MARKET REPORT

RETAIL
North Carolina Major Metros Q2/19
Strong Economies in North Carolina
Supporting Retail Markets Retail 2019 Outlook

Y-O-Y
Charlotte retail market remains healthy due to strong demographic Metro Vacancy Basis Point Asking Y-O-Y
Rent Change
drivers. Retailers searching for dark space in the Queen City have been Change
met with limited options during the past year due to relatively sub-
dued construction. Developers are increasing activity in 2019, though Charlotte 4.4% 20 $15.76 2.9%
pre-leasing above 70 percent is indicative of pent-up demand in the mar-
ket. Impressive job growth will continue to support consumer spending
Raleigh-Durham 3.0% -10 $18.58 2.7%
and the overall retail market over the next several months. Some of those
positions come from the BB&T-SunTrust merger that will bring a new
Greensboro/
Fortune 500 headquarters to the city. Several other employers are also
Winston-Salem/ 5.1% 20 $13.18 4.1%
expanding, lifting annual job growth to the highest pace since 2017.
High Point

Raleigh-Durham vacancy tightest in the state; Greensboro/Win-

ston-Salem boasts highest rent growth. The Research Triangle contin-
ues to attract high-paying positions to the metro, boosting retail sales
and generating retail space demand. As a result, vacancy is extremely
low with little potential relief expected this year. Approximately 80
percent of the underway space has leasing commitments, giving retailers
limited options when searching for larger footprints. In Greensboro/
Winston-Salem/High Point, job growth has failed to gain traction. Retail
operating fundamentals have been consistent over the past several years,
though conditions warrant strong rent growth. With little competition
from new space, rent gains will be robust again this year.
Investment Trends
Charlotte
• Buyers are targeting a greater number of strip centers in the metro, a
sign of investor confidence in the health of the multi-tenant arena. An
increasing number of power centers also change hands as debt funds
seek to place capital in growing markets.
• Deal flow surged for single-tenant properties over the past year,
particularly for fast-food restaurants and drugstores. Average cap rates
remain attractive in the high-6 percent range.

Raleigh
• Neighborhood centers moved to the top of investors’ wish lists during
Price Per Square Foot Trends the past year as grocery-anchored assets draw consistent traffic. Aver-
age multi-tenant cap rates are approximately 7 percent.
Single-Tenant Multi-Tenant
• Single-tenant properties garner significant attention when listed in
30%
the market. Buyers are acquiring storefronts in an effort to expand
Year-over-Year Appreciation

15% their holdings.

0%
Greensboro/Winston-Salem/High Point
-15%
• Multi-tenant activity advanced over the last 12 months, though the
secondary market cap rate premium is beginning to dissipate. Average
-30%
first-year returns are in the mid-7 percent range.
* 09 10 11 12 13 14 15 16 17 18 19*
• The local single-tenant market is indistinguishable from larger
markets as buyer demand outstrips supply.
Local Retail Yield Trends
* Cap rates trailing 12 months through 1Q19; 10-year Treasury up to March 29
Retail
Includes sales $1 million and Capfor
greater Rate 10-Year
Charlotte, Raleigh, Treasury Rate
Greensboro/Winston-Salem/High Point
Sources: CoStar Group, Inc.; Real Capital Analytics
12%

9%
ate
 CHARLOTTE

1Q19 – 12-Month Trend

Employment vs. Retail Sales Trends Price Per Square Foot Trends
Employment Growth Retail Sales Growth Single-Tenant
EMPLOYMENT
Multi-Tenant
10% 30% 2.4% increase in total employment Y-O-Y

Year-over-Year Appreciation
Year-over-Year Change

5% 15% • Employers created 29,200 jobs over the past year, led by 8,300
positions in the professional and business services sector. Leisure
0%
0% and hospitality employers contributed 5,600 spots during the
period, representing a 4 percent rise.
-5% -15%
• Job growth will accelerate this year as 32,000 jobs are added, lifting
-10%
-30% total employment 2.6 percent. In 2018, local firms created 23,900
09 10 11 12
09 10 11 12 13 14 15 16 17 18 19*
positions, or 2.013 percent.
14 15 16 17 18 19*

Retail Completions Local Retail Yield Trends

Completions Absorption Retail Cap Rate CONSTRUCTION
10-Year Treasury Rate
3,000
12%
1.5 million square feet completed Y-O-Y
Square Feet (thousands)

2,250
9%
• During the most recent 12-month period, builders added 1.1 percent
Average Rate

1,500 6%
to retail inventory as 1.5 million square feet came online. A nearly
equal amount of new space was underway at the end of the first
750 3% quarter with pre-leasing above 70 percent.

• Developers are scheduled to complete 1.8 million square feet of

0 0%
09 10 11 12 13 14 15 16 17 18 19* 01 space
03 this
05 year,
07 or 09
1.3 percent
11 13 of stock.
15 The 19*
17 largest project scheduled
for completion is the 325,000-square-foot Riverbend Village.

Vacancy Rate Trends

Metro United States
VACANCY
12%

No change in vacancy Y-O-Y

9%
Vacancy Rate

• Vacancy measured 4.3 percent in the first quarter, unchanged

6% from the same period last year. The rate has hovered in the low-
to mid-4 percent range since the fourth quarter of 2017.
3%
• One of the largest submarkets, Gaston County, recorded a
0% 280-basis-point decline vacancy during the past year. Multi-
09 10 11 12 13 14 15 16 17 18 19* tenant vacancy was 6.7 percent in the first quarter, up 60 basis
points annually.

Asking Rent Trends

Metro United States
20% RENTS:
Year-over-Year Change

10% 6.8% increase in the average asking rent Y-O-Y

• The average asking rent surged in the first quarter to $15.91 per square
0%
foot, 6.8 percent higher than one year ago. The annual increase in
-10%
marketed rents was the first major increase in since 2015.

• At year-end 2019, rents are projected to be $15.76 per square foot,

-20% representing an annual increase of 2.9 percent. Nonetheless, asking
09 10 11 12 13 14 15 16 17 18 19*
rents for available space are expected to inch lower from the level in
the first quarter.

*Forecast
Demographic Highlights

2019 Job Growth* Five-Year Population Growth** Five-Year Household Growth**

Metro 2.6% 253,000 or 1.9% Annual Growth 122,000 or 2.3% Annual Growth
U.S. Average 1.3% U.S. 0.6% Annual Growth U.S. 1.0% Annual Growth

1Q19 Retail Sales per Month

$3,759 Per Household

U.S. $3,971
1Q19 Median Household Income Retail Sales Forecast**

Metro $63,894 $1,481 Per Person Metro 34.6%

U.S. Median $64,259 U.S. $1,544 U.S. 16.9%
* Forecast ** 2018-2023

SUBMARKET TRENDS SALES TRENDS

Strip and Power Centers Garner Investor Attention
Lowest Vacancy Rates 1Q19 Over Past Year
Y-O-Y
• Multi-Tenant: During the most recent 12-month period, multi-
Vacancy Asking Y-O-Y %
Submarket
Rate
Basis Point
Rent Change
tenant prices climbed 14 percent to $236 per square foot. Buyers
Change
targeted strip centers during the past year.

Southwest 2.1% -10 $21.47 1.3% • Single-Tenant: Single-tenant deal flow inched higher during the past
year as more convenience stores changed hands. The average price
North 2.3% -80 $19.29 28.6% advanced 6 percent to $377 per square foot.

Cabarrus County 2.7% -20 $14.00 10.9% Outlook: Average cap rates for multi-tenant properties dipped 30 basis
points into the low-7 percent range, while single-tenant first-year returns
Rowan County 2.9% 10 $6.20 8.4% are in the high-6 percent area.

Stanly County 3.2% -20 $11.96 1.3%

Lancaster County Employment

3.3% vs.-120
Retail Sales
$14.87Trends
33.8% Price Per Square Foot Trends
Employment Growth Retail Sales Growth Single-Tenant Multi-Tenant
Inner Southeast 3.5% 10 $23.22 3.9%
10% 30%
Year-over-Year Appreciation
Year-over-Year Change

Outer Southeast 3.6% -60 $24.74 15.2%

5% 15%

Chester County 3.7% -60 $9.88 83.0%

0% 0%

Gaston County 4.1% -280 $10.95 -1.8%

-5% -15%

Overall Metro 4.3% 0 $15.91 6.8%

-30%
-10%
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 over previous time period

Sources: CoStar Group, Inc.; Real Capital Analytics
Retail Completions Local Retail Yield Trends
Completions Absorption Retail Cap Rate 10-Year Treasury Rate
3,000
 RALEIGH

1Q19 – 12-Month Trend

Employment vs. Retail Sales Trends Price Per Square Foot Trends
Employment Growth Retail Sales Growth Single-Tenant
EMPLOYMENT
Multi-Tenant
12% 24% 1.1% increase in total employment Y-O-Y

Year-over-Year Appreciation
Year-over-Year Change

6% 12% • Job growth surged in the first quarter as 9,500 jobs were added
to staff counts. With an unemployment rate in the mid-3 percent
0%
0% range, companies’ ability to expand headcounts are limited by
available talent.
-6% -12%
• Employers are anticipated to remain aggressive with hiring
-12%
-24% practices this year by adding 30,000 positions, amounting to a 3.2
09 10 11 12 13 14 15 16 17 18 19* 09 10 11 12 13 14 15 16 17 18 19*
percent increase.

Retail Completions
Completions Absorption CONSTRUCTION
2,800
370,000 square feet completed Y-O-Y
Square Feet (thousands)

2,100
• Over the last 12 months, builders expanded inventory by a scant
1,400 0.4 percent, with only a few hundred thousand square feet coming
online. Only 120,000 square feet was delivered in the first quarter.
700
• Developers will complete 1.3 million square feet of retail space
this year, lifting supply 1.5 percent. Pre-leasing is healthy at nearly
0
09 10 11 12 13 14 15 16 17 18 19* 80 percent between the two metros. Most of this year’s space is in
anchored neighborhood and community centers.

Vacancy Rate Trends

Metro United States
VACANCY
12%

20 basis point decrease in vacancy Y-O-Y

9%
Vacancy Rate

• Over the past 12 months, the marketwide vacancy rate dipped

6% 20 basis points to 3.2 percent, modestly above the cyclical low
of 3.0 percent. Multi-tenant vacancy was 4.7 percent in the first
3%
quarter, down 70 basis points annually.

0% • By year end, vacancy is projected to tighten to 3.0 percent, down

09 10 11 12 13 14 15 16 17 18 19* 10 basis points from the end of 2018. The Raleigh submarket is
expected to remain the tightest in the metro.

Asking Rent Trends

Metro United States
12% RENTS:
Year-over-Year Change

6% 1.9% increase in the average asking rent Y-O-Y

• In the first quarter, the average asking rent for available space was
0%
$18.09 per square foot, up 1.9 percent annually. During the previous
-6%
year, rents jumped 5.3 percent.

• The average asking rent will climb 2.7 percent to $18.58 per square
-12% foot this year, building on the 1.8 percent rise recorded in 2018. The
09 10 11 12 13 14 15 16 17 18 19*
Glenwood-Creedmoor submarket is expected to be among the stron-
gest rent growth areas.

*Forecast
Demographic Highlights

2019 Job Growth* Five-Year Population Growth** Five-Year Household Growth**

Metro 3.2% 245,700 or 2.4% Annual Growth 109,200 or 2.7% Annual Growth
U.S. Average 1.3% U.S. 0.6% Annual Growth U.S. 1.0% Annual Growth

1Q19 Retail Sales per Month

$3,941 Per Household

U.S. $3,971
1Q19 Median Household Income Retail Sales Forecast**

Metro $72,111 $1,563 Per Person Metro 38.6%

U.S. Median $64,259 U.S. $1,544 U.S. 16.9%
* Forecast ** 2018-2023

SUBMARKET TRENDS SALES TRENDS

Investors Grow More Keen on Multi-Tenant
Lowest Vacancy Rates 1Q19 Properties in Search of Yield
Y-O-Y
• Multi-Tenant: Investors increased activity in the multi-tenant sector
Vacancy Asking Y-O-Y %
Submarket
Rate
Basis Point
Rent Change
as buyers targeted additional neighborhood and strip centers. Average
Change
prices inched up 5 percent to $221 per square foot.

Raleigh 1.1% -10 $23.13 4.9% • Single-Tenant: When compared with the previous year, single-tenant
velocity was relatively flat during the past 12 months. Buyers paid an
Person County 1.7% -30 $10.17 -2.8% average price of $334 per square foot, up 3 percent.

RTP-RDU 2.3% -710 $27.25 1.1% Outlook: Single-tenant cap rates remained relatively stable in the mid-6
percent range, while multi-tenant cap rates ticked modestly lower in the
Chatham County 2.4% -100 $13.82 3.0% past year to 7 percent.

Orange County 2.5% -190 $23.88 24.1%

Durham County Employment

2.7% vs. Retail
-40 Sales Trends-1.0%
$16.48 Price Per Square Foot Trends
Employment Growth Retail Sales Growth Single-Tenant Multi-Tenant
Glenwood-Creedmoor 2.9% -20 $22.77 13.7%
12% 24%
Year-over-Year Appreciation
Year-over-Year Change

Johnston County 3.0% 20 $12.34 -13.1%

6% 12%

North Raleigh 3.6% 50 $17.51 -3.7%

0% 0%

West Wake County 3.8% 90 $20.57 0.5%

-6% -12%

Overall Metro 3.2% -20 $18.09 1.9%

-24%
-12%
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 over previous time period

Sources: CoStar Group, Inc.; Real Capital Analytics
Retail Completions
Completions Absorption
2,800
 GREENSBORO/WINSTON-SALEM/HIGH POINT

1Q19 – 12-Month Trend

Employment vs. Retail Sales Trends

EMPLOYMENT
Price Per Square Foot Trends
Employment Growth Retail Sales Growth 0.7%
Single-Tenant increase
Multi-Tenantin total employment Y-O-Y
10% 50%
• In the yearlong period ending in the first quarter, employers added

Year-over-Year Appreciation
Year-over-Year Change

5% 25% 4,600 jobs in the metro. The education and health services sector
generated 2,300 positions while the leisure and hospitality sector
0% 0%
created 1,600 spots, representing growth of 2.2 percent and 2.4
-25% percent, respectively.
-5%

• Employers will create 3,000 positions in 2019, expanding payrolls

-50%
-10%
09 10
0.5
11
percent.
12 13 14 15 16 17 18 19*
09 10 11 12 13 14 15 16 17 18 19*

Retail Completions
Completions Absorption
CONSTRUCTION
2,000
370,00 square feet completed Y-O-Y
Square Feet (thousands)

1,000
• Development remains relatively subdued in the market as 370,000
0
square feet was added during the 12-month period ending in the
first quarter. An additional 380,000 square feet is underway, though
-1,000 approximately half of that space has leasing commitments.

-2,000
• A total of 550,000 square feet of space will be added to retail stock
09 10 11 12 13 14 15 16 17 18 19* this year, lifting inventory 0.6 percent. The largest project underway
is Wendover Towne Center.

Vacancy Rate Trends

Metro United States

12%
VACANCY
9% 20 basis point increase in vacancy Y-O-Y
Vacancy Rate

6%
• In the first quarter, vacancy was 5.0 percent, up 20 basis points
from the same period last year. The increase in this year’s
3% opening period marked the first annual gain in vacancy since
early 2010.
0%
09 10 11 12 13 14 15 16 17 18 19* • Marketwide vacancy will tick up to 5.1 percent by year end,
representing an annual gain 20 basis points. Multi-tenant
vacancy was 7.7 percent in the first quarter.
Asking Rent Trends
Metro United States
14%

RENTS:
Year-over-Year Change

7%

2.2% increase in the average asking rent Y-O-Y

0%

• Operators asked for $12.28 per square foot in the first quarter, 2.2
-7%
percent higher than one year ago. Annual asking rent changes vary
significantly in the market due to low vacancy and small inventory.
-14%
09 10 11 12 13 14 15 16 17 18 19* • By year end, the average asking rent will climb to $13.18 per square
foot, up 4.1 percent annually. During the previous five years, average
asking rent growth was 3.1 percent.

* Forecast
Demographic Highlights

2019 Job Growth* Five-Year Population Growth** Five-Year Household Growth**

Metro 0.5% 77,800 or 1.1% Annual Growth 51,300 or 1.7% Annual Growth
U.S. Average 1.3% U.S. 0.6% Annual Growth U.S. 1.0% Annual Growth

1Q19 Retail Sales per Month

$3,324 Per Household

U.S. $3,971
1Q19 Median Household Income Retail Sales Forecast**

Metro $51,754 $1,379 Per Person Metro 29.4%

U.S. Median $64,259 U.S. $1,544 U.S. 16.9%
* Forecast ** 2018-2023

SUBMARKET TRENDS SALES TRENDS

Prices Tread Water as Buyers Focus on Stability in
Lowest Vacancy Rates 1Q19 Core Urban Submarkets
Y-O-Y
• Multi-Tenant: Investors increased their stake in multi-tenant
Vacancy Asking Y-O-Y %
Submarket
Rate
Basis Point
Rent Change
properties during the most recent 12-month period, which lifted
Change
average prices 4 percent to $192 per square foot.

Asheboro 0.2% -130 $10.00 0.0% • Single-Tenant: Single-tenant prices declined 9 percent to $300 per
square foot year over year. Fewer high-priced fast-food restaurants
Greensboro CBD 1.8% -110 $15.38 2.3% sold during the period.

Stokes County 2.4% -50 $11.96 0.0% Outlook: In the most recent year-long period, average single-tenant cap
rates ticked up to the mid-6 percent range. Multi-tenant cap rates held
Airport-West Guilford County 2.7% -150 $19.06 29.0% steady in the mid-7 percent area.

North Greensboro-
3.3% -60 $14.72 -3.0%
Guilford County

East W-S/Forsyth County Employment

3.4% vs. -100
Retail Sales
$9.76Trends-3.4% Price Per Square Foot Trends
Employment Growth Retail Sales Growth Single-Tenant Multi-Tenant
West W-S/Forsyth County 3.5% -70 $11.88 0.1%
10% 50%
Year-over-Year Appreciation
Year-over-Year Change

Davidson County 3.8% -140 $10.79 20.4%

5% 25%

High Point-SW Guilford 3.8% -20 $11.70 41.1%

0% 0%

Randolph County 4.2% -40 $9.13 10.9%

-5% -25%

Overall Metro 5.0% 20 $12.28 2.2%

-50%
-10%
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 over previous time period

Sources: CoStar Group, Inc.; Real Capital Analytics
Retail Completions
Completions Absorption
2,000
 1Q19* Retail Acquisitions CAPITAL
CAPITAL MARKETS
MARKETS
By Buyer Type
Atlanta Office:
By DAVID G. SHILLINGTON, President, Michael Glass First Vice Pr
michael.glass@marcusmillichap
Cross-Border, 34.9% Michael
MarcusFasano
& Millichap Capital Corporation
First Vice President/Regional Manager
Other, 2.2% 1100 Abernathy Road N.E., Bldg. 500, Suite 600 Cleveland Office:
Atlanta, GA 30328
• International pressures weigh on domestic outlook; Fed remains
5005 Rockside Road, Suite 800
(678) 808-2700 | michael.fasano@marcusmillichap.com Independence, OH 44131
patient. Amid ongoing trade disputes between the U.S. and China
(216) 264-2000
and slowing growth throughout the European economy, the global
Columbus Office:
Equity Fund economic outlook has become more cautious. Market volatility, 230 West Street, Suite 100
Private, 47.2%
& Institutions, 11.9% combined with muted sentiment, has sponsored a flight to the safety
Columbus, OH 43215
(614) 360-9800
Austin Office:
of Treasurys, pushing the 10-year yield below 2.6 percent. While
Listed/REITs, 3.7% domestic growth has moderated recently, the waning impact of the
Craig Swanson Vice President/Regional Manager
9600 North Cincinnati Office:
tax cutMopac Expressway,
stimulus will Suite 300trim forward estimates further.
likely As a result,
Austin, TX 78759
Retail Mortgage Originations the
(512) Fed decided
338-7800 | craig.swanson@marcusmillichap.com Colby
to cease reducing its balance sheet reduction Haugness Regional
through
600 Vine Street, 10th Floor
By Lender quantitative tightening by September and removed the potential for
Cincinnati, OH 45202
rate increases through the remainder of the year. The bond market
(513) 878-7700 | colby.haugness@
100% has begun to price in a much more dovish Fed, with flattening interest
Percent of Dollar Volume

rates reflecting more caution. Fed officials will likely focus on the
75% CMBS intersection
Baltimore Office: of a global growth slowdown and continued labor Tim Speck
market First Vice Preside
Reg'l/Local Bank tim.speck@marcusmillichap.com
strength to refi ne their
Matthew Drane Regional Manager plans moving forward, keeping interest rates
50% Nat'l Bank/Int'l Bank
100 stable forSuite
E. Pratt St., the2114
foreseeable future. Dallas Office:
Financial/Insurance Baltimore, MD 21202 5001 Spring Valley Road, Suite 10
Pvt/Other • Malls,
Tel: legacy
(202) 536-3700 big-box players cloud otherwise optimistic
| matthew.drane@marcusmillichap.com retail
Dallas, TX 75244
25% (972) 755-5200
landscape; underwriting remains conservative. Uncertainty
surrounding legacy retailers and the ongoing shift of consumer Fort Worth Office:
0% 300 Throckmorton Street, Suite 1
14 15 16 17 18 purchasing preferences to online sources have begun to weigh on
(817) 932-6100
retail
Boston sentiment, with lenders proving more cautious and conservative
Office:
* Trailing 12 months through 1Q19 than in prior years of the cycle. Active lenders include local, regional
Include sales $2.5 million and greater
John Horowitz First Vice President/Regional Manager
100 and
High national
Street, Suite banks,
1025 and insurance companies, with a primary lender
Sources: CoStar Group, Inc.; Real Capital Analytics
focus
Boston, MA on net-leased assets and premier mixed-use structures being
02110
(617) 896-7200 | tim.thompson@marcusmillichap.com
highly desirable. Meanwhile, outlying malls and non-credit tenants
Denver Office:

National Retail Group will undergo much more scrutiny. This has created a two-tier market
Skyler Cooper Regional Ma
Scott M. Holmes structure, with loan-to-value (LTV) ratios in the 55 to 75 1225 percent
17th Street, Suite 1800
Denver, CO 80202
Senior Vice President, National Director | National Retail Group range depending
Charleston Office:
on borrower, asset and location factors. Mezzanine
(303) 328-2000 | skyler.cooper@
Tel: (602) 687-6689 | scott.holmes@marcusmillichap.com and bridge loan structures have been more frequently used in this
Benjamin Yelm Regional Manager
environment, with owners undertaking capital improvements at high-
151 Meeting Street, Suite 450
Edited by
er leverage
Charleston, SC 29401ratios on the short-term debt before seeking long-term
James Reeves (843) 952-2222 | benjamin.yelm@marcusmillichap.com
Publications Director| Research Services financing options once their operations have been proved.
Detroit Office:
For information on national retail trends, contact:
John Chang Steven Chaben Senior Vice
Two Towne Square, Suite 450
Senior Vice President, National Director | Research Services
Southfield, MI 48076
Tel: (602) 707-9700 | john.chang@marcusmillichap.com Charlotte Office: (248) 415-2600 | steven.chaben@

Price: $250
Benjamin Yelm Regional Manager
201 South Tryon Street, Suite 1220
Charlotte, NC 28202
© Marcus & Millichap 2019 | www.MarcusMillichap.com (704) 831-4600 | benjamin.yelm@marcusmillichap.com

The information contained in this report was obtained from sources deemed to be reliable. Every Edmonton Office:
Chicago Area Offices:
effort was made to obtain accurate and complete information; however, no representation, warranty
or guarantee, express or implied, may be made as to the accuracy or reliability of the information Richard Matricaria Senior Vice President/Division Manager Rene H. Palsenbarg Regi
333 West Wacker Drive, Suite 200, Chicago, IL 60606 10180 101 Street, Suite 3400
contained herein. Note: Metro-level employment growth is calculated based on the last month of the
(312) 327-5400 | richard.matricaria@marcusmillichap.com Edmonton, Alberta T5J 3S4
quarter/year. Sales data includes transactions valued at $1,000,000 and greater unless otherwise (604) 675-5200 | rene.palsenbarg
David Bradley Regional Manager | Chicago Downtown
noted. This is not intended to be a forecast of future events and this is not a guaranty regarding a
333 West Wacker Drive, Suite 200, Chicago, IL 60606
future event. This is not intended to provide specific investment advice and should not be considered (312) 327-5479 | david.bradley@marcusmillichap.com
as investment advice.
Steven Weinstock First Vice President/Regional Manager
Sources: Marcus & Millichap Research Services; Bureau of Labor Statistics; CoStar Group, Inc.; One Mid America Plaza Suite 200
Experian; Moody’s Analytics; Real Capital Analytics; TWR/Dodge Pipeline; U.S. Census Bureau Oakbrook Terrace, IL 60181
(630) 570-2250 | steven.weinstock@marcusmillichap.com

Fort Lauderdale Office: