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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Over 100,000 Apartment Units are Coming!

Over 100,000 Apartment Units are Coming! | Dylan Simon -- Colliers International | Scoop.it
Dylan Simon's insight:

Trends toward urbanization that began to take shape in the last decade look as though they will continue for some time. Developers plan to add more than 60,000 apartment units in urban neighborhoods in the next several years. Yet the story doesn’t end there, as another +40,000 apartments units are planned for otherwise suburban markets.

 

Understanding the potential impact of this new development before it happens is essential to predicting the trajectory of the region’s apartment investment markets, but first you must learn the what, where, and when of new apartment deliveries.

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2019 Legislative Session Standout: Real Estate Excise Tax Overhaul

2019 Legislative Session Standout: Real Estate Excise Tax Overhaul | Dylan Simon -- Colliers International | Scoop.it
Dylan Simon's insight:

The 2019 legislative session certainly was a busy one. 481 bills passed the state legislature, many with direct implications for the commercial real estate industry.

 

We see the real estate excise tax overhaul as the most urgent and actionable, as it changes Washington’s excise tax from a flat statewide rate to a progressive structure.

 

How will this impact you on January 1, 2020?

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PRESS RELEASE: The Hudson Apartments in Queen Anne Trades for $38.75 Million

PRESS RELEASE: The Hudson Apartments in Queen Anne Trades for $38.75 Million | Dylan Simon -- Colliers International | Scoop.it
Dylan Simon's insight:

Dylan Simon and Jerrid Anderson of Colliers’ Seattle Multifamily Team closed the sale of The Hudson Apartments in Seattle’s Queen Anne neighborhood on Thursday, April 11, 2019. The sales price of the building was $38,750,000 — representing a 4.3% capitalization rate.

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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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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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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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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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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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Multifamily Lending Expected to Hold Firm or Rise in '18

Multifamily Lending Expected to Hold Firm or Rise in '18 | Dylan Simon -- Colliers International | Scoop.it
Dylan Simon's insight:

Planning to buy? "74% of mortgage bankers expect to see no downturn in the multifamily lending space this year."

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Akerman Survey Finds Optimism About Real Estate Market Outlook

Akerman Survey Finds Optimism About Real Estate Market Outlook | Dylan Simon -- Colliers International | Scoop.it
Dylan Simon's insight:

37 percent of executives said their outlook for the real estate market this year is “marginally more optimistic” than it was last year, and 33 percent said they were “significantly more optimistic.”

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5 Markets We Love for 2025

5 Markets We Love for 2025 | Dylan Simon -- Colliers International | Scoop.it
Dylan Simon's insight:

It may seem like a distant future, but when your investment horizons are measured in 5-7 year hold periods, 2025 suddenly feels much closer.

 

If you haven’t checked your calendar recently, setting oneself up for success in the 2020s starts today.

 

To help you get started, we’ve analyzed five markets that are exciting prospects for the next market cycle.

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Is Burien the Next Ballard?

Is Burien the Next Ballard? | Dylan Simon -- Colliers International | Scoop.it

Now is the time to take note of where novel bakeries are popping up. And where the New York Times is recommending we eat. And where Millennials are flocking to buy homes. I promise, I haven’t lost my mind. Nor have I run out of interesting apartment-investment related content. This is how real estate soothsayers spot new, profitable investment markets.

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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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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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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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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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CMBS Delinquency Rate Drops for Seventh Consecutive Month According to Recent Trepp Report | MultifamilyBiz.com

CMBS Delinquency Rate Drops for Seventh Consecutive Month According to Recent Trepp Report | MultifamilyBiz.com | Dylan Simon -- Colliers International | Scoop.it
NEW YORK, NY - Trepp, a leading provider of information, analytics, and technology to the structured finance, commercial real estate, an
Dylan Simon's insight:

"Delinquency readings for three of the five major property types decreased last month. January’s largest drop belonged to the office sector as its rate plunged 56 basis points to 5.84%. The multifamily delinquency rate – already the lowest among major property sectors – fell another 28 basis points to 2.08% last month."

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