This report examined more than 80 markets based on the percent change in vacancy and rental rates for the office, retail and multi-family sectors from Q3 2012 through Q3 2013, as well as population and unemployment changes over the same time period.
2. The Coldwell Banker Commercial® brand took on the task of finding the ‘Top
Markets’ for Commercial Real Estate. Over 80 markets were ranked on 2 categories
for each property sector (Office, Retail, Multi-Family), then 2 additional final
categories:
1) % Change in Vacancy from Q3 2012 and Q3 2013 within the market1
2) % Change in Rental Rates from Q3 2012 and Q3 2013 within the market1
3) % Change in Population from Q3 2012 and Q3 2013 within the market1
4) % Change in Unemployment from Aug 2012 and Aug 2013 within the market2
1– source: Reis
2—source: Bureau of Labor Statistics
3. Top Commercial RE Markets
1 Orlando, FL
Total
26
Nashville, TN
55
Columbia, SC
27
Fort Lauderdale, FL
28
Tacoma, WA
56
New Haven, CT
2
Portland, OR
3
Dallas, TX
29
Knoxville, TN
57
Kansas City, MO
4
Houston, TX
30
Colorado Springs, CO
58
Suburban Virginia, VA
5
Minneapolis, MN
31
Tampa-St. Petersburg, FL
59
Syracuse, NY
6
San Diego, CA
32
Columbus, OH
60
Little Rock, AR
7
Austin, TX
33
Richmond, VA
61
Detroit, MI
8
Raleigh-Durham, NC
34
Tulsa, OK
62
Birmingham, AL
9
Fort Worth, TX
35
Baltimore, MD
63
Chicago, IL
36
Omaha, NE
64
Memphis, TN
10
Denver, CO
37
Indianapolis, IN
65
Fairfield County, CT
38
Miami, FL
66
District of Columbia, DC
11
Orange County, CA
39
Hartford, CT
67
Pittsburgh, PA
12
Seattle, WA
40
Central New Jersey, NJ
68
Tucson, AZ
13
Charleston, SC
69
Providence, RI
14
San Jose, CA
41
Boston, MA
70
New Orleans, LA
15
Palm Beach, FL
42
Los Angeles, CA
16
Charlotte, NC
43
San Bernardino/Riverside, CA
71
Suburban Maryland, MD
17
Salt Lake City, UT
44
Greensboro/Winston-Salem, NC
72
Lexington, KY
18
Las Vegas, NV
45
Oklahoma City, OK
73
Milwaukee, WI
19
Phoenix, AZ
46
Sacramento, CA
74
Westchester, NY
20
Oakland-East Bay, CA
47
Louisville, KY
75
Philadelphia, PA
21
San Antonio, TX
48
New York, NY
76
Wichita, KS
22
San Francisco, CA
49
Norfolk/Hampton Roads, VA
77
Long Island, NY
23
Greenville, SC
50
Rochester, NY
78
Albuquerque, NM
24
Jacksonville, FL
51
Cincinnati, OH
79
St. Louis, MO
25
Atlanta, GA
52
Northern New Jersey, NJ
80
Cleveland, OH
53
Ventura County, CA
81
Dayton, OH
54
Buffalo, NY
82
Chattanooga, TN
4. Top Ranked Market
#1 Orlando, FL
Metro
Orlando, FL
Retail
Rank
MF
Rank
Office
Rank
Pop
Rank
Unemp
Rank
Cumulative
Score
Final Rank
2
10
8
6
1
27
1
Why Orlando is Growing
Central Florida’s real estate rebound is in full swing with Orlando leading the way. Cranes evidence the
downtown Orlando recovery as previously shelved hotel, office and apartment projects are resurrected. The
Dr. Phillips Center for the Performing Arts opens Fall 2014 and an 18,000-seat Major League Soccer stadium
will accommodate Orlando’s new MLS franchise. Orlando is still the top tourist destination in the world and will
host a record 56+ million visitors and generate $50 billion in economic impact in 2013; with expansions like
Disney’s Avatar, Magic Kingdom, Downtown Disney and The Wizarding World of Harry Potter at Universal
2014, visitation is expected to exceed 63 million and bring an additional $1.3 billion of new business.
Burgeoning Lake Nona Medical City is home to such facilities as the Nemour Children’s Hospital, UCF’s Health Sciences
Campus, Sanford-Burnham Medical Research Institute and VA Hospital; by 2017 “Medical City” is expected to create
30,000 jobs and $7.6 billion in economic impact. To accommodate Orlando’s population and tourism growth, Orlando
International Airport is preparing for a $1.1 billion expansion to host an estimated 45 million travelers by 2020. SunRail will
begin service in Spring 2014; running 61 miles from Volusia to Osceola County linking Central Florida together and
eventually connecting with “All Aboard Florida” which will run from Orlando to Miami and South Florida. SunRail is expected
to generate over 261,000 jobs and $8.8 billion in economic impact over 30 years. The sun and the economic outlook are
shining bright in Orlando.
Paul Hoffman, Coldwell Banker Commercial NRT, Orlando, FL
6. Quotes from Top 10 Markets
Here are a few thoughts from Coldwell Banker Commercial agents on why their market is in the top 10.
San Diego, CA
San Diego’s economic rebound is surpassing expectations in numerous local markets. Positive trends in
unemployment, real estate, tourism and production indicate that the worst of the economic crisis may be
over. Downtown is experiencing growth with new high-rise hotels and multifamily developments approved
and under construction, along with the $12.8 million expansion project scheduled for Horton Plaza with
completion in 2015. Leading the San Diego recovery is the tourism industry, which employs over 160,000
people throughout the County. San Diego is one of the top tourist destinations in Southern California and
hosts 32 million visitors each year, generating more than $8 billion annually, which translates to an economic impact of
over $18.3 billion dollars generated for the regional economy. Housing prices have increased 10%in the last year and
the unemployment rate is holding steady at 7.4%, lower than the State average of 8.9%
Brandon Sudweeks, CCIM, Coldwell Banker Commercial Sudweeks Group, San Diego, CA
Minneapolis, MN
Minneapolis is a city with much opportunity and a city that strives to be a leader in new health solutions,
technologies, entertainment, and up-and-coming trends. Because of this, our market is appealing to
businesses and families alike. Minneapolis holds 3 professional sports teams, a prominent downtown
business college, major corporate offices such as Target Corp. and US Bank, and many present and future
construction developments for both residential and commercial. With this brings a steady flow of new jobs,
new housing opportunities and new business opportunities. The city’s highly-educated and culturally
connected workforce also create much business success. Despite the largeness of Minneapolis as a city, there still
tends to be an atmosphere of camaraderie in supporting local businesses and teaming together to make our community
better as a whole both economically and socially. Minneapolis’ bordering “twin” city, St. Paul, also brings a wealth of
business and opportunities. The Twin Cities together house 19 Fortune 500 Cos., 4 professional sports teams, and
many major downtown companies such as those stated above for Minneapolis specific and Ecolab and Securian
Financial in St. Paul.
Jeffrey L. LaFavre, CCIM, MCR, SIOR, Coldwell Banker Commercial Griffin Companies, Minneapolis, MN
7. Top Markets: Rankings Cont.
Metro
Los Angeles, CA
San Bernardino/Riverside, CA
Greensboro/Winston-Salem, NC
Oklahoma City, OK
Sacramento, CA
Louisville, KY
New York, NY
Norfolk/Hampton Roads, VA
Rochester, NY
Cincinnati, OH
Northern New Jersey, NJ
Ventura County, CA
Buffalo, NY
Columbia, SC
New Haven, CT
Kansas City, MO
Suburban Virginia, VA
Syracuse, NY
Little Rock, AR
Detroit, MI
Birmingham, AL
Chicago, IL
Memphis, TN
Fairfield County, CT
District of Columbia, DC
Pittsburgh, PA
Tucson, AZ
Providence, RI
New Orleans, LA
Suburban Maryland, MD
Lexington, KY
Milwaukee, WI
Westchester, NY
Philadelphia, PA
Wichita, KS
Long Island, NY
Albuquerque, NM
St. Louis, MO
Cleveland, OH
Dayton, OH
Chattanooga, TN
Retail
Rank
36
MF
Rank
59
Office
Rank
32
Pop
Rank
52
Unemp Cumulative
Rank
Score
36
215
63
47
64
26
15
215
57
59
41
38
21
216
47
51
20
29
71
218
67
38
72
33
10
220
13
72
52
43
43
223
45*
79
5
59
38
226
11
68
70
48
31
228
37
30
60
76
26
229
25
5
79
57
66
232
9
64
62
63
38
236
41
54
80
46
17
238
78
21
32
81
27
239
77
30
74
15
44
240
22
53
38
70
58
241
44
42
37
39
81
243
35
62
76
11
60
244
50
8
78
79
30
245
54
56
27
36
73
246
64
19
55
80
42
260
37
67
75
55
28
262
41
50
26
67
78
262
7
56
77
42
80
262
6
75
51
73
59
264
53*
77
61
15
60
266
28
65
35
78
60
266
46
48
81
27
73
275
54
52
48
69
53
276
19
73
46
61
81
280
52
58
57
53
60
280
76
76
58
20
51
281
62
71
32
68
48
281
47
70
71
63
38
289
72
63
31
71
53
290
69
36
67
58
67
297
33
80
72
75
38
298
50
81
68
66
45
310
60
61
66
72
64
323
80
30
64
82
69
325
72
75
82
78
36
82
77
51
72
79
339
365
Final
Rank
Available
Properties
42
42
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
62
62
65
66
66
68
69
70
70
72
72
74
75
76
77
78
79
80
81
82
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* -NY & Washington, DC data was not available for Retail Sector. An average of the other rankings was given so a final rank could be achieved; Source: Reis
8. Rebuttals from Bottom Markets
With any survey, the results will depend on what variables you look at and how you look at them. That’s why we gave a
few markets ranked in the bottom 10 a chance to talk about the positives in their market.
New Orleans, LA
By almost all accounts, Greater New Orleans is a great place to do business. In economic development, we
are at the highest point, in every economic ranking, in our history. Greater New Orleans was recently
ranked #2 “Boomtown in America”, due to population and GDP growth. Just last week, the region was
ranked #6 for creating middle-income jobs in the USA by Forbes. Encouragingly, talented people are voting
with their feet, choosing this region to build a career and start a family. In fact, Louisiana has enjoyed five
straight years of net in-migration for the first time in decades, according to the U.S. Census Bureau. New
Orleans grew faster than any other major U.S. city in the 15 months after the 2010 decennial headcount. And as more
and more people make New Orleans their home, their talents come with them, evidenced by the city's No. 1 ranking on
the list of "America's Biggest Brain Magnets" for attracting people under 25 with college degrees, according to Forbes.
Mark Inman, CCIM, Coldwell Banker Commercial TEC, New Orleans, LA
Birmingham, AL
Birmingham has the following positives: UAB Medical Center, University and Medical School continues to
grow, growing employment and bringing medical research dollars to the economy. Birmingham is a
regional retail center offering retail goods and services for Central Alabama. The Birmingham MSA offers
shopping choices only found in Birmingham for most of the State's residence, supporting expansion of
retail goods and services. Political structure of the MSA creates competition between Cities in the MSA for
new development, encouraging more public / private investments. Birmingham's CBD is going through a
renaissance with new development in sports, office, retail and residential development. Birmingham is the interchange
center of four major interstates connecting it to major cites in Tennessee, Georgia, Mississippi and Florida, coupled with
multiple converging rail lines makes the MSA an excellent distribution center. Birmingham is a solid community with a
great infrastructure designed for growth.
Wesley Cline, CCIM, Coldwell Banker Commercial Moore Company Realty, Birmingham, AL
Chicago, IL
Chicago is one of most dynamic cities in the world. Chicago has a population of 9.5 million people, 4 million
culturally diverse employees and 265,000 businesses. It has over 400 major corporate headquarters
including 29 Fortune 500 companies. Chicago is a leader in a number of key industries including: Business
& Financial Services, Manufacturing, Information Technology, Health Services and Transportation &
Distribution, and is a global leader in options, futures and derivatives trading. The commercial real estate
market is also one of the largest and most active in the world. The industrial market consists of 1.15 billion
SF of space with only an 8.8% vacancy rate. The office market consists of 460 million SF with a current vacancy of
14.1%. The retail market consists of 262 million SF with a vacancy of only 7.1%.
Jordan Schnoll, CCIM , Coldwell Banker Commercial NRT, Chicago, IL
10. Top Commercial RE Markets
OFFICE
1
Orange County, CA
28
San Diego, CA
56
Baltimore, MD
2
San Jose, CA
30
Palm Beach, FL
57
Suburban Maryland, MD
3
Denver, CO
31
Philadelphia, PA
58
Lexington, KY
4
Charleston, SC
32
Buffalo, NY
59
Fort Lauderdale, FL
5
New York, NY
32
Los Angeles, CA
60
Rochester, NY
5
Portland, OR
32
Milwaukee, WI
61
District of Columbia, DC
7
Austin, TX
35
Pittsburgh, PA
62
Northern New Jersey, NJ
8
Orlando, FL
36
Dayton, OH
63
Omaha, NE
9
Knoxville, TN
37
Kansas City, MO
64
Cleveland, OH
9
Minneapolis, MN
38
Columbus, OH
64
San Bernardino/Riverside, CA
38
Miami, FL
66
St. Louis, MO
38
New Haven, CT
67
Wichita, KS
68
Albuquerque, NM
11
Boston, MA
11
Tulsa, OK
13
Fort Worth, TX
41
Greensboro/Winston-Salem, NC
69
Las Vegas, NV
13
Greenville, SC
42
Atlanta, GA
70
Norfolk/Hampton Roads, VA
15
San Antonio, TX
42
Salt Lake City, UT
16
Dallas, TX
44
Hartford, CT
71
Westchester, NY
16
Nashville, TN
44
Tacoma, WA
72
Long Island, NY
18
Seattle, WA
46
New Orleans, LA
72
Sacramento, CA
19
San Francisco, CA
46
Phoenix, AZ
74
Columbia, SC
20
Central New Jersey, NJ
48
Charlotte, NC
75
Birmingham, AL
20
Oklahoma City, OK
48
Providence, RI
76
Suburban Virginia, VA
22
Indianapolis, IN
50
Jacksonville, FL
77
Memphis, TN
23
Houston, TX
51
Fairfield County, CT
78
Syracuse, NY
24
Oakland-East Bay, CA
52
Louisville, KY
79
Cincinnati, OH
25
Raleigh-Durham, NC
53
Colorado Springs, CO
80
Ventura County, CA
53
Tampa-St. Petersburg, FL
81
Tucson, AZ
55
Detroit, MI
82
Chattanooga, TN
26
Chicago, IL
27
Little Rock, AR
28
Richmond, VA
11. Top 5 Ranked Office Markets
Orange County, CA
Reis’s data show the Orange County general purpose, multi-tenant office market in the throes of a substantial recovery. While still
elevated relative to pre-recession levels, the vacancy rate is declining amid strong absorption and minimal speculative development.
And while current average lease rates remain well below those seen prior to the downturn, growth, albeit in modest proportion, has
returned to rents. The market’s Achilles heel in the recent downturn was the large mortgage industry tenant base, which led the
sector’s decline during the recession. The wound has healed: strength in the mortgage sector, reflecting the housing rebound, has
been a factor in the market’s turnaround. Leasing has been strong and absorption numbers have been high. 1
YTD $1.1 billion in sales
55 Transactions2
San Jose, CA
Reflecting the strong local economy and the expanding high technology Business sector, the Silicon Valley general purpose,
multitenant office market shows considerable strength. Demand has been strong; a new development cycle is underway. By Reis’s
count, net absorption through the first half of the year accompanied by 817,000 SF of new supply was 766,000 SF. While still elevated,
vacancy has been declining persuasively. The rate for the second quarter was 18.8%, down 30 basis points for the period, down 110
year-over-year. The positive performance seen in July-August took 20 additional points from the rate. On the other hand, major
employers such as Google, Apple and Salesforce have already taken space sufficient to accommodate several years of growth. Rents
are high; growth has been strong. At $31.45 psf, second quarter asking averages were up 1.6% each for the period following gains of
about 1.0% in the first quarter. Ranked the #2 market in this survey for rate change. A rapid depletion of Class A blocks of space over
the last 24 months encourages development. 1
YTD $2.3 billion in sales
67 Transactions2
Denver, CO
According to Reis, 2013 was “a break out year” for the Denver area office market, citing the strong local economy, rising rents, and
the return of construction. Leasing has “returned to normal”—“normal” being pre-recession activity levels. In addition, several sources
report increasing employment in office-using sectors. Net absorption has been strongly positive since 2011, the vacancy rate has fallen
to its lowest point since early 2009, and rates of rent growth, albeit gradually, are increasing. Led by downtown Denver and areas on its
periphery, moreover, substantial volumes of new office space were under construction and planned per the date of this report. While
most of the current building activity is build-to-suit, speculative development, following a prolonged absence, is beginning to reappear.
While a deluge of supply is not expected, spec construction should be a visible trend in the period ahead. Investment, charged by
several major recent sales, has been very strong in recent quarters. 1
YTD $1.7 billion in sales
79 Transactions2
Charleston, SC
The Charleston area market grows tighter. Absorption has remained positive because there is a diminishing availability of quality
space. By Reis’s count, second quarter vacancy was 15.6%, down 100 basis points for the period, down 180 year-over-year. The
Class A rate, however, was considerably lower at 13.0%, a decline of fully 260 basis points for the quarter alone, a loss of 350 yearover-year. This was the #1 ranked market in this survey for change in vacancy for office. The volume of vacant Class A space had
shrunk to only 551,000 SF by the end of the quarter. Absorption, accordingly, is dominated by this sector. With no space completing
construction through the first half of the year, total metro area net absorption was counted by Reis at 96,000 SF. The Class A total was
117,000. Technology continued to be the primary driver of tenant demand Boeing has purchased the 178,000 SF Applied Technology
Research Center for expansion, thus displacing The South Carolina Research Authority which will be relocating its headquarters to
Mead Westvaco’s 4,500-acre Nexton mixed-use development in Summerville for a 75,000 SF built-to-suit.1
New York, NY
The 354-million-SF general purpose, multi-tenant Manhattan office is a moderate success by the standards of the past, but in a boom
mode by the standards of the present. Despite the completion of extensive new space the vacancy rate remained in the single digits in
the third quarter of 2013, and rents increased at about the same pace as has been common since the recovery began in 2011. What is
most encouraging is that the office market is solid even though the city’s leading sector—finance—continues to downsize. Reis
predicts that 17.5 million SF of new space will be added within its Manhattan submarkets from 2013 to 2017. While that would
constitute the largest building boom since the 1980s, it would only restore the size of the inventory to its level during the mid-1990s,
and even then only if there are no more office-to-residential or hotel conversions. 1
YTD $16.4 billion in sales 148 Transactions2
Sources: 1-Reis; 2-Real Capital Analytics
12. Top Markets: OFFICE
Metro
RANKS
Q3 2013 % Change
Vac % Q3 ‘12-Q3 ‘13
Vac
Rank
Asking %Change Rent Rate
Rent $ Q3 ‘12-Q3 ‘13 Rank
Final
Rank
Orange County, CA
17.3
-8.95%
4
$27.45
2.20%
9
San Jose, CA
18.6
-5.10%
18
$31.68
5.28%
2
Denver, CO
17.5
-6.91%
11
$22.14
1.98%
12
Charleston, SC
15.3
-10.53%
1
$21.49
1.42%
23
New York, NY
9.7
-3.96%
24
$61.16
4.62%
3
Portland, OR
13.6
-8.72%
5
$21.84
1.58%
22
Austin, TX
16.4
-4.09%
23
$26.58
2.47%
6
Orlando, FL
18.2
-4.71%
21
$21.43
2.05%
10
Minneapolis, MN
17.3
-4.95%
19
$22.33
1.64%
19
Knoxville, TN
14.3
-10.06%
3
$16.02
1.14%
35
Boston, MA
13.9
-3.47%
26
$37.04
1.95%
14
Tulsa, OK
17.2
-7.03%
10
$14.79
1.23%
30
Greenville, SC
19.2
-3.03%
31
$16.85
2.00%
11
Fort Worth, TX
16.3
-5.23%
17
$19.63
1.39%
25
San Antonio, TX
18.0
-5.26%
16
$20.25
1.20%
31
Dallas, TX
23.1
-1.28%
43
$20.26
3.16%
5
Nashville, TN
12.8
-7.25%
8
$20.33
0.99%
40
Seattle, WA
13.7
-2.84%
33
$29.86
1.88%
16
San Francisco, CA
13.3
-0.75%
49
$43.69
7.72%
1
Central New Jersey, NJ
21.8
-5.63%
15
$23.98
1.05%
37
Oklahoma City, OK
16.8
-10.16%
2
$15.00
0.81%
50
Indianapolis, IN
19.2
-5.88%
14
$17.91
1.02%
39
Houston, TX
14.2
-0.70%
50
$25.67
4.35%
4
Oakland-East Bay, CA
17.9
-3.24%
29
$26.26
1.27%
28
Raleigh-Durham, NC
15.1
-6.79%
12
$20.38
0.84%
47
Chicago, IL
18.7
0.00%
54
$27.98
2.30%
7
Little Rock, AR
12.2
-7.58%
7
$15.79
0.77%
55
San Diego, CA
16.3
-2.98%
32
$28.59
1.20%
31
Richmond, VA
14.8
-3.27%
28
$18.57
1.14%
35
Palm Beach, FL
19.1
-5.91%
13
$28.40
0.78%
54
Philadelphia, PA
14.1
-7.24%
9
$24.79
0.65%
59
Los Angeles, CA
15.8
0.00%
54
$32.76
1.64%
18
Milwaukee, WI
18.8
-1.05%
46
$19.11
1.38%
26
Buffalo, NY
14.2
-8.39%
6
$17.02
0.41%
66
Pittsburgh, PA
15.7
1.29%
61
$21.13
1.98%
12
Dayton, OH
26.6
-2.56%
34
$14.62
0.97%
41
Kansas City, MO
17.3
0.00%
54
$19.27
1.42%
23
Columbus, OH
18.7
1.08%
59
$18.09
1.63%
20
New Haven, CT
17.8
-2.20%
36
$20.83
0.92%
43
Miami, FL
16.9
-3.43%
27
$30.45
0.79%
52
Greensboro/Winston-Salem, NC
20.9
-1.88%
40
$16.42
0.92%
43
Source: Reis
1
2
3
4
5
5
7
8
9
9
11
11
13
13
15
16
16
18
19
20
20
22
23
24
25
26
27
28
28
30
31
32
32
32
35
36
37
38
38
38
41
13. Top Markets: OFFICE Cont.
Metro
RANKS
Q3 2013 % Change
Vac % Q3 ‘12-Q3 ‘13
Vac
Rank
Asking %Change Rent Rate
Rent $ Q3 ‘12-Q3 ‘13 Rank
Final
Rank
Atlanta, GA
20.3
-1.46%
42
$21.64
0.93%
42
Salt Lake City, UT
17.3
-2.26%
35
$18.43
0.82%
49
Hartford, CT
21.4
2.88%
65
$21.29
1.62%
20
Tacoma, WA
16.0
-3.61%
25
$20.17
0.60%
60
New Orleans, LA
13.4
3.88%
71
$18.40
1.88%
15
Phoenix, AZ
25.6
-0.78%
48
$22.52
1.03%
38
Charlotte, NC
17.8
9.20%
79
$21.91
2.29%
8
Providence, RI
15.6
-1.89%
39
$20.57
0.83%
48
Jacksonville, FL
20.8
0.48%
58
$18.52
1.15%
34
Fairfield County, CT
22.5
5.14%
76
$34.78
1.70%
17
Louisville, KY
15.7
2.61%
64
$16.36
1.24%
29
Tampa-St. Petersburg, FL
22.2
3.26%
67
$21.33
1.28%
27
Colorado Springs, CO
19.4
-4.90%
20
$16.49
0.00%
74
Detroit, MI
25.8
-1.53%
41
$18.99
0.74%
57
Baltimore, MD
16.4
-4.65%
22
$23.40
-0.17%
77
Suburban Maryland, MD
15.2
-0.65%
51
$28.23
0.79%
52
Lexington, KY
15.5
-3.13%
30
$17.07
-0.12%
75
Fort Lauderdale, FL
19.7
-1.99%
38
$25.52
0.08%
70
Rochester, NY
16.9
-1.17%
44
$16.29
0.43%
65
District of Columbia, DC
9.6
3.23%
66
$50.13
0.89%
45
Northern New Jersey, NJ
18.8
-1.05%
46
$27.81
0.32%
67
Omaha, NE
15.7
3.29%
68
$17.27
0.88%
46
Cleveland, OH
24.0
15.94%
82
$18.69
1.19%
33
San Bernardino/Riverside, CA
24.0
-2.04%
37
$21.28
-0.23%
78
St. Louis, MO
17.9
-0.56%
52
$20.55
0.44%
64
Wichita, KS
17.7
1.72%
62
$14.33
0.77%
55
Albuquerque, NM
18.1
4.02%
72
$16.25
0.81%
50
Las Vegas, NV
25.9
-1.15%
45
$23.71
-0.42%
80
Norfolk/Hampton Roads, VA
15.6
3.31%
69
$19.15
0.74%
57
Westchester, NY
18.7
1.08%
59
$28.56
0.07%
72
Sacramento, CA
21.3
1.91%
63
$23.71
0.08%
70
Long Island, NY
13.9
0.00%
54
$26.81
-0.37%
79
Columbia, SC
18.3
-0.54%
53
$15.94
-0.75%
82
Birmingham, AL
13.2
4.76%
74
$19.12
0.53%
62
Suburban Virginia, VA
17.0
7.59%
78
$32.09
0.60%
60
Memphis, TN
23.7
4.87%
75
$18.24
0.50%
63
Syracuse, NY
16.3
4.49%
73
$15.97
0.31%
68
Cincinnati, OH
20.8
3.48%
70
$18.69
0.05%
73
Ventura County, CA
17.3
9.49%
80
$24.25
0.21%
69
Tucson, AZ
15.2
7.04%
77
$21.41
-0.14%
76
Chattanooga, TN
16.9
12.67%
81
$14.72
-0.54%
81
Source: Reis
42
42
44
44
46
46
48
48
50
51
52
53
53
55
56
57
58
59
60
61
62
63
64
64
66
67
68
69
70
71
72
72
74
75
76
77
78
79
80
81
82
15. Top Commercial RE Markets
Retail
2
Orlando, FL
3
Austin, TX
4
Minneapolis, MN
5
Fort Worth, TX
6
Fairfield County, CT
7
Dallas, TX
7
Memphis, TN
9
Northern New Jersey, NJ
10 Houston, TX
11
Norfolk/Hampton Roads, VA
11
Louisville, KY
14
Fort Lauderdale, FL
15
Phoenix, AZ
16
Orange County, CA
17
Boston, MA
18
San Diego, CA
19
New Orleans, LA
20
Baltimore, MD
21
San Jose, CA
22
Las Vegas, NV
22
New Haven, CT
22
Portland, OR
25
Charleston, SC
25
Cincinnati, OH
25
Knoxville, TN
28
Pittsburgh, PA
Providence, RI
28
Salt Lake City, UT
28
Seattle, WA
57
Greensboro/Winston-Salem, NC
31
Palm Beach, FL
57
Tulsa, OK
31
Richmond, VA
59
Indianapolis, IN
33
Columbus, OH
60
St. Louis, MO
33
Long Island, NY
61
San Francisco, CA
35
Suburban Virginia, VA
62
Milwaukee, WI
36
Los Angeles, CA
63
San Bernardino/Riverside, CA
37
Birmingham, AL
64
Colorado Springs, CO
37
Central New Jersey, NJ
64
Detroit, MI
Rochester, NY
66
Greenville, SC
40
Omaha, NE
67
Sacramento, CA
67
San Antonio, TX
Raleigh-Durham, NC
13
54
37
1 Hartford, CT
41
Chicago, IL
69
Wichita, KS
41
Ventura County, CA
70
Tampa-St. Petersburg, FL
43
Charlotte, NC
44
Kansas City, MO
71
Oakland-East Bay, CA
45
Denver, CO
72
Dayton, OH
46
Tucson, AZ
72
Philadelphia, PA
47
Oklahoma City, OK
72
Tacoma, WA
47
Westchester, NY
75
Chattanooga, TN
49
Atlanta, GA
76
Lexington, KY
50
Albuquerque, NM
77
Columbia, SC
50
Syracuse, NY
78
Buffalo, NY
52
Nashville, TN
78
Jacksonville, FL
52
Suburban Maryland, MD
80
Cleveland, OH
54
Little Rock, AR
54
Miami, FL
16. Top 5 Ranked Retail Markets
Hartford, CT
The 14.5-million SF Hartford MSA community-neighborhood shopping center market continued to benefit from incremental improvement
through two-thirds of 2013. No space of this type has completed construction within Reis submarkets since 2010, and none is under
construction. With net absorption at 73,000 SF for 2013 through August, the vacancy rate is down 50 basis points year-to date to 9.5%.
The average asking rent increased 0.6% in the second quarter to $17.55 psf. This was the #2 ranked market for rate increase. Additional
increases through August brought the gain to 1.1% asking year-to-date. Reis reports a vacancy rate of 6.4% for power centers, down 30
basis points from the prior quarter and 140 from a year earlier. The average asking rent for power centers is $22.31 psf, up 0.5% for the
quarter and 2.2% year-over-year.1
$248 million in sales
8 Transactions2
Orlando, FL
The sharp recession related cutbacks in residential construction and the collapse of the housing market brought a period of difficulty to
the local retail real estate market. Vacancy in the community-neighborhood shopping center retail sector, which peaked at 14.0% as
recently as the third quarter of 2012, has only recently begun to subside. By the end of the second quarter of 2013 the level had dropped
to 13.1%, a loss of 50 basis points for the quarter alone, a decline of 80 since year-end. This made Orlando the #2 market in % drop in
Vacancy. The source of the progress in occupancy since last year was the persistence of positive net absorption in the presence of no
new supply deliveries. The absorption total for the first half of 2013 was 252,000 SF. The total for the second quarter alone was 170,000
SF. Growth, at last, has returned to average rents. At $17.62 psf asking averages for the second quarter were up 0.6% for the period
following gains of 1.0% for each rate the quarter before. Recent construction, meanwhile, has been dominated by small neighborhood
center projects. As of mid-year, Reis was reporting 4.9 million SF of retail space in the planned-proposed pipeline across all product
categories.1
$687 million in sales
53 Transactions2
Austin, TX
Vacancy is leveling off at a moderate level in Austin’s 20.7-million-SF community-neighborhood shopping center market, but rent gains
remain modest. The rate was 6.7% during the second quarter, down 20 basis points for the period as net absorption totaled 81,000 SF
and two neighborhood center projects added 58,000 SF within Reis submarkets. After a flat first quarter, rents increased 0.7% in the
second quarter. The second quarter asking average was $20.44 psf. Community-neighborhood center development is expected to
remain limited, as there is no space currently under construction. Rent gains, however, are expected to pick up. Big-box and mixed-use
developments are all the rage in Austin retail. The latest new construction data show three power center projects under construction with
1.9 million SF, three mixed-use projects with 883,400 SF of retail, and three freestanding stores totaling 314,700 SF. For power centers,
Reis reports a relatively high second quarter vacancy rate of 7.6%, down 120 basis points from the prior quarter and 100 from a year
earlier. The average asking rent for power centers is $24.34 psf, up 0.4% for the quarter and 0.6% from a year earlier. 1
$442 million in sales
33 Transactions2
Minneapolis, MN
The 33.6-million SF Minneapolis community neighborhood shopping center market is in balance as of mid-2013, but only due to a near
absence of new supply. The vacancy rate fell 20 basis points to 11.1% in the second quarter, when year-to-date net absorption reached
164,000 SF. The 10,800-SF Crossroads Plaza neighborhood center completed construction in Hopkins in April, leaving 213,700 SF of
community-neighborhood center space under construction in six projects. The average asking rent increased 0.3% during the quarter, to
$17.80 psf. The rate is forecast at 10.8% at year-end 2013, down 70 basis points over the year. 1
$612 million in sales
43 Transactions2
Fort Worth, TX
The 28.5-million SF Fort Worth community-neighborhood shopping center market enjoyed positive trends in the first half of 2013, despite
competition from the big-box sector. The second quarter 2013 vacancy rate was 12.0%, down 60 basis points from the end of 2012 on
179,000 SF of net absorption and no new supply. The second quarter saw community-neighborhood center rents rise up 0.8%, to $14.51
psf asking, an unusually large quarterly increase. Rents had increased just 1.0% asking during all of 2012. Reis, however, expects the
vacancy rate to fall to 11.7% by the end of 2013, with rent gains coming in at 1.5% asking for the year. The power center vacancy rate is
6.2% for the second quarter of 2013, down 80 basis points from the prior quarter and 180 from a year earlier, so the big- box segment is
starting to get tight.1
Sources: 1-Reis; 2-Real Capital Analytics
17. Top Markets: Retail
Metro
RANKS
Q3 2013 % Change
Vac
Vac % Q3 ‘12-Q3 ‘13 Rank
Asking %Change Rent
Rent $ Q3 ‘12-Q3 ‘13
Rate
Rank
Final
Rank
Hartford, CT
10.4
-6.73%
8
$17.24
2.44%
2
Orlando, FL
14.0
-9.29%
2
$17.34
1.85%
10
7.2
-8.33%
3
$20.18
1.73%
16
Minneapolis, MN
11.5
-5.22%
15
$17.53
2.00%
7
Fort Worth, TX
13.1
-6.87%
5
$14.30
1.54%
19
Austin, TX
Fairfield County, CT
4.0
-5.00%
19
$27.81
2.05%
6
Memphis, TN
13.1
-7.63%
4
$13.41
1.34%
24
Dallas, TX
14.2
-5.63%
14
$16.47
1.76%
14
5.9
-10.17%
1
$27.86
1.01%
34
Houston, TX
12.5
-3.20%
32
$16.04
2.18%
4
Norfolk/Hampton Roads, VA
10.4
-4.81%
20
$14.91
1.54%
18
9.5
-3.16%
33
$17.57
2.16%
5
Louisville, KY
10.5
-6.67%
9
$15.67
1.08%
31
Fort Lauderdale, FL
10.9
-2.75%
39
$18.78
1.86%
9
Phoenix, AZ
11.6
-5.17%
17
$18.62
1.02%
33
Orange County, CA
5.8
-3.45%
29
$30.70
1.43%
22
Boston, MA
6.9
-4.35%
24
$21.83
1.19%
29
Northern New Jersey, NJ
Raleigh-Durham, NC
San Diego, CA
6.4
-3.13%
34
$28.38
1.41%
23
11.9
-1.68%
49
$14.89
1.81%
11
Baltimore, MD
7.4
-6.76%
7
$21.42
0.61%
54
San Jose, CA
5.9
-1.69%
48
$30.82
1.75%
15
New Orleans, LA
Portland, OR
8.7
-5.75%
13
$20.15
0.65%
51
Las Vegas, NV
13.0
-3.85%
26
$20.93
0.91%
38
New Haven, CT
12.5
0.00%
63
$16.13
2.54%
1
Charleston, SC
11.6
-6.03%
10
$13.44
0.60%
55
Knoxville, TN
11.1
-4.50%
22
$13.96
0.79%
43
Cincinnati, OH
13.9
-4.32%
25
$14.69
0.88%
40
Salt Lake City, UT
13.3
-6.77%
6
$16.06
0.44%
60
Seattle, WA
7.0
-2.86%
38
$22.96
1.26%
28
Pittsburgh, PA
8.0
0.00%
63
$16.14
2.42%
3
Richmond, VA
9.7
-3.09%
35
$15.94
0.94%
35
Palm Beach, FL
12.2
-0.82%
62
$21.35
1.97%
8
Columbus, OH
16.0
-1.88%
45
$12.65
1.11%
30
Long Island, NY
5.3
0.00%
63
$25.53
1.80%
12
Suburban Virginia, VA
6.9
-5.80%
12
$27.81
0.32%
65
Los Angeles, CA
6.1
-1.64%
51
$29.13
1.27%
27
Rochester, NY
13.0
-3.85%
26
$12.91
0.62%
53
Birmingham, AL
15.3
-1.31%
54
$14.57
1.30%
25
Central New Jersey, NJ
10.2
-0.98%
58
$22.25
1.48%
21
9.1
-3.30%
31
$13.66
0.73%
49
Omaha, NE
Source: Reis
1
2
3
4
5
6
7
7
9
10
11
11
13
14
15
16
17
18
19
20
21
22
22
22
25
25
25
28
28
28
31
31
33
33
35
36
37
37
37
40
20. Top Commercial RE Markets
Multi-Family
28
Orange County, CA
56
Little Rock, AR
28
Seattle, WA
56
Memphis, TN
29
Charlotte, NC
58
Suburban Maryland, MD
30
Cleveland, OH
59
Greensboro/Winston-Salem, NC
Houston, TX
30
Columbia, SC
59
Los Angeles, CA
5
Cincinnati, OH
30
Rochester, NY
61
St. Louis, MO
6
Columbus, OH
33
San Francisco, CA
62
Suburban Virginia, VA
7
Omaha, NE
35
Fort Worth, TX
63
Philadelphia, PA
8
Syracuse, NY
36
Hartford, CT
64
Northern New Jersey, NJ
8
Tacoma, WA
36
Wichita, KS
65
Pittsburgh, PA
10
Orlando, FL
38
Miami, FL
66
Fort Lauderdale, FL
38
Sacramento, CA
67
Birmingham, AL
40
Austin, TX
68
Norfolk/Hampton Roads, VA
11
Baltimore, MD
40
Tulsa, OK
69
Indianapolis, IN
11
Jacksonville, FL
70
Westchester, NY
11
Portland, OR
14
San Antonio, TX
15
Phoenix, AZ
16
Minneapolis, MN
17
Tampa-St. Petersburg, FL
18
Dallas, TX
19
Detroit, MI
20
Atlanta, GA
21
Buffalo, NY
22
Charleston, SC
22
Raleigh-Durham, NC
24
Denver, CO
25
Colorado Springs, CO
25
Las Vegas, NV
25
Nashville, TN
1
Oakland-East Bay, CA
2
Greenville, SC
3
San Diego, CA
4
42
Boston, MA
42
Kansas City, MO
71
Milwaukee, WI
42
San Jose, CA
72
Louisville, KY
45
Palm Beach, FL
73
New Orleans, LA
46
Knoxville, TN
74
Central New Jersey, NJ
47
San Bernardino/Riverside, CA
75
Fairfield County, CT
48
Richmond, VA
76
Lexington, KY
48
Tucson, AZ
77
District of Columbia, DC
50
Chicago, IL
78
Chattanooga, TN
51
Oklahoma City, OK
79
New York, NY
52
Providence, RI
80
Long Island, NY
53
New Haven, CT
81
Albuquerque, NM
54
Salt Lake City, UT
82
Dayton, OH
54
Ventura County, CA
21. Top 5 Ranked Multi-Family Markets
Oakland-East Bay, CA
Vacancy is rock bottom and falling in the 146,345-unit Oakland- East Bay apartment. The second quarter vacancy rate was 2.8%, down
10 basis points from the prior quarter. The Class A vacancy rate was tight at 3.3% but up 10 basis points for the second quarter, while
the Class B/C segment was tighter at 2.5%, down 20 basis points. More than two-thirds of the inventory is Class B/C, and the Class B/C
inventory fell 101 units in the second quarter due to conversion. Net absorption and new supply year-to-date through that month were
609 units and zero. Reis reports 2,066 units under construction. Rent gains are slowing despite slow vacancy. During the second quarter
of 2013 the average asking rent rose 0.7% to $1,450 per month. 1
Greenville, SC
Vacancy is low and rent gains are accelerating in the 34,530-unit Greenville area apartment market. The third quarter vacancy rate is
4.5%, unchanged from the second quarter but down 40 basis points from the fourth quarter of 2012. Vacancy held steady despite the
completion of three projects with 850 units during the third quarter: the 346-unit The Aventine at Greenville, the 260-unit Springs at
Greenville, and the 244-unit The Vinings at Icar Apartments, all located in the South Greenfield submarket. Prior to that surge of new
supply, the second quarter vacancy rate for Class A space was 4.7%, down from 5.6% a year earlier. Class B/C vacancy was 4.2%,
down 120 basis points. New supply is forecast to slow after the banner year of 2013, with an average of just 314 new units per year from
2014 to 2017, but net absorption is forecast to slow as well. New units pushed up the average asking rent, which increased 1.7% during
the third quarter to $696 per month. That was a gain of 2.7% for the first three quarters of 2013 combined. 1
San Diego, CA
The 181,326-unit market-rate, investment-grade San Diego apartment market continues to experience extremely low vacancy and solid
quarterly rental growth. San Diego’s third quarter 2013 vacancy rate was 2.3%, according to Reis, down 20 basis points from the prior
quarter and down 70 from 12 months earlier. Vacancy averaged 3.8% from 2008 to 2012, so this market is extremely tight. Vacancy
rates at or below 5.0% are generally considered to indicate a full market. San Diego has one of the highest occupancy rates in the
country, at 97.7%. San Diego has the fifth highest concentration of people between the ages of 25 to 35 (largest renter age cohort) in the
country, over 484,000 total. Today, nearly half of the households in San Diego county are renting. The third quarter saw 283 units of net
absorption, Reis reports, a healthy figure which brings the year-to-date total to 1,238. The net absorption total for 2012 was 1,584 units,
so 2013 is shaping up as a strong year for demand. Third quarter rent gains were substantial once again, and year over-year gains were
also strong, according to Reis. The average asking rent increased 0.7% to $1,430 per month. The year-over-year gains are 2.7%.1
$1.3 billion in sales
86 Transactions2
Houston, TX
An avalanche of new supply is descending on the Houston apartment sector as the market, free of impediments due to the recession and
riding on the back of robust economic and demographic trends, moves into a defining phase of its new cycle. Indeed, more than 4,300
market-rate apartments completed construction metrowide year-to-date as of mid-August even as some 15,500 others remained under
construction, a large portion of which will arrive on line by the end of the year in a rapidly accelerating succession of deliveries. Demand,
a driving factor, remains strong. While robust development and leasing activities are indicated for much of the metro area, the Energy
Corridor on the west side (and west side submarkets generally), home to much of Houston’s oil and gas business, will see the highest
activity levels. The vacancy rate reached its cyclical peak at 12.9% during the first quarter of 2010. At that point, a robust recovery
commenced. It led, before long, to the heated expansion cycle now underway. Vacancy tells the tale: by the end of the latest quarter the
rate had descended to 6.6%, a decline of 20 basis points for the period, a loss of 110 year-over-year. Moderately positive in 2010, a little
slower in 2011, rent growth soared in 2012 with gains of 4.7% indicated for the asking averages. 1
$3.5 billion in sales
170 Transactions2
Cincinnati, OH
The Vacancy in the 106,296-unit Cincinnati apartment market posted another drop in the second quarter, falling 30 basis points to 3.5%.
That rate is down 120 basis points from 12 months earlier. Class A vacancy finished the quarter at 3.3%, down 40 basis points over the
quarter, while Class B/C vacancy was 3.6%, down 30 basis points from the prior quarter. Cincinnati is still a very tight multifamily market,
with net absorption running ahead of demand. From 2008 to 2012, about 2,500 units were completed, but net absorption was over 5,000
during that time span. Reis’s latest construction data lists 592 units completing in five projects so far in 2013, with net absorption at 994
units. Vacancy is forecast to finish 2013 at 3.4%. Reis reports second quarter average asking rents of $754 per month, up 0.5% for the
quarter, and up 2.2% over 12 months.1
$156 million in sales
13 Transactions2
Sources: 1-Reis; 2-Real Capital Analytics
25. Top Commercial RE Markets
Population
55
Birmingham, AL
Oklahoma City, OK
56
San Jose, CA
30
Omaha, NE
57
Cincinnati, OH
Raleigh-Durham, NC
31
Fort Lauderdale, FL
58
Wichita, KS
5
Fort Worth, TX
32
Knoxville, TN
59
New York, NY
6
Orlando, FL
33
Sacramento, CA
60
Baltimore, MD
7
Dallas, TX
34
Jacksonville, FL
61
New Orleans, LA
8
San Antonio, TX
34
Minneapolis, MN
62
Boston, MA
9
Houston, TX
36
Little Rock, AR
63
Northern New Jersey, NJ
10
Las Vegas, NV
36
San Francisco, CA
63
Westchester, NY
38
Greensboro/Winston-Salem, NC
65
Miami, FL
39
Kansas City, MO
66
Albuquerque, NM
1
Phoenix, AZ
2
Austin, TX
3
Charlotte, NC
4
27
Greenville, SC
27
Tucson, AZ
29
11
Denver, CO
39
Richmond, VA
67
Chicago, IL
11
Suburban Virginia, VA
39
Tulsa, OK
68
Milwaukee, WI
13
Portland, OR
69
Providence, RI
14
Salt Lake City, UT
42
Memphis, TN
70
New Haven, CT
15
Columbia, SC
43
Louisville, KY
15
District of Columbia, DC
44
Orange County, CA
71
Philadelphia, PA
17
Nashville, TN
44
Tacoma, WA
72
St. Louis, MO
18
Colorado Springs, CO
46
Ventura County, CA
73
Fairfield County, CT
19
Atlanta, GA
47
Columbus, OH
74
Hartford, CT
20
Indianapolis, IN
48
Norfolk/Hampton Roads, VA
75
Long Island, NY
20
Lexington, KY
49
Oakland-East Bay, CA
76
Rochester, NY
22
Charleston, SC
50
Tampa-St. Petersburg, FL
77
Dayton, OH
23
Seattle, WA
51
Chattanooga, TN
78
Pittsburgh, PA
24
Palm Beach, FL
52
Los Angeles, CA
79
Syracuse, NY
25
San Diego, CA
53
Suburban Maryland, MD
80
Detroit, MI
54
Central New Jersey, NJ
81
Buffalo, NY
82
Cleveland, OH
26
San Bernardino/Riverside, CA
26. Top Markets: Population
Metro
RANKS
Population
%Change Pop
Q3 ‘12-Q3 ‘13
Phoenix, AZ
Austin, TX
4,473,340
2.89%
1,894,800
2.62%
Charlotte, NC
1,880,810
2.22%
Raleigh-Durham, NC
1,761,700
2.20%
Fort Worth, TX
2,270,580
2.05%
Orlando, FL
2,280,330
2.02%
Dallas, TX
4,542,610
2.00%
San Antonio, TX
2,289,320
1.97%
Houston, TX
6,355,060
1.94%
Las Vegas, NV
2,046,290
1.82%
Denver, CO
2,701,560
1.70%
Suburban Virginia, VA
2,805,390
1.70%
Portland, OR
2,338,200
1.69%
Salt Lake City, UT
1,758,110
1.58%
798,950
1.44%
Columbia, SC
District of Columbia, DC
644,160
1.44%
1,673,980
1.41%
680,400
1.40%
Atlanta, GA
5,526,270
1.32%
Indianapolis, IN
Nashville, TN
Colorado Springs, CO
1,828,110
1.29%
Lexington, KY
492,850
1.29%
Charleston, SC
708,380
1.24%
Seattle, WA
2,780,350
1.15%
Palm Beach, FL
1,375,680
1.14%
San Diego, CA
3,221,530
1.13%
San Bernardino/Riverside, CA
4,408,930
1.10%
Greenville, SC
1,146,870
1.07%
Tucson, AZ
1,004,340
1.07%
Oklahoma City, OK
1,313,870
1.05%
898,110
1.04%
1,838,010
1.02%
Omaha, NE
Fort Lauderdale, FL
Knoxville, TN
718,830
1.01%
Sacramento, CA
2,223,920
1.00%
Jacksonville, FL
1,395,180
0.99%
Minneapolis, MN
3,396,360
0.99%
Little Rock, AR
725,930
0.97%
San Francisco, CA
1,843,610
0.97%
Greensboro/Winston-Salem, NC
1,389,020
0.92%
Kansas City, MO
2,088,200
0.91%
Richmond, VA
1,297,180
0.91%
962,970
0.91%
Tulsa, OK
Source: Reis
Pop
Rank
1
2
3
4
5
6
7
8
9
10
11
11
13
14
15
15
17
18
19
20
20
22
23
24
25
26
27
27
29
30
31
32
33
34
34
36
36
38
39
39
39
27. Top Markets: Population Cont.
Metro
RANKS
Population
%Change Pop
Q3 ‘12-Q3 ‘13
Memphis, TN
1,348,110
0.90%
Louisville, KY
1,315,660
0.89%
Orange County, CA
3,124,020
0.86%
820,500
0.86%
Tacoma, WA
Ventura County, CA
844,390
0.80%
Columbus, OH
1,896,520
0.77%
Norfolk/Hampton Roads, VA
1,711,190
0.74%
Oakland-East Bay, CA
2,658,120
0.71%
Tampa-St. Petersburg, FL
2,863,690
0.69%
Chattanooga, TN
542,420
0.68%
Los Angeles, CA
10,046,350
0.65%
Suburban Maryland, MD
2,383,700
0.64%
Central New Jersey, NJ
2,748,890
0.59%
Birmingham, AL
1,144,220
0.57%
San Jose, CA
1,907,940
0.56%
Cincinnati, OH
2,157,750
0.53%
Wichita, KS
632,180
0.51%
New York, NY
8,805,330
0.50%
Baltimore, MD
2,769,160
0.46%
New Orleans, LA
1,211,730
0.42%
Boston, MA
4,240,990
0.40%
Northern New Jersey, NJ
4,253,690
0.39%
965,870
0.39%
2,600,790
0.38%
Westchester, NY
Miami, FL
Albuquerque, NM
905,070
0.35%
Chicago, IL
7,976,020
0.32%
Milwaukee, WI
1,571,790
0.24%
Providence, RI
1,605,750
0.23%
New Haven, CT
864,530
0.20%
Philadelphia, PA
5,317,990
0.19%
St. Louis, MO
2,851,930
0.17%
935,700
0.12%
Hartford, CT
1,215,140
0.10%
Long Island, NY
2,850,180
0.06%
Rochester, NY
1,056,940
0.01%
979,970
0.00%
2,358,780
-0.02%
660,430
-0.05%
Detroit, MI
4,439,210
-0.07%
Buffalo, NY
1,130,910
-0.23%
Cleveland, OH
2,054,050
-0.36%
Fairfield County, CT
Dayton, OH
Pittsburgh, PA
Syracuse, NY
Source: Reis
Pop
Rank
42
43
44
44
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
63
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
29. Top Commercial RE Markets
Unemployment
53
Richmond, VA
Colorado Springs, CO
56
Tulsa, OK
30
Syracuse, NY
57
Baltimore, MD
San Jose, CA
31
Norfolk/Hampton Roads, VA
58
New Haven, CT
5
Oakland-East Bay, CA
32
Austin, TX
59
Fairfield County, CT
5
San Francisco, CA
33
Dallas, TX
60
District of Columbia, DC
7
Salt Lake City, UT
33
Fort Worth, TX
60
Pittsburgh, PA
8
Palm Beach, FL
35
Houston, TX
60
Suburban Maryland, MD
9
San Diego, CA
36
Indianapolis, IN
60
Suburban Virginia, VA
10
Sacramento, CA
36
Los Angeles, CA
64
St. Louis, MO
38
Long Island, NY
65
Omaha, NE
38
New York, NY
66
Cincinnati, OH
11
Fort Lauderdale, FL
38
Northern New Jersey, NJ
67
Nashville, TN
11
Miami, FL
38
Westchester, NY
67
Wichita, KS
13
Seattle, WA
69
Cleveland, OH
13
Tacoma, WA
15
Orange County, CA
15
San Bernardino/Riverside, CA
17
Ventura County, CA
18
Denver, CO
19
Minneapolis, MN
20
Las Vegas, NV
21
Greensboro/Winston-Salem, NC
22
Charlotte, NC
23
Central New Jersey, NJ
24
Portland, OR
25
Raleigh-Durham, NC
1
Orlando, FL
2
Tampa-St. Petersburg, FL
3
Jacksonville, FL
4
27
Buffalo, NY
28
Birmingham, AL
29
Rochester, NY
Detroit, MI
43
Louisville, KY
70
Phoenix, AZ
44
Columbia, SC
71
Oklahoma City, OK
45
Albuquerque, NM
72
Dayton, OH
45
Charleston, SC
73
Columbus, OH
47
Atlanta, GA
73
Knoxville, TN
48
Milwaukee, WI
73
Little Rock, AR
49
San Antonio, TX
73
Tucson, AZ
50
Greenville, SC
77
Boston, MA
51
Lexington, KY
78
Chicago, IL
52
Hartford, CT
79
Chattanooga, TN
53
Philadelphia, PA
80
Memphis, TN
53
26
42
Providence, RI
81
Kansas City, MO
81
New Orleans, LA
30. Top Markets: Unemployment
Metro
RANKS
MSA
Aug 12 Aug 13 Change Unemp
Unemp Unemp in Unemp Rank
Orlando, FL
Orlando-Kissimmee-Sanford, FL
8.6
6.6
-23.26%
Tampa-St. Petersburg, FL
Tampa-St. Petersburg-Clearwater, FL
9.1
7
-23.08%
Jacksonville, FL
Jacksonville, FL
8.6
6.7
-22.09%
San Jose, CA
San Jose-Sunnyvale-Santa Clara, CA
8.7
6.8
-21.84%
Oakland-East Bay, CA
San Francisco-Oakland-Fremont, CA
8.3
6.5
-21.69%
San Francisco, CA
San Francisco-Oakland-Fremont, CA
8.3
6.5
-21.69%
Salt Lake City, UT
Salt Lake City, UT
5.7
4.5
-21.05%
San Diego, CA
San Diego-Carlsbad-San Marcos, CA
9.2
7.4
-19.57%
Sacramento, CA
Sacramento--Arden-Arcade--Roseville, CA
10.4
8.5
-18.27%
Fort Lauderdale, FL
Miami-Fort Lauderdale-Pompano Beach, FL
8.9
7.3
-17.98%
Miami, FL
Miami-Fort Lauderdale-Pompano Beach, FL
8.9
7.3
-17.98%
Palm Beach, FL
Miami-Fort Lauderdale-Pompano Beach, FL
8.9
7.3
-17.98%
Seattle, WA
Seattle-Tacoma-Bellevue, WA
7.4
6.1
-17.57%
Tacoma, WA
Seattle-Tacoma-Bellevue, WA
7.4
6.1
-17.57%
Orange County, CA
Riverside-San Bernardino-Ontario, CA
12.6
10.4
-17.46%
San Bernardino/Riverside, CA
Riverside-San Bernardino-Ontario, CA
12.6
10.4
-17.46%
Ventura County, CA
Riverside-San Bernardino-Ontario, CA
12.6
10.4
-17.46%
Denver, CO
Denver-Aurora-Broomfield, CO
7.8
6.5
-16.67%
Minneapolis, MN
Minneapolis-St. Paul-Bloomington, MN-WI
5.6
4.7
-16.07%
Las Vegas, NV
Las Vegas-Paradise, NV
11.4
9.6
-15.79%
Greensboro/Winston-Salem, NC Greensboro-High Point, NC
10.2
8.6
-15.69%
Charlotte, NC
Charlotte-Gastonia-Rock Hill, NC-SC
9.8
8.3
-15.31%
Central New Jersey, NJ
Trenton-Ewing, NJ
8.1
6.9
-14.81%
Portland, OR
Portland-Vancouver-Hillsboro, OR-WA
8.3
7.1
-14.46%
Raleigh-Durham, NC
Raleigh-Cary, NC
7.9
6.8
-13.92%
Rochester, NY
Rochester, NY
8
6.9
-13.75%
Buffalo, NY
Buffalo-Niagara Falls, NY
8.4
7.3
-13.10%
Birmingham, AL
Birmingham-Hoover, AL
6.9
6
-13.04%
Colorado Springs, CO
Colorado Springs, CO
9.1
8
-12.09%
Syracuse, NY
Syracuse, NY
8.3
7.3
-12.05%
Norfolk/Hampton Roads, VA
Virginia Beach-Norfolk-Newport News, VA-NC
6.7
5.9
-11.94%
Austin, TX
Austin-Round Rock-San Marcos, TX
5.9
5.2
-11.86%
Dallas, TX
Dallas-Fort Worth-Arlington, TX
6.8
6
-11.76%
Fort Worth, TX
Dallas-Fort Worth-Arlington, TX
6.8
6
-11.76%
Houston, TX
Houston-Sugar Land-Baytown, TX
6.9
6.1
-11.59%
Indianapolis, IN
Indianapolis-Carmel, IN
7.8
6.9
-11.54%
Los Angeles, CA
Los Angeles-Long Beach-Santa Ana, CA
10.4
9.2
-11.54%
Long Island, NY
New York-Northern New Jersey-Long Island, NY-NJ-PA
8.9
7.9
-11.24%
New York, NY
New York-Northern New Jersey-Long Island, NY-NJ-PA
8.9
7.9
-11.24%
Northern New Jersey, NJ
New York-Northern New Jersey-Long Island, NY-NJ-PA
8.9
7.9
-11.24%
Westchester, NY
New York-Northern New Jersey-Long Island, NY-NJ-PA
8.9
7.9
-11.24%
Source: Bureau of Labor Statistics
1
2
3
4
5
5
7
8
9
10
10
10
13
13
15
15
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
33
35
36
36
38
38
38
38
31. Top Markets: Unemployment Cont.
Metro
RANKS
MSA
Aug 12
Unemp
Aug 13 Change in Unemp
Unemp Unemp
Rank
9.8
-10.91%
42
7.4
-10.84%
43
7.5
-10.71%
44
6.9
-10.39%
45
6.9
-10.39%
45
8
-10.11%
47
6.9
-9.21%
48
6
-9.09%
49
7.1
-8.97%
50
6.2
-8.82%
51
8.3
-7.78%
52
8.4
-7.69%
53
9.6
-7.69%
53
6
-7.69%
53
5.2
-7.14%
56
7.1
-6.58%
57
8.6
-6.52%
58
Detroit, MI
Detroit-Warren-Livonia, MI
11
Louisville, KY
Louisville-Jefferson County, KY-IN
8.3
Columbia, SC
Columbia, SC
8.4
Albuquerque, NM
Albuquerque, NM
7.7
Charleston, SC
Charleston-North Charleston-Summerville, SC
7.7
Atlanta, GA
Atlanta-Sandy Springs-Marietta, GA
8.9
Milwaukee, WI
Milwaukee-Waukesha-West Allis, WI
7.6
San Antonio, TX
San Antonio-New Braunfels, TX
6.6
Greenville, SC
Greenville-Mauldin-Easley, SC
7.8
Lexington, KY
Lexington-Fayette, KY
6.8
Hartford, CT
Hartford-West Hartford-East Hartford, CT
Philadelphia, PA
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
Providence, RI
Providence-Fall River-Warwick, RI-MA Metropolitan
Richmond, VA
Richmond, VA
6.5
Tulsa, OK
Tulsa, OK
5.6
Baltimore, MD
Baltimore-Towson, MD
7.6
New Haven, CT
New Haven, CT Metropolitan NECTA
9.2
Fairfield County, CT
Bridgeport-Stamford-Norwalk, CT Metropolitan
8.1
7.6
-6.17%
59
District of Columbia, DC
Washington-Arlington-Alexandria, DC-VA-MD-WV
5.7
5.4
-5.26%
Pittsburgh, PA
Pittsburgh, PA
7.6
7.2
-5.26%
Suburban Maryland, MD
Washington-Arlington-Alexandria, DC-VA-MD-WV
5.7
5.4
-5.26%
Suburban Virginia, VA
Washington-Arlington-Alexandria, DC-VA-MD-WV
5.7
5.4
-5.26%
St. Louis, MO
St. Louis, MO-IL 1
7.8
7.4
-5.13%
Omaha, NE
Omaha-Council Bluffs, NE-IA
4.4
4.2
-4.55%
Cincinnati, OH
Cincinnati-Middletown, OH-KY-IN
6.9
6.7
-2.90%
Nashville, TN
Nashville-Davidson--Murfreesboro--Franklin, TN
7
6.8
-2.86%
Wichita, KS
Wichita, KS
7
6.8
-2.86%
Cleveland, OH
Cleveland-Elyria-Mentor, OH
7.2
7
-2.78%
Phoenix, AZ
Phoenix-Mesa-Glendale, AZ
7.6
7.4
-2.63%
Oklahoma City, OK
Oklahoma City, OK
4.8
4.7
-2.08%
Dayton, OH
Dayton, OH
7.4
7.3
-1.35%
Columbus, OH
Columbus, OH
6
6
0.00%
Knoxville, TN
Knoxville, TN
7.1
7.1
0.00%
Little Rock, AR
Little Rock-North Little Rock-Conway, AR
6.5
6.5
0.00%
Tucson, AZ
Tucson, AZ
7.7
7.7
0.00%
Boston, MA
Boston-Cambridge-Quincy, MA-NH Metropolitan
6.1
6.2
1.64%
Chicago, IL
Chicago-Joliet-Naperville, IL-IN-WI
8.9
9.1
2.25%
Chattanooga, TN
Chattanooga, TN-GA
7.8
8
2.56%
Memphis, TN
Memphis, TN-MS-AR
9.1
9.4
3.30%
Kansas City, MO
Kansas City, MO-KS
6.9
7.2
4.35%
New Orleans, LA
New Orleans-Metairie-Kenner, LA
6.9
7.2
4.35%
60
60
60
60
64
65
66
67
67
69
70
71
72
73
73
73
73
77
78
79
80
81
81
Source: Bureau of Labor Statistics
9
9.1
10.4