The document summarizes commercial real estate market trends for the first quarter of 2017 according to a survey by the National Association of REALTORS. Key points include:
- Sales volume declined 4.4% year-over-year while prices rose 7.2%, indicating a tight market.
- Inventory shortage remained the top challenge.
- Leasing volume rose 2.3% quarter-over-quarter while rates increased 3.8% and concessions fell 11.1%.
- Financing availability returned as a top concern.
Toronto Real Estate Board released this Outlook Report 2017. Interesting facts and analysis of what the year ahead will hold. What is impacting housing affordability and beyond.
TREB's MARKET WATCH FEBRUARY 2019 REPORTShawn Venasse
March 5, 2019 -- Toronto Real Estate Board President Gurcharan (Garry) Bhaura announced that Greater Toronto Area REALTORS® reported 5,025 homes sold through TREB's MLS® System in February 2019. This sales total was down by 2.4 per cent on a year-over-year basis. Sales were also down compared to January 2019 following preliminary seasonal adjustment.
CANADIAN HOME SALES ACTIVITY IMPROVES IN JUNE - 16 JULY 2018Shawn Venasse
CANADIAN REAL ESTATE ASSOCIATION STATISTICS FOR JUNE 2016 and CANADIAN REAL ESTATE ASSOCIATION - QUARTERLY FORECAST:
HIGHLIGHTS:
National home sales rose 4.1% from May to June.
Actual (not seasonally adjusted) activity was down 10.7% from June 2017.
The number of newly listed homes eased 1.8% from May to June.
The MLS® Home Price Index (HPI) in June was up 0.9% year-over-year (y-o-y).
The national average sale price edged down 1.3% y-o-y in June.
There were 773 Canadian companies sold during the first half of 2017, which remained relatively flat compared to the same period last year. Canadian transactions remained predominately within borders as 549 deals were acquired by a Canadian company in 1H 2017. The renegotiation of NAFTA and changes to the taxation of private corporations will likely effect Canadian M&A activity for the remainder of the year. Read the report for more detail on trends, public market performance and deal activity.
Toronto Real Estate Board released this Outlook Report 2017. Interesting facts and analysis of what the year ahead will hold. What is impacting housing affordability and beyond.
TREB's MARKET WATCH FEBRUARY 2019 REPORTShawn Venasse
March 5, 2019 -- Toronto Real Estate Board President Gurcharan (Garry) Bhaura announced that Greater Toronto Area REALTORS® reported 5,025 homes sold through TREB's MLS® System in February 2019. This sales total was down by 2.4 per cent on a year-over-year basis. Sales were also down compared to January 2019 following preliminary seasonal adjustment.
CANADIAN HOME SALES ACTIVITY IMPROVES IN JUNE - 16 JULY 2018Shawn Venasse
CANADIAN REAL ESTATE ASSOCIATION STATISTICS FOR JUNE 2016 and CANADIAN REAL ESTATE ASSOCIATION - QUARTERLY FORECAST:
HIGHLIGHTS:
National home sales rose 4.1% from May to June.
Actual (not seasonally adjusted) activity was down 10.7% from June 2017.
The number of newly listed homes eased 1.8% from May to June.
The MLS® Home Price Index (HPI) in June was up 0.9% year-over-year (y-o-y).
The national average sale price edged down 1.3% y-o-y in June.
There were 773 Canadian companies sold during the first half of 2017, which remained relatively flat compared to the same period last year. Canadian transactions remained predominately within borders as 549 deals were acquired by a Canadian company in 1H 2017. The renegotiation of NAFTA and changes to the taxation of private corporations will likely effect Canadian M&A activity for the remainder of the year. Read the report for more detail on trends, public market performance and deal activity.
Mercer Capital's Value Focus: Real Estate Industry | Q1 2018 | Segment Focus:...Mercer Capital
Mercer Capital's Real Estate Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes macroeconomic trends, industry trends, and guideline public company metrics.
Northeast Ohio homeowners guide to the local real estate market. This report covers home sales and price trends for the Greater Cleveland area suburbs and housing market performance trends for past several years through 1Q, 2015. Recommendations for owners looking to sell their home to get the best price in the current market.
2010 Real Estate Market Forecast: Jed Smith Real Estate Roundtable PresentationKent Simpson
Real estate market forecast for the rest of 2010 provided by Jed Smith, economist for National Association of REALTORS - presented on the Real Estate RoundTable show on BlogTalkRadio March 5, 2010.
Music 4.5 - David Dunn, Managing Partner, Shot Tower
The business model evolution – the interplay between performance and mechanical
A new ecosystem is being shaped by the changes in how music is funded and monetised, the disintermediation between artists and traditional intermediaries, more web generated content, the need for global licenses, and the economics of streaming. How do the changes impact the revenues of artists, record labels, publishers and collection societies?
With the economy growing at its fastest pace in the current cycle, employers across industries are adding jobs, especially in urban and dense markets where talent is migrating. As a result, expansionary activity remained the dominant driver of leasing in the third quarter, accounting for 57.9 percent of lease transactions.
Mercer Capital's Value Focus: Real Estate Industry | Q1 2017 | Segment Focus:...Mercer Capital
Mercer Capital's Real Estate Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes macroeconomic trends, industry trends, and guideline public company metrics.
Mercer Capital's Value Focus: Real Estate Industry | Q1 2016 | Segment Focus:...Mercer Capital
Mercer Capital's Real Estate Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes macroeconomic trends, industry trends, and guideline public company metrics.
Mercer Capital's Value Focus: Real Estate Industry | Q1 2018 | Segment Focus:...Mercer Capital
Mercer Capital's Real Estate Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes macroeconomic trends, industry trends, and guideline public company metrics.
Northeast Ohio homeowners guide to the local real estate market. This report covers home sales and price trends for the Greater Cleveland area suburbs and housing market performance trends for past several years through 1Q, 2015. Recommendations for owners looking to sell their home to get the best price in the current market.
2010 Real Estate Market Forecast: Jed Smith Real Estate Roundtable PresentationKent Simpson
Real estate market forecast for the rest of 2010 provided by Jed Smith, economist for National Association of REALTORS - presented on the Real Estate RoundTable show on BlogTalkRadio March 5, 2010.
Music 4.5 - David Dunn, Managing Partner, Shot Tower
The business model evolution – the interplay between performance and mechanical
A new ecosystem is being shaped by the changes in how music is funded and monetised, the disintermediation between artists and traditional intermediaries, more web generated content, the need for global licenses, and the economics of streaming. How do the changes impact the revenues of artists, record labels, publishers and collection societies?
With the economy growing at its fastest pace in the current cycle, employers across industries are adding jobs, especially in urban and dense markets where talent is migrating. As a result, expansionary activity remained the dominant driver of leasing in the third quarter, accounting for 57.9 percent of lease transactions.
Mercer Capital's Value Focus: Real Estate Industry | Q1 2017 | Segment Focus:...Mercer Capital
Mercer Capital's Real Estate Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes macroeconomic trends, industry trends, and guideline public company metrics.
Mercer Capital's Value Focus: Real Estate Industry | Q1 2016 | Segment Focus:...Mercer Capital
Mercer Capital's Real Estate Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes macroeconomic trends, industry trends, and guideline public company metrics.
The Land Markets Survey is conducted annually each fall by the REALTORS® Land Institute and the National Association of REALTORS® Research Group as a tool for real estate land professionals in all sectors of the business to use for bench-marking and as an informational resource when conducting business.
The survey is designed to reveal current trends and the current state of land markets across the US. RLI encourages all land real estate agents to participate in the survey to ensure it is as accurate in representing the actual state of the land market each year. For more information about this survey, please visit our website at rliland.com/about-realtors-land-institute/land-markets-survey/
This survey was originally released on January 21, 2020.
Mercer Capital's Value Focus: Real Estate Industry | Q2 2018 | Segment Focus:...Mercer Capital
Mercer Capital's Real Estate Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes a macroeconomic trends, industry trends, and guideline public company metrics.
Mercer Capital's Value Focus: Real Estate Industry | Q4 2016 | Segment Focus:...Mercer Capital
Mercer Capital's Real Estate Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes macroeconomic trends, industry trends, and guideline public company metrics.
Physicians Agent™ Network is the country’s leader in offering real estate solutions to all doctors. Thousands of physicians visit us every month to review loan programs, relocation services and find 5-Star local real estate agents. If you are looking to attract new physician buyers you have come to the right place. We will teach you about leveraging your marketing with the Physicians Agent™ designation that physicians look for when seeking “doctor friendly” REALTORS®.
Commercial real estate market outlook for 2017 from the National Association of RealtorsⓇ
Economic overview
Commercial Real Estate Investments
Commercial Real Estate Fundamentals
Outlook
Mercer Capital's Value Focus: Real Estate Industry | Q4 2017 | Segment Focus:...Mercer Capital
Mercer Capital's Real Estate Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes macroeconomic trends, industry trends, and guideline public company metrics.
TRREB reported 4,581 home sales in January 2020 – up by 15.4 per cent compared to January 2019 and up by 4.8 per cent compared to December 2019.
“Steady population growth, low unemployment and low borrowing costs continued to underpin substantial competition between buyers in all major market segments,” said TRREB President Michael Collins.
The average selling price in January was up by 12.3 per cent, driven by the detached houses & condominium apartments.
Commercial Real Estate Outlook provided by the National Association of Realtors reporting on the economy, major commercial real estate sectors including industrial, retail, office and multi-family / apartment sectors
Mercer Capital's Value Focus: Real Estate Industry | Q3 2016 | Segment Focus:...Mercer Capital
Mercer Capital's Real Estate Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes macroeconomic trends, industry trends, and guideline public company metrics.
TORONTO REAL ESTATE BOARD'S JUNE 2017 MARKET STATSShawn Venasse
"Recent Ipsos survey results suggest that home buying activity in the GTA will remain strong moving forward. The year-over-year dip in home sales we have experienced over the last two months seem to be the result of would-be buyers putting their decision to purchase temporarily on hold while they monitor the impact of the Fair Housing Plan. On the supply side of the market, it certainly looks as though buyers will benefit from more choice in the second half of 2017 compared to the same period in 2016,"said Jason Mercer, TREB's Director of Market Analysis and Service Channels.
Toronto Real Estate Board's MARKET YEAR IN REVIEW AND OUTLOOK REPORT 2017Shawn Venasse
Affordable home ownership is a growing concern and remains a priority issue for The Toronto Real Estate Board. Housing prices continue to rise across all home types in the GTA as the supply of listings remains constrained.
On January 31, TREB released its annual Market Year in Review & Outlook Report which shines the spotlight on “Connecting to Affordability.” This year’s report breaks down the question of housing affordability, distilling complex information about the GTA housing market, as well as the policies and economic issues that impact the wider Greater Golden Horseshoe region, into digestible language.
The report contains several key sections, all informed by empirical evidence:
* Market Year in Review: The Market in 2016
o Features results of TREB-commissioned Ipsos studies on consumer preferences and foreign buyer activity.
* Market Outlook: Looking to 2017
o Features results of TREB-commissioned Ipsos study on consumer intentions.
* Transit Infrastructure & Housing Affordability
o Features results of a TREB-commissioned study on transit infrastructure’s impact on housing affordability.
* Commercial Report
* Housing Affordability: Understanding Supply
o Features submissions on how the supply side impacts housing affordability from a range of industry and public sector stakeholders.
Whether you’re interested in a quick snapshot of the market or obtaining a greater understanding of some of the policy issues that impact housing affordability, along with possible solutions, this report has it.
Do you have questions about the GTA real estate market? Talk to SHAWN VENASSE* (Sales Representative with The Elli Davis Team at Royal LePage Real Estate Services Ltd., Brokerage). You can reach him at: office - 416-921-1112 or email - shawn@ellidavis.com.
*Not intended to solicit anyone under contract.
The San Francisco real estate market was very slow in
January, picked up a bit in February, and then took off
in March. It appears that this upward trend will carry into the
second quarter of 2017. Already in the first couple weeks
of April we’re seeing an acceleration in activity.
Similar to Commercial Real Estate Market Trends - 2017 (20)
Protest the value of your commercial property annually. Yes, protest each and each year. Even if the value didn't change, protest the value. The assessor’s values are based on the cost approach, the least reliable method of appraisal. You can protest both excessive value and unequal value annually. Reach us @ https://www.cutmytaxes.com/
Simpolo Tiles & Bathware
Tile ho,
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Since the first steps were taken in 1977, Simpolo Ceramics has carved its niche as a consistently growing organisation with unparalleled innovation and passion rooted in simplicity.
We endure gratification for every experience we offer, created to share something meaningful. It may not resonate with the majority, but that makes us a class apart. If only a handful were to understand the purpose of our existence, we would be proud to have found our believers. Rather, people with whom we can share our beliefs.
VISUALIZER
Design your space in your style with our very own Visualizer. Now, you can choose the tiles of your liking from our wide selection and see how they would look in a space. Select the tile from the multiple options and the visualiser will replace the surfaces in the image with the selected tiles. This way, instead of just your imagination, you can choose the tiles for your place by getting an actual picture of how they would look in a space. So, design your space the way you desire digitally and implement it in real life to get the best results!
You can also share this visualiser with others to help them design their space.
Committed to delighting customers with world-class ceramic products and services. Make Simpolo synonymous with the best quality and set new benchmarks of excellence for all stakeholders. Pursue best business practices with utmost integrity to make Simpolo an exciting organisation to work with, for vendors, channel partners, investors and employees alike.
Gain worldwide recognition in the field of ceramic building products through Research and Innovation and bring an enhanced lifestyle within reach for every household.
500 acres of brilliance await you here at Riverview City which offers modern living, effortless convenience, and a beautiful natural setting. It is a mega township by Magarpatta City in Loni Kalbhor, Pune. Enjoy easy access to work, schools, and fun while experiencing a perfect work-life balance.
Visit - magarpattacity.developerprojects.in
Presentation to Windust Meadows HOA Board of Directors June 4, 2024: Focus o...Joseph Lewis Aguirre
Presentation to Windust Meadows HOA Board of Directors June 4, 2024: Focus on Public Safety as Job #1, Engagement, Wealth of HOA, Branding, Communication, Culture, Civic Responsibility
Flat available for sale
Location- Tupudana, Ranchi
Savitri enclave
Area- 3BHK
Rate- 4000/sq.ft.
Super Build Up Area-1629 sq.ft.
Build-up area-1253 sq.ft.
Rate- 65lakh16k(approx)
Floor available- Flat available in all floor(G+12)
Balcony- 2
Washroom- 2
Parking - CAR PARKING
Amenities- Joggers track,temple, children's park,gym,banquet hall (5 Lakh)
Possession year (Handover year)- Dec 2025
Outside View from the apartment and flat balcony is very beautiful.
For more information contact AASHIYANA STAR PROPERTIES
7766900371
Referans Bahcesehir which is being constructed, in the center of the most regional destination as Bahçeşehir, shines out with its central location and unique landscape including social facilities such as a fitness center, sauna, sports facilities, children’s playground and recreational areas.
Not only drawing attention for immediate surroundings including commercial centers and private schools but also providing the easily accessible location with closeness to Tem Highway and connection roads, ongoing construction of 3rd Bridge Connection roads and Metro Projects
Bahcesehir is a rising value in the great city of Istanbul… Located at a new transportation junction in the northwest of the City… Located at such a spot that the access roads for the 3rd bridge and for the 3rd Airport will reach the region in 2016. The Marmaray and the Subway will extend all the way to Referans Bahcesehir respectively in 2018 and 2019.
465 flats and 34 stores are designed with an outstanding approach and arranged with a unique perspective offering the following options: 1 plus 1, 2 plus 1, 3 plus 1, 3.5 plus 1, 4 plus 1, and 4.5 plus 1. It is planned so as to safeguard you and your loved ones based upon a modern, technological safety approach. As you experience the joy and luxury here, you will be content and feet at ease.
It is worth seeing both inside and outside with heart-warming cafes, tasty restaurants and elegant stores… And it is ready to offer a vivacious social life with a warm and cozy space design.
A folding swimming pool and indoor swimming pools, playgrounds, Turkish bath, sauna… It has them all. Everything you need for your well-being and for having a pleasant time will be at your service. You simply need to align the rhythm of life with the rhythm of Referans Bahcesehir.
https://listingturkey.com/property/referans-bahcesehir/
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
Elegant Evergreen Homes - Luxury Apartments Redefining Comfort in Yelahanka, ...JagadishKR1
Experience unmatched luxury at Elegant Evergreen Homes, offering exquisite 2, 3, and 4 BHK apartments in the serene locality of Yelahanka, Bangalore. These meticulously crafted homes blend modern design with timeless elegance, providing a harmonious living environment. Enjoy top-tier amenities and a prime location, making Elegant Evergreen Homes the ideal choice for discerning homeowners.
The KA Housing - Catalogue - Listing TurkeyListing Turkey
Welcome to KA Housing, a distinguished real estate development nestled in the heart of Eyüpsultan, one of Istanbul’s most promising districts.
Just 10 minutes from the bustling city center, Eyüpsultan offers a serene escape with the convenience of urban living. The direct metro line ensures seamless connectivity to all parts of Istanbul, making it an ideal location for residents who seek both tranquility and vibrancy.
KA Housing boasts unparalleled accessibility, with proximity to Istanbul Airport only 30 minutes away, facilitating easy international travel. Effortless city access is guaranteed by direct metro and transportation links to Istanbul’s cultural and commercial hubs. Quick access to key metro lines connects you to every corner of the city within minutes, making commuting and exploring the city hassle-free.
The development offers luxurious living spaces with a range of unit layouts from 1+1 to 4+1, designed with meticulous attention to detail. Each unit features balconies or terraces, providing stunning vistas of Istanbul and enhancing the living experience. High-quality materials and superior craftsmanship ensure durability and elegance, while sound-proof insulation and high ceilings (2.95 m) offer comfort and sophistication.
Residents of KA Housing enjoy exclusive on-site amenities, including a state-of-the-art gym, outdoor swimming pool, yoga area, and walking paths. Entertainment options abound with a private cinema, children’s playground, and a variety of dining options including a café and restaurant. Security and convenience are paramount with 24/7 security, a dedicated carpark garage, and an IP intercom system.
KA Housing represents a prime investment opportunity with limited availability in a high-demand area, ensuring enduring value and potential for lucrative returns. Homes in this development provide exceptional value without compromising on quality, offering affordable luxury for discerning buyers. The construction is of the highest quality, built to the latest seismic and disaster resistance standards, ensuring safety and resilience.
The community and surroundings of KA Housing are enriched by close proximity to prestigious universities such as Haliç University, Bilgi University, and Istanbul Ticaret University, making it an ideal location for students and academics. The development is adjacent to the Alibeyköy stream leading into the Halic waters, offering serene natural escapes amidst lush greenery. Residents can enjoy the cultural richness of the area, surrounded by historical and cultural landmarks that blend leisure, nature, and culture seamlessly.
https://listingturkey.com/property/the-ka-housing/
BricknBolt Understanding Load-Bearing Walls and Their Structural Support in H...BrickAndBolt
Load-bearing walls are the backbone of any home construction, providing crucial structural support that carries the weight of the house above. For companies like Brick and Bolt Mysore and Bricknbolt Faridabad, understanding and properly implementing these elements are key to constructing safe and durable buildings.
Omaxe Sports City Dwarka stands out as a premier residential and recreational destination, offering a blend of luxury and sports-centric living. Located in the thriving area of Dwarka, this project by Omaxe Limited is designed to cater to modern lifestyle needs while promoting a healthy, active living environment.
Scanning tenants in NYC requires a thorough and compliant approach to ensure you find reliable renters. For a positive rental experience, consider hiring a property management service. Belgium Management LLC specializes in NYC rental property management and tenant relationship management. We prioritize tenant satisfaction, making us a trusted name in New York property management. Our dedicated team ensures tenants feel valued and supported throughout their lease.
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Sense Levent Kagithane Catalog - Listing TurkeyListing Turkey
Sense Levent offers a luxurious living experience in the heart of Istanbul’s vibrant Levent district.
This cutting-edge development seamlessly integrates modern design with natural elements, featuring live evergreen plants maintained by an advanced irrigation system, ensuring lush greenery year-round.
The building’s elegant ceramic balconies are both stylish and durable, enhancing the overall aesthetic and functionality. Residents can enjoy the 700m Sky Lounge, which provides breathtaking views of Istanbul and a perfect space to relax and unwind.
Sense Levent promotes a healthy and active lifestyle with a full gym, swimming pool, sauna, and steam room, all available in the building. The interiors are crafted with high-quality materials, ensuring a luxurious and inviting living space.
Designed with young professionals in mind, Sense Levent features 1+1 and 2+1 units with smart floor plans and balconies. The project promises high investment returns, with an expected annual return of 6.5-7%, significantly above Istanbul’s average ROI.
Located in the rapidly growing and highly desirable Levent area, the development benefits from ongoing urban regeneration projects. Its prime location offers proximity to shopping malls, municipal buildings, universities, and public transportation, adding immense value to your investment.
Early investors can take advantage of discounted units during the construction phase, with an expected capital appreciation of +45% USD upon completion. Property Turkey provides comprehensive rental management services, ensuring a seamless and profitable investment experience.
Additionally, robust legal support and significant tax advantages are available through Property Turkey’s licensed Real Estate Investment Fund. Levent is a dynamic urban hub, ideal for young professionals with its numerous corporate headquarters and shopping malls.
Sense Levent is more than just a residence; it’s a place where dreams and opportunities come to life. Contact us today to secure your place in this exclusive development and experience the best of Istanbul living. Sense Levent: Sense the Opportunity. Live the Dream.
https://listingturkey.com/property/sense-levent/
Urbanrise Paradise on Earth - Unveiling Unprecedented Luxury in Exquisite Vil...JagadishKR1
Immerse yourself in the epitome of luxury living at Urbanrise Paradise on Earth. These opulent 4 BHK villas, nestled off the prestigious Kanakapura Road in Bangalore, redefine elegance and sophistication. With meticulous craftsmanship, breathtaking design, and unparalleled amenities, Urbanrise Paradise on Earth offers a sanctuary where every moment is infused with luxury and serenity. Experience a life of grandeur and indulgence at this exclusive residential enclave.
Rixos Tersane Istanbul Residences Brochure_May2024_ENG.pdfListing Turkey
Tersane Suites Residences is a luxurious real estate project located in the heart of Istanbul, next to the beautiful Golden Horn. This unique development offers hotel concept residences with Rixos management, making it the perfect choice for both homeowners and investors.
The Tersane Suites Residences offers a wide range of options, from studio apartments to spacious four-bedroom units, all designed to the highest standard. The suites are finished with high-quality materials and feature modern, open-plan living spaces, fully-equipped kitchens, and large balconies with stunning views of the city and sea.
One of the standout features of Tersane Suites Residences is the Rixos management, which provides a truly exclusive and upscale living experience. Residents will have access to a range of luxury amenities, including a fitness center, spa, and indoor and outdoor swimming pools. Plus, the on-site restaurants and cafes provide a taste of the local and international cuisine.
The Tersane Suites Residences also offers a great opportunity for investors, as it provides a rental guarantee program. This means that investors can enjoy a steady income stream, with the peace of mind that their property is being managed by a reputable and experienced team.
The location of Tersane Suites Residences is also unbeatable, with easy access to the city’s main transportation links and within close proximity to the historic center, making it the perfect base for exploring all that Istanbul has to offer.
Green Homes, Islamabad Presentation .pdfticktoktips
Green Homes Islamabad offers beautifully designed 5, 8, and 10 Marla homes near the airport and motorway. Enjoy luxury, convenience, and high rental returns in a prime location.
3. May 2017
COMMERCIAL REAL ESTATE MARKET TRENDS | Q1.2017
3NATIONAL ASSOCIATION of REALTORS® | RESEARCH DIVISION | www.nar.realtor/research-and-statistics
NATIONAL ASSOCIATION OF REALTORS®
2017 OFFICERS
President
Bill Brown
President-Elect
Elizabeth Mendenhall, ABR, ABRM, CIPS,
CRB, GRI, ePRO, LCI, PMN
First Vice President
John Smaby
Treasurer
Thomas Riley, CCIM, CRB
Immediate Past-President
Tom Salomone
Vice President
Mabél Guzmán, ABR, AHWD, CIPS, CRS
Vice President
Kevin Sears
Chief Executive Officer
Dale Stinton, CAE, CPA, CMA, RCE
4. May 2017
COMMERCIAL REAL ESTATE MARKET TRENDS | Q1.2017
4NATIONAL ASSOCIATION of REALTORS® | RESEARCH DIVISION | www.nar.realtor/research-and-statistics
CONTENTS
1 | Introduction…………………………………………………………………………………………….
2 | Survey Highlights..…………………………………………………………………………………..
3 | Investment Sales ………..…………..………………………………………………………………
4 | Leasing Fundamentals …………………………………………………………………………….
6 | Methodology…………………………………………………………………………………………..
5
6
7
10
13
5. 5
May 2017
COMMERCIAL REAL ESTATE MARKET TRENDS | Q1.2017
NATIONAL ASSOCIATION of REALTORS® | RESEARCH DIVISION | www.nar.realtor/research-and-statistics
Introduction
Commercial space is heavily concentrated in
large buildings, but large buildings are a
relatively small number of the overall stock of
commercial buildings. In terms of inventory,
commercial real estate markets are bifurcated,
with the majority of buildings being relatively
small, while the bulk of commercial space is
concentrated in larger buildings.
The bifurcation continues along transaction
volumes as well, with deals at the higher end—
$2.5 million and above—comprising a large
share of investment sales, while transactions at
the lower end make up a smaller fraction.
Data are readily available for transactions in
excess of $2.5 million from several sources,
including Real Capital Analytics (RCA).
However, in general, data for smaller
transactions—many of which are handled by
REALTORS®—are less widely available.
National Association of REALTORS®’ (NAR)
Commercial Real Estate Market Trends gathers
market information for small cap properties and
transactions, mostly valued below $2.5 million.
Q1.2017 Update
The first quarter of this year marked a change in
the trend of investment sales. Sales volume in
REALTORS®’ markets declined for the first time
in five years, with a 4.4 percent slide. With tight
inventory continuing to top the list of concerns,
prices rose 7.2 percent from a year ago.
However, cap rates began moving upward. The
moves in investment metrics mirror, with a one
year lag, those recorded in large cap markets,
where sales volume has been declining for the
past five quarters.
GEORGE RATIU
Director, Quantitative & Commercial Research
gratiu@realtors.org
-100%
-50%
0%
50%
100%
150%
200%
2008.Q4
2009.Q2
2009.Q4
2010.Q2
2010.Q4
2011.Q2
2011.Q4
2012.Q2
2012.Q4
2013.Q2
2013.Q4
2014.Q2
2014.Q4
2015.Q2
2015.Q4
2016.Q2
2016.Q4
Sales Volume (YoY % Chg)
Real Capital Analytics CRE Markets
REALTOR® CRE Markets
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
2008.Q4
2009.Q2
2009.Q4
2010.Q2
2010.Q4
2011.Q2
2011.Q4
2012.Q2
2012.Q4
2013.Q2
2013.Q4
2014.Q2
2014.Q4
2015.Q2
2015.Q4
2016.Q2
2016.Q4
Sale Prices (YoY % Chg)
Real Capital Analytics CRE Markets
REALTOR® CRE Markets
Sources: NAR, Real Capital Analytics
6. 6
Survey Highlights
• 62.0 percent of REALTORS® closed a
commercial sale.
• Sales volume declined 4.4 percent from a
year ago.
• Sales prices increased 7.2 percent year-
over-year.
• The average transaction value equaled
$876,500 in Q1.2017.
• 8.0 percent of REALTORS ® reported an
international transaction.
• The average international transaction value
was $1.0 million.
May 2017
COMMERCIAL REAL ESTATE MARKET TRENDS | Q1.2017
NATIONAL ASSOCIATION of REALTORS® | RESEARCH DIVISION | www.nar.realtor/research-and-statistics
• 61.0 percent of members completed a
commercial lease transaction
• Leasing volume advanced 2.3 percent from
the previous quarter.
• Leasing rates increased 3.8 percent over the
previous quarter.
• Concession levels declined 11.1 percent on a
quarterly basis.
• Inventory shortage topped the list of current
challenges, followed by buyer-seller pricing gap.
Financing returned in the top three topics of
concern, as small banks have been facing
increased regulator scrutiny.
62
38
Sales transaction (%)
Yes
No
61
39
Lease transaction (%)
Yes
No
Although our economy has diversified since the
recession of the early 1980s, we are still heavily
dependent upon pricing fluctuations in the
extractive minerals industries. While the results of
the recent election promises to address some of
these pricing issues, until supply/demand forces
return to a level that encourages new exploration,
our local economy will remain more or less
"inactive".
- California
Construction costs and building regulations are
rising.
[Markets are] extremely bifurcated ... very strong
submarkets at the same time that there are very
weak submarkets in the same overall market.
Flagstaff market is catching up to increased demand
due to population increase.
- Arizona
7. Investment Sales
The beginning of 2017 witnessed a shift in the
investment landscape. Large cap markets have
experienced declining sales for over a year. The
first quarter of this year registered a
continuation of the trend, with sales volume
declining 18.0 percent.
In comparison, small cap markets posted a
strong 2016, with rising sales volume. However,
in the first quarter of 2017, sales volume
declined 4.4 percent. In addition, a smaller
percentage of REALTORS® reported closing
transactions—62.0 percent in the first quarter,
compared with 69.0 percent the prior quarter—a
sign of slowing activity. The trend was also
mirrored in a smaller average transaction value
for the quarter—$876,500 vs. $1.1 million
during the fourth quarter of 2016.
7
May 2017
COMMERCIAL REAL ESTATE MARKET TRENDS | Q1.2017
NATIONAL ASSOCIATION of REALTORS® | RESEARCH DIVISION | www.nar.realtor/research-and-statistics
REALTORS® Q1.2017 Prices
Office Class A($/SF) $137
Office Class BC ($/SF) $91
Industrial Class A ($/SF) $78
Industrial Class BC ($/SF) $54
Retail Class A ($/SF) $152
Retail Class BC ($/SF) $104
Apartment Class A ($/Unit) $59,851
Apartment Class BC ($/Unit) $51,224
Source: National Association of REALTORS®
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
2008.Q4
2009.Q2
2009.Q4
2010.Q2
2010.Q4
2011.Q2
2011.Q4
2012.Q2
2012.Q4
2013.Q2
2013.Q4
2014.Q2
2014.Q4
2015.Q2
2015.Q4
2016.Q2
2016.Q4
PercentChange,year-over-year
Sales Volume Sales Prices
Source: National Association of Realtors®
I focus on working with foreign high net-worth
investors (HNWI) to connect them with US sponsors
forming JV on ADC projects. I like to see lenders
seeking appraisers that are from the local county
and familiar with the property type.
It is taking longer to accomplish tasks during due
diligence, thus making the process cumbersome and
lengthy.
- Texas
Lenders are looking to finance commercial real
estate loans both existing and new construction.
Available capital in our market/metro.
- Virginia
Many Sellers have unrealistic expectations on price.
Market is good. Rising prices and low inventory.
- New York
Mid-level banking consolidation continues to reduce
local lenders, whereby larger minimum loan size
negatively impacts the local markets.
Seems foreign investors are turning towards
commercial investments rather than residential.
8. Investment Sales - continued
The shortage of available inventory remained
the number one concern for REALTORS®, and
was the main driver of price movement. Prices
for commercial properties increased 7.2 percent
compared with the first quarter of 2016.
However, capitalization rates changes indicated
a likely shift in investor risk preferences.
Average national cap rates reached 7.5 percent
in the first quarter, 30 basis points higher than
the same period in 2016. The rate on first-
quarter 10-year Treasury Notes averaged 2.2
percent, maintaining a wide spread to cap rates
in REALTOR® markets.
8
May 2017
COMMERCIAL REAL ESTATE MARKET TRENDS | Q1.2017
NATIONAL ASSOCIATION of REALTORS® | RESEARCH DIVISION | www.nar.realtor/research-and-statistics
4% 5%
8% 10%
14% 12%
13% 16%
21% 19%
37% 37%
2017.Q1 2016.Q4
REALTORS® Most Pressing Challenges
Inventory
Shortage
Pricing Gap:
Buyers vs Sellers
Local Economy
Financing
Other
National Economy
Distressed
Properties
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
11.0%
12.0%
2010.Q1
2010.Q3
2011.Q1
2011.Q3
2012.Q1
2012.Q3
2013.Q1
2013.Q3
2014.Q1
2014.Q3
2015.Q1
2015.Q3
2016.Q1
2016.Q3
2017.Q1
REALTORS® Commercial Capitalization Rates
Office Industrial Retail
Multifamily Hotel
Source: National Association of Realtors®
REALTORS® Q1.2017 Cap Rates
Office Class A 7.0
Office Class BC 8.0
Industrial Class A 7.1
Industrial Class BC 8.1
Retail Class A 6.6
Retail Class BC 7.9
Apartment Class A 6.4
Apartment Class BC 7.8
Hotel Class A 7.1
Hotel Class BC 8.6
Source: National Association of REALTORS®
9. Investment Sales - continued
International transactions remained a noticeable
share of REALTORS®’ activity, comprising 8.0
percent of responses. The average international
sale price was $1.0 million in the fourth quarter
of this year. The average cap rate for
international deals was 6.7 percent.
Respondents indicated that the direction of
commercial business opportunities during the
first quarter of 2017 rose at a slower pace than
the prior quarter: 3.3 percent compared with 6.2
percent in the fourth quarter of 2016, and 5.2
percent a year ago. Financing returned as a top
concern in REALTORS®’ markets, with 14.0
percent of members finding inadequate funding
for commercial transactions.
9
May 2017
COMMERCIAL REAL ESTATE MARKET TRENDS | Q1.2017
NATIONAL ASSOCIATION of REALTORS® | RESEARCH DIVISION | www.nar.realtor/research-and-statistics
-12%
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
2008.Q4
2009.Q2
2009.Q4
2010.Q2
2010.Q4
2011.Q2
2011.Q4
2012.Q2
2012.Q4
2013.Q2
2013.Q4
2014.Q2
2014.Q4
2015.Q2
2015.Q4
2016.Q2
2016.Q4
Direction of Business Opportunity (QoQ)
Source: National Association of Realtors®
8
92
Members with International Transaction
(%)
Yes
No
The market is getting better but the rates are still
down, and tenants are still very cautious. Seems to
be a good many buyers out there, but they want
high cap rates - so there is a big gap between buyers
and sellers, and properties for sale are scarce.
- Utah
The market is in bad shape [due to] regulations;
competition is saturated, mostly cash buyers and
investors, very few families getting approved for
loans due to student loan debt and because most
are running their own small businesses. […] Rental
market has dried up with low qualifying renters.
Places like Pasadena and South East Texas have
extremely overpriced homes, where places like
Palestine and Rural East Texas are underpriced.
- Texas
Very active... seller's market, but there is only so
much an investor is willing to pay for an investment
property in Columbus, Ohio. There is a difference
between the private investor and the corporate
investors. The large corporate deals sell for a lower
cap rate to a national buyer. In the mid-range deals,
the buyers are more conservative about cap rates,
location, and condition.
- Ohio
10. 10
May 2017
COMMERCIAL REAL ESTATE MARKET TRENDS | Q1.2017
NATIONAL ASSOCIATION of REALTORS® | RESEARCH DIVISION | www.nar.realtor/research-and-statistics
Leasing Fundamentals
Commercial fundamentals remained positive in
the first quarter of 2017. However the pace of
growth moderated. Leasing volume advanced
by 2.3 percent from the preceding quarter. New
construction increased by 2.3 percent from the
prior quarter, the slowest pace since the first
quarter of 2015. Leasing rates rose by 3.8
percent, as concessions declined 11.1 percent.
-30%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
2009.Q2
2009.Q4
2010.Q2
2010.Q4
2011.Q2
2011.Q4
2012.Q2
2012.Q4
2013.Q2
2013.Q4
2014.Q2
2014.Q4
2015.Q2
2015.Q4
2016.Q2
2016.Q4
%Change,Quarter-over-quarter
New Construction Leasing Volume
Source: National Association of Realtors®
-15%
-10%
-5%
0%
5%
10%
15%
20%
2008.Q4
2009.Q2
2009.Q4
2010.Q2
2010.Q4
2011.Q2
2011.Q4
2012.Q2
2012.Q4
2013.Q2
2013.Q4
2014.Q2
2014.Q4
2015.Q2
2015.Q4
2016.Q2
2016.Q4
PercentChange,Quarterly
REALTOR® Commercial Leasing Trends
Leasing Rates Lease Concessions
Source: National Association of Realtors®
For industrial, low vacancy rate, not a lot of
inventory available or in the pipeline, rental rates
have been increasing....seller's/landlord's market.
I lease office suites for the owner of the building my
office is located in, and I am also the property
manager. There is a great need for office space for
small businesses that does not break the bank.
Increase in activity; decrease in inventory.
Developers cannot build due to disparity in building
costs versus potential income stream
[There are a] lot of failures of small franchises and
brick and mortar retailers. Online shopping seems to
be a factor
Market remains strong with some apartment
overbuilding starting to show up.
Outside of the urban core and a few hot markets,
much of the farther out suburbs are still marginal
and overbuilt.
The current commercial market is good. We are
experiencing some big box retail closures in key
centers, [which] cause the owner to find a new
tenant, or create a different center.
11. 11
May 2017
COMMERCIAL REAL ESTATE MARKET TRENDS | Q1.2017
NATIONAL ASSOCIATION of REALTORS® | RESEARCH DIVISION | www.nar.realtor/research-and-statistics
Leasing Fundamentals - continued
Tenant demand remained strongest in the 5,000
square feet and below segment, accounting for
84.0 percent of responses. Demand for space in
the “Under 2,500 square feet” segment was
virtually unchanged from the last quarter,
capturing 45.0 percent of responses. Demand
for properties in the “10,000 - 49,999 square
feet” segment notched a noticeable jump,
accounting for 11.0 percent of total responses,
an almost two-fold increase from the prior
quarter.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008.Q4
2009.Q1
2009.Q2
2009.Q3
2009.Q4
2010.Q1
2010.Q2
2010.Q3
2010.Q4
2011.Q1
2011.Q2
2011.Q3
2011.Q4
2012.Q1
2012.Q2
2012.Q3
2012.Q4
2013.Q1
2013.Q2
2013.Q3
2013.Q4
2014.Q1
2014.Q2
2014.Q3
2014.Q4
2015.Q1
2015.Q2
2015.Q3
2015.Q4
2016.Q1
2016.Q2
2016.Q3
2016.Q4
2017.Q1
Average Leased Space by Size, Quarterly*
Over 100,000 sf
50,000 - 100,000 sf
10,000 - 49,999 sf
7,500 - 9,999 sf
5,000 - 7,499 sf
2,500 - 4,999 sf
Under 2,500 sf
Source: National Association of Realtors®
*Prior to 2010.Q4 "Under 5,000 sf was the lowest category available.
People feel trust to move forward with business
plans now - just need stifling regulations removed
The overall San Antonio market continues to be
strong will low unemployment and new companies
locating to the area. Hulu just announced a 500-
person office to be located in San Antonio.
- Texas
There is limited commercial activity in smaller towns
like this area. I travel outward about 150 miles from
my hometown to stay busy with agricultural and
general commercial appraisals.
We are a stable market with low operating costs and
a good, available skilled labor pool.
Finding quality commercial appraisers to add to my
firm is a difficult task. Training maybe the only long-
term option.
While we have some modest increase in
construction, we have not yet seen overall activity
match the general optimism that keeps being
reported on the news here locally.
12. 12
May 2017
COMMERCIAL REAL ESTATE MARKET TRENDS | Q1.2017
NATIONAL ASSOCIATION of REALTORS® | RESEARCH DIVISION | www.nar.realtor/research-and-statistics
Leasing Fundamentals - continued
Vacancy rates continued declining in the first
quarter of this year. Lease terms remained
steady, with 36-month and 60-month leases
capturing 61.0 percent of the market. One-year
and two-year leases made up 23.0 percent of
total.
During the quarter, 61.0 percent of
REALTORS® reported closing a lease
transaction. NAR members’ average gross
lease volume for the quarter was $654,000.
REALTORS® Q1.2017 Vacancy Rates
Office 13.6 %
Industrial 9.6 %
Retail 13.2 %
Multifamily 5.9 %
Hotel 18.7 %
REALTORS® Q1.2017 Rents
Office $46 / Sq.Ft.
Industrial $31 / Sq.Ft.
Retail $55 / Sq.Ft.
Multifamily $747 / Unit
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
2010.Q1
2010.Q3
2011.Q1
2011.Q3
2012.Q1
2012.Q3
2013.Q1
2013.Q3
2014.Q1
2014.Q3
2015.Q1
2015.Q3
2016.Q1
2016.Q3
2017.Q1
REALTORS® Commercial Vacancy Rates
Office Industrial Retail
Multifamily Hotel
Source: National Association of Realtors®
Q1.2017 Market Opportunities
13. 13
May 2017
COMMERCIAL REAL ESTATE MARKET TRENDS | Q1.2017
NATIONAL ASSOCIATION of REALTORS® | RESEARCH DIVISION | www.nar.realtor/research-and-statistics
Methodology
The REALTORS® Commercial Real Estate Market
Trends measures quarterly activity in the
commercial real estate markets, as reported in a
national survey. The survey collects data from
REALTORS® engaged in commercial real estate
transactions. The survey is designed to provide an
overview of market performance, sales and leasing
transactions, along with information on current
economic challenges and future expectations.
In April 2017, NAR invited a random sample of
62,212 REALTORS® with an interest in commercial
real estate to complete an on-line survey. A total of
799 complete responses were received, for an
overall response rate of 1.3 percent. The main
measure of central tendency employed in the
analysis is the mean.
14. The National Association of REALTORS®, “The Voice for Real Estate,” is America’s
largest trade association, representing 1.2 million members, including NAR’s institutes,
societies and councils, involved in all aspects of the real estate industry. NAR
membership includes brokers, salespeople, property managers, appraisers, counselors
and others engaged in both residential and commercial real estate. The term
REALTOR® is a registered collective membership mark that identifies a real estate
professional who is a member of the National Association of REALTORS® and
subscribes to its strict Code of Ethics. Working for America's property owners, the
National Association provides a facility for professional development, research and
exchange of information among its members and to the public and government for the
purpose of preserving the free enterprise system and the right to own real property.
NATIONAL ASSOCIATION OF REALTORS®
RESEARCH DIVISION
The Mission of the National Association of REALTORS® Research Division is to collect
and disseminate timely, accurate and comprehensive real estate data and to conduct
economic analysis in order to inform and engage members, consumers, and policy
makers and the media in a professional and accessible manner.
To find out about other products from NAR’s Research Division, visit
www.nar.realtor/research-and-statistics
NATIONAL ASSOCIATION OF REALTORS®
RESEARCH DIVISION
500 New Jersey Avenue, NW
Washington, DC 20001
202.383.1000
