X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
The James 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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

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.

More from this author

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.