During the first half of 2014, South Florida’s multifamily market posted more sales than it has since 2006, according to a report from the CBRE South Florida Multifamily Investment Properties team.
The report, which tracks sales in the $1 million to $20 million range, showed 172 multifamily sales totaling more than $515 million in the first two quarters of the year – the most in eight years.
In 2013, there were 9,558 net units absorbed in South Florida, according to CBRE’s report cited by GlobeSt. In the previous four years, the region averaged around 4,500 net absorbed multifamily units each year.
“Above-average population growth in South Florida is driving the demand for multifamily product,” says Ken Krasnow, CBRE South Florida managing director. “According to the Florida Bureau of Economic and Business Research, South Florida’s population is expected to increase by 2.4 million people, or 29%, between 2013 and 2040.” [GlobeSt.] – Christopher Cameron