Sluggish shipment transit continues to constrain the availability of industrial real estate in port markets, with effects spilling over to landlocked hubs.
Port markets continue to top asking rents, sale prices and tight vacancy rates, with select Southeastern hubs following.
Average office asking rents in Tampa saw a higher year-over-year increase than Los Angeles office space, in August.
Port markets in Southern California lead rent growth, sales volume tops $1B in two new markets and Phoenix pipeline shows no signs of slowing.
The emergence of the delta variant is pushing back return-to-office dates, but rents remain stable and vacancies are cooling.
Austin’s office market has been outpacing other Texas office markets in the last year as companies relocate from other place. After peaking in March, vacancies are starting to taper off.
As global trade routes reopen, West Coast port markets are seeing significant increases in activity. Naturally, this translates to high occupancy and vacancy rates of below 2%, as well as lease spreads of nearly $2 per square foot.
Markets with an abundance of top tier office stock, where concessions are more negotiable than the asking prices, have partly supported the steady Y-o-Y growth of full-service equivalent listing rates throughout the pandemic.
Development continues at accelerated pace, working to keep up with growing demand across the country, with some markets tightening to vacancy rates of 3% and even 2%.