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Advisor Likes Pierce Apartment Market

TACOMA, WA-Investors who in the past have "shunned" Pierce County's apartment market are now actively on the hunt for properties here, says David Meissner, a principal with Paragon Real Estate Advisors.

By Janet Parker | Updated on March 05, 2002

TACOMA, WA-Low vacancies are painting a stable market in Pierce County, says David Meissner, a principal with Seattle-based Paragon Real Estate Advisors Inc. “Pierce County hasn’t been having the vacancy swings like King and Snohomish counties,” he says. “Sales are strong, but inventory is hard to come by.”

Tacoma did not get overbuilt, says Meissner, author of a newly-released Paragon report on the apartment market in Pierce County. When new apartment construction was at full speed in other metropolitan counties, he says rents here didn’t reach the levels necessary to “pencil out new development.” So what may have seemed then like Pierce County’s missing the boat has ended up its saving grace.

While vacancies are on the rise in many areas to the north, Meissner says O’Connor Consulting recently tagged the average in Pierce County at a healthy 4.9%. And, he notes, while King and Snohomish counties are struggling with low occupancy, demand in Pierce is strong enough to be generating new development, albeit not very significant. Paragon reports 511 apartment units under construction, or 1.28% of the existing stock.

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