Tri-Cities Market Overview
In this downloadable Tri-Cities Market Overview, plan learn something you didn’t know about the market and about real estate in particular. Read more about how this report will help you below.
Ready to download our Tri-Cities Market Overview? Download the report here:
Every investor knows that understanding the target market is one of the most critical aspects of making investment decisions. You can develop an amazing property, buy at a steep discount, or execute flawless property management, but if you do it in a market that is losing its population, has employers leaving in masses, or has external factors working against the economic conditions, it can be nearly impossible for a project to succeed.
So before diving into a new project or making your next investment, let’s start by building an understanding of the Tri-Cities market across major indicators and local trends.
Market understanding is driven by two components:
- Market KPIs
- Local Knowledge
Market KPIs are critical metrics such as population, employment, cost of living, home ownership, and the growth trends associated with these metrics. This is the foundation of understanding a market. Understanding these metrics is the first step in evaluating real estate opportunities.
In the downloadable market overview included here, I help you understand the dynamics of the Tri-Cities market at a high-level. From location among the surrounding area, population, labor force, income, and housing trends, as well as economic indicators and average growth in the last 15 years, these metrics build a foundation of the Tri-Cities market.
From these metrics, it is evident that the Tri-Cities is a durable, consistent, and flourishing market in the Pacific Northwest. Review the report to learn more about these metrics, the changes experienced over time, and the aspects that make the Tri-Cities unique.
Local knowledge is the deeper understanding that comes after you understand the overall metrics at a high level. It helps you know the difference between one neighborhood or another; between one block or a corner lot compared to a seemingly identical block up the road. Neighborhood-level knowledge, as well as an understanding of the history of a region and neighborhood, are critical to selecting the right project.
In the downloadable market overview, I touch briefly on this local knowledge. For example, it’s important to understand how the average home price over the last 15 years impacts the commercial or residential rental market. It’s important to know that income metrics on average tell one story but understanding their distribution across the income scale changes the dynamic of local neighborhoods. Each municipal area in the Tri-Cities tells a different story across this metric. It’s important to understand the percentage of people who own their home, why they are migrating to the Tri-Cities in heavy numbers, and what this means for vacancy rates and commercial lease rates.
There is nuance to local market knowledge that you can’t aggregate in a simple overview. It requires that you dive deep on a property type, an investment plan, or a development project. In doing so, you can evaluate neighborhood by neighborhood, parcel by parcel and how the industry, economic, and market drivers impact a specific opportunity you are pursuing.
This understanding requires local connections and planning at the city, county, and neighborhood level. It requires a local partner who can help you navigate this terrain. For many of my investor and developer clients I provide this local information that you can’t find in a report or online.
For example, do you want to build an industrial flex property in a location that is already 75% developed? I will partner with you to help you understand the local zoning codes, review recent or in-progress projects to understand their success rate, average costs, their rental rate, and lease structures. This will lay the foundation for making the right move to start your next project. Then I will source a property that aligns to your key KPIs, your local neighborhood plans, and the right site location, helping you negotiate and identify a property that meets your goals.
Interested in working with me on diving deeper than this market overview? Reach out today and we can schedule a time to connect.
In the meantime, enjoy this Tri-Cities Market Overview. I hope it helps you understand the Tri-Cities better, identify new opportunities, and sparks your interest in making your next investment project happen here, with me as your local partner.
Interested in learning more about other Eastern WA markets? Reach out and let me know which market in particular. I am active across various markets and will be publishing future market reports and can share them directly with you as well.
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