Florida Has Prime 5 Hottest Markets


NAR’s Business Actual Property Metro Market Circumstances Index for the primary quarter of 2022 exhibits that Florida held the highest 5 hottest business actual property metro markets: Orlando, Miami, Palm Seashore, Fort Lauderdale, and Fort Myers. The South area is the most well liked business actual property area, accounting for 11 of the highest 16 business actual property markets, together with the Florida markets (Savannah, Austin, Atlanta, Asheville, Charleston, Nashville) adopted by the West area with 4 markets (Riverside, Las Vegas, Bend, Provo), and the Northeast with one market (Boston).  

NAR’s Business Actual Property Market Circumstances Index is calculated utilizing 25 variables pertaining to the metro space’s financial situations (job progress, unemployment charge, wage progress), demographic situations (internet home migration, inhabitants progress), business market situations for multifamily, workplace, industrial, and retail property sectors (emptiness charge, absorption, lease progress, cap charge, skilled/enterprise companies, and retail commerce job progress) and employment situations within the resort/lodging trade (job progress, share of leisure and hospitality staff to complete employment).

The index is calculated utilizing the ratio of the variety of variables the place a metro space’s situation is stronger in contrast nationally to the full variety of indicators utilized in calculating the index (25 if all can be found). An index above 50 means market situations are stronger than nationally, and an index under 50 means native market situations are weaker than nationally. An index of 80 implies that the metro space is outperforming the U.S. indicators on 20 of the 25 indicators. Business market knowledge is from CoStar and financial and demographic knowledge are from the U.S. Census Bureau and the U.S. Bureau of Labor Statistics. Some CoStar metro space delineations could possibly be submarkets or could not precisely match the U.S. Census Bureau or Bureau of Labor Statistics delineation1.

Hover over the map to take a fast have a look at the index:

Obtain the metro space experiences by state.

Prime 16 Business Actual Property Markets

Orlando-Kissimmee-Sanford, Florida

Orlando’s financial and business market situations are all stronger than nationwide ranges, garnering an index of 84 (that means Orlando is outpacing the U.S. on 21 out of 25 indicators). Wages are rising 9% in Orlando in comparison with 4% nationally. In 2020, 10,000 individuals migrated to Orlando from different states. The multifamily asking rents are up 26% in comparison with 11.4% nationally. The workplace emptiness charge is simply 8% in comparison with 12.2% nationally. The commercial emptiness charge is 3.6% in comparison with 4.1% nationally. The retail emptiness charge is at 3.8% in comparison with 4.5% nationally. Orlando is a trip vacation spot, with 19% of the workforce employed in resort/lodging in comparison with 10% nationally.

The primary threat space in Orlando’s business market is the resort/lodging sector, as rising airfare and gasoline costs make journey costlier.

Miami-Miami Seashore-Kendall, Florida

The Miami metro space’s financial and business market situations are stronger than nationwide ranges and about the identical as nationwide ranges concerning the resort/lodging market. It garnered a rating of 76 (so it outperformed the U.S. on 19 indicators). Wages are rising at par nationally, at 4.7%. In 2020, the mixed Miami-Fort Lauderdale-West Palm Seashore metro space (primarily based on U.S. Census Bureau delineation) skilled internet home outmigration, with 46,000 individuals leaving the world for different states. Nonetheless, the business market is performing nicely. Multifamily asking rents are up 19% in comparison with 11.4% nationally. The workplace emptiness charge is at 10% in comparison with 12.2% nationally. The commercial emptiness charge is 2.7% in comparison with 4.1% nationally. The retail emptiness charge is at 3.3% in comparison with 4.5%. It has a better share of the workforce in retail/lodging, at 11.3% in comparison with 10% nationally.

The primary threat space within the multifamily sector, given the world’s excessive asking lease of $2,120, in comparison with $1,587 nationally, equal to 24.3% of a 2-earner family revenue, in comparison with 16.5% nationally.

West Palm Seashore-Boca Raton-Delray Seashore, Florida

The Palm Seashore metro space’s financial and business market situations are stronger than nationwide ranges apart from the resort/lodging trade, garnering an index of 76 (so it outperformed the U.S. on 19 indicators), just like the Miami space. Wages are rising quicker, at 8.4% in comparison with 4.7% nationally. In 2020, the mixed Miami-Fort Lauderdale-West Palm Seashore metro space (primarily based on U.S. Census Bureau delineation) skilled internet home outmigration, with 46,000 individuals leaving the world for different states. Nonetheless, the business market is performing nicely. Multifamily asking rents are up 26.8% in comparison with 11.4% nationally. The workplace emptiness charge is at 8.9% in comparison with 12.2% nationally. The commercial emptiness charge is 2.8% in comparison with 4.1% nationally. The retail emptiness charge is at 3.9% in comparison with 4.5%. It has a better share of the workforce in retail/lodging, at 13.8% in comparison with 10% nationally.

The primary threat space is within the multifamily market, given the world’s excessive asking lease of $2,317, in comparison with $1,587 nationally, equal to 26.3% of a 2-earner family revenue, in comparison with 16.5% nationally.

Fort Lauderdale-Pompano Seashore-Deerfield Seashore, Florida

The Fort Lauderdale metro space’s financial and business market situations are stronger than nationally apart from the resort/lodging trade which is at par with nationwide situations, garnering an index of 72 (so it outperformed the U.S. on 18 indicators). Wages are rising quicker, at 9.1% in comparison with 4.7% nationally. In 2020, the mixed Miami-Fort Lauderdale-West Palm Seashore metro space (primarily based on U.S. Census Bureau delineation) skilled internet home outmigration, with 46,000 individuals leaving the world for different states. Nonetheless, the business market is performing nicely. Multifamily asking rents are up 22.9% in comparison with 11.4% nationally. The workplace emptiness charge is at 10.5% in comparison with 12.2% nationally. The commercial emptiness charge is 3.8% in comparison with 4.1% nationally, however industrial rents rose 16.4%. The retail emptiness charge is at 3.9% in comparison with 4.5%. It has a barely larger share of the workforce in retail/lodging, at 10.5% in comparison with 10% nationally.

The primary threat space is within the multifamily market, given the world’s excessive asking lease of $2,182, in comparison with $1,587 nationally, equal to 23.5% of a 2-earner family revenue, in comparison with 16.5% nationally.

Fort Myers, Florida

The Fort Myers metro space’s financial and business market situations are stronger than nationally apart from the resort/lodging trade, which is at par with nationwide situations, garnering an index of 72 (so it outperformed the U.S. on 18 indicators). Wages are rising quicker, at 12% in comparison with 4.7% nationally. In 2020, 18,500 individuals moved into the world from different states. Multifamily asking rents are up 29.6% in comparison with 11.4% nationally. The workplace emptiness charge is a low 4.7% in comparison with 12.2% nationally. The commercial emptiness charge is at 2.4% in comparison with 4.1% nationally, with industrial rents up 11.5%. The retail emptiness charge is at 3.7% in comparison with 4.5%. It’s a trip vacation spot, with a barely larger share of the workforce in retail/lodging, at 15% in comparison with 10% nationally.

The primary threat space is within the resort/lodging sector, as rising airfare and gasoline costs make journey costlier.

Savannah, Georgia

The Savannah metro space’s financial and business market situations are stronger than nationally apart from the resort/lodging trade, which is at par with nationwide situations, garnering an index of 72 (so it outperformed the U.S. on 18 indicators). Wages are rising quicker, at 15% in comparison with 4.7% nationally. There weren’t a whole lot of movers from others states however Savannah’s inhabitants rose 2.75% in comparison with about 1% nationally. Multifamily asking rents are up 20.7% in comparison with 11.4% nationally. The workplace emptiness charge is a low 2.4% in comparison with 12.2% nationally. Savannah is a port space so the economic emptiness charge is a low 1.6% in comparison with 4.1% nationally, with industrial rents up 14.5%. The retail emptiness charge is at 4% in comparison with 4.5% nationally. Savannah is a well-liked vacationer space with a barely larger share of the workforce in retail/lodging, at 13.6% in comparison with 10% nationally.

The primary threat space is within the industrial sector, as rising inflation and slower shopper spending soften demand considerably for warehousing and distribution area.

Austin, Texas

The Austin metro space’s financial and business market situations are stronger than nationally apart from the resort/lodging trade, garnering an index of 72 (so it outperformed the U.S. on 18 indicators). Wages are rising quicker, at 6.9% in comparison with 4.7% nationally. In 2020, 48,900 individuals moved into the world and the inhabitants swelled by 3.2% in comparison with about 1% nationally. Multifamily asking rents are up 18.3% in comparison with 11.4% nationally. The workplace emptiness charge is larger than nationally, at 12.9% in comparison with 12.2% nationally, however workplace asking rents are nonetheless rising quicker, at 2.7% in comparison with 0.8% nationally. The commercial emptiness charge is at 3.4% in comparison with 4.1% nationally, with industrial rents up 11.6%. With a booming inhabitants, the retail emptiness charge is at 3.4% in comparison with 4.5%. It has only a barely larger share of the workforce in retail/lodging, at 10.8% in comparison with 10% nationally.

The primary threat space is within the multifamily sector, however with an asking lease of $1,650, in comparison with $1,587 nationally, which may soften migration into the world. Nonetheless, for now, rents are nonetheless inexpensive relative to revenue, equal to 16.3% of a 2-earner family revenue, in comparison with 16.5% nationally.

Boston-Cambridge-Nashua, Massachusetts

The Boston metro space’s financial and business market situations are stronger than nationally within the multifamily, workplace, and resort/lodging markets, garnering an index of 71 (so it outperformed the U.S. on about 18 indicators). Wages are rising quicker, at 6.2% in comparison with 4.7% nationally. In 2020, whereas this space misplaced 26,600 individuals who moved to different states, its inhabitants remains to be rising quicker than nationally, at 1.24% in comparison with about 1% nationally. Multifamily emptiness lease is decrease than nationally at 4% in comparison with 4.9%, however asking rents are rising at about the identical charge, at 11% in comparison with 11.4% nationally. The workplace emptiness charge is at 9.4% in comparison with 12.2% nationally, with asking rents up 1.4% in comparison with about 1% nationally. The commercial emptiness charge is at 3.9% in comparison with 4.1% nationally, with industrial rents up 10.5%, barely decrease than 11.6% nationally. The retail emptiness charge is at 2.8% in comparison with 4.5%.

The primary threat space is within the multifamily sector, with an asking lease of $2,600, in comparison with $1,587 nationally and with wages lagging behind lease progress. Nonetheless, Boston has been attracting tech industries (e.g., biosciences) the place jobs are comparatively high-paying in comparison with different occupations.

Riverside-San Bernardino-Ontario (Inland Empire), California

The Inland Empire’s financial and business market situations are stronger than nationally garnering an index of 68 (so it outperformed the U.S. on 17 indicators). Wages are rising quicker, at 5.2% in comparison with 4.7% nationally. In 2020, 15,700 individuals moved into the world from different states. Multifamily emptiness lease is decrease than nationally at 2.6% in comparison with 4.9%, with asking rents up 13.5% in comparison with 11.4% nationally. The workplace emptiness charge is at 6.4% in comparison with 12.2% nationally, with asking rents up 3.3% in comparison with about 1% nationally. The commercial emptiness charge is at 1.3% in comparison with 4.1% nationally, with industrial rents up 15% in comparison with 11.6% nationally. Nonetheless, the retail emptiness charge is larger at 6.6% in comparison with 4.5%.

With its low lease of $1,937 in comparison with different metro areas in California similar to Los Angeles ($2,138), the Inland Empire is poised to draw extra movers into the world and enhance demand for rental (and owner-occupied) housing.

Atlanta-Sandy Springs-Roswell, Georgia

The Atlanta metro space’s financial and business market situations are stronger than nationally garnering an index of 68 (so it outperformed the U.S. on 17 indicators). Wages are rising quicker, at 7.7% in comparison with 4.7% nationally. In 2020, 23,600 individuals moved into the world from different states. Multifamily emptiness lease is 6.5% in comparison with 4.9% nationally, however there’s an enormous demand for housing, with asking rents up 16.2% in comparison with 11.4% nationally. Nonetheless, the workplace market remains to be weak, with the workplace emptiness charge being excessive at 14.2% in comparison with 12.2% nationally. The commercial emptiness charge is at 3.6% in comparison with 4.1% nationally, with industrial rents up 13.7%, in comparison with 11.6% nationally. Nonetheless, the retail emptiness charge is at 4.2% in comparison with 4.5% nationally. A decrease fraction of the workforce, at 9.5%, is employed in resort/lodging, in comparison with 10% nationally.

With an asking lease of $1,606, which is simply barely larger than nationally at $1,587, Atlanta is poised to draw extra movers into the world and enhance demand for rental (and owner-occupied) housing. Extra individuals transferring into the world can even appeal to demand for different business actual property varieties, together with workplace area.

Asheville, North Carolina

The metro space’s financial and business market situations are stronger than nationally garnering an index of 68 (so it outperformed the U.S. on 17 indicators). In 2020, 4,200 individuals moved into the world from different states. Whereas wages rose simply 0.4%, asking rents have been up 18.5% in comparison with 11.4% nationally. The workplace emptiness charge is a low 2.9% in comparison with 12.2% nationally. The commercial emptiness charge is at 2.3% in comparison with 4.1% nationally. With individuals transferring into the world, the retail emptiness charge is at 2% in comparison with 4.5%. Asheville is a trip vacation spot, with Biltmore Home as the primary attraction, and 13.9% of the workforce is employed in resort/lodging, in comparison with 10% nationally.

The primary threat space is within the resort/lodging sector, as rising airfare and gasoline costs make journey costlier.

Las Vegas-Henderson-Paradise, Nevada

The metro space’s financial and business market situations are stronger than nationally, significantly within the workplace, industrial, and retail property markets, garnering an index of 68 (so it outperformed the U.S. on 17 indicators). In 2020, 28,500 individuals moved into the world. Wages are rising quick at 10.2% in comparison with 4.7% nationally. Multifamily asking rents have been up 20.8% in comparison with 11.4% nationally. Workplace emptiness charge remains to be excessive at 10.3% (although decrease in comparison with 12.2% nationally), however workplace asking rents rose at quicker tempo of 4.2% in comparison with about 1% nationally. Industrial emptiness charge is at 2% in comparison with 4.1% nationally. Las Vegas remains to be affected by a excessive retail emptiness charge of 5.5% in comparison with 4.5% however demand is selecting up, with retail rents rising at 10.4% in comparison with 3.9% nationally. Las Vegas is a trip vacation spot, with 25.7% of the workforce employed in motels/lodging, in comparison with 10% nationally.

The primary threat space is within the resort/lodging sector, as rising airfare and gasoline costs make journey costlier.

Bend-Redmond, Oregon

This is without doubt one of the smaller sizzling markets, with a inhabitants of lower than 250,000. The metro space’s financial and business market situations are stronger than nationally, significantly within the workplace, industrial, and retail property markets, garnering an index of 68 (so it outperformed the U.S. on 17 indicators). In 2020, 4,200 individuals moved into the world and its inhabitants rose as quick as nationally, at about 1%. Wages rose barely quicker at 5.3% in comparison with 4.7% nationally. There are comparatively extra accessible multifamily properties than nationally, with the multifamily emptiness charge of 6.5% in comparison with 4.9% nationally, so lease progress is slower at 7.4% in comparison with 11.4% nationally. The workplace emptiness charge is a low 3.3% in comparison with 12.2% nationally; nevertheless, workplace asking rents are rising at 4.3% in comparison with about 1% nationally. The commercial emptiness charge is a low 1.2% in comparison with 4.1% nationally. Bend, Oregon is a trip vacation spot for hikers and campers, with 15.1% of the workforce employed in resort/lodging, in comparison with 10% nationally.

The primary threat space is within the resort/lodging sector, as rising airfares and gasoline costs make journey costlier.

Charleston-North Charleston, South Carolina

The metro space’s financial and business market situations are stronger than nationally, significantly within the workplace, industrial, and retail property markets, garnering an index of 68 (so it outperformed the US on 17 indicators). Wages rose at a barely slower tempo of 4.1% in comparison with nationally at 4.7%, though it has a decrease unemployment charge of three.1% in comparison with 3.6% nationally, so wages are prone to rise at a quicker tempo. barely quicker at 5.3% in comparison with 4.7% nationally. In 2020, 11,100 individuals moved into the world, though the inhabitants declined general. There are comparatively extra accessible multifamily properties than nationally, with the multifamily emptiness charge of seven.7% in comparison with 4.9% nationally, however demand is excessive with rents up 17% in comparison with 11.4% nationally. The workplace emptiness charge is at 8.1% in comparison with 12.2% nationally, so workplace asking rents are rising at 2.6% in comparison with about 1% nationally. The commercial emptiness charge is at 2.9% in comparison with 4.1% nationally. Charleston attracts vacationers, with 13.5% of the workforce employed in resort/lodging, in comparison with 10% nationally.

The primary threat space is within the resort/lodging sector, as rising airfare and gasoline costs make journey costlier.

Nashville-Davidson-Murfreesboro-Franklin, Tennessee

The metro space’s financial and business market situations are stronger than nationally, significantly within the workplace, industrial, and retail property markets, garnering an index of 68 (so it outperformed the U.S. on 17 indicators). Wages rose 7.7% in comparison with nationally at 4.7%, with sturdy job progress of seven.7% in comparison with 4.7% nationally. In 2020, 20,100 individuals moved into the world, and its inhabitants swelled by 3.2% in comparison with about 1% nationally. There are comparatively extra accessible multifamily properties than nationally, with the multifamily emptiness charge of 6.1% in comparison with 4.9% nationally, however demand is excessive with rents up 18.3% in comparison with 11.4% nationally. The workplace emptiness charge is at 10.5% in comparison with 12.2% nationally, so workplace asking rents are rising at 1.8% in comparison with about 1% nationally. The commercial emptiness charge is at 4.5% in comparison with 4.1% nationally however demand is excessive, with industrial rents up 14.3% in comparison with 11% nationally.

With an asking lease of $1,595, which is comparatively inexpensive in comparison with nationwide ranges, Nashville is poised to draw extra movers into the world and enhance demand for rental (and owner-occupied) housing.

Provo-Orem, Utah

The metro space’s financial and business market situations are stronger than nationally, significantly within the workplace, industrial, and retail property markets, garnering an index of 68 (so it outperformed the U.S. on 17 indicators). The Provo metro space is a fast-growing space. In 2020, its inhabitants rose 4.1% in comparison with about 1% nationally. There the multifamily emptiness charge is at 3.1% in comparison with 4.9% nationally, however demand is excessive with rents up 13.9% in comparison with 11.4% nationally. The workplace emptiness charge is at 7.6% in comparison with 12.2% nationally, so workplace asking rents are rising at 2.4% in comparison with about 1% nationally. The commercial emptiness charge is at 1.3% in comparison with 4.1% nationally however demand is excessive, though industrial rents haven’t elevated as quick, simply 6% in comparison with 11% nationally.

With low emptiness charges, there’s upward strain on rents. With an asking lease of $1,470, which is comparatively inexpensive in comparison with nationally ($1,587), Provo-Orem is poised to draw extra movers into the world and enhance demand for rental (and owner-occupied) housing.


1 For instance, CoStar individually experiences knowledge for Miami-Miami Seashore-Kendall, Fort Lauderdale, and Palm Seashore however the inhabitants and migration knowledge of the U.S. Census Bureau is reported for Miami-Fort Lauderdale-West Palm Seashore



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