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| Commercial Real Estate Press Release |
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JOB LOSSES HURT APARTMENT FUNDAMENTALS IN SEATTLE METRO AREA
Stacey Corso, (925) 953-1716
Marcus & Millichap
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Thursday, November 05, 2009 -
SEATTLE, Nov. 5, 2009 — While Puget Sound employment contraction is projected to ease by the end of the year, the effects on apartment fundamentals will likely linger through the first half of 2010, according to a fourth-quarter Apartment Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm. Major employers and local support firms have implemented mass layoffs during the past 12 months, as the metro has slipped deeper into the recession
“Transaction velocity has slowed considerably from peak levels due to fewer quality offerings and projections for further operational weakening,” says Gregory Wendelken, regional manager of the Seattle office of Marcus & Millichap.
Following are some of the most significant aspects of the Seattle Apartment Research Report:
· Puget Sound employers are forecast to shed 53,200 jobs this year, a 3.1 percent contraction. In 2008, 28,000 workers were let go.
· Deliveries are expected to accelerate in 2009, as 4,275 apartment units are scheduled for completion, well above the five-year average of 2,800 units and a 1.9 percent inventory expansion. Last year, 3,000 units came online.
· Mounting deliveries will be met with receding demand, as vacancy is projected to reach a historic high of 8.2 percent this year, a 240 basis point annual spike. In 2008, vacancy increased 140 basis points.
· In 2009, asking rents are forecast to retreat 3.9 percent to $975 per month. Owners will widen concessions in response to climbing vacancy levels, as effective rents are expected to fall 6.7 percent to $895 per month.
For a copy of the complete Seattle Apartment Research Report, as well as reports on other markets nationwide, visit our website at www.MarcusMillichap.com.
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