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Commercial Real Estate Metro Market Reports

Commercial Metro Market Reports Q1 2021

The Commercial Real Estate Metro Market Reports provide economic and commercial data on 67 metropolitan areas or portions of these areas. These reports are intended to shed light on the state of the apartment, office, industrial, retail, and hotel/lodging property markets in metro areas for which commercial data is available from publicly available or proprietary sources.

To assess commercial market conditions in these metro areas, NAR looked at 25 indicators pertaining to the economic conditions in the area such as GDP growth, employment, unemployment, wage growth and whether the area experienced net domestic in-migration or out-migration. Commercial real estate indicators include new leasing (sq. ft.), absorption, vacancy rates, rent, and construction activity. 

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Summary

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Cover of the Commercial Real Estate Metro Market reports

Top Commercial Real Estate Markets in 2021 Q1

A comparison of the local market indicators to the U.S. level indicators indicates these markets outperformed the national trend in 2021 Q1.

Top 20 metro areas with the strongest commercial real estate conditions in 2021 Q1

  • Jacksonville, FL
  • Phoenix-Mesa-Scottsdale, AZ
  • Austin-Round Rock, TX
  • Greenville-Anderson-Mauldin, SC
  • Boise City-Nampa, ID
  • Reno, NV
  • Providence-Warwick, RI-MA
  • Raleigh, NC
  • Cape Coral-Fort Myers, FL
  • Colorado Springs, CO
  • Hartford-West Hartford-East Hartford, CT
  • Charlotte-Concord-Gastonia, NC-SC
  • Charleston-North Charleston, SC
  • Omaha-Council Bluffs, NE-IA
  • Tucson, AZ
  • Dallas-Fort Worth-Arlington, TX
  • Kansas City, MO-KS
  • Nashville-Davidson-Murfreesboro-Franklin, TN
  • Atlanta-Sandy Springs-Roswell, GA
  • Salt Lake City, UT

25 indicators used to create the NAR Commercial Real Estate Market Index

  1. Year-over-year percent change in non-farm employment is higher than the U.S. rate
  2. Unemployment rate is lower than the U.S. rate
  3. Year-over-year percent change in average weekly wages is higher than the U.S. rate
  4. GDP growth is higher than the U.S. rate
  5. Year-over-year percent change is higher than the U.S. rate
  6. Population growth is higher than the U.S. rate
  7. Net domestic migration is positive
  8. Year-over-year percent change in apartment rent is higher than the U.S. rate
  9. Rent to income share is higher than the U.S. rate (means there's need for more development)
  10. Multifamily rental vacancy rate is lower than the U.S. rate
  11. Year-over-year percent change in apartment rent is higher than the U.S. rate
  12. Year-over-year percent change in 12-month starts for 5-unit properties is higher than the U.S. rate
  13. Ratio of change in employment to 5-unit housing starts in past 12 months is higher than the U.S. ratio
  14. Year-over-year percent change in new leasing in square feet for office space is higher than nationally
  15. Net absorption of office space is positive
  16. Office vacancy rate is lower than the U.S. rate
  17. Year-over-year percent change in office asking rent is higher than the U.S. rate
  18. Construction of office space as a share of current inventory is higher than U.S. rate
  19. Year-over-year percent change in new leasing in square feet for industrial space is higher than the U.S. rate
  20. Net absorption of industrial space is positive
  21. Year-over-year percent change in industrial asking rent is higher than the U.S. rate
  22. Under construction of industrial space as a share of current inventory is higher than U.S. rate
  23. Year-over-year percent change in retail trade jobs is higher than the U.S. rate
  24. Year-over-year percent change in leisure and hospitality jobs is higher than the U.S. rate
  25. Year-over-year percent change in leisure and hospitality businesses open relative to Jan 2020 is higher than the U.S. rate 

For information about this report, email data@nar.realtor.

NAR also creates Local Market Reports on the state of the housing market.

Alabama

Birmingham – Hoover (PDF: 226 KB)

Arkansas

Memphis (PDF: 225 KB)

Arizona

Phoenix – Mesa – Scottsdale (PDF: 228 KB)
Tucson (PDF: 224 KB)

California

Los Angeles – Long Beach – Anaheim (PDF: 228 KB)
Riverside – San Bernardino – Ontario (PDF: 227 KB)
Sacramento – Roseville – Arden – Arcade (PDF: 227 KB)
San Diego – Carlsbad (PDF: 225 KB)
San Francisco – Oakland – Hayward (PDF: 227 KB)
San Jose – Sunnyvale – Santa Clara (PDF: 226 KB)

Colorado

Colorado Springs (PDF: 226 KB)
Denver – Aurora – Lakewood (PDF: 225 KB)

Connecticut

Bridgeport – Stamford – Norwalk (PDF: 230 KB)
Hartford – West Hartford – East Hartford (PDF: 226 KB)
New Haven – Milford (PDF: 227 KB)

Delaware

Philadelphia – Camden – Wilmington (PDF: 230 KB)

District of Columbia

Washington – Arlington – Alexandria (PDF: 228 KB)

Florida

Cape Coral – Fort Myers (PDF: 225 KB)
Jacksonville (PDF: 225 KB)
Miami – Fort Lauderdale – West Palm Beach (PDF: 227 KB)
Orlando – Kissimmee – Sanford (PDF: 226 KB)
Tampa – St Petersburg – Clearwater (PDF: 227 KB)

Georgia

Atlanta – Sandy Springs – Roswell (PDF: 228 KB)
Savannah (PDF: 223 KB)

Idaho

Boise City – Nampa (PDF: 227 KB)

Illinois

Chicago – Naperville – Elgin (PDF: 228 KB)
St. Louis (PDF: 225 KB)

Indiana

Chicago – Naperville – Elgin (PDF: 228 KB)
Cincinnati (PDF: 227 KB)
Indianapolis – Carmel – Anderson (PDF: 225 KB)
Louisville – Jefferson County (PDF: 230 KB)

Iowa

Omaha – Council Bluffs (PDF: 228 KB)

Kansas

Kansas City (PDF: 226 KB)

Kentucky

Cincinnati (PDF: 227 KB)
Louisville – Jefferson County (PDF: 230 KB)

Louisiana

New Orleans – Metairie (PDF: 228 KB)

Maryland

Baltimore – Columbia – Towson (PDF: 227 KB)
Philadelphia – Camden – Wilmington (PDF: 230 KB)
Washington – Arlington – Alexandria (PDF: 228 KB)

Massachusetts

Boston – Cambridge – Newton (PDF: 228 KB)
Providence – Warwick (PDF: 226 KB)

Michigan

Detroit – Warren – Dearborn (PDF: 224 KB)

Minnesota

Minneapolis – St. Paul – Bloomington (PDF: 228 KB)

Mississippi

Memphis (PDF: 225 KB)

Missouri

Kansas City (PDF: 226 KB)
St. Louis (PDF: 225 KB)

Nebraska

Omaha – Council Bluffs (PDF: 228 KB)

Nevada

Las Vegas – Henderson – Paradise (PDF: 226 KB)
Reno (PDF: 223 KB)

New Hampshire

Boston – Cambridge – Newton (PDF: 228 KB)
Manchester – Nashua (PDF: 225 KB)

New Jersey

New York – Newark – Jersey City (PDF: 229 KB)
Philadelphia – Camden – Wilmington (PDF: 230 KB)

New York

Buffalo – Cheektowaga – Niagara Falls (PDF: 232 KB)
New York – Newark – Jersey City (PDF: 229 KB)
Rochester (PDF: 226 KB)
Syracuse (PDF: 228 KB)

North Carolina

Charlotte – Concord – Gastonia (PDF: 227 KB)
Greensboro (PDF: 228 KB)
Raleigh (PDF: 225 KB)
Virginia Beach – Norfolk – Newport News (PDF: 233 KB)

Ohio

Cincinnati (PDF: 227 KB)
Cleveland – Elyria (PDF: 224 KB)
Columbus (PDF: 224 KB)

Oklahoma

Tulsa (PDF: 223 KB)

Oregon

Portland – Vancouver – Hillsboro (PDF: 229 KB)

Pennsylvania

New York – Newark – Jersey City (PDF: 229 KB)
Philadelphia – Camden – Wilmington (PDF: 230 KB)
Pittsburgh (PDF: 226 KB)

Rhode Island

Providence – Warwick (PDF: 226 KB)

South Carolina

Charleston – North Charleston (PDF: 225 KB)
Charlotte – Concord – Gastonia (PDF: 227 KB)
Columbia (PDF: 223 KB)
Greenville – Anderson – Mauldin (PDF: 225 KB)

Tennessee

Memphis (PDF: 225 KB)
Nashville – Davidson – Murfreesboro – Franklin (PDF: 228 KB)

Texas

Austin – Round Rock (PDF: 228 KB)
Dallas – Fort Worth – Arlington (PDF: 228 KB)
El Paso (PDF: 224 KB)
Houston – The Woodlands – Sugar Land (PDF: 228 KB)

Utah

Salt Lake City (PDF: 224 KB)

Virginia

Richmond (PDF: 225 KB)
Roanoke (PDF: 223 KB)
Virginia Beach – Norfolk – Newport News (PDF: 233 KB)
Washington – Arlington – Alexandria (PDF: 228 KB)

Washington

Portland – Vancouver – Hillsboro (PDF: 229 KB)
Seattle – Tacoma – Bellvue (PDF: 226 KB)

West Virginia

Washington – Arlington – Alexandria (PDF: 228 KB)

Wisconsin

Chicago – Naperville – Elgin (PDF: 228 KB)
Milwaukee – Waukesha – West Allis (PDF: 226 KB)
Minneapolis – St. Paul – Bloomington (PDF: 228 KB)

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