SEATTLE, WA — Colliers International’s Seattle Multifamily Team predicts boutique apartment buildings will continue attaining top of the market rents in 2016. In the just released Seattle Neighborhood Apartment Study the Seattle Multifamily Team describes urban markets of Seattle, including Queen Anne, Greenlake, Wallingford, and Fremont, that will continue to draw heightened investor demand due to the low amount of inventory off setting renter demand. Between December 2014 and the beginning of 2016, planned delivery of new units for 2018 skyrocketed from 2,000 apartment units to over 13,000 units, demonstrating that developers are still bullish in this cycle. Neighborhoods such as Ballard and West Seattle are showing resilience to new supply which has more than doubled the stock of apartments in each neighborhoods while the market vacancy rate remains below 5 percent.
The Team believes that in 2016 and 2017 West Seattle will prove a unique investment opportunity for those willing to invest modestly in updating unit interiors in order to increase rental rates. Value-add efforts will be richly rewarded as rental rates and sales prices in the core of Seattle continue to grow and renters are forced to move to more affordable markets.
The Seattle Multifamily Team is an investment brokerage team based in Colliers International’s downtown Seattle office comprised of Dylan Simon, Jerrid Anderson, and Matt Laird. Working together they provide the absolute best-in-class brokerage services to apartment developers, investors and owners in the Puget Sound region. The Team offers services in the sale of stabilized apartment buildings from 5 to 500 units, in addition to representing buyers in purchasing apartments off-market, and in the sale of development land.
About Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) is an industry leading global real estate services company with more than 16,000 skilled professionals operating in 66 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 11 consecutive years, more than any other real estate services firm.