There is definitely pent-up demand for new product as occupancy in the submarket has been above 78% since 2014 and for each of the last six years, room demand increased 2% and ADR increased 6%-plus.
The decline of applications from international students is stark with applications falling 13.7% this year.
The developer buys a two-story building in Orange County with plans to convert it into medical office space, GlobeSt.com reports EXCLUSIVELY.
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