A Review of Q1 and Future Predictions for the Puget Sound Real Estate Market

How has the first quarter of 2023 been for the Puget Sound market? And what’s to come in Q2? Co-hosts Bill Condon and Matt McGregor do a review of Q1 and predict what may happen in the new year. Listen to learn more about leasing and subleasing, the theme of the market, the largest deal of the quarter, and what has been taking place in the development space, in terms of port activity. For Matt, Q1 was a good quarter despite some bad news in the media. Absorption numbers are misleading but, overall, it has been a good quarter from a leasing standpoint. The current vacancy rate in South Seattle is the highest Matt has seen in his entire career. There’s been a red flag: nationally, the Puget Sound region has continued to outpace the national increase in subleasing. However, numbers are increasing quarter after quarter, which will probably lead to it becoming a story a year from now. If last year’s theme of the market was "We're not buying but we're waiting for the right opportunity," today it's "We've got to play some money." Do you have 95% of your capital on the sidelines because you’re looking for a discount? According to Matt, there won’t be one… The $25.1M Bellevue’s Safeway Bottling Plant deal was the largest deal of the quarter. Matt and Bill discuss what’s currently happening in the development space, as well as regarding port activity. Bill believes that the further south you go, the bigger building you will want to build to differentiate yourself from the rest of the market.     Mentioned in this episode:  IndustrialAdvisors.com Previous episode - Dramatic Subleasing Growth in the United States - https://podcasts.apple.com/us/podcast/dramatic-subleasing-growth-in-the-united-states/id1483238743?i=1000595319067 TrammelCrow.com Panattoni.com