Q3 2024 - Last Updated November 2024
US commercial real estate investment sales - markets
Explore Q3 2024 US commercial real estate trends in the top 10 markets. Analyze transaction volumes, property turnover, asset scale, and market metrics powered by Altus Group and Reonomy.
Overview
Sourced from the Q3 2024 US CRE Investment and Transaction Quarterly report, the following charts provide a comprehensive analysis of market metrics across ten major metropolitan statistical areas (MSAs), emphasizing market liquidity, asset scale, and property characteristics.
Key indicators include the turnover ratio by property count, representing the annualized percentage of properties changing ownership, and the turnover ratio by square footage, which shows the proportion of physical space traded. The total property count and aggregate square footage are also reported, offering insight into each market's overall asset scale.
Additional metrics capture asset-specific characteristics, including median construction year, median square footage, and median floor area ratio (FAR). Cumulative assessed value and median tax rate further illustrate the local tax environment. Maps show the precise locations of recorded transactions within the past six months, offering a visual representation of recent market activity.
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Market metric definitions
This table below provides definitions and tips on how to interpret the information presented on each market.
Definition |
|---|
Turnover Ratio (#) This ratio represents the annualized percentage of properties (by count) that have traded within the reporting period. The ratio may provide some insight into market liquidity within a given sector and market. A higher ratio may suggest more frequent transactions. |
Turnover Ratio (SF) This ratio represents the annualized percentage of total square feet that have traded within the reporting period. The ratio may help indicate how much physical space within a given sector and market has transacted. A higher ratio may point to significant movement in larger properties or more frequent sales. |
Total Properties The total count of properties included in the report’s dataset, reflecting the overall scale of assets being analyzed. |
Total Square Feet The aggregate square feet of all properties in the report’s dataset, representing the overall size of real estate assets. |
Total Assessed Value The cumulative assessed value of all properties, representing the estimated market worth as determined by local assessments. |
Median Year Built The median construction year for properties in the dataset. |
Median Square Feet The median property size, indicating the typical size of properties in the market. |
Median Floor Area Ratio The median value of a building’s square feet relative to the size of its lot. Higher median FAR may indicate denser development in a particular market. |
Median Tax Rate The median property tax rate applied to properties, reflecting local tax policies. |
Market metrics
New York – Newark – Jersey City, NY-NJ-PA
Multifamily | Industrial | Office | Retail | Hospitality | Commercial general and mixed use | |
|---|---|---|---|---|---|---|
Turnover ratio (#) | 1.4% | 1.6% | 1.8% | 1.4% | 2.3% | 2.1% |
Turnover ratio (SF) | 1.0% | 1.1% | 2.2% | 0.5% | 3.5% | 1.6% |
Total properties | 52,530 | 14,286 | 9,979 | 10,793 | 1,391 | 17,177 |
Total square feet (MSF) | 1,763.2 | 487.4 | 667.5 | 365.8 | 112.5 | 255.1 |
Total assessed value | $278.6B | $50.9B | $189.3B | $50.3B | $24.1B | $65.6B |
Median year built | 1927 | 1961 | 1960 | 1955 | 1984 | 1931 |
Median square feet | 11,652 | 14,782 | 14,340 | 9,500 | 32,472 | 7,243 |
Median floor area ratio | 3.12 | 0.72 | 1.26 | 0.75 | 2.90 | 1.88 |
Median tax rate | 8.9% | 9.3% | 9.5% | 9.9% | 9.6% | 7.4% |
Market metrics (New York – Newark – Jersey City)
Source: Altus Group
Los Angeles-Long Beach-Anaheim, CA
Multifamily | Industrial | Office | Retail | Hospitality | Commercial general and mixed use | |
|---|---|---|---|---|---|---|
Turnover Ratio (#) | 1.7% | 1.2% | 1.6% | 1.3% | 2.4% | 1.2% |
Turnover Ratio (SF) | 1.3% | 0.9% | 1.4% | 1.1% | 1.8% | 0.9% |
Total Properties | 54,233 | 32,699 | 9,801 | 19,072 | 1,870 | 5,664 |
Total Square Feet (MSF) | 1,005.5 | 1,240.4 | 495.5 | 537.5 | 90.7 | 127.3 |
Median Year Built | 1962 | 1972 | 1975 | 1969 | 1969 | 1952 |
Median Square Feet | 8,709 | 15,440 | 14,028 | 9,779 | 17,286 | 9,116 |
Median Floor Area Ratio | 0.84 | 0.51 | 0.71 | 0.50 | 0.68 | 0.90 |
Median Tax Rate | 1.3% | 1.4% | 1.3% | 1.4% | 1.3% | 1.3% |
Market metrics (Los Angeles - Long Beach - Anaheim)
Source: Altus Group
Chicago - Naperville - Elgin, IL-IN-WI
Multifamily | Industrial | Office | Retail | Hospitality | Commercial general and mixed use | |
|---|---|---|---|---|---|---|
Turnover Ratio (#) | 2.9% | 1.5% | 1.8% | 1.3% | 2.6% | 1.6% |
Turnover Ratio (SF) | 1.8% | 1.2% | 2.2% | 1.2% | 0.8% | 0.5% |
Total Properties | 23,043 | 21,114 | 6,169 | 19,276 | 845 | 4,159 |
Total Square Feet (MSF) | 387.9 | 1,186.3 | 533.2 | 467.2 | 120.3 | 188.3 |
Median Year Built | 1958 | 1974 | 1981 | 1970 | 1986 | 1963 |
Median Square Feet | 6,870 | 21,700 | 15,672 | 10,100 | 48,952 | 11,882 |
Median Floor Area Ratio | 1.34 | 0.45 | 0.40 | 0.64 | 0.67 | 0.81 |
Median Tax Rate | 20.6% | 20.6% | 8.4% | 20.6% | 20.6% | 20.6% |
Market metrics (Chicago - Naperville - Elgin)
Source: Altus Group
Dallas - Fort Worth - Arlington, TX
Multifamily | Industrial | Office | Retail | Hospitality | Commercial general and mixed use | |
|---|---|---|---|---|---|---|
Turnover ratio (#) | 1.3% | 1.0% | 1.2% | 1.2% | 0.7% | 1.2% |
Turnover ratio (SF) | 1.0% | 0.5% | 0.7% | 0.8% | 0.3% | 0.8% |
Total properties | 7,235 | 15,756 | 11,058 | 14,651 | 1,191 | 3,896 |
Total square feet (MSF) | 1,002.9 | 1,090.6 | 543.1 | 391.8 | 100.2 | 156.0 |
Total assessed value | $139.0B | $62.3B | $62.9B | $48.0B | $11.0B | $15.5B |
Median year built | 1984 | 1983 | 1987 | 1994 | 1998 | 2000 |
Median square feet | 85,010 | 21,192 | 12,126 | 10,320 | 46,984 | 12,227 |
Median floor area ratio | 0.50 | 0.35 | 0.27 | 0.22 | 0.52 | 0.16 |
Median tax rate | 2.3% | 2.3% | 2.2% | 2.2% | 2.3% | 2.0% |
Market metrics (Dallas - Fort Worth - Arlington)
Source: Altus Group
Houston - The Woodlands - Sugar Land, TX
Multifamily | Industrial | Office | Retail | Hospitality | Commercial general and mixed use | |
|---|---|---|---|---|---|---|
Turnover ratio (#) | 0.8% | 1.0% | 0.8% | 0.8% | 1.4% | 2.0% |
Turnover ratio (SF) | 0.8% | 0.5% | 0.6% | 0.4% | 0.9% | 1.0% |
Total properties | 5,707 | 17,720 | 6,648 | 15,160 | 1,286 | 3,723 |
Total square feet (MSF) | 727.7 | 889.9 | 481.2 | 368.9 | 82.2 | 120.8 |
Total assessed value | $83.9B | $62.0B | $49.7B | $49.7B | $6.9B | $8.6B |
Median year built | 1978 | 1985 | 1992 | 1996 | 2001 | 1999 |
Median square feet | 58,260 | 16,256 | 14,068 | 10,120 | 36,055 | 10,800 |
Median floor area ratio | 0.56 | 0.33 | 0.32 | 0.25 | 0.53 | 0.20 |
Median tax rate | 2.1% | 2.0% | 2.0% | 2.1% | 2.1% | 1.9% |
Market metrics (Houston - The Woodlands - Sugar Land)
Source: Altus Group
Washington - Arlington - Alexandria, DC-VA-MD-WV
Multifamily | Industrial | Office | Retail | Hospitality | Commercial general and mixed use | |
|---|---|---|---|---|---|---|
Turnover ratio (#) | 1.2% | 1.8% | 2.5% | 1.4% | 1.5% | 1.5% |
Turnover ratio (SF) | 1.1% | 1.2% | 2.2% | 1.1% | 1.3% | 1.0% |
Total properties | 5,424 | 4,594 | 5,218 | 6,225 | 650 | 1,830 |
Total square feet (MSF) | 433.4 | 223.6 | 548.0 | 206.6 | 71.7 | 65.2 |
Total assessed value | $89.0B | $36.5B | $138.3B | $41.8B | $14.5B | $9.5B |
Median year built | 1958 | 1983 | 1984 | 1977 | 1987 | 1986 |
Median square feet | 18,736 | 24,000 | 32,458 | 11,124 | 68,000 | 11,975 |
Median floor area ratio | 1.00 | 0.35 | 0.66 | 0.29 | 0.68 | 0.26 |
Median tax rate | 0.9% | 1.3% | 1.3% | 1.3% | 1.3% | 0.9% |
Market metrics (Washington - Arlington - Alexandria)
Source: Altus Group
Philadelphia - Camden - Wilmington, PA-NJ-DE-MD
Multifamily | Industrial | Office | Retail | Hospitality | Commercial general and mixed use | |
|---|---|---|---|---|---|---|
Turnover Ratio (#) | 2.0% | 1.9% | 2.0% | 2.5% | 4.5% | 3.5% |
Turnover Ratio (SF) | 1.0% | 1.9% | 1.2% | 2.1% | 2.8% | 4.3% |
Total Properties | 6,985 | 8,973 | 5,997 | 9,590 | 403 | 2,460 |
Total Square Feet (MSF) | 370.8 | 390.6 | 288.9 | 219.0 | 34.1 | 55.0 |
Median Year Built | 1955 | 1969 | 1980 | 1960 | 1986 | 1933 |
Median Square Feet | 12,960 | 19,464 | 14,096 | 9,300 | 50,819 | 7,448 |
Median Floor Area Ratio | 0.87 | 0.29 | 0.32 | 0.32 | 0.48 | 0.99 |
Median Tax Rate | 1.4% | 3.5% | 3.5% | 3.8% | 3.3% | 1.7% |
Market metrics (Philadelphia - Camden - Wilmington)
Source: Altus Group
Miami - Fort Lauderdale - Pompano Beach, FL
Multifamily | Industrial | Office | Retail | Hospitality | Commercial general and mixed use | |
|---|---|---|---|---|---|---|
Turnover ratio (#) | 2.7% | 2.3% | 3.7% | 1.9% | 4.1% | 2.6% |
Turnover ratio (SF) | 2.7% | 1.9% | 2.3% | 1.4% | 8.3% | 2.1% |
Total properties | 8,096 | 12,018 | 5,363 | 9,019 | 1,133 | 1,717 |
Total square feet (MSF) | 474.0 | 474.4 | 240.9 | 307.2 | 87.4 | 53.4 |
Total assessed value | $72.9B | $59.9B | $41.7B | $57.0B | $18.8B | $10.4B |
Median year built | 1969 | 1978 | 1984 | 1984 | 1966 | 1963 |
Median square feet | 10,954 | 16,236 | 13,967 | 10,749 | 38,057 | 10,000 |
Median floor area ratio | 0.65 | 0.47 | 0.41 | 0.31 | 0.77 | 0.64 |
Median tax rate | 2.2% | 2.2% | 2.1% | 2.2% | 2.1% | 2.2% |
Market metrics (Miami - Fort Lauderdale - Pompano Beach)
Source: Altus Group
Atlanta - Sandy Springs - Alpharetta, GA
Multifamily | Industrial | Office | Retail | Hospitality | Commercial general and mixed use | |
|---|---|---|---|---|---|---|
Turnover ratio (#) | 2.6% | 3.3% | 2.9% | 2.6% | 4.2% | 5.6% |
Turnover ratio (SF) | 2.2% | 3.4% | 3.1% | 1.8% | 4.7% | 2.0% |
Total properties | 4,047 | 12,297 | 7,399 | 12,502 | 951 | 856 |
Total square feet (MSF) | 568.7 | 758.8 | 395.9 | 343.7 | 72.4 | 32.4 |
Total assessed value | $76.8B | $42.5B | $42.6B | $36.7B | $8.7B | $3.1B |
Median year built | 1983 | 1988 | 1990 | 1995 | 1996 | 1986 |
Median square feet | 64,539 | 20,672 | 11,600 | 10,296 | 44,850 | 9,852 |
Median floor area ratio | 0.36 | 0.25 | 0.27 | 0.20 | 0.48 | 0.24 |
Median tax rate | 3.4% | 3.0% | 3.1% | 3.1% | 3.2% | 2.9% |
Market metrics (Atlanta - Sandy Springs - Alpharetta)
Source: Altus Group
Phoenix - Mesa - Chandler, AZ
Multifamily | Industrial | Office | Retail | Hospitality | Commercial general and mixed use | |
|---|---|---|---|---|---|---|
Turnover ratio (#) | 2.1% | 2.4% | 2.1% | 2.2% | 4.0% | 1.6% |
Turnover ratio (SF) | 4.8% | 2.4% | 3.7% | 1.9% | 5.7% | 0.4% |
Total properties | 3,283 | 9,419 | 10,805 | 8,050 | 754 | 364 |
Total square feet (MSF) | 377.2 | 505.3 | 335.7 | 222.2 | 50.3 | 16.2 |
Total assessed value | $87.8B | $52.6B | $37.6B | $33.8B | $6.9B | $2.2B |
Median year built | 1984 | 1991 | 2004 | 1997 | 1983 | 1979 |
Median square feet | 49,337 | 20,545 | 9,951 | 10,948 | 37,334 | 12,656 |
Median floor area ratio | 0.48 | 0.37 | 3.73 | 0.22 | 0.58 | 0.31 |
Median tax rate | 2.7% | 5.6% | 5.5% | 6.9% | 6.2% | 6.2% |
Market metrics (Phoenix - Mesa - Chandler)
Source: Altus Group
Explore more commercial real estate transaction activity data
Q3 2024
US CRE Investment & Transactions Quarterly Report
Looking for the latest data on US commercial real estate transaction activity? This quarterly report is one of the industry’s earliest and most detailed insights into national and MSA-level transaction volumes, pricing, and property-sector trends.
About the authors
Cole Perry
Associate Director of Research
Altus Group
Cole Perry is a Associate Director of Research with Altus Group's Research team. In this role, Cole delivers key insights into macroeconomics, capital markets, and the broader commercial real estate sector.
Cole boasts a rich background in Commercial Real Estate analytics with previous roles at CompStak and Brixmor Property Group. He holds dual M.S. degrees from Columbia University in Urban Planning and Real Estate Development.
Omar Eltorai
Research Director
Altus Group
Omar Eltorai is a Research Director at Altus Group. With more than a decade of experience in the industry in investment management and financing roles,
Omar's focus is on macro, capital and market trends affecting the US CRE market. Beyond regularly authoring articles and reports, his commentary and analysis has been featured in various media publications, including: Wall Street Journal, Globe Street, and Yahoo! Finance.
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Nov 28, 2024