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M&M Multifamily Forum Is Mostly Sunny Affair

PARSIPPANY, NJ-At Marcus & Millichap's forum on the apartment market here, the news was upbeat: super-low vacancy rates, "nearly free" capital, and development opportunity across the spectrum.

By Antoinette Martin | Updated on February 28, 2013

PARSIPPANY, NJ-They didn’t really need to bring out the violin player at Marcus & Millichap’s day-long multifamily market forum here to warm up the crowd of 400, although they did, during a morning breakfast break. Participants – from large developers to niche players, from lending specialists to housing officials – were mostly making happy sounds all on their own.

“The multi-family market is performing extremely well in New Jersey,” said Hessam Nadji, who oversees research for M & M in a keynote address. Citing the company’s latest apartment report, he noted that the vacancy rate in northern New Jersey keeps shrinking, and stands now at 3.1%. Along the waterfront, vacancy is just 1.5%, he said, and where it is highest – in the Newark/Orange/East Essex County market – it is still only 5.5%.

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