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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
Phoenix 2Q23 Multifamily Market Insights Report: Rents stabilize at midyear, setting the stage for a rebound
Highlights: Market conditions in Phoenix outperformed expectations during the second quarter. Net absorption has been particularly strong, with demand in the first half of 2023 already outpacing the total for all of 2022. Renter demand is offsetting much of the impact of a very active development pipeline. Vacancy rose 30 basis points in the second quarter, a period where the local rate nearly always trends higher. At 6.7%, area vacancy is up 130 basis points year over year. Rents inched higher in recent months, offsetting a modest dip from the start of the year. Rents are $1,616 per month at midyear. Current rents are down 2.7% from peak levels recorded one year ago. While property operations have steadied, investment activity has remained limited to date. Sales velocity slowed in the second quarter but did gain some momentum in June. Cap rates averaged about 5.3%. Read the report
July 28, 2023
Northmarq’s Long Island office welcomes Bob Bernard as senior vice president
LONG ISLAND, N.Y. (July 24, 2023) — Northmarq’s Long Island office has announced the addition of Bob Bernard as senior vice president of Debt & Equity. Bernard is responsible for arranging debt and equity commercial real estate financing through Northmarq’s varied lending sources.“I’m excited to play a part in the expansion of Northmarq’s Debt & Equity office on Long Island,” Bernard said. “My clients will benefit from Northmarq’s great reputation in providing top-notch financing solutions.”Bernard has over 35 years in commercial real estate (CRE) and has developed close relationships with clients and CRE owners. Before Northmarq, Bernard managed CRE lending teams at ConnectOne Bank, Sterling Bank (now Webster Bank), North Fork Bank and its acquirer Capital One Bank, and CFS Bank (now known as Flagstar).Bernard obtained a master’s degree in finance and a bachelor’s degree in marketing from St. John’s University in Jamaica, N.Y. He is on the board of directors of United Cerebral Palsy of Long Island and is a former board member of the Real Estate Institute at Stony Brook University. He is currently involved in several real estate trade organizations including Long Island Builder’s Institute, Association for a Better Long Island and the International Council of Shopping Centers.“We wanted to add a new producer to our Long Island team for some time,” said Ernie DesRochers, senior vice president — managing director at the New York metropolitan office. “Bob brings years of experience to Northmarq, and we are eager to get him fully integrated into our platform as we continue to expand coverage in the New York City region."
July 24, 2023
Isaiah Harf, Mike Sladich and Ryan Butler promoted to regional managing director of Commercial Investment Sales
MINNEAPOLIS (July 18, 2023) — Executive Managing Director Jeff Cox announced that Isaiah Harf, Mike Sladich and Ryan Butler have been promoted to regional managing director (RMD) leadership roles within Northmarq Commercial Investment Sales. In their new roles, the RMDs will nurture client relationships and serve as regional leaders who assist with talent management and acquisition. They will also manage office operations and identify opportunities to promote and expand other Northmarq business lines. “I’ve had the privilege of working alongside Isaiah, Mike and Ryan over the last 10 years,” Cox said. “They are high-caliber professionals who deliver outstanding results to our clients. They also happen to be servant leaders among their peers. I have every confidence that we will see continued growth from their teams and those they support in their new roles.” Harf has been with the company since 2011 and most recently was a Commercial managing director in Chicago. As RMD, his region will include Chicago, Cincinnati, and Toledo, Ohio. Sladich most recently was a Commercial managing director in Atlanta and has been with the company since 2014. As RMD, his region will include Atlanta, Miami, and Alpharetta, Ga. Butler joined the company in 2004 and has been a managing director in Tulsa, Okla. As RMD, his region will include Tulsa — the historic headquarters of Stan Johnson Company, which was acquired by Northmarq in 2022.
July 18, 2023
7 leaders promoted to regional managing director of Multifamily Investment Sales
MINNEAPOLIS (July 18, 2023) — Investment Sales President Trevor Koskovich announced that seven managing directors have been promoted to regional managing director (RMD) leadership roles within Northmarq Multifamily Investment Sales. They are: Chris Doerr, who will serve as Northeast RMD for offices in Baltimore, Boston, Cincinnati, Philadelphia, New York City, Washington, and Richmond, Va. Doerr joined Northmarq in 2022 and was most recently managing director of Multifamily Investment Sales in Northmarq’s Washington office. Andrea Howard, who will serve as Southeast RMD for offices in Atlanta, Charlotte, N.C.; Fort Lauderdale, Fla.; Jacksonville, Fla.; Nashville, Tenn.; Orlando, Fla.; Raleigh, N.C.; and Tampa, Fla. Howard joined Northmarq in 2021 and was most recently managing director of Multifamily Investment Sales in Northmarq’s Charlotte and Raleigh offices. Jesse Hudson, who will serve as a Mountain RMD for offices in Phoenix, Las Vegas and Albuquerque, N.M. Hudson joined Northmarq in 2018 and was most recently managing director of Multifamily Investment Sales in Northmarq’s Phoenix office. Dave Martin, who will serve as a Mountain RMD for offices in Denver, Salt Lake City, and Boise, Idaho. Martin joined Northmarq in 2020 and most recently was Northmarq’s managing director of Multifamily Investment Sales in Denver. Vince Norris, who will serve as West Coast RMD for offices in San Diego, Seattle, El Segundo, Calif.; Irvine, Calif.; Portland, Ore.; Westlake Village, Calif.; Westwood, Calif.; and Walnut Creek, Calif. Norris joined Northmarq in 2021 and most recently was managing director of Investment Sales in Northmarq’s Westlake Village office. Taylor Snoddy, who will serve as Texas RMD for offices in Dallas, Houston, San Antonio and Austin. Snoddy joined Northmarq in 2018 and previously was managing director of Northmarq’s Dallas Multifamily Investment Sales team. Parker Stewart, who will serve as Midwest RMD for offices in Chicago, Indianapolis, Minneapolis, St. Louis, Kansas City, Mo.; Omaha, Neb.; and Tulsa, Okla. Stewart joined Northmarq in 2021 and previously was managing director of Northmarq’s Midwest Multifamily Investment Sales team. In their new roles, the RMDs will nurture client relationships and serve as regional leaders who assist with talent management and acquisition. They will also manage office operations and identify opportunities to promote and expand other Northmarq business lines. “These promotions are a result of the individual business successes Chris, Andrea, Jesse, Dave, Vince, Taylor and Parker have enjoyed — as well as the successes of our multifamily business,” Koskovich said. “I’m excited to see them thrive in their new roles and continue to help Northmarq thrive, too.”
July 18, 2023
Denver 2Q23 Multifamily Market Insights Report: Vacancy ticks lower again in 2023, rents on the rise
Highlights: Multifamily property fundamentals in Denver strengthened during the second quarter, as rent growth accelerated, and the vacancy rate improved slightly. Apartment developers have been active, completing more than 6,500 units thus far in 2023. Area vacancy tightened slightly in recent months, dipping 10 basis points during the second quarter to 5.4%. This marked the second consecutive quarter when vacancy fell 10 basis points. Despite the recent tightening, the rate is up 60 basis points year over year. Local apartment rents rose at a healthy pace in recent months, increasing 1.8% during the second quarter to $1,905 per month. Rents are also up 1.8% during the past 12 months. Multifamily deal volume inched higher in the second quarter, but transaction counts are down about 60% from the first half of last year. The median sales price thus far in 2023 is $281,200 per unit, 5% lower than the median price last year. Read the report
July 18, 2023
Atlanta 1Q23 Multifamily Market Insights Report: A mix of Class B and Class C assets sells to start 2023
Highlights: Despite continued economic growth, softening conditions prevailed in the Atlanta multifamily market during the first quarter. Upticks in vacancy pushed apartment operators to trim rents at the start of the year, following steep gains. Local vacancy trended closer to the market’s historical norms in recent months after holding steady around cyclical lows in 2022. The rate rose 60 basis points during the first quarter to 5.1%. Year over year, area vacancy trended higher by 50 basis points. Asking rents fell by 1.2% in the first three months of 2023 to $1,567 per month. This marked the second consecutive quarter of modest declines, following several periods of rapid growth. Year over year, rents are up 1.3%. Sales velocity in the first quarter slowed by approximately 50% from levels recorded in the fourth quarter of last year. The median sales price to this point in the year is $155,000 per unit, while cap rates have averaged about 5%. Read the report
July 12, 2023
SoCal 1Q23 Multifamily Market Insights Report: Tight conditions persist, despite a slow start to 2023
Highlights: Multifamily fundamentals in Southern California cooled slightly at the opening of 2023. Vacancies inched higher, while rents dipped. Developers remain active with projects totaling 38,255 units currently under construction throughout the region. Vacancy across Southern California increased 20 basis points during the first quarter to 3.6%. Despite the recent uptick, the vacancy rate has tightened by 10 basis points year over year. Vacancy in Southern California typically operates in a fairly tight range in the low-to-mid 3% range. Asking rents trended lower at the start of the year, dropping 1.5% during the first quarter to $2,342 per month. Despite the recent dip, the region maintains some of the most expensive rents in the country. Average rents throughout Southern California have risen 6.1% during the past 12 months. Multifamily sales activity continued to slow during the first quarter. The number of deals in the last three months dropped 14% from levels recorded at the end of 2022. The median sales price to this point in the year is $259,200 per unit, down 22% from last year’s figure. Read the report
July 12, 2023
Tampa 1Q23 Multifamily Market Insights Report: Rents continue to push higher, up 4.5% year over year
Highlights: Property performance metrics were healthy in Tampa during the first quarter, as asking rents continued to push higher. The development pipeline continued to expand with projects totaling 18,275 units currently under construction. As apartment construction accelerated, vacancy ticked higher. The vacancy rate rose 50 basis points in the first quarter to 4.1%, still lower than the market’s five-year average. Year over year, the rate is up just 20 basis points. Asking rents trended higher during the first quarter, rising 1% to $1,830 per month. Year over year, rents are up 4.5%. Tighter conditions in the debt markets have limited investment activity in Tampa in recent months. The number of deals during the first quarter was down roughly 50% from levels recorded one year ago. The median sales price to this point in the year is $249,200 per unit, up 18% from the median price in 2022. Read the report
July 7, 2023