Modest Demand Increase Offset by Addition of Multi-Family Product to Austin, TX Market

AUSTIN, TX— The addition of new supply will weigh on apartment fundamentals in Austin through the remainder of 2009, despite a modest increase in demand, according to a third-quarter Apartment Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

As developers expand metrowide inventory by nearly 7 percent this year, owners are expected to significantly widen concessions to fill new projects.

“Investor interest in Austin is anticipated to follow tenant demand in the coming months,” says J. Michael Watson, (top left photo) regional manager of the Austin office of Marcus & Millichap

For a complete copy of the company's news release, please contact Stacey Corso, Communications Department, (925) 953-1716

Marcus & Millichap Names Brent Smith Sales Manager of Austin, TX Office

AUSTIN, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Brent Smith (top right photo) sales manager of the Austin office, according to Gene Berman, (bottom left photo) group managing director of the firm’s Texas offices.

“Brent has extensive experience in commercial real estate as an investment specialist and manager,” says Berman.

“He will be an asset to our investment specialists, and instrumental in expanding our national market-making capabilities to clients in Austin and throughout Texas.”

Smith joined Marcus & Millichap in April 2003 as an agent specializing in retail property sales in the San Antonio and South Texas markets.

During his first year as an agent, he generated marketing assignments of more than $28 million and closed more than $17 million in transactions.

In October that same year, Smith opened Marcus & Millichap’s San Antonio office. By April 2004 he had achieved associate status.

In May of 2005, Smith joined the management team as sales manager of the Houston office.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716