Detroit’s industrial availability rate climbs past 6% but remains below the national average
The metropolitan area has benefited from modest inventory expansion since 2019
The Detroit metropolitan area industrial availability rate is 6.1% in April, representing an 80-basis-point increase from last year. However, that’s far below the U.S. average avai...
Homeownership increasingly less appealing in much of New Jersey
Rising sale prices and high property taxes make renting a more affordable option
Amid rising macroeconomic uncertainty and strained household budgets, residents across New Jersey are balancing competing living preferences against the stark reality that homeowne...
Long Island's apartment market continues to decouple from national hurdles
The metropolitan area’s luxury segment drives overall vacancies lower
Early in the second quarter, the average vacancy rate for apartments on Long Island, New York, rests at 4.7%, down from an all-time high of 6.7% recorded early in 2024. Conversely,...
Grand Rapids office market remains among the steadiest in Michigan
The metropolitan area benefits from employment gains in vital service sectors
Grand Rapids has been among the most stable office markets in the Wolverine State since the pandemic.
Detroit’s improving demographic backdrop continues to support apartment demand
Population gains in the metropolitan area’s largest counties accelerated in 2024
The Census Bureau’s population estimates through July 2024, released last month, show broad-based gains in Michigan’s largest counties. The latest data pegs Michigan’s total popula...
Industrial investors target New Jersey’s Middlesex and Essex counties early in 2025
Transaction volume and prices improve year over year
New Jersey’s industrial property sales activity totaled $409 million in the first quarter of 2025, down 59% from the fourth quarter of 2024, but 10% above the level recorded in the...
Detroit-based Harvest Sherwood Food Distributors is shutting down operations
The move adds to a steady increase of available industrial space in its home market
Harvest Sherwood Food Distributors, the nation’s largest independent wholesale food distributor, is winding down all its operations nationwide. CoStar data shows that the company’s...
Retail space availability on Long Island remains near all-time lows
Minimal construction unlikely to alleviate demand pressure in the near term
In a sign of how tight the retail space markets are across Long Island, New York, the metropolitan area posted back-to-back years of sub-5% availability rates in 2023 and 2024 for ...
Joann’s liquidation opens door for other retailers to expand in New Jersey
The craft chain’s leased spaces will bring much-needed supply to the market
National crafts giant Joann disclosed late in February that it will be liquidating and closing its roughly 800 stores. The company filed for bankruptcy last March and again in the ...
Owner-user office deals boosted New Jersey sales volume in 2024
Momentum accelerated further this year with flurry of deals in January and February
The latest CoStar data suggests the drought in New Jersey office transactions may finally be over as opportunistic buyers are ready to take advantage of well-located properties at ...
New Jersey industrial leasing sped up in 2024
Middlesex, Bergen and Burlington counties accounted for over half of new leasing volume
As 2024 industrial leasing data collection winds down, New Jersey's full-year tally shows a 14% year-over-year increase in new commitments. Total deal counts rose 6% in the past ye...
New Jersey’s Transit Village Initiative spurs cities to revitalize their downtowns
Jersey City and Hackensack lead the state in multifamily development around transit stations
The New Jersey Department of Transportation established the Transit Village Initiative in 1999 to promote redevelopment around public transit and boost economic activity. Over 30 c...
Long Island's office recovery leads the Northeast markets
Limited new supply and redevelopment have helped soften the pandemic hit on occupancy
Office property owners across Long Island have benefited from limited new construction for more than a decade, which allowed the market to recover faster than its neighbors from th...
Office demand recovery remains elusive in Somerset County, New Jersey
Bridgewater and Bedminster struggle to retain office tenants, residents
Despite plentiful highway access to skilled labor, Somerset County, New Jersey's office market has struggled mightily since pandemic-era disruptions forced companies to rethink the...
Tractor Supply is in growth mode; More stores may come to New Jersey
Optimization exercise identifies available options in South Jersey
Tractor Supply, a chain that bills itself as the country's largest rural lifestyle retailer, updated investors in December on its long-term outlook, which includes aggressively exp...
Retailers seeking high-visibility presence in New Jersey should consider options along Route 1
CoStar analysis identifies clusters of available space lining the state’s busiest highways
The hunt for retail space continues to be a challenge in New Jersey, with limited new construction underway and the availability rate only beginning to bounce off all-time lows. Re...
Northern New Jersey industrial space demand should bounce back in 2025
Recent labor agreement poised to benefit largest nodes in the port district
Last year, Northern New Jersey owners navigated the weakest demand environment in over a decade, as net absorption, or the change in occupied space, posted the lowest annual readin...
New Jersey’s multifamily supply and demand outlook for 2025: a reversion to pre-pandemic levels
Recent demographic trends to dictate renter demand hotspots
This year, CoStar’s multifamily outlook for New Jersey calls for a more measured pace of inventory expansion, healthy renter demand and an acceleration in asking rent growth.
Long Island’s industrial vacancy rate at its highest level since 2012
Historic supply wave and negative space demand continue to weigh on occupancy
Over the past two years, industrial developers have been flooding Long Island with millions of square feet of new logistics space. Unfortunately for new property owners, space dema...
Elizabeth piles on to industrial sublease availability across Northern New Jersey
Sublet listings remain elevated relative to the historical average
Despite Elizabeth, New Jersey’s central location within the East Coast’s busiest port district, industrial property owners have seen negative space demand for three straight years ...