MULTIFAMILY PERMITS ON RISE
The Charlotte multifamily sector is recovering rapidly, and property owners and investors should expect further strengthening in the months ahead as job creation accelerates, according to Marcus & Millichap. A more normal rate of demand will take hold this year, succeeding the substantial release of pent-up demand that produced an unprecedented drop in vacancy during 2010. Local employers will add an estimated 17,000 jobs during 2011, compared to the 5,400 positions created last year. And apartment developers have begun to respond. Only 900 units are expected to be completed this year, compared to more than 2,200 units in 2010. But more than 8,400 units are currently planned, representing about 8.5% of the existing Charlotte multifamily stock. Uptown and Harris Boulevard are the key growth submarkets.