Magazine article Journal of Property Management

Carolina Comeback

Magazine article Journal of Property Management

Carolina Comeback

Article excerpt

Multifamily and office net absorption rebound in the Queen City

When the NBA's newest franchise, the Charlotte Bobcats, takes the court this fall, its local fan base will undoubtedly be hoping for a swift rise to the top of the standings. Given recent economic forecasts, Charlotte-area property managers might be in store for a rise of their own, to the top of their respective market sectors.

According to the latest Marcus & Millichap Apartment Market Report, the multifamily market in Charlotte can expect gradual improvement in the coming months, as issues from overbuilding have subsided. Developers seem to have responded to high vacancies in kind, as many of the mere 1,600 completions to be ready this year will be absorbed by the estimated 15,000 new residents expected in Charlotte in 2004.

Marcus & Millichap anticipates asking rents to increase by 2 percent this year as concessions begin to ease, allowing effective rents to start rising again. Investment-wise, predicts Marcus & Millichap, it will take time before property revenue levels return to what they were just four years ago. …

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