CBC Releases Market Comparison Report
The 2014 Coldwell Banker Commercial Market Comparison Report was released this week, ranking the top commercial real estate markets in the country. The 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 the third quarter of 2013 through the third quarter of 2014, as well as population and unemployment changes over the same time period.
“Commercial real estate continues its steady improvement as we start 2015,” said Fred Schmidt, president and chief operating officer of Coldwell Banker Commercial Affiliates. “This is especially true of markets outside core cities such as Boston, Chicago, Los Angeles and New York. These secondary and tertiary markets such as Denver, Houston, Dallas and Phoenix take up many of the top spots on this year’s ranking and are strong candidates for continued growth in 2015.”
Denver climbed to the top of this year’s ranking from its top-ten ranking in last year’s inaugural report. This year’s jump can be attributed to the city’s record-breaking job growth, construction and economic expansion in energy, healthcare and technology.
“Denver has recovered from the Great Recession and moved into expansion mode with positive market absorption in every market segment,” said Ben Gilliam, vice president, commercial sales of Coldwell Banker Commercial Alliance Denver. “Investor confidence and activity from the east and west coasts has led to a resurgence in development with 13 new office projects, seven new industrial projects and two new retail projects in recent months. With the recent grand opening of the new Union Station/Central transit hub, it is anticipated that the market could see its first $1,000 or more per square foot investment sale in the Central Business District.”
The Coldwell Banker Commercial Market Comparison Report identified the top 10 commercial real estate markets as follows:
A visual breakdown of the top five commercial real estate markets is available here.
This market research was conducted by the Coldwell Banker Commercial® brand using data provided by Reis, a leading provider of commercial real estate market information. More than 80 markets were ranked by the following variables of the research: percent change in vacancy from Q3 2013 to Q3 2014 within the market, percent change in rental rates from Q3 2013 and Q3 2014 within the market for the office, retail, and multi-family sectors. Percent change in population from Q3 2014 and Q3 2014 within the market, as reported by Reis, was also considered, as well as the percent change in unemployment from Aug. 2013 and Aug. 2014 within the market, as reported by the U.S. Bureau of Labor Statistics.
About Coldwell Banker Commercial Affiliates
Coldwell Banker Commercial® is a registered trademark licensed to Coldwell Banker Real Estate Corporation. Since 1906, the Coldwell Banker Commercial brand has been a premier provider of real estate, recognized globally as a company that puts the client first while delivering individual, distinctly different service. Coldwell Banker Commercialaffiliates cover territory throughout North America, South America, Europe, Africa, Asia and Australia. Coldwell Banker Commercial is an industry leader in providing commercial real estate solutions that serve the needs of tenants, landlords, sellers and buyers in the leasing, acquisition, disposition and management of all property types. Each office is independently owned and operated. For more information, visit: www.cbcworldwide.com.