OFFICE

2014 III 2014 IV 2015 I 2015 II 2015 III 2015 IV 2016 I 2014 2015 2016
Vacancy Rate 15.7% 15.7% 15.9% 15.8% 15.7% 15.7% 15.7% 16.2% 15.8% 15.6%
Net Absorption
('000 sq. ft.) 12,094 10,995 12,163 12,669 14,190 11,656 13,315 36,192 50,678 57,782
Completions ('000 sq. ft.) 6,185 6,352 10,010 11,978 9,774 10,037 10,625 26,450 41,799 44,862
Inventory ('000,000 sq. ft.) 4,099 4,105 4,115 4,127 4,137 4,147 4,158 4,105 4,147 4,192
Rent Growth 0.6% 0.6% 0.7% 0.8% 0.8% 0.9% 0.8% 2.6% 3.2% 3.6%

INDUSTRIAL
2014 III 2014 IV 2015 I 2015 II 2015 III 2015 IV 2016 I 2014 2015 2016
Vacancy Rate 8.9% 8.8% 8.7% 8.5% 8.5% 8.4% 8.3% 8.9% 8.5% 8.1%
Net Absorption
('000 sq. ft.) 27,971 24,744 18,891 26,237 31,484 28,336 18,908 107,580 104,948 105,044
Completions ('000 sq. ft.) 16,953 16,133 14,439 21,314 19,939 13,063 12,961 83,424 68,755 61,720
Inventory ('000,000 sq. ft.) 8,452 8,468 8,482 8,504 8,524 8,537 8,550 8,468 8,537 8,598
Rent Growth 0.6% 0.7% 0.6% 0.7% 0.7% 0.8% 0.7% 2.4% 2.8% 2.9%

RETAIL
2014 III 2014 IV 2015 I 2015 II 2015 III 2015 IV 2016 I 2014 2015 2016
Vacancy Rate 9.8% 9.7% 9.8% 9.7% 9.6% 9.6% 9.6% 9.8% 9.7% 9.4%
Net Absorption
('000 sq. ft.) 4,030 3,918 5,215 4,442 3,567 6,089 6,565 11,214 19,314 24,313
Completions ('000 sq. ft.) 1,827 2,028 3,062 2,673 3,062 3,399 4,271 7,275 12,196 16,342
Inventory ('000,000 sq. ft.) 2,033 2,035 2,036 2,039 2,042 2,046 2,050 2,035 2,046 2,062
Rent Growth 0.6% 0.6% 0.5% 0.6% 0.6% 0.7% 0.6% 2.0% 2.4% 3.0%

MULTI-FAMILY
2014 III 2014 IV 2015 I 2015 II 2015 III 2015 IV 2016 I 2014 2015 2016
Vacancy Rate 4.1% 4.0% 4.0% 4.0% 4.0% 4.0% 4.1% 4.0% 4.0% 4.2%
Net Absorption (Units) 67,429 63,595 43,399 39,969 38,106 48,590 35,778 223,421 170,065 140,128
Completions (Units) 49,475 47,123 29,143 38,899 37,843 40,576 26,257 191,481 146,461 122,381
Inventory
(Units in millions) 10.0 10.1 10.1 10.1 10.1 10.2 10.2 10.1 10.2 10.3
Rent Growth 1.0% 1.0% 1.0% 1.0% 1.0% 0.9% 1.1% 4.0% 3.9% 3.5%

Sources: National Association of REALTORS / Reis, Inc.
COMMERCIAL RESEARCH
Access the Commercial Real Estate Outlook report: www.realtor.org/reports/commercial-real-estate-market-outlook
NATIONAL ASSOCIATION of REALTORS

RESEARCH DIVISION | www.realtors.org/research-and-statistics

Sources: NAR, Reis, Inc.
Office Industrial Retail Multifamily
Albuquerque NM 17.5 11.5 2.7
Atlanta GA 19.5 13.6 13.2 5.7
Austin TX 15.7 10.9 6.5 6.2
Baltimore MD 16.3 11.6 6.1 3.4
Birmingham AL 13.4 13.2 6.3
Boston MA 13.2 18.4 6.5 4.2
Buffalo NY 16.2 13.5 3.4
Central New Jersey NJ 21.3 9.8 2.9
Charleston SC 14.1 10.7 6.8
Charlotte NC 17.3 12.7 10.4 6.4
Chattanooga TN 15.7 14.9 4.5
Chicago IL 18.6 8.9 12.0 3.4
Cincinnati OH 20.6 8.6 12.5 3.5
Cleveland OH 22.6 8.8 14.8 3.0
Colorado Springs CO 18.0 15.1 4.3
Columbia SC 17.6 10.4 6.6
Columbus OH 19.3 9.5 16.0 4.7
Dallas TX 23.1 12.5 13.0 5.4
Dayton OH 26.2 15.7 5.3
Denver CO 16.8 7.6 10.4 4.7
Detroit MI 25.3 11.4 11.5 3.0
District of Columbia DC 9.3 7.4
Fairfield County CT 21.7 3.9 5.3
Fort Lauderdale FL 19.4 8.6 9.9 4.1
Fort Worth TX 15.9 10.0 12.1 4.7
Greensboro/Winston-Salem NC 21.2 11.6 5.9
Greenville SC 18.8 14.1 5.4
Hartford CT 19.7 10.0 2.5
Houston TX 14.7 8.0 11.8 5.9
Indianapolis IN 19.6 9.6 15.1 6.2
Jacksonville FL 20.9 8.0 12.6 6.7
Kansas City MO 16.2 10.2 11.5 4.7
Knoxville TN 14.4 11.1 5.1
Las Vegas NV 25.9 11.6 5.1
Lexington KY 16.3 8.2 5.1
Little Rock AR 11.5 11.7 6.3
Long Island NY 13.0 5.2 2.7
Access the Commercial Real Estate Outlook report: www.realtor.org/reports/commercial-real-estate-market-outlook
NATIONAL ASSOCIATION of REALTORS

RESEARCH DIVISION | www.realtors.org/research-and-statistics
COMMERCIAL RESEARCH

Sources: NAR, Reis, Inc.
Office Industrial Retail Multifamily
Los Angeles CA 15.0 3.8 5.7 3.3
Louisville KY 15.2 9.2 5.9
Memphis TN 23.4 14.5 11.4 8.8
Miami FL 16.0 6.1 7.2 3.9
Milwaukee WI 18.5 12.6 3.6
Minneapolis MN 16.9 7.2 10.6 2.8
Nashville TN 13.1 8.1 8.2 5.5
New Haven CT 16.8 13.7 2.5
New Orleans LA 12.7 11.6 5.6
New York NY 9.6 3.0
Norfolk/Hampton Roads VA 16.0 9.4 5.5
Northern New Jersey NJ 18.6 5.6 4.2
Oakland-East Bay CA 17.7 9.3 6.2 2.6
Oklahoma City OK 16.6 3.5 13.1 4.8
Omaha NE 14.5 9.0 3.8
Orange County CA 16.9 5.3 2.2
Orlando FL 17.5 11.0 11.8 4.9
Palm Beach FL 17.2 6.6 10.6 4.8
Philadelphia PA 13.6 9.7 9.3 3.3
Phoenix AZ 24.8 10.9 10.2 4.8
Pittsburgh PA 16.2 8.9 7.7 3.8
Portland OR 13.3 8.0 8.0 3.1
Providence RI 15.5 12.2 2.2
Raleigh-Durham NC 14.7 14.7 9.2 5.8
Richmond VA 14.4 12.8 9.5 4.9
Rochester NY 17.0 12.3 2.6
Sacramento CA 20.4 11.8 11.0 2.2
Salt Lake City UT 17.4 11.9 4.1
San Antonio TX 17.4 7.3 10.9 5.4
San Bernardino/Riverside CA 23.2 6.9 10.2 3.0
San Diego CA 15.7 6.7 6.1 2.6
San Francisco CA 12.4 10.9 3.5 3.3
San Jose CA 18.2 16.6 4.6 3.1
Seattle WA 13.0 5.9 7.0 4.1
St. Louis MO 17.2 7.0 12.2 4.6
NATIONAL ASSOCIATION of REALTORS

RESEARCH DIVISION | www.realtors.org/research-and-statistics
Access the Commercial Real Estate Outlook report: www.realtor.org/reports/commercial-real-estate-market-outlook
COMMERCIAL RESEARCH
Sources: NAR, Reis, Inc.
Office Industrial Retail Multifamily
Suburban Maryland MD 15.7 10.9 7.9 3.9
Suburban Virginia VA 17.1 10.5 5.4 5.1
Syracuse NY 14.7 13.8 3.1
Tacoma WA 16.6 12.9 3.3
Tampa-St. Petersburg FL 20.8 7.8 10.9 4.6
Tucson AZ 16.6 9.9 5.6
Tulsa OK 16.9 16.3 5.6
Ventura County CA 18.1 8.7 2.6
Westchester NY 18.9 8.0 2.9
Wichita KS 16.9 14.0 3.7
NATIONAL ASSOCIATION of REALTORS

RESEARCH DIVISION | www.realtors.org/research-and-statistics
Access the Commercial Real Estate Outlook report: www.realtor.org/reports/commercial-real-estate-market-outlook
COMMERCIAL RESEARCH
Copyright 2014 NATIONAL ASSOCIATION OF REALTORS

. THE NATIONAL ASSOCIATION OF

REALTORS

, The Voice for Real Estate, is Americas largest trade association, representing 1.0 million
members involved in all aspects of the residential and commercial real estate industries..

Although the information presented in this report has been obtained from reliable sources, NAR does not
guarantee its accuracy, and such information may be incomplete. This report is for information purposes only.
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. The Research Division monitors and analyzes economic
indicators, including gross domestic product, retail sales, industrial
production, producer price index, and employment data that impact
commercial markets over time. Additionally, NAR Research examines how
changes in the economy affect the commercial real estate business, and
evaluates regulatory and legislative policy proposals for their impact on
REALTORS, their clients and Americas property owners.

The Research Division provides several products covering commercial real
estate including:
CONTACTS

Lawrence Yun, PhD
Sr. Vice President, Chief
Economist
lyun@realtors.org

George Ratiu
Director, Quantitative &
Commercial Research
gratiu@realtors.org
Commercial Real Estate Market Survey CCIM Quarterly Market Trends
Commercial Real Estate Lending Survey SIOR Commercial Real Estate Index
Commercial Member Profile Expectations & Market Realities in Real Estate 2014