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How Did Commercial Real Estate Perform in 2Q 2021?

August 9, 2021 by Marcus & Millichap Research Services

Strong Demand Drivers Deliver Impressive 2Q CRE Performance

Underlying Demand Drivers Bolster CRE Performance

  • Economic growth and job recovery unlocking pent-up household formation and consumer spending
  • National housing shortage and aging Millennial population likely to maintain rental market momentum
  • Retail spending rising; holiday season expected to further boost spending and demand for warehouse space

Commercial Real Estate Already Reaping Benefits in 2Q

  • In 2Q, Apartment sector saw record unit leasing activity and its greatest quarterly rent growth since 1999
  • Industrial vacancy fell to 5.0% despite adding 60M sq.ft.; outlook remains strong as eCommerce drives sector
  • Subdued construction and conversion of some vacant space helped Retail vacancy fall for first time in 3 years

Recovery Underway, But Potential Headwinds Linger

  • Office absorption was positive for first time since 1Q 2021, but vacancy rate still in line with Financial Crisis peak
  • Outlook highly dependent on return to office; rising COVID cases could further delay timeline to return

*As of 2Q 2021
Sources: Marcus & Millichap Research Services, RealPage, Inc., CoStar Group, Inc.

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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2020 Marcus & Millichap and Limon Net Lease Group

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