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Seattle Sales Activity Nosedives; MF, Office Take Biggest Hits
The latest CMA Sales Report from Commercial Brokers Association (CBA) shows sales activity in Seattle deteriorated quickly in Q2 2020. Transaction counts in April 2020 dropped 57.9% from 2019 to 2020 and dollar volume was down 76.8%. May showed the biggest drop in transactions year-to-date, as numbers were down 69.3% compared to May 2019.
CBA notes, May 2020 dollar volume received a slight boost from two key deals, Waterscape Juanita Village in Kirkland and Everett 4 Corners Plaza, but the decline was still 62.8%. June 2020 transactions fared better than April or May, showing a drop of 48.5% compared to June 2019. However, sales dollar volume experienced the biggest slide of the year, showing an 81.8% decline compared to June 2019.
Year-to-date, the multifamily sector experienced the biggest drop in sales volume at -80.2%, trailed by the office category at -78.1%. While comparatively less impacted were retail, which reported a -31.9% drop, land was down -30.4%, and industrial was off -41.2%.
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