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CRE Opportunities in the Pacific Northwest…

CRE Opportunities in the Pacific Northwest…

July 2, 2021 7:21 pm

Chief Economist K.C Conway, CCIM, MAI and CRE from the CCIM Institute recently did a presentation on The Resurgence of Secondary Markets focusing on the Pacific Northwest. The presentation contained some excellent information from which we believe all commercial real estate investors in this region could benefit.  

Here we have highlighted some of the key points but for more information click here for the link to the presentation. 

Population Migration

According to the United Van Line’s National Migration Study, Idaho was the state with the highest percentage of inbound migration (70%) and Oregon was #3 (63%).

40 % of Americans who moved did so for a new job or job transfer, and more than one in four (27%) moved to be closer to family.

Substantiating the accuracy of the Van Line’s study is data from the 202o Census showing strong population migration for the Pacific Northwest:

Economic Outlook & Site Selection

According to ALEC (American Legislative Exchange Council) Idaho made the #11 ranking for its Eco OUTLOOOK. Montana was #35, Washington #37 and Oregon #44. The general idea here is that states that spend less and states that tax less experience higher growth rates than those states that tax and spend more. Company’s doing site selection are looking at this type of data.

Companies and businesses are also looking at states that fund their pension plans. According to Tax Foundation, the Pacific Northwest is doing pretty good in this area, especially Idaho with over 90% of public pensions fully funded.

Site Selection has ranked states in our region as doing well in the following areas:

Montana – Ranked 5th in both business climate and fiscal health and has a budget surplus in 2021. Important to note is that in May 2021 a bill was signed into law creating Montana’s Broadband Opportunity. They currently are ranked almost last in the country for broadband coverage and this bill should put them in a respectable position for national broadband for the first time. Also, Montana was just ranked by a number of travel & leisure sources as the #1 place people from the Northeast are planning to travel to this summer. Given its position next to Idaho, and considering the migration coming into this region Montana could be a place for huge opportunity concerning commercial real estate.

Idaho – Ranked # 7 in terms of fiscal health but also ranked 50th for workforce readiness. How is this possible if everyone is moving to Idaho?  The reason is Idaho is importing their workforce and they only get credit for workforce created organically. So, take this ranking with a grain of salt. Another critical development is that Idaho is becoming a manufacturing state. Both Idaho and Utah were ranked in the top 10 for Best States for Manufacturing in 2020 by Site Selection Group. Look for Idaho to compete for Electric Vehicle Manufacturing in the very near future. (The presentation contains interesting information about Hyundai investing $7.4 billion in the U.S. by 2025 and how this company and other EV manufacturing companies  will be creating opportunities in our region – especially in Idaho).

Washington – Ranked very high in higher education research & development, which is critical to the tech workforce and innovation. Also ranked one of the best in terms of electric power cost / generation (which is why Washington State has so much bitcoin manufacturing). This should help keep the tech workforce and industry very strong.

Oregon – Ranked 6th in worker compensation claims and 15th  in business tax climate. The problem is with the current perception of Oregon / Portland outside the state. Oregon needs to address how it rebuilds a sense of security for new expanding or relocating businesses.

Affordable Zoom-MSAs

A website called RentCafe is tracking the 30 “Hottest Rental Markets”. Four are in WA, ID & OR. (Spokane, Boise, Eugene and Tacoma). 

 

Other important presentation points:

Vaccination Success – Pacific Northwest has 77% – 88% vaccination success and economies opening up.

TSA Passenger Count – We are back to over 2 MM passengers a day. In January we were only at 30-40% pre covid traffic. There is more leisure than business but business travel is definitely picking up. 

Kastle Office Occupancy Index – The bad news is that, despite vaccinations, there are still under 30% of us returning to the office. 

 

This presentation also includes information about Industrial & Logistical CRE and Monetary Policy / Inflation that we did not cover in this write up. Please let us know if you have any questions and for more information watch the presentation. 

Thank you!

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“

Brian is an outstanding Broker. He is diligent in his service to his clients, and he takes his responsibilities seriously. His connections are very deep in the hospitality industry. Not only does he seem to know everyone, even better, everyone seems to know him. I have won direct business through having Brian introduce me to one of his connections. Now that person is a client our ours as well. Brian is the kind of Broker, and the kind of person, with whom I enjoy doing business.

Mike Grubbe - Business Development Manager at SD Deacon

“

Brian and Michelle did an outstanding job selling Bonneville Hot Springs Resort for us. We had requested that our property sale be done in a completely confidential manner so it did not interrupt our daily flow of business. They created beautiful collateral that represented our property very well and kept it current and complete. They made themselves available to tour the property for all interested parties in a non-invasive manner so we could continue to do business without neither guests nor staff being aware of the property being for sale. We would recommend Brian Resendez as a superbly competent realtor to anyone interested in selling their commercial property.

M. S. - Seller

“

Brian Resendez was my personal broker for the sale of two motels that I sold. One sold in March of 2010 and one sold in March of 2011. In selling these motels he showed great skill and professionalism, which was needed, in order to sell these motels in a down market that exists today. Brian was very aggressive and knowledgeable in getting these motels sold in a timely manner.

Charles C. Hagel - Motel Owner

“

It was a great pleasure and experience to work with Brian for our very first property purchase. At times negotiations with the sellers were challenging, but we always found Brian to be super-responsive, professional, and helpful. His office was prompt to communicate with sellers, follow-up with third parties, put together additional documentation, or dig up information. Anything that was needed to keep the ball rolling- Brian and Michelle were on it. 

We highly recommend their service, and it will be a pleasure for us to work with Brian and his team when we get our next opportunity.

A. A. - Buyer

“

Our experience with Brian Resendez from SVN Hotels was excellent. Brian not only went the extra mile to make sure we got this deal done, he also gave us honest advice. The process from start to finish was one of the smoothest experiences we have had with an acquisition. I hope to have the opportunity work with Brian and his team on future deals. 

S. P. - Buyer

“

I appreciate your service, continued support and marketing effort that you have made on the Redwood Hotel project in Grants Pass, OR. The brochure and marketing information that you have compiled for this property is excellent. I look forward to extending our business relationship.

Don Hayes - Hayes Brokerage, Inc.

“

After researching and interviewing several leading NW hospitality brokers, it was very clear to us that Brian Resendez was the best choice.  Marketing a partial interest in a unique hospitality property presented an unusually challenging situation for any veteran broker.  Brian’s experience, creativity, hard work, patience and personal care led to a successful outcome for all parties.  We highly recommend Brian Resendez and his capable team.

Jim and Wendy Inkster -

“

My experience with Brian Resendez was nothing short of professional. We had a challenging year long transaction and he completely kept me and the process on track and got us all to the finish line. Brian was always a wealth of information above and beyond what was expected.  Thank you Brian!

John Holt - Land Investor

“

We had a vision for our next adventure in hotel ownership and it needed the right person to guide us in acquiring a property that would make our dreams come true. Brian made that happen for us. Brian was a great listener and helped negotiate a sale that was a fit for our unique needs. Brian was responsive and kind – we felt like we were always his top priority!

 

Melanie Prummer, Peace at Home Executive Director - Buyer

“

Very difficult deal – estate (foreign beneficiary) and three buyers. Best way to describe it is:  “Maze”. But we made it. Brian was instrumental in bringing it together.

Roger Reif - Attorney

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Beaverton, OR 97005

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