SEATTLE-In its most recent market report, Paragon Real Estate Advisors says the apartment market in downtown Seattle is “experiencing a significant mismatch between supply and demand…especially in the new property luxury market.”
Relying upon a report out of O'Connor Consulting Group LLC, Paragon says the area's vacancy last measured at 13%–excluding new properties in lease up. And, Richard Belden, a principal with Paragon, tells GlobeSt.com that in response, landlords have been knocking off between 10% and 20% from their rents since Sept. 11.
Adding to the numbers of vacant units are six new properties. Altogether 1,156 apartments are packaged into the Shelby, Clearwater, Metropolitan Tower, Uwajamaya Village, Wall Street Tower and Avalon Belltown. According to Paragon's report, 46% of these new units were vacant at the close of 2001. To that, the Olympus will come on line sometime between now and late summer, tossing another 327 units into the mix.
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