Market Reports

Is Salt Lake City’s Office Market Set for a Rebound?

by John Nelson April 24, 2026

— By Mike Embree of Drawbridge Realty — After 16 consecutive quarters of either negative or negligible net absorption, Salt Lake City’s office market closed 2025 on a positive note. The end result was 114,700 square feet of direct occupancy gains, per Cushman & Wakefield. This resulted in 263,000 square feet of direct absorption for the year, spurring a 500-basis point decline in the direct vacancy rate, which now stands at 19.4 percent. It’s too early to say that the market has turned the corner, but the signs are promising. For landlords, one positive in a market with about 10 million square feet of availability is that new office construction has effectively stalled for now. Only one building was delivered in 2025, adding just 180,000 square feet to the existing inventory with no new office projects on the drawing board. At the same time, more than a dozen buildings were removed from the office leasing market, either by developers pursuing multifamily conversions or purchases by owner-users. One such sale occurred in the fourth quarter when the Salt Lake City Corporation of Public Utilities purchased One Airport Tech, a two-story, 87,657-square-foot building near Airport Technology Park campus. C&W data notes …

April 24, 2026

Market Reports Midwest Midwest Market Reports Minnesota Office

In 2026, Twin Cities Office Market Is Sorting

by Kristin Harlow April 23, 2026

By Anders Pesavento, Cushman & Wakefield If you have ever been to a pro sports game or a concert and felt that collective buzz, you know exactly what I mean — it is electric. The kind of energy that makes you look around and think, right, this is why we do this. I felt it first-hand when the Cross Country Skiing World Cup came to Minneapolis in 2024, and more than 30,000 people packed into one place to cheer on the athletes. That day was a reminder you cannot replicate with a livestream or a group chat: humans feed off other humans. The office market is tapping into that same instinct, just in a quieter way. That is why the conversation has moved from whether office matters to which offices matter. It is not a blanket comeback. It is a sorting. We are not rewinding to 2019. Companies are using spaces differently and choosing buildings that help them recruit and retain talent. Hybrid schedules are real, but so is the need for culture, onboarding and collaboration that works best face-to-face. That shift makes “vacancy” a blunt instrument. Real vacancy is the space that is truly available in buildings that can …

April 23, 2026

Healthcare Market Reports Texas Texas Market Reports

Texas’ Supply Problem in Medical Office — And Why It Matters More Than Some May Think

by Taylor Williams April 21, 2026

By Connor Watson, senior vice president, Partners Real Estate For years, the investment narrative around medical office as an asset class has been simple: stable demand, recession-resistant tenants and steady growth driven by the shift to outpatient care. That narrative is still true, but it’s incomplete. What’s shaping the next phase of healthcare real estate isn’t just demand. It’s a growing imbalance on the supply side. And in markets like Texas, that imbalance is becoming even more pronounced. Demand Isn’t the Story Anymore As a trend in healthcare real estate, outpatient migration is well understood at this point. Procedures continue to take place outside of traditional hospitals and within lower-cost settings like medical office buildings and ambulatory surgery centers. In Texas, that demand is amplified due to the following reasons: These economic and demographic trends have resulted in consistent tenant demand, high occupancy across most major markets and strong rates of retention from healthcare providers. But demand alone doesn’t create outsized opportunities; constraints do. The Real Shift: Supply Is Slowing Down New medical office development has quietly pulled back over the past several years. Not because demand isn’t there, but because the economics have changed. That shift is especially visible …

April 21, 2026

Alabama Market Reports Multifamily Southeast Southeast Market Reports

Downtown Supply Meets Suburban Stability in Birmingham’s Apartment Market

by John Nelson April 20, 2026

Conditions in Birmingham’s apartment market vary by submarket heading into 2026. Several recently completed developments downtown are still stabilizing, creating short-term leasing pressure, while suburban areas across the metro continue to see steady renter demand. Much of the new multifamily development in Birmingham over the past several years has been concentrated in the downtown core. As a result, many of these properties are still working through lease-ups. Marcus & Millichap research projects roughly 670 apartments will be delivered across the metro this year, with vacancy expected to hover around 6.1 percent and average effective rents near $1,302 per month. That level of supply has created temporary softness in parts of the downtown market. Some newly delivered communities are offering concessions during lease-up periods as owners compete for tenants. In certain cases, owners are choosing to refinance rather than bring assets to market while occupancy stabilizes. These conditions are typical when several projects deliver within the same submarket over a short period of time. Outside the city center, Birmingham’s suburban apartment submarkets continue to perform well. Cities including Homewood, Vestavia Hills and Hoover remain among the metro’s most stable suburbs. Shelby County cities, including Pelham and Alabaster, are also seeing consistent …

April 20, 2026

Industrial Market Reports Utah Western Western Market Reports

SLC’s Industrial Market Boasts Stabilizing Conditions, Growing Owner-User Momentum

by John Nelson April 17, 2026

— By Rebecca Lloyd of Cushman & Wakefield — Salt Lake City’s industrial market ended 2025 in a transitional period defined by rising vacancy, shifting demand across product types, and heightened activity in both peripheral submarkets and the owner‑user segment. Overall vacancy climbed to 7.9 percent, driven by more than 8.5 million square feet of new warehouse/distribution deliveries since early 2024, nearly half of which remain available. This is particularly apparent in the North West submarket, which continues to dominate the region’s industrial footprint. Despite this supply influx, tenant demand held firm with 5.9 million square feet of new leasing activity recorded in 2025. Absorption remained steady across small and mid-sized facilities, with monthly net asking rents remaining stable at $0.80 to $0.81 per square foot. Smaller 10,000- to 100,00-square-foot buildings posted the tightest availability at 6 percent vacancy, while larger big box properties over 100,000 square feet saw vacancy rise to 15.7 percent, widening the performance gap between segments. Land scarcity, power constraints and elevated development costs continue to limit opportunities in core Salt Lake submarkets, forcing more tenants and developers to pivot toward Utah County. This is where a sizeable 4-million-square-foot proposed development pipeline is helping narrow …

April 17, 2026

Industrial Market Reports Midwest Midwest Market Reports Minnesota Office Retail

Different Opportunities: Minneapolis, St. Paul and the Suburbs

by Kristin Harlow April 16, 2026

By Jesse Tollison, Transwestern When analyzing the Minneapolis-St. Paul (MSP) metro area, urbanicity plays a deep role in understanding the opportunities for making a significant impact and profit in the commercial real estate markets. This is not a story unique to Minnesota’s largest metropolitan area, where roughly half of the state’s inhabitants live, but MSP serves as an illuminating case study as to how widely opportunity can vary between urban and suburban markets. Indeed, many areas across the country exhibit stark differences between their urban and suburban commercial real estate markets, but those differences cannot be uniformly applied to each metro. The qualitative and quantitative analysis of local minutiae lends tremendous insight when evaluating opportunities. Developers, investors, tenants, brokers and every other player in the commercial real estate world are paying close attention to the diverging urban and suburban trends as they assess the market for opportunities. In such a fragmented market, decision-makers are using more data than ever to inform their strategies. High-level views aren’t enough to benchmark a property’s performance, and it’s important to understand the localized trends when evaluating an opportunity. Industrial history As the historical industrial hub of Minnesota, the Twin Cities’ urban core has many …

April 16, 2026

Leasing Activity Market Reports Office Texas Texas Market Reports

Financial Transparency Becomes More Central to Office Leasing in Texas Markets

by Taylor Williams April 14, 2026

By Taylor Williams The American office market remains awash in change as both tenants and landlords continue to grapple with now-familiar quandaries, from devising ideal hybrid work schedules to rightsizing inventory to putting forth the best mix of amenities, all while negotiating down to the last nickel of rent and last day of term. There are no right or wrong answers to these dilemmas outside of what works best for a particular company or building. Aside from flight to quality, there are very few common denominators across the spectrum of office usage from the tenant perspective. And aside from certain “must have” amenities and features, from the landlord perspective, there is no one-size-fits-all formula for wooing tenants back into buildings. For Texas cities with growing populations and well-located, obsolete office buildings, there are rarely obvious, cost-effective options for revitalizing or converting those structures. And above all else, there’s not a lot of clarity on the future of office utilization as a whole. So in the meantime, all that tenants and landlords — and their brokers — can do is try to make the smartest deal possible based on the information they have today. “In today’s market, every deal has …

April 14, 2026

Alabama Industrial Market Reports Southeast Southeast Market Reports

Birmingham Industrial: Softness in Distribution, Resurgence in Manufacturing

by John Nelson April 13, 2026

The Birmingham industrial real estate market has remained relatively resilient compared to many U.S. markets, but recent trends show a shift in demand patterns with recent softness in the distribution sector compared to growing activity from manufacturing users. Overall market fundamentals remain stable. Birmingham continues to benefit from disciplined development and historically tight vacancies. Multi-tenant leased vacancy has generally remained well below national averages, hovering around the 5 percent range in the first half of 2025. Rent growth remains positive at about 3.5 percent annually. Renewing or vacant second-generation rents strategically lag new construction rents by about 15 to 20 percent. The second-generation base rent range is $6 to $7.50 per square foot depending on size, location and quality. Distribution and logistics demand has softened in recent months. Following the surge of warehouse construction and demand during the pandemic, leasing activity slowed by 2025. Approximately 1.3 million square feet of speculative space was delivered locally in 2022 and 2023, with asking rents at about $8 per square foot. The early deliveries benefited while the last projects to deliver were slower to lease as the economy stalled in the post-pandemic Biden era. Presently, 109,000 square feet of first-generation space delivered in …

April 13, 2026

Market Reports Multifamily Nevada Western Western Market Reports

Limited Pipeline Positions Reno Multifamily for Rent Growth

by John Nelson April 10, 2026

— By Jared Glover of Berkadia — While several Sun Belt and Rocky Mountain markets continue to work through challenging operations, elevated supply and weakening fundamentals, Reno has emerged as a bright spot in the West. The city posted 2.5 percent year-over-year employment growth, adding more jobs in 2025 than Las Vegas. This is a remarkable stat given that Reno’s population is roughly one-fifth the size of its Southern neighbor. At the same time, Reno’s population grew at roughly four times the national average as median household income climbed to just over $90,000 as the economy continued to diversify into technology, healthcare and manufacturing. In fact, Northern Nevada saw 14 site visits per month last year for potential corporate relocations, according to a recent report by the Economic Development Authority of Western Nevada (EDAWN). This places the region it in the top 1 percent of U.S. markets, reinforcing long-term growth expectations. Several major development projects look to keep this momentum going. The most significant is the $1 billion transformation of the Reno-Tahoe International Airport, which saw a record 4.9 million passengers in 2025. The University of Nevada, Reno, also continues to invest heavily in new buildings to attract and retain top …

April 10, 2026

Illinois Market Reports Midwest Midwest Market Reports Office

Three Narratives Shaping Next Chapter of Chicago’s Office Market

by Kristin Harlow April 9, 2026

By Denes Juhasz, NAI Hiffman Two different star performers are emerging in Chicago’s suburban and downtown office markets. Practical Class B properties are gaining traction in the suburbs, while glitzy Class A+ trophy towers continue to outperform downtown. As the office sector adapts to post-pandemic workplace realities, the 278 million-square-foot metro Chicago office market ended 2025 with a 25.5 percent overall vacancy rate and 1.8 million square feet of negative net absorption. The suburban market closed 2025 with positive net absorption totaling 282,285 square feet, while overall vacancy held steady at 26.2 percent, largely consistent with the year-end 2024 level of 26.3 percent. Downtown, tenant space reductions and relocations continued to take a toll, with nearly 2.1 million square feet of negative net absorption recorded in 2025. Vacancy rose to 24.9 percent, up from 23.6 percent at year-end 2024. Well-performing assets and a reduction in inventory are helping stabilize the market, albeit unevenly. Three distinct trends are emerging: an outperformance of well-positioned Class B suburban properties, a continued flight to trophy assets in the central business district (CBD) and the conversion of obsolete buildings to alternative uses across the region. Rise of suburban Class B One of the most notable …

April 9, 2026

Newer Posts

Older Posts