{"id":2994,"date":"2021-02-22T12:35:31","date_gmt":"2021-02-22T20:35:31","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=2994"},"modified":"2022-03-21T15:55:31","modified_gmt":"2022-03-21T22:55:31","slug":"candice-chevaillier-discusses-potential-post-pandemic-multifamily-market-with-the-registry","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2021\/02\/22\/candice-chevaillier-discusses-potential-post-pandemic-multifamily-market-with-the-registry\/","title":{"rendered":"Candice Chevaillier Discusses Potential Post-Pandemic Multifamily Market &#8211; The Registry"},"content":{"rendered":"<div id=\"pl-2994\"  class=\"panel-layout\" ><div id=\"pg-2994-0\"  class=\"panel-grid panel-has-style\" ><div class=\"panel-row-style panel-row-style-for-2994-0\" ><div id=\"pgc-2994-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-2994-0-0-0\" class=\"so-panel widget widget_sow-editor panel-first-child\" data-index=\"0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<h2>Report: Systemic Changes to Seattle Multifamily Market Post-Pandemic Will be Few<\/h2>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify\"><strong>February 19, 2021 (Seattle, WA)<\/strong><\/p>\n<p>2020 saw Seattle investors and commercial real estate experts put the brakes on activity, as predicting how the market would evolve seemed like an insurmountable task. Movement in the market remained limited while speculation around emerging trends such as the impact of work from home and the popularity of suburban assets continued to swirl. However, a recent report released by local firm Lee &amp; Associates predicts that multifamily fundamentals in particularly have remained relatively stable. Looking ahead, Lee &amp; Associates believes that the impacts of 2020 are unlikely to morph into the long-term trends that many thought would flip the commercial real estate industry on its head.<\/p>\n<p>Sales volume for multifamily properties in 2020 came in at just 31 percent of the volume of 2019. Just about $2.6 billion in deals closed last year, while $8.4 billion in multifamily transactions were solidified in 2019.<\/p>\n<p>\u201cI think that buyers waited all year for there to be this big price reduction and blood in the streets, and that was not what we saw,\u201d explained Lee &amp; Associates Principal Candice Chevaillier. \u201cWhat we saw was a big pause and a bid-ask gap\u2026So from that standpoint, I think that the seller community kind of froze and really focused on their operations\u2026And on the buyers\u2019 side, there was an expectation that prices would immediately come down because the sky was falling.\u201d<\/p>\n<p>However, fundamentals held largely steady. Market vacancy ticked up slightly from four percent to 4.4 percent across the Tri County area, while rates dipped 4.8 percent. In Snohomish and Pierce Counties, rents even increased, rising by one percent and 2.4 percent, respectively. As 2020 and the pandemic wore on, the hope for a vaccine and a return to normalcy expectations about what would happen within the market moderated.<\/p>\n<p>\u201cI think especially with the advent of the vaccine and news of the vaccine, the perception of values coming down in any kind of significant manner really evaporated,\u201d added Chevaillier.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-2994-0-0-1\" class=\"so-panel widget widget_lsow-button\" data-index=\"1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-lsow-button so-widget-lsow-button-default-7cdee0581b16-2994\"\n\t\t\t\n\t\t><div class=\"lsow-button-wrap\" style=\"clear: both; text-align:center;\"><a class= \"lsow-button  lsow-custom lsow-medium lsow-rounded\" data-color=\"#98002e\" data-hover-color=\"#98002e\" href=\"https:\/\/news.theregistryps.com\/report-systemic-changes-to-seattle-multifamily-market-post-pandemic-will-be-few\/\" target=&quot;_blank&quot;>Click Here to Read the Full Connect Media Article<\/a><\/div><\/div><\/div><div id=\"panel-2994-0-0-2\" class=\"so-panel widget widget_lsow-button panel-last-child\" data-index=\"2\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-lsow-button so-widget-lsow-button-default-7cdee0581b16-2994\"\n\t\t\t\n\t\t><div class=\"lsow-button-wrap\" style=\"clear: both; text-align:center;\"><a class= \"lsow-button  lsow-custom lsow-medium lsow-rounded\" data-color=\"#98002e\" data-hover-color=\"#98002e\" href=\"https:\/\/indd.adobe.com\/view\/ca4c0619-751a-488d-b111-ed376259229d\" target=&quot;_blank&quot;>Click Here to View the Spring 2021 Investment Review<\/a><\/div><\/div><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Report: Systemic Changes to Seattle Multifamily Market Post-Pandemic Will be Few &nbsp; February 19, 2021 (Seattle, WA) 2020 saw Seattle investors and commercial real estate experts put the brakes on activity, as predicting how the market would evolve seemed like an insurmountable task. Movement in the market remained limited while speculation around emerging trends such as the impact of work from home and the popularity of suburban assets continued to swirl. However, a recent report&#8230;<\/p>\n","protected":false},"author":39,"featured_media":1727,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,1061],"tags":[1103],"class_list":["post-2994","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-multifamily","tag-candice-chevaillier"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.7 (Yoast SEO v28.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Candice Chevaillier Discusses Potential Post-Pandemic Multifamily Market - The Registry - Lee &amp; Associates Pacific Northwest<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lee-associates.com\/northwest\/2021\/02\/22\/candice-chevaillier-discusses-potential-post-pandemic-multifamily-market-with-the-registry\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Candice Chevaillier Discusses Potential Post-Pandemic Multifamily Market - The Registry\" \/>\n<meta property=\"og:description\" content=\"Report: Systemic Changes to Seattle Multifamily Market Post-Pandemic Will be Few &nbsp; February 19, 2021 (Seattle, WA) 2020 saw Seattle investors and commercial real estate experts put the brakes on activity, as predicting how the market would evolve seemed like an insurmountable task. 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However, a recent report...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lee-associates.com\/northwest\/2021\/02\/22\/candice-chevaillier-discusses-potential-post-pandemic-multifamily-market-with-the-registry\/\" \/>\n<meta property=\"og:site_name\" content=\"Lee &amp; Associates Pacific Northwest\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/nwleeassociates\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-22T20:35:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-21T22:55:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2020\/03\/Blog-Headers_Feature-on-ConnectMedia.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"574\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Ashley Gaquin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@NWLeeAssociates\" \/>\n<meta name=\"twitter:site\" content=\"@NWLeeAssociates\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ashley Gaquin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2021\\\/02\\\/22\\\/candice-chevaillier-discusses-potential-post-pandemic-multifamily-market-with-the-registry\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2021\\\/02\\\/22\\\/candice-chevaillier-discusses-potential-post-pandemic-multifamily-market-with-the-registry\\\/\"},\"author\":{\"name\":\"Ashley Gaquin\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#\\\/schema\\\/person\\\/9c7412d73ef5a4c0f2a3a46cbe7c6396\"},\"headline\":\"Candice Chevaillier Discusses Potential Post-Pandemic Multifamily Market &#8211; 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