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Richmond
Although occupancy rates fell slightly in the past few months, we forecast occupancies and rents to improve through 2012. Developers remain very active in the downtown area of Richmond along both sides of the James River.
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Raleigh-Durham
Developemtnactivity has picked up significantly in the past six months with nearly 2,300 new starts. Demand remains healthy and occupancy rates should continue to improve in 2012.
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Greenville-Spartanburg
Although demand weakened over the past six months, there is minimal development underway which should allow for improving occupancies through 2012.
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Jacksonville
Weak demand pushed vacancy rates higher. There remain a number of communities in foreclosure/distress which is having a negative impact on the area's overall condition. Excluding these communities, there a several submarkets with vacancy rates below 6.5% including the Downtown, Beaches and Baymeadows areas.
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Norfolk-Va.Beach
Occupancies continue to hover in the 94% range. Developers began construction on nearly 1,500 new units in the last six months.
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