Mark Hendricks of Phoenix-based Hendricks & Partners' Houston office, tells GlobeSt.com that Corpus Christi is actually on the road to recovery, if the numbers are put in historical perspective. He said institutional investors were selling apartment holdings in secondary cities like Corpus Christi in 1998-99, a decision that coincided with the delivery of a significant number of new inventory in the coastal town. Consequently, Corpus Christi's market hit some roadblocks. The units have since been absorbed as builders kept a lid on additional construction, a trend that carried into the first quarter when nothing came to market on the supply side. The first quarter also was void of sales, according to Hendricks' researchers.
Overall, average vacancy is holding steady at 4.1% in the first quarter. Laguna Madre was the tightest market of Corpus Christi's stock, coming in a 1.7%. Beeville racked up the highest vacancy, 8.2%.
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