AUSTIN, TX—While many markets were hindered by the economic shutdown in March and April, Austin weathered the disruption and has begun to rebound quickly. Austin remains a robust multifamily market with continued delivery of new units, strong rent growth, occupancy and sales velocity, despite the economic turmoil caused by the COVID-19 pandemic, according to NorthMarq's regional market report.
In June, the company added industry leader Scott Lamontange as managing director–investment sales, and since then, he has continued to build a multifamily investment sales team to six professionals.
"The Austin multifamily market has been one of the most reliable in the country with continued population growth and significant employment expansion," said Lamontange. "While we did see a severe slowdown during the month of May, this market has rebounded more quickly than many others. We're seeing a 200% increase in our listing pipeline just since the end of the second quarter."
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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.
