The future ain't what it used to be, said the late, great Yogi Berra, but that doesn't stop us from asking Seattle real estate execs about the new year.
We asked a single question: Are you optimistic or not, and why? (Well, maybe that's two questions.) Mostly our respondents were optimistic about Seattle in '16, with a caveat or two.
Patrick Callahan
Company: Urban Renaissance Group
Position: Founder & CEO
Outlook for '16: "In 2016, the greater Seattle office market will see continued absorption as demand will pace new supply delivery. In addition, we will see many traditional Class-A high-rise owners continue to reinvest in their assets to ensure that these asset remain attractive to today’s office user."
Also: URG is keen on Portland in '16 as well. The company acquired the operating portfolio of Portland-based real estate company Langley Investment Properties, which doubles URG's operating platform in Portland to more than 2M SF. The new assets include Pacwest Center, Liberty Center, Moda Tower and One Pacific Square (pictured).
Kevin Wallace
Company: Wallace Properties
Position: President and COO
Outlook for '16: "The long-term prospects for Seattle’s CRE market remain bright, primarily due to continued job growth in aerospace and technology and the region’s ability to attract the best and brightest from around the world."
Also: "I'm concerned about the impact of Seattle’s affordable housing taxes/mandates and the prospect of massive tax increases from Sound Transit (ST3) and the State (Education Levy Reform) at year end. I’m not sure people appreciate the collective negative impact these taxes would have on Seattle commercial real estate, at least in the short term."
Dylan Simon
Company: Collers International
Position: Multifamily Investment Sales, Seattle
Outlook for '16: "2016 will be another hot year in the Seattle apartment market. In 2015 investors purchased over $4.7B in apartments (compared to $3.3B in 2014), and the region added over 60,000 jobs. Office absorption continues to prove-out stellar job growth, supporting stable apartment occupancy and rents into 2016."
Billy Pettit
Company: Pillar Properties & Merrill Gardens
Position: SVP investments and multifamily operations
Outlook for '16: "Times like these make me think of a quote from one of my all-time favorite movies, Caddyshack: 'Cinderella story. Outta nowhere. A former greenskeeper, now, about to become the Masters champion. It looks like a miracle...It's in the hole! It's in the hole! It's in the hole!' — Carl Spackler (aka Bill Murray)."
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