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07306 (Journal Square) ought to show up next time. There's about 6,000 units under construction right now in 8 or 9 big buildings and dozens of smaller buildings. And another 12-15 buildings of 25+ stories are approved as well.
Kind of suprised 11101 (Long Island City) isn't on this list.
Location: Was Midvalley Oregon; Now Eastside Seattle area
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zip 98052
Quote:
Originally Posted by Hemlock140
Here in #10 Seattle, the result of all that building is finally resulting in lower rent. These builders didn't anticipate the continuation of work from home or hybrid, nor the increase in crime here.
No, a 14% vacancy rate for the Seattle area doesn't sound plausible, and it's way over any other projection I've seen. CoStar has Seattle topping out at 6.91% next year then falling. Vacancies already fell to 6.5% this year before rising a little.
One reason: Demand has surged in greater Downtown this year, probably related to Amazon and others returning to the office three days a week.
Any rise will be due to high construction volumes overcoming moderate absorption. Construction starts have slowed, and it looks like we'll avoid real overbuilding.
Most fundamentally, the population keeps growing, the urban core's demand influx is strong as (nearly) always, construction starts are down due to high costs, and today's mortgage rates are leading people away from buying.
After a brief firming of rentals pricing in 2020-2021, Rentals in zip 98052 (Redmond flats) are being discounted (personal inquiries). New construction at Marymoor and Redmond Downtown stops are very large (height limitation to 5-6 residential floors + ground floor) and will be completed in 2024. However, the light rail at these stops will be delayed because of construction issues on I-90 tracks. Bellevue office construction are being converted to residential as the major tech companies have severely reduced payroll and future hiring plans.
Most of construction is occurring at/near Light rail stops, particularly at Marymoor and Redmond Downtown, both on the Redmond Flats. Redmond Highlands are SFH and office (Microsoft & related software).
Personally, see 20% vacancy within Redmond Flats area for next 2 years. + churn from incentives on new completion. Amateur guess. Our small condo has two units that are offered for rental at/below cost of ownership (2021-present) mortgage rates. 90 Walk score, Bus to transit center walk ~200 yards.
Listing of new completed rentals, $3200-3800/mn 2/2 plus parking, garbage, electricity, no a/c.
That doesn't seem plausible either. Buses already serve the connection to Microsoft pretty well, hence the thousands of apartments already built. Microsoft is hugely profitable and further job cuts might not be warranted. CoStar projects vacancies in the Redmond Flats (based on my own map of it) might rise to the low nines in 2025 due to high construction volumes, but even that would be short-lived.
PS, the I-90 issue won't slow the connection to Downtown Redmond. The Bellevue to Microsoft line will open in 2024, and Downtown Redmond a year later, which is also roughly the time the line will likely connect to Seattle over the problematic area.
Location: Was Midvalley Oregon; Now Eastside Seattle area
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^ Costar manages alot (many) buildings in Redmond Flats. I wonder if they are manipulating the numbers to make it appear to have low vacancies???
Never, take the RapidTransit B to Microsoft from Redmond TC--30 minutes to go 2.5 miles. I just wanted to get to Freddy on 148th.
(retired, transplant to Redmond, never worked at MSFT)
They provide building management software but don't manage buildings to my knowledge.
I dislike a lot about CoStar (cancelling as soon as my contract runs out) but for apartments and offices the market data is the best I'm aware of. (Not so much hotels and retail)
Manipulating data like that would be the stupidest imaginable move. It would open them to almost infinite liability I'd assume, since people are spending billions based on their data. And who'd trust them for anything?
PS, kudos if you wrote "alot" to poke at my tag line!
Where are you seeing that? All I'm seeing under "management" is software platforms and analytics. Their other brands are all databases as well like apartments.com. Also they're not listed as the building manager for anything in central Redmond.
Location: Was Midvalley Oregon; Now Eastside Seattle area
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^ again,
I asked the rental desk who they worked for. The reason for the ask, was that the agent was unfamiliar with the building and was pulled in from another location to fill an absentee. The second CoStar person (different building), I asked why the new apartments didn't have outlets for washlet bidets...reply was, they were agents of Costar for renting, not direct representatives of the building. I thought it odd that two new apartment buildings had the same representative company.
I care only the relative rental cost and vacancy vs what we charge for our rental SFH.
I don't know how much responsibility front rental desk had beyond the renting of new apartments.
Couple of years ago. Don't know much beyond this.
Back to main topic, please.
Last edited by leastprime; 10-27-2023 at 06:45 PM..
That makes more sense than building management, though I didn't know they handled leasing directly.
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zip 98052
) buildings in Redmond Flats. I wonder if they are manipulating the numbers to make it appear to have low vacancies??? 
