Poll Results: As Tenants Struggle, Property Owners Reach Out in Support 
"We will do what it takes for the tenants to survive. Their success is our success."

SEATTLE - On April 16 and 17, NAIOPWA circulated our first “flash poll” to the region’s commercial real estate community, including members and the community at large. Over two days, 54 professionals representing property owners and developers responded to the survey, providing 119 total responses across seven asset types: office, industrial, retail, multifamily, hospitality, mixed-use, and healthcare. 

Poll results represent a snapshot of the current state of the industry, which relies on a diverse business environment that abruptly narrowed in early March. As we might expect, rent/lease payments were down in April and are expected to drop further next month. But regional CRE owners and property managers are clearly united in creative and proactive solutions to keep tenants in their properties.

Beginning April 3, small businesses (fewer than 500 employees) are eligible for forgivable SBA loans under a provision in the CARES Act passed by Congress and signed into law to address the growing COVID-19 crisis. Primarily intended for businesses to retain employees during the crisis, certain provisions in the program would allow for borrowers to use some of the funds to cover monthly expenses like mortgage interest, rent, and utilities to help stay afloat. NAIOP has compiled a list of resources to help small businesses and other stakeholders navigate the program. 

Most of us know the ports in Washington as little industries within themselves, responsible for Washington’s link to international trade around the globe and the distribution infrastructure of our region. Ports also manage airports and public marinas, and support additional recreational opportunities via parks and open spaces. 

The predictions for the year ahead at the annual Broker Forecast were as sunny as the morning itself. The words butterflies and pots of gold, and phrases like riding the top of the wave, were used amid the rising lines of the charts and statistics shared as the three key real estate professionals talked about the aspects driving tenant decisions today and for the year ahead, as well as trends driving the industrial market.

I didn’t think I was surrounded by hockey fans, but I couldn’t have been more wrong.

Night of the Stars 2018 Winners Include The Spheres, Sanctuary Seattle, Arbora Court and the BLOCK Project

Ada M. Healey inducted to the NAIOP Washington State Hall of Fame inductee in recognition of her contributions to the built environment of Seattle and the Puget Sound 

People’s Choice Award goes to Maritime Building Seismic Upgrade and Renovation

New Programming Committee Chair Chris Beza introduced the September panel about the quickly transforming University District. The new Link light rail station, neighborhood upzone, and UW Master Plan are key factors influencing the area, each of which is a substantial change. Together, they add up to some remarkable changes that will continue to shape the ever-changing University District. It was an insightful morning and the only thing that could have made it better would have been a cameo of one or two of the iconic musicians that have sung about The Ave over the years (maybe an idea for next year, programs committee?!).

Our June Breakfast Meeting, It’s All About the Experience, explored the design drivers for residential, retail and commercial. The breakfast was sponsored by Juniper Capital, Rushing and Graphite Design. We sincerely thank them for their support.

President Kristin Jensen related information about a NAIOP Washington State PAC fundraiser on June 28. She also spoke about the real estate excise tax potential increase. We had a new member update and heard about the Property Tour that will take place in Bellevue on July 20.

Report: Commercial Real Estate in Washington State Supported 43,130 Jobs and $6.3 Billion of GDP in 2016

SEATTLE – In late February, the NAIOP Research Foundation released the NAIOP Economic Impacts of Commercial Real Estate report (2017 Edition). The report is conducted for purposes of estimating the annual economic contribution of commercial real estate development to the U.S. economy. 

National highlights from the 2017 report include:

• Commercial real estate development supported 6.3* million American jobs in 2016 (a measure of both new and existing jobs).
• Commercial real estate development contributed $465 billion to the GDP* in 2016.
• There were 410.1 million square feet of commercial real estate space built in 2016, with capacity to house 1.1 million new workers.

Locally, 2016 economic impacts in Washington State included: 

We all know that Seattle is booming. In our November breakfast we heard about three neighborhoods that are contributing to that boom—in fact, they’re thriving!

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