Local Rent Gains and The Big Picture

Jul 1

Multifamily Rent Trends | 1Q 2025 vs. 2022–2024 Average

Midwest metros like Chicago (+6.3%), Milwaukee (+5.3%), and Cincinnati (+5.1%) lead gains amid limited new construction
Sunbelt markets face rent pressure from elevated supply; Austin (-7.4%), Phoenix (-3.9%), and Atlanta (-3.7%) are all below trend
Long-term potential remains in fast-growing metros despite near-term headwinds

Multi-Tenant Retail Rent Trends | 1Q 2025 vs. 2022–2024 Average

Rebounding markets such as NYC (+26.9%) and Miami (+23.8%) lead retail rent gains, supported by strong post-COVID demand
Growth markets like Las Vegas (+12.1%) and Charlotte (+10.6%) also see double-digit rent increases
Softness in Nashville (-20.8%), Baltimore (-14.0%), and Philadelphia (-12.3%) highlights regional divergence

Office Rent Trends | 1Q 2025 vs. 2022–2024 Average

Unexpected strength in Boston (+6.9%), Miami (+6.5%), and Kansas City (+3.4%) bucks national office sentiment
Stability in secondary markets like Northern NJ and Ft. Lauderdale (both +3.4%) suggests selective resilience
Normalization continues in tech-heavy markets: San Francisco (-7.7%), San Jose (-5.6%), and Seattle (-3.8%)

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Flat FED, Inflation Risks & Durability of Retail Sales