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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Seattle Metro Report: June 2018

Seattle Metro Report: June 2018 | Dylan Simon -- Colliers International | Scoop.it
Check out the latest Seattle Metro Rent Report for June 2018 to see the most and least expensive cities and cities with the fastest growing rents.
Dylan Simon's insight:

Seattle Area Rent Growth - The Fastest Growing Cities (Y/Y%)

–Kirkland, WA had the fastest growing rent since this time last year, up 15.7%.

–Burien, WA rent had the second largest year over year growth rate, climbing 15.5%.

–Puyallup, WA ranked as third with rent growing 14.3%.

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Q1 Commercial Real Estate Deal Volume Hits $107 Billion, Representing Year-Over-Year Increase Of 6.7 Percent

Q1 Commercial Real Estate Deal Volume Hits $107 Billion, Representing Year-Over-Year Increase Of 6.7 Percent | Dylan Simon -- Colliers International | Scoop.it
Dylan Simon's insight:

“While some have anticipated the bottom falling out of the market for more than a year, Q1’s year-over-year uptick in deal volume suggests resilience in the commercial real estate sector.”

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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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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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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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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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Apartment Renters Continue to Dominate Many of the Nation’s Cities

Apartment Renters Continue to Dominate Many of the Nation’s Cities | Dylan Simon -- Colliers International | Scoop.it
Dylan Simon's insight:

"The percentage of households that live in a home they own fell to its lowest point—62.9 percent—in the second quarter of 2016….The homeownership rate had begun to recover slightly in 2017 and reached 63.9 percent by the third quarter of last year….That’s partly because the millennial generation is getting a little older….However, the recovery in the homeownership rate may stall in part because of the recent reform of the federal tax code."

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Seattle area added 12,000 residential units in 2017—with a similar outlook for 2018

Seattle area added 12,000 residential units in 2017—with a similar outlook for 2018 | Dylan Simon -- Colliers International | Scoop.it
That’s 50 percent more than 2016
Dylan Simon's insight:

"Numbers compiled by Seattle in Progress show around 8,000 new units completed in the past year—around 7,500 if you only count multifamily development—in the Seattle city limits alone. More than 30,000 additional units have permits approved, and another 30,000 have applied."

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Fannie Mae Offers Incentive to Borrowers Who Improve Well-being of Affordable Housing Tenants

Fannie Mae Offers Incentive to Borrowers Who Improve Well-being of Affordable Housing Tenants | Dylan Simon -- Colliers International | Scoop.it
Dylan Simon's insight:

"Enhanced Resident Services...aims to foster services that address the needs of renters and support health and wellness programs, day care, food access, youth and education programming, and job training."

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Micro homes in pipes designed to ease Hong Kong's housing crisis

Micro homes in pipes designed to ease Hong Kong's housing crisis | Dylan Simon -- Colliers International | Scoop.it
Dylan Simon's insight:

An architect in Hong Kong is finding very creative ways to address the city’s affordability concerns: “The OPod Tube Housing project transforms 8-foot-wide concrete water pipes into homes that measure about 100 square feet…creating affordable starter units for young people in vacant city-center locations across Hong Kong.”

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Value of Seattle-area commercial construction starts drops more than half compared to last year

Value of Seattle-area commercial construction starts drops more than half compared to last year | Dylan Simon -- Colliers International | Scoop.it
Dylan Simon's insight:

The value of commercial starts may have dropped, but residential seems to be going strong: "On the residential side, however, the value of multifamily and single-family starts through April jumped 42 percent to just over $2.9 billion."

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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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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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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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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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Apartment Rents Rise in 89% of Cities

Apartment Rents Rise in 89% of Cities | Dylan Simon -- Colliers International | Scoop.it
Citing Yardi Matrix data, RentCafe reported Wednesday that rents grew year over year in 89% of the 250 largest US cities during January. Nine percent registered flat growth for the month, while just 2%, or six cities, experienced a Y-O-Y decline.
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The Bigger Picture Revealed by This Homebuying Stat

The Bigger Picture Revealed by This Homebuying Stat | Dylan Simon -- Colliers International | Scoop.it
Dylan Simon's insight:

"The finding that 64% of the population lives in markets that are more affordable to rent than buy, showing that homebuying will continue to be an uphill battle in 2018."

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9 U.S. transportation projects to watch in 2018

9 U.S. transportation projects to watch in 2018 | Dylan Simon -- Colliers International | Scoop.it
Dylan Simon's insight:

Seattle isn't the only US city with major transit projects underway! Opportunities for commercial real estate will continue to parallel these efforts.

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Michelle Nipper's curator insight, January 19, 12:20 PM

Infrastructure is important in today's world.  What do you hope that the Portland Metro area will do?