Apartment Market Poised for Growth

ORLANDO-The area’s estimated 140,000-unit multifamily inventory is expected to experience a solid growth year in 2004 as employers anticipate creating 32,000 new jobs which should bolster occupancy and demand, according to separate third-quarter studies by the local offices of Marcus & Millichap Real Estate Brokerage Services Inc. and CB Richard Ellis Inc.

The brokerages, however, differ on their assessment of the investment sales market. CBRE sees robust activity; Marcus & Millichap says the market is lagging.

“Interest from investors was very strong in the third quarter and may get even stronger in 2004,” says Robert W. Miller, senior vice president in CBRE’s local office. “The Orlando market has seen more than four times as many multi-housing sales thus far in 2003 as compared to one year ago.”