RCG 17 Guide to Markets FINAL[1]

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SECTION 2 | METRO FORECAST SUMMARIES Metro: Seattle Benchmark: Red 49 Payroll Job Summary Total Payrolls (4Q17) 1,710,833 4Q17 Year-on-Year Change 41,400 / 2.48% RCR 2018 Forecast 49,800 / 2.91% RCR 2019 Forecast 35,500 / 2.02% RCR 2020 Forecast 26,400 / 1.47% RCR 2021 Forecast 26,700 / 1.46% Payroll Job Summary Total Payrolls (4Q17) 75,856,600 4Q17 Year-on-Year Change 1,287,000 / 1.73% RCR 2018 Forecast 1,587,500 / 2.09% RCR 2019 Forecast 1,128,900 / 1.46% RCR 2020 Forecast 916,200 / 1.17% RCR 2021 Forecast 999,000 / 1.29% Occupancy Rate Summary 4Q17 Occupancy Rate (Reis) 94.72% Occupancy Rate Summary Occupancy Rate (Reis) 95.44% RED 49 Rank 38 Annual Chg. (Reis) -0.4% RCR YE18 Forecast 93.7% RCR YE19 Forecast 94.0% RCR YE20 Forecast 94.1% RCR YE21 Forecast 94.2% Annual Chg. (Reis) -0.4% RCR YE18 Forecast 95.0% RCR YE19 Forecast 95.2% RCR YE20 Forecast 95.2% RCR YE21 Forecast 95.2% Effective Rent Summary Mean Rent (Reis) $1,618 Annual Change 4.9% Effective Rent Summary Mean Rent (Reis) $1,342 Annual Change 3.9% RED 49 Rent Change Rank 14 RCR YE18 Forecast 5.1% RCR YE19 Forecast 5.2% RCR YE20 Forecast 4.0% RCR YE21 Forecast 3.2% RCR YE18 Forecast 3.8% RCR YE19 Forecast 3.4% RCR YE20 Forecast 3.1% RCR YE21 Forecast 3.2% Total Return Summary Expected Total Return 7.39% Total Return Summary Avg. Expected Total Return 6.97% ETR RED 49 RANK 17 Risk-adjusted Index (RAI) 3.81 Risk-adjusted Index (RAI) 4.16 RAI RED 49 RANK 25 Generic Purchase Cap Rate 4.70% Derived Terminal Cap Rate 5.32% Average Purchase Cap Rate 5.21% Average Terminal Cap Rate 5.79% 104
SECTION 2 | METRO FORECAST SUMMARIES Seattle Occupancy Rate History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Occupancy Rate Seattle Occupancy Rate 97% 96% 95% 94% 94.7% 93.7% 94.0% 94.1% 94.2% 94.4% 93% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Seattle Rent Growth History and Forecast Souces: Reis, Inc. History and RCR Forecasts RED 49 Year-On-Year Rent Growth Seattle Year-On-Year Rent Growth 18% 15% 12% 9% 6% 4.9% 5.1% 5.2% 4.0% 3.2% 3.6% 3% 0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 Seattle Payroll Job History and Forecast Souces: BLS History and RCR Forecasts RED 49 Year-On-Year Payroll Growth Seattle Year-On-Year Payroll Job Growth 5% 4% 2.5% 2.9% 3% 2% 2.0% 1.5% 1.5% 1.8% 1% 0% 4Q13 4Q14 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 105
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YEAR-END 2017 GUIDE TO MARKETS
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SECTION 1 Market Performance
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SECTION 1 | MARKET PERFORAMANCE Exe
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SECTION 1 | MARKET PERFORAMANCE Rec
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SECTION 1 | MARKET PERFORAMANCE Mac
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SECTION 1 | MARKET PERFORAMANCE Red
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SECTION 1 | MARKET PERFORAMANCE Met
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SECTION 2 Metro Forecast Summaries
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SECTION 2 | METRO FORECAST SUMMARIE
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RCG 17 Guide to Markets FINAL[1]

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