COMMERCIAL RESEARCH

OFFICE

2014 I 2014 II 2014 III 2014 IV 2015 I 2015 II 2015 III 2014

2015

Vacancy Rate
Net Absorption
('000 sq. ft.)

15.8%

15.5%

10,880 10,787 11,745 11,144 11,400 12,727 13,515 44,556 50,024

Completions ('000 sq. ft.)

6,232

7,457

6,085

6,249

8,033

9,220

8,392

26,023 33,917

Inventory ('000,000 sq. ft.)

4,116

4,124

4,130

4,136

4,144

4,153

4,161

4,136

4,170

Rent Growth

0.5%

0.6%

0.6%

0.6%

0.7%

0.8%

0.9%

2.3%

3.2%

2014 I 2014 II 2014 III 2014 IV 2015 I 2015 II 2015 III 2014

2015

INDUSTRIAL

15.8%

15.7%

15.5%

15.6%

15.5%

15.4%

15.7%

Vacancy Rate
Net Absorption
('000 sq. ft.)

19,098 26,525 31,831 28,648 19,914 27,658 33,190 106,102 110,632

Completions ('000 sq. ft.)

14,865 21,943 20,527 13,449 14,383 21,233 19,863 70,784 68,492

Inventory ('000,000 sq. ft.)

8,449

8,471

8,491

8,505

8,519

8,540

8,560

8,505

8,573

Rent Growth

0.5%

0.6%

0.6%

0.7%

0.6%

0.7%

0.7%

2.4%

2.6%

RETAIL

2014 I 2014 II 2014 III 2014 IV 2015 I 2015 II 2015 III 2014

2015

Vacancy Rate
Net Absorption
('000 sq. ft.)

10.2%

10.0%

10.0%

9.8%

9.9%

9.8%

9.8%

10.0%

9.8%

4,045

3,417

2,590

4,591

5,776

4,880

3,699

14,643 20,910

Completions ('000 sq. ft.)

2,565

2,239

2,565

2,847

3,689

3,188

3,581

10,216 14,115

Inventory ('000,000 sq. ft.)

2,036

2,038

2,041

2,044

2,048

2,051

2,054

2,044

2,058

Rent Growth

0.4%

0.5%

0.5%

0.6%

0.5%

0.6%

0.6%

2.0%

2.3%

2014 I 2014 II 2014 III 2014 IV 2015 I 2015 II 2015 III 2014

2015

MULTI-FAMILY
Vacancy Rate

9.0%

4.0%

8.9%

4.0%

8.9%

4.0%

8.9%

4.1%

8.9%

4.1%

8.7%

4.1%

8.6%

4.2%

8.9%

4.0%

8.7%

4.1%

Net Absorption (Units)

50,333 45,491 42,940 58,167 27,721 25,055 23,650 204,931 112,463

Completions (Units)
Inventory
(Units in millions)

32,164 42,931 41,765 44,781 27,728 35,219 32,162 161,640 129,238

Rent Growth

10.1

10.1

10.2

10.2

10.2

10.3

10.3

10.2

10.4

1.4%

1.2%

1.1%

1.0%

1.0%

0.9%

0.9%

4.3%

3.5%

Sources: National Association of REALTORS / Reis, Inc.

Access the Commercial Real Estate Outlook report: www.realtor.org/reports/commercial-real-estate-market-outlook

NATIONAL ASSOCIATION of REALTORS
RESEARCH DIVISION | www.realtors.org/research-and-statistics

COMMERCIAL RESEARCH

Office

Sources: NAR, Reis, Inc.

Albuquerque
Atlanta
Austin
Baltimore
Birmingham
Boston
Buffalo
Central New Jersey
Charleston
Charlotte
Chattanooga
Chicago
Cincinnati
Cleveland
Colorado Springs
Columbia
Columbus
Dallas
Dayton
Denver
Detroit
District of Columbia
Fairfield County
Fort Lauderdale
Fort Worth
Greensboro/Winston-Salem
Greenville
Hartford
Houston
Indianapolis
Jacksonville
Kansas City
Knoxville
Las Vegas
Lexington
Little Rock
Long Island

NM
GA
TX
MD
AL
MA
NY
NJ
SC
NC
TN
IL
OH
OH
CO
SC
OH
TX
OH
CO
MI
DC
CT
FL
TX
NC
SC
CT
TX
IN
FL
MO
TN
NV
KY
AR
NY

17.6
19.6
16.0
15.7
12.7
13.3
14.1
21.1
15.3
17.2
16.2
18.4
19.6
22.9
18.6
17.2
19.4
22.6
25.2
16.8
25.0
10.2
21.4
19.2
15.8
20.4
18.5
20.4
14.2
19.1
20.6
16.7
14.5
25.5
15.3
11.6
13.7

Industrial
13.8
10.7
11.6
18.2

12.4
8.8
8.2
8.5

8.8
12.4
7.6
11.6

8.6
10.4

7.5
9.2
7.9
9.8

Retail

Multifamily

11.8
13.3
5.5
6.6
14.2
6.0
14.1
9.9
11.1
9.9
14.7
10.7
13.1
15.2
15.3
11.1
15.7
12.4
16.0
10.7
11.7

3.7
6.1
4.9
3.2
4.9
3.7
2.6
2.6
5.0
5.3
4.6
3.5
3.6
3.2
3.8
5.9
4.9
5.2
5.2
4.0
3.5
4.6
4.8
3.8
4.8
6.0
4.0
2.6
6.4
5.4
6.3
4.3
4.9
5.0
5.8
6.2
3.0

3.8
10.3
11.9
11.4
13.6
9.7
11.8
14.6
13.0
11.3
11.0
12.2
8.7
11.7
4.8

Access the Commercial Real Estate Outlook report: www.realtor.org/reports/commercial-real-estate-market-outlook

NATIONAL ASSOCIATION of REALTORS
RESEARCH DIVISION | www.realtors.org/research-and-statistics

COMMERCIAL RESEARCH

Sources: NAR, Reis, Inc.

Los Angeles
Louisville
Memphis
Miami
Milwaukee
Minneapolis
Nashville
New Haven
New Orleans
New York
Norfolk/Hampton Roads
Northern New Jersey
Oakland-East Bay
Oklahoma City
Omaha
Orange County
Orlando
Palm Beach
Philadelphia
Phoenix
Pittsburgh
Portland
Providence
Raleigh-Durham
Richmond
Rochester
Sacramento
Salt Lake City
San Antonio
San Bernardino/Riverside
San Diego
San Francisco
San Jose
Seattle
St. Louis

CA
KY
TN
FL
WI
MN
TN
CT
LA
NY
VA
NJ
CA
OK
NE
CA
FL
FL
PA
AZ
PA
OR
RI
NC
VA
NY
CA
UT
TX
CA
CA
CA
CA
WA
MO

Office

Industrial

Retail

Multifamily

15.2
15.5
22.1
17.0
18.6
16.5
12.8
16.9
13.3
9.5
15.0
18.1
17.3
16.9
15.5
16.6
17.4
18.1
13.9
24.6
16.0
13.2
15.6
14.6
14.4
16.2
20.6
16.9
17.4
22.6
15.3
12.8
18.4
13.5
17.5

3.8

5.7
9.6
11.3
6.8
12.3
11.0
8.1
12.9
11.6

3.2
4.5
7.6
3.5
3.3
2.3
4.3
2.1
6.2
2.3
4.0
3.4
2.5
5.3
2.9
2.9
5.1
5.3
3.5
4.9
3.1
3.2
3.7
4.3
4.3
2.8
3.0
3.6
5.8
3.2
2.5
3.1
2.8
4.2
4.7

14.2
5.8
7.1
7.9

8.8

3.7
11.0
6.4
9.7
10.8
8.9
7.7
15.9
14.8
12.3
7.1
6.1
6.5
10.8
16.9
5.9
6.8

9.1
5.3
5.7
13.8
8.8
5.3
11.7
11.6
9.1
10.1
7.7
7.9
12.1
9.4
9.5
12.2
11.9
11.9
10.9
9.4
6.1
3.1
5.2
6.7
11.9

Access the Commercial Real Estate Outlook report: www.realtor.org/reports/commercial-real-estate-market-outlook

NATIONAL ASSOCIATION of REALTORS
RESEARCH DIVISION | www.realtors.org/research-and-statistics

COMMERCIAL RESEARCH

Sources: NAR, Reis, Inc.

Suburban Maryland
Suburban Virginia
Syracuse
Tacoma
Tampa-St. Petersburg
Tucson
Tulsa
Ventura County
Westchester
Wichita

MD
VA
NY
WA
FL
AZ
OK
CA
NY
KS

Office

Industrial

Retail

Multifamily

14.8
17.4
14.9
16.4
21.1
15.3
16.4
17.0
18.3
17.6

10.9
10.0

8.2
6.3
14.8
12.5
11.0
9.5
16.6
8.3
7.7
13.1

3.5
3.6
3.1
3.7
4.2
4.3
5.3
2.6
2.9
4.1

7.5

Copyright 2014 NATIONAL ASSOCIATION OF REALTORS. THE NATIONAL ASSOCIATION OF

REALTORS, The Voice for Real Estate, is Americas largest trade association, representing 1.0 million
members involved in all aspects of the residential and commercial real estate industries..
Although the information presented in this report has been obtained from reliable sources, NAR does not
guarantee its accuracy, and such information may be incomplete. This report is for information purposes only.
If you have questions or comments regarding this report or any other commercial real estate research,
contact George Ratiu, Director, Quantitative & Commercial Research, at gratiu@realtors.org.

Access the Commercial Real Estate Outlook report: www.realtor.org/reports/commercial-real-estate-market-outlook

NATIONAL ASSOCIATION of REALTORS
RESEARCH DIVISION | www.realtors.org/research-and-statistics