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WASHINGTON, DC-The Nation’s Capital has come out on top of Marcus & Millichap Real Estate Investment Brokerage Co.’s National Retail Index. The District’s retail investment market ranked number one of 38 other such major metropolitan cities. Encino, CA-based Marcus & Millichap relied on research of long-term supply and demand markers to rate the markets. Washington, DC held the title last year, as well.

It seems the city’s accommodating demographics and solid economic standing are behind its success. Unemployment in the city was down to 3.5% as of the beginning of the year, and consistent consumer demand for product has spurred growth in the retail sector. The increase in demand led to an expansion in the retail sector, thereby lowering the already reasonably low retail real estate vacancy rates to 6%.

“Investors’ seemingly insatiable appetite, especially for single-tenant properties, is continuing to push up prices and compress cap rates,” Marcus & Millichap regional manager Andrew Boyle adds. Orange County, CA followed Washington, DC in the survey, while number 38, Cleveland brought up the rear.

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