The third quarter report cited new construction of upscale properties and appreciation of existing ones as the cause of the rise in values. As for everything else dropping, the weak economy is to blame.
Permits issued for multifamily construction decreased to 895 units in the third quarter from 1,545 units during the same 2001 period. Overall average vacancy rate increased to 7.1% in the third quarter of 2002 from 3.8% a year prior.
In South Seattle, average vacancy rate rose from 2.8% to 8.4%. Downtown Seattle, thanks to a large volume of new construction coming online, had the highest vacancy rate at 9.1%. The lowest rates were found in the Federal Way-Kent-Auburn market, where vacancy was 5.4%, and the Redmond-Bothell market, where vacancy was 5.8%.
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