AN UPDATE OF THE MARKET POSITION ANALYSIS

The Bridge Street District

The City of Dublin, Franklin County, Ohio

April, 2019

Conducted by On Behalf of ZIMMERMAN/VOLK ASSOCIATES, INC. The City of Dublin Planning Division P.O. Box 4907 5800 Shiers Rings Road Clinton, New Jersey 08809 Dublin, Ohio 43016

ZIMMERMAN/VOLK ASSOCIATES, INC. Post Office Box 4907 Clinton, New Jersey 08809 908 735-6336 [email protected] • www.ZVA.cc

Residential Market Analysis Across the Urban-to-Rural Transect

STUDY CONTENTS

An Update of The Market Position Analysis 1 The Bridge Street District Introduction 1 City-Wide Average Annual Average Market Potential 3 Average Annual Market Potential for the Bridge Street District 5 Target Market Analysis 7 The Current Context 10 —Multi-Family Rental Properties— 10 —Multi-Family And Single-Family Attached For-Sale Properties— 12 —Single-Family Detached For-Sale Properties— 13 Optimum Market Position: The Bridge Street District 14 —Multi-Family For-Rent Distribution By Rent Range— 14 —Multi-Family For-Sale Distribution By Rent Range— 15 —Single-Family Attached For-Sale Distribution By Rent Range— 17 —Single-Family Detached For-Sale Distribution By Rent Range— 18 —OPTIMUM MARKET POSITION: THE BRIDGE STREET DISTRICT— 20 —MARKET CAPTURE— 22 Building Amenities 25 Building and Unit Types 26 Supporting Tables 29 Table 1: Average Annual Market Potential Table 2: Average Annual Market Potential By Lifestage And Housing Types Table 3: Summary Of Selected Rental Properties Built After 2000 Table 4: Summary Of For-Sale Multi-Family And Single-Family Attached Listings Table 5: Summary Of Newly-Constructed For-Sale Single-Family Detached Houses Table 6: Target Groups For New Multi-Family For-Rent Table 7: Target Groups For New Multi-Family For-Sale Table 8: Target Groups For New Single-Family Attached For-Sale Table 9: Target Groups For New Single-Family Detached For-Sale Table 10: Optimum Market Position Assumptions and Limitations Copyright o

ZIMMERMAN/VOLK ASSOCIATES, INC. Post Office Box 4907 Clinton, New Jersey 08809 908 735-6336 [email protected] • www.ZVA.cc

Residential Market Analysis Across the Urban-to-Rural Transect

AN UPDATE OF THE MARKET POSITION ANALYSIS The Bridge Street District City of Dublin, Franklin County, Ohio

April, 2019

INTRODUCTION

The purpose of this study is to update the market potential and optimum market position for newly- introduced rental and for-sale housing units that could be developed within the Bridge Street District in the City of Dublin, Ohio. The original study was published in August, 2009.

The optimum market position for new housing units in the Bridge Street District has been derived from: the housing preferences, financial capacities, and lifestyle characteristics of the target households; the District’s location, visibility and physical attributes; the rental and for-sale housing market context in the Dublin market area; and Zimmerman/Volk Associates’ extensive experience with urban development and redevelopment. For the purposes of this update, the Bridge Street District encompasses the area extending to Interstate 270 in the north and west, Sawmill Road to the east, and to just below Metro Center in the south, including historic Downtown Dublin.

The extent and characteristics of the potential market for new housing units that could be developed within the District, then, were identified using Zimmerman/Volk Associates’ proprietary target market methodology. This methodology was developed in response to the challenges that are inherent in the application of conventional supply/demand analysis to urban development and redevelopment. Supply/demand analysis ignores the potential impact of newly-introduced housing supply on settlement patterns, which can be substantial when housing choices in the market are increased with new housing types that match the housing preferences and economic capabilities of the draw area households.

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In contrast to conventional supply/demand analysis, which is typically limited by supply-side dynamics and baseline demographic projections, target market analysis determines the depth and breadth of the potential market derived from the housing preferences and socio-economic characteristics of households in the defined draw areas. Because it considers not only basic demographic characteristics, such as income qualification and age, but also less frequently analyzed attributes such as lifestage, mobility rates, lifestyle patterns and household compatibility issues, the target market methodology is particularly effective in defining a realistic housing potential for urban development and redevelopment where often no directly-comparable properties exist.

Based on the target market methodology, then, this update re-examined the following: • Where the potential renters and buyers of new dwelling units that could be developed within the Bridge Street District currently live (the draw areas); • How many households have the potential to move to the District each year (depth and breadth of the market); • What their housing preferences are in aggregate (rental or ownership, multi-family or single-family); • Who are they and what they are like (the target markets); • What are their current housing alternatives (the Dublin area market context); • What are the rents and prices of new units that could be developed within the District that correspond to target household financial capabilities (optimum market position); and • How quickly they will rent or purchase the new units (absorption forecasts).

The target market methodology is described in detail in the METHODOLOGY document, provided separately.

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CITY-WIDE AVERAGE ANNUAL MARKET POTENTIAL

An update of migration, mobility and geo-demographic characteristics of households currently living within defined draw areas is integral to the determination of the depth and breadth of the potential market for new housing units within the City of Dublin and the Bridge Street District.

An understanding of these mobility trends, as well as the socio-economic and lifestyle characteristics of households currently living within defined draw areas, is the first step in the update. The draw areas are derived primarily through household migration analysis (using the latest taxpayer data provided by the Internal Revenue Service). To refine the draw area for the city, the IRS migration data have been supplemented by population migration and mobility data for the City of Dublin from the five-year estimates of the 2012-2016 American Community Survey.

The most recent Franklin County migration and mobility data—from taxpayer records compiled by the Internal Revenue Service from 2011 through 2015—and the American Community Survey estimates for the City of Dublin shows that the draw areas for new and existing housing units in the City and in the District include the following: • The primary draw area, covering households who live within the Dublin city limits. • The county draw area, covering households with the potential to move to the City of Dublin from the balance of Franklin County. • The regional draw area, covering households with the potential to move to the City of Dublin from Delaware, Fairfield, and Licking Counties. • The national draw area, covering households with the potential to move to the City of Dublin from all other U.S. cities and counties, particularly Midwestern U.S. counties.

As derived from the migration, mobility and target market update, the draw area distribution of market potential (those households with the potential to move within or to the City of Dublin each year over the next five years) is shown on the table following this page:

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Average Annual Market Potential by Draw Area City of Dublin, Franklin County, Ohio City of Dublin (Primary Draw Area): 32.5% Balance of Franklin County (Local Draw Area): 30.2% Delaware, Fairfield, and Licking Counties (Regional Draw Area): 10.7% Balance of US (National Draw Area): 26.6% Total: 100.0%

SOURCE: Zimmerman/Volk Associates, Inc., 2019.

As updated by the target market methodology, which accounts for household mobility within the City of Dublin, as well as migration and mobility patterns for households currently living in all other cities and counties, an annual average of 4,360 households represent the potential market for new

and existing housing units within the City each year over the next five years. (NOTE: This is a significant decrease from 2009, due in part to Dublin’s increased income and value appreciation relative to its surroundings—making housing less attainable for potential households—and in part due to continuously decreasing American mobility since the Great Recession).)

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AVERAGE ANNUAL MARKET POTENTIAL FOR THE BRIDGE STREET DISTRICT

The target market methodology identifies those households that prefer living in downtowns and walkable urban neighborhoods. After eliminating those segments of the potential city-wide market that have preferences for new or existing housing in more suburban or rural areas, the distribution of draw area market potential for new and existing housing units in the Bridge Street District is summarized on the following table:

Average Annual Market Potential by Draw Area THE BRIDGE STREET DISTRICT City of Dublin, Franklin County, Ohio City of Dublin (Primary Draw Area): 32.5% Balance of Franklin County (Local Draw Area): 30.2% Delaware, Fairfield, and Licking Counties (Regional Draw Area): 10.7% Balance of US (National Draw Area): 26.6% Total: 100.0%

SOURCE: Zimmerman/Volk Associates, Inc., 2019.

Based on the updated target market analysis, then, an annual average of 1,945 younger singles and couples, empty nesters and retirees, and compact families, with incomes over $40,000 per year, represent the annual potential market for new and existing housing units of every kind within the District each year over the next five years (see Table 1 following the text).

The tenure (rental or ownership) preferences of these 1,945 draw area households indicate that approximately 54.1 percent of these households (or 1,052 households) comprise the annual potential market for new and existing rental units and the remaining 45.9 percent (893 households) comprise the market for new and existing for-sale (ownership) housing units.

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The combined tenure and housing type propensities of the target 1,945 renter and owner households are outlined on the following table (see again Table 1 following the text):

Tenure/Housing Type Propensities Average Annual Market Potential Households With Annual Incomes Above $40,000 THE BRIDGE STREET DISTRICT City of Dublin, Franklin County, Ohio

NUMBER OF PERCENT HOUSING TYPE HOUSEHOLDS OF TOTAL Multi-family for-rent 1,052 54.1% (lofts/apartments, leaseholder) Multi-family for-sale 135 6.9% (lofts/apartments, condo/co-op ownership) Single-family attached for-sale 253 13.0% (townhouses/live-work, fee-simple/ condominium ownership) Single-family detached for-sale 505 26.0% (houses, fee-simple ownership) Total 1,945 100.0%

SOURCE: Zimmerman/Volk Associates, Inc., 2019.

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TARGET MARKET ANALYSIS

Even a decade later, the aftermath of the housing crash has wrought significant changes in market preferences from single-use subdivisions to mixed-use, walkable neighborhoods, particularly downtowns and in-town neighborhoods. The preference for urban living evidenced by both younger and older one- and two-person households continues to be a primary force in urban redevelopment across the country,

These changes have been driven by the convergence of the preferences of the two largest generations in the history of America: the Baby Boomers (currently estimated at 74 million), older singles and couples born between 1946 and 1964, and the estimated 88 million Millennials, younger singles and couples who were born from 1977 to 1996 and, in 2010, surpassed the Boomers in population.

In addition to their shared preference for urban living, the Boomers and Millennials are changing housing markets in multiple ways. In contrast to the traditional family (married couples with children) that comprised the typical post-war American household, Boomers and Millennials are households of predominantly singles and couples. As a result, the 21st century home-buying market now contains more than 63 percent one- and two-person households, and the 37 percent of homebuyers that could be categorized as family households are equally likely to be non-traditional as traditional families.

As determined by the target market analysis, and reflecting national trends, the annual potential market—represented by lifestage—for new rental and ownership housing units in the District has been updated as shown on the table following this page (see also Table 2 following the text):

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Annual Market Potential By Lifestage And Housing Type Households With Annual Incomes Above $40,000 THE BRIDGE STREET DISTRICT City of Dublin, Franklin County, Ohio

MULTI- SINGLE- PERCENT FAMILY FAMILY HOUSEHOLD TYPE OF TOTAL RENTAL FOR-SALE ATTACHED DETACHED Empty Nesters & Retirees 24% 14% 22% 24% 48% Traditional & Non-Traditional Families 18% 9% 12% 25% 32% Younger Singles & Couples 58% 77% 66% 51% 20% Total 100% 100% 100% 100% 100%

SOURCE: Zimmerman/Volk Associates, Inc., 2019.

Younger singles and couples represent 58 percent of the market for new dwelling units in the District. The younger market includes a variety of white-collar professionals, young entrepreneurs, artists, and knowledge workers—New Power Couples, New Bohemians, Cosmopolitan Elite, The VIPs, Fast-Track Professionals—as well as office employees, recent graduates just starting their first jobs, and retail workers—Suburban Achievers, Suburban Strivers, Small-City Singles, and Twentysomethings. These younger singles and couples prefer to live in downtowns and urban neighborhoods for their diversity, and for the availability of employment, entertainment, and cultural opportunities within walking distance of their residences. Among the other principal factors in the largest share of the market held by younger singles and couples are: • Their higher mobility rates—young people tend to move much more frequently than older people; • Their strong preference for rental apartments, in part because they have not saved sufficient funds for a down payment and in part because the collapse of the housing market during the Great Recession has made many of them skeptical about the value of owning versus renting; and • The continued reduced mobility of empty nesters and retirees.

Just under 37 percent of the younger singles and couples that represent the market for new housing units in the District would be moving from elsewhere in the city; 35 percent would be moving from the balance of Franklin County; 7.5 percent from the region; and approximately 20.8 percent would be moving from elsewhere in the United States.

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At 24 percent of the annual potential market for new housing units in the Bridge Street District, older households (empty nesters and retirees) represent the second largest share of the market. Most of these households have adult children who no longer live in the family home; many are enthusiastic participants in community life and are still actively involved in well-paying careers in the banking, legal and medical professions. These target groups range from the wealthiest households— the One Percenters, Old Money, the Social Register, and Small-Town Patriarchs, to the well-to-do Urban Establishment, Affluent Empty Nesters, Multi-Ethnic Empty Nesters, Cosmopolitan Couples, Pillars of the Community, and New Empty Nesters, to the financially-comfortable Suburban Establishment, Second-City Establishment, Mainstream Empty Nesters, Middle-American Retirees, Blue- Collar Retirees, and Middle-Class Move-Downs.

Over 41 percent of the empty nesters and retirees would be moving from elsewhere within the City of Dublin; 21 percent would be moving from the balance of Franklin County; just 8.4 percent currently live in one of the counties in the regional draw area; and the remaining 29.5 percent would be moving from elsewhere in the U.S.

Family-oriented households represent 18 percent of the market for new dwelling units in the District. Households with children are now increasingly diverse and in many urban areas are largely non-traditional families. Heads of these households have banking careers and upper-middle management jobs, or are professionals in the medical and legal sectors. These households range from the wealthiest Corporate Establishment, Nouveau Money, and e-Type Families, to the well-to-do Button-Down Families, Unibox Transferees, Fiber-Optic Families, Late-Nest Suburbanites, and also include the upper middle-income Multi-Cultural Families, Multi-Ethnic Families, and Uptown Families.

More than 38 percent of the family households are already living in the City of Dublin, 29.4 percent live in the balance of Franklin County; just 7.4 percent in the regional draw area, and the remaining 25 percent would be moving from elsewhere in the U.S.

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THE CURRENT CONTEXT

Summary supply-side information for the Dublin market area (covering multi-family rental properties, for-sale condominium and townhouse listings, and for-sale single-family detached houses) is provided in tabular form following the text: Table 3, Summary of Selected Rental Properties Built After 2000, Table 4, Summary of Selected For-Sale Multi-Family and Single-Family Attached Listings, and Table 5, Summary of Newly-Constructed For-Sale Single-Family Detached Houses.

Walk Score, a number between 0 and 100 denoting the walkability of a specific address or neighborhood, has grown in importance as a value criterion. Walk Scores above 90 indicate a “Walker’s Paradise,” where daily errands do not require a car. Walk Scores between 70 and 90 are considered to be very walkable, where most errands can be accomplished on foot, and Walk Scores between 50 and 69 are regarded as somewhat walkable, where some errands can be accomplished on foot. Walk Scores below 50 indicate that most or almost all errands require an automobile.

All of the Dublin area properties have Walk scores below 70. The two new rental properties in the District have Walk Scores of 58 (Bridge Park) and 30 (Tuller Flats); the new Bridge Park Townhomes have a Walk Score of 42, and Bridge Park West, the new condominiums built on the West Bank of the Scioto River, has a Walk Score of 58. These Walk Scores are evidence that the District will require significant additional mixed-use development to achieve all of the attributes and positive impact of a vibrant, walkable neighborhood

—Multi-Family Rental Properties—

Table 3 provides detailed information on the 24 surveyed rental properties and is summarized below.

—Studios (Four properties)— • Rents for studios range between $745 per month at Sawmill Crossing, located on Allister Way, to $1,569 per month at Bridge Park, on Riverside Drive in the District. • Studios contain between 466 square feet at Strathmoor Apartments on Bowland Place and 796 square feet at Bridge Park. • The studio rents per square foot range between $1.34 at Sawmill Crossing and $1.97 at Bridge Park.

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—One-Bedroom Units (24 properties)— • Rents for one-bedroom apartments range from $815 per month at the Residences at Sawmill Park on Sawmill Park Drive to $2,030 per month at Central Park on Radio City Boulevard. • One-bedroom units range in size from 570 square feet at Strathmoor Apartments on Bowland Place to 1,150 square feet for a one-bedroom/one-bath with study unit at Times Square Apartments on Times Square Boulevard. • One-bedroom rents per square foot range between $1.03 for the one-bedroom with study at Times Square to $2.18 at Central Park.

—Two-Bedroom Units (24 properties)— • Rents for two-bedroom, one-, one-and-a-half, or two-bathroom flats range from $894 per month for a two-bedroom/two-bath apartment at Residences at Sawmill Park, to $2,634 per month for a two-bedroom/two-bath unit at Bridge Park. Rents for two-bedroom townhouses start at $1,106 per month at the Orleans property on Edwards Farms Road, and are as high as $2,289 per month at Tuller Flats in the District. • Two-bedroom units range in size from 844 square feet for a two-bedroom/one-bath at the Residences at Sawmill Park, to 1,452 square feet at the Charles at Riggins Run on Riggins Run (two bedrooms/two-and-a-half baths). Two-bedroom townhouses start at 915 square feet at Orleans to as much as 2,150 square feet at Crossings at Avery on Avery Crossing Boulevard. • Two-bedroom rents per square foot fall between $0.93 at Residences at Sawmill Park and $1.93 at Bridge Park. Rents per square foot for two-bedroom townhouses range between $0.73 at Crossings at Avery to $1.77 at Tuller Flats.

—Three-Bedroom Units (6 properties)— • Three-bedroom apartments are only offered at Bridge Park, with rental rates ranging between $2,570 and $3,319 per month, and The Charleston on Edwards Plantation Drive, with rents ranging between $1,684 and $1,757 per month. Three-bedroom townhouses are available at six properties, with rents starting at $1,550 at the

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Orchard and Crossings at Avery and running as high as $2,193 at Hilliard Grand on Grand Drive. • Three-bedroom apartments at Bridge Park contain between 1,485 and 2,147 square feet, and 1,645 square feet at The Charleston. Three-bedroom townhouses start at 1,510 square feet at Hilliard Grand and as much as 2,400 square feet at the Crossings at Avery. • Three-bedroom apartment rents per square foot range between $1.55 and $1.73 at Bridge Park, and $1.10 at The Charleston. Three-bedroom townhouses start at $0.77 at Crossings at Avery to $1.45 at Hilliard Grand

All of the rental properties are recently-built and either at functional full occupancy (less than five percent vacancy rate or still in the initial lease-up stage. Nearly all of the properties provide a range of community amenities, typically fitness centers, clubhouses or residents’ lounges, and business centers; less typical amenities include a movie theater, yoga studio, car wash area, tanning deck, and a climbing wall.

—Multi-Family and Single-Family Attached For-Sale Properties—

Table 4 provides pricing and unit sizes and configuration information for the few condominium and townhouse listings as of September 2018. New townhouses are currently being marketed in the Bridge Street District at Bridge Park Townhouses, where two-bedroom/two-and-a-half bath and three-bedroom/three-and-a-half bath units are priced between $353,900 and $699,000. The new townhouses contain between 1,437 and 2,629 square feet of living space (a range of $246 to $296 per square foot). One condominium remains at Bridge Park West, on the west bank of the Scioto River, priced at $750,000 for two bedrooms and two baths occupying 2,689 square feet.

Outside of the Bridge Street District, one condominium and several townhouse resales were listed with asking prices starting at $249,900 for a three-bedroom/three-bath townhouse at Hayden Falls ($115 per square foot) to the more recently constructed townhouse at Savona at Tartan West, where a three-bedroom/three-and-a-half bath unit is priced at $439,900 for 3,516 square feet of living space ($125 per square foot). The highest price per square foot for a resale unit was $189 per square foot for a 1,981-square-foot condominium at East Bank at Hayden Falls priced at $375,000.

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—Single-Family Detached For-Sale Properties—

Multiple newly-constructed or proposed for construction single-family detached houses are being marketed at several existing subdivisions in the Dublin market area. All of the houses contain 2,100 square feet or more, with the largest, at 12,170 square feet, a mansion listed at the Reserve at Tartan Fields. That house is also the most expensive, with an asking price of $2.75 million for six bedrooms and seven bathrooms (a price per square foot of $226).

A small number of the houses offer two-bedroom configurations, ranging in size from 2,365 square feet at Coffman Park and 2,392 at the Enclave at Riviera to more than 2,700 square feet, also at Coffman Park. Two-bedroom houses are priced from $442,000 to $499,000 ($175 to $199 per square foot).

Several three-bedroom/three-bath models are on the market at the Cottages at Ballantrae Woods, priced between $379,900 and $429,900 for approximately 2,200 to just over 2,400 square feet of living space ($161 to $192 per square foot). The highest-priced three-bedroom houses on the market are two units at Tuscana at Tartan West are priced between $628,655 and $790,000 for 2,789 and 3,641 square feet ($225 and $217 respectively).

A number of four-bedroom houses are also listed, with the least expensive a 2,772-square-foot model at Estates at Scioto Crossing III priced at $365,000 ($132 per square foot), and the most expensive house, proposed construction at The Oaks, priced at just under $1 million for more than 4,300- square-feet of living space ($229 per square foot).

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OPTIMUM MARKET POSITION: THE BRIDGE STREET DISTRICT

As noted above under AVERAGE ANNUAL MARKET POTENTIAL FOR THE BRIDGE STREET DISTRICT, the market- rate price points for new rental and ownership housing units that could be developed within the District are derived from the income and financial capabilities of those 1,945 targeted draw area households with annual incomes above $40,000.

—Multi-Family For-Rent Distribution by Rent Range—

An annual average of 1,052 households with incomes above $40,000 per year represent the target markets for newly-constructed rental housing units within the Bridge Street District (as shown on Table 6 following the text). Supportable rent ranges have been established at 25 to 30 percent of the monthly gross incomes of each of the 1,052 households, yielding the distribution shown on the following table: New Multi-Family For-Rent Distribution by Rent Range Households With Annual Incomes Above $40,000 THE BRIDGE STREET DISTRICT City of Dublin, Franklin County, Ohio

MONTHLY HOUSEHOLDS RENT RANGE PER YEAR PERCENTAGE $750–$1,000 169 16.1% $1,000–$1,250 190 18.1% $1,250–$1,500 255 24.1% $1,500–$1,750 129 12.3% $1,750–$2,000 119 11.3% $2,000–$2,250 102 9.7% $2,250 and up 88 8.4% Total: 1,052 100.0% SOURCE: Zimmerman/Volk Associates, Inc., 2019.

• The largest group of target renters are younger singles and couples, at 77 percent of the market for new rental units within the District. Just over eight percent have careers that provide them with the financial capacity to afford rents at or above $2,000 per month, primarily New Power Couples and New Bohemians. Another 53.4 percent of the younger singles and couples represent the market for units with rents between $1,250 and $2,000 per month—Cosmopolitan Elite, The VIPs, Fast-Track Professionals, and Suburban Achievers. The remaining 38.5 percent would be able to support rents between $750 and $1,000 per

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month—the Suburban Strivers, Small-City Singles, Twentysomethings, and Second-City Strivers. • Empty nesters and retirees represent 13.6 percent of the market for new rental units within the District. Over 52 percent of the targeted empty nester and retiree market—Old Money, The One Percenters, The Social Register, Small-Town Patriarchs, Urban Establishment, Affluent Empty Nesters, Multi-Ethnic Empty Nesters, and Cosmopolitan Couples—have the incomes that enable them to support rents above $2,000 per month. Over 44 percent are able to support rents between $1,250 and $2,000 per month—Pillars of the Community, New Empty Nesters, Suburban Establishment, Second-City Establishment, Mainstream Empty Nesters, Middle- American Retirees, and most of the Blue-Collar Retirees. The remaining 3.5 percent represent the market for new units with rents between $750 and $1,250 per month, the rest of the Blue-Collar Retirees and the Middle-Class Move-Downs. • Traditional and non-traditional families make up the remaining 9.4 percent of the market for new rental units within the District. Nearly 56 percent of the family market can afford rents above $2,000 per month (Corporate Establishment, Nouveau Money, e-Type Families, Button-Down Families, Unibox Transferees, Fiber-Optic Families and the more affluent of the Late-Nest Suburbanites), and the rest, 44 percent, can support rents between $1,250 and $2,000 per month (the less affluent Late-Nest Suburbanites, Multi-Cultural Families, Multi- Ethnic Families and Uptown Families.)

—Multi-Family For-Sale Distribution by Price Range—

An annual average of 135 households with incomes above $40,000 per year represent the target markets for newly-constructed for-sale multi-family housing units within the Bridge Street District (as shown on Table 7 following the text). Supportable price points have been determined by assuming a down payment of 10 percent, and a monthly mortgage payment, excluding taxes and utilities, that does not exceed 25 percent of gross income for each of the 135 annual households with incomes above $40,000 per year that represent the annual potential for-sale multi-family market, yielding the distribution shown on the table following this page:

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New Multi-Family For-Sale Distribution by Price Range Households With Annual Incomes Above $40,000 THE BRIDGE STREET DISTRICT City of Dublin, Franklin County, Ohio

PRICE HOUSEHOLDS RANGE PER YEAR PERCENTAGE $150,000–$200,000 13 9.6% $200,000–$250,000 19 14.1% $250,000–$300,000 26 19.3% $300,000–$350,000 43 31.8% $350,000–$400,000 15 11.1% $400,000 and up 19 14.1% Total: 135 100.0% SOURCE: Zimmerman/Volk Associates, Inc., 2019.

• Younger singles and couples comprise almost two-thirds of the market for new for-sale multi-family units (condominiums) within the Bridge Street District. Slightly over one percent of the younger singles and couples, New Power Couples, have the income and assets to purchase new condominiums with base prices over $350,000. Just under two-thirds would be in the market for new units priced between $250,000 and $350,000 (New Bohemians, Cosmopolitan Elite, The VIPs, and Fast-Track Professionals). Just under a third of this market segment (Suburban Achievers, Suburban Strivers, Small-City Singles, Twentysomethings, and Second-City Strivers) can only afford new condominiums with base prices between $150,000 and $250,000. • Empty nesters and retirees represent 22.2 percent of the market for new condominiums within the District. Over three-quarters of the empty nesters and retirees could afford new units priced over $350,000, from Pillars of the Community through Old Money. Another 13.3 percent would be in the market for new condominiums with base prices between $250,000 and $350,000, including New Empty Nesters, Mainstream Empty Nesters, and Middle- American Retirees. The remaining 10 percent could only afford new condominiums priced between $150,000 and $250,000—Blue-Collar Retirees and Middle-Class Move-Downs. • Traditional and non-traditional families are the smallest market segment at just under 12 percent of the market for new condominiums in the District. The clear majority—nearly 63 percent—could afford new units priced over $350,000—Corporate Establishment, Nouveau

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Money, Unibox Transferees, and Late-Nest Suburbanites. The remaining 37 percent, Multi- Cultural Families and Uptown Families, have the income and assets to purchase new condominiums priced between $250,000 and $350,000.

—Single-Family Attached For-Sale Distribution by Price Range—

An annual average of 253 households with incomes above $40,000 per year represent the target markets for newly-constructed single-family attached housing units (rowhouses/townhouses) within the Bridge Street District (as shown on Table 8 following the text). As with the for-sale condominiums, supportable price points for the rowhouses and townhouses have been determined by assuming a down payment of 10 percent, and a monthly mortgage payment, excluding taxes and utilities, that does not exceed 25 percent of gross income for each of the 253 households that represent the annual potential rowhouse/townhouse market, yielding the distribution shown on the following table: New Single-Family Attached For Sale Distribution by Price Range Households With Annual Incomes Above $40,000 THE BRIDGE STREET DISTRICT City of Dublin, Franklin County, Ohio

PRICE HOUSEHOLDS RANGE PER YEAR PERCENTAGE $150,000–$200,000 29 11.5% $200,000–$250,000 33 13.0% $250,000–$300,000 43 17.0% $300,000–$350,000 48 19.0% $350,000–$400,000 34 13.4% $400,000 and up 66 26.1% Total: 253 100.0% SOURCE: Zimmerman/Volk Associates, Inc., 2019.

• At a 51 percent share, the largest group of target buyers of rowhouses/townhouses in the Bridge Street District is younger singles and couples. A plurality—45 percent—represent the market for new rowhouses/townhouses with base prices between $150,000 and $250,000, including Suburban Achievers, Suburban Strivers, Small-City Singles, Twentysomethings, and Second-City Strivers. Thirty-five percent of the targeted younger singles and couples market—most of The VIPs and Fast-Track Professionals—are able to purchase new rowhouses/townhouses with base prices between $250,000 and $350,000. The remaining 20

ZIMMERMAN/VOLK ASSOCIATES, INC. UPDATE OF THE MARKET POSITION ANALYSIS Page 18 The Bridge Street District City of Dublin, Franklin County, Ohio April, 2019

percent have the income and assets that enable them purchase new units priced above $350,000—New Power Couples, New Bohemians, Cosmopolitan Elite, and the most affluent of The VIPs. • Traditional and non-traditional families account for over 25 percent of the market for new rowhouses/townhouses within the District. Over 62 percent of the targeted traditional and non-traditional families market—Corporate Establishment, Nouveau Money, e-Type Families, Button-Down Families, Unibox Transferees, and Fiber-Optic Families—have the income and assets that enable them to purchase new rowhouses/townhouses with base prices above $350,000. The remaining 38 percent of the family market can afford base prices of new rowhouses/townhouses between $250,000 and $350,000 (Late-Nest Suburbanites, Multi- Cultural Families, Multi-Ethnic Families, and Uptown Families. • The smallest group of target buyers of rowhouses/townhouses are the empty nesters and retirees, at just under 24 percent of the market for new for-sale single-family attached units within the District. Nearly 57 percent of the empty nesters and retirees represent the market for rowhouses/townhouses with base prices above $350,000, ranging from the most affluent Old Money, The One Percenters, and The Social Register to Pillars of the Community. Another 36.7 percent—New Empty Nesters, Second-City Establishment, Mainstream Empty Nesters, Middle-American Retirees, and Blue-Collar Retirees—could afford to purchase rowhouses/townhouses with base prices ranging between $250,000 and $350,000. The remaining 6.7 percent—mainly Middle-Class Move-Downs—are able to purchase units priced between $150,000 and $250,000.

—Single-Family Detached For-Sale Distribution by Price Range—

An annual average of 505 households with incomes above $40,000 per year represent the target markets for newly-constructed single-family detached housing units (houses) within the Bridge Street District (as shown on Table 9 following the text). As with the for-sale condominiums and rowhouses/townhouses, supportable price points for the single-family houses have been determined by assuming a down payment of 10 percent, and a monthly mortgage payment, excluding taxes and utilities, that does not exceed 25 percent of gross income for each of the 505 households that represent the annual potential rowhouse/townhouse market, yielding the distribution shown on the table following this page:

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New Single-Family Detached For Sale Distribution by Price Range Households With Annual Incomes Above $40,000 THE BRIDGE STREET DISTRICT City of Dublin, Franklin County, Ohio

PRICE HOUSEHOLDS RANGE PER YEAR PERCENTAGE $200,000–$250,000 34 6.7% $250,000–$300,000 92 18.3% $300,000–$350,000 60 11.9% $350,000–$400,000 31 6.1% $400,000–$450,000 46 9.1% $450,000 and up 242 47.9% Total: 505 100.0% SOURCE: Zimmerman/Volk Associates, Inc., 2019.

• The largest group of target buyers of detached houses are the empty nesters and retirees, at just under 48 percent of the market for new for-sale single-family detached units within the Bridge Street District. Nearly 71 percent of the empty nesters and retirees—some of the most affluent households in the city, from Old Money, The One Percenters, and The Social Register to Suburban Establishment—represent the market for new single-family houses with base prices above $400,000. Another 11.6 percent—Multi-Ethnic Empty Nesters, Pillars of the Community, New Empty Nesters, Second-City Establishment, and Mainstream Empty Nesters— could afford to purchase new detached houses with base prices ranging between $300,000 and $400,000. The remaining 18 percent—mainly Middle-American Retirees, Blue-Collar Retirees, and Middle-Class Move-Downs—are able to purchase units priced between $200,000 and $300,000. • Traditional and non-traditional families are the second-largest market segment, accounting for nearly 32 percent of the market for new single-family houses within the District. Two- thirds of the traditional and non-traditional families market—Corporate Establishment, Nouveau Money, e-Type Families, Button-Down Families, and Unibox Transferees—have the income and assets that enable them to purchase new detached houses with base prices above $400,000. Up to 15.5 percent of the family market can afford base prices of new houses between $300,000 and $400,000 (Fiber-Optic Families, Late-Nest Suburbanites, and Multi- Cultural Families). The remaining 15.4 percent, Multi-Ethnic Families and Uptown Families, represent the market for new houses priced between $200,000 and $300,000.

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• At a 20 percent share, the smallest group of target buyers of detached houses in the District is younger singles and couples. A majority—54 percent—represent the market for new detached houses with base prices between $200,000 and $300,000, including Suburban Strivers, Small-City Singles, Twentysomethings, and Second-City Strivers. Over 37 percent of the younger singles and couples market—many of The VIPs, Fast-Track Professionals, and Suburban Achievers—are able to purchase new houses with base prices between $300,000 and $400,000. The remaining 8.8 percent have the income and assets that enable them purchase new houses priced above $400,000—New Power Couples, New Bohemians, Cosmopolitan Elite, and the most affluent of The VIPs.

—OPTIMUM MARKET POSITION: THE BRIDGE STREET DISTRICT—

As detailed in the preceding section, an annual average of 1,945 potential renters with incomes of $40,000 or more per year comprise the annual potential market for new rental and ownership housing units in the Bridge Street District over the next five years. The optimum market position for new housing in the District has therefore been developed based on a variety of factors, including but not limited to: • The tenure and housing preferences, financial capabilities, and lifestages of the target households; • The physical and locational characteristics of the District; and • Current market area residential market dynamics.

It will be critical to expand the mixed-use development of the Bridge Street District in order to capture the full potential market. The target households have very strong preferences for walkable neighborhoods with a variety of attractive destinations. While the Bridge Street District has made significant advances toward achieving walkability and diversity of uses, the District is still short of the optimal urban condition to yield the highest values. Walk Scores registered by the residential properties already developed in the District remain below the levels where walkability has a significant impact on housing values. There is more than a sufficient market to continue residential development in the District to build toward its greatest potential. The increased number of residents living in additional housing units will make the District even more attractive to retailers and office users.

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Based on these factors and objectives, then, the optimum market position for new rental and for-sale housing within the Bridge Street District is summarized on the following table (see also Table 10 following the text for greater detail):

Optimum Market Position Households With Annual Incomes Above $40,000 THE BRIDGE STREET DISTRICT City of Dublin, Franklin County, Ohio

UNIT RENT/PRICE UNIT SIZE BASE RENT/PRICE HOUSING TYPE RANGE RANGE PER SQ. FT. MULTI-FAMILY FOR-RENT—54.1% Lofts $750 to 350 to $1.95 to $1,850 950 sf $2.14 Apartments $1,150 to 550 to $2.00 to $3,400 1,600 sf $2.13 MULTI-FAMILY FOR-SALE—6.9% Condominiums $235,000 to 900 to $250 to $375,000 1,500 sf $261 SINGLE-FAMILY ATTACHED FOR-SALE—13.0% Townhouses $285,000 to 1,100 to $250 to $425,000 1,700 sf $259 SINGLE-FAMILY DETACHED FOR-SALE—26.0% Houses $435,000 to 1,650 to $256 to $575,000 2,250 sf $264

SOURCE: Zimmerman/Volk Associates, Inc., 2019.

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Based on the mix of unit types, sizes, and rents/prices outlined in the optimum market position, the weighted average rents and prices for each of the housing types are shown on the following table:

Weighted Average Base Rents/Prices and Size Ranges Households With Annual Incomes Above $40,000 THE BRIDGE STREET DISTRICT City of Dublin, Franklin County, Ohio WEIGHTED AVERAGE HOUSING WEIGHTED AVERAGE WEIGHTED AVERAGE BASE RENTS/PRICES TYPE BASE RENTS/PRICES UNIT SIZE PER SQ. FT. MULTI-FAMILY FOR-RENT Lofts $1,120 613 sf $1.99 psf Apartments $1,840 895 sf $2.06 psf MULTI-FAMILY FOR-SALE Condominiums $306,000 1,190 sf $257 psf SINGLE-FAMILY ATTACHED FOR-SALE Townhouses $355,000 1,403 sf $253 psf SINGLE-FAMILY DETACHED FOR-SALE Houses $499,750 1,935 sf $258 psf

SOURCE: Zimmerman/Volk Associates, Inc., 2019.

The proposed prices are in year 2019 dollars and are exclusive of location or floor premiums and consumer-added options or upgrades.

—MARKET CAPTURE—

Based on 30 years’ experience employing the target market methodology in urban locations at every scale in 47 states, and given current economic conditions, Zimmerman/Volk Associates has determined that a capture of between 25 to 35 percent of the annual potential market for new rental units, and depending on housing types, from five to 25 percent of the annual potential market for new for-sale units could be achievable in the Bridge Street District.

Annual average absorption over the next five years within the District is forecast as shown on the table on the following page (see again Table 10 for greater detail):

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Annual Forecast Absorption Households With Annual Incomes Above $40,000 THE BRIDGE STREET DISTRICT City of Dublin, Franklin County, Ohio

NUMBER OF ANNUAL CAPTURE HOUSING TYPE HOUSEHOLDS UNITS ABSORBED RATES Multi-family for-rent: Lofts 450 135 - 158 30 – 35% Multi-family for-rent: Apartments 602 151 - 181 25 – 30% Multi-family for-sale: Condominiums 135 27 - 34 20 – 25% Single-family attached for-sale: Townhouses 253 25 - 30 10 – 12% Single-family detached for-sale: Houses 505 25 - 35 5 – 7%

Total 1,945 363 - 438 units

SOURCE: Zimmerman/Volk Associates, Inc., 2019.

Based on these capture rates, the Bridge Street District should be able to absorb between 363 and 438 new rental and for-sale housing units per year each year over the next five years.

New housing units, configured according to target market preferences, can not only attract new households to the District and to the city, but can also provide appropriate alternatives to households that, due to a change in household composition or economic status, might otherwise have moved out of the city. Additional housing units will also support the social and economic sustainability of the Bridge Street District.

The capture rates of the annual potential market used here fall within the target market methodology’s parameters of feasibility.

NOTE: The target market capture rates of the potential purchaser or renter pool are a unique and highly-refined measure of feasibility. Target market capture rates are not equivalent to—and should not be confused with—penetration rates or traffic conversion rates.

The target market capture rate is derived by dividing the annual forecast absorption—in aggregate and by housing type—by the number of households that have the potential to purchase or rent new housing within a specified area in a given year.

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The penetration rate is derived by dividing the total number of dwelling units planned for a property by the total number of draw area households, sometimes qualified by income.

The traffic conversion rate is derived by dividing the total number of buyers or renters by the total number of prospects that have visited a site.

Because the prospective market for a property or study area is more precisely defined using the residential target market methodology, a substantially smaller number of households are qualified; as a result, target market capture rates are higher than the more grossly-derived penetration rates. The resulting higher capture rates remain within the range of feasibility.

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—BUILDING AMENITIES—

New buildings in the Bridge Street District should include 21st century urban amenities, with a technology focus, including an emphasis on “the internet of things” enabling remote access to HVAC, appliances, lighting and security. Particularly important would be features designed to help residents control energy usage and utility costs, such as: — Internet-enabled thermostat; — Energy-Star HVAC and appliances; — Internet-enabled lighting and outlets; — USB charging outlets in the kitchen and master bedroom; and — Built-in LED lighting.

To meet the expectations of potential residents, all units should be wired for high-speed internet as well as cable television. Wi-Fi should be available in all common areas and ideally building-wide.

Amenities in larger buildings could include a small fitness center with treadmills, bikes, Stairmasters, and free weights; a small business center; outdoor and indoor community gathering spaces, e.g.— Wi-Fi café, bar and kitchen. The kitchen could be designed as a demonstration chef’s kitchen with adjoining dining area that could be leased for dinner parties, or used by local chefs. Outdoor spaces should include a fire pit or other focal gathering points.

Other amenities that are not very expensive to provide but are highly attractive to the target markets include individual storage units, secure bicycle storage with bicycle repair and maintenance room, or “velo room,” including a repair stand, standard bike tools and air pumps, and recycling bins in the mail room. Because dogs have now become the equivalent of urban children, a dog washing station should also be provided.

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BUILDING AND UNIT TYPES

Building and unit types most appropriate for the Bridge Street District include:

—MULTI-FAMILY BUILDINGS—

• Courtyard Apartment Building: In new construction, an urban-scale, pedestrian-oriented equivalent to conventional garden apartments. An urban courtyard building is typically four or more stories, often combined with non-residential uses on the ground floor, or with a ground floor configured for later conversion from residential to retail use. The building should be built to the sidewalk edge and when the ground-floor serves a permanent residential use it should be elevated significantly above grade to provide privacy and a sense of security. Parking is either below grade, at grade behind or in a parking courtyard, or in an integral structure.

• Liner Building: An apartment building with apartments and/or lofts lining two to four sides of a multi-story parking structure. Units are typically served from a single-loaded corridor that often includes access to parking. Ground floors typically include a traditional apartment lobby and can also include retail or office uses.

• Loft Apartment Building: Either adaptive re-use of older warehouse or manufacturing buildings or a new-construction building type inspired by those buildings. The new- construction version is usually elevator-served with double-loaded corridors.

• Mixed-Use Building: A pedestrian-oriented building, either attached or free-standing, with apartments and/or offices over flexible ground floor uses that can range from retail to office to residential.

• Podium Building: A small-scale apartment building construction type with two or more stories of stick-frame residential units (lofts or apartments) built over a single level of above- grade structured parking, usually constructed with reinforced concrete. With a well- conceived street pattern, a podium building can include ground-level non-residential uses lining one or more sides of the parking deck.

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—MULTI-FAMILY UNIT TYPES—

• Apartments: More conventionally-finished single-level units, typically with completely- partitioned rooms. Trim, interior doors, kitchens and baths are often fitted out with higher- end finishes and fixtures than in lofts.

• Lofts: Unit interiors typically have high ceilings, are fully finished and partitioned into individual rooms. Units may also contain architectural elements reminiscent of hard lofts, such as exposed ceiling beams and ductwork, concrete floors and industrial finishes, particularly if the building is an adaptive re-use of an existing industrial structure.

• Mezzanine Loft: Lofts with an additional half level, the mezzanine, that typically occur only on the lowest or uppermost full floor of a multi-family building. The main double-height space—with at least 16-foot ceilings—should have large, two-story windows. The kitchen and often a half bath are on the main level, at least one full bath is located on the mezzanine.

• Microlofts: A unit on a single level in a multi-family building, with special design constraints due to their size. Because volume space will add to their livability, ceilings should be at least nine feet high and windows should be no smaller than six feet high. Microlofts typically include a full-height refrigerator and standard 30-inch kitchen sink, cooktop, and microwave range hood, but not an oven. Built-in furniture, including a pull-down bed option, as well as built-in storage also improves the livability of microlofts.

Several cities across the country are changing minimum unit size requirements as part of a strategy to attract young knowledge workers with contemporary yet affordable units. Millennial knowledge workers have responded positively to efficiency units as small as 220 square feet, often leasing out new micro loft projects within a matter of days.

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—SINGLE-FAMILY ATTACHED UNIT TYPE—

• Townhouses: Similar in form to a conventional suburban townhouse except that the garage—either attached or detached—is located to the rear of the unit and accessed from an alley or auto court. Unlike conventional townhouses, urban rowhouses/townhouses conform to the pattern of streets, typically with shallow front-yard setbacks. To provide privacy and a sense of security, the first floor should be elevated significantly above the sidewalk.

—SINGLE-FAMILY DETACHED UNIT TYPE—

• Houses: A one-and-a-half- or two-story single-family detached house sited relatively close to the street. Parking can be in attached or detached garages or open, and located at the rear of the lot well back from the front façade. Parking must be accessed from a rear lane, alley or auto court on lots narrower than 50 feet. o

ZIMMERMAN/VOLK ASSOCIATES, INC. Table 1

Average Annual Market Potential Distribution Of Annual Average Number Of Draw Area Households With The Potential To Move To The Bridge Street District Each Year Over The Next Five Years Households With Annual Incomes Above $40,000 The Bridge Street District City of Dublin, Franklin County, Ohio

City of Dublin; Balance of Franklin County; Regional Draw Area; Balance of the U.S. Draw Areas

Average Annual Number of Households With Potential To Rent/Purchase In The City of Dublin, Franklin County, Ohio 4,360

Average Annual Number of Target Households With Potential To Rent/Purchase In The Bridge Street District 1,945

Average Annual Market Potential Multi- Single- ...... Family ...... Family ...... Attached . . . . Detached . . For-Rent For-Sale For-Sale For-Sale Total

Total Households: 1,052 135 253 505 1,945 {Mix Distribution}: 54.1% 6.9% 13.0% 26.0% 100.0%

NOTE: Reference Appendix One, Tables 1 Through 11.

SOURCE: Claritas, Inc. Zimmerman/Volk Associates, Inc. Table 2

Average Annual Potential Market By Lifestage And Housing Types Distribution Of Annual Average Number Of Draw Area Households With The Potential To Move To The Bridge Street District Each Year Over The Next Five Years Households With Annual Incomes Above $40,000 The Bridge Street District City of Dublin, Franklin County, ohio

Multi- Single- Single- ...... Family ...... Family . . . . Family . . . . Attached . . . .Detached . . Total For-Rent For-Sale For-Sale For-Sale Number of Households: 1,945 1,052 135 253 505

Empty Nesters & Retirees 24% 14% 22% 24% 48%

Traditional & Non-Traditional Families 18% 9% 12% 25% 32%

Younger Singles & Couples 58% 77% 66% 51% 20%

100% 100% 100% 100% 100%

SOURCE: Claritas, Inc. Zimmerman/Volk Associates, Inc. Table 3 Page 1 of 7

Summary Of Selected Rental Properties Built After 2000 Dublin Market Area, Ohio September, 2018

Number Unit Base Unit Rents per Occupancy/ Property of Units Type Rent Sizes Sq. Ft. Other Information Address . . . . . Study Area . . . . . Bridge Park (2017) 325 . . . Apartments . . . In lease-up. 6634 Riverside Drive Studio/1ba $814 to 470 to $1.73 to Courtyard, Crawford Hoying $1,569 796 $1.97 grilling stations, 1br/1ba $1,059 to 738 to $1.43 to bike trails, 58 Walk score $1,774 936 $1.90 fitness 1br/1.5ba $1,664 to 1,029 $1.62 to membership, $1,734 $1.69 and secure access. 2br/2ba $1,719 to 1,054 to $1.63 to $2,634 1,366 $1.93 3br/2ba $2,570 to 1,485 to $1.55 to $3,319 2,147 $1.73

Tuller Flats (2017) 420 . . . Apartments . . . n/a 4313 Tuller Road 1br/1ba $1,029 to 648 to $1.59 to Clubhouse, pool, Casto Communities $1,389 855 $1.62 sun decks, yoga, 2br/2ba $1,459 to 1,081 $1.35 to grilling area, 30 Walk score $1,659 $1.53 fitness center, . . . Townhouses . . . and fireplace. 2br/2ba $1,899 to 1,290 $1.47 to $2,289 $1.77

. . . . . Other Dublin . . . . . Sawmill Crossing (2003) 364 . . . Apartments . . . 96% occupancy 6700 Allister Way Studio/1ba $745 556 $1.34 Controlled access, Champion Companies 1br/1ba $830 to 637 to $1.14 to pool, sundeck, $860 752 $1.30 fitness center, 61 Walk score 1br/1ba/study $1,020 to 966 to $1.06 to and clubhouse. $1,090 1,003 $1.09 2br/1ba $1,045 998 $1.05 2br/2ba $945 to 957 to $0.99 to $1,250 1,008 $1.24 2br/2ba/study $1,025 to 1,185 to $0.85 to $1,035 1,214 $0.86

SOURCE: Zimmerman/Volk Associates Table 3 Page 2 of 7

Summary Of Selected Rental Properties Built After 2000 Dublin Market Area, Ohio September, 2018

Number Unit Base Unit Rents per Occupancy/ Property of Units Type Rent Sizes Sq. Ft. Other Information Address The Orchard (2000) 292 . . . Apartments . . . 98% occupancy 5353 Wilcox Road Studio/1ba $770 to 545 $1.41 to Business center, Edwards Communities $790 $1.45 fitness facility, 1br/1ba $850 to 680 to $1.15 to media room, 23 Walk score $946 820 $1.25 pool, jacuzzi, 2br/2ba $1,055 to 975 to $1.08 to community room, $1,560 1,255 $1.24 lakes with waterfall, . . . Townhouses . . . and The Barn. 2br/2.5ba $1,250 to 1,155 to $1.05 to $1,460 1,395 $1.08 3br/2.5ba $1,550 to 1,620 $0.96 to $1,711 $1.06

Strathmoor (2014) 276 . . . Apartments . . . 99% occupancy 5541 Bowland Place Studio/1ba $811 to 466 $1.74 to Screening room, Edwards Communities $846 $1.82 clubroom, 1br/1ba $938 to 570 to $1.54 to fitness facility, 25 Walk score $1,210 786 $1.65 courtyards, 1br/2ba $1,196 to 952 $1.26 to business center, $1,276 $1.34 DVD library, 2br/1ba $1,166 to 906 $1.29 to pool, sun terrace, $1,206 $1.33 gas grilling area, 2br/2ba $1,292 to 1,039 to $1.24 to and The Barn. $1,640 1,292 $1.27 . . . Townhouses . . . 2br/2.5ba $1,484 to 1,266 to $1.17 to $1,737 1,449 $1.20

Residences at Sawmill Park (2002) 120 . . . Apartments . . . 98% occupancy 2765 Sawmill Park Drive 1br/1ba $815 to 752 $1.08 to Decks, Tricap Residential Group $985 $1.31 patio, and 2br/1ba $913 to 844 $1.08 to pet care. 46 Walk score $946 $1.12 2br/2ba $894 to 960 $0.93 to $961 $1.00

SOURCE: Zimmerman/Volk Associates Table 3 Page 3 of 7

Summary Of Selected Rental Properties Built After 2000 Dublin Market Area, Ohio September, 2018

Number Unit Base Unit Rents per Occupancy/ Property of Units Type Rent Sizes Sq. Ft. Other Information Address Times Square (2003) 356 . . . Apartments . . . n/a 4130 Times Square Boulevard 1br/1ba $827 to 580 to $1.26 to Pools, jacuzzi, Edwards Communities $1,036 820 $1.43 tanning deck, 1br/1ba/study $1,184 to 1,150 $1.03 to cyber café, 28 Walk score $1,245 $1.08 garden, 2br/2ba $1,215 to 1,125 to $1.08 to business center, $1,403 1,145 $1.23 valet dry cleaning, . . . Townhouses . . . The Barn, and 2br/2ba/loft $1,290 to 1,175 $1.10 to movie theater. $1,400 $1.19 2br/2.5ba $1,403 1,205 to $0.94 to 1,500 $1.16 3br/2.5ba $1,794 1,600 $1.12

Central Park (2004) 293 . . . Apartments . . . 96% occupancy 105 Radio City Boulevard 1br/1ba $845 to 580 to $1.46 to Pool, sundeck, Trilogy Residential Management $2,030 932 $2.18 fitness studio, 2br/2ba $1,270 to 1,108 to $1.15 to clubhouse, business 36 Walk score $1,855 1,355 $1.37 center, and game room.

The Charleston (2006) 287 . . . Apartments . . . 98% occupancy 5407 Edwards Plantation Drive 1br/1ba $848 to 580 to $1.26 to Lakes, waterfall, Edwards Communities $962 761 $1.46 business center, 1br/1ba/den $1,060 to 866 $1.22 to gas grilling areas, 21 Walk score $1,114 $1.29 ftiness center, 2br/2ba $1,252 to 1,120 to $1.12 to dog park, $1,439 1,196 $1.20 The Barn, 3br/2ba $1,684 to 1,482 $1.14 to clubhouse, sundeck, $1,737 $1.17 tanning salon, . . . Townhouses . . . lounge, spa, pool, 2br/2.5ba $1,439 1,308 $1.10 laundry facilities, 3br/2.5ba $1,804 1,645 $1.10 and volleyball court.

Orleans (2002) 250 . . . Apartments . . . n/a 5199 Edwards Farms Road 1br/1ba $858 to 625 to $1.33 to Gas grilling areas, Edwards Communities $868 655 $1.37 media room, theater, . . . Townhouses . . . The Barn, clubhouse, 22 Walk score 2br/2ba $1,106 915 $1.21 ftiness center, spa, 2br/2.5ba $1,357 to 1,250 $1.08 to pool, business $1,383 1,285 $1.09 center, and lounge.

SOURCE: Zimmerman/Volk Associates Table 3 Page 4 of 7

Summary Of Selected Rental Properties Built After 2000 Dublin Market Area, Ohio September, 2018

Number Unit Base Unit Rents per Occupancy/ Property of Units Type Rent Sizes Sq. Ft. Other Information Address Madden's Pointe (2014) 72 . . . Apartments . . . 100% occupancy 5548 Madden's Point Lane 1br/1ba $865 678 $1.28 Pet play Hometeam Properties 2br/1ba $925 to 933 $0.99 to area. $945 $1.01 52 Walk score 2br/2ba $945 933 $1.01

Crossings at Avery (2001) 223 . . . Apartments . . . 97% occupancy 6200 Avery Crossing Boulevard 1br/1ba $895 to 800 $1.12 to Three ponds, Colonial American Communities $925 $1.16 fountains, 2br/2ba $1,020 to 1,000 to $1.00 to heated pool, 16 Walk score $1,220 1,225 $1.02 car wash, . . . Townhouses . . . tennis court, 2br/2.5ba $1,380 to 1,350 to $0.73 to sand volleyball $1,580 2,150 $1.02 court, 3br/2ba $1,390 to 1,600 to $0.87 to business center, $1,780 1,830 $0.97 theater lounge, and 3br/3ba $1,550 to 1,600 to $0.77 to exercise facility. $1,845 2,400 $0.97

The Pines at Tuttle Crossing (2000; 2014) 594 . . . Phases I & II . . . In lease-up (Phase III) 5303 Wilcox Road . . . Apartments . . . Clubhouse, 1br/1ba $900 to 795 to $1.13 pool, sauna, 12 Walk score $1,000 882 workstation, 1br/1ba/den $1,025 950 $1.08 fitness center, 2br/2ba $1,150 to 1,150 to $0.94 to media room, $1,350 1,441 $1.00 controlled access, . . . Townhouses . . . car wash area, 2br/2.5ba $1,395 1,300 $1.07 and pond. 3br/2.5ba $1,595 1,500 $1.06 . . . Phases III ...... Apartments . . . 1br/1ba $935 to 828 to $1.11 to $960 863 $1.13 1br/1ba/den $1,225 1,106 $1.11 2br/2ba $1,300 to 1,175 to $0.96 to $1,400 1,459 $1.11 . . . Townhouses . . . 1br/2ba/loft $1,100 1,034 to $1.01 to 1,090 $1.06

SOURCE: Zimmerman/Volk Associates Table 3 Page 5 of 7

Summary Of Selected Rental Properties Built After 2000 Dublin Market Area, Ohio September, 2018

Number Unit Base Unit Rents per Occupancy/ Property of Units Type Rent Sizes Sq. Ft. Other Information Address Gage Crossing (2018) 198 . . . Apartments . . . In lease-up. 5927 Avery Wood Avenue 1br/1ba $925 685 $1.35 Media screening room, Ardent Communities 2br/1ba $1,025 960 $1.07 cyber stations, billiards, 2br/2ba $1,125 970 $1.16 fitness center, pool, 7 Walk score and outdoor kitchen.

The Wendell (2016) 182 . . . Apartments . . . 98% occupancy 4761 Riggins Road 1br/1ba $937 to 723 to $1.29 to Bark park, billiards, Oakwood Management $1,035 800 $1.30 clubhouse, 2br/2ba $1,218 to 1,108 to $1.10 to coffee bar, golf, 10 Walk score $1,278 $1.15 grill, fire pit, . . . Townhouses . . . heated pool, 2br/2.5ba $1,876 to 1,438 to $1.11 to volleyball court, $1,906 1,720 $1.30 and fitness center.

Hilliard Grand (2011) 314 . . . Apartments . . . 97% occupancy 5399 Grand Drive 1br/1ba $938 to 780 $1.20 to Heated pool, Steadfast Management $1,195 $1.53 lounge, fire pit, 2br/2ba $1,231 to 1,110 $1.11 to barbecue area, 8 Walk score $1,556 $1.40 garden, clubhouse, 2br/2.5ba $1,487 to 1,230 $1.21 to fitness center, $1,923 $1.56 yoga studio, . . . Townhouses . . . and carwash. 2br/2ba/loft $1,591 to 1,370 $1.16 to $2,012 $1.47 3br/2.5ba $1,701 to 1,510 $1.13 to $2,193 $1.45

Dublin Square (2009) 354 . . . Apartments . . . 97% occupancy 7331 Skyline Drive 1br/1ba $975 to 720 to $1.35 to Business center, Champion Companies $1,370 778 $1.76 fitness center, 2br/1ba $1,170 to 1,007 to $1.04 to two pools, 25 Walk score $1,220 1,168 $1.16 lounge, grill, 2br/2ba $1,235 to 1,053 to $1.17 to and fire pit. $1,590 1,205 $1.32

Grafton Park (2016) 256 . . . Apartments . . . 98% occupancy 2980 Mark Andrew Drive 1br/1ba $979 to 720 to $1.36 to Health spa, Champion Companies $1,209 778 $1.55 heated pool, 2br/1ba $1,259 to 1,007 $1.25 to movie theater, 62 Walk score $1,739 $1.73 lounge, 2br/2ba $1,249 1,053 $1.19 and fire pit.

SOURCE: Zimmerman/Volk Associates Table 3 Page 6 of 7

Summary Of Selected Rental Properties Built After 2000 Dublin Market Area, Ohio September, 2018

Number Unit Base Unit Rents per Occupancy/ Property of Units Type Rent Sizes Sq. Ft. Other Information Address The Residences at Scioto Crossing (2006) 174 . . . Apartments . . . 98% occupancy 3900 Suffolk Drive 1br/1ba $985 to 820 to $1.20 to Fitness center, T&R Properties $1,145 850 $1.35 picnic area, 2br/2ba $1,345 to 1,050 to $1.23 to bike racks, 66 Walk score $1,505 1,220 $1.28 clubhouse, 3br/2ba $1,689 1,250 $1.35 media room, . . . Furnished Apartments . . . business center, 1br/1ba $2,000 850 $2.35 pool, and 2br/2ba $2,700 1,220 $2.21 sundeck.

Hayden Lofts (2015) 273 . . . Apartments . . . 96% occupancy 4125 Hayden Lofts Place 1br/1ba $988 to 629 to $1.57 to Garden, lake, Edwards Communities $1,227 748 $1.64 waterfall, pool, art 1br/1ba/loft $988 to 625 to $1.58 to displays, walking 13 Walk score $1,191 695 $1.71 path, business center, 1br/2ba/den $1,234 to 946 $1.30 to sand volleyball $1,379 $1.46 court, gas grilling areas, 2br/2ba $1,462 to 1,072 to $1.36 to cyber café, lounge, $1,562 1,074 $1.45 community room, 2br/2ba/den $1,688 to 1,292 to $1.31 to fitness facility, and $1,763 1,303 $1.35 The Barn.

Scioto Ridge (2015) 152 . . . Apartments . . . 97% occupancy 5639 Scioto Crest Drive 1br/1ba $999 to 760 to $1.31 to Pool, overlook Casto Communities $1,139 820 $1.39 deck, and Premier 2br/2ba $1,319 to 1,072 to $1.23 Athletic Club. 24 Walk score $1,459 1,132

Charles at Riggins Run (2018) 318 . . . Apartments . . . 97% occupancy 5252 Riggins Run 1br/1ba $1,030 to 725 to $1.41 to Business center, yoga Oakwood Management $1,201 854 $1.42 studio, clubhouse, 2br/2ba $1,174 to 1,048 to $1.12 to rock climbing wall, 1 Walk score $1,394 1,209 $1.15 virtual golf simulator, 2br/2.5ba $1,700 to 1,438 to $1.18 to coffee bar, tanning $1,800 1,452 $1.24 spa, and fitness center.

SOURCE: Zimmerman/Volk Associates Table 3 Page 7 of 7

Summary Of Selected Rental Properties Built After 2000 Dublin Market Area, Ohio September, 2018

Number Unit Base Unit Rents per Occupancy/ Property of Units Type Rent Sizes Sq. Ft. Other Information Address Berkley House (2015) 255 . . . Apartments . . . 100% occupancy 5314 Riverside Drive 1br/1ba $1,134 to 719 to $1.58 to Arcade room, Preferred Living $1,419 834 $1.70 bar, clubhouse, 1br/1ba/den $1,349 to 992 to $1.36 tanning salon, 49 Walk score $1,419 1,042 pool, cyber bar, 2br/2ba $1,444 to 1,061 to $1.34 to cardio center, and $1,644 1,226 $1.36 rooftop lounge.

Avondale Woods (2018) 49 . . . Apartments . . . 96% occupancy 5215 Avery Road 1br/1ba $1,137 711 to $1.50 to Laundry facilities, National Church Residences 758 $1.60 fitness center, 2br/1ba $1,374 960 to $1.37 to and business 0 Walk score 1,000 $1.43 center. . . . Cottages . . . 1br/1ba $1,169 730 to $1.54 to 759 $1.60 2br/1ba $1,459 916 to $1.54 to 949 $1.59

SOURCE: Zimmerman/Volk Associates Table 4 Page 1 of 2

Summary Of For-Sale Multi-Family And Single-Family Attached Listings Dublin Market Area, Ohio September, 2018

Building Unit Asking Price Property (Year Built) Type Type Asking Price Unit Size Per Sq. Ft. Address/Walk Score . . . . . Study Area . . . . . Bridge Park Townhomes (2018) TH 4446 Tuller Ridge Drive 2br/2.5ba $353,900 1,437 $246 6694 Mooney Street 2br/2.5ba $385,900 1,437 $269 6668 Mooney Street 3br/3.5ba $549,000 2,227 $247 4450 Tuller Ridge Drive 3br/3.5ba $563,900 2,227 $253 6682 Mooney Drive 3br/3.5ba $672,900 2,629 $256 6677 Dale Drive 3br/3.5ba $672,900 2,625 $256 6675 Dale Drive 3br/3.5ba $699,000 2,362 $296 42 Walk Score

Bridge Park West (2018) CO 95 North Riverview Street, Unit 212 2br/2ba $750,000 2,689 $279 58 Walk Score

. . . . . Other Dublin Area . . . . . Hayden Falls (1985;1999) TH 3152 Kingstree Court 3br/3ba $249,900 2,172 $115 3161 Dartford Trace 2br/2ba $269,900 1,608 $168 3160 Kingsmead Trace 3br/3ba $396,000 2,506 $158 12 Walk Score

Villas at Rays Crossing (2004) TH 4850 Rays Circle 2br/3ba $254,900 2,041 $125 10 Walk Score

Ashleigh Village (2013) TH 4812 Ashleigh Drive 2br/2ba $269,500 1,634 $165 9 Walk Score

Villas at Glenealy (2010) TH 6291 Donegan Way 3br/2.5ba $279,900 1,820 $154 30 Walk Score

Woodlands at Ballentrae (2011) TH 6918 Foresthaven Loop 2br/2.5ba $287,000 1,954 $147 5655 Montridge Lane 2br/2.5ba $309,900 2,254 $137 3 Walk Score

River Highlands (1991) TH 4420 Zachary Lane 4br/4ba $299,900 2,593 $116 45 Walk Score

SOURCE: Zimmerman/Volk Associates, Inc. Table 4 Page 2 of 2

Summary Of For-Sale Multi-Family And Single-Family Attached Listings Dublin Market Area, Ohio September, 2018

Building Unit Asking Price Property (Year Built) Type Type Asking Price Unit Size Per Sq. Ft. Address/Walk Score

East Bank at Hayden Falls (2006) CO 5745 Newbank Circle, Unit 106 2br/2ba $350,000 2,178 $161 5735 Newbank Circle, Unit 103 2br/2.5ba $375,000 1,981 $189 25 Walk Score

Lakes at Dunmere (1998) TH 5851 Dunabbey Loop 2br/3ba $317,000 2,210 $143 13 Walk Score

Mews at Muirfield (1977) TH 5764 Strathmore Lane, Unit 30 3br/3ba $319,000 2,268 $141 9 Walk Score

Savona at Tartan West (2015) TH 6707 Winemack Loop 3br/3.5ba $430,000 2,770 $155 6571 Winemack Loop 3br/3.5ba $439,900 3,516 $125 4 Walk Score

SOURCE: Zimmerman/Volk Associates, Inc. Table 5 Page 1 of 2

Summary Of Newly-Constructed For-Sale Single-Family Detached Houses City of Dublin, Franklin County, Ohio September, 2018

Lot Unit Price Property Size Type Price Unit Size Per Sq. Ft. Address/Walk Score . . . . . City of Dublin ...... New Construction . . . . . Estates at Scioto Crossing III 7845 Aideen Court 4br/2.5ba $365,000 2,772 $132 17 Walk Score

The Cottages at Ballantrae Woods 5510 Eva Loop South 3br/3ba $379,900 2,364 $161 5542 Eva Loop North 3br/3ba $419,900 2,320 $181 5555 Foreland Drive 3br/3ba $419,900 2,389 $176 5570 Foreland Lane 3br/3ba $421,900 2,197 $192 5543 Eva Loop North 3br/3ba $429,900 2,416 $178 3 Walk Score

Coffman Park 6747 Carson Way 2br/3ba $442,000 2,365 $187 6755 Carson Way 3br/2.5ba $455,000 2,387 $191 28 Walk Score

Tartan Ridge 9203 Brenham Way, Lot 198 0.17 4br/2.5ba $464,900 2,777 $167 6790 Enfield Court 0.17 3br/3.5ba $559,900 2,700 $207 6782 Enfield Court 0.17 3br/3.5ba $576,900 2,483 $232 8 Walk Score

The Village at Coffman Park 6033 Kenzie Lane, Lot 47 0.06 3br/2.5ba $474,900 2,890 $164 19 Walk Score

Enclave at Riviera 8517 Firenza Place, Lot 99 0.19 2br/2.5ba $489,900 2,392 $205 6448 Dicesare Loop, Lot 59 0.24 4br/3.5ba $634,900 3,891 $163 5-19 Walk Score

Tartan Fields 8138 Campbell Lane 0.44 4br/3.5ba $609,000 3,200 $190 7 Walk Score

SOURCE: Zimmerman/Volk Associates, Inc. Table 5 Page 2 of 2

Summary Of Newly-Constructed For-Sale Single-Family Detached Houses City of Dublin, Franklin County, Ohio September, 2018

Lot Unit Price Property Size Type Price Unit Size Per Sq. Ft. Address/Walk Score

Tuscana at Tartan West 7086 Tuscany Drive 0.22 3br/3.5ba $628,655 2,789 $225 7190 Tuscany Drive 0.19 3br/3.5ba $790,000 3,641 $217 5 Walk Score

Reserve at Tartan Fields 7081 Palmer Court 0.99 6br/7ba $2,750,000 12,170 $226 10 Walk Score

. . . . . Proposed New Construction . . . . . Ballantrae Woods 5526 Ballantrae Woods Drive 0.17 4br/2.5ba $394,900 2,739 $144 5685 Ballantrae Woods Drive 0.17 4br/3ba $423,900 2,589 $164 3 Walk Score

Coffman Park 6758 Carson Court 2br/2.5ba $479,000 2,737 $175 6113 Kenzie Lane 2br/2.5ba $499,000 2,503 $199 28 Walk Score

Stansbury at Muirfield 5558 Stansbury Drive 0.36 4br/3.5ba $859,000 3,490 $246 2 Walk Score

The Oaks 7902 Old Oak Lane 0.48 4br/4.5ba $999,990 4,364 $229 4 Walk Score

SOURCE: Zimmerman/Volk Associates, Inc. Table 6 Page 1 of 2

Target Groups For New Multi-Family For-Rent Households With Annual Incomes Above $40,000 The Bridge Street District City of Dublin, Franklin County, Ohio

Empty Nesters Number of Share of & Retirees• Households Households

Old Money 7 0.7% The One Percenters 15 1.4% The Social Register 1 0.1% Small-Town Patriarchs 3 0.3% Urban Establishment 15 1.4% Affluent Empty Nesters 5 0.5% Multi-Ethnic Empty Nesters 2 0.2% Cosmopolitan Couples 19 1.8% Pillars of the Community 1 0.1% New Empty Nesters 3 0.3% Suburban Establishment 2 0.2% Second-City Establishment 2 0.2% Mainstream Empty Nesters 17 1.6% Middle-American Retirees 24 2.3% Blue-Collar Retirees 22 2.1% Middle-Class Move=Downs 5 0.5%

Subtotal: 143 13.6%

Traditional & Non-Traditional Families†

Corporate Establishment 10 1.0% Nouveau Money 13 1.2% e-Type Families 5 0.5% Button-Down Families 4 0.4% Unibox Transferees 10 1.0% Fiber-Optic Families 2 0.2% Late-Nest Suburbanites 23 2.2% Multi-Cultural Families 7 0.7% Multi-Ethnic Families 6 0.6% Uptown Families 19 1.8% Subtotal: 99 9.4%

* Primarily one- and two-person households † Primarily three- to five-person households.

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Table 6 Page 2 of 2

Target Groups For New Multi-Family For-Rent Households With Annual Incomes Above $40,000 The Bridge Street District City of Dublin, Franklin County, Ohio

Younger Number of Share of Singles & Couples* Households Households

New Power Couples 4 0.4% New Bohemians 91 8.7% Cosmopolitan Elite 5 0.5% The VIPs 175 16.6% Fast-Track Professionals 153 14.5% Suburban Achievers 18 1.7% Suburban Strivers 116 11.0% Small-City Singles 25 2.4% Twentysomethings 154 14.6% Second-City Strivers 69 6.6% Subtotal: 810 77.0%

Total Households: 1,052 100.0%

* Primarily one- and two-person households

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Table 7 Page 1 of 2

Target Groups For New Multi-Family For-Sale Households With Annual Incomes Above $40,000 The Bridge Street District City of Dublin, Franklin County, Ohio

Empty Nesters Number of Share of & Retirees• Households Households

Old Money 3 2.2% The One Percenters 4 3.0% The Social Register 1 0.7% Urban Establishment 2 1.5% Affluent Empty Nesters 1 0.7% Suburban Establishment 1 0.7% Cosmopolitan Couples 3 2.2% Pillars of the Community 1 0.7% New Empty Nesters 5 3.7% Mainstream Empty Nesters 2 1.5% Middle-American Retirees 2 1.5% Blue-Collar Retirees 2 1.5% Middle-Class Move-Downs 3 2.2%

Subtotal: 30 22.2%

Traditional & Non-Traditional Families†

Corporate Establishment 3 2.2% Nouveau Money 3 2.2% Unibox Transferees 2 1.5% Late-Nest Suburbanites 4 3.0% Multi-Cultural Families 1 0.7% Uptown Families 3 2.2% Subtotal: 16 11.9%

* Primarily one- and two-person households † Primarily three- to five-person households.

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Table 7 Page 2 of 2

Target Groups For New Multi-Family For-Sale Households With Annual Incomes Above $40,000 The Bridge Street District City of Dublin, Franklin County, Ohio

Younger Number of Share of Singles & Couples* Households Households New Power Couples 1 0.7% New Bohemians 13 9.6% Cosmopolitan Elite 2 1.5% The VIPs 23 17.0% Fast-Track Professionals 21 15.6% Suburban Achievers 2 1.5% Suburban Strivers 14 10.4% Small-City Singles 2 1.5% Twentysomethings 8 5.9% Second-City Strivers 3 2.2% Subtotal: 89 65.9%

Total Households: 135 100.0%

* Primarily one- and two-person households

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Table 8 Page 1 of 2

Target Groups For New Single-Family Attached For-Sale Households With Annual Incomes Above $40,000 The Bridge Street District City of Dublin, Franklin County, Ohio

Empty Nesters Number of Share of & Retirees• Households Households

Old Money 8 3.2% The One Percenters 12 4.7% The Social Register 1 0.4% Small-Town Patriarchs 2 0.8% Urban Establishment 2 0.8% Affluent Empty Nesters 2 0.8% Suburban Establishment 2 0.8% Multi-Ethnic Empty Nesters 1 0.4% Cosmopolitan Couples 3 1.2% Pillars of the Community 1 0.4% New Empty Nesters 3 1.2% Second-City Establishment 2 0.8% Mainstream Empty Nesters 7 2.8% Middle-American Retirees 5 2.0% Blue-Collar Retirees 5 2.0% Middle-Class Move-Downs 4 1.6%

Subtotal: 60 23.7%

Traditional & Non-Traditional Families†

Corporate Establishment 12 4.7% Nouveau Money 14 5.5% e-Type Families 2 0.8% Button-Down Families 4 1.6% Unibox Transferees 5 2.0% Fiber-Optic Families 3 1.2% Late-Nest Suburbanites 14 5.5% Multi-Cultural Families 1 0.4% Multi-Ethnic Families 2 0.8% Uptown Families 7 2.8% Subtotal: 64 25.3%

* Primarily one- and two-person households † Primarily three- to five-person households.

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Table 8 Page 2 of 2

Target Groups For New Single-Family Attached For-Sale Households With Annual Incomes Above $40,000 The Bridge Street District City of Dublin, Franklin County, Ohio

Younger Number of Share of Singles & Couples* Households Households New Power Couples 2 0.8% New Bohemians 10 4.0% Cosmopolitan Elite 3 1.2% The VIPs 39 15.4% Fast-Track Professionals 17 6.7% Suburban Achievers 7 2.8% Suburban Strivers 28 11.1% Small-City Singles 7 2.8% Twentysomethings 10 4.0% Second-City Strivers 6 2.4% Subtotal: 129 51.0%

Total Households: 253 100.0%

* Primarily one- and two-person households

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Table 9 Page 1 of 2

Target Groups For New Single-Family Detached For-Sale Households With Annual Incomes Above $40,000 The Bridge Street District City of Dublin, Franklin County, Ohio

Empty Nesters Number of Share of & Retirees• Households Households

Old Money 37 7.3% The One Percenters 74 14.7% The Social Register 2 0.4% Small-Town Patriarchs 15 3.0% Urban Establishment 1 0.2% Affluent Empty Nesters 27 5.3% Suburban Establishment 15 3.0% Multi-Ethnic Empty Nesters 2 0.4% Pillars of the Community 2 0.4% New Empty Nesters 4 0.8% Second-City Establishment 6 1.2% Mainstream Empty Nesters 14 2.8% Middle-American Retirees 19 3.8% Blue-Collar Retirees 16 3.2% Middle-Class Move-Downs 8 1.6%

Subtotal: 242 47.9%

Traditional & Non-Traditional Families†

Corporate Establishment 40 7.9% Nouveau Money 40 7.9% e-Type Families 3 0.6% Button-Down Families 17 3.4% Unibox Transferees 8 1.6% Fiber-Optic Families 5 1.0% Late-Nest Suburbanites 19 3.8% Multi-Cultural Families 1 0.2% Multi-Ethnic Families 12 2.4% Uptown Families 16 3.2% Subtotal: 161 31.9%

* Primarily one- and two-person households † Primarily three- to five-person households.

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Table 9 Page 2 of 2

Target Groups For New Single-Family Detached For-Sale Households With Annual Incomes Above $40,000 The Bridge Street District City of Dublin, Franklin County, Ohio

Younger Number of Share of Singles & Couples* Households Households New Power Couples 3 0.6% New Bohemians 1 0.2% Cosmopolitan Elite 5 1.0% The VIPs 28 5.5% Fast-Track Professionals 4 0.8% Suburban Achievers 13 2.6% Suburban Strivers 22 4.4% Small-City Singles 21 4.2% Twentysomethings 3 0.6% Second-City Strivers 2 0.4% Subtotal: 102 20.2%

Total Households: 505 100.0%

* Primarily one- and two-person households

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Table 10 Page 1 of 2

Optimum Market Position The Bridge Street District The City of Dublin, Franklin County, Ohio March, 2019

Base Base Percent of Unit Unit Rent/Price Unit Size Rent/Price Annual Households Housing Type Configuration Mix Range Range Per Sq. Ft. Market Capture Number

54.1% Multi-Family For-Rent 286 to 338

450 Lofts Microloft/1ba 25% $750 350 $2.14 135 158 Studio loft/1ba 25% $1,000 500 $2.00 1br loft/1ba 30% $1,375 700 $1.96 2br loft/2ba 20% $1,850 950 $1.95

Weighted Average: $1,220 613 $1.99

602 Apartments Studio/1ba 30% $1,150 550 $2.09 151 181 1br/1ba 30% $1,650 800 $2.06 2br/2ba 30% $2,200 1,100 $2.00 3br/2ba PH 10% $3,400 1,600 $2.13

Weighted Average: $1,840 895 $2.06

6.9% Multi-Family For-Sale 27 to 34

135 Condominiums 1br/1.5ba/study 35% $235,000 900 $261 2br/2.5ba 40% $325,000 1,250 $260 3br/2.5ba 25% $375,000 1,500 $250

Weighted Average: $306,000 1,190 $257

13.0% Single-Family Attached For-Sale 25 to 30

253 Townhouses 2br/2.5ba 35% $285,000 1,100 $259 2br/2.5ba/study 35% $365,000 1,450 $252 3br/2.5ba 30% $425,000 1,700 $250

Weighted Average: $355,000 1,403 $253

NOTE: Base prices are in year 2019 dollars, and do not include floor premiums, options or upgrades.

SOURCE: Zimmerman/Volk Associates, Inc. Table 10 Page 2 of 2

Optimum Market Position The Bridge Street District The City of Dublin, Franklin County, Ohio March, 2019

Base Base Percent of Unit Unit Rent/Price Unit Size Rent/Price Annual Households Housing Type Configuration Mix Range Range Per Sq. Ft. Market Capture Number

26.0% Single-Family Detached For-Sale 25 to 35

505 Houses 2br/2.5ba/study 35% $435,000 1,650 $264 3br/2.5ba 35% $500,000 1,950 $256 3br/2.5ba/study 30% $575,000 2,250 $256

Weighted Average: $499,750 1,935 $258

100.0% 383 to 438 du per year

1,945 Target Households

NOTE: Base prices are in year 2019 dollars, and do not include floor premiums, options or upgrades.

SOURCE: Zimmerman/Volk Associates, Inc. ZIMMERMAN/VOLK ASSOCIATES, INC. Post Office Box 4907 Clinton, New Jersey 08809 908 735-6336 [email protected] • www.ZVA.cc

Residential Market Analysis Across the Urban-to-Rural Transect

ASSUMPTIONS AND LIMITATIONS—

Every effort has been made to insure the accuracy of the data contained within this analysis. Demographic and economic estimates and projections have been obtained from government agencies at the national, state, and county levels. Market information has been obtained from sources presumed to be reliable, including developers, owners, and/or sales agents. However, this information cannot be warranted by Zimmerman/Volk Associates, Inc. While the proprietary residential target market methodology™ employed in this analysis allows for a margin of error in base data, it is assumed that the market data and government estimates and projections are substantially accurate.

Absorption scenarios are based upon the assumption that a normal economic environment will prevail in a relatively steady state during development of the subject property. Absorption paces are likely to be slower during recessionary periods and faster during periods of recovery and high growth. Absorption scenarios are also predicated on the assumption that the product recommendations will be implemented generally as outlined in this report and that the developer will apply high-caliber design, construction, marketing, and management techniques to the development of the property.

Recommendations are subject to compliance with all applicable regulations. Relevant accounting, tax, and legal matters should be substantiated by appropriate counsel.

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ZIMMERMAN/VOLK ASSOCIATES, INC. Post Office Box 4907 Clinton, New Jersey 08809 908 735-6336 [email protected] • www.ZVA.cc

Residential Market Analysis Across the Urban-to-Rural Transect

RIGHTS AND STUDY OWNERSHIP—

Zimmerman/Volk Associates, Inc. retains all rights, title and interest in the ZVA residential target market methodology™ and target market descriptions contained within this study. The specific findings of the analysis are the property of the client and can be distributed at the client’s discretion.

© Zimmerman/Volk Associates, Inc., 2019

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ZIMMERMAN/VOLK ASSOCIATES, INC. P.O. Box 4907 Clinton, New Jersey 08809 908 735-6336 www.ZVA.cc • [email protected] Research & Strategic Analysis

EXECUTIVE SUMMARY M A R K E T P O S I T I O N A N A L Y S I S The Bridge Street/OH 161/US 33 Corridor City of Dublin, Franklin County, Ohio August, 2009

The residential market study identified a strong potential market for new rental and for-sale apartments, and for-sale townhouses and urban detached houses along the Bridge Street/OH 161/US 33 Corridor. The target markets included a mix of younger singles and childless couples—including white-collar professionals, young entrepreneurs, artists, and “knowledge workers” as well as office workers, undergraduates and graduate students, and other higher- education affiliates; empty nesters, with college-aged or adult children, and retirees, with incomes from pensions, savings and investments; and a small number of families.

From the market perspective, the assets of the Study Area that would make it an attractive place to live include: • Walking distance to historic Downtown Dublin. • Walking distance to several major employers in the city. • Exceptional visibility from Interstate 270. • Approximately a half hour drive to Ohio State University in Columbus. • A short drive to a wide variety of retailers, including the Mall at Turtle Crossing south of the city.

From a market perspective, the most significant challenges associated with the Study Area are: • The indirect access to/from I-270. • The nearly complete lack of transit connecting the Study Area with any other location in Dublin, Columbus, or elsewhere in Franklin County.

Based on target market housing preferences and financial capacities, the initial rents and prices, in 2009 dollars, for up to 1,500 housing units that could be developed along the Corridor are shown on the following page:

UNIT MARKET-ENTRY UNIT RENT/PRICE NUMBER TYPE BASE RENTS/PRICES SIZES PER SQ . FT. MULTI-FAMILY FOR-RENT—53.8% 807 Lofts/Apts. $675 to 550 to $1.17 to $1,950 per month 1,600 sf $1.25 MULTI-FAMILY FOR-SALE—28.3% 425 Lofts/Apts. $125,000 to 700 to $177 to $345,000 1,750 sf $197 SINGLE-FAMILY ATTACHED FOR-SALE—11.7% 175 Rowhouses/Live-Work $190,000 to 1,050 to $171 to $325,000 1,900 sf $181 SINGLE-FAMILY DETACHED FOR-SALE—6.2% 93 Urban Houses $235,000 to 1,350 to $171 to $375,000 2,200 sf $181 1,500 dwelling units

Base rents/prices apply to first-floor units in year 2009 dollars. The rents/prices do not include view or floor premiums, and the prices do not include buyer options and upgrades, which can be significant, ranging from five percent or more above the base prices. The weighted averages for each of the four housing types would then be as follows: WEIGHTED AVERAGE HOUSING WEIGHTED AVERAGE WEIGHTED AVERAGE BASE RENT/PRICE TYPE BASE RENT/PRICE UNIT SIZE PER SQ . FT. Loft/Apartment Rentals $1,185 per month 983 $1.21 Loft/Apartment Condos $218,250 1,198 $182 Rowhouses/Live-Work $264,750 1,535 $172 Urban Houses $300,000 1,753 $171

After more than 20 years’ experience in numerous cities across the country, and in the context of the target market methodology, Zimmerman/Volk Associates has determined that those households that can afford, and would prefer new construction, rather than existing or renovated units, represent approximately five to 15 percent of the potential market, given the production of appropriately-positioned new housing. (Until the collapse of the housing market in the fall of 2008, newly-constructed dwelling units represented 15 percent of all units sold in the nation.) Over the near term, absorption rates are likely to be lower than the annual number of units forecast due to the uncertain timing of a mortgage and housing market recovery.

Assuming a capture rate of 10 percent, absorption of 1,500 new dwelling units within the Study Area would likely be achieved within approximately seven years, depending on phasing, construction and site constraints, and predicated on no worsening of the national, regional and local economies. o

ZIMMERMAN/VOLK ASSOCIATES, INC. ZIMMERMAN/VOLK ASSOCIATES, INC. P.O. Box 4907 Clinton, New Jersey 08809 908 735-6336 www.ZVA.cc • [email protected]

Research & Strategic Analysis

I N T E R I M M E M O R A N D U M

M A R K E T P O S I T I O N A N A L Y S I S The Bridge Street/OH 161/US 33 Corridor City of Dublin, Franklin County, Ohio

August, 2009

INTRODUCTION

This study identifies the optimum market position for new market-rate high-density dwelling units that could be constructed within various locations along the Bridge Street/OH 161/US 33 Corridor (the Study Area), located in the City of Dublin, Franklin County, Ohio. In general, the Study Area extends from Sawmill Road, which forms the border with Columbus in the east, to Interstate 270 in the west, and from I-270 in the north to just below Metro Center in the south. The primary focus of the study, however, is the area surrounding historic Downtown Dublin, located south of I-270 and north of Bridge Street/OH 262/US 33.

The depth and breadth of the potential market have been determined using Zimmerman/Volk Associates’ proprietary target market methodology. In contrast to conventional supply/demand analysis—which is based on supply-side dynamics and baseline demographic projections—target market analysis establishes the optimum market position derived from the housing preferences and socio-economic characteristics of households in the draw areas within the framework of the local housing market context.

The target market methodology is particularly effective in defining housing potential because it encompasses not only basic demographic characteristics, such as income qualification and age, but also less-frequently analyzed attributes such as mobility rates, lifestyle patterns and household compatibility issues.

Interim Memorandum, MARKET POSITION ANALYSIS Page 2 The Bridge Street/OH 161/US 33 Corridor City of Dublin, Franklin County, Ohio August, 2009

The current constrained market—characterized throughout most of the United States by significantly reduced housing values; high levels of unsold units, both builder inventory units as well as foreclosed and/or abandoned houses; and high levels of mortgage delinquencies by speculators and investors as well as homeowners—has resulted in very restrictive development financing and mortgage underwriting, taking a significant percentage of potential homebuyers out of the market and preventing numerous for-sale developments from going forward. Nationally, financing has also been challenging for rental developers, with the result that few new residential projects, regardless of tenure, are moving forward.

These market constraints do not reduce the size of the potential market; however, depending on the timing of market entry, they could reduce the initial percentage of the potential market able to overcome those constraints.

NOTE: Tables 1 through 6 outline the depth and breadth, and composition of the potential market for new rental and for-sale housing units that could be constructed within the Bridge Street/OH 161/US 33 Corridor. Tables 7 and 8 summarize selected benchmark supply-side data. Table 9 describes the optimum market position, at market-entry, for new rental and for-sale housing units that could be constructed within the Study Area. The Appendix Tables contain migration and target market data covering the appropriate draw areas for the City of Dublin and for the Study Area.

MARKET POTENTIAL

The depth and breadth of the potential market for new market-rate dwelling units that could be constructed within the Bridge Street/OH 161/US 33 Corridor have been derived from the housing preferences and financial capacities of the draw area target households, identified through Zimmerman/Volk Associates’ proprietary target market methodology and extensive experience with New Urbanist development and redevelopment.

As derived from migration analysis—based on the most recent taxpayer records from the Internal Revenue Service—the principal draw areas for new housing units within the Study Area include the City of Dublin as well as the balance of Franklin County. The adjacent counties of Delaware, Fairfield, and Licking Counties are also significant draw areas. This analysis also factors in the market potential due to expanded employment created by companies located in the Study Area,

ZIMMERMAN/VOLK ASSOCIATES, INC. Interim Memorandum, MARKET POSITION ANALYSIS Page 3 The Bridge Street/OH 161/US 33 Corridor City of Dublin, Franklin County, Ohio August, 2009

as well as from households currently living in all other counties represented in Franklin County migration.

—TARGET RESIDENTIAL MIX—

As determined by the target market methodology, which accounts for household mobility within Dublin and Franklin County, as well as migration and mobility patterns of households currently living in all other cities and counties, just over 2,200 younger singles and couples, empty nesters and retirees, and traditional and non-traditional families currently living in the draw areas comprise the annual potential market for new residential construction within the Study Area. Based on the tenure (renter/buyer) and lifestyle preferences of the draw area households that represent the potential market for the redevelopment area, and excluding those households with preferences for larger-lot suburban single-family detached units, the target residential mix of new dwelling units within the study area would be as follows (see also Table 1):

Target Residential Mix BRIDGE STREET/OH 161/US 33 CORRIDOR City of Dublin, Franklin County, Ohio NUMBER OF PERCENT HOUSING TYPE HOUSEHOLDS OF TOTAL Multi-family for-rent 1,200 53.8% Multi-family for-sale 630 28.3% Single-family attached for-sale 260 11.7% Single-family urban detached for-sale 140 6.2 % Total 2,230 100.0% SOURCE: Zimmerman/Volk Associates, Inc., 2009.

For purposes of this analysis, the target residential mix and optimum market position for the study area have been established for a total of 1,500 units. The availability of land, the feasibility of non-residential uses, and the master planning process may indicate that either a greater or lesser number of units could be developed within the Study Area.

ZIMMERMAN/VOLK ASSOCIATES, INC. Interim Memorandum, MARKET POSITION ANALYSIS Page 4 The Bridge Street/OH 161/US 33 Corridor City of Dublin, Franklin County, Ohio August, 2009

As derived from market preferences, the target residential mix of 1,500 units would be as follows:

Target Residential Mix—1,500 Units BRIDGE STREET/OH 161/US 33 CORRIDOR City of Dublin, Franklin County, Ohio PERCENT NUMBER HOUSING TYPE OF TOTAL OF UNITS Multi-family for-rent 53.8% 807 Multi-family for-sale 28.3% 425 Single-family attached for-sale 11.7% 175 Single-family urban detached for-sale 6.2 % 93 Total 100.0% 1,500 SOURCE: Zimmerman/Volk Associates, Inc., 2009.

Based on projected market capture rates (see Absorption Forecasts below), a total of 1,500 dwelling units constructed within the Study Area, in a mix of 807 rental apartments, 425 condominiums, 175 townhouses, and 93 urban detached houses could be absorbed over a six- to six-year development period. As the Study Area is planned and actual unit yield determined, the appropriate proportions of housing types should be maintained as closely as possible.

ZIMMERMAN/VOLK ASSOCIATES, INC. Table 1

Potential Housing Market Derived From New Unit Purchase And Rental Propensities Of Draw Area Households With The Potential To Move To The Corridor In 2009 The Bridge Street/OH 161/US 33 Corridor City of Dublin, Franklin County, Ohio

City of Dublin; Balance of Franklin County; Regional Draw Counties; All Other US Counties Draw Areas

Total Target Market Households With Potential To Rent/Purchase In City of Dublin, Franklin County, Ohio 8,200

Total Target Market Households With Potential To Rent/Purchase In The Bridge Street/OH 161/US 33 Corridor 2,230

Potential Housing Market Multi- Single- ...... Family ...... Family ...... Attached ...... Detached ...... For-Rent For-Sale All Ranges Low-Range Mid-Range High-Range Total

Total Households: 1,200 630 260 260 250 200 2,800 {Mix Distribution}: 42.9% 22.5% 9.3% 9.3% 8.9% 7.1% 100.0%

Target Residential Mix (Excluding Large-Lot Detached Units) Multi- Single- ...... Family ...... Family ...... Attached . . . . Detached . . For-Rent For-Sale All Ranges Urban Lot Total

Total Households: 1,200 630 260 140 2,230 {Mix Distribution}: 53.8% 28.3% 11.7% 6.2% 100.0%

NOTE: Reference Appendix One, Tables 1 Through 11.

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Interim Memorandum, MARKET POSITION ANALYSIS Page 6 The Bridge Street/OH 161/US 33 Corridor City of Dublin, Franklin County, Ohio August, 2009

TARGET MARKETS

The significant transformation of American households (particularly shrinking household size and the predominance of one- and two-person households) over the past decade, combined with steadily increasing traffic congestion and fluctuating gasoline prices, has resulted in important changes in neighborhood and housing preferences, with major shifts from predominantly single- family detached houses in lower-density suburbs to higher-density apartments, townhouses, and detached houses in urban and mixed-use neighborhoods. The fundamental transformation of American households is likely to continue for at least the next decade.

This transformation has been spurred by the convergence of the two largest generations in the history of America: the 78 million Baby Boomers born between 1946 and 1964, and the 76 million Millennials, who were born from 1977 to 1996. The convergence of two generations of this size—simultaneously reaching a point when urban housing matches their life stage—is unprecedented.

Mirroring this national trend, the potential market for new market-rate housing units that could be constructed within the Study Area is predominantly younger singles and couples, with a small percentage of empty nesters and retirees, and a few families (primarily townhouse and urban detached house buyers). The target groups for the site can be characterized by housing preference as follows (see also Tables 2 through 6):

Target Residential Mix By Household and Unit Types BRIDGE STREET/OH 161/US 33 CORRIDOR City of Dublin, Franklin County, Ohio PERCENT RENTAL FOR-SALE FOR-SALE FOR-SALE HOUSEHOLD TYPE OF TOTAL MULTI-FAM. MULTI-FAM. SF ATT. URBAN SFD Empty-Nesters & Retirees 9% 5% 5% 23% 29% Traditional & Non-Traditional Families 7% 3% 2% 15% 42% Younger Singles & Couples 84 % 92 % 94 % 62 % 29 % Total 100% 100% 100% 100% 100%

SOURCE: Zimmerman/Volk Associates, Inc., 2009.

ZIMMERMAN/VOLK ASSOCIATES, INC. Interim Memorandum, MARKET POSITION ANALYSIS Page 7 The Bridge Street/OH 161/US 33 Corridor City of Dublin, Franklin County, Ohio August, 2009

For the target households, new housing in the Study Area represents an opportunity to rent or own a residence in a mixed-use environment. New housing—with new appliances in kitchens and baths, floorplans that match modern lifestyles, and ample closet space in the bedrooms—has also been a compelling rationale to move for both younger and older households around the country.

Younger singles and couples comprise 84 percent of the market for new dwelling units within the Study Area. The target groups in this segment typically choose to live in neighborhoods that contain a diverse mix of people, housing types, and uses. For the most part, younger households tend to be “risk-tolerant,” and will move into areas or neighborhoods that would not be considered acceptable for most families or older couples.

This younger market include a variety of white-collar professionals—Fast-Track Professionals, the VIPs and Upscale Suburban Couples; young entrepreneurs, artists, and “knowledge workers”—the Entrepreneurs, e-Types, New Bohemians, Twentysomethings; as well as office workers, undergraduates and graduate students, and other higher-education affiliates—No-Nest Suburbanites, Small-City Singles, Urban and Suburban Achievers.

Depending on housing type, younger singles and couples represent between 29 and 92 percent of the market for new housing units located within the Bridge Street/OH 161/US 33 Corridor. Approximately 20 percent would be moving from one unit to another within Dublin, nearly 54 percent would be moving to the Study Area from elsewhere in Franklin County, another five percent would be moving from Delaware, Fairfield, or Licking Counties; and the remaining 23 percent would be moving from elsewhere in the U.S.

Empty nesters and retirees (older singles and couples) represent just nine percent of the potential market for new dwelling units within the Study Area. A significant number no longer have children living at home; another large percentage are retirees, with incomes from pensions, savings and investments, and social security. These households—Urban Establishment, Suburban Establishment, Cosmopolitan Couples, Mainstream Retirees, Middle-Class Move-Downs, and Middle- American Retirees—are attracted to appropriately-designed “move-down” housing within walking distance of restaurants and shops. Twelve percent of these households are currently living in

ZIMMERMAN/VOLK ASSOCIATES, INC. Interim Memorandum, MARKET POSITION ANALYSIS Page 8 The Bridge Street/OH 161/US 33 Corridor City of Dublin, Franklin County, Ohio August, 2009

Dublin, 50 percent would be moving from elsewhere in Franklin County, and the remaining 38 percent from elsewhere in the U.S.

Family-oriented households (traditional and non-traditional families) make up the smallest market (just seven percent) for new units within the Study Area. The non-traditional family market groups in this segment, notably single parents with one or two children, are Full-Nest Urbanites, Multi-Cultural Families, and Multi-Ethnic Families. Non-traditional families, which during the 1990s became an increasingly larger proportion of all U.S. households, encompass a wide range of family households, from a single parent with one or more children, an adult with younger siblings, a grandparent with children and grandchildren, to an unrelated, same-sex couple with children. The traditional family market—married couples with children—includes Unibox Transferees, Nouveau Money, Late-Nest Suburbanites, and Full-Nest Suburbanites.

Depending on housing type, the family market segment represents between two and 42 percent of the market for new housing units constructed within the Study Area. More than a quarter would be moving from one unit to another within the city, almost half would be moving from elsewhere in Franklin County; and the remaining 26 percent would be moving from elsewhere in the U.S.

ZIMMERMAN/VOLK ASSOCIATES, INC. Table 2

Target Residential Mix By Household Type Derived From New Unit Purchase And Rental Propensities Of Draw Area Households With The Potential To Move To The Corridor In 2009 The Bridge Street/OH 161/US 33 Corridor City of Dublin, Franklin County, Ohio

Multi- Single- ...... Family ...... Family ...... Attached . . . . Detached . . Total For-Rent For-Sale All Ranges Urban Lot Number of Households: 2,230 1,200 630 260 140

Empty Nesters & Retirees 9% 5% 5% 23% 29%

Traditional & Non-Traditional Families 7% 3% 2% 15% 42%

Younger Singles & Couples 84% 92% 94% 62% 29%

100% 100% 100% 100% 100%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Table 3

Target Groups For Multi-Family For-Rent The Bridge Street/OH 161/US 33 Corridor City of Dublin, Franklin County, Ohio

Empty Nesters Number of Share of & Retirees Households Households

Urban Establishment 10 0.8% Suburban Establishment 10 0.8% Cosmopolitan Couples 10 0.8% Mainstream Retirees 10 0.8% Middle-Class Move-Downs 10 0.8% Middle-American Retirees 10 0.8% Subtotal: 60 5.0%

Traditional & Non-Traditional Families

Full-Nest Urbanites 10 0.8% Full-Nest Suburbanites 10 0.8% Multi-Ethnic Families 10 0.8% Multi-Cultural Families 10 0.8% Subtotal: 40 3.3%

Younger Singles & Couples

The Entrepreneurs 30 2.5% e-Types 30 2.5% Fast-Track Professionals 140 11.7% The VIPs 30 2.5% Upscale Suburban Couples 40 3.3% New Bohemians 80 6.7% No-Nest Suburbanites 60 5.0% Twentysomethings 120 10.0% Suburban Achievers 180 15.0% Urban Achievers 270 22.5% Small-City Singles 120 10.0% Subtotal: 1,100 91.7%

Total Households: 1,200 100.0%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Table 4

Target Groups For Multi-Family For-Sale The Bridge Street/OH 161/US 33 Corridor City of Dublin, Franklin County, Ohio

Empty Nesters Number of Share of & Retirees Households Households

Affluent Empty Nesters 10 1.6% Mainstream Retirees 10 1.6% Middle-Class Move-Downs 10 1.6%

Subtotal: 30 4.8%

Traditional & Non-Traditional Families

Multi-Cultural Families 10 1.6%

Subtotal: 10 1.6%

Younger Singles & Couples

The Entrepreneurs 20 3.2% e-Types 20 3.2% Fast-Track Professionals 80 12.7% The VIPs 20 3.2% Upscale Suburban Couples 30 4.8% New Bohemians 20 3.2% No-Nest Suburbanites 10 1.6% Twentysomethings 40 6.3% Suburban Achievers 260 41.3% Urban Achievers 50 7.9% Small-City Singles 40 6.3%

Subtotal: 590 93.7%

Total Households: 630 100.0%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Table 5

Target Groups For Single-Family Attached For-Sale The Bridge Street/OH 161/US 33 Corridor City of Dublin, Franklin County, Ohio

Empty Nesters Number of Share of & Retirees Households Households

Urban Establishment 10 3.8% Cosmpolitan Elite 10 3.8% Suburban Establishment 10 3.8% Cosmopolitan Couples 10 3.8% Middle-Class Move-Downs 10 3.8% Multi-Ethnic Retirees 10 3.8%

Subtotal: 60 23.1%

Traditional & Non-Traditional Families

Nouveau Money 10 3.8% Full-Nest Urbanites 10 3.8% Full-Nest Suburbanites 10 3.8% Multi-Ethnic Families 10 3.8%

Subtotal: 40 15.4%

Younger Singles & Couples

The Entrepreneurs 20 7.7% e-Types 10 3.8% Fast-Track Professionals 30 11.5% The VIPs 10 3.8% Upscale Suburban Couples 10 3.8% New Bohemians 10 3.8% Twentysomethings 10 3.8% Suburban Achievers 40 15.4% Urban Achievers 10 3.8% Small-City Singles 10 3.8%

Subtotal: 160 61.5%

Total Households: 260 100.0%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Table 6

Target Groups For UrbanLot Single-Family Detached For-Sale The Bridge Street/OH 161/US 33 Corridor City of Dublin, Franklin County, Ohio

Empty Nesters Number of Share of & Retirees Households Households

Urban Establishment 10 7.1% Cosmopolitan Elite 10 7.1% Affluent Empty Nesters 20 14.3% Subtotal: 40 28.6%

Traditional & Non-Traditional Families

Nouveau Money 20 14.3% Unibox Transferees 20 14.3% Full-Nest Suburbanites 20 14.3%

Subtotal: 60 42.9%

Younger Singles & Couples

The Entrepreneurs 20 14.3% Fast-Track Professionals 10 7.1% The VIPs 10 7.1%

Subtotal: 40 28.6%

Total Households: 140 100.0%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Interim Memorandum, MARKET POSITION ANALYSIS Page 14 The Bridge Street/OH 161/US 33 Corridor City of Dublin, Franklin County, Ohio August, 2009

SUPPLY-SIDE DATA

Preliminary information for relevant rental and for-sale, multi-family and attached properties located in the Dublin market area is provided as follows: for rental properties, see Table 7; for new for-sale condominium and townhouse properties, see Table 8.

ZIMMERMAN/VOLK ASSOCIATES, INC. Preliminary Table 7 Page 1 of 5

Summary Of Selected Rental Properties Dublin Market Area, Ohio June, 2009

Number Unit Base Unit Rents per Occupancy/ Property of Units Type Rent Sizes Sq. Ft. Other Information Address Sawmill Crossing (2005) 364 6700 Allister Way Studio $559 556 $1.01 Fitness center, Ardent Communities 1br/1ba $589 to 637 to $0.63 to Sawmill Club, $649 1,033 $0.92 clubhouse. 2br/2ba $699 to 957 to $0.73 to $739 1,008 $0.73 3br/2ba $899 to 1,185 to $0.75 to $909 1,214 $0.76

Meadow View 312 3300 W. Dublin-Granville Road 1br/1ba $590 to 598 to $0.99 to Fitness center, sauna, TGM Associates $680 646 $1.05 indoor pool, jacuzzi, 2br/2.5ba TH $860 to 1,213 to $0.71 to tanning bed, $915 1,248 $0.73 2 outdoor pools.

The Orchard (2004) 292 5353 Wilcox Road Studio $630 to 545 to $1.16 to Movie theater, Edwards Communities $645 $1.18 club and game room, 1br/1ba $760 to 680 to $1.04 to pool & jacuzzi, $850 820 $1.12 9-hole putting green, 2br/2ba $915 to 1,000 to $0.92 to business center. $1,220 1,255 $0.97 2br/2.5ba TH $995 to 1,155 to $0.86 to $1,360 1,255 $1.08 3br/2.5ba TH $1,525 1,620 $0.94

Sawmill Commons 420 2555 Summer Drive 1br/1ba $650 to 812 $0.80 to Athletic facility, Casto Communities $690 $0.85 pool, sundeck, 2br/1ba $769 1,013 $0.76 picnic area. 2br/1ba $859 1,300 $0.66

Tuttleparke 200 5701 Ebner Circle 1br/1ba $659 850 $0.78 Fitness center, pool. Ebner Properties 2br/1ba $749 1,050 $0.71 clubhouse. 2br/2ba $799 1,100 $0.73

SOURCE: Zimmerman/Volk Associates, Inc. Preliminary Table 7 Page 2 of 5

Summary Of Selected Rental Properties Dublin Market Area, Ohio June, 2009

Number Unit Base Unit Rents per Occupancy/ Property of Units Type Rent Sizes Sq. Ft. Other Information Address Residences at Sawmill Park 120 2765 Sawmill Park Drive 1br/1ba $662 690 $0.96 Sawmill Athletic Club, Preferred Real Est. Comms. 2br/1ba $726 to 822 $0.88 to DVD Library. $746 $0.91 2br/2ba $746 to 884 $0.84 to $766 $0.87

Central Park (2008) 292 In lease-up 105 Radio City Boulevard 1br/1ba $675 to 650 to $1.04 to Clubroom, Edwards Communities $880 755 $1.17 business center, 2br/2ba $1,040 to 960 to $1.08 to movie theater, $1,190 1,050 $1.13 DVD Library fitness center, pool.

The Farms (2004) 308 5412 Edwards Farm Road 1br/1ba $675 to 530 to $1.14 to Pool, jacuzzi, Edwards Communities $860 755 $1.27 movie theater, 2br/2ba $950 to 1,055 to $0.90 to The Barn: clubhouse, $1,315 1,355 $0.97 business center, 2br/2.5ba TH $1,100 to 1,155 to $0.95 to library, game room.. $1,410 1,355 $1.04 3br/2.5ba TH $1,675 to 1,570 $1.07 to $1,695 $1.08

Asherton of Dublin 514 5400 Asherton Boulevard 1br/1ba $685 to 731 to $0.80 to Business center, Oakwood Management $940 1,180 $0.94 pool with deck, 2br/2ba TH $945 to 986 to $0.87 to fitness center, $1,835 2,100 $0.96 four tennis courts, 2br/2ba $950 to 1,074 to $0.87 to whirlpool tub, $1,925 2,214 $0.88 putting green.

SOURCE: Zimmerman/Volk Associates, Inc. Preliminary Table 7 Page 3 of 5

Summary Of Selected Rental Properties Dublin Market Area, Ohio June, 2009

Number Unit Base Unit Rents per Occupancy/ Property of Units Type Rent Sizes Sq. Ft. Other Information Address Britton Woods (1993) 352 5489 Crescent Ridge Drive 1br/1ba $688 to 588 $1.17 to Clubhouse, Bell Apartment Living $880 $1.50 fitness center, 2 pools, 1br/1ba w/dining rm $733 to 805 $0.91 to tennis, sports courts, $896 $1.11 ponds, trails. 1br/1ba w/dining rm/loft $777 to 1,042 $0.75 $867 $0.83 Income guidelines 2br/1ba w/dining rm $821 to 977 $0.84 apply. $1,110 $1.14 2br/2ba w/dining rm $967 to 1,099 $0.88 $1,276 $1.16 2br/2ba w/dining rm/loft $986 to 1,290 $0.76 $1,312 $1.02 3br/2ba w/dining rm $1,120 to 1,282 $0.87 $1,496 $1.17

Perimeter Lakes 189 96% 6146 Perimeter Lakes Drive 1br/1ba $699 to 800 $0.87 to Pool, clubhouse, Associated Estates Comms. $765 $0.96 fitness center 2br/2ba $860 to 1,000 $0.86 to $865 $0.87 2br/2.5ba TH $1,045 1,400 $0.75

Times Square (2003) 356 97% 4130 Times Square Blvd 1br/1ba $709 to 600 to $1.02 to 2 pools, spa, Edwards Communities $865 850 $1.18 movie theater, 2br/2ba $1,023 1,125 $0.91 to The Barn: clubhouse, $1,097 $0.98 business center, 2br/2.5ba TH $1,215 1,305 $0.93 valet dry cleaning. 3br/2.5ba TH $1,545 1,600 $0.97

Saw Mill Village 340 99% 6900 Sawmill Village Drive 1br/1ba $715 to 897 to $0.80 to Fitness center, Associated Estates Comms. $790 1,078 $0.88 indoor and outdoor 2br/2ba $815 to 1,171 to $0.70 to pools, clubhouse, $995 1,273 $0.85 racquetball/tennis, 3br/2ba $1,055 1,465 $0.72 to weight room, jacuzzi. $1,105 $0.75

SOURCE: Zimmerman/Volk Associates, Inc. Preliminary Table 7 Page 4 of 5

Summary Of Selected Rental Properties Dublin Market Area, Ohio June, 2009

Number Unit Base Unit Rents per Occupancy/ Property of Units Type Rent Sizes Sq. Ft. Other Information Address Orleans (2004) 250 5199 Edwards Farms Road 1br/1ba $715 to 655 to $1.09 to The Barn: Club Edwards Communities $729 675 $1.11 fitness center, 2br/2ba-2-story $915 955 $0.96 movie theater, 2br/2.5ba TH $1,195 to 1,250 $0.95 to business center, $1,225 1,285 $0.96 clothes care center.

The Charleston (2006) 287 5407 Edwards Plantation Road 1br/1ba $715 to 600 to $1.16 to The Barn: Club Edwards Communities $885 761 $1.19 fitness center, 1br/1ba/den $900 to 866 $1.04 to business center, $942 $1.09 valet dry cleaning, 2br/2ba $1,048 to 1,120 to $0.95 to lending library. $1,141 1,196 $0.94 3br/2ba $1,497 to 1,482 $1.01 to $1,560 $1.05 2br/2.5ba TH $1,250 to 1,308 $0.96 to $1,305 $1.00 3br/2.5ba TH $1,660 to 1,645 $1.01 to $1,695 $1.03

Camden Place 238 4311 Camden Circle 1br/1ba $720 to 800 $0.90 to Fitness center, Edwards Communities $740 $0.93 spa & pool, 2br/2ba $865 to 1,100 to $0.77 to business center, $895 1,160 $0.79 clubhouse. 2br/3ba TH $1,150 to 1,400 $0.82 $1,275 $0.91

Sycamore Ridge (1995) 270 6700 Sycamore Ridge Blvd. 1br/1ba $720 to 878 $0.82 to Clubhouse, Bell Apartment Living $1,200 $1.37 fitness center, 2br/2ba $883 to 1,105 $0.80 to playground, pool. $1,244 $1.13 2br/2.5ba TH $1,041 to 1,350 $0.77 $1,452 $1.08 3br/2.5ba TH $1,270 to 1,474 $0.86 $1,737 $1.18

SOURCE: Zimmerman/Volk Associates, Inc. Preliminary Table 7 Page 5 of 5

Summary Of Selected Rental Properties Dublin Market Area, Ohio June, 2009

Number Unit Base Unit Rents per Occupancy/ Property of Units Type Rent Sizes Sq. Ft. Other Information Address Crossings at Avery 223 6200 Avery Crossing Blvd. 1br/1ba $750 to 800 $0.94 to Pool, clubhouse, Colonial American Communities $770 $0.96 carwash, 2br/2ba $840 to 1,075 to $0.78 to tennis courts, $1,025 1,175 $0.87 theater. 2br/2.5ba TH $1,210 to 1,350 $0.90 $1,390 $1.03 3br/2.5ba TH $1,245 to 1,600 $0.78 $1,610 $1.01 3br/3ba TH $1,520 to 1,600 $0.95 $1,555 $0.97

The Pines at Tuttle Crossing (2000) 460 5303 Wilcox Road 1br/1ba $765 to 795 to $0.96 to Pool, library, Newbury Properties $895 820 $1.09 carwash, sauna, 1br/1ba/den $865 to 950 $0.91 to fitness center, $875 $0.92 business center. 2br/2ba $935 to 1,150 to $0.78 to $1,120 1,441 $0.81 2br/2.5ba TH $1,179 1,300 $0.91 $1,195 $0.92 3br/2.5ba TH $1,379 1,500 $0.92 $1,395 $0.93

The Residences at Scioto Crossing (2008) 174 In lease-up 3900 Suffolk Drive 1br/1ba $770 to 820 to $0.94 to Clubhouse, T&R Properties $885 850 $1.04 fitness center, pool, 2br/2ba $970 to 1,050 to $0.92 to business center, $1,195 1,220 $0.98 free weights. 3br/2ba $1,429 1,250 $1.14

SOURCE: Zimmerman/Volk Associates, Inc. Preliminary Table 8 Page 1 of 2

Summary Of Selected For-Sale Multi-Family And Single-Family Attached Developments Dublin Market Area, Ohio June, 2009

Unit Unit Price Unit Size Price Per Total Sold to Development Type Range Range Sq. Ft. Units Date Developer/Address Gorden Farms CO/TH condo conversion 168 220 West Bridge Street $89,900 to 480 to $187 to Grabill & Co. $159,900 880 $182

The Falls at Hayden Run (2007) CO/TH 6290 Hayden Run Road to 700 to $86 to Fitness center, Lifestyle Communities $198,900 2,304 $0 community center, bar, pool

The Reserve at Scioto Crossing (2006) CO/TH 232 24 Sawmill Road CO $139,900 to 1,144 to $122 to Remaining in Today Homes $181,500 1,487 $122 current phase TH $185,500 to 1,483 to $125 to $298,700 2,025 $148

Brittany Place CO/TH 3942 Rue de Brittany CO $152,900 to 1,400 to $99 to Newbury Companies $175,900 1,768 $109 TH $180,900 to 1,505 to $105 to $212,900 2,019 $120

The Broadway Condominiums (2006) CO 126 5609 Frawley Drive $154,900 to 1,224 to $127 to Edwards Communities $205,000 1,591 $129

Avery Place Duplex 68 5239 Avery Oak Drive $229,700 to 2,184 to $105 to $267,700 2,300 $116

SOURCE: Zimmerman/Volk Associates, Inc. Preliminary Table 8 Page 2 of 2

Summary Of Selected For-Sale Multi-Family And Single-Family Attached Developments Dublin Market Area, Ohio June, 2009

Unit Unit Price Unit Size Price Per Total Sold to Development Type Range Range Sq. Ft. Units Date Developer/Address East Bank II (2008) CO 28 10 (0.8) 5745 Newbank Circle $239,900 to 1,290 to $186 to 2 reservations Long and Wilcox $675,000 3,199 $211

Greystone Mews (2008) Duplex 132 6752 Cooperstown Drive $270,275 to 2,341 to $115 to M/I Homes $317,900 2,592 $123

SOURCE: Zimmerman/Volk Associates, Inc. Interim Memorandum, MARKET POSITION ANALYSIS Page 22 The Bridge Street/OH 161/US 33 Corridor City of Dublin, Franklin County, Ohio August, 2009

OPTIMUM MARKET POSITION

From the market perspective, the assets of the Study Area that would make it an attractive place to live include: • Walking distance to historic Downtown Dublin. • Walking distance to several major employers in the city. • Exceptional visibility from Interstate 270. • Approximately a half hour drive to Ohio State University in Columbus. • A short drive to a wide variety of retailers, including the Mall at Turtle Crossing south of the city.

From a market perspective, the most significant challenges associated with the Study Area are: • The indirect access to/from I-270. • The nearly complete lack of transit connecting the Study Area with any other location in Dublin, Columbus, or elsewhere in Franklin County.

The optimum market position for new market-rate housing units to be constructed within the Study Area has therefore been developed based on a variety of factors, including but not limited to: • A Goody Clancy urban master plan; • The Study Area’s assets and challenges; • The understanding that retail and other non-residential uses will also be developed within the Study Area; • The housing preferences and financial capacities of the target market households; and • Residential market dynamics in the Dublin market area.

The optimum market position, at market-entry, for approximately 1,500 new market-rate housing units within the Study area would therefore be as shown on the following page (see also Table 9):

ZIMMERMAN/VOLK ASSOCIATES, INC. Interim Memorandum, MARKET POSITION ANALYSIS Page 23 The Bridge Street/OH 161/US 33 Corridor City of Dublin, Franklin County, Ohio August, 2009

Optimum Market Position BRIDGE STREET/OH 161/US 33 CORRIDOR City of Dublin, Franklin County, Ohio UNIT MARKET-ENTRY UNIT RENT/PRICE NUMBER TYPE BASE RENTS/PRICES SIZES PER SQ . FT. MULTI-FAMILY FOR-RENT—53.8% 807 Lofts/Apts. $675 to 550 to $1.17 to $1,950 per month 1,600 sf $1.25 MULTI-FAMILY FOR-SALE—28.3% 425 Lofts/Apts. $125,000 to 700 to $177 to $345,000 1,750 sf $197 SINGLE-FAMILY ATTACHED FOR-SALE—11.7% 175 Rowhouses/Live-Work $190,000 to 1,050 to $171 to $325,000 1,900 sf $181 SINGLE-FAMILY URBAN DETACHED FOR-SALE—6.2% 93 Urban Houses $235,000 to 1,350 to $170 to $375,000 2,200 sf $174 1,500 dwelling units SOURCE: Zimmerman/Volk Associates, Inc., 2009.

Base rents/prices apply to first-floor units in year 2009 dollars. Unit sizes and configurations have been structured to reflect market preferences and priced to fit within the current leasing and purchasing capabilities of the target market households. The rents/prices do not include view or floor premiums, and the prices do not include buyer options and upgrades, which can be significant, ranging from five percent or more above the base prices. This analysis has not calculated affordability based on the use of non-standard mortgage instruments;, but rather typical 30-year mortgages, with at least a 10 percent down payment, at six percent interest.

It is probable that during the planning process, this precise mix and/or unit yield may not be achieved.

ZIMMERMAN/VOLK ASSOCIATES, INC. Table 9 Page 1 of 2

Optimum Market Position The Bridge Street/OH 161/US 33 Corridor City of Dublin, Franklin County, Ohio August, 2009

Base Base Percent of Unit Unit Rent/Price Unit Size Rent/Price Units Housing Type Configuration Mix Range Range Per Sq. Ft.

53.8% Multi-Family For-Rent

Lofts/Apts. Studio 10% $675 550 $1.23 1br/1ba 25% $850 700 $1.21 1br/1.5ba/office* 25% $1,250 1,000 $1.25 2br/2ba 25% $1,350 1,150 $1.17 2br/2ba/office 10% $1,575 1,350 $1.17 3br/2.5ba* 5% $1,950 1,600 $1.22

Weighted Averages: $1,185 983 $1.21

28.3% Multi-Family For-Sale

Lofts/Apts. Studio 10% $125,000 700 $179 1br/1ba 25% $160,000 900 $178 1br/1.5ba/office* 10% $215,000 1,150 $187 2br/2ba 25% $230,000 1,300 $177 2br/2.5ba* 15% $260,000 1,400 $186 2br/2.5ba/office* 10% $305,000 1,650 $185 3br/2.5ba Penthouse 5% $345,000 1,750 $197

Weighted Averages: $218,250 1,198 $182

* Two-story unit.

NOTE: Base rents/prices are in year 2009 dollars and do not include premiums, or consumer options or upgrades.

SOURCE: Zimmerman/Volk Associates, Inc. Table 9 Page 2 of 2

Optimum Market Position The Bridge Street/OH 161/US 33 Corridor City of Dublin, Franklin County, Ohio August, 2009

Base Base Percent of Unit Unit Rent/Price Unit Size Rent/Price Units Housing Type Configuration Mix Range Range Per Sq. Ft.

11.7% Single-Family Attached For-Sale

Rowhouses/Live-Work 2br/1.5ba 10% $190,000 1,050 $181 2br/2.5ba 20% $200,000 1,150 $174 2br/2.5ba/office 20% $260,000 1,500 $173 3br/2.5ba 25% $290,000 1,700 $171 3br/2.5ba/office 25% $325,000 1,900 $171

Weighted Averages: $264,750 1,535 $172

6.2% Single-Family Urban Detached For-Sale

Urban Houses 2br/2.5ba 25% $235,000 1,350 $174 2br/2.5ba/office 20% $265,000 1,550 $171 3br/2.5ba 30% $315,000 1,850 $170 3br/2.5ba/office 25% $375,000 2,200 $170

Weighted Averages: $300,000 1,753 $171

100.0%

NOTE: Base rents/prices are in year 2009 dollars and do not include premiums, or consumer options or upgrades.

SOURCE: Zimmerman/Volk Associates, Inc. Interim Memorandum, MARKET POSITION ANALYSIS Page 26 The Bridge Street/OH 161/US 33 Corridor City of Dublin, Franklin County, Ohio August, 2009

Based on unit types, sizes, and mix outlined in the optimum market position above, the weighted average base values and unit sizes are shown as follows:

Weighted Average Rents/Prices BRIDGE STREET/OH 161/US 33 CORRIDOR City of Dublin, Franklin County, Ohio WEIGHTED AVERAGE HOUSING WEIGHTED AVERAGE WEIGHTED AVERAGE BASE RENT/PRICE TYPE BASE RENT/PRICE UNIT SIZE PER SQ . FT. Loft/Apartment Rentals $1,185 per month 983 $1.21 Loft/Apartment Condos $218,250 1,198 $182 Rowhouses/Live-Work $264,750 1,535 $172 Urban Houses $300,000 1,753 $171

SOURCE: Zimmerman/Volk Associates, Inc., 2009.

Rental housing should be the first housing type introduced to the market in the first phase, because rental housing is the linchpin of urban redevelopment. Rental development is important for several reasons:

• Rental apartments are essential for the establishment of “critical mass,” because rentals are absorbed at higher rates than for-sale units.

• Rentals are the fastest way to bring a large number of households to an area.

• Rentals allow households to experiment with living in an area without the mortgage commitment of home ownership.

• Renters form a pool of potential purchasers of for-sale housing types in later phases.

To meet the expectations of potential residents, all units should be wired for cable television and high-speed internet or, if practical, be served by a building-wide WiFi system. The buildings should be as environmentally-sensitive as possible. Bamboo flooring would be appropriate, with ceramic tile for the bathroom and kitchen areas. In the kitchens, buyers in particular will expect countertops to be durable, non-traditional materials, with integral or undermount sinks, standard

ZIMMERMAN/VOLK ASSOCIATES, INC. Interim Memorandum, MARKET POSITION ANALYSIS Page 27 The Bridge Street/OH 161/US 33 Corridor City of Dublin, Franklin County, Ohio August, 2009

appliances, and plain-front cabinetry; renters will expect contemporary, durable finishes appropriate to urban living, as opposed to the “beige” interiors of suburban multi-family housing. Although smaller lofts are typically designed without interior walls, with the exception of the bathroom, as much closet and storage space as possible should be provided. The more conventional apartments should be fully finished and partitioned into individual rooms but some could also contain architectural elements reminiscent of lofts, such as exposed beams, ductwork and large, commercial-style windows.

Ultimately, residential values will depend upon the establishment of urban neighborhoods in the Study Area. An urban residential neighborhood succeeds when its physical characteristics consistently emphasize urbanity and the qualities of urban life; conversely, attempts to introduce suburban scale and housing types into urban areas have invariably yielded disappointing results. Therefore, appropriate urban design—which places as much emphasis on creating quality streets and public places as on creating or developing quality buildings—will be essential to success.

—UNIT TYPES—

It is assumed that multi-family buildings will be elevator-served, with double-loaded corridors, and from four stories or more; many of these buildings should be able to accommodate retail spaces on the ground floor. The proposed unit types include hard and soft lofts, apartment flats, rowhouses and live-work units, and urban houses.

• Hard Loft : Unit interiors typically have high ceilings and commercial windows and are minimally finished (with minimal room delineations such as columns and fin walls), or unfinished (with no interior partitions except those for bathrooms).

• Soft Loft : Unit interiors typically have open floorplans, high ceilings and large commercial-style windows, but are fully finished and, where appropriate, have sleeping areas partitioned from the main living area. A soft loft may also contain architectural elements reminiscent of “hard lofts,” e.g.—exposed ductwork.

ZIMMERMAN/VOLK ASSOCIATES, INC. Interim Memorandum, MARKET POSITION ANALYSIS Page 28 The Bridge Street/OH 161/US 33 Corridor City of Dublin, Franklin County, Ohio August, 2009

• Apartment Flat : Conventionally-finished apartment unit on a single level, with completely-partitioned rooms. In this case, finishes and fixtures—trim, interior doors, kitchens and baths—should be offered in a choice of modern or traditional styles.

• Rowhouse : Similar in form to a conventional suburban townhouse except that the garage—either attached or detached—is located to the rear of the unit and accessed from an alley or auto court. Unlike conventional townhouses, urban townhouses conform to the pattern of streets, typically with shallow front-yard setbacks. To provide privacy and a sense of security, the first floor should be elevated significantly above the sidewalk.

• Live - work is a unit or building type that accommodates non-residential uses in addition to, or combined with living quarters. The typical live-work unit is a building, either attached or detached, with a principal dwelling unit that includes flexible space that can be used as office, retail, or studio space, or as an accessory dwelling unit.

Regardless of the form they take, live-work units should be flexible in order to respond to economic, social and technological changes over time and to accommodate as wide as possible a range of potential uses. The unit configuration must also be flexible in order to comply with the requirements of the Fair Housing Amendments Act and the Americans with Disabilities Act.

• Urban House : A one - to two-story single-family detached house, on a small lot, with the garage located to the rear of the house and accessed from an alley or auto courts.

—ABSORPTION FORECASTS—

After more than 20 years’ experience in numerous cities across the country, and in the context of the target market methodology, Zimmerman/Volk Associates has determined that those households that can afford, and would prefer new construction, rather than existing or renovated units, represent approximately five to 15 percent of the potential market, given the production of appropriately-positioned new housing. (Until the collapse of the housing market in the fall of 2008, newly-constructed dwelling units represented 15 percent of all units sold in the nation.)

ZIMMERMAN/VOLK ASSOCIATES, INC. Interim Memorandum, MARKET POSITION ANALYSIS Page 29 The Bridge Street/OH 161/US 33 Corridor City of Dublin, Franklin County, Ohio August, 2009

Over the near term, absorption rates are likely to be lower than the annual number of units forecast below due to the uncertain timing of a mortgage and housing market recovery. As noted in the INTRODUCTION, the current constrained market is characterized in many locations by reduced housing prices, high levels of unsold units, high levels of mortgage delinquencies and foreclosures, and restrictive mortgage underwriting and development finance. These market constraints do not reduce the size of the potential market; however, depending on the timing of market entry, they could reduce the initial percentage of the potential market able to overcome those constraints.

Assuming a capture rate of 10 percent, absorption of 1,500 new dwelling units within the Study Area would likely be achieved within approximately seven years, depending on phasing, construction and site constraints, and predicated on no worsening of the national, regional and local economies.

Annual absorption for the Study Area is forecast as follows: Annual Average Absorption BRIDGE STREET/OH 161/US 33 CORRIDOR City of Dublin, Franklin County, Ohio Multi-family for-rent 120 units net of turnover Lofts/apartments Multi-family for-sale 63 units Lofts/apartments Single-family attached for-sale 26 units Rowhouses/live-work Single-family urban detached for-sale 14 units Urban houses Total 223 units

SOURCE: Zimmerman/Volk Associates, Inc., 2009.

A 10 capture rate of the 2,230 households, identified through target market analysis, that have the potential to rent or purchase new housing units within the Study Area in the year 2009 is well within the target market methodology’s parameters of feasibility.

ZIMMERMAN/VOLK ASSOCIATES, INC. Interim Memorandum, MARKET POSITION ANALYSIS Page 30 The Bridge Street/OH 161/US 33 Corridor City of Dublin, Franklin County, Ohio August, 2009

NOTE: The target market capture rates of the potential purchaser pool are a unique and highly- refined measure of feasibility. Target market capture rates are not equivalent to—and should not be confused with—penetration rates or traffic conversion rates.

The target market capture rate is derived by dividing the annual forecast absorption by the number of households that have the potential to move to the site in a given year.

The penetration rate is derived by dividing the total number of dwelling units planned for a property by the total number of draw area households, sometimes qualified by income.

The traffic conversion rate is derived by dividing the total number of buyers or renters by the total number of prospects that have visited a site.

Because the prospective market for a property is more precisely defined using target market methodology, a substantially smaller number of households are qualified; as a result, target market capture rates are higher than the more grossly-derived penetration rates. The resulting higher capture rates remain within the range of feasibility.

ZIMMERMAN/VOLK ASSOCIATES, INC. Interim Memorandum, MARKET POSITION ANALYSIS Page 31 The Bridge Street/OH 161/US 33 Corridor City of Dublin, Franklin County, Ohio August, 2009

METHODOLOGY

The technical analysis of market potential for the Bridge Street/OH 161/US 33 Corridor included delineation of the draw areas and physical evaluation of the Study Area and the surrounding context.

The delineation of the draw areas for housing within the City of Dublin was based on historic settlement patterns, migration trends for Franklin County (most of the city is located in Franklin), interviews with key stakeholders in the Study Area, including major employers located there, and other market dynamics.

The evaluation of market potential for the Study Area was derived from the housing preferences and financial capacities of the draw area households, identified through Zimmerman/Volk Associates’ proprietary target market methodology, and yielded:

• The depth and breadth of the potential housing market by tenure (rental and ownership) and by type (lofts/apartments, rowhouse/live-work units, urban detached houses); and

• The composition of the potential housing market (empty-nesters/retirees, younger singles/couples, traditional and non-traditional families).

NOTE: The Appendix Tables are provided in a separate document.

Delineation of the Draw Areas (Migration Analysis)—

Based on Zimmerman/Volk Associates’ field investigation, interviews with key stakeholders in the Study Area, analysis of migration and mobility data, including data provided by the City of Dublin, the draw areas for new residential construction within the Study Area have been delineated. Taxpayer migration data provide the framework for the delineation of the draw areas—the principal counties of origin for households that are likely to move to Franklin County and the City of Dublin. These data are maintained at the county and “county equivalent” level by the Internal Revenue Service and provide a clear representation of mobility patterns.

ZIMMERMAN/VOLK ASSOCIATES, INC. Interim Memorandum, MARKET POSITION ANALYSIS Page 32 The Bridge Street/OH 161/US 33 Corridor City of Dublin, Franklin County, Ohio August, 2009

Appendix One, Table 1. Migration Trends

Between 2002 through 2006—the latest data available from the Internal Revenue Service—the annual number of households moving into Franklin County climbed from just over 26,500 households in 2002 to 28,735 households in 2006. (Reference Appendix One, Table 1.)

Over the same period, the number of households moving out of Franklin County fell from just under 28.500 households in 2002 to 27,560 in 2006. As a result, over five years, Franklin County net migration patterns have been reversed, from net household migration losses in 2002 and 2003 to net household gains from 2004 through 2006, with the county gaining nearly 1,200 households in 2006.

For Franklin County, between 17 and 21 percent of in-migration is from neighboring Delaware, Fairfield, and Licking Counties; and the remaining 79 to 83 is from counties from elsewhere in Ohio as well as the rest of the United States.

NOTE: Although net migration provides insights into the county’s historic ability to attract or retain households compared to other locations, it is those households likely to move into the county (gross in- migration) that represent the county’s external market potential.

Based on the migration data, then, the draw areas for Franklin County, the City of Dublin and the Bridge Street/OH 161/US 33 Corridor have been delineated as follows:

• The primary (internal) draw area, covering households currently living within the City of Dublin.

• The local (external) draw area, covering households currently living within the balance of Franklin County.

• The regional draw area, covering households with the potential to move to Franklin County from Delaware, Fairfield, and Licking Counties.

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• The national draw area, covering households with the potential to move to Franklin County from all other counties in Ohio and the U.S.

Anecdotal information obtained from real estate brokers, sales agents, and other knowledgeable sources corresponded to the migration data.

Migration Methodology :

County-to-county migration is based on the year-to-year changes in the addresses shown on the population of returns from the Internal Revenue Service Individual Master File system. Data on migration patterns by county, or county equivalent, for the entire United States, include inflows and outflows. The data include the number of returns (which can be used to approximate the number of households), and the median and average incomes reported on the returns.

TARGET MARKET CLASSIFICATION OF CITY OF DUBLIN AND FRANKLIN COUNTY HOUSEHOLDS—

Geo-demographic data obtained from Claritas, Inc. provide the framework for the categorization of households, not only by demographic characteristics, but also by lifestyle preferences and socio- economic factors. For purposes of this study, only those household groups with median incomes that enable most of the households within each group to qualify for market-rate housing are included in the tables . An appendix containing detailed descriptions of each of these target market groups is provided along with the study.

Appendix One, Tables 2 and 3. Target Market Classification

Nearly 97 percent, or 14,615 households, of the estimated 15,130 households living in the City of Dublin in 2009 have the capacity to rent or buy market-rate housing. Median income within the city is estimated at $98,900, almost double the national median of $51,400. Median home value within the city is estimated at $293,200, more than 70 percent higher than the national median of $172,400. Nearly 43 percent of Dublin’s “market-rate” households can be classified as traditional and non-traditional families, another 41 percent as younger singles and couples, and the remaining 16.6 percent as empty nesters and retirees. (See Appendix One, Table 2.)

ZIMMERMAN/VOLK ASSOCIATES, INC. Interim Memorandum, MARKET POSITION ANALYSIS Page 34 The Bridge Street/OH 161/US 33 Corridor City of Dublin, Franklin County, Ohio August, 2009

Of the estimated 466,830 households living in Franklin County in 2009, approximately 72.2 percent, or 337,145 households, have the capacity to rent or buy market-rate housing. Median income within the county is estimated at $49,100, more than four percent below the national median and less than half that of Dublin. Median home value is estimated at $143,700, nearly 17 percent below the nation and again, less than half that of Dublin. Approximately 42 percent of the county’s “market-rate” households can be classified as younger singles and couples, with 32.3 percent traditional and non-traditional families, and 25 percent empty nesters and retirees. (See Appendix One, Table 3.)

Target Market Methodology :

The proprietary target market methodology developed by Zimmerman/Volk Associates is an analytical technique, using the PRIZM NE household clustering system, that establishes the optimum market position for residential development of any property—from a specific site to an entire political jurisdiction—through cluster analysis of households living within designated draw areas. In contrast to classical supply/demand analysis—which is based on supply-side dynamics and baseline demographic projections—target market analysis establishes the optimum market position derived from the housing and lifestyle preferences of households in the draw area and within the framework of the local housing market context, even in locations where no close comparables exist.

In the target market methodology, clusters of households (usually between 10 and 15) are grouped according to a variety of significant factors, ranging from basic demographic characteristics, such as income qualification and age, to less-frequently considered attributes such as mobility rates, lifestyle patterns and compatibility issues. Zimmerman/Volk Associates has refined the analysis of these household clusters through the correlation of more than 500 data points related to housing preferences and consumer and lifestyle characteristics.

As a result of this process, Zimmerman/Volk Associates has identified 41 target market groups with median incomes that enable most of the households within each group to qualify for market- rate housing. The most affluent of the 41 groups can afford the most expensive new ownership units; the least prosperous are candidates for the least expensive existing rental apartments.

ZIMMERMAN/VOLK ASSOCIATES, INC. Interim Memorandum, MARKET POSITION ANALYSIS Page 35 The Bridge Street/OH 161/US 33 Corridor City of Dublin, Franklin County, Ohio August, 2009

Once the draw areas for a property have been defined, then—through field investigation, analysis of historic migration and development trends, and employment and commutation patterns—the households within those areas are quantified using the target market methodology. The potential market for new market-rate units is then determined by the correlation of a number of factors—including, but not limited to: household mobility rates; median incomes; lifestyle characteristics and housing preferences; the location of the site; and the competitive environment.

The end result of this series of filters is the optimum market position—by tenure, building configuration and household type, including specific recommendations for unit sizes, rents and/or prices—and projections of absorption within the local housing context.

DETERMINATION OF THE POTENTIAL MARKET FOR NEW AND EXISTING HOUSING UNITS IN THE CITY OF DUBLIN (MOBILITY ANALYSIS)—

The mobility tables, individually and in summaries, indicate the number and type of households that have the potential to rent or purchase new and existing dwelling units in the City of Dublin in the year 2009. The total number from each county is derived from historic migration trends; the number of households from each group is based on each group’s mobility rate.

Appendix One, Table 4. Internal Mobility (Households Moving Within the City of Dublin)—

Zimmerman/Volk Associates uses U.S. Bureau of the Census data, combined with Claritas data, and supplemented with American Communities Survey data, to determine the number of households in each target market group that will move from one residence to another within a specific jurisdiction in a given year (internal mobility).

Using these data, Zimmerman/Volk Associates has determined that up to 1,700 households, currently living in the City of Dublin have the potential to rent or purchase new or existing dwelling units in the City of Dublin this year. Nearly 64 percent of these households are likely to be younger singles and couples (as characterized within six Zimmerman/Volk Associates’ target market groups); another 30.6 percent are likely to be traditional and non-traditional families (in

ZIMMERMAN/VOLK ASSOCIATES, INC. Interim Memorandum, MARKET POSITION ANALYSIS Page 36 The Bridge Street/OH 161/US 33 Corridor City of Dublin, Franklin County, Ohio August, 2009

seven market groups); and the remaining 5.9 percent are likely to be empty nesters and retirees (in five groups).

Appendix One, Table 5. External Mobility (Households Moving To the City of Dublin from the Balance of Franklin County)

The same sources of data are used to determine the number of households in each target market group that will move from one area to another within the same county . Using these data, up to 3,650 households, currently living in the balance of Franklin County, have the potential to move from a residence in the county outside the City of Dublin to a residence in the city this year. More than 69 percent of these households are likely to be younger singles and couples (in 14 market groups); up to 22.7 percent are likely to be traditional and non-traditional families (in 11 groups); and 7.9 percent are likely to be empty nesters and retirees (in 14 groups).

Appendix One, Tables 6 and 7; Appendix Two, Tables 1 through 3. External Mobility (Households Moving To the City of Dublin)—

These tables determine the number of households in each target market group living in the regional (Delaware, Fairfield, and Licking Counties) and national draw areas that are likely to move to the City of Dublin in 2009 (through a correlation of Claritas data, U.S. Bureau of the Census data, and the Internal Revenue Service migration data).

Appendix One, Table 8. Market Potential for New and Existing Units in the City of Dublin—

This table summarizes Appendix One, Tables 4 through 7. The numbers in the Total column on page one of this table indicate the depth and breadth of the potential market for new and existing market-rate dwelling units in the City of Dublin in the year 2009 originating from households currently living in the draw areas. Approximately 8,200 households in the draw areas have the potential to move to the City of Dublin this year. Younger singles and couples are likely to account for nearly 62 percent of these households (in 14 market groups); over 27 percent are likely to be traditional and non-traditional families (in 13 groups); and 11 percent are likely to be empty nesters and retirees (in 14 groups).

ZIMMERMAN/VOLK ASSOCIATES, INC. Interim Memorandum, MARKET POSITION ANALYSIS Page 37 The Bridge Street/OH 161/US 33 Corridor City of Dublin, Franklin County, Ohio August, 2009

The distribution of the draw areas as a percentage of the potential market for new and existing housing units in the City of Dublin is as follows:

Market Potential By Draw Area City of Dublin, Franklin County, Ohio City of Dublin: 20.7 percent Balance of Franklin County: 44.5 percent Regional Draw Area: 8.0 percent Balance of US: 26.8 percent Total: 100.0 percent

SOURCE: Zimmerman/Volk Associates, Inc., 2009.

DETERMINATION OF THE POTENTIAL MARKET FOR NEW DWELLING UNITS IN THE BRIDGE STREET/OH 161/US 33 CORRIDOR —

The total potential market for new dwelling units in the study area also includes the local, regional, and national draw areas. Zimmerman/Volk Associates uses U.S. Bureau of the Census data, combined with Claritas data, to determine which target market groups, as well as how many households within each group, are likely to move to a given location in a given year.

Appendix One, Tables 9 through 11. Market Potential for New Housing Units in the Bridge Street/OH 161/US 33 Corridor—

As derived by the target market methodology, up to 2,800 of the 8,200 households that represent the market for new and existing housing units in the City of Dublin are a market for new housing units within the Study Area. (See Appendix One, Table 9.) Approximately 84 percent of these households are likely to be younger singles and couples (in 11 market groups); another 9.3 percent are likely to be empty nesters and retirees (in nine groups); and the remaining 6.8 percent are likely to be traditional and non-traditional family households (in seven groups).

The distribution of the draw areas as a percentage of the potential market for new dwelling units within the Study Area is shown on the following page:

ZIMMERMAN/VOLK ASSOCIATES, INC. Interim Memorandum, MARKET POSITION ANALYSIS Page 38 The Bridge Street/OH 161/US 33 Corridor City of Dublin, Franklin County, Ohio August, 2009

Market Potential By Draw Area BRIDGE STREET/OH 161/US 33 CORRIDOR City of Dublin, Franklin County, Ohio City of Dublin: 18.9 percent Balance of Franklin County: 52.9 percent Regional Draw Area: 3.9 percent Balance of US: 24.3 percent Total: 100.0 percent

SOURCE: Zimmerman/Volk Associates, Inc., 2009.

The 2,800 draw area households that have the potential to move to the Study Area this year have also been analyzed by tenure propensities to determine the appropriate renter/owner ratios. Approximately 42.9 percent of these households (or 1,200 households) comprise the potential market for new rental units. The remaining 57.1 percent (or 1,60 households) comprise the market for new for-sale (ownership) housing units. (See Appendix One, Table 10.)

Of the 1,600 households that comprise the market for new for-sale housing units, 39.4 percent (or 630 households) comprise the market for new multi-family for-sale units (condominium/cooperative lofts/apartments); another 16.3 percent (260 households) comprise the market for attached single-family (rowhouse/live-work) units; and the remaining 44.4 percent (710 households) comprise the market for all ranges of new single-family detached houses. (See Appendix One, Table 11.)

—Target Market Data—

Target market data are based on the Claritas PRIZM NE household clustering system, modified and augmented by Zimmerman/Volk Associates as the basis for its proprietary target market methodology. Target market data provides number of households by cluster aggregated into the three main demographic categories—empty nesters and retirees; traditional and non-traditional families; and younger singles and couples.

Zimmerman/Volk Associates’ target market classifications are updated periodically to reflect the slow, but relentless change in the composition of American households. Because of the nature of geo-demographic segmentation, a change in household classification is directly correlated with a

ZIMMERMAN/VOLK ASSOCIATES, INC. Interim Memorandum, MARKET POSITION ANALYSIS Page 39 The Bridge Street/OH 161/US 33 Corridor City of Dublin, Franklin County, Ohio August, 2009

change in geography, i.e.—a move from one neighborhood condition to another. However, these changes of classification can also reflect an alteration in one of three additional basic characteristics: • Age; • Household composition; or • Economic status.

Age, of course, is the most predictable, and easily-defined of these changes. Household composition has also been relatively easy to define; recently, with the growth of non-traditional households, however, definitions of a family have had to be expanded and parsed into more highly-refined segments. Economic status remains clearly defined through measures of annual income and household wealth.

A change in classification is rarely induced by a change in just one of the four basic characteristics. This is one reason that the target household categories are so highly refined: they take in multiple characteristics. Even so, there are some rough equivalents in household types as they move from one neighborhood condition to another. There is, for example, a strong correlation between the Suburban Achievers and the Urban Achievers; a move by the Suburban Achievers to the urban core can make them Urban Achievers, if the move is accompanied by an upward move in socio- economic status. In contrast, Suburban Achievers who move up socio-economically, but remain within the metropolitan suburbs may become Upscale Suburban Couples or Fast-Track Professionals.

Household Classification Methodology :

Household classifications were originally based on the Claritas PRIZM geo-demographic segmentation system that was established in 1974 and then replaced by PRIZM NE in 2005. The revised household classifications are based on PRIZM NE which was developed through unique classification and regression trees delineating 66 specific clusters of American households. The system is now accurate to the individual household level, adding self-reported and list-based household data to geo-demographic information. The process applies hundreds of demographic variables to nearly 10,000 “behaviors.”

ZIMMERMAN/VOLK ASSOCIATES, INC. Interim Memorandum, MARKET POSITION ANALYSIS Page 40 The Bridge Street/OH 161/US 33 Corridor City of Dublin, Franklin County, Ohio August, 2009

Over the past 21 years, Zimmerman/Volk Associates has augmented the PRIZM cluster systems for use within the company’s proprietary target market methodology specific to housing and neighborhood preferences, with additional algorithms, correlation with geo-coded consumer data, aggregation of clusters by broad household definition, and unique cluster names. o

ZIMMERMAN/VOLK ASSOCIATES, INC. ZIMMERMAN/VOLK ASSOCIATES, INC. P.O. Box 4907 Clinton, New Jersey 08809 908-735-6336 [email protected] • www.ZVA.cc Research & Strategic Analysis

ASSUMPTIONS AND LIMITATIONS—

Every effort has been made to insure the accuracy of the data contained within this analysis. Demographic and economic estimates and projections have been obtained from government agencies at the national, state, and county levels. Market information has been obtained from sources presumed to be reliable, including developers, owners, and/or sales agents. However, this information cannot be warranted by Zimmerman/Volk Associates, Inc. While the methodology employed in this analysis allows for a margin of error in base data, it is assumed that the market data and government estimates and projections are substantially accurate.

Absorption scenarios are based upon the assumption that a normal economic environment will prevail in a relatively steady state during development of the subject property. Absorption paces are likely to be slower during recessionary periods and faster during periods of recovery and high growth. Absorption scenarios are also predicated on the assumption that the product recommendations will be implemented generally as outlined in this report and that the developer will apply high-caliber design, construction, marketing, and management techniques to the development of the property.

Recommendations are subject to compliance with all applicable regulations. Relevant accounting, tax, and legal matters should be substantiated by appropriate counsel. o

ZIMMERMAN/VOLK ASSOCIATES, INC. P.O. Box 4907 Clinton, New Jersey 08809 908 735-6336 www.ZVA.cc • [email protected] Research & Strategic Analysis

RIGHTS AND STUDY OWNERSHIP—

Zimmerman/Volk Associates, Inc. retains all rights, title and interest in the methodology and target market descriptions contained within this study. The specific findings of the analysis are the property of the client and can be distributed at the client’s discretion.

o

ZIMMERMAN/VOLK ASSOCIATES, INC., 2009

Appendices One and Two

TARGET MARKET TABLES

A Market Position Analysis

Of

New Residential Development

Within

The Bridge Street/OH 161/US 33 Corridor

In

The City of Dublin, Franklin County, Ohio

August, 2009

Conducted by On Behalf of ZIMMERMAN/VOLK ASSOCIATES, INC. The City of Dublin P.O. Box 4907 5200 Emerald Parkway Clinton, New Jersey 08809 Dublin, Ohio 43017 MARKET POSITION ANALYSIS The Bridge Street/OH 161/US 33 Corridor City of Dublin, Franklin County, Ohio August, 2009

Appendix One Tables

o

Appendix One, Table 1 Page 1 of 3

Gross Annual Household In-Migration Franklin County, Ohio 2003, 2004, 2005, 2006, 2007

. . . . . 2003 ...... 2004 ...... 2005 ...... 2006 ...... 2007 . . . . . County of Origin Number Share Number Share Number Share Number Share Number Share

Delaware 2,620 9.9% 1,940 7.3% 2,155 7.6% 2,090 7.5% 2,160 7.5% Fairfield 1,975 7.4% 1,500 5.6% 1,625 5.7% 1,640 5.9% 1,660 5.8% Licking 950 3.6% 1,265 4.7% 1,345 4.8% 1,215 4.4% 1,335 4.6% APO/FPO/Foreign 980 3.7% 900 3.4% 915 3.2% 845 3.0% 880 3.1% Cuyahoga 740 2.8% 735 2.7% 830 2.9% 790 2.8% 855 3.0% Montgomery 525 2.0% 550 2.1% 585 2.1% 590 2.1% 630 2.2% Pickaway 425 1.6% 515 1.9% 505 1.8% 460 1.7% 595 2.1% Madison 505 1.9% 515 1.9% 545 1.9% 455 1.6% 520 1.8% Hamilton 510 1.9% 485 1.8% 525 1.9% 535 1.9% 505 1.8% Summit 325 1.2% 410 1.5% 405 1.4% 440 1.6% 445 1.5% Union 230 0.9% 385 1.4% 395 1.4% 360 1.3% 410 1.4% Lucas 355 1.3% 380 1.4% 415 1.5% 390 1.4% 400 1.4% Cook, IL 270 1.0% 295 1.1% 295 1.0% 320 1.1% 375 1.3% Richland 230 0.9% 295 1.1% 295 1.0% 300 1.1% 310 1.1% Stark 295 1.1% 290 1.1% 330 1.2% 270 1.0% 310 1.1% Mahoning 240 0.9% 270 1.0% 230 0.8% 280 1.0% 260 0.9% Clark 265 1.0% 225 0.8% 290 1.0% 250 0.9% 255 0.9% Greene 180 0.7% 185 0.7% 205 0.7% 220 0.8% 235 0.8% Ross 155 0.6% 210 0.8% 225 0.8% 200 0.7% 225 0.8% Knox 205 0.8% 230 0.9% 230 0.8% 205 0.7% 220 0.8% Lorain 175 0.7% 185 0.7% 195 0.7% 175 0.6% 215 0.7% Muskingum 175 0.7% 205 0.8% 235 0.8% 220 0.8% 210 0.7% Los Angeles, CA 145 0.5% 190 0.7% 175 0.6% 180 0.6% 210 0.7% Butler 185 0.7% 210 0.8% 210 0.7% 190 0.7% 205 0.7% Athens 185 0.7% 185 0.7% 175 0.6% 170 0.6% 195 0.7% Allegheny, PA 170 0.6% 225 0.8% 180 0.6% 185 0.7% 190 0.7% Trumbull 150 0.6% 155 0.6% 160 0.6% 175 0.6% 190 0.7% Allen 200 0.8% 175 0.7% 185 0.7% 160 0.6% 185 0.6% Wood 130 0.5% 120 0.4% 145 0.5% 140 0.5% 175 0.6% Maricopa, AZ 125 0.5% 150 0.6% 140 0.5% 170 0.6% 170 0.6% Marion 170 0.6% 190 0.7% 200 0.7% 175 0.6% 160 0.6% Wayne, MI 105 0.4% 110 0.4% 115 0.4% 145 0.5% 155 0.5% Warren 100 0.4% 135 0.5% 155 0.5% 150 0.5% 140 0.5% San Diego, CA 115 0.4% 120 0.4% 105 0.4% 110 0.4% 135 0.5% Morrow 100 0.4% 135 0.5% 140 0.5% 135 0.5% 130 0.5% All Other Counties 12,320 46.4% 12,680 47.4% 13,420 47.5% 13,500 48.5% 13,485 46.9%

Total In-Migration: 26,530 100.0% 26,750 100.0% 28,280 100.0% 27,835 100.0% 28,735 100.0%

NOTE: All numbers have been rounded to the nearest five.

SOURCE: Internal Revenue Service; Zimmerman/Volk Associates, Inc. Appendix One, Table 1 Page 2 of 3

Gross Annual Household Out-Migration Franklin County, Ohio 2003, 2004, 2005, 2006, 2007

. . . . . 2003 ...... 2004 ...... 2005 ...... 2006 ...... 2007 . . . . . Destination County Number Share Number Share Number Share Number Share Number Share

Delaware 5,035 17.7% 3,915 14.0% 3,455 12.2% 2,990 10.9% 2,845 10.3% Fairfield 2,810 9.9% 1,985 7.1% 1,925 6.8% 1,765 6.4% 1,810 6.6% Licking 1,390 4.9% 1,805 6.4% 1,585 5.6% 1,555 5.7% 1,450 5.3% APO/FPO/Foreign 305 1.1% 275 1.0% 300 1.1% 325 1.2% 290 1.1% Cuyahoga 535 1.9% 580 2.1% 575 2.0% 550 2.0% 615 2.2% Montgomery 330 1.2% 325 1.2% 340 1.2% 305 1.1% 355 1.3% Pickaway 530 1.9% 705 2.5% 725 2.6% 660 2.4% 655 2.4% Madison 585 2.1% 610 2.2% 610 2.2% 525 1.9% 550 2.0% Hamilton 380 1.3% 375 1.3% 375 1.3% 435 1.6% 410 1.5% Summit 185 0.6% 230 0.8% 260 0.9% 230 0.8% 245 0.9% Union 405 1.4% 495 1.8% 550 1.9% 465 1.7% 490 1.8% Lucas 180 0.6% 185 0.7% 155 0.5% 195 0.7% 195 0.7% Cook, IL 360 1.3% 370 1.3% 355 1.3% 475 1.7% 530 1.9% Richland 160 0.6% 140 0.5% 165 0.6% 155 0.6% 150 0.5% Stark 135 0.5% 155 0.6% 155 0.5% 130 0.5% 150 0.5% Mahoning 105 0.4% 130 0.5% 120 0.4% 95 0.3% 100 0.4% Clark 185 0.6% 160 0.6% 170 0.6% 140 0.5% 155 0.6% Greene 120 0.4% 140 0.5% 135 0.5% 140 0.5% 170 0.6% Ross 115 0.4% 205 0.7% 190 0.7% 155 0.6% 145 0.5% Knox 265 0.9% 240 0.9% 235 0.8% 235 0.9% 220 0.8% Lorain 100 0.4% 105 0.4% 110 0.4% 105 0.4% 85 0.3% Muskingum 115 0.4% 125 0.4% 155 0.5% 135 0.5% 125 0.5% Los Angeles, CA 400 1.4% 220 0.8% 275 1.0% 595 2.2% 300 1.1% Butler 130 0.5% 135 0.5% 185 0.7% 155 0.6% 160 0.6% Athens 130 0.5% 155 0.6% 115 0.4% 110 0.4% 115 0.4% Allegheny, PA 160 0.6% 130 0.5% 145 0.5% 170 0.6% 170 0.6% Trumbull 65 0.2% 70 0.2% 60 0.2% 60 0.2% 55 0.2% Allen 70 0.2% 80 0.3% 65 0.2% 60 0.2% 90 0.3% Wood 65 0.2% 65 0.2% 60 0.2% 90 0.3% 70 0.3% Maricopa, AZ 270 0.9% 275 1.0% 360 1.3% 340 1.2% 315 1.1% Marion 115 0.4% 120 0.4% 110 0.4% 95 0.3% 145 0.5% Wayne, MI 75 0.3% 85 0.3% 90 0.3% 80 0.3% 75 0.3% Warren 100 0.4% 125 0.4% 135 0.5% 115 0.4% 125 0.5% San Diego, CA 130 0.5% 155 0.6% 155 0.5% 165 0.6% 155 0.6% Morrow 170 0.6% 220 0.8% 195 0.7% 180 0.7% 185 0.7% All Other Counties 12,270 43.1% 12,935 46.2% 13,665 48.4% 13,440 49.0% 13,860 50.3%

Total Out-Migration: 28,480 100.0% 28,025 100.0% 28,260 100.0% 27,420 100.0% 27,560 100.0%

NOTE: All numbers have been rounded to the nearest five.

SOURCE: Internal Revenue Service; Zimmerman/Volk Associates, Inc. Appendix One, Table 1 Page 3 of 3

Net Annual Household Migration Franklin County, Ohio 2003, 2004, 2005, 2006, 2007

. . . . . 2003 ...... 2004 ...... 2005 ...... 2006 ...... 2007 . . . . . County Number Number Number Number Number

Delaware -2,415 -1,975 -1,300 -900 -685 Fairfield -835 -485 -300 -125 -150 Licking -440 -540 -240 -340 -115 APO/FPO/Foreign 675 625 615 520 590 Cuyahoga 205 155 255 240 240 Montgomery 195 225 245 285 275 Pickaway -105 -190 -220 -200 -60 Madison -80 -95 -65 -70 -30 Hamilton 130 110 150 100 95 Summit 140 180 145 210 200 Union -175 -110 -155 -105 -80 Lucas 175 195 260 195 205 Cook, IL -90 -75 -60 -155 -155 Richland 70 155 130 145 160 Stark 160 135 175 140 160 Mahoning 135 140 110 185 160 Clark 80 65 120 110 100 Greene 60 45 70 80 65 Ross 40 5 35 45 80 Knox -60 -10 -5 -30 0 Lorain 75 80 85 70 130 Muskingum 60 80 80 85 85 Los Angeles, CA -255 -30 -100 -415 -90 Butler 55 75 25 35 45 Athens 55 30 60 60 80 Allegheny, PA 10 95 35 15 20 Trumbull 85 85 100 115 135 Allen 130 95 120 100 95 Wood 65 55 85 50 105 Maricopa, AZ -145 -125 -220 -170 -145 Marion 55 70 90 80 15 Wayne, MI 30 25 25 65 80 Warren 0 10 20 35 15 San Diego, CA -15 -35 -50 -55 -20 Morrow -70 -85 -55 -45 -55 All Other Counties 50 -255 -245 60 -375

Total Net Migration: -1,950 -1,275 20 415 1,175

NOTE: All numbers have been rounded to the nearest five.

SOURCE: Internal Revenue Service; Zimmerman/Volk Associates, Inc. Appendix One, Table 2 Page 1 of 4

2009 Household Classification by Market Groups City of Dublin, Franklin, Union, and Delaware Counties, Ohio

Household Type/ Estimated Estimated Geographic Designation Number Share

Empty Nesters & Retirees 2,430 16.6%

Metropolitan Cities 0 0.0% Small Cities/Satellite Cities 0 0.0% Metropolitan Suburbs 2,160 14.8% Town & Country/Exurbs 270 1.8%

Traditional & Non-Traditional Families 6,245 42.7%

Metropolitan Cities 0 0.0% Small Cities/Satellite Cities 0 0.0% Metropolitan Suburbs 5,285 36.2% Town & Country/Exurbs 960 6.6%

Younger Singles & Couples 5,940 40.6%

Metropolitan Cities 0 0.0% Small Cities/Satellite Cities 0 0.0% Metropolitan Suburbs 4,375 29.9% Town & Country/Exurbs 1,565 10.7%

Total: 14,615 100.0%

Total City Households: 15,130

Classified Households As A Share Of Total City Households: 96.6%

Estimated Median Income: $98,900 Estimated National Median Income: $51,400

Estimated Median Home Value: $293,200 Estimated National Median Home Value: $172,400

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 2 Page 2 of 4

2009 Household Classification by Market Groups City of Dublin, Franklin, Union, and Delaware Counties, Ohio

Estimated Estimated Number Share Estimated Estimated Empty Nesters Median Median & Retirees 2,430 16.6% Income Home Value

Metropolitan Cities Urban Establishment 0 0.0% Cosmopolitan Couples 0 0.0% Multi-Ethnic Retirees 0 0.0% Subtotal: 0 0.0%

Small Cities/Satellite Cities Cosmopolitan Elite 0 0.0% Middle-Class Move-Downs 0 0.0% Subtotal: 0 0.0%

Metropolitan Suburbs Old Money 1,165 8.0% $147,100 $548,700 Affluent Empty Nesters 245 1.7% $92,400 $260,200 Suburban Establishment 450 3.1% $92,300 $259,500 Mainstream Retirees 300 2.1% $67,700 $178,500 Middle-American Retirees 0 0.0% Subtotal: 2,160 14.8%

Town & Country/Exurbs Small-Town Establishment 195 1.3% $110,600 $297,600 New Empty Nesters 0 0.0% RV Retirees 75 0.5% $73,200 $145,000 Blue-Collar Empty Nesters 0 0.0% Subtotal: 270 1.8%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 2 Page 3 of 4

2009 Household Classification by Market Groups City of Dublin, Franklin, Union, and Delaware Counties, Ohio

Estimated Estimated Number Share Estimated Estimated Traditional & Median Median Non-Traditional Families 6,245 42.7% Income Home Value

Metropolitan Cities Full-Nest Urbanites 0 0.0% Multi-Cultural Families 0 0.0% Subtotal: 0 0.0%

Small Cities/Satellite Cities Unibox Transferees 0 0.0% Multi-Ethnic Families 0 0.0% Subtotal: 0 0.0%

Metropolitan Suburbs The Social Register 1,675 11.5% $154,100 $438,700 Nouveau Money 2,350 16.1% $136,600 $343,300 Late-Nest Suburbanites 355 2.4% $96,000 $266,600 Full-Nest Suburbanites 795 5.4% $92,900 $205,500 Blue-Collar Button-Downs 110 0.8% $65,300 $134,400 Subtotal: 5,285 36.2%

Town & Country/Exurbs Ex-Urban Elite 845 5.8% $137,000 $298,200 Full-Nest Exurbanites 0 0.0% New-Town Families 115 0.8% $75,200 $134,000 Small-Town Families 0 0.0% Subtotal: 960 6.6%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 2 Page 4 of 4

2009 Household Classification by Market Groups City of Dublin, Franklin, Union, and Delaware Counties, Ohio

Estimated Estimated Number Share Estimated Estimated Younger Median Median Single & Couples 5,940 40.6% Income Home Value

Metropolitan Cities e-Types 0 0.0% New Bohemians 0 0.0% Urban Achievers 0 0.0% Subtotal: 0 0.0%

Small Cities/Satellite Cities The VIPs 0 0.0% Twentysomethings 0 0.0% Small-City Singles 0 0.0% Subtotal: 0 0.0%

Metropolitan Suburbs The Entrepreneurs 1,170 8.0% $132,200 $295,800 Fast-Track Professionals 2,180 14.9% $95,300 $268,200 Upscale Suburban Couples 30 0.2% $87,200 $198,100 No-Nest Suburbanites 120 0.8% $65,300 $134,400 Suburban Achievers 875 6.0% $63,300 $169,300 Subtotal: 4,375 29.9%

Town & Country/Exurbs Ex-Urban Power Couples 605 4.1% $111,900 $269,900 Cross-Training Couples 960 6.6% $76,100 $176,200 Exurban Suburbanites 0 0.0% Subtotal: 1,565 10.7%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 3 Page 1 of 4

2009 Household Classification by Market Groups Franklin County, Ohio

Household Type/ Estimated Estimated Geographic Designation Number Share

Empty Nesters & Retirees 87,045 25.8%

Metropolitan Cities 19,185 5.7% Small Cities/Satellite Cities 14,360 4.3% Metropolitan Suburbs 43,430 12.9% Town & Country/Exurbs 10,070 3.0%

Traditional & Non-Traditional Families 109,020 32.3%

Metropolitan Cities 31,250 9.3% Small Cities/Satellite Cities 14,800 4.4% Metropolitan Suburbs 48,775 14.5% Town & Country/Exurbs 14,195 4.2%

Younger Singles & Couples 141,080 41.8%

Metropolitan Cities 31,420 9.3% Small Cities/Satellite Cities 27,635 8.2% Metropolitan Suburbs 73,755 21.9% Town & Country/Exurbs 8,270 2.5%

Total: 337,145 100.0%

Total County Households: 466,830

Classified Households As A Share Of Total County Households: 72.2%

Estimated Median Income: $49,100 Estimated National Median Income: $51,400

Estimated Median Home Value: $143,700 Estimated National Median Home Value: $172,400

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 3 Page 2 of 4

2009 Household Classification by Market Groups Franklin County, Ohio

Estimated Estimated Number Share Estimated Estimated Empty Nesters Median Median & Retirees 87,045 25.8% Income Home Value

Metropolitan Cities Urban Establishment 5,315 1.6% $106,300 $376,400 Cosmopolitan Couples 3,545 1.1% $68,100 $226,000 Multi-Ethnic Retirees 10,325 3.1% $49,200 $116,300 Subtotal: 19,185 5.7%

Small Cities/Satellite Cities Cosmopolitan Elite 3,880 1.2% $93,700 $234,200 Middle-Class Move-Downs 10,480 3.1% $61,900 $127,300 Subtotal: 14,360 4.3%

Metropolitan Suburbs Old Money 8,200 2.4% $138,000 $477,900 Affluent Empty Nesters 7,065 2.1% $86,700 $226,600 Suburban Establishment 9,685 2.9% $86,700 $226,000 Mainstream Retirees 7,630 2.3% $63,600 $155,500 Middle-American Retirees 10,850 3.2% $59,700 $117,000 Subtotal: 43,430 12.9%

Town & Country/Exurbs Small-Town Establishment 3,635 1.1% $103,800 $276,600 New Empty Nesters 1,890 0.6% $89,300 $171,700 RV Retirees 2,185 0.6% $68,700 $126,300 Blue-Collar Empty Nesters 2,360 0.7% $67,100 $116,100 Subtotal: 10,070 3.0%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 3 Page 3 of 4

2009 Household Classification by Market Groups Franklin County, Ohio

Estimated Estimated Number Share Estimated Estimated Traditional & Median Median Non-Traditional Families 109,020 32.3% Income Home Value

Metropolitan Cities Full-Nest Urbanites 10,765 3.2% $78,900 $203,500 Multi-Cultural Families 20,485 6.1% $42,900 $97,100 Subtotal: 31,250 9.3%

Small Cities/Satellite Cities Unibox Transferees 7,500 2.2% $100,800 $233,800 Multi-Ethnic Families 7,300 2.2% $62,000 $128,400 Subtotal: 14,800 4.4%

Metropolitan Suburbs The Social Register 5,580 1.7% $144,600 $382,100 Nouveau Money 7,625 2.3% $128,200 $299,000 Late-Nest Suburbanites 5,970 1.8% $90,100 $232,200 Full-Nest Suburbanites 14,880 4.4% $87,200 $179,000 Blue-Collar Button-Downs 14,720 4.4% $61,300 $117,000 Subtotal: 48,775 14.5%

Town & Country/Exurbs Ex-Urban Elite 8,785 2.6% $128,600 $293,300 Full-Nest Exurbanites 930 0.3% $93,800 $163,500 New-Town Families 3,965 1.2% $70,600 $116,700 Small-Town Families 515 0.2% $69,500 $111,600 Subtotal: 14,195 4.2%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 3 Page 4 of 4

2009 Household Classification by Market Groups Franklin County, Ohio

Estimated Estimated Number Share Estimated Estimated Younger Median Median Single & Couples 141,080 41.8% Income Home Value

Metropolitan Cities e-Types 3,100 0.9% $101,500 $394,300 New Bohemians 6,085 1.8% $77,700 $293,700 Urban Achievers 22,235 6.6% $55,300 $214,700 Subtotal: 31,420 9.3%

Small Cities/Satellite Cities The VIPs 5,350 1.6% $86,900 $233,600 Twentysomethings 11,770 3.5% $60,800 $136,900 Small-City Singles 10,515 3.1% $48,100 $115,200 Subtotal: 27,635 8.2%

Metropolitan Suburbs The Entrepreneurs 8,910 2.6% $124,100 $353,500 Fast-Track Professionals 11,045 3.3% $89,400 $233,600 Upscale Suburban Couples 15,240 4.5% $81,800 $172,600 No-Nest Suburbanites 15,430 4.6% $61,300 $117,000 Suburban Achievers 23,130 6.9% $59,400 $147,400 Subtotal: 73,755 21.9%

Town & Country/Exurbs Ex-Urban Power Couples 3,690 1.1% $105,000 $235,100 Cross-Training Couples 3,065 0.9% $71,400 $153,500 Exurban Suburbanites 1,515 0.4% $53,500 $96,000 Subtotal: 8,270 2.5%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 4 Page 1 of 4

Households With The Potential To Move Within The City Of Dublin In 2009 Household Classification By Market Groups City of Dublin, Franklin, Union, and Delaware Counties, Ohio

Household Type/ Estimated Share of Geographic Designation Number Potential Potential

Empty Nesters & Retirees 2,430 100 5.9%

Metropolitan Cities 0 0 0.0% Small Cities/Satellite Cities 0 0 0.0% Metropolitan Suburbs 2,160 90 5.3% Town & Country/Exurbs 270 10 0.6%

Traditional & Non-Traditional Families 6,245 520 30.6%

Metropolitan Cities 0 0 0.0% Small Cities/Satellite Cities 0 0 0.0% Metropolitan Suburbs 5,285 440 25.9% Town & Country/Exurbs 960 80 4.7%

Younger Singles & Couples 5,940 1,080 63.5%

Metropolitan Cities 0 0 0.0% Small Cities/Satellite Cities 0 0 0.0% Metropolitan Suburbs 4,375 880 51.8% Town & Country/Exurbs 1,565 200 11.8%

Total: 14,615 1,700 100.0%

Total City Households: 15,130

Classified Households As A Share Of Total City Households: 96.6%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 4 Page 2 of 4

Households With The Potential To Move Within The City Of Dublin In 2009 Household Classification By Market Groups City of Dublin, Franklin, Union, and Delaware Counties, Ohio

Estimated Share of Number Potential Potential

Empty Nesters & Retirees 2,430 100 5.9%

Metropolitan Cities Urban Establishment 0 0 0.0% Cosmopolitan Couples 0 0 0.0% Multi-Ethnic Retirees 0 0 0.0% Subtotal: 0 0 0.0%

Small Cities/Satellite Cities Cosmopolitan Elite 0 0 0.0% Middle-Class Move-Downs 0 0 0.0% Subtotal: 0 0 0.0%

Metropolitan Suburbs Old Money 1,165 50 2.9% Affluent Empty Nesters 245 10 0.6% Suburban Establishment 450 20 1.2% Mainstream Retirees 300 10 0.6% Middle-American Retirees 0 0 0.0% Subtotal: 2,160 90 5.3%

Town & Country/Exurbs Small-Town Establishment 195 10 0.6% New Empty Nesters 0 0 0.0% RV Retirees 75 0 0.0% Blue-Collar Empty Nesters 0 0 0.0% Subtotal: 270 10 0.6%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 4 Page 3 of 4

Households With The Potential To Move Within The City Of Dublin In 2009 Household Classification By Market Groups City of Dublin, Franklin, Union, and Delaware Counties, Ohio

Estimated Share of Number Potential Potential

Traditional & Non-Traditional Families 6,245 520 30.6%

Metropolitan Cities Full-Nest Urbanites 0 0 0.0% Multi-Cultural Families 0 0 0.0% Subtotal: 0 0 0.0%

Small Cities/Satellite Cities Unibox Transferees 0 0 0.0% Multi-Ethnic Families 0 0 0.0% Subtotal: 0 0 0.0%

Metropolitan Suburbs The Social Register 1,675 70 4.1% Nouveau Money 2,350 220 12.9% Late-Nest Suburbanites 355 30 1.8% Full-Nest Suburbanites 795 100 5.9% Blue-Collar Button-Downs 110 20 1.2% Subtotal: 5,285 440 25.9%

Town & Country/Exurbs Ex-Urban Elite 845 70 4.1% Full-Nest Exurbanites 0 0 0.0% New-Town Families 115 10 0.6% Small-Town Families 0 0 0.0% Subtotal: 960 80 4.7%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 4 Page 4 of 4

Households With The Potential To Move Within The City Of Dublin In 2009 Household Classification By Market Groups City of Dublin, Franklin, Union, and Delaware Counties, Ohio

Estimated Share of Number Potential Potential

Younger Singles & Couples 5,940 1,080 63.5%

Metropolitan Cities e-Types 0 0 0.0% New Bohemians 0 0 0.0% Urban Achievers 0 0 0.0% Subtotal: 0 0 0.0%

Small Cities/Satellite Cities The VIPs 0 0 0.0% Twentysomethings 0 0 0.0% Small-City Singles 0 0 0.0% Subtotal: 0 0 0.0%

Metropolitan Suburbs The Entrepreneurs 1,170 140 8.2% Fast-Track Professionals 2,180 410 24.1% Upscale Suburban Couples 30 0 0.0% No-Nest Suburbanites 120 10 0.6% Suburban Achievers 875 320 18.8% Subtotal: 4,375 880 51.8%

Town & Country/Exurbs Ex-Urban Power Couples 605 80 4.7% Cross-Training Couples 960 120 7.1% Exurban Suburbanites 0 0 0.0% Subtotal: 1,565 200 11.8%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 5 Page 1 of 4

Households With The Potential To Move To The City Of Dublin In 2009 Household Classification By Market Groups Balance of Franklin County, Ohio

Household Type/ Estimated Share of Geographic Designation Number Potential Potential

Empty Nesters & Retirees 81,185 290 7.9%

Metropolitan Cities 17,005 40 1.1% Small Cities/Satellite Cities 13,680 70 1.9% Metropolitan Suburbs 40,430 120 3.3% Town & Country/Exurbs 10,070 60 1.6%

Traditional & Non-Traditional Families 89,395 830 22.7%

Metropolitan Cities 16,515 110 3.0% Small Cities/Satellite Cities 14,555 150 4.1% Metropolitan Suburbs 46,780 490 13.4% Town & Country/Exurbs 11,545 80 2.2%

Younger Singles & Couples 138,500 2,530 69.3%

Metropolitan Cities 30,105 640 17.5% Small Cities/Satellite Cities 27,525 600 16.4% Metropolitan Suburbs 72,600 1,210 33.2% Town & Country/Exurbs 8,270 80 2.2%

Total: 309,080 3,650 100.0%

Total County Households: 451,700 {Balance of County}

Classified Households As A Share Of Total County Households: 68.4% {Balance of County}

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 5 Page 2 of 4

Households With The Potential To Move To The City Of Dublin In 2009 Household Classification By Market Groups Balance of Franklin County, Ohio

Estimated Share of Number Potential Potential

Empty Nesters & Retirees 81,185 290 7.9%

Metropolitan Cities Urban Establishment 3,135 20 0.5% Cosmopolitan Couples 3,545 10 0.3% Multi-Ethnic Retirees 10,325 10 0.3% Subtotal: 17,005 40 1.1%

Small Cities/Satellite Cities Cosmopolitan Elite 3,275 10 0.3% Middle-Class Move-Downs 10,405 60 1.6% Subtotal: 13,680 70 1.9%

Metropolitan Suburbs Old Money 6,525 20 0.5% Affluent Empty Nesters 6,615 10 0.3% Suburban Establishment 9,685 30 0.8% Mainstream Retirees 6,755 20 0.5% Middle-American Retirees 10,850 40 1.1% Subtotal: 40,430 120 3.3%

Town & Country/Exurbs Small-Town Establishment 3,635 10 0.3% New Empty Nesters 1,890 20 0.5% RV Retirees 2,185 10 0.3% Blue-Collar Empty Nesters 2,360 20 0.5% Subtotal: 10,070 60 1.6%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 5 Page 3 of 4

Households With The Potential To Move To The City Of Dublin In 2009 Household Classification By Market Groups Balance of Franklin County, Ohio

Estimated Share of Number Potential Potential

Traditional & Non-Traditional Families 89,395 830 22.7%

Metropolitan Cities Full-Nest Urbanites 10,645 70 1.9% Multi-Cultural Families 5,870 40 1.1% Subtotal: 16,515 110 3.0%

Small Cities/Satellite Cities Unibox Transferees 7,255 50 1.4% Multi-Ethnic Families 7,300 100 2.7% Subtotal: 14,555 150 4.1%

Metropolitan Suburbs The Social Register 4,410 10 0.3% Nouveau Money 7,625 60 1.6% Late-Nest Suburbanites 5,175 40 1.1% Full-Nest Suburbanites 14,850 150 4.1% Blue-Collar Button-Downs 14,720 230 6.3% Subtotal: 46,780 490 13.4%

Town & Country/Exurbs Ex-Urban Elite 6,435 50 1.4% Full-Nest Exurbanites 630 0 0.0% New-Town Families 3,965 30 0.8% Small-Town Families 515 0 0.0% Subtotal: 11,545 80 2.2%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 5 Page 4 of 4

Households With The Potential To Move To The City Of Dublin In 2009 Household Classification By Market Groups Balance of Franklin County, Ohio

Estimated Share of Number Potential Potential

Younger Singles & Couples 138,500 2,530 69.3%

Metropolitan Cities e-Types 2,255 30 0.8% New Bohemians 5,730 100 2.7% Urban Achievers 22,120 510 14.0% Subtotal: 30,105 640 17.5%

Small Cities/Satellite Cities The VIPs 5,350 70 1.9% Twentysomethings 11,770 280 7.7% Small-City Singles 10,405 250 6.8% Subtotal: 27,525 600 16.4%

Metropolitan Suburbs The Entrepreneurs 8,910 90 2.5% Fast-Track Professionals 10,850 170 4.7% Upscale Suburban Couples 15,240 180 4.9% No-Nest Suburbanites 15,430 120 3.3% Suburban Achievers 22,170 650 17.8% Subtotal: 72,600 1,210 33.2%

Town & Country/Exurbs Ex-Urban Power Couples 3,690 40 1.1% Cross-Training Couples 3,065 30 0.8% Exurban Suburbanites 1,515 10 0.3% Subtotal: 8,270 80 2.2%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 6 Page 1 of 4

Households With The Potential To Move To The City Of Dublin In 2009 Summary: Appendix Two, Tables 1 Through 3 Delaware, Fairfield and Licking Counties, Ohio

Household Type/ Delaware Fairfield Licking Geographic Designation County County County Total

Empty Nesters & Retirees 20 40 60 120

Metropolitan Cities 0 0 0 0 Small Cities/Satellite Cities 0 0 0 0 Metropolitan Suburbs 0 0 0 0 Town & Country/Exurbs 20 40 60 120

Traditional & Non-Traditional Families 110 90 50 250

Metropolitan Cities 0 0 0 0 Small Cities/Satellite Cities 20 0 10 30 Metropolitan Suburbs 30 40 0 70 Town & Country/Exurbs 60 50 40 150

Younger Singles & Couples 170 70 40 280

Metropolitan Cities 0 0 0 0 Small Cities/Satellite Cities 60 10 10 80 Metropolitan Suburbs 50 40 10 100 Town & Country/Exurbs 60 20 20 100

Total: 300 200 150 650 Percent: 46.2% 30.8% 23.1% 100.0%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 6 Page 2 of 4

Households With The Potential To Move To The City Of Dublin In 2009 Summary: Appendix Two, Tables 1 Through 3 Delaware, Fairfield and Licking Counties, Ohio

Delaware Fairfield Licking County County County Total

Empty Nesters & Retirees 20 40 60 120

Metropolitan Cities Urban Establishment 0 0 0 0 Cosmopolitan Couples 0 0 0 0 Multi-Ethnic Retirees 0 0 0 0 Subtotal: 0 0 0 0

Small Cities/Satellite Cities Cosmopolitan Elite 0 0 0 0 Middle-Class Move-Downs 0 0 0 0 Subtotal: 0 0 0 0

Metropolitan Suburbs Old Money 0 0 0 0 Affluent Empty Nesters 0 0 0 0 Suburban Establishment 0 0 0 0 Mainstream Retirees 0 0 0 0 Middle-American Retirees 0 0 0 0 Subtotal: 0 0 0 0

Town & Country/Exurbs Small-Town Establishment 0 0 0 0 New Empty Nesters 10 10 20 40 RV Retirees 0 10 10 20 Blue-Collar Empty Nesters 10 20 30 60 Subtotal: 20 40 60 120

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 6 Page 3 of 4

Households With The Potential To Move To The City Of Dublin In 2009 Summary: Appendix Two, Tables 1 Through 3 Delaware, Fairfield and Licking Counties, Ohio

Delaware Fairfield Licking County County County Total

Traditional & Non-Traditional Families 110 90 50 250

Metropolitan Cities Full-Nest Urbanites 0 0 0 0 Multi-Cultural Families 0 0 0 0 Subtotal: 0 0 0 0

Small Cities/Satellite Cities Unibox Transferees 10 0 0 10 Multi-Ethnic Families 10 0 10 20 Subtotal: 20 0 10 30

Metropolitan Suburbs The Social Register 0 0 0 0 Nouveau Money 20 10 0 30 Late-Nest Suburbanites 0 0 0 0 Full-Nest Suburbanites 10 20 0 30 Blue-Collar Button-Downs 0 10 0 10 Subtotal: 30 40 0 70

Town & Country/Exurbs Ex-Urban Elite 40 20 10 70 Full-Nest Exurbanites 10 10 10 30 New-Town Families 0 10 10 20 Small-Town Families 10 10 10 30 Subtotal: 60 50 40 150

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 6 Page 4 of 4

Households With The Potential To Move To The City Of Dublin In 2009 Summary: Appendix Two, Tables 1 Through 3 Delaware, Fairfield and Licking Counties, Ohio

Delaware Fairfield Licking County County County Total

Younger Singles & Couples 170 70 40 280

Metropolitan Cities e-Types 0 0 0 0 New Bohemians 0 0 0 0 Urban Achievers 0 0 0 0 Subtotal: 0 0 0 0

Small Cities/Satellite Cities The VIPs 10 0 0 10 Twentysomethings 40 0 0 40 Small-City Singles 10 10 10 30 Subtotal: 60 10 10 80

Metropolitan Suburbs The Entrepreneurs 10 0 0 10 Fast-Track Professionals 20 0 0 20 Upscale Suburban Couples 0 10 10 20 No-Nest Suburbanites 0 0 0 0 Suburban Achievers 20 30 0 50 Subtotal: 50 40 10 100

Town & Country/Exurbs Ex-Urban Power Couples 50 10 10 70 Cross-Training Couples 10 10 10 30 Exurban Suburbanites 0 0 0 0 Subtotal: 60 20 20 100

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 7 Page 1 of 4

Households With The Potential To Move To The City Of Dublin In 2009 Household Classification By Market Groups All Other U.S. Counties

Household Type/ Share of Geographic Designation Potential Potential

Empty Nesters & Retirees 390 17.7%

Metropolitan Cities 50 2.3% Small Cities/Satellite Cities 60 2.7% Metropolitan Suburbs 80 3.6% Town & Country/Exurbs 200 9.1%

Traditional & Non-Traditional Families 620 28.2%

Metropolitan Cities 90 4.1% Small Cities/Satellite Cities 120 5.5% Metropolitan Suburbs 210 9.5% Town & Country/Exurbs 200 9.1%

Younger Singles & Couples 1,190 54.1%

Metropolitan Cities 330 15.0% Small Cities/Satellite Cities 310 14.1% Metropolitan Suburbs 390 17.7% Town & Country/Exurbs 160 7.3%

Total: 2,200 100.0%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 7 Page 2 of 4

Households With The Potential To Move To The City Of Dublin In 2009 Household Classification By Market Groups All Other U.S. Counties

Share of Potential Potential

Empty Nesters & Retirees 390 17.7%

Metropolitan Cities Urban Establishment 40 1.8% Cosmopolitan Couples 10 0.5% Multi-Ethnic Retirees 0 0.0% Subtotal: 50 2.3%

Small Cities/Satellite Cities Cosmopolitan Elite 20 0.9% Middle-Class Move-Downs 40 1.8% Subtotal: 60 2.7%

Metropolitan Suburbs Old Money 20 0.9% Affluent Empty Nesters 10 0.5% Suburban Establishment 20 0.9% Mainstream Retirees 10 0.5% Middle-American Retirees 20 0.9% Subtotal: 80 3.6%

Town & Country/Exurbs Small-Town Establishment 20 0.9% New Empty Nesters 50 2.3% RV Retirees 40 1.8% Blue-Collar Empty Nesters 90 4.1% Subtotal: 200 9.1%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 7 Page 3 of 4

Households With The Potential To Move To The City Of Dublin In 2009 Household Classification By Market Groups All Other U.S. Counties

Share of Potential Potential

Traditional & Non-Traditional Families 620 28.2%

Metropolitan Cities Full-Nest Urbanites 50 2.3% Multi-Cultural Families 40 1.8% Subtotal: 90 4.1%

Small Cities/Satellite Cities Unibox Transferees 50 2.3% Multi-Ethnic Families 70 3.2% Subtotal: 120 5.5%

Metropolitan Suburbs The Social Register 10 0.5% Nouveau Money 30 1.4% Late-Nest Suburbanites 30 1.4% Full-Nest Suburbanites 60 2.7% Blue-Collar Button-Downs 80 3.6% Subtotal: 210 9.5%

Town & Country/Exurbs Ex-Urban Elite 50 2.3% Full-Nest Exurbanites 40 1.8% New-Town Families 60 2.7% Small-Town Families 50 2.3% Subtotal: 200 9.1%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 7 Page 4 of 4

Households With The Potential To Move To The City Of Dublin In 2009 Household Classification By Market Groups All Other U.S. Counties

Share of Potential Potential

Younger Singles & Couples 1,190 54.1%

Metropolitan Cities e-Types 70 3.2% New Bohemians 120 5.5% Urban Achievers 140 6.4% Subtotal: 330 15.0%

Small Cities/Satellite Cities The VIPs 80 3.6% Twentysomethings 110 5.0% Small-City Singles 120 5.5% Subtotal: 310 14.1%

Metropolitan Suburbs The Entrepreneurs 60 2.7% Fast-Track Professionals 50 2.3% Upscale Suburban Couples 80 3.6% No-Nest Suburbanites 40 1.8% Suburban Achievers 160 7.3% Subtotal: 390 17.7%

Town & Country/Exurbs Ex-Urban Power Couples 60 2.7% Cross-Training Couples 60 2.7% Exurban Suburbanites 40 1.8% Subtotal: 160 7.3%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 8 Page 1 of 4

Households With The Potential To Move Within/To The City Of Dublin In 2009 Summary: Appendix One, Tables 4 Through 7 City of Dublin; Balance of Franklin County; Delaware, Fairfield, and Licking Counties, Ohio; All Other US Counties

Household Type/ City of Balance of Regional All Other Geographic Designation Dublin Franklin Draw Area US Counties Total

Empty Nesters & Retirees 100 290 120 390 900

Metropolitan Cities 0 40 0 50 90 Small Cities/Satellite Cities 0 70 0 60 130 Metropolitan Suburbs 90 120 0 80 290 Town & Country/Exurbs 10 60 120 200 390

Traditional & Non-Traditional Families 520 830 250 620 2,220

Metropolitan Cities 0 110 0 90 200 Small Cities/Satellite Cities 0 150 30 120 300 Metropolitan Suburbs 440 490 70 210 1,210 Town & Country/Exurbs 80 80 150 200 510

Younger Singles & Couples 1,080 2,530 280 1,190 5,080

Metropolitan Cities 0 640 0 330 970 Small Cities/Satellite Cities 0 600 80 310 990 Metropolitan Suburbs 880 1,210 100 390 2,580 Town & Country/Exurbs 200 80 100 160 540

Total: 1,700 3,650 650 2,200 8,200 Percent: 20.7% 44.5% 8.0% 26.8% 100.0%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 8 Page 2 of 4

Households With The Potential To Move Within/To The City Of Dublin In 2009 Summary: Appendix One, Tables 4 Through 7 City of Dublin; Balance of Franklin County; Delaware, Fairfield, and Licking Counties, Ohio; All Other US Counties

City of Balance of Regional All Other Dublin Franklin Draw Area US Counties Total

Empty Nesters & Retirees 100 290 120 390 900

Metropolitan Cities Urban Establishment 0 20 0 40 60 Cosmopolitan Couples 0 10 0 10 20 Multi-Ethnic Retirees 0 10 0 0 10 Subtotal: 0 40 0 50 90

Small Cities/Satellite Cities Cosmopolitan Elite 0 10 0 20 30 Middle-Class Move-Downs 0 60 0 40 100 Subtotal: 0 70 0 60 130

Metropolitan Suburbs Old Money 50 20 0 20 90 Affluent Empty Nesters 10 10 0 10 30 Suburban Establishment 20 30 0 20 70 Mainstream Retirees 10 20 0 10 40 Middle-American Retirees 0 40 0 20 60 Subtotal: 90 120 0 80 290

Town & Country/Exurbs Small-Town Establishment 10 10 0 20 40 New Empty Nesters 0 20 40 50 110 RV Retirees 0 10 20 40 70 Blue-Collar Empty Nesters 0 20 60 90 170 Subtotal: 10 60 120 200 390

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 8 Page 3 of 4

Households With The Potential To Move Within/To The City Of Dublin In 2009 Summary: Appendix One, Tables 4 Through 7 City of Dublin; Balance of Franklin County; Delaware, Fairfield, and Licking Counties, Ohio; All Other US Counties

City of Balance of Regional All Other Dublin Franklin Draw Area US Counties Total

Traditional & Non-Traditional Families 520 830 250 620 2,220

Metropolitan Cities Full-Nest Urbanites 0 70 0 50 120 Multi-Cultural Families 0 40 0 40 80 Subtotal: 0 110 0 90 200

Small Cities/Satellite Cities Unibox Transferees 0 50 10 50 110 Multi-Ethnic Families 0 100 20 70 190 Subtotal: 0 150 30 120 300

Metropolitan Suburbs The Social Register 70 10 0 10 90 Nouveau Money 220 60 30 30 340 Late-Nest Suburbanites 30 40 0 30 100 Full-Nest Suburbanites 100 150 30 60 340 Blue-Collar Button-Downs 20 230 10 80 340 Subtotal: 440 490 70 210 1,210

Town & Country/Exurbs Ex-Urban Elite 70 50 70 50 240 Full-Nest Exurbanites 0 0 30 40 70 New-Town Families 10 30 20 60 120 Small-Town Families 0 0 30 50 80 Subtotal: 80 80 150 200 510

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 8 Page 4 of 4

Households With The Potential To Move Within/To The City Of Dublin In 2009 Summary: Appendix One, Tables 4 Through 7 City of Dublin; Balance of Franklin County; Delaware, Fairfield, and Licking Counties, Ohio; All Other US Counties

City of Balance of Regional All Other Dublin Franklin Draw Area US Counties Total

Younger Singles & Couples 1,080 2,530 280 1,190 5,080

Metropolitan Cities e-Types 0 30 0 70 100 New Bohemians 0 100 0 120 220 Urban Achievers 0 510 0 140 650 Subtotal: 0 640 0 330 970

Small Cities/Satellite Cities The VIPs 0 70 10 80 160 Twentysomethings 0 280 40 110 430 Small-City Singles 0 250 30 120 400 Subtotal: 0 600 80 310 990

Metropolitan Suburbs The Entrepreneurs 140 90 10 60 300 Fast-Track Professionals 410 170 20 50 650 Upscale Suburban Couples 0 180 20 80 280 No-Nest Suburbanites 10 120 0 40 170 Suburban Achievers 320 650 50 160 1,180 Subtotal: 880 1,210 100 390 2,580

Town & Country/Exurbs Ex-Urban Power Couples 80 40 70 60 250 Cross-Training Couples 120 30 30 60 240 Exurban Suburbanites 0 10 0 40 50 Subtotal: 200 80 100 160 540

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 9 Page 1 of 4

Households With The Potential To Move To The Bridge Street/OH 161/US 33 Corridor In 2009 City of Dublin; Balance of Franklin County; Delaware, Fairfield, and Licking Counties, Ohio; All Other US Counties

Household Type/ City of Balance of Regional All Other Geographic Designation Dublin Frnklin Draw Area U.S. Counties Total

Empty Nesters & Retirees 30 130 0 100 260

Metropolitan Cities 0 30 0 30 60 Small Cities/Satellite Cities 0 40 0 30 70 Metropolitan Suburbs 30 60 0 40 130 Town & Country/Exurbs 0 0 0 0 0

Traditional & Non-Traditional Families 50 90 0 50 190

Metropolitan Cities 0 20 0 20 40 Small Cities/Satellite Cities 0 30 0 20 50 Metropolitan Suburbs 50 40 0 10 100 Town & Country/Exurbs 0 0 0 0 0

Younger Singles & Couples 450 1,260 110 530 2,350

Metropolitan Cities 0 330 0 170 500 Small Cities/Satellite Cities 0 310 50 160 520 Metropolitan Suburbs 450 620 60 200 1,330 Town & Country/Exurbs 0 0 0 0 0

Total: 530 1,480 110 680 2,800 Percent: 18.9% 52.9% 3.9% 24.3% 100.0%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 9 Page 2 of 4

Households With The Potential To Move To The Bridge Street/OH 161/US 33 Corridor In 2009 City of Dublin; Balance of Franklin County; Delaware, Fairfield, and Licking Counties, Ohio; All Other US Counties

City of Balance of Regional All Other Dublin Frnklin Draw Area U.S. Counties Total

Empty Nesters & Retirees 30 130 0 100 260

Metropolitan Cities Urban Establishment 0 10 0 20 30 Cosmopolitan Couples 0 10 0 10 20 Multi-Ethnic Retirees 0 10 0 0 10 Subtotal: 0 30 0 30 60

Small Cities/Satellite Cities Cosmopolitan Elite 0 10 0 10 20 Middle-Class Move-Downs 0 30 0 20 50 Subtotal: 0 40 0 30 70

Metropolitan Suburbs Affluent Empty Nesters 10 10 0 10 30 Suburban Establishment 10 20 0 10 40 Mainstream Retirees 10 10 0 10 30 Middle-American Retirees 0 20 0 10 30 Subtotal: 30 60 0 40 130

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 9 Page 3 of 4

Households With The Potential To Move To The Bridge Street/OH 161/US 33 Corridor In 2009 City of Dublin; Balance of Franklin County; Delaware, Fairfield, and Licking Counties, Ohio; All Other US Counties

City of Balance of Regional All Other Dublin Frnklin Draw Area U.S. Counties Total

Traditional & Non-Traditional Families 50 90 0 50 190

Metropolitan Cities Full-Nest Urbanites 0 10 0 10 20 Multi-Cultural Families 0 10 0 10 20 Subtotal: 0 20 0 20 40

Small Cities/Satellite Cities Unibox Transferees 0 10 0 10 20 Multi-Ethnic Families 0 20 0 10 30 Subtotal: 0 30 0 20 50

Metropolitan Suburbs Nouveau Money 30 10 0 0 40 Late-Nest Suburbanites 0 10 0 0 10 Full-Nest Suburbanites 20 20 0 10 50 Subtotal: 50 40 0 10 100

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 9 Page 4 of 4

Households With The Potential To Move To The Bridge Street/OH 161/US 33 Corridor In 2009 City of Dublin; Balance of Franklin County; Delaware, Fairfield, and Licking Counties, Ohio; All Other US Counties

City of Balance of Regional All Other Dublin Frnklin Draw Area U.S. Counties Total

Younger Singles & Couples 450 1,260 110 530 2,350

Metropolitan Cities e-Types 0 20 0 40 60 New Bohemians 0 50 0 60 110 Urban Achievers 0 260 0 70 330 Subtotal: 0 330 0 170 500

Small Cities/Satellite Cities The VIPs 0 40 10 40 90 Twentysomethings 0 140 20 60 220 Small-City Singles 0 130 20 60 210 Subtotal: 0 310 50 160 520

Metropolitan Suburbs The Entrepreneurs 70 50 10 30 160 Fast-Track Professionals 210 90 10 30 340 Upscale Suburban Couples 0 90 10 40 140 No-Nest Suburbanites 10 60 0 20 90 Suburban Achievers 160 330 30 80 600 Subtotal: 450 620 60 200 1,330

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 10 Page 1 of 4

Tenure (Renter/Buyer) Profile Households With The Potential To Move To The Bridge Street/OH 161/US 33 Corridor In 2009 City of Dublin; Balance of Franklin County; Delaware, Fairfield, and Licking Counties, Ohio; All Other US Counties

. . Rental ...... Ownership ...... Household Type/ Above Entry- First-Time Move-Up/ Move- Geographic Designation Median Level Move-Up Lateral Down Total

Empty Nesters & Retirees 60 0 10 100 90 260

Metropolitan Cities 20 0 0 30 10 60 Small Cities/Satellite Cities 10 0 10 20 30 70 Metropolitan Suburbs 30 0 0 50 50 130 Town & Country/Exurbs 0 0 0 0 0 0

Traditional & Non-Traditional Families 40 20 60 50 20 190

Metropolitan Cities 20 0 0 20 0 40 Small Cities/Satellite Cities 10 0 20 20 0 50 Metropolitan Suburbs 10 20 40 10 20 100 Town & Country/Exurbs 0 0 0 0 0 0

Younger Singles & Couples 1,100 260 420 440 130 2,350

Metropolitan Cities 380 40 40 30 10 500 Small Cities/Satellite Cities 270 50 80 110 10 520 Metropolitan Suburbs 450 170 300 300 110 1,330 Town & Country/Exurbs 0 0 0 0 0 0

Total: 1,200 280 490 590 240 2,800 Percent: 42.9% 10.0% 17.5% 21.1% 8.6% 100.0%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 10 Page 2 of 4

Tenure (Renter/Buyer) Profile Households With The Potential To Move To The Bridge Street/OH 161/US 33 Corridor In 2009 City of Dublin; Balance of Franklin County; Delaware, Fairfield, and Licking Counties, Ohio; All Other US Counties

. . Rental ...... Ownership ...... Empty Nesters Above Entry- First-Time Move-Up/ Move- & Retirees Median Level Move-Up Lateral Down Total

Metropolitan Cities Urban Establishment 10 0 0 10 10 30 Cosmopolitan Couples 10 0 0 10 0 20 Multi-Ethnic Retirees 0 0 0 10 0 10 Subtotal: 20 0 0 30 10 60

Small Cities/Satellite Cities Cosmopolitan Elite 0 0 0 10 10 20 Middle-Class Move-Downs 10 0 10 10 20 50 Subtotal: 10 0 10 20 30 70

Metropolitan Suburbs Affluent Empty Nesters 0 0 0 10 20 30 Suburban Establishment 10 0 0 20 10 40 Mainstream Retirees 10 0 0 10 10 30 Middle-American Retirees 10 0 0 10 10 30 Subtotal: 30 0 0 50 50 130

Total: 60 0 10 100 90 260 Percent: 23.1% 0.0% 3.8% 38.5% 34.6% 100.0%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 10 Page 3 of 4

Tenure (Renter/Buyer) Profile Households With The Potential To Move To The Bridge Street/OH 161/US 33 Corridor In 2009 City of Dublin; Balance of Franklin County; Delaware, Fairfield, and Licking Counties, Ohio; All Other US Counties

. . Rental ...... Ownership ...... Traditional & Above Entry- First-Time Move-Up/ Move- Non-Traditional Families Median Level Move-Up Lateral Down Total

Metropolitan Cities Full-Nest Urbanites 10 0 0 10 0 20 Multi-Cultural Families 10 0 0 10 0 20 Subtotal: 20 0 0 20 0 40

Small Cities/Satellite Cities Unibox Transferees 0 0 10 10 0 20 Multi-Ethnic Families 10 0 10 10 0 30 Subtotal: 10 0 20 20 0 50

Metropolitan Suburbs Nouveau Money 0 10 20 0 10 40 Late-Nest Suburbanites 0 0 0 10 0 10 Full-Nest Suburbanites 10 10 20 0 10 50 Blue-Collar Button-Downs 0 0 0 0 0 0 Subtotal: 10 20 40 10 20 100

Total: 40 20 60 50 20 190 Percent: 21.1% 10.5% 31.6% 26.3% 10.5% 100.0%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 10 Page 4 of 4

Tenure (Renter/Buyer) Profile Households With The Potential To Move To The Bridge Street/OH 161/US 33 Corridor In 2009 City of Dublin; Balance of Franklin County; Delaware, Fairfield, and Licking Counties, Ohio; All Other US Counties

. . Rental ...... Ownership ...... Younger Above Entry- First-Time Move-Up/ Move- Singles & Couples Median Level Move-Up Lateral Down Total

Metropolitan Cities e-Types 30 10 10 10 0 60 New Bohemians 80 10 10 10 0 110 Urban Achievers 270 20 20 10 10 330 Subtotal: 380 40 40 30 10 500

Small Cities/Satellite Cities The VIPs 30 10 20 20 10 90 Twentysomethings 120 20 30 50 0 220 Small-City Singles 120 20 30 40 0 210 Subtotal: 270 50 80 110 10 520

Metropolitan Suburbs The Entrepreneurs 30 20 60 20 30 160 Fast-Track Professionals 140 40 70 90 0 340 Upscale Suburban Couples 40 20 30 30 20 140 No-Nest Suburbanites 60 10 10 10 0 90 Suburban Achievers 180 80 130 150 60 600 Subtotal: 450 170 300 300 110 1,330

Total: 1,100 260 420 440 130 2,350 Percent: 46.8% 11.1% 17.9% 18.7% 5.5% 100.0%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 11 Page 1 of 4

New Unit Purchase Propensity By Housing Type Households With The Potential To Move To The Bridge Street/OH 161/US 33 Corridor In 2009 City of Dublin; Balance of Franklin County; Delaware, Fairfield, and Licking Counties, Ohio; All Other US Counties

Multi- Single- . . Family ...... Family ...... Household Type/ . . Attached ...... Detached ...... Geographic Designation All Ranges All Ranges Low-Range Mid-Range High-Range Total

Empty Nesters & Retirees 30 60 30 50 30 200

Metropolitan Cities 0 30 0 10 0 40 Small Cities/Satellite Cities 10 20 10 10 10 60 Metropolitan Suburbs 20 10 20 30 20 100 Town & Country/Exurbs 0 0 0 0 0 0

Traditional & Non-Traditional Families 10 40 30 30 40 150

Metropolitan Cities 10 10 0 0 0 20 Small Cities/Satellite Cities 0 10 10 10 10 40 Metropolitan Suburbs 0 20 20 20 30 90 Town & Country/Exurbs 0 0 0 0 0 0

Younger Singles & Couples 590 160 200 170 130 1,250

Metropolitan Cities 90 30 0 0 0 120 Small Cities/Satellite Cities 100 30 60 40 20 250 Metropolitan Suburbs 400 100 140 130 110 880 Town & Country/Exurbs 0 0 0 0 0 0

Total: 630 260 260 250 200 1,600 Percent: 39.4% 16.3% 16.3% 15.6% 12.5% 100.0%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 11 Page 2 of 4

New Unit Purchase Propensity By Housing Type Households With The Potential To Move To The Bridge Street/OH 161/US 33 Corridor In 2009 City of Dublin; Balance of Franklin County; Delaware, Fairfield, and Licking Counties, Ohio; All Other US Counties

Multi- Single- . . Family ...... Family ...... Empty Nesters . . Attached ...... Detached ...... & Retirees All Ranges All Ranges Low-Range Mid-Range High-Range Total

Metropolitan Cities Urban Establishment 0 10 0 10 0 20 Cosmopolitan Couples 0 10 0 0 0 10 Multi-Ethnic Retirees 0 10 0 0 0 10 Subtotal: 0 30 0 10 0 40

Small Cities/Satellite Cities Cosmopolitan Elite 0 10 0 0 10 20 Middle-Class Move-Downs 10 10 10 10 0 40 Subtotal: 10 20 10 10 10 60

Metropolitan Suburbs Affluent Empty Nesters 10 0 0 10 10 30 Suburban Establishment 0 10 0 10 10 30 Mainstream Retirees 10 0 10 0 0 20 Middle-American Retirees 0 0 10 10 0 20 Subtotal: 20 10 20 30 20 100

Total: 30 60 30 50 30 200 Percent: 15.0% 30.0% 15.0% 25.0% 15.0% 100.0%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 11 Page 3 of 4

New Unit Purchase Propensity By Housing Type Households With The Potential To Move To The Bridge Street/OH 161/US 33 Corridor In 2009 City of Dublin; Balance of Franklin County; Delaware, Fairfield, and Licking Counties, Ohio; All Other US Counties

Multi- Single- . . Family ...... Family ...... Traditional & . . Attached ...... Detached ...... Non-Traditional Families All Ranges All Ranges Low-Range Mid-Range High-Range Total

Metropolitan Cities Full-Nest Urbanites 0 10 0 0 0 10 Multi-Cultural Families 10 0 0 0 0 10 Subtotal: 10 10 0 0 0 20

Small Cities/Satellite Cities Unibox Transferees 0 0 0 10 10 20 Multi-Ethnic Families 0 10 10 0 0 20 Subtotal: 0 10 10 10 10 40

Metropolitan Suburbs Nouveau Money 0 10 0 10 20 40 Late-Nest Suburbanites 0 0 10 0 0 10 Full-Nest Suburbanites 0 10 10 10 10 40 Subtotal: 0 20 20 20 30 90

Total: 10 40 30 30 40 150 Percent: 6.7% 26.7% 20.0% 20.0% 26.7% 100.0%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix One, Table 11 Page 4 of 4

New Unit Purchase Propensity By Housing Type Households With The Potential To Move To The Bridge Street/OH 161/US 33 Corridor In 2009 City of Dublin; Balance of Franklin County; Delaware, Fairfield, and Licking Counties, Ohio; All Other US Counties

Multi- Single- . . Family ...... Family ...... Younger . . Attached ...... Detached ...... Singles & Couples All Ranges All Ranges Low-Range Mid-Range High-Range Total

Metropolitan Cities e-Types 20 10 0 0 0 30 New Bohemians 20 10 0 0 0 30 Urban Achievers 50 10 0 0 0 60 Subtotal: 90 30 0 0 0 120

Small Cities/Satellite Cities The VIPs 20 10 10 10 10 60 Twentysomethings 40 10 20 20 10 100 Small-City Singles 40 10 30 10 0 90 Subtotal: 100 30 60 40 20 250

Metropolitan Suburbs The Entrepreneurs 20 20 10 30 50 130 Fast-Track Professionals 80 30 30 30 30 200 Upscale Suburban Couples 30 10 30 20 10 100 No-Nest Suburbanites 10 0 10 10 0 30 Suburban Achievers 260 40 60 40 20 420 Subtotal: 400 100 140 130 110 880

Total: 590 160 200 170 130 1,250 Percent: 47.2% 12.8% 16.0% 13.6% 10.4% 100.0%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. MARKET POSITION ANALYSIS The Bridge Street/OH 161/US 33 Corridor City of Dublin, Franklin County, Ohio August, 2009

Appendix Two Tables

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Appendix Two, Table 1 Page 1 of 4

Households With The Potential To Move To The City Of Dublin In 2009 Household Classification By Market Groups Delaware County, Ohio

Household Type/ Estimated Share of Geographic Designation Number Potential Potential

Empty Nesters & Retirees 11,965 20 6.7%

Metropolitan Cities 0 0 0.0% Small Cities/Satellite Cities 1,385 0 0.0% Metropolitan Suburbs 3,035 0 0.0% Town & Country/Exurbs 7,545 20 6.7%

Traditional & Non-Traditional Families 21,785 110 36.7%

Metropolitan Cities 0 0 0.0% Small Cities/Satellite Cities 2,050 20 6.7% Metropolitan Suburbs 7,845 30 10.0% Town & Country/Exurbs 11,890 60 20.0%

Younger Singles & Couples 19,935 170 56.7%

Metropolitan Cities 0 0 0.0% Small Cities/Satellite Cities 4,035 60 20.0% Metropolitan Suburbs 6,815 50 16.7% Town & Country/Exurbs 9,085 60 20.0%

Total: 53,685 300 100.0%

Total County Households: 62,450

Classified Households As A Share Of Total County Households: 86.0%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix Two, Table 1 Page 2 of 4

Households With The Potential To Move To The City Of Dublin In 2009 Household Classification By Market Groups Delaware County, Ohio

Estimated Share of Number Potential Potential

Empty Nesters & Retirees 11,965 20 6.7%

Metropolitan Cities Urban Establishment 0 0 0.0% Cosmopolitan Couples 0 0 0.0% Multi-Ethnic Retirees 0 0 0.0% Subtotal: 0 0 0.0%

Small Cities/Satellite Cities Cosmopolitan Elite 320 0 0.0% Middle-Class Move-Downs 1,065 0 0.0% Subtotal: 1,385 0 0.0%

Metropolitan Suburbs Old Money 1,555 0 0.0% Affluent Empty Nesters 700 0 0.0% Suburban Establishment 540 0 0.0% Mainstream Retirees 240 0 0.0% Middle-American Retirees 0 0 0.0% Subtotal: 3,035 0 0.0%

Town & Country/Exurbs Small-Town Establishment 2,655 0 0.0% New Empty Nesters 2,535 10 3.3% RV Retirees 960 0 0.0% Blue-Collar Empty Nesters 1,395 10 3.3% Subtotal: 7,545 20 6.7%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix Two, Table 1 Page 3 of 4

Households With The Potential To Move To The City Of Dublin In 2009 Household Classification By Market Groups Delaware County, Ohio

Estimated Share of Number Potential Potential

Traditional & Non-Traditional Families 21,785 110 36.7%

Metropolitan Cities Full-Nest Urbanites 0 0 0.0% Multi-Cultural Families 0 0 0.0% Subtotal: 0 0 0.0%

Small Cities/Satellite Cities Unibox Transferees 1,130 10 3.3% Multi-Ethnic Families 920 10 3.3% Subtotal: 2,050 20 6.7%

Metropolitan Suburbs The Social Register 1,180 0 0.0% Nouveau Money 4,935 20 6.7% Late-Nest Suburbanites 195 0 0.0% Full-Nest Suburbanites 1,400 10 3.3% Blue-Collar Button-Downs 135 0 0.0% Subtotal: 7,845 30 10.0%

Town & Country/Exurbs Ex-Urban Elite 8,335 40 13.3% Full-Nest Exurbanites 1,390 10 3.3% New-Town Families 635 0 0.0% Small-Town Families 1,530 10 3.3% Subtotal: 11,890 60 20.0%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix Two, Table 1 Page 4 of 4

Households With The Potential To Move To The City Of Dublin In 2009 Household Classification By Market Groups Delaware County, Ohio

Estimated Share of Number Potential Potential

Younger Singles & Couples 19,935 170 56.7%

Metropolitan Cities e-Types 0 0 0.0% New Bohemians 0 0 0.0% Urban Achievers 0 0 0.0% Subtotal: 0 0 0.0%

Small Cities/Satellite Cities The VIPs 915 10 3.3% Twentysomethings 2,495 40 13.3% Small-City Singles 625 10 3.3% Subtotal: 4,035 60 20.0%

Metropolitan Suburbs The Entrepreneurs 2,490 10 3.3% Fast-Track Professionals 2,010 20 6.7% Upscale Suburban Couples 670 0 0.0% No-Nest Suburbanites 615 0 0.0% Suburban Achievers 1,030 20 6.7% Subtotal: 6,815 50 16.7%

Town & Country/Exurbs Ex-Urban Power Couples 6,910 50 16.7% Cross-Training Couples 1,760 10 3.3% Exurban Suburbanites 415 0 0.0% Subtotal: 9,085 60 20.0%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix Two, Table 2 Page 1 of 4

Households With The Potential To Move To The City Of Dublin In 2009 Household Classification By Market Groups Fairfield County, Ohio

Household Type/ Estimated Share of Geographic Designation Number Potential Potential

Empty Nesters & Retirees 12,925 40 20.0%

Metropolitan Cities 0 0 0.0% Small Cities/Satellite Cities 720 0 0.0% Metropolitan Suburbs 2,820 0 0.0% Town & Country/Exurbs 9,385 40 20.0%

Traditional & Non-Traditional Families 16,290 90 45.0%

Metropolitan Cities 0 0 0.0% Small Cities/Satellite Cities 435 0 0.0% Metropolitan Suburbs 6,180 40 20.0% Town & Country/Exurbs 9,675 50 25.0%

Younger Singles & Couples 7,480 70 35.0%

Metropolitan Cities 0 0 0.0% Small Cities/Satellite Cities 650 10 5.0% Metropolitan Suburbs 3,965 40 20.0% Town & Country/Exurbs 2,865 20 10.0%

Total: 36,695 200 100.0%

Total County Households: 54,550

Classified Households As A Share Of Total County Households: 67.3%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix Two, Table 2 Page 2 of 4

Households With The Potential To Move To The City Of Dublin In 2009 Household Classification By Market Groups Fairfield County, Ohio

Estimated Share of Number Potential Potential

Empty Nesters & Retirees 12,925 40 20.0%

Metropolitan Cities Urban Establishment 0 0 0.0% Cosmopolitan Couples 0 0 0.0% Multi-Ethnic Retirees 0 0 0.0% Subtotal: 0 0 0.0%

Small Cities/Satellite Cities Cosmopolitan Elite 135 0 0.0% Middle-Class Move-Downs 585 0 0.0% Subtotal: 720 0 0.0%

Metropolitan Suburbs Old Money 720 0 0.0% Affluent Empty Nesters 655 0 0.0% Suburban Establishment 770 0 0.0% Mainstream Retirees 280 0 0.0% Middle-American Retirees 395 0 0.0% Subtotal: 2,820 0 0.0%

Town & Country/Exurbs Small-Town Establishment 2,120 0 0.0% New Empty Nesters 2,620 10 5.0% RV Retirees 2,325 10 5.0% Blue-Collar Empty Nesters 2,320 20 10.0% Subtotal: 9,385 40 20.0%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix Two, Table 2 Page 3 of 4

Households With The Potential To Move To The City Of Dublin In 2009 Household Classification By Market Groups Fairfield County, Ohio

Estimated Share of Number Potential Potential

Traditional & Non-Traditional Families 16,290 90 45.0%

Metropolitan Cities Full-Nest Urbanites 0 0 0.0% Multi-Cultural Families 0 0 0.0% Subtotal: 0 0 0.0%

Small Cities/Satellite Cities Unibox Transferees 60 0 0.0% Multi-Ethnic Families 375 0 0.0% Subtotal: 435 0 0.0%

Metropolitan Suburbs The Social Register 1,130 0 0.0% Nouveau Money 1,345 10 5.0% Late-Nest Suburbanites 755 0 0.0% Full-Nest Suburbanites 2,175 20 10.0% Blue-Collar Button-Downs 775 10 5.0% Subtotal: 6,180 40 20.0%

Town & Country/Exurbs Ex-Urban Elite 3,520 20 10.0% Full-Nest Exurbanites 2,065 10 5.0% New-Town Families 1,400 10 5.0% Small-Town Families 2,690 10 5.0% Subtotal: 9,675 50 25.0%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix Two, Table 2 Page 4 of 4

Households With The Potential To Move To The City Of Dublin In 2009 Household Classification By Market Groups Fairfield County, Ohio

Estimated Share of Number Potential Potential

Younger Singles & Couples 7,480 70 35.0%

Metropolitan Cities e-Types 0 0 0.0% New Bohemians 0 0 0.0% Urban Achievers 0 0 0.0% Subtotal: 0 0 0.0%

Small Cities/Satellite Cities The VIPs 100 0 0.0% Twentysomethings 145 0 0.0% Small-City Singles 405 10 5.0% Subtotal: 650 10 5.0%

Metropolitan Suburbs The Entrepreneurs 590 0 0.0% Fast-Track Professionals 280 0 0.0% Upscale Suburban Couples 1,110 10 5.0% No-Nest Suburbanites 355 0 0.0% Suburban Achievers 1,630 30 15.0% Subtotal: 3,965 40 20.0%

Town & Country/Exurbs Ex-Urban Power Couples 950 10 5.0% Cross-Training Couples 1,330 10 5.0% Exurban Suburbanites 585 0 0.0% Subtotal: 2,865 20 10.0%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix Two, Table 3 Page 1 of 4

Households With The Potential To Move To The City Of Dublin In 2009 Household Classification By Market Groups Licking County, Ohio

Household Type/ Estimated Share of Geographic Designation Number Potential Potential

Empty Nesters & Retirees 17,330 60 40.0%

Metropolitan Cities 0 0 0.0% Small Cities/Satellite Cities 2,335 0 0.0% Metropolitan Suburbs 635 0 0.0% Town & Country/Exurbs 14,360 60 40.0%

Traditional & Non-Traditional Families 14,430 50 33.3%

Metropolitan Cities 0 0 0.0% Small Cities/Satellite Cities 1,240 10 6.7% Metropolitan Suburbs 1,875 0 0.0% Town & Country/Exurbs 11,315 40 26.7%

Younger Singles & Couples 6,680 40 26.7%

Metropolitan Cities 0 0 0.0% Small Cities/Satellite Cities 1,535 10 6.7% Metropolitan Suburbs 1,240 10 6.7% Town & Country/Exurbs 3,905 20 13.3%

Total: 38,440 150 100.0%

Total County Households: 61,165

Classified Households As A Share Of Total County Households: 62.8%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix Two, Table 3 Page 2 of 4

Households With The Potential To Move To The City Of Dublin In 2009 Household Classification By Market Groups Licking County, Ohio

Estimated Share of Number Potential Potential

Empty Nesters & Retirees 17,330 60 40.0%

Metropolitan Cities Urban Establishment 0 0 0.0% Cosmopolitan Couples 0 0 0.0% Multi-Ethnic Retirees 0 0 0.0% Subtotal: 0 0 0.0%

Small Cities/Satellite Cities Cosmopolitan Elite 720 0 0.0% Middle-Class Move-Downs 1,615 0 0.0% Subtotal: 2,335 0 0.0%

Metropolitan Suburbs Old Money 85 0 0.0% Affluent Empty Nesters 195 0 0.0% Suburban Establishment 225 0 0.0% Mainstream Retirees 125 0 0.0% Middle-American Retirees 5 0 0.0% Subtotal: 635 0 0.0%

Town & Country/Exurbs Small-Town Establishment 2,870 0 0.0% New Empty Nesters 3,555 20 13.3% RV Retirees 3,100 10 6.7% Blue-Collar Empty Nesters 4,835 30 20.0% Subtotal: 14,360 60 40.0%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix Two, Table 3 Page 3 of 4

Households With The Potential To Move To The City Of Dublin In 2009 Household Classification By Market Groups Licking County, Ohio

Estimated Share of Number Potential Potential

Traditional & Non-Traditional Families 14,430 50 33.3%

Metropolitan Cities Full-Nest Urbanites 0 0 0.0% Multi-Cultural Families 0 0 0.0% Subtotal: 0 0 0.0%

Small Cities/Satellite Cities Unibox Transferees 370 0 0.0% Multi-Ethnic Families 870 10 6.7% Subtotal: 1,240 10 6.7%

Metropolitan Suburbs The Social Register 145 0 0.0% Nouveau Money 535 0 0.0% Late-Nest Suburbanites 250 0 0.0% Full-Nest Suburbanites 905 0 0.0% Blue-Collar Button-Downs 40 0 0.0% Subtotal: 1,875 0 0.0%

Town & Country/Exurbs Ex-Urban Elite 1,860 10 6.7% Full-Nest Exurbanites 3,830 10 6.7% New-Town Families 2,085 10 6.7% Small-Town Families 3,540 10 6.7% Subtotal: 11,315 40 26.7%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. Appendix Two, Table 3 Page 4 of 4

Households With The Potential To Move To The City Of Dublin In 2009 Household Classification By Market Groups Licking County, Ohio

Estimated Share of Number Potential Potential

Younger Singles & Couples 6,680 40 26.7%

Metropolitan Cities e-Types 0 0 0.0% New Bohemians 0 0 0.0% Urban Achievers 0 0 0.0% Subtotal: 0 0 0.0%

Small Cities/Satellite Cities The VIPs 325 0 0.0% Twentysomethings 260 0 0.0% Small-City Singles 950 10 6.7% Subtotal: 1,535 10 6.7%

Metropolitan Suburbs The Entrepreneurs 315 0 0.0% Fast-Track Professionals 0 0 0.0% Upscale Suburban Couples 840 10 6.7% No-Nest Suburbanites 55 0 0.0% Suburban Achievers 30 0 0.0% Subtotal: 1,240 10 6.7%

Town & Country/Exurbs Ex-Urban Power Couples 1,430 10 6.7% Cross-Training Couples 1,675 10 6.7% Exurban Suburbanites 800 0 0.0% Subtotal: 3,905 20 13.3%

SOURCE: Claritas, Inc.; Zimmerman/Volk Associates, Inc. ZIMMERMAN/VOLK ASSOCIATES, INC. P.O. Box 4907 Clinton, New Jersey 08809 908-735-6336 [email protected] • www.ZVA.cc Research & Strategic Analysis

ASSUMPTIONS AND LIMITATIONS—

Every effort has been made to insure the accuracy of the data contained within this analysis. Demographic and economic estimates and projections have been obtained from government agencies at the national, state, and county levels. Market information has been obtained from sources presumed to be reliable, including developers, owners, and/or sales agents. However, this information cannot be warranted by Zimmerman/Volk Associates, Inc. While the methodology employed in this analysis allows for a margin of error in base data, it is assumed that the market data and government estimates and projections are substantially accurate.

Absorption scenarios are based upon the assumption that a normal economic environment will prevail in a relatively steady state during development of the subject property. Absorption paces are likely to be slower during recessionary periods and faster during periods of recovery and high growth. Absorption scenarios are also predicated on the assumption that the product recommendations will be implemented generally as outlined in this report and that the developer will apply high-caliber design, construction, marketing, and management techniques to the development of the property.

Recommendations are subject to compliance with all applicable regulations. Relevant accounting, tax, and legal matters should be substantiated by appropriate counsel. o

ZIMMERMAN/VOLK ASSOCIATES, INC. P.O. Box 4907 Clinton, New Jersey 08809 908 735-6336 www.ZVA.cc • [email protected] Research & Strategic Analysis

RIGHTS AND STUDY OWNERSHIP—

Zimmerman/Volk Associates, Inc. retains all rights, title and interest in the methodology and target market descriptions contained within this study. The specific findings of the analysis are the property of the client and can be distributed at the client’s discretion.

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ZIMMERMAN/VOLK ASSOCIATES, INC., 2009

Appendix Three

TARGET MARKET DESCRIPTIONS

A Market Position Analysis

Of

New Residential Development

Within

The Bridge Street/OH 161/US 33 Corridor

In

The City of Dublin, Franklin County, Ohio

August, 2009

Conducted by On Behalf of ZIMMERMAN/VOLK ASSOCIATES, INC. The City of Dublin P.O. Box 4907 5200 Emerald Parkway Clinton, New Jersey 08809 Dublin, Ohio 43017 ZIMMERMAN/VOLK ASSOCIATES, INC. P.O. Box 4907 Clinton, New Jersey 08809

908-735-6336 [email protected] • www.ZVA.cc Research & Strategic Analysis

TABLE OF CONTENTS

TARGET MARKET DESCRIPTIONS 1

EMPTY NESTERS & RETIREES—Metropolitan Cities The Urban Establishment 3 Cosmopolitan Couples 4 Multi-Ethnic Empty Nesters 5

EMPTY NESTERS & RETIREES—Small Cities/Satellite Cities Cosmopolitan Elite 7 Middle-Class Move-Downs 8

EMPTY NESTERS & RETIREES—Metropolitan Suburbs Old Money 10 Affluent Empty Nesters 11 Suburban Establishment 12 Mainstream Retirees 13 Middle-American Retirees 14

EMPTY NESTERS & RETIREES—Town & Country/Exurbs Small-Town Establishment 16 New Empty Nesters 17 RV Retirees 18

TRADITIONAL & NON-TRADITIONAL FAMILIES—Metropolitan Cities Full-Nest Urbanites 20 Multi-Cultural Families 21

Page ii

TRADITIONAL & NON-TRADITIONAL FAMILIES—Small Cities/Satellite Cities Unibox Transferees 23 Multi-Ethnic Families 24

TRADITIONAL & NON-TRADITIONAL FAMILIES—Metropolitan Suburbs The Social Register 26 Nouveau Money 27 The Entrepreneurs 28 Late-Nest Suburbanites 29 Full-Nest Suburbanites 30 Blue-Collar Button-Downs 31

TRADITIONAL & NON-TRADITIONAL FAMILIES—Town & Country/Exurbs Ex-Urban Elite 33 Full-Nest Exurbanites 34 New-Town Families 35 Small-Town Families 36 Blue-Collar Families 37

YOUNGER SINGLES & COUPLES—Metropolitan Cities e-Types 39 New Bohemians 40 Urban Achievers 41

YOUNGER SINGLES & COUPLES—Small Cities/Satellite Cities The VIPs 43 Twentysomethings 44 Small-City Singles 45

ZIMMERMAN/VOLK ASSOCIATES, INC. Page iii

YOUNGER SINGLES & COUPLES—Metropolitan Suburbs Fast-Track Professionals 47 Upscale Suburban Couples 48 No-Nest Suburbanites 49 Suburban Achievers 50

YOUNGER SINGLES & COUPLES—Town & Country/Exurbs Ex-Urban Power Couples 52 Cross-Training Couples 53 Exurban Suburbanites 54

RIGHTS AND STUDY OWNERSHIP o

ZIMMERMAN/VOLK ASSOCIATES, INC. Page 1

TARGET MARKET DESCRIPTIONS

The following target market lifestyle and values profiles have been developed by Zimmerman/Volk Associates, Inc., based on United States Bureau of Census data, Claritas’ geo-demographic segmentation, and Zimmerman/Volk Associates’ lifestyle and housing correlation methodology. The target market lifestyle and values profiles have been devised for use by design, marketing, and merchandising professionals in perfecting the position of new housing within the marketplace.

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EMPTY NESTERS & RETIREES

– Metropolitan Cities –

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THE URBAN ESTABLISHMENT

Configuration: Empty-nest couples; older singles (divorced and widowed). Average household size—2 persons. Predominant age range of adults—45 to 64.

Characteristics: Affluent, educated and sophisticated older couples. Success achieved through intelligence, connections and contacts. Over two-thirds attended or graduated from college or have advanced degrees. High-ranking professionals in medicine, law, business and finance; arts and entertainment.

Housing preferences: Exclusive urban neighborhoods. Elegant mansions, townhouses (the city version) and condominiums (the high-rise version). Nearly one quarter lease large, luxurious apartments.

Consumption patterns: Chauffeured car; drive a Jaguar. Investment property. Undercounter wine cellar. Watch Washington Week In Review. Read The Wall Street Journal.

Icons: Mark Cross appointment book; the blue Tiffany box and the red Cartier box.

 “Luxury must be comfortable, otherwise it is not luxury.” — Coco Chanel 

© ZIMMERMAN/V OLK ASSOCIATES, INC . Page 4

COSMOPOLITAN COUPLES

Configuration: Empty-nest couples; widows and widowers. Average household size—1 and 2 persons. Predominant age range of adults—55 and older.

Characteristics: Multi-ethnic neighborhoods, including white, African-American, Latino and Asian residents. Leisure-intensive lifestyles. College-educated. Lawyers, administrators, financial analysts.

Housing preferences: Vibrant urban neighborhoods built before World War II. High-rises and rowhouses; detached houses on urban lots. Nearly three-quarters own their homes.

Consumption patterns: Lincoln Town Car. Play the lottery. Avid theater-goers. Watch People’s Court. Read Time.

Icons: Theater tickets; lottery tickets.

 “Join the United States and join the family– But not much in between unless a college.” – Robert Frost 

© ZIMMERMAN/V OLK ASSOCIATES, INC . Page 5

MULTI-ETHNIC EMPTY NESTERS

Configuration: Older couples; empty nesters, or with adult children still living at home. Average household size—2 to 3 persons. Predominant age range of adults—55 and up.

Characteristics: Middle-class African-American, Latino and Asian households. Nearly 60 percent graduated high school; another 35 percent have some college education. More than a quarter are retired; the remainder are still working. Social services; health care employees; service workers; administrative support.

Housing preferences: Rowhouses; mid- and high-rise apartments in urban neighborhoods. Mix of long-time residents and newcomers. Nearly 60 percent own their dwelling units, which they have owned for several years.

Consumption patterns: Acura TL, Toyota Corolla. Dancing monthly. Volunteer and community involvement. Watch Court TV. Read Prevention.

Icons: Collection of classic jazz; framed photograph of Martin Luther King.

 “Before a group can enter the open society, it must first close ranks.” – Stokely Carmichael and Charles Vernon Hamilton 

© ZIMMERMAN/V OLK ASSOCIATES, INC . Page 6

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EMPTY NESTERS & RETIREES

– Small Cities/Satellite Cities –

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COSMOPOLITAN ELITE

Configuration: Younger empty-nesters; older families with college-aged children. Average household size—2 to 3 persons. Predominant age range of adults—45 to 64.

Characteristics: Upper-middle- to high-income empty-nesters—leading-edge Baby Boomers. Established cultural elite of America’s smaller cities. Well educated—more than two-thirds attended or graduated from college, or received professional degrees. Prominent lawyers, doctors, professors and executives in local management, finance, and technical companies.

Housing preferences: Single-family neighborhoods within and outside smaller cities. Detached houses in wealthy enclaves, often near the country club. More than 38 percent have moved within the past five years.

Consumption patterns: German SUVs—BMW for her, Mercedes-Benz for him—and the Porsche Boxster for fun. Country club board member. Involvement in civic activities—historic preservation, beautification programs. Watch Great Performances. Read Wine Spectator.

Icons: Automated home theatre; symphony subscription tickets.

 “Once discover comfort, there is no turning back.” – Mason Cooley 

© ZIMMERMAN/V OLK ASSOCIATES, INC . Page 8

MIDDLE-CLASS MOVE-DOWNS

Configuration: Older married couples, widows/widowers, divorcés/divorcées. Average household size—2 persons. Predominant age range of adults—55 plus.

Characteristics: Older couples in the middle of the socio-economic scale. Some members of this group have already retired. Most are high school graduates; some attended college. Middle managers; social service workers; librarians; sales.

Housing preferences: Mid-sized satellite cities. Moderate-value bungalows and ranches; new townhouses as move-down alternatives. Nearly three-quarters of these households own their homes.

Consumption patterns: Toyota Camry. Bird watching. Adult education courses. Watch Golf network. Read AARP The Magazine

Icons: Audubon membership; upright piano.

 “So always look for the silver lining And try to find the sunny side of life.” – P.G. Wodehouse 

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EMPTY NESTERS & RETIREES

– Metropolitan Suburbs –

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OLD MONEY

Configuration: Empty-nest couples; some with college-aged children. Average household size—2 to 3 persons. Predominant age range of adults—50 to 74.

Characteristics: Upper crust, wealthy American families—one in 10 is a multi-millionaire. Heirs to “old money;” accustomed to privilege and luxury. Highly educated, with college and graduate degrees. Judges; medical specialists; chief executive officers.

Housing preferences: Older metropolitan suburban fringe areas. Estate homes in high-prestige neighborhoods; secluded older estates. Urban pieds-à-terre.

Consumption patterns: A collection of thoroughbred automobiles. Personal services to cater to their needs. Theater; classical music. Sailing; tennis. World travel; extended visits to Europe. Watch Nightly Business Report. Read Architectural Digest.

Icons: Threadbare Oriental carpets; chipped heirloom Waterford crystal.

 “They [the very rich] are different from you and me.” – F. Scott Fitzgerald 

© ZIMMERMAN/V OLK ASSOCIATES, INC . Page 11

AFFLUENT EMPTY NESTERS

Configuration: Married empty-nest couples. Average household size—2 persons. Predominant age range of adults—55 and older.

Characteristics: Older established couples, often with two incomes. Significant financial resources—untapped equity in their homes. Half attended or graduated from college. Small-business owners; corporate officers; sales directors.

Housing preferences: Eighty-five percent own their homes. Detached houses with high property values. Likely to move to or near downtown or an urban neighborhood when last child has left home.

Consumption patterns: Buick Park Avenue; Cadillac CTS. An active life of travel, leisure, and entertainment. All-inclusive European travel packages. Watch Charlie Rose. Read Smithsonian.

Icons: Well-thumbed Italian phrasebook; AAA membership card.

 “We made our money the old-fashioned way; we earned it.” – Variation on Advertisement 

© ZIMMERMAN/V OLK ASSOCIATES, INC . Page 12

SUBURBAN ESTABLISHMENT

Configuration: Mature empty-nest couples. Average household size—2 persons. Predominant age range of adults—50 and older.

Characteristics: Upper-middle-income couples in their peak earning years. Parents of the trailing-edge Baby Boomers. More than half attended or graduated from college. Mostly white-collar managers and professionals, with many years at the same firm.

Housing preferences: Vintage 1960s suburban subdivisions. Their originally middle-class detached houses have been upgraded over the years to match their growing income and status. Many still live in the houses they bought new, 30 or 40 years ago; when they move, they downsize to an apartment in an urban neighborhood or a resort condominium.

Consumption patterns: VW Beetle; PT Cruiser; Chrysler 300. Resort cruises. Theater and museum attendees. Listen to jazz. Read Consumer Digest.

Icons: An intown condo; Boston Market take-out.

 “Just enjoy your ice cream while it’s on your plate.” – Thornton Wilder 

© ZIMMERMAN/V OLK ASSOCIATES, INC . Page 13

MAINSTREAM RETIREES

Configuration: Retired singles and couples. Average household size—2 persons. Predominant age range of adults—65 and older.

Characteristics: Middle- to upper-middle-income households. Prefer to spend their “golden years” around people of all ages. Nearly half attended or graduated from college. Country lawyers, doctors, and shopkeepers.

Housing preferences: Small suburban towns. Cottages; townhouses; condominiums. High percentage of vacation/weekend homes.

Consumption patterns: Mercury Sable. Golf; gardening; reading. Museums of all kinds. Watch This Old House. Read House and Garden.

Icons: Cable TV guide; his ‘n’ her golf clubs.

 “And love can come to everyone, The best things in life are free.” – Buddy De Sylva 

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MIDDLE-AMERICAN RETIREES

Configuration: Retired couples and singles. Average household size—1 to 2 persons. Predominant age range of adults—55 and older.

Characteristics: Middle-income households with middle-class sensibilities. Family- and community-oriented. Most are high school graduates; 10 percent graduated from college. Former secretaries; accountants; small business owners.

Housing preferences: Older inner-ring suburbs. Well-kept bungalows, ramblers, colonials. More than three-quarters own their residences and the mortgage is paid off.

Consumption patterns: Mercury Grand Marquis. Bowling. Membership in a fraternal order. Watch NBC Today Show. Read Ladies Home Journal.

Icons: Frank Sinatra records; his ‘n’ hers bowling balls.

 “If I’d known I was going to live this long, I’d have taken better care of myself.” – Eubie Blake 

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EMPTY NESTERS & RETIREES

– Town & Country/Exurbs –

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SMALL-TOWN ESTABLISHMENT

Configuration: Empty-nest couples. Average household size—2 persons. Predominant age range of adults—50 and older.

Characteristics: The leading citizens of small-town communities. Nearly half have college or graduate degrees. Most have annual incomes of $100,000 or more. Small-town lawyers, doctors, bankers, chief executives.

Housing preferences: Affluent rural enclaves. Large single-family houses in the country; second homes in the city. High-tech homes.

Consumption patterns: Older Cadillac de Ville in showroom condition. Belong to a country club. Avid theater and museum-goers. Watch HBO. Read Country Living.

Icons: Investment portfolios; Caribbean cruises.

 “The life of the wealthy is one long Sunday.” – Anton Chekhov 

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NEW EMPTY NESTERS

Configuration: Empty-nest couples; a small percentage have a youngest child still at home. Average household size—2 to 3 persons. Predominant age range of adults—45 to 60.

Characteristics: Middle-aged and upper-middle-class. Dual-income households. High disposable income. Small business owners; local homebuilders.

Housing preferences: Semi-rural small towns fast becoming middle-class suburbs. The nicest house on the nicest street in town. A large percentage own timeshares or second homes.

Consumption patterns: Ford Explorer. Belong to a civic organization. Dining out. Watch Fox News. Read U.S. News and World Report.

Icons: Travel club; Chamber of commerce membership.

 “In the small town each citizen had done something in his own way to build the community” – Daniel J. Boorstin 

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RV RETIREES

Configuration: Older couples. Average household size—2 persons. Predominant age range of adults—55 and older.

Characteristics: Empty-nest, middle-income households. Former policemen, firemen, repairmen, technicians. High-school grads; a third went to college. Most are retired or nearing retirement.

Housing preferences: Detached houses in small towns. Most stay in their homes, but a few choose to retire in resort locations. More than 20 percent are still living in the same house they bought when they got married.

Consumption patterns: Buick Lucerne. Easy-listening tapes. Recreational vehicles; camping equipment. Watch the National Geographic Channel. Read Country Home.

Icons: Winnebago; Wal-Mart

 “To travel hopefully is a better thing than to arrive.” – Robert Louis Stevenson 

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TRADITIONAL & NON-TRADITIONAL FAMILIES

– Metropolitan Cities –

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FULL-NEST URBANITES

Configuration: Traditional and non-traditional families; multi-generational households. Average household size—4 to 5 persons. Predominant age range of adults—25 to 44.

Characteristics: Ethnically diverse, upper-middle-class. Many immigrants, second-generation Americans. Well-educated—two-thirds have college or advanced degree. Multi-racial, multi-lingual. White-collar office and “knowledge” workers; government and arts.

Housing preferences: Single-family, duplexes or apartments in urban neighborhoods. Relatively settled—more than half have lived in the same dwelling for more than five years. Just under two-thirds own their homes.

Consumption patterns: Toyota Sienna. Patrons of the arts. Foreign movies. Watch Good Morning America. Read People.

Icons: Kate Spade pocketbook; transit card.

 “America, the land of unlimited possibilities.” – Ludwig Max Goldberger 

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MULTI-CULTURAL FAMILIES

Configuration: Families with several children; single-parent families. Average household size—5 persons. Predominant age range of adults—25 to 44.

Characteristics: Middle-income immigrant families. High-school graduates. First-generation Americans. Jobs range from day laborers to management professionals.

Housing preferences: Older urban rowhouse and bungalow neighborhoods. Half own, half rent their dwelling units. Dream of moving to larger houses in more affluent neighborhoods.

Consumption patterns: Public transportation. Bodegas; Czech bakeries; Mexican restaurants; German breweries; Pizzerias. Foreign-language newspapers. Watch Cops. Read Us.

Icons: Blue Cult jeans; U.S. Savings Bonds.

 “America is God’s crucible, the great melting pot where all the races are melting and reforming.” – Israel Zangwill 

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TRADITIONAL & NON-TRADITIONAL FAMILIES

– Small Cities/Satellite Cities –

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UNIBOX TRANSFEREES

Configuration: Families with pre-school and school-aged children. Average household size—4 persons. Predominant age range of adults—35 to 50.

Characteristics: Upper-middle-income families; both spouses work. One-third graduated from college. On the move; frequent transfers for better jobs, better pay. Career-oriented middle managers; many are computer literate with home offices.

Housing preferences: Single-family detached houses in brand-new subdivisions just outside satellite cities. Two-story uniboxes, easy to resell when the next transfer comes. More than 22 percent move every year.

Consumption patterns: Chevy Suburban. Cleaning service; laundry service; 12-hour babysitters. Soccer Moms and Dads. Watch Nickolodean. Read Forbes.

Icons: Blackberries; platinum frequent flyer cards.

 “They change their clime, not their disposition.” – Horace 

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MULTI-ETHNIC FAMILIES

Configuration: Middle-class families with children. Average household size—4-plus persons. Predominant age range of adults—25 to 34.

Characteristics: A large percentage of Spanish-speaking households; many recent immigrants from the Near and Far East. More than75 percent finished high school. A high percentage are in the Armed Forces. Construction workers; maintenance workers; government employees.

Housing preferences: Low-rise apartments in older neighborhoods; rowhouses; cottages. More than 35 percent are renters. Highly mobile: more than half have moved within the last five years.

Consumption patterns: Ford Excursion. Vibrant street life; sitting on the stoop chatting with the neighbors. Social clubs. Watch All My Children. Read Soap Opera Weekly.

Icons: Fast-food containers; Home remodeling projects.

 “Con pan y vino se anda el camino. [With bread and wine you can walk your road.]” – Proverb 

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TRADITIONAL & NON-TRADITIONAL FAMILIES

– Metropolitan Suburbs –

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THE SOCIAL REGISTER

Configuration: Older families with teen-aged children. Average household size—4 to 5 persons. Predominant age range of adults—35 to 54.

Characteristics: Very high-income families. Pre-empty nesters; professional parents who had their children in their 30s. Three-quarters are college-educated; more than a quarter with advanced degrees. Prominent professionals and executives in local business, finance, law, and communications industries.

Housing preferences: Million-dollar homes. Detached houses in wealthy enclaves, often near the country club; expensive apartments in the city. More than 40 percent have moved within the past five years.

Consumption patterns: Mom (Chevrolet Suburban), Dad (Mercedes-Benz), and the kids(Volkswagon Jetta and a Jeep). Family membership at the country club. Involvement in civic activities—historic preservation, culture and the arts. Watch Antiques Roadshow. Read Bon Appetit.

Icons: Flat-screen TV in the multi-media room; family membership in English Heritage.

 “Wealth is not without its advantages.” – John Kenneth Galbraith 

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THE ENTREPRENEURS

Configuration: Traditional families with one or two children. Average household size—4 persons. Predominant age range of adults—35 to 54.

Characteristics: Wealthy, dual-income families. High percentage of home-based businesses. Well educated—more than 53 percent hold college or graduate degrees. Business owners, executives and white-collar professionals.

Housing preferences: Detached houses in the suburbs; high-rise condominiums in the city. More than half have moved within the past five years. Very high property values.

Consumption patterns: A Lincoln Navigator and a Porsche. Theater-lovers, museum-goers. Color-coded calendar for family members. Watch HBO. Read Forbes Small Business.

Icons: The wireless home office; family scuba gear.

 “A creative economy is the fuel of magnificence.” – Ralph Waldo Emerson 

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NOUVEAU MONEY

Configuration: Young families with children. Average household size—5 or more persons. Predominant age range of adults—25 to 34.

Characteristics: Big spenders with high incomes. Highly mobile; two-thirds moved within the past five years. Highly-educated; dot-com millionaires. Investment analysts; business owners; high-tech careers.

Housing preferences: New-money subdivisions. McMansions in the suburbs; penthouses in the city. Second homes in resort areas.

Consumption patterns: Cadillac Escalade for shopping; Hummer H2. Downhill skiing. Designer logo clothes. Watch The Cartoon Network. Read House & Garden.

Icons: Tiered-seating home theater; Centurion Black American Express card.

 “A sumptuous dwelling the rich man hath.” – Mary Elizabeth Hewitt 

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LATE-NEST SUBURBANITES

Configuration: Older families with younger children. Average household size—4 persons. Predominant age range of adults—40 to 55.

Characteristics: Middle-aged Baby Boomers who married late. High percentage of college graduates. White-collar employment. Technicians; financial specialists; accountants; engineers.

Housing preferences: Suburban subdivisions outside fast-growing metro areas. Detached houses—two-story colonials. More than 80 percent own their homes, but have just started payments on a mortgage.

Consumption patterns: Station wagons and minivans. Kids’ toys. Family vacations. Watch Commander in Chief. Read Business Week.

Icons: Cell phone family plan; Whole Foods.

 “Welcome to the great American two-career family and pass the aspirin, please.” – Anastasia Toufexis 

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FULL-NEST SUBURBANITES

Configuration: Families with two or more children. Average household size—4-plus persons. Predominant age range of adults—35 to 44; 45 to 54.

Characteristics: Upper-middle-income suburban families. Significant numbers of stay-at-home Moms. Well educated—more than two-thirds went to college. Officers of small corporations; sales managers; communications and technology.

Housing preferences: Upscale suburban subdivisions. Nearly two-thirds have moved within the past six years. Relatively high property values.

Consumption patterns: Practical family automobiles—mini-vans for carpooling (e.g.—Honda Odyssey) and SUVs for show (e.g.—Ford Expedition). Family-oriented activities. Frequent visits to Disney World. Watch Nickelodeon. Read Parenting.

Icons: Weber barbecue grill; “My child is an honor student at . . .” bumper stickers.

 “Hail wedded love, mysterious law, true source of human offspring.” – John Milton 

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BLUE-COLLAR BUTTON-DOWNS

Configuration: Married couples with several children. Average household size—5+ persons. Predominant age range of adults—25 to 44.

Characteristics: Ethnically diverse, middle-class households with working-class values. Multi-generational households. Most are high-school grads; many also attended two-year colleges or technical schools. Military families, policemen/firemen, technical or sales workers.

Housing preferences: Older single-family detached houses in post-war subdivisions of “carpenter capes” and ranches. A significant number live in townhouses, both rental and ownership. Two-thirds own their homes.

Consumption patterns: American cars, e.g.—Ford Focus. Community-oriented activities. Do-it-yourself home and auto maintenance. Watch soap operas. Read Reader’s Digest.

Icons: Above-ground swimming pool; backyard gas grill.

 “Nice work if you can get it, And you can get it if you try.” – Ira Gershwin 

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TRADITIONAL & NON-TRADITIONAL FAMILIES

– Town & Country/Exurbs –

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EX-URBAN ELITE

Configuration: Married couples with children. Average household size—4 persons. Predominant age range of adults—35 to 54.

Characteristics: Wealthy families living in private luxury. Highly-educated; 80 percent went to college. Former residents of cities or metropolitan suburbs who have “escaped” urban stress. Executives; professionals; entrepreneurs; freelance consulting businesses.

Housing preferences: “Retreat” locations—the Maine coast; horse farms in Virginia; Taos, New Mexico. “Estate” homes—custom if new; restored if old. Among the highest home values in the nation.

Consumption patterns: Saabs, Audis, Volvos. Country club sports. The children attend boarding school. Watch The Late Show With David Letterman. Read Martha Stewart Living.

Icons: Ralph Lauren; private stables.

 “Far from the madding crowd’s ignoble strife, Their sober wishes never learn’d to stray; Along the cool sequester’d vale of life They kept the noiseless tenor of their way.” – Thomas Gray 

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FULL-NEST EXURBANITES

Configuration: Older couples with children. Average household size—4 persons. Predominant age range of adults—35 to 44; 45 to 54.

Characteristics: Upper-middle-income families who relocate frequently. Family- and outdoor-oriented. Well educated, with college degrees. Professional and managerial workers, following high-tech companies.

Housing preferences: Rural, upscale boomtowns. Detached houses in new subdivisions, often on recently-developed farmland. Close to corporations located along major highway corridors.

Consumption patterns: GMC Yukon. Camping in state forests; hiking; backpacking; canoeing. Video cameras, DVDs, flat-screen TVs and TiVo. Watch Home Improvement reruns. Read Country Living.

Icons: Garden tiller; Newcomers Club membership.

 “A piece of land not so very large, which would contain a garden, and near the house a spring of ever-flowing water, and beyond these a bit of wood.” – Horace 

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NEW-TOWN FAMILIES

Configuration: Families with children of all ages. Average household size—4 persons. Predominant age range of adults—25 to 44.

Characteristics: Dual-income families. High-school graduates, half have gone to local universities. Cost-conscious early adopters. Local white- and blue-collar occupations.

Housing preferences: New subdivisions, both infill and greenfields. New ranches, capes, cottages, bungalows, colonials. Nearly 80 percent own their homes, which are mortgaged to the hilt.

Consumption patterns: Chrysler Town and Country. Volunteers at schools and sporting clubs. Little League baseball; children’s soccer and football leagues. Watch The Disney Channel. Read Woman’s World.

Icons: Home fitness equipment; maxed-out credit cards.

 “The root of the state is in the family.” – Mencius 

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SMALL-TOWN FAMILIES

Configuration: Married couples, with two or three school-aged children. Average household size—4-5 persons. Predominant age range of adults—35 to 44.

Characteristics: Solid middle-class citizens. High-school graduates. Raising kids in an old-fashioned way of life. Blue-collar and farming-related employment.

Housing preferences: Rural middle-class towns. Farmhouses, of the front-porch variety; ranches, ramblers, and mobile homes. Predominantly homeowners.

Consumption patterns: Chevy Silverado. Friday night football at the local high school. Boats and campers for fishing and hunting. Watch Family Channel. Read Family Circle.

Icons: American flag; bib overalls.

 “No Farmers, No Food.” – Bumper Sticker 

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BLUE-COLLAR FAMILIES

Configuration: Married couples with school-age children. Average household size—4 persons. Predominant age range of adults—35 to 54.

Characteristics: Middle-income, middle-class households. High-school educated. “Old-fashioned” outdoor-oriented lifestyles. Farmers; blue-collar workers, many in the construction industry; machinists.

Housing preferences: Small towns and villages Modest detached houses or mobile homes; ranch houses. Over 80 percent own their homes.

Consumption patterns: Chevrolet, Dodge and Ford 4x4 pickup trucks with CD players and gun racks. Deer hunting; target shooting. Watch NASCAR races. Read American Rifleman.

Icons: Camouflage hunting outfit; professional chain saw.

 “When you’re running down our country, man, You’re walking on the fightin’ side of me.” – Merle Haggard 

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YOUNGER SINGLES & COUPLES

– Metropolitan Cities –

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E-TYPES

Configuration: Mostly singles, some couples, just a few years out of college. Average household size—1 to 2 persons. Predominant age range of adults—25 to 44.

Characteristics: High-living, high-energy city-dwellers. More than 25 percent hold advanced degrees. Multi-ethnic, with significant numbers of Asians. E-businesses, information technologies.

Housing preferences: Upscale urban neighborhoods, often near universities. Half rent; half own urban apartments. Median home value is second highest in the nation.

Consumption patterns: Convertibles, from Beetle to Mercedes. Everything on-line. Concert-goers. Listen to National Public Radio. Read Wired.

Icons: Bandwidth; IPO red herring.

 “In the future, everything will be digital” – Bill Gates 

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NEW BOHEMIANS

Configuration: Mostly singles; some couples. Average household size—1 person. Predominant age range of adults—25 to 40.

Characteristics: Unconventional, ethnically-diverse, upper-middle-income households. “Politically correct” college graduates. The social and political avant-garde; one-third are gay. Executives; students; actors; artists; writers; boutique owners; public-interest advocates.

Housing preferences: In-town and downtown urban neighborhoods. Three-quarters rent; the rest own flats in brownstones, apartment houses, and converted lofts.

Consumption patterns: Transit cards; Audi A4. Early adaptors. Poetry readings and gallery openings. Watch Family Guy. Read Vanity Fair.

Icons: Jean-Michèl Basquiat; state-of the-art haircuts.

 “Sacred cows make the tastiest hamburger.” – Abbie Hoffman 

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URBAN ACHIEVERS

Configuration: Mostly singles, some couples. Average household size—1.5 persons. Predominant age range of adults—21 to 30.

Characteristics: Well-educated middle- to upper-middle-class households. One-third are foreign-born. Ethnically diverse; many are recent immigrants. Students; junior administrators; entertainment and media occupations.

Housing preferences: Diverse urban neighborhoods. More than 80 percent are renters. Lofts, apartments and townhouses.

Consumption patterns: Transit cards; VW Jetta. Ethnic clubs and restaurants. Imported food, newspapers, videos and CDs. Watch Seinfeld reruns. Read Fitness.

Icons: Running shoes with business suits; credit cards and green cards.

 “¿Qué pasa, dude?” – Greeting 

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YOUNGER SINGLES & COUPLES

– Small Cities/Satellite Cities –

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THE VIPS

Configuration: Couples and some singles. Average household size—2 persons. Predominant age range of adults—35 to 44.

Characteristics: Dual-income, dual-career couples. Forty percent have college or post-graduate degrees. Yesterday: Twentysomethings. Tomorrow: Nouveau Money. White-collar professionals: executive vice presidents; department heads; architects and engineers.

Housing preferences: Upper-middle-class neighborhoods in smaller cities. New single-family detached homes in new subdivisions. Upscale condos and townhouses in more urban areas.

Consumption patterns: BMW 5 series. Downtown commuters. Gallery-hopping. Watch News Hour with Jim Lehrer. Read Boating magazine.

Icons: Espresso/cappuccino maker; The RAZR phone.

 “Power is the great aphrodisiac.” – Henry Kissinger



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TWENTYSOMETHINGS

Configuration: Mostly singles; couples. Average household size—1 to 2 persons. Predominant age ranges—20 to 30.

Characteristics: Middle-income singles and couples. Recent college graduates who have moved to “edge city” areas to start their careers. Highly athletic, technologically advanced, active nightlife. Starter positions in info-tech start-ups, public and private service industries.

Housing preferences: Fast-growing satellite cities; small-city suburbs. Fifty-four percent rent lofts and apartments. The 46 percent who are owners bought starter houses, townhouses, or condominiums.

Consumption patterns: Old Volvos and BMWs. Take-out, fast food, and happy hour grazing. Health clubs and night clubs. Watch Comedy Central. Read Shape.

Icons: txt msg; Craig’s List.

 “You can’t always get what you want But if you try sometimes You just might find You get what you need.” – Mick Jagger and Keith Richard 

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SMALL-CITY SINGLES

Configuration: Mostly singles and some couples (cohabs), few children. Average household size—1 to 2 persons. Predominant age ranges—18 to 30.

Characteristics: Students and college graduates; the highly-educated professionals that teach them. Highly mobile—two-thirds have moved in the last five years. Recent grads who’ve launched start-up companies; sales and white-collar workers.

Housing preferences: College and university towns. Sixty percent are renters in apartment complexes or houses. Students often live off-campus.

Consumption patterns: Compact imports such as VW, Toyota. Alternative music. ATM card. Watch MTV Punk’d. Read Sports Illustrated.

Icons: Singles bars; Grateful Dead (same as it ever was) CDs or MP3s.

 “Youth is wholly experimental.” – Robert Louis Stevenson 

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YOUNGER SINGLES & COUPLES

– Metropolitan Suburbs –

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FAST-TRACK PROFESSIONALS

Configuration: Singles and couples. Average household size—1 to 2 persons. Predominant age range of adults—25 to 34.

Characteristics: Upper-middle-income households. Type-A college grads. Career- and lifestyle-oriented techies. Employed by software and IT companies, communications firms, law offices.

Housing preferences: Inner suburbs of large cities; downtowns of small cities. Upscale condominiums, townhouses, and apartments. Sixty percent own their residences.

Consumption patterns: BMW 3 series. Jazz aficionados. Exercise equipment and health clubs. Watch Will & Grace. Read GQ.

Icons: Work week: Burberry; weekends: REI.

 “Nothing succeeds like success.” – Alexandre Dumas, père 

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UPSCALE SUBURBAN COUPLES

Configuration: Married couples, few children. Average household size—2.1 persons. Predominant age range of adults—25 to 44.

Characteristics: Well-educated suburban couples. Predominantly white and Asian households. Management, computer, business and financial specialists.

Housing preferences: Close-in suburbs. Detached residences in small new housing developments, many at cluster densities. Colonial, Victorian, and Georgian architecture.

Consumption patterns: Chevy TrailBlazer. DVD movie collection. Home recycling center. Watch ESPN. Read Entertainment Weekly.

Icons: Labrador Retriever; Plasma TV.

 “The home should be the treasure chest of living” – Le Corbusier 

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NO-NEST SUBURBANITES

Configuration: Mostly married couples, some singles. Average household size—2 persons. Predominant age range of adults—30 to 40.

Characteristics: Generation X households. Half attended or graduated from college. Predominantly white. Teachers, hospital workers, white-collar and clerical employment.

Housing preferences: Old and new suburbia. Townhouses and single-family houses. Nearly 70 percent own their homes.

Consumption patterns: Nissan Xterra. Home-delivery meals. Huge video collection. Watch Saturday Night Live. Read Time.

Icons: Treadmill; Trivial Pursuit.

 “You will be safest in the middle.” – Ovid 

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SUBURBAN ACHIEVERS

Configuration: Mostly singles, some couples. Average household size—1.5 persons. Predominant age range of adults—21 to 34.

Characteristics: More than 70 percent have moved in the past five years. Recent college grads. High-tech employment; entertainment, sports and media jobs. White-collar workers looking for upward mobility.

Housing preferences: Older suburbs near the big city. One-third own their homes—soft lofts and townhouses. Two-thirds are renters living in suburban apartment complexes.

Consumption patterns: Mazda; Hyundai. Shopping at the malls. Commute to downtown. Watch That ’70s Show. Read Rolling Stone.

Icons: Hooters T-shirt; Sony Vaio.

 “What’s up?!?” – Greeting 

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YOUNGER SINGLES & COUPLES

– Town & Country/Exurbs –

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EX-URBAN POWER COUPLES

Configuration: Married couples, no children. Average household size—2 persons. Predominant age range of adults—35 to 54.

Characteristics: Well-educated upper-income urban-exile couples. Urban tastes in a rural environment. High-powered jobs/laid-back leisure.

Housing preferences: An hour’s drive from the closest metro in scenic, formerly rural areas. Large detached residences in small new housing developments, many at cluster densities. Home office.

Consumption patterns: Porsche Cayenne. Caribbean travel. Chocolate labradors. Watch NBC Nightly News. Read The Wall Street Journal on line.

Icons: Six-burner professional range; e-Trade account.

 “Knowledge is power” – Francis Bacon 

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CROSS-TRAINING COUPLES

Configuration: Married couples, very few children. Average household size—2 persons. Predominant age range of adults—25 to 44.

Characteristics: College-educated; 10 percent with advanced degrees. Active engagement in outdoor activities. Engineers; high school teachers; physical therapists.

Housing preferences: New construction in or just outside small towns. Detached houses and townhouses close to their jobs. Plenty of storage for their skis, bikes, kayaks.

Consumption patterns: Ford F360 Super Duty XLT truck. Mountain biking. Self-help books. Watch Discovery Channel. Read Outdoor Life.

Icons: Carabiners; Gore-Tex XCR pullover.

 “Sport is the bloom and glow of a perfect health.” – Ralph Waldo Emerson 

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EXURBAN SUBURBANITES

Configuration: Singles and married couples. Average household size—2 persons. Predominant age range of adults—25 to 44.

Characteristics: High-school graduates. Middle-income households. Employed in manufacturing and construction.

Housing preferences: Exurban towns that are growing rapidly. Three-quarters own their homes. Detached houses; duplexes; townhouses.

Consumption patterns: Chevy Equinox. Fast food. NASCAR races. Watch The Speed Channel. Read Sports Illustrated.

Icons: Dale Earnhardt; K-Mart.

 “A hard-working man and a thrifty woman are the real treasures of any family.” – Chinese Proverb 

© ZIMMERMAN/V OLK ASSOCIATES, INC . ZIMMERMAN/VOLK ASSOCIATES, INC. P.O. Box 4907 Clinton, New Jersey 08809 908 735-6336 www.ZVA.cc • [email protected] Research & Strategic Analysis

RIGHTS AND STUDY OWNERSHIP—

Zimmerman/Volk Associates, Inc. retains all rights, title and interest in the methodology and target market descriptions contained within this study. The specific findings of the analysis are the property of the client and can be distributed at the client’s discretion.

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ZIMMERMAN/VOLK ASSOCIATES, INC., 2009

OFFICE, RETAIL AND EAT/DRINK, AND HOTEL MARKET ANALYSIS

City of Dublin and the Bridge Street District

Prepared For: The City of Dublin, OH

Prepared By: W-ZHA, LLC

March, 2019

EXECUTIVE SUMMARY

STUDY PURPOSE

W-ZHA, LLC was retained by the City of Dublin to update W-ZHA’s late-2009 Market Analysis conducted as part of the Bridge Street Plan. This report summarizes Dublin’s office, retail and eat/drink, and hotel market trends and projects market potential for each land use over the next 10 years. The potential for the Bridge Street District to capture these opportunities is summarized.

HIGHLIGHTS OF RECENT TRENDS AND DEVELOPMENTS

Demographics

• Between 2010 and 2018, population and households have grown at a faster rate in the Columbus Metropolitan Area as compared to Ohio and the United States. • Dublin’s rate of population and household growth exceeded the Metropolitan Area average 2010 and 2018. • Dublin’s population is better educated and households have a higher median income than the Metropolitan Area average. • Dublin has a smaller share of its population in the 25 to 34 year old cohort as compared to the Metropolitan Area and the City of Columbus. However, between 2010 and 2018, this cohort grew by over 25% in Dublin. This cohort is considered valuable to City economic development and for business retention, expansion, and recruitment.

Employment

• While Dublin is a suburb of Columbus it is not a bedroom community. There are more jobs in Dublin (Dublin Economic Development Department, 70,000 jobs), than there are residents (ESRI 2018 Estimate, 47,540 residents). • Dublin jobs are concentrated in professional and business services. Among those Dublin residents who work almost 80% are in white collar occupations. • Jobs grew at a compound average annual growth rate of 2.1% in Columbus Metropolitan Area and Franklin County between 2009 and 2016. This rate of job growth was higher than the national average (1.4%) over this timeframe. • According to projections by Moody’s Analytics, jobs in the Columbus Metropolitan Area and Franklin County are projected to grow at a compound annual growth rate of 1.1% between 2016 and 2026. These projected growth rates are faster than Moody’s Analytics projects for the U.S. economy over this timeframe (0.8% compound average annual growth rate).

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The Bridge Street District and Bridge Park

The Bridge Street District is one of seven business districts in the City of Dublin. The Bridge Street District’s Vision is to have highly walkable neighborhoods on both sides of the Scioto River. The District’s Vision is to expand choices in housing, employment, activities and transportation to attract new generations of residents, businesses and visitors. As envisioned, the Bridge Street District will function as a special space not only within Dublin, but within the region, nation and world.

Bridge Park is a major public/private development project that embodies the Bridge Street District’s Vision. Bridge Park is being developed by Crawford Hoying Development. With a mix of office, residential, hotel, entertainment, eating and drinking and retail uses, Bridge Park is an urban district that complements and expands Downtown Dublin’s offerings.

Figure I-1

Bridge Park Vision

Currently under-construction, a pedestrian bridge connecting both side of the Scioto River as well as Riverside Crossing Park are signature amenities of the project. Bridge Park’s plans include 840,000 square feet of office space, 195,000 square feet of retail and restaurant space, 870 residential units, two hotels (295 rooms) and event space. The project will also include 2,400 parking spaces.

Bridge Park is changing Dublin’s position within the regional office, retail/restaurant/entertainment and hotel markets. Interviews with office tenants located within Bridge Park considered the mixed-use and iii

walkable character of the project advantageous for staff, company team-building and visitor satisfaction.

Office tenants located outside of Bridge Park mentioned that Bridge Park has created “buzz” that has put Dublin on the map. This “buzz” is considered good for their brand. The ability for office visitors to have a nearby walkable, mixed-use, eat, drink and entertainment destination was also considered advantageous. All office tenants mentioned that the meeting space in Bridge Park is a valuable addition to Dublin’s business infrastructure.

Bridge Park contains a number of restaurants and entertainment venues. As part of the market analysis process, owners and managers of a number of these establishments were interviewed. The restaurants’ performance has exceeded expectations and they are busy every day. There was confidence that there was considerably more capacity within the market to support additional eating and drinking and entertainment establishments on both sides of the Scioto River.

Bridge Park is improving all segments of the hotel business. It used to be that Dublin would lose the business visitor to Downtown Columbus if the business visitor was seeking a mixed-use, dynamic environment within walking distance or in proximity to their hotel. Bridge Park has allowed Dublin to offer such an environment to the business traveler.

Like the business market, the additional offerings provided at Bridge Park are attractive to the leisure and group markets. These visitors like to explore and have things to do. While not necessarily in Bridge Park, Dublin hotels market Bridge Park as an attraction to prospective groups like weddings. There is real economic synergy occurring between Bridge Park and hotels in the Dublin market.

THE OFFICE MARKET

Observations

• Dublin has over 9 million square feet of office space. • Dublin has considerably more office space as compared to other suburban Columbus sub- markets and Dublin’s office space is mostly Class A. • The Columbus office market has expanded over the last 7 years both in overall supply and occupancy. Dublin has participated in this growth. • Dublin’s Class A rents continue to be among the highest in the Columbus market. • Dublin’s for-lease office market struggles with large blocks of available space, while for-lease buildings designed to be multi-tenant are well occupied. • Technology and workforce dynamics are disrupting the office market. • Bridge Park is a successful office location and critical to sustaining Dublin’s multi-tenant office market. iv

Office Potential and Competitive Positioning

Employment projections and the expectation that the amount of office space per employee will continue to decline form the basis of the office projection. The lower end of the range is more conservative because it assumes existing occupied space retains its level of occupancy with less space per worker. The higher end of the range is driven by employee demand alone.

Table I-1

Job Projections and Office Demand Dublin Office Market 2018- 2028

Total Sq Ft Sq Ft from from Jobs Job Growth 2028 2018-2028 62,102,531 6,036,955 Total Occupied Office Space Demand Franklin County (Sq Ft) Suburban Market Capture 70% 43,408,140 4,219,683 Dublin's Projected Share of Suburban Market 21.5% 9,332,750 907,232 Existing Occupied Sq Ft 8,692,668 Net Office Potential 640,000 - 907,000

Source: Moody's Analytics; W-ZHA F:\8000s, misc\82378 Dublin Market Update\[demo (Autosaved).xlsx]sub

Each year from 2011 to 2018, Dublin accounted for 21% to 22% of occupied space in the suburbs. Bridge Park has certainly improved the City’s competitive position in the market. As such, it has been assumed that Dublin can capture 21.5%, of suburban office demand over the next 10 years. With this assumption, the market has the potential to support between 640,000 and 907,000 square feet of office space in Dublin.

Bridge Park has 200,000 square feet of office built and occupied. There are 80,000 square feet of office under-construction and another 120,000 square feet poised for construction. There are an additional 500,000 square feet of office planned for Bridge Park. Bridge Park and the Bridge Park District will likely capture most of the City’s office potential over the next 10 years.

To improve the competitiveness of Dublin’s older office supply will require investment. Some buildings may be able to be updated to offer more natural light, smaller tenant spaces, open floorplans and state- of-the-art building systems. Outdoor amenities like walking trails and nearby eat/drink establishments are also important to the office tenant. Finally, accessible and convenient bicycle, pedestrian and transit v

connections to Downtown Dublin, Bridge Park and other destinations are necessary to offer suburban office tenants convenient access to desired amenities.

THE RETAIL AND EAT/DRINK MARKET

Observations

• The City of Dublin contains approximately 2 million square feet of retail space. Dublin’s retail space is targeted to serving local community and business needs. Retail sales versus spending potential data demonstrate that the City is not a regional shopping destination. • Whereas the City of Dublin experiences retail spending leakage, eating and drinking sales equate to the market’s spending potential. Thirty percent of the City’s eating and drinking sales occurred in the Bridge Street District in 2017. • Dublin has very strong demographics as compared to its two primary suburban competitors: Polaris and Easton. Even with this market advantage, Dublin’s retail and eat/drink sales trail these competitors’. • Dublin’s market has characteristics that are different from the Polaris and Easton markets as well as the urban districts like Short North and Grandview Yard. • Bridge Park has proven to be a successful eat/drink and entertainment investment location and there is considerably more potential available in the market. • Retail development and the retail shopping experience are changing nationally. These changes impact the type and magnitude of retail store potential.

Retail and Eat/Drink Potential and Competitive Positioning

There is potential for additional eating and drinking in the Bridge Street District. Most of this potential will likely be realized in and near Bridge Park and Downtown Dublin because these areas all already destinations and there is residential and office density within walking distance nearby. More residential and office development will only help to support Bridge Park and Downtown offerings.

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Table I-2

Eating and Drinking Potential Dublin Bridge Street District 2018-2023, 2018-2028

2018 - 2023 2018 - 2028 Households 132,825 143,020 Eat/Drink Sales /Household $5,038 $5,038 Eat/Drink Sales Potential in Trade Area ('000s) $669,163,692 $720,524,298

Eat/Drink Capture 15% 20% Eat/Drink Sales Potential $100,375,000 $144,105,000 Existing Sales ($49,967,000) ($49,967,000) Net New Sales $50,408,000 $94,138,000 Square Feet @ $500 /Sq Ft 100,800 188,300

Source: ESRI; W-ZHA

At a 15% capture rate by 2023 Dublin can support approximately 100,000 square feet of additional eating and drinking space in the Bridge Street District. Note that some of this space has been built as part of Bridge Park because existing eat/drink sales data are from 2017 when many restaurants in Bridge Park were not open. With a critical mass of eating and drinking and entertainment establishments, the Bridge Street District’s drawing power should increase. By 2028, the Bridge Street District has the potential to capture 20% of market area eat/drink spending potential (or 188,300 square feet) as many successful downtowns are able to do. It is important to note that additional office and residential development in the District is necessary to support additional eating and drinking sales.

Retail development potential is contingent upon the development project, itself. Given the state of the retail industry, it unlikely that a standalone retail center will be feasible in the Bridge Street District over the next 10 years. More likely existing retail centers like the Shoppes at River’s Edge will be re- positioned to target the markets attracted to Bridge Park and Downtown Dublin. Specialty retailers appealing to the high-end market make sense at this location.

Given retail industry trends, it is unlikely that Dublin Village Center (DVC) in its current configuration will reinvent itself as a retail center. DVC is designed for the automobile with buildings designed for relatively large tenants. Nevertheless, because of its site size, DVC is one location in the Bridge Street District that could be redeveloped as a retail-based, mixed-use town center over the longer term. Land assembly at the western end of the Bridge Street District (at or near OCLC) is another possible location. Without a major retail-based, mixed-use project, retail development prospects in the Bridge Street District are relatively modest.

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Bridge Park was not conceived of as a retail-based mixed-use project. Bridge Park is an urban district that functions as a business and entertainment center as well as an urban neighborhood. To optimize its market position, the key to its success is not retail per se, but land uses that contribute to the urban “vibe”.

The North Market or Food Hall concept is a good example. Office employees are given more affordable food choices and residents benefit from the amenity. North Market is a visitor destination as well. Other types of retail and services that may support the project’s positioning include health services (dentists, doctors, optometrists), a drug store, pop-up retail, micro stores (500 square feet or less), and high-end regional retailers with markets already established that want a Dublin address.

THE HOTEL MARKET

Observations

• There are 22 hotels and 2,825 rooms in the Dublin market. Four hotels have been developed in the Dublin market since 2015, increasing the Dublin market’s room supply by 19%. • The Dublin hotel market is healthy. Revenue per available room trends Indicate that new hotel product has not cannibalized the market, but grown the hotel economy. • The Dublin market continues to be weak in the winter months. Most of the hotel revenue growth has occurred in the peak months. • Dublin’s hotel market is driven by the business traveler. • Bridge Park is changing the Dublin hotel market and its prospects. • One observation made often by local businesses, the Convention & Visitor’s Bureau and hotel managers was the need for more meeting space in Dublin.

Hotel Potential and Competitive Positioning

The Dublin hotel market has proven to be deep, with occupancy and average daily rates growing as the hotel room supply has expanded. With additional office, residential and eat/drink/retail/entertainment development, the Bridge Street District will continue to be an attractive hotel investment location. This growth coupled with Dublin’s potential to become a visitor destination as the pedestrian bridge and park are completed will enhance Dublin’s competitiveness in the hotel market.

Jobs are the primary driver of the Columbus and Dublin hotel markets. Over each of the last 5 years, Dublin has accounted for 10% of the Columbus hotel market’s hotel room revenue. This capture rate was achieved in Dublin mostly without the Bridge Park urban district -- it was under-construction. With Bridge Park, Dublin’s competitive hotel position is enhanced which should increase Dublin’s hotel revenue capture rate. The projection assumes a 12.5% capture rate between 2018 and 2023 and a 13% capture rate between 2023 and 2028.

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Table I-3

Hotel Room Potential /1 Dublin Market 2018-2023, 2018-2028

2018 - 2023 2018 - 2028 Franklin County Jobs 854,563 900,037 Hotel Room Revenue /Job /2 $855 $855 Columbus Market Hotel Room Revenue $730,941,000 $769,835,830

Dublin Capture of Hotel Room Revenue 12.5% $91,368,000 13.00% $100,079,000

Revenue Per Available Room ($'s 2018) $74.26 $74.26

Room Potential 3,371 3,692 Less: Existing Rooms (2,825) (2,825) New Hotel Room Potential 546 867 1. Projection does not incorporate hotel rooms that may be developed as part of a conference/convention center or new attraction. Convention and attraction hotel nights are driven by the anchor amenities, not regional employment per se. 2. Since Year-End 2018 room revenue was not available, applied the ratio of 2017 hotel room revenue to 2017 jobs to arrive at hotel room revenue per job. Source: Moody's Analytics; Smith Travel Research; W-ZHA

At these capture rates and Dublin’s current revenue per available room ($74.26), the $91.4 million (approximately) in hotel sales by 2023 will support 3,371 hotel rooms in Dublin. In 5 years there will be demand for an additional 546 rooms in the Dublin market. By 2028, the demand is projected to increase to 867 additional hotel rooms. It is important to note, that these projections do not include hotel rooms associated with a conference/convention facility and/or an attraction. Hotels associated with such anchors are largely dependent in the anchor’s development program, not regional employment trends.

New hotel development will likely occur both inside and outside the Bridge Street District. A Springhill Suites with approximately 145 rooms is already planned in Bridge Park. According to the City, a 105- room TownePlace Suites has been approved at 5155 Upper Metro Place. Another hotel has begun the building permit process on Frantz Road (room count unknown). Dublin is proving to be an attractive hotel investment location.

OFFICE, RETAIL AND EAT/DRINK, AND HOTEL MARKET ANALYSIS City of Dublin and the Bridge Street District

Prepared For: The City of Dublin, OH

Prepared By: W-ZHA, LLC

March, 2019

TABLE OF CONTENTS

EXECUTIVE SUMMARY ...... i

INTRODUCTION...... 1

Study Purpose ...... 1

Definitions...... 1

ECONOMIC FRAMEWORK ...... 6

Summary ...... 6

THE OFFICE MARKET ...... 7

Existing Conditions and Trends ...... 7

Office Potential ...... 16

THE RETAIL AND EAT/DRINK MARKET ...... 22

Existing Conditions ...... 22

Bridge Street District Retail and Eat/Drink Prospects...... 31

THE HOTEL MARKET ...... 34

Existing Conditions and Trends ...... 34

Hotel Potential ...... 42

LIST OF TABLES

Table 1: Dublin Owner Occupied and Multi-Tenant Office Space, 2nd Qtr. 2018 ...... 7 Table 2: Office Trends, Columbus Office Market, 2011 - 2018 ...... 9 Table 3: Office Trends, Columbus Office Market and Dublin, 2011 - 2018 ...... 10 Table 4: Job Projections, Franklin County and Columbus Metro Area, 2018, 2023, 2028 ...... 17 Table 5: Job Projections and Office Demand, Franklin County, 2018 - 2028...... 18 Table 6: Job Projections and Office Demand, Suburban Office Market, 2018 - 2028 ...... 19 Table 7: Job Projections and Office Demand, Dublin Office Market, 2018 - 2028 ...... 20 Table 8: Retail Expenditure Potential and Sales (Excluding Vehicle and Gas Sales, 2017 ...... 23 Table 9: Eating and Drinking Expenditure Potential and Sales, 2017 ...... 24 Table 10: Primary Trade Area Characteristics, Polaris, Easton and Dublin, 10-Minute Drive Time ...... 26 Table 11: Sales in the Center Per Person Within a 10-Minute Drive of the Center, Polaris, Easton and Dublin, 2017 ...... 26 Table 12: Age and Education Characteristics, Select Areas, 10-Minute Drive ...... 28 Table 13: Eating and Drinking Sales Capture 15-Minute Drive Tine, Polaris, Easton, and Dublin, 2017, $000’s ...... 30 Table 14: Eating and Drinking Potential, Dublin Bridge Street District, 2018 – 2023, 2018 - 2028 ...... 32 Table 15: Hotels and Hotel Room Nights, Dublin Market, 2018 ...... 34 Table 16: Hotel Room Revenue Potential, Columbus Market, 2017, 2023, 2028...... 42 Table 17: Hotel Room Potential, Dublin Market, 2018 – 2023, 2018 - 2028 ...... 43

LIST OF FIGURES

Figure 1: The Columbus Metro Area (Map) ...... 1 Figure 2: Franklin County (Map) ...... 2 Figure 3: City of Columbus (Map) ...... 2 Figure 4: The City of Dublin (Map) ...... 3 Figure 5: The Bridge Street District ...... 4 Figure 6: Bridge Park Vision ...... 5 Figure 7: Office Supply, Columbus Central Business District and Select Sub-Markets, 2nd Qtr. 2018 ...... 8 Figure 8: Office Supply by Class, Columbus Market and Dublin, 2nd Qtr. 2018 ...... 9 Figure 9: Class A Asking Rent (Full Service), Columbus Market and Dublin, 2nd Qtr. 2018 ...... 11 Figure 10: For-Lease Office Space, Columbus Central Business District and Select Sub-Markets, 2nd Qtr. 2018 ...... 12 Figure 11: For-Lease Office Space by Class, Columbus Central Business District and Select Sub-Markets, 2nd Qtr. 2018 ...... 13 Figure 12: Occupied Office Space per Franklin County and Metro Area Job, Columbus Market, 2011 to 3rd Qtr. 2018 ...... 17 Figure 13: Type of Retail, Dublin Market, 3rd Qtr. 2018 ...... 22 Figure 14: 10-Minute Drive Sheds, Dublin Downtown, Polaris Fashion Place, Easton Town Center, 2018 ...... 25 Figure 15: LifeMode and Lifestyle Characteristics, Select Markets, 10-Minute Drive Shed ...... 27 Figure 16: Spending Potential Indices, Select Markets, 2018 ...... 29 Figure 17: Hotel Rooms by Product, Dublin Market, 2018 ...... 35 Figure 18: Hotel Rooms by Product, Dublin Market, 2012 and 2018 ...... 36 Figure 19: Revenue per Available Room, Dublin Market, 2012 - 2017 ...... 37 Figure 20: Revenue per Available Room by Hotel Type, Dublin Market, 2012 - 2017 ...... 35 Figure 21: Room Revenue by Month, Dublin Market, 2012 - 2018 ...... 39 Figure 22: Revenue per Available Room by Day of the Week, Dublin Market, 3 Year Average: September – August, 2015 - 2018...... 40

INTRODUCTION

STUDY PURPOSE

W-ZHA, LLC was retained by the City of Dublin to update W-ZHA’s late-2009 Market Analysis conducted as part of the Bridge Street Plan. This report summarizes Dublin’s office, retail and eat/drink, and hotel market trends and projects market potential for each land use over the next 10 years. The potential for the Bridge Street District to capture these opportunities is summarized.

DEFINITIONS

Figure 1

The Columbus Metropolitan Area

Source: ESRI; W-ZHA

The Columbus Metropolitan Statistical Area includes the counties of Delaware, Fairfield, Franklin, Hocking, Licking, Madison, Morrow, Perry, Pickaway, and Union. The Columbus Metropolitan Area is Ohio’s second largest Metropolitan Area, behind Cincinnati in terms of population.

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Figure 2

Franklin County

Source: ESRI; W-ZHA

The City of Dublin is in Franklin, Delaware and Union counties. Franklin County is the primary economic driver in the Metropolitan Region.

Figure 3

City of Columbus

Source: ESRI; W-ZHA - 3 -

The City of Columbus is the 14th largest city in the country. As noted in Forbes magazine1 Columbus has been a rare Midwest success story with strong population growth since 2010.

The City of Dublin is a suburb of Columbus. Dublin is the 2nd largest City in the Columbus Metropolitan Area behind the City of Columbus.

Figure 4

The City of Dublin

Source: ESRI; W-ZHA

Dublin is readily accessible via Interstate 270 and State Route 33. Dublin is a 20 minute car ride to both Downtown Columbus the Columbus International Airport.

1 Millsap, Adam “Columbus, Ohio Is Booming, But Will It Last?”, Forbes Magazine, August 4, 2018. - 4 -

Figure 5

The Bridge Street District

Source: City of Dublin

The Bridge Street District is one of seven business districts in the City of Dublin. The District is bound by I-270 on the north and west, properties abutting the south side of Bridge Street/Dublin-Granville Road, and Sawmill Road to the east. The Bridge Street District contains Dublin’s Downtown and Bridge Park, both mixed-use areas where a variety of land uses are within walking distance to one another. The Bridge Street District is intended to offer a unique mixed-use and walkable destination for visitors, businesses, and residents.

The Bridge Street District’s (or “Bridge Street Corridor’s”) Vision Statement is as follows:

The Bridge Street Corridor is Dublin’s centerpiece. Dublin’s historical and cultural heart is strengthened and balanced by highly walkable districts and neighborhoods on both sides of the Scioto River. Exceptional green spaces preserve the outstanding natural features in the corridor and seamlessly connect each unique district along the corridor. Mixed-use districts bring together complementary arrangements of living, working, and recreation in memorable settings by distinctive, human-scaled architecture and streets that invite walking and gathering. Greatly expanded choices in housing, employment, activities and transportation attract new generations of residents, businesses and visitors. The Bridge Street Corridor radiates a diversity and vitality that marks it as a special place not only within Dublin, but within the region, nation and world.

Bridge Park is a major public/private development project that embodies the Bridge Street District’s Vision. Bridge Park is being developed by Crawford Hoying Development. With a mix of office, - 5 -

residential, hotel, entertainment, eating and drinking and retail uses, Bridge Park is an urban district that complements and expands Downtown Dublin’s offerings.

Figure 6

Bridge Park Vision

Currently under-construction, a pedestrian bridge connecting both side of the Scioto River as well as Riverside Crossing Park are signature amenities of the project. Bridge Park is planned to include 840,000 square feet of office space, 195,000 square feet of retail and restaurant space, 870 residential units, two hotels (295 rooms) and event space. The project will also include 2,400 parking spaces.

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ECONOMIC FRAMEWORK

SUMMARY

The purpose of the Economic Framework is to understand the economic context within which Dublin functions. Understanding the economic context is important to understanding the competitive strengths and weaknesses of Dublin in the regional marketplace. Appendix A contains the data supporting the observations summarized herein.

From a demographic and economic perspective Dublin offers the following advantages:

• Dublin’s rate of population and household growth exceeded the Metropolitan Area average between 2000 and 2010 and 2010 and 2018; • Dublin’s population is older and better educated than the Metropolitan Area average; • Dublin’s median household income is more than twice the Metropolitan Area average; • Dublin has a smaller share of its population in the 25 to 34 year old cohort as compared to the Metropolitan Area and the City of Columbus. However, between 2010 and 2018, this cohort grew by over 25% in Dublin. This cohort is considered valuable to City economic development and for business retention, expansion, and recruitment. • While Dublin is a suburb of Columbus it is not a bedroom community. There are more jobs in Dublin (Dublin Economic Development Department, 70,000 jobs), than there are residents (ESRI 2018 Estimate, 47,540 residents); • Dublin jobs are concentrated in professional and business services. Among those Dublin residents who work almost 80% are in white collar occupations; • Jobs grew at a compound average annual growth rate of 2.1% in Columbus Metropolitan Area and Franklin County between 2009 and 2016. This rate of job growth was higher than the national average (1.4%) over this timeframe; • According to projections by Moody’s Analytics, jobs in the Columbus Metropolitan Area and Franklin County are projected to grow at a compound average annual growth rate of approximately 1.1% over the next 10 years. This projected rate of growth is faster than Moody’s Analytics projects for the U.S. economy as a whole (0.8% compound average annual growth rate).

Dublin’s location, demographics and economy make it an attractive location for office tenants, households, retail and entertainment uses, and hotels. Dublin’s market is large enough and its economy diverse enough to support a broad range of land uses.

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THE OFFICE MARKET

EXISTING CONDITIONS AND TRENDS

Observation: The Overall Office Market in Dublin Includes over 9 Million Square Feet.

The overall office market includes owner-occupied office space as well as for-lease office space. Colliers International, a real estate brokerage firm with offices in Columbus, tracks the overall office supply in the Columbus market.

Table 1

Dublin Owner Occupied and Multi-Tenant Space 2nd Quarter 2018

Vacancy Occupied Class Bldgs Total SF Vacant SF Rate SF A 36 5,420,119 419,780 7.7% 5,000,339 B 119 3,456,498 348,175 10.1% 3,108,323 C 29 537,101 37,291 6.9% 499,810 184 9,413,718 805,246 8.6% 8,608,472

Source: Colliers International, "Dublin Commercial Real Estate Statistics, 2nd Quarter 2018"; W- ZHA

According to 2nd Quarter 2018 Colliers International statistics there were 9.4 million square feet of office space in Dublin. Dublin’s overall office supply is over 90% occupied, which is considerably higher than Dublin’s 2010 occupancy rate of 83%.

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Observation: Dublin has Considerably More Office Space as Compared to Other Suburban Columbus Markets and Dublin’s Office Space is Mostly Class A.

Figure 7

Office Supply Columbus Central Business District and Select Sub-Markets 2nd Quarter 2018

20,000,000 18,000,000 16,000,000 14,000,000 12,000,000 10,000,000 8,000,000 6,000,000

Office Square Feet 4,000,000 2,000,000 0

Source: Colliers International, “Research and Forecast Report; Columbus Office, 2nd Quarter 2018”; W-ZHA

The magnitude of Dublin’s office supply is second only to Columbus’ Central Business District. With 19.7 million square feet of office, Columbus’ Central Business District contains about twice Dublin’s office supply. Dublin has considerably more office space than Polaris, Easton and Arlington/Grandview – locations that compete with Dublin for office tenants.

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Figure 8

Office Supply by Class Columbus Market and Dublin 2nd Quarter 2018

Source: Colliers International, “Research and Forecast Report; Columbus Office, 2nd Quarter 2018”; W-ZHA

Most of Dublin’s office supply (55%) is classified as Class A, which is considerably higher share than that of the overall Columbus office supply. Just over 5% of the City’s supply is considered Class C space.

Observation: The Columbus Office Market has Expanded Over the Last 7 Years Both in Overall Supply and Occupancy. Dublin has Participated in this Growth.

Table 2

Office Trends Columbus Office Market 2011 - 2018

Columbus Market Downtown Suburbs Occupied Occupied Sq Occupied Year Sq Ft Vacancy Sq Ft Sq Ft Vacancy Ft Sq Ft Vacancy Sq Ft 2011 62,838,633 12.2% 55,195,750 19,091,001 11.0% 16,983,380 43,747,632 12.7% 38,212,370 2012 63,192,662 11.3% 56,049,139 19,597,350 10.7% 17,502,772 43,682,610 11.6% 38,633,665 2013 63,083,156 10.9% 56,238,179 19,343,367 11.6% 17,105,216 43,739,789 9.8% 39,459,996 2014 63,485,910 9.5% 57,455,601 19,683,367 10.6% 17,594,039 43,802,543 9.0% 39,861,562 2015 63,951,384 8.7% 58,371,011 19,807,117 8.8% 18,072,691 44,144,267 8.7% 40,298,320 2016 64,833,763 7.8% 59,802,210 19,807,117 7.5% 18,324,928 45,026,646 7.9% 41,477,282 2017 65,439,844 9.1% 59,483,733 19,763,167 8.8% 18,027,028 45,676,677 9.2% 41,456,705 2018 65,567,350 9.4% 59,408,638 19,707,067 9.3% 17,883,463 45,860,283 9.5% 41,525,175 Change 2011-2018 2,728,717 4,212,888 616,066 900,083 2,112,651 3,312,805 Avg Annual Change 389,817 601,841 88,009 128,583 301,807 473,258

Source: Colliers International, "Greater Columbus Region: Office Marekt Trends"; W-ZHA

Between 2011 and 2018, the Columbus office market grew by 2.7 million square feet. Approximately, 30% of this growth occurred in the Central Business District and 70% of the growth occurred in the - 10 -

suburban office market. Over this seven year period, the overall vacancy rate declined from 12.2% to 9.4% and the market absorbed an average of 600,000 square feet of office per year.

Table 3

Office Trends Columbus Office Market and Dublin 2011 - 2018

Columbus Market Suburbs Dublin Occupied Occupied Occupied Year Sq Ft Vacancy Sq Ft Sq Ft Vacancy Sq Ft Sq Ft Vacancy Sq Ft 2011 62,838,633 12.2% 55,195,750 43,747,632 12.7% 38,212,370 9,501,878 13.4% 8,227,759 2012 63,192,662 11.3% 56,049,139 43,682,610 11.6% 38,633,665 9,501,878 12.8% 8,282,835 2013 63,083,156 10.9% 56,238,179 43,739,789 9.8% 39,459,996 9,336,132 12.3% 8,191,742 2014 63,485,910 9.5% 57,455,601 43,802,543 9.0% 39,861,562 9,336,132 13.4% 8,080,790 2015 63,951,384 8.7% 58,371,011 44,144,267 8.7% 40,298,320 9,336,132 10.5% 8,354,126 2016 64,833,763 7.8% 59,802,210 45,026,646 7.9% 41,477,282 9,336,132 10.5% 8,351,763 2017 65,439,844 9.1% 59,483,733 45,676,677 9.2% 41,456,705 9,650,451 9.8% 8,703,798 2nd Qtr 2018 65,567,350 9.4% 59,408,638 45,860,283 9.5% 41,525,175 9,625,057 9.7% 8,692,668

Change 2011-2018 2,728,717 4,212,888 2,112,651 3,312,805 123,179 464,909 Avg Annual Change 389,817 601,841 301,807 473,258 17,597 66,416

Source: Colliers International, "Greater Columbus Region: Office Market Trends"; W-ZHA

The Dublin office data presented in Table 3 comes from the Colliers International’s “Greater Columbus Region: Office Market Trends” publication. This data is slightly different from the “Dublin Commercial Real Estate Statistics” report prepared by Colliers for the City of Dublin. The “Dublin Commercial Real Estate Statistics” report indicates that Dublin has 9.4 million square feet of office of which 8.55% is vacant and the “Office Market Trends Report” has Dublin’s office supply at 9.6 million with a 9.7% vacancy rate.

In either case, Dublin has maintained its share of occupied suburban office space over time. Approximately one-of-five occupied square feet in Columbus’ suburban office markets is located in Dublin. Dublin managed to absorb approximately 465,000 square feet of office space over the last 7 years or 66,400 square feet per year. Dublin’s rate of absorption was slightly slower than the suburban average. Nevertheless, Dublin’s overall office market went from being 13.4% vacant in 2011 to 9.7% vacant as of the 3rd Quarter 2018.

It is important to note that Dublin has successfully absorbed Bridge Park’s first phase of office space without increasing overall City vacancy. Bridge Park’s initial office offerings included 200,000 square feet of office. - 11 -

Observation: Dublin’s Class A Rents Continue to be Among the Highest in the Market.

Figure 9

Class A Office Asking Rent (Full-Service) Columbus Market and Dublin 2nd Quarter 2018

Source: Colliers International, “Research and Forecast Report; Columbus Office, 2nd Quarter 2018”; W-ZHA

Dublin’s average Class A office rent is among the highest in the Columbus market at $22.16 per square foot (2nd Quarter 2018). Only Easton with an average Class A rent of $24.46 per square foot is higher than Dublin. The average rent in Columbus’ suburban office market is $21.59 per square foot.

At $27 to $28 per square foot (full service gross), Bridge Park office is achieving rental rates well above Dublin’s average. Bridge Park is commanding top of the market rents, second only to possibly the Short North district in Downtown. Bridge Park’s triple net office rent is comparable to Grandview yet Grandview tenants can take advantage of tax abatements which lower their common area maintenance charges and overall cost of occupancy.

Observation: Dublin’s For-Lease Office Market Struggles with Large Blocks of Available Space; For- Lease Buildings Designed to be Multi-Tenant are Well Occupied.

Cushman & Wakefield is a commercial brokerage that tracks the Columbus for-lease office market. The for-lease office market excludes owner-occupied office buildings. In Cushman & Wakefield’s “Marketbeat Columbus: Office” reports City of Dublin’s multi-tenant office supply is split into the Dublin and the Tuttle sub-markets. Taking these two sub-markets together, Cushman & Wakefield reports that - 12 -

there are approximately 5.5 million square feet of Class A and Class B multi-tenant office space in the City. (Cushman & Wakefield does not publish Class C multi-tenant office data.) For-lease office represents approximately 58% of Dublin’s total office supply.

Figure 10

For-Lease Office Space Columbus Market and Select Sub-Markets 3rd Quarter 2018

12,000,000

9,964,300 10,000,000

8,000,000

6,000,000 5,498,500

4,000,000 Tenant Office Space (Sq Ft)

- 2,427,800 1,862,300 2,000,000 1,389,500 Multi

0 Columbus Dublin/Tuttle Easton Westerville Polaris Downtown

Source: Cushman & Wakefield, “Marketbeat Columbus: Office 3rd Quarter 2018”; W-ZHA

Dublin has the greatest supply of overall office space in the Columbus suburban market as well as for- lease space.

- 13 -

Figure 11

For-Lease Office Space by Class Columbus Market and Select Sub-Markets 3rd Quarter 2018

6,000,000

5,000,000

4,000,000

3,000,000

2,000,000 Tenant Office Space (Sq Ft) - 1,000,000 Multi 0 Columbus Dublin/Tuttle Easton Westerville Polaris Downtown

Class A Class B

Source: Cushman & Wakefield, “Marketbeat Columbus: Office 3rd Quarter 2018”; W-ZHA

With 3.85 million square feet, the City of Dublin is second to Downtown Columbus in terms of multi- tenant Class A office supply.

According to Cushman & Wakefield as of the 3rd Quarter 2018, 21% of the City of Dublin’s for-lease office space was available. Dublin’s availability rate is higher than the Northwest sub-market average of 17% and the average for the Columbus market as a whole, 15%. The City’s availability rate is highest among the sub-markets Dublin competes with (Arlington/Grandview – 8.4%, Easton – 20%, and New Albany – 9.3%).

According to broker interviews, Dublin’s high vacancy rate is attributable to large tenant dynamics, not the smaller office tenant market. Dublin’s office market performance was impacted by Nationwide’s decision to consolidate and relocate office space to Grandview Yard in 2014. Nationwide’s decision resulted in approximately 700,000 square feet of Class A office space becoming available in Dublin. Other large users like Chase and Verizon also vacated space in Dublin. Large corporate moves have left Dublin with large blocks of space available for large tenants. It is this space that is driving Dublin’s high vacancy rate in leased space.

According to real estate brokers, despite an overall vacancy rate that is high, vacancy among smaller multi-tenant office buildings is much lower. Cushman & Wakefield estimates that vacancy among these multi-tenant buildings is below 10% in Dublin. The market is tight for tenants looking for 5,000 to 10,000 square feet. - 14 -

In terms of the build-to-suit market, Dublin is at a competitive disadvantage to those locations that offer tax abatement. Tax abatement can save a build-to-suit tenant $3 to $4 per square foot. For build-to- suit deals, the lack of a tax abatement puts Dublin at a competitive cost disadvantage to Polaris, Easton and other competitive sub-markets.

Observation: Technology and Workforce Dynamics are Disrupting the Office Market.

The internet and telecommunications technology have changed the way the office worker works. Telecommunications has untethered the office worker from the desk. Approximately 60% of office workers conduct some work outside of the office. Initially, this trend gave rise to a concern that the value of office space would diminish precipitously. Instead, research indicates that productivity and innovation are strongly correlated to face-to-face interactions.

Therefore, to maximize productivity and innovation, businesses are re-thinking office space design. Contemporary office design includes fewer fixed-wall-with-door offices and more flexible spaces where employees can use a desk, meet in groups, and/or socialize. As a result the average amount of space companies need per office employee has been steadily dropping from approximately 200 square feet in the early 1990’s to approximately 180 square feet in 20172. These trends have reduced the magnitude of office demand and the office characteristics necessary to fulfill demand.

While office design is evolving, the nature of the businesses seeking office space has changed. Historically, office demand was driven by finance, insurance and real estate industries together with professional and business services. More recently, office demand is driven by businesses in the technology, advertising, media and information industries (“TAMI industries”). Businesses in the TAMI industries rely on young, knowledge workers. As such, these industries select locations that are attractive to this demographic.

The young knowledge worker is mobile, well-educated, predominantly female and more likely to be from an ethnically or racially diverse background. The young knowledge worker is digitally savvy and expects employers to have seamless technological integration between devices and locations. According to research conducted by CEOs for Cities3, they are much more likely than prior generations to land in a larger metropolitan area and live in the urban center or a close-in neighborhood. The research indicates that Millennials are more likely to choose a location that suits their lifestyle and then find a job—rather than the other way around.

Given these dynamics, many businesses rely on their office space and office location to help recruit and retain employees. The design of the office space and its location reflect the company’s values and, as such, contribute to its brand. In terms of values, employees are increasingly interested in balancing the

2 Adrian Ponsen, “Trends in Square Feet per Office Employee: An Update”, NAIOP Development Magazine, Fall 2017. 3 Joseph Cortwright, The Young and the Restless in a Knowledge Economy (CEOs for Cities, 2005). - 15 -

live, work, play dynamics of their lives. As such, the location of the office and the amenities available nearby are becoming increasingly important job criteria for prospective employees.

Research conducted by NAIOP: Commercial Real Estate Development Association indicates that “vibrant suburban centers” with a mix of land uses and amenities in a walkable setting compete more successfully for business than their single purpose, office park competitors.4 The research indicates that office parks without these amenities tend to have higher vacancy and lower rents as compared to vibrant centers. Price premiums are even more pronounced when vibrant centers have transit.

Observation: Bridge Park is a Successful Office Location and Critical to Sustaining Dublin’s Multi- Tenant Office Market.

Bridge Park has 200,000 square feet of multi-tenant office space that, according to Crawford Hoying, is fully leased. There is an 80,000 square foot multi-tenant office building currently under-construction at Bridge Park (A Block) and another 120,000 square foot office building about to commence construction (D Block). With the some of the highest office rents in the Columbus market, the mixed-use project has proven to be a very competitive office location for expanding Dublin businesses and businesses new to Dublin.

Bridge Park is a perfect example of what NAIOP terms a “vibrant suburban center”5. It offers a mix of land uses within a walkable setting. Bridge Park is amenity-rich with restaurants, a hotel, entertainment and residential offerings. As a vibrant suburban setting the only element missing is robust transit.

As part of this market analysis, W-ZHA interviewed businesses that are currently located in Bridge Park to understand both their initial selection criteria and their experience thus far at Bridge Park. Representatives from Updox, Kappa Kappa Gamma, and OSSUR (Touch Bionics) offices were interviewed. All of these businesses were looking at competitive locations for office space; Dublin was not a given. Bridge Park was what made them move or stay in Dublin.

The key features that these business representatives mentioned that factored into their decision to locate in Bridge Park were the AC hotel, restaurants, free, accessible parking and the overall quality of the project. The mixed-use and walkable character of the project is considered advantageous for staff and visitors. Both Kappa Kappa Gamma and OSSUR have many out-of-town visitors where the hotel, restaurants and entertainment within easy walking distance from the office are great locational advantages and were important to their decision to locate in Dublin. The availability of meeting space at Brick House Blue and the Exchange were also mentioned as important amenities to the location.

4 Emil Malizia, Preferred Office Locations: Comparing Location Preferences and Performance of Office Space in CBDs, Suburban Vibrant Centers and Suburban Areas, (NAIOP Research Foundation, 2014).

5 Ibid. - 16 -

Each of these businesses mentioned how Bridge Park has helped with team building and morale. Meetings can be held at the office and then participants can socialize afterward without getting in the car. There are opportunities to discuss business in a setting outside of the office. PiNs Mechanical Company was referenced multiple times as a great team building entertainment venue. In their previous locations, none of these businesses had these amenities that they now really value. The amenity package is what justifies the cost to occupy space.

Businesses located outside of Bridge Park were also interviewed to understand whether the project has had any impact on their business. Interviews were conducted with Cardinal Health, Wendy’s, IGS Energy, Bottom Line CPA, T Cetera, and DENSO. Representatives from all of these businesses mentioned that Bridge Park has created “buzz” that has put Dublin on the map. This “buzz” is considered good for their brand.

All of the businesses have gotten value out of the restaurants and walkable character of the project. Business visitors do not have to drive from their hotel to restaurant and entertainment options if they choose to stay at the AC hotel. The meeting space was mentioned as a valuable addition to Dublin’s business infrastructure. While certainly a positive factor for employee recruitment, most of these businesses simply saw Bridge Park as a valuable destination that many of their employees enjoy.

OFFICE POTENTIAL

Jobs and Office Potential

As noted earlier, technology and workforce dynamics are disrupting the office market nationally. Telecommunications and changing work dynamics have reduced the amount of office space businesses require to conduct business. Changing labor force dynamics have impacted the types of locations and building-types businesses demand.

- 17 -

Figure 12

Occupied Office Space per Franklin County and Metro Area Job Columbus Market 2011 to 3rd Quarter 2018

82.0 79.8 77.0 73.1 72.0 67.0 62.0 58.6 57.0 53.3 52.0 47.0 42.0 37.0 32.0 27.0 22.0 Occupied Sq Ft /Job 17.0 12.0 7.0 2.0 -3.0 2011 2012 2013 2014 2015 2016 2017 2018

Franklin County Metro Area

Source: Moody’s Analytics; Colliers International, “Columbus Research & Forecast Reports, 2011-2018”; W-ZHA

These dynamics are evident in Columbus when reviewing occupied office space per employee data over time. Figure 12 illustrates the number of occupied office square feet (owner occupied and multi-tenant) in the Columbus market per Franklin County and Metro Area job from 2011 to 2018. The number of occupied square feet per job has dropped by 8% to 9% over this 7 year period. Consolidation and space contraction have and will continue to challenge the office market.

Table 4

Job Projections Franklin County and Columbus Metropolitan Area 2018, 2023, 2028

Change 2018-2023 2023-2028 2018-2028 2018 2023 2028 # CAGR # CAGR # CAGR Columbus Metropolitan Area /1 1,098,502 1,150,577 1,204,620 52,075 0.9% 54,044 0.9% 106,118 0.9% Franklin County /2 812,545 854,563 900,037 42,019 1.0% 45,473 1.0% 87,492 1.0%

1. 2028 employment extrapolated from Moody's 2022 to 2027 average annual growth projection. 2. 2028 employment extrapolated from Moody's 2021 to 2026 average annual growth projection. Source: Moody's Analytics; W-ZHA

- 18 -

Jobs are projected to grow in Franklin County and the Metropolitan Area over the next 10 years.6 Franklin County job growth will likely drive the Columbus office market. Therefore, Franklin County employment projections are used as the basis for this analysis.

For purposes of projecting office space demand, it is assumed that office space per worker ratio will continue to decline into the future. For purposes of this analysis, the same rate of decline is assumed for the future as experienced from 2011 to 2018. The analysis assumes that there will be an average of 69 square feet of office demand per job in Franklin County from 2018 to 2028.

Table 5

Job Projections and Office Demand Franklin County 2018- 2028

Total Jobs New Jobs 2028 2018-2028 Jobs 900,037 87,492 Projected Office Space per Job (Sq Ft) 69 69 Total Occupied Office Space Demand (Sq Ft) 62,102,531 6,036,955

Existing Occupied Sq Ft 59,408,638 Net Office Potential 2,693,893 - 6,036,955

Source: Moody's Analytics; W-ZHA

New jobs will generate demand for approximately 6 million square feet of office space over the next 10 years. As a point of reference, the Columbus market absorbed 4.2 million square feet in the seven year period between 2011 and 2018. The projection results in the same average annual absorption, approximately 600,000 per year.

Assuming office efficiency continues to reduce space needs, by 2028 business will occupy approximately 62 million square feet in the Columbus market. There are currently 59.4 million square feet of occupied space. Thus, while new jobs may generate a demand for 6 million square feet, space contraction and consolidation in the market will free-up existing office space to potentially address a considerable portion of this demand.

6 W-ZHA extrapolated Moody’s Analytics’ projections by applying the average annual growth rate for the prior five years. - 19 -

Table 6

Job Projections and Office Demand Suburban Office Market 2018 - 2028

Total Sq Ft Sq Ft from from Jobs Job Growth 2028 2018-2028 Franklin County Jobs 900,037 87,492 Projected Office Space per Job (Sq Ft) 69 69 Total Occupied Office Space Demand Franklin County 62,102,531 6,036,955 Suburban Market Capture 70% 43,408,140 4,219,683

Source: Moody's Analytics; W-ZHA

Historically the suburbs have captured 70% of new office supply and office absorption. Assuming this pattern persists, Columbus’ expanding economy will result in 4.2 million square feet of new office demand in the suburbs (an average absorption of 420,000 per year). As a point of reference, the suburban markets absorbed 3.3 million square feet between 2011 and 2018, an average of 473,000 per year.

Assuming office efficiency per worker continues to reduce space needs, by 2028 business will occupy 43.4 million square feet in the Columbus suburban market.

- 20 -

Table 7

Job Projections and Office Demand Dublin Office Market 2018- 2028

Total Sq Ft Sq Ft from from Jobs Job Growth 2028 2018-2028 Total Occupied Office Space Demand Franklin County (Sq 62,102,531 6,036,955 Ft) Suburban Market Capture 70% 43,408,140 4,219,683 Dublin's Projected Share of Suburban 21.5% 9,332,750 907,232 Existing Occupied Sq Ft 8,692,668 Net Office Potential 640,000 - 907,000

Source: Moody's Analytics; W-ZHA

Each year from 2011 to 2018, Dublin accounted for 21% to 22% of occupied space in the suburbs. Bridge Park has certainly improved the City’s competitive position in the market. As such, it has been assumed that Dublin can capture 21.5%, of suburban office demand over the next 10 years.

With this assumption, the market has the potential to support between 640,000 and 917,000 square feet of office space in Dublin. As a point of reference, between 2011 and 2018 Dublin absorbed 465,000 square feet of office or an average of 66,400 square feet per year; the historic trend falls at the low end of the projection. Given Bridge Park’s future development plans and its success to date, the low end of the range is conservative.

Competitive Positioning and Bridge Street District Office Potential

Bridge Park has 200,000 square feet of office built and occupied. There are 80,000 square feet of office under-construction and another 120,000 square feet poised for construction. There are an additional 500,000 square feet of office planned for Bridge Park. So far, Bridge Park is an attractive location for small- to mid-size office tenants (mostly under 30,000 square feet) seeking a mixed-use walkable environment with amenities.

The project is successfully attracting these tenants at rents that are some of the highest in the Columbus market. In addition to rent, these tenants are paying relatively high common area maintenance expenses because there is no tax abatement at Bridge Park. High occupancy and premium rents at Bridge Park speak to its competitiveness as an office location. - 21 -

The Bridge Park experience is not unusual as evidenced by research conducted by NAIOP. Vibrant suburban centers have higher occupancy, rents and absorption than their single use, office park competitors.7 Because it already has the live, work, play amenities the market demands, Bridge Park positions the City to achieve the higher end of the office potential range. With Bridge Park, the Bridge Street District is well positioned to capture a lion-share of the City’s office potential over the next 10 years.

It is important to note, that while most of the City’s office potential will be captured in the Bridge Street District, there will be benefits to Dublin’s other office districts. In interviews with representatives from businesses in office space outside of Bridge Park indicated that it functions as an amenity. Rather than Downtown Columbus, these businesses entertain and accommodate business visitors at Bridge Park. According to interviews, the contemporary mixed-use project linked with Downtown Dublin gives the City a “cool vibe” that Dublin has not had in the past.

To improve the competitiveness of Dublin’s older office supply will require investment. Some buildings may be able to be updated to offer more natural light, smaller tenant spaces, open floorplans and state- of-the-art building systems. Outdoor amenities like walking trails and nearby eat/drink establishments are also important to the office tenant. Finally, accessible and convenient transit connections to Downtown Dublin, Bridge Park and other destinations will offer tenants in more suburban locations convenient access to desired amenities.

7 Emil Malizia, Preferred Office Locations: Comparing Location Preferences and Performance of Office Space in CBDs, Suburban Vibrant Centers and Suburban Areas, (NAIOP Research Foundation, 2014).

- 22 -

THE RETAIL AND EAT/DRINK MARKET

EXISTING CONDITIONS

Observation: The City of Dublin Contains Approximately 2 Million Square Feet of Retail Space. Dublin’s Retail Space is Targeted to Serving Local Community and Business Needs. Retail Sales Versus Spending Potential Data Demonstrate that the City is Not a Regional Shopping Destination.

Figure 13

Type of Retail Dublin Market 3rd Quarter 2018 Mixed-Use 16%

Freestanding/Big Box 20% Shopping Center 64%

Source: Colliers International, “Dublin Commercial Real Estate Statistics: 2nd Quarter 2018”; W-ZHA

Dublin’s retail and eating and drinking space is mostly located in shopping centers. There are shopping centers in the Bridge Street District as well as north on Sawmill Road and west on Avery Road. Dublin’s shopping centers contain stores that cater to the everyday needs of the local community; Dublin does not have a regional shopping center. The Mall at Tuttle Crossing is regional mall immediately south of Dublin.

In the Bridge Street District retail and eating and drinking establishments are mostly concentrated along Sawmill Road and Bridge Street/ Dublin-Granville Road. Dublin’s Historic District contains unique shops and a number of restaurants in a walkable, downtown environment.

On the western end of the Bridge District is the Dublin Plaza Shopping Center. This 240,000 square foot strip center is anchored by a Kroger and is 100% leased. In addition to the Kroger, the center is - 23 -

anchored by a CVS and a hardware store. According to its owners, Dublin Plaza Shopping Center is a highly successful, neighborhood shopping center.

Bridge Park contains a mix of land uses that includes a number of restaurants as well as PiNs, an entertainment venue. At this time, Bridge Park contains relatively little retail (ZerOz, Bend Active and recently announced Alma Mater apparel). With rent in the mid-$30’s and little critical mass, Bridge Park is a tough location for shopper’s goods stores. The Bridge Park Master Plan foresees 195,000 square feet of retail, entertainment and restaurant space at build-out.

The Shoppes at River Ridge is a 100,000 square foot shopping center. With the exception of the currently vacant Montgomery Inn restaurant, the center is relatively well occupied. Rent at the Shoppes at River Ridge is half that of Bridge Park; better economics for shoppers goods stores. There are a mix of independent stores and credit tenants in the center. An affiliate of the developers of Bridge Park own the Shoppes at River Ridge.

Dublin Village Center contains 369,000 square feet of space on 58 acres with over 2,800 parking spaces. According to the owners, Dublin Village Center has 7 parking spaces per 1,000 square feet of development. Initially developed as a community shopping center, Dublin Village Center has been challenged by its poor visibility and access to Sawmill Road. As such, the Dublin Village Center has evolved from a retail center into a center for entertainment and community activities. Dublin Village Center contains an 18-screen AMC theater, a public library, sports and recreation venues as well as showroom retail. The AMC theater is said to outperform the theaters in Polaris and Easton.

Table 8

Retail Expenditure Potential and Sales (Excluding Vehicle and Gas Sales) Dublin 2017

Surplus/ (Deficit) Expenditure % of Store Type Potential Sales $ Potential Furniture & Home Furnishings Stores $33,021,259 $28,899,299 ($4,121,960) -12% Electronics & Appliance Stores $34,936,772 $33,128,565 ($1,808,207) -5% Bldg Materials, Garden Equip. & Supply Stores $76,374,450 $20,757,776 ($55,616,674) -73% Food & Beverage Stores $178,442,416 $190,287,179 $11,844,763 7% Health & Personal Care Stores $73,646,207 $78,629,375 $4,983,168 7% Clothing & Clothing Accessories Stores $53,712,916 $36,765,669 ($16,947,247) -32% Sporting Goods, Hobby, Book & Music Stores $24,855,803 $33,753,525 $8,897,722 36% General Merchandise Stores $178,965,117 $26,859,536 ($152,105,581) -85% Miscellaneous Store Retailers $43,520,020 $52,827,604 $9,307,584 21% Total $697,474,960 $501,908,528 ($195,566,432) -28% Source: ESRI; W-ZHA,

When comparing 2017 City retail spending potential (excluding vehicle and gas spending) to actual City sales, there is retail sales “leakage”. This means that City residents are spending a portion of their retail - 24 -

dollars outside of the City limits. Sales leakage is most pronounced in general merchandise, building materials and clothing and accessories stores.

Observation: Whereas the City of Dublin Experiences Retail Spending Leakage, Eating and Drinking Sales Equate to the Market’s Spending Potential. Thirty Percent of the City’s Eat and Drinking Sales Occurred in the Bridge Street District in 2017.

In the City, eating and drinking spending potential was essentially the same as eating and drinking sales in 2017. In 2017, Bridge Street District accounted for 31% of the City’s eating and drinking sales. With Bridge Park, the District’s share of eat/drink sales will increase.

Table 9

Eating and Drinking Expenditure Potential and Sales Dublin 2017

Surplus/ (Deficit) Expenditure % of Potential Sales $ Potential Food Services & Drinking Places $118,309,147 $118,601,474 $292,327 0.2% Source: ESRI; W-ZHA,

With over 55,000 non-resident workers in Dublin each day and over 2,800 hotel rooms it is surprising that Dublin’s eat/drink sales do not exceed residents’ spending potential. In 2017, Dublin was not functioning as an eat/drink destination despite the community’s strong eating and drinking spending potential (see the following Observation).

- 25 -

Observation: Dublin has Very Strong Demographics as Compared to Its Two Primary Suburban Competitors: Polaris and Easton. Even with This Market Advantage, Dublin’s Retail and Eat/Drink Sales Trail These Competitors’.

Figure 14

10-Minute Drive Time Sheds Dublin Downtown, Polaris Fashion Place, Easton Town Center 2018

Source: ESRI; W-ZHA

Easton and Polaris are major suburban shopping nodes within a relatively easy drive from Dublin. The map above illustrates the primary trade area for Dublin, Polaris, and Easton. The primary trade area is assumed to be the 10-minute drive shed. Over 70% of the sales at these centers is assumed to come from this geographic area.

- 26 -

Table 10

Primary Trade Area Characteristics Polaris, Easton and Dublin 10-Minute Drive Time

Median Per Capita Retail Spending Eat/Drink Spending Population Households Income Income Potential /Capita Potential /Capita Polaris 71,055 28,684 $75,827 $39,219 $10,221 $1,741 Easton 84,408 33,855 $50,171 $25,533 $7,158 $1,191 Dublin 138,000 56,761 $86,229 $48,482 $12,596 $2,133

Source: ESRI; W-ZHA

Dublin’s primary trade area is stronger demographically than both Polaris and Easton. Dublin’s primary market is larger in terms of residents and households and higher income. The retail and eat/drink spending potential per capita is higher in Dublin’s trade area as compared to Polaris and Easton.

Table 11

Sales in the Center Per Person within a 10-Minute Drive of the Center Polaris, Easton and Dublin 2017

Eat/Drink Sales Retail Sales /Capita /Capita Polaris $11,653 $2,228 Easton $9,200 $1,171 Dublin $2,450 $362

Source: ESRI; W-ZHA

Table 11 takes the retail and eating and drinking sales generated at Polaris, the Easton Town Center and the Bridge Street District in 2017. These sales are divided by the population residing within a 10-minute drive of the center.

Despite Dublin’s strong trade area demographics, Dublin has not evolved into a regional retail center. With their respective super-regional retail centers, both Polaris and Easton generate far higher retail sales per capita than Dublin. Polaris and Easton are shopping centers and, as such, have a critical mass of regional shopping stores and that allows these centers to draw customers from a large trade area to shop. Dublin does not have this critical mass of shopper’s goods stores. - 27 -

The critical mass of shopper’s goods stores helps to support eating and drinking establishments in Polaris and Easton. The restaurants in Polaris and Easton target the shopper. While office workers patronize these restaurants, there is not a significant amount of office integrated into the walkable environment at either Polaris or Easton.

Before Bridge Park there was not a critical mass of eating and drinking in Dublin. As a result, in 2017 retail and eat/drink spending in the Bridge Street District, was considerably lower per capita than in Polaris and Easton. It is likely that 2018 eat/drink sales will be higher in Dublin as a result of Bridge Park. Unlike Polaris and Easton, however, Dublin’s eat/drink sales will be largely driven by office workers, visitors and residents, not shoppers.

Observation: Dublin’s Market has Characteristics That are Different From the Polaris and Easton Markets as well as the Urban Districts like Short North and Grandview Yard.

Figure 15

LifeMode and Lifestyle Characteristics of Households Select Markets 10-Minute Drive Time Shed

Source: ESRI Tapestry; W-ZHA

The graphic above depicts the prominent household types for markets within a 10-minute drive of competitive shopping and eat/drink locations. As is illustrated, Dublin’s market has the highest share of high-income households within a 10-minute drive. Approximately, one-third of the households within a 10-minute drive of Dublin are high-income singles and couples. Polaris’ market is dominated by high - 28 -

income families, while Easton’s market is mostly moderate income singles and couples. Grandview Yard and Short North have a younger market.

Table 12

Age and Education Characteristics Select Areas 10-Minute Drive Time

Median Age Bachelors+ Polaris 34.5 45.7% Easton 33.8 31.0% Grandview Yard 29.4 46.6% Short North 27.9 44.9% Bridge Street District 37.3 64.7%

Source: ESRI; W-ZHA

Dublin’s market is older and better educated than the markets surrounding other shopping and eat/drink destinations. Educational attainment is an important market consideration for some types of retail like Whole Foods and Trader Joe’s food stores.

- 29 -

Figure 16

Spending Potential Indices Select Markets 2018

160 140 120 100 80 60 40 20 0 Spending Index (National Avg 100)

Polaris Easton Grandview Yard Short North Bridge Street District

Source: ESRI; W-ZHA

Dublin’s market has very high spending potential indices for apparel and services, entertainment and recreation, food at home and away from home and personal care products. Restaurants and store-types that target the high-income discretionary shopper would find Dublin an attractive location.

Observation: Bridge Park has Proven to be a Successful Eat/Drink and Entertainment Investment Location and There is Considerably More Potential Available in the Market.

Bridge Park contains a number of bars and restaurants including CapCity Diner, PiNS Mechanical Company, Fukuryu, RAM, Local Cantina, Fado, ZCucina, 16-Bit Bar + Arcade, Hen Quarter, The Avenue and the AC Hotel’s VASO rooftop bar. As part of the market analysis process, owners and managers of a number of these eat and drinking establishments were interviewed. The restaurants’ performance has exceeded expectations and they are busy every day.

Key factors to their success include free and accessible parking, the walkable urban environment, office and residential space within walking distance, and Dublin’s demographics. The need for more residential was noted. There was confidence that there was considerably more capacity within the market to support additional eating and drinking establishments on both sides of the River.

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Table 13

Eating and Drinking Sales Capture 15-Minute Drive Time Polaris, Easton, and Dublin 2017, $000's

Polaris Easton Dublin Eat/Drink Sales in Center $158,278 $98,869 $49,967 Eat/Drink Sales in Trade Area ('000s) $661,400 $744,785 $650,044 Eat/Drink Capture 24% 13% 8% Eat/Drink Sales Potential in Trade Area ('000s) $529,556 $483,848 $621,459 Eat/Drink Capture 30% 20% 8%

Source: ESRI; W-ZHA

Data confirms that Dublin market has capacity for additional eating and drinking sales. Successful Downtowns can capture 20+% of the eat/drink sales potential within their primary trade area. For the eat/drink market, a 15-minute drive time area is the Primary Market.

Dublin’s Bridge Street District currently captures only 8% of the eat/drink sales potential in the 15- minute drive time shed. This compares to Polaris at 30% and Easton at 20% capture within the 15- minute drive time shed. In terms of actual eat/drink sales within a 15-minute drive, Easton and Polaris capture significantly more than Dublin.

Easton and Polaris are super-regional shopping centers with the depth and breadth of shopping and eat/drink that draw patrons to their centers. The drawing power supports the eating and drinking establishments. While Dublin does not have this drawing power, Dublin’s market profile of older, affluent households with high eat/drink spending potential makes it a potentially lucrative eat/drink destination.

Observation: Retail Development and the Retail Shopping Experience Are Changing. These Changes Impact the Type and Magnitude of Retail Store Potential.

The Urban Land Institute and others have documented how changing demographics, lifestyles, and e- commerce are altering the retail landscape in communities. These changes make it necessary for communities to re-evaluate their competitive position in the retail market. Changing retail market dynamics suggest that different retail strategies be considered.

Retail is impacted by demographics. Now the largest cohort, the Millennials (people born between 1982 and 2000) are moving into their prime earning years. Research indicates that Millennials shop on-line, look for bargains, and value the shopping “experience”. The 2nd largest consumer cohort in the country, the “Baby Boomers” (people born between 1946 and 1964), are in de-acquisition mode and are - 31 -

increasingly seeking services. The country is becoming increasingly diverse racially and ethnically giving rise to specialty stores targeting very specific markets.

Online shopping is growing and, as a result, most retailers have moved to omnichannel retailing where there is seamless integration between shopping at the store and/or on-line. The rise in on-line retailing has not eliminated the need for a store, but it has changed its role. Where the store used to be a platform for sales (for example, finding the product, making a selection, and purchasing), stores are now one stop along the path to a purchase. As such, stores are moving toward more customized experiential stores, operating as hubs of omnichannel fulfillment. With less on-site inventory, stores are generally becoming smaller and more efficient.

Shoppers increasingly like to buy a gift, get a haircut, and meet friends in a single outing (“trip-chain”). Store location and its surrounding environment are increasingly important to the shopping experience.

Finally, services as a share of total personal consumption has been on the rise, far surpassing expenditures on goods. More and more, street level space is occupied by restaurants, wellness (Yoga studios), health and other service establishments.

As retailers respond to shifting trends by increasing their online presence and reducing their physical footprint, it is becoming harder for sub-optimal sites to compete. For day-to-day goods, locations that are highly visible and easily accessible to the community will continue to thrive. For specialty goods to succeed, there needs to be the right balance between complementary retail, entertainment and lifestyle uses with nearby traffic generators like residential, hotel and office uses.

BRIDGE STREET DISTRICT RETAIL AND EAT/DRINK PROSPECTS

According to interviews, market demographics and Bridge Street’s current market capture, there is potential for additional eating and drinking in the Bridge Street District. Most of this potential will likely be realized in and near Bridge Park and Downtown Dublin because these areas all already destinations and there is residential and office density within walking distance nearby. More residential and office development will only help to support Bridge Park and Downtown offerings.

- 32 -

Table 14

Eating and Drinking Potential Dublin Bridge Street District 2018-2023, 2018-2028

2018 - 2023 2018 - 2028 Households 132,825 143,020 Eat/Drink Sales /Household $5,038 $5,038 Eat/Drink Sales Potential in Trade Area ('000s) $669,163,692 $720,524,298

Eat/Drink Capture 15% 20% Eat/Drink Sales Potential $100,375,000 $144,105,000 Existing Sales ($49,967,000) ($49,967,000) Net New Sales $50,408,000 $94,138,000 Square Feet @ $500 /Sq Ft 100,800 188,300

Source: ESRI; W-ZHA

At a 15% capture rate by 2023 Dublin can support approximately 100,000 square feet of additional eating and drinking space in the Bridge Street District. Note that some of this space has been built as part of Bridge Park because existing eat/drink sales data are from 2017 when many restaurants in Bridge Park were not open. With a critical mass of eating and drinking and entertainment establishments, the Bridge Street District’s drawing power should increase. By 2028, the Bridge Street District has the potential to capture 20% of market area eat/drink spending potential as many successful downtowns are able to do. It is important to note that additional office and residential development in the District is necessary to support additional eating and drinking sales.

Retail development potential is contingent upon the development project, itself. Given the state of the retail industry, it unlikely that a standalone retail center will be feasible in the Bridge Street District over the next 10 years. More likely existing retail centers like the Shoppes at River’s Edge will be re- positioned to target the markets attracted to Bridge Park and Downtown Dublin. Specialty retailers appealing to the high-end market make sense at this location.

Bridge Park was not conceived of as a retail-based mixed-use project. Bridge Park is an urban district that functions as a business and entertainment center as well as an urban neighborhood. To optimize its market position, the key to its success is not retail per se, but land uses that contribute to the urban “vibe”. To market urban, Bridge Park must be urban. The pedestrian bridge linking with Downtown Dublin will help in this regard.

The retail in Bridge Park will be in service to the project’s positioning. The North Market or Food Hall concept is a good example. Office employees are given more affordable food choices and residents benefit from the amenity. North Market is a visitor destination as well. Other types of retail and - 33 -

services that may support the project’s positioning include health services (dentists, doctors, optometrists), a drug store, pop-up retail, micro stores (500 square feet or less), and high-end regional retailers with markets already established that want a Dublin address.

Given retail industry trends, it is unlikely that Dublin Village Center (DVC) in its current configuration will reinvent itself as a retail center. DVC is designed for the automobile with buildings designed for relatively large tenants. Today, the center is well-occupied with mostly community-oriented recreation, entertainment, and civic tenants. According to the owner, rents are sufficient to generate a reasonable investment return on the project.

Nevertheless, because of its site size, DVC is one location in the Bridge Street District that could be redeveloped as a retail-based, mixed-use town center. Land assembly at the western end of the Bridge Street District (at or near OCLC) is another possible location. A retail-based, mixed use town center typically includes two or three retail anchors, in-line stores and restaurants, upper level residential and office uses. While there is market to support such a center, to implement such a project would require commitments from two or three retail anchors. The retail and restaurant component of a retail-based, mixed-use town center is typically at least 400,000 square feet.

Without a major retail-based, mixed-use project, retail development prospects in the Bridge Street District are relatively modest. In addition to the Food Hall concept, small specialty retail store infill will likely occur in Bridge Park and Downtown Dublin.

- 34 -

THE HOTEL MARKET

EXISTING CONDITIONS AND TRENDS

Observation: There are 22 Hotels and 2,825 Rooms in the Dublin Market. Four Hotels Have Been Developed in the Dublin Market Since 2015, Increasing the Dublin Market’s Room Supply by 19%.

Table 15

Hotels and Hotel Room Nights Dublin Market 2018

Name Open Date Rooms Marriott Columbus Northwest May 1998 310 Embassy Suites Columbus Dublin Nov 2000 284 Crowne Plaza Columbus Dublin Ohio Jun 1983 215 AC Hotels by Marriott Columbus Dublin Sep 2017 150 Courtyard Columbus Dublin Nov 1986 147 Drury Inn & Suites Columbus Northwest Jul 2002 146 Home2 Suites Columbus Dublin Sep 2017 126 Hyatt Place Columbus Dublin May 1996 123 Hampton Inn Columbus Dublin Apr 1988 123 Holiday Inn Express Columbus Dublin Jul 2009 117 Staybridge Suites Columbus Tuttle Crossing Jul 2002 111 Red Roof Inn Columbus Dublin May 1985 106 Sonesta ES Suites Dublin Mar 1992 106 La Quinta Inns & Suites Columbus Dublin Aug 1993 101 Hilton Garden Inn Columbus Dublin Apr 2001 100 Residence Inn Columbus Dublin Jun 2015 100 Cloverleaf Suites Columbus Oct 1989 92 Homewood Suites Columbus Dublin Feb 2002 89 Extended Stay America Columbus Tuttle Jun 1998 83 Fairfield Inn & Suites Columbus Dublin Jun 2015 83 Extended Stay America Columbus Sawmill Road May 1990 72 Quality Inn & Suites Dublin Jan 1989 41 Total 2,825

Source: Dublin Convention & Visitors Bureau; Smith Travel Research; W-ZHA

The following hotels are considered Dublin’s competitive set. Some of these hotels are located just outside of the City of Dublin’s boundaries. Together these 22 hotels contain 2,825 rooms.

- 35 -

Figure 17

Hotel Rooms by Product Dublin Market 2018 Economy 9% Full Service 29%

Suites 35% Limited Service & Select 27%

Source: Smith Travel Research; W-ZHA

The Dublin market contains a mix of hotel product-types. Over one-third of the rooms available in the Dublin market are suite products. The Embassy Suites, the Marriott and Crowne Plaza are Dublin’s three full-service hotels with meeting space. Just over one-quarter of Dublin’s hotel room stock is in limited and/or select service hotels like the Courtyard and Hyatt Place.

An interview with a representative from the Convention & Visitors Bureau revealed that Dublin’s hotel supply had remained steady until recently. Since 2015, there have been 4 hotels built and 459 rooms added to the Dublin market. The new hotels are the Residence Inn, the Fairfield Inn and Suites, AC Hotels by Marriott, and the Home2 Suites. These new hotels increased the Dublin market’s hotel room supply by 19%.

- 36 -

Figure 18

Hotel Rooms by Product Dublin Market 2012 and 2018

1200 995 1000 809 760 800 686 610 600

Hotel Rooms Hotel 400 261 200

0 Full Service Limited Service & Suites Economy Select

2012 2018

Source: Smith Travel Research; W-ZHA

With the exception of the AC Hotel at Bridge Park, all of the new hotels are suite products. Suite rooms account for two-thirds of the new rooms added to the Dublin market. Suite hotels are attractive in locations with corporate headquarters and/or family attractions.

Observation: The Dublin Hotel Market is Healthy. Revenue per Available Room Trends Indicate that New Hotel Product has Not Cannibalized the Market, but Grown the Hotel Economy.

In 2017, the Dublin hotel market occupancy averaged over 70% with an average daily rate of $105.76 per room. These are strong indicators and 2018 to-date data indicate that the market is performing even better than 2017. As a reference, the overall Columbus market had an occupancy rate of 65.8% and an average daily rate of $103.76 in 2017.

Hotel room revenue in the Dublin market went from $53.8 million in 2012 to $71.5 million in 2017 – an increase of 33%.

- 37 -

Figure 19

Revenue Per Available Room Dublin Market 2012 - 2017 $80.00 $75.30 $73.00 $74.26 $68.89 $70.00 $65.93 $62.57 $60.00

$50.00

$40.00

$30.00

$20.00 Revenue Per Available Room $10.00

$0.00 2012 2013 2014 2015 2016 2017

Source: Smith Travel Research; W-ZHA

Dublin’s revenue per available room (RevPAR) increased at an average rate of 3.5% per annum between 2012 and 2017. The Dublin hotel market continued to grow RevPAR from 2015 to 2016 despite the introduction of the Fairfield Inn and Suites and the Residence Inn to the market in 2015. Dublin’s revenue per available room did decline slightly from 2016 to 2017 with the introduction of the AC Hotel and Home2 Suites.

- 38 -

Figure 20

Revenue Per Available Room by Hotel Type Dublin Market 2012 - 2017

Source: Smith Travel Research; W-ZHA

The full-service, limited/select service hotels only saw a slight decrease in revenue per available room when the AC Hotel entered the market in 2017. The revenues per available room among suite hotels continued to increase even with the addition of Residence Inn and Fairfield Inn and Suites (183 rooms) in 2015. There was only a slight decrease in RevPAR when Home2 entered the market in 2017. All-in- all, the Dublin market has continued to exhibit market strength even with the addition of new hotels.

At $74.26, Dublin’s revenue per available room was 9% higher than the Columbus average ($68.24) in 2017. Overall the Columbus market’s RevPAR increased at an average annual rate of 5.1% between 2012 and 2017 – faster than Dublin’s average annual growth rate of 3.5%.

The overall Columbus market achieved faster RevPAR growth by growing average daily rates faster than Dublin. One reason the overall Columbus market was able to grow rates faster was because the Columbus market did not increase its overall room supply to the same degree as Dublin. Where Dublin increased room nights by 11.9%, the Columbus market increased by 7.7%.8 Another reason is that Dublin is challenged with room rate appreciation because so much of their business is driven by large corporations which have contract prices on the rooms.

Over the last 5 years, Dublin’s hotel room revenue has continued to represent 10% of the overall Columbus market’s hotel room revenue.

8Room night change is different than room change because room nights reflect the months the rooms were available in the year of opening - 39 -

Observation: The Dublin Market Continues to be Weak in the Winter Months. Most of the Hotel Revenue Growth Has Occurred in the Peak Months.

Figure 21

Room Revenue by Month Dublin Market 2012 - 2018

$9,000,000 $8,000,000 $7,000,000 $6,000,000 $5,000,000 $4,000,000

Room Revenue $3,000,000 $2,000,000 $1,000,000 $0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2012 2015 2017 2018

Source: Smith Travel Research; W-ZHA

The graph above depicts hotel revenue by month in the Dublin market for select years. As the graph illustrates, Dublin’s hotel market continues to be weakest in November, December, January and February. Much of this decline occurs during winter weekends when there is a drop-off in the leisure and meeting market segments. The new hotels have not impacted the cyclical nature of the market; growth in hotel revenue has mostly occurred from March through October.

A number of interviewees mentioned the need to develop an attraction that draws visitors in the winter months. The idea of an athletic facility with basketball games or other winter spectator events was seen as an opportunity to increase visitation during the hotels’ weak season.

- 40 -

Observation: Dublin’s Hotel Market is Driven by the Business Traveler.

Figure 22

Revenue Per Available Room by Day of the Week Dublin Market 3 Year Average: September – August, 2015 - 2018

100.00 89.56 88.95 90.00 80.66 80.00 74.40 74.07 70.39 70.00

60.00

50.00 42.85 40.00

30.00

Revenue per Available Room 20.00

10.00

0.00 Sun Mon Tue Wed Thu Fri Sat

Source: Smith Travel Research; W-ZHA

From Monday through Thursday Dublin market hotels are well-occupied by business visitors. Many Dublin hotels have negotiated hotel room price contracts with the larger corporations like Cardinal Health, Toyota and Wendy’s. These contracts support hotel occupancy, but limit room rates in Dublin.

Interviews suggest that the Dublin hotel visitor profile is during the week 90% business and 10% group. During the weekend, hotels are occupied by leisure visitors and weddings and sports groups. Group business during the week is a small segment in Dublin due to the limited amount of meeting space available and the market’s older full-service hotel stock.

Annual RevPAR data by day of week illustrates that Dublin hotels do well on Friday and Saturday nights when the leisure market is occupying rooms. As will be discussed forthwith, Bridge Park has contributed to Dublin’s competitive position for all market segments.

- 41 -

Observation: Bridge Park is Changing the Dublin Hotel Market and its Prospects.

Bridge Park is improving all segments of the hotel business. It used to be that Dublin would lose the business visitor to Downtown Columbus if the business visitor was seeking a mixed-use, dynamic environment within walking distance or in proximity to their hotel. Bridge Park has allowed Dublin to offer such an environment to the business traveler.

With a RevPAR well above the Dublin market average, interviews with the AC Hotel’s management reveal that the hotel is outperforming its projections. Marriott uses Dublin’s AC Hotel as its “brand model” for the AC Hotel product line. Visitor demand to visit Bridge Park is so acute that some hotels are offering patrons a shuttle voucher for transportation to and from Bridge Park.

For those business travelers conducting business in the northern suburban areas of Columbus that want an urban center with a range of eating and drinking, recreation and entertainment options, Dublin now competes with Columbus for these overnight stays. Dublin is more competitive within the suburban market because it can offer this amenity.

Like the business market, the additional offerings provided at Bridge Park are attractive to the leisure and group markets. These visitors like to explore and have things to do. In the Dublin market, revenues per available room on Friday and Saturday night have increased since three years ago.

While not necessarily in Bridge Park, Dublin hotels market Bridge Park as an attraction to prospective groups like weddings. Bridge Park offers a variety of eat/drink, recreation and entertainment venues in an attractive, safe and walkable environment. There is real economic synergy occurring between Bridge Park and hotels in the Dublin market.

A number of interviewees mentioned that the pedestrian bridge linking Downtown Dublin to Bridge Park will further enhance the Bridge Street District’s function as an attraction for Dublin. The Bridge and the Scioto River’s potential to become a recreational asset has the potential to change Dublin’s competitive position in the hotel marketplace. With eco-tourism activities on the river and other programming, Dublin could become a destination for the excursion market. Many posited that there is the potential to grow the leisure- and group business-side of the overnight stay market.

Observation: One Observation Made Often by Local Businesses, the Convention & Visitor’s Bureau and Hotel Managers was the Need for More Meeting Space in Dublin.

Dublin is second only to Downtown Columbus in terms of total office space, yet Dublin cannot accommodate a meeting of over 250 people. According to the Convention & Business Bureau, the biggest hotel space available in Dublin is 14,000 square feet at the Embassy Suites. Cardinal Health, Wendy’s and other businesses interviewed mentioned available meeting space as an issue in Dublin. Currently, local businesses use the Exchange, Brick House Blue, OCLC, and local hotel meeting space. If the meeting is too large local businesses typically host the meeting in Columbus. - 42 -

Bridge Park is improving meeting prospects because, together with Downtown Dublin, there is depth and breadth of restaurant and entertainment options in a compact and walkable setting. Businesses are looking for places to host 300 to 350 person meetings in Dublin. While the suite products have expanded the Dublin hotel market, they are not increasing Dublin’s capacity to host larger meetings. A full-service hotel with meeting facilities capable of accommodating a 300- to 350-person meeting is something the Convention & Visitor’s Bureau and the larger businesses would like to see in Dublin.

HOTEL POTENTIAL

The Dublin hotel market has proven to be deep with occupancy and average daily rates growing as the hotel room supply has expanded. With additional office, residential and eat/drink/retail/entertainment development, the Bridge Street District will continue to be an attractive hotel investment location. This growth coupled with Dublin’s potential to become a visitor destination as the pedestrian bridge and park are completed will enhance Dublin’s competitiveness in the hotel market.

Table 16

Hotel Room Revenue Potential /1 Columbus Market 2017, 2023, 2028

2017 2023 2028 Franklin County Jobs 801,440 854,563 900,037 Hotel Room Revenue /Job /2 $855 $855 $855 Columbus Market Hotel Room Revenue $685,502,384 $730,941,000 $769,835,830

1. This projection does not incorporate hotel rooms that may be developed as part of a conference/convention center or new attraction. Convention and attraction hotel nights are driven by the anchor amenities, not regional employment per se. 2. Since Year-End 2018 room revenue was not available, applied the ratio of 2017 hotel room revenue to 2017 jobs to arrive at hotel room revenue per job.

Source: Moody's Analytics; Smith Travel Research; W-ZHA

Jobs are the primary driver of the Columbus and Dublin hotel markets. According to job projections from Moody’s Analytics, Franklin County is projected to have 854,563 jobs by 2023 and 900,037 jobs by 2028. Using hotel revenues per job in 2017 as a proxy, job growth in Franklin County will generate $769.8 million in hotel revenue by 2028.

Over each of the last 5 years, Dublin has accounted for 10% of the Columbus hotel market’s hotel room revenue. This capture rate was achieved in Dublin mostly without the Bridge Park urban district – it was under-construction. With Bridge Park, Dublin’s competitive hotel position is enhanced which should - 43 -

increase Dublin’s hotel revenue capture rate. The projection assumes a 12.5% capture rate between 2018 and 2023 and a 13% capture rate between 2023 and 2028.

Table 17

Hotel Room Potential /1 Dublin Market 2018-2023, 2018-2028

2018 - 2023 2018 - 2028 Franklin County Jobs 854,563 900,037 Hotel Room Revenue /Job /2 $855 $855 Columbus Market Hotel Room Revenue $730,941,000 $769,835,830

Dublin Capture of Hotel Room Revenue 12.5% $91,368,000 13.00% $100,079,000

Revenue Per Available Room ($'s 2018) $74.26 $74.26

Room Potential 3,371 3,692 Less: Existing Rooms (2,825) (2,825) New Hotel Room Potential 546 867 1. Projection does not incorporate hotel rooms that may be developed as part of a conference/convention center or new attraction. Convention and attraction hotel nights are driven by the anchor amenities, not regional employment per se. 2. Since Year-End 2018 room revenue was not available, applied the ratio of 2017 hotel room revenue to 2017 jobs to arrive at hotel room revenue per job. Source: Moody's Analytics; Smith Travel Research; W-ZHA

At these capture rates and Dublin’s current revenue per available room ($74.26), the $91.4 million (approximately) in hotel sales by 2023 will support 3,371 hotel rooms in Dublin. In 5 years there will be demand for an additional 546 rooms in the Dublin market. By 2028, the demand is projected to increase to 867 additional hotel rooms. It is important to note, that these projections do not include hotel rooms associated with a conference/convention facility and/or an attraction. Hotels associated with such anchors are largely dependent in the anchor’s development program, not regional employment trends.

There is an additional hotel already programmed in Bridge Park, a Springhill Suites with approximately 145 rooms. According to the City, a 105-room TownePlace Suites has been approved at 5155 Upper Metro Place. Another hotel has begun the building permit process on Frantz Road (room count unknown). Dublin is proving to be an attractive hotel investment location.

APPENDIX A

APPENDIX A: DEMOGRAPHICS AND JOBS: TRENDS AND PROJECTIONS

DEMOGRAPHICS

According to estimates provided by ESRI, a national spatial and analytic company, there are approximately 47,500 residents in the City of Dublin.

Table A-1

Population and Household Trends Ohio, Columbus MSA, Franklin County, Columbus, and Dublin 2000, 2010, 2018

Population Change 2000-2010 2010-2018 2000 2010 2018 # CAGR # CAGR Ohio 11,353,140 11,536,504 11,772,676 183,364 0.16% 236,172 0.25% Columbus MSA 1,674,737 1,901,974 2,090,104 227,237 1.28% 188,130 1.19% Franklin County 1,068,978 1,163,414 1,294,124 94,436 0.85% 130,710 1.34% Columbus City 718,558 785,996 876,962 67,438 0.90% 90,966 1.38% Dublin 30,848 41,718 47,541 10,870 3.06% 5,823 1.65% Households Change 2000-2010 2010-2018 2000 2010 2018 # CAGR # CAGR Ohio 4,445,773 4,603,435 4,711,465 157,662 0.35% 108,030 0.29% Columbus MSA 659,942 748,517 821,418 88,575 1.27% 72,901 1.17% Franklin County 438,778 477,235 529,070 38,457 0.84% 51,835 1.30% Columbus City 304,130 331,014 368,268 26,884 0.85% 37,254 1.34% Dublin 10,959 14,961 17,004 4,002 3.16% 2,043 1.61%

Source: ESRI; W-ZHA F:\8000s, misc\82378 Dublin Market Update\[demo (Autosaved).xlsx]pop

Columbus is recognized nationally for its recent population and household growth. Between 2010 and 2018, Dublin grew at a faster rate than the Columbus Metropolitan Area, Franklin County and the City of Columbus. Today there are over 2,000 more households in the City than there were in 2010.

Appendix - 2 -

Table A-2

Demographic Indicators Ohio, Columbus MSA, Franklin County, Columbus, and Dublin 2018

Columbus Franklin Columbus Ohio MSA County City Dublin Avg Household Size 2.43 2.49 2.39 2.32 2.78 Median Age 40 36.6 34.9 33 38.7 Median Household Income $53,378 $58,564 $54,900 $48,781 $124,037 % Owner Occupied 57.9% 55.5% 55.4% 40.2% 72.1% % Bachelors+ 28.0% 36.4% 40.0% 36.3% 74.8%

Source: ESRI; W-ZHA

Dublin has a high average household size at 2.78 persons per household. Dublin’s households have the highest median income and the highest educational attainment among the geographies listed.

Figure A-1

% of Residents 25 to 34 Years Old Select Areas 2018 20.0% 30.0% 18.0% 34

- 25.0% 16.0% 14.0% 2018

20.0% - 12.0% 10.0% 15.0% 8.0% 10.0% 6.0%

4.0% Change% 2010 5.0%

Share of Population 25 Age 2.0% 0.0% 0.0% Ohio Columbus Franklin Columbus Dublin MSA County City

% 25-34 Yrs Old Growth 2010-18

Source: ESRI; W-ZHA demo

The figure above illustrates that just over 10% of Dublin’s population is between the ages of 25 and 34 years old, which is low compared to the other geographies. While Dublin had the lowest share of its Appendix - 3 -

population in the 25 to 34 year-old cohort, between 2010 and 2018 there were over 1,000 more residents in this age cohort, an overall growth rate of 28%. The 25 to 34 year-old cohort is working age, highly mobile and, if well-educated, the knowledge workers businesses seek.

Table A-3

Employed Population Over 16 Years of Age Select Areas 2018

White Collar /1 Services /2 Blue Collar /3 Columbus MSA 65.4% 16.4% 18.2% Franklin County 66.9% 17.0% 16.0% Columbus City 64.5% 18.7% 16.8% Dublin 86.5% 8.8% 4.7%

1. Include management/business/financial, professional, sales, and administrative support occupations.

2. Service occupations include fire, police, and housekeeping services. 3. Blue collar occupations include construction, production, installation/repair/maintenance and transportation.

Source: ESRI; W-ZHA

Over 86 percent of Dublin’s employed residents over the age of 16 are in white collar occupations. These occupations include management positions, professionals, sales personnel and administrative support.

Appendix - 4 -

Figure A-2

Tapestry LifeMode Group 2018

Lifestyle data demonstrates that Dublin’s households are high income, well-educated and sophisticated consumers. The two dominant lifestyle segments in Dublin are socially responsible, spend considerable money on services, recreation, entertainment and travel. A discretionary market, the “experience” of a place is likely of value to these households.

Table A-4

Where People Who Work In Dublin Live 2015

Share Columbus 35.5% Dublin 7.3% Hilliard 3.1% Upper Arlington 2.0% Delaware 1.8% Westerville 1.8% Marysville 1.5% Grove City 1.3% Guhanna 1.2% Powell 1.0% All Other Locations 43.5%

Source: U.S. Census Bureau, OnTheMap Application and LEHD Origin-Destination Employment Statistics; W-ZHA

Appendix - 5 -

According to 2015 Census data (most recent data available for this dataset), over a third of the jobs in Dublin are held by people who live in Columbus. Less than 10 percent of the jobs in Dublin are held by Dublin residents.

Table A-5

Where Workers Who Live in Dublin Work 2015

Share Columbus 45% Dublin 15% Hilliard 2% Westerville 2% Worthington 2% Marysville 1% Upper Arlington 1% Guhanna 1% Groveport 1% Grove City 1% All Other Locations 29%

Source: U.S. Census Bureau, OnTheMap Application and LEHD Origin-Destination Employment Statistics; W-ZHA

Just under half of Dublin’s working residents work at companies with a Columbus address. Almost 3,000 working Dublin residents work in Dublin.

Appendix - 6 -

JOBS

Figure A-3

Jobs Dublin Zip Codes 43016 and 43017 2009 - 2016 62,000

60,000

58,000

56,000 Jobs

54,000

52,000

50,000 2009 2010 2011 2012 2013 2014 2015 2016

Source: U.S. Census, County Business Patterns; W-ZHA

The Ohio Department of Labor Market Information does not have employment estimates by City. The City of Dublin’s Economic Development Department literature indicates that there are 70,000 jobs in Dublin. According the U.S. Census’ County Business Patterns, there were 60,800 private-sector jobs located in Dublin’s two zip codes: 43016 and 43017 in 2016 (the most recent year data is available). According to this same source in 2009, there were 57,440 private jobs in these census tracts. By 2016, there were 3,380 more private jobs in these census tracts than there were in 2009. Jobs grew by an average growth rate of 0.8% per year.

Appendix - 7 -

Table A-6

Jobs by Industry Dublin Zip Codes 43016 and 43107 2009 and 2015

Industry 2009 2015 Agric/Mining 0.0% 0.0% Construction 2.1% 1.7% Manufacturing 2.9% 2.0% Wholesale Trade 6.9% 5.3% Retail Trade 16.5% 12.7% Transportation/Warehousing & Utilities 1.3% 1.7% Information 5.9% 5.7% Finance & Insurance 13.6% 11.2% Real Estate and Rental & Leasing 1.5% 1.4% Professional, Scientific, & Technical Services 14.1% 14.8% Management of Companies & Enterprises 4.7% 7.7% Admin. & Support & Waste Mgmt. & Remed. Services 8.6% 10.9% Educational Services 3.9% 3.3% Health Care & Social Assistance 6.7% 10.2% Arts, Entertainment, & Recreation 1.4% 1.6% Accommodation & Food Services 7.1% 7.7% Other Services (except Public Administration) 2.0% 1.6% Government 0.7% 0.6% Total 100.0% 100.0%

Source: U.S. Census Bureau, OnTheMap Application and LEHD Origin-Destination Employment Statistics; W-ZHA F:\8000s, misc\82378 Dublin Market Update\[demo.xlsx]zips %

County Business Patterns’ zip code data does not break employment down by industry. The U.S. Census LEHD Origin-Destination Employment Statistics do break down employment by industry. The latest data available from this source is 2015. According to this source, the professional, scientific, and technical services industry is Dublin’s largest with approximately 15% of all City jobs.

In 2015, retail jobs represented the second highest concentration of Dublin’s jobs at 12.7% of total jobs. However, retail’s share of jobs has dropped since 2009, when retail represented 16.5% of all Dublin jobs. The health care industry increased its share of jobs between 2009 and 2015 as did the administrative and support services and management of companies industries. Appendix - 8 -

Figure A-4

Jobs by Industry Columbus Metropolitan Area, Franklin County and Dublin 2015 18.0% 16.0% 14.0% 12.0% 10.0% 8.0%

% of Jobs 6.0% 4.0% 2.0% 0.0%

Columbus MSA Franklin County Dublin

Source: Source: U.S. Census Bureau, OnTheMap Application and LEHD Origin-Destination Employment Statistics; Moody’s Analytics; W-ZHA

In the figure above, Dublin’s job profile by industry is compared to the Metropolitan Area’s and Franklin County’s job profile. Dublin has a much higher share of its employment in industries that typically occupy office space – finance/insurance and real estate (FIRE), professional, scientific and technical services, management of companies, and administration and support services.

Appendix - 9 -

Table A-7

Jobs by Industry Franklin County 2009 and 2016

2009 - 2016 Industry 2009 2016 # CAGR Construction 20,439 24,617 4,177 2.69% Manufacturing 34,785 37,112 2,327 0.93% Wholesale Trade 29,941 33,491 3,550 1.61% Retail Trade 68,708 70,127 1,419 0.29% Transportation/Warehousing & Utilities 37,684 46,103 8,419 2.92% Information 15,371 15,348 (23) -0.02% Finance & Insurance 46,596 56,932 10,336 2.90% Real Estate and Rental & Leasing 10,981 11,376 395 0.51% Professional, Scientific, & Technical Services 42,152 49,394 7,242 2.29% Management of Companies & Enterprises 23,604 24,823 1,220 0.72% Admin. & Support & Waste Mgmt. & Remed. Services 47,630 60,878 13,248 3.57% Educational Services 14,164 17,566 3,402 3.12% Health Care & Social Assistance 80,407 106,351 25,944 4.08% Arts, Entertainment, & Recreation 6,637 9,457 2,820 5.19% Accommodation & Food Services 54,414 62,953 8,539 2.10% Other Services (except Public Administration) 26,893 30,673 3,781 1.90% Government 121,064 128,594 7,529 0.87% Total 681,641 785,972 104,331 2.06%

Source: Moody's Analytics; W-ZHA F:\8000s, misc\82378 Dublin Market Update\[demo.xlsx]county ind trend

County job data is from Moody’s Analytics, a national econometrics firm. The industries with the greatest job growth in Franklin County from 2009 to 2016 were health care/ social assistance, administrative and support services and finance and insurance. Together these three industries accounted for 47% of the job growth during this period.

Appendix - 10 -

Table A-8

Job Trends Franklin County and Dublin 2009 and 2015/2016

2009-2015/2016 2009 2015/2016 # CAGR Franklin County 681,641 785,972 104,331 2.06% Dublin Zip Codes 57,442 60,823 3,381 0.96% Note: Franklin County employment is 2009 to 2016. Dublin zip code employment is 2009 to 2015. The compound annual growth rate has been calculated accordingly.

Source: Moody's Analytics; U.S. Census Bureau, County Business Patterns; W-ZHA F:\8000s, misc\82378 Dublin Market Update\[demo (Autosaved).xlsx]Sheet12

In 2016 there were approximately 3,400 more jobs in the two Dublin zip codes than there were in 2009. Between 2009 and 2015, the rate of job growth in Dublin was slower than that experienced by Franklin County. Dublin’s jobs grew at a compound average annual growth rate of 0.82%, while Franklin County jobs grew by 2.06% per annum.

Figure A-5

Job Projections Franklin County 2009 – 2026 1,000,000 900,000 800,000 700,000 600,000 500,000 Jobs 400,000 300,000 200,000 100,000 0

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Source: Moody’s Analytics; W-ZHA Appendix - 11 -

Moody’s Analytics projects employment for every county in the United States. Moody’s projects that by 2026, there will be 94,800 more jobs in Franklin County than there were in 2016. This translates into a compound average growth rate of 1.1% per year. This is a slower average annual growth rate than that realized between 2009 and 2016 (2.06%).

Table A-9

Employment Projections Franklin County 2009, 2016, 2026 000's of Jobs

Change 000's of Jobs 2009-2016 2016-2026 Industry 2009 2016 2026 # CAGR # CAGR Construction 20,439 24,617 28,801 4,177 2.7% 4,184 1.6% Manufacturing 34,785 37,112 36,488 2,327 0.9% (624) -0.2% Wholesale Trade 29,941 33,491 36,517 3,550 1.6% 3,026 0.9% Retail Trade 68,708 70,127 81,309 1,419 0.3% 11,182 1.5% Transportation/Warehousing & Utilities 37,684 46,103 59,066 8,419 2.9% 12,963 2.5% Information 15,371 15,348 15,768 (23) 0.0% 419 0.3% Finance & Insurance 46,596 56,932 63,742 10,336 2.9% 6,811 1.1% Real Estate and Rental & Leasing 10,981 11,376 11,602 395 0.5% 227 0.2% Professional, Scientific, & Technical Services 42,152 49,394 54,012 7,242 2.3% 4,618 0.9% Management of Companies & Enterprises 23,604 24,823 25,520 1,220 0.7% 697 0.3% Admin. & Support & Waste Mgmt. & Remed. Services 47,630 60,878 72,304 13,248 3.6% 11,426 1.7% Educational Services 14,164 17,566 18,082 3,402 3.1% 516 0.3% Health Care & Social Assistance 80,407 106,351 124,662 25,944 4.1% 18,311 1.6% Arts, Entertainment, & Recreation 6,637 9,457 10,431 2,820 5.2% 974 1.0% Accommodation & Food Services 54,414 62,953 70,315 8,539 2.1% 7,363 1.1% Other Services (except Public Administration) 26,893 30,673 32,512 3,781 1.9% 1,839 0.6% Government 121,064 128,594 139,452 7,529 0.9% 10,859 0.8% Total 681,641 785,972 880,782 104,331 2.1% 94,809 1.1%

Source: Moody's Analytics; W-ZHA F:\8000s, misc\82378 Dublin Market Update\[demo.xlsx]Sheet3

The largest job gains over the next 10 years are projected to be in the transportation/warehousing and utilities, administrative and support services, health care, and retail industry sectors. There is job growth projected for finance and insurance and professional, scientific and technical services industries, where Dublin is an attractive location.

Appendix - 12 -

Table A-10

Office-Inclined Industry Employment Trend Franklin County 2016, 2021, 2026

Change 2016-2021 2021-2026 2016-2026 Industry 2016 2021 2026 # CAGR # CAGR # CAGR Information 15,348 15,572 15,768 224 0.3% 195 0.2% 419 0.3% Finance & Insurance 56,932 60,923 63,742 3,992 1.4% 2,819 0.9% 6,811 1.1% Real Estate and Rental & Leasing 11,376 11,757 11,602 381 0.7% -154 -0.3% 227 0.2% Professional, Scientific, & Technical Services 49,394 52,186 54,012 2,791 1.1% 1,826 0.7% 4,618 0.9% Management of Companies & Enterprises 24,823 25,774 25,520 950 0.8% -253 -0.2% 697 0.3% Total 159,889 168,233 172,671 8,343 1.0% 4,438 0.5% 12,781 0.8%

Source: Moody's Analytics; W-ZHA

For those non-medical industries that typically occupy office buildings, the employment growth rate is projected to be slower than the overall employment average. Between 2016 and 2026, office-inclined industries jobs are projected to increase by an annual growth rate of 0.8%, below the overall growth rate of 1.1%. Commercial market analysis

December 1, 2009 Office Market Dublin Jobs Non-Office Office- Users Inclined 31% Industries 41%

Other Office Users 28% • 57,420 jobs in Dublin zip code areas • 70% of jobs in office space •Estimated 24,000 jobs in office‐inclined industries Dublin Existing Conditions

Number of Establishments Dublin: Zip Codes 43016 & 43017 2006

Establishments By Size 0-4 5-9 10-19 20-99 100-499 500+ Total Establishments 1,143 420 340 363 80 20 2,366 % of Total 48% 18% 14% 15% 3% 1% 100%

Source: 2006 County Business Patterns; W-ZHA

• 80% of Dublin’s firms employ less than 20 people •Est. 20% of Dublin’s office‐inclined jobs < 20 employee firms •Small firms occupy ~1.2 million sq ft of office space Why Is Small Business Important?

60% new jobs are from small business – economic development. Office Market

•A small office occupies <5,000 sf

•Avgsize of a Class A office building in Dublin: 138,000 sf Office Market Differentiation

• Attract and retain small businesses in the following industries… o Communications, Advertising/Marketing, Media o Information Technology o Entertainment o Health Services o Arts o Professional, Technical • These target markets respond to “Cool Space” “Cool Space” Product

• <50,000 square foot buildings •Nearby services and places to eat •Mixed‐use, walkable setting • AlAmple lig ht • Unique architectural or design features •Locations within reasonable commute to central CBD “Cool Space” Potential: 2020

• 400,000 to 500,000 square feet • Requires a complement of retail and office in “urban” midixed‐use settings •Urban center locations • Old Dublin • Dublin Village Center • Dublin‐Granville Rd General Office Market Overview

Dublin primarily competes with suburban submarkets - competition

I-270 access key to most large corporatlte employers

Bridge Street Corridor a local market location.

Multi-Tenant Office Supply

Downtown 37%

Suburban 63% Source: Colliers Turley Martin Tucker

Source: Colliers Turley Martin Tucker General Office Potential

Northwest Market Area 2009-2020

Sq Ft Conservative More Aggressive Suburban Submarket 3, 666, 000 5, 171, 000

Northwest Market Area 50% 1,833,000 2,586,000

• 2020 office potential projection relatively low. • Prime regional sites on I‐270 will absorb first. • Bridge Street Corridor a local market location. • Possibility at Dublin Village Center or west end of Study Area: ~100,000 square feet, low capture. Retail Market Mixed‐Use Centers 10‐Minute Drive Time

Dublin ’s primary market is demographically strongest

$2 billion in retail spending potential

Arena District Easton Polaris Dublin Households 146,100 54,600 48,400 63,900 Avg. Income $50,800 $60,800 $82,200 $97,200 10‐Minute Drive Time Market

• 75% of the 49% Household Lifestage hhldhouseholds have 50% 49% no children at 45% home 40% •< 55 year old 35% 28% 30% 23% households 28% without children 25% represent 50% of 20% 23% market 15% 10%

• ~ 30% hhhldouseholds 5%

have children at 0% home No Children & Young With Children @ Home No Children & Older No With No children, children children, young at home older Why Is This Important?

• To compete successfully communities must offer places that appeal to the tastes and preferences of their target markets

• The dhdepth, bdhbreadth and quality of retail in a community is critical to quality of life and economic dldevelopment Dublin Is Not Really Competing

2009 Shoppers' Goods Eat/Drink RtRestauran ts 10-Minute Drive Time Expenditure Potential $1,853,786,261 $136,318,997 Dublin Sales $368,452,115 $71,801,603 Dublin Capture 20% 53%

Mall at Tuttle Crossing Dublin Village Center The Big Opportunity

Shopper's & Convenience Eating & Goods Drinking 10-Minute Drive Expenditure Potential $1,853,786,261 $301,929,523 Required Center Sales $120,000,000 $19,000,000 Required Capture Rate 6% 6% Transformation of Dublin Village Center to an “urban center” with 300,000 – 450,000 square feet of cinema, retail, eating/drinking, and services

Requirements: • Visibility to Sawmill, access and signage •Retail integrated with housing and office Supportable Retail From Growth: 2009‐2020 Square Feet Remainder Store Ty T pe DbliDublin of 10 -Minute TtlTotal Furniture & Home Furnishings 17,100 30,700 47,800 Electronics & Appliances 19,100 15,200 34,300 Building Material and Garden Equipment 80,900 64,500 145,400 Food & Beverage 88,600 70,600 159,200 Health & Personal Care 37,200 29,600 66,800 Clothing & Accessories 35,500 28,300 63,800 Sporting Goods, Hobby, Books, Music 16,400 13,100 29,500 General Merchandise 98,100 78,100 176,200 Miscellaneous 17,500 14,000 31,500 Eating & Drinking 65,400 52,100 117,500 Total 475,800 396,200 872,000 • Most of future demand to high visibility, well accessed sites. • ~100,000 square feet possible on High Street/ Dublin Granville Rd. Hotel Market Performance Year End 2008

Year Average 2008

Full Extended Limited Service Stay Stay Avg Daily Rate $116 $100 $103 Occupancy 63% 68% 71% Revenue /Avail. Room $72 $68 $73

• Potential opportunities for limited service and other hotel product by 2020. • East and west ends of the Study Area.