Commercial Investment Real Estate March/April 2019 | Page 42

REGIONAL
OUTLOOK
{SOUTHEAST}
Norfolk, Va.-based Harbor Group International completed the sale of three separate apartment portfolios for a total of $700
million. The portfolios included 12 properties with 3,100 units in Dallas and Houston; seven properties with 2,284 units in
central Florida; and two properties with 5,658 units in Connecticut. The 21 properties were sold to 15 different buyers.
{ N ATION A L}
Norfolk’s
Big Deal
{WEST}
Healthy Affordable Rental Markets
Workforce housing, with its low vacancy rate and above-average rent
growth, has outperformed the overall multifamily market in recent years, says
CBRE Research. The top U.S. metros for Class B rent growth include:
Filling San Francisco
Storefronts
Rent Growth Rate
Orlando, Fla.
7.4%
Las Vegas
7.2%
Jacksonville, Fla.
Columbus, Ohio 5.2%
Tampa, Fla. 5.1%
Phoenix 4.9%
Houston 4.8%
Riverside-San Bernadino-
Ontario, Calif. 4.4%
Atlanta 4.4%
San Diego
Source: CBRE
40
March | April 2019
4.0%
San Francisco Mayor London Breed announced the
Citywide Storefront Vacancy Strategy “to retain,
strengthen, and attract businesses to commercial
corridors throughout San Francisco,” according to
Medium.com. The city will allocate nearly $1 million
to foster development of small businesses through
legislation, new programs, and administrative reforms
to ease the business permit process.
COMMERCIAL INVESTMENT REAL ESTATE
5.9%