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Outlying Seattle Submarkets Positioned for Retail Expansion

By Hank Wolfer, First Vice President of Investments, and Derek Peterson, Associate, Marcus & MillichapNational retail chains favor Seattle’s surrounding neighborhoods. Prior to the pandemic, retailers were taking notice of strong demographic trends in the submarkets surrounding Seattle. Between 2009 and 2019, the number of households across the metropolitan area grew by 13 percent, nearly double the national rate. High homeownership costs directed many of those new households …

Seattle’s Apartment Market Roars to Life

By Dylan Simon, Executive Vice President and Multifamily Specialist, Kidder MathewsIt’s always easy to pick on the new kid. Seattle has enjoyed its emergence as a global city and, as such, exemplified “New Kid-itis” — yet it’s roaring back to life, and critics should take notice.It was only 18 months ago that Seattle could do no wrong. The city was teeming with young, upwardly mobile and highly employable apartment renters clamoring for places to live while selecting high …

Puget Sound’s Industrial Leasing Activity is Explosive in 2021

By Brian Cagayat, Research Analyst, Cushman & WakefieldWashington officially reopened at the end of the second quarter of 2021, lifting most of the COVID-19 restrictions that had been in place for more than a year and bringing a mixture of relief and uncertainty to residents and businesses. Workers in the industrial sector were mostly considered essential, so many continued to work onsite through the pandemic. The industrial sector was also instrumental in helping aid and support …

Seattle Companies Are Watching Three Top Retail Trends

By Tory Glossip, Managing Director, ColliersPuget Sound has 553,566 square feet of retail under construction, comprising 0.4 percent of existing inventory. The market dynamic will keep retail property values in the Pacific Northwest higher than most U.S. markets that are overbuilt. Puget Sound’s retail market posts rents 30 percent above the national average at $20.71 per square foot. Pricing is traditionally a function of supply and demand. In the retail world, that demand relies …

Strong Market Fundamentals, Ecommerce Expansion Fueled Seattle’s Industrial Market in 2020

By Kaden Eichmeier, Director, JLL Capital MarketsStrong economic fundamentals bolstered market dynamics in the Puget Sound over the past 12 months. This market is driven in part by significant amounts of capital targeting industrial, the availability of low-cost debt and strong tenant demand. There were 125 industrial transactions totaling nearly $1.9 billion closed last year, and the outlook for 2021 looks even brighter.Competition has stiffened through the first quarter of 2021. …

Multifamily Market Signals Stability in Seattle

By Dylan Simon, Kidder MathewsAs we left 2020 behind, we collectively hoped that turning the calendar to 2021 would stem to tide of COVID and bring about a V-shaped economic recovery. Alas, we enter this spring with many of the same hold-over concerns from a very rocky 2020.Thankfully, stability is right around the corner!A comprehensive and broad recovery may not be immediately recognizable, but there are signs economic stability is imminent for the Seattle apartment market.Big …

Seattle’s Demographics, Economy Make It Attractive to Industrial Users

Seattle has always been a strong industrial market, known for its busy ports and, more recently, its position as one of the most successful tech hubs outside of Silicon Valley. As the global economy continues to shift toward the Internet of things (IoT), Seattle industrial space is catapulting into a new category of demand. That growth is spurred on by companies like Microsoft, Amazon and Google, which continue to expand their footprints here and generate a growing inflow of technology, …

Seattle’s Multifamily Market Is Firing on All Cylinders

Notions of Seattle as a grunge-rock town with logging roots are in the rear-view mirror. While Seattle’s past is marked by the 1850s Klondike Gold Rush, 1970s Boeing Bust and 1990s Microsoft Millionaires run, today’s economy is dotted with news of exceptional growth from Apple, Amazon, Facebook, Google and Salesforce. To say that Seattle’s economy is both booming and diversified is an understatement. A benefactor of such continued growth is the regional rental market. Jobs, Jobs, …

Lack of New Office Supply Pushes Large Users to Tertiary Puget Sound Markets

A decade ago, the Seattle office market was still reeling from the effects of the global recession. Total downtown vacancy had reached 14.9 percent with nearly every submarket from the Central Business District (CBD) to Lake Union experiencing some form of negative absorption. Total vacancy today is slightly more than half of what it was back then, hovering at around 7.7 percent. This is despite the total net rentable area growing by more than 11 million square feet. Seattle has also shifted …

Tech Growth Fuels Apartment Market All Around Puget Sound

From the hottest commercial submarkets, such as Downtown Seattle’s South Lake Union neighborhood, to far-flung suburbs like Lynnwood, the Puget Sound multifamily market has been firing on all cylinders lately.[caption id="attachment_181873" align="alignright" width="100"] David Young, JLL Capital Markets[/caption][caption id="attachment_181872" align="alignright" width="100"] Corey Marx, JLL Capital Markets[/caption] A major reason for this is the huge growth in tech employment …

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