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Regional Summaries

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Memphis, TN

Apartment
The 82,008-unit Memphis apartment market tightened in the first quarter of 2019, but rents fell nonetheless-following strong gains in 2018. Both the average asking rent and the average effective rent fell 0.3% during the quarter, to $842 and $799 per month, reducing the year-over-year gains to 3.2% and 3.0%, respectively. The vacancy rate, meanwhile, fell 20 basis points during the first quarter to just 5.1%. It is down 60 basis points year-over-year. VIEW APARTMENT LISTINGS >
Industrial
The 112.6-million-square-foot Reis Memphis warehouse/distribution market vacancy rate is 13.9% in the first quarter of 2019, down 40 basis points for the period but up 50 year-over-year. The average asking rent increased 0.7% during the quarter to $2.87 psf, with the average effective rent up 0.8% to $2.59 psf. The year-over-year gains are strong at 2.1% and 2.8%, respectively. The small 10.3-million-square-foot Memphis Flex/R&D market had 394,000 square feet of net absorption in the first quarter of 2019, a large amount for a market this size, and the vacancy rate plunged 390 basis points to 12.3%. The average asking rent jumped 1.0% to $5.90 psf, with the average effective rent up 1.3% to $5.27 psf, for year-over-year gains of 1.7% and 2.1%, respectively. VIEW INDUSTRIAL LISTINGS >
Office
The 20-million-square-foot Memphis general purpose, multi-tenant office market had weak rents but improved occupancy in the first quarter of 2019. Both the average asking rent and the average effective rent fell 0.1% over the quarter, to $19.73 psf and $15.89 psf, reducing the year-over-year gain to 1.1% asking and 1.2% effective. The overall vacancy rate edged down 20 basis points over the quarter, and is down 100 year-over-year, to 23.2%. VIEW OFFICE LISTINGS >
Retail
The 19.7-million-square-foot Memphis community-neighborhood shopping center market has a vacancy rate of 12.7% for first quarter 2019, essentially unchanged for the quarter but down 50 basis points year-over-year. Rents suddenly surged during the quarter, with the average asking rent up 0.9% to $14.23 psf and the average effective rent up 1.0% to $12.58 psf. The first quarter gain accounts for almost all of the year-over-year increases of 1.1% and 1.3%, respectively. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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