GlobeSt.com EXCLUSIVE: Multifamily Market Will be Strong Next Year

NEW YORK CITY-People always need a place to live and that’s the main factor that kept the multifamily housing sales market so resilient during the economic downturn. But now that it appears an economic upswing is in the offing, we might see a noticeable rise next year in sales.

“You also have to remember that with apartments, we are talking about shelter,” says Keith Misner, senior managing director in charge of Cushman & Wakefield’s national multifamily business. “People need a place to live no matter where the economic cycle is at.”

Misner also expects the levels of capital flow activity, which have been healthy in 2003, should continue to be strong in 2004. “In markets such as Florida, Southern California and the Mid-Atlantic region, including Washington, DC, Philadelphia and Delaware, condos are just as viable an option as renting,” he points out.