Onsite Coverage: Vacancy Space by Region Shows Patterns
PORTLAND, Ore. — Apartment, office, industrial and retail vacancies are most prevalent in cities such as Las Vegas, Detroit and the Dallas-Fort Worth region.
Providing an economic outlook on commercial real estate, John Chang vice president of research services at Marcus & Millichap Real Estate Investment Services, the bottom five areas for retail vacancies were Dallas, Indianapolis, Phoenix, Cleveland and Cincinnati as of the second quarter. The top five were San Francisco, San Diego, Washington, Los Angeles and Boston.
The top five apartment vacancy cities were New York, Minneapolis, San Jose, Calif., Portland, Ore. and San Diego. Phoenix, Atlanta, Tucson, Ariz., Houston and Jacksonville, Fla. made the top five bottom list.
Meanwhile, the top five industrial vacancy cities were Salt Lake City, Denver, San Francisco, Los Angeles and St. Louis. The bottom five was Sacramento, Charlotte, N.C., Las Vegas, Atlanta and Detroit.
Chang shared the data at CU Business Group’s Business Services Conference Monday. He suggested to attendees to continue to look to the metropolitan markets for opportunities but also consider sub markets within those areas.
Despite the hits in some parts of the countries, “commercial real estate is emerging from the recession. We’re seeing it across all property types,” Chang said.