Expect widespread job growth in Austin to bring apartment vacancy to its lowest level in more than a decade, says Marcus & Millichap in its 2012 multifamily market forecast.
According to the report, "The professional and business services sector will be the primary generator of top-tier apartment demand as relocating and growing firms add to payrolls. Several major tech companies have already announced expansion plans, offsetting losses in the public sector."
Among those is Rackspace, which Marcus & Millichap said plans to triple its local workforce over the next few years, supporting Class-A operations.
Meanwhile, "Class B- and -C apartments will benefit from job growth in the typically lower-paying leisure and hospitality and trade, transportation and utilities sectors, which will add 6,000 jobs. As operations improve, developers will begin moving projects through the planning stages to capture elevated demand."
Read more...Austin Multifamily Outlook: Employment High, Vacancies Low via REAL ESTATE CENTER AT TEXAS A&M UNIVERSITY