[IMGCAP(1)]HOUSTON-Negative absorption and falling occupancies have settled into the Greater Houston multifamily market, based on several first quarter reports. Industry pros say the move in the opposite direction from last year is due to increased deliveries.

Greg Willett, vice president of research for MPF/Yieldstar in Carrollton, TX, says the Q1 analysis shows a negative absorption of 6,490 units and 2,527 completions in the quarter. He estimates deliveries this year will hit 14,979. “There is an incredible amount of building,” Willett remarks. “Houston is the Number One construction market in the country.”

Willett adds, the extra units have had an impact on occupancy. As of March, occupancy was 90.9% versus 91.9% in Q1 2007.

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