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Commercial Market Insights June 2021 National Association of REALTORS® Research Group
Contents
The commercial real estate market continues to climb out Page
from the economic fallout of the COVID-19 pandemic. 3 Economic Conditions
Commercial real estate acquisitions during January through
May 2021 rose 1% compared to one year ago as investors 5 Overview
acquired multifamily properties, hotels, and seniors
housing. 7 Multifamily
However, acquisitions of office, retail brick-and-mortars, 8 Office
and even industrial properties fell below their levels one
year ago. Investors continue to shy away from office 9 Industrial
acquisitions, with about half of tech workers still working
from home and as businesses continue to assess their 10 Retail
workstyle policies. Investor interest for retail properties
remains tepid as e-commerce sales continue to make 11 Hotel
inroads into the brick-and-mortar retail sales market.
Commercial real estate prices continued to firm up on a
broad level, with prices now just 1% below year-ago levels,
after falling by as much as 10% one year ago. Cap rates
have continued to compress downwards by about a
percentage point from one year ago, with the lowest cap
rate in multifamily property acquisitions.
NAR Research anticipates that commercial transactions will
continue to improve in 2021 and even more strongly in
2022, with the population practically vaccinated by the end
of summer 2021, as more businesses increase their
operating capacity, travel resumes, more workers start
heading back to the office, and consumers spend some of
their savings on leisure and recreation and personal
services.
Enjoy reading the latest issue!
www.nar.realtor/research-and-statistics
1Economic Conditions
14.1 million payroll generated from May 2020-April 2021
with 8.2 million jobs to recover
The economy continues to recover and jobs are coming 14.7 Million Payroll Jobs Created With 7.6 Million
back, although at a modest pace compared to the third Lost Jobs to Recover as of May 2021
quarter surge. As of May 2021, the economy has gained
14.7 million jobs, or 75% of the 22.4 million jobs lost 155 152.5
during March and April 2020. There are 7.6 million 150
nonfarm payroll jobs still to be recovered. 145 144.3
In millions
140
About 33% of the 7.6 million jobs to still recover are in 135
130
leisure and hospitality, followed by the government sector 130.2
125
(local), health care and social assistance, professional and 120
businesses services, and manufacturing, which each have 115
lost over 500,000 jobs. Only the finance and insurance
Sep/2019
Sep/2020
Nov/2019
Nov/2020
Jul/2019
Jul/2020
Jan/2019
Jan/2020
Jan/2021
May/2019
May/2020
May/2021
Mar/2019
Mar/2020
Mar/2021
industry had job gains.
While jobs are coming back, only 10% of metro areas
have more jobs as of May 2021 compared to February
Source: BLS Establishment Survey
2020.
Nonfarm Payroll Jobs Lost since February 2020 as of
May 2021
-2,538 Leisure & Hos pitality
-1,167 Govern ment
-765 Health Care & Social Ass is tance
-708 Profes sional & Business Services
-509 Man ufacturing
-411 Retail Trade
-353 Other Services
-293 Educational Services
-225 Con struction
-211 Wholesale Trade
-193 Information Services
-100 Tran sportation & W arehousing
-97 Real Estate, Rental & Leasing
-76 Min ing and Loggin g
-7 Utilities
23 Finance and Insu rance
Source: BLS Establishment Survey
5Economic Conditions
r
17% of the workforce still working from home
Workers are slowly trickling back to the office. As of April,
16.6% of workers teleworked, down from a peak of 35%, but
still about thrice the 5.7% share in 2019. Among computer and
Percent of Employed Who Teleworked
Workers 16 years old and over
Computer and mathematical
mathematical workers, 55% are teleworking, about five-fold
from the 12% share in 2019. The fraction is likely to continue 55
to decline as more people get vaccinated by the end of
summer, but it seems more likely that a fraction of workers will
work from home compared to before the pandemic with
16.6
companies providing a flexible working environment as one
way to attract workers.
Feb-21
2019
20-May
1-Nov
1-Sep
1-Oct
1-Aug
Jan-21
20-Jun
20-Jul
May-21
1-Dec
Mar-21
Apr-21
56% of small businesses operating at higher capacity as of
June 19, 2021
As the economy continues to recover, a businesses are starting Source: BLS COVID-19 Supplemental Survey
to operate at higher capacity. As of the week of June 19, 56%
of small businesses were operating at higher capacity Percent of Small Businesses Operating at
compared to one year ago as COVID-19 cases started to Higher Capacity Compared to One Year Ago
accelerate. 60.0
55.0 56.0
Inflation surged to 5% in May due to uptick in energy and 50.0
transportation prices 45.0
40.0 38.9
The inflation rate (all items) surged to 5% in May 2021 due to 35.0
rising energy and transportation prices, with people starting to 30.0
12/Sep/2020W
26/Sep/2020W
20/Feb/2021W
12/Jun/2021W
21/Nov/2020W
05/Dec/2020W
19/Dec/2020W
10/Oct/2020W
02/Jan/2021W
03/Apr/2021W
17/Apr/2021W
29/May/2021W
06/Mar/2021W
20/Mar/2021W
15/Aug/2020W
29/Aug/2020W
go travel. Energy commodities (fuel) rose 54.5%, used cars and
trucks rose 29.7%, motor vehicle insurance rose 17%, and
airline fare rose 24%. Core inflation rate, which strips out
prices of food and energy, also rose to 3.8%.
The Federal Open Market Committee has maintained that the Source: US Census Bureau Small Business Pulse Survey
uptick in inflation is due to transitory factors, due to a
temporary surge in spending, and has kept the federal funds
Inflation is Rising as Spending Recovers
rate to a range of 0 to 25 basis points. It has adopted an
average inflation target of 2% so inflation can run a higher than
2% in the coming months given the low inflation rate in the Headline inflation 24-month rolling
past year. Over a 2-year rolling window, the average inflation 6.0
rate (headline) averaged 1.6%. 5.0 5.0
4.0
3.0
2.0
1.6
1.0
0.0
Sep/2019
Sep/2020
Nov/2019
Nov/2020
Jul/2019
Jul/2020
Jan/2019
Jan/2020
Jan/2021
May/2019
May/2020
May/2021
Mar/2019
Mar/2020
Mar/2021
US Census Bureau
3Commercial Market Overview
Commercial sales transactions during Jan-May 2021 rose 1% Commercial Acquisitions of Hotel Properties or
from year-ago level Portfolios $2.5M or over
$7
Commercial real estate acquisitions are continuing to recover
Billions
$6
even if slowly due to a weak office market and a surprising
$5
decline in acquisitions for industrial properties. During
January—May 2021, acquisitions were up year a modest 1% $4
compared to year-ago levels. $3
$2
The apartment market is emerging as this year’s strongest asset $1 $1.0
class. The dollar volume of apartment transactions from $-
January-May 2021 rose 24% and this accounts for the largest
'19Jul
'20Jul
'19Nov
'20Nov
'19Sep
'20Sep
'19Mar
'20Mar
'21Mar
'19May
'20May
'21May
'19Jan
'20Jan
'21Jan
deal volume, at $62.9 billion. Acquisitions for hotel and seniors
housing and health care also increased but the deal volumes
are small, each at below $10 billion. Investors have been Full-service Limited service All
acquiring some hotels for conversion into multifamily housing
Source: Real Capital Analytics
as documented in NAR’s Case Studies on Repurposing Vacant
Hotels/Motels into Multifamily Housing.
YTD '21
However, year-to-date, acquisitions of office, retail, and Vol ($b) YOY Cap Rate
industrial properties were down from one year ago. Investors Office 33.9 -15% 6.5%
continue to shy away from office acquisitions as working from 15.9 -7% 6.5%
Retail
home appears to be emerging as part of the new office
workstyle. Investor interest for retail properties remains tepid Industrial 35.4 -14% 5.9%
as e-commerce sales continue to make inroads into the brick- Hotel 9.1 72% 8.5%
and-mortar retail sales market. Surprisingly, acquisitions of 62.9 24% 5.0%
Apartment
industrial properties declined, but this could be a reflection of
Snr Hsg & Care 5.6 19% 5.5%
industrial property owners wanting to hold on to their current
portfolio rather than a lack of investor interest for acquiring Dev Site 7.0 -20%
industrial assets. Total 169.9 1%
Real Capital Analytics
Commercial real estate prices, just down 1%% since January
2020
Percent Change in Commercial Property Prices
Commercial real estate prices continue to firm up. As of May vs. Jan 2020
2021, the Green Street Commercial Price Index, an appraisal- 0.0%
-0.6%
based index of high-quality properties held by REITs, is now just -2 .0%
1% below the pre-pandemic level in January 2020. The index -4 .0%
fell by as much as 10% year-over-year in the second quarter of -6 .0%
2020. The Core Properties Index, comprised of multifamily, -8 .0%
office, industrial, retail properties, is down by just 0.6% from -1 0.0%
January 2020. -1 2.0%
Dec/202 0
May/202 0
May/202 1
Mar/ 2020
Mar/ 2021
Oct/2 020
Jan /2021
Jul/2020
Aug/2020
Apr/2020
Apr/2021
Nov/2020
Feb/2020
Sep/2020
Feb/2021
Jun/2020
GreenStreet All Property Index
GreenStreet Core Property Index
2Commercial Market Overview
Cap rates continue to compress
Cap Rates Less 10-Year T-Bond Rate
As prices continue to firm up, cap rates continue to
9.0%
compress. Acquisitions for apartment properties had the
8.0%
lowest risk spread (cap rate less 10-year T-note) at 3.4% 7.0% 6.8%
(4.6% one year ago), followed by industrial acquisitions, 6.0%
at 4.2% (5.4% one year ago). Hotel acquisitions had the 5.0% 4.9%
highest risk spread at 6.8% (8% one year ago). For office 4.0% 4.2%
acquisitions, the risk-adjusted cap rate was 4.9% (5.8% 3.0% 3.4%
one year ago). The risk-adjusted cap rates for retail 2.0%
properties has also declined to 4.9% (5.9% one year ago). 1.0%
0.0%
As of May, the 10-year T-bond (risk-free rate) was 1.62%.
Jun-03
Jun-20
Sep-07
Feb-09
Jul-10
Nov-04
Oct-14
Dec-11
Jan-02
Jan-19
May-13
Mar-16
Aug-17
Apr-06
Industrial and self-storage REITs have highest returns
The total return on REITs invested in various types of Apartment Industrial Retail
assets has turned from negative in 2020 to as of May Offi ce Hotel
2021, except for office REITs which continue to show a
total return of - 7% compared to January 2020 and
healthcare with a total return of -4.4%. The highest total Real Capital Analytics
returns (price and dividend) as of May 2021 relative to
January 2020 were in self-storage (37%), industrial (26%),
and infrastructure (20%).
Total Return (%) of Equity REITS as of May 2021
CMBS delinquency rates continue to decline Compared to January 2020
50.0%
As the economy continues to recover, delinquency rates 40.0%
36.5%
continue to fall to 6.2% in May 2021. The highest loan 30.0%
26.2%
delinquencies are In lodging, at 14.2%, and the lowest was 20.0% 20.1%
10.0%
industrial, at less than 1%. 4.4%
0.0%
-10.0% -6.8%
-20.0%
-30.0%
-40.0%
-50.0%
-60.0%
Jun-20
Feb-20
Feb-21
Oct-20
Dec-20
Aug-20
Apr-20
Apr-21
CMBS Marked as 30 Days + Delinquent as of
May 2021
All Industrial Lodgi ng office industrial
Mult ifamily Offi ce Retail retail apt
30
lodging healthcare
25
self-storage Infrastructure
20
15 14.22
10 10.66 Source: Nareit
6.16
5 2.12
0 1.92
0.79
Sep-19
Sep-20
Jul-19
Jul-20
Nov-19
Nov-20
Jan-19
Jan-20
Jan-21
May-19
May-20
May-21
Mar-19
Mar-20
Mar-21
3
Source: TreppMultifamily
Multifamily acquisitions for low-rises outpace mid/high-rises
Acquisitions for multifamily properties of $2.5 million rose Apartment Sales Transactions Volume of $2.5M
24% in the first four months of the year from one year ago. or Over (in Billion $)
Garden Mid/highrise All
Acquisitions of garden or low-rises (less than four flours) rose
$35
at a stronger pace of 28% to $44 billion, while acquisitions for
Billions
$30
mid-rises rose 14% to $19 billion. Garden or low-rises are
$25
usually in the suburbs, so this indicates a stronger demand for
$20
multifamily housing in the suburbs than in the central
$15
business districts. The share of garden or low-rises has been
$10
rising since 2012, to 79% of the total number of property
$5
acquisitions as of May 2021.
$0
'19Jul
'20Jul
'19Nov
'20Nov
'19Sep
'20Sep
'19Mar
'20Mar
'21Mar
'19May
'20May
'21May
'19Jan
'20Jan
'21Jan
However, mid-rises are still fetching a lower cap rate (higher
prices) than garden/low-rises. Cap rates have fallen for both
garden and mid/high-rises since the beginning of the year but
were essentially unchanged in May from April.
Los Angeles, Dallas, Phoenix, Atlanta, and Chicago were the Share of Garden/Low-rise Apartment Sales to
markets with the most sales transactions year-to-date through Total Apartment Sales
May 2021.
0.95
0.9
0.85
0.8 79%
0.75
Most Active Multifamily Markets by Number 0.7
of Property Acquisitions Year-to-date
through May 2021
0.65
0.6
'02Oct
'09Oct
'16Oct
'06Apr
'20Apr
'04Jul
'11Jul
'18Jul
13Apr
'01Jan
'08Jan
Los Angeles 219 '15Jan
Dallas 141
Phoenix 131
Atlanta 102
Chicago 73
Houston 70
Denver 66
Cap Rates Less 10-Year Bond
San Diego 61 6.0%
Miami/Dade Co 56 5.0%
Boston 54
Minneapol is 4.0%
53 3.5%
NYC Boroughs 52 3.0% 3.1%
Manhattan 51 2.0%
No NJ 48
1.0%
Austi n 48
Tampa 46 5 0.0%
'05Jul
'12Jul
'19Jul
'07Nov
'14Nov
'06Sep
'20Sep
13Sep
'03Mar
'10Mar
'17Mar
'04May
'11May
'18May
'02Jan
'09Jan
'16Jan
Portland 45
Seattle 42
Charlotte 40
San Antonio 40 Garden/Low-rise Mid/high-rise
Source of data: Real Capital AnalyticsOffice
Investor demand remains weak with sales down in both CBD and suburban
markets
With businesses still strategizing on their work- from-home Office Sales Transactions of $2.5M or Over as of
policies, acquisitions of office real estate properties or May 2021 (in Billion $)
portfolios of $2.5 million or over during January-May 2021
were 15% below the level one year ago. 20.0 Office - CBD Office - Sub All
18.0
Year-to-date, acquisitions declined in both the central business 16.0
14.0
district areas (-18%) and in suburban areas (-15%). CBD areas
12.0
have accounted for 13% of the number of property acquisitions 10.0
compared to about 15% prior to the pandemic. 8.0
6.0
Cap rates are trending downwards, even if sales remain soft, 4.0
2.0
signifying that investors are still cherry-picking. Cap rates 0.0
averaged 4% for CBD acquisitions and 5.1% for acquisitions in
'19Mar
'20Mar
'21Mar
'19May
'20May
'21May
'19Ju l
'19Sep
'20Ju l
'20Sep
'19Nov
'20Nov
'19Jan
'20Jan
'21Jan
suburban markets, with rates essentially unchanged in May
from April.
Los Angeles, Dallas, Atlanta, Boston, and Seattle had the most
office property investor deals year-to-date through May 2021.
Share of CBD Office Property Sales to Total
The only gateway city in the top 5 is Boston where the demand
Sales
for office space is being driven by life sciences companies.
30%
25%
20%
15%
13%
Most Active Office Markets by Number of 10%
Property Acquisitions Year-to-date through 5%
May 2021
0%
'15Mar
'02Jun
'19Jun
'12May
'09Jul
'06Sep
'08Feb
13Oct
'03Nov
'20Nov
'01Jan
'18Jan
'10Dec
'16Aug
'05Apr
Los Angeles 81
Dallas 61
Atlanta 58
Boston 56
Seattle 54
Phoenix 51
San Jose
Cap Rates Less 10-Year Bond Rate
41
San Diego 35
No NJ 34 CBD Suburban
Denver 32 7.0%
Houston 30 6.0%
Sal t Lake City 30
Broward 5.0% 5.1%
28
Miami/Dade Co 27 4.0% 4.0%
Manhattan 26 3.0%
Tampa 25
2.0%
Austi n 24
Orange Co 24 1.0%
Phil adelphia 23 0.0%
East Bay 23
'06Sep
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'05Jul
'12Jul
13Sep
'19Jul
'07Nov
'14Nov
'03Mar
'10Mar
'17Mar
'04May
'11May
'18May
'02Jan
'09Jan
'16Jan
Source of data: Real Capital Analytics
7Industrial
Exceeding pre-pandemic activity
Acquisitions of industrial properties of $2.5 million or over rose Industrial Sales Transactions of $2.5M or Over
70% in May 2021 and totaled $5.3 billion, as acquisitions as of May 2021 (in Billions $)
increased for both flex (55%) and warehouse (76%). $30
$25
The industrial sector is operating above pre-pandemic levels $20
and remains in high demand amongst investors as warehouses $15
continue to be the focal point of deal activity capturing 77% of
$10
all industrial deal volume in May.
$5
The average cap rate among industrial acquisitions remains $-
Sep-03
Sep-07
Sep-11
Sep-15
Sep-19
essentially unchanged year-to-date at 5.9% as warehouse cap
Jan-01
Jan-05
Jan-09
Jan-13
Jan-17
Jan-21
May-02
May-06
May-10
May-14
May-18
rates remain unmoved at 5.8%. Conversely, flex space cap
rates marginally decreased to 6.0% which means flex prices are
tightening up. Flex Vol ume Warehouse Volume
Source: NAR analysis of RCA data
Industrial average price per square foot increased in May
across industrial property transactions with the warehouse
avg. psf increasing $8 from the prior month towards $108 in Industrial Property Cap Rates
May and flex space increasing from $148 to $162.
0.15
YTD through May 2021, the most active markets with respect
to industrial property acquisitions were Los Angeles (34), 0.1
Atlanta (33), Boston (29), Chicago (23) and Orange Co. (22).
0.05
0
Sep-06
Feb-08
Jun-02
Jun-19
Jul-09
Nov-03
Nov-20
Dec-10
Oct-13
Jan-01
Jan-18
Apr-05
May-12
Mar-15
Aug-16
Most Active Industrial Markets by Number of Property
Flex Avg. Cap Rate Warehouse Avg
Acquisitions YTD through May 2021
Cap Rate
East Bay 8
Indianapolis 8
Denver 9
Detroit 9
Share of Industrial Warehouse Acquisitions to
Minneapol is 10 Total Acquisitions
Las Vegas 12 100.0%
Charlotte 13
No NJ 14 80.0%
Inland Empire 15
Phoenix 16 60.0%
Houston 18
San Diego 19 40.0%
Seattle 20
San Jose 20.0%
20
Dallas 20
0.0%
Orange Co 22
Jun-02
Jun-19
Sep-06
Feb-08
Jul-09
Nov-03
Nov-20
Dec-10
Oct-13
Apr-05
Jan-01
Jan-18
May-12
Mar-15
Aug-16
Chicago 23
Boston 29
Atlanta 33
Los Angeles 34
9Retail
YOY deal volume positive for 3rd consecutive month in May at 76%
Acquisitions of industrial properties of $2.5 million or over rose Retail Sales Transactions of $2.5M or Over as of
76% in May 2021, as acquisitions for centers increased May 2021 (in Billions $)
significantly (180%) and decreased for shops (-4%). $25
$20
The majority of retail acquisitions—69% — was for center
$15
space. While May’s share marks the 5th month of centers
having the majority of sales over the past 1 ½ years, investors $10
preference has not shift back to pre-pandemic trends quite $5
yet. Although transactions for this retail subtype rose 180% $-
year-over-year in May and had $2 billion in deal activity, a
Sep-06
Feb-08
Jun-02
Jun-19
Nov-03
Nov-20
Jul-09
Dec-10
Oct-13
Jan-01
Jan-18
May-12
Apr-05
Mar-15
Aug-16
large portion of the obstacle for transaction activity originates
from the sale of shopping centers as May deal volume is still
below pre-pandemic levels. Shops Volume Centers Volume
Source: NAR analysis of RCA data
The dramatic figures for not only centers but for retail in
general are not what they appear to be as they continue to
illustrate the difficult conditions of the past year. Retail Property Cap Rates
The average cap rate among shop and center acquisitions 0.1
remain essentially unchanged at 6.1% and 7.3% respectively 0.08
with all retail average cap rates holding steady at 6.5%.
0.06
YTD through May 2021, the most active markets with respect 0.04
to retail property acquisitions were Dallas (42), Atlanta (32),
0.02
Phoenix (32), Los Angeles (25) and Houston (23).
0
Sep-06
Feb-08
Jun-02
Jun-19
Nov-03
Nov-20
Jul-09
Dec-10
Oct-13
Jan-01
Jan-18
Apr-05
May-12
Mar-15
Aug-16
Shops Avg. Cap Rate Centers Avg
Cap Rate
Most Active Retail Markets by Number of Property Share of Retail Center Acquisitions to Total
Acquisitions YTD through May 2021 Acquisitions
Broward 8
San Diego 9 120.0%
Austi n 9
Inland Empire 100.0%
10
Denver 10 80.0%
Minneapol is 10
Seattle 11 60.0%
Tampa 11
Miami/Dade Co 11 40.0%
Boston 11 20.0%
Las Vegas 12
Charlotte 12 0.0%
Palm Beach Co 13
Sep-06
Feb-08
Jun-02
Jun-19
Jul-09
Nov-03
Nov-20
Oct-13
Dec-10
Jan-01
Jan-18
May-12
Mar-15
Aug-16
Apr-05
Orange Co 17
Chicago 21
Houston 23
Los Angeles 25
Phoenix 32
Atlanta 32
Dallas 42 10Hotel
Strong investor demand for hotels, especially full-service hotels
Acquisitions of hotel properties of $2.5 million or over rose Commercial Acquisitions of Hotel Properties or
72% in the first five months of 2021, as acquisitions Portfolios $2.5M or over
increased for both full-service (113%) and limited-service
$8
hotels (40%).
Billions
$6
Full-service hotels may be more attractive to investors
because they offer more revenue segments (convention $4
facilities, spas, restaurants/bars) and are likely to do well
once personal and business travel picks up. On the other $2
$1.5
hand, limited service hotels are attractive for investors $0.6
$-
seeking to convert these hotels for multifamily housing as
'19Jul
'20Jul
'19Nov
'20Nov
'19Sep
'20Sep
'19Mar
'20Mar
'21Mar
'19May
'20May
'21May
'19Jan
'20Jan
'21Jan
documented in NAR’s Case Studies on Repurposing Vacant
Hotels/Motels into Multifamily Housing.
Full-service Limited service All
The share of full-service hotels to total
Cap rates spiked up during the height of the pandemic but
are falling again, especially for full-service hotels. The
average cap rate among full-service hotel has fallen to 5.3%
Share of acquisitions of full-service hotels to
as of May 2021, while the average cap rate among limited-
total hotel property acquisitions
service acquisitions was 7.1%
100%
Dallas, Houston, Los Angeles, Phoenix and Orange County 90%
had the most hotel acquisition deals year-to-date through 80%
70%
May 2021.
60%
50%
40%
30%
21%
20%
10%
Most Active Hotel Markets by Number of Property 0%
Acquisitions Year-to-date through May 2021
'07Nov
'18Nov
'05Feb
'09Sep
'16Feb
'20Sep
'12Jun
'11Jul
'10Aug
'08Oct
'19Oct
'15Mar
'14Apr
13May
'06Dec
'17Dec
'06Jan
'17Jan
Dallas 26
Houston 23
Los Angeles 18
Cap Rate Less 10-Year Bond Rate
Phoenix 16
Orange Co 14 10.0%
Miami/Dade Co 11
Orlando 8.0%
11 7.1%
San Antonio 11 6.0%
Sacramento 11 5.3%
Chicago 10 4.0%
Tampa 10 2.0%
Inland Empire 10
Seattle 10 0.0%
Austin
'16Nov
'07Feb
'14Sep
'20Feb
'11Jun
'12Jul
'15Oct
'10May
13Aug
9
'09Apr
'17Dec
'08Mar
'21Mar
'06Jan
'19Jan
Portland 9
San Jose 9
DC VA burbs 8 Full-service Limited service
Boston 8
Atlanta 8
Denver 8 Source of data: Real Capital AnalyticsCOMMERCIAL MONTHLY INSIGHTS REPORT June 2021 LAWRENCE YUN, PhD Chief Economist & Senior Vice President for Research GAY CORORATON Senior Economist & Director of Housing and Commercial Research BRANDON HARDIN Research Economist MEREDITH DUNN Research Manager Download report at https://www.nar.realtor/commercial-market-insights Download other NAR Commercial reports at Commercial Research ©2021 National Association of REALTORS® All Rights Reserved. May not be reprinted in whole or in part without permission of the National Association of REALTORS®. For question about this report or reprint information, contact data@realtors.org.
The National Association of REALTORS® is America’s largest trade association, representing more than 1.4 million members, including NAR’s institutes, societies and councils, involved in all aspects of the real estate industry. NAR membership includes brokers, salespeople, property managers, appraisers, counselors and others engaged in both residential and commercial real estate. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics. Working for America's property owners, the National Association provides a facility for professional development, research and exchange of information among its members and to the public and government for the purpose of preserving the free enterprise system and the right to own real property. NATIONAL ASSOCIATION OF REALTORS® RESEARCH GROUP The Mission of the NATIONAL ASSOCIATION OF REALTORS® Research Group is to produce timely, data- driven market analysis and authoritative business intelligence to serve members, and inform consumers, policymakers and the media in a professional and accessible manner. To find out about other products from NAR’s Research Group, visit www.nar.realtor/research-and-statistics 500 New Jersey Avenue, NW Washington, DC 20001 202.383.1000
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