ROCK's Research team, Drew Steffens and Emily Klingler, offers insight into the Greater Hanover commercial real estate market...
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Leasing of new construction is driving record high absorption in 2024...
Although dropping to a five-year low, the rate of vacancy decrease has been slowing...
Although increasing 22 basis points, vacancy remains below 6%, on par with national figures...
Vacancy remains below 2.5%, dropping 8 bps from Q3 2023...
Demand for healthcare continues to drive development with 56,000 SF of medical office under construction...
Automotive properties accounted for 40% of sale transactions and 47% of sale volume in 2023...
Vacancy is relatively unchanged from last quarter and has settled to pre-pandemic norms...
Current leased square feet exceeds 2020 and 2022 totals, but absorption remains negative year-to-date...
Although nearly 120,000 SF of vacant space was added to the retail market in Q3, vacancy remains unchanged...
About 135,000 SF is due by the end of the year, and roughly 1.6MSF is proposed for the county overall...
Health care is driving construction activity accounting for 82% of square feet under construction...
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