Observations

Behind The Pacific Northwest’s Multifamily Boom.

Growth continues despite cost of land, bottleneck traffic.

Josh Nasvik
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Bisnow Multifamily Annual Pacific Northwest Conference Recap

Despite rising construction costs and explosive population growth, urban dense projects continue to thrive across the Pacific Northwest multifamily market thanks to the absence of mass transit coupled with a healthy commercial real estate market. But how is the soaring cost of land benefiting developers? Polaris Pacific’s Vice President and Regional Manager, Josh Nasvik, joined industry experts onstage at BisNow’s Multifamily Annual Pacific Northwest’s Redevelopment and Repositioning Conference to discuss the forces behind the region’s multifamily boom and why developers are turning to large multifamily projects.

According to panelists, the rising cost of land in Seattle makes it more feasible to do a large multifamily project, as well as the expense of getting each project through the city’s permitting process. As a result, developers are building bigger, more affordable units closer to available transit.

When discussing revenue drivers for Seattle’s multifamily projects, developers recognize the demand for a ‘living experience’ and are prioritizing health and wellness moments that their tenants can seamlessly share on social media. Electric car charging stations, Uber pickup spaces and package concierges are just a few of the luxury amenities tenants now take into serious consideration when deciding on a home base.

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Developers are building bigger, more affordable units closer to available transit.
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