Search
 

Area Apartment Market Still Desirable

SEATTLE-They may not be quite as astounding as the incredible numbers posted a few years ago, but vacancy rates in the five neighborhoods within the Seattle sub-market are still well below 5%, and rents continue to rise.

By Janet Parker | Updated on August 27, 2001

SEATTLE-Rents and vacancy rates in the local market are down but still desirable, according to CB Richard Ellis’ Puget Sound Apartment Report for the first half of 2001.

“Most investors are happy to have a 5% or less vacancy rate,” says Frank Bosl, an apartment expert with the brokerage firm. Given that the highest rate (in what CB breaks out as the Seattle market) is 3.7%, investors must be dancing on their desks.

From the numbers, Seattle’s Denny Regrade appears to be the hottest spot, with a vacancy rate of 1.1%. Rents in that area, which include the rising Downtown bedroom community of Belltown, increased by only a modest 0.79% during the first six months of the year. However at an average of $1.84 per sf, they are by far the highest among the five Seattle neighborhoods.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.