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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
Hampton Roads 3Q23 Multifamily Market Insights Report: Rents on pace for healthy close to 2023
Highlights: The Hampton Roads multifamily market posted a mixed performance during the third quarter, as the vacancy rate continued to improve while the rapid rise in rents paused. Projects totaling roughly 1,100 units have come online to this point in the year. Area vacancy trended lower in recent months, as the rate dipped 10 basis points to 5.3% during the third quarter. Year over year, the vacancy rate rose by 70 basis points. After increasing by more than $50 per month during the first half, apartment operators gave back a small portion of recent rent gains. Asking rents dipped by 0.1% during the third quarter to $1,505 per month. In the past year, area rents have still posted a 3.4% gain. Sales velocity continued to slow in recent months as transaction volume decreased by 33% from the second quarter to the third quarter. The median sales price to this point in the year is $139,500 per unit. Read the report, or learn more by engaging with our office in Richmond, Va.
November 9, 2023
Phoenix 3Q23 Multifamily Market Insights Report: Investment activity accelerates, still lags earlier levels
Highlights: Construction has been elevated throughout 2023 in the Phoenix multifamily market, a trend that continued in the third quarter. Renter demand has gained momentum year to date, offsetting some of the supply-side pressures in the region. Vacancy rose 30 basis points in the third quarter, duplicating the increase that occurred during the second quarter. The rate has increased 120 basis points in the past 12 months, ending the third quarter at 7%. Rents dipped in recent months, dropping to $1,607 per month. Average rents in the Greater Phoenix market are down 2.7% year over year. Investment activity to this point in 2023 has been limited, but transactions picked up in recent months, particularly among newer assets. Year to date, the median price reached $264,700 per unit. Read the report, or contact our Phoenix office to learn more.
November 2, 2023
Tucson 3Q23 Multifamily Market Insights Report: Strong seasonal trends steady the local market
Highlights: Following a sluggish first half, the Tucson multifamily market posted an improving performance during the third quarter. The vacancy rate decreased, and rents maintained an upward trajectory. Vacancy tightened even as more units were delivered to the market. Area vacancy dipped 20 basis points during the third quarter to 7.9%, marking the first vacancy improvement since the third quarter of 2021. Year over year, the rate is up 160 basis points. Asking rents continued to trend higher, rising 1.2% during the third quarter to $1,196 per month. Area rents increased by 2.7% in the past year. Sales velocity accelerated in recent months, however, transaction volume year to date is still down 80% from levels posted in the same period last year. The median sales price thus far in 2023 is $116,000 per unit. Read the report, or contact our Phoenix office to learn more.
November 2, 2023
Washington, D.C. 3Q23 Multifamily Market Insights Report: Stable fundamentals supporting investment activity
Highlights: Multifamily property performance in the Washington, D.C., region was healthy during the third quarter. Vacancies remained tight, rents rose and investment transactions gained momentum. Vacancy ended the third quarter at 4.7%, matching the figure from midyear. Year over year, the rate has inched up 10 basis points, and area vacancies have generally remained within a tight band since 2021. Rents rose in the last three months, advancing 1.3% to $2,151 per month. During the past 12 months, rent growth has totaled 2%, with gains in the past two quarters offsetting earlier declines. After a very slow start to the year, transaction activity accelerated in recent months. Multifamily property sales in the third quarter rose 50% from totals posted in the second quarter. Year to date, the median price has reached $264,900 per unit, with cap rates ranging between 4.7% and 5.4%. Read the report, or learn more by engaging with our office in Washington, D.C.
October 24, 2023
Northmarq’s Charlotte office welcomes Amar Goli as managing director
CHARLOTTE, N.C. (Oct. 19, 2023) — Amar Goli has joined Northmarq’s Charlotte Investment Sales team as managing director. In his new role, he will continue to serve his clients in an investment sales advisory capacity and help expand Northmarq’s Commercial Investment Sales division in the Carolinas and Mid-Atlantic regions. Goli’s focus includes the disposition of investment properties with an emphasis on industrial and retail. He focuses on sale-leaseback transactions as well as new construction build-to-suit and speculative development properties. Goli serves regional developers and national clients, as well as industrial and retail tenants including automotive and restaurant franchisees. He also works with private equity firms across multiple industries, including industrial manufacturing, 3PL logistics and shipping, automotive, food processing, restaurant and retail. “I’m excited to join Northmarq, serve our great clients and help the company grow its commercial division,” said Goli. “Northmarq has tremendous resources and a great culture, and I know they will be at the top of the industry for many years to come.” Goli will work alongside Andrea Howard, regional managing director, and the Charlotte Debt + Equity and Multifamily Investment Sales teams. He will report to Jeff Cox, executive managing director based in Austin, Texas. “We are delighted to welcome Amar to Northmarq. He has amassed an impressive track record of investment sales advisory and has successfully launched and grown a substantial commercial investment sales office,” said Cox. “Clients and colleagues alike think highly of Amar as an advisor and builder. I look forward to locking arms with him as our team continues to grow Northmarq’s commercial presence to better serve our clients across the country." Goli brings more than 18 years of experience in the commercial real estate sector. He advises his clients on strategic long-term holds within their portfolios and has a strong background in 1031 exchanges of all deal sizes. Prior to joining Northmarq, he served as managing director of Industrial/Retail Transaction Services and Capital Markets at Sands Investment Group. In that role, he was responsible for the formation, growth and management of their Charlotte office. Earlier in his career, Goli was vice president at CBRE, as well as associate director of Retail and Office Net Leased Properties at Stan Johnson Company, which was acquired by Northmarq in October 2022. “Northmarq’s Debt + Equity platform, along with an award-winning Multifamily platform, are perfect complements to our institutional and private clients in the commercial investment sales sector,” Goli added. Goli holds a bachelor’s degree in economics from American University and is a member of International Council of Shopping Centers (ICSC), Urban Land Institute (ULI) and Commercial Real Estate Development Association (NAIOP).
October 19, 2023
Southern California 2Q23 Multifamily Market Insights Report: Rent growth resumes even as vacancies push higher
Highlights: Operating conditions in Southern California were mixed through the first half of 2023 as vacancy conditions ticked higher and asking rents rose. Developers remain active with projects totaling 37,475 units currently under construction throughout the region. Asking rents in Southern California trended higher during the second quarter; rents in the region rose 1.6% to $2,380 per month. Year over year, average rents are up 2.9%. Rent trends in Class A properties have been mixed. Class A asking rents in San Diego have posted healthy gains, but top-tier rents in the other Southern California markets have recorded minimal increases or modest declines during the past year. Overall vacancy conditions inched higher in recent months, rising 20 basis points during the second quarter to 3.8%. The current vacancy rate is also up 20 basis points year over year. Operating conditions in Class B and Class C properties remain very tight, with vacancy averaging about 2%. Class A vacancies reached 5.6% at midyear, with Los Angeles and San Diego having the highest rates. Fewer multifamily properties sold in Southern California during the second quarter than in the first three months of the year. Cap rates have edged higher in recent quarters, and prices have dipped. The median sales price year to date is $283,300 per unit, while most properties are selling with cap rates between 4% and 5.5%. Read the report, or engage with our Los Angeles, San Diego or Irvine offices.
October 17, 2023
Atlanta 2Q23 Multifamily Market Insights Report: Rents rebound at midyear, further gains likely
Highlights: The Atlanta multifamily market posted a solid performance during the second quarter, even as the pace of multifamily deliveries accelerated. The vacancy rate held steady, finishing the second quarter at 5.1%. Asking rents ticked higher for the first time since the third quarter of 2022. The vacancy rate remained at 5.1% during the second quarter following two consecutive quarters of increases. Year over year, area vacancy is up 60 basis points. Rent growth rebounded in recent months after declines in each of the preceding two quarters. Asking rents ticked higher by 0.5%, reaching $1,575 per month. Rents in Atlanta rose 1.2% during the past 12 months. While sales velocity has been consistent during the first six months of the year, transaction volume to this point in the year is down significantly from levels recorded in the same period of 2022. The median price thus far in 2023 is $153,800 per unit, down 24% from the 2022 price. Read the report, or engage with our Atlanta office to learn more.
October 17, 2023
Kansas City 2Q23 Multifamily Market Insights Report: Vacancy tightens as absorption gains momentum
Highlights: Property performance metrics in the Kansas City multifamily market were mixed during the second quarter, as rents inched lower even as vacancy conditions tightened. Area vacancy tightened a bit during the second quarter, after trending higher in the previous six months. The vacancy rate declined by 20 basis points in the last three months to 5.3%. Year over year, vacancy ticked higher by 10 basis points. Asking rents dipped in recent months, offsetting some of the rent growth posted in the first three months of the year. Rents in Kansas City fell 0.3% in the second quarter to $1,165 per month but are still up 4.7% from one year ago. Sales velocity fell 14% from the first quarter to the second quarter, with Class C properties accounting for the bulk of the transactions. The changing property mix that has been sold has resulted in a sharp price decline, following a spike in 2022. Cap rates rose nearly 50 basis points in the second quarter. Read the report
October 9, 2023