Trends & Insights
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Trends & Insights
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At Northmarq, we are committed to offering our clients the latest trends and expert analysis to power their decision making. Our MarketSnapshot suite of reports contains critical market data covering a variety of commercial real estate property sectors. In each report, you will find: Investment sales volume data Average cap rate information Buyer distribution analysis... and more! Single-Tenant Overall Market Single-Tenant Office Single-Tenant Industrial Single- Tenant Retail Multi-Tenant Retail
Inland Empire 2Q23 Multifamily Market Insights Report: Consistently tight vacancies supporting new development
Highlights: The Inland Empire multifamily market posted strong performance during the second quarter with asking rents on the rise and vacancy holding steady. Vacancy conditions were stable during the second quarter, finishing the period at 3.1%. Year over year, the local vacancy rate dipped by 10 basis points. Asking rents pushed higher during the second quarter, rising 1.1% to $1,830 per month. Rents should trend higher in the second half. Multifamily sales velocity in the Inland Empire remains limited, although more properties sold in the second quarter than during the first three months of the year. Cap rates averaged 4.5% during the second quarter. Read the report
August 28, 2023
Orange County 2Q23 Multifamily Market Insights Report: Rents push higher, vacancy remains tight
Highlights: An uptick in rents signaled continued demand for multifamily properties in Orange County during the second quarter. Multifamily developers should ramp up the pace of deliveries to keep pace in the second half of the year. Area vacancy ticked higher during the second quarter, rising 20 basis points to 3.5%. Year over year, the rate has increased by 40 basis points. Apartment rents pushed higher in recent months, rising 1.1% to $2,495 per month. Year over year, rents advanced by 1.2%. Multifamily sales activity in Orange County continued to slow, as the number of deals declined 50% from levels at the start of the year. Year to date, prices have inched lower, although per-unit pricing showed signs of resilience during the second quarter. Read the report
August 28, 2023
San Diego 2Q23 Multifamily Market Insights Report: Rents remain on upward trajectory
Highlights: The San Diego apartment market posted strong performance during the second quarter as asking rents trended higher and vacancy remained fairly tight. Multifamily deliveries were limited in the first half but are expected to ramp up by year-end. The local vacancy rate rose 30 basis points during the second quarter to 3.8% but remains nearly identical to the region’s long-term average. During the past 12 months, the rate has inched up just 10 basis points. Asking rents in San Diego have pushed higher for two straight years. During the second quarter, rents reached $2,348 per month, and year over year, rents are up 3.2%. Multifamily investment activity in San Diego slowed during the second quarter, and sales velocity in the first half of 2023 is down from year-earlier levels. The median sales price year to date is $264,900 per unit, while cap rates in recent transactions have been between 4.5% and 5.5%. Read the report
August 22, 2023
Northmarq’s Kansas City office welcomes Joe Heinzler as vice president
KANSAS CITY, Kan. (Aug. 22, 2023) — Northmarq’s Kansas City Debt and Equity team has announced the addition of Joe Heinzler as vice president. In his new role, Heinzler’s responsibilities will include facilitating debt and equity placements for investors and lenders including Freddie Mac, Fannie Mae, life insurance companies and banks. Heinzler will work alongside Greg Duvall, senior vice president – managing director, and John Duvall, vice president, of the Kansas City office to help support clients with their real estate capital needs. Additionally, they will maintain coordination with the Kansas City Investment Sales team. “The Northmarq team presents an incredible opportunity with its market presence, people, tenure, and overall capital markets capabilities,” Heinzler said. “I’m excited to be working alongside Greg and John on the Kansas City Debt and Equity team, and I’m very much looking forward to this next chapter in my career.” Heinzler has been in the commercial real estate (CRE) industry since 2016. Before joining Northmarq, he spent two years as a commercial relationship manager with North American Savings Bank, managing a portfolio of loans and working on CRE originations nationwide. Before making the transition into real estate finance in 2021, Heinzler was an office broker with Kessinger Hunter & Company — a Kansas City-based CRE brokerage, where he was responsible for sourcing new business and representing clients on office leasing and sale transactions throughout the Kansas City metro. Heinzler obtained his bachelor’s degree in business from the University of Missouri-Columbia, with an emphasis in finance and real estate. He currently holds a real estate salesperson’s license in Missouri. “We are pleased to have Joe join us in the Kansas City office,” Greg Duvall said. “With his unique background in commercial real estate and banking, Joe’s experience and skill set make him a natural fit for our team and will serve him well as he builds his career at Northmarq."
August 22, 2023
Northmarq launches National Development Services practice
MINNEAPOLIS (Aug. 21, 2023) — Northmarq is pleased to announce the launch of its National Development Services team, which is comprised of specialized land brokers and structured capital originators. Led by National Director Scott Lamontagne, this new division will serve as the comprehensive solution for home builders, commercial and multifamily developers and landowners nationwide — offering options tailored to specific land disposition, acquisition and capital requirements. “Through adopting a developer’s mindset toward land brokerage and capital acquisition, we are able to provide accurate underwriting that empowers clients to make informed decisions,” said Lamontagne. “Our integrated team of brokers, analysts, underwriters and originators collaborates every step of the way to ensure a consistent and seamless client experience from start to finish. The intent is to redefine the way traditional brokerage firms service the development community.” With its unique structure, the team possesses an optimal blend of a robust national reach that’s capable of drawing diverse capital sources, a tailored method for conducting transactions and unparalleled expertise in local markets. The team also leverages its collective knowledge to develop the best strategies for success and consistently deliver exceptional value to its clients. The National Development Services team has specialized expertise across all property types, including multifamily, single-family build-to-rent, manufactured housing, infill redevelopment, retail planned area development (PAD), health care, single-family-rental (SFR) for-sale lots, industrial, self-storage and hospitality. Team members include: Scott Lamontagne, National Director (Austin, Texas) Jeannette Jason, Senior Vice President (Tampa, Fla.) Diane Sogal, Vice President (Austin) Lindsey Fahey, Vice President (Denver) Alan Sperling, Vice President (Fort Lauderdale, Fla.) Chase Gardner, Senior Associate (Austin) Nico Ramirez, Associate (Austin) “We’re thrilled to unveil this new division for our current and future clients,” said Trevor Koskovich, president – Investment Sales for Northmarq. “Our team of land and capital experts will create sophisticated and tailored solutions designed to uncover an investment’s true potential — whether it’s an underdeveloped parcel, underutilized building or a large-scale infill mixed-use environment.” To learn more about Northmarq’s National Land Development Services team, visit: NDS Northmarq.com page. NDS LinkedIn page.
August 21, 2023
Northmarq adds corporate sale leaseback advisory specialists in Los Angeles
LOS ANGELES (Aug. 17, 2023) — Northmarq is pleased to announce the addition of Joel Cukier as senior vice president to the Commercial Investment Sales group in Los Angeles. He is joined by Noah Kenoyer, associate, and the team will focus on net lease real estate and corporate sale leaseback advisory. “I am thrilled to join Northmarq and work alongside our talented debt and equity colleagues to strategically guide our institutional and private capital clients to maximize value at all stages in their investments,” Cukier said. “The firm’s culture of collaboration will enable us to provide creative solutions to the market, which is more important than ever as we navigate through a challenging time in the industry.” Cukier brings more than a decade of multifaceted experience in commercial real estate, starting his career in luxury high-rise management and development in New York. After relocating to California, he eventually joined the team of a top net lease broker nationwide, who later recruited him to join a national firm focused on corporate real estate advisory, where he spent seven years. “We are excited to welcome Joel to our team," said Harold Briggs, executive managing director, based in Northmarq’s Tulsa office. “His significant experience in corporate sale leaseback advisory will be a huge asset to our teammates and clients, and we are pleased to continue our growth in Southern California with great people that fit our culture and values.”
August 17, 2023
Northmarq invests in Pacific Northwest growth, welcomes CPX commercial and multifamily investment sales teams along with members of Westlake Associates
Based in Seattle and Portland, 13 CPX brokers and four Westlake Associates brokers join to expand CRE client services in the region. MINNEAPOLIS (Aug. 17, 2023) — Northmarq is pleased to announce 13 brokers from CPX, LLC, have partnered with four Westlake Associates brokers to join the company and form new commercial and multifamily investment sales teams in the Pacific Northwest. Establishing new Seattle and Portland offices represents Northmarq’s strategic investment in business growth and client servicing opportunities throughout the Pacific Northwest. It also reinforces the company’s commitment to offer clients best-in-class service across the commercial investment sales space, beginning with its acquisition of Stan Johnson Company and Four Pillars Capital Markets in October 2022 and continuing this year with national expansion. “We couldn’t be more excited to welcome this exceptional group to Northmarq,” said CEO Jeffrey Weidell. “These teams, along with several new offices that opened in California earlier this year, will solidify our coast-to-coast coverage for multifamily and commercial investment sales.” Officed in Seattle and Portland, the brokers – along with nine sales support team members – will work in partnership with Northmarq’s Seattle (Bellevue) debt and equity office, which has been offering a complete range of CRE financing options in this region since 2009. “We have long recognized the Pacific Northwest as a vibrant region with tremendous growth opportunities,” said Trevor Koskovich, president – Investment Sales. “As we continue to recruit and build national talent to best serve our clients’ evolving needs and interests, we knew this was the right team — and the right time — to expand into this market.” PORTLAND – Commercial Investment Sales “This is an ideal opportunity to broaden the level of service we can provide to clients,” said Kevin Adatto, former owner and managing partner of CPX. “By joining Northmarq, we’ll be well-positioned to execute at an even higher level, while maintaining our team culture, autonomy and collaboration that has allowed us to excel in the Pacific Northwest.” Adatto joins Northmarq as managing director, bringing 25 years of investment sales leadership and experience working with both institutional and private clients throughout the Pacific Northwest and Intermountain West. He began his career at CBRE in 1999 and moved to what became CPX in 2005. Adatto has consistently been recognized as a top investment broker, largely due to his client-first approach and attention to detail. Adatto reports directly to Jeff Cox, executive managing director – Commercial Investment Sales, and leads the Portland Commercial Investment team (all formerly with CPX). Over the past two years, they closed 189 transactions totaling $1.2B. Team members include: Scott Frank, senior vice president, specializes in retail investment sales with an emphasis on multi-tenant properties. He was a partner at CPX and had been with the firm for over 20 years. Sean Mack, senior vice president, specializes in retail investment sales with an emphasis on single-tenant properties. He was a partner at CPX and had been with the firm for over 20 years. Peter Dunn, vice president, has more than 14 years of commercial real estate experience focusing on retail and office sales. He served as a CPX senior broker for over 10 years. Michael Kapnick, vice president, has performed numerous brokerage, consulting, and valuation engagements during his 32-year career. He was a senior broker with CPX. Lance Sasser, vice president, brings more than 13 years of investment sales experience across the Northwest. He joined CRE in 2010 and served as a senior broker. Anthony Albrecht, associate, specializes in office and industrial investment property dispositions with a strong background in secondary and tertiary markets. He was an associate at CPX, where he focused on office and industrial sales in the Pacific Northwest. SEATTLE – Commercial Investment Sales Sean Tufts, managing director, has over 20 years of experience in retail and shopping center sales in the Pacific Northwest with a focus on private and institutional clients and developers. He has been named a top retail investment broker in Washington state yearly. Prior to joining Northmarq, Tufts served as managing partner and owner of CPX, where he opened the Seattle office in 2011. Tufts reports directly to Jeff Cox and leads the Seattle Commercial Investment team: Joe Dugoni, associate broker, specializes in business and deal management with public and institutional companies, developers, family offices and private high-net-worth clients. He served as a broker deal manager at CPX. “Leveraging technology and exceptional client relationships has been a cornerstone at CPX and will continue to be our focus as we provide the best outcome for our clients,” said Tufts. “By joining Northmarq, we now have significantly more horsepower behind us as it relates to technology, national relationships, information sharing and most importantly, a capital markets program that initiates and services billions of dollars in debt annually.” SEATTLE – Multifamily Investment Sales Tyler Smith joins Northmarq as senior vice president after working at Westlake Associates for 19 years as a top producer. Smith contributed to over 150 transactions between 2019 and 2023, and his primary focus has been on the sale of middle market multifamily assets throughout Washington and the Pacific Northwest. “After 19 years at Westlake Associates, it took something special for our team to move,” Smith said. “Seeing the investment Northmarq has made in growing its investment sales platform made this an ideal opportunity. We’re excited to work with the entire Seattle and Portland teams, as well as Northmarq’s established local debt and equity group.” Smith reports directly to Vince Norris, regional managing director, and leads the Seattle Multifamily Investment Sales team: (formerly with Westlake Associates) Steve Fischer, senior vice president, has over 17 years of experience in multifamily investment sales and more than 10 years as a multifamily property owner and manager. Joe Kinkopf, senior vice president, began his CRE career in 2016. He was awarded for top production and sales volume in 2022 and has since achieved over $400M in transactions. Brendan Greenheck will serve as associate broker at Northmarq. He joined the CRE industry in 2022 and is a lifelong Washington resident with a local knowledge in the Seattle market. (formerly with CPX) Casey Zejdlik, senior vice president, has accomplished over 250 transactions throughout his 18-year career. Most recently, he led the multifamily division at CPX, where he served as managing partner and owner. Earlier in his career, he was the founder of Pilot Ventures and spent six years as a nuclear engineer in the U.S. Navy, where he received two Navy Achievement Medals. Matt Johnston, vice president, specializes in connecting buyers and sellers within multifamily communities. As a multifamily investment sales broker, he successfully completed nearly 150 transactions on behalf of private capital and institutional clients and received the 2023 Next Generation Award from Connect CRE. Andreya Derby, associate broker, completed the broker-in-training program at CPX and has over five years in the multifamily sector as an experienced analyst. Taylor Wyman, associate broker, joins Northmarq as an experienced broker on CPX’s top-producing team. He brings extensive market knowledge from his previous roles as a multifamily appraiser and analyst. About CPXCPX was established in 2021 through a merger of two established regional firms with roots to 1997. Based out of Seattle and Portland, the company was built on the principle of an open concept brokerage that encourages a collaborative mindset and the sharing of information and expertise. About the former Westlake Multifamily Investment Sales teamWith over 40 years of combined brokerage experience, Tyler Smith, Joe Kinkopf and Steve Fischer will continue to serve the Northwest with a focus on private capital middle market transactions. The team has closed over 70 transactions over the last two years.
August 17, 2023
Charlotte 2Q23 Multifamily Market Insights Report: Rents push higher as economy continues to expand
Highlights: Property performance metrics continued to strengthen in Charlotte during the second quarter with asking rents trending higher and the vacancy rate dipping. Developers are bringing projects online at an active pace, with nearly 16,100 units slated to deliver this year. Local vacancy dipped 10 basis points during the second quarter to 6.5%. This marked a modest trend reversal, as vacancy had increased in the prior three quarters. Year over year, the rate has increased by 170 basis points. Following a strong start to the year, asking rents in Charlotte rose an additional 1.1% during the second quarter, reaching $1,620 per month. Despite the recent advance, current asking rents are essentially unchanged from levels recorded one year ago. Multifamily investment activity has remained limited through the first half of this year. The median sales price year to date is $232,200 per unit, while cap rates are averaging between 4.75% to 5.25%. Read the report
August 15, 2023