Berkadia released its Houston multifamily report, pointing out that 22,353 units were absorbed in 2017, more than double from the year before. Even better news? Look for even more absorption in 2018, thanks to continued job growth, rebuilding following Hurricane Harvey and large-scale projects, such as the $820-million Houston Ship Channel marine terminal in Pasadena, TX.

The Berkadia analysts did note that much of the 2017 absorption was due to Hurricane Harvey’s aftermath, in which a 2.5% of total apartment stock was damaged. That, in turn, led to a 50-basis-point annual rise increase in occupancy to 92.8% in December 2017.

“Overall, 26,300 workers are forecast to be added by year-end (2018),” analysts said. “At the same time, annual leasing activity is expected to accelerate nearly 13% from 2017 absorption.”

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