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Southeast 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 overall waste generated annually. This includes materials such as wood, shingles, asphalt, concrete, and metal.

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Market Activity

Atlanta, GA
Market Overview

Atlanta’s office vacancy rate continues to climb steadily. It reached 19.2 percent in the third quarter, which was driven by a slowdown in demand and several smaller vacancies in the market. Experts believe there will continue to be an increase in vacancy due to construction completions and large move-outs later this year and throughout 2021. In recent quarters, more and more office sublease supply has hit the market, putting vacancy at 3.1 million square feet. This represents 10.9 percent of all vacant space in the metro.

1,576
Homes Sold
$349,950
Avg. Home Price
$1,703
Median Rent
Vacancy Rates Graph
U.S Census Bureau: third quarter 2020
6.5%
Rental Vacancy Rate
1.0%
Homeowner Vacancy Rate
4.5%
State Unemployment Rate
Metro Area Unemployment
Albany, GA
7.4%
Athens-Clarke County, GA
5.0%
Atlanta-Sandy Springs-Roswell, GA
6.7%
Augusta-Richmond County, GA-SC
5.1%
Brunswick, GA
6.2%
Chattanooga, TN-GA
5.1%
Columbus, GA-AL
6.6%
Dalton, GA
5.1%
Gainesville, GA
4.0%
Hinesville, GA
5.5%
Macon-Bibb County, GA
6.6%
Rome, GA
5.0%
Savannah, GA
6.7%
Valdosta, GA
5.5%
Warner Robins, GA
4.9%

Market Activity

Charlotte, NC
Market Overview

The Charlotte metro area reported more than 2.0 million square feet of new leasing activity in 2020 year-to-date. Most of this demand occurred prior to the pandemic, yet 400,000 square feet of transactions were also signed in the third quarter. Charlotte’s Central Business District (CBD)/Uptown submarket recorded 818,000 square feet of office leasing activity in 2020, 97 percent with Class A assets, according to Cushman and Wakefield.

1,504
Homes Sold
$286,000
Avg. Home Price
$1,388
Median Rent
Vacancy Rates Graph
U.S Census Bureau: third quarter 2020
4.5%
Rental Vacancy Rate
0.9%
Homeowner Vacancy Rate
6.3%
State Unemployment Rate
Metro Area Unemployment
Asheville, NC
7.0%
Burlington, NC
6.8%
Charlotte-Concord-Gastonia, NC-SC
7.0%
Durham-Chapel Hill, NC
6.0%
Fayetteville, NC
9.3%
Goldsboro, NC
6.4%
Greensboro-High Point, NC
8.0%
Greenville, NC
7.0%
Hickory-Lenoir-Morganton, NC
7.0%
Jacksonville, NC
6.6%
Myrtle Beach-North Myrtle Beach, SC-NC
6.5%
New Bern, NC
6.2%
Raleigh, NC
6.1%
Rocky Mount, NC
9.4%
Virginia Beach-Newport News, VA-NC
7.1%
Wilmington, NC
6.4%
Winston-Salem, NC
6.9%

Market Activity

Orlando, FL
Market Overview

New office leasing demand increased in the third quarter with roughly 544,000 square feet of activity. This brings the year-to-date total to nearly 1.5 million square feet leased. Most of the new leases were in Class A buildings, representing 822,000 square feet, compared to 645,000 square feet in Class B buildings. Leasing in Orlando’s suburban submarkets saw 90 percent of the region’s activity, vastly outperforming the Central Business District.

1,277
Homes Sold
$275,000
Avg. Home Price
$1,460
Median Rent
Vacancy Rates Graph
U.S Census Bureau: third quarter 2020
7.0%
Rental Vacancy Rate
1.6%
Homeowner Vacancy Rate
6.5%
State Unemployment Rate
Metro Area Unemployment
Cape Coral-Fort Myers, FL
6.4%
Crestview-Fort Walton Beach-Destin, FL
4.1%
Deltona-Ormond Beach, FL
6.3%
Gainesville, FL
4.3%
Homosassa Springs, FL
6.8%
Jacksonville, FL
5.1%
Lakeland-Winter Haven, FL
8.4%
Miami-West Palm Beach, FL
10.1%
Naples-Immokalee-Marco Island, FL
6.0%
North Port-Sarasota-Bradenton, FL
5.6%
Ocala, FL
5.6%
Orlando-Kissimmee-Sanford, FL
9.8%
Palm Bay-Melbourne-Titusville, FL
5.5%
Panama City, FL
4.6%
Pensacola-Ferry Pass-Brent, FL
4.8%
Port St. Lucie, FL
6.1%
Punta Gorda, FL
5.9%
Sebastian-Vero Beach, FL
6.3%
Sebring, FL
6.3%
Tallahassee, FL
4.9%
Tampa-St. Petersburg-Clearwater, FL
6.1%
The Villages, FL
6.0%
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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