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| Commercial Real Estate Press Release |
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MODEST EMPLOYMENT LOSSES BRING STABILITY TO SOUTHEAST VIRGINIA’S MULTIFAMILY SECTOR
Stacey Corso, (925) 953-1716
Marcus & Millichap
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Thursday, November 05, 2009 -
WILLIAMSBURG, Va., Nov. 5, 2009 — Steady employment-generated demand, combined with negligible supply additions, will keep apartment vacancy in the Norfolk/Hampton Roads market near current levels into 2010, according to a fourth-quarter Apartment Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm. Since the beginning of the year, metrowide employment has declined just 1 percent, compared to the nationwide drop of 2.8 percent, and the worst of the job cuts may be over; total employment in the metro was expected to increase by about 700 positions in the third quarter.
“Investment activity remains minimal in the local apartment market due to a persistent expectations gap between buyers and sellers,” says Gary Lucas, regional manager of the Southern Virginia office of Marcus & Millichap.
Following are some of the most significant aspects of the Southeast Virginia Apartment Research Report:
· This year, total employment in the Norfolk/Hampton Roads metro area is expected to decrease 1 percent, or by 7,800 jobs. In 2008, approximately 9,500 positions were lost, a decline of 1.3 percent.
· Projects containing nearly 700 units are slated to come online in 2009, following the delivery of 1,400 units last year. Over the past five years, completions have averaged 1,100 units annually.
· Despite a decline in construction activity, weaker employment will contribute to a rise in vacancy this year. Vacancy is forecast to reach 6.5 percent, 90 basis points higher than the rate at year-end 2008.
· Asking rents are forecast to drop 1.1 percent to $848 per month in 2009, while effective rents will increase 1.3 percent to $822 per month. Last year, asking rents gained 2.8 percent, and effective rents pushed up 3.6 percent.
For a copy of the complete Southeast Virginia Apartment Research Report, as well as reports on other markets nationwide, visit our website at www.MarcusMillichap.com.
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