Data

NONRESIDENTIAL DATA

INDUSTRIAL

Vacancy rates were steady in 2020 at 9.5%. Considering the pandemic and related issues, staff feels confident in the industrial market. Long-term vacancies project to remain around historic lows, while asking prices continue to climb.

RETAIL

The retail market vacancy rate ticked up to 11.4% in 2020. This is still a far cry from the highs seen after the Great Recession. New product has come online and redevelopment continues to happen. Sales prices are projected to rise in the coming years.

OFFICE

The office market vacancy rate of 4.4% may be at an all time low. Part of the reason we are seeing this is the reduction of inventory, which will continue with the demolition of the office building at 1000 Tower Ln. The reduced inventory has pushed office rent and sales prices higher.