Absorption is up 30% between Q2 and Q3 2024. Vacancy is holding steady, while up a touch from Q2, still lower than the previous three quarters. Asking rents are even with Q2, and up 4.2% from a year ago. The construction pipeline has fallen 19% with 17,628 units under construction, compared with just over 24K over the previous four quarters. New development starts are down 40% from this time last year, and off about 60%…
Q2 2024 Multifamily Market Report
Absorption is up over 33% between Q1 and Q2 while the vacancy rate is beginning to inch back down. Asking rates have begun to slowly trend up again from the lows of 2023 and the beginning of 2024. We are seeing that the construction pipeline has fallen 15%. After four quarters of total units under construction over 24K, the total units now under construction is now just over 21K. The net absorption data is up…
Pacific Northwest Market Updates – June 2024
PACIFIC NORTHWEST INDUSTRIAL MARKET Industrial markets in the Pacific NW are adjusting to new parameters but remaining steady. Vacancy rates are hovering around 7% in the 6-county region along the I-5 corridor (Arlington to Vancouver, WA). Leasing activity slowed in the first quarter but started picking up as we progress through the second quarter. New construction is active with permitted projects, but the regional project pipeline is diminishing, not due to demand, but due to…
Case Study – Capitol Hill 5-Unit
Key Deal Points 1806 16th Ave., Seattle, WA Multiple Offers Sale Price: $1.5M Redevelopment Play Closed in 70 Days It was a pleasure working with the Lee & Associates Multifamily team. They were responsive and focused on how to net me the highest proceeds in the shortest amount of time. I was pleased that even though the buyer was a developer, I didn’t have to wait around for a typical developer closing timeline. The…
Case Study – 4714 22nd Ave NE | 12-Units
Key Deal Points 4714 22nd Ave NE, Seattle 12-unit Sale Price $3.4M Closed within 34 days Represented 1031 Buyer The team at Lee & Associates helped me confidently navigate the sale of my building, an exchange into a new property, and all the stages and deadlines in between. I look forward to with them again. – Ann For more information regarding this case study, please contact: Candice Chevaillier, CCIM Principal D (206) 773-2694 cchevaillier@lee-associates.com…
Q1 2024 Multifamily Market Report
Q1 2024 sees a measurable 14% increase in the absorption as new construction stock continues lease up. Both rents and vacancy rates remained steady over the period. It is interesting to note current rents are equivalent to Q1 2023, one year ago. We do not expect significant rent growth for the remainder of the year as the market continues to absorb newly delivered units. Strong Q1 absorption numbers in a traditionally slow winter market indicate…
Case Study – Queen Anne 11-Unit with View and Penthouse
Key Deal Points Hillside House, 15 Ward St, Seattle Seller Financing Terms: 3 yr, 30% Down Payment 11-unit with View and Penthouse Sale Price $3.05M 94% Cap Rate at closing Represented Seller & Buyer Candice, Dea and Chris exceeded my expectations in their competence, professionalism, integrity and aggressive marketing strategy. I did not expect to get my building’s value due to Seattle’s pro-crime, anti- landlord political climate. But thanks to Candice’s team and contacts,…
Case Study – Capitol Hill 8-Unit with View
Key Deal Points 317 Thomas St, Seattle 8-unit with View Sale Price $2.4M Represented Seller For more information regarding this case study, please contact: Candice Chevaillier, CCIM Principal D (206) 773-2694 cchevaillier@lee-associates.com Daniel Lim Vice President D (206) 773-2692 dlim@lee-associates.com Dea Sumantri Associate Vice President D (206) 773-2680 dsumantri@lee-associates.com Chris Larsen Associate D (206) 773-2695 clarsen@lee-associates.com Challenge After over two decades, our clients made the strategic decision to exchange the subject property…
Case Study – Ballard 5-Unit
Key Deal Points 1541 NW 52nd St, Seattle Seller Financing Terms: 5% Interest 3-yr IO, 25% down 5-unit with all two-bedrooms Sale Price $1.875M 08% Cap Rate Represented Seller I highly recommend Candice Chevaillier, CCIM and her team, at Lee & Associates. They are professional as well as extremely knowledgeable of the current trends, and with experience. With very creative thinking, they were able to create a plan to help sell our building at the…
Candice Chevaillier Named Among ConnectCRE’s 2023 Women in Real Estate Award Winners
Lee & Associates’ Principal, Candice Chevaillier, CCIM has been named among ConnectCRE’s Women in Real Estate Award winners for 2023 in the Seattle & Northwest Region! MEDIA CONTACT Jim Bowles, SIOR Lee & Associates (206) 773-2673 jbowles@lee-associates.com