The HBA statistics show that 823 multi-family permits were issued in April from Adams to Elbert counties, compared with 586 in the first four months of 2002. The drop, although not as big in previous recording periods this year, is seen as good news by apartment experts.
"We are right on track to build what we think will be about 2,500 units this year," Jeff Hawks, principal of Apartment Realty Advisors tells GlobeSt.com. "Most of the permits will be completed this year, although some will be delivered next year."
Steve Rahe, an apartment broker with CB Richard Ellis, says that it is good news that the production is dropping, when the market is suffering from a lack of demand.
In April, there were 282 permits issued for apartments - 250 in Denver and 32 in Brighton. That was actually 17.5% more than in April 2002, when 240 permits were issued. But Rahe notes that is not a cause of concern, because the numbers were so small.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.