Two submarkets—Downtown Boston and University City Philadelphia—are "leading" the pack as multifamily construction has outstripped demand in some downtowns and CBDs.
At 14% and 13.5%, respectively, the two submarkets' multifamily vacancy rates are the highest in the country, most of it coming since 2013, National Real Estate Investor reports.
In fact, overbuilding is a problem throughout Boston; two other Boston submarkets found their way to the top 10 list of highest vacancies.
In other regions, submarkets like DC’s H Street/NoMa and Charlotte’s South End have yet to see their vacancy peak. Both sit in the top three for inventory growth, with 2,725 and 2,126 new units, respectively. [NREI]
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