The final quarter of 2020 pushed Multifamily fundamentals further downward in Puget Sound, with no county finding complete immunity from the ill effects of COVID-19. Occupancy in the region dipped 1% over the quarter to 92.6%, with King County seeing a 30 basis-point (bps) reduction to 92.4%, Snohomish County seeing an 80 bps reduction to 93.8%, and Pierce County seeing a 50 bps reduction to 95.3%. Rents in King County have generally followed the trend in occupancy throughout the pandemic, this quarter dropping 3.1% down to $2.19 per square foot. Pierce County rents saw a modest increase of 60 bps to $1.57 per square foot and held firm in Snohomish County at $1.71 per square foot, despite somewhat significant reductions in occupancy for both markets since third quarter. Investment activity remained strong in the region, increasing 29% over the quarter up to $1.08 billion. Though no single transaction surpassed last quarter’s $320 million Kiara sale, three transactions over $100 million (Avana Star Lake, Vue 22, and Village at Seeley Lake) still closed.
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.