Market Data

Regional Outlook


Houston's Big Deal

The $512 million sale of the Parkway REIT's 49 percent stake in its Greenway office portfolio to three institutional investors may signal the resurgence of Houston's office market. The institutional investors are affiliates of TH Real Estate, Silverpeak Real Estate Partners, and Canada Pension Plan Investment Board. This deal is the one of largest investments made in Houston, which has not had much interest from institutional buyers lately, according to the Realty News Report. The sale is for 49 percent of a 5 msf, 11-building office campus in Houston's Inner Loop. 


Top 5 Multifamily Markets with the Highest 2017 Expected Completions: (1) New York City, (2) Dallas/Fort Worth, (3) Houston, (4) Washington, and (5) Seattle-Tacoma, Wash. Top 5 Multipfamily Markets with the Highest Expected 2017 Absorption: (1) Dallas/Fort Worth, (2) New York City, (3) Houston, (4) Los Angeles, and (5) Atlanta. Source: Marcus & Millichap


Mixed-Use Trophy Property Back to Local Owners

Millennia Companies of Valley View, Ohio, purchased the 57-story Key Center, a mixed-use property, in Cleveland for $267.5 million from Columbia Property Trust. Key Center encompasses a 1.3-msf office complex, a 400-room Marriott hotel, and nearly 1,000 parking spaces in an underground garage. Millennia plans to upgrade the public spaces and office floors in the iconic landmark complex for new tenants, including its own headquarters.



Charlotte Hotel  Market Shines

Several new hotels will open in Charlotte, N.C., during 2017,  adding more than 1,000 new rooms to a robust hospitality market, according to the Charlotte Area Hotel Association. Strong corporate business is propelling the construction of new hotels that also will accommodate convention spaces. Among the new hotels are the Embassy Sites, Spring Hill Suites, and Kimpton Hotel.


Miami Industrial Market Sizzles: The total office inventory in the Miami-Dade County industrial market is 180.6 msf. The direct absorption for 2016 was 6,608,171 sf. The overall vacancy rate is 2.37%. The average rental rate for industrial space in Miami-Dade County on a triple-net basis is $6.82 psf. Source: Avison Young.


California Industrial Markets Remain Robust

Four underlying economic forces are driving the high demand for industrial space in California: manufacturing; exporting goods to Asia and Mexico; importing consumer goods from manufacturing centers in Asia; and e-commerce. The extremely low vacancy rates are expected to last through as least 2019, according to UCLA Anderson Forecast. In fact, the shift to e-commerce is occurring faster than warehouse space is being built. For instance, the warehouses in San Pedro Bay, Calif., of the Inland Empire region used to be an extension of the ports, but now are an industry in their own right.



Boston Metro Scores Low Office Vacancy Rates

Office and lab space were the hottest commodity in Boston during 2016, with no vacant lab space left in Cambridge, Mass. In close proximity to major U.S. hospitals and universities, especially Harvard University, Cambridge leads the world for biotech company tenancy and revenue YOY, according to Avison Young. During the last five years, the deciphering of the human genome has attracted an unprecedented level of biotech and life-science companies needing office and lab space to the Boston metro area.


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