Top Commercial Real Estate Markets 2013
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Transcript of Top Commercial Real Estate Markets 2013
Top Commercial Real Estate Markets
Market Comparison Report
2013 Blue Book
The Coldwell Banker Commercial® brand took on the task of finding the ‘Top
Markets’ for Commercial Real Estate. Over 80 markets were ranked on 2 categories
for each property sector (Office, Retail, Multi-Family), then 2 additional final
categories:
1) % Change in Vacancy from Q3 2012 and Q3 2013 within the market1
2) % Change in Rental Rates from Q3 2012 and Q3 2013 within the market1
3) % Change in Population from Q3 2012 and Q3 2013 within the market1
4) % Change in Unemployment from Aug 2012 and Aug 2013 within the market2
1– source: Reis
2—source: Bureau of Labor Statistics
1 Orlando, FL
2 Portland, OR
3 Dallas, TX
4 Houston, TX
5 Minneapolis, MN
6 San Diego, CA
7 Austin, TX
8 Raleigh-Durham, NC
9 Fort Worth, TX
10 Denver, CO
11 Orange County, CA
12 Seattle, WA
13 Charleston, SC
14 San Jose, CA
15 Palm Beach, FL
16 Charlotte, NC
17 Salt Lake City, UT
18 Las Vegas, NV
19 Phoenix, AZ
20 Oakland-East Bay, CA
21 San Antonio, TX
22 San Francisco, CA
23 Greenville, SC
24 Jacksonville, FL
25 Atlanta, GA
26 Nashville, TN
27 Fort Lauderdale, FL
28 Tacoma, WA
29 Knoxville, TN
30 Colorado Springs, CO
31 Tampa-St. Petersburg, FL
32 Columbus, OH
33 Richmond, VA
34 Tulsa, OK
35 Baltimore, MD
36 Omaha, NE
37 Indianapolis, IN
38 Miami, FL
39 Hartford, CT
40 Central New Jersey, NJ
41 Boston, MA
42 Los Angeles, CA
43 San Bernardino/Riverside, CA
44 Greensboro/Winston-Salem, NC
45 Oklahoma City, OK
46 Sacramento, CA
47 Louisville, KY
48 New York, NY
49 Norfolk/Hampton Roads, VA
50 Rochester, NY
51 Cincinnati, OH
52 Northern New Jersey, NJ
53 Ventura County, CA
54 Buffalo, NY
55 Columbia, SC
56 New Haven, CT
57 Kansas City, MO
58 Suburban Virginia, VA
59 Syracuse, NY
60 Little Rock, AR
61 Detroit, MI
62 Birmingham, AL
63 Chicago, IL
64 Memphis, TN
65 Fairfield County, CT
66 District of Columbia, DC
67 Pittsburgh, PA
68 Tucson, AZ
69 Providence, RI
70 New Orleans, LA
71 Suburban Maryland, MD
72 Lexington, KY
73 Milwaukee, WI
74 Westchester, NY
75 Philadelphia, PA
76 Wichita, KS
77 Long Island, NY
78 Albuquerque, NM
79 St. Louis, MO
80 Cleveland, OH
81 Dayton, OH
82 Chattanooga, TN
Top Commercial RE Markets Total
#1 Orlando, FL
Central Florida’s real estate rebound is in full swing with Orlando leading the way. Cranes evidence the
downtown Orlando recovery as previously shelved hotel, office and apartment projects are resurrected. The
Dr. Phillips Center for the Performing Arts opens Fall 2014 and an 18,000-seat Major League Soccer stadium
will accommodate Orlando’s new MLS franchise. Orlando is still the top tourist destination in the world and will
host a record 56+ million visitors and generate $50 billion in economic impact in 2013; with expansions like
Disney’s Avatar, Magic Kingdom, Downtown Disney and The Wizarding World of Harry Potter at Universal
2014, visitation is expected to exceed 63 million and bring an additional $1.3 billion of new business.
Burgeoning Lake Nona Medical City is home to such facilities as the Nemour Children’s Hospital, UCF’s Health Sciences
Campus, Sanford-Burnham Medical Research Institute and VA Hospital; by 2017 “Medical City” is expected to create
30,000 jobs and $7.6 billion in economic impact. To accommodate Orlando’s population and tourism growth, Orlando
International Airport is preparing for a $1.1 billion expansion to host an estimated 45 million travelers by 2020. SunRail will
begin service in Spring 2014; running 61 miles from Volusia to Osceola County linking Central Florida together and
eventually connecting with “All Aboard Florida” which will run from Orlando to Miami and South Florida. SunRail is expected
to generate over 261,000 jobs and $8.8 billion in economic impact over 30 years. The sun and the economic outlook are
shining bright in Orlando.
Paul Hoffman, Coldwell Banker Commercial NRT, Orlando, FL
Metro Retail Rank
MF Rank
Office Rank
Pop Rank
Unemp Rank
Cumulative Score
Final Rank
Orlando, FL 2 10 8 6 1 27 1
Why Orlando is Growing
Top Ranked Market
Metro Retail
Rank
MF
Rank
Office
Rank
Pop
Rank
Unemp
Rank
Cumulative
Score
Final
Rank
Available
Properties
Orlando, FL 2 10 8 6 1 27 1 View Listings
Portland, OR 22 11 5 13 24 75 2 View Listings
Dallas, TX 7 18 16 7 33 81 3 View Listings
Houston, TX 10 4 23 9 35 81 3 View Listings
Minneapolis, MN 4 16 9 34 19 82 5 View Listings
San Diego, CA 18 3 28 25 9 83 6 View Listings
Austin, TX 3 40 7 2 32 84 7 View Listings
Raleigh-Durham, NC 11 22 25 4 25 87 8 View Listings
Fort Worth, TX 5 35 13 5 33 91 9 View Listings
Denver, CO 45 24 3 11 18 101 10 View Listings
Orange County, CA 16 28 1 44 15 104 11 View Listings
Seattle, WA 28 28 18 23 13 110 12 View Listings
Charleston, SC 25 22 4 22 45 118 13 View Listings
San Jose, CA 21 42 2 56 4 125 14 View Listings
Palm Beach, FL 31 45 30 24 10 140 15 View Listings
Charlotte, NC 43 29 48 3 22 145 16 View Listings
Salt Lake City, UT 28 54 42 14 7 145 16 View Listings
Las Vegas, NV 22 25 69 10 20 146 18 View Listings
Phoenix, AZ 15 15 46 1 70 147 19 View Listings
Oakland-East Bay, CA 71 1 24 49 5 150 20 View Listings
San Antonio, TX 67 14 15 8 49 153 21 View Listings
San Francisco, CA 61 33 19 36 5 154 22 View Listings
Greenville, SC 66 2 13 27 50 158 23 View Listings
Jacksonville, FL 78 11 50 34 3 176 24 View Listings
Atlanta, GA 49 20 42 19 47 177 25 View Listings
Nashville, TN 52 25 16 17 67 177 25 View Listings
Fort Lauderdale, FL 14 66 59 31 10 181 27 View Listings
Tacoma, WA 72 8 44 44 13 181 27 View Listings
Knoxville, TN 25 46 9 32 73 185 29 View Listings
Colorado Springs, CO 64 25 53 18 29 189 30 View Listings
Tampa-St. Petersburg, FL 70 17 53 50 2 192 31 View Listings
Columbus, OH 33 6 38 47 73 197 32 View Listings
Richmond, VA 31 48 28 39 53 199 33 View Listings
Tulsa, OK 57 40 11 39 56 203 34 View Listings
Baltimore, MD 20 11 56 60 57 204 35 View Listings
Miami, FL 54 38 38 65 10 205 38 View Listings
Omaha, NE 40 7 63 30 65 205 38 View Listings
Indianapolis, IN 59 69 22 20 36 206 37 View Listings
Hartford, CT 1 36 44 74 52 207 39 View Listings
Central New Jersey, NJ 37 74 20 54 23 208 40 View Listings
Boston, MA 17 42 11 62 77 209 41 View Listings
Top Markets: Rankings
Source: Reis
San Diego’s economic rebound is surpassing expectations in numerous local markets. Positive trends in
unemployment, real estate, tourism and production indicate that the worst of the economic crisis may be
over. Downtown is experiencing growth with new high-rise hotels and multifamily developments approved
and under construction, along with the $12.8 million expansion project scheduled for Horton Plaza with
completion in 2015. Leading the San Diego recovery is the tourism industry, which employs over 160,000
people throughout the County. San Diego is one of the top tourist destinations in Southern California and
hosts 32 million visitors each year, generating more than $8 billion annually, which translates to an economic impact of
over $18.3 billion dollars generated for the regional economy. Housing prices have increased 10%in the last year and
the unemployment rate is holding steady at 7.4%, lower than the State average of 8.9%
Brandon Sudweeks, CCIM, Coldwell Banker Commercial Sudweeks Group, San Diego, CA
San Diego, CA
Here are a few thoughts from Coldwell Banker Commercial agents on why their market is in the top 10.
Minneapolis is a city with much opportunity and a city that strives to be a leader in new health solutions,
technologies, entertainment, and up-and-coming trends. Because of this, our market is appealing to
businesses and families alike. Minneapolis holds 3 professional sports teams, a prominent downtown
business college, major corporate offices such as Target Corp. and US Bank, and many present and future
construction developments for both residential and commercial. With this brings a steady flow of new jobs,
new housing opportunities and new business opportunities. The city’s highly-educated and culturally
connected workforce also create much business success. Despite the largeness of Minneapolis as a city, there still
tends to be an atmosphere of camaraderie in supporting local businesses and teaming together to make our community
better as a whole both economically and socially. Minneapolis’ bordering “twin” city, St. Paul, also brings a wealth of
business and opportunities. The Twin Cities together house 19 Fortune 500 Cos., 4 professional sports teams, and
many major downtown companies such as those stated above for Minneapolis specific and Ecolab and Securian
Financial in St. Paul.
Jeffrey L. LaFavre, CCIM, MCR, SIOR, Coldwell Banker Commercial Griffin Companies, Minneapolis, MN
Minneapolis, MN
Quotes from Top 10 Markets
Metro Retail
Rank
MF
Rank
Office
Rank
Pop
Rank
Unemp
Rank
Cumulative
Score
Final
Rank
Available
Properties
Los Angeles, CA 36 59 32 52 36 215 42 View Listings
San Bernardino/Riverside, CA 63 47 64 26 15 215 42 View Listings
Greensboro/Winston-Salem, NC 57 59 41 38 21 216 44 View Listings
Oklahoma City, OK 47 51 20 29 71 218 45 View Listings
Sacramento, CA 67 38 72 33 10 220 46 View Listings
Louisville, KY 13 72 52 43 43 223 47 View Listings
New York, NY 45* 79 5 59 38 226 48 View Listings
Norfolk/Hampton Roads, VA 11 68 70 48 31 228 49 View Listings
Rochester, NY 37 30 60 76 26 229 50 View Listings
Cincinnati, OH 25 5 79 57 66 232 51 View Listings
Northern New Jersey, NJ 9 64 62 63 38 236 52 View Listings
Ventura County, CA 41 54 80 46 17 238 53 View Listings
Buffalo, NY 78 21 32 81 27 239 54 View Listings
Columbia, SC 77 30 74 15 44 240 55 View Listings
New Haven, CT 22 53 38 70 58 241 56 View Listings
Kansas City, MO 44 42 37 39 81 243 57 View Listings
Suburban Virginia, VA 35 62 76 11 60 244 58 View Listings
Syracuse, NY 50 8 78 79 30 245 59 View Listings
Little Rock, AR 54 56 27 36 73 246 60 View Listings
Detroit, MI 64 19 55 80 42 260 61 View Listings
Birmingham, AL 37 67 75 55 28 262 62 View Listings
Chicago, IL 41 50 26 67 78 262 62 View Listings
Memphis, TN 7 56 77 42 80 262 62 View Listings
Fairfield County, CT 6 75 51 73 59 264 65 View Listings
District of Columbia, DC 53* 77 61 15 60 266 66 View Listings
Pittsburgh, PA 28 65 35 78 60 266 66 View Listings
Tucson, AZ 46 48 81 27 73 275 68 View Listings
Providence, RI 54 52 48 69 53 276 69 View Listings
New Orleans, LA 19 73 46 61 81 280 70 View Listings
Suburban Maryland, MD 52 58 57 53 60 280 70 View Listings
Lexington, KY 76 76 58 20 51 281 72 View Listings
Milwaukee, WI 62 71 32 68 48 281 72 View Listings
Westchester, NY 47 70 71 63 38 289 74 View Listings
Philadelphia, PA 72 63 31 71 53 290 75 View Listings
Wichita, KS 69 36 67 58 67 297 76 View Listings
Long Island, NY 33 80 72 75 38 298 77 View Listings
Albuquerque, NM 50 81 68 66 45 310 78 View Listings
St. Louis, MO 60 61 66 72 64 323 79 View Listings
Cleveland, OH 80 30 64 82 69 325 80 View Listings
Dayton, OH 72 82 36 77 72 339 81 View Listings
Chattanooga, TN 75 78 82 51 79 365 82 View Listings
Top Markets: Rankings Cont.
* -NY & Washington, DC data was not available for Retail Sector. An average of the other rankings was given so a final rank could be achieved; Source: Reis
By almost all accounts, Greater New Orleans is a great place to do business. In economic development, we
are at the highest point, in every economic ranking, in our history. Greater New Orleans was recently
ranked #2 “Boomtown in America”, due to population and GDP growth. Just last week, the region was
ranked #6 for creating middle-income jobs in the USA by Forbes. Encouragingly, talented people are voting
with their feet, choosing this region to build a career and start a family. In fact, Louisiana has enjoyed five
straight years of net in-migration for the first time in decades, according to the U.S. Census Bureau. New
Orleans grew faster than any other major U.S. city in the 15 months after the 2010 decennial headcount. And as more
and more people make New Orleans their home, their talents come with them, evidenced by the city's No. 1 ranking on
the list of "America's Biggest Brain Magnets" for attracting people under 25 with college degrees, according to Forbes.
Mark Inman, CCIM, Coldwell Banker Commercial TEC, New Orleans, LA
New Orleans, LA
With any survey, the results will depend on what variables you look at and how you look at them. That’s why we gave a
few markets ranked in the bottom 10 a chance to talk about the positives in their market.
Birmingham has the following positives: UAB Medical Center, University and Medical School continues to
grow, growing employment and bringing medical research dollars to the economy. Birmingham is a
regional retail center offering retail goods and services for Central Alabama. The Birmingham MSA offers
shopping choices only found in Birmingham for most of the State's residence, supporting expansion of
retail goods and services. Political structure of the MSA creates competition between Cities in the MSA for
new development, encouraging more public / private investments. Birmingham's CBD is going through a
renaissance with new development in sports, office, retail and residential development. Birmingham is the interchange
center of four major interstates connecting it to major cites in Tennessee, Georgia, Mississippi and Florida, coupled with
multiple converging rail lines makes the MSA an excellent distribution center. Birmingham is a solid community with a
great infrastructure designed for growth.
Wesley Cline, CCIM, Coldwell Banker Commercial Moore Company Realty, Birmingham, AL
Birmingham, AL
Chicago is one of most dynamic cities in the world. Chicago has a population of 9.5 million people, 4 million
culturally diverse employees and 265,000 businesses. It has over 400 major corporate headquarters
including 29 Fortune 500 companies. Chicago is a leader in a number of key industries including: Business
& Financial Services, Manufacturing, Information Technology, Health Services and Transportation &
Distribution, and is a global leader in options, futures and derivatives trading. The commercial real estate
market is also one of the largest and most active in the world. The industrial market consists of 1.15 billion
SF of space with only an 8.8% vacancy rate. The office market consists of 460 million SF with a current vacancy of
14.1%. The retail market consists of 262 million SF with a vacancy of only 7.1%.
Jordan Schnoll, CCIM , Coldwell Banker Commercial NRT, Chicago, IL
Chicago, IL
Rebuttals from Bottom Markets
Office
1 Orange County, CA
2 San Jose, CA
3 Denver, CO
4 Charleston, SC
5 New York, NY
5 Portland, OR
7 Austin, TX
8 Orlando, FL
9 Knoxville, TN
9 Minneapolis, MN
11 Boston, MA
11 Tulsa, OK
13 Fort Worth, TX
13 Greenville, SC
15 San Antonio, TX
16 Dallas, TX
16 Nashville, TN
18 Seattle, WA
19 San Francisco, CA
20 Central New Jersey, NJ
20 Oklahoma City, OK
22 Indianapolis, IN
23 Houston, TX
24 Oakland-East Bay, CA
25 Raleigh-Durham, NC
26 Chicago, IL
27 Little Rock, AR
28 Richmond, VA
28 San Diego, CA
30 Palm Beach, FL
31 Philadelphia, PA
32 Buffalo, NY
32 Los Angeles, CA
32 Milwaukee, WI
35 Pittsburgh, PA
36 Dayton, OH
37 Kansas City, MO
38 Columbus, OH
38 Miami, FL
38 New Haven, CT
41 Greensboro/Winston-Salem, NC
42 Atlanta, GA
42 Salt Lake City, UT
44 Hartford, CT
44 Tacoma, WA
46 New Orleans, LA
46 Phoenix, AZ
48 Charlotte, NC
48 Providence, RI
50 Jacksonville, FL
51 Fairfield County, CT
52 Louisville, KY
53 Colorado Springs, CO
53 Tampa-St. Petersburg, FL
55 Detroit, MI
56 Baltimore, MD
57 Suburban Maryland, MD
58 Lexington, KY
59 Fort Lauderdale, FL
60 Rochester, NY
61 District of Columbia, DC
62 Northern New Jersey, NJ
63 Omaha, NE
64 Cleveland, OH
64 San Bernardino/Riverside, CA
66 St. Louis, MO
67 Wichita, KS
68 Albuquerque, NM
69 Las Vegas, NV
70 Norfolk/Hampton Roads, VA
71 Westchester, NY
72 Long Island, NY
72 Sacramento, CA
74 Columbia, SC
75 Birmingham, AL
76 Suburban Virginia, VA
77 Memphis, TN
78 Syracuse, NY
79 Cincinnati, OH
80 Ventura County, CA
81 Tucson, AZ
82 Chattanooga, TN
Top Commercial RE Markets OFFICE
Orange County, CA
Reis’s data show the Orange County general purpose, multi-tenant office market in the throes of a substantial recovery. While still elevated relative to pre-recession levels, the vacancy rate is declining amid strong absorption and minimal speculative development. And while current average lease rates remain well below those seen prior to the downturn, growth, albeit in modest proportion, has returned to rents. The market’s Achilles heel in the recent downturn was the large mortgage industry tenant base, which led the sector’s decline during the recession. The wound has healed: strength in the mortgage sector, reflecting the housing rebound, has been a factor in the market’s turnaround. Leasing has been strong and absorption numbers have been high. 1
YTD $1.1 billion in sales 55 Transactions2
San Jose, CA
Reflecting the strong local economy and the expanding high technology Business sector, the Silicon Valley general purpose, multitenant office market shows considerable strength. Demand has been strong; a new development cycle is underway. By Reis’s count, net absorption through the first half of the year accompanied by 817,000 SF of new supply was 766,000 SF. While still elevated, vacancy has been declining persuasively. The rate for the second quarter was 18.8%, down 30 basis points for the period, down 110 year-over-year. The positive performance seen in July-August took 20 additional points from the rate. On the other hand, major employers such as Google, Apple and Salesforce have already taken space sufficient to accommodate several years of growth. Rents are high; growth has been strong. At $31.45 psf, second quarter asking averages were up 1.6% each for the period following gains of about 1.0% in the first quarter. Ranked the #2 market in this survey for rate change. A rapid depletion of Class A blocks of space over the last 24 months encourages development. 1
YTD $2.3 billion in sales 67 Transactions2
Denver, CO
According to Reis, 2013 was “a break out year” for the Denver area office market, citing the strong local economy, rising rents, and the return of construction. Leasing has “returned to normal”—“normal” being pre-recession activity levels. In addition, several sources report increasing employment in office-using sectors. Net absorption has been strongly positive since 2011, the vacancy rate has fallen to its lowest point since early 2009, and rates of rent growth, albeit gradually, are increasing. Led by downtown Denver and areas on its periphery, moreover, substantial volumes of new office space were under construction and planned per the date of this report. While most of the current building activity is build-to-suit, speculative development, following a prolonged absence, is beginning to reappear. While a deluge of supply is not expected, spec construction should be a visible trend in the period ahead. Investment, charged by several major recent sales, has been very strong in recent quarters.1
YTD $1.7 billion in sales 79 Transactions2
Charleston, SC
The Charleston area market grows tighter. Absorption has remained positive because there is a diminishing availability of quality space. By Reis’s count, second quarter vacancy was 15.6%, down 100 basis points for the period, down 180 year-over-year. The Class A rate, however, was considerably lower at 13.0%, a decline of fully 260 basis points for the quarter alone, a loss of 350 year-over-year. This was the #1 ranked market in this survey for change in vacancy for office. The volume of vacant Class A space had shrunk to only 551,000 SF by the end of the quarter. Absorption, accordingly, is dominated by this sector. With no space completing construction through the first half of the year, total metro area net absorption was counted by Reis at 96,000 SF. The Class A total was 117,000. Technology continued to be the primary driver of tenant demand Boeing has purchased the 178,000 SF Applied Technology Research Center for expansion, thus displacing The South Carolina Research Authority which will be relocating its headquarters to Mead Westvaco’s 4,500-acre Nexton mixed-use development in Summerville for a 75,000 SF built-to-suit.1
New York, NY
The 354-million-SF general purpose, multi-tenant Manhattan office is a moderate success by the standards of the past, but in a boom mode by the standards of the present. Despite the completion of extensive new space the vacancy rate remained in the single digits in the third quarter of 2013, and rents increased at about the same pace as has been common since the recovery began in 2011. What is most encouraging is that the office market is solid even though the city’s leading sector—finance—continues to downsize. Reis predicts that 17.5 million SF of new space will be added within its Manhattan submarkets from 2013 to 2017. While that would constitute the largest building boom since the 1980s, it would only restore the size of the inventory to its level during the mid-1990s, and even then only if there are no more office-to-residential or hotel conversions. 1
YTD $16.4 billion in sales 148 Transactions2
Sources: 1-Reis; 2-Real Capital Analytics
Top 5 Ranked Office Markets
Metro Q3 2013
Vac %
% Change
Q3 ‘12-Q3 ‘13
Vac
Rank
Asking
Rent $
%Change Rent
Q3 ‘12-Q3 ‘13
Rate
Rank
Final
Rank
Orange County, CA 17.3 -8.95% 4 $27.45 2.20% 9 1
San Jose, CA 18.6 -5.10% 18 $31.68 5.28% 2 2
Denver, CO 17.5 -6.91% 11 $22.14 1.98% 12 3
Charleston, SC 15.3 -10.53% 1 $21.49 1.42% 23 4
New York, NY 9.7 -3.96% 24 $61.16 4.62% 3 5
Portland, OR 13.6 -8.72% 5 $21.84 1.58% 22 5
Austin, TX 16.4 -4.09% 23 $26.58 2.47% 6 7
Orlando, FL 18.2 -4.71% 21 $21.43 2.05% 10 8
Minneapolis, MN 17.3 -4.95% 19 $22.33 1.64% 19 9
Knoxville, TN 14.3 -10.06% 3 $16.02 1.14% 35 9
Boston, MA 13.9 -3.47% 26 $37.04 1.95% 14 11
Tulsa, OK 17.2 -7.03% 10 $14.79 1.23% 30 11
Greenville, SC 19.2 -3.03% 31 $16.85 2.00% 11 13
Fort Worth, TX 16.3 -5.23% 17 $19.63 1.39% 25 13
San Antonio, TX 18.0 -5.26% 16 $20.25 1.20% 31 15
Dallas, TX 23.1 -1.28% 43 $20.26 3.16% 5 16
Nashville, TN 12.8 -7.25% 8 $20.33 0.99% 40 16
Seattle, WA 13.7 -2.84% 33 $29.86 1.88% 16 18
San Francisco, CA 13.3 -0.75% 49 $43.69 7.72% 1 19
Central New Jersey, NJ 21.8 -5.63% 15 $23.98 1.05% 37 20
Oklahoma City, OK 16.8 -10.16% 2 $15.00 0.81% 50 20
Indianapolis, IN 19.2 -5.88% 14 $17.91 1.02% 39 22
Houston, TX 14.2 -0.70% 50 $25.67 4.35% 4 23
Oakland-East Bay, CA 17.9 -3.24% 29 $26.26 1.27% 28 24
Raleigh-Durham, NC 15.1 -6.79% 12 $20.38 0.84% 47 25
Chicago, IL 18.7 0.00% 54 $27.98 2.30% 7 26
Little Rock, AR 12.2 -7.58% 7 $15.79 0.77% 55 27
San Diego, CA 16.3 -2.98% 32 $28.59 1.20% 31 28
Richmond, VA 14.8 -3.27% 28 $18.57 1.14% 35 28
Palm Beach, FL 19.1 -5.91% 13 $28.40 0.78% 54 30
Philadelphia, PA 14.1 -7.24% 9 $24.79 0.65% 59 31
Los Angeles, CA 15.8 0.00% 54 $32.76 1.64% 18 32
Milwaukee, WI 18.8 -1.05% 46 $19.11 1.38% 26 32
Buffalo, NY 14.2 -8.39% 6 $17.02 0.41% 66 32
Pittsburgh, PA 15.7 1.29% 61 $21.13 1.98% 12 35
Dayton, OH 26.6 -2.56% 34 $14.62 0.97% 41 36
Kansas City, MO 17.3 0.00% 54 $19.27 1.42% 23 37
Columbus, OH 18.7 1.08% 59 $18.09 1.63% 20 38
New Haven, CT 17.8 -2.20% 36 $20.83 0.92% 43 38
Miami, FL 16.9 -3.43% 27 $30.45 0.79% 52 38
Greensboro/Winston-Salem, NC 20.9 -1.88% 40 $16.42 0.92% 43 41
Top Markets: OFFICE RANKS
Source: Reis
Metro Q3 2013
Vac %
% Change
Q3 ‘12-Q3 ‘13
Vac
Rank
Asking
Rent $
%Change Rent
Q3 ‘12-Q3 ‘13
Rate
Rank
Final
Rank
Atlanta, GA 20.3 -1.46% 42 $21.64 0.93% 42 42
Salt Lake City, UT 17.3 -2.26% 35 $18.43 0.82% 49 42
Hartford, CT 21.4 2.88% 65 $21.29 1.62% 20 44
Tacoma, WA 16.0 -3.61% 25 $20.17 0.60% 60 44
New Orleans, LA 13.4 3.88% 71 $18.40 1.88% 15 46
Phoenix, AZ 25.6 -0.78% 48 $22.52 1.03% 38 46
Charlotte, NC 17.8 9.20% 79 $21.91 2.29% 8 48
Providence, RI 15.6 -1.89% 39 $20.57 0.83% 48 48
Jacksonville, FL 20.8 0.48% 58 $18.52 1.15% 34 50
Fairfield County, CT 22.5 5.14% 76 $34.78 1.70% 17 51
Louisville, KY 15.7 2.61% 64 $16.36 1.24% 29 52
Tampa-St. Petersburg, FL 22.2 3.26% 67 $21.33 1.28% 27 53
Colorado Springs, CO 19.4 -4.90% 20 $16.49 0.00% 74 53
Detroit, MI 25.8 -1.53% 41 $18.99 0.74% 57 55
Baltimore, MD 16.4 -4.65% 22 $23.40 -0.17% 77 56
Suburban Maryland, MD 15.2 -0.65% 51 $28.23 0.79% 52 57
Lexington, KY 15.5 -3.13% 30 $17.07 -0.12% 75 58
Fort Lauderdale, FL 19.7 -1.99% 38 $25.52 0.08% 70 59
Rochester, NY 16.9 -1.17% 44 $16.29 0.43% 65 60
District of Columbia, DC 9.6 3.23% 66 $50.13 0.89% 45 61
Northern New Jersey, NJ 18.8 -1.05% 46 $27.81 0.32% 67 62
Omaha, NE 15.7 3.29% 68 $17.27 0.88% 46 63
Cleveland, OH 24.0 15.94% 82 $18.69 1.19% 33 64
San Bernardino/Riverside, CA 24.0 -2.04% 37 $21.28 -0.23% 78 64
St. Louis, MO 17.9 -0.56% 52 $20.55 0.44% 64 66
Wichita, KS 17.7 1.72% 62 $14.33 0.77% 55 67
Albuquerque, NM 18.1 4.02% 72 $16.25 0.81% 50 68
Las Vegas, NV 25.9 -1.15% 45 $23.71 -0.42% 80 69
Norfolk/Hampton Roads, VA 15.6 3.31% 69 $19.15 0.74% 57 70
Westchester, NY 18.7 1.08% 59 $28.56 0.07% 72 71
Sacramento, CA 21.3 1.91% 63 $23.71 0.08% 70 72
Long Island, NY 13.9 0.00% 54 $26.81 -0.37% 79 72
Columbia, SC 18.3 -0.54% 53 $15.94 -0.75% 82 74
Birmingham, AL 13.2 4.76% 74 $19.12 0.53% 62 75
Suburban Virginia, VA 17.0 7.59% 78 $32.09 0.60% 60 76
Memphis, TN 23.7 4.87% 75 $18.24 0.50% 63 77
Syracuse, NY 16.3 4.49% 73 $15.97 0.31% 68 78
Cincinnati, OH 20.8 3.48% 70 $18.69 0.05% 73 79
Ventura County, CA 17.3 9.49% 80 $24.25 0.21% 69 80
Tucson, AZ 15.2 7.04% 77 $21.41 -0.14% 76 81
Chattanooga, TN 16.9 12.67% 81 $14.72 -0.54% 81 82
Top Markets: OFFICE Cont. RANKS
Source: Reis
Retail
1 Hartford, CT 2 Orlando, FL
3 Austin, TX
4 Minneapolis, MN
5 Fort Worth, TX
6 Fairfield County, CT
7 Dallas, TX
7 Memphis, TN
9 Northern New Jersey, NJ
10 Houston, TX
11 Norfolk/Hampton Roads, VA
11 Raleigh-Durham, NC
13 Louisville, KY
14 Fort Lauderdale, FL
15 Phoenix, AZ
16 Orange County, CA
17 Boston, MA
18 San Diego, CA
19 New Orleans, LA
20 Baltimore, MD
21 San Jose, CA
22 Las Vegas, NV
22 New Haven, CT
22 Portland, OR
25 Charleston, SC
25 Cincinnati, OH
25 Knoxville, TN
28 Pittsburgh, PA
28 Salt Lake City, UT
28 Seattle, WA
31 Palm Beach, FL
31 Richmond, VA
33 Columbus, OH
33 Long Island, NY
35 Suburban Virginia, VA
36 Los Angeles, CA
37 Birmingham, AL
37 Central New Jersey, NJ
37 Rochester, NY
40 Omaha, NE
41 Chicago, IL
41 Ventura County, CA
43 Charlotte, NC
44 Kansas City, MO
45 Denver, CO
46 Tucson, AZ
47 Oklahoma City, OK
47 Westchester, NY
49 Atlanta, GA
50 Albuquerque, NM
50 Syracuse, NY
52 Nashville, TN
52 Suburban Maryland, MD
54 Little Rock, AR
54 Miami, FL
54 Providence, RI
57 Greensboro/Winston-Salem, NC
57 Tulsa, OK
59 Indianapolis, IN
60 St. Louis, MO
61 San Francisco, CA
62 Milwaukee, WI
63 San Bernardino/Riverside, CA
64 Colorado Springs, CO
64 Detroit, MI
66 Greenville, SC
67 Sacramento, CA
67 San Antonio, TX
69 Wichita, KS
70 Tampa-St. Petersburg, FL
71 Oakland-East Bay, CA
72 Dayton, OH
72 Philadelphia, PA
72 Tacoma, WA
75 Chattanooga, TN
76 Lexington, KY
77 Columbia, SC
78 Buffalo, NY
78 Jacksonville, FL
80 Cleveland, OH
Top Commercial RE Markets Retail
Hartford, CT
The 14.5-million SF Hartford MSA community-neighborhood shopping center market continued to benefit from incremental improvement through two-thirds of 2013. No space of this type has completed construction within Reis submarkets since 2010, and none is under construction. With net absorption at 73,000 SF for 2013 through August, the vacancy rate is down 50 basis points year-to date to 9.5%. The average asking rent increased 0.6% in the second quarter to $17.55 psf. This was the #2 ranked market for rate increase. Additional increases through August brought the gain to 1.1% asking year-to-date. Reis reports a vacancy rate of 6.4% for power centers, down 30 basis points from the prior quarter and 140 from a year earlier. The average asking rent for power centers is $22.31 psf, up 0.5% for the quarter and 2.2% year-over-year.1
$248 million in sales 8 Transactions2
Orlando, FL
The sharp recession related cutbacks in residential construction and the collapse of the housing market brought a period of difficulty to the local retail real estate market. Vacancy in the community-neighborhood shopping center retail sector, which peaked at 14.0% as recently as the third quarter of 2012, has only recently begun to subside. By the end of the second quarter of 2013 the level had dropped to 13.1%, a loss of 50 basis points for the quarter alone, a decline of 80 since year-end. This made Orlando the #2 market in % drop in Vacancy. The source of the progress in occupancy since last year was the persistence of positive net absorption in the presence of no new supply deliveries. The absorption total for the first half of 2013 was 252,000 SF. The total for the second quarter alone was 170,000 SF. Growth, at last, has returned to average rents. At $17.62 psf asking averages for the second quarter were up 0.6% for the period following gains of 1.0% for each rate the quarter before. Recent construction, meanwhile, has been dominated by small neighborhood center projects. As of mid-year, Reis was reporting 4.9 million SF of retail space in the planned-proposed pipeline across all product categories.1
$687 million in sales 53 Transactions2
Austin, TX
Vacancy is leveling off at a moderate level in Austin’s 20.7-million-SF community-neighborhood shopping center market, but rent gains remain modest. The rate was 6.7% during the second quarter, down 20 basis points for the period as net absorption totaled 81,000 SF and two neighborhood center projects added 58,000 SF within Reis submarkets. After a flat first quarter, rents increased 0.7% in the second quarter. The second quarter asking average was $20.44 psf. Community-neighborhood center development is expected to remain limited, as there is no space currently under construction. Rent gains, however, are expected to pick up. Big-box and mixed-use developments are all the rage in Austin retail. The latest new construction data show three power center projects under construction with 1.9 million SF, three mixed-use projects with 883,400 SF of retail, and three freestanding stores totaling 314,700 SF. For power centers, Reis reports a relatively high second quarter vacancy rate of 7.6%, down 120 basis points from the prior quarter and 100 from a year earlier. The average asking rent for power centers is $24.34 psf, up 0.4% for the quarter and 0.6% from a year earlier.1
$442 million in sales 33 Transactions2
Minneapolis, MN
The 33.6-million SF Minneapolis community neighborhood shopping center market is in balance as of mid-2013, but only due to a near absence of new supply. The vacancy rate fell 20 basis points to 11.1% in the second quarter, when year-to-date net absorption reached 164,000 SF. The 10,800-SF Crossroads Plaza neighborhood center completed construction in Hopkins in April, leaving 213,700 SF of community-neighborhood center space under construction in six projects. The average asking rent increased 0.3% during the quarter, to $17.80 psf. The rate is forecast at 10.8% at year-end 2013, down 70 basis points over the year. 1
$612 million in sales 43 Transactions2
Fort Worth, TX
The 28.5-million SF Fort Worth community-neighborhood shopping center market enjoyed positive trends in the first half of 2013, despite competition from the big-box sector. The second quarter 2013 vacancy rate was 12.0%, down 60 basis points from the end of 2012 on 179,000 SF of net absorption and no new supply. The second quarter saw community-neighborhood center rents rise up 0.8%, to $14.51 psf asking, an unusually large quarterly increase. Rents had increased just 1.0% asking during all of 2012. Reis, however, expects the vacancy rate to fall to 11.7% by the end of 2013, with rent gains coming in at 1.5% asking for the year. The power center vacancy rate is 6.2% for the second quarter of 2013, down 80 basis points from the prior quarter and 180 from a year earlier, so the big- box segment is starting to get tight.1
Sources: 1-Reis; 2-Real Capital Analytics
Top 5 Ranked Retail Markets
Metro Q3 2013
Vac %
% Change
Q3 ‘12-Q3 ‘13
Vac
Rank
Asking
Rent $
%Change Rent
Q3 ‘12-Q3 ‘13
Rate
Rank
Final
Rank
Hartford, CT 10.4 -6.73% 8 $17.24 2.44% 2 1 Orlando, FL 14.0 -9.29% 2 $17.34 1.85% 10 2 Austin, TX 7.2 -8.33% 3 $20.18 1.73% 16 3 Minneapolis, MN 11.5 -5.22% 15 $17.53 2.00% 7 4 Fort Worth, TX 13.1 -6.87% 5 $14.30 1.54% 19 5 Fairfield County, CT 4.0 -5.00% 19 $27.81 2.05% 6 6 Memphis, TN 13.1 -7.63% 4 $13.41 1.34% 24 7 Dallas, TX 14.2 -5.63% 14 $16.47 1.76% 14 7 Northern New Jersey, NJ 5.9 -10.17% 1 $27.86 1.01% 34 9 Houston, TX 12.5 -3.20% 32 $16.04 2.18% 4 10 Norfolk/Hampton Roads, VA 10.4 -4.81% 20 $14.91 1.54% 18 11 Raleigh-Durham, NC 9.5 -3.16% 33 $17.57 2.16% 5 11 Louisville, KY 10.5 -6.67% 9 $15.67 1.08% 31 13 Fort Lauderdale, FL 10.9 -2.75% 39 $18.78 1.86% 9 14 Phoenix, AZ 11.6 -5.17% 17 $18.62 1.02% 33 15 Orange County, CA 5.8 -3.45% 29 $30.70 1.43% 22 16 Boston, MA 6.9 -4.35% 24 $21.83 1.19% 29 17 San Diego, CA 6.4 -3.13% 34 $28.38 1.41% 23 18 New Orleans, LA 11.9 -1.68% 49 $14.89 1.81% 11 19 Baltimore, MD 7.4 -6.76% 7 $21.42 0.61% 54 20 San Jose, CA 5.9 -1.69% 48 $30.82 1.75% 15 21 Portland, OR 8.7 -5.75% 13 $20.15 0.65% 51 22 Las Vegas, NV 13.0 -3.85% 26 $20.93 0.91% 38 22 New Haven, CT 12.5 0.00% 63 $16.13 2.54% 1 22 Charleston, SC 11.6 -6.03% 10 $13.44 0.60% 55 25 Knoxville, TN 11.1 -4.50% 22 $13.96 0.79% 43 25 Cincinnati, OH 13.9 -4.32% 25 $14.69 0.88% 40 25 Salt Lake City, UT 13.3 -6.77% 6 $16.06 0.44% 60 28 Seattle, WA 7.0 -2.86% 38 $22.96 1.26% 28 28 Pittsburgh, PA 8.0 0.00% 63 $16.14 2.42% 3 28 Richmond, VA 9.7 -3.09% 35 $15.94 0.94% 35 31 Palm Beach, FL 12.2 -0.82% 62 $21.35 1.97% 8 31 Columbus, OH 16.0 -1.88% 45 $12.65 1.11% 30 33 Long Island, NY 5.3 0.00% 63 $25.53 1.80% 12 33 Suburban Virginia, VA 6.9 -5.80% 12 $27.81 0.32% 65 35 Los Angeles, CA 6.1 -1.64% 51 $29.13 1.27% 27 36 Rochester, NY 13.0 -3.85% 26 $12.91 0.62% 53 37 Birmingham, AL 15.3 -1.31% 54 $14.57 1.30% 25 37 Central New Jersey, NJ 10.2 -0.98% 58 $22.25 1.48% 21 37 Omaha, NE 9.1 -3.30% 31 $13.66 0.73% 49 40
Top Markets: Retail RANKS
Source: Reis
Metro Q3 2013
Vac %
% Change
Q3 ‘12-Q3 ‘13
Vac
Rank
Asking
Rent $
%Change Rent
Q3 ‘12-Q3 ‘13
Rate
Rank
Final
Rank
Ventura County, CA 9.1 -4.40% 23 $28.62 0.49% 58 41
Chicago, IL 11.6 -3.45% 29 $19.07 0.63% 52 42
Charlotte, NC 10.3 -2.91% 37 $17.93 0.78% 45 43
Kansas City, MO 12.0 -5.83% 11 $14.09 0.07% 72 44
Denver, CO 11.8 -0.85% 60 $16.88 1.30% 25 45
Tucson, AZ 9.9 -3.03% 36 $16.76 0.66% 50 46
Westchester, NY 8.0 -1.25% 55 $35.76 1.03% 32 47
Oklahoma City, OK 13.7 1.46% 74 $11.35 1.76% 13 48
Atlanta, GA 14.2 -2.11% 42 $17.21 0.76% 47 49
Syracuse, NY 15.5 -5.16% 18 $12.55 -0.16% 75 50
Albuquerque, NM 11.3 0.88% 73 $14.41 1.53% 20 51
Nashville, TN 8.7 -4.60% 21 $15.39 0.06% 73 52
Suburban Maryland, MD 9.0 -1.11% 56 $25.18 0.91% 38 53
Providence, RI 13.5 -5.19% 16 $21.00 -0.43% 79 54
Miami, FL 7.2 -1.39% 53 $24.27 0.82% 42 55
Little Rock, AR 12.1 4.96% 78 $12.49 1.68% 17 56
Tulsa, OK 17.0 -3.53% 28 $11.19 0.27% 68 57 Greensboro/Winston-Salem, NC
11.7 -0.85% 59 $14.06 0.92% 37 58
Indianapolis, IN 15.2 -1.97% 43 $14.58 0.48% 59 59
St. Louis, MO 12.9 -2.33% 40 $14.71 0.34% 63 60
San Francisco, CA 3.9 0.00% 63 $32.86 0.85% 41 61
Milwaukee, WI 12.8 0.78% 71 $15.06 0.93% 36 62
San Bernardino/Riverside, CA 10.2 -1.96% 44 $20.57 0.29% 67 63
Detroit, MI 12.0 -1.67% 50 $16.92 0.35% 62 64
Colorado Springs, CO 15.5 0.65% 69 $13.89 0.79% 43 65
Greenville, SC 14.0 -1.43% 52 $11.79 0.34% 63 66
San Antonio, TX 11.5 -1.74% 47 $14.90 0.20% 70 67
Sacramento, CA 12.4 0.81% 72 $21.81 0.78% 45 68
Wichita, KS 13.3 -2.26% 41 $12.08 -0.41% 78 69
Tampa-St. Petersburg, FL 11.8 0.00% 63 $14.24 0.56% 57 70
Oakland-East Bay, CA 6.2 1.61% 76 $27.93 0.75% 48 71
Dayton, OH 16.5 -1.82% 46 $10.65 -0.47% 80 72
Philadelphia, PA 9.6 -1.04% 57 $19.83 0.25% 69 73
Tacoma, WA 11.9 -0.84% 61 $18.60 0.32% 65 74
Chattanooga, TN 14.2 7.75% 80 $12.35 0.57% 56 75
Lexington, KY 8.1 6.17% 79 $13.93 0.43% 60 76
Columbia, SC 11.4 0.00% 63 $12.33 -0.41% 77 77
Buffalo, NY 13.8 0.72% 70 $12.05 -0.25% 76 78
Jacksonville, FL 12.8 1.56% 75 $15.26 0.13% 71 79
Cleveland, OH 14.7 3.40% 77 $14.95 -0.07% 74 80
Top Markets: Retail Cont. RANKS
Source: Reis
Multi-Family
1 Oakland-East Bay, CA
2 Greenville, SC
3 San Diego, CA
4 Houston, TX
5 Cincinnati, OH
6 Columbus, OH
7 Omaha, NE
8 Syracuse, NY
8 Tacoma, WA
10 Orlando, FL
11 Baltimore, MD
11 Jacksonville, FL
11 Portland, OR
14 San Antonio, TX
15 Phoenix, AZ
16 Minneapolis, MN
17 Tampa-St. Petersburg, FL
18 Dallas, TX
19 Detroit, MI
20 Atlanta, GA
21 Buffalo, NY
22 Charleston, SC
22 Raleigh-Durham, NC
24 Denver, CO
25 Colorado Springs, CO
25 Las Vegas, NV
25 Nashville, TN
28 Orange County, CA
28 Seattle, WA
29 Charlotte, NC
30 Cleveland, OH
30 Columbia, SC
30 Rochester, NY
33 San Francisco, CA
35 Fort Worth, TX
36 Hartford, CT
36 Wichita, KS
38 Miami, FL
38 Sacramento, CA
40 Austin, TX
40 Tulsa, OK
42 Boston, MA
42 Kansas City, MO
42 San Jose, CA
45 Palm Beach, FL
46 Knoxville, TN
47 San Bernardino/Riverside, CA
48 Richmond, VA
48 Tucson, AZ
50 Chicago, IL
51 Oklahoma City, OK
52 Providence, RI
53 New Haven, CT
54 Salt Lake City, UT
54 Ventura County, CA
56 Little Rock, AR
56 Memphis, TN
58 Suburban Maryland, MD
59 Greensboro/Winston-Salem, NC
59 Los Angeles, CA
61 St. Louis, MO
62 Suburban Virginia, VA
63 Philadelphia, PA
64 Northern New Jersey, NJ
65 Pittsburgh, PA
66 Fort Lauderdale, FL
67 Birmingham, AL
68 Norfolk/Hampton Roads, VA
69 Indianapolis, IN
70 Westchester, NY
71 Milwaukee, WI
72 Louisville, KY
73 New Orleans, LA
74 Central New Jersey, NJ
75 Fairfield County, CT
76 Lexington, KY
77 District of Columbia, DC
78 Chattanooga, TN
79 New York, NY
80 Long Island, NY
81 Albuquerque, NM
82 Dayton, OH
Top Commercial RE Markets Multi-Family
Oakland-East Bay, CA
Vacancy is rock bottom and falling in the 146,345-unit Oakland- East Bay apartment. The second quarter vacancy rate was 2.8%, down 10 basis points from the prior quarter. The Class A vacancy rate was tight at 3.3% but up 10 basis points for the second quarter, while the Class B/C segment was tighter at 2.5%, down 20 basis points. More than two-thirds of the inventory is Class B/C, and the Class B/C inventory fell 101 units in the second quarter due to conversion. Net absorption and new supply year-to-date through that month were 609 units and zero. Reis reports 2,066 units under construction. Rent gains are slowing despite slow vacancy. During the second quarter of 2013 the average asking rent rose 0.7% to $1,450 per month.1
Greenville, SC
Vacancy is low and rent gains are accelerating in the 34,530-unit Greenville area apartment market. The third quarter vacancy rate is 4.5%, unchanged from the second quarter but down 40 basis points from the fourth quarter of 2012. Vacancy held steady despite the completion of three projects with 850 units during the third quarter: the 346-unit The Aventine at Greenville, the 260-unit Springs at Greenville, and the 244-unit The Vinings at Icar Apartments, all located in the South Greenfield submarket. Prior to that surge of new supply, the second quarter vacancy rate for Class A space was 4.7%, down from 5.6% a year earlier. Class B/C vacancy was 4.2%, down 120 basis points. New supply is forecast to slow after the banner year of 2013, with an average of just 314 new units per year from 2014 to 2017, but net absorption is forecast to slow as well. New units pushed up the average asking rent, which increased 1.7% during the third quarter to $696 per month. That was a gain of 2.7% for the first three quarters of 2013 combined.1
San Diego, CA
The 181,326-unit market-rate, investment-grade San Diego apartment market continues to experience extremely low vacancy and solid quarterly rental growth. San Diego’s third quarter 2013 vacancy rate was 2.3%, according to Reis, down 20 basis points from the prior quarter and down 70 from 12 months earlier. Vacancy averaged 3.8% from 2008 to 2012, so this market is extremely tight. Vacancy rates at or below 5.0% are generally considered to indicate a full market. San Diego has one of the highest occupancy rates in the country, at 97.7%. San Diego has the fifth highest concentration of people between the ages of 25 to 35 (largest renter age cohort) in the country, over 484,000 total. Today, nearly half of the households in San Diego county are renting. The third quarter saw 283 units of net absorption, Reis reports, a healthy figure which brings the year-to-date total to 1,238. The net absorption total for 2012 was 1,584 units, so 2013 is shaping up as a strong year for demand. Third quarter rent gains were substantial once again, and year over-year gains were also strong, according to Reis. The average asking rent increased 0.7% to $1,430 per month. The year-over-year gains are 2.7%.1
$1.3 billion in sales 86 Transactions2
Houston, TX
An avalanche of new supply is descending on the Houston apartment sector as the market, free of impediments due to the recession and riding on the back of robust economic and demographic trends, moves into a defining phase of its new cycle. Indeed, more than 4,300 market-rate apartments completed construction metrowide year-to-date as of mid-August even as some 15,500 others remained under construction, a large portion of which will arrive on line by the end of the year in a rapidly accelerating succession of deliveries. Demand, a driving factor, remains strong. While robust development and leasing activities are indicated for much of the metro area, the Energy Corridor on the west side (and west side submarkets generally), home to much of Houston’s oil and gas business, will see the highest activity levels. The vacancy rate reached its cyclical peak at 12.9% during the first quarter of 2010. At that point, a robust recovery commenced. It led, before long, to the heated expansion cycle now underway. Vacancy tells the tale: by the end of the latest quarter the rate had descended to 6.6%, a decline of 20 basis points for the period, a loss of 110 year-over-year. Moderately positive in 2010, a little slower in 2011, rent growth soared in 2012 with gains of 4.7% indicated for the asking averages.1
$3.5 billion in sales 170 Transactions2
Cincinnati, OH
The Vacancy in the 106,296-unit Cincinnati apartment market posted another drop in the second quarter, falling 30 basis points to 3.5%. That rate is down 120 basis points from 12 months earlier. Class A vacancy finished the quarter at 3.3%, down 40 basis points over the quarter, while Class B/C vacancy was 3.6%, down 30 basis points from the prior quarter. Cincinnati is still a very tight multifamily market, with net absorption running ahead of demand. From 2008 to 2012, about 2,500 units were completed, but net absorption was over 5,000 during that time span. Reis’s latest construction data lists 592 units completing in five projects so far in 2013, with net absorption at 994 units. Vacancy is forecast to finish 2013 at 3.4%. Reis reports second quarter average asking rents of $754 per month, up 0.5% for the quarter, and up 2.2% over 12 months.1
$156 million in sales 13 Transactions2
Sources: 1-Reis; 2-Real Capital Analytics
Top 5 Ranked Multi-Family Markets
Metro Q3 2013
Vac %
% Change
Q3 ‘12-Q3 ‘13
Vac
Rank
Asking
Rent $
%Change Rent
Q3 ‘12-Q3 ‘13
Rate
Rank
Final
Rank
Oakland-East Bay, CA 2.6 -18.75% 10 $1,478 4.30% 5 1
Greenville, SC 4.5 -18.18% 12 $696 3.42% 12 2
San Diego, CA 2.3 -23.33% 3 $1,430 2.73% 27 3
Houston, TX 6.4 -15.79% 26 $866 4.21% 6 4
Cincinnati, OH 3.5 -23.91% 2 $760 2.56% 33 5
Columbus, OH 4.6 -19.30% 8 $740 2.64% 29 6
Omaha, NE 3.1 -16.22% 24 $751 3.16% 17 7
Tacoma, WA 4.1 -21.15% 4 $812 2.40% 39 8
Syracuse, NY 2.1 -25.00% 1 $741 2.35% 42 8
Orlando, FL 5.1 -15.00% 33 $925 3.24% 14 10
Portland, OR 3.0 -11.76% 41 $916 3.85% 9 11
Baltimore, MD 3.6 -12.20% 37 $1,095 3.30% 13 11
Jacksonville, FL 6.8 -17.07% 18 $837 2.57% 32 11
San Antonio, TX 5.6 -12.50% 35 $780 3.17% 16 14
Phoenix, AZ 5.4 -16.92% 19 $796 2.45% 35 15
Minneapolis, MN 2.2 -12.00% 39 $1,039 3.08% 18 16
Tampa-St. Petersburg, FL 4.5 -18.18% 12 $887 2.31% 46 17
Dallas, TX 5.0 -12.28% 36 $895 2.87% 23 18
Detroit, MI 3.8 -17.39% 16 $880 2.33% 44 19
Atlanta, GA 6.2 -15.07% 32 $894 2.64% 29 20
Buffalo, NY 2.7 -20.59% 5 $778 2.10% 56 21
Charleston, SC 4.5 -8.16% 51 $839 3.58% 11 22
Raleigh-Durham, NC 3.9 -15.22% 31 $874 2.58% 31 22
Denver, CO 3.7 -7.50% 56 $992 4.20% 7 24
Nashville, TN 4.3 -6.52% 61 $828 4.68% 3 25
Colorado Springs, CO 3.8 -15.56% 27 $758 2.43% 37 25
Las Vegas, NV 5.5 -20.29% 6 $841 2.06% 58 25
Seattle, WA 4.1 -4.65% 65 $1,180 6.98% 1 28
Orange County, CA 3.1 -11.43% 42 $1,626 2.85% 24 28
Charlotte, NC 4.8 -11.11% 44 $868 2.84% 25 29
Cleveland, OH 3.3 -15.38% 29 $777 2.37% 41 30
Columbia, SC 6.7 -16.25% 23 $761 2.28% 47 30
Rochester, NY 3.0 -16.67% 20 $825 2.23% 50 30
San Francisco, CA 3.1 -3.13% 67 $2,113 4.35% 4 33
Fort Worth, TX 5.1 -10.53% 45 $776 2.65% 28 35
Wichita, KS 4.4 -8.33% 50 $554 2.78% 26 36
Hartford, CT 2.8 -17.65% 14 $1,042 1.96% 62 36
Miami, FL 3.9 -4.88% 63 $1,157 3.21% 15 38
Sacramento, CA 3.4 -19.05% 9 $972 1.89% 69 38
Austin, TX 4.4 0.00% 71 $972 3.96% 8 40
Tulsa, OK 5.9 -13.24% 34 $618 2.32% 45 40
Top Markets: Multi-Family RANKS
Source: Reis
Metro Q3 2013
Vac %
% Change
Q3 ‘12-Q3 ‘13
Vac
Rank
Asking
Rent $
%Change Rent
Q3 ‘12-Q3 ‘13
Rate
Rank
Final
Rank
San Jose, CA 2.9 7.41% 79 $1,743 4.94% 2 42
Boston, MA 3.8 0.00% 71 $1,879 3.70% 10 42
Kansas City, MO 4.2 -17.65% 14 $749 1.90% 67 42
Palm Beach, FL 5.4 -5.26% 62 $1,192 2.94% 21 45
Knoxville, TN 4.8 -20.00% 7 $626 1.46% 78 46
San Bernardino/Riverside, CA 3.5 -18.60% 11 $1,092 1.58% 76 47
Richmond, VA 4.7 -7.84% 53 $839 2.44% 36 48
Tucson, AZ 5.2 -16.13% 25 $689 1.92% 64 48
Chicago, IL 3.7 -7.50% 56 $1,139 2.52% 34 50
Oklahoma City, OK 5.5 -11.29% 43 $594 2.24% 48 51
Providence, RI 3.0 -16.67% 20 $1,270 1.76% 72 52
New Haven, CT 2.0 -16.67% 22 $1,169 1.83% 71 53
Salt Lake City, UT 4.0 2.56% 76 $803 2.95% 20 54
Ventura County, CA 2.9 -17.14% 17 $1,466 1.24% 79 54
Little Rock, AR 6.6 6.45% 78 $701 2.94% 21 56
Memphis, TN 8.2 -11.83% 40 $722 1.98% 59 56
Suburban Maryland, MD 3.9 -4.88% 63 $1,392 2.43% 37 58
Los Angeles, CA 3.2 -8.57% 49 $1,480 2.14% 54 59
Greensboro/Winston-Salem, NC 6.0 -15.49% 28 $695 1.61% 75 59
St. Louis, MO 5.0 -15.25% 30 $769 1.72% 74 61
Suburban Virginia, VA 3.4 -10.53% 46 $1,597 1.98% 59 62
Philadelphia, PA 3.6 -7.69% 54 $1,108 2.21% 52 63
Northern New Jersey, NJ 3.5 -10.26% 47 $1,605 1.97% 61 64
Pittsburgh, PA 3.0 0.00% 71 $896 2.40% 39 65
Fort Lauderdale, FL 4.2 -2.33% 69 $1,179 2.34% 43 66
Birmingham, AL 5.6 -6.67% 60 $762 2.14% 54 67
Norfolk/Hampton Roads, VA 4.1 -6.82% 58 $931 2.08% 57 68
Indianapolis, IN 5.8 -1.69% 70 $729 2.24% 48 69
Westchester, NY 3.1 0.00% 71 $1,968 2.23% 50 70
Milwaukee, WI 3.5 -7.89% 52 $887 1.84% 70 71
Louisville, KY 4.4 0.00% 71 $699 2.19% 53 72
New Orleans, LA 6.2 -10.14% 48 $906 1.57% 77 73
Central New Jersey, NJ 2.7 -3.57% 66 $1,227 1.91% 66 74
Fairfield County, CT 4.9 -7.55% 55 $1,897 0.48% 83 75
Lexington, KY 5.5 -6.78% 59 $685 0.59% 82 76
District of Columbia, DC 4.8 11.63% 81 $1,539 1.92% 64 77
Chattanooga, TN 4.7 20.51% 83 $680 1.95% 63 78
New York, NY 2.4 9.09% 80 $3,105 1.90% 67 79
Long Island, NY 3.3 -2.94% 68 $1,648 0.86% 81 80
Albuquerque, NM 4.3 13.16% 82 $752 1.76% 72 81
Dayton, OH 5.5 3.77% 77 $660 1.23% 80 82
Top Markets: Multi-Family Cont. RANKS
Source: Reis
Population
1 Phoenix, AZ
2 Austin, TX
3 Charlotte, NC
4 Raleigh-Durham, NC
5 Fort Worth, TX
6 Orlando, FL
7 Dallas, TX
8 San Antonio, TX
9 Houston, TX
10 Las Vegas, NV
11 Denver, CO
11 Suburban Virginia, VA
13 Portland, OR
14 Salt Lake City, UT
15 Columbia, SC
15 District of Columbia, DC
17 Nashville, TN
18 Colorado Springs, CO
19 Atlanta, GA
20 Indianapolis, IN
20 Lexington, KY
22 Charleston, SC
23 Seattle, WA
24 Palm Beach, FL
25 San Diego, CA
26 San Bernardino/Riverside, CA
27 Greenville, SC
27 Tucson, AZ
29 Oklahoma City, OK
30 Omaha, NE
31 Fort Lauderdale, FL
32 Knoxville, TN
33 Sacramento, CA
34 Jacksonville, FL
34 Minneapolis, MN
36 Little Rock, AR
36 San Francisco, CA
38 Greensboro/Winston-Salem, NC
39 Kansas City, MO
39 Richmond, VA
39 Tulsa, OK
42 Memphis, TN
43 Louisville, KY
44 Orange County, CA
44 Tacoma, WA
46 Ventura County, CA
47 Columbus, OH
48 Norfolk/Hampton Roads, VA
49 Oakland-East Bay, CA
50 Tampa-St. Petersburg, FL
51 Chattanooga, TN
52 Los Angeles, CA
53 Suburban Maryland, MD
54 Central New Jersey, NJ
55 Birmingham, AL
56 San Jose, CA
57 Cincinnati, OH
58 Wichita, KS
59 New York, NY
60 Baltimore, MD
61 New Orleans, LA
62 Boston, MA
63 Northern New Jersey, NJ
63 Westchester, NY
65 Miami, FL
66 Albuquerque, NM
67 Chicago, IL
68 Milwaukee, WI
69 Providence, RI
70 New Haven, CT
71 Philadelphia, PA
72 St. Louis, MO
73 Fairfield County, CT
74 Hartford, CT
75 Long Island, NY
76 Rochester, NY
77 Dayton, OH
78 Pittsburgh, PA
79 Syracuse, NY
80 Detroit, MI
81 Buffalo, NY
82 Cleveland, OH
Top Commercial RE Markets Population
Metro Population %Change Pop
Q3 ‘12-Q3 ‘13
Pop
Rank
Phoenix, AZ 4,473,340 2.89% 1
Austin, TX 1,894,800 2.62% 2
Charlotte, NC 1,880,810 2.22% 3
Raleigh-Durham, NC 1,761,700 2.20% 4
Fort Worth, TX 2,270,580 2.05% 5
Orlando, FL 2,280,330 2.02% 6
Dallas, TX 4,542,610 2.00% 7
San Antonio, TX 2,289,320 1.97% 8
Houston, TX 6,355,060 1.94% 9
Las Vegas, NV 2,046,290 1.82% 10
Denver, CO 2,701,560 1.70% 11
Suburban Virginia, VA 2,805,390 1.70% 11
Portland, OR 2,338,200 1.69% 13
Salt Lake City, UT 1,758,110 1.58% 14
Columbia, SC 798,950 1.44% 15
District of Columbia, DC 644,160 1.44% 15
Nashville, TN 1,673,980 1.41% 17
Colorado Springs, CO 680,400 1.40% 18
Atlanta, GA 5,526,270 1.32% 19
Indianapolis, IN 1,828,110 1.29% 20
Lexington, KY 492,850 1.29% 20
Charleston, SC 708,380 1.24% 22
Seattle, WA 2,780,350 1.15% 23
Palm Beach, FL 1,375,680 1.14% 24
San Diego, CA 3,221,530 1.13% 25
San Bernardino/Riverside, CA 4,408,930 1.10% 26
Greenville, SC 1,146,870 1.07% 27
Tucson, AZ 1,004,340 1.07% 27
Oklahoma City, OK 1,313,870 1.05% 29
Omaha, NE 898,110 1.04% 30
Fort Lauderdale, FL 1,838,010 1.02% 31
Knoxville, TN 718,830 1.01% 32
Sacramento, CA 2,223,920 1.00% 33
Jacksonville, FL 1,395,180 0.99% 34
Minneapolis, MN 3,396,360 0.99% 34
Little Rock, AR 725,930 0.97% 36
San Francisco, CA 1,843,610 0.97% 36
Greensboro/Winston-Salem, NC 1,389,020 0.92% 38
Kansas City, MO 2,088,200 0.91% 39
Richmond, VA 1,297,180 0.91% 39
Tulsa, OK 962,970 0.91% 39
Top Markets: Population RANKS
Source: Reis
Metro Population %Change Pop
Q3 ‘12-Q3 ‘13
Pop
Rank
Memphis, TN 1,348,110 0.90% 42
Louisville, KY 1,315,660 0.89% 43
Orange County, CA 3,124,020 0.86% 44
Tacoma, WA 820,500 0.86% 44
Ventura County, CA 844,390 0.80% 46
Columbus, OH 1,896,520 0.77% 47
Norfolk/Hampton Roads, VA 1,711,190 0.74% 48
Oakland-East Bay, CA 2,658,120 0.71% 49
Tampa-St. Petersburg, FL 2,863,690 0.69% 50
Chattanooga, TN 542,420 0.68% 51
Los Angeles, CA 10,046,350 0.65% 52
Suburban Maryland, MD 2,383,700 0.64% 53
Central New Jersey, NJ 2,748,890 0.59% 54
Birmingham, AL 1,144,220 0.57% 55
San Jose, CA 1,907,940 0.56% 56
Cincinnati, OH 2,157,750 0.53% 57
Wichita, KS 632,180 0.51% 58
New York, NY 8,805,330 0.50% 59
Baltimore, MD 2,769,160 0.46% 60
New Orleans, LA 1,211,730 0.42% 61
Boston, MA 4,240,990 0.40% 62
Northern New Jersey, NJ 4,253,690 0.39% 63
Westchester, NY 965,870 0.39% 63
Miami, FL 2,600,790 0.38% 65
Albuquerque, NM 905,070 0.35% 66
Chicago, IL 7,976,020 0.32% 67
Milwaukee, WI 1,571,790 0.24% 68
Providence, RI 1,605,750 0.23% 69
New Haven, CT 864,530 0.20% 70
Philadelphia, PA 5,317,990 0.19% 71
St. Louis, MO 2,851,930 0.17% 72
Fairfield County, CT 935,700 0.12% 73
Hartford, CT 1,215,140 0.10% 74
Long Island, NY 2,850,180 0.06% 75
Rochester, NY 1,056,940 0.01% 76
Dayton, OH 979,970 0.00% 77
Pittsburgh, PA 2,358,780 -0.02% 78
Syracuse, NY 660,430 -0.05% 79
Detroit, MI 4,439,210 -0.07% 80
Buffalo, NY 1,130,910 -0.23% 81
Cleveland, OH 2,054,050 -0.36% 82
Top Markets: Population Cont. RANKS
Source: Reis
Unemployment
1 Orlando, FL
2 Tampa-St. Petersburg, FL
3 Jacksonville, FL
4 San Jose, CA
5 Oakland-East Bay, CA
5 San Francisco, CA
7 Salt Lake City, UT
8 Palm Beach, FL
9 San Diego, CA
10 Sacramento, CA
11 Fort Lauderdale, FL
11 Miami, FL
13 Seattle, WA
13 Tacoma, WA
15 Orange County, CA
15 San Bernardino/Riverside, CA
17 Ventura County, CA
18 Denver, CO
19 Minneapolis, MN
20 Las Vegas, NV
21 Greensboro/Winston-Salem, NC
22 Charlotte, NC
23 Central New Jersey, NJ
24 Portland, OR
25 Raleigh-Durham, NC
26 Rochester, NY
27 Buffalo, NY
28 Birmingham, AL
29 Colorado Springs, CO
30 Syracuse, NY
31 Norfolk/Hampton Roads, VA
32 Austin, TX
33 Dallas, TX
33 Fort Worth, TX
35 Houston, TX
36 Indianapolis, IN
36 Los Angeles, CA
38 Long Island, NY
38 New York, NY
38 Northern New Jersey, NJ
38 Westchester, NY
42 Detroit, MI
43 Louisville, KY
44 Columbia, SC
45 Albuquerque, NM
45 Charleston, SC
47 Atlanta, GA
48 Milwaukee, WI
49 San Antonio, TX
50 Greenville, SC
51 Lexington, KY
52 Hartford, CT
53 Philadelphia, PA
53 Providence, RI
53 Richmond, VA
56 Tulsa, OK
57 Baltimore, MD
58 New Haven, CT
59 Fairfield County, CT
60 District of Columbia, DC
60 Pittsburgh, PA
60 Suburban Maryland, MD
60 Suburban Virginia, VA
64 St. Louis, MO
65 Omaha, NE
66 Cincinnati, OH
67 Nashville, TN
67 Wichita, KS
69 Cleveland, OH
70 Phoenix, AZ
71 Oklahoma City, OK
72 Dayton, OH
73 Columbus, OH
73 Knoxville, TN
73 Little Rock, AR
73 Tucson, AZ
77 Boston, MA
78 Chicago, IL
79 Chattanooga, TN
80 Memphis, TN
81 Kansas City, MO
81 New Orleans, LA
Top Commercial RE Markets Unemployment
Metro MSA Aug 12
Unemp
Aug 13
Unemp
Change
in Unemp
Unemp
Rank
Orlando, FL Orlando-Kissimmee-Sanford, FL 8.6 6.6 -23.26% 1
Tampa-St. Petersburg, FL Tampa-St. Petersburg-Clearwater, FL 9.1 7 -23.08% 2
Jacksonville, FL Jacksonville, FL 8.6 6.7 -22.09% 3
San Jose, CA San Jose-Sunnyvale-Santa Clara, CA 8.7 6.8 -21.84% 4
Oakland-East Bay, CA San Francisco-Oakland-Fremont, CA 8.3 6.5 -21.69% 5
San Francisco, CA San Francisco-Oakland-Fremont, CA 8.3 6.5 -21.69% 5
Salt Lake City, UT Salt Lake City, UT 5.7 4.5 -21.05% 7
San Diego, CA San Diego-Carlsbad-San Marcos, CA 9.2 7.4 -19.57% 8
Sacramento, CA Sacramento--Arden-Arcade--Roseville, CA 10.4 8.5 -18.27% 9
Fort Lauderdale, FL Miami-Fort Lauderdale-Pompano Beach, FL 8.9 7.3 -17.98% 10
Miami, FL Miami-Fort Lauderdale-Pompano Beach, FL 8.9 7.3 -17.98% 10
Palm Beach, FL Miami-Fort Lauderdale-Pompano Beach, FL 8.9 7.3 -17.98% 10
Seattle, WA Seattle-Tacoma-Bellevue, WA 7.4 6.1 -17.57% 13
Tacoma, WA Seattle-Tacoma-Bellevue, WA 7.4 6.1 -17.57% 13
Orange County, CA Riverside-San Bernardino-Ontario, CA 12.6 10.4 -17.46% 15
San Bernardino/Riverside, CA Riverside-San Bernardino-Ontario, CA 12.6 10.4 -17.46% 15
Ventura County, CA Riverside-San Bernardino-Ontario, CA 12.6 10.4 -17.46% 17
Denver, CO Denver-Aurora-Broomfield, CO 7.8 6.5 -16.67% 18
Minneapolis, MN Minneapolis-St. Paul-Bloomington, MN-WI 5.6 4.7 -16.07% 19
Las Vegas, NV Las Vegas-Paradise, NV 11.4 9.6 -15.79% 20
Greensboro/Winston-Salem, NC Greensboro-High Point, NC 10.2 8.6 -15.69% 21
Charlotte, NC Charlotte-Gastonia-Rock Hill, NC-SC 9.8 8.3 -15.31% 22
Central New Jersey, NJ Trenton-Ewing, NJ 8.1 6.9 -14.81% 23
Portland, OR Portland-Vancouver-Hillsboro, OR-WA 8.3 7.1 -14.46% 24
Raleigh-Durham, NC Raleigh-Cary, NC 7.9 6.8 -13.92% 25
Rochester, NY Rochester, NY 8 6.9 -13.75% 26
Buffalo, NY Buffalo-Niagara Falls, NY 8.4 7.3 -13.10% 27
Birmingham, AL Birmingham-Hoover, AL 6.9 6 -13.04% 28
Colorado Springs, CO Colorado Springs, CO 9.1 8 -12.09% 29
Syracuse, NY Syracuse, NY 8.3 7.3 -12.05% 30
Norfolk/Hampton Roads, VA Virginia Beach-Norfolk-Newport News, VA-NC 6.7 5.9 -11.94% 31
Austin, TX Austin-Round Rock-San Marcos, TX 5.9 5.2 -11.86% 32
Dallas, TX Dallas-Fort Worth-Arlington, TX 6.8 6 -11.76% 33
Fort Worth, TX Dallas-Fort Worth-Arlington, TX 6.8 6 -11.76% 33
Houston, TX Houston-Sugar Land-Baytown, TX 6.9 6.1 -11.59% 35
Indianapolis, IN Indianapolis-Carmel, IN 7.8 6.9 -11.54% 36
Los Angeles, CA Los Angeles-Long Beach-Santa Ana, CA 10.4 9.2 -11.54% 36
Long Island, NY New York-Northern New Jersey-Long Island, NY-NJ-PA 8.9 7.9 -11.24% 38
New York, NY New York-Northern New Jersey-Long Island, NY-NJ-PA 8.9 7.9 -11.24% 38
Northern New Jersey, NJ New York-Northern New Jersey-Long Island, NY-NJ-PA 8.9 7.9 -11.24% 38
Westchester, NY New York-Northern New Jersey-Long Island, NY-NJ-PA 8.9 7.9 -11.24% 38
Top Markets: Unemployment RANKS
Source: Bureau of Labor Statistics
Metro MSA Aug 12 Unemp
Aug 13 Unemp
Change in Unemp
Unemp Rank
Detroit, MI Detroit-Warren-Livonia, MI 11 9.8 -10.91% 42
Louisville, KY Louisville-Jefferson County, KY-IN 8.3 7.4 -10.84% 43
Columbia, SC Columbia, SC 8.4 7.5 -10.71% 44
Albuquerque, NM Albuquerque, NM 7.7 6.9 -10.39% 45
Charleston, SC Charleston-North Charleston-Summerville, SC 7.7 6.9 -10.39% 45
Atlanta, GA Atlanta-Sandy Springs-Marietta, GA 8.9 8 -10.11% 47
Milwaukee, WI Milwaukee-Waukesha-West Allis, WI 7.6 6.9 -9.21% 48
San Antonio, TX San Antonio-New Braunfels, TX 6.6 6 -9.09% 49
Greenville, SC Greenville-Mauldin-Easley, SC 7.8 7.1 -8.97% 50
Lexington, KY Lexington-Fayette, KY 6.8 6.2 -8.82% 51
Hartford, CT Hartford-West Hartford-East Hartford, CT 9 8.3 -7.78% 52
Philadelphia, PA Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 9.1 8.4 -7.69% 53
Providence, RI Providence-Fall River-Warwick, RI-MA Metropolitan 10.4 9.6 -7.69% 53
Richmond, VA Richmond, VA 6.5 6 -7.69% 53
Tulsa, OK Tulsa, OK 5.6 5.2 -7.14% 56
Baltimore, MD Baltimore-Towson, MD 7.6 7.1 -6.58% 57
New Haven, CT New Haven, CT Metropolitan NECTA 9.2 8.6 -6.52% 58
Fairfield County, CT Bridgeport-Stamford-Norwalk, CT Metropolitan 8.1 7.6 -6.17% 59
District of Columbia, DC Washington-Arlington-Alexandria, DC-VA-MD-WV 5.7 5.4 -5.26% 60
Pittsburgh, PA Pittsburgh, PA 7.6 7.2 -5.26% 60
Suburban Maryland, MD Washington-Arlington-Alexandria, DC-VA-MD-WV 5.7 5.4 -5.26% 60
Suburban Virginia, VA Washington-Arlington-Alexandria, DC-VA-MD-WV 5.7 5.4 -5.26% 60
St. Louis, MO St. Louis, MO-IL 1 7.8 7.4 -5.13% 64
Omaha, NE Omaha-Council Bluffs, NE-IA 4.4 4.2 -4.55% 65
Cincinnati, OH Cincinnati-Middletown, OH-KY-IN 6.9 6.7 -2.90% 66
Nashville, TN Nashville-Davidson--Murfreesboro--Franklin, TN 7 6.8 -2.86% 67
Wichita, KS Wichita, KS 7 6.8 -2.86% 67
Cleveland, OH Cleveland-Elyria-Mentor, OH 7.2 7 -2.78% 69
Phoenix, AZ Phoenix-Mesa-Glendale, AZ 7.6 7.4 -2.63% 70
Oklahoma City, OK Oklahoma City, OK 4.8 4.7 -2.08% 71
Dayton, OH Dayton, OH 7.4 7.3 -1.35% 72
Columbus, OH Columbus, OH 6 6 0.00% 73
Knoxville, TN Knoxville, TN 7.1 7.1 0.00% 73
Little Rock, AR Little Rock-North Little Rock-Conway, AR 6.5 6.5 0.00% 73
Tucson, AZ Tucson, AZ 7.7 7.7 0.00% 73
Boston, MA Boston-Cambridge-Quincy, MA-NH Metropolitan 6.1 6.2 1.64% 77
Chicago, IL Chicago-Joliet-Naperville, IL-IN-WI 8.9 9.1 2.25% 78
Chattanooga, TN Chattanooga, TN-GA 7.8 8 2.56% 79
Memphis, TN Memphis, TN-MS-AR 9.1 9.4 3.30% 80
Kansas City, MO Kansas City, MO-KS 6.9 7.2 4.35% 81
New Orleans, LA New Orleans-Metairie-Kenner, LA 6.9 7.2 4.35% 81
Top Markets: Unemployment Cont. RANKS
Source: Bureau of Labor Statistics
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