Multifamily development picks up despite falling demand

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According to the National Association of Home Builders (NAHB), multifamily development starts are expected to fall from their 2018 levels to roughly 350,000 units this year-still a healthy volume compared with an annual production average of 331,000 units from 1995 to 2003.

Senior Managing Partner, ABI Multifamily . Thomas M. Brophy Director of Research, ABI Multifamily . As of the end of 2015, the Phoenix metro multifamily market surpassed $3.8 billion in total sales volume. This is up 34 percent Y-O-Y and almost 265 percent from 2010 sales volume reaching a total of just over $1 billion.

MULTIFAMILY MARKET ANALYSIS ABRAMOWITZ 35 Half of the units being built are in the close-in areas where vacancy is lowest. The high demand for rentals is expected to persist over the next several years and absorb the new construction projects. New construction has begun to ramp up as more projects are approved in the coming year.

Construction of multifamily buildings is slowing down across the country, even though there’s rising demand for rental units. More than half of metro areas across the country are expected to see.

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Despite these changes, whatever form rent regulation takes this month, it will leave aspects of the market looking more like they did earlier in the current economic cycle. In recent years, there has been an influx of new investors into New York multifamily.

Multifamily development continues to make headlines throughout the U.S., and while oversupply remains a concern, demand has so far been able to keep pace with supply. Reis forecasts a total of 291,352 new units to come online during 2017, eclipsing the 210,526 units that were delivered during 2016.

Despite the perceived retail disruption. And then we move on Loudoun, obviously Loudoun we moved up to the near-term development opportunity. We have chosen a multi-family partner for GNH, 378.

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