RALEIGH-DURHAM MULTIFAMILY Q Unprecedented Investment Sales Crush All-Time Records in Research & Forecast Report.

Size: px
Start display at page:

Download "RALEIGH-DURHAM MULTIFAMILY Q Unprecedented Investment Sales Crush All-Time Records in Research & Forecast Report."

Transcription

1 Research & Forecast Report RALEIGH-DURHAM MULTIFAMILY Q Unprecedented Investment Sales Crush All-Time Records in 2015 Market Indicators Relative to prior period - Q Q Emily Bostic Research Associate - S Key Takeaways > > The - market reported $720M in total sales volume at the end of Q This represents a 24% jump in investment sales from the fourth quarter of > > Average asking rents were reported at $1,008 per unit, providing an 8.0% growth rate per year. > > Multifamily demand remains resilient in the - region. There were 4,657 units that were absorbed at the close of Total occupancy rates were reported at 94.7%. Market Overview The Triangle market of North Carolina has persistently reported strong employment growth numbers in recent years, a trend that continued through the close of The - region has experienced some of the fastest post-economic recession recovery in the United States with recovery trending even faster in 2015 than was reported in the previous year. As of November 2015, the Triangle unemployment rate was reported at 4.7% after the region added 5,700 jobs since the month of October. The rise in average rents continues and is among the fastest growing in the country. Among the biggest contributing factors to the consistent surge in market rents is the region s solid demand for rental property and the slight downturn in the number of new construction projects being delivered. The increasing number of millennials that now wish to rent is also coupled with a large expanding pool of single family renters and retirees. The multifamily market in the - region remains very robust. As the Triangle market continues to flourish in all sectors and capture more residents, investors recognize that this region offers substantial long-term capital growth opportunities. TRANSACTION ACTIVITY Summary Statistics Year End 2015 Total Inventory Market 127,985 Current Vacancy Rate 5.3% Total Occupancy Rate 94.7% Absorption Under Construction Deliveries 4,657 5,249 4,306 Cap Rate 5.9% Asking Rents Per Month Average Per Unit $1,008 Concessions 1.4% Percent Growth per Year 8.0% Average Per SF $1.05

2 Absorption & Leasing Activity > > Net demand is quite strong with 4,657 units absorbed over the last year in the - market. There were 4,306 new units completed during the same time period and 5,249 units under construction. The Class A market reported the highest absorption during Q with 3,158 total units. > > The region s occupancy rate was reported at an impressive 94.7% at the close of Increases in occupancy and demand are expected to continue well into Absorption Historical Year-to-Date Vacancy & Absorption 6,000 5,000 4,000 3,000 2,000 1, % 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% Vacancy & Availability > > Overall vacancy in the Triangle multifamily market was reported at 5.3%. The largest vacancies were among studio units. The fourth quarter vacancy rate for studio units was 17.5%. > > The submarkets reporting the lowest vacancy rates in the Triangle region included, Northwest and Cary/Apex. Two bedroom units continued to obtain the lowest vacancy rates into the fourth quarter and close of The vacancy rate for two bedroom units in the Triangle was 4.5%. > > The Chatham submarket reported the highest vacancy rate at 10.5% with only 41 units absorbed since October. Rental Rates > > In the Triangle, average asking rents have grown by 8.0% since January The average market rental rate is currently $1,008 per month or $1.05 per square foot. > > Berkshire Main Street in s popular Ninth Street District, posted the highest rents per unit in Downtown at $2,056 per month or $1.87 per square foot. > > The highest rents in the Central submarket were reported at Skyhouse and Berkshire Cameron Village. Skyhouse is a new 320-unit development with rents averaging $2.33 per square foot. The Berkshire Cameron Village property reported average asking rents at $1,760 per unit or $1.93 per square foot Absorption 1,271 2,744 3,674 5,286 4,657 Vacancy % 5.5% 4.4% 6.1% 5.7% 5.3% Source: CoStar Historical Rental Trends by Class Avg. Asking Rent/Unit Class A Class B Class C Source: CoStar TRIANGLE SUMMARY BY UNIT MIX % ASKING Studio 17.5% $944 $ % > > Average Class A rents were $1,232 per unit with the highest concessions percentage (2.4%) of any other class. Class A rents will to continue to rise, although, the Class B sector will not fall far behind as the demand for Class B apartments increases over the next several quarters. One Two Three 5.4% $927 $ % $1,048 $1, % $1,198 $1, Research Report Q Multifamily Colliers International

3 2015 YEAR END TRIANGLE COMPARISON TOTAL INVENTORY ASKING CONCESSIONS UNDER DELIVERIES AVG. SALES PRICE WAKE COUNTY Central 17,142 $990 $ % 8.3% 909 1,674 1,302 $147,656 East 3,152 $946 $ % 3.6% ,678 $1,102 $1, % 3.7% $128,384 Northeast 17,562 $970 $ % 6.7% $157,749 Wake Forest/Rolesville 2,803 $1,060 $1, % 4.4% Northwest 12,046 $1,014 $1, % 7.0% $125,000 Cary/Apex 6,458 $1,134 $1, % 3.7% $150,514 3,710 $843 $ % 4.7% (4) 0 0 $51,563 DURHAM COUNTY Downtown 16,542 $1,002 $ % 4.3% 1, $262,7 East 4,171 $1,022 $1, % 3.6% ,197 $978 $ % 4.6% $78,470 ORANGE COUNTY Chapel Hill 2,296 $934 $ % 5.5% $163,750 JOHNSTON COUNTY Johnston 1,129 $973 $ % 3.2% CHATHAM COUNTY Chatham 390 $923 $ % 10.5% TRIANGLE MAP BURLINGTON Graham 85 Downtown 85 GRANVILLE CO. Orange CHAPEL HILL Carrboro ORANGE CO. DURHAM CO. 501 DURHAM 147 RESEARCH TRIANGLE PARK East RDU International Airport DURHAM CO. Northwest Northeast 5 FRANKLIN CO. Wake Forest Wake Forest/ Rolesville Chatham 64 CHATHAM CO. 5 Apex 1 64 CARY 4 Central RALEIGH East 264 Garner 1 Holly Springs Cary/Apex 70 Clayton Johnson Fuquay-Varina. JOHNSON CO. 3 - Research Report Q Multifamily Colliers International

4 Construction & Investment Activity > > Currently, the - region remains a very active market for new developments. Year-to-date units under construction total 5,249 in 24 buildings. While this does represent a 0.6% decrease from 2014, the market by no means is lacking in future or proposed developments. The number of units delivered in the fourth quarter totaled 289 and year-to-date deliveries for 2015 were reported at 4,306 units. > > For the third consecutive quarter, the Central submarket, which includes Downtown and the NC State University area, leads the market in construction activity. In the fourth quarter, there were 1,674 units under construction in Central and 213 units delievered. Year-to-date deliveries in the Central submarket totaled 1,302 units. > > One of the most anticipated developments in the Triangle market will be The Dillon, located in the Warehouse District of Downtown. The future seventeen story mixed-use project will consist of office, ground floor retail and a proposed total of 262 apartment units. The main entrance to the building will also face the future Union Station, a $80M city landmark. > > Multifamily investment activity in the Triangle region remains incredibly strong, reporting a 24% increase in sales since the close of The most notable transaction of the fourth quarter was the sale of Allister North Hills, a 434 unit mid-highrise project along the Six Forks North Hills corridor. The property sold for a near-record breaking $93,500,000 or $215,438 per unit. This per unit price is among the highest ever paid in the Triangle market. > > The - market has produced $720M in total volume of 17 multifamily property sales. There were 4,969 total units sold at an average price per unit of $158,379. Forecast > > The - market has continued to deliver nothing short of impressive statistics on all fronts. As 2016 approaches, investors will continue to have a strong interest in the entire Triangle region. While Class A sales and rents will continue to peak, the Class B and C sectors will prove they deserve part of the spotlight as many investors will pursue older, more suburban projects. NOTABLE SALES TRANSACTIONS Q PROPERTY Allister North Hills * Wolf Creek Parkside Place The Pointe at Chapel Hill PROPERTY TYPE SALES DATE SALES PRICE (MIL.) # UNITS PRICE PER UNIT ($) AVERAGE ASKING CAP RATE BUYER North Hills Mid-Rise December 2015 $93,500, $215,438 $1, % Heitman west Garden; Student Housing December 2015 $56,700, $147,656 $483 (per bed) - Vie at, LLC Garden November 2015 $52,500, $178,571 $1, % WJFS Inc. Chapel Hill Garden December 2015 $39,300,000 2 $163,750 $1, % The Connor Group Exchange at Brier Creek Mid-Rise October 2015 $37,390, $136,459 $ % Grayco Management Millbrook Green Northeast Garden November 2015 $29,700, $107,609 $9 5.64% Irinda Capital Source: CoStar *Colliers - Transaction. NOTE: Wolf Creek is a Student Housing property, therefore, the average asking rent of $483 is per bed not per unit. TRIANGLE SUMMARY BY CLASS TOTAL INVENTORY ASKING CONCESSIONS UNDER DELIVERIES AVG. SALES PRICE CLASS A 29,135 $1,232 $1, % 9.2% 3,158 4,048 3,538 $185,305 CLASS B 65,393 $990 $ % 4.3% 994 1, $119,589 CLASS C 33,467 $826 $ % 3.6% $99, Research Report Q Multifamily Colliers International

5 502 offices in 67 countries on 6 continents United States: 1 Canada: 31 Latin America: 24 Asia Pacific: 199 EMEA: 108 MULTIFAMILY SERVICES CONTACT: Steven Peden Senior Vice President Brenna Campbell, CPRC, CPMC Financial Analyst/Senior Markeing Coordinator REGIONAL AUTHOR: Emily W. Bostic Research Associate, CPRC $2.3 billion in annual revenue 1.7 billion square feet under management 16,300 professionals and staff About Colliers International Colliers International is a global leader in commercial real estate services, with more than 16,300 professionals operating out of 502 offices in 67 countries. A subsidiary of FirstService Corporation, Colliers International delivers a full range of services to real estate occupiers, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and insightful research. Colliers International has been recognized and ranked by the International Association of Outsourcing Professionals Global Outsourcing 100 for 10 consecutive years, more than any other real estate services firm. colliers.com Copyright 2015 Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.

RALEIGH-DURHAM MULTIFAMILY Year End 2017

RALEIGH-DURHAM MULTIFAMILY Year End 2017 Research Report -DURHAM MULTIFAMILY Year End 2017 Multifamily Growth Expected to Continue in 2018, Despite a Moderate Decrease in Permitting Totals Emily Bostic Research Analyst Raleigh-Durham Key Takeaways

More information

Overall Industrial Market Off to Solid First Quarter; Flex Market Rebounding

Overall Industrial Market Off to Solid First Quarter; Flex Market Rebounding Research & Forecast Report RALEIGH-DURHAM INDUSTRIAL Overall Industrial Market Off to Solid First Quarter; Flex Market Rebounding Emily Bostic Research Analyst Raleigh-Durham Key Takeaways > > The Triangle

More information

RALEIGH-DURHAM MULTIFAMILY MIDYEAR Demand at an All-Time High, Skyrocketing Same-Unit Rents. Research & Forecast Report.

RALEIGH-DURHAM MULTIFAMILY MIDYEAR Demand at an All-Time High, Skyrocketing Same-Unit Rents. Research & Forecast Report. Research & Forecast Report RALEIGH- MULTIFAMILY MIDYEAR 2015 Demand at an All-Time High, Skyrocketing Same-Unit Rents Market Indicators Relative to prior period VACANCY Raleigh-Durham JAN 2015 Raleigh-Durham

More information

RALEIGH-DURHAM OFFICE Q1 2017

RALEIGH-DURHAM OFFICE Q1 2017 Research & Forecast Report RALEIGH-DURHAM OFFICE Q1 2017 Office Market Remains Stable During First Quarter 2017; Class A Market Continues to Peak Emily Bostic Research Analyst Raleigh-Durham Market Indicators

More information

RALEIGH-DURHAM MULTIFAMILY. Multifamily Remains a Smart Play; Triangle Demographics Sustain Demand. Research & Forecast Report.

RALEIGH-DURHAM MULTIFAMILY. Multifamily Remains a Smart Play; Triangle Demographics Sustain Demand. Research & Forecast Report. Research & Forecast Report RALEIGHDURHAM MULTIFAMILY MidYear 2018 Multifamily Remains a Smart Play; Triangle Demographics Sustain Demand Ed Finley Research Analyst RaleighDurham Market Indicators Relative

More information

RALEIGH-DURHAM OFFICE

RALEIGH-DURHAM OFFICE Research Report RALEIGH-DURHAM OFFICE Q2 2018 Accelerate Success Triangle Continues to Grow, Future Office Deliveries Expected to Drive Leasing Activity Kelsey Rogers Research Analyst Raleigh- Key Takeaways

More information

Year End Deliveries Drive Leasing Activity In the Raleigh-Durham Market

Year End Deliveries Drive Leasing Activity In the Raleigh-Durham Market Research Report RALEIGH-DURHAM OFFICE Q4 2018 Accelerate Success Year End Deliveries Drive Leasing Activity In the Raleigh-Durham Market Kelsey Rogers Senior Research Analyst Raleigh-Durham Market Indicators

More information

Raleigh-Durham Demand Finally Catching Up With New Supply; More Deliveries to Come

Raleigh-Durham Demand Finally Catching Up With New Supply; More Deliveries to Come Research Report RALEIGH-DURHAM INDUSTRIAL Q1 2018 Raleigh-Durham Demand Finally Catching Up With New Supply; More Deliveries to Come Key Takeaways > > The demand for industrial space in the Raleigh-Durham

More information

RALEIGH-DURHAM OFFICE

RALEIGH-DURHAM OFFICE Research Report RALEIGH-DURHAM OFFICE Q3 2017 Accelerate Success New Third Quarter Office Deliveries Contribute to Moderate Increase in Vacancy Emily Bostic Research Analyst Raleigh-Durham Market Indicators

More information

2.8% 2.0% $811M. 2017: A Solid Year for the Metro Denver Office Sector HIGHLIGHTED METRO DENVER OFFICE. Market Report Q ECONOMIC TRENDS

2.8% 2.0% $811M. 2017: A Solid Year for the Metro Denver Office Sector HIGHLIGHTED METRO DENVER OFFICE. Market Report Q ECONOMIC TRENDS Market Report METRO DENVER OFFICE Q4 2017 2017: A Solid Year for the Metro Denver Office Sector MARKET OVERVIEW Denver s office market finished 2017 with strong positive absorption during the fourth quarter

More information

Soft Land Market in 2017

Soft Land Market in 2017 Research & Forecast Report LAND Q4 217 Soft Land Market in 217 > > Land sales in 217 fell behind 216 > > A lack of large sales at Apex brought the average price per square foot up > > Strong development

More information

Vacancy Increased Slightly During the First Quarter

Vacancy Increased Slightly During the First Quarter Research & Forecast Report STOCKTON SAN JOAQUIN COUNTY OFFICE Q1 2016 Vacancy Increased Slightly During the First Quarter > Vacancy rates have been steadily declining since the fourth quarter of 2011.

More information

Stronger Office Market Looking Into Future

Stronger Office Market Looking Into Future Research & Forecast Report Long Island OFFICE MARKET Q2 2015 Stronger Office Market Looking Into Future Rose Liu Research & Financial Analyst Long Island Takeaways Class A & B Long Island economic and

More information

The Rise of the Gold Coast

The Rise of the Gold Coast Research & Forecast Report Long Island OFFICE MARKET Q1 2015 The Rise of the Gold Coast Rose Liu Research & Financial Analyst Long Island Takeaways Class A & B In the first quarter of 2015, Long Island

More information

Land Sales Lighter in Third Quarter

Land Sales Lighter in Third Quarter Research & Forecast Report LAND Q3 216 Land Sales Lighter in Third Quarter > > While land sales are up in 216 overall, they decreased in the third quarter Economic Indicators > > Apex continues to dominate

More information

Low Vacancy Stimulates New Developments

Low Vacancy Stimulates New Developments Research & Forecast Report LAS VEGAS MULTIFAMILY Q3 2015 Low Vacancy Stimulates New Developments > > Multifamily vacancy dipped below 5 percent in the third quarter of 2015 ELECTRIC Meter Hookups NEW HOME

More information

Red Hot Rents & Cooling Vacancy

Red Hot Rents & Cooling Vacancy Research & Forecast Report NORTH I-680 CORRIDOR OFFICE Q3 2017 Red Hot Rents & Cooling Vacancy > > Office Inventory: 16,926,446 Square Feet > > Vacancy: 12.9 percent > > Net absorption: (380,946) Square

More information

Solid Fundamentals Keep Nashville Industrial Market Competitive in 1Q

Solid Fundamentals Keep Nashville Industrial Market Competitive in 1Q Research & Forecast Report NASHVILLE INDUSTRIAL 1st Quarter Solid Fundamentals Keep Nashville Industrial Market Competitive in 1Q 1Q Summary >> Nashville s industrial vacancy rate increased slightly in

More information

The Improvement of the Industrial Market

The Improvement of the Industrial Market Research & Forecast Report Long Island industrial MARKET Q2 2015 The Improvement of the Industrial Market Rose Liu Research & Financial Analyst Long Island Takeaways The overall economy on Long Island

More information

Strong Industry and Robust Development Benefit Industrial Market at Mid-Year 2016

Strong Industry and Robust Development Benefit Industrial Market at Mid-Year 2016 Research & Forecast Report NASHVILLE INDUSTRIAL 2nd Quarter 2016 Strong Industry and Robust Development Benefit Industrial Market at Mid-Year 2016 2Q 2016 Summary > > The tightening market coupled with

More information

Medical Takes a Sick Quarter

Medical Takes a Sick Quarter Research & Forecast Report LAS VEGAS MEDICAL OFFICE Q3 2015 Medical Takes a Sick Quarter > > After two quarters of growth, the medical real estate sector stalled in the third quarter of 2015 > > Asking

More information

Nashville the #5 Market to Watch in 2019

Nashville the #5 Market to Watch in 2019 Research & Forecast Report NASHVILLE INDUSTRIAL 4 th Quarter Nashville the #5 Market to Watch in 2019 Industrial Market The industrial real estate sector is currently undergoing one of the greatest expansionary

More information

Homestretch: Office Market Set to Finish Strong

Homestretch: Office Market Set to Finish Strong Research & Forecast Report RENO OFFICE Q3 2016 Homestretch: Office Market Set to Finish Strong >> Vacancy drops significantly the largest drop quarter over quarter in 2016 >> Rental rates are not increasing

More information

Quick Absorption of Newly Constructed Office Buildings

Quick Absorption of Newly Constructed Office Buildings Research & Forecast Report CHARLESTON, SC OFFICE Q3 2016 Quick Absorption of Newly Constructed Office Buildings Bryana Mistretta Research Coordinator South Carolina Key Takeaways >> The Interstate 526

More information

Office Market Remained Steady in Q4

Office Market Remained Steady in Q4 Research & Forecast Report Long Island OFFICE MARKET Q4 2015 Office Market Remained Steady in Q4 Rose Liu Research & Financial Analyst Long Island Takeaways Class A & B Continuing the momentum, the Long

More information

Landlords Getting Aggressive

Landlords Getting Aggressive Research & Forecast Report GREENVILLE SPARTANBURG ANDERSON SOUTH CAROLINA OFFICE Q2 2017 Landlords Getting Aggressive Ron Anderson Vice President of Administration South Carolina Key Takeaways > > Landlords

More information

Office Market Continues to Improve

Office Market Continues to Improve Research & Forecast Report LAS VEGAS OFFICE Q3 2016 Office Market Continues to Improve > > Southern Nevada s office market is improving at a steady rate > > Net absorption has been positive in twelve of

More information

Shrinking Supply Continues To Push Rates

Shrinking Supply Continues To Push Rates Research & Forecast Report STOCKTON SAN JOAQUIN COUNTY OFFICE Q1 2017 Shrinking Supply Continues To Push Rates > Office inventory: 8,221,819 > Vacancy: 10.5 percent > Net absorption: 49,103 year-to-date

More information

Office Market Heats Up as Temperatures Cool

Office Market Heats Up as Temperatures Cool Research & Forecast Report RENO OFFICE Q3 2017 Office Market Heats Up as Temperatures Cool >>Vacancy decreased to 11.8% >>Positive net absorption of 36,041 square feet >>Construction is imminent with limited

More information

Switching Gears NORTH I-680 CORRIDOR OFFICE Q % Research & Forecast Report. Market Indicators

Switching Gears NORTH I-680 CORRIDOR OFFICE Q % Research & Forecast Report. Market Indicators Research & Forecast Report NORTH I-680 CORRIDOR OFFICE Q4 2017 Switching Gears > > Office Inventory: 16,926,446 square feet > > Vacancy: 14 percent > > Net absorption: (562,879) square feet, year to date

More information

2018: A Ground Breaking Year

2018: A Ground Breaking Year Research & Forecast Report STOCKTON SAN JOAQUIN COUNTY OFFICE Q4 2017 2018: A Ground Breaking Year > Office inventory: 8,527,819 > Vacancy: 10.6 percent > Net absorption: 310,934 year-to-date The Northern

More information

Market Demands More Investment Product

Market Demands More Investment Product Research & Forecast Report CHARLESTON INVESTMENT Q2 2016 Market Demands More Investment Product Bryana Mistretta Research Coordinator South Carolina Key Takeaways > > Investors are seeking opportunities

More information

VACANCY COMPLETIONS RENTAL RATE. *Projected $1.70. Vacancy Rate 14.9% 14.4% $1.60 $1.50 $1.40 $1.30 $1.20

VACANCY COMPLETIONS RENTAL RATE. *Projected $1.70. Vacancy Rate 14.9% 14.4% $1.60 $1.50 $1.40 $1.30 $1.20 Research & Forecast Report RENO OFFICE Q4 A Good Year Overall > Building sale prices are significantly higher than. > Seven buildings over 40,000 sf sold in, more than in previous years. > Many large office

More information

The Office Market Feels The Heat in Q2

The Office Market Feels The Heat in Q2 Research & Forecast Report RENO OFFICE Q2 2017 The Office Market Feels The Heat in Q2 >>All major office submarkets have decreased vacancy and positive absorption this quarter >>The overall vacancy decreased

More information

Greenville is a tenant s market

Greenville is a tenant s market Research & Forecast Report GREENVILLE SPARTANBURG ANDERSON SOUTH CAROLINA OFFICE Q2 2018 Greenville is a tenant s market Crystal Baker Research Coordinator South Carolina Key Takeaways > > Large blocks

More information

The Industrial Market Cooled Off in Q1

The Industrial Market Cooled Off in Q1 Research & Forecast Report Long Island industrial MARKET Q1 2016 The Industrial Market Cooled Off in Q1 Rose Liu Director of Finance & Research Long Island Takeaways > > Long Island industrial market slowed

More information

Denver s Retail Sector Keeps Rolling 500, , , , , , , , ,000 50,000. Square Feet

Denver s Retail Sector Keeps Rolling 500, , , , , , , , ,000 50,000. Square Feet Research & Forecast Report METRO DENVER RETAIL Q4 2017 s Retail Sector Keeps Rolling Market Overview Net absorption finished the second half of 2017 with strong positive numbers from s Central and Northwest

More information

Weighing Options NORTH I-680 CORRIDOR OFFICE Q % Research & Forecast Report. Market Indicators

Weighing Options NORTH I-680 CORRIDOR OFFICE Q % Research & Forecast Report. Market Indicators Research & Forecast Report NORTH I-680 CORRIDOR OFFICE Q4 2018 Weighing Options > > Office Inventory: 16,966,736 square feet > > Vacancy: 15 percent > > Net absorption: (35,823) square feet, year to date

More information

>What constitutes a. Big Box Vacancy Decreases for First Time in Two Years. CHICAGO BIG BOX First Quarter Research & Forecast Report

>What constitutes a. Big Box Vacancy Decreases for First Time in Two Years. CHICAGO BIG BOX First Quarter Research & Forecast Report Research & Forecast Report CHICAGO BIG BOX First Quarter 018 Big Box Vacancy Decreases for First Time in Two Years Craig Hurvitz Vice President Chicago The vacancy rate for the Chicago market s big box

More information

Greenville defies the nationwide trend of retail closures

Greenville defies the nationwide trend of retail closures Research & Forecast Report GREENVILLE SPARTANBURG ANDERSON, SC RETAIL Q3 2017 Greenville defies the nationwide trend of retail closures Crystal Baker Research Coordinator South Carolina Key Takeaways >

More information

Leasing Activity Ticked Up with A Large Upswing of Absorption

Leasing Activity Ticked Up with A Large Upswing of Absorption Research & Forecast Report LONG ISLAND INDUSTRIAL MARKET Leasing Activity Ticked Up with A Large Upswing of Absorption Rose Liu Director of Finance & Research Long Island Takeaways > > The outlook of the

More information

MANHATTAN OFFICE 2017

MANHATTAN OFFICE 2017 Research Report MANHATTAN OFFICE 2017 Accelerating success. % $ ± Market Indicators Full Year 2016 Full Year 2017 Y-O-Y Change AVAILABILITY RATE 10.3% 10.0% -0.3pp AVERAGE ASKING RENT ($/SF/YR) $73.24

More information

Caution: Vacancy Increases Ahead

Caution: Vacancy Increases Ahead MARKET REPORT DISTRICT OF COLUMBIA OFFICE Fourth Quarter 2016 Caution: Vacancy Increases Ahead Market Indicators Q4 2016 2017 (Projected) NET Despite year-to-date negative absorption, the Washington, DC

More information

RALEIGH-DURHAM OFFICE

RALEIGH-DURHAM OFFICE Research Report RALEIGH-DURHAM OFFICE Q4 2017 Accelerate Success After Successful 2017, a Flurry of Market Activity Expected to Hit Raleigh-Durham in 2018 Emily Bostic Research Analyst Raleigh-Durham Key

More information

Holding Steady NORTH I-680 CORRIDOR OFFICE Q % Research & Forecast Report. Market Indicators

Holding Steady NORTH I-680 CORRIDOR OFFICE Q % Research & Forecast Report. Market Indicators Research & Forecast Report NORTH I-680 CORRIDOR OFFICE Q2 2018 Holding Steady > > Office Inventory: 16,998,288 Square Feet > > Vacancy: 14.5 percent > > Net absorption: 25,027 square feet year-to-date

More information

New and improved approach to retail

New and improved approach to retail Research & Forecast Report GREENVILLE SPARTANBURG ANDERSON, SC RETAIL Q4 2017 New and improved approach to retail Crystal Baker Research Coordinator South Carolina Key Takeaways > > Rents remain stable

More information

Vacancy Edges Lower in Fourth Quarter

Vacancy Edges Lower in Fourth Quarter Research & Forecast Report FAIRFIELD OFFICE Q4 Vacancy Edges Lower in Fourth Quarter > > Office Inventory: 5,067,112 > > Current Vacancy: 14.2% > > Net Absorption: 63,610 The vacancy rate for office space

More information

Investor Activity Spurs New Opportunities

Investor Activity Spurs New Opportunities Research & Forecast Report GREENVILLE ANDERSON SOUTH CAROLINA OFFICE Q1 017 Investor Activity Spurs New Opportunities Bryana Mistretta Research Coordinator South Carolina Key Takeaways > > Activity from

More information

Multifamily Stable and Expanding

Multifamily Stable and Expanding Research & Forecast Report LAS VEGAS MULTIFAMILY Q3 2017 Multifamily Stable and Expanding > > Multifamily vacancy decreased to 3.0 percent in the second quarter of 2017 Economic Indicators > > No new projects

More information

Surging Rents Carry the North I-680 Corridor

Surging Rents Carry the North I-680 Corridor Research & Forecast Report NORTH I-680 CORRIDOR OFFICE Q3 2018 Surging Rents Carry the North I-680 Corridor > > Office Inventory: 16,967,009 Square Feet > > Vacancy: 15.4 percent > > Net absorption: (103,748)

More information

Vacancy Inches Higher, Despite Continued Absorption

Vacancy Inches Higher, Despite Continued Absorption Research & Forecast Report GREATER PHOENIX OFFICE 1Q 2017 Vacancy Inches Higher, Despite Continued Absorption Key Takeaways > > Improving conditions in the Greater Phoenix office market took a pause in

More information

Everything Old is New Again

Everything Old is New Again MARKET REPORT OFFICE Second Quarter 2016 Everything Old is New Again Market Indicators Q2 2016 2017 (Projected) While the global economy remains on its Jekyll and Hyde path, the District s commercial real

More information

A tight Columbia market may lead to office transformation

A tight Columbia market may lead to office transformation Research & Forecast Report COLUMBIA, SC OFFICE Q3 2018 A tight Columbia market may lead to office transformation Crystal Baker Research Coordinator South Carolina Key Takeaways > > The Columbia office

More information

Strengthening Market Fuels Investment Opportunities

Strengthening Market Fuels Investment Opportunities Research & Forecast Report GREENVILLE, SC OFFICE Q3 2016 Strengthening Market Fuels Investment Opportunities Bryana Mistretta Research Coordinator South Carolina Key Takeaways >> Investment sale opportunities

More information

Testing the Waters. ST. LOUIS OFFICE Second Quarter Research & Forecast Report. Market Indicators Q Q Q FORECAST

Testing the Waters. ST. LOUIS OFFICE Second Quarter Research & Forecast Report. Market Indicators Q Q Q FORECAST Research & Forecast Report ST. LOUIS OFFICE Second Quarter 2017 Testing the Waters In the second quarter 2017, an increasing number of Class A office property owners have begun testing the waters and placing

More information

>> Market Records Strong Demand To End 2016

>> Market Records Strong Demand To End 2016 Research & Forecast Report Central Los Angeles OFFICE Q4 216 Accelerating success. >> Market Records Strong Demand To End 216 Key Takeaways > There is currently 61,4 square feet () of office product under

More information

+48.6 million sf office inventory

+48.6 million sf office inventory Research Market Report METROPOLITAN MILWAUKEE OFFICE 2018 Quarter 1 Research Wisconsin Introduction Following a strong second half of 2017, 2018 had a slow start. Despite an increase in vacancy and negative

More information

Has The Office Market Reached A Peak? Vacancy. Rental Rate. Net Absorption. Construction. *Projected $3.65 $3.50 $3.35 $3.20 $3.05 $2.90 $2.

Has The Office Market Reached A Peak? Vacancy. Rental Rate. Net Absorption. Construction. *Projected $3.65 $3.50 $3.35 $3.20 $3.05 $2.90 $2. Research & Forecast Report OAKLAND METROPOLITAN AREA OFFICE Q1 Has The Office Market Reached A Peak? > > Vacancy remained low at 5. > > Net Absorption was positive 8,399 in the first quarter > > Gross

More information

Changing of the Guard

Changing of the Guard Research & Forecast Report NORTH I-680 CORRIDOR OFFICE Q1 2018 Changing of the Guard > > Office Inventory: 16,931,340 square feet > > Vacancy: 14.5 percent > > Net absorption: (88,606) square feet year-to-date

More information

>> 2017 Begins With Continued Strong Demand

>> 2017 Begins With Continued Strong Demand Research & Forecast Report Central Los Angeles OFFICE Q1 217 Accelerating success. >> 217 Begins With Continued Strong Demand Key Takeaways > Hudson Pacific's Icon at Sunset property delivered 323,3 square

More information

Slow start for Denver s Retail Sector 500, , , , , , , , ,000 50,000. Square Feet

Slow start for Denver s Retail Sector 500, , , , , , , , ,000 50,000. Square Feet Research & Forecast Report METRO DENVER RETAIL Q1 2018 Slow start for Denver s Retail Sector Market Overview After recording net absorption of more than 546,000 square feet during the previous quarter,

More information

>> Hollywood Market Activity Flattens

>> Hollywood Market Activity Flattens Research & Forecast Report Central Los Angeles OFFICE Q2 216 Accelerating success. >> Hollywood Market Activity Flattens Key Takeaways > There is currently 533,6 square feet () of office product under

More information

RESEARCH & FORECAST REPORT

RESEARCH & FORECAST REPORT Q2 2012 OFFICE LAS VEGAS NEVADA RESEARCH & FORECAST REPORT Recovery Without Job Growth? Despite office employment still trending downwards, Southern Nevada s office market posted positive net absorption

More information

Office Leasing Activity Hits a Road Bump In Omaha and Nationally

Office Leasing Activity Hits a Road Bump In Omaha and Nationally Research & Forecast Report OMAHA OFFICE Fourth Quarter 2017 Office Leasing Activity Hits a Road Bump In Omaha and Nationally In the fourth quarter of 2017, the Omaha office market experienced negative

More information

>> Negative Net Absorption Despite Completions

>> Negative Net Absorption Despite Completions Research & Forecast Report MID-COUNTIES INDUSTRIAL Accelerating success. >> Negative Net Absorption Despite Completions Key Takeaways > This quarter, 542,000 square feet of industrial space finished construction,

More information

Industrial Market Review

Industrial Market Review Q3 2013 industrial Stockton San JoAquin County, California research & forecast Report Industrial Market Review Amazon s Completed Facility Helps Balance the Market The San Joaquin County industrial real

More information

>> Asking Rents Increase As Space Remains Limited

>> Asking Rents Increase As Space Remains Limited Research & Forecast Report MID-COUNTIES INDUSTRIAL Accelerating success. >> Asking Rents Increase As Space Remains Limited Key Takeaways > Average asking rents increased $0.02 Per Square Foot (P) Triple

More information

Colliers International Indiana Region

Colliers International Indiana Region Colliers International Indiana Region THIRD QUARTER 2011 INDUSTRIAL MARKET REPORT Q3 2011 INDUSTRIAL COLLIERS INTERNATIONAL INDIANA REGION RESEARCH & FORECAST REPORT High Occupancy Levels Lead to Large

More information

>> Orange County Market Gains Positive Momentum

>> Orange County Market Gains Positive Momentum Research & Forecast Report ORANGE COUNTY OFFICE Accelerating success. >> Orange County Market Gains Positive Momentum Key Takeaways > The Orange County office market saw positive demand for third quarter

More information

Market Research. Market Indicators

Market Research. Market Indicators colliers international LAS VEGAS, NV Market Research OFFICE Second Quarter 2009 Market Indicators Net Absorption Construction Rental Rate Q2-09 Q3-2009 Projected Clark County Economic Data UNEMPLOYMENT

More information

The Woodlands office submarket snapshot

The Woodlands office submarket snapshot Gosling Rd. Research Snapshot THE WOODLANDS OFFICE Q2 218 office submarket snapshot Lisa Bridges Director of Market Research Houston Once again, office submarket performed well over the quarter, posting

More information

2018: The Year of Office Sales

2018: The Year of Office Sales Research & Forecast Report RENO OFFICE Q4 2018 2018: The Year of Office Sales >> Multiple significant office sales over 10,000 square feet >> Large blocks of space returned to the market increasing vacancy

More information

Market Research. OFFICE First Quarter 2010

Market Research. OFFICE First Quarter 2010 colliers international LAS VEGAS, NV Market Research OFFICE First Quarter 2010 Market Indicators Net Absorption Construction Rental Rate Q1-10 Q2-2010 Projected Clark County Economic Data Jan-10 Jan-09

More information

>> Orange County Vacancy Continues to Decline

>> Orange County Vacancy Continues to Decline Research & Forecast Report ORANGE COUNTY OFFICE Accelerating success. >> Orange County Continues to Decline Key Takeaways > The South County submarket led the Orange County market in overall net absorption

More information

Office Stays Positive

Office Stays Positive Q2 2014 OFFICE LAS VEGAS NEVADA RESEARCH & FORECAST REPORT Office Stays Positive While it may not always be pretty, Southern Nevada s office market continues to improve. Net absorption increased in the

More information

Research Market Report METROPOLITAN MILWAUKEE OFFICE 2017 Quarter 3. Introduction. Research Wisconsin. Market Indicators

Research Market Report METROPOLITAN MILWAUKEE OFFICE 2017 Quarter 3. Introduction. Research Wisconsin. Market Indicators Research Market Report METROPOLITAN MILWAUKEE OFFICE 2017 Quarter 3 Research Wisconsin Introduction NORTHWEST With one of the biggest investments made by a foreign company to the United States, Q3 started

More information

Colliers International Indiana Region

Colliers International Indiana Region Colliers International Indiana Region FIRST QUARTER 2011 INDUSTRIAL MARKET REPORT Q1 2011 INDUSTRIAL COLLIERS INTERNATIONAL INDIANA REGION RESEARCH & FORECAST REPORT Flourishing Developments and Company

More information

>> Vacancy Falls To Lowest Rate Ever

>> Vacancy Falls To Lowest Rate Ever Research & Forecast Report San Gabriel VALLEY INDUSTRIAL Accelerating success. >> Vacancy Falls To Lowest Rate Ever Key Takeaways Market Indicators Relative to prior period Forecast Construction Rental

More information

Quiet Start to Second Half of 2017

Quiet Start to Second Half of 2017 Research & Forecast Report PLEASANTON TRI-VALLEY OFFICE Q3 Quiet Start to Second Half of > The vacancy rate for the Tri-Valley continued its downward slope closing the quarter at 10.0 percent > Weighted

More information

Market Research. Market Indicators

Market Research. Market Indicators colliers international LAS VEGAS, NV Market Research OFFICE Third Quarter 2009 Market Indicators Net Absorption Construction Rental Rate Q3-09 Q4-2009 Projected Clark County Economic Data Jul-09 Jul-08

More information

>> New Construction Delivers to the Orange County Office Market

>> New Construction Delivers to the Orange County Office Market Research & Forecast Report ORANGE COUNTY OFFICE Accelerating success. >> New Construction Delivers to the Orange County Office Market Key Takeaways > Three new office developments were delivered to the

More information

Time for Retail to Take Stock

Time for Retail to Take Stock Q1 2013 RETAIL LAS VEGAS NEVADA RESEARCH & FORECAST REPORT Time for Retail to Take Stock It is heartening to say, after five years of a bad economy, that the first quarter of 2013 s 119,649 square feet

More information

WAKE UNION PLACE WAKE FOREST, NORTH CAROLINA LAND FOR SALE ±65.43 ACRES SITE WAKE FOREST PRESBYTERIAN CHURCH. Smithfield s CHICKEN N BAR-B-Q

WAKE UNION PLACE WAKE FOREST, NORTH CAROLINA LAND FOR SALE ±65.43 ACRES SITE WAKE FOREST PRESBYTERIAN CHURCH. Smithfield s CHICKEN N BAR-B-Q WAKE FOREST, NORTH CAROLINA LAND FOR SALE ±65.43 ACRES WAKE FOREST PRESBYTERIAN CHURCH SITE KEARNEY ROAD CAPITAL BOULEVARD WAKE FOREST CROSSING Smithfield s CHICKEN N BAR-B-Q MARKET OF WAKE FOREST DURHAM

More information

Industrial Market Review

Industrial Market Review Q1 2012 industrial Stockton San JoAquin County, California research & forecast Report Industrial Market Review Momentum built-up from 2011 carried the industrial market into its fifth consecutive quarter

More information

RESEARCH & FORECAST REPORT

RESEARCH & FORECAST REPORT Q3 2014 INDUSTRIAL STOCKTON SAN JOAQUIN COUNTY, CALIFORNIA RESEARCH & FORECAST REPORT Vacancies Continue to Decline to Historic Lows Vacancy rates for San Joaquin County industrial space fell to pre-great

More information

Orange County Multifamily

Orange County Multifamily MARKET REPORT / Orange County Multifamily Employment Gains Driving Rental Demand, Low Vacancy Rates More than 2,600 units have come online to this point in, and nearly 5,000 apartments are currently under

More information

Gaining Traction Gradually in 2018

Gaining Traction Gradually in 2018 Research & Forecast Report RENO OFFICE Q1 2018 Gaining Traction Gradually in 2018 >> Overall vacancy increased slightly to 12.3% >> Negative net absorption of 13,792 square feet >> Rental rates remained

More information

Executive Summary. Overview DUBAI HOUSE PRICE INDEX: QUARTER ON QUARTER Q / Q4 2015

Executive Summary. Overview DUBAI HOUSE PRICE INDEX: QUARTER ON QUARTER Q / Q4 2015 Dubai House Price Index Fourth Quarter 2015 Index Points Index Points Executive Summary Overview DUBAI HOUSE PRICE INDEX: QUARTER ON QUARTER The overall quarterly index registered a 3% decrease in Q4 2015,

More information

Strong Absorption Drives Down Vacancy to Start 2017

Strong Absorption Drives Down Vacancy to Start 2017 Research & Forecast Report GREATER PHOENIX INDUSTRIAL 2017 Strong Absorption Drives Down to Start 2017 Key Takeaways >> Industrial vacancy in Greater Phoenix dipped below 10 percent in the first quarter,

More information

Legal Industry: Bigger No Longer Better

Legal Industry: Bigger No Longer Better MARKET REPORT DISTRICT OF COLUMBIA OFFICE First Quarter 2017 Legal Industry: Bigger No Longer Better After a strong end to 2016, leasing activity in the beginning of 2017 started with a whimper. Just two

More information

>> Strong Sales Activity Persists in Second Quarter

>> Strong Sales Activity Persists in Second Quarter Research & Forecast Report TRI-CITIES OFFICE Q2 217 Accelerating success. >> Strong Sales Activity Persists in Second Quarter Key Takeaways > Overall vacancy in the Tri-Cities office market decreased in

More information

Rents Spike, Brightening the Second-Half Outlook

Rents Spike, Brightening the Second-Half Outlook Research & Forecast Report GREATER PHOENIX MULTIFAMILY Q2 217 Rents Spike, Brightening the Second-Half Outlook Key Takeaways > > The Greater Phoenix multifamily market recorded an active first half of

More information

Omaha s Office Vacancy Rate Is The Lowest In 15 Years

Omaha s Office Vacancy Rate Is The Lowest In 15 Years Research & Forecast Report OMAHA OFFICE Second Quarter 2015 Omaha s Office Vacancy Rate Is The Lowest In 15 Years Availability in the Omaha Office Market continues to decrease as the vacancy rate contracted

More information

New Construction Offers Hope to Larger Users

New Construction Offers Hope to Larger Users Research & Forecast Report PLEASANTON TRI-VALLEY INDUSTRIAL Q3 2017 New Construction Offers Hope to Larger Users > Vacancy rates in the Tri-Valley industrial market are now down to a record 0.9 percent

More information

>> Orange County Rents Increase to Start 2017

>> Orange County Rents Increase to Start 2017 Research & Forecast Report ORANGE COUNTY OFFICE Accelerating success. >> Orange County Rents Increase to Start 2017 Key Takeaways > The Orange County office market saw positive demand for the first part

More information

Orange County Office Market Continues to Tighten Causing Rental Rates to Increase

Orange County Office Market Continues to Tighten Causing Rental Rates to Increase OFFICE ORANGE COUNTY MARKET REPORT Continues to Tighten Causing Rental Rates to Increase MARKET OVERVIEW MARKET INDICATORS - VACANCY 12.6% NET ABSORPTION 688,800 CONSTRUCTION 497,387 RENTAL RATE $2.26

More information

RESEARCH & FORECAST REPORT

RESEARCH & FORECAST REPORT Q3 2012 OFFICE LAS VEGAS NEVADA RESEARCH & FORECAST REPORT Office Forges Ahead Southern Nevada s office market continued to post positive net absorption in the third quarter of 2012, despite weak employment

More information

MARKET INSIGHT LOUISVILLE, KENTUCKY MULTIFAMILY REPORT THIRD QUARTER 2017

MARKET INSIGHT LOUISVILLE, KENTUCKY MULTIFAMILY REPORT THIRD QUARTER 2017 CUSHMAN & WAKEFIELD COMMERCIAL KENTUCKY LOUISVILLE MULTIFAMILY RESEARCH MARKET INSIGHT MULTIFAMILY REPORT THIRD QUARTER 217 The Cushman & Wakefield Commercial Kentucky Multifamily Research Team provides

More information

Houston Summer Retail. Office. July 2016 Commercial Markets. Independent Valuations for a Variable World Page 1. Summary Q1 Statistics

Houston Summer Retail. Office. July 2016 Commercial Markets. Independent Valuations for a Variable World Page 1. Summary Q1 Statistics July 2016 Commercial Markets In This Issue Commercial Markets Retail Office Industrial Multifamily Housing Trends Single Family Housing Lot Supply & New Home Data % 10% 8% 6% 4% 2% 0% Retail 2007 Q1 2008

More information

Strong Marketwide Leasing Activity Points To A Strong Finish for Tri-Cities

Strong Marketwide Leasing Activity Points To A Strong Finish for Tri-Cities OFFICE TRI-CITIES MARKET REPORT Strong Marketwide Leasing Activity Points To A Strong Finish for Tri-Cities MARKET OVERVIEW MARKET INDICATORS - VACANCY 14.9% NET ABSORPTION 254,6 CONSTRUCTION 113,8 RENTAL

More information