If you own or manage a commercial building, you know your roof does a whole lot more than provide protection from rain, sleet, and snow. When it's properly maintained and functional, your roof is an asset to your business. Like the quality of your services, a great-looking roof signals to customers that you're serious about what you do. However, when your commercial roof is in disrepair, it is more than just an eye sore. It becomes a liability that can disrupt your day-to-day business and affect your bottom line.
At Hixon's Roofing & Construction, we know how important it is to have a functional, fantastic-looking roof protecting your customers and your products. That's why, when you need commercial roof repair in Johns Island, SC, you're only a call away from the highest quality roofing services in the Lowcountry.
Because we've been serving South Carolina business owners since 1984, we'd like to think we know a thing or two about top-notch commercial roof repair and replacement. Unlike some of our competitors, our primary goal is to exceed our customers' expectations through top-notch customer service, innovative roof repair and replacement strategies, and cutting-edge tools.
As a family-owned company, we believe that fair pricing and honesty goes a long way. We're proud to be a business that you can trust with your commercial roofing structure, and it shows. It doesn't matter if you have a small storefront with a leaky roof or a multi-family facility that needs extensive maintenance. No job is too small or big for our team of professionals!
When you choose Hixon's Roofing, you get more than mediocre commercial roofing services. You get the very best our industry has to offer. When you choose Hixon's for your commercial roof repair or replacement, you also receive:
Locally Owned & Operated Business with Your Best Interests at Heart
Commercial and residential roofing are similar in that they both require seasoned professionals to perform quality work. However, unlike the more straightforward approach of residential roofing, commercial roofing projects can be lengthy and complex. In our experience, there are dozens of factors that must be considered when completing a commercial roof project.
In South Carolina, commercial roof repair must account for rooftop HVAC systems, external utilities, external piping, the type of commercial roof, and much more. Because commercial roofing structures vary in design and complexity, even common tasks like leak repairs become more difficult. Whether you need a commercial roof inspection or a total roof replacement, your contractors must be highly trained and follow best practices specific to commercial roofing, not just residential. At Hixon's, our commercial roofing contractors have years of experience and training for commercial property needs.
Like the residential side of our business, we have completed hundreds of commercial roofing contracts in South Carolina. We know exactly what it takes to inspect, repair, or replace your commercial roofing structure. When business owners in South Carolina need roof repairs, they come to Hixon's Roofing because they know we will get the job done right the first time. They know our commercial roof technicians are friendly, dependable, hold the highest qualifications in the industry. That way, they can accomplish any commercial roofing project, no matter how small or big. We're talking roof repairs for small offices to roof replacements on large commercial campuses.
Don't settle for average roofing contractors if you're starting a commercial roofing project. Commercial roofing services are an investment, and you need to get your money's worth. Hixon's Roofing & Construction is here to earn your trust by exceeding your expectations with any commercial roofing job you have.
A safe and well-maintained roof is a vital component of any building's structural integrity, and that's why the importance of commercial roof repair is so high. A well-built roof protects the building's interior from severe weather and even helps with fire prevention. A variety of problems can plague your roof's health such as standing water, blisters, and gaps in flashing. It's imperative to keep up with minor repairs now so that massive problems don't cause financial issues later.
A few benefits of hiring Hixon's for your commercial roof repair include:
This benefit sounds like a no-brainer, but it deserves to be highlighted because of how important it is. Your safety and your customers' safety are crucial when you own a commercial property.
Hiring trained, licensed commercial roofing experts keeps you safe by:
Having a functional, well-maintained roof that works properly, 24/7. When your commercial roof is in good shape and working correctly, you and your customers are much safer.
Commercial roof repair is a dangerous job for a novice. A quick search online will bring up dozens of cases in South Carolina where DIYers have injured themselves trying to repair their commercial property.
Here at Hixon's commercial roof repair, we often speak to entrepreneurs who list their budget as the biggest reason why roof repair is low on their "to-do" list. That stance is understandable, but we believe quality commercial roofing maintenance actually boosts your bottom line over time. The truth is regular roof inspections uncover minor repair issues before they turn into budget busters.
Hiring Hixon's for your commercial roof repair is usually more affordable than dealing with a huge issue down the road. Plus, commercial roof maintenance extends the life of your roof, which can help you avoid replacing your roof much longer than you would without proper maintenance.
Many commercial property owners are concerned about liability, and rightfully so. A roof that has not been maintained for long periods of time can cause physical harm. You may be financially responsible if someone is hurt because your roof is in disrepair.
Hiring a qualified team of commercial roofers in South Carolina lets you get a detailed assessment of your roof's condition. That way, you can take the necessary steps to protect your customers, your building, and ultimately, your business.
Unsurprisingly, most commercial roof warranties require that owners prove that their roof has had regular maintenance prior to paying repairs. Commercial roof repair in South Carolina can be costly, and it's frustrating to fork out money for repairs that should be covered under your warranty.
Fortunately, you can avoid fiascos like these by maintaining a regular roof inspection schedule from Hixon's Roofing. That way, you will have the proof needed to provide to your insurance agency if you must file a claim.
A functional, well-maintained roof is a crucial component of any commercial building's structural integrity. When properly maintained, your commercial roof will protect you from the elements and add an aesthetically aura to your building. When properly maintained, your commercial roof will protect you from the elements and add an aesthetical aura to your building. However, when you fail to maintain your roof, a variety of problems can occur. Keep your eye out for the following signs that your commercial roof needs repair.
Standing water can have incredibly adverse effects on your commercial roofing system. It can cause leaks that deteriorate your roof's integrity, which leads to water intrusion. When water intrudes your commercial building, it can cause a litany of health hazards like mold and bacteria. When you spot standing water on your roof, your roof's support system may be seriously compromised, especially with wooden materials.
Commercial roofs are made with materials meant for outdoor conditions, but too much heat or moisture can cause a blistering effect that allows moisture to seep in and weaken your roof's structure. When this happens, your roof ages prematurely, thereby reducing its ability to protect you and your customers or tenants.
Having a functional drainage system is paramount to the health of your commercial roof. If scuppers or drains are clogged with waste and debris, water pools on your roof, which will eventually make its way inside. Gaps in flashing can also cause water to permeate the building. Additionally, cracks and worn seams give water access inside. Keep a sharp eye out for signs of clogged drains and gaps in your roof's flashing. If you notice these signs, call Hixon's commercial roof repair as soon as possible.
Let's be honest: replacing your businesses' roof is no small task. Regular maintenance and care can go a long way in extending the life of your commercial roof, but with enough time, even the best roofs will need to be replaced. When it does, you need to be able to work with a team of professionals who understand the nuances of commercial roof replacement. When it comes to the highest quality roof replacement, look no further than Hixon's Roofing & Construction.
When you trust Hixon's with your new commercial roof installation, know that we will be there for you every step of the way. We are happy to help consult with you about material choices, the style of roof you need installed, and more. We'll provide detailed information pertaining to your commercial roof replacement, so you're always up to date on our progress.
We understand that the mere thought of an entirely new roof may be a bit intimidating, but we don't want you to worry about a thing. With Hixon's Roofing on your side, your new commercial roof will be completed in a timely, professional manner, no matter how complex your needs are. Our team is licensed and insured, so you can have peace of mind during the entirety of the project - no questions asked.
This popular single-ply commercial roofing membrane gives you long-lasting durability. It is environmentally friendly and comes in varying thicknesses and roll widths.
Commonly referred to as rubber roofing, EPDM is a single-ply membrane option that can hold up against very high temperatures. EPDM doesn't necessitate major maintenance. It also expands and contracts with your commercial building and is popular because of its resistance to UV radiation.
PVC is a vinyl roofing option with a flexible membrane used to protect flat commercial roofs. Resistant to water and fire, this roofing material is very strong and durable. With regular maintenance and care, this commercial roofing material will last you a long time. As a bonus, PVC roofing is affordable and energy-efficient, which can reduce your energy costs.
Additional commercial roofing options can include:
As business owners, we know how hectic day-to-day life can be and how maintaining your roof can be a huge headache that you push off to the last minute. In a sense, these situations are why we opened Hixon's Roofing - to be the proverbial aspirin for commercial roofing pains. Whether you need simple repairs for your storefront or a full commercial roof replacement for a commercial building, know that we have your back.
Contact our office today to learn more about our commercial roofing services and how we make it difficult for other commercial roofing companies to compete with our pricing. We think you will be happy you did!
THIS WEEK The University of Iowa women’s golf team hits the road for Spring Break to compete at the Briar’s Creek Invitational from March 13-14 in Johns Island, South Carolina. The 54-hole tournament will be played at the Golf Club at Briars Creek with a 36-hole shotgun start on Monday followed by the final 18 holes on Tuesday.FOLLOW LIVE Fans can follow the tournament via live scoring at www.Golfstat.com.THE LINEUP The Hawkeyes will send six golfers to South Caroli...
THIS WEEK The University of Iowa women’s golf team hits the road for Spring Break to compete at the Briar’s Creek Invitational from March 13-14 in Johns Island, South Carolina. The 54-hole tournament will be played at the Golf Club at Briars Creek with a 36-hole shotgun start on Monday followed by the final 18 holes on Tuesday.
FOLLOW LIVE Fans can follow the tournament via live scoring at www.Golfstat.com.
THE LINEUP The Hawkeyes will send six golfers to South Carolina for the tournament. Iowa’s lineup will include freshman Riley Lewis, freshman Shannyn Vogler, freshman Madison Dabagia, sophomore Paula Miranda and freshman Kaitlyn Hanna. Senior Jordan Amelon will be competing as an individual.
THE FIELD Iowa will compete against a field of 15 teams that includes: Boston College, Campbell, Central Florida, East Carolina, Illinois, Iowa, Maryland, Miami, NC State, Nebraska, North Florida, Old Dominion, Penn State, Rutgers and Southern Methodist. • Four teams in the field — UCF (20), SMU (30), Maryland (35) and Nebraska (36) — are ranked in the top 36 nationally in the Golfstat rankings.
THE COURSE The Briar’s Creek Golf Club is located on Johns Island, south of Charleston. The course was rated the 25th best course in South Carolina and has received a five-star rating . The course sits along the Kiawah River and features wandering rivers, marshes and saltwater estuaries. The featured hole of the course is the 447-yard 16th hole that is covered in bunkers and towering oak trees. The course was designed by Rees Jones in 1989, Jones has left his mark on several PGA championship courses.
LAST TIME OUT The Hawkeyes tied for 10th at the UNF Collegiate in Florida. Iowa fired a 290 second round score — the team’s third-best round of the season — and totaled a 890 for the tournament. • Freshman Riley Lewis led the team, firing a 218 total (74-67-77) to tie for 13th-place. The second round 67 was the best of the Illinois native’s career and is tied for second for the lowest 18-hole score in school history.
LEWIS NAMED BIG TEN GOLFER OF THE WEEK Riley Lewis earned her first career Big Ten Women’s Golfer of the Week honor after tying for 13th place at the UNF Collegiate on March 6-7. The Illinois native fired a second-round 67 — the second lowest round in school history — courtesy of four birdies and two eagles.
THEY’RE FRESHMAN • Freshman Riley Lewis has posted back-to-back two-over par 218’s in Iowa’s last two tournaments, tying for 29th at the Westbrook Invitational and a career-best 13th place showing at the UNF Collegiate. Lewis leads the team with a 74.44 scoring average over 18 rounds this season and has a team-high two top 20 finishes. • Freshman Madison Dabagia had Iowa’s top finish of the season when she tied for eighth place at the Tulane Classic. Dabagia has a 75.61 scoring average over 20.5 round, ranking third on the team. The Indiana native has led the team in two of three tournaments this spring. • Freshman Shannyn Vogler is second on the team with a 75.51 scoring average over 20.5 rounds. She has one top 20 finish and three rounds at or below par this season.
LOOKING AHEAD The Hawkeyes will have a week off before heading to the West Coast on March 26-27 for the Fresno State Classic in Fresno, California.
JAMES ISLAND – Tucked away in an overgrown forest blanketed in draping Spanish moss, The May Forest Convent will soon become the centerpiece of a new state park.From the outside, the single-story beige building could be anything, but this was where Sisters of Charity of Our Lady of Mercy lived and spent their lives in service to their faith on the edge of Charleston Harbor with a panoramic view of the city.Much of the religious artifacts have been removed but the tall stained-glass windows forged in the 1800s and vaulted ...
JAMES ISLAND – Tucked away in an overgrown forest blanketed in draping Spanish moss, The May Forest Convent will soon become the centerpiece of a new state park.
From the outside, the single-story beige building could be anything, but this was where Sisters of Charity of Our Lady of Mercy lived and spent their lives in service to their faith on the edge of Charleston Harbor with a panoramic view of the city.
Much of the religious artifacts have been removed but the tall stained-glass windows forged in the 1800s and vaulted point of the chapel are the only giveaways to its former life.
Soon, it will serve a new purpose as an event venue.
Every day, the sisters would start their mornings together in prayer as the sunrise shined through the chapel’s stained-glass windows. They spent most of their days volunteering in the community, caring for their eldest sisters and spending time with one-another during mass, meals and free time.
Sister Mary Joseph, general superior of the Sisters of Charity of Our Lady of Mercy, made her vows in 1960 after graduating from high school. Now 80, she said many of her favorite memories throughout those 63 years of service are the times spent with sisters in their chapel after taking the vow “of commitment to the church and in service of God’s people.”
The Sisters of Charity congregation of nuns dates back nearly two centuries in Charleston. The group ran a school for free children of color in the 1840s, cared for both Union and Confederate wounded soldiers during the Civil War, founded the hospital that would evolve into the Roper St. Francis Healthcare system and ran social service organizations that helped those facing poverty.
As the congregation aged and fewer women joined the ranks, a decision was made to relocate its surviving members to the Bishop Gadsden retirement home and sell the property. The once sacred place of prayer is just a place of peace now, nestled along the waterfront. It sits empty, but the state has big plans for the site.
The 23-acre waterfront parcel was bought by the state in 2021 for $23.25 million. Located at the end of Fort Johnson Road, the convent was built in the 1950s.
The waterfront property offers a one-of-a-kind view that can only otherwise be seen from a boat in the harbor, complete with views of downtown Charleston, Fort Sumter, and the Arthur Ravenel Jr. Bridge. The waves gently grace the shore, offering a soothing sound in tune with the rustling trees.
Despite having a cash offer from a developer, the Catholic Church worked with the state to preserve the property. Many had hoped it would become a park to keep that rare view from being privatized. It’s a promise the state intends to keep.
The property is owned by the S.C. Department of Natural Resources, which runs the marine lab next door, and is managed by the Department of Parks, Recreation and Tourism.
“Unless you were a sister or visiting priest, chances are you didn’t know that this was tucked away back here,” said agency Director Duane Parrish. “This is a rare opportunity here. We envision the building to become a space for people to stay or to enjoy events like weddings, and for the property to become a place where people can relax along the harbor-front in a peaceful park setting.”
The venue will be similar to Charles Towne Landing, he added.
Director of State Parks Paul McCormack envisions the rental space will include overnight accommodations as well as a chapel area, a rental hall and dining offerings, and the scenic view will be a “prime wedding location along the harbor.”
“It may not look like it now but there’s no doubt about it, this would be a unique event space,” McCormack said. “To be right on the water outside of downtown and to have this view, it’s one of a kind.”
As it stands, the convent main building has 27 rooms, a chapel that seats 60 and a large open meeting space that can seat 125. Once updates are completed, they expect around 15-20 rooms. They also hope to add a dock along the water to complement the existing gazebo and bench swing.
McCormack said the biggest challenge is the convent is not turnkey and ready to rent out.
The property is undergoing evaluation as part of a master planning process that will map out the next 20 years for the entire Fort Johnson pointe, the area surrounding that part of James Island. The building needs to be reviewed by architects and engineers to see what the price tag will be to renovate.
“This was a treasured place of religion, which is evident by the chapel and other markers,” Parish said. “We want to acknowledge and honor its 70-year history as a convent, yet modernize it for future generations to cherish. It’s location along the harbor makes it the perfect place for weddings and events.”
The property was most recently used as a film set for the Netflix flick “Suncoast,” featuring Woody Harrelson and Laura Linney. A faux digital stained-glass window featured in the film still sits in the chapel as a centerpiece over the former altar.
This business model is a new approach to helping the department become more self-sustaining, Parrish said. Eventually, money made from renting the convent’s rooms and event space will go back into upkeep and renovations.
The undertaking is expected to have an architectural design in place by sometime in 2024. Parrish said his office has requested about $10 million in assistance from lawmakers, on top of the $5 million received last year.
While the future state park on the site has not been officially named, it is likely to be May Forest at Fort Johnson State Park. It’s a nod to the convent and the area’s rich history — the point at the end of Fort Johnson Road is where the first shots of the Civil War were fired on Fort Sumter.
When the property was bought by the Catholic Church, the sisters raised money to clear the land and build their new home. The building housed sisters and new members joining the religious community who needed to be trained.
Sister Mary Joseph said that as times changed, the needs of the sisters did too. Much of the building was renovated after Hurricane Hugo. By that time fewer sisters were joining and existing members needed somewhere to age in place. A great hall was added to become the “center of spirituality” and more rooms for the aging and semiretired sisters were built, as well as a medical wing for those needing more intense medical care.
Now, the Sisters of Charity of Our Lady of Mercy are only 12 members strong. While the decision to sell their home was a difficult one, Sister Mary Joseph said their top priority was ensuring their members were taken care of. It came down to knowing their financial and health care needs were too great.
“The sale of the property allowed us to move to Bishop Gadsden, which allowed us to provide continuing health care at different levels for our sisters,” Sister Mary Joseph said. “There is a strong sense of community at Bishop Gadsden. Our sisters there, who are able, can continue practicing their faith and provide ministry to other residents. It’s been life-giving in that sense for the sisters.”
Sister Mary Joseph said that the sisters’ faith, ministry and charity are gifts that they “continue to share wherever we are.”
A collection of artifacts and history panels are displayed in a room within the convent, which has been called the “Heritage Room.”
The state will soon open the former convent’s grounds for individuals looking to picnic or roam the property of the former convent.
“I’m so proud that our state stepped in to protect this property and its history by ensuring it’s accessible to everyone,” McCormack said. “The opportunities we have before us with this project are endless.”
JAMES ISLAND, S.C. (WCIV) — The Lowcountry Cajun Festival will return at James Island County Park on April 22 from noon to 6 p.m.New for 2023, festival admission will be charged per vehicle, and tickets are available for advance purchase, according to a Feb. 23 press release. A limited number of vehicles will be admitted. Tickets will be $35 per standard vehicle of up to 15 people in advance. If available, tickets at the gate will be $40 per vehicle. For additional details and to purchase tickets, visit ...
JAMES ISLAND, S.C. (WCIV) — The Lowcountry Cajun Festival will return at James Island County Park on April 22 from noon to 6 p.m.
New for 2023, festival admission will be charged per vehicle, and tickets are available for advance purchase, according to a Feb. 23 press release. A limited number of vehicles will be admitted. Tickets will be $35 per standard vehicle of up to 15 people in advance. If available, tickets at the gate will be $40 per vehicle. For additional details and to purchase tickets, visit CharlestonCountyParks.com.
Gold Passes will be valid for vehicle admission; the pass must be presented at the gate for entry. Gold Passes will not be sold on site the day of the festival, but may be purchased in advance online. Receipt of purchase will not be accepted, according to the press release.
Read more: Lowcountry Cajun Festival returns to James Island County Park on Saturday
According to the press release, the 2023 Lowcountry Cajun Festival entertainment lineup is Shrimp City Slim Swamp All-Stars from 1 p.m. to 2 p.m., Les Freres Michot from 2:30 p.m. to 4 p.m., and Corey Arceneaux & The Zydeco Hot Peppers from 4:30 p.m. to 6 p.m.
The festival's small stage will host Friends of Coastal South Carolina for a program called “Who Calls the Swamp Home?” at 1 p.m. and the annual Crawfish Eating Contest will take place at 2:30 p.m., according to the press release. Other festivities include a crafters' market, souvenirs for sale and a kids' area.
Read more: Lowcountry Cajun Festival
Children can enjoy access to the inflatables and climbing wall in the kids' area all day with the purchase of a $10 hand stamp. Credit cards will be accepted at select locations, but attendees are encouraged to bring cash for convenience purposes, according to the press release.
No coolers or outside food or alcohol permitted, according to the press release. Carpooling is highly encouraged. Pets are not permitted to this event. James Island County Park will be closed to regular park guests on April 22 in order to host the festival.
The press release says Lowcountry Cajun Festival is presented by Charleston Animal Society, Coca-Cola and Charleston County Parks. For more information or to purchase tickets, visit CharlestonCountyParks.com or call 843-795-4386.
COLUMBIA, S.C. (WIS) -Thursday a resolution was filed that could begin an impeachment inquiry after a $3.5 billion accounting.Representative Gil Gatch (R-Summerville) filed the resolution directing the South Carolina House Judiciary Committee to begin an inquiry into if South Carolina Comptroller General Richard Eckstrom should be impeached.Eckstrom told the Senate Finance Committee in February that the state’s Annual Comprehensive Financial Reports have overstated how much reserve cash the state had. The error accounted ...
COLUMBIA, S.C. (WIS) -Thursday a resolution was filed that could begin an impeachment inquiry after a $3.5 billion accounting.
Representative Gil Gatch (R-Summerville) filed the resolution directing the South Carolina House Judiciary Committee to begin an inquiry into if South Carolina Comptroller General Richard Eckstrom should be impeached.
Eckstrom told the Senate Finance Committee in February that the state’s Annual Comprehensive Financial Reports have overstated how much reserve cash the state had. The error accounted for $3.5 billion over a ten-year period.
After the error was reported, a dozen Democratic state representatives filed a letter requesting an audit and further inquiry into the error.
Rep. Gil Gatch said, “This is a grave miscarriage of the public trust. If there was ever a reason for which the House should act on our authority to impeach, this rises to the top. At the end of the day, this is a $3.5 billion error, and we must hold the responsible parties accountable.”
Co-sponsors on Thursday’s resolution included Rep. Heather Bauer (D-Columbia) and Rep. Matthew Leber (R-John’s Island). Bauer was among the representatives that filed the earlier audit letter.
Bauer said, “I’ve asked for a full audit, and I got a meeting” She continued,“This has happened before, and he was warned. I’m honestly surprised he hasn’t resigned yet. Where there’s smoke, there’s fire.”
The South Carolina Constitution gives the SC House of Representatives the ability to impeach statewide officials for ‘serious crimes or misconduct in office.’ If the request is approved by two-thirds of the House of Representatives the question of impeachment would head to the South Carolina Senate.
Rep. Gatch said, “South Carolinians deserve better. We must demand transparency and accountability from our elected officials.”
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Cushman & Wakefield announced that the commercial real estate services firm arranged the $16.3 million sale of Forest at Fenwick, an 80-unit multifamily property located in Johns Island, South Carolina.Cushman & Wakefield’s John Phoenix, Richard Gore, and Tyler Fish represented the seller, Southwood Realty/Triangle Real Estate, in the transaction. The multifamily property was acquired in a partnership managed by Rowin Capital and Penny Lane...
Cushman & Wakefield announced that the commercial real estate services firm arranged the $16.3 million sale of Forest at Fenwick, an 80-unit multifamily property located in Johns Island, South Carolina.
Cushman & Wakefield’s John Phoenix, Richard Gore, and Tyler Fish represented the seller, Southwood Realty/Triangle Real Estate, in the transaction. The multifamily property was acquired in a partnership managed by Rowin Capital and Penny Lane Associates.
“We are pleased to enter the Charleston market with the acquisition of Forest at Fenwick,” said Joe Scherban, Managing Director at Rowin Capital. “Forest at Fenwick is an extremely desirable place to live, located just minutes from downtown Charleston but in the quiet elegance of Johns Island.”
Built in 2005, Forest at Fenwick is located on Johns Island, an area that is walkable to restaurants and grocers on Maybank Highway. Residents enjoy state of the art amenities including a swimming pool with sundeck, poolside gas grill, fire-pit, 24-hour fitness center, coffee bar, and screened-in outdoor lounge.
“Forest at Fenwick provided the Buyer a proven value-add opportunity to capitalize on a well-maintained asset in a thriving Charleston submarket,” said Phoenix, Senior Director at Cushman & Wakefield.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is a 109-person investment sales team covering 11 states with No. 1 multifamily market share in that region based on sales volume and transactions reported to CoStar. Per Cushman & Wakefield, in 2022, the group closed $11.1 billion in sales volume through 360 deals and over 60,300 units.
While the two main confidence indexes for multifamily housing increased slightly in the fourth quarter, they both remained in negative territory, according to results from the Multifamily Market Survey (MMS) released by the National Association of Home Builders (NAHB). The MMS produces two separate indices. The Multifamily Production Index (MPI) increased two points to 34 compared to the previous quarter and the Multifamily Occupancy Index (MOI) increased four points to 49.
The MPI measures builder and developer sentiment about current production conditions in the apartment and condo market on a scale of 0 to 100. The index and all of its components are scaled so that a number below 50 indicates that more respondents report conditions are getting worse than report conditions are improving.
The MPI is a weighted average of three key elements of the multifamily housing market: construction of low-rent units-apartments that are supported by low-income tax credits or other government subsidy programs; market-rate rental units-apartments that are built to be rented at the price the market will hold; and for-sale units—condominiums. The component measuring low-rent units increased five points to 41, the component measuring market rate apartments dropped one point to 38 and the component measuring for-sale units remained even at 23.
The MOI measures the multifamily housing industry’s perception of occupancies in existing apartments. It is a weighted average of current occupancy indexes for class A, B, and C multifamily units, and can vary from 0 to 100, with a break-even point at 50, where lower numbers indicate decreased occupancy. The MOI increased four points to 49, indicating that the market is close to being stable.
“Many developers continue to see strong demand for multifamily housing, but in some markets supply is catching up to demand,” said Lance Swank, president and co-owner of Sterling Group, Inc. in Mishawaka, Ind., and chairman of NAHB’s Multifamily Council. “In most markets, developers face challenges with regulatory costs and delays, and obtaining financing for new construction.”
“It is appropriate that multifamily developers are expressing some caution and that the MPI remains below 50, given the way starts have been outpacing completions,” said NAHB Chief Economist Robert Dietz. “This is also consistent with NAHB’s forecast that multifamily production will slow measurably from the very strong rates it sustained through most of 2022.”
For data tables on the MPI and MOI, visit www.nahb.org/mms.
For more information on the NAHB Multifamily program, please visit NAHB Multifamily.