Thursday, October 11, 2012

MARKET SNAPSHOT: Employment Boom Continues Across D/FW Metroplex, Leading to Tight Apartment Conditions and Renewed Construction via Multi-Housing News Online

The Dallas-Fort Worth metro area saw job gains of nearly three percent this year, which is far above the national average of 1.7 percent. According to Marcus & Millichap, the biggest gains came in the trade, transportation and utilities sector, which is likely to continue to make strides well into 2013. Additionally, residential development is fueling retail expansion and local warehouse/distribution operations, indicating that overall economic growth is likely to continue into the near future.

The recent job gains have led to a considerable plunge in vacancies over the past year, with metrowide vacancy falling 180 basis points to 5.5 percent. In keeping with trends in other markets, Class A products saw even lower vacancy—at 4.7 percent. Class B/C units, however, saw the most dramatic year-over-year change, with the respective rate falling 220 basis points to 6.4 percent.

Read more...MARKET SNAPSHOT: Employment Boom Continues Across D/FW Metroplex, Leading to Tight Apartment Conditions and Renewed Construction | Multi-Housing News Online

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