MARKET TRENDS Developers Get Ready
While new multifamily construction may not be out of the ground yet, developers are busy with "land acquisition, lining up fi nancing, and getting building permits," according to the 1Q12 Quarterly Survey of Apartment Market Conditions, conducted by the National Multi Housing Council. More than half of the senior apartment company executives surveyed indicated that developers in their markets are preparing for new construction, while another 20 per- cent said that developers have been "breaking ground at a rapid clip." However, more than half of the respondents indicated that sales volume was unchanged from three months ago, most likely indicating a lack of desirable product on the market.
Sales Forecast Commercial real estate investment sales
2011
Global ↑14% Americas ↑49% 2012F
Global ↑7.5%
Americas ↑25% Source: Cushman & Wakefi eld
2012's COMPANY
Mill Creek Residential Trust
Wood Partners
AvalonBay Communities
Source: Multifamily Executive
"Most national department stores now open or maintain locations in blue-chip malls and urban centers, vacate mid-level malls as leases expire, and open
outlet stores." —Marcus & Millichap, Retail Outlook 1Q12
6 May | June | 2012 Commercial Investment Real Estate
Top Multifamily Developers
PROJECTED 2012 STARTS
6,900
6,200 4,350
TOTAL UNITS STARTED BY 12/11
2,662
3,732 3,071
Ilin Sergey/Veer