News
Keeping In Line
January 24, 2011
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| If you love New York because you're a trendsetter, look away for this story. The NY apartment sector’s 2010 net absorption figures fall in line with the rest of the nation, according to Reis trendspotter Brad Doremus. But this isn’t such a bad thing, given that the US hasn't exhibited annual net absorption this large (positive 227,000-plus units last year) since the boom years of the late ‘90s and 2000. Similarly, the 6,142 units of net absorption recorded last year in the NY metro is the largest annual increase in occupied stock since ‘98, when over 6,400 units were absorbed. 1,050 units were absorbed during Q4, roughly 50% less than each of the previous two quarters but still a fairly hefty figure. As always, there’s one caveat: Net absorption was almost certainly boosted by a large number of new units coming online in ‘10, as the vacancy rate nudged upwardsduring the year, albeit still at a very low level. |
