Cushman & Wakefield Sees More Apartment Development in 2008

ORLANDO, FL – Apartment development should increase this year and approach historic levels, says an Orlando multi-family expert.

Jay Ballard, (top left photo) senior director at Cushman and Wakefield’s Apartment Brokerage Services division, said new apartment development has averaged 2,750 to 3,000 units per year over the past 24 months.

Historically, Central Florida has averaged annual new apartment deliveries in the 5,000 to 6,000 unit range, Ballard said.

“Robust new home development and historically strong job growth generated an annual absorption of 5,500 to 6,000 units over the last several years,” Ballard said.

Recent research indicates that while multi-family developers have lost some apartment sites to homebuilders, new construction deliveries of multi-family apartments could top 5,000 units in 2008 within sight of Central Florida’s historic averages.

Ballard, added absorption will likely remain steady while land prices have recently begun to plateau.

“Developers are also seeing new ways to finance new apartment projects. The market will prevail despite the challenges of costs, debt and equity financing for new construction”, Ballard explained

For more information, contact:
Jay Ballard, Apartment Brokerage Services, 407-541-4406
Larry Vershel or Beth Payan, LV Communications, 407-644-4142