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Mid-Atlantic Real Estate Investment Market Report: November 2020

construction waste from a building

Can you guess the volume of construction waste generated annually by construction projects worldwide? What about the U.S. alone?  According to a report from Construction and Demolition Recycling in 2018, the world’s yearly volume of solid waste will nearly double to 2.2 billion tons by the end of 2025. Construction waste makes up more than half of the overall waste generated annually. This includes materials such as wood, shingles, asphalt, concrete, and metal.

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Market Activity

Richmond, VA
Market Overview

Richmond’s office vacancy rates stayed below 7.0 percent for the 15th consecutive quarter. Overall rent increased by 6.1 percent from the same time last year and by 1.2 percent from last quarter. The Central Business Districts’ office rental rates have jumped 6.6 percent, Class A rates increasing by 5.4 percent from last year.

784
Homes Sold
$277,500
Avg. Home Price
$1,274
Median Rent
Vacancy Rates Graph
U.S Census Bureau: third quarter 2020
4.8%
Rental Vacancy Rate
0.3%
Homeowner Vacancy Rate
5.3%
State Unemployment Rate
Metro Area Unemployment
Blacksburg-Christiansburg-Radford, VA
4.7%
Charlottesville, VA
5.2%
Harrisonburg, VA
4.5%
Kingsport-Bristol-Bristol, TN-VA
5.5%
Lynchburg, VA
5.9%
Richmond, VA
6.7%
Roanoke, VA
5.5%
Staunton-Waynesboro, VA
4.6%
Virginia Beach-Newport News, VA-NC
7.1%
Washington-Alexandria, DC-VA-MD-WV
6.7%
Winchester, VA-WV
4.6%

Market Activity

Philadelphia, PA
Market Overview

After Philadelphia’s Central Business District saw positive rent growth and absorption for office space in the first quarter, it’s beginning to see activity slow. According to JLL, office vacancy has increased by 90 basis points since the start of 2020 due to roughly 300,000 square feet of negative absorption. The softening market is not only impacted by COVID-19 – some of the planned vacancies happened prior to the pandemic. One example is the Department of Labor’s move to 1835 Market Street.

1,774
Homes Sold
$243,000
Avg. Home Price
$1,870
Median Rent
Vacancy Rates Graph
U.S Census Bureau: third quarter 2020
8.1%
Rental Vacancy Rate
0.9%
Homeowner Vacancy Rate
7.3%
State Unemployment Rate
Metro Area Unemployment
Allentown-Bethlehem-Easton, PA-NJ
7.4%
Altoona, PA
6.6%
Bloomsburg-Berwick, PA
5.7%
Chambersburg-Waynesboro, PA
6.5%
East Stroudsburg, PA
9.8%
Erie, PA
8.2%
Gettysburg, PA
5.0%
Harrisburg-Carlisle, PA
6.4%
Johnstown, PA
7.3%
Lancaster, PA
5.8%
Lebanon, PA
6.5%
New York-Newark-Jersey City, NY-NJ-PA
9.5%
Philadelphia-Wilmington, PA-NJ-DE-MD
7.9%
Pittsburgh, PA
7.8%
Reading, PA
7.5%
Scranton-Wilkes-Barre-Hazleton, PA
8.8%
State College, PA
4.5%
Williamsport, PA
7.5%
York-Hanover, PA
6.3%
Youngstown-Warren-Boardman, OH-PA
9.8%

Market Activity

Washington D.C.
Market Overview

More people working remotely helps multifamily properties but challenges some retailers. The ability to work from home for many professional and business service employees’ has ultimately helped support multifamily rental demand. However, the shift to working from home is having a profound impact on retail stores near office hubs where foot traffic has dropped significantly. Single-tenant and suburban retailers are faring better, but ongoing performance will vary depending on reopenings in the D.C. metro area.

951
Homes Sold
$680,000
Avg. Home Price
$2,141
Median Rent
Vacancy Rates Graph
U.S Census Bureau: third quarter 2020
8.7%
Rental Vacancy Rate
1.0%
Homeowner Vacancy Rate
Homes sold and average home price data is from Redfin.com. Median Rent data is from rentcafe.com.  Data shown in this email is an average over the last month unless otherwise marked.

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