St. George Tops Commercial Real Estate Demand Index

Third quarter 2026 rankings across 306 metro areas show industrial job growth reshaping demand in several markets.

Updated on Nov. 5, 2026 in Commercial

St. George Tops Commercial Real Estate Demand Index

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The National Association of REALTORS released its third quarter 2026 Commercial Real Estate Demand Index, with St. George, Utah ranking first at 132. Of 306 metropolitan areas tracked, 143 scored above 100 in the quarter.

Why it matters

Industrial employment remained relatively flat nationally, but stronger manufacturing, transportation, and warehousing job growth in select markets drove demand higher in those areas. The index offers a snapshot of where commercial real estate activity is concentrated across the country.

The index scored 306 metropolitan areas, with St. George at 132, Huntsville at 125, and Fayetteville-Springdale-Rogers and Sherman-Denison tied at 123. Ocala, Florida scored 121, while the source does not specify how the index scores compare with prior quarters.

The players

National Association of REALTORS

The National Association of REALTORS is a trade association representing real estate professionals across the United States, and it publishes market research including commercial real estate indices.

The details

San Antonio, Seattle, and Nashville rose in the rankings because stronger job growth in manufacturing, transportation, and warehousing lifted their demand scores. Nationally, industrial employment was relatively flat during the quarter.

Third quarter 2026: CRE Demand Index scores measured for 306 metro areas.
November 5, 2026: Index release published by irei.com.

Market Landscape

The third quarter rankings continue a series in which the index tracks demand across hundreds of metros rather than only the largest cities. The shifts seen this quarter show secondary and mid-sized metros, including St. George and Huntsville, ranking near the top.

Investors, business owners, and tenants looking at commercial space can use the index to compare metro-level demand before evaluating locations. The source does not describe specific changes to leasing rates or availability for buyers or renters.

The takeaway

Industrial job growth in manufacturing, transportation, and warehousing can shift commercial real estate demand rankings quickly, so readers tracking a specific market should watch local employment trends alongside headline index scores.