Why Demand's Still Strong In Seattle
How much longer for the Seattle real estate boom? It's all about demand, and there's no sign yet that demand will wilt. Come hear more at the Seattle State of the Market event Sept. 15 at the Sheraton Seattle Hotel.
Talon Private Capital co-founder Bill Pollard (right, at a previous event), who will be a speaker, tells us the obvious two issues facing the market are the quantity of new supply and the sustainability of tenant demand. These are concerns during any real estate cycle, but this time things are a little different. "Unlike previous cycles, both seem to be in reasonable equilibrium," he says.
New development is being significantly absorbed prior to completion of construction in most cases, which allows landlords to maintain their required rental rate levels, Bill says. As a result, more development can start and attempt to keep up with absorption. "If tenant demand was to soften or decline, the key is to hope there isn’t too much new supply underway causing vacancy rates to climb and rental rates to fall."
Bill and our other experts will be on hand beginning at 7:30am Sept. 15 at the Sheraton Seattle Hotel for the Seattle State of the Market. Lots of good food and schmoozing, too.