The James consists of studio, one-, two- and three-bedroom units averaging 731 square feet.
LAKEWOOD, WA—The astronomical multifamily demand in the Puget Sound is reflective of, in part, a high number of new jobs and as a result, annual absorption of multifamily units has doubled. Furthermore, the increased rental demand also can be contributed to a number of regional obstacles preventing ownership in several neighborhoods. The congestion on Interstate 5, the centralized regional employment hub and the low supply of single-family homes has created a platform for elevated demand for rental units, according to JLL research.
As a result, new development continues to surge, with a significant number of multifamily units scheduled to deliver during the next four years. Despite the record number of unit deliveries, the strong absorption rate indicates a healthy investing market with ample opportunity for further expansion, according to Axiometrics.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
