Dylan Simon -- Colliers International
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Dylan Simon -- Colliers International
I specialize in the sale of apartment buildings in Seattle and the greater Puget Sound region. I focus on the sale of both apartment buildings and developable land ranging from $3M to $100M. I am passionate about real estate investment and development, economics, technology and urbanism. Through brokerage I assist apartment investors and developers in achieving the highest possible levels of return and build an advisory relationship that lasts ownership life-cycles instead of just a transaction.
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Apartment Market Weathers the Storm of New Supply

Apartment Market Weathers the Storm of New Supply | Dylan Simon -- Colliers International | Scoop.it
Dylan Simon's insight:

"High occupancy rates are helping keep apartment rents high and rising. 'Rent growth—while below the cycle’s peaks—has outperformed many investors’ expectations,' says Willett. Same-property rents for new leases climbed 2.6 percent in first quarter compared to the year before. That’s about the same as the rate of rent growth has been over the last four quarters, according to RealPage."

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Seattle DJC.com local business news and data - Architecture & Engineering - Durkan to fast-track backyard cottages

Dylan Simon's insight:

"Seattle will fast-track preapproved designs for detached accessory dwelling units (DADUs) and hire architects to develop several standard architectural plans for backyard cottages that could be built and permitted more quickly and at a lower cost."

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Yardi: Multifamily Rent Growth Stays Strong in April | Multifamily Executive Magazine | Rents, Rent Trends, Apartment Trends, Supply and Demand, Economic Conditions, Economics, Rent Growth, Rental ...

Yardi: Multifamily Rent Growth Stays Strong in April | Multifamily Executive Magazine | Rents, Rent Trends, Apartment Trends, Supply and Demand, Economic Conditions, Economics, Rent Growth, Rental ... | Dylan Simon -- Colliers International | Scoop.it
Dylan Simon's insight:

"Gains in high-growth Western tech markets, including San Jose, Calif.; Seattle; Denver; and San Francisco, were at above-trend levels in the latest three-month period following a longtime deceleration trend from 2015 to 2017.

 

On a trailing three-month (T-3) basis, which compares the past three months to the previous three months, rents increased by 0.3% at the national level. San Jose led the nation, with 0.7% rent growth on a T-3 basis, while Chicago, Denver, and Seattle bounced back at 0.4% after short-term rent declines in late 2017 to early 2018."

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The Apartment Sales Market Takes Off in Q1

The Apartment Sales Market Takes Off in Q1 | Dylan Simon -- Colliers International | Scoop.it
Dylan Simon's insight:

"After stumbling out of the gate in 2017, the apartment investment market posted a strong Q1, according to Real Capital Analytics (RCA), deal volume growing by 55 percent, year-over-year. Of the sectors tracked by RCA, the apartment sector, which saw 27 percent more activity than office, was the 'largest, most liquid' commercial group in Q1, RCA reports."

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Federal Reserve officials say economy is ready for higher interest rates

Federal Reserve officials say economy is ready for higher interest rates | Dylan Simon -- Colliers International | Scoop.it
Dylan Simon's insight:

"The Fed did not raise its benchmark interest rate at the meeting on Jan. 30 and 31, but the account reinforced investor expectations the Fed would raise rates at its next meeting in March….They said they intended to raise interest rates as the economy gains strength, and to seek to maintain public confidence in the 2 percent inflation target."

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Redfin migration report finds a first for Seattle: More users searching for a way out of city than in –

Redfin migration report finds a first for Seattle: More users searching for a way out of city than in – | Dylan Simon -- Colliers International | Scoop.it

"For the first time, Seattle saw more Redfin users — those shopping for a place to live — looking to leave the area than to move into it."

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Apartment Completions Reach 30-Year High in 2017 | Multifamily Executive Magazine | Multifamily Trends, Absorption Rates, Occupancy and Vacancy Rate, Apartment Trends, Supply and Demand, Rental Market

Apartment Completions Reach 30-Year High in 2017 | Multifamily Executive Magazine | Multifamily Trends, Absorption Rates, Occupancy and Vacancy Rate, Apartment Trends, Supply and Demand, Rental Market | Dylan Simon -- Colliers International | Scoop.it
Dylan Simon's insight:

Seattle comes in at #6 for Metro Apartment Supply Leaders in 2017, with 11,415 units delivered in 2017 according to RealPage – and there’s plenty left in our pipeline!

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Investors Seeking Diversity with Alternative Investments

Investors Seeking Diversity with Alternative Investments | Dylan Simon -- Colliers International | Scoop.it
1031 exchanges were not affected by tax reform but many investors also want riskier investments in 2018.
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Clark Construction Group Takes a Look at Defining Market Trends in the Year Ahead

Clark Construction Group Takes a Look at Defining Market Trends in the Year Ahead | Dylan Simon -- Colliers International | Scoop.it
All markets are hot. The Puget Sound construction market is well diversified. High-rise residential and office, healthcare, higher education, transportation, hospitality, and K-12 are all going strong. Local, National and foreign investors are all jumping on the Seattle bandwagon, and unlike typical markets where the general theme is cyclical change, this is not the current state in Seattle.
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King County property taxes rising between 9 and 31% — depending on your city

King County property taxes rising between 9 and 31% — depending on your city | Dylan Simon -- Colliers International | Scoop.it
Countywide, the 2018 property tax bills being sent out soon will be 17 percent higher on average than last year's. A spokesman for the assessor says it's "the largest property-tax increase in King County in modern history."
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Where Are Multifamily Developers Going Next?

Where Are Multifamily Developers Going Next? | Dylan Simon -- Colliers International | Scoop.it
Dylan Simon's insight:

“'Some of the high-end suburbs can handle additional development,' says Willett. 'There’s also building potential at the right price point in neighborhoods where workforce housing dominates.'”

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Real estate firm Broderick Group predicts Facebook will grow to 1 million square feet in Redmond - Puget Sound Business Journal

Real estate firm Broderick Group predicts Facebook will grow to 1 million square feet in Redmond - Puget Sound Business Journal | Dylan Simon -- Colliers International | Scoop.it
Facebook has been snapping up properties in the Willows Road corridor, including a 16-acre site it recently bought for $20 million. (Coincidentally, Facebook's Menlo Park headquarters in California is on the similarly named Willow Road.) Facebook appears to be buying and leasing property for its Oculus Rift virtual reality headset program. The Puget Sound region is quickly becoming a hub for virtual reality development, with Microsoft's HoloLens, Valve and Google all working on the technology here.
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​Global markets sink, suggesting stock rout will go on - Puget Sound Business Journal

​Global markets sink, suggesting stock rout will go on - Puget Sound Business Journal | Dylan Simon -- Colliers International | Scoop.it
Japanese shares were down about 7 percent at one point before ending 4.7 percent lower, while markets in Hong Kong and Taiwan dropped more than 4 percent. The selling was broad, hitting companies of all sizes across industries.
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Looking to Upgrade? Here's How Much It Costs to Rent a High-End Apartment Around the Country

Looking to Upgrade? Here's How Much It Costs to Rent a High-End Apartment Around the Country | Dylan Simon -- Colliers International | Scoop.it
Dylan Simon's insight:

“The national average rent in a high-end building is around $1,640 per month, about $490 more than an apartment in a low-end building. However, these broad-based averages do not mean much, as prices can vary by thousands of dollars from one city to another.”

Seattle Statistics:

Average rent in a high-end apartment: $2,261

Price range: $1,723 (studio) to $3,595 (3-bed)

Change in high-end rents in the last 3 years: +13.2%

Price difference compared to a low-end apartment: $644

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'Overheated' Seattle and S.F. will have highest U.S. construction cost increases in 2018, report says

'Overheated' Seattle and S.F. will have highest U.S. construction cost increases in 2018, report says | Dylan Simon -- Colliers International | Scoop.it
Seattle and San Francisco, two booming tech hubs, will see the fastest construction cost increases in the U.S. this year, according to a new report.
Dylan Simon's insight:

"Both cities will see costs rise by 5 percent, outpacing the expected 4.3 percent increase in the top 46 global markets, according to the company's annual International Construction Market Survey. The expected rate of cost escalation for San Francisco is unchanged from 2017, when it also rose 5 percent."

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New close-in condos in Seattle for $250,000? Here's the plan from Build Urban

New close-in condos in Seattle for $250,000? Here's the plan from Build Urban | Dylan Simon -- Colliers International | Scoop.it
Dylan Simon's insight:

Efficiency apartment units (SEDUs, Micros, etc.) have taken off in Seattle with 5,000 delivered and another 7,000 in various stages of the development pipeline. Is the next trend efficiency condos? - “They'll be small, averaging just 250 square feet, plus a sleeping loft. But priced in the mid-$200,000s, the condominiums in the Eastlake neighborhood will be the most affordably priced new condos in Seattle.”

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Seattle City Council reaches head tax compromise ahead of vote

Seattle City Council reaches head tax compromise ahead of vote | Dylan Simon -- Colliers International | Scoop.it
Dylan Simon's insight:

Seattle City Council discussing compromise for head tax: "Under the compromise, the tax will be reduced from the proposed $500 per full-time employee to $275 and will be scheduled to end in 2023. More details are to come before the council's afternoon vote."

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New York Remains Top City for Transit | Multifamily Executive Magazine | Transit-Oriented Development, Urban Development, Walkability, Transportation, Urban Planning

New York Remains Top City for Transit | Multifamily Executive Magazine | Transit-Oriented Development, Urban Development, Walkability, Transportation, Urban Planning | Dylan Simon -- Colliers International | Scoop.it
Dylan Simon's insight:

“In seventh place, Seattle has a Transit Score of 59.6, up 2.6 points since 2016, the biggest jump among the top 10…. A 2017 survey by the Seattle Department of Transportation found that public transit use had increased by 48% in the past seven years.”

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Rental Housing Sector Worth $8T: Berkshire Group

Rental Housing Sector Worth $8T: Berkshire Group | Dylan Simon -- Colliers International | Scoop.it
Dylan Simon's insight:

"According to their newest report, the U.S. apartment market is larger than office, industrial and retail combined, with multifamily accounting for $2 trillion of that total."

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Seattle traffic congestion is ninth worst in U.S.; eight cities in top 10 are vying for Amazon’s HQ2 –

Seattle traffic congestion is ninth worst in U.S.; eight cities in top 10 are vying for Amazon’s HQ2 – | Dylan Simon -- Colliers International | Scoop.it
Too bad it’s against the law now in Washington state to look at your mobile device while you’re behind the wheel, otherwise you could read, again, about…
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Six Economists on the State of Commercial Real Estate in 2018

Six Economists on the State of Commercial Real Estate in 2018 | Dylan Simon -- Colliers International | Scoop.it
While there may be issues to keep an eye on—such as shifting consumer behavior and rising inflation and interest rates—the outlook remains positive.
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Yardi: Rents Rise 2.8% Year-Over-Year Through January 2018 | Multifamily Executive Magazine | Economic Conditions, Rents, Supply and Demand, Research, Occupancy and Vacancy Rate, Economics, Local M...

Yardi: Rents Rise 2.8% Year-Over-Year Through January 2018 | Multifamily Executive Magazine | Economic Conditions, Rents, Supply and Demand, Research, Occupancy and Vacancy Rate, Economics, Local M... | Dylan Simon -- Colliers International | Scoop.it
Matrix Monthly report predicts metro-level multifamily rent growth will trend toward the median in the coming year.
Dylan Simon's insight:

Hold out judgement on slowing rent growth for Spring! "YOY rent growth has remained between a high of 3.0% and a low of 2.4% in the past year, following two years of above-trend increases. Yardi expects rent growth to remain in the 2.5% range but believes the next few months will provide a better idea of rent trends for 2017, as rent-growth trends flatten during the winter."

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24-Hour Classic 13 Coins Is Reborn in Pioneer Square

24-Hour Classic 13 Coins Is Reborn in Pioneer Square | Dylan Simon -- Colliers International | Scoop.it
Look inside the new location opening at 6 a.m. on February 10
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This was the pits: Time-lapse video shows highway fill in hole where Seattle tunnel machine ended

This was the pits: Time-lapse video shows highway fill in hole where Seattle tunnel machine ended | Dylan Simon -- Colliers International | Scoop.it
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Economy Watch: More Adults Now Share Living Space

Economy Watch: More Adults Now Share Living Space | Dylan Simon -- Colliers International | Scoop.it
Dylan Simon's insight:

This trend is growing—not shrinking as once predicted—and could impact multifamily and senior housing in the long term: “During the worst employment market in recent memory in the early 2010s, shared living grew because Millennials moved back in with their parents, and so it was considered a temporary flux. Now parents are moving in with their adult children in no small numbers.”

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