The multifamily sector will continue to be the darling of the commercial real estate industry throughout 2013, according to panelists on the “2013 Kick-Off Webinar for Apartment Development” hosted by Humphreys & Partners Architects. Although rental rate growth is slowing down, construction rates are on the rise and could approach peak levels of the past cycle by the end of 2013.
Apartment development will remain hot due to the combination of supply constraints, demographics and the availability of capital, according to Doug Bibby, president of NMHC. He says that capital is flowing heartily to the ‘A’ markets and ‘A’ properties, and that there is a continued interest from foreign capital sources.
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