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Puget Sound Investment Market: More Buyers Than Sellers

SEATTLE, WA-In its 2002 forecast, Grubb & Ellis predicts real estate investors will continue to look beyond the feeble economy, which is expected to reverse well-before the end of a traditional real estate holding period. But available product may be insufficient to satisfy demand.

By Janet Parker | Updated on January 14, 2002

SEATTLE, WA-With the economy languishing in the recession–and Washington expected to be one of its worst casualties–one could reason investors should be selling. But that’s simply not the case, says Grubb & Ellis, reporting that Puget Sound’s brokerage community says lack of product is dampening deal flow. Put simply by G&E’s newly-released 2002 Real Estate Forecast, “There are more buyers than sellers.”

Craig Hill, VP of Grubb & Ellis’ Bellevue office, wrote a good deal of the 2002 forecast. “Find me more product,” quips Hill, adding, “That’s the call for every investment broker in the area.” Well-tenanted positively cash-flowing properties are diamond mines. Hill recently began marketing Meeker Square, a $12-million grocery-anchored retail center in Kent. The broker says he’s already had a few hundred potential buyers come knocking on the door. “I wish I had ten more just like it,” Hill remarks.

The equity market in reversal, some forecasts portray poor returns. Michael L. Thayer, president of Bellevue-based Private Asset Management, tells GlobeSt many experts are painting the securities markets in dull colors. “Just recently two major investment managers have told me they expect overall returns could be as low as five percent over, at least, the next two years,” Thayer offers. In response, heads are turning toward the potential of stable real estate income streams.

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