Morris H. Groberman, a senior VP and apartment specialist with the Seattle office of Colliers International, says the urban market here is "very competitive and tough now." He tells GlobeSt., "We've noticed fewer tenants moving to this area (Seattle) like they once were. There are also (since September 11) fewer people moving just for the sake of moving."

Groberman attributes some of the tenant shortage to the large amount of apartment product that has come on line here the past year or two. And, he says much of the slowdown can be explained by the time of year—with November through January being notoriously short on new tenants.

The good news says Groberman, there appears to be a great deal of pent-up demand—demand which could very well start moving in February, March and April, typically highly-active leasing months.

Current market influences, of course, include the recessionary economy and September 11. But, comparing recessions of the 1980's and 1990's, Groberman is more optimistic about the present. "The underlying economics behind this recession are better," he states, continuing, "Interest rates are at their lowest in about 35 years, and there are defense-related companies that are still creating jobs."

If conditions remain on their current track, Groberman says he thinks the apartment market will hit bottom between now and January and then will begin to rebound in the spring. "Of course," he cautions, "If there is another major terrorist attack, all bets are off."