NAR July 2021 Commercial Market Insights
The Commercial Real Estate Metro Market Reports provide information on the multifamily, office, industrial, retail, and hotel property markets in 390 metropolitan areas or portions of these areas. The reports provide 46 indicators (if all available) on the economic and demographic conditions of a metro area (GDP growth, employment, unemployment, wage growth, domestic migration, population growth) and commercial market indicators on net absorption, vacancy rates, rent, leasing, deliveries, ongoing construction, inventory, total sales volume, transaction price, and cap rates based on CoStar® market data.
Top Performing Markets
In 2021 Q3 , the top 11 markets with the highest indices included four
metro areas in Florida, three in South Carolina, two in North
Carolina, Texas, and Utah:
- Fort Myers – FL
- Palm Beach – FL
- Orlando – FL
- Pensacola – FL
- Charleston – SC
- Hilton Head Island – SC
- Myrtle Beach – SC
- Asheville – NC
- Burlington – NC
- Austin – TX
- Provo – UT
Phenomenal Growth
Nationally, the multifamily and industrial property markets are experiencing phenomenal growth. Apartment absorption and rents are
at a decade high, with asking rents up 10.5% in 2021 Q3 from one year ago and the vacancy rate at 4.5%. Industrial rents are up 7.2%
and the vacancy rate is at 4.6%. Recovery is slowest in the office sector, with a modest positive net absorption over the past 12 months,
elevated vacancy rate of 12.2%, and half a percent decline in rent growth on average. The retail property market experienced a net
increase in occupancy and rent growth of 2% with low vacancy rate of 4.7%. Jobs continue to be gained in the hotel and hospitality sector
although there are still fewer jobs now compared to the pre-pandemic level.
Source:
https://cdn.nar.realtor/sites/default/files/documents/2021-07-commercial-market-insights-07-27-2021.pdf
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