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Summer 2021 Northwest Region Multifamily Market Report

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Multifamily continues to drive investment as capital shifts with demographic and migration patterns

Multifamily remains a top sector for investment as office and retail markets continue to undergo significant disruption in the wake of the COVID-19 pandemic. The rise of remote work has led to a significant shift in households as many renters relocate out of high-cost coastal cities and into lower-cost inland markets and counties. The urban submarkets of the Bay Area and the Pacific Northwest continue to see sluggish recoveries in occupancy and rent, while suburban markets in the North Bay, East Bay, Sacramento, Stockton/Modesto, Portland, Seattle, and Reno are recording strong occupancy gains and rising rental rates. This report will compare 10 separate markets across the Northwest region of the United States, providing a comprehensive overview of multifamily trends related to market performance and sales activity through the first half of 2021.


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Summer 2021 Northwest Region Multifamily Market Report

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Bob Shanahan

Research Manager

Sacramento

Bob entered commercial real estate at the start of 2015 at Colliers in Seattle/Bellevue and has more than seven years of commercial real estate research experience. A writer by nature, Bob is always trying to tell the story behind the numbers and go above and beyond to add value to his brokerage partners. Forever teachable and eternally curious, Bob strives to always be learning more while staying on the leading edge of market trends and remaining abreast of all pertinent real estate transactions and developments. Passionate about real estate and urban planning, Bob is dedicated to taking Colliers to the next level by providing market-leading thought leadership and trends analysis for his internal and external clients.. Bob is a natural-born storyteller, always digging into the statistics with unmatched nuance to craft a forward-looking narrative and outlook across the many sectors of commercial real estate he tracks.  

With extensive experience in office, industrial, multifamily, and retail research, and a developing competency in capital markets, life science, and healthcare/medical office, Bob assists brokers in the leasing and selling of property, providing best in class research support. He regulary provides market presentations for internal brokerage teams and external organizations. Bob focused primarily on the office and industrial markets in the Seattle/Puget Sound region from 2015-2017. From fall 2017 to early 2018, Bob was the office market research analyst at JLL in Sacramento with an emphasis on Downtown landlord-rep related research. 

Since May 2018, Bob has been back at Colliers in his hometown of Sacramento. Since mid-2018, Bob bas accelerated his career in the support of 40 brokers across the Capital City region. In late  2020, Bob was tasked with overseeing the Reno market while managing a new Research Analyst, and has taken on an increasing leadership role in the Northwest region, including leading the regional multifamily market report comprised of 10 markets from Northern California and Northern Nevada to Oregon and Washington. Bob has invested in his leadership development, recently completing the two year Management Development Program at Colliers in partnership with Harvard Business School and completing the year long Leadership Sacramento Class of 2021 through the Sacramento Metro Chamber Foundation.  

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Douglas Garcia

Regional Research Director, Northern California

Pleasanton

Doug is the Regional Research Director for Colliers International covering offices across Northern California. As Regional Research Director, he is charged with the organizational and strategic development for the Research Function in these offices.  Additional responsibilities include oversight of the Development team for the region's proprietary property database and related technology.

Doug began his career in the commercial real estate industry in 1999.  After joining Colliers International as a Research Assistant, he was promoted to Research/GIS Director for the Colliers International Walnut Creek office.  Under his leadership, the Research function expanded from its original scope in support of the Office brokerage platform, to include the Industrial and Retail divisions.  His responsibilities included Research Database Integrity, Quarterly Report Publication, GIS, Mapping and Demographics, and all other services provided by the local Research Department. 

He specialized in Geographical Information Systems (GIS) analysis.  As a former GIS Specialist, Doug has worked with Brokerage and Corporate Services to analyze best use and site location projects for clients including, Safeway, Inc., Longs Drug Stores and Safeamerica Credit Union. 

Doug is a native of the San Francisco Bay Area, and enjoys travel with his wife Kelly and sons Gabriel and Roman and attending their team sporting events.

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