Building Barometer. Are Developers Ready for a Slowdown?
The multifamily building boom isn’t coming to an end just yet. Fannie Mae researchers estimated in March that some 404,000 new units are slated for delivery in 2017, 61,000 more than came on line just a year ago.
[Excerpt] Project sponsors report that they are modifying their strategies in response to these concerns. In 2016, Alliance Residential Co. was the second-most prolific builder on NMHC’s ranking, starting 7,104 new units, but the company has been tapping the brakes. “Alliance’s pipeline is modestly smaller than last year, which (was) modestly smaller than the previous year,” reported Jay Hiemenz, the firm’s president & COO. “In general, we’re seeing slower pipelines in most markets nationwide.”
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