WPB multi-family sector rebounds

Developers are ramping up on production on multi-family projects that will come online next year as greater West Palm Beach’s multi-family sector continues to show resilience, according to a report from Marcus & Millichap. Approximately 1,200 rentals will be completed by the end of 2013, according to the report, including 800 apartments in Boca Raton alone. Increased rental demand in the area projects to bring down vacancy to 5.7 percent this year, the lowest year-end level in seven years. That follows an 80-basis-point drop in vacancy in 2011. — Alexander Britell