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Commercial Real Estate Metro Market Reports

Commercial Metro Market Reports Q4 2020

The Commercial Metro Market Report provides economic and commercial statistics on 52 metropolitan areas or portions of these metropolitan areas in which significant commercial transactions take place. The data are compiled from publicly available statistics and proprietary data for which information is available.

The reports include economic, demographic, and commercial market data that provide REALTORS® with information on the factors driving commercial real estate transactions in the 52 markets.

Due to data limitations, reports are currently available for only 52 metro areas. If a report is not available for your area, please contact the National Association of REALTORS® at data@nar.realtor(link sends e-mail) so we can work with your association or the commercial overlay boards in developing a data report.

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Cover of the Commercial Real Estate Metro Market reports

Top Commercial Real Estate Markets that Outperformed the National Trend in 2020 Q4

A comparison of the indicators on the 52 markets to the U.S. indicators show these markets outperformed the national trend in 2020 Q4:

  • Phoenix-Mesa-Scottsdale, AZ
  • Austin-Round Rock, TX
  • Nashville-Davidson-Murfreesboro-Franklin, TN
  • Cape Coral-Fort Myers, FL
  • Raleigh, NC
  • Las Vegas-Henderson-Paradise, NV
  • Salt Lake City, UT
  • Seattle-Tacoma-Bellevue, WA
  • Tucson, AZ
  • Charleston-North Charleston, SC Charleston-North Charleston, SC Raleigh, NC

Each of the factors below is scored 1 point and all the points are totaled for each area:

  • y/y % change in non-farm employment is higher than the U.S. rate
  • unemployment rate is lower than the U.S. rate
  • y/y % change in average weekly wages is higher than the U.S. rate
  • GDP growth is higher than the U.S. rate
  • population growth is higher than the U.S. rate
  • net domestic migration is positive
  • multifamily rental vacancy rate is lower than the U.S. rate
  • y/y% change in 12-month starts for 5-unit properties is higher than the U.S. rate
  • ratio of change in employment to housing starts in past 12 months is higher than the U.S. ratio
  • y/y % change in apartment rent is higher than the U.S. rate
  • net absorption of office space is positive
  • office vacancy rate is lower than the U.S. rate
  • y/y % change in office asking rent is higher than the U.S. rate
  • under construction of office space as a share of current inventory is higher than U.S. rate
  • net absorption of industrial space is positive
  • office vacancy rate is lower than the U.S. rate
  • y/y % change in industrial asking rent is higher than the U.S. rate
  • under construction of industrial space as a share of current inventory is higher than U.S. rate
  • y/y % change in retail trade jobs is higher than the U.S. rate
  • credit card spending relative to Jan 2020 is higher than the U.S. rate (may not be available for all metros)
  • y/y % change in leisure and hospitality jobs is higher than the U.S. rate
  • number of businesses open relative to Jan 2020 is higher than the U.S. rate

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

Alabama

Birmingham – Hoover (PDF: 218 KB)

Arkansas

Memphis (PDF: 215 KB)

Arizona

Phoenix – Mesa – Scottsdale (PDF: 218 KB)
Tucson (PDF: 213 KB)

California

Los Angeles – Long Beach – Anaheim (PDF: 216 KB)
Riverside – San Bernardino – Ontario (PDF: 218 KB)
Sacramento – Roseville – Arden – Arcade (PDF: 216 KB)
San Diego – Carlsbad (PDF: 215 KB)
San Francisco – Oakland – Hayward (PDF: 217 KB)
San Jose – Sunnyvale – Santa Clara (PDF: 216 KB)

Colorado

Denver – Aurora – Lakewood (PDF: 215 KB)

Connecticut

Hartford – West Hartford – East Hartford (PDF: 218 KB)
New Haven – Milford (PDF: 217 KB)

Delaware

Philadelphia – Camden – Wilmington (PDF: 221 KB)

District of Columbia

Washington – Arlington – Alexandria (PDF: 219 KB)

Florida

Cape Coral – Fort Myers (PDF: 217 KB)
Jacksonville (PDF: 215 KB)
Miami – Fort Lauderdale – West Palm Beach (PDF: 218 KB)
Orlando – Kissimmee – Sanford (PDF: 218 KB)
Tampa – St Petersburg – Clearwater (PDF: 219 KB)

Georgia

Atlanta – Sandy Springs – Roswell (PDF: 218 KB)

Illinois

Chicago – Naperville – Elgin (PDF: 216 KB)
St. Louis (PDF: 207 KB)

Indiana

Chicago – Naperville – Elgin (PDF: 216 KB)
Cincinnati (PDF: 218 KB)
Indianapolis – Carmel – Anderson (PDF: 215 KB)
Louisville – Jefferson County (PDF: 218 KB)

Kansas

Kansas City (PDF: 209 KB)

Kentucky

Cincinnati (PDF: 218 KB)
Louisville – Jefferson County (PDF: 218 KB)

Maryland

Baltimore – Columbia – Towson (PDF: 217 KB)
Philadelphia – Camden – Wilmington (PDF: 221 KB)
Washington – Arlington – Alexandria (PDF: 219 KB)

Massachusetts

Boston – Cambridge – Newton (PDF: 218 KB)
Providence – Warwick (PDF: 218 KB)

Michigan

Detroit – Warren – Dearborn (PDF: 215 KB)

Minnesota

Minneapolis – St. Paul – Bloomington (PDF: 218 KB)

Mississippi

Memphis (PDF: 215 KB)

Missouri

Kansas City (PDF: 218 KB)
St. Louis (PDF: 216 KB)

Nevada

Las Vegas – Henderson – Paradise (PDF: 215 KB)

New Hampshire

Boston – Cambridge – Newton (PDF: 218 KB)

New Jersey

New York – Newark – Jersey City (PDF: 221 KB)
Philadelphia – Camden – Wilmington (PDF: 221 KB)

New York

New York – Newark – Jersey City (PDF: 221 KB)
Rochester (PDF: 216 KB)

North Carolina

Charlotte – Concord – Gastonia (PDF: 216 KB)
Raleigh (PDF: 215 KB)
Virginia Beach – Norfolk – Newport News (PDF: 222 KB)

Ohio

Cincinnati (PDF: 218 KB)
Cleveland – Elyria (PDF: 214 KB)
Columbus (PDF: 216 KB)

Oklahoma

Tulsa (PDF: 213 KB)

Oregon

Portland – Vancouver – Hillsboro (PDF: 218 KB)

Pennsylvania

New York – Newark – Jersey City (PDF: 221 KB)
Philadelphia – Camden – Wilmington (PDF: 221 KB)
Pittsburgh (PDF: 219 KB)

Rhode Island

Providence – Warwick (PDF: 218 KB)

South Carolina

Charleston – North Charleston (PDF: 217 KB)
Charlotte – Concord – Gastonia (PDF: 216 KB)

Tennessee

Memphis (PDF: 215 KB)
Nashville – Davidson – Murfreesboro – Franklin (PDF: 218 KB)

Texas

Austin – Round Rock (PDF: 216 KB)
Dallas – Fort Worth – Arlington (PDF: 218 KB)
Houston – The Woodlands – Sugar Land (PDF: 218 KB)

Utah

Salt Lake City (PDF: 215 KB)

Virginia

Richmond (PDF: 216 KB)
Virginia Beach – Norfolk – Newport News (PDF: 222 KB)
Washington – Arlington – Alexandria (PDF: 219 KB)

Washington

Portland – Vancouver – Hillsboro (PDF: 218 KB)
Seattle – Tacoma – Bellvue (PDF: 216 KB)

West Virginia

Washington – Arlington – Alexandria (PDF: 219 KB)

Wisconsin

Chicago – Naperville – Elgin (PDF: 216 KB)
Milwaukee – Waukesha – West Allis (PDF: 217 KB)
Minneapolis – St. Paul – Bloomington (PDF: 218 KB)

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