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Report Suggests Apartment Market is Overbuilt

SEATTLE-Rising vacancies, falling rents and a prediction for net-out migration in Seattle this year. A study just released by Paragon Real Estate Advisors says the downtown apartment market may be overbuilt--for the first time ever.

By Janet Parker | Updated on February 19, 2002

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.

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