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Russ Long, Partner and Managing Director of O’Keefe, was featured in the Real Estate Q&A portion of the summer issue of DBusiness.
DBusiness asked Russ “What is the hottest sector in the commerical real estate market today?”
He replied, “Multifamily housing is the most sought-after real estate in the country. The demand for both individual complexes and large portfolios for institutional investors is at an all-time high. Nationally, there is significant capital on the sidelines looking for investment in the marketplace. Well-maintained properties are experiencing lower vacancies and cap rates are at a 10-year high.”
“The combination of the highest population of probable renters – 18- to 34-year-olds – and the economic uncertainty during the pandemic made the demand for rental units desirable and led to the current trend of historically low vacancies and higher valuations. This trend is expected to continue for the foreseeable future, with the continuation of limited inventory and the vast amount of capital nationally looking for opportunities.”
To read the issue, click here.