MARKET REPORT

MULTIFAMILY
North Carolina Metros Q2/19
Rent Growth Surges in North Carolina as
Development Fades Multifamily 2019 Forecast

Y-O-Y Average
Construction cycle peak behind largest North Carolina metros. De- Metro Vacancy Basis Point Effective Y-O-Y
Change
velopers are slowing the pace of supply additions, which should support Change Rent
tighter vacancy in Charlotte and Raleigh. Greensboro, on the other hand,
requires stronger demand-side fundamentals to reverse course. Core Charlotte 4.9% -10 $1,165 5.8%
locations remain the primary focus for construction firms due to strong
demand and higher rents that justify elevated building costs. Additionally,
Raleigh 5.0% -10 $1,160 5.0%
the extended development timelines for high-rise projects have pushed
some projects that broke ground during the cyclical peak into 2019
completions. Two of the largest developments slated for completion this Greensboro/
5.3% 30 $861 5.4%
year, Bradham at New Bern and Uptown 550 in Charlotte, which account Winston-Salem
for more than 800 units in buildings over six stories, broke ground in the
second half of 2017 and are coming online in the second quarter.

Employment growth driving apartment demand. Charlotte boasts

Investment Trends
the brightest job market in the state as payrolls expand well above the
national rate. The metro’s business-friendly environment and access
Charlotte
to financial institutions is encouraging local firms to hire. Accounts • Class A assets trade more frequently in the metro as debt funds take
payable process firm AvidXchange, for example, is creating 1,200 spots a more active role at the top of the market. Local and out-of-state
in a headquarters expansion. Raleigh’s economic expansion is closer to buyers will retain an active position this year.
the national rate, though sufficient job growth from Amazon and Pendo,
• Attractive spreads between average cap rates and interest rates
which are adding 1,500 and 600 positions, respectively, will result in pos-
generate investor demand in Charlotte. First-year returns near 6
itive net absorption though the end of the year. Conditions in Greens-
percent provide buyers ample motivation, particularly at a time when
boro, meanwhile, are sufficiently tight to support healthy rent growth in
rent growth is surging.
the market.

Raleigh
• Core listings in Raleigh and Durham draw investors to metro, as do
Local Apartment Yield Trends some high-profile job additions in the Research Triangle. Buyers
will also target apartments near the metro’s several colleges and
Apartment Cap Rate 10-Year Treasury Rate
universities, including the University of North Carolina.
12%
• Although declining construction may hamper deals in the Class A
sector, listings should garner strong interest. Class B/C trades will
9%
remain robust and could eclipse 2018 levels absent a measurable rise
in interest rates.
Rate

6%

3%
Greensboro/Winston-Salem/High Point
0% • Rising entry prices have not reached a level that would discourage
* 01 03 05 07 09 11 13 15 17 19*
buyers from remaining active in the metro, especially for Class B and
Class C assets.

Sales Trends • Average cap rates are compressing, bucking a national trend that has
* Cap rate trailing 12-month averageSales
through 1Q; Treasury
Pricerate as of March 29
Growth seen relative stable first-year returns.
Includes sales $1 million and greater for Charlotte, Raleigh, Greensboro/Winston-Salem/High Point
er Unit (000s)

Sources: CoStar$160
Group, Inc.; Real Capital Analytics 30%
Year-over-Y

$120 15%
 CHARLOTTE

1Q19 – 12-Month Period

Employment Trends Local Apartment Yield Trends

EMPLOYMENT
Metro United States Apartment Cap Rate 2.4% increase in totalRate
10-Year Treasury employment Y-O-Y
6%
12%
• Over the past year, employers in Charlotte added 29,200 positions
Year-over-Year Change

3% across the metro. The unemployment rate has continued to

9%
compress, falling into the low 3-percent range.

Rate
0%
6% • Job growth is healthy across a broad range of white- and blue-
collar industries. Professional and business services expanded by
-3% 3%
8,300 spots over the last 12 months, while leisure and hospitality
-6% reported 5,600 new spots.
0%
09 10 11 12 13 14 15 16 17 18 19* 01 03 05 07 09 11 13 15 17 19*

Completions and Absorption Sales TrendsCONSTRUCTION

Completions Absorption Sales Price Growth
7,100 units completed Y-O-Y
Average Price per Unit (000s)

$160 30%
12

Year-over-Year Growth
• In the 12-month period ending in the first quarter, 7,100 units
Units (000s)

$120 15%
9 were added to supply, lifting inventory 4.0 percent. Development is
$80
retreating from a cyclical peak. 0%
6
• New construction inches modestly lower this year as 6,900
$40 -15%
3 apartments are introduced, including 400 units at the 500 West
Trade project in the heart of the metro. Last year, 7,100 apartments
0 $0 -30%
09 10 11 12 13 14 15 16 17 18 19* 09 10 were
11 completed.
12 13 14 15 16 17 18 19*

Vacancy Rate Trends

Metro United States VACANCY
12%
0 basis point change in vacancy Y-O-Y
10%
Vacancy Rate

• Marketwide vacancy was flat year over year after the rate ticked
up 30 basis points in the first quarter to 5.3 percent. In the
8%
previous 12-month period, vacancy climbed 30 basis points.

6% • A shortage of housing in the Class C segment remains evident as

vacancy tightened 50 basis points year over year to 3.7 percent.
4% Class B vacancy ticked up 10 basis points to 5.6 percent.
09 10 11 12 13 14 15 16 17 18 19*

Rent Trends
Monthly Rent Y-O-Y Rent Change
RENTS:
$1,200 10%

6.1% increase in the average effective rent Y-O-Y

Year-over-Year Change
Monthly Effective Rent

$900 5%
• Average rent growth posted the strongest annual gain since mid-
$600 0% 2016 as market demand helped it jump 6.1 percent to $1,116 per
month. In the previous year, gains were 3.8 percent.
$300 -5%
• Strong demand in low-rent submarkets Mooresville-Statesville
$0 -10% and Gaston County supported an effective rent growth of 8.9
09 10 11 12 13 14 15 16 17 18 19*
percent and 7.7 percent, respectively.

* Forecast
Sources: Marcus & Millichap Research Services; CoStar Group, Inc
Demographic Highlights

Five-Year Population Growth* 1Q19 Population Age 20-34 1Q19 Median Household Income
(Percent of total population)
253,500 $63,894
Metro 21% Metro

U.S. Median $64,259

U.S. 21%

1Q19 Total Households

Five-Year Household Growth* Population of Age 25+ Rent 29%

Percent with Bachelor’s Degree+**
122,000
Metro 32% Own 71%
U.S. Average 30%
* Forecast ** 2018-2023

SUBMARKET TRENDS SALES TRENDS

Transaction Velocity Rises as Institutional and
Employment Trends Local Apartment Yield Trends
Lowest Vacancy Rates 1Q19 Private Buyers Increase Presence
Apartment Cap Rate 10-Year Treasury Rate
Metro United States
6%
Y-O-Y Average
• Deal flow inched higher during the most recent 12-month period as
Vacancy Y-O-Y % 12%
Submarket Basis Point Effective investors flocked to the metro in search of yields. The largest increase
Year-over-Year Change

Rate Change
Change Rent
3% was in the Class A sector.
9%

Gaston County 3.4% -170 $932 7.7% • An increase in top-tier deals lifted the average price per unit
Rate

0%
approximately
6% 9 percent to $117,000 per unit.

Concord-Kannapolis-Salisbury
-3% 4.1% -30 $940 6.8% Outlook: As capital
3%
scours the country in search of available assets, Char-
lotte properties will garner significant attention. Average cap rates near 6
-6% percent is a significant
0% motivator.
Huntersville-Cornelius 09 10 4.3%
11 12 -140
13 14 15$1,157
16 17 7.0%
18 19* 01 03 05 07 09 11 13 15 17 19*

Mooresville-Statesville 4.5% -40 $975 8.9%

Completions and Absorption Sales Trends
Completions 0 Absorption Sales Price Growth
East Charlotte 4.6% $971 5.3%
Average Price per Unit (000s)

$160 30%
12
Year-over-Year Growth

Matthews-Southeast Charlotte 5.2% -20 $1,165 5.2%

Units (000s)

$120 15%
9

Myers Park 5.3% -70 $1,297 3.2% $80 0%

6

3 $40 -15%
North Charlotte 5.4% 90 $1,093 6.9%

0 $0 -30%
09 10 11 12 13
Uptown-South End 5.4% -40 14 15 16
$1,616 17 18
3.9% 19* 09 10 11 12 13 14 15 16 17 18 19*

Overall Metro 5.3% 0 $1,116 6.1%

Vacancy Rate Trends * Trailing 12 months through 1Q19
Pricing trend sources: CoStar Group, Inc.; Real Capital Analytics
Metro United States
12%
 RALEIGH

1Q19 – 12-Month Period

EMPLOYMENT
Employment Trends Local Apartment Yield Trends
Metro United States 2.1% increase
Apartment Cap Rate in total
10-Year Treasury employment Y-O-Y
Rate
8%
12%
• Employment growth slowed in the past 12 months when just
Year-over-Year Change

4% 10,000 positions were created. An unemployment rate in the low-

9%
3 percent range is acting as an impediment to employers searching
for workers.

Rate
0%
6%

• The educational and health services and professional and

-4%
3%
business services sectors were bright spots for the market,
-8%
contributing a collective 5,300 spots.
0%
09 10 11 12 13 14 15 16 17 18 19* 01 03 05 07 09 11 13 15 17 19*

Completions and Absorption Sales Trends CONSTRUCTION

Completions Absorption Sales Price Growth
5,400 units completed Y-O-Y
Average Price per Unit (000s)

$140 50%
8

Year-over-Year Growth
• The pace of development hovered near the cyclical peak in the
Units (000s)

$105 25%
6 past year as 5,400 units came online. The Northwest Durham-
$70 Downtown submarket received 1,2000% units , while North Cary-
4
Morrisville’s inventory increased by 1,600 apartments.
2 $35 -25%
• Construction falls to 3,900 units this year, representing a 2.4
0 $0
percent increase to inventory. Development
-50%
declines to the lowest
09 10 11 12 13 14 15 16 17 18 19* 09 10 level
11 12in 2013
13 14 years.
15 16 17 18 19*

Vacancy Rate Trends

Metro United States VACANCY
10%

40 basis point decrease in vacancy Y-O-Y

8%
Vacancy Rate

• Year over year, the vacancy rate declined 40 basis points to 5.6
6% percent. In the first quarter, the rate increased 50 basis points
due to the soft winter renting season.
4%
• Vacancy finishes the year at 5 percent, down 10 basis points from
year-end 2018. Class A vacancy, which has trended higher than
2%
09 10 11 12 13 14 15 16 17 18 19* Class B/C apartments, should close the gap as construction slows.

Rent Trends
Monthly Rent Y-O-Y Rent Change

$1,200 10% RENTS:

4.9%
Year-over-Year Change
Monthly Effective Rent

$1,000 5% increase in the average effective rent Y-O-Y

• In the first quarter, the average effective rent was $1,115 per
$800 0%
month, up 4.9 percent annually. Rent growth for 2019 will climb
$600 -5% to 5.0 percent, with the average rent ending at $1,160 per month.

• Class B apartments have enjoyed the strongest rent hikes over the
$400 -10%
09 10 11 12 13 14 15 16 17 18 19* past 12 months, eclipsing 5 percent. Class C rents were the largest
drag on the market in the last 12 months.

* Forecast
Sources: Marcus & Millichap Research Services; CoStar Group, Inc
Demographic Highlights

Five-Year Population Growth* 1Q19 Population Age 20-34 1Q19 Median Household Income
(Percent of total population)
245,700 $72,095
Metro 22% Metro

U.S. Median $64,259

U.S. 21%

1Q19 Total Households

Five-Year Household Growth* Population of Age 25+ Rent 41%

Percent with Bachelor’s Degree+**
109,200
Metro 44% Own 59%
U.S. Average 30%
* Forecast ** 2018-2023

SUBMARKET TRENDS SALES TRENDS

Investors Ramp Up Activity in All Property Classes
Lowest Vacancy Rates 1Q19
Employment Trends Over the Past Local
Year Apartment Yield Trends
Metro United States Apartment
• In the most recent Cap Rate
12-month period, deal10-Year Treasuryby
flow jumped Rate
double digits
Y-O-Y Average
Vacancy Y-O-Y %
Submarket 8%
Rate
Basis Point Effective
Change
in Raleigh-Durham.
12%
The largest increase was in the Class A sector,
Change Rents
though only a handful of properties traded.
Year-over-Year Change

4%
Chapel Hill-Carrboro 4.9% -160 $1,158 3.6% • The average9%price per unit is approaching $133,000 per unit due to
strong investor demand. Average cap rates compressed modestly into
Rate

0%
the mid-5 percent
6% range.
Northwest Raleigh 4.9% -10 $1,079 3.8%
-4% Outlook: Core locations
3%
will continue to draw significant interest this year.
East Durham 5.1% -120 $1,043 12.0% Over the last 12 months, approximately 40 percent of the transactions
-8% were in the downtown
0% Raleigh and Durham areas.
09 10 11 12 13 14 15 16 17 18 19* 01 03 05 07 09 11 13 15 17 19*
Central Raleigh 5.2% -60 $1,138 3.4%

Southwest Durham Completions

5.2% and Absorption
-60 $1,060 4.8% Sales Trends
Completions Absorption Sales Price Growth
North Cary-Morrisville 5.3% -50 $1,179 4.1%
Average Price per Unit (000s)

$140 50%
8
Year-over-Year Growth

South Cary-Apex 5.4% -200 $1,137 5.3%

Units (000s)

$105 25%
6

Near North Raleigh 5.5% -50 $1,118 6.6% $70 0%

4

2 $35 -25%
Far North Raleigh 6.2% 20 $1,081 5.6%

0 $0 -50%
09 10 11 12 13 14 15 16 17 18 19* 09 10 11 12 13 14 15 16 17 18 19*
Overall Metro 5.6% -40 $1,115 4.9%

* Trailing 12 months through 1Q19

Pricing trend sources: CoStar Group, Inc.; Real Capital Analytics
Vacancy Rate Trends
Metro United States
10%
 GREENSBORO/WINSTON-SALEM/HIGH POINT

Current Trends 1Q19 – 12-Month Period

Employment Trends Local Apartment Yield Trends

EMPLOYMENT
Metro United States Apartment Cap Rate 0.7% 10-Year Treasury
increase Rate employment Y-O-Y
in total
6%
12%
• Approximately 4,600 jobs were created during the 12-month period
Year-over-Year Change

3%
9% ending in March. The pace of payroll expansion is expected to
hasten this year.

Rate
0%
6%
• Education and health service jobs accounted for nearly half of
-3% the new jobs created in past year. Construction and leisure and
3%
hospitality, meanwhile, generated a collective 3,000 spots in the
-6% 0% last 12 months.
09 10 11 12 13 14 15 16 17 18 19* 01 03 05 07 09 11 13 15 17 19*

Completions and Absorption Sales Trends

CONSTRUCTION
Completions Absorption Sales Price Growth

1,200 units completed Y-O-Y

Average Price per Unit (000s)

$100 30%
6

Year-over-Year Growth
• Over the past four quarters, builders brought 1,200 units online,
Units (000s)

$75 15%
4
relatively on par with the previous year. More than half of the
2
$50 new apartments were in the Burlington
0% submarket, while South
Greensboro received 300 units.
0 $25 -15%
• Builders will deliver 1,700 apartments to the market this year, lifting
-2 $0 supply 1.6 percent. The largest project
-30% added to inventory in 2019 is
09 10 11 12 13 14 15 16 17 18 19* 09 10 11 12 13 14 15 16 17 18 19*
the 340-unit Links Apartments.

Vacancy Rate Trends

12%
Metro United States
VACANCY
100 basis point decrease in vacancy Y-O-Y
10%
Vacancy Rate

• Renters absorbed 2,200 apartments over the last 12 months,

8% leading to a 100-basis-point decrease in vacancy to 5.2 percent.
Significant vacancy compression in High Point and West
6%
Greensboro fueled the decline.

4% • By year-end 2019, vacancy is anticipated to inch up to 5.3

09 10 11 12 13 14 15 16 17 18 19*
percent, up 30 basis points annually. Class C vacancy holds the
greatest potential for rate declines.

Rent Trends
Monthly Rent Y-O-Y Rent Change

$1,000 8% RENTS:
Year-over-Year Change
Monthly Effective Rent

$750 4% 7.1% increase in the average effective rent Y-O-Y

$500 0% • Over the past 12 months, average effective rent jumped to $831
per month, marking the largest annual gain during the current
$250 -4%
economic expansion.

$0 -8% • Gains in effective rent are anticipated to remain strong. The average
09 10 11 12 13 14 15 16 17 18 19*
surges to $861 per month this year, 5.4 percent higher than where the
average rested at the end of 2018.

*Forecast
Sources: Marcus & Millichap Research Services; CoStar Group, Inc
 Demographic Highlights

Five-Year Population Growth* 1Q19 Population Age 20-34 1Q19 Median Household Income
(Percent of total population)
77,800 $51,754
Metro 19% Metro

U.S. Median $64,259

U.S. 21%

1Q19 Total Households

Five-Year Household Growth* Population of Age 25+ Rent 29%

Percent with Bachelor’s Degree+**
51,300
Metro 27% Own 71%
U.S. Average 30%
* Forecast ** 2018-2023

SUBMARKET TRENDS SALES TRENDS

Attractive Yields Luring Regional Investors to the
Lowest Vacancy Rates 1Q19
Employment Trends Piedmont TriadLocal
Market
Apartment Yield Trends
Metro Y-O-Y United States
Average
• Similar to other North Carolina
Apartment Cap Rate metros, buyers
10-Yearincreased their
Treasury Rate
Vacancy Y-O-Y %
Submarket 6%
Rate
Basis Point Effective
Change
presence in the market during the most recent 12-month period. Class
Change Rents 12%
B properties recorded the largest rise.
Year-over-Year Change

3%
High Point 3.9% -330 $814 8.2% • Average per 9%unit prices remained on an upward trajectory in the past
year, rising to $86,000 per door. Cap rates compressed into the mid-6
Rate

0%
percent range.6%
North Winston-Salem 4.6% -70 $830 6.3%
-3% Outlook: Low entry costs in a rapidly growing state will continue to draw
3%
West Greensboro 4.6% -250 $864 5.6% local and regional capital to the metro.
-6% 0%
09 10 11 12 13 14 15 16 17 18 19* 01 03 05 07 09 11 13 15 17 19*
North Greensboro 5.0% -120 $808 10.1%

Burlington 5.5%
Completions 60 $893
and Absorption 6.3% Sales Trends
Completions Absorption Sales Price Growth
South Winston-Salem 5.6% -10 $807 6.7%
Average Price per Unit (000s)

$100 30%
6
Year-over-Year Growth

South Greensboro 6.4% -50 $819 6.5%

Units (000s)

$75 15%
4

Overall Metro 2 5.2% -100 $831 7.1% $50 0%

0 $25 -15%

-2 $0 -30%
09 10 11 12 13 14 15 16 17 18 19* 09 10 11 12 13 14 15 16 17 18 19*

* Trailing 12 months through 1Q19

Pricing trend sources: CoStar Group, Inc.; Real Capital Analytics
Vacancy Rate Trends
Metro United States
12%
 Atlanta Office: Michael Glass First Vice P
1Q19* Apartment Acquisitions CAPITAL MARKETS
Michael Fasano First Vice President/Regional Manager
michael.glass@marcusmillichap

1100 Abernathy Road N.E., Bldg. 500, Suite 600

By Buyer Type Atlanta, GA 30328
Cleveland Office:
5005 Rockside Road, Suite 800
By DAVID
(678) 808-2700G. SHILLINGTON, President,
| michael.fasano@marcusmillichap.com Independence, OH 44131
Other, 0.9% Cross-Border, 8.6% Marcus & Millichap Capital Corporation (216) 264-2000

• International pressures weigh on domestic outlook; FedColumbus remains Office:

230 West Street, Suite 100
Equity Fund patient. Amid ongoing trade disputes between the U.S. andColumbus, China OH 43215
& Institutions, 23.5%
and Office:
slowing growth throughout the European economy, the (614) 360-9800
global
Austin
economic outlook has become more cautious. Market volatility,
Craig Swanson Vice President/Regional Manager
Private, 64.1% combined
9600 North Mopac with mutedSuite
Expressway, sentiment,
300 has sponsored a flight toCincinnati
the safety Office:
Listed/REITs, 2.9% Austin, TX 78759
of Treasurys, pushing the 10-year yield below 2.6 percent. Colby While Haugness Regional
(512) 338-7800 | craig.swanson@marcusmillichap.com
domestic growth has moderated recently, the waning impact 600of the
Vine tax10th Floor
Street,
Cincinnati, OH 45202
cut stimulus will likely trim forward estimates further. As (513) a result, the
878-7700 | colby.haugness@
Apartment Mortgage Originations Fed has decided to cease reducing its balance sheet reduction through
By Lender quantitative tightening by September and removed the potential for
rate increases
Baltimore Office: through the remainder of the year. The bond market
Tim Speck First Vice Preside
100%
has begun to price in a much more dovish Fed, with flattening interest
tim.speck@marcusmillichap.com
Matthew Drane Regional Manager
rates refl
St.,ecting more caution. Fed officials will likely focusDallas
on the
Percent of Dollar Volume

Gov't Agency 100 E. Pratt Suite 2114 Office:

75%
Financial/Insurance intersection
Baltimore, MD 21202 of a global growth slowdown and continued labor market
5001 Spring Valley Road, Suite 1
Tel: (202) 536-3700 | matthew.drane@marcusmillichap.com Dallas, TX 75244
Nat'l Bank/Int'l Bank strength to refine their plans moving forward, keeping interest rates
(972) 755-5200
50%
Reg'l/Local Bank stable for the foreseeable future.
CMBS Fort Worth Office:
25% • Abundant liquidity sources balance conservative approach to
300 Throckmorton Street, Suite
Fort Worth, TX 76102
underwriting. The availability of debt for apartment assets remains
(817) 932-6100
Boston Office:
0% elevated, spurred by the recent pivot by the Federal Reserve. Sourcing
14 15 16 17 18 John
will Horowitz First ViceMae
be led by Fannie President/Regional
and Freddie Manager
Mac, in addition to a wide
100 High Street, Suite 1025
array
Boston, MAof02110
local, regional and national banks, and insurance companies.
* Trailing 12 months through 1Q19
(617) 896-7200 | tim.thompson@marcusmillichap.com
Loan-to-value (LTV) ratios are trending between 65 and 75 percent
Includes sales $2.5 million and greater Denver Office:
Sources: CoStar Group, Inc.; Real Capital Analytics
on stabilized properties. The decline in interest rates has rewidened
Skyler Cooper Regional M
the spread between cap rates and Treasurys, reducing lender 1225concerns
17th Street, Suite 1800
about the risks related to repayment and valuation at maturity. Denver, CO 80202
Charleston Office: (303) 328-2000 | skyler.cooper@
Development and value-add projects have seen more conservative
National Multi Housing Group
Benjamin
lending due Yelm to Regional
concerns surrounding overdevelopment and the length
Manager
John Sebree 151 Meeting Street, Suite 450
of the business
Charleston, SC 29401 cycle, leading to a greater use of alternative financing
First Vice President, National Director | National Multi Housing Group
Tel: (312) 327-5417 | john.sebree@marcusmillichap.com structures
(843) such as mezzanine loans and preferred equity to cover the
952-2222 | benjamin.yelm@marcusmillichap.com

additional capital requirements.

Detroit Office:
Edited by
James Reeves Steven Chaben Senior Vic
Publications Director | Research Services Two Towne Square, Suite 450
Southfield, MI 48076
Charlotte Office: (248) 415-2600 | steven.chaben@
For information on national apartment trends, contact:
John Chang Benjamin Yelm Regional Manager
201 South Tryon Street, Suite 1220
Senior Vice President, National Director | Research Services
Charlotte, NC 28202
Tel: (602) 707-9700 | john.chang@marcusmillichap.com (704) 831-4600 | benjamin.yelm@marcusmillichap.com

Price: $250

© Marcus & Millichap 2019 | www.MarcusMillichap.com Edmonton Office:

Chicago Area Offices:

Richard Matricaria Executive Vice President of Investment Brokerage Rene H. Palsenbarg Reg
The information contained in this report was obtained from sources deemed to be reliable. Every 333 West Wacker Drive, Suite 200, Chicago, IL 60606 10180 101 Street, Suite 3400
(312) 327-5400 | richard.matricaria@marcusmillichap.com Edmonton, Alberta T5J 3S4
effort was made to obtain accurate and complete information; however, no representation, warranty
(604) 675-5200 | rene.palsenbar
or guarantee, express or implied, may be made as to the accuracy or reliability of the information David Bradley Regional Manager | Chicago Downtown
333 West Wacker Drive, Suite 200, Chicago, IL 60606
contained herein. Note: Metro-level employment growth is calculated based on the last month of the
(312) 327-5479 | david.bradley@marcusmillichap.com Encino Office:
quarter/year. Sales data includes transactions valued at $1,000,000 and greater unless otherwise
Steven Weinstock First Vice President/Regional Manager
noted. This is not intended to be a forecast of future events and this is not a guaranty regarding a
One Mid America Plaza Suite 200 Jim Markel Vice President/
future event. This is not intended to provide specific investment advice and should not be considered Oakbrook Terrace, IL 60181 16830 Ventura Boulevard, Suite
as investment advice. (630) 570-2250 | steven.weinstock@marcusmillichap.com Encino, CA 91436
(818) 212-2700 | jim.markel@ma
Sources: Marcus & Millichap Research Services; Bureau of Labor Statistics; CoStar Group, Inc.;
Experian; National Association of Realtors; Moody’s Analytics; Real Capital Analytics; RealPage,
Fort Lauderdale Office:
Inc.; TWR/Dodge Pipeline; U.S. Census Bureau
Cincinnati Office:
Ryan Nee First Vice Presiden
Colby Haugness Regional Manager 5900 N. Andrews Avenue, Suite 1
600 Vine Street, 10th Floor Ft. Lauderdale, FL 33309