NAR Index Signals Sun Belt Momentum in Commercial Real Estate Demand
The National Association of Realtors unveiled a new index tracking future demand for commercial real estate across 300+ metro areas, with separate measures for office, industrial, retail, and multifamily sectors using BLS and Census data. St. George, Utah leads the index for office employment growth, while South Carolina tops states for overall future demand. Raleigh remains the only major market stronger than its 2022 level, and several formerly hot markets (e.g., Austin, Miami, Naples) have cooled. The index highlights momentum in smaller and Sun Belt markets like Fayetteville, Huntsville, and Spartanburg, and notes that large coastal markets are generally weaker than fast-growing smaller markets.)