Hendricks-Berkadia has released its 2013 forecast for the Corpus Christi market.
Net absorption will slow 35.7 percent as 315 units will be leased in 2013, followed by 285 net move-ins in 2014. Historically, leasing activity has underpinned average absorption of 345 units annually.
Developers will complete 200 units in 2013, increasing inventory by 0.7 percent. Activity will continue as construction will begin on at least 290 units by year-end. Supply will grow by an additional 0.8 percent next year as developers bring online 230 rentals.
The forecast includes 300 multifamily permits during the next four quarters. In 2014, activity will increase to 325 multifamily units.
Read more...Corpus apartment forecast 2013: Hendricks-Berkadia via Real Estate Center at Texas A&M
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