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| Calum Weaver |
Cushman & Wakefield
Released its 1Q 2017 South Florida Multifamily Market Update, Documenting $3.6
Billion in 2016 Sales and a Strong Start to 2017
MIAMI, FL — Cushman &
Wakefield announced it has released its 1Q 2017 South Florida Multifamily
Market Update.
The in-depth report,
authored by Executive Vice President Calum
Weaver of Cushman & Wakefield’s South Florida Institutional Multifamily
Team, details the state of the multifamily market in the three counties
comprising South Florida — Miami-Dade, Broward and Palm Beach.
The report finds an eighth
consecutive year of multifamily expansion in South Florida driven by strong
fundamentals. Important highlights of the report can be found below:
There were 278 property
sales in South Florida valued at more than $3.6 billion in 2016. This eclipses
the annual record of $3.3 billion in sales established in 2015.
South Florida rental
demand continues to increase due to population growth, an inventory shortage
and the rising costs of single-family homes.
The supply of multifamily
housing in South Florida continues to lag demand, with most new development
coming in the Class A+ market. The supply of affordable and Class B and C
product remains constrained.
For a complete copy of the
company’s news release, please contact:
David A. Meyer
Meyer Media
407.489.7488
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