COVID-19 is the headline for all markets and product types, and though industrial will likely continue to outperform others—in industrial-sized fashion this quarter—it was not completely exempt from negative effects in Q2. Net absorption fell into slight negative territory in Seattle Close-In and on the Northend, while the Eastside went slightly positive (+17,777 SF). The movement southward carried on at full speed with the Kent Valley (+617,003 SF) and Pierce County (+480,700 SF) both absorbing large swaths of real estate and accounting for 98% of all positive absorption. Sales activity took most of the COVID-19 hit with number of transactions dropping 34% and volume transacted dropping 74% for the quarter. Asking rents remained stable across the region, and though leasing activity slowed, the 42 leases inked were good enough to rank the market 8th in the country for April/May deals.
Jacob Pavlik joins the Colliers team after working in the Economic Development and Planning departments for the cities of Hillsboro, Oregon and Alexandria, Virginia, respectively. At Colliers, he leads a team of researchers to collect, analyze, and synthesize market data for Puget Sound and Portland. He loves the challenge of taking complex data and making it easily digestible for a wide audience. He assists brokers with research specific to their client's needs, including geovisualizatoin and micromarket analysis.
His authentic passion for commercial real estate is seen most clearly when Jacob explores his local urban ecosystem and travels to new cities around the world to see how they function and relate to each other. He likes to see the built environment adapt to the changing needs, desires, and behaviors of the people who populate it. These functions fit perfectly into Jacob's role as Research Manager, telling the story of how commercial real estate in the Pacific Northwest evolves over time.