An Economic & Commercial Real Estate Forecast
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1 WEDNESDAY, NOVEMBER 14, 2018 An Economic & Commercial Real Estate Forecast Presented by: Matthew Gardner CHIEF ECONOMIST WINDERMERE REAL ESTATE
2 So Where are We Headed?
3 The Global Economy Global Growth of 3.9% in 2019, But Expansion Becoming Uneven; Solid Growth Expected in the U.S. But I Expect Slowing in the Euro Zone (1.9%), Japan (1.0%) & the U.K. (1.5%); and Emerging Economies Suffering from Trade Tensions, Higher Oil Prices, & Market Pressure on Currencies.
4 In the U.S. We are in the Goldilocks Zone! U.S. Has Added Jobs for 97 Straight Months; Unemployment is Stable Around 4%; Stock Market Continues to Rise; and Wages Are (Finally) Picking Up!
5 The Economy Will Continue to Expand in 19 United States Gross Domestic Product (Quarterly Growth Rate) 6% 5% 4% 3% 2% 1% 0% I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 II 10 III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 II 12 III 12 IV12 I 13 II 13 III 13 IV13 I 14 II 14 III 14 IV 14 I 15 II 15 III 15 IV 15 I 16 II 16 III 16 IV 16 I 17 II 17 III 17 IV 17 I 18 II 18 III 18 IV 18 I 19 II 19 III 19 IV 19-1% -2% -3% -4% -5% -6% -7% -8% -9% Source: BLS w/ Windermere Economics Forecasts
6 But a Recession is Getting Closer 4.0 Spread Between 2 Year & 10-Year Treasuries Start of a Recession Percentage Point Spread Jun-76 Jun-77 Jun-78 Jun-79 Jun-80 Jun-81 Jun-82 Jun-83 Jun-84 Jun-85 Jun-86 Jun-87 Jun-88 Jun-89 Jun-90 Jun-91 Jun-92 Jun-93 Jun-94 Jun-95 Jun-96 Jun-97 Jun-98 Jun-99 Jun-00 Jun-01 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun Source: Federal Reserve Bank & Windermere Economics
7 Employment Growth Will Continue in ,000,000 Annual Payroll Change 3,000,000 2,000,000 1,000, ,000,000-2,000, (f) 2019 (f) -3,000,000-4,000,000-5,000,000-6,000,000 Source: BLS with Windermere Economics Forecasts
8 Job Openings Remain Plentiful 8,000 U.S. Job Openings 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 In 000's Source: BLS
9 Lots of Openings in the Western U.S. Too! 1,800 1,600 1,400 1,200 1, Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Job Openings - Western U.S. Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 In 000's Source: BLS
10 Measured of Unemployment Looking Good 20% 18% 16% Unemployment Rate (U6) Unemployment Rate (U3) 14% 12% 10% 8% 7.4% 6% 4% 2% 3.7% 0% Source: BLS Data through October 2018
11 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16 But Inflation is Starting to Trend Higher Core Consumer Price Index - Annual Change (SA) Source: BLS Data Through Sept. 2018
12 We Are Still Feeling Pretty Good! CONSUMER SENTIMENT CONSUMER CONFIDENCE Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Sources: Conference Board & University of Michigan
13 The Gardner Misery Index (Unemployment + Inflation) Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Source: Windermere Economics Analysis of BEA & BLS data
14 U.S. Income Growth Starting To Improve BUT 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% Source: BLS & Windermere Economics 2.8% May-07 Oct-07 Mar-08 Aug-08 Jan-09 Jun-09 Nov-09 Apr-10 Sep-10 Feb-11 Jul-11 Dec-11 May-12 Oct-12 Mar-13 Aug-13 Jan-14 Jun-14 Nov-14 Apr-15 Sep-15 Feb-16 Jul-16 Dec-16 May-17 Oct-17 Mar-18 Aug-18 Average Hourly Earnings (Y/Y % Change)
15 Real Income Growth is Not So Great. 3.0% 2.5% 2.0% 1.5% 1.0% 0.50% 0.5% Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Real Hourly Earnings (Y/Y % Change) Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul % -0.5% -1.0% -1.5% -2.0% -2.5% Source: BLS & Windermere Economics
16 Employment Growth Forecast (2019) 1.1% Washington 2.6% Oregon 1.9% Nevada California 1.6% 2.8% Idaho 2.2% Utah Montana 1.0% Wyoming 1.4% Colorado 2.8% 2.0% Arizona New Mexico 2.2% 1.4% North Dakota South Dakota Minnesota Wisconsin New York Michigan Iowa Pennsylvania Nebraska Ohio Illinois Indiana West Virginia Kansas Missouri Virginia Kentucky Tennessee North Carolina Oklahoma Arkansas South Carolina Alabama Georgia Mississippi Texas 2.5% Louisiana Florida Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut New Jersey Delaware Maryland Hawaii Source: Windermere Economics
17 2019 U.S. Economic Forecast No One Wins a Trade War!; A Split Congress Isn t a Bad Thing! 2.9% GDP in 2018 & 2.7% in 2019; Fed Has Some Big Decisions Going Forward; 1.4% Job Growth in 2019; Unemployment Rate Averages 3.7% Next Year; and We Will Start to See Real Wage Growth Improve.
18 The Seattle Metro Area Economy
19 Top U.S. Cities for Real Estate Investment Source: AFIRE
20 Top Global Cities for Real Estate Investment Source: AFIRE
21 Comparative Employment (y/y) Seattle 4.0% Phoenix San Jose Las Vegas 3.5% 3.7% 3.7% Tacoma Boise Salt Lake City Denver 3.1% 3.1% 3.0% 2.8% Portland San Francisco San Diego 2.1% 2.0% 2.2% Los Angeles 1.2% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% Source: BLS Sept to Sept. 2018
22 Employment Growth Seattle Metro Area 80,000 60,000 40,000 20, ,000-40,000-60,000-80, ,000 Source: WA ESD w/ Windermere Economics Forecasts
23 Sectoral Growth Seattle MSA Professional & Business Services Trade Education & Health Services Information Financial Activities Local Government Construction Other Manufacturing Aerospace Other Services TWU 1/ Federal -600 Government -1,200 Leisure & Hospitality -2,500State Government 300 4,000 2,900 2,800 2,800 2, ,300 9,000 12,300 14,000-4,000-2, ,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 1/ Transportation, Warehousing & Utilities Sept Sept. 2018
24 Job Growth Remains Uneven (Jan. 15 Sept. 18) 40, % 30% 35,000 25% Jobs Added 30,000 25,000 20,000 15,000 10,000 5, % 4.5% 10.0% 8.0% 7.8% 4.8% 9.8% 19.7% 13.8% 14.6% 21.0% 20% 15% 10% 5% 0% Percentage Change 0-5,000-5% -10,000-15, % -10% -15% Source: WA ESD 1/ Transportation, Warehousing & Utilities
25 12% 11% 10% 9% 8% 7% 6% 5% 4% 3% 2% Jan-05 Jun-05 Nov-05 Apr-06 Sep-06 Feb-07 Jul-07 Dec-07 May-08 Oct-08 Mar-09 Aug-09 Jan-10 Jun-10 Nov-10 Apr-11 Sep-11 Feb-12 Jul-12 Dec-12 May-13 Oct-13 Mar-14 Aug-14 Jan-15 Jun-15 Apr-16 Sep-16 Feb-17 Jul-17 Dec-17 May-18 Nov-15 Relative Unemployment Rates Unemployment Rates (SA) U.S. WA State Seattle MSA Tacoma MSA Source: WA ESD Data thru Sept. 2018
26 12% 11% 10% 9% 8% 7% 6% 5% 4% 3% 2% 3.6% 3.3% Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 May-15 Jan-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Seasonally Adjusted Unemployment Rates County Unemployment Rates (SA) King County Snohomish County Source: WA ESD w/ Windermere Economics Seasonal Adjustments
27 Migration Patterns Seattle MSA 60,000 50,000 40,000 30,000 20,000 10, , Births Deaths Net Growth Residual Source: Windermere Economics, WA OFM & WA OFD
28 Housing is Pushing People Out Residual Migration Patterns 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5, ,000 King County Snohomish County Source: Windermere Economics, WA OFM
29
30 Industry Diversification SEATTLE EMPLOYERS EASTSIDE EMPLOYERS OTHER PUGET SOUND EMPLOYERS TACOMA EMPLOYERS
31 How Important is Technology to Seattle?
32 & Here s Why! (2017 Avg. Tech Worker Salary) Seattle $132K Bay Area $142K Los Angeles $129K San Diego $108K Denver $112K Chicago $112K Toronto $92K New York $129K D.C. $116K Boston $117K Austin $118K
33 & When You Adjust it for SF Cost of Living. Seattle +$50K Bay Area $142K Los Angeles +$53K San Diego +$58K Denver +$65K Chicago +$61K Toronto +$34K New York +$7K D.C. +$32K Boston +$33K Austin +$84K
34 Regional Economic Forecast for 2019 Total Employment in the Seattle MSA Rises by 2.6% in 2019; Continued Corporate Growth (Tech as an Economic Driver); Income Growth Will Continue to Head Higher (± 4.5%); and The Economy Will Outperform the U.S. Next Year; but City Councils Needs to Be Very Careful With Policy Decisions.
35 The Seattle Metro Commercial Markets
36 The Greater Seattle Commercial Markets
37 The Office Market
38 Absorption of Office Space Seattle/Tacoma MSA 5,000,000 4,000,000 3,000,000 2,000,000 1,000, ,000, (f) 2019 (f) -2,000,000-3,000,000 Source: CBRE w/windermere Economics Forecasts
39 The Amazon Effect 1,000, ,000 Amazon.com Growth in Investor-Owned Buildings Net Absorption from all Other Downtown Seattle Tenants 600, , ,000 0 (200,000) (400,000) Source: CBRE w/windermere Economics
40 Sub-Market Absorption of Class A Space 2,500,000 2,000,000 1,911,038 2,365,168 Q4 '16 - Q3 '17 1,500,000 1,000, , ,000 Source: CBRE Downtown Seattle 734, , , , , ,111-2,168 2,281 50,144 Eastside Seattle Close In Southend Northend Pierce County -175,526
41 Vacancy Rates Seattle/Tacoma MSA 22% 20% 18% 16% 14% 12% 10.08% 10% 8% 9.33% 6% Source: CBRE & Windermere Economics Direct Total
42 Availability in New Buildings Seattle/Tacoma MSA 5,000,000 4,500,000 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000, , Q Source: CBRE & Windermere Economics Data taken at year end
43 Average Class A Rental Rates Seattle/Tacoma MSA $42 $41 $40 $39 $38 $37 $36 $35 $34 $33 $32 $31 $30 $29 $28 $27 $26 $25 $ $38.44 Class A Direct Rent (FSG) Class A Total Rent (FSG) Source: CBRE & Windermere Economics
44 Average Rental Rates - All Seattle/Tacoma MSA $40 $39 $38 $37 $36 $35 $34 $33 $32 $31 $30 $29 $28 $27 $26 $25 $24 $23 $22 $35.10 $ All Classes Direct Rent (FSG) All Classes Total Rent (FSG) Source: CBRE & Windermere Economics
45 New Office Deliveries Seattle/Tacoma MSA 5,000,000 4,500,000 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000, , ytd Source: CBRE & Windermere Economics
46 Construction Activity Seattle/Tacoma MSA 8,000,000 7,000,000 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 0 Source: CBRE & Windermere Economics
47 Sub-Market Reconnaissance Sub Market Downtown Seattle Close-In Seattle YTD Absorption 2,040, ,267 Eastside 792,371 Northend 230 Southend -39,539 Pierce County -36,842 Direct Vacancy Rate (Total) 7.53% (8.1%) 4.95% (5.65%) 8.36% (9.58%) 10.73% (11.46%) 21.85% (22.18%) 8.54% (9.21%) U/C Planned Available Class A Rent 4,044,799 7,380,686 5,209,491 $ , , ,577 $ ,372 6,971,252 3,208,794 $ , ,670 $ ,078 47,800 2,679,365 $ , ,141 $25.00 Source: CBRE & Windermere Economics
48 Expectations Economic Fundamentals Will Continue to Drive Demand; Urban Space Continues To Outperform; Amazon.com Still Skewing Downtown Absorption; Don t Underestimate Co-Working Space; and With 5.8M SqFt Under Construction & 15.5M SqFt Planned, Development Activity is Unlikely to Slow in 19.
49 The Industrial Market
50 Industrial Market Tri-County Area Absorption 8,000,000 6,000,000 4,000,000 2,000, ,000, (f) 2019 (f) -4,000,000-6,000,000 Source: CBRE & Windermere Economics
51 Sub-Market Absorption of Industrial Space 3,500,000 3,000,000 3,147,990 2,500,000 2,000,000 1,500,000 1,000, ,000 0 (500,000) 1,229,422 1,094, , , , ,957 Close In Seattle Kent Valley Eastside Snohomish (351,776) (313,023) County 1,607,888 Pierce County (1,000,000) Source: CBRE & Windermere Economics Q4-'16 to Q3-'17 Q4-'17 to Q3-'18
52 Vacancy (Availability) Rates 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q Seattle Close-In Kent Valley Tacoma/Fife Eastside Snohomish Co. Source: CBRE & Windermere Economics
53 Total Available Space Seattle/Tacoma MSA 35,000,000 30,000,000 25,000,000 20,000,000 15,000,000 10,000,000 5,000,000 0 Source: CBRE & Windermere Economics
54 Direct Lease Rates Seattle/Tacoma MSA $0.75 $0.70 $0.65 $0.60 $0.55 $0.50 $0.45 $0.40 $0.35 $0.30 Source: CBRE & Windermere Economics
55 Sub-Market Reconnaissance Sub Market Puget Sound Close-In Seattle YTD Absorption 3,658, ,791 Eastside 72,992 Kent Valley 1,867,082 Snohomish Co. 597,453 Pierce Co. 1,508,373 Direct Vacancy Rate (Total) 3.7% (4.1%) 2.1% (2.2%) 5.4% (6.1%) 4.1% (4.5%) 3.7% (3.9%) 3.8% (4.1%) U/C Planned Available Direct Lease Rate 5,009,618 22,776,596 15,085,148 $ ,024 2,020,500 2,349,777 $ ,750 1,593,860 1,882,447 $1.06 1,887,495 6,443,018 7,621,444 $ ,363 3,393, ,151 $0.76 1,860,986 9,325,803 2,434,329 $0.52 Source: CBRE & Windermere Economics
56 Expectations Vacancy (4.1%) Hovering Around the Lowest Level Seen Since the Late 1990 s; SeaPort Alliance & On-Line Retail Driving Demand; Growth Continues to be Driven by Growing Need from 3PL s & Consumer Goods; and Significant Demand from Transportation & Storage Tenants Responding to Employment/Population Growth.
57 The Income Property Market
58 U.S. Highlights Influx of Supply with Around 300,000 New Units Coming On-Line in 2018; New Supply Has Led Vacancy Rates to Rise to 4.8% - Their Highest Level Since 2012); but Even with Vacancy Rate Increases, Rent Growth is Running at 4.1%
59 Nearly 1/3 of Millennials in U.S. Still Living at Home 74,000 72,000 (In 000's) 70,000 68,000 66,000 64,000 62, Source: Windermere Economics & the Census Bureau
60 Renter Households Staring to Contract 37.0% 36.5% 36.0% 35.5% 35.0% 35.7% 34.5% 34.0% 33.5% 33.0% 32.5% 32.0% 31.5% 31.0% 30.5% 30.0% Source: Windermere Economics & Census Bureau 4 Quarter Moving Average
61 Rental Households by Age of HoH 70% 60% 50% 40% 30% 20% 10% Source: Windermere Economics & Census Bureau 63.2% 40.5% 30.3% 24.4% 21.4% I 00 III 00 I 01 III 01 I 02 III 02 I 03 III 03 I 04 III 04 I 05 III 05 I 06 III 06 I 07 III 07 I 08 III 08 I 09 III 09 I 10 III 10 I 11 III 11 I 12 III 12 I 13 III 13 I 14 III 14 I 15 III 15 I 16 III 16 I 17 III 17 I 18 III 18 Under 35 years 35 to 44 years 45 to 54 years 55 to 64 years 65 years and over
62 Younger Home Buyers Are On the Come Back! 46% 44% 42% 40% 38% 36.8% 36% 34% 32% 30% I 00 III 00 I 01 III 01 I 02 III 02 I 03 III 03 I 04 III 04 I 05 III 05 I 06 III 06 I 07 III 07 I 08 III 08 I 09 III 09 I 10 III 10 I 11 III 11 I 12 III 12 I 13 III 13 I 14 III 14 I 15 III 15 I 16 III 16 Homeownership by Age of Householder I 17 III 17 I 18 III 18 Source: Census & Windermere Economics Thru Q Under 35 years
63 # of Seattle Renter Households Contracting 44% 42% 40% 38% 36% 34% 32% 30% Source: Census Bureau
64 As Seattle Owner Households Rises 66% 64% 62% 60% 58% 56% 54% 52% 50% Source: Census Bureau
65 Market Data Source: Colliers
66 Sub-Market Projected Deliveries Sub-Market New Units Sub-Market New Units Capitol Hill 3,329 Pioneer Square 1,461 University District 5,869 Belltown 5,208 W. Seattle 2,213 Ballard 1,049 W. Bellevue 5,437 Queen Anne 4,448 Greenlake/ Wallingford 2,142 Eastlake 384 SLU 9,731 First Hill 7,443 Downtown 10,502 Central District 7,477 Source: Colliers & Windermere Economics
67 Musings Transactional Velocities Will Continue to Taper; Significantly Less Interest in Urban Markets w/greater Focus on Ex-Urban Areas; An Anticipated Slowdown in the Economy Will Drive Apartment Developers toward Safer Product & Locations; Rental Rate Growth Likely to Continue to Soften as New Product Competes for Tenants; but 2019 Should Still be another Solid Year, but with Far Less Froth
68 Any Questions? Twitter: LinkedIn: SeattleEcon Matthew Gardner Facebook: MJDGardner & Windermere Economics Instagram: matthewgardnerecon
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