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| Commercial Real Estate Press Release |
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DEMAND FOR SAN JOSE APARTMENTS WEAKENED BY TECH-SECTOR JOB LOSSES
Stacey Corso, (925) 953-1716
Marcus & Millichap
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Thursday, November 05, 2009 -
SAN JOSE, Calif., Nov. 5, 2009 — The recession has weighed heavily on fundamentals in the San Jose apartment market, with employment losses in technology-related sectors in particular dragging on renter demand, according to a fourth-quarter Apartment Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm. As unemployment has soared to record levels, an increasing number of residents have opted to double up or relocate to more affordable markets to reduce expenses.
“San Jose’s investment climate will continue to transition through the next several quarters as buyers and sellers attempt to pinpoint how valuations have shifted since the economic downturn intensified,” says Steven Seligman, regional manager of the Palo Alto office of Marcus & Millichap.
Following are some of the most significant aspects of the San Jose Apartment Research Report:
· Job losses are expected to total 43,600 workers in 2009, a 4.8 percent annual decline. Last year, 15,600 positions were cut.
· Stock additions will be minimal this year, as only 270 units are scheduled for completion, a 0.2 percent inventory expansion; 860 units came online in 2008. Deliveries have averaged more than 900 units annually over the past five years.
· Metrowide vacancy is forecast to end 2009 at 5.8 percent, a 60 basis point rise from last year, when vacancy climbed 130 basis points.
· This year, asking rents are projected to fall 9.5 percent to $1,515 per month. Owners will respond to softened conditions by raising concessions, as effective rents are expected to drop 10.4 percent annually to $1,421 per month.
For a copy of the complete San Jose Apartment Research Report, as well as reports on other markets nationwide, visit our website at www.MarcusMillichap.com.
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