Magazine article Journal of Property Management

Northwest Snapshot

Magazine article Journal of Property Management

Northwest Snapshot

Article excerpt

APARTMENT BUILDING BOOM

"Seattle is experiencing a development boom in residential multifamily rentals, and it has been for a couple of years. In the past, conventional wisdom dictated that for every one new apartment added to the market you needed to produce eight new jobs to absorb it. That number has changed, and today the ratio is for every one new apartment you need 4.7 new jobs to absorb it. That's a huge shift, and the outlook for new employment continues to be strong."

BARRY BLANTON, CPM, PRINCIPAL, BLANTON TURNER, SEATTLE

CORPORATIONS FUEL GROWTH IN PORTLAND

"Portland is growing again, on the back of a few major things. Intel has invested billions of dollars in their facility in Washington County. Nike also is hugely expanding their corporate locations. Those are two companies that have made a huge impact on Washington County. In addition, Kaiser Permanente built a new hospital that opened in the summer of 2013. So, we are seeing more growth in Washington County, and more growth in Portland, than we have seen in a long time."

CLIFF HOCKLEY, CPM, CCIM, EXECUTIVE DIRECTOR

PRESIDENT, BLUESTONE & HOCKLEY REAL ESTATE SERVICES, PORTLAND

TECHNOLOGY IS HOT

"Technology is leading the San Francisco office market and is the economic driver with over 75 percent of the growth. …

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