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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
Raleigh 2Q23 Multifamily Market Insights Report: Renter demand is elevated but lagging new supply growth
Highlights: Despite continued upward pressure on the local vacancy rate, operators in Raleigh-Durham pushed rents higher to this point in the year. Multifamily developers are active, with more than 23,500 units currently under construction in the region. Local vacancy rose 40 basis points during the second quarter, reaching 7%. Year over year, the rate is up 190 basis points. Asking rents in Raleigh-Durham pushed higher during the second quarter, increasing 1.8%. Year over year, rents have dipped 0.4% to $1,619 per month. The local multifamily investment market has had a slow start during the first half of 2023, with deal volume down from levels recorded last year. The median sales price year to date is $189,600 per unit, while cap rates are averaging approximately 5%. Read the report
August 15, 2023
Charlotte 2Q23 Multifamily Market Insights Report: Rents push higher as economy continues to expand
Highlights: Property performance metrics continued to strengthen in Charlotte during the second quarter with asking rents trending higher and the vacancy rate dipping. Developers are bringing projects online at an active pace, with nearly 16,100 units slated to deliver this year. Local vacancy dipped 10 basis points during the second quarter to 6.5%. This marked a modest trend reversal, as vacancy had increased in the prior three quarters. Year over year, the rate has increased by 170 basis points. Following a strong start to the year, asking rents in Charlotte rose an additional 1.1% during the second quarter, reaching $1,620 per month. Despite the recent advance, current asking rents are essentially unchanged from levels recorded one year ago. Multifamily investment activity has remained limited through the first half of this year. The median sales price year to date is $232,200 per unit, while cap rates are averaging between 4.75% to 5.25%. Read the report
August 15, 2023
Nashville 2Q23 Multifamily Market Insights Report: Supply growth elevated, but absorption gains momentum
Highlights: The Nashville multifamily market posted a solid performance during the second quarter, fueled by accelerating net absorption and rising rents. More than 21,300 apartment units are under construction throughout the region, with a concentration of new development in downtown Nashville. The vacancy rate inched higher during the second quarter, rising 10 basis points to 6.6%. Year over year, the rate has increased by 210 basis points. Asking rents continued to tick higher in recent months, after falling in the second half of 2022. Apartment rents in Nashville rose nearly 1% during the second quarter to $1,705 per month. Year over year, rents are down 0.8%. Multifamily sales activity rose in the second quarter, but year-to-date transaction activity is down 60% from the first half of 2022. The median sales price thus far in 2023 is $178,900 per unit, while cap rates are between 5% and 5.5%. Read the report
August 14, 2023
Northmarq adds L.A. team focused on corporate real estate, led by Anthony Cohen
LOS ANGELES (Aug. 10, 2023) — Northmarq is pleased to announce Anthony Cohen, Logan Carbonari, Riley Rettig, Greg Paparis and Daniel Vazquez have joined the company in its Los Angeles office. This Commercial Investment Sales team specializes in the sale and acquisition of corporate real estate in the context of merger and acquisition (M&A) transactions. They also work closely with prominent middle-market companies, private equity firms and investment banks across the United States with a focus on industrial, retail and healthcare assets. “Our team is excited to leverage the Northmarq platform to continue providing innovative real estate solutions for our middle-market clients,” said Anthony Cohen, vice president. “Northmarq is an industry leader in commercial real estate with brand value and culture that is unparalleled. With Northmarq’s array of resources, we’re primed for exponential growth and excited to get started.” Prior to joining Northmarq, Cohen has been involved in deals with a cumulative volume exceeding $300 million. He offers expertise and an extensive network of industry connections for clients seeking assistance with dispositions, sale-leasebacks and investments. “We’re delighted to welcome this high-caliber team to Northmarq, which expands our presence and service offering in the West,” said Executive Managing Director Jeff Cox, based in Austin, Texas. “Under Anthony’s leadership, I’m confident they’ll make a significant impact while providing best-in-class service to our clients and growing our business.” Associate Vice President Logan Carbonari brings experience in successfully servicing the mergers and acquisition (M&A) market. Notably, Carbonari executed over 40 individual transactions and sourced a $50 MM portfolio acquisition in a target market for a client. During his tenure at Ascension, Carbonari was awarded Breakthrough Agent of the Year in 2021 and received a Sales Recognition Award in 2022 for being among the top producing brokers at the firm. Greg Paparis, senior associate, has a background in finance and accounting and garnered corporate real estate experience during his three years at James Capital Advisors. Prior to that, he was a manager of Indirect Tax at Deloitte, where he led a team of consultants to secure millions of dollars in savings for businesses in various industries, including several Fortune 500 companies. Paparis is a California-licensed CPA. “I’m excited to join Northmarq and continue growing our corporate real estate practice,” Paparis said. “Under Anthony’s leadership and with the pool of resources Northmarq has to offer, I am confident that we’ll be able to deliver the highest level of service to our clients.” Riley Rettig, senior associate, specializes in seller-owned real estate in the context of M&A transactions and works closely with prominent middle-market private equity firms and investment banks. Prior to joining Northmarq, he left his role as an institutional equity and derivates trader on Wall Street for corporate real estate advisement and quickly secured Costar power broker awards recognition. He will continue to play a pivotal role in facilitating sale-leasebacks and devise innovative real estate solutions for bankers and financial sponsors. Rounding out the team, Senior Associate Daniel Vazquez guides his clients through the deal execution process and advises on real estate strategy. He specializes in the sale and acquisition of single- and multi-tenant industrial properties for corporate and private clients. With a background in finance, sales, and asset management, Vazquez brings a deep understanding and knowledge of the commercial real estate marketplace.
August 10, 2023
Northmarq’s Richmond office welcomes Charlie Rimkus as senior vice president
RICHMOND, Va. (August 2, 2023) — Northmarq’s Richmond office has announced the addition of Charlie Rimkus as senior vice president. Rimkus is responsible for raising and structuring institutional equity investments, including co-GP, limited partner, and preferred and programmatic ventures for multifamily operators and developers. In his role, Rimkus will bolster equity relationships ranging from single-family offices to large global institutional investors.“I’m incredibly honored to join the Northmarq team to provide institutional equity solutions for multifamily investors and developers,” Rimkus said. “I believe the combination of the platform’s strong foundation, talent base, and service lines will provide a compounding effect in serving clients’ needs.”Before joining Northmarq, Rimkus was director of Equity & Structured Finance at Capstone Companies, based in New York City and Richmond. In that role he structured equity investments ranging from programmatic co-GP partnerships to high-leverage preferred equity for clients nationwide.Rimkus received his Bachelor of Arts from Northwestern University, where he majored in political science and minored in business institutions. He was recently a board member for Northwestern University’s “N Club,” a varsity alumni association with over 900 active members across the nation. Rimkus is also involved in the Urban Land Institute and a member of the Greater Richmond Association for Commercial Real Estate.“We're thrilled to have Charlie join the Northmarq platform,” said Chris Doerr, managing director at the Washington D.C. office. “He's an industry leader in providing equity solutions to institutional clients and will help strengthen our team covering the Mid-Atlantic and Northeast.”
August 2, 2023
Alan Sperling joins Northmarq’s Fort Lauderdale office as vice president
FORT LAUDERDALE, Fla. (August 1, 2023) — Northmarq’s Fort Lauderdale office has announced the addition of Alan Sperling, vice president. Sperling brings more than 25 years of experience in land acquisition and development with an outstanding reputation from multifamily and industrial land transactions for outdoor storage facilities and small bay industrial use. In his new role, Sperling will lead Northmarq’s Development Services in South Florida, connecting developers with raw land and redevelopment sites and assisting in capital raises for new development. "Northmarq's technology platform is a true differentiator in the industry," Sperling said. "It's a major reason I wanted to join this fantastic organization." Alan’s specialties include land use and zoning for commercial land parcels within the fastest growing markets in Martin Counties, Brevard, Treasure Coast, West Palm Beach and Broward County. Prior to joining Northmarq, Alan served as a senior associate at Avison Young and Colliers International. Earlier in his career, he served as a commercial developer at PBC R-Ventures, LLC. “With demand for new development in South Florida outpacing most of the United States, the addition of Alan and the deep set of skills he brings will ensure Northmarq’s developer clients will continue to get world class advisory services,” said Scott Lamontagne, national director–Development Services, based in Northmarq’s Austin, Texas, office. Sperling holds a bachelor’s degree from Florida Atlantic University. He is a member of the Professional Commercial Business Real Estate Group of Plantation, Fla., Palm Beaches & Martin County Chamber of Commerce and National Association Mortgage Professionals.
August 1, 2023
Northmarq’s Denver office welcomes Brad Cohen as senior vice president
DENVER (July 31, 2023) — Northmarq’s Denver office has announced the addition of Brad Cohen, senior vice president. Cohen is an industry veteran with a successful track record of completing an aggregate sales volume in excess of $2.5 billion. In his new role, Cohen will originate, structure and execute commercial investment sales for institutional, corporate and private owners. Cohen specializes in office, retail and industrial investment sales throughout the Mountain Region. “It thrills me to return to real estate by joining the Northmarq team,” Cohen said. “Combining the company's superior resources with my consultative approach will lead to excellent results for our clients in these uncertain times.” Cohen began his career in commercial real estate in 2002 when he launched Transwestern’s Mountain Investment Services Group. His team became one of the most formidable in the market and consistently ranked among the top five percent of Transwestern producers nationwide. “We’re thrilled to welcome Brad Cohen to our Denver office, where he’ll focus on commercial investment sales,” said Curtis Hodges, regional managing director based in Northmarq's Tulsa office. “His track record and industry experience will enhance our capabilities as we grow our commercial investment sales presence in Denver.” Cohen has been recognized as a CoStar Power Broker, the fifth top investment sales team and second top investment/young broker by the Denver Metro Commercial Association of Realtors (DMCAR), as well as the National Rising Star and Rainmaker of the Year by Transwestern. Cohen has a bachelor of business management from the University of Colorado at Boulder. “Brad joins the commercial team in Denver where he’ll work alongside with our debt and equity and multifamily professionals to serve clients and deliver exceptional results,” Curtis added.
July 31, 2023
Tucson 2Q23 Multifamily Market Insights Report: Vacancy elevated, but rents still push higher
Highlights: The Tucson multifamily market posted a mixed performance during the second quarter, as rents advanced while the vacancy rate pushed to a new high. Development activity remains strong as projects totaling 584 units have been delivered to this point in 2023. The local vacancy rate rose 60 basis points during the second quarter, reaching 8.1%. Year over year, vacancy increased by 230 basis points. Rent growth accelerated in recent months after holding fairly steady in the previous three quarters. Rents rose 1.6% during the second quarter to $1,182 per month. Local rents increased 2% during the past 12 months. Multifamily sales activity has been light to this point in the year, as only a few transactions closed during the past six months. Most properties are selling with cap rates between 5.75% and 6.25%. Read the report
July 28, 2023