August 2024 Economic Update
Stay up to date with current and relevant CRE Economic Updates from SVN Research! 1. FED POISED TO PIVOT The FOMC is poised to cut interest rates in September for the first time in over two and a half years, evidenced by recent statements from Fed Chair Jerome...
July 2024 Economic Update
Stay up to date with current and relevant CRE Economic Updates from SVN Research! GDP According to the Bureau of Economic Analysis, the US economy expanded at an annualized rate of 2.8% in the second quarter, up from 1.4% in the first quarter and above the...
Multifamily Cap Rates in Spokane
Multifamily cap rates have been increasing locally and nationwide since Q1 of 2022. In Q4 of 2021, cap rates reached historic lows of 5.04% on average in Spokane and 4.86% on average in the US. Currently in Q3 of 2024, cap rates sit at a 6.16% average in Spokane and a...
State of Washington Rolling Out New Tax Incentives for Office to Housing Conversions
With office vacancies through the roof predominantly due to the abundance of the work from home movement, Washington State is hoping to turn underutilized office buildings into housing. In order to incentivize this for developers, the State of Washington is planning...
Multifamily Vacancy Rates Currently Peaking Locally and Nationwide
According to Globe St, permits for new construction multifamily properties have dropped nearly 30% Nationwide since the peak of the pandemic. This is due to a higher interest rates and higher supply of apartments that have recently been built. Several developers began...
Fastest Growing Counties in Washington State
As mentioned in the previous article, Washington State ranked #7 in the US for population growth in 2023. The total population of Washington State as of April 1, 2024 is 8,035,700. Below are the three important population trends with counties and cities in Washington...