Last Updated: February 18, 2011 01:25pm ET
Photo courtesy of: Shiny Things
Austin Ranks High for MF Development
AUSTIN, TX-Of all commercial property sectors, multifamily is perhaps the only one that developers can get excited about today, and even then, there are only certain markets that can absorb new product. Local experts say Austin is one of those few markets, encouraging developers to seek out land and break ground on new projects.
“The apartment absorption in Austin has been tremendous,” says Andrew Shih, a director with Apartment Realty Advisor’s local office. “Occupancies and rents have risen dramatically quarter over quarter. As a result, we expect the developers who have been on sidelines for number of years to start doing something again.”
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