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Demand For Multifamily Rental Units Lagging

CORPUS CHRISTI, TX-The steady job base provided by the military and oil and gas industries hasn't been enough to solve this south Texas city's multifamily market woes as this product type continues its downward cycle.

By Jennifer Brenner Andrade | Updated on December 11, 2001

CORPUS CHRISTI, TX-Despite a strong local employment market that is bolstered by the oil and gas sector as well as the military, Corpus Christi’s multifamily housing market is lagging, says a report by Hendricks & Partners. The third quarter of 2001 saw the absorption of only 89 units as compared to the 196 units absorbed at the same time one year ago.

Absorption for the year is currently at a negative-164 units. Hendricks & Partners report no new multifamily permits have been issued and no units came on line in the third quarter showing the decline of development for that product type.

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