Robust population and job growth are fueling a resurgence across all sectors of Nashville’s commercial real estate market, pushing vacancies lower, boosting rental rates and attracting strong interest from investors. With increasing demand for office space in the central business district (CBD), a rush of both in- and out-of-state developers and equity have descended on Nashville to deliver Class A product. That delivery timeline has subsequently pushed the demand for existing space to the..
Southeast Market Reports
The Nashville commercial real estate market’s growth is no longer a local secret. In fact, it very well may be one of the most desired areas for investors for an MSA with a population less than 2.5 million people. In case you haven’t heard, read or taken notice, you likely have been living under a rock. Those who call this market “hot” are making an understatement. As the downtown core sees land sites trade in excess of $13 million per acre (and in a few interesting cases eclipse..
The Nashville multifamily market’s roll continued through the end of 2016 with nearly 6,400 units absorbed, a 10 percent increase compared to 2015, according to Axiometrics. This demand was fueled by steady employment growth of nearly 28,000 new jobs, led by world-class healthcare employers, educational institutions and a burgeoning tech scene. The rate of job growth in Nashville is currently about 50 percent faster than the national level, and as a top destination for young people and the..
Just like the hit show, “Nashville,” Nashville’s retail market has more than one storyline in play and all of them intertwine to create a tapestry that showcases the retail development in our city. You don’t have to look too hard around downtown Nashville to see the redevelopment surge that is bringing retail as part of mixed-use and traditional developments to this market. Greenfield development in suburban nodes is also capturing the spotlight, albeit a smaller one, as a direct..
The Raleigh and overall Triangle retail markets ended 2016 in a very healthy position. The Triangle vacancy rate is currently at 6.09 percent, nearing 10-year lows dating back pre-recession and includes retail absorption nearing 900,000 square feet over the past four quarters. The region’s diverse economic engine driven by technology, university systems, heathcare and Raleigh as a state capital, combined with a relatively low cost of living and temperate climate, continue to push population..
The Raleigh-Durham business climate has been on the climb for several years now and it doesn’t seem to be slowing anytime soon. The market continues to outpace most of the mid-tier markets across the country by all metrics of economic stability, quality of life, business environment, education, arts and quality of workforce. As a result, construction of office and retail projects has been strong, yet industrial construction and thus available space is lacking. Average asking rental rates..
At the close of 2016, over 1.9 million square feet of office space was absorbed in the Raleigh-Durham market and overall vacancy increased by one percentage point from 10 percent to 11 percent. Activity was strong and can partially be attributed to a very active suburban Raleigh submarket that absorbed over 1.1 million square feet. Vacancy in this submarket ended the year at 10 percent, down from a high of 17 percent in 2010. It was also an active construction year for Raleigh-Durham, with..
While Florida as a whole was able to bounce back from the Great Recession relatively quickly, one market that had been lagging behind in that recovery was Jacksonville. However, a surge of new development and strong population growth has kicked Jacksonville’s retail market back into high gear. Occupancy rates have gone up year-over-year to 91.1 percent and the retail sector currently has 748,000 square feet of new space under construction, according to JLL’s 2016 Florida Retail Report...
Jacksonville’s industrial market continues to improve as encouraging fundamentals are in place that are prompting developers to commit to building spec warehouse again. The lack of new construction over the last eight years, the expected reduction in regulations and taxes by the new administration in Washington and the commitment to upgrades in the local infrastructure will drive growth in our market. A 5.3 percent vacancy rate for warehouses and distribution space is also a major..
There are many things to be optimistic about in metropolitan Washington, D.C.’s multifamily market. Here are some facts to consider: — The D.C. metro multifamily vacancy averages 3.4 percent compared to the national average of 4.5 percent. — The D.C. region has seen $3.174 billion in multifamily sales activity year-to-date with an average cap rate of 5.2 percent. — Private investors are leading multifamily sales activity in the D.C. metro region and responsible for 64 percent of..