CRE This Week Economic Print
Q3 2024 - Last Updated November 2024

US commercial real estate investment sales - markets

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.

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)
Share
Share this on
Send this by
Email

Source: Altus Group


Go back to markets menu

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)
Share
Share this on
Send this by
Email

Source: Altus Group


Go back to markets menu

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)
Share
Share this on
Send this by
Email

Source: Altus Group


Go back to markets menu

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)
Share
Share this on
Send this by
Email

Source: Altus Group


Go back to markets menu

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)
Share
Share this on
Send this by
Email

Source: Altus Group


Go back to markets menu

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)
Share
Share this on
Send this by
Email

Source: Altus Group


Go back to markets menu

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)
Share
Share this on
Send this by
Email

Source: Altus Group


Go back to markets menu

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)
Share
Share this on
Send this by
Email

Source: Altus Group


Go back to markets menu

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)
Share
Share this on
Send this by
Email

Source: Altus Group


Go back to markets menu

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)
Share
Share this on
Send this by
Email

Source: Altus Group


Go back to markets menu

Explore more commercial real estate transaction activity data

National activity

Learn more

Pricing and pacing

Learn more

Property sectors

Learn more
AGL - AGL - Valuation & Advisory - Our Services

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's Profile
Cole Perry

Associate Director of Research

Altus Group

Altus Research

CRE Exchange Podcast

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.

Contact us
People - Omar Eltorai's Profile
Omar Eltorai

Research Director

Altus Group

Altus Research

CRE Exchange Podcast

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.

Contact us
AllPages CTA

Unlock CRE property intelligence across the United States with Reonomy

Reonomy makes it easy to source new deals and find off-market opportunities with its leading CRE property and ownership intelligence.

Sign up for a free trial
Resources

Latest insights

CRE Exchange Thumbnail

Dec 5, 2024

EP44 - Macro moves, market metrics, and tariff talk

Read more
Insight Hero Image The US cities for retail real estate investments jpg

Nov 28, 2024

The 5 US cities for retail investing that are most likely to outperform benchmarks

Read more
CRE Exchange Thumbnail

Nov 21, 2024

EP43 - US commercial real estate transaction trends - Q3 2024

Read more
Insight Hero Image Is the wellness boom reshaping global commercial real estate

Nov 20, 2024

Is the wellness boom reshaping global commercial real estate?

Read more
Insight Future Outlook of the Real Estate Cycle

Nov 19, 2024

US Commercial Property Investment & Transactions

Read more
Insight Data Integration In Commercial Real Estate

Nov 19, 2024

Q3 2024 US CRE Pricing & Transaction Trends

Read more