Real Estate Investment Market Report for Washington, Oregon, and Idaho: March 2021
How the Commercial Real Estate Lending Environment Might Differ in a Post-COVID-19 World
It goes without saying that the global toll of the COVID-19 pandemic has been substantial. Like many other industries, the real estate lending sector has also been impacted. However, the market is still functioning, and investors still have access to financing. But how that funding is accessed, as well as the terms and structures of loan packages, have changed slightly to reflect the new environment. In this article, we’ll explain what investors should be aware of and how construction lending can evolve as the nation recovers from the pandemic.
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Despite the upward tick in unemployment between November and December, the employment outlook for Seattle is positive with the vaccinated population increasing and people starting to return to the office. Experts predict that retail trade and leisure and hospitality will lead to job growth – as more people migrate to downtown Seattle and Bellevue. In terms of GDP, Seattle is expected to grow 3 percent annually between 2021 and 2024.
Market Activity
As of February 12th, 2021, Portland has begun to reopen gyms and restaurants with limited indoor capacity. Between December 2020 and January 2021, retail, hospitality, and private educational services created a combined net increase of 6,100 jobs throughout Oregon. Over one-third of continuing unemployment claims in the region were in the retail, hospitality, and food services industries. Higher-paying jobs such as those in the professional services and technology sectors continue to see low levels of unemployment.
Market Activity
The Boise housing market is hot and continues to be fueled by limited supply. In fact, buyers have been paying more than the asking price on many homes. In total, 11,728 homes were sold in Ada County in 2020 – a 5.2 percent increase over the previous year. Experts predict that Boise will soon be one of the top metro areas in the country in terms of year-over-year home price growth. Currently, the average month’s supply of available inventory is 0.4.
