The second quarter was tough on the real estate sector. The office vacancy rate soared to 25.3%, up from 21.1% a year prior, according to data from Jones Lang LaSalle Inc. But some multifamily developers see opportunity. Many have been filing plans for projects using a provision known as the Builder’s Remedy, which allows developers that meet certain criteria to cut through the red tape of zoning laws when a jurisdiction fails to comply with state housing-element requirements. This Special Report looks at developers using the Builder’s Remedy, as well as some of the biggest sales, leases and other transactions of the quarter.
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