A bright spot for years now in the commercial real estate (CRE) market has been the multifamily sector. With home ownership down since 2008, the demand for rental units has been high, driving down vacancy rates in multifamily developments and increasing their values. The local market has seen a brisk pace of apartment sales in 2012, a trend that will likely continue in 2013. Also, there are several new apartment complexes either in the planning stages or under construction in the GSP market, all of which are aimed at meeting the high demand for rentals, saysRobbie Romeiser, agent with Spencer/Hines Properties.
In addition to apartment complexes, according to CoStar, third quarter 2012 vacancy rates for the industrial, retail and office market sectors in the GSP area have decreased from earlier 2012 levels. Spencer/Hines Properties offers not only property sales and leases, but also property management services.
Neal Boyett, agent and property manager with Spencer/Hines, has the impression for 2013 that there is “opportunity to grow business with a perspective of being able to give unique service with below competition rates. Everyone will be trying to achieve similar goals of keeping services but looking to do it in a more cost effective way.” Spencer/Hines offers their property management services in a “personal, pro-active method. We offer large company services at a small company price point.”