{"id":549,"date":"2022-11-14T18:28:02","date_gmt":"2022-11-15T02:28:02","guid":{"rendered":"https:\/\/www.lee-associates.com\/downtownla\/?p=549"},"modified":"2023-06-07T12:41:18","modified_gmt":"2023-06-07T19:41:18","slug":"industrial-and-multifamily-sectors-stay-resilient-amid-economic-headwinds","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/downtownla\/2022\/11\/14\/industrial-and-multifamily-sectors-stay-resilient-amid-economic-headwinds\/","title":{"rendered":"Industrial and Multifamily Sectors Stay Resilient Amid Economic Headwinds"},"content":{"rendered":"<div id=\"pl-549\"  class=\"panel-layout\" ><div id=\"pg-549-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-549-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-549-0-0-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p>&nbsp;<\/p>\n<h2><strong><a href=\"https:\/\/www.globest.com\/2022\/11\/14\/industrial-and-multifamily-sectors-stay-resilient-amid-economic-headwinds\/?thoughtLeader=lee-and-associates\" target=\"_blank\" rel=\"noopener\">GLOBEST<\/a><\/strong><\/h2>\n<p class=\"xmsonormal\"><strong>Rent growth in both the industrial and apartment sectors continue to turn heads, according to Lee &amp; Associates report.<\/strong><\/p>\n<p class=\"xmsonormal\">By Brian A. Lee | November 14, 2022 at 03:45 AM<\/p>\n<p class=\"xmsonormal\">The current economic headwinds have been a cause for alarm in certain sectors. Not so for industrial and multifamily, however. With US industrial vacancy at 4% and multifamily\u2019s pipeline tightening, the data from Lee &amp; Associates\u2019 Q3 2022 Market Report shows both sectors have room for rent growth.<\/p>\n<p class=\"xmsonormal\">It\u2019s a story about fundamentals that point to continued strength, according to Jeff Rinkov, CEO of the broker-owned real estate services firm.<\/p>\n<p class=\"xmsonormal\"><b>Industrial Strength Continues Beyond Amazon<\/b><\/p>\n<p class=\"xmsonormal\">\u201cThe industrial leasing story continues to be the strongest theme maybe in all of commercial real estate with demand remaining robust,\u201d Rinkov said. \u201cWe see pre-leasing of Class-A buildings and a rising tide of rental rate growth for B and C buildings that are well-located. Historic rate increases and rental growth are supporting the development and have been supportive of higher land prices for the last several years.\u201d<\/p>\n<p class=\"xmsonormal\">Industrial vacancy at end of the third quarter settled at that 4% number, up 10 basis points from Q2, according to the Lee &amp; Associates market report. Approximately 850 million square feet of industrial space are under development in the US with about 38% pre-leased.<\/p>\n<p class=\"xmsonormal\">\u201cHow the other 62% of that product gets leased and how quickly I think will tell the story for the next 18 months,\u201d said Rinkov, adding that there is space coming back to the market, led by Amazon shedding millions of square feet of warehouse capacity, but it is getting absorbed very quickly and at \u201chigher and higher rates.\u201d<\/p>\n<p class=\"xmsonormal\">Stout industrial rent growth has been quite evident in US port-adjacent markets, but Rinkov highlighted a 1.194 million-square-foot industrial leasing assignment by Lee &amp; Associates in Columbus, OH, as a strong testament to sector strength. The fact that a distribution center in a secondary market was quickly absorbed by a large logistics use shows the depth of demand, both for developers searching for land and tenants looking for logistics space.<\/p>\n<p class=\"xmsonormal\"><b>Multifamily Moves<\/b><\/p>\n<p class=\"xmsonormal\">Although apartment rent growth of 5.7% through Q3 was down considerably year over year, it\u2019s still more than twice the annual average rate of 2.5% over the past decade, Lee &amp; Associates reported.<\/p>\n<p class=\"xmsonormal\">\u201cThe multifamily sector has seen a very compelling story for rental increases and rent growth,\u201d Rinkov said. \u201cAs a general economy, we\u2019re underhoused so housing development that is happening is being well received. We do see an interest in people returning to CBD and metropolitan submarkets.\u201d<\/p>\n<p class=\"xmsonormal\">Lee &amp; Associates reported a 29% year-over-year increase in the average per-unit sale price to $233,974 at the end of the third quarter.<\/p>\n<p class=\"xmsonormal\">\u201cMultifamily seems to be the asset class where there\u2019s historically been the greatest amount of liquidity, cap rate compression, and the most voluminous trading because of the differentiation in the types of ownership, from the institutional to regional and all the way down to mom &amp; pop owners,\u201d Rinkov said. \u201cWell-located product is going to continue to be developed and absorbed at very significant rental rates.\u201d<\/p>\n<p class=\"xmsonormal\"><b>Economic Uncertainty Still Lurks<\/b><\/p>\n<p class=\"xmsonormal\">Much economically is yet to be determined as we approach 2023. Risk is always present, with the cost of development capital being a real concern, Rinkov asserted, but industrial and multifamily asset classes have proven to be resilient.<\/p>\n<p class=\"xmsonormal\">\u201cMonetary policy and the increased cost of funds along with the inflationary environment obviously present risks, but I believe the strengths of these two asset classes will win the day,\u201d he said.<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pg-549-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-549-1-0\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-549-1-0-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-549-1-0-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t><h3 class=\"widget-title\"><h3>MEDIA CONTACT<\/h3><\/h3>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p><strong>Jenny Morgan<\/strong><br \/>\nLee &amp; Associates<br \/>\n<a href=\"mailto:jmorgan@lee-associates.com\" data-auth=\"NotApplicable\" data-loopstyle=\"link\">jmorgan@lee-associates.com<\/a><br \/>\n(323) 922-3832<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-549-1-1\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>&nbsp; GLOBEST Rent growth in both the industrial and apartment sectors continue to turn heads, according to Lee &amp; Associates report. By Brian A. Lee | November 14, 2022 at 03:45 AM The current economic headwinds have been a cause for alarm in certain sectors. Not so for industrial and multifamily, however. With US industrial vacancy at 4% and multifamily\u2019s pipeline tightening, the data from Lee &amp; Associates\u2019 Q3 2022 Market Report shows both sectors&#8230;<\/p>\n","protected":false},"author":171,"featured_media":19,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,6],"tags":[],"class_list":["post-549","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-media"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.6 (Yoast SEO v28.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Industrial and Multifamily Sectors Stay Resilient Amid Economic Headwinds - Lee &amp; Associates | Downtown LA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lee-associates.com\/downtownla\/2022\/11\/14\/industrial-and-multifamily-sectors-stay-resilient-amid-economic-headwinds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Industrial and Multifamily Sectors Stay Resilient Amid Economic Headwinds\" \/>\n<meta property=\"og:description\" content=\"&nbsp; GLOBEST Rent growth in both the industrial and apartment sectors continue to turn heads, according to Lee &amp; Associates report. By Brian A. Lee | November 14, 2022 at 03:45 AM The current economic headwinds have been a cause for alarm in certain sectors. Not so for industrial and multifamily, however. 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By Brian A. Lee | November 14, 2022 at 03:45 AM The current economic headwinds have been a cause for alarm in certain sectors. Not so for industrial and multifamily, however. 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