A surge in new multifamily construction in November resulted in the strongest month for U.S. residential builders since April 2010, with a number of large apartment projects breaking ground over the last two months.
While the increasing number of new apartment units breaking ground is picking up momentum, especially in the top coastal markets, the construction activity hardly qualifies as a boom as measured by either peak levels or historical averages for new construction starts.
That said, apartments remain the only major CRE product type showing demand growth justifying new supply at the moment, and first-movers are hoping to capitalize on the demand opportunity before the project pipeline fills up again in selected markets.
Read more...Apt. Construction Lifts Housing Market, But Don't Call It a Building Boom (Yet) - CoStar Group:
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