Friday, December 4, 2009

Seattle and Portland in Emerging Trends in Real Estate 2010 Report

Seattle was ranked No. 8 and Portland No. 16 on a list of the top U.S. markets for commercial real estate investment in the recently released Emerging Trends in Real Estate 2010.

Though being classified as one of the top 10 investment markets in the country is good news for Seattle, the city had been ranked No. 1 in the 2009 report. The challenging office market, including the closure of Washington Mutual, played a significant role in Seattle dropping seven places. The report sites multifamily, however, as a bright spot for the city; though vacancy has risen and rents are down slightly, this property type remains fairly stable. You can find an article by The Seattle Times on the report here.

Portland's ranking at No. 16 is good news for a smaller metro area, and the report says, "Portland plays second fiddle to Seattle, growth controls keep the market in reasonable supply-demand balance and help foster a 24-hour, urban environment." The Oregonian's coverage can be found here.

The extensive report, prepared by The Urban Land Institute and PricewaterhouseCoopers, represents the survey responses of more than 900 industry experts in a variety of sectors. It predicts that 2010 will be a tough year for the commercial property market around the nation.

No comments: