and historically significant collections of 19th-century buildings with over 6 structures listed in the National Register of Historic Places. Source: Galveston County Economic Alliance COLLIERS INTERNATIONAL P. 2 1

3 GALVESTON SALES TAX DATA BY MONTH Sales tax collections are a very good proxy for overall economic activity, excluding investment. They are also very accurate, because they do not rely on estimates or formulas; they represent actual sales. Note: Collections posted for a given month represent sales about 2 months prior to that date. The chart below shows the fluctuation of sales tax by month. 2,5, GALVESTON LOCAL SALES TAX : JULY 28 JULY 214 2,, 1,5, 1,, 5, Jul-8 Jul-9 Jul-1 Jul-11 Jul-12 Jul-13 Jul-14 GALVESTON LOCAL SALES TAX: MONTH OVER MONTH RATE OF CHANGE % 9% 7% 5% 3% 1% -1% -3% -5% Jul-8 Jul-9 Jul-1 Jul-11 Jul-12 Jul-13 Jul-14 Source Texas Comptroller COLLIERS INTERNATIONAL P. 3

4 GALVESTON SALES TAX DATA BY YEAR The year-over-year rate of change in city sales tax spiked lower in October 28 in the aftermath of Hurricane Ike, and then surged in October 29, because October 28 was such a low baseline. The chart below shows the decrease in the local sales tax from $18M in 29 to $15M in 21. The Galveston sales tax has steadily increased for the past 51 months which has helped boost all sectors of the Galveston economy. 2,, 18,, 16,, 14,, 12,, 1,, 8,, 6,, 4,, 2,, GALVESTON LOCAL SALES TAX : 28 JULY Jul-14 GALVESTON LOCAL SALES TAX: YEAR OVER YEAR RATE OF CHANGE % 15% 1% 5% % -5% -1% -15% -2% Jul-14 Source Texas Comptroller COLLIERS INTERNATIONAL P. 4

UNIVERSITY OF TEXAS MEDICAL BRANCH The University of Texas Medical Branch was Texas first medical school.

provide primary and specialized medical care and numerous research facilities.

5 UNIVERSITY OF TEXAS MEDICAL BRANCH The University of Texas Medical Branch was Texas first medical school. Established in 1891 as the University of Texas Medical Department, UTMB has grown from one building, 23 students and 13 faculty members to more than 7 buildings, more than 2,5 students and more than 1, faculty. It has four schools, three institutes for advanced study, a comprehensive medical library, three on-site hospitals (including an affiliated Shriners Hospital for Children), a network of clinics that provide primary and specialized medical care and numerous research facilities. UTMB s primary missions are health science education, medical research (it is home to the Galveston National Laboratory) and health care services. Its Emergency Room at John Sealy Hospital is certified as a Level 1 Trauma Center and serves as the lead trauma facility for a nine-county region in Southeast Texas. Hurricane Ike caused significant flood damage to nearly every building on campus, including the John Sealy Hospital. However, UTMB has about $1.4 billion to restore and expand its campus. In 211 the foundation committed $17 million towards the construction of a new Jennie Sealy Hospital on the UTMB campus, an amount that represents the largest single gift ever to a Texas health institution. The Jennie Sealy Hospital is expected to be completed in 215 and operational in 216. SCHOOL OF MEDICINE The School of Medicine at UTMB opened in 1891 and has provided medical school or residency training to one in six Texas physicians. With 2 departments, three institutes and a unique partnership with the University of Texas in Austin and Seton Healthcare in Austin, UTMB s School of Medicine is a leader in medical school education, translational research and clinical care. The University of Texas Medical Branch (UTMB) is a major academic health center in the fields of health sciences education, clinical care and biomedical research. Source Texas Comptroller GRADUATE SCHOOL OF BIOMEDICAL SCIENCES The Graduate School of Biomedical Sciences (GSBS) is one of four degree-granting schools at UTMB and plays a major role in research and scholarship at the university. Biomedical graduate programs were started in 1952, and a separate graduate school was established in 1969, becoming the Graduate School of Biomedical Sciences in There are 323 faculty members in the graduate school. UTMB maintains an excellent faculty-to-student ratio, with 341 graduate students enrolled and approximately 5 enrolling each year. The graduate school has 11 degree-granting programs. COLLIERS INTERNATIONAL P. 5

MONTHLY CRUISE SHIP DATA The number of cruise ship passengers peaked in December 25 at nearly 7,. They declined from there, and then collapsed in September 28, due to Hurricane Ike.

6 MONTHLY CRUISE SHIP DATA The number of cruise ship passengers peaked in December 25 at nearly 7,. They declined from there, and then collapsed in September 28, due to Hurricane Ike. However, 212 and 213 has seen a 76% rise in cruise ship passengers since 211. In the first quarter of 214, cruise ship passengers and cruise ship call numbers steadily fell. Researchers believe this is due to the technical difficulties that held up two Carnival cruise ships and and all the Disney cruise lines being consolidated in Florida instead of Galveston. To help correct this decline, the Port of Galveston plans to add an additional Royal Caribbean sailing (scheduled for February 214) and a new Carnival cruise (scheduled for February 215). The Port of Galveston is also changing the cruise schedule from seasonal to year-round, doubling the amount of cruising out of Galveston a year. GALVESTON CRUISE SHIP PASSENGERS: , 6, 5, 4, 3, 2, 1, Embark Debark GALVESTON CRUISE SHIP CALLS Year Cargo Ships Cruise Ships Lays & Rigs Barges (cargo) Barges (lay) Research Vessels Total , Source Port of Galveston COLLIERS INTERNATIONAL P. 6

GALVESTON CRUISE SHIPS The Port of Galveston ranks first among cruise ports in the Gulf of Mexico and Texas, with seven cruise lines offering sailings from Galveston Island.

As of early 214, the Port of Galveston has begun due diligence on the construction of a third terminal to host additional cruise lines.

CARNIVAL MAGIC Magic, the 2 nd largest Carnival ship, calls Galveston it s home year round. Amenities include: bars, a casino, pools, a waterpark and dozens of dining options.

7 GALVESTON CRUISE SHIPS The Port of Galveston ranks first among cruise ports in the Gulf of Mexico and Texas, with seven cruise lines offering sailings from Galveston Island. In 213, the Port of Galveston made over $24 million in cruise revenue with over 1.2 million passengers. As of early 214, the Port of Galveston has begun due diligence on the construction of a third terminal to host additional cruise lines. Since cruise ship passengers usually stay in Galveston the night before departure and the night after arrival, the Galveston hotel industry has also seen a rise in revenue. CARNIVAL MAGIC Magic, the 2 nd largest Carnival ship, calls Galveston it s home year round. Amenities include: bars, a casino, pools, a waterpark and dozens of dining options. CARNIVAL TRIUMPH Triumph is the older and smaller sister ship of the Magic. The ship s theme is cities of the world, with bars, restaurants and public areas with themes of cities like Rome, New Orleans and Monaco. GALVESTON S CARNIVAL CRUISE SHIPS Length Passengers Crew Decks Gross Tonnage Year Launched Ports of Call Carnival Magic Carnival Triumph 1,4 ft. 3,69 1, , ft. 2,758 1, , Western Carribbean, Cayman Islands Western Carribbean Source: galvestoncruisetips.com COLLIERS INTERNATIONAL P. 7

GALVESTON CRUISE SHIPS LIBERTY OF THE SEAS Liberty of the Seas is a ship from the Freedom class collection.

outdoor movie screen and a 3D movie theater.

Johnny Rockets and Jade Sushi. Navigator is scheduled to be updated in 214.

8 GALVESTON CRUISE SHIPS LIBERTY OF THE SEAS Liberty of the Seas is a ship from the Freedom class collection. The biggest attraction of this ship is the DreamWorks Experience, which includes character meet and greets, parades, table-side visits, an outdoor movie screen and a 3D movie theater. NAVIGATOR OF THE SEAS Navigator of the Seas, a ship from the Voyager Class collection, includes amenities like, the Windjammer Café, Johnny Rockets and Jade Sushi. Navigator is scheduled to be updated in 214. GALVESTON S ROYAL CARIBBEAN CRUISE SHIPS Length Passengers Crew Decks Gross Tonnage Year Launched Ports of Call Liberty of the Seas Navigator of the Seas 1,112 ft. 4,6 1, , ,2 ft. 3,114 1, ,57 22 Carribbean, Mediterranean Carribbean, Mediterranean Source: galvestoncruisetips.com COLLIERS INTERNATIONAL P. 8

GALVESTON CRUISE SHIPS DISNEY MAGIC Disney Magic is instantly recognized thanks to its classy look that reminds you of cruise liners from

Entertainment on the ship includes award-winning live Broadway-style shows with many Disney characters, two movie theaters, several night

On Wonder, you will find plenty of shows to keep you entertained (including Toy Story, The Musical) several nightclubs, lounges and three pools.

9 GALVESTON CRUISE SHIPS DISNEY MAGIC Disney Magic is instantly recognized thanks to its classy look that reminds you of cruise liners from decades past. Entertainment on the ship includes award-winning live Broadway-style shows with many Disney characters, two movie theaters, several night clubs, pools, and many Disneythemed parties and celebrations. DISNEY WONDER Disney Wonder is very similar to her sister ship, Disney Magic. On Wonder, you will find plenty of shows to keep you entertained (including Toy Story, The Musical) several nightclubs, lounges and three pools. GALVESTON S DISNEY CRUISE SHIPS Length Passengers Crew Decks Gross Tonnage Year Launched Ports of Call Disney Magic 964 ft. 2, , 1998 Disney Wonder 964 ft. 2, , 1999 Caribbean, Bahamian Carribbean, Alaska Source: galvestoncruisetips.com COLLIERS INTERNATIONAL P. 9

10 GALVESTON MONTHLY HOTEL DATA In 29, Hurricane Ike and the national recession hit the Galveston hotel industry hard due to structural damage to their tourism attractions. Since then, the market has rebounded with the entrance of many new high-quality hotels and renovations to older hotels. Tourism has also picked up again with many new attractions lining the Seawall. Hotel occupancy tax revenues returned to their pre-recession peak in 212 and rose well above it in 213. This surge in demand was primarily caused by the tourism, healthcare, energy and banking industries. 25,, GALVESTON HOTEL REVENUE: MAY 213 MAY 214 2,, 15,, 1,, 5,, Year Available Rooms GALVESTON OCCUPANCY TAX RECIEPTS Percent Change Total Reciepts (Millions) Percent Change RevPAR Percent Change 24 5,16-79, , % 94, % % 26 5,83 2.7% 16,5 11.9% % 27 5, % 119, % % 28 5,397.3% 139, % % 29 5,3-1.8% 15, % % 21 5, % 14,472-1.% % 211 5,483 3.% 121, % % 212 5, % 139, % % 213 6, % 148, % % 214 5, % 12,32-7.8% % Source Texas Comptroller COLLIERS INTERNATIONAL P. 1

11 MONTHLY RESIDENTIAL REAL ESTATE DATA Since the major dip in total dollar sales in 29, there has been a steady increase. In 213, the total sales value reached $246,5,, a 52% increase from 29. As of June 214, Galveston s residential total dollar sales value is at a steady $155,99, ,, GALVESTON RESIDENTIAL TOTAL DOLLAR SALES 28 JUNE 214 2,, 15,, 1,, 5,, GALVESTON AVERAGE HOME PRICE 28 JUNE , 2, 15, 1, 5, Source Texas A&M Real Estate Center COLLIERS INTERNATIONAL P. 11

12 RETAIL & OFFICE STATISTICS The majority of commercial real estate in Galveston is retail, hotel or multi-family which relies heavily on tourism. Industrial product is either in the form of distribution or warehouse and is mostly found along the port. Office product is mostly occupied by small business services or government entities. The Galveston County retail market consists of 262 buildings containing 3.4M SF of gross building area. GALVESTON RETAIL MARKET ABSORPTION, NEW SUPPLY & VACANCY RATES 4, 3, 2, 1, (1,) (2,) (3,) (4,) Q2-8 Q2-9 Q2-1 Q2-11 Q2-12 Q2-13 Q2-14 Net Absorption New Supply Vacancy 9.% 8.% 7.% 6.% 5.% 4.% 3.% 2.% 1.%.% The Galveston County office market consists of 67 Class B and C buildings containing 1.7M SF of gross building area. GALVESTON OFFICE MARKET ABSORPTION, NEW SUPPLY & VACANCY RATES 3, 25, 2, 15, 1, 5, (5,) (1,) (15,) (2,) Q2-8 Q2-9 Q2-1 Q2-11 Q2-12 Q2-13 Q2-14 Net Absorption New Supply Vacancy 12.% 1.% 8.% 6.% 4.% 2.%.% COLLIERS INTERNATIONAL P. 12

13 INDUSTRIAL & APARTMENT STATISTICS The Galveston County industrial market consists of 62 buildings containing 2.8M SF of gross building area. GALVESTON INDUSTRIAL MARKET ABSORPTION, NEW SUPPLY & VACANCY RATES 125, 75, 25, (25,) (75,) (125,) (175,) (225,) (275,) Q2-8 Q2-9 Q2-1 Q2-11 Q2-12 Q2-13 Q2-14 Net Absorption New Supply Vacancy 18.% 16.% 14.% 12.% 1.% 8.% 6.% 4.% 2.%.% The Galveston County apartment market consists of 62,919 apartment units. The average monthly rental rate is $933, or $1.5 per SF. GALVESTON APARTMENT MARKET ABSORPTION, NEW SUPPLY & VACANCY RATES 1, (2) (4) (6) (8) (1,) Q2-1 Q2-11 Q2-12 Q2-13 Q2-14 Net Absorption New Supply Vacancy 2.% 18.% 16.% 14.% 12.% 1.% 8.% 6.% 4.% 2.%.% Source: Apartment Data Services, Inc. COLLIERS INTERNATIONAL P. 13

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This is evident throughout our platform from Colliers University, our proprietary education and professional development platform, to our client engagement strategy that encourages

We connect through a shared set of values that shape a collaborative environment throughout our organization that is unsurpassed in the industry.

Colliers International has also been recognized as one of the best places to work by top business organizations in many of our markets across the globe.

14 The Colliers Advantage ENTERPRISING CULTURE Colliers International is a leader in global real estate services, defined by our spirit of enterprise. Through a culture of service excellence and a shared sense of initiative, we integrate the resources of real estate specialists worldwide to accelerate the success of our partners. When you choose to work with Colliers, you choose to work with the best. In addition to being highly skilled experts in their field, our people are passionate about what they do. And they know we are invested in their success just as much as we are in our clients success. This is evident throughout our platform from Colliers University, our proprietary education and professional development platform, to our client engagement strategy that encourages cross-functional service integration, to our culture of caring. We connect through a shared set of values that shape a collaborative environment throughout our organization that is unsurpassed in the industry. That s why we attract top recruits and have one of the highest retention rates in the industry. Colliers International has also been recognized as one of the best places to work by top business organizations in many of our markets across the globe. Colliers International offers a comprehensive portfolio of real estate services to occupiers, owners and investors on a local, regional, national and international basis. *Information herein has been obtained from sources deemed reliable, however its accuracy cannot be guaranteed. COLLIERS INTERNATIONAL 1233 W. Loop South, Suite 9 Houston, Texas 7727 Main LISA R. BRIDGES Director of Market Research Houston Direct lisa.bridges@colliers.com BRITTANY OFIELD Research & Marketing Coordinator Houston Direct brittany.ofield@colliers.com Accelerating success. COLLIERS INTERNATIONAL P. 14

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