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Shopping for a new apartment in the suburbs? Montgomery County has the largest supply under construction

• In a review of 21 suburban multifamily projects currently under construction, Montgomery County dominates the existing pipeline with 78% of the overall units. With projects such as Indigo 301, The Village at Valley Forge, and Park Square, King of Prussia comprises nearly half of the total development pipeline for the county. King of Prussia’s combination of retail (King of Prussia Mall and King of Prussia Town Center, to name a few) and its location at the Mid-County Interchange make for an ideal destination for commuters throughout the western suburbs.

• Are the rest of the suburbs are dead? Not quite. While there is limited large-scale multifamily construction in the mid-tier and far-flung suburbs, this does not portend lessening demand for product in those areas. Pending lease-up in development-heavy areas, the timing may be right to look to tertiary markets for new opportunities.

• In addition to the supply under construction, thousands of proposed and planned units are in the pipeline. While the respective timelines for these projects are uncertain, the penciling of additional units suggest multifamily product may continue to grow in the suburbs.

Source: JLL Research 

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