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Seattle Suburban : Office Snapshot - Q2 2013

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Seattle : Office Snapshot - Q2 2013

Increasing employment drove the U.S. economy forward and produced a stronger office market as a result. The current U.S. unemployment rate of 7.6% resulted from an added average of approximately 170,000 jobs per month each month throughout 2013. The job market for the Seattle-Tacoma-Bellevue Metropolitan Statistical Area (MSA) continued to shine as the unemployment rate dramatic declined 1.9 percentage points (pps) during 2013 to the current rate of just 5.2%.

In another dramatic shift, the biggest problem in residentialreal estate seems to be a lack of supply, which has helpedlift median prices to $417,500 up over 15.0% from a year ago. King and Snohomish Counties were also able to absorbover 2,000 new apartment units while vacancy rates fell to4.4% from 4.8% even amid rising rents, according to Apartment Insights. 

Source : Cushman & Wakefield

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