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Q3 2020 Puget Sound Office Market Report

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OfficeReport

COVID-19 continues to sow seeds of uncertainty far and wide. In the short-term, tenants who can avoid making decisions are either wisely doing so or cautiously looking at the market for opportunities to reduce costs and better align their occupancy strategy with long-term business plans. Many tenants are exploring short-term renewal options during this period of uncertainty about market fundamentals, although others are taking advantage of softer market dynamics. It would be easy to say there is a demand problem, instead of a supply one, but tenant demand has not retreated so much as hit the pause button. Future demand looks bright for the Puget Sound, as the fundamentals leading to its growth have not changed. However, no one yet knows when that future will come to fruition. Pending a widely distributed and effective Covid-19 vaccine, many companies expect to have more clarity by the middle of 2021.


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Q3 2020 Puget Sound Office Market Report

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Jacob Pavlik

Research Manager

Seattle

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.

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