New High end apartments in the vicinity of downtown or the short north are commanding up to $3,000 per month. A wave of swanky apartments are coming online within the next 12 months with two bedroom unit approaching $2,000 per month, and townhouses and penthouses at up to $3,000 per month. The Wood Co. apartments…
According to CoStar News, sales of commercial real estate in the United States reached $64 billion last year, which is the highest since 2004 and increased 22 percent from 2011. The price gains spread beyond multifamily into industrial, office and retail. Even commercial land showed signs of awakening mostly due to demand for multifamily with…
CoStar News reports that new apartment construction at four or five times the national average for other types of commercial construction in certain markets will cause vacancies to increase. “Apartment construction has been on a tear in certain markets,” CoStar says. “With the inventory growing at more than four or five times the national rate,…
There’s a lot going on around here aside from the I-70 / I-71 project. IF we have a mild winter as we did last year, it will get these projects moving along toward completion early in 2013 except for the freeway reconstruction. That will take a little bit longer. Columbus Commons, 600 Goodale, Harrison West,…
Developers report that although money is still tight for new commercial development, money is far more available that it was a year ago, especially for new multiunit development. “It’s a good time to be a multifamily developer,” says David Cardwell, vice president of Capital Markets for the National Multi-Housing Council. “I don’t know of any…
New data show major rebound in both commercial and residential construction led almost entirely by multifamily and single family development. Developers and builders started construction on the highest number of single family homes and apartments since July 2008. Multifamily rose 10% in October 2012 to an annualized rate of 285,000 units. Single family building application…
Reis Reports announced that the 126,022 unit Columbus / Central Ohio multifamily market vacancy rate had fallen to 6.1 percent by the end of the second quarter 2012, which is the latest quarter we have numbers for. That’s down 30 basis points over the prior quarter and down a whopping 190 points from second quarter…
The multifamily segment of commercial real estate continues to strengthen in spite of new supply coming on line according to Randyl Drummer of CoStart news. Demand still far outstrips demand. For the sixth consecutive quarter, the National Multi Housing Council Quarterly Survey of Apartment markets showed improvements across all four indices. The indices measure supply,…
I did a short post on the Dublin, Ohio, Bridge Street development a couple of weeks ago. I’ve since located much more detail regarding the long term development, which is at the link thanks to Walker Evans of the Columbus Underground blog. The development will bordered by I-270 on the north and west and State…
An Atlanta Developer has signed on to build a $50 million apartment complex with groundbreaking scheduled for late this summer and completion for late winter 2014. The complex will consist of three six story buildings with 300 units over 23,000 sq ft. of first floor retail. Apartments will be built to “condo specifications,” Capitol South Community…
It’s a mix of both moderately good news and some bad news. Starting with the bad news is that we had a major drop off in construction and development funding from $321 billion last to $240 billion this year. I was pretty optimistic back during the second and third week of January when I was…
According to Randyl Drummer at CoStar News, non residential commercial construction posted a 4.5% gain in November over same month last year. All segments showed solid gains. Residential commercial construction starts for apartments resulted in the strongest monthly performance in 18 months. According to Randyl, manufacturing expenditures on new construction was up 12.6% over last…
CoStar News reports that starts of multiunit residential construction were up 32.2% from October 2011 to 230,000, which is the highest since September 2008. True, the number of new apartment starts is picking up, especially in the costal markets, but we’re not at peak level or historical averages. In my opinion, that’s a good so…
Linked is a useful sortable report looking at not only vacancy and rent growth trends for multiunit residential, but also retail and office. Go to the link in the upper left of the page ‘Metro/Submarket Reports’. Apartment cap rates have fallen by 160 basis points in the last two years. This is due to the…
As Columbus gets ready to celebrate its bicentennial next year, downtown has blossomed with new projects with both condo lofts and apartments. Walker with Columbus Underground recapped 12 new apartment projects in the final planning stages or under construction in downtown Columbus. What a change in the last decade. Columbus is doing well. Columbus Underground…
The Great Recession has produced an increase of 1.4 million new renters this year, which is a 4% rise in the last year according to Mark Heschmeyer at CoStar News. And again, since construction financing has been in the toilet from second quarter 2008 until first quarter 2011, there is little in the way of…
Nationwide Realty Development received Grandview Heights’ planning commission final approval to begin construction next month of a 154 unit residential complex at the 90 acres Grandview Yard development. “It’s a done deal,” said Patrik Bowman, the city’s director of administration. “They can now apply for zoning clearance and a building permit.” The apartments will be…
$15 billion in sales for the second quarter, still a fraction of the peak back in 2007, brought the first half total to $24.5 billion according to CoStar Group data. Average price per unit $88,500 for the quarter and that’s the highest since third quarter 2008 according to Michael Cohen, CoStar’s Global Strategist. Top coastal…
Considering that this one originates from the NRA, you’d expect a little positive spin here and you get a bit. Good news is that single family starts rose 9.4% last month, and the bad news is that it’s still about half the 1.2 million starts that is considered a healthy market. Still though, we’ll take…
CoStar News reports that Investment grade transactions are up 54% in January over a year ago, but dipping slightly from December. The increase reflects buyers’ appetite for investment grade office, retail, hotel, and apartment properties. General grade is down 1% from January last year. The investment grade increase hit a five year high, which illustrates…