Multifamily Research

Market Report Fourth Quarter 2018

South Florida Metros

Investors Chase Yields, Rent Growth in South

Florida’s Emerging Submarkets Multifamily 2018 Forecast
Chronic shortage of entry-level housing keeps the renter
pool full. With Hurricane Irma more than one year in the past,
Y-O-Y
South Florida’s economic fundamentals are shining a bright light Effective Y-O-Y
Metro Vacancy Basis Point
Rent Change
on the apartment sector. More than 260 people are moving to the Change

region every day, supporting the creation of more than 111,000

jobs over the past year. Strong hiring prospects are leading to the
formation of at least 55,000 households this year, many of which
Miami 3.7% -10 $1,594 5.1%
will choose to rent as a lack of starter homes persists. As renter
demand steadily rises and multifamily construction begins to pull
back from the highs of a few years ago in some areas, vacancy Fort Lauderdale 4.8% -40 $1,541 3.7%
rates are falling across the region once again, keeping rent growth
on an upward trajectory. West Palm
5.5% -30 $1,544 4.1%
Beach
Deliveries remain above past five-year average in 2018. More
than 50,000 apartments have been constructed in South Florida
since 2011, with another 10,800 units on tap for 2018. Rental
inventory grows by 4,800 units in Miami-Dade County, the highest
amount in the region, headlined by Square Station at 710 doors
in Downtown Miami. In Lauderdale Lakes, the Atlantic Cypress Miami
Creek will be Broward County’s largest completion of the year • High pricing east of I-95 has investors seeking more affordable
with 420 units, contributing to the addition of 3,600 apartments in assets with greater potential upside in areas such as Hialeah
the market. Palm Beach County records the completion of 2,400 and Miami Lakes, where prices average near $110,000 per unit.
rentals this year, marking a substantive slowdown from 2017. The
largest project forecast to open this year is the 353-unit Atlantico • Buyer activity remained elevated in Little Havana and North
at Alton in Palm Beach Gardens. Miami Beach, where recently traded properties recorded cap
rates in the mid-5 percent to low-7 percent range.

Local Apartment Yield Trends Fort Lauderdale

Apartment Cap Rate 10-Year Treasury Rate
• Investors boosted searches in areas such as Miramar and
12%
Hallandale Beach, where apartment complexes changed hands
for $92,000 per unit recently.
9%
• With the lowest average price on a per unit basis in the region
and a large inventory of Class C assets, investors in search of
Rate

6%
remaining upside will continue to scour the county.
3%

0%
West Palm Beach
8* 00 02 04 06 08 10 12 14 16 18* • Out-of-state capital was most abundant in Palm Beach County,
where investors deployed more than $1 billion over the past four
quarters, on par with the prior yearlong period.
Sales Trends
• Region-leading expansion of the traditional renter cohort has
Sales Price Growth
investors hurrying to acquire assets near employment hubs.
ge Price per Unit (000s)

$180 24%
* Cap rate trailing 12-month average through 3Q; Treasury rate as of Sept. 28
Year-over-Year Growt

Includes sales $1 million and greater for Miami-Dade, Broward and Palm Beach counties.
Sources: CoStar$160Group, Inc.; Real Capital Analytics 16%

$140 8%

$120 0%
Miami-Dade
3Q18 – 12-MONTH PERIOD
EMPLOYMENT:
Employment Trends Local Apartment Yield Trends
Metro United States Apartment Cap Rate 10-Year Treasury Rate
4%
4.6% increase in total employment Y-O-Y
• Aided
12% by robust post-hurricane hiring, 52,700 jobs were
Year-over-Year Change

3% created over the year ended in September. One year ear-

lier
9%employment declined by 1.3 percent.
2%

Rate
• The
6%trade, transportation and utilities sector led hiring, in-
1% creasing payrolls by 10,300 jobs, followed by education
and
3%health services hiring with 10,000 new jobs. The job-
0% less rate fell 80 basis points to 3.9 percent in September.
0%
14 15 16 17 18* 00 02 04 06 08 10 12 14 16 18*

CONSTRUCTION:
Completions and Absorption Sales Trends
Completions Absorption 5,200 units completed
Sales Y-O-Y
Price Growth

Average Price per Unit (000s)

$180 24%
8 • So far this year, 3,800 units have been delivered, bring-

Year-over-Year Growth
ing the trailing 12-month total in line with the amount of
$160 16%
Units (000s)

6 apartments completed during the prior 12-month period.

4 • $140 8%
Square Station, located in the Entertainment District,
was the largest delivery of the past year at 710 units,
$120 0%
2 followed by Mila, a 684-door garden-style property in
Miami Gardens.
$100 -8%
0
14 15 16 17 18* 14 15 16 17 18*

VACANCY:
Vacancy Rate Trends
Metro United States 20 basis point decrease in vacancy Y-O-Y
8%
• Robust net absorption led to a declining vacancy rate,
6% reaching 3.7 percent in the third quarter. One year earlier
Vacancy Rate

a 20-basis-point increase was posted.

4%
• Class A vacancy remained unchanged year over year at
2% 6 percent, while both Class B and Class C units record-
ed a 40-basis-point decline, falling to 3.4 percent and
0% 1.6 percent, respectively.
14 15 16 17 18*

RENTS:
Rent Trends
Monthly Rent Y-O-Y Rent Change 5.5% increase in effective rents Y-O-Y

$1,700 8% • The average effective rent rose to $1,586 per month in the
third quarter, posting the strongest annualized rent increase
Year-over-Year Change
Monthly Effective Rent

$1,425 6% since the end of 2015. A 4.7 percent increase was regis-
tered one year ago.
$1,150 4%
• Class C complexes led the market with a 4.9 percent in-
$875 2% crease to $1,035 per month, followed by Class B units,
which were up 4.5 percent to $1,549 per month.
$600 0%
14 15 16 17 18*

* Forecast
 Multifamily Research | Market Report

DEMOGRAPHIC HIGHLIGHTS

3Q18 MEDIAN HOUSEHOLD INCOME 3Q18 AFFORDABILITY GAP MULTIFAMILY (5+ Units) PERMITS

Metro $50,193 Renting is $867 Per Month Lower 11,852 1H 2018

U.S. Median $61,789 Average Effective Rent vs. Mortgage Payment* g 33% Compared with 1H
2014-2017

3Q18 MEDIAN HOME PRICE FIVE-YEAR HOUSEHOLD GROWTH** SINGLE-FAMILY PERMITS

Metro $354,583 84,000 or 1.8% Annual Growth 2,601 1H 2018

Compared with 1H
U.S. Median $260,016 U.S. 1.2% Annual Growth g 8% 2014-2017

*Mortgage payments based on quarterly median home price with a 30-year fixed-rate conventional mortgage, 90% LTV, taxes, insurance and PMI. **2017-2022 Annualized Rate

Lowest Vacancy Rates 3Q18 Suburban Miami Assets Highlight Deal Flow;
Prices Decline
Employment
Y-O-Y Trends Local Apartment Yield Trends
Vacancy Effective Y-O-Y %
Submarket Basis Point • Transaction velocity over the 12 Treasury
monthsRate
through
Rate
Metro ChangeUnitedRents
States Change Apartment Cap Rate 10-Year
4% September rose 14 percent in comparison with the
prior12%
period, carried higher by a sizable increase to
Year-over-Year Change

North Central Miami

3%
0.9% -100 $1,013 4.4%
sales activity in North Miami Beach.
9%
2%
• The average price declined 5 percent from the prior
SUBMARKET TRENDS

Rate

Hialeah/Miami Lakes 2.0% -80 $1,434 3.5% 12-month

6% period, reaching $159,200 per unit, while
the average cap rate climbed 10 basis points to the
SALES TRENDS

1%
Homestead/South Dade
2.6% -10 $1,113 3.9% upper-5
3% percent territory.
County
0%
Outlook:0%Increased investment in some of Miami’s smaller
Miami Gardens 14 3.3% 15 90 16 $1,198 17 4.3% 18* submarkets00will 02
help04to boost
06 08property
10 12metrics
14 16 and18*
push
rents higher, boosting investor demand.
West Miami/Doral 3.7% -200 $1,878 7.1%
Completions and Absorption Sales Trends
Completions Absorption Sales Price Growth
Westchester/Kendall 3.9% -30 $1,505 3.4%
Average Price per Unit (000s)

$180 24%
8
Year-over-Year Growth

Coral Gables/South Miami 4.2% -40 $1,873 2.3%

$160 16%
Units (000s)

6
Downtown Miami/South
4.6% 120 $2,086 2.7% $140 8%
Beach 4

Northeast Miami 5.9% 40 $1,704 8.7% $120 0%

2

0 $100 -8%
Overall Metro 3.7% -20 $1,586 5.5%
14 15 16 17 18* 14 15 16 17 18*

Vacancy Rate Trends * Trailing 12 months through 3Q18

Metro United States Pricing trend sources: CoStar Group, Inc.; Real Capital Analytics
8%

6%
ate
Fort Lauderdale
3Q18 – 12-MONTH PERIOD
Employment Trends EMPLOYMENT:
Metro United States
4.4% increase in total employment Y-O-Y
4%
Year-over-Year Change

• Boosted by employment gains immediately following

3% Hurricane Irma, 36,100 jobs were created over the
trailing 12 months through September. One year ago,
2%
employment declined by 0.3 percent.
1% • Professional and business services payrolls grew by 8,000
jobs, the biggest gain among all sectors, supporting a 3.4
0% percent jobless rate in September.
14 15 16 17 18*

Completions and Absorption CONSTRUCTION:

Sales Trends
Completions Absorption
3,200 Sales
units Price Growth
completed Y-O-Y

Average Price per Unit (000s)

$160 16%
6.0 • So far this year, 2,400 rentals have been completed,

Year-over-Year Growth
bringing the year-over-year total below12%
$120 the 3,600 units
Units (000s)

4.5
built during the prior period.
$80 8%
3.0 • Deliveries were greatest in Hollywood, where 745
apartments came online, followed by 4%
$40 Fort Lauderdale
1.5
proper with a 12-month total of 664 units. Pembroke
0 Pines/Miramar
$0 came in third with 540 new
0% units.
14 15 16 17 18* 14 15 16 17 18*

Vacancy Rate Trends VACANCY:

6%
Metro United States 80 basis point decrease in vacancy Y-O-Y

5%
• Net absorption of more than 4,200 units pushed the va-
Vacancy Rate

cancy rate down to 4.6 percent in the third quarter, eras-

4% ing the 70-basis-point increase posted one year ago.
• Class C vacancy fell 60 basis points to 3.4 percent in the
3%
third quarter, while a 100-basis-point fall for the Class B
2%
segment was posted, reaching 4.6 percent. A 50-ba-
sis-point decline to 5.9 percent occurred at Class A rentals.
14 15 16 17 18*

Rent Trends RENTS:

Monthly Rent Y-O-Y Rent Change 3.9% increase in effective rents Y-O-Y
$1,600 8% • Rent growth accelerated from the 1.2 percent increase
Year-over-Year Change
Monthly Effective Rent

registered in September of 2017, climbing to $1,551 per

$1,350 6%
month in the third quarter.
$1,100 4% • Class A complexes led the market with a 5.8 percent in
crease to $1,978 per month, followed by a 4.2 percent
$850 2% bump to $1,548 monthly for Class B apartments. Class C
rent rose 2.0 percent to $1,151 per month.
$600 0%
14 15 16 17 18*

* Forecast
 Multifamily Research | Market Report

DEMOGRAPHIC HIGHLIGHTS

3Q18 MEDIAN HOUSEHOLD INCOME 3Q18 AFFORDABILITY GAP MULTIFAMILY (5+ Units) PERMITS

Metro $58,917 Renting is $770 Per Month Lower 2,431 1H 2018

Compared with 1H
U.S. Median $61,789 Average Effective Rent vs. Mortgage Payment* h 16% 2014-2017

3Q18 MEDIAN HOME PRICE FIVE-YEAR HOUSEHOLD GROWTH** SINGLE-FAMILY PERMITS

Metro $334,711 84,000 or 2.2% Annual Growth 1,374 1H 2018

Compared with 1H
U.S. Median $260,016 U.S. 1.2% Annual Growth h 6% 2014-2017

*Mortgage payments based on quarterly median home price with a 30-year fixed-rate conventional mortgage, 90% LTV, taxes, insurance and PMI. **2017-2022 Annualized Rate

Lowest Vacancy Rates 3Q18 Deal Flow Rises as Price Growth Slows;
Buyers Focus on Class C Properties
EmploymentY-O-Y Trends
Vacancy Effective Y-O-Y %
Submarket
Rate
Metro
Basis Point
UnitedRents
States Change • Deal flow climbed 18 percent over the past 12 months,
Change
4% lifted by a substantive rise in sales activity in the city of
Fort Lauderdale south to Hallandale Beach.
Year-over-Year Change

3%
Hollywood 3.2% -170 $1,429 2.4%
• A 3 percent increase to the average price was recorded,
climbing to $150,200 per unit. The average cap rate
2%
SUBMARKET TRENDS

Pompano Beach/Deerfield increased 10 basis points during the trailing 12-month

3.7% -130 $1,348 5.2%
Beach 1%
period to the lower-6 percent area.
SALES TRENDS

Outlook: Investors seeking higher yields will look to

Fort Lauderdale 0% 4.3% -40 $1,673 2.1%
acquire assets in Coral Springs and Fort Lauderdale
14 15 16 17 18* proper, where cap rates can be 50 basis points above the
Pembroke Pines/Miramar 4.5% -90 $1,661 1.8% metro average.

Coral Springs
Completions
4.7%
and Absorption
-140 $1,630 6.5%
Sales Trends
Completions Absorption Sales Price Growth
Average Price per Unit (000s)

Margate/Coconut Creek/ $160 16%

4.7% -80 $1,539 4.3%
North Lauderdale 6.0
Year-over-Year Growth

$120 12%
Units (000s)

4.5
Plantation/Davie/Weston 5.1% -80 $1,736 5.1%
$80 8%
3.0
Sunrise/Lauderhill 5.5% 10 $1,333 4.8%
$40 4%
1.5

Overall Metro 0 4.6% -80 $1,551 3.9% $0 0%

14 15 16 17 18* 14 15 16 17 18*

Vacancy Rate Trends * Trailing 12 months through 3Q18

Metro United States Pricing trend sources: CoStar Group, Inc.; Real Capital Analytics
6%

5%
ate
West Palm Beach
3Q18 – 12-MONTH PERIOD
Employment Trends EMPLOYMENT:

6.0%
Metro United States
3.7% increase in total employment Y-O-Y
Year-over-Year Change

• So far this year, 11,300 jobs have been created, bringing

4.5%
the one-year total to 22,700. One year ago employment
fell by 0.5 percent due to Hurricane Irma.
3.0%
• Job growth was led by the leisure and hospitality sector
1.5% during the past 12 months. It added 7,550 workers to
payrolls. The unemployment rate fell 30 basis points to
0%
3.5 percent in September.
14 15 16 17 18*

Completions and Absorption CONSTRUCTION:

Sales Trends
Completions Absorption
2,500 Sales Price Growth
units completed Y-O-Y

Average Price per Unit (000s)

$200 12%
4 • During the first three quarters of the year, 1,560 units

Year-over-Year Growth
$175were completed, keeping the 12-month 8%total below the
Units (000s)

3
3,200 rentals built during the prior yearlong period.
$150 4%
2
• Deliveries over the trailing 12 months through Septem-
1 $125ber were greatest in the Boynton Beach/Delray
0% Beach
submarket with 968 new apartments, followed by West
0 $100Palm Beach where inventory increased by 591 rentals.
-4%
14 15 16 17 18* 14 15 16 17 18*

Vacancy Rate Trends VACANCY:

7%
Metro United States
40 basis point decrease in vacancy Y-O-Y

6% • Net absorption of 2,700 units over the past year brought

Vacancy Rate

the vacancy rate down to 5.6 percent in the third quarter,

5% adding to a 30-basis-point drop posted one year ago.
• Class A vacancy declined 140 basis points over the past
4%
year to 5.9 percent in the third quarter, while a 100-basis-
3% point drop to 2.8 percent was posted at Class C units.
Class B vacancy rose 20 basis points to 6.5 percent.
14 15 16 17 18*

Rent Trends RENTS:

Monthly Rent Y-O-Y Rent Change 3.6% increase in effective rents Y-O-Y
$1,600 12% • Building on a 3.4 percent increase one year ago, the
Year-over-Year Change
Monthly Effective Rent

average effective rent reached $1,540 per month in the

$1,425 9%
third quarter of 2018.
$1,250 6% • Class A rent rose 5.3 percent to $1,941 per month,
followed by a 2.6 percent increase to $1,526 monthly for
$1,075 3%
Class B rentals. A 1.1 percent increase was posted in the
Class C segment, reaching $1,088 per month.
$900 0%
14 15 16 17 18*

* Forecast
 Multifamily Research | Market Report

DEMOGRAPHIC HIGHLIGHTS

3Q18 MEDIAN HOUSEHOLD INCOME 3Q18 AFFORDABILITY GAP MULTIFAMILY (5+ Units) PERMITS

Metro $63,453 Renting is $894 Per Month Lower 1,554 1H 2018

Compared with 1H
U.S. Median $61,789 Average Effective Rent vs. Mortgage Payment* h 18% 2014-2017

3Q18 MEDIAN HOME PRICE FIVE-YEAR HOUSEHOLD GROWTH** SINGLE-FAMILY PERMITS

Metro $351,731 102,000 or 3.4% Annual Growth 3,022 1H 2018

Compared with 1H
U.S. Median $260,016 U.S. 1.2% Annual Growth g 16% 2014-2017

*Mortgage payments based on quarterly median home price with a 30-year fixed-rate conventional mortgage, 90% LTV, taxes, insurance and PMI. **2017-2022 Annualized Rate

Lowest Vacancy Rates 3Q18 Investor Activity in Emerging Submarkets

Employment Trends Rises as Buyers Focus on Yields
Metro Y-O-Y United
Vacancy States Y-O-Y %
Effective
Submarket
Rate
Basis Point
Rents Change • A robust increase to sales activity in Boynton Beach
6.0% Change
and Greenacres was recorded, holding overall deal
Year-over-Year Change

4.5%
flow for Palm Beach County in line with the prior period.
• The average price held relatively stable at $167,900 per
Lake Worth/Greenacres/
3.0%
Wellington
3.6% -80 $1,287 1.8% unit, while a 20-basis-point increase to the average cap
SUBMARKET TRENDS

rate was posted, rising to the low-6 percent territory.

1.5%
Outlook: Buyers looking for returns above the metro
SALES TRENDS

West Palm Beach 0% 5.6% -90 $1,372 3.5% average are drawn to outlying suburbs, where low- to
14 15 16 17 18* mid-7 percent cap rates are obtainable.

Boca Raton 6.1% -10 $1,842 7.2%

Completions and Absorption Sales Trends
Completions Absorption Sales Price Growth
Average Price per Unit (000s)

$200 12%
North Palm Beach County
4 6.1% 60 $1,598 2.4%
Year-over-Year Growth

$175 8%
Units (000s)

Boynton Beach/Delray $150 4%

2 6.3% -70 $1,599 2.0%
Beach

1 $125 0%

Overall Metro 0 5.6% -40 $1,540 3.6% $100 -4%

14 15 16 17 18* 14 15 16 17 18*

Vacancy Rate Trends

Metro United States * Trailing 12 months through 3Q18
7% Pricing trend sources: CoStar Group, Inc.; Real Capital Analytics

6%
y Rate
 Multifamily Research | Market Report

3Q18 Apartment Acquisitions By DAVID G. SHILLINGTON, President,

By Buyer Type Marcus & Millichap Capital Corporation
Other, 1% Cross-Border, 9%
• Fed pushes overnight lending rate higher, cites economic
strength in case for additional increases. The Federal Reserve
increased the federal funds rate by 25 basis points in late September,
Equity Fund
& Institutions, 23% lifting the Fed funds rate to 2 percent. Remarks from the Fed highlight
a robust economy, spurred by accommodative fiscal stimulus,
while inflation remains broadly in line with expectations. Provided
Private, 63%
Listed/REITs, 4% the economy continues to perform as expected, the Fed is likely to
increase rates in December, as well as up to three times next year.
• Benchmark interest rates, lending costs push higher post-

CAPITAL MARKETS
Fed meeting. After the Federal Reserve lifted overnight rates and
Apartment Mortgage Originations maintained a positive economic outlook, long-term interest rates have
By Lender pushed higher. The 10-Year Treasury yield has quickly traded toward
100% the 3.25 percent range, which is prompting lenders to pass on the
Losincreased
Angeles:cost to borrowers. However, fierce competition New York forCity
Percent of Dollar Volume

loans is
75% Gov't Agency Adam Christofferson
also leading to some cost absorption among lenders. While Senior
Senior Vice President/Division Manager J.D. Parker Vice President/D
greater
Financial/Insurance (818) 212-2700 | adam.christofferson@marcusmillichap.com 260 Madison Avenue 5th Floor New
borrowing costs may prompt buyers to seek higher cap
(212) rates, |strong
430-5100 jd.parker@marcusm
Reg'l/Local Bank Jimeconomic
Markel Regional Manager | Encino
50% performance should enable rent growth above inflation. As
Nat'l Bank/Int'l Bank (818) 212-2700 | jim.markel@marcusmillichap.com John Kruger Regional Manager | M
CMBS a result, sellers remain committed to higher asking (212)prices,
430-5157which is
| john.kruger@marcu
25% Pvt/Other Tony Solomon
widening an First Vice President/Regional Manager | West L.A.
expectation gap as property performance and demand
(310) 909-5500 | tony.solomon@marcusmillichap.com John Horowitz First Vice President
trends remain positive. 1 MetroTech Center, Suite 2001
0% Enrique Wong Vice President/Regional Manager | Downtown L.A. Brooklyn, NY 11201
14 15 16 17 18* • The
(818) capital
212-2700 markets environment
| jim.markel@marcusmillichap.com continues
(718) to be highly
475-4310 | john.horowitz@mar
Damon Wyler Regional
competitive. Government agencies remain the largest source of
Manager | Long Beach
(562)funds,
257-1200 | damon.wyler@marcusmillichap.com Brooklyn Office
* Through 2Q commanding slightly over 50 percent market share. National
Include sales $2.5 million and greater and regional banks control approximately a quarter of the Horowitz John market. Vice Pres
Sources: CoStar Group, Inc.; Real Capital Analytics 1 MetroTech Center, Suite 20
Pricing resides in the high-4 percent realm with maximum leverage
Brooklyn, of
NY 11201
75 percent. Portfolio lenders will typically require loan-to-value ratios| john.horowi
(718) 475-4300
closer to 70 percent with interest rates in the low-5 percent Manhattan range.
Office
The passage of tax reform and rising fiscal stimulus will John keep the U.S. Regional M
Krueger
Louisville Office: 260supporting
Madison Avenue, 5th Flo
economy growing, underpinning strong rental demand and
National Multi Housing Group New York, NY 10016
a national
Richard apartment
Matricaria Seniorvacancy rate of 4.6
Vice President/Division percent at the (212)
Manager end 430-5100|
of 2018.brian.hosey@
9300 Shelbyville Road, Suite 1012
Visit www.MarcusMillichap.com/Multifamily Louisville, KY 40222 New Jersey Office:
(502) 329-5900 | richard.matricaria@marcusmillichap.com
Brian Hosey Regional Manager
John Sebree 250 Pehle Avenue, Suite 501
First Vice President, National Director | National Multi Housing Group Miami Office: Saddle Brook, NJ 07663
Tel: (312) 327-5417 (201) 742-6100 | brian.hosey@marcu
john.sebree@marcusmillichap.com
Scott Lunine Vice President/Regional Manager
5201 Blue Lagoon Drive, Suite 100 Newport Beach Office:
Prepared and edited by Miami, FL 33126
Michael Murphy (786) 522-7000 | scott.lunine@marcusmillichap.com Jonathan Giannola Regional M
Research Analyst | Research Services 19800 MacArthur Boulevard, Suite 1
Milwaukee Office: Irvine, CA 92612
For information on national apartment trends, contact: Fort Lauderdale Office: (949) 419-3200 | jonathan.giannola@
John Chang Todd Lindblom Regional Manager
Senior Vice President, National Director | Research Services Ryan Nee Vice
13890 Bishops President/Regional
Drive, Suite 300 Manager
Tel: (602) 707-9700 5900 N.eld,
Brookfi Andrews Avenue, Suite 100
WI  53005 Oakland Office:
john.chang@marcusmillichap.com Fort
(262)Lauderdale,
364-1900 |FL 33309
todd.lindblom@marcusmillichap.com
(954) 245-3400 | ryan.nee@marcusmillichap.com
David C. Nelson Regional Man
555 12th Street, Suite 1750
Price: $750
Oakland, CA 94607
Minneapolis Office: (510) 379-1200 | david.nelson@mar
© Marcus & Millichap 2018 | www.MarcusMillichap.com

Jon Ruzicka Regional Manager

The information contained in this report was obtained from sources deemed to1350 LagoonEvery
be reliable. Avenue Suite
effort was840made to obtain accurate and complete information; however, no
representation, warranty or guarantee, express or implied, may be made as toMinneapolis,
the accuracyMN or 55408 Orlando
reliability of the information contained herein. Note: Office:
Metro-level employment
growth is calculated based on the last month of the quarter/year. Sales data includes
(952) transactions valued at $1,000,000 and greater unless otherwise noted. This is not intend-
852-9700 | jon.ruzicka@marcusmillichap.com
ed to be a forecast of future events and this is not a guaranty regarding a future event. This is not intended to provide specific investment advice and Justin
should West Vice President/Reg
not be considered
as investment advice. 300 South Orange Avenue, Suite 70
Sources: Marcus & Millichap Research Services; Bureau of Labor Statistics; CoStar Nashville
Group,Office: Orlando,
Inc.; Experian; National Association of Realtors; Moody’s FL 32801
Analytics; Real Capital
Analytics; RealPage, Inc.; TWR/Dodge Pipeline; U.S. Census Bureau (407) 557-3800 | justin.west@marcu
Jody McKibben Vice President/Regional Manager
6 Cadillac Drive, Suite 100
Brentwood, TN 37027 Philadelphia Office:
615/997-2900 | jody.mckibben@marcusmillichap.com