DENVER MULTIFAMILY MARKET WATCH THIRD QUARTER 2016 REAL ESTATE OUTLOOK MULTIFAMILY LEASE STATISTICS :: VACANCY & PSF RENTAL RATE RATES PSF ($) VACANCY (%) $0.75 $0.95 $1.15 $1.35 $1.55 $1.75 $1.95 $2.15 0.00% 2.00% 4.00% 6.00% 8.00% 2011 Q2 2011 Q3 2011 Q4 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q4 2016 Q1 2016 Q2 SOURCE: Transwestern, CoStar. Multifamily Market Statistics By Decade of Construction - Third Quarter 2016 DECADE OF CONSTRUCTION INVENTORY BLDGS INVENTORY UNITS INVENTORY AVG SF EFFECTIVE RENT PER UNIT EFFECTIVE RENT PER SF EFFECTIVE RENT GROWTH / YR OVER YR VACANCY PERCENT NET ABSORPTION UNITS /YTD 2010 - Present 55 8,632 852 $1,884.00 $2.20 1.40% 12.30% 564 2000-2009 57 7,854 963 $1,676.00 $1.75 3.20% 5.00% -17 1990-1999 14 1,500 827 $1,444.00 $1.71 7.00% 4.30% -28 1980-1989 20 2,466 827 $1,277.00 $1.83 1.50% 3.40% -26 1970-1979 39 3,295 743 $1,332.00 $1.82 5.40% 3.40% -38 1960-1969 156 7,343 690 $1,114.00 $1.71 2.70% 3.70% -10 Pre 1960 215 9,235 586 $1,053.00 $1.83 5.90% 4.40% -131 Core Totals* 556 40,325 771 $1,481.00 $1.93 4.00% 6.60% 314 * Core Submarkets: Auraria, Capital Hill, CBD Upper/Lower, Cheeseman Park, City Park West, Country Club, Five Points, Golden Triangle, Highland, Highland Park, Jefferson Park, LoDo, Speer, Uptown and Whittier. Complexes of 20 units or greater. RATES $1.93/SF DIRECT VACANCY 6.60% Y.T.D NET ABSORPTION 314 UNITS * Arrow indicators represent change from previous quarter CORE DOWNTOWN MARKETS UNDER CONSTRUCTION :: 2,984 UNITS DELIVERIES :: 787 UNITS
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* Core Submarkets: Auraria, Capital Hill, CBD Upper/Lower, Cheeseman Park, City Park West, Country Club, Five Points, Golden Triangle, Highland, Highland Park, Jefferson Park, LoDo, Speer, Uptown and Whittier. Complexes of 20 units or greater.
RATES $1.93/SF
DIRECT VACANCY 6.60%
Y.T.D NET ABSORPTION 314 UNITS
* Arrow indicators represent change from previous quarter
CORE DOWNTOWN MARKETS
UNDER CONSTRUCTION :: 2,984 UNITS DELIVERIES :: 787 UNITS
DENVER MULTIFAMILY MARKET WATCHTHIRD QUARTER 2016
2 REAL ESTATE OUTLOOK DENVER MULTIFAMILY MARKET Q3 2016
* Suburban Submarkets: All other markets in the metro area south to Castle Rock, north to Louisville/Lafayette and Broomfield. Boulder is excluded. Complexes of 20 units or greater.
RATES $1.44/SF
DIRECT VACANCY 4.60%
Y.T.D NET ABSORPTION 2,305 UNITS
* Arrow indicators represent change from previous quarter
SUBURBAN MARKETS
UNDER CONSTRUCTION :: 9,858 UNITS DELIVERIES :: 814 UNITS
DENVER MULTIFAMILY MARKET WATCHTHIRD QUARTER 2016
3 REAL ESTATE OUTLOOK DENVER MULTIFAMILY MARKET Q3 2016
About Denver Multifamily The Denver Multifamily team focuses on maximizing value for real estate investors through dispositions, consulting, and acquisitions. Our engaged sales approach provides assurance of achieving the highest market value for every asset. With a wealth of proficiency in executing multifamily transactions, in depth market knowledge, and a highly technical valuation platform, our team provides owners, sellers and buyers with an unparalleled multifamily expertise.
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DENVER
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ST. LOUIS
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CONTACT:
MULTIFAMILY
CONTACT:
Kevin Roberts :: President, Southwest713.270.3347 :: [email protected]
Tom Wanberg :: Senior Vice President303.952.5592 :: [email protected]
Bill Lawrence :: Senior Vice President303.407.1460 :: [email protected]
John Blackshire :: Broker Associate303.952.5603 :: [email protected]
Jeffrey Buckingham :: Research Analyst303.952.5606 :: [email protected]
Danielle Brown :: Marketing Coordinator303.952.5604 :: [email protected]
*Source Transwestern, CoStar. The information in this report is the result of a compilation of information on the multifamily properties located in the Denver metropolitan area. This report includes multifamily complexes of 20 units or greater.
Net absorption occurs when a lease is signed, not when physically occupied, pre-leased space counts as net absorption when a building delivers. Vacant space that is not available for direct lease is excluded, sublease space is excluded.
About Transwestern Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service — The Transwestern Experience. Specializing in Agency Leasing, Management, Tenant Advisory, Capital Markets, Research and Sustainability services, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate.
Experience Extraordinary at Transwestern.com/denver and @TranswesternCO.