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MarketSnapshot
At Northmarq, we are committed to offering our clients the latest trends and expert analysis to power their decision making. Our MarketSnapshot suite of reports contains critical market data covering a variety of commercial real estate property sectors. In each report, you will find: Investment sales volume data Average cap rate information Buyer distribution analysis... and more! Single-Tenant Overall Market Single-Tenant Office Single-Tenant Industrial Single- Tenant Retail Multi-Tenant Retail
Latest Publications
Charlotte Q2 Multifamily Market Report: Momentum Builds Heading into the Second Half
Highlights: An active leasing environment improved property performance in the Charlotte multifamily market during the first half of this year. Vacancies have tightened, and rents are on the rise. Demand is forecast to remain elevated as the local labor market continues to add workers.Vacancy in local multifamily properties fell 40 basis points during the second quarter, reaching 4 percent. The rate is down 130 basis points year over year.Driven by an accelerating pace of absorption, asking rents spiked 7 percent in the second quarter, reaching $1,385 per month. In the past year, rents have advanced 12.1 percent.New apartment properties are coming online, but the pace of supply growth is not keeping up with absorption. Deliveries totaled more than 3,700 units in the first half compared to more than 5,700 units of absorption.Sales of apartment properties picked up in the second quarter, with velocity spiking more than 40 percent. The median price in sales year to date reached $155,400 per unit, while cap rates have averaged 3.8 percent. Read the report
September 13, 2021
Hampton Roads Q2 Multifamily Market Report: Tightening Vacancies Fuel Rent Increases, Price Appreciation
Highlights: The Hampton Roads multifamily market posted extremely tight vacancy conditions in the second quarter, signaling the overall health of the market. Rents rose and per-unit sales prices pushed higher.Vacancy dipped 40 basis points during the second quarter, with the rate reaching 2.6 percent. Year over year, vacancy has fallen 160 basis points.Rent growth surged in the second quarter. Rents are up 10.9 percent year over year. Asking rents reached $1,310 per month at midyear.Sales of apartment properties continued at a steady pace in the second quarter. Prices have pushed higher in response to improving operating conditions. The median price reached approximately $112,000 per unit in the first half of this year, while cap rates compressed to 5 percent on average. Read the report
September 13, 2021
Raleigh Q2 Multifamily Market Report: Vacancy Tightens, Rents Spike at Midyear
Highlights: The second quarter was a particularly strong period of multifamily property performance in the Raleigh-Durham area. Area vacancy rates tightened dramatically, and rents surged higher. Investment activity gained momentum. Additional improvement is anticipated in the second half of the year.Vacancy fell 60 basis points during the second quarter, reaching 4.8 percent. Year over year, the rate has improved by 110 basis points.Strong renter demand and tightening vacancy levels resulted in a spike in area rents. Asking rents ended the second quarter at $1,392 per month, 13.3 percent higher than one year earlier. Rents rose 10 percent during the second quarter.Transaction activity doubled from the first quarter to the second quarter, reflecting the current demand in the market. The median price through the first half of the year was approximately $161,300 per unit, and cap rates have compressed to an average of 3.9 percent. Read the report
September 13, 2021
Las Vegas Q2 Multifamily Market Report: Investment Activity on an Upswing as Fundamentals Improve
Highlights: The Las Vegas economy is gaining momentum, which has carried over to the local apartment market. Vacancies improved in the second quarter, while rents rose. The strengthening property fundamentals fueled a spike in investment activity during the second quarter; transaction volume in the first half of this year outpaced the total activity in 2020.The Las Vegas multifamily vacancy rate tightened during the second quarter. The rate fell to 3.8 percent, 60 basis points lower than one year ago and the lowest figure in the market since 2018.Area asking rents have advanced 7.2 percent year over year through the second quarter, reaching $1,245 per month. The bulk of the gains have been recorded in recent quarters, and additional increases are likely in the second half.Investment activity surged during the second quarter, with sales velocity spiking and prices on an upswing. The median price in transactions closed to this point in 2021 is approximately $199,700 per unit, while cap rates have averaged 4.4 percent. Read the report
September 9, 2021
Kansas City Q2 Multifamily Market Report: Rents and Prices Rise as Local Economy Gains Momentum
Highlights: The Kansas City multifamily market recorded mixed performance during the second quarter. Rents rose and investment activity gained momentum, but the vacancy rate continued to creep higher in response to an active pace of new apartment construction. As new units are absorbed and the economy strengthens, the outlook for the local multifamily market will continue to brighten.Vacancy trended higher in Kansas City, rising 50 basis points to 5.7 percent in the second quarter. Year over year, the rate is up 130 basis points, following an active 18 months of new development. The vacancy rate is forecast to be mostly stable through the remainder of this year.Asking rents rose 1.8 percent in the second quarter, reaching $1,010 per month. In the past 12 months, rents have advanced 3.6 percent.Far more multifamily properties sold during the second quarter than changed hands at the beginning of the year. As activity has picked up, prices have pushed higher; the median price in transactions in 2021 is up to $84,800 per unit, while cap rates have compressed to 4.4 percent. Read the report
September 9, 2021
Manufactured Housing Q2 Market Report: Cap Rates Compress as Investor Demand Intensifies
Highlights: The manufactured housing market continued to demonstrate signs of strength in the second quarter. Occupancies and rents rose, shipments are ahead of the pace recorded in recent years, and transaction activity accelerated.The national occupancy rate rose 10 basis points during the second quarter, reaching 93.8 percent. Occupancy is up 60 basis points year over year, and the rate has matched the cyclical high last reached in late 2019 and early 2020.Rents have been on the rise for the past several quarters. Rents gained more than 1 percent during the second quarter, reaching $578 per month. Current rents are up 4 percent from one year ago.Sales velocity rose approximately 10 percent in the second quarter, reflecting the accelerating pace of investor demand for manufactured housing communities. Cap rates have compressed to 6.25 percent on average, while the median price in sales year to date is $38,300 per space, similar to the median price in 2020. Read the report
September 9, 2021
San Diego Q2 Multifamily Market Report: Cap Rates Compress in Active Sales Climate
Highlights: Apartment rents in San Diego rose during the second quarter, reflecting the improvement in the overall economy. Hiring should continue in the second half of the year, supporting renter demand as deliveries of new units accelerate.Vacancy rose 20 basis points in the second quarter and is up 50 basis points year over year. The rate ended the second quarter at 4.3 percent.Asking rents rose 1.8 percent in the second quarter, reaching $1,904 per month. This followed a few periods of rent declines when the local economy slowed in response to the coronavirus outbreak. Year over year, rents are up 0.7 percent, with gains anticipated in the second half.Sales velocity cooled a bit during the second quarter, but activity levels in the first half of the year are ahead of the pace recorded in recent years. The median price year to date is $258,100 per unit, while cap rates have dipped to 3.8 percent. Read the report
September 1, 2021
San Antonio Q2 Multifamily Market Report: Cap Rates Compress as Sales Velocity Accelerates
Highlights: Renter demand for apartment properties in San Antonio has been on the rise in 2021, pushing vacancy rates lower and driving rents higher. Construction remains active as developers move projects through the pipeline to meet demand.Vacancy dipped 10 basis points in the second quarter, following an identical decline in the first three months of this year. Despite the improvement in 2021, the current vacancy rate of 6.5 percent is 30 basis points higher than the figure from one year earlier.After holding steady for the past several quarters, the pace of rent growth surged in the second quarter. Asking rents rose 3 percent in the second quarter, reaching $1,020 per month. The recent gains pushed annual asking rent growth up to 3 percent.Sales velocity in the local multifamily market gained momentum during the second quarter, with transactions picking up by nearly 30 percent. In transactions where pricing information was available, the median price has reached approximately $135,000 per unit, while cap rates have compressed to 4.4 percent. Read the report
September 1, 2021