Regional Summaries

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Seattle, WA

Vacancy in the Seattle apartment market ended 2016 at just 5.1%, a rate that should not be a source of concern. While the rate was up 30 basis points since the third quarter, it was down 20 year-over-year. Rent growth numbers seem particularly noteworthy. While the fourth quarter’s $1,601 and $1,539 per month asking and effective averages represented gains of fully 10.5% and 11.0% for the year, growth rates for the quarter alone were negative at 0.2% and 0.3%. VIEW APARTMENT LISTINGS >
The Seattle warehouse/distribution market has continued to tighten. Fourth quarter 2016 vacancy was just 7.1%, up 10 basis points for the period yet down 70 for the year. The favorable performance that followed in January 2017 subtracted 10 additional points. Rent growth, moreover, strengthened during the year. At $6.91 psf and $6.53 psf, asking and effective averages for the fourth quarter represented gains of 2.4% and 2.5% for the year. Growth rates in the fourth quarter alone were 0.7% and 0.8%, to which January added 0.3% to each. VIEW INDUSTRIAL LISTINGS >
The Seattle general purpose, multi-tenant office market is tight and growing tighter. Fourth quarter 2016 vacancy was 10.6%, down 10 basis points for the period and down 110 year-to-date. Rent growth, if slowing in 2016, has remained strong. At $35.19 psf and $28.98 psf, fourth quarter asking and effective averages as calculated by Reis were up 4.2% and 4.7% over the year. Gains for the fourth quarter alone were 0.9% and 1.0%. January 2017 followed with no change in the vacancy rate along with gains of 0.1% for both average rents. VIEW OFFICE LISTINGS >
Fourth quarter 2016 vacancy in the Seattle community-neighborhood shopping center market was notably low at 7.7%, a decline by 30 basis points for the period but an increase by 40 for the year. January 2017 brought no additional change. Rent growth slowed in the community-neighborhood shopping center market in 2016. At $24.56 psf and $21.74 psf, average fourth quarter asking and effective rents, unchanged from the quarter before, were up 1.7% each for the year. January followed with no notable changes. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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