The numbers show final construction figures for the year will be among the lowest in years, first-half research from the Orlando office of CB Richard Ellis Inc. shows.
A total 3,670 multifamily units were delivered in the first half versus 12,590 for all of 2000. In the pipeline are 7,800 new units but there is no indication if they will all be delivered this year.
First-half absorption was 5,152 units compared to 9,387 units for all of last year. That means a good portion of existing units will be rented by year end, based on an anticipated 12-month absorption total of possibly 10,000 units. Occupancy could be in the high 90s.
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