Market Data

Regional Outlook

East

Washington, D.C.’s Big Deal

More than seven years in the making, Washington, D.C.’s southwest waterfront project known as The Wharf broke ground in March. The $2 billion, 27-acre, mile-long mixed-use development on the Washington Channel will include 3.2 million sf of office, residential, hotel, retail, and public space. After three acts of Congress and seven City Council votes, the first $800 million phase will complete in 2017. DevelopersPN Hoffman and Madison Marquette will add 200,000 sf of retail, more than 400,000 sf of office, a hotel, condos and apartments in the first phase.

National

Self-Storage Trends

“Nationwide, the median price [for self-storage facilities] increased 11 percent last year to $73 psf. The price psf for assets in the West and Midwest outpaced the rest of the nation, rising 22 percent to $80 psf and $62 psf, respectively.”

— Marcus & Millichap Self-Storage Research, 1Q14

West

Las Vegas Retail Snapshot

Despite the fact that Las Vegas has a retail vacancy rate of 9.2 percent, down from 11 percent, and rents have stabilized, there’s still about 4.8 msf of vacant retail space, granted, down from 5.5 msf in 2011. But in another version of “if you build it, they will come,” three suburban retail projects are under construction and will add about 2 msf of additional space to the Las Vegas market. The largest of these projects is The Shops of Summerlin, a 1.6 msf regional center that will open in October after a five-year construction hiatus. Tenants include several large well-known retailers, such as Macy’s, Dillard’s, Trader Joe’s, and Nordstrom Rack. While the appearance of these national tenants bolsters Las Vegas’ faith in itself, there’s still a long way to go. Retail vacancy was between 3 percent and 4 percent from 2000 to 2007; today, market watchers say 7 percent would be healthy enough to ignite some rent growth.

Source: Las Vegas Review Journal


North

“Unprecedented demand for multi-unit residential and hotels also characterized the first six months of the year. Toronto’s appeal is on the upswing with wealthier nations looking to safeguard their money in stable markets such as Canada.”

— Re/Max Commercial Investor Report 2013

Midwest

South

Recommended

This Is the Altered Normal

Fall 2020

Esri’s data on consumer behavior, demographics, and employment can help real estate adapt in the COVID-19 world.

Read More

Building Progress

Fall 2020

Moody's Analytics Reis Chief Economist Victor Calanog, Phd, CRE, outlines how construction in many sectors will fail to meet expectations for 2020.

Read More

The CMBS Stress Test

Summer 2020

The commercial mortgage-backed securities market is particularly vulnerable amid the COVID-19 pandemic, with borrowers and lenders looking for creative solutions to unprecedented problems.

Read More

Market Trends in Commercial Real Estate

Summer 2020

Office Renters Change Priorities in Wake of Pandemic | Recreational Real Estate on the Rise | Case Study: COVID-19's Impact on Eastern PA Big-Box Market | Hospitality Owners Have Reservations as Occupancy Drop | Seniors Housing Responds to Mounting Pressure from Pandemic | Mixed-Use Developments Can Keep It Local | Supply Chain Reacts to Social Distancing | Self-Storage Weathers Early COVID-19 Storm

Read More