DALLAS—The steady pace of apartment deliveriesin urban submarkets during 2013 has made inroads on occupancy inthose submarkets as of this year's first quarter,Axiometrics Inc. said Friday. Although themultifamily data firm noted an uptick in the occupancy ratenationally over the past two months, it's expecting the erosion ofoccupancy in urban core submarkets to continue throughout theyear.
“The occupancy decrease within these urban cores isn'tsurprising, especially given the amount of new supply coming to themarket,” says Jay Denton, VP of research withDallas-based Axiometrics. “These submarkets will likely continue tosee occupancy drop throughout 2014 in the face of increasingsupply.”
Axiometrics says 155,124 multifamily units weredelivered last year. For this year, the identified units coming online will total 258,011.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
