"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.
After peaking at 14,155 units under construction in September 1999, new construction has dropped by 42% to 8,202 units. That number compares with average absorption of 8,449 units over the past 36 months, the Grubb & Ellis report finds.
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