Brian Gordon Lack Quotations

We believe that apartment rent growth will range from 8 to 10 percent by the close of 2005. Rising home values, flat to modest increases in personal incomes and a lack of new inventory all point toward continued growth in rental rates.

There's a lot of speculation and a lot of investment activity going on in the vacant land market here and that drives prices north. There's concern over the lack of developable land so they're willing to pay premiums. Residential developers are looking to acquire as much land as they can to feed their pipeline for future development.

It's a mature market area that hasn't seen a lot of new investment. The low vacancy rates are being driven by a lack of new inventory and relatively strong densities. As a result, new retail centers are performing well in the area.

The lack of availability has the industrial sector experiencing a feverish pace of transactions, similar to the residential sector 18 months ago. We have seen the sale of selected industrial buildings achieve per-square-foot pricing witnessed in the office sector just one year ago.