This is our first US Commercial Property Metros Chart Book, which forms part of a set of publications that extends our existing analysis to a wider set of metros. As well as greater coverage of office and apartment metro markets, this publication also includes coverage of major industrial markets.
Data from Q4 show that the factors driving metro-level winners and losers varied significantly by sector. For offices, rents in major coastal markets continued to fall, whereas Boston and San Diego benefitted from investors’ desire for life sciences assets. On the other hand, apartment performance was strongest in some of the previously hardest-hit markets, including NYC and Boston, both of which we expect to perform well in early 2022. And in the industrial sector, while all markets performed well, LA and Riverside led the pack last year as demand for space close to the ports of Long Beach and Los Angeles pushed vacancy rates to all-time lows and investors, much like us, began to price in rapid future rental growth.
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