GlobeSt.com SPECIAL: Multifamily Absorption at Record Level

ORLANDO-Area renters signed leases at an unprecedented pace in the 12 months ended March 31 as 12,898 new units arrived; 11,147 units were rented; and new construction finally is slowing down, allowing existing product to get leased up without offering too many concessions, according to a new analysis by the Orlando office of Grubb & Ellis Co.

“If absorption continues at the pace of the past 18 months, expect rising occupancies soon with rising rents to follow,” Grubb & Ellis senior vice president Steve Flanagan tells GlobeSt.com. Strong population and job growth are fueling demand.

Overall occupancy is at 92.4%, fractionally down by .6% from the 12-month period ended March 31, 2000. There are 150,000 apartment units in Central Florida.