Dylan Simon -- Kidder Mathews
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Amazon’s migration to Bellevue kicks into overdrive with big new office lease –

Amazon’s migration to Bellevue kicks into overdrive with big new office lease – | Dylan Simon -- Kidder Mathews | Scoop.it
Amazon leased a pair of office towers in Bellevue, Wash., just a week after buying a huge development site in the city that is rapidly becoming the epicenter of its future growth. Developer Trammell Crow Co. said Amazon leased its 715,000-square-foot project called Binary Towers at 1001 106th Ave.
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Developer Trammell Crow Co. said Amazon leased its 715,000-square-foot project in downtown Bellevue. Construction on the project is slated to begin this summer, with the building opening in 2022. The new lease comes just a few days after Amazon paid $195 million for a prime development site just a few blocks away.

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Dylan Simon -- Kidder Mathews
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 $1M 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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Architect report shows trade war hitting commercial real estate, as architectural billings continue to serve as a leading indicator of industry activity

Architect report shows trade war hitting commercial real estate, as architectural billings continue to serve as a leading indicator of industry activity | Dylan Simon -- Kidder Mathews | Scoop.it
“A growing number of architecture firms are reporting that the ongoing volatility in the trade situation, the stock market, and interest rates are causing some of their clients to proceed more cautiously on current projects,” the group’s chief economist says.
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SEATTLE APARTMENT DEVELOPMENT: Mill Creek Announces Groundbreaking of Modera Broadway in Seattle ::  228 apartment homes in two buildings – including 10 live/work homes  and 9,125 square feet of re...

SEATTLE APARTMENT DEVELOPMENT: Mill Creek Announces Groundbreaking of Modera Broadway in Seattle ::  228 apartment homes in two buildings – including 10 live/work homes  and 9,125 square feet of re... | Dylan Simon -- Kidder Mathews | Scoop.it
Modera Broadway, under construction along Broadway at East Howell Street, will feature 228 apartment homes in two buildings – including 10 live/work homes – and 9,125 square feet of retail space
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Want to know why Seattle is an a 20-year economic bull-run?  Data is the new oil ...

Want to know why Seattle is an a 20-year economic bull-run?  Data is the new oil ... | Dylan Simon -- Kidder Mathews | Scoop.it
Seattle stands out as an AI hotspot, largely due to a talent pool of engineers cultivated by the likes of Microsoft and Amazon as well as research institutions such as the University of Washington and the Allen Institute for Artificial Intelligence. And we’re not just talking about computer science and engineering majors. 
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APARTMENT RENT & OCCUPANCY TRENDS: Apartment Occupancy Rate Hits a New High This Cycle

APARTMENT RENT & OCCUPANCY TRENDS: Apartment Occupancy Rate Hits a New High This Cycle | Dylan Simon -- Kidder Mathews | Scoop.it
The average apartment occupancy rate in the U.S. rose to 96.2 percent in July, up 40 basis points from the year before, according to RealPage. That’s the highest the occupancy rate has been since 2000.

Average rents are also growing faster than inflation. “Annual rent growth for new resident leases is solid at 3.1 percent,” says Willett. But the high demand could be pushing rents higher more quickly, he notes. “Price growth isn’t pushing upward the same way that occupancy is.”
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BELLEVUE MIXED-USE DEVELOPMENT: Plans emerge for massive 4.1M square foot development :: Cloudvue includes about 1.7M of offices, 515 “high income” residential units & 40k square feet of retail, re...

Cloudvue would be even larger than Elev8, with about 4.1 million square feet (up from 3 million square feet).

The plan includes about 1.7 million square feet of offices. About 515 “high income” residential units are planned, but whether condos or rentals isn't specified. About 40,000 square feet would be for retail, restaurants and public space.
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APARTMENT TECH NEWS: Older apartments need tech too -- how older apartment retrofits help compete in a tech-centric world of renters!

APARTMENT TECH NEWS: Older apartments need tech too -- how older apartment retrofits help compete in a tech-centric world of renters! | Dylan Simon -- Kidder Mathews | Scoop.it
“We’re in the middle of an amenity war, and brand-new properties hold the high ground,” says Sanders, who operates 1,749 apartment units across 11 communities, which are 40 years old on average. “Technology is one area where we can get the upper hand because it’s relatively easy to retrofit units with smart home systems.”

By installing features like smart locks, thermostats, lights, and door and window sensors in those existing units, Sanders has been able to gain her own ground in that amenity war, in the name of higher rents—a bump of 4%, on average, for those units.
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Real Estate Roundtable Survey: Q3 Sentiment Balanced & Stable

Commercial real estate industry leaders continue to see balanced and stable economic market conditions, according to The Real Estate Roundtable’s 2019 Q3 Sentiment Index. The latest survey registered a score of 50, a one-point decrease from the previous quarter. Both the Current-Conditions Index of 53 and Future-Conditions Index of 48 for this quarter remained the same from the previous quarter, reflecting the stabilized real estate market conditions and the overall economy.
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Real Estate Roundtable Survey: Q3 Sentiment Balanced & Stable

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SEATTLE LAND SALE:  Unico sells SLU development site into new venture for $28M, which equates to $1,918 per land square foot -- showing a trend of land inching towards the $2,000 square foot mark!

The north end of the former Pemco headquarters block, at 330 Yale Ave N. in the Eastlake/South Lake Union neighborhood, has sold for $28.3 million, according to King County records.
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SEATTLE LAND SALE:  Unico sells SLU development site into new venture for $28M, which equates to $1,918 per land square foot -- showing a trend of land inching towards the $2,000 square foot mark!

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APARTMENT DEVELOPMENT TECH: Modular May Not Be New, But Its Paybacks

APARTMENT DEVELOPMENT TECH: Modular May Not Be New, But Its Paybacks | Dylan Simon -- Kidder Mathews | Scoop.it

McKinsey & Company released a report in June that shows that modular construction can speed construction by as much as 50%. The research says that in some cases it could also cut costs by up to 20%. It projects that modular construction could claim $130 billion of the market in US and Europe by 2030 and fill a $1.6 trillion productivity gap.

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APARTMENT DEVELOPMENT TECH: Modular May Not Be New, But Its Paybacks

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In IPO filing, WeWork claims it can thrive in a recession as troubling indicator tanks stock market – funneling investment dollars into office space is a "new" recessionary tactic, to say the least

In IPO filing, WeWork claims it can thrive in a recession as troubling indicator tanks stock market – funneling investment dollars into office space is a "new" recessionary tactic, to say the least | Dylan Simon -- Kidder Mathews | Scoop.it
“Not only do we believe our business model mitigates the pressures of an economic recession, we also believe that our model could position us well in a downturn,” according to the filing. “An economic downturn may provide us an opportunity to further scale our platform at more attractive unit economics.
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In IPO filing, WeWork claims it can thrive in a recession as troubling indicator tanks stock market – funneling investment dollars into office space is a "new" recessionary tactic, to say the least

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RECESSION WATCH: What is an ‘inverted yield curve’ and why does it matter? -- Fear in the bond/equity markets good for the CRE markets

RECESSION WATCH: What is an ‘inverted yield curve’ and why does it matter? -- Fear in the bond/equity markets good for the CRE markets | Dylan Simon -- Kidder Mathews | Scoop.it
Investors are spooked by a scenario known as the “inverted yield curve,” which occurs when the interest rates on short-term bonds are higher than the interest rates paid by long-term bonds. What it means is that people are so worried about the near-term future that they are piling into safer long-term investments.
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RECESSION WATCH: What is an ‘inverted yield curve’ and why does it matter? -- Fear in the bond/equity markets good for the CRE markets

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WHERE TO INVEST IN MULTIFAMILY: The Strength Of Workforce Housing As An Investment Class

WHERE TO INVEST IN MULTIFAMILY: The Strength Of Workforce Housing As An Investment Class | Dylan Simon -- Kidder Mathews | Scoop.it
Essentially, workforce housing often appeals to those residents who earn too much income to qualify for subsidized affordable housing accommodations, but not nearly enough to satisfy the necessary income thresholds to purchase a home or rent the luxury apartments that have proliferated in recent years — a segment of the population that is only growing.
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WHERE TO INVEST IN MULTIFAMILY: The Strength Of Workforce Housing As An Investment Class

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PUGET SOUND OFFICE RENT GROWTH: Downtown Seattle Office Rent Growth Now Competing With Eastside Markets -- Bellevue CBD office rent growth bests Seattle

PUGET SOUND OFFICE RENT GROWTH: Downtown Seattle Office Rent Growth Now Competing With Eastside Markets -- Bellevue CBD office rent growth bests Seattle | Dylan Simon -- Kidder Mathews | Scoop.it
Market Stat: Near Term for the Neighborhood Is Still Rocky Though
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Yield Curve Inversion Might Be Good for CRE Industry as investors look to more certain levels of return

Yield Curve Inversion Might Be Good for CRE Industry as investors look to more certain levels of return | Dylan Simon -- Kidder Mathews | Scoop.it
“The gap between the yields available on bonds and the yields available on real estate [is] very wide and very attractive,” he notes. “Investors that want to preserve their portfolio returns will probably switch out of bonds and into real estate because of the differential that’s opened up between the forward-looking returns on bonds and the forward-looking returns on real estate.”
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5 Years of Insights

5 Years of Insights | Dylan Simon -- Kidder Mathews | Scoop.it
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2019 marks an exciting milestone for me – five years of blogging about commercial real estate!

 

While I’m always ready to weigh in on the latest real estate trends and predictions, ultimately, I continue to write this blog to provide granular market insights to better help readers grow their real estate businesses and success.

 

For today’s post, in honor of this five-year milestone, I revisit my top five most read blog posts and analyze which predictions rang true, what we got wrong, and even my biggest blog flop.

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SEATTLE APARTMENT DEVELOPMENT: Lincoln Property Company unveils design for 53-story Seattle tower with 568 residential units &104 parking spaces on five underground levels

The planned 53-story tower would have 568 units and 104 parking spaces on five underground levels.
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EASTERN WA APARTMENT SALE: Washington Square 2 Apartments in Richland Sells for $12M -- 5.6% cap rate., equating to $136k per unit and $134 per square foot

EASTERN WA APARTMENT SALE: Washington Square 2 Apartments in Richland Sells for $12M -- 5.6% cap rate., equating to $136k per unit and $134 per square foot | Dylan Simon -- Kidder Mathews | Scoop.it
The property sold for $11,960,000 at a 5.63% cap rate. This translates to $135,909 per unit and $134 per square foot.
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APARTMENT DEVELOPMENT TRENDS: Developers in Major US Cities Bet on Surge in Co-living Apartment Demand

APARTMENT DEVELOPMENT TRENDS: Developers in Major US Cities Bet on Surge in Co-living Apartment Demand | Dylan Simon -- Kidder Mathews | Scoop.it

Coliving, similar to a college dorm suite with common areas, is taking off as more renters warm to the concept as a way to combat pricey rents in Miami and other major U.S. cities. The amount of U.S. coliving beds is expected to more than triple from 3,700 to 13,000 over the next few years, according to Cushman & Wakefield. There are currently 9,300 coliving beds under construction in the U.S. as growth in apartment rents outpace wage increases.Click here to edit the content

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REDMOND APARTMENT DEVELOPMENT: 88-unit apartment building planned in downtown Redmond -- site sold for nearly $100k/unit and $330 land square foot

Total project size, including the parking, is around 145,000 square feet. The 80 parking stalls will be both underground and structured. A retail/commercial bay with about 1,000 square feet will go on the building's south prow, toward Leary Way.
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How the Recession of 2020 Could Happen: Whether you believe so or not -- its good to know the arguments!

How the Recession of 2020 Could Happen: Whether you believe so or not -- its good to know the arguments! | Dylan Simon -- Kidder Mathews | Scoop.it
The freeze-up in business confidence, caused in part by the trade war, could wind up affecting consumer confidence.
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APARTMENT MARKET RESEARCH: Multifamily Midyear Reports Show Good News & Bad News in the multifamily sector

APARTMENT MARKET RESEARCH: Multifamily Midyear Reports Show Good News & Bad News in the multifamily sector | Dylan Simon -- Kidder Mathews | Scoop.it
While the overall rental business is strong, Real Capital Analytics is reporting that the buying and selling of apartment communities was off in May and trending flat for the year. Transaction volume for the month was measured at $11.9 billion, which is a drop of 22% in volume as compared with last year. Real Capital Analytics drills down into building types to reach other conclusions about what’s moving and what’s not.
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APARTMENT MARKET RESEARCH: Multifamily Midyear Reports Show Good News & Bad News in the multifamily sector

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SEATTLE MIXED-USE DEVELOPMENT: Vibrant Cities’ Multi-Mixed-Use Project Serves as Basis for “Pivoting” Design -- including office, apartments & retail

SEATTLE MIXED-USE DEVELOPMENT: Vibrant Cities’ Multi-Mixed-Use Project Serves as Basis for “Pivoting” Design -- including office, apartments & retail | Dylan Simon -- Kidder Mathews | Scoop.it

Pivot is truly mixed use; when complete, the project will include 71 apartment units, 4,500 square feet of retail, including three restaurant and retail spaces, one level of underground parking and 11,000 square feet of office space. Delivery is expected for the fourth quarter of 2020

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SEATTLE MIXED-USE DEVELOPMENT: Vibrant Cities’ Multi-Mixed-Use Project Serves as Basis for “Pivoting” Design -- including office, apartments & retail

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SEATTLE SEDU DEVELOPMENT: 108-Unit SEDU Residential Development in Seattle’s First Hill Neighborhood -- learn move about SEDUs at dylansimon.com

SEATTLE SEDU DEVELOPMENT: 108-Unit SEDU Residential Development in Seattle’s First Hill Neighborhood -- learn move about SEDUs at dylansimon.com | Dylan Simon -- Kidder Mathews | Scoop.it

Seattle has led in the amount of micro-housing developed since 2009. As of the third quarter of last year, Seattle had a total of 6,297 SEDUs, most of which range from between 240 to 320 square feet, according to the report by Jerrid Anderson of Kidder Mathews

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SEATTLE SEDU DEVELOPMENT: 108-Unit SEDU Residential Development in Seattle’s First Hill Neighborhood -- learn move about SEDUs at dylansimon.com

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CLASS A OFFICE DYNAMICS: Office Vacancy Reaches Lowest Level in 18 years in Second Quarter -- occupancy greatest in technology markets

CLASS A OFFICE DYNAMICS: Office Vacancy Reaches Lowest Level in 18 years in Second Quarter -- occupancy greatest in technology markets | Dylan Simon -- Kidder Mathews | Scoop.it
Meanwhile, technology firms continue to be the single biggest occupancy driver, representing 22 percent of all leasing activity in the second quarter, he notes. “As much as growth is broad, there is noticeably unusual growth in a few tech markets,” Anderson adds, citing as examples Seattle, the San Francisco Bay Area and Austin, Texas, which are among top 10 metros for highest office space absorption. “These cities are always ahead of the pack, but this cycle they’re very far ahead.”
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CLASS A OFFICE DYNAMICS: Office Vacancy Reaches Lowest Level in 18 years in Second Quarter -- occupancy greatest in technology markets

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Smart Tech Pays Off for Multifamily Operators -- Residents will pay more for digital amenities -- tech is not just for luxury rental anymore

Smart Tech Pays Off for Multifamily Operators -- Residents will pay more for digital amenities -- tech is not just for luxury rental anymore | Dylan Simon -- Kidder Mathews | Scoop.it

“We are pivoting away from bulk deals on technology services in order to offer more variety. Today, the technology changes so rapidly, the bulk deals can result in obsolete technology in multiple buildings.”

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Smart Tech Pays Off for Multifamily Operators -- Residents will pay more for digital amenities -- tech is not just for luxury rental anymore

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