Intelligence

Regional Summaries

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Seattle, WA

Apartment
Vacancy in Seattle’s apartment market has remained low. It ended the first quarter of 2017 at just 4.8%, down 30 basis points for the period following a loss of 20 all told last year, according to the latest analysis. April through May followed with no substantial change as 336 units delivered and 412 were absorbed net. The market’s recent extraordinary rent growth—gains of 10.4% and 10.9% in the asking and effective averages last year after even higher rent growth rates in 2015—is yielding to a marked slowdown. At $1,606 and $1,540 per month, asking and effective averages for the first quarter of 2017 were up just 0.4% and unchanged, respectively, for the period. VIEW APARTMENT LISTINGS >
Industrial
The Seattle warehouse/distribution market continues to tighten. First quarter 2017 vacancy was just 6.7%, down 40 basis points for the period after 2016’s 70-basis-points decline and a very low rate by national norms for this property type. The favorable performance that followed through May subtracted 30 additional points. Rent growth, meanwhile, strengthened last year and is doing so again in 2017. At $6.96 psf and $6.58 psf, asking and effective averages for the first quarter of 2017 represented gains of 0.7% and 0.8% for the period after increases of 2.4% and 2.5% all told last year. April-to-May followed with gains of 0.7% and 0.8%. VIEW INDUSTRIAL LISTINGS >
Office
The Seattle area general purpose, multi-tenant office market vacancy rate ended the first quarter of 2017 at just 10.8%, up 20 basis points for the period following a decrease on the order of 110 points all told last year. The small positive net absorption sum of 1,000 square feet paired with the 17,000 of new supply that followed in April through May added 10 basis points. Rent growth, if slowing, has remained strong. At $35.42 psf and $29.17 psf, first quarter asking and effective averages were up 0.6% each for the period following increases of 4.3% and 4.7% last year—after 2015’s gains of 7.8% and 8.1%. Data for May indicate gains of 0.3% each. VIEW OFFICE LISTINGS >
Retail
Vacancy in Seattle’s community-neighborhood shopping center market remained low at just 7.8% in the first quarter of 2017. A quarter earlier, it was 10 basis points lower after 2016’s 40-basis-points rise. Rent growth has faltered. At $24.54 psf and $21.72 psf, first quarter 2017 asking and effective averages were down 0.1% each for the period after gains of just 1.7% all told last year. April and May brought increases of 0.4% each along with a 10-basis-points gain in vacancy. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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