A 4Q 2021 NAR commercial report finds metros from Jacksonville to Miami and Naples with “the strongest overall commercial real estate market conditions.”
NEW YORK – Out of 390 commercial markets studies in the US, Florida is home to nine of the top 15 areas with strong commercial real estate conditions, according to the fourth-quarter 2021 Commercial Real Estate Metro Market Reports from the National Association of Realtors® (NAR).”
The report looks at a range of commercial markets, including multifamily, office, industrial, retail and hotel property, and creates individual reports by state, with the Florida report also available online.
Top 15 US commercial metros in 4Q 2021 (Population of at least 250,000)
- Charleston, South Carolina
- Durham, North Carolina
- Fort MyersFla
- Kennewick-Richland, Washington
- Nashville, Tennessee
- North Point Bradenton SarasotaFla
- Olympia, Washington
- Palm BeachFla
- Port St LucieFla
- Seattle, Washington
The reports include indicators of an area’s economic and demographic conditions (GDP growth, employment, unemployment, wage growth, domestic migration, population growth). They also include commercial market indicators on net absorption, vacancy rates, rent, deliveries, ongoing construction, inventory, total sales volume, transaction price and cap rates based on CoStar market data.
NAR says it created the Commercial Real Estate Market Conditions Index as a comparison tool to gauge one area’s overall conditions relative to national conditions.
The index is calculated as a ratio of the number of variables where one metro area’s condition is stronger compared to other metro areas across the nation. An index above 50 means market conditions are stronger than they are nationally, and an index below 50 means local market conditions are weaker.
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