The rental market in Greater Boston is showing signs of heating up, with rising demand from prospective office tenants despite a 36.6% office vacancy rate in the first quarter. In 2023, the US permitted 507k new apartment units, with NYC leading in construction. Average 1 & 2 BR rents are higher nationally, with New York at $4,200/mo. Miami, Fort Lauderdale, and West Palm Beach have seen the most significant increase in effective rents for apartments since the pandemic. Occupancy rates are down significantly in major cities, with Miami, Dallas, and Austin being the bright spots.
Hearing a lot of buzz that apartment demand continues to be robust in Q1 entering the peak leasing season, following a hotter-than-usual Q4 (for leasing, not rents). Still more supply>demand in the high-supplied markets, but the gap isn't as wide as some feared. And no, this…
Office rents in Singapore reached a 15-year high in the first quarter, defying the commercial property slump plaguing other major financial hubs https://t.co/OL1MeEDsYM via @markets @DextLow
"Semi-surprising not to see larger drops in Phoenix and Austin -- the two markets arguably experiencing the most intense lease-up digestion challenges right now. The pair rank 2nd and 3rd for permits issued in the last year behind NYC" https://t.co/eWmBy9On0h
Office rents in Singapore reached a 15-year high in the first quarter, defying the commercial property slump plaguing other major financial hubs https://t.co/iSxEDXEjFh
"Occupancy rates are down significantly...the only bright spots are places like Miami, Dallas, Austin," Don Peebles says on demand for office space. https://t.co/gVGQMaKegN
"Rental rates are not the real story here. The real story is occupancy rates," says @peebles_don. "Occupancy rates are down significantly. 40% is NYC. 50% in Washington DC. The only bright spots are places like Miami, Dallas, Austin where the markets are stronger." https://t.co/rph1h8KreT
Since the onset of the pandemic, effective rents for professionally managed apartments have climbed more in Miami than in any other major market nationwide. Fort Lauderdale and West Palm Beach take the no. 2 and no. 3 spots, for % change in effective rents since Feb 2020. https://t.co/gKFz1KqUwX https://t.co/S0dHSMTERO
Portland is seeing some improvements, including a homicide rate on the decline. But central business district office vacancies are 30%, highest in the top 50 markets in the US. And vacancies are still rising. https://t.co/84WRDZjsze
#New: For the first time in 6 months, avg 1 & 2 BR rents are higher nationally: New York: $4,200/mo* Jersey City: $3,260 San Francisco: $2,900 Boston: $2,850 Miami: $2,710 San Jose: $2,450 *1BR Source: @Zumper
Nine thoughts on the latest multifamily permitting numbers: 1) Permitting volumes continue to trend down, down, down as developers hit a thick wall of headwinds: pricey debt, falling rents, fairly sticky construction costs, and fewer eager equity/debt partners. 2)… https://t.co/r1L6Jnu0ty
In 2023, the US permitted 507k new apartment units—down from a 35-year high of 636k in 2022 Here are the metro areas that built the most last year: 🗽NYC: 26k 🤠Dallas: 22k 🎸Austin: 21k 🌵Phoenix: 19k 📽️LA: 17k 🚀Houston: 17k 🌴Miami: 15k 🍑Atlanta: 14k 🌸DC: 12k 🗻Denver: 11k https://t.co/GYbC8foFNJ
Office vacancy hit 36.6% in the first quarter of this year, per preliminary data, but demand from prospective office tenants is also rising. https://t.co/cpzYUcp0f6
Downtown Office Use Has Declined, but Some Metropolitan Areas Are Faring Better than Others https://t.co/VPtObCWWWX via @KansasCityFed
Is Greater Boston’s rental market getting hotter? https://t.co/NKjdSoVfd8 #GreaterBoston #PortlandMaine #Providence #renters #housing #RentalTrends @Yardi @CHRapartments @MassApts @vic_stef