Puget Sound Multifamily Future in Focus 2023 Q1

Leasing activity during Q4 of 2022 was in line with historical performance during the final three months of each year, when fewer renters tend to move. Multifamily investors were generally less concerned by headlines declaring economic volatility than investors in other commercial real estate assets. Thus far, Q1 2023 leasing volumes have seen a strong start.

Tech sector layoffs were a major theme in the news in Q4, a trend that has persisted into the new year. The Seattle metro market has weathered this headwind relatively well. Net of recent tech layoffs, its base of tech employees has grown from 133,000 in 2019 to almost 155,000. With respect to total employment, Seattle Metro has added 47,000 jobs since February 2020.