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2021 Winter Northern California Multifamily Market Research Report

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A great migration is underway

A great migration is underway. The COVID-induced recession has impacted urban submarkets across the country as nearly half of the U.S. workforce continues to work from home. While there are no indications that this will be a permanent population shift, the statistics tell the story of 2020 and what is likely to come in 2021. Lower-density and less-expensive markets have held up quite well in 2020 while urban gateway markets have been hit especially hard. Suburban submarkets will lead the multifamily sector’s recovery into 2021 while urban submarkets will lag until employees return to their offices, concerts and sporting events come back to the urban core, and bars and restaurants are fully reopened. While rents and sale prices rose in Sacramento, Stockton/Modesto, and some of the outlying Bay Area submarkets, the urban markets of San Francisco and Silicon Valley posted double digit annual rent decreases and significant occupancy losses in 2020.

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2021 Winter Northern California Multifamily Market Research 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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