West Coast Real Estate Update: Feb. 13, 2017
Susan J. Booth, Karl J. Lott and Douglas A. Praw are partners, Ashley K. Jason and Paul J. Park are associates, Daniel Dow is a Los Angeles attorney and Geoffrey M. Geddes is a public finance project manager in Holland & Knight's Los Angeles office. Stacie Goeddel is a partner, Robert M. Haight Jr. is an attorney in Holland & Knight's San Francisco office.
Los Angeles, Seattle Top List of Best Markets for Multifamily Investment
Marcus & Millichap's 2017 National Multifamily Index (NMI) ranks Los Angeles and Seattle first and second, respectively, among 46 major domestic markets for investment in multifamily properties based on forward-looking economic indicators and supply-and-demand variables. Los Angeles rose 10 spots and Seattle rose seven spots from their respective 2016 rankings.
The report expects the vacancy rate in Los Angeles' multifamily sector to drop to 2.6 percent in 2017 and also predicts minimal growth in the supply of multifamily residential units. These factors are expected to result in a 5.4 percent increase in rent, resulting in an average of $2,095 per month by the end of 2017. The report makes no mention of Measure S, an initiative slated to be voted on in March that, according to opponents of the measure, would further constrain the supply of apartments in Los Angeles if passed.
Seattle owes its rise in the rankings to robust job growth. Amazon recently announced plans to add 100,000 new jobs in the United States, some of which will be in the company's Seattle headquarters. Other West Coast cities making the NMI top 10 list include Oakland, Portland, San Francisco, San Jose and San Diego, ranked consecutively in...
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