Sperry Van Ness International Corporation’s (SVNIC) 2014 Top Markets to Watch Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2014. Today we are delving into the 2014 Top Apartment Markets to Watch. Not the largest, or the most actively contested markets, the 2014 Apartment Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that is driving the economy and commercial real estate performance in markets across the country.
TOP APARTMENT MARKET TO WATCH : Dallas, Texas
Combine low taxes, mild winters and a business-friendly climate with Dallas’ central location relative to both U.S. coasts, and it’s easy to see why this North Texas metro is enjoying annual economic growth of more than 3.5 percent. Reports early this year that logistics technology firm Omnitracs Inc. may bring as many as 1,000 jobs to the Dallas central business district simply added to the list of more than 50 major employers that have relocated to the metro area in the past two years, adding jobs and fueling population growth that will top 2 percent in 2014 alone. Renters in the Dallas-Fort Worth metro absorbed more than 16,600 apartment units in 2013, more than any other U.S. market, yet average vacancy of approximately 5.5 percent is well below the 10-year historical average of around 8 percent. While these fundamentals suggest good development prospects, the metro is also turning out apartments far faster than any other major market, completing nearly 13,000 units in 2013. That new supply could temporarily hamper rent growth in some submarkets.
To read more on Dallas, and other top office markets, download the full version of the Top Apartment Markets to Watch report below.
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