Report | Intelligent Investment
Puget Sound Future in Focus Report
December 2023
December 14, 2023 60 Minute Read
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A large volume of new inventory hit the market in Q3 2023, slightly outpacing solid local demand. Net absorption reached the highest level seen since Q1 2022, at 4,378 units, a notable increase over 1,087 units in Q1 and 2,384 units in Q2. For context, Q3 net absorption was 1,274 units in San Francisco, 1,293 units in Los Angeles, 389 units in Chicago, and 565 units in Boston.
A return to solid fundamentals in 2025 as new deliveries sharply decline.