Q2 2020 Puget Sound Office Market Report

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OfficeReport

Puget Sound investment sales took a hit from two fronts during Q2. First and most importantly, uncertainty created by the COVID-19 pandemic halted nearly all institutional investment activity. Likely, there will be more investment activity in the coming quarters as companies look to rebalance their portfolios. Key to this shift will be underwriting requirements and the perceived stability of the Puget Sound market. Second, the historic volume of activity in Q4 2019 on the eve of the real estate excise tax in Seattle could mean that institutional appetite for assets in the region has been momentarily met. As activity inevitably increases over the next 12 – 18 months, the Puget Sound will outperform other west coast markets, given incredibly tight supply, particularly on the Eastside, and tech-driven demand for space.


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Q2 2020 Puget Sound Office Market Report

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Jacob Pavlik

Research Manager

Portland

Jacob Pavlik joins the Colliers team after working in the Economic Development and Planning departments for the cities of Hillsboro, Oregon and Alexandria, Virginia, respectively.  At Colliers, he leads a team of researchers to  collect, analyze, and synthesize market data for Puget Sound and Portland. He loves the challenge of taking complex data and making it easily digestible for a wide audience. He publishes three quarterly reports in each market: Office, Industrial, and Multifamily, in addition to two skyline reviews and 10 statistical packages for submarket clusters in Puget Sound and two skyline reviews in Portland. He assists brokers with research specific to their client's needs, including geovisualizatoin and micromarket analysis.

His authentic passion for commercial real estate is seen most clearly when Jacob explores his local urban ecosystem and travels to new cities around the world to see how they function and relate to each other. He likes to see the built environment adapt to the changing needs, desires, and behaviors of the people who populate it. These functions fit perfectly into Jacob's role as Research Manager, telling the story of how commercial real estate in Puget Sound and Portland evolve over time.

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