Regional Outlook

Regional Outlook

{West}

Denver's Big Deal
The Elements at Prairie Center, a 288-unit apartment community heated and cooled by geothermal energy, was purchased by Summit Management Services for $72 million. The development, in the Denver suburb of Brighton, bills itself as “Eco-Luxe,” boasting other sustainability features such as EPA WaterSense certification and Energy Star-certified appliances. The community was developed and sold by C&A Cos., and Commonwealth group; CBRE handled the off-market transaction. 

Source: Multi-Housing News  


{East} 

New Construction Boosts Baltimore Industrial Market
The demand for industrial space in Baltimore continued its climb through 2019. Due largely to the construction of three new 50,000-sf facilities, 1,741,900 sf of industrial space was absorbed in the second quarter. 

2019 Absorption through June: 2,564,845 sf
Total Inventory: 168,651,030 sf
Total Vacancy: 7.4%
Under Construction: 5,698,675 sf

Source: JLL 


{National} 

Northern Virginia, Houston Lead Data Center Leasing
Top seven U.S. data center markets in 1H2019:

   H12019 Absorption (in megawatts)
 Northern Virginia  126.4
 Houston  14.4
 Silicon Valley, Calif.  13.7
 Dallas-Ft.Worth  11.2
 New York Tri-State Area       6.3
 Phoenix  6.0
 Southern California  5.8

Source: CBRE 


{Northwest} 

Sunny Forecast for Retail in Seattle 
Retail activity in Seattle remains strong. As of midyear 2019, 1.36 million sf were under construction. Net absorption reached 500,328 sf, with a vacancy rate of 3.3 percent, the lowest level in 10 years. Kidder Mathews notes, however, because of store closures by major retailers such as Sears, Kmart, and J.C. Penney, concern remains over mall spaces, and some are repositioning to incorporate experiential elements. 


{National} 

Self-Storage Acquisitions Strong in Motor City 
Detroit led the country in self-storage acquisition activity in the 12 months through 2Q2019, with a total of $391 million. These are the top five U.S. markets: 

   
 Detroit  $391 million
 Houston  $362 million
 New York  $287 million
 Boston  $263 million
 Miami/Dade County       $182 million


Source: Real Capital Analytics 

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