HUMPHREYS & PARTNERS ARCHITECTS, L.P.
5339 Alpha Road, Suite 300
Dallas, TX 75240
www.humphreys.com marketing@humphreys.com
FOR IMMEDIATE RELEASE Mark Humphreys, AIA, CEO
(972) 701-9636
(972) 701-9639 FAX
Multifamily Market's 2010 Focus
Swings Toward Development
January, 2010 – Dallas, TX – Multifamily market experts believe 2010 is the year for development as they witness fundamental shifts that support rebounds in demand and rent growth in 2011.
"We are in the beginning of a vacancy recovery this year," said Hessam Nadji, managing director of research for Marcus & Millichap Real Estate Investment Services in Encino, Calif. "Everything is getting staged in 2010 for a tremendous run in 2011 and 2012."
Although 2010 is predicted to be tepid, developers need to plan ahead to ensure deliveries coincide with increased market demand. The industry buzz is 2011 and 2012 could result in record rental years. "2010 is the year to get ready for that demand," said Mark Humphreys, CEO of Dallas-based Humphreys & Partners Architects L.P.
A Humphreys & Partners-sponsored Webinar brought together leading experts to help developers and investors assess their future. Joining Nadji and Humphreys were Doug Bibby, president of Washington, D.C.-based National Multi Housing Council; Grandbridge Real Estate Capital LLC senior vice presidents John Fenoglio and Philip Melton; and Greg Faulkner, president of Humphreys & Partners Architects.
Experts noticed occupancy conditions starting to shift in third quarter 2009 in many metropolitan areas. And, it's continued albeit slowly. Likewise, funding conditions have improved, with equity and mezzanine funding back in the marketplace and several new investment funds emerging. Fannie Mae and Freddie Mac products, new and existing, remain the most available funding sources at this point.
"There is a huge vacancy overhang, but you can find opportunity almost anywhere," Nadji said. "There is a huge appetite and huge cash on the sidelines waiting to get in, but quality is what they're after."
NOTE TO EDITORS:
Interested parties can request additional information about Humphreys & Partners Architects and its services by contacting the marketing department at marketing@humphreys.com or by visiting the company's website at www.humphreys.com.
** END **