HOUSTON—The apartment market might be murky to some, but LMC president Todd Farrell has an optimistic perspective on the state of demand in 2017 and beyond. Farrell, whose emerging company recently won the PERE Award for capital raise of the year, understands that multifamily might not be quite as sizzling as in the past few years. However, he believes the market remains solid and prospects for the future are not as gloomy as others have hinted. Farrell discusses these multifamily trends and other concepts in this exclusive.
GlobeSt.com: Generally speaking, we've seen a softening of the apartment market, with rent growth slowing and vacancy rates rising slightly in many markets. How are you approaching new development moving forward?
Farrell: The nation is definitely going through a natural process of absorbing some of the supply that was started in 2014 to 2016, and several submarkets have gotten really competitive for residents. However, the underlying fundamentals continue to point to a compelling argument that the nation overcorrected during and after the Great Recession, and we are pretty optimistic that this wave of supply will get absorbed more quickly than one might think.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
