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Charlotte Commercial Real Estate

APARTMENTS STILL KING

Local apartment delivery is (finally) trying to meet demand. Developers completed 513 units in 3Q, raising the number of available rentals in the past year to 1,600, Marcus & Millichap?s Art Gering tells us. (The 276-unit Ashley Court at Pinnacle Point, above, was completed in 3Q.) More than 10,000 rental units are now planned in Charlotte, or about 10% of the existing stock. Yet none of the planned projects is scheduled to break ground. Still, the strong recovery of apartment demand may encourage developers to move projects forward, Art predicts.

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Related Topics: Art Gering, Pinnacle Point
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