"For the first time in several years, there are several new communities being developed" in both counties, notes Robert W. Miller, senior vice president, multi-housing properties group at CB Richard Ellis Inc.

Although occupancies are down, investment sales are holding up with $80 million worth of product closed in 2000. Miller negotiated for the seller on $58 million of that total.

"A fairly active year," is how he categorizes the activity in both markets. Occupancy rates are still in the mid-90s, which are considered healthy, the broker tells GlobeSt.com. As a result, "we expect buyer interest to remain strong" this year, Miller says. He looks for occupancies to stay in the mid-90% range and rents to continue their upward direction.