"The revitalization of Midtown has turned this submarket into a multifamily hotbed," Bernard Haddigan, managing director and Atlanta regional manager, says in a prepared statement.
Nearly 600 apartment units are currently under construction in this submarket and expected to come to market during 2002. Despite the recent economic slowdown, long-term demand for residential housing is expected to remain elevated with the addition of several more commercial projects in the area, the M&M analysis says.
A recent report by M/PF Research of Carrollton, TX was only slightly less hopeful. That report showed a rough fourth quarter for Atlanta's apartment market. Overall occupancy dropped to 92.1%, almost 2% lower than September and 4.3% less than the fourth quarter of 2000, according to the report.
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