Apartment Buildings Win Favor
A recent poll of 125 real estate
investors and banking and insurance industry officials found that investment
in apartment buildings and warehouses remains healthy despite rising
vacancies and declining rents. Grocery-anchored retail centers were the
third most-preferred asset by investors in the PricewaterhouseCoopers LLP
survey, followed by regional malls and shopping centers anchored by
mega-stores.
According to the quarterly research findings, the appeal of multifamily
developments and warehouse facilities is largely tied into the widely held
belief that both property types will recover more quickly than other
real-estate assets once the economy locks into a sustained rebound. Mark D.
Gibson, executive managing director of Holliday Fenoglio Fowler LP,
commented, "You would assume that when we start adding jobs, interest rates
would rise and then multifamily [housing] would be more favorable than
single-family starter homes, and therefore, [the apartment market] should
get a pop in occupancy and rents."
Source: Wall Street Journal
(07/02/03); Smith, Ray A.
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Slade &
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