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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

I entered commercial real estate at the start of 2015 at Colliers in Seattle/Bellevue and have accumulated more than six scintillating years of commercial real estate research experience. A writer by nature, I am always trying to tell the story behind the numbers and go above and beyond to add value to our team of brokers. Forever teachable and eternally curious, I strive to always be learning more and staying on the leading edge of market trends and remaining abreast of all pertinent real estate transactions and developments. Passionate about real estate and cities, I remain dedicated to taking Colliers to the next level by providing market-leading thought leadership and trends analysis for my team of internal and external clients.. I am a journalist by trade and a natural-born storyteller, always digging into the statistics in order to craft a forward-looking narrative, providing valuable insights to the brokers I support.

I have ample experience in office, industrial, multifamily, and retail research, assisting brokers in the leasing and selling of property. I focused primarily on the office and industrial markets in the Seattle/Puget Sound region from 2015-2017. From the fall of 2017 to early 2018, I was the office market research analyst at JLL in Sacramento, spending most of my time on Downtown office landlord rep-related work. Since May 2018, I have been back at Colliers in my hometown of Sacramento. At Colliers | Sacramento,  from mid-2018 to today,I have accelerated my career in the support of 40 brokers across the Capital City region. In late  2020, I was tasked with overseeing the Reno market while managing a new research associate. Over the last few years, I have extensive experience across many sectors of commercial real estate, including office, industrial, multifamily, retail, capital markets, healthcare, and life science. 

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Douglas Garcia

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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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