The biggest indicator of success for the secondary market is the number of building permits that are once again being issued. The year-end total isn't done yet, but there were 158 permits already approved by the end of the third quarter, according to Phoenix-based Hendricks & Partners. There also were 76 units under construction in the port city, a bright sign since deliveries had all but stopped for the last three years. In comparison, there were 900 permits issued in 1996 and 800 a year later.
The city's vacancy is 4.5%, down 0.2% from a year before. The average per unit rent in 2002 was $570 per month, up 5.6% from the previous year. In contrast, the Houston market is bearing an average rent of $617 per month.
Corpus Christ is poised for development, Hendricks & Partners said. A $50-million project is under way for a 10,000-seat intercollegiate sports arena plus a $30-million, city-financed renovation of a conference center.
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