Association’s latest commercial real estate report released during inaugural C5 Commercial Real Estate Summit in New York City
Half of the top 10 commercial office markets are in Florida (Daytona Beach, Miami, Palm Beach) and Texas (Austin, San Antonio). Boise, Chattanooga, Myrtle Beach, Omaha and Provo round out the list. Since the second quarter of 2020, vacancy rates have declined for apartments/multifamily, industrial and retail properties. Compared to one year ago, asking rents climbed for apartments/multifamily (11%), industrial (7%) and retail (2%) properties, but declined for office properties (-0.4%).
The National Association of Realtors® identified the top 10 commercial office markets as of the third quarter of 2021 in its monthly Commercial Market Insights report released Monday. In alphabetical order, the markets are as follows:
Daytona Beach, Florida
Myrtle Beach, South Carolina
Palm Beach, Florida
San Antonio, Texas
NAR analyzed 390 commercial real estate markets and found a robust recovery with positive net absorption and strengthening rents across the multifamily, industrial and retail property markets as economic production rebounds to pre-pandemic levels. The apartment and industrial sectors, specifically, are reporting historically low vacancy rates, while retail has undergone a more gradual recovery as consumers continue their return to brick-and-mortar shopping. Click to read more at www.globenewswire.com.