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Property market


12-month change in total vacancy (bps)


12-month net absorption (% of inventory)


12-month completions (% of inventory)


12-month rent growth (p.s.f.)

Investment market


Investment sales (YTD, billions of $US)


YTD investment sales growth


Average cap rate


12-month change in cap rate (bps)

  • Demand:Rent growth and vacancy hold steady through the first quarter as new supply continues to deliver at an elevated rate.
  • Transactions: Building on a strong fourth quarter, transaction volumes in the first quarter of 2018 increase notably year-over-year.
  • Markets: Investors shift their focus back to primary markets to start the year.
  • Sources of capital: Private capital is driving an outsized portion of transaction activity.
  • Sources of risk: Despite new supply remaining a concern, investors increase their investment into high-rise product.

U.S. Multifamily cap rate map

Multifamily yields continued to compress across much of the country despite supply-side risk due to elevated deliveries.

Methodology: Cap rates pertain to JLL’s expected average ranges for Class A CBD assets being priced as of Q1 2018.

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