CBRE: Houston multifamily 1Q 2014 MarketViewCBRE: Houston multifamily 1Q 2014 MarketViewhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=40402014-06-03T07:55:00Z2014-06-03T06:59:00Z

HOUSTON - Houston’s job and population growth continued to drive apartment demand in first quarter 2014. Rental rates and occupancy continued their upward trend as average rents reached $1 per sf for the first time ever in Houston and occupancy climbed to 90.9 percent.

In Q1 2014, 4,199 new apartment units were delivered, up slightly from the Q4 2013 when 4,060 units delivered. 22,246 units remained under construction across the Houston metro at the end of Q1 2014.

The highest overall rents can still be found in the Central (Inner Loop) submarkets, led by Montrose/Museum District at $1.75 per sf and Inner Loop West/Greenway Plaza at $1.68 per sf. The highest rents in suburban markets were $1.16 per sf in Woodlands/Far North, Tomball/Northwest and Fort Bend.

Houston Top Five Multihousing
Submarkets 1Q 2014*
Submarket Unit
Occ. Under
Inner Loop West/
Greenway Plaza
14,066 84.8% 3,573
West Memorial/
Briar Forest
24,073 88.9% 3,122
Museum District
12,202 91.0% 2,407
Far North
14,286 86.4% 2,115
Galleria 22,866 91.1% 1,994

*ranked by Under Construction Units

For the full report, see CBRE's Houston Multi-Housing MarketView 1Q 2014 (PDF) under Multifamily in Houston Market Data Sources.

Houston-The Woodlands-Sugar Land
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