Market Report
Seattle-Tacoma Multifamily Market Report
2025 Investment Forecast
Eastside Apartment Performance Bolstered
as Renter Demand Spreads Across Seattle Region
Momentum shifting within core Seattle amid escalating suburban demand. The gap between suburban and CBD vacancy rates has narrowed since 2023, entering the new year just 70 basis points apart. Bellevue stands to benefit from Amazon’s recent relocation, which pulls along associated firms such as Perkins Coie, likely shifting some renter demand away from core areas. Vacancy rose in Capitol Hill last year, in contrast to the other submarkets that form the CBD where the rates dropped, although elevated construction contributed to the increase. Fewer projects in store for Capitol Hill in the near future will give recent openings time to stabilize. Low supply pressure is also benefiting East Bellevue. The few projects slated to arrive this year will allow the submarket to remain one of the few with a sub-5 percent vacancy rate in 2025, joining nearby Redmond as well as South Tacoma-University Place. The latter area boasted the largest vacancy contraction last year to the lowest measure in the Tacoma area.
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