Trends in the Mid-Atlantic Multifamily Market, H1 2019
The Mid-Atlantic region is experiencing an unprecedented level of multifamily investment activity in 2019. Year-to-date, over $11B is “in-play” (closed, under contract, or awarded, on the market, or going to market) with multifamily investment on pace to exceed the record $8.3B in transactions posted in 2018.
The District of Columbia, Suburban Maryland, Northern Virginia, and Baltimore form a diverse employment base, strong demographics, and a powerhouse economy on the East Coast.
The Washington, DC metro added a total 34,331 units since 2017 and ranked third in the nation for number of market deliveries. Demand met supply as regional absorption surpassed 10,000 units for the time in two years.
The Washington, DC metro’s economy added a net of 29,300 jobs, 1.1% growth since June 2018, while the Baltimore metro added 9,000 new jobs, 0.6% growth since June 2018.
Northern Virginia is beginning to see the robust growth effects of Amazon’s decision to build its second headquarters in Crystal City. Amazon will invest $2.5B and create 37,850 jobs over the next 16 years. The regional economy will be positively transformed for years to come.