WILLIAMSBURG, VA— Despite a rise in deliveries, healthy employment gains continue to support a strong outlook for Norfolk/Hampton Roads apartments, according to a third-quarter Apartment Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.The presence of the port (bottom left photo) and military is driving the steady job growth, a trend that should persist during the extended term.
“Tight market conditions and forecasts for revenue growth point to a strong investment outlook for the Norfolk/Hampton Roads market,” says Gary R. Lucas, (top right photo) regional manager of the Southern Virginia office of Marcus & Millichap.
Following are some of the most significant aspects of the Southeast Virginia Apartment Research Report:
· Following expansion of 1 percent in 2007, total employment in the Norfolk/Hampton Roads market is expected to gain 0.9 percent this year with the addition of 7,000 jobs.· Developers are expected to bring 1,500 rental units online in 2008, representing a 1.7 percent increase in rental inventory.
· Vacancy in the metro is expected to finish the year at 4.3 percent, up 40 basis points from the rate recorded at year-end 2007.
· Asking rents are expected to increase 3.6 percent to $862 per month.
· Effective rents will advance 3.5 percent to $851 per month.
For a copy of the complete Southeast Virginia Apartment Research Report, as well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/.
For a copy of the complete Southeast Virginia Apartment Research Report, as well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/.
Press Contact: Stacey Corso, Communications Department, (925) 953-1716
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