Wednesday, April 24, 2013

Job Growth Gains Momentum and Vacancy Tightens Further in Orlando, FL Apartment Market, According to Marcus & Millichap




             Creative Village rendering on site of former Amway Center 
             demolished May 26, 2012

ORLANDO, FL --Prospects for the Orlando multifamily sector continue to brighten as the local economy gathers momentum, building on the progress rental housing made over the past two years behind an acceleration in job growth, according to the second quarter report by Marcus & Millichap.

Amway Center, Orlando, FL
Demolished May 12, 2012
The federal spending cuts that went into effect March 1 may adversely affect defense-related industries in the metro, but other private employment sectors will expand.

Leisure and hospitality posted solid growth over the past year on record visitor volume, and hotel construction will increase in the years ahead to provide additional employment opportunities for residents.

Several large-scale, job-generating developments in Downtown Orlando are also advancing through the pipeline. Construction of the Creative Village on the former site of Amway Arena is expected to begin this year.

 More than 1 million square feet of commercial space is envisioned under the project’s master plan. 

Meanwhile, rental housing demand is rising, though vacancy is moderating as a new construction cycle begins. 

One significant spurt of completions occurred in the first quarter, and more moderate completions are slated in the second and third quarter.

For a complete copy of the company’s news release, please contact:

Ben Johnson,
Marketing Director
(925) 953-1736

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