X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CORPUS CHRISTI, TX-Despite a strong local employment market that is bolstered by the oil and gas sector as well as the military, Corpus Christi’s multifamily housing market is lagging, says a report by Hendricks & Partners. The third quarter of 2001 saw the absorption of only 89 units as compared to the 196 units absorbed at the same time one year ago.

Absorption for the year is currently at a negative-164 units. Hendricks & Partners report no new multifamily permits have been issued and no units came on line in the third quarter showing the decline of development for that product type.

While the overall vacancy rate is 4.7%, up from 4.1% at the same time last year, certain submarkets of Corpus Christi are faring better than others. Laredo and the Northwest submarkets have the lowest vacancy rates at 3.4% and 3.6%. The Alice/Robstown/Kingsville has a whopping 11.4% vacancy rate because of high vacancies in properties built before 1970, notes the report.

Rents increases are down across the Corpus Christi market. Average rents went from $532 in September of 2000 to a mere $541 in September 2001. This represents a 1.7% rent gain, down from the 2.9% gain enjoyed one year ago.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.