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Tee Time

The Emerald City is the top U.S. real estate market (commercial and multi-unit housing investment) to watch next year, as decided by the Urban Land Institute and reported in the Seattle Times. Well, it's not the rosiest picture for Seattle. Via the paper: "[The report] says the local market is weaker now than a year ago — just not as weak as all the other markets. Next year shapes up as the worst for commercial real estate nationally since 1991-1992, the report says." But even with Washington Mutual and Starbucks (both HQ'd in Seattle) hitting the skids, Seattle hasn't overbuilt office space and housing, and their market remains a strong "buy" for apartments. LA makes the top 5, behind SF, DC, and NYC. More via the paper: "The commercial real-estate picture is so bleak nationally that "developers might as well head to the golf course or the mountains,' said Stephen Blank, a senior resident fellow with the Urban Land Institute." [Seattle Times]