The National Association of Realtors identified the top 10 commercial real estate markets for 2021. Austin-Round Rock made the top of the list this year.
In alphabetical order, the other markets are Cape Coral-Fort Myers, FL; Charleston-North Charleston, SC; Las Vegas- Henderson-Paradise, Nashville-Davidson-Murfreesboro-Franklin, Phoenix-Mesa-Scottsdale, Raleigh, NC; Salt Lake City, Seattle-Tacoma-Bellevue and Tucson. NAR selected the top 10 markets after considering 25 indicators of an area’s economic, demographic, housing and commercial market conditions.
“The top commercial real estate markets that are expected to outperform the rest of the nation are generally affordable and able to draw new residents with a greater flexibility to work from home,” said Lawrence Yun, NAR’s chief economist. “These growing markets also offer much lower office and retail rents, and are therefore able to attract new and expanding businesses.”
NAR unveiled the top commercial markets during its Commercial Real Estate Forecast Summit. Yun predicted that the U.S. economy will continue to improve in 2021 and expects the commercial real estate market will follow.
“A recovering economy and the near-certain job growth will steadily lead to the absorption of commercial properties,” Yun said. “The apartment rentals market could once again experience very low vacancy rates by year’s end.”
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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