Regional Summaries

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Phoenix, AZ

Fourth quarter 2017 vacancy in the Phoenix apartment market was 4.7%, up 20 basis points for the period and up 40 for the year following a 30-basis-points decline through 2016. A sum of 10 basis points was added to the rate in January 2018. Rent growth, running strongly at about 6.0% in both 2015 and 2016, slowed in 2017 but remained strong. Rental prices, meanwhile, are modest by national norms for major markets. At $968 and $912 per month, asking and effective averages for the fourth quarter were up 3.6% and 5.0% for the year. Gains in the fourth quarter alone were 1.1% and 1.5%. Increases of 0.5% followed in January 2018 for both averages. VIEW APARTMENT LISTINGS >
Vacancy in the warehouse/distribution market, PhoenixÂ’s most dynamic industrial real estate sector, has been declining more or less steadily from the near-20.0% high recorded for year-end 2010. Indeed, the decline has been relatively rapid. By the end of the fourth quarter of 2017, the rate had fallen to 13.3%, a loss of fully 130 basis points for the year following a 130-basis-points decline the year before as well. The loss in the fourth quarter alone was 10 basis points, which had been added back by the end of January 2018. At $5.84 psf and $5.34 psf, respective fourth quarter 2017 asking and effective averages for space in this sector were up 2.6% and 3.1% year-over-year following increases of 3.5% and 3.4% in 2016. Gains for the fourth quarter alone were 0.7% and 0.8%. No changes, meanwhile, followed in January 2018. Vacancy in the local Flex/R&D space market, also elevated, has been declining. The fourth quarter 2017 rate was 15.8%, down 60 basis points from a quarter earlier and down 90 for the year following 2016Â’s loss of fully 320 basis points. In the wake of a large completion total, January 2018 saw a 10-basis-points increase in the rate. At $10.77 psf and $9.60 psf, respective fourth quarter average asking and effective rates for Flex/R&D space represented gains for the year of 1.6% and 1.7% on the heels of the increases of 1.6% and 1.9% in 2016. Increases for the fourth quarter alone were 0.4% and 0.3%. Gains of 0.2% and 0.1% followed in January 2018. VIEW INDUSTRIAL LISTINGS >
PhoenixÂ’s general purpose, multi-tenant fourth quarter 2017 vacancy rate at 22.4% was down 20 basis points for the period and down 40 for the year following a loss of 90 in 2016. January 2018 saw a 20-basis-points increase in the vacancy rate. Reis put fourth quarter average asking and effective lease rates at $25.32 psf and $19.79 psf, up 2.1% and 2.4% for the year on the heels of the gains of 3.8% and 4.0% in 2016. Gains for the fourth quarter alone were 0.4% and 0.5%. January followed with one cent increases for both rates. VIEW OFFICE LISTINGS >
The vacancy rate in the Phoenix community-neighborhood shopping center market has run in the range of 10.0% to 10.5%, for the most part, since year-end 2013. It closed the fourth quarter of 2017 at 10.0%, down 10 basis points for the period but identical to the rate reported for year-end 2016—after that year’s 60-basis-points decline. January 2018 brought no change. At $20.45 psf and $17.56 psf, fourth quarter community-neighborhood center average asking and effective rents were up 2.4% and 2.5% for the year following 2016’s gains of 1.2% and 1.3%. Growth rates for the fourth quarter alone were strong at 1.7% and 1.8%. No changes followed in January 2018. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

Coldwell Banker Commercial® Reports

Coldwell Banker Commercial® Blue Book

The Coldwell Banker Commercial® (CBC) organization is proud to present its’ 2017 Year-End Blue Book!

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CBC-affiliated professionals represent one of the largest commercial real estate footprints in the U.S.  The Blue Book brings their local market feedback directly to you with up-to-date commercial real estate research covering 130+ Primary, Secondary, Tertiary & International markets. If you are thinking of investing in alternative markets, the Blue Book is your go-to resource for local commercial real estate market data!

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