Apartments are the Lone Bright Spot
Globe Street today released commentary on the S&P/GRA national composite for September 2008. Here is information to back up our continued confidence in selected Multifamily Markets.
Here are selected comments: (view the full article here)
“For the second straight month, and the second time in the history of the index, the national composite recorded a negative annual growth rate, but there are some potential signs of improvement in commercial real estate prices,”
“”In the property sector, three of the four sectors had negative returns for the month and year-over-year period. Office recorded its lowest annual return in its history, -3.1%.”
“On the positive side, Blitzer notes that apartments recorded positive returns for the one-month and 12-month periods, with indices up 1.6% and 1.7% respectively. ”
Note that these positive results are for one and twelve month periods in what has been an absolutely horrible year for every other category of real estate.
Keep your lead generators out in selected apartment markets. Look for areas of continued job and population growth – we like Dallas, Austin, San Antonio and Salt Lake City.
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