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S. Fla. Apartment Market Thriving

MIAMI-Palm Beach County led a regional market surge in price, occupancy, rents and development through the first quarter this year, according to a Grubb & Ellis Co. survey.

By David R. Corder | Updated on July 25, 2001

MIAMI-Every indicator of the South Florida apartment market showed signs of growth through the first quarter of this year. In a newly released survey, the South Florida offices of Grubb & Ellis Co. estimates average occupancy rate for large rental communities in the three-county region averaged around 97.5%. Regional rental rates increased by 1.1%. The annual projected rental rate is now estimated to grow at 4.4% for 2001.

All indicators also point toward Palm Beach County as the leading growth market, primarily because of increasing scarcity of property in Broward and Miami-Dade counties suitable for apartment development.

“There is not a lot of land available in Miami-Dade or Broward,” Richard F. Davis, a Grubb & Ellis senior vice president, tells GlobeSt.com. “As a consequence of that, over the past 18 months or so a lot of developers have been coming to Palm Beach County. We have a lot of projects proposed here.”

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