(To read more on the multifamily market, click here.)
HOUSTON-Though oil companies and their profits are linked to theboom in the office market, those same oil companies and theirprofits are also having an impact on multifamily housing in thearea. The upshot is the region logged its highest quarterlyabsorption in 10 years.
Bill Forrest, senior adviser for Sperry Van Ness in Houston anda well-known local analyst, says the result of the strong jobgrowth has cut three points from the overall vacancy. The latestissue of his quarterly report puts vacancy at 9% versus 12% postedin first quarter 2005. Additionally, 4,200 units were absorbed inthe 532,543-unit inventory. Last year at this time, the region wasbleeding red on the absorption barometer, with the indicator down1,500 units.
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