If one were to look solely at occupancy and rents, the Puget Sound multifamily market would appear to have weathered the current pandemic relatively well. Rents have grown in every county and class with the lone exception of 1 bed developments in King County, which stayed flat. The Puget Sound as a whole did see a 20 basis point reduction in occupancy, though occupancy year over year in King County (where 70% of inventory exists) still grew by 10 basis points. Investments sales unfortunately tell a different story, taking a large hit when comparing both quarter over quarter and year over year (down 33% and 367%, respectively). Given the new excise tax and exodus of private capital due to COVID-related concerns, this was to be expected. With the nations 5th largest multifamily acquisition ($320M, Kiara) having just taken place in Seattle, however, it appears the Puget Sound remains fully capable of attracting large investments and should slowly rebound over the next few quarters.
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.