NAR Commercial Real Estate Metro Market Report | 2022.Q1
Core-Based Statistical Area Code: 10500
The Albany, GA commercial real estate market is not as strong compared to the overall U.S. market.
NAR Commercial Real Estate Market Conditions Index* 40.9
Overall economic conditions are not as strong than nationally.
The apartment property market is not as strong than nationally.
The office property market is stronger than nationally.
The industrial property market is about the same than nationally.
The retail property market is not as strong than nationally.
I. Economic and Demographic
Economic 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March) 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March)
Total non-farm employment ('000) 62 63 61 149,912 150,352 143,308
Y/Y chg.in nonfarm payroll employment ('000) 1 2 (2) 6,604 6,747 (6,644)
Y/Y % chg. in nonfarm payroll employment 2.0% 3.0% -3.7% 4.6% 4.7% -4.4%
Unemployment rate (%) 4.1% 4.4% 6.1% 3.6% 3.9% 6.0%
Average weekly wages $719 $699 $661 $1,099 $1,092 $1,049
Wage growth, year-over-year 8.7% 3.9% -9.5% 4.7% 5.2% 6.9%
2020 2019 2018 2020 2019 2018
GDP growth (%) -2.5% 2.8% -0.4% -3.4% 2.3% 2.9%
Demographic 2020 2019 2018 2020 2019 2018
Net domestic migration ('000) (1.6) (1.5) (0.6) 0 0 0
Population ('000) 148 147 148 331,501 328,330 326,838
Population growth (%) 1.20% -0.85% -0.19% 0.97% 0.46% 0.53%
II. Multifamily
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 11.5% 11.5% 10.4% 4.9% 4.8% 6.0%
Absorption of units over the quarter 0 (26) (36) 58,097 61,951 187,113
Absorption of units in past 12 months (71) (107) 193 568,362 697,378 498,721
Absorption in past 12 months as % of inventory -1.3% -2.0% 3.5% 3.3% 4.1% 3.0%
Market asking rent per unit $787 $775 $740 $1,587 $1,553 $1,425
Market asking rent per unit, y/y % chg 6.3% 8.1% 5.6% 11.4% 11.3% 2.4%
Effective rent per unit $784 $771 $736 $1,578 $1,543 $1,406
Effective rent per unit, y/y % chg 6.6% 8.3% 5.9% 12.2% 12.2% 1.8%
Rent as a percent of 2-person annual wage income 12.6% 12.7% 12.8% 16.5% 16.3% 15.4%
Supply indicators
Inventory 5,444 5,445 5,515 17,251,546 17,194,020 16,685,925
Net delivered units in past 12 months - - - 387,022 391,271 417,342
Net delivered units, as % of inventory - - - 2.2% 2.3% 2.5%
Units under construction - - - 774,864 744,997 732,144
Units under construction, as % of inventory - - - 4.5% 4.3% 4.4%
Ratio of jobs created to net delivered units - - - 17.1 17.2 (15.9)
(as of latest available month of the quarter)
Sales transactions
Total investment acquisitions (in million $) $8 $10 $11 $50,395 $113,844 $30,199 Sales transactions are not rising as fast than nationally
Transaction sales price per unit $75,000 $29,071 $36,500 $220,078 $227,367 $157,676 Prices are rising faster nationally
Market cap rate 6.7% 6.6% 6.5% 5.1% 5.1% 5.2%
III. Office
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 6.6% 7.4% 8.0% 12.2% 12.1% 11.7%
Absorption in sq.ft. over the quarter 17,005 (11,776) (26,703) 3,410,230 11,127,334 (43,926,356)
Absorption in sq.ft. over 12 months 28,607 (15,101) 54,742 5,610,472 (41,726,112) (119,807,672)
Absorption in past 12 months as % of inventory 1.4% -0.8% 2.8% 0.1% -0.6% -1.7%
Market rent per sq.ft. $14.8 $14.7 $14.4 $34.7 $34.6 $34.4
Market rent growth, y/y % chg. 2.6% 3.5% 2.6% 0.8% 0.4% -2.1%
Y/Y chg.in professional/business services jobs ('000) - - - 1,153 1,161 (283)
(as of latest available month of the quarter)
Supply indicators
Inventory in sq. ft. 2,005,862 1,988,857 1,977,255 7,256,351,232 7,252,931,072 7,250,434,560
Net delivered over 12 months, in sq.ft. - - 6,000 54,741,303 57,123,296 47,997,877
Net delivered units, as % of inventory - - 0.3% 0.8% 0.8% 0.7%
Under construction in sq.ft. - - - 143,665,184 143,194,512 153,944,000
Under construction, as % of inventory - - - 2.0% 2.0% 2.1%
Sales transactions
Total investment acquisitions (in million $) $8 $8 $0 $26,711 $35,335 $17,487 Sales transactions are rising faster than nationally
Transaction sale price per sq.ft. $80 $323 $34 $324 $295 $325 Prices are rising faster nationally
Market cap rate 9.3% 9.3% 9.3% 7.0% 7.0% 7.0%
- Some data may not be available for the quarter
The area has stronger absorption than nationally
U.S.
Albany, GA
Population is growing faster than nationally
The area has a lower vacancy rate than nationally
Rents are rising faster than nationally
Area is experiencing net domestic out-migration
Job creation is weaker than nationally
Unemployment rate is higher than nationally
Wages are rising faster than nationally
Cap rates are higher than nationally
Albany, GA
Cap rates are higher than nationally
The area has a higher vacancy rate than nationally
Renting is more affordable than nationally
The area has lower absorption than nationally
Rents are rising more slowly than nationally
NAR Commercial Real Estate Metro Market Report | 2022.Q1
Core-Based Statistical Area Code: 10500
Albany, GA
IV. Industrial
U.S.
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 3.2% 3.9% 3.9% 4.1% 4.2% 5.3%
Absorption in sq.ft. over the quarter 72,917 (11,172) 92,754 98,463,552 139,649,760 92,218,864
Absorption in sq.ft. over 12 months 80,989 100,826 (73,691) 521,957,216 515,712,512 267,819,536
Absorption in past 12 months as % of inventory 0.7% 0.9% -0.7% 3.1% 3.1% 1.6%
Market rent per sq.ft. $4.1 $4.0 $3.6 $10.2 $9.9 $9.2
Market rent growth, y/y % chg. 13.2% 10.8% 5.9% 11.0% 9.3% 5.5%
Supply indicators
Inventory in sq. ft. 11,245,776 11,172,859 11,164,787 16,970,607,616 16,872,123,392 16,448,452,608
Net delivered over 12 months, in sq.ft. - - - 316,015,277 299,570,240 290,668,397
Net delivered units, as % of inventory - - - 1.9% 1.8% 1.8%
Under construction in sq.ft. - - - 591,536,384 531,512,224 391,175,904
Under construction, as % of inventory - - - 3.5% 3.2% 2.4%
Sales transactions
Total investment acquisitions (in million $) $3 $1 $3 $21,817 $51,629 $16,323 Sales transactions are not rising as fast as nationally
Transaction sale price per sq.ft. $11 $29 $11 $140 $136 $105 Prices are not rising as fast than nationally
Market cap rate 8.4% 8.5% 8.1% 6.3% 6.3% 6.3%
V. Retail
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 6.0% 6.4% 6.8% 4.5% 4.7% 5.1%
Absorption in sq.ft. over the quarter 43,836 30,771 (13,462) 24,405,304 24,416,072 3,996,477
Absorption in sq.ft. over 12 months 74,750 17,452 (37,429) 94,035,968 73,627,144 (22,757,808)
Absorption in past 12 months as % of inventory 0.8% 0.2% -0.4% 0.8% 0.7% -0.2%
Market rent per sq.ft. $11.9 $11.7 $11.3 $22.9 $22.6 $22.0
Market rent growth, y/y % chg. 5.8% 4.5% 2.4% 3.9% 3.1% 1.1%
Y/Y chg.in retail trade payroll employment ('000) 0.50 0.40 0.00 570.90 382.90 (187.70)
(as of latest available month of the quarter)
Supply indicators
Inventory in sq. ft. 8,898,089 8,854,253 8,823,339 11,256,099,840 11,231,675,392 11,161,937,920
Net delivered over 12 months, in sq.ft. - - 18,200 19,624,738 21,905,704 37,703,262
Net delivered units, as % of inventory - - 0.2% 0.2% 0.2% 0.3%
Under construction in sq.ft. 6,672 6,672 3,000 54,194,816 56,052,512 54,297,696
Under construction, as % of inventory 0.1% 0.1% 0.0% 0.5% 0.5% 0.5%
Sales transactions
Total investment acquisitions (in million $) $9 $26 $7 $22,755 $33,245 $12,773 Sales transactions are not rising as fast than nationally
Transaction sale price per sq.ft. $92 $41 $49 $219 $226 $182 Prices are rising faster nationally
Market cap rate 8.6% 8.7% 8.5% 6.8% 6.8% 6.8%
VI. Hotel/Lodging
2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March) 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March)
Leisure and hospitality payroll workers ('000) - - - 14,939 14,804 12,876
Y/Y change ('000) - - - 2,063.0 2,337.0 (2,869.0)
% share to nonfarm payroll employment - - - 10.0% 9.8% 9.0%
- Some data may not be available for the quarter
Sources of data used: CoStar®, US Census Bureau, US Bureau of Labor Statistics, and US Bureau of Economic Analysis.
*An index below 50 means local market conditions are weaker than nationally, above 50 means local market conditions are stronger, and 50 means local market conditions are about the same as nationally.
NAR derived the index by assigning 1 point for each indicator where local market conditions are better than the national (US) condition.
The total points for each local market are divided by the number of variables that are available at the local area, with 25 indicators if all the data are available. The fraction is multiplied by 100 to get the index.
Economic data may not be available for all markets. In some submarkets or metropolitan divisions (e.g., Long Island) reported by CoStar®, the economic data that is reported (e.g. employment) is of the metropolitan area
(New York-Newark-Jersey City) . The 390 markets in this report are based on the CoStar® market areas.
NAR reserves the right to add new variables or drop variables that comprise the index based on its analysis of variables that impact market trends.
Market cap rate is based on CoStar proprietary model that is based on both sales transaction cap rates and modeled cap rates based on characteristics of compararable properties in the geographic area.
Data may not be available for some markets or property types.
For information about this report, email [email protected]altor.
Visit NAR's Commercial Research webpage at
https://www.nar.realtor/research-and-statistics/research-reports/commercial-research
The area has lower absorption than nationally
The area has stronger absorption than nationally
Cap rates are higher than nationally
The area has a higher vacancy rate than nationally
Cap rates are higher than nationally
Construction activity is slower than nationally
Rents are rising faster than nationally
Rents are rising faster than nationally
The area has lower vacancy rate than nationally
Albany, GA
NAR Commercial Real Estate Metro Market Report | 2022.Q1
Core-Based Statistical Area Code: 12020
The Athens-Clarke County, GA commercial real estate market is not as strong compared to the overall U.S. market.
NAR Commercial Real Estate Market Conditions Index* 48.0
Overall economic conditions are stronger than nationally.
The apartment property market is about the same than nationally.
The office property market is stronger than nationally.
The industrial property market is about the same than nationally.
The retail property market is not as strong than nationally.
The hotel/lodging property market is not as strong than nationally.
I. Economic and Demographic
Economic 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March) 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March)
Total non-farm employment ('000) 100 100 95 149,912 150,352 143,308
Y/Y chg.in nonfarm payroll employment ('000) 6 5 (2) 6,604 6,747 (6,644)
Y/Y % chg. in nonfarm payroll employment 6.2% 5.7% -2.5% 4.6% 4.7% -4.4%
Unemployment rate (%) 2.8% 2.9% 3.7% 3.6% 3.9% 6.0%
Average weekly wages $779 $772 $751 $1,099 $1,092 $1,049
Wage growth, year-over-year 3.8% -2.8% -5.4% 4.7% 5.2% 6.9%
2020 2019 2018 2020 2019 2018
GDP growth (%) -4.6% 0.6% 2.8% -3.4% 2.3% 2.9%
Demographic 2020 2019 2018 2020 2019 2018
Net domestic migration ('000) 0.3 1.4 1.3 0 0 0
Population ('000) 216 214 211 331,501 328,330 326,838
Population growth (%) 0.92% 1.10% 1.18% 0.97% 0.46% 0.53%
II. Multifamily
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 6.2% 5.0% 5.9% 4.9% 4.8% 6.0%
Absorption of units over the quarter 55 26 38 58,097 61,951 187,113
Absorption of units in past 12 months 365 348 499 568,362 697,378 498,721
Absorption in past 12 months as % of inventory 3.4% 3.3% 4.9% 3.3% 4.1% 3.0%
Market asking rent per unit $1,161 $1,126 $1,052 $1,587 $1,553 $1,425
Market asking rent per unit, y/y % chg 10.4% 8.3% 4.5% 11.4% 11.3% 2.4%
Effective rent per unit $1,155 $1,123 $1,047 $1,578 $1,543 $1,406
Effective rent per unit, y/y % chg 10.4% 8.6% 4.4% 12.2% 12.2% 1.8%
Rent as a percent of 2-person annual wage income 17.1% 16.7% 16.0% 16.5% 16.3% 15.4%
Supply indicators
Inventory 10,646 10,591 10,281 17,251,546 17,194,020 16,685,925
Net delivered units in past 12 months 432 232 422 387,022 391,271 417,342
Net delivered units, as % of inventory 4.1% 2.2% 4.1% 2.2% 2.3% 2.5%
Units under construction 550 750 742 774,864 744,997 732,144
Units under construction, as % of inventory 5.2% 7.1% 7.2% 4.5% 4.3% 4.4%
Ratio of jobs created to net delivered units 13.7 23.3 (5.7) 17.1 17.2 (15.9)
(as of latest available month of the quarter)
Sales transactions
Total investment acquisitions (in million $) $2 $18 $51 $50,395 $113,844 $30,199 Sales transactions are not rising as fast than nationally
Transaction sales price per unit $21,591 $116,346 $234,954 $220,078 $227,367 $157,676 Prices are not rising as fast than nationally
Market cap rate 5.0% 5.0% 5.1% 5.1% 5.1% 5.2%
III. Office
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 4.9% 5.3% 8.5% 12.2% 12.1% 11.7%
Absorption in sq.ft. over the quarter 25,845 347 (2,965) 3,410,230 11,127,334 (43,926,356)
Absorption in sq.ft. over 12 months 186,189 157,379 (66,917) 5,610,472 (41,726,112) (119,807,672)
Absorption in past 12 months as % of inventory 3.9% 3.3% -1.5% 0.1% -0.6% -1.7%
Market rent per sq.ft. $22.1 $22.0 $21.6 $34.7 $34.6 $34.4
Market rent growth, y/y % chg. 2.3% 2.7% 2.3% 0.8% 0.4% -2.1%
Y/Y chg.in professional/business services jobs ('000) 0.7 0.2 (0.3) 1,153 1,161 (283)
(as of latest available month of the quarter)
Supply indicators
Inventory in sq. ft. 4,759,170 4,733,325 4,572,981 7,256,351,232 7,252,931,072 7,250,434,560
Net delivered over 12 months, in sq.ft. 5,328 38,144 129,611 54,741,303 57,123,296 47,997,877
Net delivered units, as % of inventory 0.1% 0.8% 2.8% 0.8% 0.8% 0.7%
Under construction in sq.ft. 100,800 106,128 17,800 143,665,184 143,194,512 153,944,000
Under construction, as % of inventory 2.1% 2.2% 0.4% 2.0% 2.0% 2.1%
Sales transactions
Total investment acquisitions (in million $) $17 $36 $5 $26,711 $35,335 $17,487 Sales transactions are rising faster than nationally
Transaction sale price per sq.ft. $100 $99 $52 $324 $295 $325 Prices are rising faster nationally
Market cap rate 8.2% 8.2% 8.3% 7.0% 7.0% 7.0%
- Some data may not be available for the quarter
The area has stronger absorption than nationally
U.S.
Athens-Clarke County, GA
Population growth is slower than nationally
Fewer jobs per delivered units than nationally
The area has a lower vacancy rate than nationally
Rents are rising faster than nationally
Area is experiencing net domestic in-migration
Job creation is stronger than nationally
Unemployment rate is lower than nationally
Wages are rising at a slower pace than nationally
Construction is stronger than nationally
Cap rates are lower than nationally
Athens-Clarke County, GA
More delivered space relative to inventory than nationally
Construction activity is more robust than nationally
Cap rates are higher than nationally
Stronger office job creation than nationally
The area has a higher vacancy rate than nationally
Renting is less affordable than nationally
The area has stronger absorption than nationally
Rents are rising more slowly than nationally
NAR Commercial Real Estate Metro Market Report | 2022.Q1
Core-Based Statistical Area Code: 12020
Athens-Clarke County, GA
IV. Industrial
U.S.
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 1.5% 2.8% 1.5% 4.1% 4.2% 5.3%
Absorption in sq.ft. over the quarter 129,948 (97,400) 133,450 98,463,552 139,649,760 92,218,864
Absorption in sq.ft. over 12 months 104,033 107,535 354,946 521,957,216 515,712,512 267,819,536
Absorption in past 12 months as % of inventory 1.1% 1.1% 3.7% 3.1% 3.1% 1.6%
Market rent per sq.ft. $8.2 $7.9 $7.3 $10.2 $9.9 $9.2
Market rent growth, y/y % chg. 12.1% 9.8% 5.6% 11.0% 9.3% 5.5%
Supply indicators
Inventory in sq. ft. 9,757,962 9,628,014 9,653,929 16,970,607,616 16,872,123,392 16,448,452,608
Net delivered over 12 months, in sq.ft. 104,200 208,400 217,200 316,015,277 299,570,240 290,668,397
Net delivered units, as % of inventory 1.1% 2.2% 2.2% 1.9% 1.8% 1.8%
Under construction in sq.ft. - - 104,200 591,536,384 531,512,224 391,175,904
Under construction, as % of inventory - - 1.1% 3.5% 3.2% 2.4%
Sales transactions
Total investment acquisitions (in million $) $23 $4 $6 $21,817 $51,629 $16,323 Sales transactions are rising faster than nationally
Transaction sale price per sq.ft. $182 $5 $60 $140 $136 $105 Prices are rising faster nationally
Market cap rate 7.3% 7.5% 7.6% 6.3% 6.3% 6.3%
V. Retail
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 6.7% 7.2% 7.7% 4.5% 4.7% 5.1%
Absorption in sq.ft. over the quarter 63,812 85,324 92,107 24,405,304 24,416,072 3,996,477
Absorption in sq.ft. over 12 months 121,206 149,501 (54,819) 94,035,968 73,627,144 (22,757,808)
Absorption in past 12 months as % of inventory 1.2% 1.4% -0.5% 0.8% 0.7% -0.2%
Market rent per sq.ft. $17.7 $17.4 $16.8 $22.9 $22.6 $22.0
Market rent growth, y/y % chg. 5.8% 4.5% 2.5% 3.9% 3.1% 1.1%
Y/Y chg.in retail trade payroll employment ('000) 0.50 0.50 0.10 570.90 382.90 (187.70)
(as of latest available month of the quarter)
Supply indicators
Inventory in sq. ft. 10,529,079 10,465,267 10,407,873 11,256,099,840 11,231,675,392 11,161,937,920
Net delivered over 12 months, in sq.ft. 13,690 45,740 186,441 19,624,738 21,905,704 37,703,262
Net delivered units, as % of inventory 0.1% 0.4% 1.8% 0.2% 0.2% 0.3%
Under construction in sq.ft. 96,219 103,719 3,000 54,194,816 56,052,512 54,297,696
Under construction, as % of inventory 0.9% 1.0% 0.0% 0.5% 0.5% 0.5%
Sales transactions
Total investment acquisitions (in million $) $19 $30 $10 $22,755 $33,245 $12,773 Sales transactions are rising faster than nationally
Transaction sale price per sq.ft. $266 $144 $76 $219 $226 $182 Prices are rising faster nationally
Market cap rate 7.4% 7.4% 7.6% 6.8% 6.8% 6.8%
VI. Hotel/Lodging
2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March) 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March)
Leisure and hospitality payroll workers ('000) 11.1 11.0 10.2 14,939 14,804 12,876
Y/Y change ('000) 0.9 1.1 (0.5) 2,063.0 2,337.0 (2,869.0)
% share to nonfarm payroll employment 11.1% 11.0% 10.8% 10.0% 9.8% 9.0%
- Some data may not be available for the quarter
Sources of data used: CoStar®, US Census Bureau, US Bureau of Labor Statistics, and US Bureau of Economic Analysis.
*An index below 50 means local market conditions are weaker than nationally, above 50 means local market conditions are stronger, and 50 means local market conditions are about the same as nationally.
NAR derived the index by assigning 1 point for each indicator where local market conditions are better than the national (US) condition.
The total points for each local market are divided by the number of variables that are available at the local area, with 25 indicators if all the data are available. The fraction is multiplied by 100 to get the index.
Economic data may not be available for all markets. In some submarkets or metropolitan divisions (e.g., Long Island) reported by CoStar®, the economic data that is reported (e.g. employment) is of the metropolitan area
(New York-Newark-Jersey City) . The 390 markets in this report are based on the CoStar® market areas.
NAR reserves the right to add new variables or drop variables that comprise the index based on its analysis of variables that impact market trends.
Market cap rate is based on CoStar proprietary model that is based on both sales transaction cap rates and modeled cap rates based on characteristics of compararable properties in the geographic area.
Data may not be available for some markets or property types.
For information about this report, email [email protected]altor.
Visit NAR's Commercial Research webpage at
https://www.nar.realtor/research-and-statistics/research-reports/commercial-research
The area has lower absorption than nationally
Less deliveries relative to inventory than nationally
The area has stronger absorption than nationally
Less delivered space relative to inventory than nationally
Cap rates are higher than nationally
The area has a higher vacancy rate than nationally
Higher fraction of workers in leisure industry than nationally
Job creation in the leisure industry is weaker than nationally
Cap rates are higher than nationally
Construction activity is more robust than nationally
The area has stronger retail trade job creation than nationally
Relatively fewer units delivered than nationally
Rents are rising faster than nationally
Rents are rising faster than nationally
The area has lower vacancy rate than nationally
Athens-Clarke County, GA
NAR Commercial Real Estate Metro Market Report | 2022.Q1
Core-Based Statistical Area Code: 12060
The Atlanta-Sandy Springs-Roswell, GA commercial real estate market is stronger compared to the overall U.S. market.
NAR Commercial Real Estate Market Conditions Index* 68.0
Overall economic conditions are stronger than nationally.
The apartment property market is about the same than nationally.
The office property market is not as strong than nationally.
The industrial property market is stronger than nationally.
The retail property market is stronger than nationally.
The hotel/lodging property market is about the same than nationally.
I. Economic and Demographic
Economic 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March) 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March)
Total non-farm employment ('000) 2,937 2,917 2,759 149,912 150,352 143,308
Y/Y chg.in nonfarm payroll employment ('000) 177 151 (96) 6,604 6,747 (6,644)
Y/Y % chg. in nonfarm payroll employment 6.4% 5.4% -3.4% 4.6% 4.7% -4.4%
Unemployment rate (%) 3.2% 3.3% 4.6% 3.6% 3.9% 6.0%
Average weekly wages $1,111 $1,087 $1,031 $1,099 $1,092 $1,049
Wage growth, year-over-year 7.7% 1.1% 1.6% 4.7% 5.2% 6.9%
2020 2019 2018 2020 2019 2018
GDP growth (%) -4.3% 4.3% 3.7% -3.4% 2.3% 2.9%
Demographic 2020 2019 2018 2020 2019 2018
Net domestic migration ('000) 23.6 31.8 26.7 0 0 0
Population ('000) 6,101 6,027 5,951 331,501 328,330 326,838
Population growth (%) 1.23% 1.27% 1.27% 0.97% 0.46% 0.53%
II. Multifamily
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 6.5% 5.9% 7.4% 4.9% 4.8% 6.0%
Absorption of units over the quarter (1,152) (835) 5,685 58,097 61,951 187,113
Absorption of units in past 12 months 9,891 16,728 20,324 568,362 697,378 498,721
Absorption in past 12 months as % of inventory 2.3% 3.8% 4.7% 3.3% 4.1% 3.0%
Market asking rent per unit $1,606 $1,584 $1,382 $1,587 $1,553 $1,425
Market asking rent per unit, y/y % chg 16.2% 18.7% 7.4% 11.4% 11.3% 2.4%
Effective rent per unit $1,597 $1,575 $1,362 $1,578 $1,543 $1,406
Effective rent per unit, y/y % chg 17.3% 19.9% 7.0% 12.2% 12.2% 1.8%
Rent as a percent of 2-person annual wage income 16.5% 16.7% 15.2% 16.5% 16.3% 15.4%
Supply indicators
Inventory 438,998 440,150 429,110 17,251,546 17,194,020 16,685,925
Net delivered units in past 12 months 6,185 7,848 14,585 387,022 391,271 417,342
Net delivered units, as % of inventory 1.4% 1.8% 3.4% 2.2% 2.3% 2.5%
Units under construction 24,416 22,301 15,536 774,864 744,997 732,144
Units under construction, as % of inventory 5.6% 5.1% 3.6% 4.5% 4.3% 4.4%
Ratio of jobs created to net delivered units 28.7 19.2 (6.6) 17.1 17.2 (15.9)
(as of latest available month of the quarter)
Sales transactions
Total investment acquisitions (in million $) $2,915 $8,610 $2,332 $50,395 $113,844 $30,199 Sales transactions are not rising as fast than nationally
Transaction sales price per unit $199,710 $216,208 $147,115 $220,078 $227,367 $157,676 Prices are not rising as fast than nationally
Market cap rate 4.7% 4.7% 4.9% 5.1% 5.1% 5.2%
III. Office
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 14.2% 14.0% 14.1% 12.2% 12.1% 11.7%
Absorption in sq.ft. over the quarter (425,698) 741,309 (3,086,053) 3,410,230 11,127,334 (43,926,356)
Absorption in sq.ft. over 12 months 2,777,771 117,416 (5,468,156) 5,610,472 (41,726,112) (119,807,672)
Absorption in past 12 months as % of inventory 1.0% 0.0% -1.9% 0.1% -0.6% -1.7%
Market rent per sq.ft. $26.8 $26.7 $26.5 $34.7 $34.6 $34.4
Market rent growth, y/y % chg. 1.3% 1.4% 0.8% 0.8% 0.4% -2.1%
Y/Y chg.in professional/business services jobs ('000) 46.9 32.4 (10.6) 1,153 1,161 (283)
(as of latest available month of the quarter)
Supply indicators
Inventory in sq. ft. 285,091,424 285,508,128 282,304,672 7,256,351,232 7,252,931,072 7,250,434,560
Net delivered over 12 months, in sq.ft. 3,824,441 4,605,911 2,463,007 54,741,303 57,123,296 47,997,877
Net delivered units, as % of inventory 1.3% 1.6% 0.9% 0.8% 0.8% 0.7%
Under construction in sq.ft. 5,155,064 5,128,890 7,198,953 143,665,184 143,194,512 153,944,000
Under construction, as % of inventory 1.8% 1.8% 2.6% 2.0% 2.0% 2.1%
Sales transactions
Total investment acquisitions (in million $) $1,065 $1,347 $569 $26,711 $35,335 $17,487 Sales transactions are rising faster than nationally
Transaction sale price per sq.ft. $226 $215 $167 $324 $295 $325 Prices are rising faster nationally
Market cap rate 7.2% 7.2% 7.3% 7.0% 7.0% 7.0%
- Some data may not be available for the quarter
The area has stronger absorption than nationally
U.S.
Atlanta-Sandy Springs-Roswell, GA
Population is growing faster than nationally
More jobs per delivered units than nationally
The area has a higher vacancy rate than nationally
Rents are rising faster than nationally
Area is experiencing net domestic in-migration
Job creation is stronger than nationally
Unemployment rate is lower than nationally
Wages are rising faster than nationally
Construction is stronger than nationally
Cap rates are lower than nationally
Atlanta-Sandy Springs-Roswell, GA
More delivered space relative to inventory than nationally
Construction activity is slower than nationally
Cap rates are higher than nationally
Slower office job creation than nationally
The area has a higher vacancy rate than nationally
Renting is less affordable than nationally
The area has lower absorption than nationally
Rents are rising faster than nationally
NAR Commercial Real Estate Metro Market Report | 2022.Q1
Core-Based Statistical Area Code: 12060
Atlanta-Sandy Springs-Roswell, GA
IV. Industrial
U.S.
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 3.6% 3.0% 4.8% 4.1% 4.2% 5.3%
Absorption in sq.ft. over the quarter 1,717,547 15,300,657 11,138,621 98,463,552 139,649,760 92,218,864
Absorption in sq.ft. over 12 months 30,044,736 39,465,808 26,609,376 521,957,216 515,712,512 267,819,536
Absorption in past 12 months as % of inventory 4.0% 5.3% 3.7% 3.1% 3.1% 1.6%
Market rent per sq.ft. $7.5 $7.3 $6.6 $10.2 $9.9 $9.2
Market rent growth, y/y % chg. 13.7% 12.5% 7.8% 11.0% 9.3% 5.5%
Supply indicators
Inventory in sq. ft. 752,919,488 751,201,984 722,907,264 16,970,607,616 16,872,123,392 16,448,452,608
Net delivered over 12 months, in sq.ft. 21,820,633 19,585,962 18,686,285 316,015,277 299,570,240 290,668,397
Net delivered units, as % of inventory 2.9% 2.6% 2.6% 1.9% 1.8% 1.8%
Under construction in sq.ft. 33,781,440 30,141,292 19,789,660 591,536,384 531,512,224 391,175,904
Under construction, as % of inventory 4.5% 4.0% 2.7% 3.5% 3.2% 2.4%
Sales transactions
Total investment acquisitions (in million $) $1,039 $3,310 $1,128 $21,817 $51,629 $16,323 Sales transactions are not rising as fast as nationally
Transaction sale price per sq.ft. $96 $107 $74 $140 $136 $105 Prices are not rising as fast than nationally
Market cap rate 6.0% 6.1% 6.2% 6.3% 6.3% 6.3%
V. Retail
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 4.2% 4.5% 5.2% 4.5% 4.7% 5.1%
Absorption in sq.ft. over the quarter 1,278,819 1,364,719 530,720 24,405,304 24,416,072 3,996,477
Absorption in sq.ft. over 12 months 4,986,859 4,238,760 (136,859) 94,035,968 73,627,144 (22,757,808)
Absorption in past 12 months as % of inventory 1.4% 1.2% 0.0% 0.8% 0.7% -0.2%
Market rent per sq.ft. $19.7 $19.5 $18.5 $22.9 $22.6 $22.0
Market rent growth, y/y % chg. 6.7% 6.9% 4.2% 3.9% 3.1% 1.1%
Y/Y chg.in retail trade payroll employment ('000) 16.60 8.10 (3.30) 570.90 382.90 (187.70)
(as of latest available month of the quarter)
Supply indicators
Inventory in sq. ft. 351,117,248 349,838,400 346,113,408 11,256,099,840 11,231,675,392 11,161,937,920
Net delivered over 12 months, in sq.ft. 1,560,109 1,237,882 928,859 19,624,738 21,905,704 37,703,262
Net delivered units, as % of inventory 0.4% 0.4% 0.3% 0.2% 0.2% 0.3%
Under construction in sq.ft. 1,927,495 2,440,192 2,561,282 54,194,816 56,052,512 54,297,696
Under construction, as % of inventory 0.5% 0.7% 0.7% 0.5% 0.5% 0.5%
Sales transactions
Total investment acquisitions (in million $) $951 $1,342 $645 $22,755 $33,245 $12,773 Sales transactions are not rising as fast than nationally
Transaction sale price per sq.ft. $192 $213 $181 $219 $226 $182 Prices are not rising as fast than nationally
Market cap rate 7.0% 7.1% 7.2% 6.8% 6.8% 6.8%
VI. Hotel/Lodging
2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March) 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March)
Leisure and hospitality payroll workers ('000) 278.7 274.9 249.9 14,939 14,804 12,876
Y/Y change ('000) 28.8 27.7 (42.7) 2,063.0 2,337.0 (2,869.0)
% share to nonfarm payroll employment 9.5% 9.4% 9.1% 10.0% 9.8% 9.0%
- Some data may not be available for the quarter
Sources of data used: CoStar®, US Census Bureau, US Bureau of Labor Statistics, and US Bureau of Economic Analysis.
*An index below 50 means local market conditions are weaker than nationally, above 50 means local market conditions are stronger, and 50 means local market conditions are about the same as nationally.
NAR derived the index by assigning 1 point for each indicator where local market conditions are better than the national (US) condition.
The total points for each local market are divided by the number of variables that are available at the local area, with 25 indicators if all the data are available. The fraction is multiplied by 100 to get the index.
Economic data may not be available for all markets. In some submarkets or metropolitan divisions (e.g., Long Island) reported by CoStar®, the economic data that is reported (e.g. employment) is of the metropolitan area
(New York-Newark-Jersey City) . The 390 markets in this report are based on the CoStar® market areas.
NAR reserves the right to add new variables or drop variables that comprise the index based on its analysis of variables that impact market trends.
Market cap rate is based on CoStar proprietary model that is based on both sales transaction cap rates and modeled cap rates based on characteristics of compararable properties in the geographic area.
Data may not be available for some markets or property types.
For information about this report, email [email protected]altor.
Visit NAR's Commercial Research webpage at
https://www.nar.realtor/research-and-statistics/research-reports/commercial-research
The area has stronger absorption than nationally
More deliveries relative to inventory than nationally
The area has stronger absorption than nationally
More delivered space relative to inventory than nationally
More delivered space relative to inventory than nationally
Cap rates are lower than nationally
The area has a lower vacancy rate than nationally
Lower fraction of workers in leisure industry than nationally
Job creation in the leisure industry is stronger than nationally
Cap rates are higher than nationally
Construction activity is more robust than nationally
The area has weaker retail trade job creation than nationally
Relatively more units delivered than nationally
Rents are rising faster than nationally
Rents are rising faster than nationally
The area has lower vacancy rate than nationally
Atlanta-Sandy Springs-Roswell, GA
NAR Commercial Real Estate Metro Market Report | 2022.Q1
Core-Based Statistical Area Code: 12260
The Augusta-Richmond County, GA-SC commercial real estate market is not as strong compared to the overall U.S. market.
NAR Commercial Real Estate Market Conditions Index* 32.0
Overall economic conditions are not as strong than nationally.
The apartment property market is not as strong than nationally.
The office property market is not as strong than nationally.
The industrial property market is about the same than nationally.
The retail property market is not as strong than nationally.
The hotel/lodging property market is not as strong than nationally.
I. Economic and Demographic
Economic 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March) 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March)
Total non-farm employment ('000) 240 241 237 149,912 150,352 143,308
Y/Y chg.in nonfarm payroll employment ('000) 3 2 (8) 6,604 6,747 (6,644)
Y/Y % chg. in nonfarm payroll employment 1.3% 0.8% -3.2% 4.6% 4.7% -4.4%
Unemployment rate (%) 3.5% 3.5% 4.4% 3.6% 3.9% 6.0%
Average weekly wages $925 $919 $899 $1,099 $1,092 $1,049
Wage growth, year-over-year 2.9% -0.9% 2.8% 4.7% 5.2% 6.9%
2020 2019 2018 2020 2019 2018
GDP growth (%) -1.4% 2.0% 1.1% -3.4% 2.3% 2.9%
Demographic 2020 2019 2018 2020 2019 2018
Net domestic migration ('000) 2.8 3.1 2.2 0 0 0
Population ('000) 612 610 605 331,501 328,330 326,838
Population growth (%) 0.25% 0.82% 0.71% 0.97% 0.46% 0.53%
II. Multifamily
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 9.3% 8.8% 7.9% 4.9% 4.8% 6.0%
Absorption of units over the quarter 132 (104) 248 58,097 61,951 187,113
Absorption of units in past 12 months 509 625 818 568,362 697,378 498,721
Absorption in past 12 months as % of inventory 2.2% 2.7% 3.5% 3.3% 4.1% 3.0%
Market asking rent per unit $1,094 $1,067 $987 $1,587 $1,553 $1,425
Market asking rent per unit, y/y % chg 10.8% 10.7% 6.8% 11.4% 11.3% 2.4%
Effective rent per unit $1,087 $1,060 $980 $1,578 $1,543 $1,406
Effective rent per unit, y/y % chg 10.9% 10.8% 6.5% 12.2% 12.2% 1.8%
Rent as a percent of 2-person annual wage income 13.5% 13.3% 12.5% 16.5% 16.3% 15.4%
Supply indicators
Inventory 23,587 23,455 23,079 17,251,546 17,194,020 16,685,925
Net delivered units in past 12 months 957 1,217 861 387,022 391,271 417,342
Net delivered units, as % of inventory 4.1% 5.2% 3.7% 2.2% 2.3% 2.5%
Units under construction 530 818 1,783 774,864 744,997 732,144
Units under construction, as % of inventory 2.2% 3.5% 7.7% 4.5% 4.3% 4.4%
Ratio of jobs created to net delivered units 3.3 1.6 (9.2) 17.1 17.2 (15.9)
(as of latest available month of the quarter)
Sales transactions
Total investment acquisitions (in million $) $104 $192 $42 $50,395 $113,844 $30,199 Sales transactions are rising faster than nationally
Transaction sales price per unit $88,186 $133,061 $77,262 $220,078 $227,367 $157,676 Prices are not rising as fast than nationally
Market cap rate 5.5% 5.5% 5.7% 5.1% 5.1% 5.2%
III. Office
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 8.5% 8.7% 8.0% 12.2% 12.1% 11.7%
Absorption in sq.ft. over the quarter 25,607 (153,384) 123,073 3,410,230 11,127,334 (43,926,356)
Absorption in sq.ft. over 12 months (65,048) 32,418 146,538 5,610,472 (41,726,112) (119,807,672)
Absorption in past 12 months as % of inventory -0.5% 0.2% 1.1% 0.1% -0.6% -1.7%
Market rent per sq.ft. $18.2 $18.1 $17.8 $34.7 $34.6 $34.4
Market rent growth, y/y % chg. 2.3% 2.9% 2.4% 0.8% 0.4% -2.1%
Y/Y chg.in professional/business services jobs ('000) (1.2) (2.1) 0.2 1,153 1,161 (283)
(as of latest available month of the quarter)
Supply indicators
Inventory in sq. ft. 13,411,825 13,386,218 13,476,873 7,256,351,232 7,252,931,072 7,250,434,560
Net delivered over 12 months, in sq.ft. 9,148 9,148 - 54,741,303 57,123,296 47,997,877
Net delivered units, as % of inventory 0.1% 0.1% - 0.8% 0.8% 0.7%
Under construction in sq.ft. 7,175 7,175 9,148 143,665,184 143,194,512 153,944,000
Under construction, as % of inventory 0.1% 0.1% 0.1% 2.0% 2.0% 2.1%
Sales transactions
Total investment acquisitions (in million $) $26 $70 $10 $26,711 $35,335 $17,487 Sales transactions are rising faster than nationally
Transaction sale price per sq.ft. $76 $139 $108 $324 $295 $325 Prices are not rising as fast than nationally
Market cap rate 9.2% 9.1% 9.2% 7.0% 7.0% 7.0%
- Some data may not be available for the quarter
The area has lower absorption than nationally
U.S.
Augusta-Richmond County, GA-SC
Population growth is slower than nationally
Fewer jobs per delivered units than nationally
The area has a lower vacancy rate than nationally
Rents are rising faster than nationally
Area is experiencing net domestic in-migration
Job creation is weaker than nationally
Unemployment rate is lower than nationally
Wages are rising at a slower pace than nationally
Construction is weaker than nationally
Cap rates are higher than nationally
Augusta-Richmond County, GA-SC
More delivered space relative to inventory than nationally
Construction activity is slower than nationally
Cap rates are higher than nationally
Slower office job creation than nationally
The area has a higher vacancy rate than nationally
Renting is more affordable than nationally
The area has lower absorption than nationally
Rents are rising more slowly than nationally
NAR Commercial Real Estate Metro Market Report | 2022.Q1
Core-Based Statistical Area Code: 12260
Augusta-Richmond County, GA-SC
IV. Industrial
U.S.
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 5.2% 5.6% 6.4% 4.1% 4.2% 5.3%
Absorption in sq.ft. over the quarter 234,718 2,308,484 633,493 98,463,552 139,649,760 92,218,864
Absorption in sq.ft. over 12 months 2,802,020 3,200,795 15,352 521,957,216 515,712,512 267,819,536
Absorption in past 12 months as % of inventory 5.6% 6.4% 0.0% 3.1% 3.1% 1.6%
Market rent per sq.ft. $5.1 $4.9 $4.6 $10.2 $9.9 $9.2
Market rent growth, y/y % chg. 12.3% 10.0% 5.4% 11.0% 9.3% 5.5%
Supply indicators
Inventory in sq. ft. 50,143,912 49,909,196 47,341,896 16,970,607,616 16,872,123,392 16,448,452,608
Net delivered over 12 months, in sq.ft. 2,315,450 2,355,450 325,725 316,015,277 299,570,240 290,668,397
Net delivered units, as % of inventory 4.6% 4.7% 0.7% 1.9% 1.8% 1.8%
Under construction in sq.ft. 200,000 200,000 2,909,000 591,536,384 531,512,224 391,175,904
Under construction, as % of inventory 0.4% 0.4% 6.1% 3.5% 3.2% 2.4%
Sales transactions
Total investment acquisitions (in million $) $61 $49 $8 $21,817 $51,629 $16,323 Sales transactions are rising faster than nationally
Transaction sale price per sq.ft. $52 $68 $40 $140 $136 $105 Prices are not rising as fast than nationally
Market cap rate 7.3% 7.4% 7.3% 6.3% 6.3% 6.3%
V. Retail
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 5.8% 6.0% 7.0% 4.5% 4.7% 5.1%
Absorption in sq.ft. over the quarter 93,201 (21,070) 151,651 24,405,304 24,416,072 3,996,477
Absorption in sq.ft. over 12 months 575,974 634,424 (14,913) 94,035,968 73,627,144 (22,757,808)
Absorption in past 12 months as % of inventory 1.5% 1.6% 0.0% 0.8% 0.7% -0.2%
Market rent per sq.ft. $14.9 $14.6 $14.1 $22.9 $22.6 $22.0
Market rent growth, y/y % chg. 5.5% 4.0% 2.1% 3.9% 3.1% 1.1%
Y/Y chg.in retail trade payroll employment ('000) 2.90 2.60 0.00 570.90 382.90 (187.70)
(as of latest available month of the quarter)
Supply indicators
Inventory in sq. ft. 38,637,096 38,543,892 38,061,120 11,256,099,840 11,231,675,392 11,161,937,920
Net delivered over 12 months, in sq.ft. 121,293 106,957 104,749 19,624,738 21,905,704 37,703,262
Net delivered units, as % of inventory 0.3% 0.3% 0.3% 0.2% 0.2% 0.3%
Under construction in sq.ft. 46,366 72,885 88,293 54,194,816 56,052,512 54,297,696
Under construction, as % of inventory 0.1% 0.2% 0.2% 0.5% 0.5% 0.5%
Sales transactions
Total investment acquisitions (in million $) $78 $131 $56 $22,755 $33,245 $12,773 Sales transactions are not rising as fast than nationally
Transaction sale price per sq.ft. $154 $178 $157 $219 $226 $182 Prices are not rising as fast than nationally
Market cap rate 8.5% 8.5% 8.5% 6.8% 6.8% 6.8%
VI. Hotel/Lodging
2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March) 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March)
Leisure and hospitality payroll workers ('000) 26.5 25.6 24.3 14,939 14,804 12,876
Y/Y change ('000) 2.2 1.7 (2.0) 2,063.0 2,337.0 (2,869.0)
% share to nonfarm payroll employment 11.0% 10.6% 10.2% 10.0% 9.8% 9.0%
- Some data may not be available for the quarter
Sources of data used: CoStar®, US Census Bureau, US Bureau of Labor Statistics, and US Bureau of Economic Analysis.
*An index below 50 means local market conditions are weaker than nationally, above 50 means local market conditions are stronger, and 50 means local market conditions are about the same as nationally.
NAR derived the index by assigning 1 point for each indicator where local market conditions are better than the national (US) condition.
The total points for each local market are divided by the number of variables that are available at the local area, with 25 indicators if all the data are available. The fraction is multiplied by 100 to get the index.
Economic data may not be available for all markets. In some submarkets or metropolitan divisions (e.g., Long Island) reported by CoStar®, the economic data that is reported (e.g. employment) is of the metropolitan area
(New York-Newark-Jersey City) . The 390 markets in this report are based on the CoStar® market areas.
NAR reserves the right to add new variables or drop variables that comprise the index based on its analysis of variables that impact market trends.
Market cap rate is based on CoStar proprietary model that is based on both sales transaction cap rates and modeled cap rates based on characteristics of compararable properties in the geographic area.
Data may not be available for some markets or property types.
For information about this report, email [email protected]altor.
Visit NAR's Commercial Research webpage at
https://www.nar.realtor/research-and-statistics/research-reports/commercial-research
The area has stronger absorption than nationally
More deliveries relative to inventory than nationally
The area has stronger absorption than nationally
More delivered space relative to inventory than nationally
Less delivered space relative to inventory than nationally
Cap rates are higher than nationally
The area has a higher vacancy rate than nationally
Higher fraction of workers in leisure industry than nationally
Job creation in the leisure industry is weaker than nationally
Cap rates are higher than nationally
Construction activity is slower than nationally
Relatively more units delivered than nationally
Rents are rising faster than nationally
Rents are rising faster than nationally
The area has higher vacancy rate than nationally
Augusta-Richmond County, GA-SC
NAR Commercial Real Estate Metro Market Report | 2022.Q1
Core-Based Statistical Area Code: 15260
The Brunswick, GA commercial real estate market is about the same compared to the overall U.S. market.
NAR Commercial Real Estate Market Conditions Index* 50.0
Overall economic conditions are not as strong than nationally.
The apartment property market is not as strong than nationally.
The office property market is about the same than nationally.
The industrial property market is about the same than nationally.
The retail property market is stronger than nationally.
I. Economic and Demographic
Economic 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March) 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March)
Total non-farm employment ('000) 44 45 43 149,912 150,352 143,308
Y/Y chg.in nonfarm payroll employment ('000) 1 2 (1) 6,604 6,747 (6,644)
Y/Y % chg. in nonfarm payroll employment 3.0% 3.5% -1.6% 4.6% 4.7% -4.4%
Unemployment rate (%) 3.1% 3.2% 4.3% 3.6% 3.9% 6.0%
Average weekly wages $697 $716 $715 $1,099 $1,092 $1,049
Wage growth, year-over-year -2.6% -2.5% 10.2% 4.7% 5.2% 6.9%
2020 2019 2018 2020 2019 2018
GDP growth (%) -4.5% -1.6% 2.3% -3.4% 2.3% 2.9%
Demographic 2020 2019 2018 2020 2019 2018
Net domestic migration ('000) 0.5 0.3 0.6 0 0 0
Population ('000) 113 119 118 331,501 328,330 326,838
Population growth (%) -4.42% 0.32% 0.50% 0.97% 0.46% 0.53%
II. Multifamily
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 5.7% 3.7% 3.7% 4.9% 4.8% 6.0%
Absorption of units over the quarter 18 (21) 78 58,097 61,951 187,113
Absorption of units in past 12 months 17 77 288 568,362 697,378 498,721
Absorption in past 12 months as % of inventory 0.6% 2.7% 10.1% 3.3% 4.1% 3.0%
Market asking rent per unit $1,287 $1,229 $1,046 $1,587 $1,553 $1,425
Market asking rent per unit, y/y % chg 23.0% 20.8% 3.1% 11.4% 11.3% 2.4%
Effective rent per unit $1,242 $1,226 $1,044 $1,578 $1,543 $1,406
Effective rent per unit, y/y % chg 18.9% 21.6% 3.3% 12.2% 12.2% 1.8%
Rent as a percent of 2-person annual wage income 20.5% 19.7% 16.8% 16.5% 16.3% 15.4%
Supply indicators
Inventory 2,863 2,845 2,846 17,251,546 17,194,020 16,685,925
Net delivered units in past 12 months 80 - 240 387,022 391,271 417,342
Net delivered units, as % of inventory 2.8% - 8.4% 2.2% 2.3% 2.5%
Units under construction 56 80 80 774,864 744,997 732,144
Units under construction, as % of inventory 2.0% 2.8% 2.8% 4.5% 4.3% 4.4%
Ratio of jobs created to net delivered units 16.3 - (2.9) 17.1 17.2 (15.9)
(as of latest available month of the quarter)
Sales transactions
Total investment acquisitions (in million $) $12 $51 - $50,395 $113,844 $30,199
Transaction sales price per unit $111,261 $156,367 - $220,078 $227,367 $157,676
Market cap rate 5.7% 5.7% 5.9% 5.1% 5.1% 5.2%
III. Office
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 7.0% 7.3% 6.3% 12.2% 12.1% 11.7%
Absorption in sq.ft. over the quarter 6,509 (6,004) 31,090 3,410,230 11,127,334 (43,926,356)
Absorption in sq.ft. over 12 months (11,953) 12,628 (31,604) 5,610,472 (41,726,112) (119,807,672)
Absorption in past 12 months as % of inventory -0.6% 0.6% -1.5% 0.1% -0.6% -1.7%
Market rent per sq.ft. $19.5 $19.4 $19.0 $34.7 $34.6 $34.4
Market rent growth, y/y % chg. 2.6% 3.4% 2.3% 0.8% 0.4% -2.1%
Y/Y chg.in professional/business services jobs ('000) - - - 1,153 1,161 (283)
(as of latest available month of the quarter)
Supply indicators
Inventory in sq. ft. 2,148,968 2,142,459 2,154,921 7,256,351,232 7,252,931,072 7,250,434,560
Net delivered over 12 months, in sq.ft. 6,846 6,846 - 54,741,303 57,123,296 47,997,877
Net delivered units, as % of inventory 0.3% 0.3% - 0.8% 0.8% 0.7%
Under construction in sq.ft. 1,600 1,600 6,846 143,665,184 143,194,512 153,944,000
Under construction, as % of inventory 0.1% 0.1% 0.3% 2.0% 2.0% 2.1%
Sales transactions
Total investment acquisitions (in million $) $2 $2 $1 $26,711 $35,335 $17,487 Sales transactions are rising faster than nationally
Transaction sale price per sq.ft. $74 $126 $43 $324 $295 $325 Prices are rising faster nationally
Market cap rate 9.1% 9.1% 9.1% 7.0% 7.0% 7.0%
- Some data may not be available for the quarter
The area has lower absorption than nationally
U.S.
Brunswick, GA
Population growth is slower than nationally
Fewer jobs per delivered units than nationally
The area has a lower vacancy rate than nationally
Rents are rising faster than nationally
Area is experiencing net domestic in-migration
Job creation is weaker than nationally
Unemployment rate is lower than nationally
Wages are rising at a slower pace than nationally
Construction is weaker than nationally
Cap rates are higher than nationally
Brunswick, GA
More delivered space relative to inventory than nationally
Construction activity is slower than nationally
Cap rates are higher than nationally
The area has a higher vacancy rate than nationally
Renting is less affordable than nationally
The area has lower absorption than nationally
Rents are rising faster than nationally
NAR Commercial Real Estate Metro Market Report | 2022.Q1
Core-Based Statistical Area Code: 15260
Brunswick, GA
IV. Industrial
U.S.
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 0.9% 1.0% 1.5% 4.1% 4.2% 5.3%
Absorption in sq.ft. over the quarter 5,408 14,080 8,680 98,463,552 139,649,760 92,218,864
Absorption in sq.ft. over 12 months 36,863 40,135 (14,970) 521,957,216 515,712,512 267,819,536
Absorption in past 12 months as % of inventory 0.6% 0.6% -0.2% 3.1% 3.1% 1.6%
Market rent per sq.ft. $6.7 $6.5 $6.0 $10.2 $9.9 $9.2
Market rent growth, y/y % chg. 12.3% 10.0% 5.7% 11.0% 9.3% 5.5%
Supply indicators
Inventory in sq. ft. 6,480,825 6,475,417 6,443,962 16,970,607,616 16,872,123,392 16,448,452,608
Net delivered over 12 months, in sq.ft. - - - 316,015,277 299,570,240 290,668,397
Net delivered units, as % of inventory - - - 1.9% 1.8% 1.8%
Under construction in sq.ft. - - - 591,536,384 531,512,224 391,175,904
Under construction, as % of inventory - - - 3.5% 3.2% 2.4%
Sales transactions
Total investment acquisitions (in million $) $7 $4 $1 $21,817 $51,629 $16,323 Sales transactions are rising faster than nationally
Transaction sale price per sq.ft. $145 $106 $96 $140 $136 $105 Prices are rising faster nationally
Market cap rate 7.2% 7.2% 7.3% 6.3% 6.3% 6.3%
V. Retail
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 3.4% 3.5% 6.0% 4.5% 4.7% 5.1%
Absorption in sq.ft. over the quarter 15,709 (27,758) 5,595 24,405,304 24,416,072 3,996,477
Absorption in sq.ft. over 12 months 202,296 192,182 20,364 94,035,968 73,627,144 (22,757,808)
Absorption in past 12 months as % of inventory 2.9% 2.8% 0.3% 0.8% 0.7% -0.2%
Market rent per sq.ft. $15.1 $14.8 $14.3 $22.9 $22.6 $22.0
Market rent growth, y/y % chg. 5.6% 4.3% 2.4% 3.9% 3.1% 1.1%
Y/Y chg.in retail trade payroll employment ('000) 0.40 0.20 0.00 570.90 382.90 (187.70)
(as of latest available month of the quarter)
Supply indicators
Inventory in sq. ft. 6,930,063 6,914,354 6,727,767 11,256,099,840 11,231,675,392 11,161,937,920
Net delivered over 12 months, in sq.ft. 12,774 23,433 24,248 19,624,738 21,905,704 37,703,262
Net delivered units, as % of inventory 0.2% 0.3% 0.4% 0.2% 0.2% 0.3%
Under construction in sq.ft. 7,500 10,449 9,825 54,194,816 56,052,512 54,297,696
Under construction, as % of inventory 0.1% 0.2% 0.1% 0.5% 0.5% 0.5%
Sales transactions
Total investment acquisitions (in million $) $12 $20 $9 $22,755 $33,245 $12,773 Sales transactions are not rising as fast than nationally
Transaction sale price per sq.ft. $88 $73 $42 $219 $226 $182 Prices are rising faster nationally
Market cap rate 6.2% 6.3% 6.5% 6.8% 6.8% 6.8%
VI. Hotel/Lodging
2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March) 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March)
Leisure and hospitality payroll workers ('000) - - - 14,939 14,804 12,876
Y/Y change ('000) - - - 2,063.0 2,337.0 (2,869.0)
% share to nonfarm payroll employment - - - 10.0% 9.8% 9.0%
- Some data may not be available for the quarter
Sources of data used: CoStar®, US Census Bureau, US Bureau of Labor Statistics, and US Bureau of Economic Analysis.
*An index below 50 means local market conditions are weaker than nationally, above 50 means local market conditions are stronger, and 50 means local market conditions are about the same as nationally.
NAR derived the index by assigning 1 point for each indicator where local market conditions are better than the national (US) condition.
The total points for each local market are divided by the number of variables that are available at the local area, with 25 indicators if all the data are available. The fraction is multiplied by 100 to get the index.
Economic data may not be available for all markets. In some submarkets or metropolitan divisions (e.g., Long Island) reported by CoStar®, the economic data that is reported (e.g. employment) is of the metropolitan area
(New York-Newark-Jersey City) . The 390 markets in this report are based on the CoStar® market areas.
NAR reserves the right to add new variables or drop variables that comprise the index based on its analysis of variables that impact market trends.
Market cap rate is based on CoStar proprietary model that is based on both sales transaction cap rates and modeled cap rates based on characteristics of compararable properties in the geographic area.
Data may not be available for some markets or property types.
For information about this report, email [email protected]altor.
Visit NAR's Commercial Research webpage at
https://www.nar.realtor/research-and-statistics/research-reports/commercial-research
The area has lower absorption than nationally
The area has stronger absorption than nationally
More delivered space relative to inventory than nationally
Cap rates are higher than nationally
The area has a lower vacancy rate than nationally
Cap rates are lower than nationally
Construction activity is slower than nationally
Relatively more units delivered than nationally
Rents are rising faster than nationally
Rents are rising faster than nationally
The area has lower vacancy rate than nationally
Brunswick, GA
NAR Commercial Real Estate Metro Market Report | 2022.Q1
Core-Based Statistical Area Code: 16860
The Chattanooga, TN-GA commercial real estate market is stronger compared to the overall U.S. market.
NAR Commercial Real Estate Market Conditions Index* 56.0
Overall economic conditions are stronger than nationally.
The apartment property market is about the same than nationally.
The office property market is stronger than nationally.
The industrial property market is stronger than nationally.
The retail property market is stronger than nationally.
The hotel/lodging property market is not as strong than nationally.
I. Economic and Demographic
Economic 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March) 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March)
Total non-farm employment ('000) 268 270 262 149,912 150,352 143,308
Y/Y chg.in nonfarm payroll employment ('000) 6 5 (5) 6,604 6,747 (6,644)
Y/Y % chg. in nonfarm payroll employment 2.4% 1.9% -2.0% 4.6% 4.7% -4.4%
Unemployment rate (%) 3.1% 3.2% 4.2% 3.6% 3.9% 6.0%
Average weekly wages $986 $1,008 $897 $1,099 $1,092 $1,049
Wage growth, year-over-year 10.0% 12.8% 3.5% 4.7% 5.2% 6.9%
2020 2019 2018 2020 2019 2018
GDP growth (%) -1.8% 1.6% 0.8% -3.4% 2.3% 2.9%
Demographic 2020 2019 2018 2020 2019 2018
Net domestic migration ('000) 4.7 3.4 3.9 0 0 0
Population ('000) 564 565 561 331,501 328,330 326,838
Population growth (%) -0.28% 0.69% 0.86% 0.97% 0.46% 0.53%
II. Multifamily
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 4.9% 4.6% 6.2% 4.9% 4.8% 6.0%
Absorption of units over the quarter 145 86 491 58,097 61,951 187,113
Absorption of units in past 12 months 872 1,218 1,459 568,362 697,378 498,721
Absorption in past 12 months as % of inventory 3.5% 5.0% 6.1% 3.3% 4.1% 3.0%
Market asking rent per unit $1,228 $1,200 $1,084 $1,587 $1,553 $1,425
Market asking rent per unit, y/y % chg 13.3% 12.9% 6.2% 11.4% 11.3% 2.4%
Effective rent per unit $1,223 $1,195 $1,070 $1,578 $1,543 $1,406
Effective rent per unit, y/y % chg 14.4% 14.0% 6.0% 12.2% 12.2% 1.8%
Rent as a percent of 2-person annual wage income 14.3% 13.6% 13.7% 16.5% 16.3% 15.4%
Supply indicators
Inventory 24,718 24,572 23,845 17,251,546 17,194,020 16,685,925
Net delivered units in past 12 months 570 353 1,119 387,022 391,271 417,342
Net delivered units, as % of inventory 2.3% 1.4% 4.7% 2.2% 2.3% 2.5%
Units under construction 1,150 1,312 606 774,864 744,997 732,144
Units under construction, as % of inventory 4.7% 5.3% 2.5% 4.5% 4.3% 4.4%
Ratio of jobs created to net delivered units 11.1 13.9 (4.7) 17.1 17.2 (15.9)
(as of latest available month of the quarter)
Sales transactions
Total investment acquisitions (in million $) $59 $355 $75 $50,395 $113,844 $30,199 Sales transactions are not rising as fast than nationally
Transaction sales price per unit $98,087 $197,421 $123,339 $220,078 $227,367 $157,676 Prices are not rising as fast than nationally
Market cap rate 5.2% 5.2% 5.5% 5.1% 5.1% 5.2%
III. Office
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 4.3% 4.7% 4.6% 12.2% 12.1% 11.7%
Absorption in sq.ft. over the quarter 178,923 33,227 12,254 3,410,230 11,127,334 (43,926,356)
Absorption in sq.ft. over 12 months 285,936 119,267 (75,175) 5,610,472 (41,726,112) (119,807,672)
Absorption in past 12 months as % of inventory 1.3% 0.5% -0.3% 0.1% -0.6% -1.7%
Market rent per sq.ft. $20.5 $20.4 $20.0 $34.7 $34.6 $34.4
Market rent growth, y/y % chg. 2.3% 2.8% 1.0% 0.8% 0.4% -2.1%
Y/Y chg.in professional/business services jobs ('000) (0.8) 0.0 (0.7) 1,153 1,161 (283)
(as of latest available month of the quarter)
Supply indicators
Inventory in sq. ft. 22,391,912 22,212,990 22,105,976 7,256,351,232 7,252,931,072 7,250,434,560
Net delivered over 12 months, in sq.ft. 238,439 152,939 7,486 54,741,303 57,123,296 47,997,877
Net delivered units, as % of inventory 1.1% 0.7% 0.0% 0.8% 0.8% 0.7%
Under construction in sq.ft. 13,000 90,000 237,400 143,665,184 143,194,512 153,944,000
Under construction, as % of inventory 0.1% 0.4% 1.1% 2.0% 2.0% 2.1%
Sales transactions
Total investment acquisitions (in million $) $116 $44 $28 $26,711 $35,335 $17,487 Sales transactions are rising faster than nationally
Transaction sale price per sq.ft. $239 $127 $130 $324 $295 $325 Prices are rising faster nationally
Market cap rate 8.6% 8.6% 8.7% 7.0% 7.0% 7.0%
- Some data may not be available for the quarter
The area has stronger absorption than nationally
U.S.
Chattanooga, TN-GA
Population growth is slower than nationally
Fewer jobs per delivered units than nationally
The area has a lower vacancy rate than nationally
Rents are rising faster than nationally
Area is experiencing net domestic in-migration
Job creation is weaker than nationally
Unemployment rate is lower than nationally
Wages are rising faster than nationally
Construction is stronger than nationally
Cap rates are higher than nationally
Chattanooga, TN-GA
More delivered space relative to inventory than nationally
Construction activity is slower than nationally
Cap rates are higher than nationally
Stronger office job creation than nationally
The area has a higher vacancy rate than nationally
Renting is more affordable than nationally
The area has stronger absorption than nationally
Rents are rising faster than nationally
NAR Commercial Real Estate Metro Market Report | 2022.Q1
Core-Based Statistical Area Code: 16860
Chattanooga, TN-GA
IV. Industrial
U.S.
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 1.8% 1.7% 4.4% 4.1% 4.2% 5.3%
Absorption in sq.ft. over the quarter 56,744 1,187,330 (350,841) 98,463,552 139,649,760 92,218,864
Absorption in sq.ft. over 12 months 2,049,260 1,641,675 (1,534,026) 521,957,216 515,712,512 267,819,536
Absorption in past 12 months as % of inventory 3.2% 2.6% -2.5% 3.1% 3.1% 1.6%
Market rent per sq.ft. $6.8 $6.6 $6.1 $10.2 $9.9 $9.2
Market rent growth, y/y % chg. 12.3% 10.0% 5.5% 11.0% 9.3% 5.5%
Supply indicators
Inventory in sq. ft. 63,505,888 63,449,144 61,456,624 16,970,607,616 16,872,123,392 16,448,452,608
Net delivered over 12 months, in sq.ft. 404,743 317,243 (682,134) 316,015,277 299,570,240 290,668,397
Net delivered units, as % of inventory 0.6% 0.5% -1.1% 1.9% 1.8% 1.8%
Under construction in sq.ft. 318,403 155,903 501,623 591,536,384 531,512,224 391,175,904
Under construction, as % of inventory 0.5% 0.2% 0.8% 3.5% 3.2% 2.4%
Sales transactions
Total investment acquisitions (in million $) $60 $116 $95 $21,817 $51,629 $16,323 Sales transactions are not rising as fast as nationally
Transaction sale price per sq.ft. $39 $63 $84 $140 $136 $105 Prices are not rising as fast than nationally
Market cap rate 8.2% 8.2% 8.0% 6.3% 6.3% 6.3%
V. Retail
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 2.7% 2.9% 3.8% 4.5% 4.7% 5.1%
Absorption in sq.ft. over the quarter 120,290 299,628 26,895 24,405,304 24,416,072 3,996,477
Absorption in sq.ft. over 12 months 470,793 377,398 190,557 94,035,968 73,627,144 (22,757,808)
Absorption in past 12 months as % of inventory 1.2% 0.9% 0.5% 0.8% 0.7% -0.2%
Market rent per sq.ft. $14.9 $14.6 $14.1 $22.9 $22.6 $22.0
Market rent growth, y/y % chg. 5.6% 4.3% 2.6% 3.9% 3.1% 1.1%
Y/Y chg.in retail trade payroll employment ('000) 0.90 (0.60) 0.20 570.90 382.90 (187.70)
(as of latest available month of the quarter)
Supply indicators
Inventory in sq. ft. 40,583,064 40,462,776 40,099,072 11,256,099,840 11,231,675,392 11,161,937,920
Net delivered over 12 months, in sq.ft. 24,893 -21,266 80,561 19,624,738 21,905,704 37,703,262
Net delivered units, as % of inventory 0.1% -0.1% 0.2% 0.2% 0.2% 0.3%
Under construction in sq.ft. 239,963 114,252 107,902 54,194,816 56,052,512 54,297,696
Under construction, as % of inventory 0.6% 0.3% 0.3% 0.5% 0.5% 0.5%
Sales transactions
Total investment acquisitions (in million $) $83 $95 $60 $22,755 $33,245 $12,773 Sales transactions are not rising as fast than nationally
Transaction sale price per sq.ft. $153 $162 $123 $219 $226 $182 Prices are rising faster nationally
Market cap rate 7.6% 7.7% 7.8% 6.8% 6.8% 6.8%
VI. Hotel/Lodging
2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March) 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March)
Leisure and hospitality payroll workers ('000) 28.9 28.8 26.2 14,939 14,804 12,876
Y/Y change ('000) 2.7 2.6 (2.0) 2,063.0 2,337.0 (2,869.0)
% share to nonfarm payroll employment 10.8% 10.7% 10.0% 10.0% 9.8% 9.0%
- Some data may not be available for the quarter
Sources of data used: CoStar®, US Census Bureau, US Bureau of Labor Statistics, and US Bureau of Economic Analysis.
*An index below 50 means local market conditions are weaker than nationally, above 50 means local market conditions are stronger, and 50 means local market conditions are about the same as nationally.
NAR derived the index by assigning 1 point for each indicator where local market conditions are better than the national (US) condition.
The total points for each local market are divided by the number of variables that are available at the local area, with 25 indicators if all the data are available. The fraction is multiplied by 100 to get the index.
Economic data may not be available for all markets. In some submarkets or metropolitan divisions (e.g., Long Island) reported by CoStar®, the economic data that is reported (e.g. employment) is of the metropolitan area
(New York-Newark-Jersey City) . The 390 markets in this report are based on the CoStar® market areas.
NAR reserves the right to add new variables or drop variables that comprise the index based on its analysis of variables that impact market trends.
Market cap rate is based on CoStar proprietary model that is based on both sales transaction cap rates and modeled cap rates based on characteristics of compararable properties in the geographic area.
Data may not be available for some markets or property types.
For information about this report, email [email protected]altor.
Visit NAR's Commercial Research webpage at
https://www.nar.realtor/research-and-statistics/research-reports/commercial-research
The area has stronger absorption than nationally
Less deliveries relative to inventory than nationally
The area has stronger absorption than nationally
Less delivered space relative to inventory than nationally
Less delivered space relative to inventory than nationally
Cap rates are higher than nationally
The area has a lower vacancy rate than nationally
Higher fraction of workers in leisure industry than nationally
Job creation in the leisure industry is weaker than nationally
Cap rates are higher than nationally
Construction activity is more robust than nationally
The area has stronger retail trade job creation than nationally
Relatively fewer units delivered than nationally
Rents are rising faster than nationally
Rents are rising faster than nationally
The area has lower vacancy rate than nationally
Chattanooga, TN-GA
NAR Commercial Real Estate Metro Market Report | 2022.Q1
Core-Based Statistical Area Code: 17980
The Columbus, GA-AL commercial real estate market is not as strong compared to the overall U.S. market.
NAR Commercial Real Estate Market Conditions Index* 36.0
Overall economic conditions are not as strong than nationally.
The apartment property market is not as strong than nationally.
The office property market is stronger than nationally.
The industrial property market is not as strong than nationally.
The retail property market is not as strong than nationally.
The hotel/lodging property market is not as strong than nationally.
I. Economic and Demographic
Economic 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March) 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March)
Total non-farm employment ('000) 121 122 118 149,912 150,352 143,308
Y/Y chg.in nonfarm payroll employment ('000) 3 2 (5) 6,604 6,747 (6,644)
Y/Y % chg. in nonfarm payroll employment 2.3% 1.8% -4.3% 4.6% 4.7% -4.4%
Unemployment rate (%) 3.8% 3.9% 5.0% 3.6% 3.9% 6.0%
Average weekly wages $759 $732 $732 $1,099 $1,092 $1,049
Wage growth, year-over-year 3.6% -4.4% -8.4% 4.7% 5.2% 6.9%
2020 2019 2018 2020 2019 2018
GDP growth (%) -1.5% 1.6% -0.2% -3.4% 2.3% 2.9%
Demographic 2020 2019 2018 2020 2019 2018
Net domestic migration ('000) 0.0 1.7 0.9 0 0 0
Population ('000) 329 322 319 331,501 328,330 326,838
Population growth (%) 2.34% 0.97% 0.74% 0.97% 0.46% 0.53%
II. Multifamily
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 4.6% 3.9% 3.4% 4.9% 4.8% 6.0%
Absorption of units over the quarter (129) (43) 93 58,097 61,951 187,113
Absorption of units in past 12 months (221) 1 394 568,362 697,378 498,721
Absorption in past 12 months as % of inventory -1.2% 0.0% 2.2% 3.3% 4.1% 3.0%
Market asking rent per unit $967 $951 $907 $1,587 $1,553 $1,425
Market asking rent per unit, y/y % chg 6.6% 7.1% 4.8% 11.4% 11.3% 2.4%
Effective rent per unit $963 $948 $905 $1,578 $1,543 $1,406
Effective rent per unit, y/y % chg 6.4% 7.2% 4.9% 12.2% 12.2% 1.8%
Rent as a percent of 2-person annual wage income 14.6% 14.9% 14.2% 16.5% 16.3% 15.4%
Supply indicators
Inventory 17,879 18,008 18,101 17,251,546 17,194,020 16,685,925
Net delivered units in past 12 months - - - 387,022 391,271 417,342
Net delivered units, as % of inventory - - - 2.2% 2.3% 2.5%
Units under construction 356 356 96 774,864 744,997 732,144
Units under construction, as % of inventory 2.0% 2.0% 0.5% 4.5% 4.3% 4.4%
Ratio of jobs created to net delivered units - - - 17.1 17.2 (15.9)
(as of latest available month of the quarter)
Sales transactions
Total investment acquisitions (in million $) $32 $161 $23 $50,395 $113,844 $30,199 Sales transactions are not rising as fast than nationally
Transaction sales price per unit $72,167 $108,015 $54,920 $220,078 $227,367 $157,676 Prices are not rising as fast than nationally
Market cap rate 6.1% 6.0% 6.2% 5.1% 5.1% 5.2%
III. Office
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 6.8% 6.1% 6.9% 12.2% 12.1% 11.7%
Absorption in sq.ft. over the quarter 29,020 (8,596) 133,254 3,410,230 11,127,334 (43,926,356)
Absorption in sq.ft. over 12 months 117,460 221,694 (36,451) 5,610,472 (41,726,112) (119,807,672)
Absorption in past 12 months as % of inventory 1.4% 2.7% -0.4% 0.1% -0.6% -1.7%
Market rent per sq.ft. $18.2 $18.1 $17.7 $34.7 $34.6 $34.4
Market rent growth, y/y % chg. 2.6% 3.3% 2.4% 0.8% 0.4% -2.1%
Y/Y chg.in professional/business services jobs ('000) 0.4 0.4 0.6 1,153 1,161 (283)
(as of latest available month of the quarter)
Supply indicators
Inventory in sq. ft. 8,339,212 8,310,192 8,221,752 7,256,351,232 7,252,931,072 7,250,434,560
Net delivered over 12 months, in sq.ft. 120,210 20,210 - 54,741,303 57,123,296 47,997,877
Net delivered units, as % of inventory 1.4% 0.2% - 0.8% 0.8% 0.7%
Under construction in sq.ft. - 100,000 120,210 143,665,184 143,194,512 153,944,000
Under construction, as % of inventory - 1.2% 1.5% 2.0% 2.0% 2.1%
Sales transactions
Total investment acquisitions (in million $) $67 $20 $11 $26,711 $35,335 $17,487 Sales transactions are rising faster than nationally
Transaction sale price per sq.ft. $244 $115 $50 $324 $295 $325 Prices are rising faster nationally
Market cap rate 9.0% 9.0% 8.9% 7.0% 7.0% 7.0%
- Some data may not be available for the quarter
The area has stronger absorption than nationally
U.S.
Columbus, GA-AL
Population is growing faster than nationally
The area has a lower vacancy rate than nationally
Rents are rising faster than nationally
Area is experiencing net domestic in-migration
Job creation is weaker than nationally
Unemployment rate is higher than nationally
Wages are rising at a slower pace than nationally
Construction is weaker than nationally
Cap rates are higher than nationally
Columbus, GA-AL
More delivered space relative to inventory than nationally
Cap rates are higher than nationally
Stronger office job creation than nationally
The area has a lower vacancy rate than nationally
Renting is more affordable than nationally
The area has lower absorption than nationally
Rents are rising more slowly than nationally
NAR Commercial Real Estate Metro Market Report | 2022.Q1
Core-Based Statistical Area Code: 17980
Columbus, GA-AL
IV. Industrial
U.S.
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 4.9% 5.2% 5.7% 4.1% 4.2% 5.3%
Absorption in sq.ft. over the quarter 80,586 (36,106) 11,154 98,463,552 139,649,760 92,218,864
Absorption in sq.ft. over 12 months 199,723 130,291 274,106 521,957,216 515,712,512 267,819,536
Absorption in past 12 months as % of inventory 0.8% 0.5% 1.1% 3.1% 3.1% 1.6%
Market rent per sq.ft. $5.4 $5.3 $4.9 $10.2 $9.9 $9.2
Market rent growth, y/y % chg. 11.9% 9.6% 5.5% 11.0% 9.3% 5.5%
Supply indicators
Inventory in sq. ft. 24,040,540 23,959,954 23,840,816 16,970,607,616 16,872,123,392 16,448,452,608
Net delivered over 12 months, in sq.ft. - - - 316,015,277 299,570,240 290,668,397
Net delivered units, as % of inventory - - - 1.9% 1.8% 1.8%
Under construction in sq.ft. - - - 591,536,384 531,512,224 391,175,904
Under construction, as % of inventory - - - 3.5% 3.2% 2.4%
Sales transactions
Total investment acquisitions (in million $) $3 $31 $5 $21,817 $51,629 $16,323 Sales transactions are not rising as fast as nationally
Transaction sale price per sq.ft. $40 $27 $26 $140 $136 $105 Prices are rising faster nationally
Market cap rate 7.7% 7.7% 8.2% 6.3% 6.3% 6.3%
V. Retail
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 4.6% 5.5% 6.8% 4.5% 4.7% 5.1%
Absorption in sq.ft. over the quarter 157,202 100,980 (5,735) 24,405,304 24,416,072 3,996,477
Absorption in sq.ft. over 12 months 494,017 331,080 (20,011) 94,035,968 73,627,144 (22,757,808)
Absorption in past 12 months as % of inventory 2.8% 1.9% -0.1% 0.8% 0.7% -0.2%
Market rent per sq.ft. $15.7 $15.4 $15.0 $22.9 $22.6 $22.0
Market rent growth, y/y % chg. 5.1% 3.7% 2.1% 3.9% 3.1% 1.1%
Y/Y chg.in retail trade payroll employment ('000) 0.80 0.30 (0.40) 570.90 382.90 (187.70)
(as of latest available month of the quarter)
Supply indicators
Inventory in sq. ft. 17,393,666 17,236,464 16,899,648 11,256,099,840 11,231,675,392 11,161,937,920
Net delivered over 12 months, in sq.ft. 112,588 128,119 65,395 19,624,738 21,905,704 37,703,262
Net delivered units, as % of inventory 0.6% 0.7% 0.4% 0.2% 0.2% 0.3%
Under construction in sq.ft. 71,590 10,065 104,388 54,194,816 56,052,512 54,297,696
Under construction, as % of inventory 0.4% 0.1% 0.6% 0.5% 0.5% 0.5%
Sales transactions
Total investment acquisitions (in million $) $63 $28 $8 $22,755 $33,245 $12,773 Sales transactions are rising faster than nationally
Transaction sale price per sq.ft. $108 $346 $200 $219 $226 $182 Prices are not rising as fast than nationally
Market cap rate 8.0% 8.0% 8.0% 6.8% 6.8% 6.8%
VI. Hotel/Lodging
2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March) 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March)
Leisure and hospitality payroll workers ('000) 15.1 14.9 13.5 14,939 14,804 12,876
Y/Y change ('000) 1.6 1.4 (1.4) 2,063.0 2,337.0 (2,869.0)
% share to nonfarm payroll employment 12.5% 12.3% 11.5% 10.0% 9.8% 9.0%
- Some data may not be available for the quarter
Sources of data used: CoStar®, US Census Bureau, US Bureau of Labor Statistics, and US Bureau of Economic Analysis.
*An index below 50 means local market conditions are weaker than nationally, above 50 means local market conditions are stronger, and 50 means local market conditions are about the same as nationally.
NAR derived the index by assigning 1 point for each indicator where local market conditions are better than the national (US) condition.
The total points for each local market are divided by the number of variables that are available at the local area, with 25 indicators if all the data are available. The fraction is multiplied by 100 to get the index.
Economic data may not be available for all markets. In some submarkets or metropolitan divisions (e.g., Long Island) reported by CoStar®, the economic data that is reported (e.g. employment) is of the metropolitan area
(New York-Newark-Jersey City) . The 390 markets in this report are based on the CoStar® market areas.
NAR reserves the right to add new variables or drop variables that comprise the index based on its analysis of variables that impact market trends.
Market cap rate is based on CoStar proprietary model that is based on both sales transaction cap rates and modeled cap rates based on characteristics of compararable properties in the geographic area.
Data may not be available for some markets or property types.
For information about this report, email [email protected]altor.
Visit NAR's Commercial Research webpage at
https://www.nar.realtor/research-and-statistics/research-reports/commercial-research
The area has lower absorption than nationally
The area has stronger absorption than nationally
More delivered space relative to inventory than nationally
Cap rates are higher than nationally
The area has a higher vacancy rate than nationally
Higher fraction of workers in leisure industry than nationally
Job creation in the leisure industry is weaker than nationally
Cap rates are higher than nationally
Construction activity is slower than nationally
The area has stronger retail trade job creation than nationally
Relatively more units delivered than nationally
Rents are rising faster than nationally
Rents are rising faster than nationally
The area has higher vacancy rate than nationally
Columbus, GA-AL
NAR Commercial Real Estate Metro Market Report | 2022.Q1
Core-Based Statistical Area Code: 19140
The Dalton, GA commercial real estate market is not as strong compared to the overall U.S. market.
NAR Commercial Real Estate Market Conditions Index* 39.1
Overall economic conditions are not as strong than nationally.
The apartment property market is not as strong than nationally.
The office property market is stronger than nationally.
The industrial property market is about the same than nationally.
The retail property market is not as strong than nationally.
I. Economic and Demographic
Economic 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March) 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March)
Total non-farm employment ('000) 67 67 65 149,912 150,352 143,308
Y/Y chg.in nonfarm payroll employment ('000) 2 3 (2) 6,604 6,747 (6,644)
Y/Y % chg. in nonfarm payroll employment 3.1% 3.9% -3.0% 4.6% 4.7% -4.4%
Unemployment rate (%) 3.1% 3.4% 4.5% 3.6% 3.9% 6.0%
Average weekly wages $795 $761 $720 $1,099 $1,092 $1,049
Wage growth, year-over-year 10.4% 9.8% 12.3% 4.7% 5.2% 6.9%
2020 2019 2018 2020 2019 2018
GDP growth (%) -2.7% 0.8% -1.2% -3.4% 2.3% 2.9%
Demographic 2020 2019 2018 2020 2019 2018
Net domestic migration ('000) (0.7) (0.1) (0.5) 0 0 0
Population ('000) 143 144 144 331,501 328,330 326,838
Population growth (%) -1.11% 0.22% 0.07% 0.97% 0.46% 0.53%
II. Multifamily
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 5.0% 5.4% 5.8% 4.9% 4.8% 6.0%
Absorption of units over the quarter 9 (2) 13 58,097 61,951 187,113
Absorption of units in past 12 months 19 23 90 568,362 697,378 498,721
Absorption in past 12 months as % of inventory 0.8% 1.0% 4.0% 3.3% 4.1% 3.0%
Market asking rent per unit $883 $860 $825 $1,587 $1,553 $1,425
Market asking rent per unit, y/y % chg 6.9% 6.5% 5.3% 11.4% 11.3% 2.4%
Effective rent per unit $879 $856 $821 $1,578 $1,543 $1,406
Effective rent per unit, y/y % chg 7.0% 6.5% 5.0% 12.2% 12.2% 1.8%
Rent as a percent of 2-person annual wage income 12.7% 12.9% 13.1% 16.5% 16.3% 15.4%
Supply indicators
Inventory 2,272 2,263 2,253 17,251,546 17,194,020 16,685,925
Net delivered units in past 12 months - - - 387,022 391,271 417,342
Net delivered units, as % of inventory - - - 2.2% 2.3% 2.5%
Units under construction 218 218 - 774,864 744,997 732,144
Units under construction, as % of inventory 9.6% 9.6% - 4.5% 4.3% 4.4%
Ratio of jobs created to net delivered units - - - 17.1 17.2 (15.9)
(as of latest available month of the quarter)
Sales transactions
Total investment acquisitions (in million $) $54 $18 $2 $50,395 $113,844 $30,199 Sales transactions are rising faster than nationally
Transaction sales price per unit $124,027 $105,224 $62,500 $220,078 $227,367 $157,676 Prices are rising faster nationally
Market cap rate 5.7% 5.9% 6.0% 5.1% 5.1% 5.2%
III. Office
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 7.0% 7.0% 8.8% 12.2% 12.1% 11.7%
Absorption in sq.ft. over the quarter 451 19,048 (8,905) 3,410,230 11,127,334 (43,926,356)
Absorption in sq.ft. over 12 months 13,978 4,622 14,886 5,610,472 (41,726,112) (119,807,672)
Absorption in past 12 months as % of inventory 1.0% 0.3% 1.0% 0.1% -0.6% -1.7%
Market rent per sq.ft. $14.9 $14.8 $14.5 $34.7 $34.6 $34.4
Market rent growth, y/y % chg. 2.5% 3.2% 2.2% 0.8% 0.4% -2.1%
Y/Y chg.in professional/business services jobs ('000) 0.2 (0.1) (1.0) 1,153 1,161 (283)
(as of latest available month of the quarter)
Supply indicators
Inventory in sq. ft. 1,440,230 1,439,779 1,426,252 7,256,351,232 7,252,931,072 7,250,434,560
Net delivered over 12 months, in sq.ft. (15,000) (15,000) - 54,741,303 57,123,296 47,997,877
Net delivered units, as % of inventory -1.0% -1.0% - 0.8% 0.8% 0.7%
Under construction in sq.ft. - - - 143,665,184 143,194,512 153,944,000
Under construction, as % of inventory - - - 2.0% 2.0% 2.1%
Sales transactions
Total investment acquisitions (in million $) $2 $3 $1 $26,711 $35,335 $17,487 Sales transactions are rising faster than nationally
Transaction sale price per sq.ft. $120 $312 $95 $324 $295 $325 Prices are rising faster nationally
Market cap rate 8.8% 8.8% 8.9% 7.0% 7.0% 7.0%
- Some data may not be available for the quarter
The area has stronger absorption than nationally
U.S.
Dalton, GA
Population growth is slower than nationally
The area has a lower vacancy rate than nationally
Rents are rising faster than nationally
Area is experiencing net domestic out-migration
Job creation is weaker than nationally
Unemployment rate is lower than nationally
Wages are rising faster than nationally
Construction is stronger than nationally
Cap rates are higher than nationally
Dalton, GA
More delivered space relative to inventory than nationally
Cap rates are higher than nationally
Stronger office job creation than nationally
The area has a higher vacancy rate than nationally
Renting is more affordable than nationally
The area has lower absorption than nationally
Rents are rising more slowly than nationally
NAR Commercial Real Estate Metro Market Report | 2022.Q1
Core-Based Statistical Area Code: 19140
Dalton, GA
IV. Industrial
U.S.
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 1.0% 2.1% 1.0% 4.1% 4.2% 5.3%
Absorption in sq.ft. over the quarter 420,983 (140,851) (21,900) 98,463,552 139,649,760 92,218,864
Absorption in sq.ft. over 12 months 157,547 (285,336) 28,759 521,957,216 515,712,512 267,819,536
Absorption in past 12 months as % of inventory 0.7% -1.3% 0.1% 3.1% 3.1% 1.6%
Market rent per sq.ft. $3.9 $3.7 $3.4 $10.2 $9.9 $9.2
Market rent growth, y/y % chg. 13.8% 11.2% 5.9% 11.0% 9.3% 5.5%
Supply indicators
Inventory in sq. ft. 22,875,096 22,454,114 22,717,550 16,970,607,616 16,872,123,392 16,448,452,608
Net delivered over 12 months, in sq.ft. 180,000 - - 316,015,277 299,570,240 290,668,397
Net delivered units, as % of inventory 0.8% - - 1.9% 1.8% 1.8%
Under construction in sq.ft. 1,362,250 1,542,250 180,000 591,536,384 531,512,224 391,175,904
Under construction, as % of inventory 6.0% 6.9% 0.8% 3.5% 3.2% 2.4%
Sales transactions
Total investment acquisitions (in million $) $21 $23 $3 $21,817 $51,629 $16,323 Sales transactions are rising faster than nationally
Transaction sale price per sq.ft. $51 $40 $20 $140 $136 $105 Prices are rising faster nationally
Market cap rate 6.9% 7.0% 7.4% 6.3% 6.3% 6.3%
V. Retail
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 2.0% 5.7% 3.9% 4.5% 4.7% 5.1%
Absorption in sq.ft. over the quarter 97,109 (126,248) 3,357 24,405,304 24,416,072 3,996,477
Absorption in sq.ft. over 12 months (2,669) (96,421) 104,095 94,035,968 73,627,144 (22,757,808)
Absorption in past 12 months as % of inventory 0.0% -1.7% 1.8% 0.8% 0.7% -0.2%
Market rent per sq.ft. $10.8 $10.6 $10.3 $22.9 $22.6 $22.0
Market rent growth, y/y % chg. 5.8% 4.5% 2.3% 3.9% 3.1% 1.1%
Y/Y chg.in retail trade payroll employment ('000) 0.30 (0.10) 0.10 570.90 382.90 (187.70)
(as of latest available month of the quarter)
Supply indicators
Inventory in sq. ft. 5,905,130 5,808,021 5,907,799 11,256,099,840 11,231,675,392 11,161,937,920
Net delivered over 12 months, in sq.ft. -119,598 8,550 3,000 19,624,738 21,905,704 37,703,262
Net delivered units, as % of inventory -2.0% 0.1% 0.1% 0.2% 0.2% 0.3%
Under construction in sq.ft. 6,000 - 1,450 54,194,816 56,052,512 54,297,696
Under construction, as % of inventory 0.1% - 0.0% 0.5% 0.5% 0.5%
Sales transactions
Total investment acquisitions (in million $) $1 $10 $10 $22,755 $33,245 $12,773 Sales transactions are not rising as fast than nationally
Transaction sale price per sq.ft. $104 $85 $182 $219 $226 $182 Prices are not rising as fast than nationally
Market cap rate 8.4% 8.4% 8.5% 6.8% 6.8% 6.8%
VI. Hotel/Lodging
2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March) 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March)
Leisure and hospitality payroll workers ('000) - - - 14,939 14,804 12,876
Y/Y change ('000) - - - 2,063.0 2,337.0 (2,869.0)
% share to nonfarm payroll employment - - - 10.0% 9.8% 9.0%
- Some data may not be available for the quarter
Sources of data used: CoStar®, US Census Bureau, US Bureau of Labor Statistics, and US Bureau of Economic Analysis.
*An index below 50 means local market conditions are weaker than nationally, above 50 means local market conditions are stronger, and 50 means local market conditions are about the same as nationally.
NAR derived the index by assigning 1 point for each indicator where local market conditions are better than the national (US) condition.
The total points for each local market are divided by the number of variables that are available at the local area, with 25 indicators if all the data are available. The fraction is multiplied by 100 to get the index.
Economic data may not be available for all markets. In some submarkets or metropolitan divisions (e.g., Long Island) reported by CoStar®, the economic data that is reported (e.g. employment) is of the metropolitan area
(New York-Newark-Jersey City) . The 390 markets in this report are based on the CoStar® market areas.
NAR reserves the right to add new variables or drop variables that comprise the index based on its analysis of variables that impact market trends.
Market cap rate is based on CoStar proprietary model that is based on both sales transaction cap rates and modeled cap rates based on characteristics of compararable properties in the geographic area.
Data may not be available for some markets or property types.
For information about this report, email [email protected]altor.
Visit NAR's Commercial Research webpage at
https://www.nar.realtor/research-and-statistics/research-reports/commercial-research
The area has lower absorption than nationally
Less deliveries relative to inventory than nationally
The area has lower absorption than nationally
Less delivered space relative to inventory than nationally
More delivered space relative to inventory than nationally
Cap rates are higher than nationally
The area has a lower vacancy rate than nationally
Cap rates are higher than nationally
Construction activity is slower than nationally
The area has stronger retail trade job creation than nationally
Relatively fewer units delivered than nationally
Rents are rising faster than nationally
Rents are rising faster than nationally
The area has lower vacancy rate than nationally
Dalton, GA
NAR Commercial Real Estate Metro Market Report | 2022.Q1
Core-Based Statistical Area Code: 23580
The Gainesville, GA commercial real estate market is stronger compared to the overall U.S. market.
NAR Commercial Real Estate Market Conditions Index* 63.6
Overall economic conditions are not as strong than nationally.
The apartment property market is stronger than nationally.
The office property market is stronger than nationally.
The industrial property market is stronger than nationally.
The retail property market is stronger than nationally.
I. Economic and Demographic
Economic 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March) 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March)
Total non-farm employment ('000) 97 98 95 149,912 150,352 143,308
Y/Y chg.in nonfarm payroll employment ('000) 3 3 (0) 6,604 6,747 (6,644)
Y/Y % chg. in nonfarm payroll employment 3.0% 3.2% -0.3% 4.6% 4.7% -4.4%
Unemployment rate (%) 2.3% 2.4% 3.0% 3.6% 3.9% 6.0%
Average weekly wages $1,208 $1,234 $1,162 $1,099 $1,092 $1,049
Wage growth, year-over-year 4.0% 10.6% 10.6% 4.7% 5.2% 6.9%
2020 2019 2018 2020 2019 2018
GDP growth (%) -1.7% 3.5% 4.5% -3.4% 2.3% 2.9%
Demographic 2020 2019 2018 2020 2019 2018
Net domestic migration ('000) 1.5 1.9 1.4 0 0 0
Population ('000) 204 204 201 331,501 328,330 326,838
Population growth (%) -0.35% 1.45% 1.28% 0.97% 0.46% 0.53%
II. Multifamily
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 8.5% 6.7% 5.6% 4.9% 4.8% 6.0%
Absorption of units over the quarter 131 157 174 58,097 61,951 187,113
Absorption of units in past 12 months 550 593 657 568,362 697,378 498,721
Absorption in past 12 months as % of inventory 7.8% 8.6% 10.1% 3.3% 4.1% 3.0%
Market asking rent per unit $1,463 $1,458 $1,259 $1,587 $1,553 $1,425
Market asking rent per unit, y/y % chg 16.2% 19.3% 8.9% 11.4% 11.3% 2.4%
Effective rent per unit $1,454 $1,454 $1,253 $1,578 $1,543 $1,406
Effective rent per unit, y/y % chg 16.1% 19.4% 9.7% 12.2% 12.2% 1.8%
Rent as a percent of 2-person annual wage income 13.9% 13.6% 12.4% 16.5% 16.3% 15.4%
Supply indicators
Inventory 7,063 6,932 6,513 17,251,546 17,194,020 16,685,925
Net delivered units in past 12 months 819 867 336 387,022 391,271 417,342
Net delivered units, as % of inventory 11.6% 12.5% 5.2% 2.2% 2.3% 2.5%
Units under construction 1,014 954 979 774,864 744,997 732,144
Units under construction, as % of inventory 14.4% 13.8% 15.0% 4.5% 4.3% 4.4%
Ratio of jobs created to net delivered units 3.4 3.5 (0.9) 17.1 17.2 (15.9)
(as of latest available month of the quarter)
Sales transactions
Total investment acquisitions (in million $) $110 $184 $70 $50,395 $113,844 $30,199 Sales transactions are not rising as fast than nationally
Transaction sales price per unit $206,221 $159,601 $208,195 $220,078 $227,367 $157,676 Prices are not rising as fast than nationally
Market cap rate 4.6% 4.7% 4.9% 5.1% 5.1% 5.2%
III. Office
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 5.4% 5.3% 6.1% 12.2% 12.1% 11.7%
Absorption in sq.ft. over the quarter (2,139) 45,148 21,639 3,410,230 11,127,334 (43,926,356)
Absorption in sq.ft. over 12 months 36,443 60,221 19,666 5,610,472 (41,726,112) (119,807,672)
Absorption in past 12 months as % of inventory 0.8% 1.2% 0.4% 0.1% -0.6% -1.7%
Market rent per sq.ft. $18.6 $18.5 $18.1 $34.7 $34.6 $34.4
Market rent growth, y/y % chg. 2.7% 3.4% 2.3% 0.8% 0.4% -2.1%
Y/Y chg.in professional/business services jobs ('000) - - - 1,153 1,161 (283)
(as of latest available month of the quarter)
Supply indicators
Inventory in sq. ft. 4,850,027 4,852,166 4,813,584 7,256,351,232 7,252,931,072 7,250,434,560
Net delivered over 12 months, in sq.ft. - - - 54,741,303 57,123,296 47,997,877
Net delivered units, as % of inventory - - - 0.8% 0.8% 0.7%
Under construction in sq.ft. 9,000 9,000 - 143,665,184 143,194,512 153,944,000
Under construction, as % of inventory 0.2% 0.2% - 2.0% 2.0% 2.1%
Sales transactions
Total investment acquisitions (in million $) $20 $20 $8 $26,711 $35,335 $17,487 Sales transactions are rising faster than nationally
Transaction sale price per sq.ft. $213 $248 $116 $324 $295 $325 Prices are rising faster nationally
Market cap rate 8.8% 8.9% 9.0% 7.0% 7.0% 7.0%
- Some data may not be available for the quarter
The area has stronger absorption than nationally
U.S.
Gainesville, GA
Population growth is slower than nationally
Fewer jobs per delivered units than nationally
The area has a lower vacancy rate than nationally
Rents are rising faster than nationally
Area is experiencing net domestic in-migration
Job creation is weaker than nationally
Unemployment rate is lower than nationally
Wages are rising at a slower pace than nationally
Construction is stronger than nationally
Cap rates are lower than nationally
Gainesville, GA
Construction activity is slower than nationally
Cap rates are higher than nationally
The area has a higher vacancy rate than nationally
Renting is more affordable than nationally
The area has stronger absorption than nationally
Rents are rising faster than nationally
NAR Commercial Real Estate Metro Market Report | 2022.Q1
Core-Based Statistical Area Code: 23580
Gainesville, GA
IV. Industrial
U.S.
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 1.8% 2.5% 2.9% 4.1% 4.2% 5.3%
Absorption in sq.ft. over the quarter 689,837 411,689 382,792 98,463,552 139,649,760 92,218,864
Absorption in sq.ft. over 12 months 2,159,016 1,851,971 2,036,195 521,957,216 515,712,512 267,819,536
Absorption in past 12 months as % of inventory 6.8% 6.0% 6.9% 3.1% 3.1% 1.6%
Market rent per sq.ft. $6.8 $6.6 $6.0 $10.2 $9.9 $9.2
Market rent growth, y/y % chg. 13.0% 10.6% 5.6% 11.0% 9.3% 5.5%
Supply indicators
Inventory in sq. ft. 31,800,668 31,110,832 29,641,652 16,970,607,616 16,872,123,392 16,448,452,608
Net delivered over 12 months, in sq.ft. 1,879,383 1,643,143 606,257 316,015,277 299,570,240 290,668,397
Net delivered units, as % of inventory 5.9% 5.3% 2.0% 1.9% 1.8% 1.8%
Under construction in sq.ft. 3,294,183 3,566,609 2,851,763 591,536,384 531,512,224 391,175,904
Under construction, as % of inventory 10.4% 11.5% 9.6% 3.5% 3.2% 2.4%
Sales transactions
Total investment acquisitions (in million $) $43 $206 $11 $21,817 $51,629 $16,323 Sales transactions are rising faster than nationally
Transaction sale price per sq.ft. $68 $116 $47 $140 $136 $105 Prices are rising faster nationally
Market cap rate 7.2% 7.3% 7.5% 6.3% 6.3% 6.3%
V. Retail
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 4.4% 4.2% 4.9% 4.5% 4.7% 5.1%
Absorption in sq.ft. over the quarter (3,053) 50,636 76,010 24,405,304 24,416,072 3,996,477
Absorption in sq.ft. over 12 months 116,339 195,402 (73,748) 94,035,968 73,627,144 (22,757,808)
Absorption in past 12 months as % of inventory 1.0% 1.7% -0.7% 0.8% 0.7% -0.2%
Market rent per sq.ft. $16.9 $16.6 $16.0 $22.9 $22.6 $22.0
Market rent growth, y/y % chg. 5.6% 4.3% 2.4% 3.9% 3.1% 1.1%
Y/Y chg.in retail trade payroll employment ('000) 0.70 0.50 (0.10) 570.90 382.90 (187.70)
(as of latest available month of the quarter)
Supply indicators
Inventory in sq. ft. 11,207,454 11,210,507 11,091,115 11,256,099,840 11,231,675,392 11,161,937,920
Net delivered over 12 months, in sq.ft. 63,285 70,126 69,549 19,624,738 21,905,704 37,703,262
Net delivered units, as % of inventory 0.6% 0.6% 0.6% 0.2% 0.2% 0.3%
Under construction in sq.ft. 53,536 70,872 50,697 54,194,816 56,052,512 54,297,696
Under construction, as % of inventory 0.5% 0.6% 0.5% 0.5% 0.5% 0.5%
Sales transactions
Total investment acquisitions (in million $) $37 $49 $6 $22,755 $33,245 $12,773 Sales transactions are rising faster than nationally
Transaction sale price per sq.ft. $174 $205 $145 $219 $226 $182 Prices are not rising as fast than nationally
Market cap rate 7.0% 7.0% 7.1% 6.8% 6.8% 6.8%
VI. Hotel/Lodging
2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March) 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March)
Leisure and hospitality payroll workers ('000) - - - 14,939 14,804 12,876
Y/Y change ('000) - - - 2,063.0 2,337.0 (2,869.0)
% share to nonfarm payroll employment - - - 10.0% 9.8% 9.0%
- Some data may not be available for the quarter
Sources of data used: CoStar®, US Census Bureau, US Bureau of Labor Statistics, and US Bureau of Economic Analysis.
*An index below 50 means local market conditions are weaker than nationally, above 50 means local market conditions are stronger, and 50 means local market conditions are about the same as nationally.
NAR derived the index by assigning 1 point for each indicator where local market conditions are better than the national (US) condition.
The total points for each local market are divided by the number of variables that are available at the local area, with 25 indicators if all the data are available. The fraction is multiplied by 100 to get the index.
Economic data may not be available for all markets. In some submarkets or metropolitan divisions (e.g., Long Island) reported by CoStar®, the economic data that is reported (e.g. employment) is of the metropolitan area
(New York-Newark-Jersey City) . The 390 markets in this report are based on the CoStar® market areas.
NAR reserves the right to add new variables or drop variables that comprise the index based on its analysis of variables that impact market trends.
Market cap rate is based on CoStar proprietary model that is based on both sales transaction cap rates and modeled cap rates based on characteristics of compararable properties in the geographic area.
Data may not be available for some markets or property types.
For information about this report, email [email protected]altor.
Visit NAR's Commercial Research webpage at
https://www.nar.realtor/research-and-statistics/research-reports/commercial-research
The area has stronger absorption than nationally
More deliveries relative to inventory than nationally
The area has stronger absorption than nationally
More delivered space relative to inventory than nationally
More delivered space relative to inventory than nationally
Cap rates are higher than nationally
The area has a lower vacancy rate than nationally
Cap rates are higher than nationally
Construction activity is slower than nationally
The area has weaker retail trade job creation than nationally
Relatively more units delivered than nationally
Rents are rising faster than nationally
Rents are rising faster than nationally
The area has lower vacancy rate than nationally
Gainesville, GA
NAR Commercial Real Estate Metro Market Report | 2022.Q1
Core-Based Statistical Area Code: 25980
The Hinesville, GA commercial real estate market is not as strong compared to the overall U.S. market.
NAR Commercial Real Estate Market Conditions Index* 33.3
Overall economic conditions are not as strong than nationally.
The apartment property market is not as strong than nationally.
The office property market is about the same than nationally.
The industrial property market is about the same than nationally.
The retail property market is about the same than nationally.
I. Economic and Demographic
Economic 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March) 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March)
Total non-farm employment ('000) 22 22 21 149,912 150,352 143,308
Y/Y chg.in nonfarm payroll employment ('000) 0 1 0 6,604 6,747 (6,644)
Y/Y % chg. in nonfarm payroll employment 1.4% 2.4% 1.0% 4.6% 4.7% -4.4%
Unemployment rate (%) 3.2% 3.3% 4.2% 3.6% 3.9% 6.0%
Average weekly wages $510 $524 $581 $1,099 $1,092 $1,049
Wage growth, year-over-year -12.2% -13.4% -11.8% 4.7% 5.2% 6.9%
2020 2019 2018 2020 2019 2018
GDP growth (%) -1.4% 1.0% 1.0% -3.4% 2.3% 2.9%
Demographic 2020 2019 2018 2020 2019 2018
Net domestic migration ('000) (0.5) 1.2 (1.9) 0 0 0
Population ('000) 82 82 80 331,501 328,330 326,838
Population growth (%) -1.16% 3.03% -0.75% 0.97% 0.46% 0.53%
II. Multifamily
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 6.2% 4.9% 5.8% 4.9% 4.8% 6.0%
Absorption of units over the quarter (28) (27) 11 58,097 61,951 187,113
Absorption of units in past 12 months (9) 30 70 568,362 697,378 498,721
Absorption in past 12 months as % of inventory -0.5% 1.6% 3.7% 3.3% 4.1% 3.0%
Market asking rent per unit $988 $979 $948 $1,587 $1,553 $1,425
Market asking rent per unit, y/y % chg 4.3% 6.3% 9.5% 11.4% 11.3% 2.4%
Effective rent per unit $978 $975 $943 $1,578 $1,543 $1,406
Effective rent per unit, y/y % chg 3.7% 6.2% 11.0% 12.2% 12.2% 1.8%
Rent as a percent of 2-person annual wage income 22.1% 21.4% 18.7% 16.5% 16.3% 15.4%
Supply indicators
Inventory 1,878 1,906 1,887 17,251,546 17,194,020 16,685,925
Net delivered units in past 12 months - - - 387,022 391,271 417,342
Net delivered units, as % of inventory - - - 2.2% 2.3% 2.5%
Units under construction - - - 774,864 744,997 732,144
Units under construction, as % of inventory - - - 4.5% 4.3% 4.4%
Ratio of jobs created to net delivered units - - - 17.1 17.2 (15.9)
(as of latest available month of the quarter)
Sales transactions
Total investment acquisitions (in million $) - $45 $5 $50,395 $113,844 $30,199
Transaction sales price per unit - $187,292 $87,963 $220,078 $227,367 $157,676
Market cap rate 5.9% 5.9% 5.9% 5.1% 5.1% 5.2%
III. Office
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 3.4% 2.5% 1.2% 12.2% 12.1% 11.7%
Absorption in sq.ft. over the quarter (4,500) (4,541) 2,660 3,410,230 11,127,334 (43,926,356)
Absorption in sq.ft. over 12 months (10,913) (3,753) 14,806 5,610,472 (41,726,112) (119,807,672)
Absorption in past 12 months as % of inventory -2.2% -0.8% 3.0% 0.1% -0.6% -1.7%
Market rent per sq.ft. $23.8 $23.7 $23.1 $34.7 $34.6 $34.4
Market rent growth, y/y % chg. 2.7% 3.5% 2.5% 0.8% 0.4% -2.1%
Y/Y chg.in professional/business services jobs ('000) - - - 1,153 1,161 (283)
(as of latest available month of the quarter)
Supply indicators
Inventory in sq. ft. 487,385 491,885 498,298 7,256,351,232 7,252,931,072 7,250,434,560
Net delivered over 12 months, in sq.ft. - - - 54,741,303 57,123,296 47,997,877
Net delivered units, as % of inventory - - - 0.8% 0.8% 0.7%
Under construction in sq.ft. - - - 143,665,184 143,194,512 153,944,000
Under construction, as % of inventory - - - 2.0% 2.0% 2.1%
Sales transactions
Total investment acquisitions (in million $) $0 $0 $0 $26,711 $35,335 $17,487
Transaction sale price per sq.ft. $0 $0 $0 $324 $295 $325
Market cap rate 8.5% 8.5% 8.5% 7.0% 7.0% 7.0%
- Some data may not be available for the quarter
The area has lower absorption than nationally
U.S.
Hinesville, GA
Population growth is slower than nationally
The area has a lower vacancy rate than nationally
Rents are rising faster than nationally
Area is experiencing net domestic out-migration
Job creation is weaker than nationally
Unemployment rate is lower than nationally
Wages are rising at a slower pace than nationally
Cap rates are higher than nationally
Hinesville, GA
Cap rates are higher than nationally
The area has a higher vacancy rate than nationally
Renting is less affordable than nationally
The area has lower absorption than nationally
Rents are rising more slowly than nationally
NAR Commercial Real Estate Metro Market Report | 2022.Q1
Core-Based Statistical Area Code: 25980
Hinesville, GA
IV. Industrial
U.S.
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 23.3% 19.2% 0.0% 4.1% 4.2% 5.3%
Absorption in sq.ft. over the quarter (210,720) 610,600 0 98,463,552 139,649,760 92,218,864
Absorption in sq.ft. over 12 months 212,675 423,395 0 521,957,216 515,712,512 267,819,536
Absorption in past 12 months as % of inventory 5.3% 10.1% 0.0% 3.1% 3.1% 1.6%
Market rent per sq.ft. $6.0 $5.8 $5.2 $10.2 $9.9 $9.2
Market rent growth, y/y % chg. 14.8% 12.0% 5.9% 11.0% 9.3% 5.5%
Supply indicators
Inventory in sq. ft. 4,000,412 4,211,132 3,787,737 16,970,607,616 16,872,123,392 16,448,452,608
Net delivered over 12 months, in sq.ft. 1,425,600 1,425,600 - 316,015,277 299,570,240 290,668,397
Net delivered units, as % of inventory 35.6% 33.9% - 1.9% 1.8% 1.8%
Under construction in sq.ft. 647,530 - 1,425,600 591,536,384 531,512,224 391,175,904
Under construction, as % of inventory 16.2% - 37.6% 3.5% 3.2% 2.4%
Sales transactions
Total investment acquisitions (in million $) - $1 - $21,817 $51,629 $16,323
Transaction sale price per sq.ft. - $59 - $140 $136 $105
Market cap rate 6.4% 6.4% 6.6% 6.3% 6.3% 6.3%
V. Retail
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 2.5% 3.6% 3.2% 4.5% 4.7% 5.1%
Absorption in sq.ft. over the quarter 30,862 (4,998) 19,498 24,405,304 24,416,072 3,996,477
Absorption in sq.ft. over 12 months 18,728 7,364 (19,089) 94,035,968 73,627,144 (22,757,808)
Absorption in past 12 months as % of inventory 0.7% 0.3% -0.7% 0.8% 0.7% -0.2%
Market rent per sq.ft. $17.2 $16.9 $16.3 $22.9 $22.6 $22.0
Market rent growth, y/y % chg. 5.6% 4.4% 2.4% 3.9% 3.1% 1.1%
Y/Y chg.in retail trade payroll employment ('000) - - - 570.90 382.90 (187.70)
(as of latest available month of the quarter)
Supply indicators
Inventory in sq. ft. 2,750,869 2,720,007 2,732,141 11,256,099,840 11,231,675,392 11,161,937,920
Net delivered over 12 months, in sq.ft. - - - 19,624,738 21,905,704 37,703,262
Net delivered units, as % of inventory - - - 0.2% 0.2% 0.3%
Under construction in sq.ft. - - - 54,194,816 56,052,512 54,297,696
Under construction, as % of inventory - - - 0.5% 0.5% 0.5%
Sales transactions
Total investment acquisitions (in million $) $5 $1 $2 $22,755 $33,245 $12,773 Sales transactions are rising faster than nationally
Transaction sale price per sq.ft. $306 $168 $98 $219 $226 $182 Prices are rising faster nationally
Market cap rate 7.4% 7.5% 7.5% 6.8% 6.8% 6.8%
VI. Hotel/Lodging
2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March) 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March)
Leisure and hospitality payroll workers ('000) - - - 14,939 14,804 12,876
Y/Y change ('000) - - - 2,063.0 2,337.0 (2,869.0)
% share to nonfarm payroll employment - - - 10.0% 9.8% 9.0%
- Some data may not be available for the quarter
Sources of data used: CoStar®, US Census Bureau, US Bureau of Labor Statistics, and US Bureau of Economic Analysis.
*An index below 50 means local market conditions are weaker than nationally, above 50 means local market conditions are stronger, and 50 means local market conditions are about the same as nationally.
NAR derived the index by assigning 1 point for each indicator where local market conditions are better than the national (US) condition.
The total points for each local market are divided by the number of variables that are available at the local area, with 25 indicators if all the data are available. The fraction is multiplied by 100 to get the index.
Economic data may not be available for all markets. In some submarkets or metropolitan divisions (e.g., Long Island) reported by CoStar®, the economic data that is reported (e.g. employment) is of the metropolitan area
(New York-Newark-Jersey City) . The 390 markets in this report are based on the CoStar® market areas.
NAR reserves the right to add new variables or drop variables that comprise the index based on its analysis of variables that impact market trends.
Market cap rate is based on CoStar proprietary model that is based on both sales transaction cap rates and modeled cap rates based on characteristics of compararable properties in the geographic area.
Data may not be available for some markets or property types.
For information about this report, email [email protected]altor.
Visit NAR's Commercial Research webpage at
https://www.nar.realtor/research-and-statistics/research-reports/commercial-research
The area has stronger absorption than nationally
More deliveries relative to inventory than nationally
The area has lower absorption than nationally
More delivered space relative to inventory than nationally
Cap rates are higher than nationally
The area has a lower vacancy rate than nationally
Cap rates are higher than nationally
Rents are rising faster than nationally
Rents are rising faster than nationally
The area has higher vacancy rate than nationally
Hinesville, GA
NAR Commercial Real Estate Metro Market Report | 2022.Q1
Core-Based Statistical Area Code: 31420
The Macon, GA commercial real estate market is not as strong compared to the overall U.S. market.
NAR Commercial Real Estate Market Conditions Index* 28.0
Overall economic conditions are not as strong than nationally.
The apartment property market is not as strong than nationally.
The office property market is stronger than nationally.
The industrial property market is not as strong than nationally.
The retail property market is not as strong than nationally.
The hotel/lodging property market is not as strong than nationally.
I. Economic and Demographic
Economic 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March) 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March)
Total non-farm employment ('000) 103 104 99 149,912 150,352 143,308
Y/Y chg.in nonfarm payroll employment ('000) 4 5 (4) 6,604 6,747 (6,644)
Y/Y % chg. in nonfarm payroll employment 4.1% 4.7% -3.7% 4.6% 4.7% -4.4%
Unemployment rate (%) 3.6% 3.7% 5.2% 3.6% 3.9% 6.0%
Average weekly wages $807 $819 $844 $1,099 $1,092 $1,049
Wage growth, year-over-year -4.3% -5.9% -0.5% 4.7% 5.2% 6.9%
2020 2019 2018 2020 2019 2018
GDP growth (%) -6.4% -1.8% 1.7% -3.4% 2.3% 2.9%
Demographic 2020 2019 2018 2020 2019 2018
Net domestic migration ('000) (0.0) 0.2 0.3 0 0 0
Population ('000) 234 230 230 331,501 328,330 326,838
Population growth (%) 1.53% 0.18% 0.27% 0.97% 0.46% 0.53%
II. Multifamily
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 9.7% 9.2% 7.9% 4.9% 4.8% 6.0%
Absorption of units over the quarter (65) (133) 41 58,097 61,951 187,113
Absorption of units in past 12 months (236) (130) 364 568,362 697,378 498,721
Absorption in past 12 months as % of inventory -2.0% -1.1% 3.0% 3.3% 4.1% 3.0%
Market asking rent per unit $1,001 $996 $912 $1,587 $1,553 $1,425
Market asking rent per unit, y/y % chg 9.7% 14.1% 7.3% 11.4% 11.3% 2.4%
Effective rent per unit $997 $992 $909 $1,578 $1,543 $1,406
Effective rent per unit, y/y % chg 9.7% 14.3% 7.4% 12.2% 12.2% 1.8%
Rent as a percent of 2-person annual wage income 14.2% 14.0% 12.4% 16.5% 16.3% 15.4%
Supply indicators
Inventory 12,078 12,144 12,315 17,251,546 17,194,020 16,685,925
Net delivered units in past 12 months - - - 387,022 391,271 417,342
Net delivered units, as % of inventory - - - 2.2% 2.3% 2.5%
Units under construction 520 280 - 774,864 744,997 732,144
Units under construction, as % of inventory 4.3% 2.3% - 4.5% 4.3% 4.4%
Ratio of jobs created to net delivered units - - - 17.1 17.2 (15.9)
(as of latest available month of the quarter)
Sales transactions
Total investment acquisitions (in million $) $133 $130 - $50,395 $113,844 $30,199
Transaction sales price per unit $87,023 $108,936 - $220,078 $227,367 $157,676
Market cap rate 6.2% 6.0% 5.9% 5.1% 5.1% 5.2%
III. Office
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 9.9% 8.8% 10.4% 12.2% 12.1% 11.7%
Absorption in sq.ft. over the quarter (78,416) 46,071 (50,524) 3,410,230 11,127,334 (43,926,356)
Absorption in sq.ft. over 12 months 43,308 71,200 (133,954) 5,610,472 (41,726,112) (119,807,672)
Absorption in past 12 months as % of inventory 0.6% 1.0% -2.0% 0.1% -0.6% -1.7%
Market rent per sq.ft. $15.3 $15.3 $14.9 $34.7 $34.6 $34.4
Market rent growth, y/y % chg. 2.7% 3.4% 2.2% 0.8% 0.4% -2.1%
Y/Y chg.in professional/business services jobs ('000) 0.6 0.6 (0.1) 1,153 1,161 (283)
(as of latest available month of the quarter)
Supply indicators
Inventory in sq. ft. 6,736,169 6,814,585 6,692,861 7,256,351,232 7,252,931,072 7,250,434,560
Net delivered over 12 months, in sq.ft. 2,500 - (11,000) 54,741,303 57,123,296 47,997,877
Net delivered units, as % of inventory 0.0% - -0.2% 0.8% 0.8% 0.7%
Under construction in sq.ft. 25,472 27,972 16,000 143,665,184 143,194,512 153,944,000
Under construction, as % of inventory 0.4% 0.4% 0.2% 2.0% 2.0% 2.1%
Sales transactions
Total investment acquisitions (in million $) $7 $14 $3 $26,711 $35,335 $17,487 Sales transactions are rising faster than nationally
Transaction sale price per sq.ft. $126 $82 $74 $324 $295 $325 Prices are rising faster nationally
Market cap rate 9.7% 9.6% 9.8% 7.0% 7.0% 7.0%
- Some data may not be available for the quarter
The area has stronger absorption than nationally
U.S.
Macon, GA
Population is growing faster than nationally
The area has a lower vacancy rate than nationally
Rents are rising faster than nationally
Area is experiencing net domestic out-migration
Job creation is weaker than nationally
Unemployment rate is higher than nationally
Wages are rising at a slower pace than nationally
Construction is weaker than nationally
Cap rates are higher than nationally
Macon, GA
More delivered space relative to inventory than nationally
Construction activity is slower than nationally
Cap rates are higher than nationally
Slower office job creation than nationally
The area has a higher vacancy rate than nationally
Renting is more affordable than nationally
The area has lower absorption than nationally
Rents are rising more slowly than nationally
NAR Commercial Real Estate Metro Market Report | 2022.Q1
Core-Based Statistical Area Code: 31420
Macon, GA
IV. Industrial
U.S.
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 10.1% 10.6% 12.6% 4.1% 4.2% 5.3%
Absorption in sq.ft. over the quarter 136,373 102,690 (33,059) 98,463,552 139,649,760 92,218,864
Absorption in sq.ft. over 12 months 630,772 461,340 (262,195) 521,957,216 515,712,512 267,819,536
Absorption in past 12 months as % of inventory 2.8% 2.0% -1.2% 3.1% 3.1% 1.6%
Market rent per sq.ft. $4.7 $4.6 $4.2 $10.2 $9.9 $9.2
Market rent growth, y/y % chg. 13.6% 10.3% 4.5% 11.0% 9.3% 5.5%
Supply indicators
Inventory in sq. ft. 22,781,244 22,644,872 22,150,472 16,970,607,616 16,872,123,392 16,448,452,608
Net delivered over 12 months, in sq.ft. 21,056 - 16,199 316,015,277 299,570,240 290,668,397
Net delivered units, as % of inventory 0.1% - 0.1% 1.9% 1.8% 1.8%
Under construction in sq.ft. 17,500 28,556 - 591,536,384 531,512,224 391,175,904
Under construction, as % of inventory 0.1% 0.1% - 3.5% 3.2% 2.4%
Sales transactions
Total investment acquisitions (in million $) $3 $12 $3 $21,817 $51,629 $16,323 Sales transactions are not rising as fast as nationally
Transaction sale price per sq.ft. $27 $59 $35 $140 $136 $105 Prices are not rising as fast than nationally
Market cap rate 7.1% 7.1% 7.4% 6.3% 6.3% 6.3%
V. Retail
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 6.0% 5.7% 8.4% 4.5% 4.7% 5.1%
Absorption in sq.ft. over the quarter (53,072) 142,356 4,734 24,405,304 24,416,072 3,996,477
Absorption in sq.ft. over 12 months 485,638 543,444 (114,907) 94,035,968 73,627,144 (22,757,808)
Absorption in past 12 months as % of inventory 2.9% 3.2% -0.7% 0.8% 0.7% -0.2%
Market rent per sq.ft. $12.8 $12.6 $12.1 $22.9 $22.6 $22.0
Market rent growth, y/y % chg. 6.5% 5.1% 2.2% 3.9% 3.1% 1.1%
Y/Y chg.in retail trade payroll employment ('000) 1.00 0.30 (0.20) 570.90 382.90 (187.70)
(as of latest available month of the quarter)
Supply indicators
Inventory in sq. ft. 16,826,840 16,879,912 16,341,201 11,256,099,840 11,231,675,392 11,161,937,920
Net delivered over 12 months, in sq.ft. 55,965 57,667 -4,938 19,624,738 21,905,704 37,703,262
Net delivered units, as % of inventory 0.3% 0.3% 0.0% 0.2% 0.2% 0.3%
Under construction in sq.ft. 22,336 31,982 46,319 54,194,816 56,052,512 54,297,696
Under construction, as % of inventory 0.1% 0.2% 0.3% 0.5% 0.5% 0.5%
Sales transactions
Total investment acquisitions (in million $) $53 $79 $12 $22,755 $33,245 $12,773 Sales transactions are rising faster than nationally
Transaction sale price per sq.ft. $132 $95 $142 $219 $226 $182 Prices are not rising as fast than nationally
Market cap rate 8.2% 8.2% 8.3% 6.8% 6.8% 6.8%
VI. Hotel/Lodging
2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March) 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March)
Leisure and hospitality payroll workers ('000) 10.5 10.5 9.8 14,939 14,804 12,876
Y/Y change ('000) 0.7 1.0 (0.9) 2,063.0 2,337.0 (2,869.0)
% share to nonfarm payroll employment 10.2% 10.1% 9.9% 10.0% 9.8% 9.0%
- Some data may not be available for the quarter
Sources of data used: CoStar®, US Census Bureau, US Bureau of Labor Statistics, and US Bureau of Economic Analysis.
*An index below 50 means local market conditions are weaker than nationally, above 50 means local market conditions are stronger, and 50 means local market conditions are about the same as nationally.
NAR derived the index by assigning 1 point for each indicator where local market conditions are better than the national (US) condition.
The total points for each local market are divided by the number of variables that are available at the local area, with 25 indicators if all the data are available. The fraction is multiplied by 100 to get the index.
Economic data may not be available for all markets. In some submarkets or metropolitan divisions (e.g., Long Island) reported by CoStar®, the economic data that is reported (e.g. employment) is of the metropolitan area
(New York-Newark-Jersey City) . The 390 markets in this report are based on the CoStar® market areas.
NAR reserves the right to add new variables or drop variables that comprise the index based on its analysis of variables that impact market trends.
Market cap rate is based on CoStar proprietary model that is based on both sales transaction cap rates and modeled cap rates based on characteristics of compararable properties in the geographic area.
Data may not be available for some markets or property types.
For information about this report, email [email protected]altor.
Visit NAR's Commercial Research webpage at
https://www.nar.realtor/research-and-statistics/research-reports/commercial-research
The area has lower absorption than nationally
Less deliveries relative to inventory than nationally
The area has stronger absorption than nationally
More delivered space relative to inventory than nationally
Less delivered space relative to inventory than nationally
Cap rates are higher than nationally
The area has a higher vacancy rate than nationally
Higher fraction of workers in leisure industry than nationally
Job creation in the leisure industry is weaker than nationally
Cap rates are higher than nationally
Construction activity is slower than nationally
The area has weaker retail trade job creation than nationally
Relatively fewer units delivered than nationally
Rents are rising faster than nationally
Rents are rising faster than nationally
The area has higher vacancy rate than nationally
Macon, GA
NAR Commercial Real Estate Metro Market Report | 2022.Q1
Core-Based Statistical Area Code: 40660
The Rome, GA commercial real estate market is about the same compared to the overall U.S. market.
NAR Commercial Real Estate Market Conditions Index* 50.0
Overall economic conditions are not as strong than nationally.
The apartment property market is about the same than nationally.
The office property market is stronger than nationally.
The industrial property market is about the same than nationally.
The retail property market is not as strong than nationally.
I. Economic and Demographic
Economic 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March) 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March)
Total non-farm employment ('000) 42 42 41 149,912 150,352 143,308
Y/Y chg.in nonfarm payroll employment ('000) 1 2 (1) 6,604 6,747 (6,644)
Y/Y % chg. in nonfarm payroll employment 1.5% 3.7% -1.4% 4.6% 4.7% -4.4%
Unemployment rate (%) 3.0% 3.2% 4.2% 3.6% 3.9% 6.0%
Average weekly wages $811 $813 $802 $1,099 $1,092 $1,049
Wage growth, year-over-year 1.2% 4.1% 4.7% 4.7% 5.2% 6.9%
2020 2019 2018 2020 2019 2018
GDP growth (%) -5.1% -1.2% -1.1% -3.4% 2.3% 2.9%
Demographic 2020 2019 2018 2020 2019 2018
Net domestic migration ('000) 0.3 0.4 0.3 0 0 0
Population ('000) 99 98 98 331,501 328,330 326,838
Population growth (%) 0.27% 0.43% 0.46% 0.97% 0.46% 0.53%
II. Multifamily
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 1.6% 2.2% 2.7% 4.9% 4.8% 6.0%
Absorption of units over the quarter 9 1 8 58,097 61,951 187,113
Absorption of units in past 12 months 15 14 18 568,362 697,378 498,721
Absorption in past 12 months as % of inventory 1.1% 1.0% 1.3% 3.3% 4.1% 3.0%
Market asking rent per unit $1,061 $1,024 $934 $1,587 $1,553 $1,425
Market asking rent per unit, y/y % chg 13.6% 13.1% 11.1% 11.4% 11.3% 2.4%
Effective rent per unit $1,058 $1,022 $932 $1,578 $1,543 $1,406
Effective rent per unit, y/y % chg 13.6% 13.0% 13.0% 12.2% 12.2% 1.8%
Rent as a percent of 2-person annual wage income 15.0% 14.5% 13.4% 16.5% 16.3% 15.4%
Supply indicators
Inventory 1,395 1,386 1,380 17,251,546 17,194,020 16,685,925
Net delivered units in past 12 months - - - 387,022 391,271 417,342
Net delivered units, as % of inventory - - - 2.2% 2.3% 2.5%
Units under construction 147 67 - 774,864 744,997 732,144
Units under construction, as % of inventory 10.5% 4.8% - 4.5% 4.3% 4.4%
Ratio of jobs created to net delivered units - - - 17.1 17.2 (15.9)
(as of latest available month of the quarter)
Sales transactions
Total investment acquisitions (in million $) - - - $50,395 $113,844 $30,199
Transaction sales price per unit - - - $220,078 $227,367 $157,676
Market cap rate 5.6% 5.6% 5.6% 5.1% 5.1% 5.2%
III. Office
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 4.0% 2.9% 6.3% 12.2% 12.1% 11.7%
Absorption in sq.ft. over the quarter (23,539) 14,500 (4,800) 3,410,230 11,127,334 (43,926,356)
Absorption in sq.ft. over 12 months 49,035 67,774 (49,403) 5,610,472 (41,726,112) (119,807,672)
Absorption in past 12 months as % of inventory 2.4% 3.3% -2.5% 0.1% -0.6% -1.7%
Market rent per sq.ft. $15.8 $15.7 $15.4 $34.7 $34.6 $34.4
Market rent growth, y/y % chg. 2.4% 3.1% 2.3% 0.8% 0.4% -2.1%
Y/Y chg.in professional/business services jobs ('000) - - - 1,153 1,161 (283)
(as of latest available month of the quarter)
Supply indicators
Inventory in sq. ft. 2,061,535 2,085,074 2,012,500 7,256,351,232 7,252,931,072 7,250,434,560
Net delivered over 12 months, in sq.ft. - - - 54,741,303 57,123,296 47,997,877
Net delivered units, as % of inventory - - - 0.8% 0.8% 0.7%
Under construction in sq.ft. - - - 143,665,184 143,194,512 153,944,000
Under construction, as % of inventory - - - 2.0% 2.0% 2.1%
Sales transactions
Total investment acquisitions (in million $) $29 $6 $1 $26,711 $35,335 $17,487 Sales transactions are rising faster than nationally
Transaction sale price per sq.ft. $202 $138 $15 $324 $295 $325 Prices are rising faster nationally
Market cap rate 9.1% 9.1% 9.2% 7.0% 7.0% 7.0%
- Some data may not be available for the quarter
The area has stronger absorption than nationally
U.S.
Rome, GA
Population growth is slower than nationally
The area has a lower vacancy rate than nationally
Rents are rising faster than nationally
Area is experiencing net domestic in-migration
Job creation is weaker than nationally
Unemployment rate is lower than nationally
Wages are rising at a slower pace than nationally
Construction is stronger than nationally
Cap rates are higher than nationally
Rome, GA
Cap rates are higher than nationally
The area has a lower vacancy rate than nationally
Renting is more affordable than nationally
The area has lower absorption than nationally
Rents are rising faster than nationally
NAR Commercial Real Estate Metro Market Report | 2022.Q1
Core-Based Statistical Area Code: 40660
Rome, GA
IV. Industrial
U.S.
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 0.0% 0.0% 0.0% 4.1% 4.2% 5.3%
Absorption in sq.ft. over the quarter 0 0 190,969 98,463,552 139,649,760 92,218,864
Absorption in sq.ft. over 12 months 0 190,969 193,169 521,957,216 515,712,512 267,819,536
Absorption in past 12 months as % of inventory 0.0% 2.3% 2.3% 3.1% 3.1% 1.6%
Market rent per sq.ft. $4.4 $4.3 $3.9 $10.2 $9.9 $9.2
Market rent growth, y/y % chg. 13.3% 10.8% 5.9% 11.0% 9.3% 5.5%
Supply indicators
Inventory in sq. ft. 8,450,449 8,450,449 8,450,449 16,970,607,616 16,872,123,392 16,448,452,608
Net delivered over 12 months, in sq.ft. - 131,769 131,769 316,015,277 299,570,240 290,668,397
Net delivered units, as % of inventory - 1.6% 1.6% 1.9% 1.8% 1.8%
Under construction in sq.ft. 416,600 416,600 - 591,536,384 531,512,224 391,175,904
Under construction, as % of inventory 4.9% 4.9% - 3.5% 3.2% 2.4%
Sales transactions
Total investment acquisitions (in million $) $0 $2 $0 $21,817 $51,629 $16,323 Sales transactions are not rising as fast as nationally
Transaction sale price per sq.ft. $49 $90 $85 $140 $136 $105 Prices are not rising as fast than nationally
Market cap rate 7.1% 7.2% 7.2% 6.3% 6.3% 6.3%
V. Retail
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 1.4% 2.1% 1.8% 4.5% 4.7% 5.1%
Absorption in sq.ft. over the quarter 46,956 38,669 206 24,405,304 24,416,072 3,996,477
Absorption in sq.ft. over 12 months 39,678 (7,072) 51,225 94,035,968 73,627,144 (22,757,808)
Absorption in past 12 months as % of inventory 0.7% -0.1% 1.0% 0.8% 0.7% -0.2%
Market rent per sq.ft. $11.2 $11.0 $10.6 $22.9 $22.6 $22.0
Market rent growth, y/y % chg. 5.7% 4.4% 2.5% 3.9% 3.1% 1.1%
Y/Y chg.in retail trade payroll employment ('000) 0.30 0.20 0.10 570.90 382.90 (187.70)
(as of latest available month of the quarter)
Supply indicators
Inventory in sq. ft. 5,319,127 5,272,171 5,279,449 11,256,099,840 11,231,675,392 11,161,937,920
Net delivered over 12 months, in sq.ft. 20,014 13,014 7,462 19,624,738 21,905,704 37,703,262
Net delivered units, as % of inventory 0.4% 0.2% 0.1% 0.2% 0.2% 0.3%
Under construction in sq.ft. 10,640 17,640 13,014 54,194,816 56,052,512 54,297,696
Under construction, as % of inventory 0.2% 0.3% 0.2% 0.5% 0.5% 0.5%
Sales transactions
Total investment acquisitions (in million $) $14 $11 $5 $22,755 $33,245 $12,773 Sales transactions are rising faster than nationally
Transaction sale price per sq.ft. $92 $110 $71 $219 $226 $182 Prices are rising faster nationally
Market cap rate 8.4% 8.3% 8.3% 6.8% 6.8% 6.8%
VI. Hotel/Lodging
2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March) 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March)
Leisure and hospitality payroll workers ('000) - - - 14,939 14,804 12,876
Y/Y change ('000) - - - 2,063.0 2,337.0 (2,869.0)
% share to nonfarm payroll employment - - - 10.0% 9.8% 9.0%
- Some data may not be available for the quarter
Sources of data used: CoStar®, US Census Bureau, US Bureau of Labor Statistics, and US Bureau of Economic Analysis.
*An index below 50 means local market conditions are weaker than nationally, above 50 means local market conditions are stronger, and 50 means local market conditions are about the same as nationally.
NAR derived the index by assigning 1 point for each indicator where local market conditions are better than the national (US) condition.
The total points for each local market are divided by the number of variables that are available at the local area, with 25 indicators if all the data are available. The fraction is multiplied by 100 to get the index.
Economic data may not be available for all markets. In some submarkets or metropolitan divisions (e.g., Long Island) reported by CoStar®, the economic data that is reported (e.g. employment) is of the metropolitan area
(New York-Newark-Jersey City) . The 390 markets in this report are based on the CoStar® market areas.
NAR reserves the right to add new variables or drop variables that comprise the index based on its analysis of variables that impact market trends.
Market cap rate is based on CoStar proprietary model that is based on both sales transaction cap rates and modeled cap rates based on characteristics of compararable properties in the geographic area.
Data may not be available for some markets or property types.
For information about this report, email [email protected]altor.
Visit NAR's Commercial Research webpage at
https://www.nar.realtor/research-and-statistics/research-reports/commercial-research
The area has lower absorption than nationally
The area has lower absorption than nationally
More delivered space relative to inventory than nationally
More delivered space relative to inventory than nationally
Cap rates are higher than nationally
The area has a lower vacancy rate than nationally
Cap rates are higher than nationally
Construction activity is slower than nationally
The area has stronger retail trade job creation than nationally
Relatively more units delivered than nationally
Rents are rising faster than nationally
Rents are rising faster than nationally
The area has lower vacancy rate than nationally
Rome, GA
NAR Commercial Real Estate Metro Market Report | 2022.Q1
Core-Based Statistical Area Code: 42340
The Savannah, GA commercial real estate market is stronger compared to the overall U.S. market.
NAR Commercial Real Estate Market Conditions Index* 72.0
Overall economic conditions are stronger than nationally.
The apartment property market is stronger than nationally.
The office property market is stronger than nationally.
The industrial property market is stronger than nationally.
The retail property market is stronger than nationally.
The hotel/lodging property market is not as strong than nationally.
I. Economic and Demographic
Economic 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March) 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March)
Total non-farm employment ('000) 199 197 186 149,912 150,352 143,308
Y/Y chg.in nonfarm payroll employment ('000) 13 10 (6) 6,604 6,747 (6,644)
Y/Y % chg. in nonfarm payroll employment 6.7% 5.2% -3.3% 4.6% 4.7% -4.4%
Unemployment rate (%) 3.1% 3.3% 4.6% 3.6% 3.9% 6.0%
Average weekly wages $832 $808 $724 $1,099 $1,092 $1,049
Wage growth, year-over-year 15.0% 6.9% -2.1% 4.7% 5.2% 6.9%
2020 2019 2018 2020 2019 2018
GDP growth (%) -5.9% 2.8% 0.4% -3.4% 2.3% 2.9%
Demographic 2020 2019 2018 2020 2019 2018
Net domestic migration ('000) 0.1 2.0 0.9 0 0 0
Population ('000) 405 394 390 331,501 328,330 326,838
Population growth (%) 2.75% 1.03% 0.83% 0.97% 0.46% 0.53%
II. Multifamily
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 6.0% 6.4% 9.7% 4.9% 4.8% 6.0%
Absorption of units over the quarter 107 207 624 58,097 61,951 187,113
Absorption of units in past 12 months 2,091 2,608 2,233 568,362 697,378 498,721
Absorption in past 12 months as % of inventory 7.7% 9.6% 8.9% 3.3% 4.1% 3.0%
Market asking rent per unit $1,444 $1,399 $1,196 $1,587 $1,553 $1,425
Market asking rent per unit, y/y % chg 20.7% 21.1% 6.4% 11.4% 11.3% 2.4%
Effective rent per unit $1,435 $1,388 $1,184 $1,578 $1,543 $1,406
Effective rent per unit, y/y % chg 21.3% 21.7% 6.2% 12.2% 12.2% 1.8%
Rent as a percent of 2-person annual wage income 19.8% 19.8% 18.8% 16.5% 16.3% 15.4%
Supply indicators
Inventory 27,174 27,068 25,085 17,251,546 17,194,020 16,685,925
Net delivered units in past 12 months 1,135 1,695 2,210 387,022 391,271 417,342
Net delivered units, as % of inventory 4.2% 6.3% 8.8% 2.2% 2.3% 2.5%
Units under construction 848 598 1,457 774,864 744,997 732,144
Units under construction, as % of inventory 3.1% 2.2% 5.8% 4.5% 4.3% 4.4%
Ratio of jobs created to net delivered units 11.0 5.8 (2.9) 17.1 17.2 (15.9)
(as of latest available month of the quarter)
Sales transactions
Total investment acquisitions (in million $) $189 $667 $54 $50,395 $113,844 $30,199 Sales transactions are rising faster than nationally
Transaction sales price per unit $190,040 $226,928 $190,772 $220,078 $227,367 $157,676 Prices are not rising as fast than nationally
Market cap rate 4.8% 4.9% 5.0% 5.1% 5.1% 5.2%
III. Office
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 2.4% 2.9% 5.0% 12.2% 12.1% 11.7%
Absorption in sq.ft. over the quarter 46,959 152,868 (91,819) 3,410,230 11,127,334 (43,926,356)
Absorption in sq.ft. over 12 months 303,360 164,582 (76,412) 5,610,472 (41,726,112) (119,807,672)
Absorption in past 12 months as % of inventory 2.5% 1.4% -0.7% 0.1% -0.6% -1.7%
Market rent per sq.ft. $22.2 $22.2 $21.6 $34.7 $34.6 $34.4
Market rent growth, y/y % chg. 2.8% 3.9% 4.1% 0.8% 0.4% -2.1%
Y/Y chg.in professional/business services jobs ('000) 3.2 1.6 1.5 1,153 1,161 (283)
(as of latest available month of the quarter)
Supply indicators
Inventory in sq. ft. 11,927,476 11,880,517 11,624,116 7,256,351,232 7,252,931,072 7,250,434,560
Net delivered over 12 months, in sq.ft. (16,349) 3,395 25,529 54,741,303 57,123,296 47,997,877
Net delivered units, as % of inventory -0.1% 0.0% 0.2% 0.8% 0.8% 0.7%
Under construction in sq.ft. 28,000 28,000 4,717 143,665,184 143,194,512 153,944,000
Under construction, as % of inventory 0.2% 0.2% 0.0% 2.0% 2.0% 2.1%
Sales transactions
Total investment acquisitions (in million $) $13 $45 $11 $26,711 $35,335 $17,487 Sales transactions are not rising as fast than nationally
Transaction sale price per sq.ft. $176 $156 $116 $324 $295 $325 Prices are rising faster nationally
Market cap rate 8.6% 8.6% 8.6% 7.0% 7.0% 7.0%
- Some data may not be available for the quarter
The area has stronger absorption than nationally
U.S.
Savannah, GA
Population is growing faster than nationally
Fewer jobs per delivered units than nationally
The area has a lower vacancy rate than nationally
Rents are rising faster than nationally
Area is experiencing net domestic in-migration
Job creation is stronger than nationally
Unemployment rate is lower than nationally
Wages are rising faster than nationally
Construction is weaker than nationally
Cap rates are lower than nationally
Savannah, GA
More delivered space relative to inventory than nationally
Construction activity is slower than nationally
Cap rates are higher than nationally
Stronger office job creation than nationally
The area has a higher vacancy rate than nationally
Renting is less affordable than nationally
The area has stronger absorption than nationally
Rents are rising faster than nationally
NAR Commercial Real Estate Metro Market Report | 2022.Q1
Core-Based Statistical Area Code: 42340
Savannah, GA
IV. Industrial
U.S.
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 1.6% 3.5% 6.9% 4.1% 4.2% 5.3%
Absorption in sq.ft. over the quarter 1,699,827 2,907,216 2,502,110 98,463,552 139,649,760 92,218,864
Absorption in sq.ft. over 12 months 9,483,289 10,285,572 5,381,518 521,957,216 515,712,512 267,819,536
Absorption in past 12 months as % of inventory 10.6% 11.7% 6.7% 3.1% 3.1% 1.6%
Market rent per sq.ft. $6.9 $6.7 $6.1 $10.2 $9.9 $9.2
Market rent growth, y/y % chg. 14.1% 11.3% 5.5% 11.0% 9.3% 5.5%
Supply indicators
Inventory in sq. ft. 89,840,040 88,140,216 80,356,752 16,970,607,616 16,872,123,392 16,448,452,608
Net delivered over 12 months, in sq.ft. 4,997,682 7,210,402 6,935,126 316,015,277 299,570,240 290,668,397
Net delivered units, as % of inventory 5.6% 8.2% 8.6% 1.9% 1.8% 1.8%
Under construction in sq.ft. 15,138,618 14,045,938 8,914,488 591,536,384 531,512,224 391,175,904
Under construction, as % of inventory 16.9% 15.9% 11.1% 3.5% 3.2% 2.4%
Sales transactions
Total investment acquisitions (in million $) $125 $503 $120 $21,817 $51,629 $16,323 Sales transactions are not rising as fast as nationally
Transaction sale price per sq.ft. $89 $126 $84 $140 $136 $105 Prices are not rising as fast than nationally
Market cap rate 6.1% 6.2% 6.3% 6.3% 6.3% 6.3%
V. Retail
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 4.0% 4.4% 5.3% 4.5% 4.7% 5.1%
Absorption in sq.ft. over the quarter 140,686 197,926 (31,624) 24,405,304 24,416,072 3,996,477
Absorption in sq.ft. over 12 months 649,417 477,107 (74,336) 94,035,968 73,627,144 (22,757,808)
Absorption in past 12 months as % of inventory 2.4% 1.8% -0.3% 0.8% 0.7% -0.2%
Market rent per sq.ft. $21.2 $20.8 $20.1 $22.9 $22.6 $22.0
Market rent growth, y/y % chg. 5.4% 4.0% 2.2% 3.9% 3.1% 1.1%
Y/Y chg.in retail trade payroll employment ('000) 1.20 0.40 0.00 570.90 382.90 (187.70)
(as of latest available month of the quarter)
Supply indicators
Inventory in sq. ft. 26,928,454 26,787,768 26,279,036 11,256,099,840 11,231,675,392 11,161,937,920
Net delivered over 12 months, in sq.ft. 280,464 280,840 144,070 19,624,738 21,905,704 37,703,262
Net delivered units, as % of inventory 1.0% 1.0% 0.5% 0.2% 0.2% 0.3%
Under construction in sq.ft. 39,650 54,477 308,368 54,194,816 56,052,512 54,297,696
Under construction, as % of inventory 0.1% 0.2% 1.2% 0.5% 0.5% 0.5%
Sales transactions
Total investment acquisitions (in million $) $98 $81 $48 $22,755 $33,245 $12,773 Sales transactions are rising faster than nationally
Transaction sale price per sq.ft. $246 $66 $282 $219 $226 $182 Prices are not rising as fast than nationally
Market cap rate 7.3% 7.4% 7.4% 6.8% 6.8% 6.8%
VI. Hotel/Lodging
2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March) 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March)
Leisure and hospitality payroll workers ('000) 27.0 26.2 23.7 14,939 14,804 12,876
Y/Y change ('000) 3.3 3.1 (2.6) 2,063.0 2,337.0 (2,869.0)
% share to nonfarm payroll employment 13.6% 13.3% 12.7% 10.0% 9.8% 9.0%
- Some data may not be available for the quarter
Sources of data used: CoStar®, US Census Bureau, US Bureau of Labor Statistics, and US Bureau of Economic Analysis.
*An index below 50 means local market conditions are weaker than nationally, above 50 means local market conditions are stronger, and 50 means local market conditions are about the same as nationally.
NAR derived the index by assigning 1 point for each indicator where local market conditions are better than the national (US) condition.
The total points for each local market are divided by the number of variables that are available at the local area, with 25 indicators if all the data are available. The fraction is multiplied by 100 to get the index.
Economic data may not be available for all markets. In some submarkets or metropolitan divisions (e.g., Long Island) reported by CoStar®, the economic data that is reported (e.g. employment) is of the metropolitan area
(New York-Newark-Jersey City) . The 390 markets in this report are based on the CoStar® market areas.
NAR reserves the right to add new variables or drop variables that comprise the index based on its analysis of variables that impact market trends.
Market cap rate is based on CoStar proprietary model that is based on both sales transaction cap rates and modeled cap rates based on characteristics of compararable properties in the geographic area.
Data may not be available for some markets or property types.
For information about this report, email [email protected]altor.
Visit NAR's Commercial Research webpage at
https://www.nar.realtor/research-and-statistics/research-reports/commercial-research
The area has stronger absorption than nationally
More deliveries relative to inventory than nationally
The area has stronger absorption than nationally
More delivered space relative to inventory than nationally
More delivered space relative to inventory than nationally
Cap rates are lower than nationally
The area has a lower vacancy rate than nationally
Higher fraction of workers in leisure industry than nationally
Job creation in the leisure industry is weaker than nationally
Cap rates are higher than nationally
Construction activity is slower than nationally
Relatively more units delivered than nationally
Rents are rising faster than nationally
Rents are rising faster than nationally
The area has lower vacancy rate than nationally
Savannah, GA
NAR Commercial Real Estate Metro Market Report | 2022.Q1
Core-Based Statistical Area Code: 46660
The Valdosta, GA commercial real estate market is stronger compared to the overall U.S. market.
NAR Commercial Real Estate Market Conditions Index* 54.5
Overall economic conditions are stronger than nationally.
The apartment property market is not as strong than nationally.
The office property market is stronger than nationally.
The industrial property market is about the same than nationally.
The retail property market is stronger than nationally.
I. Economic and Demographic
Economic 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March) 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March)
Total non-farm employment ('000) 56 57 55 149,912 150,352 143,308
Y/Y chg.in nonfarm payroll employment ('000) 1 1 (2) 6,604 6,747 (6,644)
Y/Y % chg. in nonfarm payroll employment 1.3% 1.1% -2.6% 4.6% 4.7% -4.4%
Unemployment rate (%) 3.2% 3.4% 4.6% 3.6% 3.9% 6.0%
Average weekly wages $813 $834 $741 $1,099 $1,092 $1,049
Wage growth, year-over-year 9.7% 6.4% -1.1% 4.7% 5.2% 6.9%
2020 2019 2018 2020 2019 2018
GDP growth (%) -0.9% 3.9% 1.3% -3.4% 2.3% 2.9%
Demographic 2020 2019 2018 2020 2019 2018
Net domestic migration ('000) 0.0 0.6 0.0 0 0 0
Population ('000) 148 148 146 331,501 328,330 326,838
Population growth (%) 0.34% 0.98% 0.52% 0.97% 0.46% 0.53%
II. Multifamily
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 4.9% 4.9% 2.9% 4.9% 4.8% 6.0%
Absorption of units over the quarter (2) (32) 0 58,097 61,951 187,113
Absorption of units in past 12 months 41 43 141 568,362 697,378 498,721
Absorption in past 12 months as % of inventory 0.8% 0.8% 2.7% 3.3% 4.1% 3.0%
Market asking rent per unit $935 $914 $860 $1,587 $1,553 $1,425
Market asking rent per unit, y/y % chg 8.8% 7.8% 6.9% 11.4% 11.3% 2.4%
Effective rent per unit $932 $907 $857 $1,578 $1,543 $1,406
Effective rent per unit, y/y % chg 8.8% 7.5% 8.2% 12.2% 12.2% 1.8%
Rent as a percent of 2-person annual wage income 13.2% 12.5% 13.3% 16.5% 16.3% 15.4%
Supply indicators
Inventory 5,293 5,295 5,252 17,251,546 17,194,020 16,685,925
Net delivered units in past 12 months 158 158 - 387,022 391,271 417,342
Net delivered units, as % of inventory 3.0% 3.0% - 2.2% 2.3% 2.5%
Units under construction - - 158 774,864 744,997 732,144
Units under construction, as % of inventory - - 3.0% 4.5% 4.3% 4.4%
Ratio of jobs created to net delivered units 4.4 3.8 - 17.1 17.2 (15.9)
(as of latest available month of the quarter)
Sales transactions
Total investment acquisitions (in million $) $30 $23 - $50,395 $113,844 $30,199
Transaction sales price per unit $100,093 $91,414 - $220,078 $227,367 $157,676
Market cap rate 6.2% 6.2% 6.2% 5.1% 5.1% 5.2%
III. Office
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 2.3% 2.8% 3.4% 12.2% 12.1% 11.7%
Absorption in sq.ft. over the quarter 10,627 18,539 (12,381) 3,410,230 11,127,334 (43,926,356)
Absorption in sq.ft. over 12 months 27,790 4,782 23,928 5,610,472 (41,726,112) (119,807,672)
Absorption in past 12 months as % of inventory 1.1% 0.2% 1.0% 0.1% -0.6% -1.7%
Market rent per sq.ft. $17.0 $17.0 $16.6 $34.7 $34.6 $34.4
Market rent growth, y/y % chg. 2.5% 3.5% 2.7% 0.8% 0.4% -2.1%
Y/Y chg.in professional/business services jobs ('000) - - - 1,153 1,161 (283)
(as of latest available month of the quarter)
Supply indicators
Inventory in sq. ft. 2,457,021 2,446,394 2,429,231 7,256,351,232 7,252,931,072 7,250,434,560
Net delivered over 12 months, in sq.ft. - - 15,000 54,741,303 57,123,296 47,997,877
Net delivered units, as % of inventory - - 0.6% 0.8% 0.8% 0.7%
Under construction in sq.ft. - - - 143,665,184 143,194,512 153,944,000
Under construction, as % of inventory - - - 2.0% 2.0% 2.1%
Sales transactions
Total investment acquisitions (in million $) $4 $4 $3 $26,711 $35,335 $17,487 Sales transactions are not rising as fast than nationally
Transaction sale price per sq.ft. $149 $105 $130 $324 $295 $325 Prices are rising faster nationally
Market cap rate 9.4% 9.4% 9.5% 7.0% 7.0% 7.0%
- Some data may not be available for the quarter
The area has stronger absorption than nationally
U.S.
Valdosta, GA
Population growth is slower than nationally
Fewer jobs per delivered units than nationally
The area has a lower vacancy rate than nationally
Rents are rising faster than nationally
Area is experiencing net domestic in-migration
Job creation is weaker than nationally
Unemployment rate is lower than nationally
Wages are rising faster than nationally
Cap rates are higher than nationally
Valdosta, GA
Cap rates are higher than nationally
The area has a lower vacancy rate than nationally
Renting is more affordable than nationally
The area has lower absorption than nationally
Rents are rising more slowly than nationally
NAR Commercial Real Estate Metro Market Report | 2022.Q1
Core-Based Statistical Area Code: 46660
Valdosta, GA
IV. Industrial
U.S.
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 7.1% 9.2% 12.2% 4.1% 4.2% 5.3%
Absorption in sq.ft. over the quarter 237,472 38,338 275,378 98,463,552 139,649,760 92,218,864
Absorption in sq.ft. over 12 months 561,780 599,686 495,908 521,957,216 515,712,512 267,819,536
Absorption in past 12 months as % of inventory 5.5% 6.1% 5.2% 3.1% 3.1% 1.6%
Market rent per sq.ft. $4.7 $4.5 $4.1 $10.2 $9.9 $9.2
Market rent growth, y/y % chg. 13.6% 10.9% 6.1% 11.0% 9.3% 5.5%
Supply indicators
Inventory in sq. ft. 10,136,522 9,899,050 9,574,742 16,970,607,616 16,872,123,392 16,448,452,608
Net delivered over 12 months, in sq.ft. - 300,000 304,550 316,015,277 299,570,240 290,668,397
Net delivered units, as % of inventory - 3.0% 3.2% 1.9% 1.8% 1.8%
Under construction in sq.ft. - - - 591,536,384 531,512,224 391,175,904
Under construction, as % of inventory - - - 3.5% 3.2% 2.4%
Sales transactions
Total investment acquisitions (in million $) $3 $3 $0 $21,817 $51,629 $16,323 Sales transactions are rising faster than nationally
Transaction sale price per sq.ft. $111 $48 $85 $140 $136 $105 Prices are not rising as fast than nationally
Market cap rate 7.5% 7.6% 7.7% 6.3% 6.3% 6.3%
V. Retail
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 2.5% 2.0% 5.8% 4.5% 4.7% 5.1%
Absorption in sq.ft. over the quarter (45,848) 324,461 (16,960) 24,405,304 24,416,072 3,996,477
Absorption in sq.ft. over 12 months 293,302 322,190 58,451 94,035,968 73,627,144 (22,757,808)
Absorption in past 12 months as % of inventory 3.1% 3.4% 0.6% 0.8% 0.7% -0.2%
Market rent per sq.ft. $11.8 $11.6 $11.2 $22.9 $22.6 $22.0
Market rent growth, y/y % chg. 5.4% 4.1% 2.5% 3.9% 3.1% 1.1%
Y/Y chg.in retail trade payroll employment ('000) 0.30 0.10 0.00 570.90 382.90 (187.70)
(as of latest available month of the quarter)
Supply indicators
Inventory in sq. ft. 9,411,523 9,457,371 9,118,221 11,256,099,840 11,231,675,392 11,161,937,920
Net delivered over 12 months, in sq.ft. -34,653 -29,853 4,800 19,624,738 21,905,704 37,703,262
Net delivered units, as % of inventory -0.4% -0.3% 0.1% 0.2% 0.2% 0.3%
Under construction in sq.ft. - - - 54,194,816 56,052,512 54,297,696
Under construction, as % of inventory - - - 0.5% 0.5% 0.5%
Sales transactions
Total investment acquisitions (in million $) $15 $15 $8 $22,755 $33,245 $12,773 Sales transactions are rising faster than nationally
Transaction sale price per sq.ft. $86 $44 $74 $219 $226 $182 Prices are not rising as fast than nationally
Market cap rate 7.7% 7.8% 7.9% 6.8% 6.8% 6.8%
VI. Hotel/Lodging
2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March) 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March)
Leisure and hospitality payroll workers ('000) - - - 14,939 14,804 12,876
Y/Y change ('000) - - - 2,063.0 2,337.0 (2,869.0)
% share to nonfarm payroll employment - - - 10.0% 9.8% 9.0%
- Some data may not be available for the quarter
Sources of data used: CoStar®, US Census Bureau, US Bureau of Labor Statistics, and US Bureau of Economic Analysis.
*An index below 50 means local market conditions are weaker than nationally, above 50 means local market conditions are stronger, and 50 means local market conditions are about the same as nationally.
NAR derived the index by assigning 1 point for each indicator where local market conditions are better than the national (US) condition.
The total points for each local market are divided by the number of variables that are available at the local area, with 25 indicators if all the data are available. The fraction is multiplied by 100 to get the index.
Economic data may not be available for all markets. In some submarkets or metropolitan divisions (e.g., Long Island) reported by CoStar®, the economic data that is reported (e.g. employment) is of the metropolitan area
(New York-Newark-Jersey City) . The 390 markets in this report are based on the CoStar® market areas.
NAR reserves the right to add new variables or drop variables that comprise the index based on its analysis of variables that impact market trends.
Market cap rate is based on CoStar proprietary model that is based on both sales transaction cap rates and modeled cap rates based on characteristics of compararable properties in the geographic area.
Data may not be available for some markets or property types.
For information about this report, email [email protected]altor.
Visit NAR's Commercial Research webpage at
https://www.nar.realtor/research-and-statistics/research-reports/commercial-research
The area has stronger absorption than nationally
The area has stronger absorption than nationally
Less delivered space relative to inventory than nationally
Cap rates are higher than nationally
The area has a lower vacancy rate than nationally
Cap rates are higher than nationally
Relatively fewer units delivered than nationally
Rents are rising faster than nationally
Rents are rising faster than nationally
The area has higher vacancy rate than nationally
Valdosta, GA
NAR Commercial Real Estate Metro Market Report | 2022.Q1
Core-Based Statistical Area Code: 47580
The Warner Robins, GA commercial real estate market is stronger compared to the overall U.S. market.
NAR Commercial Real Estate Market Conditions Index* 54.5
Overall economic conditions are stronger than nationally.
The apartment property market is not as strong than nationally.
The office property market is stronger than nationally.
The industrial property market is about the same than nationally.
The retail property market is stronger than nationally.
I. Economic and Demographic
Economic 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March) 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March)
Total non-farm employment ('000) 79 79 77 149,912 150,352 143,308
Y/Y chg.in nonfarm payroll employment ('000) 2 2 (2) 6,604 6,747 (6,644)
Y/Y % chg. in nonfarm payroll employment 2.1% 1.9% -2.2% 4.6% 4.7% -4.4%
Unemployment rate (%) 3.1% 3.2% 4.3% 3.6% 3.9% 6.0%
Average weekly wages $838 $857 $818 $1,099 $1,092 $1,049
Wage growth, year-over-year 2.4% -2.1% 2.5% 4.7% 5.2% 6.9%
2020 2019 2018 2020 2019 2018
GDP growth (%) -1.5% 3.6% 1.4% -3.4% 2.3% 2.9%
Demographic 2020 2019 2018 2020 2019 2018
Net domestic migration ('000) 2.3 1.8 1.9 0 0 0
Population ('000) 192 185 183 331,501 328,330 326,838
Population growth (%) 3.86% 1.39% 1.47% 0.97% 0.46% 0.53%
II. Multifamily
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 7.3% 6.0% 3.2% 4.9% 4.8% 6.0%
Absorption of units over the quarter (117) (117) 4 58,097 61,951 187,113
Absorption of units in past 12 months (369) (248) 191 568,362 697,378 498,721
Absorption in past 12 months as % of inventory -4.5% -3.0% 2.2% 3.3% 4.1% 3.0%
Market asking rent per unit $1,038 $1,021 $909 $1,587 $1,553 $1,425
Market asking rent per unit, y/y % chg 14.2% 16.9% 9.2% 11.4% 11.3% 2.4%
Effective rent per unit $1,032 $1,017 $907 $1,578 $1,543 $1,406
Effective rent per unit, y/y % chg 13.9% 16.8% 9.4% 12.2% 12.2% 1.8%
Rent as a percent of 2-person annual wage income 14.2% 13.6% 12.8% 16.5% 16.3% 15.4%
Supply indicators
Inventory 8,286 8,403 8,655 17,251,546 17,194,020 16,685,925
Net delivered units in past 12 months - - - 387,022 391,271 417,342
Net delivered units, as % of inventory - - - 2.2% 2.3% 2.5%
Units under construction - - - 774,864 744,997 732,144
Units under construction, as % of inventory - - - 4.5% 4.3% 4.4%
Ratio of jobs created to net delivered units - - - 17.1 17.2 (15.9)
(as of latest available month of the quarter)
Sales transactions
Total investment acquisitions (in million $) - $83 - $50,395 $113,844 $30,199
Transaction sales price per unit - $126,667 - $220,078 $227,367 $157,676
Market cap rate 5.6% 5.6% 6.0% 5.1% 5.1% 5.2%
III. Office
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 4.8% 6.9% 11.8% 12.2% 12.1% 11.7%
Absorption in sq.ft. over the quarter 49,959 225,520 (5,197) 3,410,230 11,127,334 (43,926,356)
Absorption in sq.ft. over 12 months 169,006 113,850 4,470 5,610,472 (41,726,112) (119,807,672)
Absorption in past 12 months as % of inventory 7.4% 5.1% 0.2% 0.1% -0.6% -1.7%
Market rent per sq.ft. $17.0 $16.9 $16.5 $34.7 $34.6 $34.4
Market rent growth, y/y % chg. 2.6% 3.3% 2.8% 0.8% 0.4% -2.1%
Y/Y chg.in professional/business services jobs ('000) - - - 1,153 1,161 (283)
(as of latest available month of the quarter)
Supply indicators
Inventory in sq. ft. 2,278,003 2,228,044 2,108,997 7,256,351,232 7,252,931,072 7,250,434,560
Net delivered over 12 months, in sq.ft. - - 17,872 54,741,303 57,123,296 47,997,877
Net delivered units, as % of inventory - - 0.8% 0.8% 0.8% 0.7%
Under construction in sq.ft. - - - 143,665,184 143,194,512 153,944,000
Under construction, as % of inventory - - - 2.0% 2.0% 2.1%
Sales transactions
Total investment acquisitions (in million $) $4 $3 $1 $26,711 $35,335 $17,487 Sales transactions are rising faster than nationally
Transaction sale price per sq.ft. $65 $58 $55 $324 $295 $325 Prices are rising faster nationally
Market cap rate 9.0% 9.0% 9.1% 7.0% 7.0% 7.0%
- Some data may not be available for the quarter
The area has stronger absorption than nationally
U.S.
Warner Robins, GA
Population is growing faster than nationally
The area has a lower vacancy rate than nationally
Rents are rising faster than nationally
Area is experiencing net domestic in-migration
Job creation is weaker than nationally
Unemployment rate is lower than nationally
Wages are rising at a slower pace than nationally
Cap rates are higher than nationally
Warner Robins, GA
Cap rates are higher than nationally
The area has a higher vacancy rate than nationally
Renting is more affordable than nationally
The area has lower absorption than nationally
Rents are rising faster than nationally
NAR Commercial Real Estate Metro Market Report | 2022.Q1
Core-Based Statistical Area Code: 47580
Warner Robins, GA
IV. Industrial
U.S.
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 0.5% 0.5% 0.9% 4.1% 4.2% 5.3%
Absorption in sq.ft. over the quarter 25,932 (11,832) 88,183 98,463,552 139,649,760 92,218,864
Absorption in sq.ft. over 12 months 58,600 120,851 39,226 521,957,216 515,712,512 267,819,536
Absorption in past 12 months as % of inventory 0.6% 1.3% 0.4% 3.1% 3.1% 1.6%
Market rent per sq.ft. $5.9 $5.6 $5.2 $10.2 $9.9 $9.2
Market rent growth, y/y % chg. 12.5% 10.4% 6.1% 11.0% 9.3% 5.5%
Supply indicators
Inventory in sq. ft. 9,485,130 9,459,198 9,426,530 16,970,607,616 16,872,123,392 16,448,452,608
Net delivered over 12 months, in sq.ft. 25,000 - - 316,015,277 299,570,240 290,668,397
Net delivered units, as % of inventory 0.3% - - 1.9% 1.8% 1.8%
Under construction in sq.ft. - 25,000 - 591,536,384 531,512,224 391,175,904
Under construction, as % of inventory - 0.3% - 3.5% 3.2% 2.4%
Sales transactions
Total investment acquisitions (in million $) $2 $1 $1 $21,817 $51,629 $16,323 Sales transactions are rising faster than nationally
Transaction sale price per sq.ft. $42 $80 $33 $140 $136 $105 Prices are not rising as fast than nationally
Market cap rate 6.9% 6.9% 7.1% 6.3% 6.3% 6.3%
V. Retail
Demand indicators 2022 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1
Vacancy rate 3.7% 4.3% 4.6% 4.5% 4.7% 5.1%
Absorption in sq.ft. over the quarter 56,693 (27,899) 83,275 24,405,304 24,416,072 3,996,477
Absorption in sq.ft. over 12 months 109,475 136,057 134,080 94,035,968 73,627,144 (22,757,808)
Absorption in past 12 months as % of inventory 1.1% 1.4% 1.4% 0.8% 0.7% -0.2%
Market rent per sq.ft. $13.5 $13.4 $12.8 $22.9 $22.6 $22.0
Market rent growth, y/y % chg. 5.9% 5.4% 2.4% 3.9% 3.1% 1.1%
Y/Y chg.in retail trade payroll employment ('000) 0.50 0.50 0.40 570.90 382.90 (187.70)
(as of latest available month of the quarter)
Supply indicators
Inventory in sq. ft. 9,972,510 9,915,817 9,863,035 11,256,099,840 11,231,675,392 11,161,937,920
Net delivered over 12 months, in sq.ft. 23,800 27,800 75,200 19,624,738 21,905,704 37,703,262
Net delivered units, as % of inventory 0.2% 0.3% 0.8% 0.2% 0.2% 0.3%
Under construction in sq.ft. 19,348 19,348 23,800 54,194,816 56,052,512 54,297,696
Under construction, as % of inventory 0.2% 0.2% 0.2% 0.5% 0.5% 0.5%
Sales transactions
Total investment acquisitions (in million $) $32 $28 $15 $22,755 $33,245 $12,773 Sales transactions are rising faster than nationally
Transaction sale price per sq.ft. $109 $199 $71 $219 $226 $182 Prices are rising faster nationally
Market cap rate 7.7% 7.6% 7.6% 6.8% 6.8% 6.8%
VI. Hotel/Lodging
2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March) 2022 Q1 (March) 2021 Q4 (Dec) 2021 Q1 (March)
Leisure and hospitality payroll workers ('000) - - - 14,939 14,804 12,876
Y/Y change ('000) - - - 2,063.0 2,337.0 (2,869.0)
% share to nonfarm payroll employment - - - 10.0% 9.8% 9.0%
- Some data may not be available for the quarter
Sources of data used: CoStar®, US Census Bureau, US Bureau of Labor Statistics, and US Bureau of Economic Analysis.
*An index below 50 means local market conditions are weaker than nationally, above 50 means local market conditions are stronger, and 50 means local market conditions are about the same as nationally.
NAR derived the index by assigning 1 point for each indicator where local market conditions are better than the national (US) condition.
The total points for each local market are divided by the number of variables that are available at the local area, with 25 indicators if all the data are available. The fraction is multiplied by 100 to get the index.
Economic data may not be available for all markets. In some submarkets or metropolitan divisions (e.g., Long Island) reported by CoStar®, the economic data that is reported (e.g. employment) is of the metropolitan area
(New York-Newark-Jersey City) . The 390 markets in this report are based on the CoStar® market areas.
NAR reserves the right to add new variables or drop variables that comprise the index based on its analysis of variables that impact market trends.
Market cap rate is based on CoStar proprietary model that is based on both sales transaction cap rates and modeled cap rates based on characteristics of compararable properties in the geographic area.
Data may not be available for some markets or property types.
For information about this report, email [email protected]altor.
Visit NAR's Commercial Research webpage at
https://www.nar.realtor/research-and-statistics/research-reports/commercial-research
The area has lower absorption than nationally
Less deliveries relative to inventory than nationally
The area has stronger absorption than nationally
More delivered space relative to inventory than nationally
Cap rates are higher than nationally
The area has a lower vacancy rate than nationally
Cap rates are higher than nationally
Construction activity is slower than nationally
The area has stronger retail trade job creation than nationally
Relatively fewer units delivered than nationally
Rents are rising faster than nationally
Rents are rising faster than nationally
The area has lower vacancy rate than nationally
Warner Robins, GA