DATA: U.S. market conditions in the third quarter 

Want to quickly know the latest in your market? The Real Deal is highlighting the market conditions in the top 23 cities around the country, updated every quarter.

In the third quarter, signs of a buyer’s market emerged in many residential areas around the country, though many buyers continued to sit on the sidelines in a high-interest-rate environment. Home prices fell and lingered on the market longer than they had last year. On the commercial side, office leasing picked up in many top cities, but high vacancy rates persisted as well.

Pick your market:

1. New York
2. South Florida
3. Los Angeles
4. Chicago
5. San Francisco
6. Texas (Dallas, Houston, Austin, San Antonio)
7. Boston
8. Washington, D.C.
9. Philadelphia
10. Atlanta
11. Tampa
12. Orlando
13. Charlotte
14. Nashville
15. Phoenix
16. Denver
17. Las Vegas

NEW YORK

RESIDENTIAL: SALES

Everything is relative, and that’s especially true for aspiring homeowners in Manhattan.

It may be New York City’s priciest, but Manhattan was the sole borough in the quarter whose home-buying affordability improved over the past year based on median price, according to a TRD Data analysis of third-quarter housing data from Attom. It was also the only borough whose affordability was below its historical norm.

Of course, buyers still needed to earn an annual income north of $360,000 just to afford the typical home on the island; the median household income there is $106,000. Manhattan buyers also had to drop at least 60 percent of their salaries — more than twice the recommended amount — on major home-buying costs.

As shown in the graph, Manhattan is the only borough whose affordability has been better than its norm since 2022.

Manhattan also was the sole borough whose median home sales price dropped in the third quarter year over year. However, it bears reminding that everything is relative: the typical price for a home in the borough — a cool $1.5 million — was the highest in the city and the third-highest in the country.

RESIDENTIAL: LUXURY MARKET

Luxury home sales in the world’s top real estate markets were a mixed bag in the second quarter of this year. 

Sales of homes priced at $10 million or more doubled in New York, and fell by half in Miami, according to a global report by Knight Frank. That flips the script on Miami’s post-pandemic market, where luxury sales have closed at record levels since the wealth migration started in 2020.

Dubai and New York led luxury markets globally, according to the report. Dubai saw 143 sales with $2.6 billion in dollar volume; and New York closed 120 deals with $2.9 billion in dollar volume. Los Angeles followed with 73 luxury sales with $1.6 billion in dollar volume. 

For New York, second quarter sales amounted to a 97 percent increase in deal volume, year-over-year, compared to 61 deals in the same period of last year. Dollar volume surged by 184 percent, from $1 billion in the second quarter of last year. The report credited New York’s thriving market to demand for trophy condos and luxury townhouse resales. Foreign buyers have also been fueling New York City’s market this year.

RESIDENTIAL: RENTALS

Manhattan’s rental market is cooling, but not by much. 

The median rent for a brokered apartment in Manhattan was $4,550 in September, down ever so slightly from the month before, but still up more than 8 percent over last year, according to a monthly report from appraiser Miller Samuel for Douglas Elliman.

Across the city, rents are in a holding pattern. After beginning a streak of high prices in February, they’ve since passed peaks and continued bobbing at the top of the chart. Although the pressures that pushed rents up are easing off, there’s unlikely to be a significant decline in prices anytime soon, said Jonathan Miller, the report’s author.

DEVELOPMENT

In the final months of the Adams administration, these rezonings are heading to the finish line. 

The rezoning of some 230 blocks in Jamaica, Queens, is slated for a final City Council vote this month. Last week, the Subcommittee on Zoning and Franchises and the Committee on Land Use approved the rezoning with a few changes.

Those changes shaved 490 units off the city’s housing projections for the rezoning. Instead of 12,300 units, the rezoning is expected to pave the way for roughly 11,800 units. 

The modifications included reducing the density allowed in areas south of downtown Jamaica, as well as removing “limited portions” of certain districts along the southern corridor from the rezoning. 

The changes, explained Council member Kevin Riley, who chairs the zoning subcommittee, are aimed at creating a transition from the higher densities downtown to the residential areas to the south, “where there are blocks of occupied homes and less access to transit.”   

The Adams administration also committed to providing $413 million for infrastructure, parks, schools and other improvements. That’s in addition to more than $300 million promised as part of the City of Yes for Housing Opportunity. 

The City Council is also expected to vote this month on the rezoning of 50-plus blocks in Long Island City, though local Council member Julie Won hasn’t publicly committed to supporting the rezoning, calling for deeper affordability and investments for infrastructure improvements.  

Those rezonings, assuming they are approved, will close out five neighborhood rezonings completed by the Adams administration. Meanwhile, some other major initiatives, such as a text amendment that would require special permits for most last-mile facilities and the Manhattan Plan, will be left to the next mayor (should the next mayor choose to pick them up).

Meanwhile, in Brooklyn, there’s a mystery surrounding a controversial development site in Crown Heights.

Will Yitzchok Schwartz, who just bought 962-972 Franklin Avenue from Ian Bruce Eichner, build the mixed-income rental project that Eichner fought so hard to get approved for that site?

Or will Schwartz build 100 percent market-rate condominiums, as he is doing next door at 960 Franklin Avenue?

Eichner once controlled both sites and sought to rezone them for a huge multifamily development with lots of affordable units, but was denied because it would have cast shadows on the Brooklyn Botanic Garden.

That killed his contract to buy 960 Franklin, which Schwartz later bought. Eichner did get a rezoning for the other half of the site, 962-972 Franklin, but the City Council shrank his project and attached some strings.

Upon selling the land to Schwartz, Eichner issued a cryptic statement:

“We sought approval for a project with height and density that should have been approved, namely, a union-built, union pension fund–financed rental project with substantial affordability. Instead, BBG is getting what it wanted: non-union built, 100 percent market-rate condominiums in an already gentrified neighborhood — a tragedy for Crown Heights.”

Does Eichner know what Schwartz would build at 972 Franklin? Or was he just venting? Neither man is talking.

COMMERCIAL: FINANCE

CMBS issuance in New York could reach $121 billion this year, its highest level since 2007, with office deals helping lead the resurgence, according to data from Trepp and Commercial Real Estate Direct. 

Seven of the 20 largest single-asset-single borrower CMBS deals so far this year have included office collateral, according to Trepp. New York represented the largest CMBS office deal of the year. Tishman Speyer secured a $2.65 billion CMBS loan for the Spiral, a 66-story high-end office building in Hudson Yards.

Meanwhile, luxury rentals, ground-up megaprojects and affordable housing complexes reeled in big bucks in June, from the Brooklyn waterfront to the Bronx skyline. Developers in the outer boroughs locked in nine-figure loans to finish construction, refinance aging debt and reimagine retail hubs.

The month’s top deals totaled almost $1.3 billion, led by a $340 million loan from Affinius Capital for Sky Equity Group’s Gowanus multifamily project. Beitel borrowed $305 million for its multifamily project in the Mott Haven neighborhood of the Bronx. And Douglaston Development and Corebridge Real Estate Investors reeled in $287 million for their luxury rental tower on the Williamsburg waterfront.

COMMERCIAL: OFFICE LEASING

Manhattan’s office market is flexing again.

Big-name tenants like Deloitte, Guggenheim Partners and Salesforce inked massive deals in the third quarter, fueling Manhattan’s strongest year for office leasing since George W. Bush was in the White House.

Tenants gobbled up 9.4 million square feet — a 2 percent bump from the second quarter and nearly 27 percent higher than the five-year quarterly average, according to a new Colliers report. Leasing volume surpassed 30 million square feet for the entire year, blowing past pre-Covid levels and marking the strongest period of year-to-date demand since 2002.

If the third-quarter pace holds, the year will end north of 40 million square feet — about 20 percent higher than 2024, per Colliers. But it could still fall short of 43 million square feet of leasing activity in 2019.

SOUTH FLORIDA

RESIDENTIAL: SALES

Residential sales and dollar volume dropped in South Florida in August, as the market continues to soften.

Dollar volume in Miami-Dade, Broward and Palm Beach counties fell 4 percent to $4.3 billion, down from $4.5 billion last August, according to Multiple Listing Service data collected by the Miami Association of Realtors. Despite the drop in sales, single-family homes across the tri-county region saw price growth.

In Miami-Dade County, total sales declined 11 percent, year-over-year, in August, to 1,788 deals. Single-family home sales fell 8 percent to 964 closings, and condo closings plunged 13 percent to 903.

The median price for single-family homes rose 2 percent to $655,000. For condos, the median sale price dipped 1 percent to $410,000

Total sales in Broward County dropped 12 percent, year-over-year, to 1,989 closings. Single-family home sales shrank 13 percent to 1,015. Condo closings decreased 12 percent to 974. 

The median price for single-family homes grew 3 percent to $625,000. For condos, the median price dropped 10 percent to $247,700.

In Palm Beach County, total sales dipped 1 percent, year-over-year, to 1,955 closings. Single-family home sales rose 2 percent to 1,135 deals. Condo closings fell 4 percent to 820 sales.

For single-family homes, the median price rose 2 percent to $630,000. The median price for condos slumped 10 percent to $285,000.

RESIDENTIAL: RENTAL

In Doral, the vacancy rate is up to 6.5 percent, and rents have hit a three-year low.

Yes, the Miami market is cooling, but Doral is facing more than just a slowdown. About 40 percent of Doral’s 80,000 residents were born in Venezuela or have Venezuelan heritage, and these families are fleeing President Donald Trump’s immigration crackdown, the Wall Street Journal reports. 

In some Doral buildings, vacancy rates are reaching 10 percent or more as residents contend with uncertain immigration status, according to the Journal. Many Venezuelans are living in the U.S. with temporary legal status, the result of programs like humanitarian parole and Temporary Protected Status (TPS), which were expanded under the Biden administration. 

DEVELOPMENT

In business-friendly Miami-Dade, government officials for years have catered to developers in an ongoing bid for new towers, complexes and homes. With real estate a major economic driver and tax base for the county, developers rarely hear no from electeds and sometimes get help to work around difficult sites and zonings. 

But even Miami-Dade has its limits. The site Lennar wants to develop, City Park is outside what’s known as the Urban Development Boundary. Past the line, development is strictly banned. This summer Lennar filed its application for 7,800 homes and 2.4 million square feet of commercial space. 

Construction beyond the limit may be impossible, but as it turns out, the boundary itself is movable, if a developer can pass county and state administrative reviews, secure a supermajority commission vote and survive a potential mayoral veto, all while environmentalists lobby against the annexation of farmland and wetlands, which creep closer to protected national parks. 

It isn’t the first to embark on this quest. A pair of developers won approval to move the line in 2022 — following five public hearings where they capitulated to commissioners’ many demands and halved their project size. But their plan was quashed in court, a warning that even hard-won victories can collapse before the end.

But if Lennar figures it out, City Park would be the single largest proposed project in the area and solidify its remaking of south Miami-Dade. It might also indicate a new upper limit of what developers can pull off here. 

The Miami-Dade-based homebuilding giant has honed a machine-like business strategy of “starts, sales, deliveries” that’s made it the country’s second-largest homebuilder — and the dominant force in this corner of the county. Since 2020, Lennar has delivered 8,430 single-family houses and townhomes in south Miami-Dade, nearly 70 percent of all such units built in that period, according to Colliers Research. Currently, it’s building 840 more homes in the area. That accounts for almost 60 percent of the housing stock under construction.

COMMERCIAL: CONSTRUCTION

For Martin Melo, a principal with Melo Group, a Miami-based development and general contracting firm, the past year signaled a winding down of the city’s most recent development boom. 

“I think we are at the end of the cycle for projects that began shortly after the pandemic,” Melo told The Real Deal. “There is still a lot of inventory being built in the [condo and apartment] sectors, but the market seems much calmer.” 

Indeed, the sprint to add more buildings to the Magic City’s skyline has turned into a jog, according to an analysis of city of Miami active permits by TRD. Data show that general contractors held 1,697 active permits valued at about $3.7 billion from August 2022 through August 2025. Zoomed out over a longer stretch, it’s clear the pace is slowing. Between 2019 and 2024, the same analysis showed that general contractors pulled 87,228 permits in Miami, with a total project cost of $14.9 billion.

COMMERCIAL: OFFICE LEASING

A slumping South Florida office market has some landlords and developers seeking exit strategies.

Asking rents tumbled in Miami-Dade and Palm Beach counties in the third quarter, as demand for office space plateaued compared to the same period of last year, a JLL report shows.

The average asking rent in Miami-Dade County dropped to $65.89 a square foot in the third quarter, compared to $66.33 a square foot during the same period of last year, the JLL report shows. The vacancy rate remained relatively unchanged at 15.8 percent, compared to 15.5 percent, year-over-year. New construction also slowed a bit in the third quarter to 971,000 square feet, compared to 1.1 million square feet under construction during the same period of last year. 

Landlords in Broward County experienced a boost in the average asking rent to $48.54 a square foot in the third quarter, compared to $42.93 a square foot during the same period of last year, according to JLL. Like Miami-Dade, the vacancy rate in Broward hasn’t moved up or down, staying the same, year-over-year, at 15.9 percent. New construction was also stagnant. In the third quarter, Broward had 340,000 square feet under construction, compared to 354,000 square feet during the same period of last year. 

Recently fueled by billionaire Steve Ross’ big bet on West Palm Beach’s office market, Palm Beach County is also experiencing a slowdown.

The average asking rent in the county dipped to $68.81 a square foot in the third quarter, compared to $70.69 a square foot during the same period of last year, the JLL report shows. The vacancy rate also climbed to 14.4 percent, compared to 13.2 percent, year-over-year. But Palm Beach County is still experiencing a robust development pipeline with 1.1 million square feet under construction in the third quarter, the same as in the third quarter of 2024.

LOS ANGELES

RESIDENTIAL: SALES

The housing market in the Los Angeles metro area could be coming in for a soft landing as home prices are seemingly leveling off. 

New listings on the market have been registering below current median prices, according to data from Housing Wire.

Homes on the market in Greater L.A. take a median 63 days to sell. The median list price is $1.4 million per property, or $700 per square foot.

About 1,437 single-family homes sold last week, indicating that demand is holding steady while supply has been tight. At the same time, 1,097 new listings came online last week with a median list price of around $1.1 million. Of the active listings on the market, 28 percent dropped their price last week. 

Lower inventory and relatively fast turnaround times could shift momentum to sellers, although it seems both buyers and sellers might be engaging in some back-and-forth on price negotiations as the market remains competitive.

Meanwhile, some of the biggest mansions in and around Los Angeles haven’t been fetching anywhere near their original listing prices, despite former ownership by some big-name celebrities. 

This month alone, homes once owned by Milwaukee Brewers minority owner Robert Beyer, singer Ricky Martin, and previously married Jennifer Lopez and Ben Affleck have sold or are asking for well under their listing price, Mansion Global reported. 

DEVELOPMENT

Multifamily developers are slamming the brakes on projects across Los Angeles, despite high demand and some of the most-expensive rental rates in the country. 

A roller-coaster of development regulations in the past five years has caused lenders like pension funds and insurance giants to turn their backs on financing L.A. projects, the Los Angeles Times reported.

Measure ULA, the law that levies additional taxes on real estate sales above $5 million, has been another obstacle that many developers either can’t or are unwilling to overcome.

Meanwhile, construction workers in the City of Los Angeles could see the floor for their wages get considerably higher.

In early October, Los Angeles City Councilmembers Curren Price and Hugo Soto-Martínez introduced a motion to commission a study on the effects of setting a $32.35 minimum wage for all residential construction projects in the city with 10 or more residential units and under 85 feet in height, the Los Angeles Times reported. 

COMMERCIAL: HOTELS

Own a hotel in Los Angeles? Then, you’re probably feeling some pain. Relevant’s Grant King is these days. 

A lender wants to sell the equity interests in the Dream Hollywood hotel, owned by a company connected to Relevant. A foreclosure auction is scheduled for mid-October. 

The lender, LCP Group, alleges Relevant owes more than $30 million in unpaid debt connected to the 10-story, 178-key hotel at 6417 Selma Avenue. 

King, for his part, said Relevant is working on a loan recapitalization and extension with the lender. If he loses the hotel, it wouldn’t be the first time. The Tommie and Thompson Hollywood hotels — both sporting different names now — were under Relevant’s ownership when they went to lenders two years ago. 

King isn’t the only owner in a jam. Queensgate Investments defaulted on the debt connected to the Freehand Los Angeles, a hotel-meets-hostel downtown, to the tune of $71 million and too faces foreclosure. The London-based company missed its maturity date for the loan tied to the 226-key hotel at 416 West 8th Street that was once the 13-story, Beaux-Arts-style Commercial Exchange Building.

And, this may only be the beginning, Atlas Hospitality Group’s Alan Reay told The Real Deal. Several Los Angeles hoteliers are receiving notice of defaults, and investors are looking at the city with disdain.

COMMERCIAL: RETAIL

As malls and retail spaces across Greater Los Angeles face increasing vacancies, an eyebrow-raising — or rather, barbell raising — alternative has emerged to fill those voids. 

Gym operators like Equinox and Royal Personal Training have signed some of the largest retail leases this year in the L.A. area, CoStar reported.

Royal Personal Training is growing its footprint from a 7,000-square-foot space in Beverly Hills to 30,000 square feet in the newly built mixed-use building at 639 North La Peer Drive in West Hollywood. The building boasts valet parking — a notable draw for a gym company known for attracting high-end clients. 

Equinox opened a 30,000-square-foot retail space on the ground floor of an under-construction apartment building in Santa Monica. The Related-developed mixed-use building at 700 Broadway will include 196 apartments with luxury concierge services for residents.

CHICAGO

RESIDENTIAL: SALES

Chicago’s housing market is defying the national slowdown, with prices rising faster than in most of the country, even as sales volume plunged to the lowest August levels since 2011.

The median home price in the city hit $378,000 in August, up 5.9 percent year-over-year, according to Illinois Realtors. Across the nine-county metro, the median reached $375,000, up 5.6 percent. The national median was $422,600, a 2 percent bump, according to National Association of Realtors data first reported by Crain’s.

The Case-Shiller Index confirmed the trend, showing July values in the region up 6.23 percent from a year earlier, compared with just 1.68 percent nationwide.

That makes Chicago an outlier. Price growth here has stayed above 6 percent every month this year, and increased from June (6.09 percent) to July (6.23 percent) while nationally the rate has fallen by more than half since January. Half of the 30 major metros covered by the index had lower price growth in July than in June. The Illinois Realtors data comprises Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will counties.

Meanwhile, a city north of the Illinois border — popular with Chicagoland commuters — was one of the hottest real estate markets in the country in September, according to a ranking that showed strong activity in affordable Midwest markets.

Kenosha, Wisconsin, was the third-hottest real estate market nationally last month. The city, about 60 miles north of Chicago, was joined by six other Wisconsin markets and two in Illinois in the top 20, ranked by days on the market and activity on Realtor.com’s listing page.

Kenosha properties received about 2.7 times more views per property than the U.S. average in September. Kenosha houses spent about 34 days on the market last month, compared to the national median of 62 days.

The rankings reveal buyers are increasingly interested in low-cost markets outside major hubs like Chicago, where prices are rising and low inventory is squeezing availability. 

RESIDENTIAL: LUXURY

Chicagoland’s luxury real estate market is reaching new peaks.

Multiple billionaires have now assembled North Shore beachfront estates consisting of multiple homes to extend private shorelines along Lake Michigan.

Eric Lefkofsky, the co-founder of Groupon and investor in a handful of other unicorn companies, was the latest member of the 10-figure net worth club to make his footprint even bigger than his already record-setting property on the waterfront.

While his plans for the Glencoe home he just bought from his late former neighbor for $8.3 million aren’t yet clear, it adds a substantial chunk of land to his sprawling Glade Road mansion that he bought for $19.5 million back in 2014, the highest price ever paid for a Chicago-area home at the time and one seldom surpassed since.

Yet surpassed it was — by a longshot — last month in Winnetka, when a still unidentified buyer plunked down over $31 million for a former Goldman Sachs executive’s property to crush the record price for a single-family home in the Chicago area.

Those deals come on the heels of billionaire Justin Ishbia paying nearly $40 million to buy an assemblage of homes on Winnetka’s lakefront so he could tear them down to build a 68,000-square-foot house. The new estate is under construction, at a total cost of at least $77 million including the land.

RESIDENTIAL: RENTALS

DuPage County officials are preparing to bring short-term rentals out of the regulatory shadows.

A zoning amendment before the County Board would allow and regulate short-term rentals in unincorporated areas, eliminating a rule only permitting stays of 30 days or more, the Daily Herald reported.  

The move comes as local leaders across the suburbs wrestle with how to manage Airbnb- and Vrbo-style listings that have proliferated in residential neighborhoods.

There are between 65 to 300 short-term rentals operating in unincorporated DuPage County areas, said Paul Hoss, the county’s planning and zoning administrator.

“The only time that we hear about them is typically when there are parties that get out of hand or property damage complaints,” Hoss told the outlet.

Under the proposal, short-term rental hosts would be required to register annually, pay a yet-to-be-determined fee and submit to yearly inspections to ensure compliance with building, health and stormwater codes. County Board member Sam Tornatore, who chairs the development committee, said the measure represents regulatory and revenue opportunity. 

The fees would funnel into a county housing fund to support long-term affordability efforts, including low-interest loans and construction financing. The plan aligns with County Board Chair Deb Conroy’s broader housing strategy, which includes a proposed $5 million down-payment assistance program for first-time buyers, to be launched using surplus funds from the 2025 budget.

COMMERCIAL: HOTELS

Chicago is taking fire from President Donald Trump, but visitors don’t seem to mind. 

Hotels in the Central Business District booked nearly 3.6 million room nights from June through August — a 4.3 percent gain over last summer that also topped the pre-pandemic high in 2019, according to Choose Chicago. The strong showing helped generate a record $949 million in hotel revenue for the summer, a 0.8 percent uptick from last year, the Chicago Tribune reported. 

Choose Chicago CEO Kristen Reynolds credited the record-shattering summer with a surge in regional travelers, which offset weaker international travel.

Domestic tourism carried the season, with suburbanites and visitors within a five-hour drive filling rooms. International travel fell 3 percent year-over-year, dampened by Trump’s hardline immigration and trade policies, while his repeated threats of federal intervention in Chicago haven’t boosted the city’s image abroad. Still, Reynolds said the drive market momentum is reshaping the city’s tourism pitch.

COMMERCIAL: OFFICE LEASING

Chicago’s suburban office market just logged its strongest quarter of tenant demand since before the pandemic — but landlords aren’t celebrating yet.

The suburban vacancy rate held at an all-time high of 32.4 percent at the end of September, according to JLL. That’s virtually unchanged from midyear and up from 31.4 percent a year ago and 22 percent when the pandemic hit, Crain’s reported. It’s also the 19th straight quarter of record-breaking suburban vacancies.

The long slide in occupancy, driven by remote work and corporate downsizing, has left landlords with 4.7 million fewer occupied square feet since 2020. 

Still, the third quarter offered a flicker of optimism: net absorption — the amount of newly leased and occupied space minus what was vacated — rose by more than 216,000 square feet. That’s only the third positive quarter since 2022 and the strongest performance since late 2019.

Meanwhile, Downtown Chicago’s office market just notched another grim milestone, but the pain isn’t evenly distributed.

The central business district’s vacancy rate climbed to 28 percent in the third quarter, up from 27 percent midyear. That’s more than double its pre-pandemic level, according to CBRE. Vacancy has increased for 13 straight quarters, Crain’s reported. Companies have shed 2.3 million square feet downtown over the past two years — almost twice the space lost during the Great Recession — leaving landlords and lenders to grapple with a prolonged downturn.

That weakness has chilled the investment sales market, where institutional buyers have largely stayed on the sidelines. Property tax revenue from downtown office buildings — a critical source for the city — has also eroded, raising the stakes for a recovery.

But the market split is widening. Vacancy at older, second-tier Class B properties ballooned to nearly 35 percent in the third quarter, while Class A vacancy landed at 21.4 percent.

SAN FRANCISCO

RESIDENTIAL: SALES

The San Francisco metro’s housing market is fiercely competitive, even as cities across the country turn to buyers’ markets.

Last week, 662 single-family homes sold across the metro last month, according to Housing Wire. Demand is outpacing supply in the market with the median listing price for homes at nearly $1.3 million. 

Homes spent a median of 42 days on the market and an average of 81 days. 

Last week, the San Francisco metro had 498 new listings, with a median price of $1.2 million and an average of $670 per square foot. Over 28 percent of active listings on the market took price cuts. That figure is below trends for the California housing market and across the country. 

At the high end of the market, competition for homes is ruthless. There’s believed to be a mansion shortage because of the elevated demand and scarce supply. 

San Francisco homeowners also are bucking the national trend of sellers slashing prices to lure wary buyers.

Only 12 percent of listings in the San Francisco metro area had price cuts in August, as opposed to 17 percent nationwide, the San Francisco Chronicle reported, citing Redfin. It was the third-lowest share among major metros across the United States behind New York and Newark, New Jersey. 

Sellers who do cut prices in San Francisco usually shave off about 6 percent or $100,000. Two-thirds of single-family homes ended up selling above list price in August, the highest rate in the region.

RESIDENTIAL: RENTALS

The post-pandemic recovery of rental prices in San Francisco is gaining steam with more data to back up claims of a complete bounceback.  

A typical one-bedroom apartment in the city now rents for more than it did before the pandemic, while two-bedrooms are purportedly the most expensive they’ve ever been, the San Francisco Business Times reported, citing a new report from Zumper. 

In September, the median rent of a one-bedroom was $3,520, surpassing the pre-pandemic median of $3,500 for the first time. Meanwhile, the median rent for a two-bedroom climbed up to $5,000, a record for Zumper’s reports which started tracking rents in 2016. 

Year over year, San Francisco topped the list for rent growth for a two-bedroom apartment, up 17.1 percent from last year. One-bedroom rent prices in the city were up 10.7 percent year-over-year, the third-highest increase nationally.

On the policy front, California renters moving into a new apartment no longer have to worry if they’ll have a place to store their food. 

Starting next year, apartment landlords across the state will be required to provide rental units with a refrigerator and a stove that are in good working condition, the Los Angeles Times reported. The mandate comes after Gov. Gavin Newsom signed Assembly Bill 628 into law last week. 

DEVELOPMENT

With Senate Bill 79 on its way to Gov. Gavin Newsom’s desk, homeowners — as well as one of Newsom’s key allies in state politics — are hoping he’ll throw it in the trash. 

Members of homeowners associations across Los Angeles are lobbying for Newsom’s veto of the transit-oriented upzoning bill, Beverly Press reported. 

The legislation, known as the Abundant and Affordable Homes Near Transit Act, was penned by San Francisco state Sen. Scott Wiener with the goal of addressing the state’s affordable housing crisis by allowing developers to construct larger multi-unit residential buildings near transit stops. 

The bill would permit the construction of up to nine stories for buildings adjacent to certain bus stops and train stations, seven stories for buildings within a quarter-mile of the stops and six stories for buildings within a half-mile. Single-family neighborhoods within a half-mile of transit stops would be subject to the new zoning rules.

Meanwhile, in San Francisco, the long-floated redevelopment of a car wash in Lower Haight seems like it could finally start bubbling up. 

San Francisco Supervisor Bilal Mahmood has introduced legislation that would allow buildings to follow the code at the time a proposal application was initially filed, the San Francisco Chronicle reported. Irvine-based developer 4Terra Investments got approval on its planned 203-unit project at 400 Divisadero Street in 2017. 

“The original approvals were based on the building code standards of 2016,” Mahmood told the Chronicle. “They have to keep going back and changing the project.”

Under current regulations, San Francisco’s building code requires projects to adhere to the building code in place when they break ground, rather than when the application was filed. The Touchless Car Wash project has been stalled for nine years, and the building codes change every three. As a result, 4Terra has had to redesign its plans.  

In the years since then, codes related to mechanical, electrical, plumbing, structural and energy have made projects such as these less feasible, tacking on an additional 5 percent to 7 percent of costs, according to the Chronicle. By using the regulations in place in 2016, the developer would save approximately $4 million on the project. 

COMMERCIAL: OFFICE LEASING

The influx of AI workers to San Francisco and the Bay Area is expected to bring in more than 50,000 employees into the office sector over the next five years, according to experts at CBRE. That’s projected to slash the city’s office vacancy rate in half as tenants in the red-hot sector more than quadruple the amount of office space used by AI firms from 5 million square feet to more than 20 million. Currently, the city faces a 34.6 percent office vacancy rate — reflecting a so-far slow recovery from a peak of 36.9 percent in the third quarter of last year. 

A new report from VTS indicates a change of pace, though, with demand more than doubling in the past year. AI companies are expected to accelerate the trend in the coming months. As of last month, there’s been a 107 percent increase in office demand year-over-year in San Francisco. That’s up more than 350 percent since ChatGPT was first released to the public in late 2022, according to the San Francisco Business Times.

TEXAS (DALLAS, HOUSTIN, AUSTIN, SAN ANTONIO)

RESIDENTIAL: SALES

Residential supply and demand are balancing out in Fort Worth, and the seller’s market is long gone. 

The city had 4.1 months inventory in August, compared to 3.7 a year prior, according to the Greater Fort Worth Association of Realtors. Inventory has been trending up in the area since 2022.

After years of rising competition and home values, Austin tumbled to one of the most lopsided markets in the country this summer with 124 percent more sellers than buyers. Austin has 6.3 months inventory, and Travis County has 6.9, according to Unlock MLS. 

However, sales and volume are up in the city. Total dollar volume increased year over year to almost $700 million, a 4.3 percent bump.

Pending sales were also up year over year in the Austin metro in August for the fourth month in a row. The Austin-Round Rock-San Marcos area closed out the month with 2,669 contracts pending, an 8.2 percent increase over last August.

Buyers are canceling purchases at record rates, especially in Texas. As a result, it’s worth wondering how many of the pending sales in Austin will finalize.

In Houston,  more houses are for sale than ever before.

Houston neared 44,000 home listings in August, marking a year-over-year increase of more than 8,000 homes and driving its inventory to the biggest in the country, according to Homes.com. 

Single-family detached homes accounted for the lion’s share of inventory last month with over 39,000 listings, but townhouses and condos proliferated faster. About 700 more townhouses and 500 more condos were for sale last month compared to a year prior, representing bumps of 30 percent and 39 percent, respectively. Listings for detached homes increased at 22 percent.

Although conditions are increasingly favoring buyers, the median home price was flat in August for the first time in months at $340,000. Houston registered lowering prices from March to July. Nationally, the median home price rose by more than 2 percent year-over-year last month to $389,000, putting Houston well within reach of a buyer’s market, said CoStar director of market analytics Itziar Aguirre.

In San Antonio, housing inventory declined last month, bucking the national trend.

Listings in San Antonio dropped by 249 homes, or 1.6 percent, from a year ago, according to Homes.com. Among the top 40 metropolitan areas in the country, San Antonio’s only bedfellow was San Francisco, second from the bottom with 27 fewer listings than last August. Every other major city added homes to the market. To give a sense of scale, the country’s top city for housing abundance last month was Houston, where inventory swelled 22 percent to surpass 43,000 listings, a national record.

San Antonio also clocked the highest rate of canceled home sales in the country earlier this year, when sellers were reluctant to adjust their expectations to the budding buyer’s market, local agents said.

While prices have risen nationally, luxury home transactions fell 0.7 percent to a 10-year low in August, according to Redfin. In this metric, Texas is strongly outperforming Florida, which has undergone the most drastic change; luxury deals declined by 27 percent in West Palm Beach and 19 percent in Miami. Austin is the only major Texas metro to experience a decline in luxury trades, and its 0.4 percent fall is slightly shallower than the national average. 

However, Austin, Dallas and Fort Worth all chart higher-than-average days on market for homes above $1 million, and the price history of the state’s top homes suggests that demand for ultra-luxury in Texas might be on the wane.

In Dallas, the state’s leading luxury metro, agents are optimistic about the general luxury class.

“The $3 million-plus segment is thriving,” said Bryan Pacholski, chief sales officer of Compass’ Dallas office. Dallas/Fort Worth saw 338 luxury transactions in the second quarter of 2025 compared to 232 the prior year, according to Pacholski, amounting to a 46 percent increase year over year.

RESIDENTIAL: RENTALS

Texas multifamily has been falling from grace since the end of 2023, but experts say it’s still just the beginning. 

At a Connect CRE conference on Texas multifamily, speakers on a panel about distress anticipated a mounting wave, as $19 billion in CMBS loans tied to Texas multifamily is set to mature in the next five years. 

CWCapital’s James Shevlin kept it succinct: “It’s trouble.”

As the foreclosure auction block grows increasingly crowded each month, it would appear that trouble’s already here. This month, more than $700 million in CRE loans in Texas’ largest counties were flagged for foreclosure. That’s up from about $400 million in July. 

Most of the properties in question are older apartment complexes with loans from 2022. The prevailing narrative is that upstart multifamily operators amassed portfolios with floating-rate loans when debt was cheap. They planned to renovate these aging properties, jack up rents and sell the apartments at a premium. But, interest rates — and their debt service — ballooned before many of them could execute.

DEVELOPMENT

Don’t expect many more condos to rise in the Austin skyline anytime soon. 

Developers say the city’s condo pipeline is running dry after years of breakneck construction, leaving only a handful of big projects in the works. Thousands of luxury units have been delivered in the city’s wealthiest zip code, 78701, in the past few years. That includes Urbanspace’s 56-story Modern Austin Residences, Pearlstone Partners’ 41-story Vesper and Reger Holdings’ 28-story Linden, the Austin Business Journal reported. More than 11,000 people now call downtown home, with per capita income topping $137,000 and the median home value above $700,000.

But that momentum is slowing. Pearlstone’s Chris Zaiontz said condo supply is tapped out for at least two years, with roughly 260 unsold units still on the market between the Modern, Vesper and Linden. He blamed high interest rates and wary capital markets, which have made financing projects nearly impossible. Urbanspace’s Kevin Burns predicted it could be 2029 before the next wave of condo towers gets delivered.

Apartments are filling the gap, but even that sector is struggling to absorb new supply. Downtown vacancies have hovered above 10 percent since 2021 and hit nearly 15 percent this summer, according to CoStar. More than 3,000 rental units have come online downtown in the past four years, swelling inventory by 77 percent. The 74-story Waterline, a Lincoln Property and Kairoi Residential project, is slated to deliver 352 luxury apartments next year.

In Austin, city leaders are moving to create a housing fund aimed at preserving existing affordable apartments, a tool they hope can slow the pace of displacement in one of the nation’s hottest housing markets.

The Austin City Council is moving to establish a fund that would attract philanthropic contributions to keep naturally occurring affordable housing from being sold off and demolished, KXAN reported. Council Member Marc Duchen, who proposed the measure, said the effort is meant to counter the unintended consequences of incentive programs like DB 90, which lets developers build taller in exchange for affordable units but can still lead to a net loss of affordability when existing low-rent properties are torn down.

One flashpoint has been the Acacia Cliffs complex, where demolition of older affordable units made way for a taller building that technically met DB 90’s requirements but displaced longtime tenants. 

City officials envision the fund offering property owners grants for repairs in exchange for affordability covenants. That model could preserve units without forcing owners to sell to developers. 

Meanwhile, spooky season is in full swing in San Antonio, where the state of the multifamily market has scared off developers. 

San Antonio posted the largest percent decline in new multifamily permits of cities nationwide, according to a HomeAbroad analysis of U.S. Census Bureau data. The report looked at the period between 2020 and 2025.

COMMERCIAL: OFFICE LEASING

Austin’s office sublease market is still loaded, even as availability has ticked down from last year’s peak. Companies across tech, insurance and healthcare are pushing millions of square feet back onto the market, giving tenants bargain options while keeping pressure on landlords.

Roughly 4.4 million square feet of sublease space is available in the city, down from 4.7 million a year ago, according to CoStar. Seven listings alone account for more than a third of that total, spanning over 1.7 million square feet, the Austin Business Journal reported. 

The biggest chunk comes from Meta, which pre-leased the entirety of Sixth and Guadalupe’s office space in late 2021 but never moved in. The company is marketing about 552,000 square feet after signing PricewaterhouseCoopers and another undisclosed tenant to partial subleases.

The other major offerings read like a who’s who of corporate retrenchment. State Farm is trying to offload 269,000 square feet at 8900 Amberglen Boulevard, while Superior HealthPlan has 216,000 square feet at 5900 East Ben White Boulevard in Southeast Austin that’s lingered on the market for more than a year. 

Meanwhile, Downtown San Antonio’s office market may be in for a lift as Project Marvel — the planned $4 billion redevelopment anchored by a Spurs basketball arena and entertainment district — gains traction.

With central business district office vacancies hovering near 27 percent, according to CBRE, brokers said the buzz around Marvel is sparking fresh conversations with tenants, the San Antonio Business Journal reported. While departures from heavyweights like USAA, Visionworks and PricewaterhouseCoopers left a glut of space, inquiries are picking up.

Amegy Bank’s recent 44,000-square-foot lease at 300 Convent was one of the few notable wins, but brokers say smaller deals in the 5,000- to 20,000-square-foot range could follow if momentum builds.

COMMERCIAL: RETAIL

No action was taken by Texas state lawmakers after an acrimonious spat on whether hemp-derived THC products may continue legal sales in the state.

Thousands of Texas hemp retailers can keep their doors open for the foreseeable future. The Texas Legislature’s second special session ended without any bills regarding the regulation or outright ban of cannabis products winning approval, the Austin Business Journal reported. 

Lt. Gov. Dan Patrick, who presides over the State Senate, wrote on X last week that he, Gov. Greg Abbott and House Speaker Dustin Burrows were unable to reach a resolution they could all live with. Patrick had pushed for a complete THC ban which passed both chambers during the regular legislative session, but Abbott vetoed the bill. 

Patrick’s Senate Bill 3 would have effectively banned the sale of most THC products derived from hemp, including Delta-8 and Delta-9 gummies and vapes. It was ultimately vetoed by Abbott, who cited a need to better define what products would be restricted and a regulatory framework during the special session. 

The bill threatened to eliminate an estimated $8 billion in annual revenue across 8,500 stores, causing ripple effects on retail real estate. 

The retail market in Dallas-Fort Worth is healthy, with a vacancy rate of 4.8 percent at the end of the second quarter, unchanged from a year before, according to Partners Real Estate. Average asking rents are up from last year, too, rising from $19.78 per square foot to $20.28.

BOSTON

RESIDENTIAL: SALES

For the first time, the median price of a home in the Greater Boston area has reached a seven-figure sum.

The Greater Boston Association of Realtors revealed the median price for a single-family home in the market last month hit $1 million, Axios reported. The market’s been trending towards that benchmark for the past three months.

“If you needed any more evidence that Greater Boston was one of the most desirable areas of the country to live, you just got it,” GBAR president Mark Triglione said in a statement.

Boston’s market favors sellers, even though homes are hanging up in the marketplace for a longer period of time than a few months prior. The homebuyer hope of diminishing prices has yet to materialize.

That’s not the case in the condo market. The median price of a condo in the market dropped to $725,000 last month, a 3.3 percent decline from the previous month. It was also down from last year.

DEVELOPMENT

A development site in Boston’s Fenway that’s approved for a 28-story residential tower will hit the auction block next month, signaling potential distress for the London-based developer behind the project.

The site 2 Charlesgate West, a block east of Fenway Park next to the Massachusetts Turnpike, was slated for a 400-unit tower called The Bridge. Scape USA, the United States subsidiary of a London developer, won permitting approval in January but has not broken ground on the project, the Boston Business Journal reported.

The auction is scheduled for Aug. 12 through Paul E. Saperstein Co. Auctioneers & Appraisers. Scape USA could not be reached for comment by the publication about the sale.

The auction was first reported by Banker & Tradesman.

Scape purchased the site for $39 million in 2019, along with 6 Charlesgate West and 1161 Boylston Street. Mack Real Estate Credit Strategies provided a $30 million acquisition loan.

The developer pitched a 285,000-square-foot project in 2021. The Boston Zoning Board of Appeals granted final approval in January for a 400-unit, 299,000-square-foot apartment building. As part of the plan, the developers agreed to a $3.2 million community benefits package, which included a $500,000 payment for the Boston Parks & Recreation department and $300,000 for the Fenway Community Development Corporation.

COMMERCIAL: OFFICE LEASING

After years in the doldrums, Boston’s office market just posted its strongest quarter since 2019, a sign the city’s leasing slump may finally be turning a corner. 

Tenants signed nearly 1.9 million square feet of deals last quarter, Bisnow reported, citing new reports from CBRE and Hunneman, led by a wave of large commitments downtown.

Toy giant Hasbro topped the list, taking 265,000 square feet at WS Development’s 400 Summer Street in the Seaport after more than a century in Pawtucket, Rhode Island. KKR & Co. leased 132,000 square feet at International Place, Schneider Electric signed on for 74,000 square feet at Winthrop Center and ServiceNow took a 54,000-square-foot sublease at 100 Causeway Street. 

In total, roughly 55 percent of leasing took place within the central business district, according to CBRE.

Renewals and expansions also gained traction, accounting for one-third of all leasing volume; that’s nearly double the previous quarter, per CBRE. BNY Mellon renewed 205,000 square feet at One Boston Place, while Datadog expanded to 125,000 square feet at 225 Franklin Street.

The uptick has yet to translate into lower vacancies. Greater Boston’s rate ticked up to 20.4 percent from 19.6 percent, Hunneman found, as tenants traded older addresses for newly delivered trophy buildings.

WASHINGTON, D.C.

RESIDENTIAL: SALES

Washington’s housing market has weathered this year’s wave of federal layoffs better than many expected, but the government shutdown could be what finally tips it. 

Thousands of federal workers who took buyouts earlier in the year have stopped receiving pay and agencies are preparing permanent cuts, meaning more belt-tightening looms, the Wall Street Journal reported. The White House budget office’s directive to shrink agency staff could add to unemployment, eroding one of the region’s historic strengths: its stable job base.

Roughly two-thirds of the 154,000 employees who accepted buyouts saw their paychecks end this week, according to the Office of Personnel Management. The rest will roll off the payroll by year’s end. 

Not all of those people are based in the capital region, but their departures nevertheless remove a key financial cushion for homeowners already grappling with a slowing market. 

The market is showing early signs of strain. Active listings in the Washington metro area jumped nearly 55 percent in August from a year earlier, the biggest increase among the nation’s 50 largest metros, Realtor.com data showed. Homes are sitting longer and buyers have grown cautious amid political uncertainty, tariffs and mortgage rates hovering above 6 percent. 

Still, Bright MLS reported that sales through August were down less than 1 percent year over year and prices remain up, indicative of how little inventory remains after years of tight supply.

Across the country, contracts for home sales are slipping, especially in major markets like New York and Chicago.

But pending sales have plunged the most in Washington, D.C. — likely due to seasonal trends that hit the nation’s capital particularly hard and a barrage of news stories that haven’t necessarily painted the city in the best light.

From Aug. 4 through Aug. 31, pending sales — deals that went into contract — fell by 10.6 percent compared to the prior four-week period, July 28 through Aug. 24, according to an analysis by The Real Deal of data from brokerage Redfin. This is nearly 9 percentage points higher than the 1.8 percent drop across all metropolitan markets in the U.S. during the same period.

It’s also the worst decline among the top 10 most populous metro areas in the country.

RESIDENTIAL: RENTALS

D.C.’s biggest rental reform in years is one vote away from becoming law.

The City Council advanced a scaled-back version of Mayor Muriel Bowser’s RENTAL Act in a 10-2 vote on Monday, Bisnow reported.

The revised bill still tackles two longtime pain points for landlords: the city’s tenant purchase law and eviction policies. But the compromise left tenant advocates fuming and Bowser only partly satisfied.

The centerpiece is a retooling of the Tenant Opportunity to Purchase Act. The council’s version shortens the window of exemption to the law for newly-constructed buildings to 15 years — down from the 25 years Bowser originally proposed — but keeps her proposed carveout for owners who sign 20-year affordability agreements. That alone could loosen one of the region’s biggest levers on multifamily investment.

The bill also trims eviction timelines, aiming to fast-track removals in violent crime cases and shrink the prefiling and hearing periods in nonpayment cases. The changes come amid heightened concern from landlords over rising rent arrears and a sluggish recovery in construction, which has cooled under regulatory uncertainty.

COMMERCIAL: OFFICE LEASING

Washington, D.C.’s office market in the third quarter notched 1.75 million square feet of gross leasing activity.

Year to date, the market’s activity is down 17 percent, largely because of a 26 percent drop in lease renewals, according to a report from commercial real estate services firm Cushman & Wakefield. Meanwhile, new leasing was down 5 percent year over year.

The sector’s vacancy rate ticked up 30 basis points to 22.1 percent in the third quarter and 110 basis points year over year. However, the rate dropped by 30 basis points to 18.4 percent for Class A assets, while vacancy rose for Class B and C properties, per Cushman.

Meanwhile the average asking rents held stable, at $55.16 per square from the quarter before. Rents were up $0.53 per square foot year over year.

PHILADELPHIA

RESIDENTIAL: SALES

In Philadelphia in September, the median home sale price was $257,000, a 2.8 percent year-over-year increase, according to data from brokerage firm Redfin.

Homes are lasting on the market for 50 days on average, three days longer than last year.

Deal activity rose year over year, to 1,178 in September from 1,151 last year.

DEVELOPMENT

The buyer of a 111-acre site in a Philadelphia suburb could be up the creek with redevelopment ambitions.

Health care IT company Cerner Health Services, a subsidiary of tech giant Oracle, is looking to sell Malvern Green, the Philadelphia Business Journal reported. It’s unclear what Cerner is hoping to achieve in a sale of the office park, which is about a 45-minute drive from Philadelphia.

Malvern Green at 51 Valley Stream Parkway consists of three office buildings and a data center. The property spans 760,000 square feet and is occupied by Oracle, which is looking to sell it as part of an office consolidation stemming from its 2022 acquisition of Cerner for $28.3 billion.

Malvern Green was completed in 1999 after nearly 20 years of development. There’s enough space at the facility for 1,000 employees and multiple parking lots that can accommodate 1,800 vehicles.

The property is being marketed as an opportunity for mixed-use development, though the owner would need to undergo a rezoning process with East Whiteland Township. There’s just one other thing in the way of that, literally: Valley Creek, which runs through the property and divides it, limiting the redevelopment potential of the site.

COMMERCIAL: OFFICE LEASING

Thanks to office-to-residential building conversions, 1.1 million square feet of rentable office space has been taken off the market in Philadelphia’s central business district, according to a third-quarter market report from Cushman & Wakefield.

Additionally, leasing activity rose in the third quarter, doubling the volume that was done in the first half of the year. The vacancy rate clocked in at 19.8 percent, and the average asking rent for all properties was $29.20 per square foot. For Class A office buildings, rent in the third quarter was $31.30.

COMMERCIAL: INVESTMENT SALES

Center City Philadelphia is seeing its most active office dealmaking in years, but at prices that highlight how far values have dropped.

Two Market Street towers traded last week at discounts of more than 50 percent, signaling that the “extend and pretend” era may finally be ending in Philly’s central business district, Bisnow reported. 

ATLANTA

RESIDENTIAL – SALES

Metro Atlanta’s housing market is slowing down, with homes taking longer to sell, and sellers offering concessions as elevated mortgage rates and prices keep buyers on the sidelines. 

July sales fell 4 percent year-over-year across the 12-county metro, according to the Georgia Multiple Listing Service, while active listings jumped more than 30 percent. Inventory ended the month at 4.8 months’ supply, up from 3.6 months a year earlier, the Atlanta Journal-Constitution reported. That marks a dramatic shift from the pandemic frenzy, when homes for sale barely lasted weeks on market and bidding wars pushed prices sky-high. 

The median days on market have stretched to 28 — about four times longer than in 2021 — giving buyers more time and leverage.

The shift is showing up in negotiations. About half of all homes sold involve seller concessions, such as closing cost assistance, price cuts for repairs and other perks, said John Ryan, chief marketing officer at Georgia MLS. Buyers are weighing options instead of rushing.

Meanwhile, metro Atlanta just logged a historic reversal. More people moved out than moved in over the past year, marking the first net loss of domestic migration for the region in at least three decades, according to the U.S. Census Bureau.

The decline, a modest 1,330-person dip from mid-2023 to mid-2024, signaled a potential inflection point for one of the Sun Belt’s longtime growth engines. 

For years, rising housing costs in northern metros helped fuel the South’s pandemic-era population surge. Now, traffic, job-market uncertainty and a lack of affordable housing are pushing people out of Atlanta and toward smaller, cheaper cities like Chattanooga and Knoxville in Tennessee, and Greenville in South Carolina, the Wall Street Journal reported.

The slowdown is hitting real estate markets across the board. 

Office vacancies in Atlanta are at 25 percent, well above the national average, according to Cushman & Wakefield. Microsoft indefinitely halted a planned 90-acre campus on the city’s Westside in 2023. 

A number of Atlanta apartment developers overestimated demand; the multifamily vacancy rate jumped to 12.2 percent, up from 7.5 percent a decade ago, according to CoStar. Meanwhile, the pace of new single-family housing stock, once 3 percent annually during the city’s boom years in the 1990s and 2000s, dropped to just 0.6 percent annual growth between 2020 and 2023.

DEVELOPMENT

One of metro Atlanta’s largest planned developments is a step closer to starting construction.

Henry County commissioners approved a rezoning and development agreement with Florida-based Geosam Capital, greenlighting a 1,278-acre master-planned community dubbed “The Grove,” just off U.S. Highway 41 near EchoPark Speedway in Hampton, the Atlanta Business Chronicle reported. The megaproject includes over 6,100 residential units, 670,000 square feet of retail and restaurants and 1.3 million square feet of office and institutional space.

The community will also feature a commercial hub with a 180-room hotel and a potential Piedmont Healthcare facility, according to earlier filings. Full buildout could take as long as 40 years.

Geosam, headquartered in Ormond Beach, purchased the site in 2022 for $15.3 million. The firm, which has delivered over 90 residential communities in Georgia, intends to include a broad housing mix at the Grove, with 2,760 multifamily units, 2,460 single-family homes, 554 townhomes and 386 age-targeted homes split between small multifamily and single-family.

The plan also calls for 150 acres of green space, 35 pocket parks, 8 miles of trails and land donated for police and fire services.

Meanwhile, if Georgia lawmakers remove or amend the state’s constitution to allow gambling, Wynn Resorts and Boyd Gaming would be first in line to consider casino locations. 

That’s what Christopher Gordon, president of the Las Vegas-based Wynn Resorts and the casino operator’s development arm, Wynn Development, told Georgia lawmakers in the state’s House of Representatives study committee meeting on gaming this week. Ryan Soultz, vice president for government affairs at Boyd Gaming — also a Las Vegas-based casino company — told lawmakers they would love to be in Georgia should voters allow it, Bisnow reported. 

If the proposal moves out of committee it would still have a steep hurdle to climb: a 2018 effort to legalize gambling at three locations lost steam, and a March effort to send the issue of legalizing sports betting and casinos to a ballot initiative didn’t receive a vote in the legislature. 

Despite the setbacks for the industry, the issue is not going away. The March failure was the seventh consecutive year Georgia lawmakers considered legalizing gambling. In January the issue will again be taken up by the legislature and could potentially be sent to voters in November 2026 should it pass the high hurdle of supermajorities in the house and senate.

COMMERCIAL – OFFICE LEASING

In the third quarter, Atlanta’s office vacancy rate ticked down to 26.5 percent from 26.9 percent in the second quarter of the year, according to a report from Partners Real Estate.

Rents also ticked down, to $32.38 per square foot from $32.41 in the second quarter — a 0.1 percent drop. However, rents were up compared to the same time last year, by 3.4 percent.

Net absorption went negative in the third quarter, coming in at more than -84,000 square feet from almost 15,000 square feet in the second quarter. The third quarter was an improvement from the first quarter of 2024, when net absorption was -136,000 square feet approximately.

TAMPA

RESIDENTIAL – SALES

Home prices in Tampa plunged by 8.7 percent in September compared to the same time last year, according to brokerage firm Redfin. The median sale price in the city was $410,000.

Buyers are snapping up homes in Tampa in an average of 57 days — up from 36 days on average last year.

However, deal activity rose in September year over year. There were 427 homes that traded in September, compared to 375 last year.

RESIDENTIAL – RENTALS

In the third quarter, the average rent in Tampa was $1,786 — flat year over year, according to real estate firm MMG. However, this is still 25 percent above early 2020 levels and 2.7 percent off the peak during the pandemic.

Meanwhile, the apartment occupancy rate in the city edged down by 100 basis points year over year to 92.1 percent, according to the firm.

Nearly 7,000 units came online in the third quarter, while more than 5,400 were absorbed.

DEVELOPMENT

In Keystone, a controversial residential project was greenlit after its developer altered its plans, according to the Tampa Bay Business Journal.

The Hillsborough County Board of Commissioners approved adding the option to construct townhomes on a parcel at 6720 Van Dyke Road, which is zoned for commercial use. Residents oppose the townhomes, which the developer said would be a “less intense project” than a commercial one, per TBBJ.

Meanwhile, over at Tropicana Field, Ellison Development and Horus Construction are partnering with celebrity investor Cathie Wood to develop the site, according to TBBJ.

The $7 billion redevelopment plan for the 86-acre property, known as the Gas Plant District, would occur in four phases over 17 years. It would add about 10 acres to the property as well. About 30 percent of the project will be park or open space. The project also includes: 1,900+ affordable, workforce and senior housing units, the Woodson African American Museum of Florida, an indoor music hall, a hotel and more.

COMMERCIAL – OFFICE LEASING

The Tampa office market remained healthy in the third quarter, according to a report from commercial real estate services firm Avison Young.

Employment in the region rose by 18 percent from 2019 to 2025. Leasing activity also grew during this time period, by 12 percent. Finally, the average asking rent for office space in Tampa Bay climbed by 11.2 percent from the third quarter of 2019 to $32.30, even as vacancies remain elevated.

The direct vacancy rate in the third quarter was 16 percent, while the vacancy rate for sublet space was 2.5 percent, per the report. That was up 0.2 percent year over year.

ORLANDO

RESIDENTIAL – SALES

Home prices were up 5.2 percent in Orlando in September compared to the same time last year, according to brokerage Redfin. The median sale price was $405,000.

Homes sold on average after 63 days on the market, close to double the 35 days it took on average at the same point last year. Additionally, fewer homes traded in September — 317 compared to 342 last year.

DEVELOPMENT

Construction is underway at the Walt Disney World Swan and Dolphin Resort, where total costs for the renovation and expansion project have ballooned to $300 million from $275 million, according to the Orlando Business Journal.

The project will have a swan and dolphin reserve, renovated rooms, a new restaurant and an event space, which is slated to open next September.

Once it’s done, the complex will be one of the largest convention centers on the East Coast, spanning 469,000 square feet of meeting space with more than 2,600 hotel rooms.

Meanwhile, in downtown Orlando, the city kicked off a major infrastructure overhaul by converting Magnolia Avenue into a two-way corridor, according to OBJ.

The project is part of the city’s Downtown Orlando Action Plan, which is a $750 million plan that seeks to renovate and revitalize Orlando’s urban center. The plan also calls on enhancing green spaces and improving infrastructure.

COMMERCIAL: OFFICE LEASING

In the third quarter, Orlando’s office vacancy rate ticked up by 10 basis points compared to the third quarter, coming in at 17 percent, according to a report from commercial real estate firm Cushman & Wakefield. The quarter was the third in a row with negative net absorption.

However, leasing activity grew in the third quarter, rising 55.4 percent to 883,000 square feet compared to the quarter before. That was also the highest level so far this year, per Cushman & Wakefield.

Still, the average asking rent for office space in Orlando fell by 2.2 percent year over year in the third quarter to 2.2 percent. Class A rents fell more (-3.2 percent) compared to Class B rents (+0.4 percent).

CHARLOTTE

RESIDENTIAL: SALES

In Charlotte, home prices climbed 2.5 percent in September compared to the year before, with the median sale price clocking in at $415,000, according to brokerage firm Redfin.

Buyers snapped up homes in September in an average of 60 days, a week longer than the same time last year. However, September saw more transactions year over year: 959 compared to 926.

Meanwhile, about 18 percent of homes are trading above their listing prices, which is 3.1 percent fewer properties compared to the prior year. And 32.2 percent of homes are selling in Charlotte with discounts — 3.4 percent more than last year.

RESIDENTIAL: RENTALS

In the third quarter, the average rent in Charlotte came in at $1,592, which was 1.6 percent lower than the same time last year, according to a report from commercial real estate firm MMG Real Estate Advisors.

The occupancy rate, however, ticked up by 10 basis points year over year to 92 percent. Almost 12,400 apartments hit the market, while more than 11,800 were absorbed in the third quarter, per MMG. The construction pipeline has been shrinking over the past couple of quarters, the firm noted.

DEVELOPMENT

Charlotte’s $800 million plan to overhaul Bank of America Stadium — home to the NFL’s Carolina Panthers and Charlotte FC — cleared a major hurdle in October, as the City Council approved three measures to start financing and support work on the multi-year project.

The votes authorize the city to apply for $650 million in bond financing through the state, the Charlotte Business Journal reported.

That public share will be repaid using existing tourism tax revenue, which by law must fund visitor-related projects. David Tepper’s Tepper Sports & Entertainment, the owner of the teams and the stadium, will contribute the remaining $150 million and cover any cost overruns.

The deal, originally approved in June, also commits Tepper Sports to keeping both franchises in uptown Charlotte through 2045. Factoring in $117 million in prior improvements and projected maintenance costs, the city and team view their long-term investments as roughly equal. Tepper Sports leases the city-owned site, at 800 South Mint Street, for $1 a year.

COMMERCIAL: OFFICE LEASING

Riverside Investment & Development locked in an anchor tenant and construction financing for the second phase of its Queensbridge Collective project in Charlotte, clearing the way for a $450 million mixed-use tower.

Moore & Van Allen, the city’s largest law firm, signed a 15-year lease for 206,000 square feet across the top nine floors of the 43-story building at 1111 South Tryvon Street, the Charlotte Business Journal reported. The firm, which has nearly 700 local employees, will leave its longtime perch at Bank of America Corporate Center for a home that managing partner Tom Mitchell said offers room to grow and amenities to compete for talent.

Overall, Charlotte’s office market recorded a vacancy rate of 26.6 percent in the third quarter, which was 20 basis points higher compared to the second quarter, according to commercial real estate services firm CBRE.

About 1.7 million square feet of leases were signed, bringing the year-to-date total to 3.4 million square feet. The average inked lease in the third quarter was for about 14,200 square feet — 48.2 percent higher than last year, according to CBRE.

The average asking rate for office space in Charlotte held steady quarter over quarter, coming in at $35.12 per square foot.

NASHVILLE

RESIDENTIAL: SALES

Home prices in Nashville in September inched up 2.2 percent year over year, making the median sale price $460,000, according to real estate brokerage Redfin.

The average home in the Music City in September traded after lingering on the market for an average of 68 days, about one week longer than last year. Deal activity also fell that month year over year, to 842 from 851.

Finally, the typical home in Nashville in September sold with a 2.5 percent discount. Almost 27 percent of properties traded with price drops, and just 13 percent — 4 percent fewer than last year — sold above ask.

DEVELOPMENT:

Elon Musk’s Boring Company is looking to lease a state-owned lot in downtown Nashville as a launchpad for its proposed tunnel connecting the city’s core to the airport, a high-profile infrastructure bet that would mark the firm’s first major move in Tennessee.

The company has requested access to 0.8 acres at 637 Rosa Parks Boulevard, near the state capitol, according to documents from the Tennessee State Building Commission reported by the Nashville Business Journal. The site would serve as a staging area for tunnel boring machinery and related construction activity on what’s been dubbed the “Music City Loop.”

A commission agenda for a July 31 meeting described the parking lot as underutilized state land designated as surplus for the term of the lease, which would run through March 2027. 

The lease would come at no cost to Boring because of “benefits it will accrue to the state” if the tunnel is completed and operational. The agreement includes provisions for termination if the company fails to make progress.

The proposed tunnel, unveiled publicly Monday, would offer an eight-minute commute between downtown and Nashville International Airport. State officials confirmed the project will be privately funded, with no taxpayer dollars involved. Neither the full route nor cost estimates have been released, though Axios has reported that the tunnel will follow Murfreesboro Pike.

Steve Davis, Boring’s president and CEO, said the company sees Nashville as a long-term play, hinting at potential expansions beyond the downtown-airport corridor. Tennessee Gov. Bill Lee is also backing the project, framing it as a transformative private investment in state infrastructure.

Meanwhile, the same mystery group that made waves with a $50 million buy on Music Row this spring is back with another big-ticket retail pickup.

TMEC Nashville, which acquired the retail and restaurant project Edgehill Village in April, has now purchased six additional parcels located behind the development for $10 million in total, the Nashville Business Journal reported. 

The new acquisitions together make up just over an acre and are currently home to a mix of small offices and residences. They’re located at 1202, 1204, 1206, 1208 and 1212 16th Avenue South.

The seller is an affiliate of Equitable Property Company, which had acquired the properties for a combined $6.59 million across several transactions in 2016 and 2017.

The latest purchase deepens TMEC’s footprint in one of the city’s most culturally and commercially valuable neighborhoods, though the group’s exact identity and long-term plans remain under wraps. State filings show the entity was incorporated in Delaware and has a principal mailing address in Los Angeles.

French King Fine Properties broker Simon Kerr, who represented the buyer in the Edgehill Village deal, previously described the group as out-of-town investors with a passion for the Nashville music scene and a stated desire to restore, rather than redevelop, Edgehill.

The April deal gave TMEC control of nearly 60,000 square feet of retail space across two developments on either side of Villa Place, including well-trafficked tenants like Barcelona Wine Bar, Old Glory and Jack Brown’s. That transaction also included a 0.62-acre parking lot offering future development potential.

The newly acquired parcels sit just behind that property, raising speculation about whether the buyers plan to expand the existing concept or pursue a new phase of retail, hospitality or residential development.

COMMERCIAL: OFFICE LEASING

One of downtown Nashville’s best-known office towers is up for grabs just as it’s poised to lose one of its biggest tenants. 

Austin-based CapRidge Partners listed Nashville City Center, a 27-story, 477,000-square-foot building at 511 Union Street, for sale, the Nashville Business Journal reported, citing Newmark marketing materials. 

The 1988-built tower — also known as the First Horizon building — has been a downtown fixture for decades, but it’s facing a looming hit to occupancy. 

Holland & Knight, which inherited space in the building through its 2023 merger with longtime Nashville firm Waller Lansden Dortch & Davis, plans to vacate its nine floors and 159,000 square feet next year for new space at Highwoods Properties’ Symphony Place in SoBro. That exit, along with other recent move-outs, will leave a major hole in the property.

In the third quarter, Nashville office tenants inked about 398,000 square feet of new leases, down about 61 percent quarter over quarter, according to a report from commercial real estate services firm Cushman & Wakefield. However, year-to-date leasing activity reached 1.9 million square feet, which is the highest in three years.

The asking rent for office space rose 1 percent quarter over quarter to $38.69 per square foot gross, which was also about 10 percent higher than it was the same time last year. The moderate growth, according to Cushman, stemmed from a lack of new deliveries and a drop in Class A vacancies.

PHOENIX

RESIDENTIAL: SALES

In September, the median home sale price was $460,000, a 2.2 percent increase year over year, according to brokerage firm Redfin.

A home received two offers on average and traded in about 64 days,  which was 11 days longer than the same time last year.

However, activity was up in September, when 1,286 homes sold. That’s compared to 1,214 in September of 2024.

RESIDENTIAL: RENTALS

In the third quarter, Phoenix’s multifamily vacancy rate climbed by 70 basis points to 11.6 percent, according to real estate brokerage firm Kidder Matthews.

The average asking rent dropped 2 percent year over year to $1,541 per month. Meanwhile, construction also fell in the supply-heavy market. Phoenix had roughly 18,000 units under construction, down 36 percent year over year.

DEVELOPMENT:

BNSF Railway Company’s proposed $3.2-billion dollar logistics hub in the fast-growing Phoenix area is facing more pushback, this time from a neighboring local government. 

Surprise City Council voted unanimously in favor of a resolution this week opposing the project, known as Logistics Park Phoenix, the Phoenix Business Journal reported. 

Officials are uneasy with the “substantial unmitigated risk” of the rail hub and logistics park in its current form and take issue with the development likely burdening Surprise’s infrastructure and public safety services.  

“As far as I can tell, their plan is to ram this thing in and let the residents and the taxpayers pay for the repercussions,” Councilmember Chris Judd said of the plan. 

The 4,300-acre development site is in unincorporated Wittmann. Most of the opposition to the project so far has been from Wittman residents who live near the site. 

Meanwhile, the explosion of pickleball’s popularity nationwide inspired the world’s largest indoor facility in the Phoenix area.

Scottsdale-based capital investor CaliberCos is financing and developing the 196,700 square-foot, $65 million project. Brett Warner, co-founder and COO of Pure Pickleball and Padel, expects to start construction in the next few months on the sprawling complex in Scottsdale, the Phoenix Business Journal reported.

Additionally, Vestar is planning one of the largest proposed mixed-used developments in Arizona.

The Phoenix-based retail developer and operator’s plans for Legacy Park include a resort, high-end retail and restaurants, offices and 2,500 apartments, the Phoenix Business Journal reported. It would be built on 200 acres in southeast Mesa near Mesa Gateway Airport, Arizona Athletic Grounds and Arizona State University’s Polytechnic Campus. 

It was described as a  multibillion-dollar project. The property is owned by Pacific Proving, and the proposal has been in the works for more than three years.

The project calls for 300,000 square feet of upscale retail and chef-driven sit-down restaurants. Vestar likened the vision to that of Scottsdale Quarter, the upscale mixed-use shopping center that tech billionaire George Kurtz bought last month for $645.1 million.

COMMERCIAL: OFFICE LEASING

Golf hospitality management company Troon in August inked the year’s biggest office lease in the Phoenix area. 

The Scottsdale-based golf and golf-related hospitality management company will move its headquarters to a 68,700-square-foot space on the top floor of Inisio Kierland II, one of two buildings at the 415,600-square-foot Inisio at Kierland office complex at 16430 North Scottsdale Road, the Phoenix Business Journal reported. The deal marks the largest office lease in the Valley so far this year.

Overall, Phoenix’s office vacancy rate dipped 30 basis points in the third quarter from the quarter before to 21.8 percent, according to a report from commercial real estate services firm CBRE.

The average direct asking rent ticked up 0.9 percent year over year to $31.73 per square foot. The market also saw about 213,000 square feet of positive net absorption in the third quarter.

SEATTLE

RESIDENTIAL: SALES

In Seattle in September, the housing market remained competitive. The median sale price came in at $854,000, a 2.5 percent drop year over year, according to brokerage firm Redfin.

Buyers are snapping up homes in an average of about 25 days, four days longer than the same time last year, and sellers are receiving about two offers on average.

However, the city saw more deals in September compared to the same time last year: 677 versus 575.

RESIDENTIAL: RENTALS

Seattle and the Puget Sound’s apartment market in the third quarter saw rent growth hold at 2 percent year over year, according to a market report from real estate services firm Kidder Matthews.

The area’s vacancy rate was also flat compared to the year before, at 7.1 percent.

DEVELOPMENT

On Seattle’s local sketch comedy show, a likeness of real estate legend Martin Selig was talking in used-car-salesmen lingo. 

“I’ve got buildings, buildings, buildings,” the comedian playing Selig shouted. “And I’m letting them go for outrageous prices! Go ahead, make me an offer! I’ve got to be crazy to let buildings go at these prices. Yeah, I am crazy! And I’m up to my ears in debt! My loss is your gain, so come see me.”

Not long before the spoof, Selig claimed to have control of one-third of the city’s downtown office space. But now he was facing a cash crunch. Overleveraged, he’d been forced to sell the city’s tallest tower, the Columbia Center, whose topping out had crowned him king of Emerald City. 

The events, which took place in 1989, turned out not to be the end for Selig. He’d have to hand some of his 6.5 million square feet of office properties back to lenders and Seek Chapter 11 on two buildings, but the city’s biggest-name developer came back from the brink and rode the tech boom into the 21st century. By 2024, he owned about 31 buildings downtown, a total of 4.9 million square feet. 

But the episode turned out to be prescient. Now 88, he’s “up to his ears in debt” again, with about $850 million in loans he can’t cover. He lost control of three big projects that entered the market just as the post-Covid office exodus peaked. In July, he listed his Sun Valley ski chalet for $13.5 million; the price has since been cut by $1 million. He laid off 86 people from Martin Selig Real Estate, according to the Puget Sound Business Journal, and his apparent successor, daughter Jordan Selig, resigned to work on other projects, the Seattle Times reported. All told, roughly two-thirds of his downtown buildings have gone back to lenders or are under outside management.

COMMERCIAL: OFFICE LEASING

Office leasing volume in Seattle hit 2.4 million square feet in the third quarter, marking it one of the strongest quarters since 2019, according to a report from real estate firm Savills. The same time last year, the region saw just 1.3 million square feet of leasing activity.

The Southend drove about 36 percent of the activity, as Starbucks renewed a more than 776,000-square-foot lease at 2401 Utah Avenue South. That was the quarter’s biggest deal.

Also in the third quarter, the region’s availability fell by 10 basis points to 28.1 percent year over year. The Seattle Central Business District and the Bellevue Central Business District posted their lowest availability rates of the year (33.6 percent and 27.7 percent, respectively).

The average asking rent for office space in Seattle climbed 3.6 percent compared to the year prior, hitting $45.89 per square foot, per Savills.

DENVER

RESIDENTIAL: SALES

In Denver in September, home prices rose 1.7 percent year over year. The median home price was $585,000, according to brokerage firm Redfin.

Denver homes changed hands in an average of 46 days, according to the firm, slightly longer than last year’s average of 32 days.

The city also experienced more closed deals in September year over year: 759 compared to 743 last year.

Meanwhile, one of California’s most prominent billionaire couples is looking for a buyer for their estate in Aspen — and are out to break a record in the process. 

Stewart and Lynda Resnick have listed their sprawling property near downtown Aspen for $300 million, SF Gate reported. If it sells for anywhere close to that price, it would set a record as the most expensive sale in the country. As it stands, it’s already the most expensive listing price for a home in U.S. history, beating out a $295 million listing in Naples, Florida, last year. 

The Resnicks bought the property, dubbed Little Lake Lodge, in the early 1990s. It spans 74 acres at 161 Stillwater Road, with its own private lake complete with a swan paddle boat and sits next to miles of trails for hiking or cross-country skiing. An infinity-edge pool is also available for a buyer to use. 

The main mansion is 18,500 square feet and boasts 30-foot ceilings, according to SF Gate. The home would come fully furnished. Because Aspen sits nearly 8,000 feet above sea level, the Resnicks installed a special oxygen system to prevent any altitude sickness while at home. Another unique custom-built feature: A special computer program dedicated to organizing housewares like dishes and napkin rings.

RESIDENTIAL: RENTALS

Some landlords of newer Denver apartment buildings are hoping a 25 percent discount on a year’s rent is a deal too sweet to pass up. 

Tenants in the metro are increasingly seeing offers for free rent for up to three months, with the average incentive near the three-to-four week range. Denver’s rental market hasn’t seen this degree of concessions in 15 years, according to the Denver Post. The reason? A major boost in apartment supply and sliding rent prices. 

According to the Apartment Association of Metro Denver’s annual Vacancy and Rent Report, housing rents have dropped in three of the last four quarters. Since last year, average rent throughout the metro is down 5 percent, to $1,816 per month. According to the report, rents are at their “lowest levels since the first quarter of 2022.”

Scott Rathburn, president of Apartment Insights, told the Post that the incentives are drawing tenants out of older apartment buildings and into new ones for relatively similar rents.

DEVELOPMENT

Part of one of Greater Denver’s regional airports is set to transform into a 100-acre business park. 

In August, construction began on a $7 million taxiway, dubbed Taxiway K, at Rocky Mountain Metropolitan Airport in Broomfield, the Denver Business Journal reported. The project includes 1,800 feet of taxiway that would eventually connect to hangars built by private developers hosting various businesses, airport director Erick Dahl told the Business Journal. 

The airport isn’t necessarily looking for more aircraft to populate the hangars. Instead, it’s looking for other tenants, such as those that provide maintenance, repair and overhaul services for aircraft. Currently, RMMA hosts hangars for aircraft like government planes, private and corporate jets as well as four flight schools. 

Construction on the new taxiway is expected to be completed by the end of the year. Once that’s done, RMMA will put out a call for proposals for a mix of tenants. The regional airport already has a years-long waitlist for people who would like to use the T-hangars on site for small aircraft.

COMMERCIAL: OFFICE LEASING

In Denver, office leasing activity, led by renewals, ticked down to 1.7 million square feet in the third quarter compared to 1.9 million square feet year over year, according to a report from real estate firm Savills.

The city’s availability rate also rose to 30.5 percent from 29.9 percent the year before, largely because of tenant downsizing and selective growth, per the firm’s report. The Denver Central Business District recorded the highest availability rate, at 41.9 percent.

Meanwhile, the city’s average asking rent for office space climbed to $35.93 per square foot, a 1.6 percent year-over-year increase.

LAS VEGAS

RESIDENTIAL: SALES

In August, home prices in Las Vegas rose 2.3 percent year over year, according to Redfin, with the median sale price of $445,000.

Las Vegas houses sold in an average of 55 days after they hit the market, more than two weeks longer than last year. There also were fewer deals done in August: 720 compared to 811 last year.

RESIDENTIAL: RENTALS

In the third quarter, the multifamily vacancy rate in Southern Nevada ticked up by 0.7 percentage points to 5.4 percent, according to a report by commercial real estate services firm Colliers.

The overall average rental rate, however, was relatively stable both quarter over quarter and year over year. The average rent was $1,467, which was $10 less compared to the quarter before and $20 less than the year before.

DEVELOPMENT

In Las Vegas in the third quarter, about 43 acres of commercial land traded for a total of $39 million, according to a report from Colliers. That put the average price of commercial land per square foot at $20.92.

Meanwhile, about 183 acres of industrial land was sold, for a total of about $197 million or $24.71 per square foot.

As for residential land, sales came in at about 318 acres, valued at about $420 million or $30.27 per square foot.

Commercial land deals peaked in the first quarter of the year but have declined since, particularly with constrained development activity in the office, medical office and retail sectors. Many hospitality projects also have been postponed, per Colliers.

COMMERCIAL: OFFICE LEASING

Las Vegas’ office market had a slight rebound in the third quarter, with about 10,400 square feet of positive direct net absorption, according to a market report from commercial real estate services firm CBRE.

The market’s vacancy rate dropped year over year by 60 basis points to 12.5 percent, with the Southwest submarket leading the way. Meanwhile, vacancy rose by about 29 percent in the Central East submarket due to older stock and limited new development.

Asking office rents in Las Vegas ticked down by 3 cents compared to the quarter before, settling at $2.59 per square foot in the third quarter.