Seattle-Tacoma Multifamily Market Report
Dynamic and Diverse Economy Sustains Outlook, Motivating Developers and Investors
Seattle in strong position for growth. The Puget Sound’s labor market has been slower to recover with more restrictions in place than many other metros, though a robust and advanced economy maintains a positive outlook. The impact of the pandemic has been particularly strong in the downtown core as office workers stay at home and residents gravitate to lower-priced suburbs with more spacious rentals. Amazon, Microsoft and Google continue to expand on the Eastside and are slated to bring workers back to the office later this year, which will help to jump-start the economy as activity picks up and drive rental demand at well-positioned properties. Boeing will move 787 production out of the state and faces other financial woes, leading to thousands of job losses in Everett and Renton, though minimal supply pressure in these submarkets will help to stabilize property performance.