Multifamily Report: Apartment construction keeps the multifamily market steady

August 11, 2010

Despite the collapse of the condo market, multifamily construction is down only about 5% in the last six months, thanks to a burst of apartment construction.

Condos, like single-family homes, suffered a sales decline caused by tighter mortgage underwriting standards at the bottom of the market and a withdrawal of speculative buyers at the top of the market. As a result, some projects designed as condos will be opened as apartments, and some buildings previously converted to condos will be converted back to apartments. Trends vary widely by region.

There is a huge surplus of entry-level condos in the hot growth metro areas of 2004-06, and a surplus of high-end condos in resort metro areas, especially in Florida.

Multifamily construction spending growth will be about 4-5% after inflation through 2007, and then steady at the 2007 level through next year.

Top 20 multifamily design firms
(2006 billings in $ millions)


Firm Billings
Source: 2007 Giants 300 survey
Note: This ranking is based on firms that made the Giants 300 list.


1. Parsons Brinckerhoff 62.65
2. Vanderweil Engineers 46.79
3. Skidmore, Owings & Merrill 23.10
4. RTKL Associates 20.89
5. Arquitectonica 17.64
6. STV Group 17.60
7. Mithun 17.20
8. Niles Bolton Associates 14.82
9. Smallwood, Reynolds, Stewart, Stewart 14.62
10. Elkus Manfredi Architects 12.76
11. Wiss, Janney, Elstner Associates 12.00
12. Simpson Gumpertz & Heger 11.59
13. Martin Associates Group 11.20
14. Solomon Cordwell Buenz 11.14
15. HKS 10.78
16. Perkins Eastman 10.50
17. Morris Architects 9.65
18. Magnusson Klemencic Associates 9.29
19. Ingenium Group 9.22
20. MulvannyG2 Architecture 8.84

Top 20 multifamily contractors
(2006 revenue in $ millions)


Firm Revenue
Source: 2007 Giants 300 survey
Note: This ranking is based on firms that made the Giants 300 list.


1. Bovis Lend Lease 2,597.86
2. Webcor Builders 1,019.15
3. The Turner Corp. 992.88
4. The Yates Cos. 759.90
5. Balfour Beatty Construction 738.08
6. Clark Group 649.80
7. JE Dunn Construction Group 614.88
8. The Opus Group 600.24
9. Suffolk Construction 575.47
10. PCL Construction Enterprises 490.39
11. Structure Tone 429.30
12. The Walsh Group 427.50
13. James McHugh Construction 416.90
14. Swinerton Inc. 393.53
15. JPI 392.25
16. Hunt Building Co. 378.62
17. Hoffman Construction 329.40
18. Moss & Associates 281.33
19. Brasfield & Gorrie 243.68
20. Weis Builders 228.17