Commercial Real Estate Data

Outlook
Between now and year's end, 7,782 units of competitive apartment stock will be introduced to the
metro, and Reis estimates that net total absorption will be positive 6,166 units.
As a result, the vacancy rate will drift upward by 0.3 percentage points to 5.2%. Construction activity is
expected to continue during each of the following two years, during which a total of 9,497 units is
projected to be introduced to the market. Net new household formations at the metro level during 2020
and 2021 are anticipated to average 2.0% annually, enough to facilitate an absorption rate averaging
3,820 units per year.
Because this amount does not exceed the forecasted new construction, the market vacancy rate will
rise by 30 basis points to finish 2021 at 5.5%.
Between now and year-end 2019 asking rents are expected to climb 4.2% to a level of $1,278, while
effective rents will rise by 4.3% to $1,200. On an annualized basis, asking and effective rents are
projected to advance at a rate of 3.1% through year end 2021, reaching average rates of $1,359 and
$1,275 per unit, respectively.
Reis provides commercial real estate market information and analytical tools to real estate professionals
through its Reis Services subsidiary. Reis Services, including its predecessors, was founded in 1980. Reis
maintains a proprietary database containing detailed information on commercial properties in
metropolitan markets and neighborhoods throughout the U.S. The database contains information on
apartment, office, retail, warehouse/distribution, flex/research & development, self storage, seniors
housing properties and affordable housing, and is used by real estate investors, lenders and other
professionals to make informed buying, selling and financing decisions. In addition, Reis data is used by
debt and equity investors to assess, quantify and manage the risks of default and loss associated with
individual mortgages, properties, portfolios and real estate backed securities. Reis currently provides its
information services to many of the nation's leading lending institutions, equity investors, brokers and
appraisers.
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