At the mid-year mark, the Richmond industrial market has continued to strengthen, closing with an overall occupancy rate of 91 percent in the categories being tracked — Class A, B and C vacant and investor-owned product with a minimum of 40,000 square feet of total rentable building area (RBA). Class A occupancy decreased slightly from 96 percent at the end of the first quarter to 95 percent at the end of the second quarter, and Class B occupancy has remained steady at 92 percent. The..
Southeast Market Reports
Over the past 12 months, a surge in out-of-market activity has stabilized Richmond’s downtown office market, which had faced a seemingly insurmountable glut of space just last year. For years, Richmond’s Central Business District (CBD) struggled to retain tenants as many sought more affordable locations in the suburbs, while other tenants shed space as they optimized their footprints. However, with a steady flow of high-profile inbound operations into Richmond’s CBD, the momentum has..
Orlando’s industrial market is coming into its own. As high-profile users such as Amazon, Samsung and Best Buy continue to enter the market, major brands are taking a fresh approach to Central Florida’s logistical advantages, and an increased number of national REITs are combing the area for any opportunity they can uncover. Despite an unprecedented boom of speculative industrial building, demand continues to outpace supply. In the industrial sphere, Orlando has become the juggernaut of..
The Central Florida market continues to be a bright ray in the Sunshine State with 68 million plus tourists in 2016, and over $10 billion currently invested in major projects either recently completed or underway. Area theme parks, such as Disney World, Universal Studios and Sea World, continue investments in new rides and attractions, drawing even more visitors to Orlando, and setting record attendance numbers on an annual basis. Tourism isn’t the whole story in Central Florida, though...
Orlando’s retail market is experiencing renewed vigor. Construction cranes are rising in key areas due to increasingly high demand, and low vacancies are fueling rental rate growth, which has been somewhat stagnant over the last several years. There is also demand for larger vacated boxes as a result of the downsizing and bankruptcies of retailers. Spaces once occupied by Sears, Sports Authority and hhgregg, for example, are being filled by retailers entering or expanding their presence in..
Anxiety and hand-wringing about the future of retail were evident at this year’s ICSC RECon event, as developers, retailers and restaurant operators continue trying to make sense of the persistent march of online buying, while also looking to inject new enthusiasm into the bricks-and-mortar shopping experience. In the greater Baltimore metropolitan region, we are experiencing many of same issues as the balance of the country. But, like always, we believe this region has several built-in..
The housing market remains hot in Charlotte with sustained growth in both sales activity and sales price. Affordable prices, a strong market and robust salaries are driving first-time buyers to take the plunge and purchase their first home and there’s no better place to live in Charlotte than in the 28277 zip code, otherwise known as Ballantyne. The Ballantyne area is nationally known for not only a place to work with more than 5 million square feet of Class A office space, but also a..
The Charlotte economy has created jobs at a faster rate than the national average throughout this cycle. With 34,900 new jobs over the last 12 months and more than 110,000 over the last three years, the regional job market has created a new demand for the luxury multifamily inventory throughout infill and select suburban submarkets. Four of the MSA’s top five employers — Wells Fargo, Bank of America, Carolinas HealthCare System and Novant Health — each have a combined 1,000-plus job..
The industrial market in Charlotte is healthy, with trends pointing to another solid year of net absorption and rent growth. The market continues to attract institutional capital, as cap rates hover slightly below 6 percent for Class A product in the metro’s primary submarkets. Charlotte’s job growth continues to drive population migration into the market. More than 37,000 new jobs have been added in the past 12 months, dropping the unemployment rate from 5.2 percent to 4.9 percent...
The multifamily market in South Florida is gaining strength but not sales velocity due to converging market and demographic forces. Sales topped $400 million for the third year in a row in 2016, largely because the average price per unit jumped 13 percent to $185,300 per unit. The vacancy rate fell below 4 percent at the end of last year, and rents climbed almost 4 percent on all types of units to an effective rate of $1,351 per month. It’s clear the current upcycle will continue beyond..