A group of coworkers in a high-rise office building stand near a wall of windows overlooking the city.

Florida shone as home to many of the hottest commercial markets in the country in the fourth quarter of 2021. The state boasts nine of the top 15 commercial real estate markets, according to the National Association of REALTORS®’ 2021 Q4 Commercial Real Estate Metro Market Reports.

NAR’s Commercial Real Estate Market Conditions Index reflects market trends in the multifamily, office, industrial, retail, and hotel sectors in 390 metro areas. The index factors in economic and demographic conditions such as employment and wage growth and commercial indicators such as net absorption, vacancy rates, rent, inventory, and transaction price.

The top markets reflected on the list “generally have strong job growth, are experiencing net domestic in-migration, have low vacancy rates, and greater absorption of commercial property, and are experiencing strong rent growth compared to nationally,” Gay Cororaton, an NAR research economist, writes on the association’s Economists’ Outlook blog.

For example, the Miami-Miami Beach-Kendall metro area’s commercial sector is showing vibrancy in multiple commercial sectors. Its office vacancy rate was 10.5% in the fourth quarter compared to 12.2% nationally, NAR says. Asking rents for multifamily apartments have surged 17.4% year over year there compared to 11.3% nationally. Industrial rents in the metro also have surged 15.3% annually compared to 8% nationally.

Listed in alphabetical order, the following metro areas with populations of at least 250,000 had the strongest overall commercial real estate markets in the fourth quarter of 2021, according to NAR’s findings:

  • Charleston, S.C.
  • Durham, N.C.
  • Fort Myers, Fla.
  • Jacksonville, Fla.
  • Kennewick-Richland, Wash.
  • Miami
  • Naples, Fla.
  • Nashville, Tenn.
  • North Point-Bradenton-Sarasota, Fla.
  • Orlando, Fla.
  • Olympia, Wash.
  • Palm Beach, Fla.
  • Port St. Lucie, Fla.
  • Seattle
  • Tampa, Fla.